Document:

EX-10.2

 Exhibit 10.2 
 Loan Number: 1003636 
 Execution Version 

THIRD AMENDMENT TO TERM LOAN AGREEMENT 
 THIS THIRD AMENDMENT TO LOAN AGREEMENT (this “Amendment”) dated as of June 6, 2013 by and among UDR, Inc., a Maryland corporation (the “Borrower”), each of the
Lenders party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”). 
 WHEREAS, the
Borrower, the Lenders, the Agent and certain other parties have entered into that certain Term Loan Agreement dated as of December 29, 2010 (as amended by that certain First Amendment to Term Loan Agreement dated as of October 25, 2011 and
by that certain letter agreement dated as of March 4, 2013, and as in effect immediately prior to the effectiveness hereof, the “Loan Agreement”); and 
 WHEREAS, the Borrowers, the Lenders and the Agent desire to amend certain provisions of the Loan Agreement on the terms and conditions contained herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto,
the parties hereto hereby agree as follows: 
 Section 1. Specific Amendments to Loan Agreement. Upon the
effectiveness of this Amendment, the parties hereto agree that the Loan Agreement is amended as follows: 
 (a) The Loan
Agreement is amended by restating in its entirety the table set forth in the definition of “Applicable Margin”, the definition of “Commitment”, clause (a) of the definition of “Condominium Property Value”, clause
(c) of the definition of “Debt”, clauses (a)(iii) and (b) of the definition of “Gross Asset Value”, the definition of “Guarantor”, the definition of “LIBOR”, the definition of “Loan”,
clause (a) of the definition of “Renovation Property Value”, the definition of “Termination Date”, and clause (c) of the definition of “Unencumbered Pool Asset”, in each case in Section 1.1 thereof as
follows: 
 “Applicable Margin” ... 

 

							
	 Level
	  	 Borrower’s Credit Rating

(S&P or Moody’s or
 other approved Rating Agency)
	  	Applicable Margin	 
	 1
	  	BBB+/Baa1 (or higher)	  	 	1.15	% 
	 2
	  	BBB/Baa2	  	 	1.25	% 
	 3
	  	BBB-/Baa3	  	 	1.65	% 
	 4
	  	BBB-/Baa3 (or lower)	  	 	2.05	% 

 “Commitment” means, as to each Lender, such Lender’s obligation to make a Loan
pursuant to Section 2.1. 

 “Condominium Property Value” ... (a) the
Consolidated Net Operating Income attributable to such Property for the two quarter period annualized ending immediately prior to such conversion divided by 6.0%, ... 

“Debt” ... (c) Capitalized Lease Obligations of such Person (excluding ground leases regardless
of whether required under GAAP to be reported as a liability); ... 
 “Gross Asset Value”
... (a) ... (iii) 6.0%; (b) the purchase price paid for any Multifamily Property acquired by any member of the Consolidated Group during the period of six consecutive fiscal quarters most recently ended (less any amounts paid as
a purchase price adjustment, held in escrow, retained as a contingency reserve, or other similar arrangements) ... 
 “Guarantor” means any Person that is party to the Guaranty as a “Guarantor” and in any event shall include United Dominion Realty, L.P. 

“LIBOR” means, with respect to any LIBOR Loan for any Interest Period, the rate of interest obtained by
dividing (i) the rate appearing on the Reuters Screen LIBOR01 page (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on
such page, as determined by the Agent from time to time for purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, on the date that is two
Business Days prior to the first day of such Interest Period and having a maturity equal to such Interest Period by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required
to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of liabilities
which includes deposits by reference to which the interest rate on LIBOR Loans is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America).
Any change in such maximum rate shall result in a change in LIBOR on the date on which such change in such maximum rate becomes effective. 
 “Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.1, the amounts of which for each Lender are set forth on Schedule I. 

“Renovation Property Value” ... (a) the Consolidated Net Operating Income attributable to such
Property for the two quarter period annualized ending immediately prior to the commencement of such renovation and redevelopment divided by 6.0% ... 
 “Termination Date” means June 6, 2018. 

“Unencumbered Pool Asset” ... (c) if such asset is owned by Person other than the Borrower
(i) none of the Borrower’s direct or indirect ownership interest in such Person is subject to any Lien (other than Permitted Liens of the types described in clauses (a) through (c) of the definition thereof) or to any Negative
Pledge (other than under the Revolving Credit Agreement); and (ii) the Borrower directly, or indirectly through a Subsidiary, has the right to take the following actions without the need to obtain the consent of any Person: (x) sell,
transfer or otherwise dispose of such asset and (y) to create a Lien on such asset as security for Debt of the Borrower or such Subsidiary, as applicable; 

  
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 (b) The Loan Agreement is amended by deleting Sections 7.12(a), (b) and (c) in
their entireties and replacing them with the following: 
 (a) As soon as available, and in any event within 30
days of the date on which either of the following conditions first applies to any Subsidiary that is not already a Guarantor, the Borrower shall deliver to the Agent each of the following in form and substance satisfactory to the Agent: (i) an
Accession Agreement executed by such Subsidiary (or if the Guaranty is not then in effect, the Guaranty executed by such Subsidiary) and (ii) the items that would have been delivered under subsections (iv) through (viii) and
(xiv) of Section 5.1.(a) if such Subsidiary had been required to become a Guarantor on the Agreement Date: 
 (x) such Subsidiary Guarantees, or otherwise becomes obligated in respect of, any Debt of the Borrower or any other Subsidiary of the Borrower; or 

(y) such Subsidiary (A) owns an Unencumbered Pool Asset or any other asset the value of which is included in the
determination of Gross Asset Value of the Unencumbered Pool and (B) has incurred, acquired or suffered to exist any Debt other than Nonrecourse Debt. 
 (b) The Borrower may request in writing that the Agent release, and upon receipt of such request the Agent shall release, a Guarantor (other than United Dominion Realty, L.P.) from the Guaranty so long
as: (i) such Guarantor is not, or simultaneously with its release from the Guaranty will not be, required to be a party to the Guaranty under the immediately preceding subsection (a); (ii) no Default or Event of Default shall then be
in existence or would occur as a result of such release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.; (iii) the representations and warranties
made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects on and as of the date of such release with the same force and effect as if made
on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of
such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents; and (iv) the Agent shall have received such written request at least 10 Business Days (or such shorter period as may be acceptable to
the Agent in its sole discretion) prior to the requested date of release. Delivery by the Borrower to the Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of
the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request. 

  
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 (c) The Loan Agreement is amended by deleting Section 9.1(e) in its entirety and
replacing it with the following: 
 (e) Permitted Investments. 

(i) The Borrower shall not, and shall not permit any Subsidiary to, make any Investment in or otherwise own the following
items which would cause the aggregate value of such holdings of the Borrower and such other Subsidiaries to exceed 20.0% of Gross Asset Value at any time (or in the case of promissory notes and marketable securities described in subsection
(D) below to exceed 10.0% of Gross Asset Value at any time): 
 (A) Development Properties valued at book
value, Condominium Properties valued at their Condominium Property Value, and Renovation Properties valued at their Renovation Property Value; 
 (B) Properties that are developed but that are not Multifamily Properties, with value based on the lower of cost or market price determined in accordance with GAAP; 

(C) raw land, valued at current book value; 

(D) promissory notes, including any secured by a Mortgage, payable solely to any member of the Consolidated Group and the
obligors of which are not Affiliates of the Borrower, and all marketable securities, with value based on the lower of cost or market price determined in accordance with GAAP; and 

(E) Investments in Multifamily REIT Preferred Interests; provided, however, such Investments must be acquired or otherwise
made in connection with the acquisition of a portfolio of Multifamily Properties or a series of Multifamily Properties. 
 Solely
for purposes of this subsection (e), a Development Property on which construction has been substantially completed will no longer be considered to be a Development Property. 

(ii) The Borrower shall not, and shall not permit any Subsidiary to, make any Investment in Unconsolidated Affiliates and
other Persons that, in each case, are not Subsidiaries which would cause the aggregate value (with the value thereof determined in a manner consistent with the definition of Gross Asset Value or, if not contemplated under the definition of Gross
Asset Value, as determined in accordance with GAAP) of such Investments of the Borrower and such other Subsidiaries to exceed 20.0% of Gross Asset Value at any time. 
 (d) The Loan Agreement is amended by deleting Section 9.4(a) in its entirety and replacing it with the following: 

(a) any of the actions described in the immediately preceding clauses (i) through (iii) may be taken with
respect to any Subsidiary or any other Loan Party (other than the Borrower) so long as immediately prior to the taking of such action, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would exist;
notwithstanding the foregoing, a Loan Party (other than the Borrower or an Operating Partnership) may enter into a transaction of merger pursuant to which such Loan Party is not the survivor of such merger only if (i) the Borrower shall have
given the Agent and the Lenders at least 10 Business Days’ prior written notice of such merger, such notice to include a certification to the effect that immediately after and after giving effect to such action, no Default or Event of Default
is or would be in existence; provided that if the survivor of such merger is (or is to become) a Loan Party, then such notice and certification may be given within 5 Business Days after the consummation of such merger; (ii) if the survivor
entity is Person that is required to become a Guarantor pursuant to Section 7.12, the Borrower complies with the requirements of Section 7.12. within the time period provided in such Section; and (iii) such Loan Party and the survivor
entity each takes such other action and delivers such other documents, instruments, opinions and agreements as the Agent may reasonably request; 

  
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 (e) The Loan Agreement is amended by deleting Section 9.10(b) in its entirety and
replacing it with the following: 
 (b) Investments to acquire Equity Interests of a Subsidiary or any other
Person who after giving effect to such acquisition would be a Subsidiary, so long as if such Subsidiary is (or after giving effect to such Investment would become) required to become a Guarantor pursuant to Section 7.12, the terms and
conditions set forth in Section 7.12. are satisfied; 
 (f) The Loan Agreement is amended by deleting the address of the
Agent (but not the address of the Agent for purposes of Article II) set forth in Section 12.1 in its entirety and replacing such address with the following: 
 Wells Fargo Bank, National Association 
 1800 Century Park
East, 12th Floor 

Los Angeles, California 90067 
 Attn: Derek Evans 
 Telephone: (310) 789-8931 

Telecopier: (310) 789-3733 
 (g) The Loan Agreement is amended by deleting Schedule I attached thereto in its entirety and substituting in lieu thereof Schedule I attached hereto. 

Section 2. Conditions Precedent. The effectiveness of this Amendment, including, without limitation, the allocation of the
Loans pursuant to Section 3 below and the release of Guarantors under Section 4 below, is subject to receipt by the Agent of each of the following, each in form and substance satisfactory to the Agent: 

(a) A counterpart of this Amendment duly executed by the Borrower and each of the Lenders; 

(b) A Note duly executed by the Borrower payable to the order of (i) each Person, if any, becoming a Lender in connection with this
Amendment and (ii) each Lender whose Loan has changed as a result of this Amendment, in each case, in a principal amount equal to the amount of such Lender’s Loan as set forth on Schedule I attached hereto; 

(c) A Guarantor Acknowledgement substantially in the form of Exhibit A attached hereto, executed by United Dominion Realty, L.P. and any
other Guarantor not being released pursuant to Section 4 below; 

  
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 (d) A Compliance Certificate calculated on a pro forma basis; 

(e) Evidence that all upfront fees and expenses payable pursuant to the Fee Letter dated May 8, 2013 among the Borrower, Wells Fargo
and Wells Fargo Securities, LLC have been paid; 
 (f) An opinion of counsel to the Borrower and the other Loan Parties
addressed to the Agent and the Lenders regarding such matters as the Agent may reasonably request; 
 (g) A certificate of good
standing (or certificate of similar meaning) with respect to each Loan Party issued as of a recent date by the Secretary of State of the state of formation of each such Loan Party; 

(h) A certificate of the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party
certifying that either (i) there has been no change to (x) the by-laws of such Loan Party, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other
comparable document in the case of any other form of legal entity and (y) the certificate or articles of incorporation, articles of organization, certificate of limited partnership, declaration of trust or other comparable organizational
instrument of such Loan Party, in each case since the Agreement Date or (ii) if they have changed, that the true, correct and complete by-laws, operating agreement, partnership agreement, articles of incorporation or organization or certificate
of limited partnership, as the case may be, are attached; 
 (i) Copies certified by the Secretary or Assistant Secretary (or
other individual performing similar functions) of each Loan Party of all corporate, partnership, member or other necessary action taken by such Loan Party to authorize the execution and delivery of this Amendment and the performance of this
Amendment and the Loan Agreement as amended by this Amendment; 
 (j) A copy of (i) a duly executed amendment to that
certain Credit Agreement dated as of October 25, 2011 (as amended, the “Wells Fargo Credit Agreement”) by and among the Borrower, the financial institutions party thereto, Wells Fargo Bank, as Agent, and the other parties
thereto and (ii) a duly executed amendment to that certain Term Loan Agreement dated as of December 14, 2009 (as amended, the “Regions Term Loan Agreement”) by and among the Borrower, the financial institutions party
thereto, Regions Bank, as Agent and the other parties thereto, in each case amending the terms of the Wells Fargo Credit Agreement and the Regions Term Loan Agreement corresponding to the terms of the Loan Agreement amended by Sections 1(a) (other
than the amendment to the definition of “Termination Date” and the definition of “LIBOR” in the case of the Regions Term Loan Agreement”), (b), (c), (d) and (e) of this Amendment so that all such terms and sections
shall be substantially the same; and 
 (k) Such other documents, instruments and agreements as the Agent may reasonably
request. 
 Section 3. Allocations. The Agent, the Borrower and each Lender agree that upon the effectiveness of
this Amendment (the date of such effectiveness, the “Amendment Effective Date”), the outstanding Loans shall be allocated among the Lenders in accordance with their respective Credit Percentages calculated based on the Loans of the
Lenders set forth on Schedule I attached hereto (the “Post-Amendment Credit Percentage”). To effect such allocations, each Lender whose Post-Amendment Credit Percentage exceeds the amount of such Lender’s Credit Percentage
immediately prior to the effectiveness of this Amendment shall make a Loan in such amount as is necessary so that the aggregate principal amount of Loan held by such Lender shall equal such Lender’s Post-Amendment Credit Percentage of the
aggregate outstanding principal amount of the Loans as of the Amendment Effective Date. The Agent shall make such amounts of the proceeds of such Loans available (a) to each Lender whose Post-Amendment Credit Percentage is less than the amount
of such Lender’s Credit Percentage immediately prior to the effectiveness of this Amendment as is necessary so that the aggregate principal amount of Loans held by such Lender shall equal such Lender’s Post-Amendment Credit Percentage of
the aggregate outstanding principal amount of the Loans as of the Amendment Effective Date and (b) to the Exiting Lenders (as defined below) as is necessary to repay in full the Revolving Loans owing to such Exiting Lenders. The parties hereto
confirm that the aggregate outstanding principal amount of the Loans immediately prior to the Amendment Effective Date is equal to the aggregate outstanding principal amount of the Loans immediately after giving effect to the Amendment. Except for
any Notes to be provided to the Lenders in the principal amount of their respective Loans, no other documents, instruments or fees (other than fees set forth in Section 2(e) above) shall be, or shall be required to be, executed or paid in
connection with such allocations (all of which are hereby waived, as necessary). 

  
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 Each of JPMorgan Chase Bank, N.A., SunTrust Bank, Branch Banking and Trust Company,
Citibank, N.A., each as a new Lender under the Loan Agreement on the Amendment Effective Date (each, a “New Lender” and collectively, the “New Lenders”), hereby agrees to provide a new Loan in the amount set forth
on Schedule I attached hereto. On the Amendment Effective Date, each New Lender agrees to become and shall be deemed a Lender for all purposes of the Loan Agreement, and each reference to the Lenders in the Loan Agreement shall be deemed to include
the New Lenders. The New Lenders hereby appoint Wells Fargo Bank, National Association as the Agent and authorizes the Agent to take such action on their respective behalves and to exercise such powers under the Loan Agreement and other Loan
Documents as are delegated to the Agent by the terms thereof. 
 On the Amendment Effective Date, the Loans of each of Royal
Bank of Canada, Sumitomo Mitsui Banking Corporation, Capital One, N.A. and Citicorp North America, Inc. (each, an “Exiting Lender”) shall be terminated, all outstanding amounts due under the Loan Agreement and the other Loan
Documents to the Exiting Lenders on the Amendment Effective Date shall be paid in full, and each Exiting Lender shall cease to be a Lender under the Loan Agreement. 
 The Agent, the Borrower and each Lender confirms the amount of each such Lender’s Loan as set forth on Schedule I attached hereto. 

Section 4. Release of Guarantors. Upon the effectiveness of this Amendment as provided in Section 2 above, the Agent and
the Lenders agree that the Guarantors set forth on Schedule II attached hereto shall be released as Guarantors under the Guaranty in effect immediately prior to the effectiveness of this Amendment and such Guaranty shall terminate. 

Section 5. Representations. The Borrower represents and warrants to the Agent and the Lenders that: 

(a) Authorization. The Borrower has the right and power, and has taken all necessary action to authorize it, to execute and deliver
this Amendment and to perform its obligations hereunder and under the Loan Agreement, as amended by this Amendment, in accordance with their respective terms. This Amendment has been duly executed and delivered by a duly authorized officer of the
Borrower and each of this Amendment and the Loan Agreement, as amended by this Amendment, is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its respective terms, except as (i) the
enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability. 

  
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 (b) Compliance with Laws, etc. The execution and delivery by the Borrower of this
Amendment and the performance by the Borrower of this Amendment and the Loan Agreement, as amended by this Amendment, in accordance with their respective terms, do not and will not, by the passage of time, the giving of notice or otherwise:
(i) require any Government Approvals or violate any Applicable Laws relating to the Borrower; (ii) conflict with, result in a breach of or constitute a default under the Borrower’s articles of incorporation or by-laws or any
indenture, agreement or other instrument to which the Borrower is a party or by which the Borrower or any of its properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property
now owned or hereafter acquired by the Borrower other than Permitted Liens. The Borrowers, each Subsidiary and each other Loan Party is in compliance with each Governmental Approval applicable to it and in compliance with all other Applicable Laws
(including without limitation, Environmental Laws) relating to the Borrower, a Subsidiary or such other Loan Party except for noncompliances which, and Governmental Approvals the failure to possess which, would not, individually or in the aggregate,
cause a Default or Event of Default or have a Material Adverse Effect. 
 (c) No Default. No Default or Event of Default
has occurred and is continuing as of the date hereof nor will exist immediately after giving effect to this Amendment. 
 (d)
No Guarantors. As of the effective date of this Amendment and after giving effect hereto, no Subsidiary other than United Dominion Realty, L.P. is required to be a Guarantor pursuant to the Loan Agreement as amended by this Amendment.

 Section 6. Reaffirmation of Representations by the Borrower. The Borrower hereby repeats and reaffirms all
representations and warranties made by it to the Agent and the Lenders in the Loan Agreement and the other Loan Documents to which it is a party on and as of the date hereof with the same force and effect as if such representations and warranties
were set forth in this Amendment in full. 
 Section 7. Certain References. Each reference to the Loan Agreement in
any of the Loan Documents shall be deemed to be a reference to the Loan Agreement as amended by this Amendment. 

Section 8. Obligations. The Borrower confirms that all advances to, and debts, liabilities, obligations, covenants and duties
of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue under the Loan Documents after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such proceeding, are “Obligations” under and as defined in the Loan Agreement. 
 Section 9. Costs and Expenses. The Borrower shall reimburse the Agent upon demand for all costs and expenses (including attorneys’ fees) incurred by the Agent in connection with the
preparation, negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith. 
 Section 10. Benefits. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. 

Section 11. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  
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 Section 12. Effect. Except as expressly herein amended, the terms and conditions
of the Loan Agreement and the other Loan Documents remain in full force and effect. The amendments contained herein shall be deemed to have prospective application only, unless otherwise specifically stated herein. The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of
any of the Loan Documents. 
 Section 13. Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns. 
 Section 14. Definitions. All capitalized terms not otherwise defined herein are used herein with the respective definitions given them in the Loan Agreement. 

[Signatures on Next Page] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to Term Loan
Agreement to be executed as of the date first above written. 
  

					
	 UDR, INC., a Maryland corporation

		
	 By:
	 	 /s/ William T. O’Shields III

		 	 Name:
	 	 William T. O’Shields III

		 	 Title:
	 	 Vice President-Treasurer

 [Signatures Continue on Next Page] 

 [Signature Page to Third Amendment to Term Loan Agreement with UDR, Inc.] 

 

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Agent and individually as a Lender
		
	 By:
	 	 /s/ J. Derek Evans

		 	 Name:
	 	 J. Derek Evans

		 	 Title:
	 	 Senior Vice President

 [Signatures Continue on Next Page] 

 [Signature Page to Third Amendment to Term Loan Agreement with UDR, Inc.] 

 

					
	 PNC BANK, NATIONAL ASSOCIATION, as a Lender

		
	 By:
	 	 /s/ James A. Harmann

		 	 Name:
	 	 James A. Harmann

		 	 Title:
	 	 Senior Vice President

 [Signature Page to Third Amendment to Term Loan Agreement with UDR, Inc.] 

 

					
	 US BANK, NATIONAL ASSOCIATION, as a Lender

		
	 By:
	 	 /s/ Andrew Hyde 

		 	 Name:
	 	 Andrew Hyde

		 	 Title:
	 	 Vice President

 [Signature Page to Third Amendment to Term Loan Agreement with UDR, Inc.] 

 

					
	 Regions Bank, as a Lender

		
	 By:
	 	 /s/ Lori Chambers 

		 	 Name:
	 	 Lori Chambers

		 	 Title:
	 	 Vice President

 [Signature Page to Third Amendment to Term Loan Agreement with UDR, Inc.] 

 

					
	 Union Bank, N.A., as a Lender

		
	 By:
	 	 /s/ Juliana Matson 

		 	 Name:
	 	 Juliana Matson

		 	 Title:
	 	 Vice President

 [Signature Page to Third Amendment to Term Loan Agreement with UDR, Inc.] 

 

					
	 COMPASS BANK, as a Lender

		
	 By:
	 	 /s/ Brian Tuerff 

		 	 Name:
	 	 Brian Tuerff

		 	 Title:
	 	 Senior Vice President

 [Signature Page to Third Amendment to Term Loan Agreement with UDR, Inc.] 

 

					
	 BANK OF AMERICA, N.A.

		
	 By:
	 	 /s/ Helen Chan 

		 	 Name:
	 	 Helen Chan 

		 	 Title:
	 	 Vice President

 [Signature Page to Third Amendment to Term Loan Agreement with UDR, Inc.] 

 

					
	 CITIBANK, N.A., as a Lender

		
	 By:
	 	 /s/ John C. Rowland 

		 	 Name:
	 	 John C. Rowland 

		 	 Title:
	 	 Vice President

 [Signature Page to Third Amendment to Term Loan Agreement with UDR, Inc.] 

 

					
	 JPMORGAN CHASE BANK, N.A., as a Lender

		
	 By:
	 	 /s/ Kimberly Turner 

		 	 Name:
	 	 Kimberly Turner 

		 	 Title:
	 	 Executive Director

 [Signature Page to Third Amendment to Term Loan Agreement with UDR, Inc.] 

 

					
	 SunTrust Bank, as a Lender

		
	 By:
	 	 /s/ Nancy B. Richards 

		 	 Name:
	 	 Nancy B. Richards 

		 	 Title:
	 	 Senior Vice President

 [Signature Page to Third Amendment to Term Loan Agreement with UDR, Inc.] 

 

					
	 Branch Banking and Trust Company, as a Lender

		
	 By:
	 	 /s/ Steve Whitcomb 

		 	 Name:
	 	 Steve Whitcomb 

		 	 Title:
	 	 Senior Vice President

 SCHEDULE I 
 Loans 
  

					
	 Lender
	  	Loans	 
	 Wells Fargo Bank, National Association
	  	$	45,000,000	  
	 PNC Bank, National Association
	  	$	45,000,000	  
	 U.S. Bank National Association
	  	$	32,000,000	  
	 Regions Bank
	  	$	23,000,000	  
	 Union Bank, N.A.
	  	$	23,000,000	  
	 BBVA Compass Bank
	  	$	22,000,000	  
	 Bank of America N.A.
	  	$	15,000,000	  
	 Citibank, N.A.
	  	$	15,000,000	  
	 JPMorgan Chase Bank, N.A.
	  	$	10,000,000	  
	 SunTrust Bank
	  	$	10,000,000	  
	 Branch Banking and Trust Company
	  	$	10,000,000	  
		  	  
	  
	 
	 TOTAL
	  	$	250,000,000.00	  
		  	  
	  
	 

  

  
 Schedule I-1

 SCHEDULE II 
 Released Guarantors 
 The Commons of Columbia, Inc. 

Hawthorne Apartments LLC 
 Heritage Communities
LLC 
 UDR 1818 Platinum LLC 
 UDR
Arborview Associates LLC 
 UDR Carriage Homes, LLC 
 UDR Domain Brewers Hill LLC 
 UDR Garrison Square LLC 

UDR Presidential Greens, L.L.C. 
 UDR Rivergate
LLC 
 UDR Towers by the Bay LLC 
 View
14 Investments LLC 
 UDR California Properties, LLC 
 UDR Virginia Properties, LLC 
 UDR of Tennessee, L.P. 

AAC Funding Partnership II 
 CMP-1, LLC

 UDR Texas Properties LLC 
 Waterside
Towers, L.L.C. 
 Ninety Five Wall Street LLC 
 Polo Park Apartments LLC 
 UDR Calvert, LLC 

UDR Crane Brook LLC 
 Northbay Properties II,
L.P. 
 Winterland San Francisco Partners, a California Limited Partnership 
 AAC Funding IV, LLC 
 Jamestown of St. Matthews Limited Partnership 

Inlet Bay at Gateway, LLC 
 Continental 146 Fund,
LLC 
 UDR Ridgewood (II) Garden, LLC, 

UDR Crossroads, L.P. 
 UDR Presidio, LP

 UDR Villa Venetia Apartments, L.P. 

UDR/Pacific Los Alisos, L.P. 
 LPC Plantation
Apartments, L.P. 
 Macalpine Place Apartment Partners, LTD. 
 Andover House LLC 
 Coastal Monterey Properties LLC 

DCO Holdings, Inc. 
 DCO Millenia LLC 

DCO Realty LP LLC 
 Harding Park, Inc.

 UDR Holdings, LLC 
 Ashwood Commons
North LLC 
 Ashwood Commons, L.L.C. 

DCO 2400 14th Street LLC 
 DCO Arbors at Lee
Vista LLC 
 DCE Bennett Development LP 

DCO Brookhaven Center LP 

  
 Schedule II-1

 SCHEDULE II (Cont.) 
 Released Guarantors 
 DCO Glenwood Urban LP 

DCO Highlands LLC 
 DCO Mission Bay LP

 DCO Option 2 LLC 
 DCO Pine Avenue LP

 DCO Realty Surprise LLC 
 DCO Realty
Woodlands LP 
 DCO Realty, Inc. 
 DCO
Savoye LLC 
 HPI Option 2 LLC 
 LPC
Millenia Place Apartments LLC 
 RE3, Inc. 
 Sierra Palms Condominiums LLC 

  
 Schedule II-2

 EXHIBIT A 
 FORM OF GUARANTOR ACKNOWLEDGEMENT 
 THIS GUARANTOR ACKNOWLEDGEMENT dated as of
June 6, 2013 (this “Acknowledgement”) executed by each of the undersigned (the “Guarantors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”) and each “Lender” a
party to the Loan Agreement referred to below (the “Lenders”). 
 WHEREAS, UDR, INC. (the
“Borrower”), the Lenders, the Agent and certain other parties have entered into that certain Term Loan Agreement dated as of December 29, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the
“Loan Agreement”); 
 WHEREAS, each of the Guarantors is a party to that certain Guaranty dated as of
December 29, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s obligations under the Loan Agreement on
the terms and conditions contained in the Guaranty; 
 WHEREAS, the Borrower, the Agent and the Lenders are to enter into a
Third Amendment to Term Loan Agreement dated as of the date hereof (the “Amendment”), to amend the terms of the Loan Agreement on the terms and conditions contained therein; and 

WHEREAS, it is a condition precedent to the effectiveness of the Amendment that the Guarantor execute and deliver this Acknowledgement.

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the
parties hereto, the parties hereto agree as follows: 
 Section 1. Reaffirmation. The Guarantor hereby reaffirms its
continuing obligations to the Agent and the Lenders under the Guaranty and agrees that the transactions contemplated by the Amendment shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair or discharge the
obligations of such Guarantor thereunder. 
 Section 2. Governing Law. THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3. Counterparts. This Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their
successors and assigns. 
 [Signatures on Next Page] 

  
 A-1

 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guarantor
Acknowledgement as of the date and year first written above. 
  

							
	UNITED DOMINION REALTY, L.P., a Delaware limited partnership
		
	 By:
	 	UDR, INC., a Maryland corporation
			
		 	 By:
	 	 
		 		 	 Name:
	 	 
		 		 	 Title:
	 	 

  
 A-2EX-10.3

 Exhibit 10.3 
 THIRD AMENDMENT TO TERM LOAN AGREEMENT 
 THIS THIRD
AMENDMENT TO TERM LOAN AGREEMENT (this “Amendment”) is made as of the 6th day of June, 2013, by and among UDR, INC., a Maryland corporation (the “Borrower”), each of the LENDERS party hereto (the “Lenders”), and REGIONS BANK, as agent for the
Lenders (the “Agent”). 
 R E C I T A L S: 

WHEREAS, the Borrower, the Lenders, the Agent and certain other parties have entered into that certain Term Loan Agreement dated
December 14, 2009 (as amended by that certain First Amendment to Term Loan Agreement dated August 20, 2010, that certain Second Amendment to Term Loan Agreement dated November 3, 2011, that certain Letter Agreement dated March 4,
2013, and as further amended, modified or restated from time to time, the “Loan Agreement”). Capitalized terms used in this Amendment which are not otherwise defined in this Amendment shall have the respective meanings assigned to
them in the Loan Agreement. 
 WHEREAS, the Borrowers, the Lenders and the Agent desire to amend certain provisions of the Loan
Agreement on the terms and conditions contained herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows: 
 SECTION 1.
Specific Amendments to Loan Agreement. Upon the effectiveness of this Amendment, the parties hereto agree that the Loan Agreement is amended as follows: 
 1.1 The Loan Agreement is amended by restating in its entirety the table set forth in the definition of “Applicable Margin”, clause (a) of the definition of “Condominium Property
Value”, clause (c) of the definition of “Debt”, clauses (a)(iii) and (b) of the definition of “Gross Asset Value”, the definition of “Guarantor”, clause (a) of the definition of “Renovation
Property Value”, the definition of “Termination Date”, and clause (c) of the definition of “Unencumbered Pool Asset”, in each case in Section 1.1 thereof as follows: 

“Applicable Margin” ... 
  

							
	 Level
	  	 Borrower’s Credit Rating

(S&P or Moody’s or
 other approved Rating Agency)
	  	Applicable Margin	 
	 1
	  	BBB+/Baa1 (or higher)	  	 	1.15	% 
	 2
	  	BBB/Baa2	  	 	1.25	% 
	 3
	  	BBB-/Baa3	  	 	1.65	% 
	 4
	  	BBB-/Baa3 (or lower)	  	 	2.05	% 

 “Condominium Property Value” ... (a) the Consolidated Net
Operating Income attributable to such Property for the two quarter period annualized ending immediately prior to such conversion divided by 6.0%, ... 

 “Debt” ... (c) Capitalized Lease Obligations of
such Person (excluding ground leases regardless of whether required under GAAP to be reported as a liability); ... 
 “Gross Asset Value” ... (a) ... (iii) 6.0%; (b) the purchase price paid for any Multifamily Property acquired by any member of the Consolidated Group during the
period of six consecutive fiscal quarters most recently ended (less any amounts paid as a purchase price adjustment, held in escrow, retained as a contingency reserve, or other similar arrangements) ... 

“Guarantor” means any Person that is party to the Guaranty as a “Guarantor” and in any event
shall include United Dominion Realty, L.P. 
 “Renovation Property Value” ... (a) the
Consolidated Net Operating Income attributable to such Property for the two quarter period annualized ending immediately prior to the commencement of such renovation and redevelopment divided by 6.0% ... 

“Termination Date” means June 6, 2018, or such later date to which the Termination Date may be
extended pursuant to Section 2.10. 
 “Unencumbered Pool Asset” ... (c) if such
asset is owned by Person other than the Borrower (i) none of the Borrower’s direct or indirect ownership interest in such Person is subject to any Lien (other than Permitted Liens of the types described in clauses (a) through
(c) of the definition thereof) or to any Negative Pledge (other than under the Revolving Credit Agreement); and (ii) the Borrower directly, or indirectly through a Subsidiary, has the right to take the following actions without the need to
obtain the consent of any Person: (x) sell, transfer or otherwise dispose of such asset and (y) to create a Lien on such asset as security for Debt of the Borrower or such Subsidiary, as applicable; 

1.2 The Loan Agreement is amended by deleting Section 2.2(a)(i) in its entirety and replacing it with the following: 

(i) With respect to any portion of such Loan that is a Base Rate Loan, at the Base Rate (as in effect from time to time) plus the
Applicable Margin; and 
 1.3 The Loan Agreement is amended by inserting the following new Section 2.10: 

Section 2.10. Extension of Termination Date. 

The Borrower shall have the right, exercisable one time, to request that the Agent and the Lenders agree to extend the
Termination Date by one year. The Borrower may exercise such right only by executing and delivering to the Agent at least 90 days but not more than 180 days prior to the current Termination Date, a written request for such extension (an
“Extension Request”). The Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Termination Date shall be extended for one year
effective upon receipt by the Agent of the Extension Request and payment of the fee referred to in the following clause (ii): (i) (x) no Default or Event of Default shall exist and (y) the representations and warranties made or
deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which
case such representation or warranty shall be true and correct in all respects) on and as of the date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances specifically and
expressly permitted under the Loan Documents, and (ii) the Borrower shall have paid to the Agent for the account of each Lender a fee equal to 0.20% of the amount of such Lender’s outstanding Loans as of the date of the Extension Request.
Such fee shall be due and payable in full on the date the Agent receives the Extension Request. At any time prior to the effectiveness of any such extension, upon the Agent’s request, the Borrower shall deliver to the Agent a certificate from a
Responsible Officer certifying the matters referred to in the immediately preceding clauses (i)(x) and (i)(y). 

  
 2 

 1.4 The Loan Agreement is amended by deleting Sections 7.12(a), (b) and (c) in
their entireties and replacing them with the following: 
 (a) As soon as available, and in any event within 30 days of the date
on which either of the following conditions first applies to any Subsidiary that is not already a Guarantor, the Borrower shall deliver to the Agent each of the following in form and substance satisfactory to the Agent: (i) an Accession
Agreement executed by such Subsidiary (or if the Guaranty is not then in effect, the Guaranty executed by such Subsidiary), and (ii) the items that would have been delivered under subsections (iv) through (viii) and (xiv) of
Section 5.1.(a) if such Subsidiary had been required to become a Guarantor on the Agreement Date: 
 (x)
such Subsidiary Guarantees, or otherwise becomes obligated in respect of, any Debt of the Borrower or any other Subsidiary of the Borrower; or 
 (y) such Subsidiary (A) owns an Unencumbered Pool Asset or any other asset the value of which is included in the determination of Gross Asset Value of the Unencumbered Pool, and (B) has
incurred, acquired or suffered to exist any Debt other than Nonrecourse Indebtedness. 
 (b) The Borrower may request in writing
that the Agent release, and upon receipt of such request the Agent shall release, a Guarantor (other than United Dominion Realty, L.P.) from the Guaranty so long as: (i) such Guarantor is not, or simultaneously with its release from the
Guaranty will not be, required to be a party to the Guaranty under the immediately preceding subsection (a); (ii) no Default or Event of Default shall then be in existence or would occur as a result of such release, including without
limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.; (iii) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan
Documents to which any of them is a party, shall be true and correct in all material respects on and as of the date of such release with the same force and effect as if made on and as of such date except to the extent that such representations and
warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances not
prohibited under the Loan Documents; and (iv) the Agent shall have received such written request at least ten (10) Business Days (or such shorter period as may be acceptable to the Agent in its sole discretion) prior to the requested date
of release. Delivery by the Borrower to the Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the
effectiveness of such request) are true and correct with respect to such request. 

  
 3 

 1.5 The Loan Agreement is amended by deleting Section 9.1(e) in its entirety and
replacing it with the following: 
 (e) Permitted Investments. 

(i) The Borrower shall not, and shall not permit any Subsidiary to, make any Investment in or otherwise own the following
items which would cause the aggregate value of such holdings of the Borrower and such other Subsidiaries to exceed 20.0% of Gross Asset Value at any time (or in the case of promissory notes and marketable securities described in subsection
(D) below to exceed 10.0% of Gross Asset Value at any time): 
 (A) Development Properties valued at book
value, Condominium Properties valued at their Condominium Property Value, and Renovation Properties valued at their Renovation Property Value; 
 (B) Properties that are developed but that are not Multifamily Properties, with value based on the lower of cost or market price determined in accordance with GAAP; 

(C) raw land, valued at current book value; 

(D) promissory notes, including any secured by a Mortgage, payable solely to any member of the Consolidated Group and the
obligors of which are not Affiliates of the Borrower, and all marketable securities, with value based on the lower of cost or market price determined in accordance with GAAP; and 

(E) Investments in Multifamily REIT Preferred Interests; provided, however, such Investments must be
acquired or otherwise made in connection with the acquisition of a portfolio of Multifamily Properties or a series of Multifamily Properties. 
 Solely for purposes of this subsection (e), a Development Property on which construction has been substantially completed will no longer be considered to be a Development Property. 

(ii) The Borrower shall not, and shall not permit any Subsidiary to, make any Investment in Unconsolidated Affiliates and
other Persons that, in each case, are not Subsidiaries which would cause the aggregate value (with the value thereof determined in a manner consistent with the definition of Gross Asset Value or, if not contemplated under the definition of Gross
Asset Value, as determined in accordance with GAAP) of such Investments of the Borrower and such other Subsidiaries to exceed 20.0% of Gross Asset Value at any time. 

  
 4 

 1.6 The Loan Agreement is amended by deleting Section 9.4(a) in its entirety and
replacing it with the following: 
 (a) any of the actions described in the immediately preceding clauses (i) through
(iii) may be taken with respect to any Subsidiary or any other Loan Party (other than the Borrower) so long as immediately prior to the taking of such action, and immediately thereafter and after giving effect thereto, no Default or Event of
Default is or would exist; notwithstanding the foregoing, a Loan Party (other than the Borrower or an Operating Partnership) may enter into a transaction of merger pursuant to which such Loan Party is not the survivor of such merger only if
(i) the Borrower shall have given the Agent and the Lenders at least ten (10) Business Days’ prior written notice of such merger, such notice to include a certification to the effect that immediately after and after giving effect to
such action, no Default or Event of Default is or would be in existence; provided that if the survivor of such merger is (or is to become) a Loan Party, then such notice and certification may be given within five (5) Business Days after
the consummation of such merger; (ii) if the survivor entity is a Person that is required to become a Guarantor pursuant to Section 7.12, the Borrower complies with the requirements of Section 7.12 within the time period provided in
such Section; and (iii) such Loan Party and the survivor entity each takes such other action and delivers such other documents, instruments, opinions and agreements as the Agent may reasonably request; 

1.7 The Loan Agreement is amended by deleting Section 9.10(b) in its entirety and replacing it with the following: 

(b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a
Subsidiary, so long as if such Subsidiary is (or after giving effect to such Investment would become) required to become a Guarantor pursuant to Section 7.12, the terms and conditions set forth in Section 7.12 are satisfied; 

SECTION 2. Conditions Precedent. The effectiveness of this Amendment, including, without limitation, the release of Guarantors
under Section 3 below, is subject to receipt by the Agent of each of the following no later than June 13, 2013, each in form and substance satisfactory to the Agent, and in the event that the following are not received by the Agent
by such date, this Amendment shall terminate and shall not have any force or effect: 
 (a) A counterpart of this
Amendment duly executed by the Borrower and each of the Lenders; 
 (b) A Guarantor Acknowledgement substantially
in the form of Exhibit A attached hereto, executed by United Dominion Realty, L.P. and any other Guarantor not being released pursuant to Section 3 below; 

(c) A Compliance Certificate calculated on a pro forma basis; 

(d) Evidence that all upfront fees and expenses payable pursuant to the Fee Letter dated May 3, 2013 among the
Borrower, Regions Bank and Regions Capital Markets have been paid; 
 (e) An opinion of counsel to the Borrower
and the other Loan Parties addressed to the Agent and the Lenders regarding such matters as the Agent may reasonably request; 
 (f) A certificate of good standing (or certificate of similar meaning) with respect to each Loan Party issued as of a recent date by the Secretary of State of the state of formation of each such Loan
Party; 

  
 5 

 (g) A certificate of the Secretary or Assistant Secretary (or other
individual performing similar functions) of each Loan Party certifying that either (i) there has been no change to (x) the by-laws of such Loan Party, if a corporation, the operating agreement, if a limited liability company, the
partnership agreement, if a limited or general partnership, or other comparable document in the case of any other form of legal entity and (y) the certificate or articles of incorporation, articles of organization, certificate of limited
partnership, declaration of trust or other comparable organizational instrument of such Loan Party, in each case since the Agreement Date or (ii) if they have changed, that the true, correct and complete by-laws, operating agreement,
partnership agreement, articles of incorporation or organization or certificate of limited partnership, as the case may be, are attached; 
 (h) Copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party of all corporate, partnership, member or other necessary action taken by
such Loan Party to authorize the execution and delivery of this Amendment and the performance of this Amendment and the Loan Agreement as amended by this Amendment; 

(i) A copy of (i) a duly executed amendment to that certain Credit Agreement dated as of October 25, 2011 (as
amended, the “Wells Fargo Revolving Credit Agreement”) by and among the Borrower, the financial institutions party thereto, Wells Fargo Bank, as Agent, and the other parties thereto and (ii) a duly executed amendment to that
certain Term Loan Agreement dated as of December 29, 2010 (as amended, the “Wells Fargo Term Loan Agreement”) by and among the Borrower, the financial institutions party thereto, Wells Fargo Bank, as Agent and the other parties
thereto, in each case amending the terms of the Wells Fargo Revolving Credit Agreement and the Wells Fargo Term Loan Agreement corresponding to the terms of the Loan Agreement amended by Sections 1.1 (other than the amendment to the definition of
“Termination Date”), 1.4, 1.5, 1.6 and 1.7 of this Amendment so that all such terms and sections shall be substantially the same; and 
 (j) Such other documents, instruments and agreements as the Agent may reasonably request. 
 SECTION 3. Release of Guarantors. Upon the effectiveness of this Amendment as provided in Section 2 above, the Agent and the Lenders agree that the Guarantors set forth on Schedule
I attached hereto shall be released as Guarantors under the Guaranty in effect immediately prior to the effectiveness of this Amendment and such Guaranty shall terminate. 
 SECTION 4. Representations. The Borrower represents and warrants to the Agent and the Lenders that: 
 (a) Authorization. The Borrower has the right and power, and has taken all necessary action to authorize it, to execute and deliver this Amendment and to perform its obligations hereunder and under
the Loan Agreement, as amended by this Amendment, in accordance with their respective terms. This Amendment has been duly executed and delivered by a duly authorized officer of the Borrower and each of this Amendment and the Loan Agreement, as
amended by this Amendment, is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its respective terms, except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or
similar laws affecting creditors rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability. 

  
 6 

 (b) Compliance with Laws, etc. The execution and delivery by the
Borrower of this Amendment and the performance by the Borrower of this Amendment and the Loan Agreement, as amended by this Amendment, in accordance with their respective terms, do not and will not, by the passage of time, the giving of notice or
otherwise: (i) require any Government Approvals or violate any Applicable Laws relating to the Borrower; (ii) conflict with, result in a breach of or constitute a default under the Borrower’s articles of incorporation or by-laws or
any indenture, agreement or other instrument to which the Borrower is a party or by which the Borrower or any of its properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any
property now owned or hereafter acquired by the Borrower other than Permitted Liens. The Borrowers, each Subsidiary and each other Loan Party is in compliance with each Governmental Approval applicable to it and in compliance with all other
Applicable Laws (including without limitation, Environmental Laws) relating to the Borrower, a Subsidiary or such other Loan Party except for noncompliances which, and Governmental Approvals the failure to possess which, would not, individually or
in the aggregate, cause a Default or Event of Default or have a Material Adverse Effect. 
 (c) No
Default. No Default or Event of Default has occurred and is continuing as of the date hereof nor will exist immediately after giving effect to this Amendment. 

(d) No Guarantors. As of the effective date of this Amendment and after giving effect hereto, no Subsidiary other
than United Dominion Realty, L.P. is required to be a Guarantor pursuant to the Loan Agreement as amended by this Amendment. 

SECTION 5. Reaffirmation of Representations by the Borrower. The Borrower hereby repeats and reaffirms all representations and
warranties made by it to the Agent and the Lenders in the Loan Agreement and the other Loan Documents to which it is a party on and as of the date hereof with the same force and effect as if such representations and warranties were set forth in this
Amendment in full. 
 SECTION 6. Certain References. Each reference to the Loan Agreement in any of the Loan Documents
shall be deemed to be a reference to the Loan Agreement as amended by this Amendment. 
 SECTION 7. Obligations. The
Borrower confirms that all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by
assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue under the Loan Documents after the commencement by or against any Loan Party or any Affiliate thereof of any
proceeding under any debtor relief laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding, are “Obligations” under and as defined in the Loan Agreement.

 SECTION 8. Costs and Expenses. The Borrower shall reimburse the Agent upon demand for all costs and expenses
(including attorneys’ fees) incurred by the Agent in connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith. 

SECTION 9. Benefits. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns. 
 SECTION 10. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  
 7 

 SECTION 11. Effect. Except as expressly herein amended, the terms and conditions of
the Loan Agreement and the other Loan Documents remain in full force and effect. The amendments contained herein shall be deemed to have prospective application only, unless otherwise specifically stated herein. The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of
any of the Loan Documents. 
 SECTION 12. Counterparts. This Amendment may be executed in any number of counterparts,
each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns. 
 SECTION
13. Definitions. All capitalized terms not otherwise defined herein are used herein with the respective definitions given them in the Loan Agreement. 
 [The remainder of this page intentionally left blank.] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered, or have caused their
respective duly authorized officers or representatives to execute and deliver this Amendment under seal as of the day and year first above written. 
  

							
	BORROWER:	 	
		
	UDR, INC., a Maryland corporation	 	
			
	By:	 	/s/ William T. O’Shields III	 	[SEAL]
		 	Name:	 	William T. O’Shields III	 	
		 	Title:	 	Vice President—Treasurer	 	

 
			
	 REGIONS BANK,
 as
Agent and as a Lender

		
	By:	 	/s/ Lori Chambers
	Name:	 	Lori Chambers
	Title:	 	Vice President

 
			
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ James A. Harmann
	Name:	 	James A. Harmann
	Title:	 	Senior Vice President

 
			
	US BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Andrew Hyde

	Name:	 	Andrew Hyde
	Title:	 	Vice President

 
			
	UNION BANK, N.A.
		
	By:	 	 /s/ Juliana Matson

	Name:	 	Juliana Matson
	Title:	 	V. P.

 
			
	WELLS FARGO BANK, N.A.
		
	By:	 	/s/ J. Derek Evans
	Name:	 	J. Derek Evans
	Title:	 	SVP

 SCHEDULE I 
 Released Guarantors 
  

			
	 The Commons of Columbia, Inc.

Hawthorne Apartments LLC
 Heritage Communities
LLC
 UDR 1818 Platinum LLC
 UDR
Arborview Associates LLC
 UDR Carriage Homes, LLC
 UDR Domain Brewers Hill LLC
 UDR Garrison Square LLC

UDR Presidential Greens, L.L.C.
 UDR Rivergate
LLC
 UDR Towers by the Bay LLC
 View 14
Investments LLC
 UDR California Properties, LLC
 UDR Virginia Properties, LLC
 UDR of Tennessee, L.P.

AAC Funding Partnership II
 CMP-1, LLC

UDR Texas Properties LLC
 Waterside Towers,
L.L.C.
 Ninety Five Wall Street LLC

Polo Park Apartments LLC
 UDR Calvert,
LLC
 UDR Crane Brook LLC
 Northbay
Properties II, L.P.
 Winterland San Francisco Partners, a California Limited Partnership
 AAC Funding IV, LLC
 Jamestown of St. Matthews Limited Partnership

Inlet Bay at Gateway, LLC
 Continental 146 Fund,
LLC
 UDR Ridgewood (II) Garden, LLC,

UDR Crossroads, L.P.
 UDR Presidio, LP

UDR Villa Venetia Apartments, L.P.
 UDR/Pacific
Los Alisos, L.P.
 LPC Plantation Apartments, L.P.
 Macalpine Place Apartment Partners, LTD.
 Andover House LLC

Coastal Monterey Properties LLC
 DCO Holdings,
Inc.
 DCO Millenia LLC
 DCO Realty LP
LLC
 Harding Park, Inc.
 UDR Holdings,
LLC
 Ashwood Commons North LLC
 Ashwood
Commons, L.L.C.
	  	 DCO 2400
14th Street LLC

DCO Arbors at Lee Vista LLC
 DCE Bennett
Development LP
 DCO Brookhaven Center LP

DCO Glenwood Urban LP
 DCO Highlands
LLC
 DCO Mission Bay LP
 DCO Option 2
LLC
 DCO Pine Avenue LP
 DCO Realty
Surprise LLC
 DCO Realty Woodlands LP

DCO Realty, Inc.
 DCO Savoye LLC

HPI Option 2 LLC
 LPC Millenia Place Apartments
LLC
 RE3, Inc.
 Sierra Palms
Condominiums LLC

  
 Schedule I-1

 EXHIBIT A 
 FORM OF GUARANTOR ACKNOWLEDGEMENT 
 THIS GUARANTOR ACKNOWLEDGEMENT dated as of
June 6, 2013 (this “Acknowledgement”) executed by each of the undersigned (the “Guarantors”) in favor of REGIONS BANK, as Agent (the “Agent”) and each “Lender” a party to the Loan
Agreement referred to below (the “Lenders”). 
 WHEREAS, UDR, INC. (the “Borrower”), the
Lenders, the Agent and certain other parties have entered into that certain Term Loan Agreement dated as of December 14, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”);

 WHEREAS, each of the Guarantors is a party to that certain Guaranty dated as of December 14, 2009 (as amended, restated,
supplemented or otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s obligations under the Loan Agreement on the terms and conditions contained in the
Guaranty; 
 WHEREAS, the Borrower, the Agent and the Lenders are to enter into a Third Amendment to Term Loan Agreement dated
as of the date hereof (the “Amendment”), to amend the terms of the Loan Agreement on the terms and conditions contained therein; and 
 WHEREAS, it is a condition precedent to the effectiveness of the Amendment that the Guarantors execute and deliver this Acknowledgement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto,
the parties hereto agree as follows: 
 SECTION 1. Reaffirmation. The Guarantor hereby reaffirms its continuing
obligations to the Agent and the Lenders under the Guaranty and agrees that the transactions contemplated by the Amendment shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair or discharge the obligations of
such Guarantor thereunder. 
 SECTION 2. Governing Law. THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

SECTION 3. Counterparts. This Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be
an original and shall be binding upon all parties, their successors and assigns. 
 [Signatures on Next Page] 

  
 Exhibit A-1

 
			
	 GUARANTOR:
  

UNITED DOMINION REALTY, L.P., a Delaware limited partnership

		
	By:	 	UDR, INC., its General Partner
		
	By:	 	 
		 	William T. O’Shields III,
		 	Vice President – Treasurer

  
 Exhibit A-2

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