Document:

Form of Multi-Family Fixed Rate Note

 Exhibit 10.1 
 NOTE SCHEDULE 
  

							
	 Borrower
	 	 Principal Amount
	 	 Interest-Only
 Monthly Payment
 (until and including
 February 1, 2011)
 (See Section
3(d)(i))
	 	 Principal and
 Interest Monthly
 Payment (beginning
 March 1, 2011)
 (See Section 3(d)(ii))

	 Post Glen, LLC
	 	$28,000,000	 	$4,659 per day	 	$167,694
				
	 Post Hyde Park, LLC
	 	$46,410,000	 	$7,722 per day	 	$277,953
				
	 Post Corners, LLC
	 	$40,777,000	 	$6,785 per day	 	$244,217
				
	 Post Crossing, LLC
	 	$26,950,000	 	$4,484 per day	 	$161,406
				
	 Post Briarcliff, LLC
	 	$60,025,000	 	$9,987 per day	 	$359,494

 FHLMC Loan No.
[                    ] 
 [Post Apartment
Community] 
 FORM OF 
 MULTIFAMILY NOTE 
 MULTISTATE – FIXED RATE 
 (REVISION DATE 2-15-2008) 
  

			
	US $[                    ]	  	Effective Date: As of January 29, 2009

 FOR VALUE RECEIVED, the undersigned (together with such party’s or parties’ successors
and assigns, “Borrower”) jointly and severally (if more than one) promises to pay to the order of DEUTSCHE BANK BERKSHIRE MORTGAGE, INC., a Delaware corporation, the principal sum of
[                    ] Dollars (US
$[                    ]), with interest on the unpaid principal balance, as hereinafter provided. 
 1. Defined Terms. 
 (a) As used in
this Note: 
 “Base Recourse” means a portion of the Indebtedness equal to zero percent (0%) of the original principal
balance of this Note. 
 “Business Day” means any day other than a Saturday, a Sunday or any other day on which Lender or the
national banking associations are not open for business. 
 “Default Rate” means an annual interest rate equal to four
(4) percentage points above the Fixed Interest Rate. However, at no time will the Default Rate exceed the Maximum Interest Rate. 
 “Fixed Interest Rate” means the annual interest rate of five and ninety-nine hundredths percent (5.99%). 
 “Installment Due Date” means, for any monthly installment of interest only or principal and interest, the date on which such monthly installment is due and payable pursuant to Section 3 of this Note. The “First
Installment Due Date” under this Note is March 1, 2009. 
 “Lender” means the holder from time to time of this
Note. 
 “Loan” means the loan evidenced by this Note. 
 “Maturity Date” means the earlier of (i) February 1, 2019 (the “Scheduled Maturity Date”), and (ii) the
date on which the unpaid principal balance of this Note becomes due and payable by acceleration or otherwise pursuant to the Loan Documents or the exercise by Lender of any right or remedy under any Loan Document. 
 “Maximum Interest Rate” means the rate of interest that results in the maximum amount of interest allowed by applicable law. 

“Prepayment Premium Period” means the period during which, if a prepayment of principal occurs, a prepayment premium will be payable
by Borrower to Lender. The Prepayment Premium Period is the period from and including the date of this Note until but not including the first day of the Window Period. 
  

	
	PAGE 1

 “Security Instrument” means the multifamily mortgage, deed to secure debt or deed of
trust effective as of the effective date of this Note, from Borrower to or for the benefit of Lender and securing this Note. 
 “Treasury Security” means the 3.750% U.S. Treasury Security due November 15, 2018. 
 “Window
Period” means the three (3) consecutive calendar month period prior to the Scheduled Maturity Date. 
 “Yield
Maintenance Period” means the period from and including the date of this Note until but not including August 1, 2018. 
 (b)
Other capitalized terms used but not defined in this Note shall have the meanings given to such terms in the Security Instrument. 
 2.
Address for Payment. All payments due under this Note shall be payable at One Beacon Street, 14th Floor, Boston, Massachusetts 02108, or such other place as may be designated by Notice to Borrower from or on behalf of Lender. 
 3. Payments. 
 (a) Interest will
accrue on the outstanding principal balance of this Note at the Fixed Interest Rate, subject to the provisions of Section 8 of this Note. 
 (b) Interest under this Note shall be computed, payable and allocated on the basis of an actual/360 interest calculation schedule (interest is payable for the actual number of days in each month, and each month’s interest is calculated
by multiplying the unpaid principal amount of this Note as of the first day of the month for which interest is being calculated by the Fixed Interest Rate, dividing the product by 360, and multiplying the quotient by the number of days in the month
for which interest is being calculated). The portion of the monthly installment of principal and interest under this Note attributable to principal and the portion attributable to interest will vary based upon the number of days in the month for
which such installment is paid. Each monthly payment of principal and interest will first be applied to pay in full interest due, and the balance of the monthly installment payment paid by Borrower will be credited to principal. 
 (c) Unless disbursement of principal is made by Lender to Borrower on the first day of a calendar month, interest for the period beginning on the date of
disbursement and ending on and including the last day of such calendar month shall be payable by Borrower simultaneously with the execution of this Note. If disbursement of principal is made by Lender to Borrower on the first day of a calendar
month, then no payment will be due from Borrower at the time of the execution of this Note. The Installment Due Date for the first monthly installment payment under Section 3(d) of interest only or principal and interest, as applicable, will be
the First Installment Due Date set forth in Section 1(a) of this Note. Except as provided in this Section 3(c) and in Section 10, accrued interest will be payable in arrears. 
  

							
		 	(d)	 	(i)	 	Beginning on the First Installment Due Date, and continuing until and including the monthly installment due on February 1, 2011, accrued interest only shall be payable by Borrower in
consecutive monthly installments due and payable on the first day of each calendar month. The amount of each monthly installment of interest only payable pursuant to this Subsection 3(d)(i) on an Installment Due Date shall vary, and shall equal
$[                    ] multiplied by the number of days in the month prior to the Installment Due Date.

  

	
	PAGE 2

							
		 		 	(ii)	 	Beginning on March 1, 2011, and continuing until and including the monthly installment due on the Maturity Date, principal and accrued interest shall be payable by Borrower in consecutive
monthly installments due and payable on the first day of each calendar month. The amount of the monthly installment of principal and interest payable pursuant to this Subsection 3(d)(ii) on an Installment Due Date shall be
[                    ] Dollars
($[                    ]).

 (e) All remaining Indebtedness, including all principal and interest, shall be due and payable by
Borrower on the Maturity Date. 
 (f) All payments under this Note shall be made in immediately available U.S. funds. 
 (g) Any regularly scheduled monthly installment of interest only or principal and interest payable pursuant to this Section 3 that is received by
Lender before the date it is due shall be deemed to have been received on the due date for the purpose of calculating interest due. 
 (h)
Any accrued interest remaining past due for 30 days or more, at Lender’s discretion, may be added to and become part of the unpaid principal balance of this Note and any reference to “accrued interest” shall refer to accrued interest
which has not become part of the unpaid principal balance. Any amount added to principal pursuant to the Loan Documents shall bear interest at the applicable rate or rates specified in this Note and shall be payable with such interest upon demand by
Lender and absent such demand, as provided in this Note for the payment of principal and interest. 
 4. Application of Payments. If
at any time Lender receives, from Borrower or otherwise, any amount applicable to the Indebtedness which is less than all amounts due and payable at such time, Lender may apply the amount received to amounts then due and payable in any manner and in
any order determined by Lender, in Lender’s discretion. Borrower agrees that neither Lender’s acceptance of a payment from Borrower in an amount that is less than all amounts then due and payable nor Lender’s application of such
payment shall constitute or be deemed to constitute either a waiver of the unpaid amounts or an accord and satisfaction. 
 5. Security.
The Indebtedness is secured by, among other things, the Security Instrument, and reference is made to the Security Instrument for other rights of Lender as to collateral for the Indebtedness. 
 6. Acceleration. If an Event of Default has occurred and is continuing, the entire unpaid principal balance, any accrued interest, any prepayment
premium payable under Section 10, and all other amounts payable under this Note and any other Loan Document, shall at once become due and payable, at the option of Lender, without any prior notice to Borrower (except if notice is required by
applicable law, then after such notice). Lender may exercise this option to accelerate regardless of any prior forbearance. For purposes of exercising such option, Lender shall calculate the prepayment premium as if prepayment occurred on the date
of acceleration. If prepayment occurs thereafter, Lender shall recalculate the prepayment premium as of the actual prepayment date. 
 7.
Late Charge. 
 (a) If any monthly installment of interest or principal and interest or other amount payable under this Note or under the
Security Instrument or any other Loan Document is not received in full by Lender within ten (10) days after the installment or other amount is due, counting from and including the date such installment or other amount is due (unless applicable
law requires a longer period of time before a late charge may be imposed, in which event such longer period shall be substituted), Borrower shall pay to Lender, immediately and without 

  

	
	PAGE 3

 
demand by Lender, a late charge equal to five percent (5%) of such installment or other amount due (unless applicable law requires a lesser amount be
charged, in which event such lesser amount shall be substituted). 
 (b) Borrower acknowledges that its failure to make timely payments will
cause Lender to incur additional expenses in servicing and processing the Loan and that it is extremely difficult and impractical to determine those additional expenses. Borrower agrees that the late charge payable pursuant to this Section
represents a fair and reasonable estimate, taking into account all circumstances existing on the date of this Note, of the additional expenses Lender will incur by reason of such late payment. The late charge is payable in addition to, and not in
lieu of, any interest payable at the Default Rate pursuant to Section 8. 
 8. Default Rate. 
 (a) So long as (i) any monthly installment under this Note remains past due for thirty (30) days or more or (ii) any other Event of
Default has occurred and is continuing, then notwithstanding anything in Section 3 of this Note to the contrary, interest under this Note shall accrue on the unpaid principal balance from the Installment Due Date of the first such unpaid
monthly installment or the occurrence of such other Event of Default, as applicable, at the Default Rate. 
 (b) From and after the Maturity
Date, the unpaid principal balance shall continue to bear interest at the Default Rate until and including the date on which the entire principal balance is paid in full. 
 (c) Borrower acknowledges that (i) its failure to make timely payments will cause Lender to incur additional expenses in servicing and processing the Loan, (ii) during the time that any monthly installment
under this Note is delinquent for thirty (30) days or more, Lender will incur additional costs and expenses arising from its loss of the use of the money due and from the adverse impact on Lender’s ability to meet its other obligations and
to take advantage of other investment opportunities; and (iii) it is extremely difficult and impractical to determine those additional costs and expenses. Borrower also acknowledges that, during the time that any monthly installment under this
Note is delinquent for thirty (30) days or more or any other Event of Default has occurred and is continuing, Lender’s risk of nonpayment of this Note will be materially increased and Lender is entitled to be compensated for such increased
risk. Borrower agrees that the increase in the rate of interest payable under this Note to the Default Rate represents a fair and reasonable estimate, taking into account all circumstances existing on the date of this Note, of the additional costs
and expenses Lender will incur by reason of the Borrower’s delinquent payment and the additional compensation Lender is entitled to receive for the increased risks of nonpayment associated with a delinquent loan. 
 9. Limits on Personal Liability. 
 (a) Except as otherwise provided in this Section 9, Borrower shall have no personal liability under this Note, the Security Instrument or any other Loan Document for the repayment of the Indebtedness or for the performance of any other
obligations of Borrower under the Loan Documents and Lender’s only recourse for the satisfaction of the Indebtedness and the performance of such obligations shall be Lender’s exercise of its rights and remedies with respect to the
Mortgaged Property and to any other collateral held by Lender as security for the Indebtedness. This limitation on Borrower’s liability shall not limit or impair Lender’s enforcement of its rights against any guarantor of the Indebtedness
or any guarantor of any other obligations of Borrower. 
 (b) Borrower shall be personally liable to Lender for the amount of the Base
Recourse, plus any other amounts for which Borrower has personal liability under this Section 9. 
  

	
	PAGE 4

 (c) In addition to the Base Recourse, Borrower shall be personally liable to Lender for the repayment of
a further portion of the Indebtedness equal to any loss or damage suffered by Lender as a result of the occurrence of any of the following events: 
  

	 	(i)	Borrower fails to pay to Lender upon demand after an Event of Default all Rents to which Lender is entitled under Section 3(a) of the Security Instrument and the amount of all
security deposits collected by Borrower from tenants then in residence. However, Borrower will not be personally liable for any failure described in this subsection (i) if Borrower is unable to pay to Lender all Rents and security deposits as
required by the Security Instrument because of a valid order issued in a bankruptcy, receivership, or similar judicial proceeding. 

  

	 	(ii)	Borrower fails to apply all insurance proceeds and condemnation proceeds as required by the Security Instrument. However, Borrower will not be personally liable for any failure
described in this subsection (ii) if Borrower is unable to apply insurance or condemnation proceeds as required by the Security Instrument because of a valid order issued in a bankruptcy, receivership, or similar judicial proceeding.

  

	 	(iii)	Borrower fails to comply with Section 14(g) or (h) of the Security Instrument relating to the delivery of books and records, statements, schedules and reports.

  

	 	(iv)	Borrower fails to pay when due in accordance with the terms of the Security Instrument the amount of any item below marked “Deferred”; provided however, that if no item is
marked “Deferred”, this Section 9(c)(iv) shall be of no force or effect. 

  

			
	[Deferred]	  	Hazard Insurance premiums or other insurance premiums,
	[Deferred]	  	Taxes,
	[Deferred]	  	water and sewer charges (that could become a lien on the Mortgaged Property),
	[N/A]	  	ground rents,
	[Deferred]	  	assessments or other charges (that could become a lien on the Mortgaged Property)

 (d) In addition to the Base Recourse, Borrower shall be personally liable to Lender for:

  

	 	(i)	the performance of all of Borrower’s obligations under Section 18 of the Security Instrument (relating to environmental matters); 

  

	 	(ii)	the costs of any audit under Section 14(g) of the Security Instrument; and 

  

	 	(iii)	any costs and expenses incurred by Lender in connection with the collection of any amount for which Borrower is personally liable under this Section 9, including
Attorneys’ Fees and Costs and the costs of conducting any independent audit of Borrower’s books and records to determine the amount for which Borrower has personal liability. 

 (e) All payments made by Borrower with respect to the Indebtedness and all amounts received by Lender from the enforcement of its rights under the
Security Instrument and the other Loan Documents shall be applied first to the portion of the Indebtedness for which Borrower has no personal liability. 
  

	
	PAGE 5

 (f) Notwithstanding the Base Recourse, Borrower shall become personally liable to Lender for the
repayment of all of the Indebtedness upon the occurrence of any of the following Events of Default: 
  

	 	(i)	Borrower’s ownership of any property or operation of any business not permitted by Section 33 of the Security Instrument; 

  

	 	(ii)	a Transfer (including, but not limited to, a lien or encumbrance) that is an Event of Default under Section 21 of the Security Instrument, other than a Transfer consisting
solely of the involuntary removal or involuntary withdrawal of a general partner in a limited partnership or a manager in a limited liability company; or 

  

	 	(iii)	fraud or written material misrepresentation by Borrower or any officer, director, partner, member or employee of Borrower in connection with the application for or creation of the
Indebtedness or any request for any action or consent by Lender. 

 (g) To the extent that Borrower has personal liability
under this Section 9, Lender may exercise its rights against Borrower personally without regard to whether Lender has exercised any rights against the Mortgaged Property or any other security, or pursued any rights against any guarantor, or
pursued any other rights available to Lender under this Note, the Security Instrument, any other Loan Document or applicable law. To the fullest extent permitted by applicable law, in any action to enforce Borrower’s personal liability under
this Section 9, Borrower waives any right to set off the value of the Mortgaged Property against such personal liability. 
 10.
Voluntary and Involuntary Prepayments. 
 (a) Any receipt by Lender of principal due under this Note prior to the Maturity Date, other
than principal required to be paid in monthly installments pursuant to Section 3, constitutes a prepayment of principal under this Note. Without limiting the foregoing, any application by Lender, prior to the Maturity Date, of any proceeds of
collateral or other security to the repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment under this Note. 
 (b) Borrower may voluntarily prepay all of the unpaid principal balance of this Note on an Installment Due Date so long as Borrower designates the date for such prepayment in a Notice from Borrower to Lender given at least 30 days prior to
the date of such prepayment. If an Installment Due Date (as defined in Section 1(a)) falls on a day which is not a Business Day, then with respect to payments made under this Section 10 only, the term “Installment Due Date” shall
mean the Business Day immediately preceding the scheduled Installment Due Date. 
 (c) Notwithstanding subsection (b) above, Borrower
may voluntarily prepay all of the unpaid principal balance of this Note on a Business Day other than an Installment Due Date if Borrower provides Lender with the Notice set forth in subsection (b) and meets the other requirements set forth in
this subsection. Borrower acknowledges that Lender has agreed that Borrower may prepay principal on a Business Day other than an Installment Due Date only because Lender shall deem any prepayment received by Lender on any day other than an
Installment Due Date to have been received on the Installment Due Date immediately following such prepayment and Borrower shall be responsible for all interest that would have been due if the prepayment had actually been made on the Installment Due
Date immediately following such prepayment. 
  

	
	PAGE 6

 (d) Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less
than all of the unpaid principal balance of this Note. In order to voluntarily prepay all or any part of the principal of this Note, Borrower must also pay to Lender, together with the amount of principal being prepaid, (i) all accrued and
unpaid interest due under this Note, plus (ii) all other sums due to Lender at the time of such prepayment, plus (iii) any prepayment premium calculated pursuant to Section 10(e). 
 (e) Except as provided in Section 10(f), a prepayment premium shall be due and payable by Borrower in connection with any prepayment of principal
under this Note during the Prepayment Premium Period. The prepayment premium shall be computed as follows: 
  

	 	(i)	For any prepayment made during the Yield Maintenance Period, the prepayment premium shall be whichever is the greater of subsections (A) and (B) below:

  

	 	(A)	1.0% of the amount of principal being prepaid; or 

  

	 	(B)	the product obtained by multiplying: 

  

	 	(1)	the amount of principal being prepaid or accelerated, 

 by 
  

	 	(2)	the excess (if any) of the Monthly Note Rate over the Assumed Reinvestment Rate, 

 by 
  

	 	(3)	the Present Value Factor. 

 For purposes of subsection
(B), the following definitions shall apply: 
 Monthly Note Rate: one-twelfth
( 1/12) of the Fixed Interest Rate, expressed as a decimal calculated to five digits. 
 Prepayment Date: in the case of a voluntary prepayment, the date on which the prepayment is made; in the case of the application by Lender of
collateral or security to a portion of the principal balance, the date of such application. 
 Assumed Reinvestment Rate: one-twelfth ( 1/12) of the yield rate, as of the close of the trading session
which is 5 Business Days before the Prepayment Date, on the Treasury Security, as reported in The Wall Street Journal, expressed as a decimal calculated to five digits. In the event that no yield is published on the applicable date for the
Treasury Security, Lender, in its discretion, shall select the non-callable Treasury Security maturing in the same year as the Treasury Security with the lowest yield published in The Wall Street Journal as of the applicable date. If the
publication of such yield rates in The Wall Street Journal is discontinued for any reason, Lender shall select a security with a comparable rate and term to the Treasury Security. The selection of an alternate security pursuant to this
Section shall be made in Lender’s discretion. 
  

	
	PAGE 7

 Present Value Factor: the factor that discounts to present value the costs resulting to Lender
from the difference in interest rates during the months remaining in the Yield Maintenance Period, using the Assumed Reinvestment Rate as the discount rate, with monthly compounding, expressed numerically as follows: 
 

 
 n = the number of months remaining in Yield Maintenance Period; provided, however, if a prepayment
occurs on an Installment Due Date, then the number of months remaining in the Yield Maintenance Period shall be calculated beginning with the month in which such prepayment occurs and if such prepayment occurs on a Business Day other than an
Installment Due Date, then the number of months remaining in the Yield Maintenance Period shall be calculated beginning with the month immediately following the date of such prepayment. 
 ARR = Assumed Reinvestment Rate 
  

	 	(ii)	For any prepayment made after the expiration of the Yield Maintenance Period but during the remainder of the Prepayment Premium Period, the prepayment premium shall be 1.0% of the
amount of principal being prepaid. 

 (f) Notwithstanding any other provision of this Section 10, no prepayment premium
shall be payable with respect to (i) any prepayment made during the Window Period, or (ii) any prepayment occurring as a result of the application of any insurance proceeds or condemnation award under the Security Instrument. 

(g) Unless Lender agrees otherwise in writing, a permitted or required prepayment of less than the unpaid principal balance of this Note shall not
extend or postpone the due date of any subsequent monthly installments or change the amount of such installments. 
 (h) Borrower recognizes
that any prepayment of any of the unpaid principal balance of this Note, whether voluntary or involuntary or resulting from an Event of Default by Borrower, will result in Lender’s incurring loss, including reinvestment loss, additional expense
and frustration or impairment of Lender’s ability to meet its commitments to third parties. Borrower agrees to pay to Lender upon demand damages for the detriment caused by any prepayment, and agrees that it is extremely difficult and
impractical to ascertain the extent of such damages. Borrower therefore acknowledges and agrees that the formula for calculating prepayment premiums set forth in this Note represents a reasonable estimate of the damages Lender will incur because of
a prepayment. Borrower further acknowledges that the prepayment premium provisions of this Note are a material part of the consideration for the Loan, and that the terms of this Note are in other respects more favorable to Borrower as a result of
the Borrower’s voluntary agreement to the prepayment premium provisions. 
 11. Costs and Expenses. To the fullest extent allowed
by applicable law, Borrower shall pay all expenses and costs, including Attorneys’ Fees and Costs incurred by Lender as a result of any default under this Note or in connection with efforts to collect any amount due 

  

	
	PAGE 8

 
under this Note, or to enforce the provisions of any of the other Loan Documents, including those incurred in post-judgment collection efforts and in any
bankruptcy proceeding (including any action for relief from the automatic stay of any bankruptcy proceeding) or judicial or non-judicial foreclosure proceeding. 
 12. Forbearance. Any forbearance by Lender in exercising any right or remedy under this Note, the Security Instrument, or any other Loan Document or otherwise afforded by applicable law, shall not be a waiver
of or preclude the exercise of that or any other right or remedy. The acceptance by Lender of any payment after the due date of such payment, or in an amount which is less than the required payment, shall not be a waiver of Lender’s right to
require prompt payment when due of all other payments or to exercise any right or remedy with respect to any failure to make prompt payment. Enforcement by Lender of any security for Borrower’s obligations under this Note shall not constitute
an election by Lender of remedies so as to preclude the exercise of any other right or remedy available to Lender. 
 13. Waivers.
Borrower and all endorsers and guarantors of this Note and all other third party obligors waive presentment, demand, notice of dishonor, protest, notice of acceleration, notice of intent to demand or accelerate payment or maturity, presentment
for payment, notice of nonpayment, grace, and diligence in collecting the Indebtedness. 
 14. Loan Charges. Neither this Note nor any
of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the Maximum Interest Rate. If any applicable law limiting the amount of interest
or other charges permitted to be collected from Borrower in connection with the Loan is interpreted so that any interest or other charge provided for in any Loan Document, whether considered separately or together with other charges provided for in
any other Loan Document, violates that law, and Borrower is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The amounts, if any, previously paid to Lender in excess
of the permitted amounts shall be applied by Lender to reduce the unpaid principal balance of this Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from
Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of this
Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of this Note. 
 15. Commercial Purpose. Borrower represents that Borrower is incurring the Indebtedness solely for the purpose of carrying on a business or
commercial enterprise, and not for personal, family, household, or agricultural purposes. 
 16. Counting of Days. Except where
otherwise specifically provided, any reference in this Note to a period of “days” means calendar days, not Business Days. 
 17.
Governing Law. This Note shall be governed by the law of the Property Jurisdiction. 
 18. Captions. The captions of the Sections
of this Note are for convenience only and shall be disregarded in construing this Note. 
 19. Notices; Written Modifications.

 (a) All Notices, demands and other communications required or permitted to be given pursuant to this Note shall be given in accordance
with Section 31 of the Security Instrument. 
  

	
	PAGE 9

 (b) Any modification or amendment to this Note shall be ineffective unless in writing signed by the party
sought to be charged with such modification or amendment; provided, however, in the event of a Transfer under the terms of the Security Instrument that requires Lender’s consent, any or some or all of the Modifications to Multifamily Note set
forth in Exhibit A to this Note may be modified or rendered void by Lender at Lender’s option, by Notice to Borrower and the transferee, as a condition of Lender’s consent. 
 20. Consent to Jurisdiction and Venue. Borrower agrees that any controversy arising under or in relation to this Note may be litigated in the
Property Jurisdiction. The state and federal courts and authorities with jurisdiction in the Property Jurisdiction shall have jurisdiction over all controversies that shall arise under or in relation to this Note. Borrower irrevocably consents to
service, jurisdiction, and venue of such courts for any such litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing in this Note is intended to limit any right
that Lender may have to bring any suit, action or proceeding relating to matters arising under this Note in any court of any other jurisdiction. 
 21. WAIVER OF TRIAL BY JURY. BORROWER AND LENDER EACH (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER THAT IS TRIABLE OF RIGHT
BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY
WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 
 22. State-Specific Provisions. N/A. 
 ATTACHED EXHIBIT. The Exhibit noted below, if marked with an “X” in the space provided, is attached to this Note: 
  

					
	 x
	  	    Exhibit A	  	    Modifications to Multifamily Note

 IN WITNESS WHEREOF, and in consideration of the Lender’s agreement to lend Borrower
the principal amount set forth above, Borrower has signed and delivered this Note under seal or has caused this Note to be signed and delivered under seal by its duly authorized representative. Borrower intends that this Note shall be deemed to be
signed and delivered as a sealed instrument. 
  

	
	PAGE 10

									
	[POST ENTITY]	 	
		
	By:	 	Post Apartment Homes, L.P., a Georgia limited partnership, its sole member
			
		 	By:	 	Post GP Holdings, Inc., a Georgia corporation, its sole general partner
					
		 		 	By:	 	  
	 	(SEAL)
		 		 		 	Christopher J. Papa
		 		 		 	Executive Vice President and Chief Financial Officer
	
	 [                                        
]

	Borrower’s Social Security/Employer ID Number

  

	
	PAGE 11

 PAY TO THE ORDER OF FEDERAL HOME LOAN MORTGAGE CORPORATION, WITHOUT RECOURSE. 
  

					
	DEUTSCHE BANK BERKSHIRE MORTGAGE, INC., a Delaware corporation
			
	By:	 	  
	 	(SEAL)
	Name:	 	
	Title:	 	
			
	By:	 	  
	 	(SEAL)
	Name:	 	
	Title:	 	

 FHLMC Loan No.
[                    ] 
  

	
	PAGE 12

 EXHIBIT A 
 MODIFICATIONS TO MULTIFAMILY NOTE 
 The following modifications are made to the text of the Note that precedes this Exhibit.

  

	1.	Section 1(a) “Window Period” of the Note is hereby deleted in its entirety and replaced with the following: 

 “Window Period” means the three (3) consecutive calendar month period prior to the Scheduled Maturity Date. 
  

	2.	Section 3(g) is hereby deleted in its entirety and replaced with the following: 

  

	 	(g)	Any regularly scheduled monthly installment of interest only or principal and interest payable pursuant to this Section 3 that is received by Lender before the date it is due
shall be deemed to have been received on the due date solely for the purpose of calculating interest due. 

  

	3.	Section 7(a) is hereby deleted in its entirety and replaced with the following: 

  

	 	(a)	If any monthly installment of interest or principal and interest or other amount payable under this Note or under the Security Instrument or any other Loan Document is not received
in full by Lender within ten (10) days after the installment or other amount is due, counting from and including the date such installment or other amount is due (unless applicable law requires a longer period of time before a late charge may
be imposed, in which event such longer period shall be substituted), Borrower shall pay to Lender, immediately and without demand by Lender, a late charge equal to five percent (5%) of such installment or other amount due but excluding
principal due upon maturity or upon acceleration of the Indebtedness (unless applicable law requires a lesser amount be charged, in which event such lesser amount shall be substituted). 

  

	4.	Section 9(a) is hereby deleted in its entirety and replaced with the following: 

  

	 	(a)	Except as otherwise provided in this Section 9, neither Borrower, Borrower’s partners or members nor any of the foregoing parties’ shareholders, officers,
directors, principals, agents or employees, other than under any guaranty or other agreement(s) with Lender to which any such party is bound, shall have any personal liability under this Note, the Security Instrument or any other Loan Document
for the repayment of the Indebtedness or for the performance of any other obligations of Borrower under the Loan Documents and Lender’s only recourse for the satisfaction of the Indebtedness and the performance of such obligations shall be
Lender’s exercise of its rights and remedies with respect to the Mortgaged Property and to any other collateral held by Lender as security for the Indebtedness. This limitation on Borrower’s and such other aforementioned
parties’ liability shall not limit or impair Lender’s enforcement of its rights against any guarantor of the Indebtedness or any guarantor of any other obligations of Borrower. 

  

	
	PAGE A-1

	5.	Section 9(c)(i) is hereby deleted in its entirety and replaced with the following: 

  

	 	(i)	Borrower fails to pay to Lender upon demand after an Event of Default (A) all Rents to which Lender is entitled under Section 3(a) of the Security Instrument, and
(B) the amount of all security deposits collected by Borrower from tenants under Leases which remain refundable to such tenants as of the date of Lender’s demand, and (C) the amount of any unearned Prepaid Rents that
Borrower is permitted to receive and collect under Section 4(g) of the Security Instrument (by way of example, in the event that Borrower has collected Prepaid Rents for 6 months in advance and there is an Event of Default in the second month
of the period to which the Prepaid Rents pertain, Borrower shall be liable to Lender for 4 months of such Prepaid Rent). However, Borrower will not be personally liable for any failure described in this subsection (i) if Borrower is unable
to pay to Lender all Rents and security deposits under Leases as required by the Security Instrument because of an order issued in a bankruptcy, receivership, or similar judicial proceeding or if Borrower is prevented from
collecting the Rents by Lender’s revocation of Borrower’s license to collect the Rents. Borrower’s personal liability under this Section 9(c)(i) is limited to (A) Prepaid Rents, and (B) other Rents collected by
Borrower after Lender’s demand for payment of such Rents, and only to the extent not paid over to Lender upon and following such demand. 

  

	6.	Section 9(c)(ii) is hereby deleted in its entirety and replaced with the following: 

  

	 	(ii)	Borrower fails to apply all insurance proceeds and condemnation proceeds as required by the Security Instrument. However, Borrower will not be personally liable for any failure
described in this subsection (ii) if Borrower is unable to apply insurance or condemnation proceeds as required by the Security Instrument because of an order issued in a bankruptcy, receivership, or similar judicial proceeding, or
because Lender collected such proceeds and did not make such proceeds available to Borrower for application as required by the Security Instrument. Borrower’s personal liability under this Section 9(c)(ii) is limited to the amount of
insurance proceeds or condemnation proceeds (or both) received by Borrower and not applied by Borrower or paid over by to Lender as required by the Security Instrument. 

  

	7.	Section 9(c)(iv) is hereby deleted in its entirety and replaced with the following: 

  

	 	(iv)	Borrower fails to pay when due in accordance with the terms of the Security Instrument the amount of any item below marked “Deferred” at any time while Lender is not
collecting Imposition Deposits for such amounts; provided however, that if no item is marked “Deferred”, this Section 9(c)(iv) shall be of no force or effect. 

  

	8.	A new Section 9(c)(v) is hereby added as follows:: 

  

	 	(v)	Borrower fails to comply with the requirements of Section 10 of the Security Instrument with respect to the litigation pending in the United States Court for the District of
Columbia captioned “Equal Rights Center vs. Post Properties, Inc., Post GP Holdings, Inc. and Post Apartment Homes, L.P. No. 1:06CV1991 (D.DC) (“ERC Litigation”). 

  

	
	PAGE A-2

	9.	Section 9(f) is hereby deleted in its entirety and replaced with the following: 

  

	 	(f)	Notwithstanding the Base Recourse, Borrower shall become personally liable to Lender for the repayment of a portion of the Indebtedness equal to any loss or damage
suffered by Lender upon the occurrence of any of the following Events of Default which is not cured within the time period (if any) provided for in the Loan Documents: 

  

	 	(i)	Borrower’s ownership of any property or operation of any business not permitted by Section 33 of the Security Instrument; 

  

	 	(ii)	a Transfer (including, but not limited to, a lien or encumbrance) that is an Event of Default under Section 21 of the Security Instrument, other than a Transfer consisting
solely of the involuntary removal or involuntary withdrawal of a general partner in a limited partnership or a manager or member in a limited liability company; or 

  

	 	(iii)	fraud or written material misrepresentation by Borrower or any officer, director, partner, member or employee of Borrower in connection with the application for or creation of the
Indebtedness or any request for any action or consent by Lender. 

  

	10.	Section 13 is hereby deleted in its entirety and replaced with the following: 

  

	 	13.	Waivers. Except as otherwise expressly provided in the Loan Documents with respect to notices of defaults and cure periods where applicable, Borrower and all endorsers
and guarantors of this Note and all other third party obligors waive presentment, demand, notice of dishonor, protest, notice of acceleration, notice of intent to demand or accelerate payment or maturity, presentment for payment, notice of
nonpayment, grace, and diligence in collecting the Indebtedness. 

  

	
	PAGE A-3Form of Multi-Family Fixed Rate Note

 Exhibit 10.1 
 NOTE SCHEDULE 
  

					
	 Borrower
	 	 Principal Amount
	 	 Interest-Only Monthly
 Payment
 (See Section
3(d))

			
	 Post Ballantyne, LLC
	 	$25,966,000	 	$4,393 per day
			
	 Post Gateway Place, LLC
	 	$42,319,000	 	$7,159 per day
			
	 Post Legacy, L.P.
	 	$27,890,000	 	$4,718 per day
			
	 Post Parkside (Atlanta), LLC
	 	$19,457,000	 	$3,291 per day
			
	 Post Spring, LLC
	 	$38,397,000	 	$6,495 per day
			
	 Post Worthington, L.P.
	 	$30,654,000	 	$5,186 per day

 MULTIFAMILY NOTE 
 MULTISTATE – FIXED RATE 
 (REVISION DATE 2-15-2008) 
  

			
	 US $[                    ]

	  	Effective Date: As of October 2, 2008

 FOR VALUE RECEIVED, the undersigned (together with such party’s or parties’ successors
and assigns, “Borrower”) jointly and severally (if more than one) promises to pay to the order of WACHOVIA MULTIFAMILY CAPITAL, INC., a Delaware corporation, the principal sum of
[            ] DOLLARS (US $[            ]), with interest on the unpaid principal balance, as hereinafter
provided. 
 1. Defined Terms. 
 (a) As used in this Note: 
 “Base Recourse” means a portion of the Indebtedness equal to zero percent
(0%) of the original principal balance of this Note. 
 “Business Day” means any day other than a Saturday, a Sunday
or any other day on which Lender or the national banking associations are not open for business. 
 “Default Rate” means an
annual interest rate equal to four (4) percentage points above the Fixed Interest Rate. However, at no time will the Default Rate exceed the Maximum Interest Rate. 
 “Fixed Interest Rate” means the annual interest rate of Six and 09/100 percent (6.09%). 
 “Installment Due Date” means, for any monthly installment of interest only or principal and interest, the date on which such monthly installment is due and payable pursuant to Section 3 of this
Note. The “First Installment Due Date” under this Note is December 1, 2008. 
 “Lender” means
the holder from time to time of this Note. 
 “Loan” means the loan evidenced by this Note. 
 “Maturity Date” means the earlier of (i) November 1, 2014 (the “Scheduled Maturity Date”), and
(ii) the date on which the unpaid principal balance of this Note becomes due and payable by acceleration or otherwise pursuant to the Loan Documents or the exercise by Lender of any right or remedy under any Loan Document. 
  

  
 Page 1 

 “Maximum Interest Rate” means the rate of interest that results in the maximum amount of
interest allowed by applicable law. 
 “Prepayment Premium Period” means the period during which, if a prepayment of
principal occurs, a prepayment premium will be payable by Borrower to Lender. The Prepayment Premium Period is the period from and including the date of this Note until but not including the first day of the Window Period. 
 “Security Instrument” means the multifamily mortgage, deed to secure debt or deed of trust effective as of the effective date of this
Note, from Borrower to or for the benefit of Lender and securing this Note. 
 “Treasury Security” means the 4.000%
U.S. Treasury Security due November 15, 2012. 
 “Window Period” means the three (3) consecutive
calendar month period prior to the Scheduled Maturity Date. 
 “Yield Maintenance Period” means the period from and
including the date of this Note until but not including November 1, 2012. 
 (b) Other capitalized terms used but not defined in
this Note shall have the meanings given to such terms in the Security Instrument. 
 2. Address for Payment. All payments due under
this Note shall be payable at P.O. Box 60253, Charlotte, North Carolina 28260-0253, or such other place as may be designated by Notice to Borrower from or on behalf of Lender. 
 3. Payments. 
 (a) Interest will
accrue on the outstanding principal balance of this Note at the Fixed Interest Rate, subject to the provisions of Section 8 of this Note. 
 (b) Interest under this Note shall be computed, payable and allocated on the basis of an actual/360 interest calculation schedule (interest is payable for the actual number of days in each month, and each month’s interest is calculated
by multiplying the unpaid principal amount of this Note as of the first day of the month for which interest is being calculated by the Fixed Interest Rate, dividing the product by 360, and multiplying the quotient by the number of days in the month
for which interest is being calculated). The portion of the monthly installment of principal and interest under this Note attributable to principal and the portion attributable to interest will vary based upon the number of days in the month for
which such installment is paid. Each monthly payment of principal and interest will first be applied to pay in full interest due, and the balance of the monthly installment payment paid by Borrower will be credited to principal. 
  

  
 Page 2 

 (c) Unless disbursement of principal is made by Lender to Borrower on the first day of a calendar month,
interest for the period beginning on the date of disbursement and ending on and including the last day of such calendar month shall be payable by Borrower simultaneously with the execution of this Note. If disbursement of principal is made by Lender
to Borrower on the first day of a calendar month, then no payment will be due from Borrower at the time of the execution of this Note. The Installment Due Date for the first monthly installment payment under Section 3(d) of interest only or
principal and interest, as applicable, will be the First Installment Due Date set forth in Section 1(a) of this Note. Except as provided in this Section 3(c) and in Section 10, accrued interest will be payable in arrears. 

(d) Beginning on the First Installment Due Date, and continuing until and including the monthly installment due on the Maturity Date, accrued interest
only shall be payable by Borrower in consecutive monthly installments due and payable on the first day of each calendar month. The amount of each monthly installment of interest only payable pursuant to this Section 3(d) on an Installment Due
Date shall vary, and shall equal $[            ] multiplied by the number of days in the month prior to the Installment Due Date. 
 (e) All remaining Indebtedness, including all principal and interest, shall be due and payable by Borrower on the Maturity Date. 
 (f) All payments under this Note shall be made in immediately available U.S. funds. 
 (g) Any regularly scheduled monthly installment of interest only or principal and interest payable pursuant to this Section 3 that is received by
Lender before the date it is due shall be deemed to have been received on the due date for the purpose of calculating interest due. 
 (h)
Any accrued interest remaining past due for 30 days or more, at Lender’s discretion, may be added to and become part of the unpaid principal balance of this Note and any reference to “accrued interest” shall refer to accrued interest
which has not become part of the unpaid principal balance. Any amount added to principal pursuant to the Loan Documents shall bear interest at the applicable rate or rates specified in this Note and shall be payable with such interest upon demand by
Lender and absent such demand, as provided in this Note for the payment of principal and interest. 
 4. Application of Payments.
If at any time Lender receives, from Borrower or otherwise, any amount applicable to the Indebtedness which is less than all amounts due and payable at such time, Lender may apply the amount received to amounts then due and payable in any manner
and in any order determined by Lender, in Lender’s discretion. Borrower agrees that neither Lender’s acceptance of a payment from Borrower in an amount that is less than all amounts then due and payable nor Lender’s application of
such payment shall constitute or be deemed to constitute either a waiver of the unpaid amounts or an accord and satisfaction. 
 5.
Security. The Indebtedness is secured by, among other things, the Security Instrument, and reference is made to the Security Instrument for other rights of Lender as to collateral for the Indebtedness. 
  

  
 Page 3 

 6. Acceleration. If an Event of Default has occurred and is continuing, the entire unpaid
principal balance, any accrued interest, any prepayment premium payable under Section 10, and all other amounts payable under this Note and any other Loan Document, shall at once become due and payable, at the option of Lender, without any
prior notice to Borrower (except if notice is required by applicable law, then after such notice). Lender may exercise this option to accelerate regardless of any prior forbearance. For purposes of exercising such option, Lender shall calculate the
prepayment premium as if prepayment occurred on the date of acceleration. If prepayment occurs thereafter, Lender shall recalculate the prepayment premium as of the actual prepayment date. 
 7. Late Charge. 
 (a) If any monthly
installment of interest or principal and interest or other amount payable under this Note or under the Security Instrument or any other Loan Document is not received in full by Lender within ten (10) days after the installment or other amount
is due, counting from and including the date such installment or other amount is due (unless applicable law requires a longer period of time before a late charge may be imposed, in which event such longer period shall be substituted), Borrower shall
pay to Lender, immediately and without demand by Lender, a late charge equal to five percent (5%) of such installment or other amount due (unless applicable law requires a lesser amount be charged, in which event such lesser amount shall be
substituted). 
 (b) Borrower acknowledges that its failure to make timely payments will cause Lender to incur additional expenses in
servicing and processing the Loan and that it is extremely difficult and impractical to determine those additional expenses. Borrower agrees that the late charge payable pursuant to this Section represents a fair and reasonable estimate, taking
into account all circumstances existing on the date of this Note, of the additional expenses Lender will incur by reason of such late payment. The late charge is payable in addition to, and not in lieu of, any interest payable at the Default Rate
pursuant to Section 8. 
 8. Default Rate. 
 (a) So long as (i) any monthly installment under this Note remains past due for thirty (30) days or more or (ii) any other Event of Default has occurred and is continuing, then notwithstanding anything
in Section 3 of this Note to the contrary, interest under this Note shall accrue on the unpaid principal balance from the Installment Due Date of the first such unpaid monthly installment or the occurrence of such other Event of Default, as
applicable, at the Default Rate. 
 (b) From and after the Maturity Date, the unpaid principal balance shall continue to bear interest at the
Default Rate until and including the date on which the entire principal balance is paid in full. 
 (c) Borrower acknowledges that
(i) its failure to make timely payments will cause Lender to incur additional expenses in servicing and processing the Loan, (ii) during the time 

  

  
 Page 4 

 
that any monthly installment under this Note is delinquent for thirty (30) days or more, Lender will incur additional costs and expenses arising from
its loss of the use of the money due and from the adverse impact on Lender’s ability to meet its other obligations and to take advantage of other investment opportunities; and (iii) it is extremely difficult and impractical to determine
those additional costs and expenses. Borrower also acknowledges that, during the time that any monthly installment under this Note is delinquent for thirty (30) days or more or any other Event of Default has occurred and is continuing,
Lender’s risk of nonpayment of this Note will be materially increased and Lender is entitled to be compensated for such increased risk. Borrower agrees that the increase in the rate of interest payable under this Note to the Default Rate
represents a fair and reasonable estimate, taking into account all circumstances existing on the date of this Note, of the additional costs and expenses Lender will incur by reason of the Borrower’s delinquent payment and the additional
compensation Lender is entitled to receive for the increased risks of nonpayment associated with a delinquent loan. 
 9. Limits on
Personal Liability. 
 (a) Except as otherwise provided in this Section 9, Borrower shall have no personal liability under this
Note, the Security Instrument or any other Loan Document for the repayment of the Indebtedness or for the performance of any other obligations of Borrower under the Loan Documents and Lender’s only recourse for the satisfaction of the
Indebtedness and the performance of such obligations shall be Lender’s exercise of its rights and remedies with respect to the Mortgaged Property and to any other collateral held by Lender as security for the Indebtedness. This limitation on
Borrower’s liability shall not limit or impair Lender’s enforcement of its rights against any guarantor of the Indebtedness or any guarantor of any other obligations of Borrower. 
 (b) Borrower shall be personally liable to Lender for the amount of the Base Recourse, plus any other amounts for which Borrower has personal liability
under this Section 9. 
 (c) In addition to the Base Recourse, Borrower shall be personally liable to Lender for the repayment of a
further portion of the Indebtedness equal to any loss or damage suffered by Lender as a result of the occurrence of any of the following events: 
  

	 	(i)	Borrower fails to pay to Lender upon demand after an Event of Default all Rents to which Lender is entitled under Section 3(a) of the Security Instrument and the amount of all
security deposits collected by Borrower from tenants then in residence. However, Borrower will not be personally liable for any failure described in this subsection (i) if Borrower is unable to pay to Lender all Rents and security deposits as
required by the Security Instrument because of a valid order issued in a bankruptcy, receivership, or similar judicial proceeding. 

  

	 	(ii)	 Borrower fails to apply all insurance proceeds and condemnation proceeds as required by the Security Instrument. However, 

  

  
 Page 5 

	 	 
Borrower will not be personally liable for any failure described in this subsection (ii) if Borrower is unable to apply insurance or condemnation
proceeds as required by the Security Instrument because of a valid order issued in a bankruptcy, receivership, or similar judicial proceeding. 

  

	 	(iii)	Borrower fails to comply with Section 14(g) or (h) of the Security Instrument relating to the delivery of books and records, statements, schedules and reports.

  

	 	(iv)	Borrower fails to pay when due in accordance with the terms of the Security Instrument the amount of any item below marked “Deferred”; provided however, that if no item is
marked “Deferred”, this Section 9(c)(iv) shall be of no force or effect. 

  

			
	[Deferred]	  	Hazard Insurance premiums or other insurance premiums,
	[Deferred]	  	Taxes,
	[Deferred]	  	water and sewer charges (that could become a lien on the Mortgaged Property),
	[N/A ]	  	ground rents,
	[Deferred]	  	assessments or other charges (that could become a lien on the Mortgaged Property)

 (d) In addition to the Base Recourse, Borrower shall be personally liable to Lender for:

  

	 	(i)	the performance of all of Borrower’s obligations under Section 18 of the Security Instrument (relating to environmental matters); 

  

	 	(ii)	the costs of any audit under Section 14(g) of the Security Instrument; and 

  

	 	(iii)	any costs and expenses incurred by Lender in connection with the collection of any amount for which Borrower is personally liable under this Section 9, including
Attorneys’ Fees and Costs and the costs of conducting any independent audit of Borrower’s books and records to determine the amount for which Borrower has personal liability. 

 (e) All payments made by Borrower with respect to the Indebtedness and all amounts received by Lender from the enforcement of its rights under the
Security Instrument and the other Loan Documents shall be applied first to the portion of the Indebtedness for which Borrower has no personal liability. 
  

  
 Page 6 

 (f) Notwithstanding the Base Recourse, Borrower shall become personally liable to Lender for the
repayment of all of the Indebtedness upon the occurrence of any of the following Events of Default: 
  

	 	(i)	Borrower’s ownership of any property or operation of any business not permitted by Section 33 of the Security Instrument; 

  

	 	(ii)	a Transfer (including, but not limited to, a lien or encumbrance) that is an Event of Default under Section 21 of the Security Instrument, other than a Transfer consisting
solely of the involuntary removal or involuntary withdrawal of a general partner in a limited partnership or a manager in a limited liability company; or 

  

	 	(iii)	fraud or written material misrepresentation by Borrower or any officer, director, partner, member or employee of Borrower in connection with the application for or creation of the
Indebtedness or any request for any action or consent by Lender. 

 (g) To the extent that Borrower has personal liability
under this Section 9, Lender may exercise its rights against Borrower personally without regard to whether Lender has exercised any rights against the Mortgaged Property or any other security, or pursued any rights against any guarantor, or
pursued any other rights available to Lender under this Note, the Security Instrument, any other Loan Document or applicable law. To the fullest extent permitted by applicable law, in any action to enforce Borrower’s personal liability under
this Section 9, Borrower waives any right to set off the value of the Mortgaged Property against such personal liability. 
 10.
Voluntary and Involuntary Prepayments. 
 (a) Any receipt by Lender of principal due under this Note prior to the Maturity Date, other
than principal required to be paid in monthly installments pursuant to Section 3, constitutes a prepayment of principal under this Note. Without limiting the foregoing, any application by Lender, prior to the Maturity Date, of any proceeds of
collateral or other security to the repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment under this Note. 
 (b) Borrower may voluntarily prepay all of the unpaid principal balance of this Note on an Installment Due Date so long as Borrower designates the date for such prepayment in a Notice from Borrower to Lender given at least 30 days prior to
the date of such prepayment. If an Installment Due Date (as defined in Section 1(a)) falls on a day which is not a Business Day, then with respect to payments made under this Section 10 only, the term “Installment Due Date” shall
mean the Business Day immediately preceding the scheduled Installment Due Date. 
  

  
 Page 7 

 (c) Notwithstanding subsection (b) above, Borrower may voluntarily prepay all of the unpaid
principal balance of this Note on a Business Day other than an Installment Due Date if Borrower provides Lender with the Notice set forth in subsection (b) and meets the other requirements set forth in this subsection. Borrower
acknowledges that Lender has agreed that Borrower may prepay principal on a Business Day other than an Installment Due Date only because Lender shall deem any prepayment received by Lender on any day other than an Installment Due Date to have been
received on the Installment Due Date immediately following such prepayment and Borrower shall be responsible for all interest that would have been due if the prepayment had actually been made on the Installment Due Date immediately following such
prepayment. 
 (d) Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less than all of the unpaid
principal balance of this Note. In order to voluntarily prepay all or any part of the principal of this Note, Borrower must also pay to Lender, together with the amount of principal being prepaid, (i) all accrued and unpaid interest due
under this Note, plus (ii) all other sums due to Lender at the time of such prepayment, plus (iii) any prepayment premium calculated pursuant to Section 10(e). 
 (e) Except as provided in Section 10(f), a prepayment premium shall be due and payable by Borrower in connection with any prepayment of principal
under this Note during the Prepayment Premium Period. The prepayment premium shall be computed as follows: 
  

	 	(i)	For any prepayment made during the Yield Maintenance Period, the prepayment premium shall be whichever is the greater of subsections (A) and (B) below:

  

	 	(A)	1.0% of the amount of principal being prepaid; or 

  

	 	(B)	the product obtained by multiplying: 

  

	 	(1)	the amount of principal being prepaid or accelerated, 

  

	 	    	by 

  

	 	(2)	the excess (if any) of the Monthly Note Rate over the Assumed Reinvestment Rate, 

  

	 	    	by 

  

	 	(3)	the Present Value Factor. 

 For purposes of
subsection (B), the following definitions shall apply: 
 Monthly Note Rate: one-twelfth (1/12) of the Fixed Interest Rate,
expressed as a decimal calculated to five digits. 
  

  
 Page 8 

 Prepayment Date: in the case of a voluntary prepayment, the date on which the prepayment is made;
in the case of the application by Lender of collateral or security to a portion of the principal balance, the date of such application. 
 Assumed Reinvestment Rate: one-twelfth (1/12) of the yield rate, as of the close of the trading session which is 5 Business Days before the Prepayment Date, on the Treasury Security, as reported in The Wall Street
Journal, expressed as a decimal calculated to five digits. In the event that no yield is published on the applicable date for the Treasury Security, Lender, in its discretion, shall select the non-callable Treasury Security maturing in the same
year as the Treasury Security with the lowest yield published in The Wall Street Journal as of the applicable date. If the publication of such yield rates in The Wall Street Journal is discontinued for any reason, Lender shall select a
security with a comparable rate and term to the Treasury Security. The selection of an alternate security pursuant to this Section shall be made in Lender’s discretion. 
 Present Value Factor: the factor that discounts to present value the costs resulting to Lender from the difference in interest rates during the
months remaining in the Yield Maintenance Period, using the Assumed Reinvestment Rate as the discount rate, with monthly compounding, expressed numerically as follows: 
 

 
 n = the number of months remaining in Yield Maintenance Period; provided, however, if a prepayment
occurs on an Installment Due Date, then the number of months remaining in the Yield Maintenance Period shall be calculated beginning with the month in which such prepayment occurs and if such prepayment occurs on a Business Day other than an
Installment Due Date, then the number of months remaining in the Yield Maintenance Period shall be calculated beginning with the month immediately following the date of such prepayment. 
 ARR = Assumed Reinvestment Rate 
  

	 	(ii)	For any prepayment made after the expiration of the Yield Maintenance Period but during the remainder of the Prepayment Premium Period, the prepayment premium shall be 1.0% of the
amount of principal being prepaid. 

 (f) Notwithstanding any other provision of this Section 10, no prepayment premium
shall be payable with respect to (i) any prepayment made during the Window Period, or (ii) any prepayment occurring as a result of the application of any insurance proceeds or condemnation award under the Security Instrument. 

 

  
 Page 9 

 (g) Unless Lender agrees otherwise in writing, a permitted or required prepayment of less than the unpaid
principal balance of this Note shall not extend or postpone the due date of any subsequent monthly installments or change the amount of such installments. 
 (h) Borrower recognizes that any prepayment of any of the unpaid principal balance of this Note, whether voluntary or involuntary or resulting from an Event of Default by Borrower, will result in Lender’s
incurring loss, including reinvestment loss, additional expense and frustration or impairment of Lender’s ability to meet its commitments to third parties. Borrower agrees to pay to Lender upon demand damages for the detriment caused by any
prepayment, and agrees that it is extremely difficult and impractical to ascertain the extent of such damages. Borrower therefore acknowledges and agrees that the formula for calculating prepayment premiums set forth in this Note represents a
reasonable estimate of the damages Lender will incur because of a prepayment. Borrower further acknowledges that the prepayment premium provisions of this Note are a material part of the consideration for the Loan, and that the terms of this Note
are in other respects more favorable to Borrower as a result of the Borrower’s voluntary agreement to the prepayment premium provisions. 
 11. Costs and Expenses. To the fullest extent allowed by applicable law, Borrower shall pay all expenses and costs, including Attorneys’ Fees and Costs incurred by Lender as a result of any default under this Note or in
connection with efforts to collect any amount due under this Note, or to enforce the provisions of any of the other Loan Documents, including those incurred in post-judgment collection efforts and in any bankruptcy proceeding (including any action
for relief from the automatic stay of any bankruptcy proceeding) or judicial or non-judicial foreclosure proceeding. 
 12.
Forbearance. Any forbearance by Lender in exercising any right or remedy under this Note, the Security Instrument, or any other Loan Document or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of that or
any other right or remedy. The acceptance by Lender of any payment after the due date of such payment, or in an amount which is less than the required payment, shall not be a waiver of Lender’s right to require prompt payment when due of all
other payments or to exercise any right or remedy with respect to any failure to make prompt payment. Enforcement by Lender of any security for Borrower’s obligations under this Note shall not constitute an election by Lender of remedies so as
to preclude the exercise of any other right or remedy available to Lender. 
 13. Waivers. Borrower and all endorsers and guarantors
of this Note and all other third party obligors waive presentment, demand, notice of dishonor, protest, notice of acceleration, notice of intent to demand or accelerate payment or maturity, presentment for payment, notice of nonpayment, grace, and
diligence in collecting the Indebtedness. 
 14. Loan Charges. [Notes apply a state-specific provision which may vary in an immaterial
manner from the provision set forth below.] Neither this Note nor any of the other 

  

  
 Page 10 

 
Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater
than the Maximum Interest Rate. If any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower in connection with the Loan is interpreted so that any interest or other charge provided for in any Loan
Document, whether considered separately or together with other charges provided for in any other Loan Document, violates that law, and Borrower is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary
to eliminate that violation. The amounts, if any, previously paid to Lender in excess of the permitted amounts shall be applied by Lender to reduce the unpaid principal balance of this Note. For the purpose of determining whether any applicable law
limiting the amount of interest or other charges permitted to be collected from Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest,
shall be deemed to be allocated and spread ratably over the stated term of this Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform
throughout the stated term of this Note. 
 15. Commercial Purpose. Borrower represents that Borrower is incurring the
Indebtedness solely for the purpose of carrying on a business or commercial enterprise, and not for personal, family, household, or agricultural purposes. 
 16. Counting of Days. Except where otherwise specifically provided, any reference in this Note to a period of “days” means calendar days, not Business Days. 
 17. Governing Law. This Note shall be governed by the law of the Property Jurisdiction. 
 18. Captions. The captions of the Sections of this Note are for convenience only and shall be disregarded in construing this Note.

 19. Notices; Written Modifications. 
 (a) All Notices, demands and other communications required or permitted to be given pursuant to this Note shall be given in accordance with Section 31 of the Security Instrument. 
 (b) Any modification or amendment to this Note shall be ineffective unless in writing signed by the party sought to be charged with such modification or
amendment; provided, however, in the event of a Transfer under the terms of the Security Instrument that requires Lender’s consent, any or some or all of the Modifications to Multifamily Note set forth in Exhibit A to this Note may be
modified or rendered void by Lender at Lender’s option, by Notice to Borrower and the transferee, as a condition of Lender’s consent. 
 20. Consent to Jurisdiction and Venue. Borrower agrees that any controversy arising under or in relation to this Note may be litigated in the Property Jurisdiction. The state and federal courts and authorities with jurisdiction in
the Property Jurisdiction shall have 

  

  
 Page 11 

 
jurisdiction over all controversies that shall arise under or in relation to this Note. Borrower irrevocably consents to service, jurisdiction, and venue of
such courts for any such litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing in this Note is intended to limit any right that Lender may have to bring any suit,
action or proceeding relating to matters arising under this Note in any court of any other jurisdiction. 
 21. WAIVER OF TRIAL BY JURY.
BORROWER AND LENDER EACH (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT
TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL
COUNSEL. 
 22. State-Specific Provisions. [Notes may contain certain immaterial state-specific provisions.] 
  
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 Page 12 

 ATTACHED EXHIBIT. The Exhibit noted below, if marked with an “X” in the space provided,
is attached to this Note: 
  

									
	x    	 		  	Exhibit A	  		  	Modifications to Multifamily Note

 [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 
  

  
 Page 13 

 IN WITNESS WHEREOF, and in consideration of the Lender’s agreement to lend Borrower the
principal amount set forth above, Borrower has signed and delivered this Note under seal or has caused this Note to be signed and delivered under seal by its duly authorized representative. 
  

							
	BORROWER:
	
	[Post entity]
		
	By:	 	 POST APARTMENT HOMES, L.P., a Georgia limited partnership,
 its sole member

			
		 	By:	 	 POST GP HOLDINGS, INC., a
 Georgia
corporation,
 its sole general partner

				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
		 		 	  

		 		 	Borrower’s Social Security/Employer ID Number

  

  
 Page 14 

 FHLMC#
[                ] 
 PAY TO THE ORDER OF
            Federal Home Loan Mortgage Corporation     
 WITHOUT
RECOURSE, AS OF THE 2ND DAY OF OCTOBER, 2008. 
  

					
	 WACHOVIA MULTIFAMILY CAPITAL, INC., 
 a Delaware corporation

		
	By:	 	  

					
	Name:	 		 	    Marie Carolo
	Title:	 		 	    Director

  

  
 Page 15 

 EXHIBIT A 
 MODIFICATIONS TO MULTIFAMILY NOTE 
 The following modifications are made to the text of the Note that
precedes this Exhibit. 
 1. Section 1(a) “Window Period” of the Note is hereby deleted in its entirety and replaced with the following:

 “Window Period” means the three (3) twenty-four (24) consecutive calendar month period
prior to the Scheduled Maturity Date. 
 2. Section 3(g) is hereby deleted in its entirety and replaced with the following: 
 (g) Any regularly scheduled monthly installment of interest only or principal and interest payable pursuant to this Section 3 that is received by
Lender before the date it is due shall be deemed to have been received on the due date solely for the purpose of calculating interest due. 
 3.
Section 7(a) is hereby deleted in its entirety and replaced with the following: 
 (a) If any monthly installment of interest or
principal and interest or other amount payable under this Note or under the Security Instrument or any other Loan Document is not received in full by Lender within ten (10) days after the installment or other amount is due, counting from and
including the date such installment or other amount is due (unless applicable law requires a longer period of time before a late charge may be imposed, in which event such longer period shall be substituted), Borrower shall pay to Lender,
immediately and without demand by Lender, a late charge equal to five percent (5%) of such installment or other amount due but excluding principal due upon maturity or upon acceleration of the Indebtedness (unless applicable law requires
a lesser amount be charged, in which event such lesser amount shall be substituted). As the Amortization Period is zero months and the monthly payments required by Section 3 do not provide for payments of principal, late charges will be
calculated only on the actual amount of any interest only payment not paid within the period specified in this Section 7(a). 
 4. Section 9(a)
is hereby deleted in its entirety and replaced with the following: 
 (a) Except as otherwise provided in this Section 9,
Borrower shall have no neither Borrower, Borrower’s partners or members nor any of the foregoing parties’ shareholders, officers, directors, principals, agents or employees, other than under any guaranty or other
agreement(s) with Lender to which any such party is bound, shall have any personal liability under this Note, the Security Instrument or any other Loan Document for the repayment of the Indebtedness or for the performance of any other
obligations of Borrower 

  

  
 Page A-1 

 
under the Loan Documents and Lender’s only recourse for the satisfaction of the Indebtedness and the performance of such obligations shall be
Lender’s exercise of its rights and remedies with respect to the Mortgaged Property and to any other collateral held by Lender as security for the Indebtedness. This limitation on Borrower’s and such other aforementioned
parties’ liability shall not limit or impair Lender’s enforcement of its rights against any guarantor of the Indebtedness or any guarantor of any other obligations of Borrower. 
 5. Section 9(c)(i) is hereby deleted in its entirety and replaced with the following: 
 (i) Borrower fails to pay to Lender upon demand after an Event of Default all Rents to which Lender is entitled under Section 3(a) of the Security Instrument and the amount of all security deposits collected by
Borrower from tenants then in residence under Leases which remain refundable to such tenants as of the date of Lender’s demand. However, Borrower will not be personally liable for any failure described in this
subsection (i) if Borrower is unable to pay to Lender all Rents and security deposits under Leases as required by the Security Instrument because of a valid an order issued in a bankruptcy, receivership, or
similar judicial proceeding or if Borrower is prevented from collecting the Rents by Lender’s revocation of Borrower’s license to collect the Rents. 
 6. Section 9(c)(iv) is hereby deleted in its entirety and replaced with the following: 
 (iv) Borrower
fails to pay when due in accordance with the terms of the Security Instrument the amount of any item below marked “Deferred” at any time while Lender is not collecting Imposition Deposits for such amounts; provided however, that if
no item is marked “Deferred”, this Section 9(c)(iv) shall be of no force or effect. 
 7. A new Section 9(c)(v) is hereby added as
follows:: 
 (v) Borrower fails to comply with the requirements of Section 10 of the Security Instrument with respect to the
litigation pending in the United States Court for the District of Columbia captioned “Equal Rights Center vs. Post Properties, Inc., Post GP Holdings, Inc. and Post Apartment Homes, L.P. No. 1:06CV1991 (D.DC) (“ERC Litigation”).

 8. Section 13 is hereby deleted in its entirety and replaced with the following: 
 13. Waivers. Except as otherwise expressly provided in the Loan Documents with respect to notices of defaults and cure periods where
applicable, Borrower and all endorsers and guarantors of this Note and all other third party obligors waive presentment, demand, notice of dishonor, protest, notice of acceleration, notice of intent to demand or accelerate payment or maturity,
presentment for payment, notice of nonpayment, grace, and diligence in collecting the Indebtedness. 
  

  
 Page A-2

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