Document:

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                                                                    EXHIBIT 10.4

                       THIRTY-FIRST AMENDMENT TO THE THIRD
                        AMENDED AND RESTATED AGREEMENT OF
                  LIMITED PARTNERSHIP OF AIMCO PROPERTIES, L.P.

         This THIRTY-FIRST AMENDMENT TO THE THIRD AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP OF AIMCO PROPERTIES, L.P., dated as of April 10, 2002
(this "Amendment"), is being executed by AIMCO-GP, Inc., a Delaware corporation
(the "General Partner"), as the general partner of AIMCO Properties, L.P., a
Delaware limited partnership (the "Partnership"), pursuant to the authority
conferred on the General Partner by the Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of July 29, 1994, as
amended and/or supplemented from time to time (the "Agreement"). Capitalized
terms used, but not otherwise defined herein, shall have the respective meanings
ascribed thereto in the Agreement.

         NOW, THEREFORE, in consideration of the foregoing, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         1. Section 1 of the Partnership Unit Designation of the Class R
Partnership Preferred Units of AIMCO Properties, L.P. (Exhibit FF to the
Agreement) is hereby amended to read in its entirety as set forth below:

         1. NUMBER OF UNITS AND DESIGNATION.

                  A class of Partnership Preferred Units is hereby designated as
         "Class R Partnership Preferred Units," and the number of Partnership
         Preferred Units constituting such class shall be 6,940,000.

         2. Except as specifically amended hereby, the terms, covenants,
provisions and conditions of the Agreement shall remain unmodified and continue
in full force and effect and, except as amended hereby, all of the terms,
covenants, provisions and conditions of the Agreement are hereby ratified and
confirmed in all respects.

<PAGE>

         IN WITNESS WHEREOF, this Amendment has been executed as of the date
first written above.

                                            GENERAL PARTNER:

                                            AIMCO-GP, INC.

                                            By:  /s/ PETER KOMPANIEZ
                                                 -------------------------------
                                                   Name:    Peter Kompaniez
                                                   Title:   Vice President<PAGE>

                                                                 EXHIBIT 10.2(8)

                              RETIREMENT AGREEMENT

         This RETIREMENT AGREEMENT (the "Agreement") is entered into as of the
15th day of March, 2002, by and between Belo Corp., a Delaware corporation with
its principal executive offices at 400 South Record Street, Dallas, Texas 75202
("Belo"), and MICHAEL J. McCARTHY ("McCarthy"), an individual residing at 6138
Aberdeen Ave., Dallas, Texas 75230.

                                   WITNESSETH:

         WHEREAS, McCarthy has made significant contributions to Belo, including
its subsidiaries and affiliates (collectively, the "Companies"), for many years
and is presently serving as Belo's Senior Executive Vice President; and

         WHEREAS, McCarthy desires to retire and resign from full-time service
to the Companies; and

         WHEREAS, McCarthy's intimate knowledge of the business and affairs of
the Companies is of material value to the Companies;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained:

         Section 1. Scheduled Retirement. Unless McCarthy earlier resigns or is
terminated for cause, McCarthy resigns and retires effective October 1, 2002
(the "Retirement Date") from all offices, directorships, committees and other
positions held by him with Belo and its subsidiaries and affiliates.

<PAGE>

         Section 2. Events Upon Retirement. McCarthy's resignation and
retirement shall result in the receipt of additional compensation (to which he
would not otherwise be entitled) and the treatment of his benefits as follows:

         (a)      Additional Compensation. McCarthy shall receive additional
                  compensation representing his salary from May 15 through
                  September 30, 2002 and a target bonus through September 30,
                  2002 in the amount of $367,654.00 payable by March 31, 2002.
                  Should Belo's 2002 financial performance exceed the target
                  level, McCarthy shall receive an incremental amount reflecting
                  actual bonus achievement when bonus payments are customarily
                  made to Belo employees in 2003.

         (b)      Stock Options. The table below sets forth all unexercised
                  options granted to McCarthy under the terms of Belo's 1986
                  Long Term Incentive Plan and 1995 Executive Compensation Plan
                  and 2000 Executive Compensation Plan. Upon the Retirement Date
                  under the terms of the Plans, all of McCarthy's unvested
                  options shall vest and shall remain exercisable throughout
                  their respective terms.

<Table>
<Caption>
                                                                 Number of
       Date of          Exercise           Number of             Unvested                           Date of
        Grant            Price          Vested Options            Options           Total         Termination
       --------         --------        --------------          -----------        -------        ------------

<S>                     <C>             <C>                     <C>            <C>             <C>
       12/13/95         $17.3750             38,000                     0           38,000          12/13/05
       12/18/96         $17.7500             38,000                     0           38,000          12/18/06
       12/18/96         $17.7500             32,000                48,000           80,000          12/18/06
       12/19/97         $26.3750             37,200                     0           37,200          12/19/07
       12/16/98         $17.7500             50,000                     0           50,000          12/16/08
       12/16/99         $19.1250             63,350                27,150           90,500          12/16/09
       12/01/00         $17.3125             44,000                66,000          110,000          12/01/10
       11/30/01         $17.8800                  0               130,000          130,000          11/30/11
</Table>

                                      -2-
<PAGE>

         (c)      G. B. Dealey Pension Plan. McCarthy shall participate in the
                  G. B. Dealey Retirement Pension Plan as an employee of Belo
                  through the Retirement Date, but not thereafter except as
                  provided under the terms of such Plan.

         (d)      Employee Savings Plan ("401(k) Plan"). McCarthy shall
                  participate in the 401(k) Plan as an employee of Belo through
                  the Retirement Date, but not thereafter except as provided
                  under the terms of such Plan.

         (e)      Supplemental Executive Retirement Plan (SERP). Within 30 days
                  of the execution of this Agreement, McCarthy shall receive the
                  amount of his vested SERP account as of the Retirement Date,
                  which amount shall be $1,059,928.00.

         (f)      Medical/Dental Coverage. On the Retirement Date, McCarthy (as
                  an employee) and his spouse cease to be covered under Belo's
                  medical and dental and other employee benefit plans.

         (g)      Life Insurance. McCarthy's Company-sponsored life insurance
                  shall terminate as of the Retirement Date.

         (h)      Computer and Related Equipment. McCarthy shall be entitled to
                  retain the computers, installed software, and related
                  electronic equipment previously provided him by Belo.

         (i)      Vacation. It is understood that, beginning in mid-May,
                  McCarthy will take accumulated vacation and other time off to
                  facilitate the organizational transition occasioned by his
                  retirement. However, McCarthy agrees to remain available
                  during this time as to perform such duties determined by
                  Belo's Chief Executive Officer (the "CEO").

                                      -3-
<PAGE>

         Section 3. Washington Representation. It is understood that following
his retirement from Belo, McCarthy intends to relocate to Washington, D.C. and
become associated with a law firm in that city. For the period from October 1,
2002 through October 1, 2007 (the "Retention Period"), McCarthy shall be
available to (1) provide legal representation with respect to the business and
affairs of Belo and its subsidiaries and affiliates and (2) act as an executive
coach for participants in Belo's Executive Development Initiative as may be
reasonably requested from time to time by the CEO. During the Retention Period,
the following provisions shall be applicable:

         (a)      Retention Fee. Until the earlier of (1) the time that McCarthy
                  ceases to provide Washington legal representation to Belo or
                  (2) October 1, 2007, McCarthy shall receive the following
                  retainer:

                           10-01-02 to 09-30-03                        $200,000
                           10-01-03 to 09-30-04                        $175,000
                           10-01-04 to 09-30-05                        $150,000
                           10-01-05 to 09-30-06                        $125,000
                           10-01-06 to 09-30-07                        $100,000

                  The retainer applicable to the period from October 1, 2002 to
                  September 30, 2003 shall be paid to McCarthy within 30 days of
                  the execution of this agreement. Fees applicable to subsequent
                  periods shall be payable by October 1 of each year directly to
                  McCarthy. In addition to the retainer fees described in this
                  paragraph, Belo shall also pay to the Washington law firm with
                  which McCarthy is associated the customary hourly fee charged
                  to other clients for his legal services.

         (b)      Nature of Relationship. It is understood and agreed that the
                  relationship of McCarthy to Belo shall be that of an
                  independent contractor and not an employee.

                                      -4-
<PAGE>

         Section 4. Confidentiality. McCarthy agrees that he shall not, during
the term of this Agreement or at any time thereafter, use or disclose to any
third party other than as required by court order or law or as necessary for the
proper performance of his duties hereunder, any of the confidential dealings or
other confidential or proprietary information concerning the business, finances,
transactions or affairs of the Companies. McCarthy hereby certifies that he has
returned or will promptly return all files, records or information of any sort
with respect to such confidential dealings or other confidential or proprietary
information of or concerning the Companies. McCarthy acknowledges that, in his
employment with Belo, he acquired confidential and proprietary information of a
highly sensitive nature, and that the protection of this information is critical
to the Companies. McCarthy further acknowledges that he received sophisticated
training and development in the media and communications business while employed
by Belo.

         Section 5. Covenant Not to Compete. In consideration of the promises
and payments made or to be made by Belo pursuant to this Agreement, McCarthy
agrees that prior to the end of the Retention Period:

         (a)      Except (1) in connection with legal services provided by
                  McCarthy to clients of the firm with which he is associated or
                  (2) as approved in writing in advance by the CEO, McCarthy
                  will not, as principal, partner, officer, director, agent,
                  employee or consultant or in any other capacity, engage in,
                  assist, or advise any person or firm engaged in any business
                  which competes with a business of the Companies or their
                  affiliates and which persons or firms are located within 100
                  miles of the principal offices of any newspaper, television
                  broadcasting station or cable news service operated by the
                  Companies as of the date of this Agreement.

                                      -5-
<PAGE>

                  The businesses of the Companies and their affiliates, as of
                  the date of this Agreement include newspaper publishing,
                  television and radio broadcasting, local, state and regional
                  cable news services and Internet sites that focus primarily on
                  news, sports, business, entertainment, weather, local
                  classifieds, directories of local businesses, services and
                  events, community issues or community group or community
                  chatrooms in the respective locations and geographic markets
                  served otherwise by the Companies. For purposes of the
                  100-mile radius referred to above, the location of competing
                  persons or firms shall be deemed to be the location with which
                  McCarthy would actually be working. Nothing in this section
                  shall be deemed to prevent McCarthy from owning directly or
                  indirectly any publicly-held securities or other passive
                  investments in any such competing entities. McCarthy
                  acknowledges that the covenants in Sections 4 and 5 will not
                  unreasonably limit his ability to earn a living.

         (b)      No Solicitation. McCarthy shall not directly or indirectly for
                  his own account or for the benefit of any other party (i)
                  solicit, induce, or entice any employee or subcontractor of
                  the Companies to terminate his/her employment or contract with
                  the Companies, or (ii) solicit, induce, or entice any customer
                  of the Companies to establish a business relationship with
                  competitors within the geographic markets specified in Section
                  5(a).

         Section 6. Non-Exclusive Remedies. McCarthy recognizes and acknowledges
that the Companies would suffer irreparable harm and substantial loss if
McCarthy violated any of the terms and provisions of Section 5. Accordingly and
because of the fact that the actual damages which might be sustained by the
Companies as a result of any breach of the foregoing Section 5

                                      -6-
<PAGE>

would be difficult, if not impossible, to ascertain, McCarthy agrees, at the
election of the Companies and in addition to, and not in lieu of, the Companies'
right to seek all other remedies and damages which the Companies may have at law
or in equity for such breach, that the Companies shall be entitled to injunctive
relief restraining McCarthy from violating such terms and provisions of this
Agreement. It is the express intention of the parties to this Agreement to
comply with all laws which may be applicable to this Agreement. Should any
restriction contained in Section 5 be found to exceed in duration or scope the
restriction permitted by law, it is expressly agreed that this Agreement may be
reformed or modified by the final judgment of a court of competent jurisdiction
to reflect a lawful duration or scope.

         Additionally, in the event that McCarthy breaches any of the terms and
provisions contained in this Agreement, including Section 5, the Companies shall
have the right to cease making any further payments or providing any other
benefits or consideration pursuant to Sections 2 and 3.

         Section 7.  Release.

         (a)      McCarthy, in consideration of the payments to be made by Belo
                  and the provision of the other benefits herein, hereby
                  irrevocably and unconditionally releases and forever
                  discharges the Companies and their past and present officers,
                  trustees, directors, agents, employees, representatives,
                  successors and assigns, and the Companies, in consideration of
                  the premises and promises made by McCarthy, irrevocably and
                  unconditionally release and forever discharge McCarthy and his
                  heirs, agents, personal representatives, estate, successors
                  and assigns from any and all suits, actions, charges, causes
                  of action, damages, debts, demands, claims or liabilities of
                  any kind, whatsoever, known or unknown (collectively referred
                  to

                                      -7-
<PAGE>

                  herein as "Claims"), which a released party has or may have
                  against another released party, for any alleged acts,
                  practices or events occurring prior to the date of this
                  Agreement, or any alleged continuing effects of such acts,
                  practices or events, or any other factors or conditions
                  relating to or arising out of McCarthy's employment with Belo,
                  as well as the separation of his employment from Belo; Claims
                  arising under federal, state, or local laws prohibiting
                  employment discrimination such as, without limitation, Title
                  VII of the Civil Rights Act of 1964, the Age Discrimination in
                  Employment Act of 1967 ("ADEA") (for all Claims arising
                  through the date McCarthy signs this Agreement), the Americans
                  with Disabilities Act, the Equal Pay Act, the Texas Commission
                  on Human Rights Act, and the Family and Medical Leave Act;
                  Claims for breach of contract, excluding breach of this
                  Agreement by Belo, quasi-contract, or wrongful or constructive
                  discharge; Claims for personal injury, harm, or damages
                  (whether intentional or unintentional), including, but not
                  limited to, libel, slander, assault, battery, invasion of
                  privacy, negligent or intentional infliction of emotional
                  distress, or interference with business opportunity or with
                  contracts; Claims arising out of any legal restrictions on
                  Belo's right to terminate its employees; Claims arising under
                  the Employee Retirement Income Security Act; or Claims for
                  salary, vacation pay, sick pay, bonus, severance pay, future
                  pay, compensation of any kind, retirement, health insurance,
                  long-term disability, AD&D, life insurance, or any other
                  employee benefit; provided, however, that no release or
                  discharge is hereby made with respect to (i) the rights and
                  obligations of the Companies and McCarthy under this
                  Agreement, or (ii) any Claims arising out of

                                      -8-
<PAGE>

                  or related to fraud, dishonesty, gross negligence or willful
                  misconduct of McCarthy or the Companies. McCarthy and the
                  Companies also specifically release the released parties from
                  any claims for attorneys' fees, costs and expenses incurred in
                  connection with this Agreement or any matter herein released.
                  As used herein, the term "released party" or "released
                  parties" means the Companies and their past and present
                  officers, trustees, directors, agents, employees,
                  representatives, successors and assigns, jointly and
                  severally, and McCarthy and his heirs, agents, personal
                  representatives, estate, successors and assigns. On the
                  Retirement Date, McCarthy and the Companies shall each execute
                  and deliver to the other an updated release substantially in
                  the form attached hereto.

         (b)      In order to comply with the Older Workers' Benefit Protection
                  Act, it is necessary that Belo advise McCarthy that he should
                  consult with an attorney prior to executing this Agreement and
                  that the offer evidenced by this Agreement be extended for a
                  period of 21 days during which McCarthy may consider whether
                  to accept or reject the offer. As part of this Agreement,
                  McCarthy is asked to specifically waive any and all rights and
                  claims arising under the ADEA. By his execution of this
                  Agreement, McCarthy acknowledges that (i) he has carefully
                  read this Agreement, understands its terms and their legal
                  effect, and has had the opportunity to have it reviewed by an
                  attorney; (ii) McCarthy or his attorney has made such
                  investigation of the facts pertaining to this Agreement
                  (including the release) as may be necessary; and (iii)
                  McCarthy understands that he has the right within seven days
                  after his signing this Agreement to revoke his execution of
                  this

                                      -9-
<PAGE>

                  Agreement to the extent that this Agreement waives or releases
                  all rights and claims under the ADEA. If McCarthy so revokes
                  his execution of this Agreement, the Agreement shall
                  nevertheless remain in effect for all other purposes;
                  provided, however that the payments to be made under Section
                  2(a) shall be in the amount of $10,000 and no payments shall
                  be made under Section 3(a).

         (c)      Notwithstanding Sections 7(a) and (b) above, McCarthy shall be
                  entitled to the same rights to and benefits of indemnification
                  and directors and officers insurance coverage to the extent
                  provided current directors and officers of the Companies, and
                  this Agreement shall not release or discharge any of such
                  rights or benefits.

         Section 8. Arbitration Agreement. The parties hereto do not intend any
provision of this Agreement to modify their existing Arbitration Agreement dated
April 29, 1995.

         Section 9. Miscellaneous. This Agreement represents the entire
understanding and agreement between the parties with respect to the subject
matter hereof and supersedes all prior agreements, written or oral, with respect
thereto. This Agreement shall be construed in accordance with and governed by
the laws of the State of Texas applicable to agreements made and to be performed
entirely within such state. The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties and their respective heirs,
executors, administrators, successors and permitted assigns. McCarthy shall not
encumber or dispose of the right to receive any payment or benefit under this
Agreement, such rights hereunder being expressly agreed to be non-assignable and
non-transferable, and in the event of any attempted assignments or transfer, the
Companies shall have no further liability hereunder; provided that, the
foregoing prohibitions will not apply to any transfer resulting from the death
of McCarthy.

                                      -10-
<PAGE>

No waiver, alteration or modification of any of the provisions of this Agreement
shall be valid unless the same shall be in writing and signed by the parties
hereto. Should McCarthy die between the date of this agreement and the
termination of the Retention Period, all unpaid amounts under this agreement
shall remain payable to his estate, except for payments to be made under clause
(a) of Section 3.

         Section 10. Taxes; Securities Laws. McCarthy agrees that Belo is
obligated to deduct and withhold certain amounts payable by Belo to McCarthy
pursuant to this Agreement for taxes and other amounts required by law on
account of the compensation and other benefits described in this Agreement.
McCarthy also agrees that he will comply with all provisions of the federal
securities laws, to the extent still applicable, in trading of Belo's securities
referenced herein.

         Section 11. Further Assurances. From time to time after the execution
of this Agreement, each of Belo and McCarthy will execute and deliver such other
documents and take such other actions as the other party to this Agreement
reasonably may request in order to effect the transactions contemplated hereby.

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date set forth above.

                                      BELO CORP.

  /s/ Michael J. McCarthy             By: /s/ Robert W. Decherd
---------------------------------         --------------------------------------
Michael J. McCarthy                       Robert W. Decherd
                                          Chairman of the Board, President and
                                          Chief Executive Officer

                                      -11-

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