Document:

EX-10.1

EXHIBIT 10.1

AMENDMENT AGREEMENT NO. 1 TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

AND

AMENDMENT AGREEMENT NO. 1 TO BANK FACILITY PLEDGE AGREEMENT

AMENDMENT AGREEMENT NO. 1, dated as of November 9, 2009 (this “Agreement”), to (i) the
Amended and Restated Revolving Credit Agreement, dated as of May 29, 2009 (the “Credit
Agreement”), among The PMI Group, Inc., a Delaware corporation (the “Borrower”), the
lenders referred to therein (the “Lenders”) and Bank of America, N.A., as Administrative
Agent (in such capacity, together with any successor in such capacity, the “Administrative
Agent”) and (ii) the Pledge Agreement, dated as of September 29, 2008 (the “Bank Facility
Pledge Agreement”), between the Borrower and the Administrative Agent.

INTRODUCTORY STATEMENTS

All capitalized terms not otherwise defined in this Agreement but used herein and found in the
Credit Agreement shall have the meaning given them in the Credit Agreement.

The parties hereto have agreed to amend certain provisions of the Credit Agreement and the
Bank Facility Pledge Agreement as hereinafter set forth, and the Borrower has requested the Lenders
to consent to the release of certain collateral described below that is pledged to the
Administrative Agent pursuant to the Bank Facility Pledge Agreement.

Subject to the terms and conditions hereof, the Lenders signatory to this Agreement are
willing to agree to such amendments, but only upon the terms and conditions set forth herein.

In consideration of the mutual agreements contained herein and other good and valuable
consideration the receipt of which is hereby acknowledged, the parties hereto hereby agree as
follows:

SECTION 1. Modifications of the Credit Agreement.

(A) The definition of “Additional Pledged Entities” contained in Section 1.01 of
the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“Additional Pledged Entities” means, collectively, (i) at all times prior to
the First Amendment to Restated Agreement Effective Date, the following Subsidiaries of the
Borrower: (A) PMI Insurance Co., (B) PMI Reinsurance Co., (C) Residential Insurance Co. and
(D) PMI Mortgage Guaranty Co., and (ii) on and at all times after the First Amendment to
Restated Agreement Effective Date, (A) PMI Reinsurance Co., (B) Residential Insurance Co.
and (C) PMI Mortgage Guaranty Co.

(B) Section 1.01 of the Credit Agreement is hereby amended by adding the following
definitions to such section in the appropriate alphabetical order:

“First Amendment to Restated Agreement” means Amendment Agreement No. 1, dated
as of October 20, 2009, to this Agreement and to the Bank Facility Pledge Agreement.

“First Amendment to Restated Agreement Effective Date” has the meaning
specified in Section 5 of the First Amendment to Restated Agreement.

(C) Section 6.02(d) of the Credit Agreement is hereby amended by deleting the
semi-colon at the end of such subsection and replacing it with the following:

“; provided, however, that any report or filing required to be
delivered to the Administrative Agent pursuant to the foregoing provisions of this Section
6.02(d) shall only be required to be delivered to the Administrative Agent following the
occurrence of the first time of submission to the Arizona Department of Insurance (or such
other Applicable Supervisory Authority) of such report or filing and shall not be required
to be re-delivered to the Administrative Agent (absent amendment to such report or filing)
if such report or filing is resubmitted to the Arizona Department of Insurance (or such
other Applicable Supervisory Authority) at any time after the first time of submission to
the Arizona Department of Insurance (or such other Applicable Supervisory Authority);”

(D) Section 6.02(d) of the Credit Agreement is hereby amended by adding the
following immediately before “: (i) quarterly statement filings” appearing therein:

“for any such entity”

(E) Section 6.02(d)(ii) of the Credit Agreement is hereby amended and restated in
its entirety to read as follows:

“reports of minimum policyholders position and risk-to-capital ratio filed with a
quarterly or annual statement filing for any such entity,”

(F) Section 7.07(c) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

“Investments (i) by the Borrower, or any Material Subsidiary in (A) PMI Insurance or
any of its Subsidiaries, provided that the aggregate amount of Investments made during the
term of this Agreement in reliance on this clause (A) shall not exceed the Allowable Amount,
(B) any Additional Pledged Entity, (C) any of the Borrower’s Subsidiaries not referred to in
Section 7.07(c)(i)(A) in an aggregate amount not to exceed, without duplication, $5 million
in any fiscal year, (D) any of FGIC Company and Ram Re Company in an aggregate amount not to
exceed, without duplication, $2.5 million over the remaining term of this Agreement, (ii) by
any Material Subsidiary in the Borrower, and (iii) on and after the First Amendment to
Restated Agreement Effective Date, by the Borrower in PMI Insurance consisting of the
contribution of Capital Stock of PMI Insurance Co. owned by the Borrower;”

SECTION 2. Modification to the Bank Facility Pledge Agreement and Release of Certain
Collateral.

(A) Section 21 of the Bank Facility Pledge Agreement is hereby amended and restated in its
entirety to read as follows:

21. Continuing Security Interest; Assignments. This Pledge Agreement shall
create a continuing security interest in the Pledged Collateral and shall (a) remain in full
force and effect until the date (the “Termination Date”) that is the earliest to
occur of (i) the date on which Liens created hereunder are released by the Administrative
Agent upon the written consent of the requisite Lenders pursuant to Section 10.01 of the
Credit Agreement and (ii) the date on which the Credit Agreement has been irrevocably and
permanently terminated and all of the Secured Obligations have been paid in full in
immediately available funds, (b) be binding upon and inure to the benefit of, and be
enforceable by, the Pledgor and its successors and assigns, and (c) be binding upon and
inure to the benefit of, and be enforceable by, the Administrative Agent and its successors,
transferees and assigns.

(B) Schedule 1 to the Bank Facility Pledge Agreement is hereby amended and restated in its
entirety as set forth on Annex A hereto.

(C) By its signature below, each Lender party to this Agreement hereby irrevocably consents to
(i) the modification to the Bank Facility Pledge Agreement set forth in the preceding two
paragraphs and (ii) the release by the Administrative Agent of all Liens arising under the Bank
Facility Pledge Agreement on the Capital Stock of PMI Insurance Co. and other Pledged Collateral
(as defined in the Bank Facility Pledge Agreement) directly related to the Capital Stock of PMI
Insurance Co., and irrevocably authorizes the Administrative Agent to take such actions and execute
and/or deliver such writings (including, without limitation, modifications of the Bank Facility
Pledge Agreement) as the Administrative Agent deems necessary or appropriate in order to effect the
release of such Liens.

(D) Promptly following receipt by the Administrative Agent on or after the First Amendment to
Restated Agreement Effective Date of a written request from the Borrower, the Administrative Agent
will (i) execute and deliver to the Borrower a Uniform Commercial Code Financing Statement
Amendment on form UCC-3, in the form set forth on Annex B hereto, reflecting the release of all
Liens arising under the Bank Facility Pledge Agreement on the Capital Stock of PMI Insurance Co.
and other Pledged Collateral directly related to the Capital Stock of PMI Insurance Co. and (ii)
deliver to the Borrower (without recourse and without any representation or warranty) any
certificate in its possession evidencing Borrower’s ownership of the Capital Stock of PMI Insurance
Co. The Borrower will, promptly following such deliveries by the Administrative Agent, contribute
to PMI Insurance all Capital Stock of PMI Insurance Co. owned by the Borrower.

SECTION 3. Representations and Warranties.

The Borrower represents and warrants, as of the date of this Agreement and as of the First
Amendment to Restated Agreement Effective Date, to the Administrative Agent, the L/C Issuer and the
Lenders that:

(A) the execution and delivery of, and performance by the Borrower of its
obligations under, this Agreement, the Credit Agreement (as modified by this Agreement) and the
Bank Facility Pledge Agreement (as modified by this Agreement), will, when delivered, (i) have been
duly authorized by all requisite corporate action on the part of the Borrower; and (ii) not violate
(x) any provision of any statute, rule or regulation, or any Organization Document of the Borrower,
(y) any applicable order of any court or any rule, regulation or order of any other agency of
government, or (z) any indenture, agreement or other instrument to which the Borrower is a party or
by which the Borrower or any of its property is bound, or be in conflict with, result in a breach
of, constitute (with notice or lapse of time or both) a default under, or create any right to
terminate, any such indenture, agreement, or other instrument;

(B) upon the occurrence of the First Amendment to Restated Agreement Effective
Date, each of this Agreement, the Credit Agreement (as modified by this Agreement), the Bank
Facility Pledge Agreement (as modified by this Agreement) and the other Loan Documents will
constitute the legal, valid and binding obligation of the Borrower, enforceable in accordance with
its terms, except as the enforceability thereof may be limited by applicable bankruptcy,
insolvency, reorganization or other similar laws affecting creditors’ rights generally and by
general equitable principles (regardless of whether the issue of enforceability is considered in a
proceeding in equity or at law);

(C) no Default or Event of Default has occurred and is continuing under the Credit
Agreement prior to giving effect to this Agreement;

(D) after giving effect to this Agreement, all representations and warranties set
forth in the Credit Agreement and the other Loan Documents are true, correct and complete in all
material respects on and as of the date hereof with the same effect as if such representations and
warranties had been made on and as of the date hereof, unless such representation is as of a
specific date, in which case, as of such date; and

(E) the Borrower has obtained all consents and waivers from any Persons necessary
for the execution and delivery of, and performance of its obligations under, this Agreement, the
Credit Agreement (as modified by this Agreement) and the Bank Facility Pledge Agreement (as
modified by this Agreement) and any other document or transaction contemplated hereby or thereby.

SECTION 4. Amendment Fee. The Borrower hereby agrees to pay to the Administrative
Agent, for the ratable benefit of each Lender which shall have executed and delivered a counterpart
of this Agreement to the Administrative Agent (each such Lender, a “Consenting Lender”), by
wire transfer of immediately available funds, an irrevocable and non-refundable fee (the
“Amendment Fee”) in an amount equal to 0.25% of each such Consenting Lender’s Commitment,
which Amendment Fee shall be fully earned, due and payable on the First Amendment to Restated
Agreement Effective Date.

SECTION 5. Effective Date. This Agreement shall not become effective until the date
on which all of the following conditions precedent shall have been satisfied, or waived in writing
(such date being referred to herein as the “First Amendment to Restated Agreement Effective
Date”):

(A) The Administrative Agent shall have received fully executed counterparts of
this Agreement executed by (i) the Borrower, (ii) the Administrative Agent and (iii) the Required
Lenders.

(B) The Administrative Agent shall have received the Amendment Fee.

(C) The Administrative Agent and its counsel shall have received such approvals,
information, materials and other documentation as the Administrative Agent or its counsel may
reasonably request, which approvals, information, materials and documentation shall be reasonably
satisfactory in form and substance to the Administrative Agent and its counsel.

(D) All reasonable and documented fees and other charges presently due and payable
to the Administrative Agent or any Lender pursuant to any Loan Document shall have been paid by the
Borrower.

(E) All reasonable and documented out-of-pocket expenses incurred by the
Administrative Agent and each Lender in connection with the Credit Agreement, this Agreement, any
other Loan Document or the transactions contemplated by any of the foregoing (including, without
limitation, the reasonable fees and disbursements of Kaye Scholer LLP and any other counsel to the
Administrative Agent or any Lender) shall have been paid by the Borrower to the extent that the
Borrower has received documentation of such expenses by 9:00 a.m. (California time) at least two
Business Days prior to the First Amendment to Restated Agreement Effective Date.

(F) All representations and warranties contained in Section 3 of this Agreement
and in the Amended and Restated Credit Agreement shall be true.

SECTION 6. CONFIRMATION AND ACKNOWLEDGEMENT OF THE OBLIGATIONS; RELEASE. THE BORROWER
HEREBY (A) CONFIRMS AND ACKNOWLEDGES TO THE ADMINISTRATIVE AGENT, THE L/C ISSUER AND THE LENDERS
THAT IT IS VALIDLY AND JUSTLY INDEBTED TO THE ADMINISTRATIVE AGENT, THE L/C ISSUER AND THE LENDERS
FOR THE PAYMENT OF ALL OBLIGATIONS (AS DEFINED IN THE CREDIT AGREEMENT) WITHOUT OFFSET, DEFENSE,
CAUSE OF ACTION OR COUNTERCLAIM OF ANY KIND OR NATURE WHATSOEVER AND (B) REAFFIRMS AND ADMITS THE
VALIDITY AND ENFORCEABILITY OF THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS (IN EACH CASE AS
MODIFIED HEREBY). THE BORROWER, ON ITS OWN BEHALF AND ON BEHALF OF ITS SUCCESSORS AND ASSIGNS,
HEREBY WAIVES, RELEASES AND DISCHARGES THE ADMINISTRATIVE AGENT, THE L/C ISSUER AND THE LENDERS AND
ALL OF THE AFFILIATES OF THE ADMINISTRATIVE AGENT, THE L/C ISSUER AND THE LENDERS, AND ALL OF THE
DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS, AGENTS, SUCCESSORS AND ASSIGNS OF THE ADMINISTRATIVE
AGENT, THE L/C ISSUER AND THE LENDERS AND SUCH AFFILIATES, FROM ANY AND ALL CLAIMS, DEMANDS,
ACTIONS OR CAUSES OF ACTION (KNOWN AND UNKNOWN) ARISING OUT OF OR IN ANY WAY RELATING TO ANY OF THE
LOAN DOCUMENTS AND ANY DOCUMENTS, AGREEMENTS, DEALINGS OR OTHER MATTERS CONNECTED WITH ANY OF THE
LOAN DOCUMENTS, IN EACH CASE TO THE EXTENT ARISING (X) ON OR PRIOR TO THE FIRST AMENDMENT TO
RESTATED AGREEMENT EFFECTIVE DATE OR (Y) OUT OF, OR RELATING TO, ACTIONS, DEALINGS OR MATTERS
OCCURRING ON OR PRIOR TO THE FIRST AMENDMENT TO RESTATED AGREEMENT EFFECTIVE DATE.

SECTION 7. Costs and Expenses. The Borrower acknowledges and agrees that its payment
obligations set forth in Section 10.04 of the Credit Agreement include the costs and expenses
incurred by the Administrative Agent and each Lender in connection with the preparation, execution
and delivery of this Agreement and any other documentation contemplated hereby or thereby (whether
or not this Agreement or any such other documentation becomes effective or the transactions
contemplated hereby or thereby are consummated and whether or not a Default or Event of Default has
occurred or is continuing), including, but not limited to, (i) the reasonable fees and
disbursements of Kaye Scholer LLP, counsel to the Administrative Agent and (ii) the reasonable fees
and disbursements of any other counsel to the Administrative Agent or any Lender.

SECTION 8. Limited Waiver or Modification; Ratification of Credit Agreement.

(a) Except to the extent hereby expressly waived or modified, the Credit Agreement remains in
full force and effect and is hereby ratified and confirmed.

(b) This Agreement shall be limited precisely as written and shall not be deemed (i) to be a
consent granted pursuant to, or a waiver or modification of, any other term or condition of the
Credit Agreement or any of the instruments or agreements referred to therein or a waiver of any
Default or Event of Default under the Credit Agreement, whether or not known to the Administrative
Agent, the L/C Issuer or the Lenders or (ii) to prejudice any right or rights which the
Administrative Agent, the L/C Issuer or the Lenders may now have or have in the future under or in
connection with any Loan Document or any of the instruments or agreements referred to in a Loan
Document. The Administrative Agent, L/C Issuer and the Lenders hereby expressly reserve all of the
Administrative Agent’s, the L/C Issuer’s or the Lenders’ (as applicable) respective rights and
remedies under the Credit Agreement and each of the other Loan Documents, as well as under
applicable law. No failure to exercise, delay in exercising or any singular or partial exercise,
by the Administrative Agent, the L/C Issuer or any of the Lenders of any right, power or remedy
hereunder or any of the other Loan Documents shall operate as a waiver thereof or in the case of a
singular or partial exercise of a right, power or remedy, preclude any other or further exercise
thereof of any other right, power or remedy, nor shall any of the Loan Documents be construed as a
standstill or a forbearance by any of the Administrative Agent, the L/C Issuer or the Lenders of
their rights and remedies thereunder. All remedies of the Administrative Agent, the L/C Issuer or
the Lenders are cumulative and are not exclusive of any other remedies under any other Loan
Document or provided by applicable law. Except to the extent hereby modified, each of the Credit
Agreement and the Bank Facility Pledge Agreement shall continue in full force and effect in
accordance with the provisions thereof on the date hereof and the Credit Agreement and the Bank
Facility Pledge Agreement as heretofore amended or modified and as modified by this Agreement are
hereby ratified and confirmed. As used in (i) the Credit Agreement, the terms “Credit Agreement,”
“this Agreement,” “herein,” “hereafter,” “hereto,” “hereof,” and words of similar import, shall,
unless the context otherwise requires, mean the Credit Agreement as modified by this Agreement and
(ii) the Bank Facility Pledge Agreement, the terms “Pledge Agreement,” “this Pledge Agreement,”
“herein,” “hereafter,” “hereto,” “hereof,” and words of similar import, shall, unless the context
otherwise requires, mean the Bank Facility Pledge Agreement as modified by this Agreement.
Reference to the term “Credit Agreement” appearing in the Exhibits or Schedules to the Credit
Agreement or in the other Loan Documents shall, unless the context otherwise requires, mean the
Credit Agreement, as modified by this Agreement, and references to the term “Bank Facility Pledge
Agreement” or “Pledge Agreement” appearing in the Exhibits or Schedules to the Bank Facility Pledge
Agreement or in the other Loan Documents shall, unless the context otherwise requires, mean the
Bank Facility Pledge Agreement, as modified by this Agreement This Agreement shall be deemed to
have been jointly drafted, and no provision of it shall be interpreted or construed for, or
against, any party hereto because such party purportedly prepared or requested such provision, any
other provision, or this Agreement as a whole.

SECTION 9. Counterparts. This Agreement may be executed in any number of counterparts
and by the different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together shall constitute but
one and the same instrument. Delivery of an executed signature page to this Agreement by facsimile
shall be as effective as delivery of a manually executed counterpart of this Agreement. The
Administrative Agent shall promptly notify the Borrower and the Lenders of the occurrence of the
First Amendment to Restated Agreement Effective Date.

SECTION 10. Loan Document. This Agreement is a Loan Document pursuant to the Credit
Agreement and shall (unless expressly indicated herein or therein) be construed, administered, and
applied, in accordance with all of the terms and provisions of the Credit Agreement.

SECTION 11. Severability. Any provision of this Agreement which is invalid, illegal
or unenforceable under the applicable law of any jurisdiction, shall, as to such jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability without invalidating
the remaining provisions hereof, and any such invalidity, illegality or unenforceability in any
jurisdiction shall not invalidate such provision in any other jurisdiction.

SECTION 12. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO BE
PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK.

SECTION 13. Successors and Assigns. The provisions of this Agreement shall be binding
upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.

SECTION 14. Headings. The headings of this Agreement are for the purposes of
reference only and shall not affect the construction of, or be taken into consideration in
interpreting, this Agreement.

[The remainder of this page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
as of the day and the year first above written.

BORROWER:

THE PMI GROUP, INC.

By:  /s/ Donald P. Lofe, Jr.

Name: Donald P. Lofe, Jr.

Title: Executive Vice President, Chief Financial

Officer and Chief Administrative Officer

1

ADMINISTRATIVE AGENT AND LENDERS:

BANK OF AMERICA, N.A., as Administrative Agent,
Lender and L/C Issuer

	 	 	 	By: /s/ Tyler D. Levings

	 	 	Name: Tyler D. Levings

Title: Senior Vice President

2

	 	 	 	CITIBANK, N.A.

By:  /s/ Francisco Casal

Name: Francisco Casal

Title: Director

3

SUN TRUST BANK, N.A.

	 	 	 	By: /s/ Katherine Bass

	 	 	Name: Katherine Bass

Title: First Vice President

4

	 	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION

	 	 	 	By: /s/ Michael Thomas

	 	 	Name: Michael Thomas

Title: Vice President

5

GOLDMAN SACHS LENDING PARTNERS, LLC

	 	 	 	By: /s/ Andrew Caditz

	 	 	Name: Andrew Caditz

Title: Authorized Signatory

6

	 	 	 	JPMORGAN CHASE BANK, N.A.

	 	 	 	By: /s/ Mark M. Cisz

	 	 	Name: Mark M. Cisz

Title: Executive Director

7

THE BANK OF NEW YORK

	 	 	 	By: /s/ Philip Falivene

	 	 	Name: Philip Falivene

Title: Managing Director

8

9EX-10.1

CONSOLIDATED UNSECURED PROMISSORY NOTE

$9,100,000

November 10, 2009 (the “Note Date”)

FOR VALUE RECEIVED, Grubb & Ellis Apartment REIT Holdings, L.P., a Virginia limited
partnership (“Borrower”), unconditionally promises to pay to the order of NNN Realty Advisors,
Inc., a Delaware corporation (“Lender”), in the manner and at the place hereinafter provided, the
principal amount of Nine Million One Hundred Thousand Dollars ($9,100,000).

WHEREAS, the Borrower and Lender entered into promissory notes dated June 27, 2008 and
September 15, 2008, as extended, with principal balances of $3,700,000 and $5,400,000,
respectively. The Borrower and Lender have agreed to cancel said promissory notes and enter into
this consolidated unsecured promissory note (this “Note”) to consolidate the outstanding principal
amounts of the promissory notes for a total principal amount of $9,100,000 for this Note.

WHEREAS, Borrower also promises to pay interest on the unpaid principal amount hereof from the
Note Date until paid in full at a rate per annum equal to the Interest Rate (capitalized terms used
herein and not otherwise defined herein shall have the meanings provided in Schedule A
attached hereto), provided that any principal amount not paid when due and, to the extent permitted
by applicable law, any interest not paid when due, in each case whether at stated maturity,
declaration, acceleration, demand or otherwise (both before as well as after judgment), shall bear
interest payable upon demand at a rate per annum equal to the Default Interest Rate. Interest on
this Note shall be payable in arrears on the first day of each month beginning on the Commencement
Date, each date on which an installment of principal is due and payable hereunder, upon any
prepayment of this Note (to the extent accrued on the amount being prepaid) and at maturity. All
computations of interest shall be made by Lender on the basis of a 365-day year, for the actual
number of days elapsed in the relevant period (including the first day but excluding the last day).
In no event shall the interest rate payable on this Note exceed the maximum rate of interest
permitted to be charged under applicable law

WHEREAS, the Borrower and Lender mutually agree that the Interest Rate payable under this Note
is subject to a one-time adjustment not to exceed a maximum rate of 6.0% per annum, which will be
evaluated and may be adjusted by the Lender, in its sole discretion, on July 1, 2010.

1. Maturity Date. The outstanding principal amount of the Note, and any accrued but
unpaid interest thereon, shall be automatically due and payable on the Maturity Date.

2. Payments. All payments of principal and interest in respect of this Note shall be
made in lawful money of the United States of America in same day funds at the office of Lender
located at 1551 N. Tustin Avenue, Suite 300, Santa Ana, California 92705, or at such other place as
Lender may direct. Whenever any payment on this Note is stated to be due on a day that is not a
Business Day (as defined herein), such payment shall instead be made on the next Business Day and
such extension of time shall be included in the computation of interest payable on this Note. Each
payment made hereunder shall be credited first to interest then due and the remainder of such
payment shall be credited to principal, and interest shall thereupon cease to accrue upon the
principal so credited. Each of Lender and any subsequent holder of this Note agrees, by its
acceptance hereof, that before disposing of this Note or any part hereof the Lender and any
subsequent holder of this Note will mutually agree on the amount of all principal payments
previously made hereunder and of the date to which interest hereon has been paid; provided,
however, that the failure to make a notation of any payment made on this Note shall not
limit or otherwise affect the obligation of Borrower hereunder with respect to payments of
principal or interest on this Note. “Business Day” means any day other than a Saturday, Sunday or
legal holiday under the laws of the State of California or any other day on which banking
institutions located in such state are authorized or required by law or other governmental action
to close.

3. Prepayments. Borrower shall have the right at any time and from time to time on or
prior to the Maturity Date to prepay the principal of this Note in whole or in part, without
premium or penalty. Any prepayment hereunder shall be accompanied by the payment of accrued
interest on the principal amount of the Note being prepaid to the date of prepayment.

4. Covenants. Borrower covenants and agrees that until this Note is paid in full it
will:

(a) promptly provide to Lender financial and operational information with respect to
Borrower or any of its subsidiaries as Lender may reasonably request;

(b) promptly after the occurrence of an Event of Default (as defined herein) or an
event, act or condition that, with notice or lapse of time or both, would constitute an
Event of Default, provide Lender with a certificate of the chief executive officer, chief
financial officer or general partner(s) of Borrower specifying the nature thereof and
Borrower’s proposed response thereto; and

(c) not merge or consolidate with any other Person (as defined herein), or sell, lease
or otherwise dispose of all or any substantial part of its property or assets to any other
Person.

“Person” means any individual, partnership, limited liability company, joint venture, firm,
corporation, association, bank, trust or other enterprise, whether or not a legal entity, or any
government or political subdivision or any agency, department or instrumentality thereof.

5. Representations and Warranties. Borrower hereby represents and warrants to Lender
that:

(a) it is a duly organized and validly existing corporation in good standing under the
laws of the jurisdiction of its organization and has the corporate power and authority to
own and operate its properties, to transact the business in which it is now engaged and to
execute and deliver this Note;

(b) this Note constitutes the duly authorized, legally valid and binding obligation of
Borrower, enforceable against Borrower in accordance with its terms;

(c) all consents and grants of approval required to have been granted by any Person in
connection with the execution, delivery and performance of this Note have been granted;

(d) the execution, delivery and performance by Borrower of this Note do not and will
not violate any law, governmental rule or regulation, court order or agreement to which it
is subject or by which its properties are bound or the charter documents or bylaws of
Borrower;

(e) there is no action, suit, proceeding or governmental investigation pending or, to
the knowledge of Borrower, threatened against Borrower or any of its subsidiaries or any of
their respective assets which, if adversely determined, would have a material adverse effect
on the business, operations, properties, assets, condition (financial or otherwise) or
prospects of Borrower and its subsidiaries, taken as a whole, or the ability of Borrower to
comply with its obligations hereunder; and

(f) the proceeds of the loan evidenced by this Note have been used by Borrower for the
purpose of acquiring real property.

6. Events of Default. The occurrence of any of the following events shall constitute
an “Event of Default”:

(a) failure of Borrower to pay any Installment Payment or interest thereon due under
this Note within five business days after the date due, or failure of Borrower to pay any
principal, interest or other amount due under this Note when otherwise due, whether at
stated maturity, declaration, acceleration, demand or otherwise; or

(b) failure of Borrower to perform or observe any other term, covenant or agreement to
be performed or observed by it pursuant to this Note; or

(c) any representation or warranty made by Borrower to Lender in connection with this
Note shall prove to have been false in any material respect when made; or

(d) any order, judgment or decree shall be entered against Borrower decreeing the
liquidation, dissolution or split-up of Borrower; or

(e) suspension of the usual business activities of Borrower or the complete or partial
liquidation of Borrower’s business; or

(f) (i) a court having jurisdiction in the premises shall enter a decree or order for
relief in respect of Borrower in an involuntary case under Title 11 of the United States
Code entitled “Bankruptcy” (as now and hereinafter in effect, or any successor thereto, the
“Bankruptcy Code”) or any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, which decree or order is not stayed, or any other similar relief shall
be granted under any applicable federal or state law, or (ii) an involuntary case shall be
commenced against Borrower under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect, or a decree or order of a court having jurisdiction in the
premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or
other officer having similar powers over Borrower or over all or a substantial part of its
property shall have been entered, or the involuntary appointment of an interim receiver,
trustee or other custodian of Borrower for all or a substantial part of its property shall
have occurred, or a warrant of attachment, execution or similar process shall have been
issued against any substantial part of the property of Borrower and, in the case of any
event described in this clause (ii), such event shall have continued for 60 days unless
dismissed, bonded or discharged; or

(g) an order for relief shall be entered with respect to Borrower or Borrower shall
commence a voluntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency
or other similar law now or hereafter in effect, or shall consent to the entry of an order
for relief in an involuntary case, or to the conversion of an involuntary case to a
voluntary case, under any such law, or shall consent to the appointment of or taking
possession by a receiver, trustee or other custodian for all or a substantial part of its
property, or Borrower shall make an assignment for the benefit of creditors, or Borrower
shall be unable or fail, or shall admit in writing its inability, to pay its debts as such
debts become due, or the board of directors or general partner(s) of Borrower (or any
committee thereof) shall adopt any resolution or otherwise authorize action to approve any
of the foregoing; or

(h) Borrower shall challenge, or institute any proceedings to challenge, the validity,
binding effect or enforceability of this Note or any endorsement of this Note or any other
obligation to Lender; or

(i) any provision of this Note or any provision hereof or thereof shall cease to be in
full force or effect or shall be declared to be null or void or otherwise unenforceable in
whole or in part.

7. Remedies. Upon the occurrence of any Event of Default specified in Section
6(g) or 6(h) above, and upon Borrower’s receipt of written notice of any Event of
Default from Lender, the principal amount of this Note, together with accrued interest thereon,
shall become immediately due and payable. Upon the occurrence and during the continuance of any
other Event of Default, Lender may, by written notice to Borrower, declare the principal amount of
this Note, together with accrued interest thereon, to be due and payable, and the principal amount
of this Note, together with such interest, shall thereupon immediately become due and payable
without presentment, further notice, protest or other requirements of any kind (all of which are
hereby expressly waived by Borrower). From and after any Event of Default until such time as the
Event of Default has been cured, the Default Interest Rate shall be applicable.

8. Miscellaneous.

(a) All notices and other communications provided for hereunder shall be in writing
(including telefacsimile communication) and mailed, telecopied or delivered by overnight
courier as follows: if to Borrower, at its address specified opposite its signature below
and, if to Lender, at Lender’s address in Section 2 above or, in each case, at such
other address as shall be designated by Lender or Borrower. All such notices and
communications shall, when mailed, telecopied or delivered by overnight courier, be
effective when deposited in the mails, sent by telecopier or delivered to the overnight
courier, as the case may be.

(b) Borrower shall indemnify Lender against any losses, claims, damages and liabilities
and related expenses, including counsel fees and expenses, incurred by Lender arising out of
or in connection with or as a result of the transactions contemplated by this Note. In
particular, Borrower shall pay all costs and expenses, including reasonable attorneys’ fees,
incurred in connection with the collection and enforcement of this Note.

(c) No failure or delay on the part of Lender or any other holder of this Note to
exercise any right, power or privilege under this Note and no course of dealing between
Borrower and Lender shall impair such right, power or privilege or operate as a waiver of
any default or an acquiescence therein, nor shall any single or partial exercise of any such
right, power or privilege preclude any other or further exercise thereof or the exercise of
any other right, power or privilege. The rights and remedies expressly provided in this
Note are cumulative to, and not exclusive of, any rights or remedies that Lender would
otherwise have. No notice to or demand on Borrower in any case shall entitle Borrower to
any other or further notice or demand in similar or other circumstances or constitute a
waiver of the right of Lender to any other or further action in any circumstances without
notice or demand.

(d) Borrower and any endorser of this Note hereby consent to renewals and extensions of
time at or after the Maturity Date, without notice, and hereby waive diligence, presentment,
protest, demand and notice of every kind and, to the full extent permitted by law, the right
to plead any statute of limitations as a defense to any demand hereunder.

(e) THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF BORROWER AND LENDER HEREUNDER SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF
THE STATE OF CALIFORNIA, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

(f) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST BORROWER ARISING OUT OF OR RELATING TO
THIS NOTE MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE
STATE OF CALIFORNIA, AND BY EXECUTION AND DELIVERY OF THIS NOTE BORROWER ACCEPTS FOR ITSELF
AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE
JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND
IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS
NOTE. Borrower hereby agrees that service of all process in any such proceeding in any such
court may be made by registered or certified mail, return receipt requested, to Borrower at
its address set forth below its signature hereto, such service being hereby acknowledged by
Borrower to be sufficient for personal jurisdiction in any action against Borrower in any
such court and to be otherwise effective and binding service in every respect. Nothing
herein shall affect the right to serve process in any other manner permitted by law or shall
limit the right of Lender to bring proceedings against Borrower in the courts of any other
jurisdiction.

(g) BORROWER AND, BY THEIR ACCEPTANCE OF THIS NOTE, LENDER AND ANY SUBSEQUENT HOLDER OF
THIS NOTE HEREBY IRREVOCABLY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE OR ANY DEALINGS BETWEEN THEM
RELATING TO THE SUBJECT MATTER OF THIS NOTE AND THE LENDER/BORROWER RELATIONSHIP THAT IS
BEING ESTABLISHED. The scope of this waiver is intended to be all-encompassing of any and
all disputes that may be filed in any court and that relate to the subject matter of this
transaction, including, without limitation, contract claims, tort claims, breach of duty
claims and all other common law and statutory claims. Borrower and, by their acceptance of
this Note, Lender and any subsequent holder of this Note each (i) acknowledges that this
waiver is a material inducement to enter into a business relationship, that each has already
relied on this waiver in entering into this relationship and that each will continue to rely
on this waiver in their related future dealings, and (ii) further warrants and represents
that each has reviewed this waiver with its legal counsel and that each knowingly and
voluntarily waives its jury trial rights following consultation with legal counsel. THIS
WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS
OF THIS NOTE. In the event of litigation, this provision may be filed as a written consent
to a trial by the court.

(h) Borrower hereby waives the benefit of any statute or rule of law or judicial
decision, including without limitation California Civil Code § 1654, which would otherwise
require that the provisions of this Note be construed or interpreted most strongly against
the party responsible for the drafting thereof.

[Remainder of page intentionally left blank] IN WITNESS WHEREOF, Borrower has executed and
delivered this Note as of the Note Date at Lender’s address.

“Borrower”

GRUBB & ELLIS APARTMENT REIT

HOLDINGS, L.P., a Virginia limited partnership

By: GRUBB & ELLIS APARTMENT REIT, INC.,

a Maryland corporation, its general partner

By: /s/ Shannon K S Johnson

Its: Chief Financial Officer

Address: 1551 N. Tustin Avenue, Suite 300

Santa Ana, CA 92705

“Lender”

NNN REALTY ADVISORS, Inc., a

Delaware corporation

By: /s/ Michael J. Rispoli

Its: Chief Financial Officer

Address: 1551 N. Tustin Avenue, Suite 300

Santa Ana, CA 92705

SCHEDULE A

DEFINED TERMS

The following terms used in the Note shall have the following meanings (and any of such terms
may, unless the context otherwise requires, be used in the singular or the plural depending on the
reference):

	 	 	 
	Defined Term	 	Definition
	Commencement Date
	 	December 1, 2009

	 
	 	 

	Maturity Date
	 	January 1, 2011

	 
	 	 

	Interest Rate
	 	4.5% per annum subject to a one-time adjustment not to

exceed a maximum rate of 6.0% per annum which will be

evaluated and may be adjusted by the Lender, in its

sole discretion, on July 1, 2010.

	 
	 	 

	Default Interest Rate
	 	The rate that is 2% per annum in excess of the Interest

Rate.

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