Document:

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Exhibit 4.2.9

                                 [FACE OF NOTE]

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (THE "DEPOSITARY") (55 WATER STREET, NEW YORK, NEW YORK) TO THE
ISSUER HEREOF OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY AND ANY PAYMENT
IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

REGISTERED                                                           $25,000,000
No. FXR-06
CUSIP:  86623XAF0

                       SUMMIT PROPERTIES PARTNERSHIP, L.P.
                                MEDIUM-TERM NOTE
                                  (Fixed Rate)

ORIGINAL ISSUE DATE:  11/17/2000    INTEREST RATE:  8.037%     STATED MATURITY
INTEREST PAYMENT                    DEFAULT RATE:  N/A         DATE:  11/17/2005
DATE(S):  5/17 and 11/17
Other:

INITIAL REDEMPTION                  INITIAL REDEMPTION         ANNUAL REDEMPTION
DATE:  N/A                          PERCENTAGE:  N/A           PERCENTAGE
                                                               REDUCTION:  N/A

OPTIONAL REPAYMENT                  [ ] CHECK IF AN
DATE(S):  N/A                           ORIGINAL ISSUE
                                        DISCOUNT NOTE
                                          Issue Price: %

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REPAYMENT PRICE:  N/A

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SPECIFIED CURRENCY:             AUTHORIZED                      EXCHANGE RATE
[X] United States dollars       DENOMINATION:                   AGENT:  N/A
[ ] Other:                      [X] $1,000 and integral
                                     multiples thereof
                                [ ] Other:

EXCHANGE RATE:                  ADDENDUM ATTACHED:              OTHER/ADDITIONAL
U.S. $1.00 = _________          [ ] Yes                         PROVISIONS:  N/A
                                [X] No

         Summit Properties Partnership, L.P., a limited partnership duly
organized and existing under the laws of Delaware (hereinafter referred to as
the "Partnership," which term includes any successor entity under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
COMPANY, or registered assigns, the principal sum of $25,000,000, on the Stated
Maturity Date specified above (or any Redemption Date or Repayment Date, each as
defined on the reverse hereof) (each such Stated Maturity Date, Redemption Date
or Repayment Date being hereinafter referred to as the "Maturity Date" with
respect to the principal repayable on such date) and to pay interest thereon, at
the Interest Rate per annum specified above, until the principal hereof is paid
or duly made available for payment, and (to the extent that the payment of such
interest shall be legally enforceable) at the Default Rate per annum specified
above on any overdue principal, premium and/or interest, including any overdue
sinking fund or redemption payment. The Partnership will pay interest in arrears
on each Interest Payment Date, if any, specified above (each, an "Interest
Payment Date"), commencing with the first Interest Payment Date next succeeding
the Original Issue Date specified above, and on the Maturity Date; provided,
however, that if the Original Issue Date occurs between a Record Date (as
defined below) and the next succeeding Interest Payment Date, interest payments
will commence on the second Interest Payment Date next succeeding the Original
Issue Date to the holder of this Note on the Record Date with respect to such
second Interest Payment Date. Interest on this Note will be computed on the
basis of a 360-day year of twelve 30-day months.

         Interest on this Note will accrue from, and including, the immediately
preceding Interest Payment Date to which interest has been paid or duly provided
for (or from, and including, the Original Issue Date if no interest has been
paid or duly provided for) to, but excluding, the applicable Interest Payment
Date or the Maturity Date, as the case may be (each, an "Interest Period"). The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, subject to certain exceptions described herein, be paid to
the person in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on the fifteenth calendar day (whether or
not a Business Day, as defined below) immediately preceding such Interest
Payment Date (the "Record Date"); provided, however, that interest payable on
the Maturity Date will be payable to the person to whom the principal hereof and
premium, if any, hereon shall be payable. Any such interest not so punctually
paid or duly provided for ("Defaulted Interest") will forthwith cease to be
payable to the holder on any Record Date, and shall be paid to the person in
whose name this Note is registered at the close of business on a special record
date (the "Special Record Date") for the payment of such Defaulted Interest to
be fixed by the Trustee hereinafter referred to, notice whereof shall be given
to the holder of this Note by the Trustee not more than 15 days and not less
than 10 days prior to such Special Record

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Date or may be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which this Note may be listed,
and upon such notice as may be required by such exchange, all as more fully
provided for in the Indenture.

         Payment of principal, premium, if any, and interest in respect of this
Note due on the Maturity Date or any prior date on which the principal or an
installment of principal of this Note becomes due and payable, whether by the
declaration of acceleration or otherwise, will be made in immediately available
funds upon presentation and surrender of this Note (and, with respect to any
applicable repayment of this Note, upon presentation and surrender of this Note
and a duly completed election form as contemplated on the reverse hereof) at the
office or agency maintained by the Partnership for that purpose in the Borough
of Manhattan, The City of New York, currently the office of the Trustee or the
Designated Agent; provided, however, that if the Specified Currency specified
above is other than United States dollars and such payment is to be made in the
Specified Currency in accordance with the provisions set forth below, such
payment may be made by wire transfer of immediately available funds to an
account with a bank designated by the holder hereof at least 15 calendar days
prior to the Maturity Date, provided that such bank has appropriate facilities
therefor and that this Note (and, if applicable, a duly completed repayment
election form) is presented and surrendered at the aforementioned office or
agency maintained by the Partnership in time for the Trustee or the Designated
Agent to make such payment in such funds in accordance with its normal
procedures. Payment of interest due on any Interest Payment Date other than the
Maturity Date will be made at the aforementioned office or agency maintained by
the Partnership or, at the option of the Partnership, by check mailed to the
address of the person entitled thereto as such address shall appear in the
Security Register maintained by the Trustee or the Designated Agent; provided,
however, that a holder of U.S. $10,000,000 (or, if the Specified Currency is
other than United States dollars, the equivalent thereof in the Specified
Currency) or more in aggregate principal amount of Notes (whether having
identical or different terms and provisions) will be entitled to receive
interest payments on any Interest Payment Date other than the Maturity Date by
wire transfer of immediately available funds if appropriate wire transfer
instructions have been received in writing by the Trustee or Designated Agent
not less than 15 calendar days prior to such Interest Payment Date. Any such
wire transfer instructions received by the Trustee or the Designated Agent shall
remain in effect until revoked by such holder.

         If any Interest Payment Date or the Maturity Date falls on a day that
is not a Business Day, the required payment of principal, premium, if any,
and/or interest shall be made on the next succeeding Business Day with the same
force and effect as if made on the date such payment was due, and no interest
shall accrue with respect to such payment for the period from and after such
Interest Payment Date or the Maturity Date, as the case may be, to the date of
such payment on the next succeeding Business Day.

         As used herein, "Business Day" means any day, other than a Saturday or
Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law, regulation or executive order to close in The
City of New York or Charlotte, North Carolina; provided, however, that if the
Specified Currency is other than United States dollars, such day is also not a
day on which banking institutions are authorized or required by law, regulation
or executive order to close in the Principal Financial Center (as defined below)
of the country issuing the Specified Currency (or, if the Specified Currency is
European Currency Units

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("ECU"), such day is not a day that appears as an ECU no-settlement day on the
display designated as "ISDE" on the Reuter Monitor Money Rates Service (or a day
so designated by the ECU Banking Association), or, if ECU non-settlement days do
not appear on that page (and are not so designated), is not a day on which
payments in ECU cannot be settled in the international interbank market).
Principal Financial Center means the capital city of the country issuing the
Specified Currency, except that with respect to United States dollars,
Australian dollars, Deutsche marks, Dutch guilders, Italian lire, Portuguese
escudos, South African rand and Swiss francs, the Principal Financial Center
shall be The City of New York, Sydney, Toronto, Frankfurt, Amsterdam, Milan,
London, Johannesburg and Zurich, respectively.

         The Partnership is obligated to make payments of principal, premium, if
any, and interest in respect of this Note in the Specified Currency (or, if the
Specified Currency is not at the time of such payment legal tender for the
payment of public and private debts, in such other coin or currency of the
country which issued the Specified Currency as at the time of such payment is
legal tender for the payment of such debts). If the Specified Currency is other
than United States dollars, except as provided below, any such amounts so
payable by the Partnership will be converted by the Exchange Rate Agent
specified above into United States dollars for payment to the holder of this
Note.

         If the Specified Currency is other than United States dollars, the
holder of this Note may elect to receive such amounts in such Specified
Currency. If the holder of this Note shall not have duly made an election to
receive all or a specified portion of any payment of principal, premium, if any,
and/or interest in respect of this Note in the Specified Currency, any United
States dollar amount to be received by the holder of this Note will be based on
the highest bid quotation in The City of New York received by the Exchange Rate
Agent at approximately 11:00 A.M., The City of New York time, on the second
Business Day preceding the applicable payment date from three recognized foreign
exchange dealers (one of whom may be the Exchange Rate Agent) selected by the
Exchange Rate Agent and approved by the Partnership for the purchase by the
quoting dealer of the Specified Currency for United States dollars for
settlement on such payment date in the aggregate amount of such Specified
Currency payable to all holders of Foreign Currency Notes scheduled to receive
United States dollar payments and at which the applicable dealer commits to
execute a contract. All currency exchange costs will be borne by the holder of
this Note by deductions from such payments. If three such bid quotations are not
available, payments on this Note will be made in the Specified Currency.

         If the Specified Currency is other than United States dollars, the
holder of this Note may elect to receive all or a specified portion of any
payment of principal, premium, if any, and/or interest in respect of this Note
in the Specified Currency by submitting a written request for such payment to
the Trustee or the Designated Agent at its corporate trust office in The City of
New York on or prior to the applicable Record Date or at least 15 calendar days
prior to the Maturity Date, as the case may be. Such written request may be
mailed or hand delivered or sent by cable, telex or other form of facsimile
transmission. The holder of this Note may elect to receive all or a specified
portion of all future payments in the Specified Currency in respect of such
principal, premium, if any, and/or interest and need not file a separate
election for each payment. Such election will remain in effect until revoked by
written notice to the Trustee or the Designated Agent, but written notice of any
such revocation must be received by the Trustee or the

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Designated Agent on or prior to the applicable Record Date or at least 15
calendar days prior to the Maturity Date, as the case may be.

         If the Specified Currency is other than United States dollars or a
composite currency and the holder of this Note shall have duly made an election
to receive all or a specified portion of any payment of principal, premium, if
any, and/or interest in respect of this Note in the Specified Currency and if
the Specified Currency is not available due to the imposition of exchange
controls or other circumstances beyond the reasonable control of the
Partnership, the Partnership will be entitled to satisfy its obligations to the
holder of this Note by making such payment in United States dollars on the basis
of the Market Exchange Rate (as defined below) on the second Business Day prior
to such payment date or, if such Market Exchange Rate is not then available, on
the basis of the most recently available Market Exchange Rate or as otherwise
specified on the face hereof. The "Market Exchange Rate" for the Specified
Currency means the noon dollar buying rate in The City of New York for cable
transfers for such Specified Currency as certified for customs purposes by (or
if not so certified, as otherwise determined by) the Federal Reserve Bank of New
York. Any payment made under such circumstances in United States dollars will
not constitute an Event of Default (as defined in the Indenture) with respect to
this Note.

         If the Specified Currency is a composite currency and the holder of
this Note shall have duly made an election to receive all or a specified portion
of any payment of principal, premium, if any, and/or interest in respect of this
Note in the Specified Currency and if such composite currency is unavailable due
to the imposition of exchange controls or other circumstances beyond the
reasonable control of the Partnership, then the Partnership will be entitled to
satisfy its obligations to the holder of this Note by making such payment in
United States dollars. The amount of each payment in United States dollars shall
be computed by the Exchange Rate Agent on the basis of the equivalent of the
composite currency in United States dollars. The component currencies of the
composite currency for this purpose (collectively, the "Component Currencies"
and each, a "Component Currency") shall be the currency amounts that were
components of the composite currency as of the last day on which the composite
currency was used. The equivalent of the composite currency in United States
dollars shall be calculated by aggregating the United States dollar equivalents
of the Component Currencies. The United States dollar equivalent of each of the
Component Currencies shall be determined by the Exchange Rate Agent on the basis
of the most recently available Market Exchange Rate for each such Component
Currency, or as otherwise specified on the face hereof.

         If the official unit of any Component Currency is altered by way of
combination or subdivision, the number of units of the currency as a Component
Currency shall be divided or multiplied in the same proportion. If two or more
Component Currencies are consolidated into a single currency, the amounts of
those currencies as Component Currencies shall be replaced by an amount in such
single currency equal to the sum of the amounts of the consolidated Component
Currencies expressed in such single currency. If any Component Currency is
divided into two or more currencies, the amount of the original Component
Currency shall be replaced by the amounts of such two or more currencies, the
sum of which shall be equal to the amount of the original Component Currency.

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         All determinations referred to above made by the Exchange Rate Agent
shall be at its sole discretion and shall, in the absence of manifest error, be
conclusive for all purposes and binding on the holder of this Note.

         Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof and, if so specified above on the face hereof, in
the Addendum hereto, which further provisions shall have the same force and
effect as if set forth on the face hereof.

         Notwithstanding any provisions to the contrary contained herein, if the
face of this Note specifies that an Addendum is attached hereto or that
"Other/Additional Provisions" apply to this Note, this Note shall be subject to
the terms set forth in such Addendum or such "Other/Additional Provisions."

         Unless the Certificate of Authentication hereon has been executed by
the Trustee or its Authenticating Agent by manual signature, this Note shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

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         IN WITNESS WHEREOF, Summit Properties Partnership, L.P. has caused this
Note to be duly executed under its seal.

Dated:  November 17, 2000               SUMMIT PROPERTIES PARTNERSHIP, L.P.

                                        By:      Summit Properties Inc.,
                                                 its General Partner

                                        By: /s/ Michael L. Schwarz
                                           -------------------------------------
                                            Michael L. Schwarz
                                            Executive Vice President and
                                            Chief Financial Officer

(SEAL)

Attest:

/s/ Michael G. Malone
------------------------------------
Michael G. Malone
Secretary

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION:

         This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.

Dated:  November 17, 2000                   FIRST UNION NATIONAL BANK,
                                            as Trustee

                                            By: /s/ Terry Hefner
                                               ---------------------------------
                                                     Authorized Signatory

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                                [REVERSE OF NOTE]

                       SUMMIT PROPERTIES PARTNERSHIP, L.P.
                                MEDIUM-TERM NOTE
                                  (Fixed Rate)

         This Note is one of a duly authorized series of Securities (the
"Securities") of the Partnership issued and to be issued under an Indenture,
dated as of August 7, 1997 as supplemented by Supplemental Indenture No. 4 dated
as of April 20, 2000, as further amended, modified or supplemented from time to
time (the "Indenture"), between the Partnership and First Union National Bank,
as Trustee (the "Trustee," which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Partnership, the Trustee and the holders
of the Securities, and of the terms upon which the Securities are, and are to
be, authenticated and delivered. This Note is one of the series of Securities
designated as "Medium-Term Notes Due Nine Months or More from Date of Issue"
(the "Notes"). All terms used but not defined in this Note or in an Addendum
hereto shall have the meanings assigned to such terms in the Indenture or on the
face hereof, as the case may be.

         This Note is issuable only in registered form without coupons in
minimum denominations of U.S. $1,000 and integral multiples thereof or the
minimum Authorized Denomination specified on the face hereof.

         This Note will not be subject to any sinking fund and, unless otherwise
specified on the face hereof in accordance with the provisions of the following
two paragraphs, will not be redeemable or repayable prior to the Stated Maturity
Date.

         This Note will be subject to redemption at the option of the
Partnership on any date on and after the Initial Redemption Date, if any,
specified on the face hereof, in whole or from time to time in part in
increments of U.S. $1,000 or the minimum Authorized Denomination (provided that
any remaining principal amount hereof shall be at least U.S. $1,000 or such
minimum Authorized

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Denomination), at the Redemption Price (as defined below), together with unpaid
interest accrued thereon to the date fixed for redemption (each, a "Redemption
Date"), on notice given not more than 60 nor less than 30 calendar days prior to
the Redemption Date and in accordance with the provisions of the Indenture. The
"Redemption Price" shall initially be the Initial Redemption Percentage
specified on the face hereof multiplied by the unpaid principal amount of this
Note to be redeemed. The Initial Redemption Percentage shall decline at each
anniversary of the Initial Redemption Date by the Annual Redemption Percentage
Reduction, if any, specified on the face hereof until the Redemption Price is
100% of the unpaid principal amount to be redeemed. In the event of redemption
of this Note in part only, a new Note of like tenor for the unredeemed portion
hereof and otherwise having the same terms as this Note shall be issued in the
name of the holder hereof upon the presentation and surrender hereof.

         This Note will be subject to repayment by the Partnership at the option
of the holder hereof on the Optional Repayment Date(s), if any, specified on the
face hereof, in whole or in part in increments of U.S. $1,000 or the minimum
Authorized Denomination (provided that any remaining principal amount hereof
shall be at least U.S. $1,000 or such minimum Authorized Denomination), at a
repayment price equal to 100% of the unpaid principal amount to be repaid,
together with unpaid interest accrued thereon to the date fixed for repayment
(each, a "Repayment Date"). For this Note to be repaid, the Trustee or the
Designated Agent must receive at its office in the Borough of Manhattan, The
City of New York, referred to on the face hereof, at least 30 days but not more
than 60 days prior to the Repayment Date (i) this Note and the form hereon
entitled "Option to Elect Repayment" duly completed or (ii) a telegram, telex,
facsimile transmission, or a letter from a member of a national securities
exchange or the National Association of Securities Dealers, Inc. or a commercial
bank or trust company in the United States setting forth the name of the holder
hereof, the principal amount of this Note, the principal amount of this Note to
be repaid, the certificate number or a description of the tenor and terms of
this Note, a statement that the option to elect repayment is being exercised
thereby, and a guarantee that this Note, together with the form hereon entitled
"Option to Elect Repayment" duly completed, will be received by the Trustee or
the Designated Agent not later than the fifth Business Day after the date of
such telegram, telex, facsimile transmission or letter, provided that such
telegram, telex, facsimile transmission or letter shall only be effective if
this Note and duly completed form are received by the Trustee or the Designated
Agent by such fifth Business Day. Exercise of such repayment option by the
holder hereof will be irrevocable. In the event of repayment of this Note in
part only, a new Note of like tenor for the unrepaid portion hereof and
otherwise having the same terms as this Note shall be issued in the name of the
holder hereof upon the presentation and surrender hereof.

         If this Note is an Original Issue Discount Note as specified on the
face hereof, the amount payable to the holder of this Note in the event of
redemption, repayment or acceleration of maturity of this Note will be equal to
the sum of (i) the Issue Price specified on the face hereof (increased by any
accruals of the Discount, as defined below) and, in the event of any redemption
of this Note (if applicable), multiplied by the Initial Redemption Percentage
(as adjusted by the Annual Redemption Percentage Reduction, if applicable) and
(ii) any unpaid interest on this Note accrued from the Original Issue Date to
the Redemption Date, Repayment Date or date of acceleration of maturity, as the
case may be. The difference between the Issue Price and 100% of the principal
amount of this Note is referred to herein as the "Discount."

         For purposes of determining the amount of Discount that has accrued as
of any Redemption Date, Repayment Date or date of acceleration of maturity of
this Note, such Discount will be accrued using a constant yield method. The
constant yield will be calculated using a 30-day month, 360-day year convention,
a compounding period that, except for the Initial Period (as defined below),
corresponds to the shortest period between Interest Payment Dates (with ratable
accruals within a compounding period), a coupon rate equal to the initial coupon
rate applicable to this Note and an assumption that the maturity of this Note
will not be accelerated. If the period from the Original Issue Date to the
initial Interest Payment Date (the "Initial Period") is shorter than the
compounding period for this Note, a proportionate amount of the yield for an
entire compounding period will be accrued. If the Initial Period is longer than
the compounding period, then such period will be divided into a regular
compounding period and a short period, with the short period being treated as
provided in the preceding sentence.

         If an Event of Default, as defined in the Indenture, shall occur and be
continuing, the principal of the Notes may be declared due and payable in the
manner and with the effect provided in the Indenture.

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         The Indenture contains provisions for defeasance of (i) the entire
indebtedness of the Notes or (ii) certain covenants and Events of Default with
respect to the Notes, in each case upon compliance with certain conditions set
forth therein, which provisions apply to the Notes.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Partnership and the rights of the holders of the Securities at any time by the
Partnership and the Trustee with the consent of the holders of not less than a
majority of the aggregate principal amount of all Securities at the time
outstanding and affected thereby. The Indenture also contains provisions
permitting the holders of not less than a majority of the aggregate principal
amount of the outstanding Securities of any series, on behalf of the holders of
all such Securities, to waive compliance by the Partnership with certain
provisions of the Indenture. Furthermore, provisions in the Indenture permit the
holders of not less than a majority of the aggregate principal amount of the
outstanding Securities of any series, in certain instances, to waive, on behalf
of all of the holders of Securities of such series, certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the holder
of this Note shall be conclusive and binding upon such holder and upon all
future holders of this Note and other Notes issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Note.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Partnership, which
is absolute and unconditional, to pay principal, premium, if any, and interest
in respect of this Note at the times, places and rate or formula, and in the
coin or currency, herein prescribed.

         As provided in the Indenture and subject to certain limitations therein
and herein set forth, the transfer of this Note is registrable in the Security
Register of the Partnership upon surrender of this Note for registration of
transfer at the office or agency of the Partnership in any place where the
principal hereof and any premium or interest hereon are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to
the Partnership and the Security Registrar, duly executed by, the holder hereof
or by his attorney duly authorized in writing, and thereupon one or more new
Notes, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.

         As provided in the Indenture and subject to certain limitations therein
and herein set forth, this Note is exchangeable for a like aggregate principal
amount of Notes of different authorized denominations but otherwise having the
same terms and conditions, as requested by the holder hereof surrendering the
same.

         No service charge shall be made for any such registration of transfer
or exchange, but the Partnership may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

         Prior to due presentment of this Note for registration of transfer, the
Partnership, the Trustee and any agent of the Partnership or the Trustee may
treat the holder in whose name this Note is registered as the owner thereof for
all purposes, whether or not this Note be overdue, and neither the Partnership,
the Trustee nor any such agent shall be affected by notice to the contrary.

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         This Note and all documents, agreements, understandings and
arrangements relating to any transaction contemplated hereby or thereby have
been executed or entered into by the undersigned in his/her capacity as an
officer of the sole general partner of the Partnership which has been formed as
a Delaware limited partnership, and not individually, and neither the general
partner, officers, employees or limited partners of the Partnership shall be
bound or have any personal liability hereunder or thereunder. The holder of this
Note by accepting this Note waives and releases all such liability. This waiver
and release are part of the consideration for the issue of this Note. Each party
hereto shall look solely to the assets of the Partnership for satisfaction of
any liability of the Partnership in respect of this Note and all documents,
agreements, understandings and arrangements relating to any transaction
contemplated hereby or thereby and will not seek recourse or commence any action
against any of the general partners, officers, employees or limited partners of
the Partnership or any of their personal assets for the performance or payment
of any obligation hereunder or thereunder. The foregoing shall also apply to any
future documents, agreements, understandings, arrangements and transactions
between the parties hereto.

         The Indenture and this Note shall be governed by and construed in
accordance with the laws of the State of New York without regard to its
principles of conflicts of laws.

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                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

         TEN COM - as tenants in common
         TEN ENT - as tenants by the entireties
         JT TEN - as joint tenants with right of survivorship and not as tenants
                  in common
         UNIF GIFT MIN ACT-_____________ Custodian ______________
                              (Cust)                   (Minor)
         Under Uniform Gifts to Minors Act ____________________________
                                                     (State)

         Additional abbreviations may also be used though not in the above list.

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                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
         IDENTIFYING NUMBER OF ASSIGNEE

(Please print or typewrite name and address including postal zip code of
assignee) this Note and all rights thereunder hereby irrevocably constituting
and appointing Attorney to transfer this Note on the books of the Trustee, with
full power of substitution in the premises.

Dated:___________________________

         NOTICE: The signature(s) on this Assignment must correspond with the
name(s) as written upon the face of this Note in every particular, without
alteration or enlargement or any change whatsoever.

<PAGE>   15

                            OPTION TO ELECT REPAYMENT

         The undersigned hereby irrevocably request(s) and instruct(s) the
Partnership to repay this Note (or portion hereof specified below) pursuant to
its terms at a price equal to 100% of the principal amount to be repaid,
together with unpaid interest accrued hereon to the Repayment Date, to the
undersigned, at

(Please print or typewrite name and address of the undersigned)

         For this Note to be repaid, the Trustee or the Designated Agent must
receive at its corporate trust office in the Borough of Manhattan, The City of
New York, this Note with this "Option to Elect Repayment" form duly completed.

         If less than the entire principal amount of this Note is to be repaid,
specify the portion hereof (which shall be increments of U.S. $1,000 (or, if the
Specified Currency is other than United States dollars, the minimum Authorized
Denomination specified on the face hereof)) which the holder elects to have
repaid and specify the denomination or denominations (which shall be an
Authorized Denomination) of the Notes to be issued to the holder for the portion
of this Note not being repaid (in the absence of any such specification, one
such Note will be issued for the portion not being repaid).

Principal Amount
to be Repaid: $

Date:                               Notice: The signature(s) on this Option to
                                    Elect Repayment must correspond with the
                                    name(s) as written upon the face of this
                                    Note in every particular, without alteration
                                    or enlargement or any change whatsoever.

                                       14<PAGE>   1

Exhibit 10.7.4

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (the "Agreement"), is made and entered into
on this 11th day of December, 2000 ("Effective Date') by and between STEVEN R.
LEBLANC, an individual resident of the state of North Carolina (the
"Executive"), SUMMIT PROPERTIES INC., a Maryland corporation, and SUMMIT
MANAGEMENT COMPANY, a Maryland corporation. Summit Properties Inc. and Summit
Management Company are referred to herein collectively as the "Company";

                              W I T N E S S E T H:

         WHEREAS, the Company desires to continue the employment of Executive,
and Executive desires to be employed by the Company on the terms and conditions
contained in this Agreement;

         NOW, THEREFORE, in consideration of the mutual promises and agreements
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement,
intending to be legally bound, hereby agree as follows:

                                   SECTION 1.
                                   EMPLOYMENT

         Subject to the terms of this Agreement, the Company hereby employs
Executive, and Executive hereby accepts such employment with the Company.
Executive initially shall serve as an officer of the Company in the
capacity(ies) of President and Chief operating Officer of Summit Properties Inc.
and Vice President of Summit Management Company and initially shall have the
duties, rights and responsibilities normally associated with such positions
consistent with the Bylaws of summit Properties Inc. and Summit Management
Company, respectively, together with such other reasonable duties relating to
the operation of the business of the Company and its affiliates as may be
assigned to him from time to time by the Hoard of Directors of Summit Properties
Inc. (the "Board") or as may otherwise be provided in such Bylaws.

         Executive shall devote his full business time, skills and best efforts
to rendering services on behalf of the company and its affiliates and shall
exercise such care as is customarily required by executives undertaking similar
duties for entities similar to the company.

<PAGE>   2

                                   SECTION 2.
                             COMPENSATION; EXPENSES

         2.1. Base Salary. Commencing on January 1, 2001, the Company shall pay
Executive during the term of Executive's employment under this Agreement, a base
salary equal to Four Hundred Ten Thousand and 00/1.00 Dollars ($410,000.00) per
annum (the "Base Salary"), which amount shall be subject to adjustment, if any,
in accordance with this ss. 2.1. The Compensation Committee of the Board (the
"Committee") shall review Executive's Base Salary on an annual basis, and the
Committee upon such review and in its sole discretion, may increase or decrease
Executive's Base Salary by an amount which the Committee deems appropriate in
light of the Company's and Executives performance during the period covered by
such review; provided, however, that Executive's Base salary shall not be
reduced below Four Hundred Ten Thousand and 00/100 Dollars ($410,000.00) per
annum. The Base Salary, less all applicable withholding taxes, shall be paid to
Executive in accordance with the payroll procedures in effect with respect to
officers of the Company.

         2.2. Incentive Compensation. In addition to the Base Salary payable to
Executive pursuant to S 2.1 and any special compensatory arrangements which the
committee provides for Executive, effective as of the Effective Date, Executive
shall be entitled to participate in any incentive compensation plans in effect
with respect to senior executive officers of the Company, with the criteria for
Executive's participation in such plans to be established by the Committee in
its sole discretion. The Committee has determined that Executive's cash bonus
component of the above executive compensation plan for calendar year 2001 will
be calculated as a percentage of Executive's Base Salary which corresponds to
the actual per share growth in Funds Flow from Operations ("F90") during the
period from December 31, 2000 to December 31, 2001 as set forth in the following
table:

FFO Growth %                       4      5      6      7      8     9     10
Cash Bonus as % of Base salary    30     40     50     60     70    90    110

         2.3. Stock Options. Executive shall be entitled to participate in
employee stock option plans from time to time established for the benefit of
employees of the Company in accordance with the terms and conditions of such
plans.

         2.4. Expenses. Executive shall be reimbursed for all reasonable
business-related expenses incurred by Executive at the request of or on behalf
of the Company.

         2.5. Participation in Employee Benefit Plans. Executive shall be
entitled to participate in such medical, dental, disability, hospitalization,
life insurance, profit sharing and other benefit plans as the Company shall
maintain from time to time for the benefit of executive officers of the Company,
on the terms and subject to the conditions set forth in such plans. In addition,
during the term of this Agreement, Executive shall be entitled to a
comprehensive annual physical performed, at the company's expense, by the
physician or medical group of Executive's choosing.

         2.6. Vacation. In addition to Company holidays, Executive shall receive
such paid vacation time each year during the term of this Agreement consistent
with vacation policies of

                                        2

<PAGE>   3

the Company for its executive officers. Said paid vacation time shall initially
be twenty days. Any unused vacation days in any year may not be carried over to
subsequent years, and Executive shall receive no additional compensation for any
unused vacation days.

         2.7. Perquisites. Executive shall be entitled to receive such
individual perquisites as are consistent with the Company's policies applicable
to its executive officers.

                                   SECTION 3.
                               TERM OF EMPLOYMENT

         3.1. Term of Employment. Unless earlier terminated in accordance with
ss. 3.2, the employment of Executive under this Agreement shall commence as of
the Effective Date, and shall continue up to, but not including, July 1, 2004
(the "First Renewal Term"). Following the First Renewal Term, the employment
relationship under this Agreement shall automatically continue for consecutive
one-year terms unless and until terminated in accordance with ss. 3.2.

         3.2. Termination. Executive's employment under this Agreement may be
terminated

         (a) by the Company upon the death of Executive (which shall be referred
to as a "Death Termination") or total disability of Executive (total disability
meaning the inability of Executive to perform his normal required services under
this Agreement for a period of six consecutive months during the term of this
Agreement by reason of Executive's mental or physical disability, as determined
by the Board in good faith in its sole discretion) (which shall be referred to
as a "Disability Termination"); or

         (b) by the Company for "cause," which shall exist only upon the
occurrence of one or more of the following: (i) Executive is convicted of,
pleads guilty to, or confesses to any felony or any act of fraud,
misappropriation or embezzlement which has an immediate and materially adverse
effect on the Company, as determined by the Board in good faith in its sole
discretion, (ii) Executive engages in a fraudulent act to the material damage or
prejudice of the Company or any affiliate of the Company or in conduct or
activities materially damaging to the property, business or reputation of the
Company or any affiliate of the Company, all as determined by the Board in good
faith in its sole discretion, (iii) any material act or omission by Executive
involving malfeasance or negligence in the performance of Executive's duties to
the Company to the material detriment of the Company, as determined by the Board
in good faith in its sole discretion, which has not been corrected by Executive
within thirty (30) days after written notice from the Company of any such act or
omission, (iv) failure by Executive to comply in any material respect with the
terms of this Agreement or any written policies or directives of the Board as
determined by the Board in good faith in its sole discretion, which has not been
corrected by Executive within thirty (30) days after written notice from the
Company of such failure, or (v) material breach by Executive of that certain
noncompetition agreement between Executive and the Company of even date herewith
(the "Noncompetition Agreement?) as determined by the Hoard in good faith in its
sole discretion (which shall be referred to individually and collectively as a
"For Cause Termination,,); or

                                        3

<PAGE>   4

         (c) by the Company for any reason other than a For Cause Termination,
Death Termination or Disability Termination and after giving 90 days prior
written notice to Executive (which shall be referred to as a "No Cause
Termination"); or

         (d) by Executive voluntarily for any reason other than an
Employee-Initiated Termination (as defined in ss. 3.2(e)) and after giving 90
days prior written notice to the Company (which shall be referred to as a
"Voluntary Termination"); or

         (e) by Executive for "cause", which shall exist upon the occurrence of
either of the following, provided that in either case the Board has not
corrected such material reduction described below within thirty (30) days after
written notice by Executive of such material reduction: (i) there is a material
reduction in Executive's duties, rights or responsibilities under this Agreement
without his consent, or (ii) there is a material decrease in the aggregate value
of Executive's compensation and benefits package from the Company without his
consent, other than a reduction in Executive's Base Salary that is permitted
under the provisions of ss. 2.1 and other than a reduction in compensation,
including but not limited to a reduction in Ease Salary as permitted under the
provisions of ss. 2.1, and/or benefits affecting a broad group of employees of
the company as determined by the Board in good faith in its sole discretion
(which shall be referred to as an "Employee-Initiated Termination").

                                   SECTION 4.
                              RESULT OF TERMINATION

         4.1. For Cause Termination or Voluntary Termination. If Executive's
employment under this Agreement is terminated as a result of a Voluntary
Termination or a For Cause Termination, Executive shall not thereafter be
entitled to receive any Base Salary for periods following such termination;
provided, however, that Executive shall be entitled to receive any Base Salary
which may be owned to Executive but is unpaid as of the date on which
Executive's employment is terminated.

         4.2. Termination As Result of No Cause Termination or
Employee-Initiated Termination. If Executive's employment under this Agreement
is terminated as a result of a No Cause Termination or an Employee-Initiated
Termination, Executive shall be entitled to receive (i) any Base Salary which
may be owned to Executive but is unpaid as of the date on which Executive's
employment is terminated; (ii) his Base salary as in effect on the date of such
termination for the period up to, but not including (I) the later of (a) July 1,
2004 or (b) the first anniversary of the date of Termination or (II) if
Termination occurs later than (a) above, the later of (x) the end of the one
year term of employment under any extension of this Agreement or (y) the first
anniversary of the date of Termination; and (iii) a bonus amount ("Bonus")
consisting of cash equal to the cash bonus, if any, paid to the Executive
pursuant to ss. 2.2 of this Agreement for the calendar year immediately
preceding the calendar year in which the Termination occurred. The Bonus amount
shall include the cash value of shares of common stock of the Company, if any,
issued in lieu of a portion of the above mentioned cash bonus. The payment of
such Base Salary pursuant to clause (ii) above and Bonus amount pursuant to
clause (iii) above shall be made at such intervals in accordance with the
Company's payroll procedures in effect from time to time with respect to
officers of the Company but no less frequently than monthly in addition,

                                        4

<PAGE>   5

in the event of Executive's death following a No Cause Termination or an
Employee-Initiated Termination, any Base Salary payable to Executive under
clauses (i) and (ii) above and Bonus payable to Executive under clause (iii)
above and not yet paid on the date of Executive's death shall be paid to
Executive's designated beneficiary, if any, or if none, his surviving spouse or,
if none, his estate (collectively, the "Beneficiary"). Such payments shall be
made to the Beneficiary at such times as would otherwise have been payable to
Executive under this Section 4.2; provided, however, that the Company may in its
discretion pay such Base Salary and Bonus to the Beneficiary in a lump sum
payment in an amount determined in accordance with the methodology set forth in
subsection (B) of Section 4.3.

         4.3. Termination as a Result of a Death Termination or a Disability
Termination During First Renewal Term. If Executive's employment under this
Agreement is terminated as a result of a Death Termination or Disability
Termination during the First Renewal Term, (i) Executive (or, in the case of a
Death Termination, Executive's Beneficiary as defined in Section 4.2) shall be
entitled to receive any Base Salary and cash bonus which may be owed to
Executive but is unpaid as of the date on which Executive's employment is
terminated; (ii) his Base Salary as in effect on the date of such termination
for the period up to, but not including (I) the later of (a) July 1, 2004 or (b)
the first anniversary of the date of Termination or (I) if the above said
Termination occurs later than (a) above, the later of (x) the end of his one
year term of employment under any extension of this Agreement or (y) the first
anniversary of the date of Termination, and (iii) a bonus amount ("Bonus")
consisting of cash equal to the cash bonus, if any, paid to the Executive
pursuant to of ss. 2.2 of this Agreement for the calendar year immediately
preceding the calendar year in which the Termination occurred. The Bonus amount
shall include the cash value of shares of common stock of the Company, if any,
issued in lieu of a portion of the above mentioned cash bonus. In addition, the
following provisions shall apply:

                  (A) If payment of Base Salary is to be made under clause (ii)
         of this Section 4.3 due to a Disability Termination, such Base Salary
         shall be paid at such intervals in accordance with the Company's
         payroll procedures in effect from time to time with respect to officers
         of the Company but no less frequently than monthly, and such Base
         Salary shall be offset by any amounts payable to Executive under any
         long-term disability plan sponsored by the Company or its affiliates.
         In the event of Executive's death following a Disability Termination,
         any Base Salary payable to Executive under this Section 4.3 (taking
         into account the offset described above, if any) and not yet paid on
         the date of Executive's death shall be paid to Executive's Beneficiary.
         Such payments shall be made to the Beneficiary at such times as would
         otherwise have been payable to Executive under this subsection (A);
         provided, however, that the Company may in its discretion pay such Base
         Salary to the Beneficiary in a lump sum payment in an amount determined
         in accordance with the methodology set forth in subsection (B) of this
         Section 4.3.

                  (B) In the event of a Death Termination, payments to the
         Beneficiary shall be made in a single lump sum as soon as practical
         after Executive's death. The amount of such lump sum shall be equal to
         the present value, determined using a 9% interest rate, of the total
         amount of Base Salary

                                        5

<PAGE>   6

         payable to the Beneficiary pursuant to this Section 4.3 and not yet
         paid on the date of Executive's death.

         4.4. Employee Benefit Plans and Incentive Compensation and Other
Compensatory Arrangements. The benefits, if any, payable to or on behalf of
Executive upon his termination of employment from the Company under any employee
benefit plan or incentive compensation or other compensatory arrangement shall
be governed by the terms and conditions for benefit payments set forth in such
plans and arrangements.

                                   SECTION 5.
                                  MISCELLANEOUS

         5.1. Finding Effect. This Agreement shall inure to the benefit of and
shall be binding upon Executive and his executor, administrator, heirs, personal
representative and assigns, and the Company and its successors and assigns;
provided, however, that Executive shall not be entitled to assign or delegate
any of his rights or obligations hereunder without the prior written consent of
Company; and further provided that the Company shall not be entitled to assign
oz delegate any of its rights or obligations hereunder except to a corporation,
partnership or other business entity that is, directly or indirectly, controlled
by or under common control with Summit Properties Inc.

         5.2. Construction of Agreement. No provision of this Agreement or any
related document shall be construed against or interpreted to the disadvantage
or any party hereto by any court or other governmental or judicial authority by
reason of such party having or being deemed to have structured or drafted such
provision.

         5.3. Amendment; Waiver. Except as otherwise expressly provided in this
Agreement, no amendment, modification or discharge of this Agreement shall be
valid or binding unless set forth in writing and duly executed by each of the
parties hereto. Any waiver by an party or consent by any party to any variation
from any provision of this Agreement shall be valid only if in writing and only
in the specific instance in which it is given, and no such waiver or consent
shall be construed as a waiver of any other provision or as a consent with
respect to any similar instance or circumstance.

         5.4. Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of North Carolina.

         5.5. Survival of Agreements. All covenants and agreements made herein
shall survive the execution and delivery of this Agreement and the termination
of Executives employment hereunder for any reason.

         5.6. Headings. The section and paragraph headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

                                        6

<PAGE>   7

         5.7. Notices. All notices, requests, consents and other communications
hereunder shall be in writing and shall be deemed to be given when delivered
personally or mailed first class, registered or certified mail, postage prepaid,
in either case, addressed as follows:

                  (a)      If to Executive:

                           Steven R. LeBlanc
                           At last known address as reflected
                           in the Company's records.

                  (b)      If to the Company, addressed to:

                           Summit Properties Inc.
                           309 East Morehead Street, Suite 200
                           Charlotte, North Carolina  28202
                           Attn:  Michael G. Malone

         5.8. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

         5.9. Entire Agreement. This Agreement, together with the Noncompetition
Agreement dated July 1, 1998, Executive Severance Agreement dated July 1, 1998,
and the Indemnification agreement dated July 20, 1999 constitute the entire
agreement of the parties with respect to the subject matter hereof and upon the
Effective pate, will supersede and replace all prior agreements, written and
oral, between the parties hereto or with respect to the subject matter hereof.
This Agreement may be modified only by a written instrument signed by each of
the parties hereto.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

                                       SUMMIT PROPERTIES INC.

                                       By: /s/ William F. Paulsen
                                           -------------------------------
                                           Name:  William F. Paulsen
                                           Title:  Chief Executive Officer

                                       SUMMIT MANAGEMENT COMPANY

                                       By: /s/ William F. Paulsen
                                           -------------------------------
                                           Name:  William F. Paulsen
                                           Title:  Vice President

                                        7

<PAGE>   8

                                       Collectively, the "Company"

                                       /s/ Steven R. LeBlanc
                                       -----------------------------------

                                       Steven R. LeBlanc
                                       "Executive"

                                        8

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