Document:

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                                                                 Exhibit 10.12.3

[COMPASS BANK LOGO]                                FUTURE ADVANCE DEED TO SECURE
                                                               DEBT,
                                                  ASSIGNMENT OF RENTS AND LEASES
                                                      AND SECURITY AGREEMENT

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LOAN NO.___________         THIS INSTRUMENT Robert W. Reardon
                            PREPARED BY:    MORRIS, MANNING & MARTIN, L.L.P.
                                            1600 Atlanta Financial Center
                                            3343 Peachtree Road
                                            Atlanta, GA  30326
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FUTURE ADVANCE DEED TO SECURE DEBT (GA)                                   PAGE 1

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                                                                 Exhibit 10.12.3

STATE OF GEORGIA

COUNTY OF FULTON

THIS INDENTURE (herein this "DEED TO SECURE DEBT") made as of the 30 day of May,
2003, between ROBERTS PROPERTIES RESIDENTIAL, L.P., a Georgia limited
partnership (hereinafter called the "GRANTOR," whether one or more) and COMPASS
BANK (hereinafter called "BANK"), as grantee. The addresses of the Grantor and
the Bank are set forth in Paragraph 5.09 hereof.

                              W I T N E S S E T H:

WHEREAS, Grantor is justly indebted to Bank on a loan (the "LOAN") in the
principal sum of SIX MILLION FIVE HUNDRED THOUSAND DOLLARS ($6,500,000) or so
much as may from time to time be disbursed thereunder, as evidenced by a
promissory note dated of even date herewith, payable to Bank with interest
thereon as provided therein (the "NOTE"), which Note has a maturity date of
April 30, 2006; and

WHEREAS, Grantor may hereafter become indebted to Bank or to a subsequent holder
of this Deed to Secure Debt on loans or otherwise (the Bank and any subsequent
holder of this Deed to Secure Debt being referred to herein as "GRANTEE"); and

WHEREAS, the parties desire to secure the principal amount of the Note with
interest, and all renewals, extensions and modifications thereof, and all
refinancings of any part of the Note and any and all other additional
indebtedness of Grantor to Grantee, now existing or hereafter arising, whether
joint or several, due or to become due, absolute or contingent, direct or
indirect, liquidated or unliquidated, and any renewals, extensions,
modifications and refinancings thereof, and whether incurred or given as maker,
endorser, guarantor or otherwise, and whether the same be evidenced by note,
open account, assignment, endorsement, guaranty, pledge or otherwise (herein
"OTHER INDEBTEDNESS").

NOW, THEREFORE, the Grantor, in consideration of Grantee's making the Loan, and
to secure the prompt payment of same, with the interest thereon, and any
extensions, renewals, modifications and refinancings of same, and any charges
herein incurred by Grantee on account of Grantor, including but not limited to
attorneys' fees, and any and all Other Indebtedness as set forth above, and
further to secure the performance of the covenants, conditions and agreements
hereinafter set forth and set forth in the Note and set forth in all other
documents evidencing, securing or executed in connection with the Loan (this
Deed to Secure Debt, the Note and such other documents are sometimes referred to
herein as the "LOAN DOCUMENTS"), and as may be set forth in instruments
evidencing or securing Other Indebtedness (the "OTHER INDEBTEDNESS INSTRUMENTS")
has given, granted, bargained, sold and conveyed and does hereby give, grant,
bargain, sell, convey and confirm unto the Grantee, its successors and assigns,
the following described land, real estate, estates, buildings, improvements,
fixtures, furniture, and personal property (which together with any additional
such property in the possession of the Grantee or hereafter acquired by the
Grantor and subject to the lien of this Deed to Secure Debt, or intended to be
so, as the same may be constituted from time to time is hereinafter sometimes
referred to as the " PROPERTY") to-wit:

         (a)      All that tract or parcel or parcels of land and estates
                  particularly described on EXHIBIT A attached hereto and made a
                  part hereof (the "LAND");

         (b)      All buildings, structures, and improvements of every nature
                  whatsoever now or hereafter situated on the Land, and all
                  fixtures, fittings, building materials, machinery, equipment,
                  furniture and furnishings and personal property of every
                  nature whatsoever now or hereafter owned by the Grantor and
                  used or intended to be used in connection with or with the
                  operation of said property, buildings, structures or other
                  improvements, including all extensions, additions,
                  improvements, betterments, renewals, substitutions,
                  replacements and accessions to any of the foregoing, whether
                  such fixtures, fittings, building materials, machinery,
                  equipment, furniture, furnishings and personal property
                  actually are located on or adjacent to the Land or not, and
                  whether in storage or otherwise, and wheresoever the same may
                  be located (the "IMPROVEMENTS");

         (c)      All accounts, general intangibles, contracts and contract
                  rights relating to the Land and Improvements, whether now
                  owned or existing or hereafter created, acquired or arising,
                  including without limitation, all construction contracts,
                  architectural services contracts, management contracts,
                  leasing agent contracts, purchase and sales contracts, put or
                  other option contracts, and all other contracts and agreements
                  relating to the construction of improvements on, or the
                  operation, management and sale of all or any part of the Land
                  and Improvements;

         (d)      Together with all easements, rights of way, gores of land,
                  streets, ways, alleys, passages, sewer rights, waters, water
                  courses, water rights and powers, and all estates, leases,
                  subleases, licenses, rights, titles, interests, privileges,
                  liberties, tenements, hereditaments, and appurtenances
                  whatsoever, in any way belonging, relating or appertaining to
                  any of the property hereinabove described, or which hereafter
                  shall in any way belong, relate or be appurtenant thereto,
                  whether now owned or hereafter acquired by the Grantor, and
                  the reversion and reversions, remainder and remainders, rents,
                  issues and

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

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                                                                 Exhibit 10.12.3

                  profits thereof, and all the estate, right, title, interest,
                  property, possession, claim and demand whatsoever at law, as
                  well as in equity, of the Grantor of, in and to the same,
                  including but not limited to:

                  (i)      All rents, royalties, profits, issues and revenues of
                           the Land and Improvements from time to time accruing,
                           whether under leases or tenancies now existing or
                           hereafter created; and

                  (ii)     All judgments, awards of damages and settlements
                           hereafter made resulting from condemnation
                           proceedings or the taking of the Land and
                           Improvements or any part thereof under the power of
                           eminent domain, or for any damage (whether caused by
                           such taking or otherwise) to the Land and
                           Improvements or any part thereof, or to any rights
                           appurtenant thereto, including any award for change
                           of grade or streets. Grantee hereby is authorized on
                           behalf of and in the name of Grantor to execute and
                           deliver valid acquittances for, and appeal from, any
                           such judgments or awards. Grantee may apply all such
                           sums or any part thereof so received, after the
                           payment of all its expenses, including costs and
                           attorneys' fees, on any of the indebtedness secured
                           hereby in such manner as it elects or, at its option,
                           the entire amount or any part thereof so received may
                           be released;

         (e)      All cash and non-cash proceeds and all products of any of the
                  foregoing items or types of property described in (a), (b),
                  (c) or (d) above, including, but not limited to, all
                  insurance, contract and tort proceeds and claims, and
                  including all inventory, accounts, chattel paper, documents,
                  instruments, equipment, fixtures, consumer goods and general
                  intangibles acquired with cash proceeds of any of the
                  foregoing items or types of property described in (a), (b),
                  (c) or (d) above.

TO HAVE AND TO HOLD the Property and all parts thereof unto the Grantee, its
successors and assigns, in fee simple forever, subject, however. to the terms
and conditions herein.

         This Deed to Secure Debt is intended to operate and is to be construed
as a deed passing the title to the Property to Grantee and is made under those
provisions of the existing laws of the State of Georgia relating to deeds to
secure debt, and not as a mortgage, and is given to secure the payment of the
following described indebtedness (hereinafter referred to collectively as the
"Secured Indebtedness"):

         (a) The debt evidenced by the Note, together with any and all renewals,
modifications, consolidations and extensions of the indebtedness evidenced by
the Note; and

         (b) Any and all additional advances made by Grantee to protect or
preserve the Property or the security interest created hereby on the Premises,
or for taxes, assessments or insurance premiums as hereinafter provided, or for
performance of any of Grantor's obligations hereunder or for any other purpose
provided herein (whether or not the original Grantor remains the owner of the
Property at the time of such advances);

         (c) All obligations of Grantor to Grantee under that certain
Construction Loan Agreement of even date herewith by and between Grantor and
Grantee ("Loan Agreement"); and

         (d) All obligations of Grantor to Grantee under any agreement between
Grantor and Grantee or any affiliate of Grantee, now existing or hereafter
entered into with respect to the Loan, which provides for an interest rate or
commodity swap, cap, floor, collar, forward foreign exchange transaction,
currency swap, cross-currency rate swap, currency option, or any combination of,
or option with respect to, these or similar transactions, for the purpose of
hedging Grantor's exposure to fluctuations in interest rates, currency
calculations or commodity prices (collectively the "Swap Agreement").

Should the Secured Indebtedness be paid according to the tenor and effect
thereof when the same shall become due and payable, and should Grantor perform
all covenants herein contained in a timely manner, then this Deed to Secure Debt
shall be canceled and surrendered.

AND the Grantor further represents, warrants, covenants and agrees with the
Grantee as follows:

                                    ARTICLE I
                                     GENERAL

1.01 PERFORMANCE OF DEED TO SECURE DEBT, NOTE AND LOAN DOCUMENTS. The Grantor
shall perform, observe and comply with all provisions hereof, of the Note, of
the other Loan Documents, and of the Other Indebtedness Instruments, and shall
duly and punctually pay to the Grantee the sum of money expressed in the Note,
with interest thereon, and all other sums required to be paid by the Grantor
pursuant to the provisions of this Deed to Secure Debt, of the Note, of the
other Loan Documents, and of the Other Indebtedness Instruments, all without any
deductions or credit for taxes or other similar charges paid by the Grantor.

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3

1.02 WARRANTY OF TITLE. Grantor hereby warrants that it is lawfully seized of an
indefeasible estate in fee simple in the land and real property hereby
mortgaged, or is lawfully seized of such other estate or interest as is
described on EXHIBIT A hereto, and has good and absolute title to all existing
personal property hereby granted as security, and has good right, full power and
lawful authority to sell, convey and grant a security interest in the same in
the manner and form aforesaid; that the same is free and clear of all grants,
reservations, security interests, liens, charges, and encumbrances whatsoever,
subject to those matters set forth on EXHIBIT B attached hereto and by this
reference incorporated herein (the "Permitted Exceptions"), including, as to the
personal property and fixtures, conditional sales contracts, chattel mortgages,
security agreements, financing statements, and anything of a similar nature, and
that Grantor shall and will warrant and forever defend the title thereto and the
quiet use and enjoyment thereof unto the Grantee, their respective heirs,
successors and assigns, against the lawful claims of all persons whomsoever,
subject to the Permitted Exceptions.

1.03 FUTURE ADVANCES, REVOLVING AND OPEN-END LOANS, AND OTHER DEBTS. It is
expressly understood that this Deed to Secure Debt is given to and does secure
not only the Loan and the Note and future obligations and advances incurred
thereunder, but also any and all present and future Other Indebtedness,
obligations and liabilities, direct or contingent, of the Grantor to the
Grantee, whether now existing or hereafter arising, and any and all extensions,
renewals, modifications and refinancings of same, or any part thereof, whether
the same be evidenced by note, open account, assignment, endorsement, guaranty,
pledge or otherwise. The Loan and the Other Indebtedness may, if provided in the
applicable loan instruments, provide for revolving or open-end loans and
advances, all of which shall be secured by this Deed to Secure Debt.

1.04 MONTHLY TAX DEPOSIT. After the occurrence of an Event of Default, and if
required by Grantee, Grantor shall pay on the first day of each month
one-twelfth (1/12) of the yearly taxes on the Property, as estimated by Grantee,
in addition to each regular installment of principal and interest. Such sums
shall not draw interest and shall not be, nor be deemed to be, trust funds, but
may be commingled with the general funds of Grantee. Grantor agrees to pay
Grantee the amount of any deficiency necessary to enable Grantee to pay such
taxes when due. Such sums may be applied by the Grantee to the reduction of the
indebtedness secured hereby in any manner selected by Grantee if an Event of
Default shall occur under this Deed to Secure Debt or under the Note, any of the
other Loan Documents, or any of the Other Indebtedness Instruments, but, unless
otherwise agreed by the Grantee in writing, no application of tax deposits to
the Note, to Other Indebtedness, or to other obligations secured hereby, shall
delay, reduce, alter or otherwise affect any regularly scheduled payment with
respect to the Loan, the Other Indebtedness, or any such other obligations.

1.05  OTHER TAXES, UTILITIES AND LIENS.

         (a)      The Grantor shall pay promptly, when and as due, and, if
                  requested, will exhibit promptly to the Grantee receipts for
                  the payment of all taxes, assessments, water rates, utility
                  charges, dues, charges, fines, penalties, costs and other
                  expenses incurred, and impositions of every nature whatsoever
                  imposed, levied or assessed or to be imposed, levied or
                  assessed upon or against the Property or any part thereof or
                  upon the revenues, rents, issues and profits of the Property
                  or arising in respect of the occupancy, use or possession
                  thereof, or upon the interest of the Grantee in the Property
                  (other than any of the same for which provision has been made
                  in Paragraph 1.04 of this Article I), or any charge which, if
                  unpaid, would become a lien or charge upon the Property.

         (b)      The Grantor promptly shall pay or bond and shall not suffer
                  any mechanic's, laborer's, statutory or other lien to be
                  created or to remain outstanding upon any of the Property.

         (c)      In the event of the passage of any state, federal, municipal
                  or other governmental law, order, rule or regulation,
                  subsequent to the date hereof, in any manner changing or
                  modifying the laws now in force governing the taxation of
                  mortgages or debts secured by mortgages or the manner of
                  collecting taxes, then Grantor immediately shall pay any
                  increased taxes if allowed by law, and if Grantor fails to pay
                  such additional taxes, or if Grantor is prohibited from paying
                  such taxes, or if Grantee in any way is adversely affected by
                  such law, order, rule or regulation, then in any of such
                  events, all indebtedness secured by this Deed to Secure Debt
                  and all interest accrued thereon shall without notice become
                  due and payable forthwith at the option of the Grantee.

1.06  INSURANCE.

         (a)      The Grantor shall procure for, deliver to, and maintain for
                  the benefit of the Grantee during the term of this Deed to
                  Secure Debt insurance policies in such amounts as the Grantee
                  shall require, insuring the Property against fire, extended
                  coverage, war damage (if available), and such other insurable
                  hazards, casualties and contingencies as the Grantee may
                  require. During the construction period, Grantor shall procure
                  for, deliver to and maintain builder's risk/extended
                  multi-peril hazard insurance. After completion of construction
                  of the improvements on the Property and upon lease-up of the
                  Property, Grantor shall procure loss of rent insurance in an
                  amount equal to 100% of twelve (12) months' gross rental from
                  the Property. The form of such policies and the companies
                  issuing them shall be acceptable to the Grantee. All policies
                  shall contain a New York standard, non-contributory mortgagee
                  endorsement making losses payable to the Grantee, as
                  mortgagee. At least fifteen (15) days prior to the expiration
                  date of all such policies, renewals thereof satisfactory to
                  the

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3

                  Grantee shall be delivered to the Grantee. The Grantor shall
                  deliver to the Grantee receipts evidencing the payment of all
                  such insurance policies and renewals. In the event of the
                  foreclosure of this Deed to Secure Debt or any transfer of
                  title to the Property in partial or full extinguishment of the
                  indebtedness secured hereby, all right, title and interest of
                  the Grantor, or its assigns, in and to all insurance policies
                  then in force shall pass to the purchaser or grantee.

         (b)      The Grantee hereby is authorized and empowered, at its option,
                  to adjust or compromise any loss under any insurance policies
                  on the Property, and to collect and receive the proceeds from
                  any such policy or policies. Each insurance company hereby is
                  authorized and directed to make payment for all such losses
                  directly to the Grantee instead of to the Grantor and Grantee
                  jointly. After deducting from said insurance proceeds any
                  expenses incurred by Grantee in the collection or handling of
                  said funds, the Grantee may apply the net proceeds, at its
                  option, either toward repairing or restoring the improvements
                  on the Property, or as a credit on any portion of the
                  Grantor's indebtedness selected by Grantee, whether then
                  matured or to mature in the future, or at the option of the
                  Grantee, such sums either wholly or in part may be used to
                  repair such improvements, or to build new improvements in
                  their place or for any other purpose and in a manner
                  satisfactory to the Grantee, all without affecting the lien of
                  this Deed to Secure Debt for the full amount secured hereby
                  before such payment took place. Grantee shall not be liable to
                  Grantor or otherwise responsible for any failure to collect
                  any insurance proceeds due under the terms of any policy
                  regardless of the cause of such failure.

         (c)      After the occurrence of an Event of Default, and if required
                  by the Grantee, the Grantor shall pay on the first day of each
                  month, in addition to any regular installment of principal and
                  interest and other charges with respect to indebtedness
                  secured hereby, and the monthly tax deposit provided for in
                  Paragraph 1.04 hereof, one-twelfth (1/12) of the yearly
                  premiums for insurance maintained pursuant to the provisions
                  of this Paragraph 1.06. Such amount shall be used by Grantee
                  to pay such insurance premiums when due. Such added payments
                  shall not be, nor be deemed to be, trust funds, but may be
                  commingled with the general funds of the Grantee, and no
                  interest shall be payable in respect thereof. Upon demand of
                  the Grantee, the Grantor agrees to deliver to the Grantee such
                  additional moneys as are necessary to make up any deficiencies
                  in the amounts deposited by Grantor with Grantee pursuant to
                  this Paragraph 1.06 to enable the Grantee to pay such
                  insurance premiums when due. In the event of an Event of
                  Default hereunder or of a default by Grantor under the Note,
                  any other Loan Documents, or any Other Indebtedness
                  Instruments, the Grantee may apply such sums to the reduction
                  of the indebtedness secured hereby in any manner selected by
                  Grantee, but, unless otherwise agreed by the Grantee in
                  writing, no application of insurance proceeds to the Loan, to
                  Other Indebtedness, or to other obligations secured hereby,
                  shall delay, reduce, alter or otherwise affect any regularly
                  scheduled payment with respect to the Loan, the Other
                  Indebtedness, or any such other obligations.

1.07 CONDEMNATION. If all or any part of the Property shall be damaged or taken
through condemnation (which term when used in this Deed to Secure Debt shall
include any damage or taking by any governmental or private authority, and any
transfer by private sale in lieu thereof), either temporarily or permanently,
the entire indebtedness secured hereby shall at the option of the Grantee become
immediately due and payable. The Grantee shall be entitled to all compensation,
awards, and other payments or relief for any condemnation and hereby is
authorized, at its option, to commence, appear in and prosecute, in its own or
the Grantor's name, any action or proceeding relating to any condemnation, and
to settle or compromise any claim in connection therewith. All such
compensation, awards, damages, claims, rights of action and proceeds and the
right thereto are hereby assigned by the Grantor to the Grantee, which, after
deducting therefrom all its expenses, including attorneys' fees, may release any
moneys so received by it without affecting the lien of this Deed to Secure Debt
or may apply the same in such manner as the Grantee shall determine to the
reduction of the indebtedness secured hereby, and any balance of such moneys
then remaining shall be paid to the Grantor. The Grantor agrees to execute such
further assignments of any compensations, awards, damages, claims, rights of
action and proceeds as the Grantee may require. The Grantor promptly shall
notify the Grantee in the event of the institution of any condemnation or
eminent domain proceeding or in the event of any threat thereof. The Grantee
shall be entitled to retain, at the expense of the Grantor, its own legal
counsel in connection with any such proceedings or threatened proceedings.
Grantee shall be under no obligation to the Grantor or to any other person to
determine the sufficiency or legality of any condemnation award and may accept
any such award without question or further inquiry.

1.08 CARE OF THE PROPERTY.

         (a)      The Grantor will preserve and maintain the Property in good
                  condition and repair, and shall not commit or suffer any waste
                  and shall not do or suffer to be done anything which will
                  increase the risk of fire or other hazard to the Property or
                  any part thereof.

         (b)      Except as otherwise provided herein, no buildings, fixtures,
                  personal property, or other part of the Property shall be
                  removed, demolished or substantially altered without the prior
                  written consent of the Grantee. The Grantor may sell or
                  otherwise dispose of, free from the lien of this Deed to
                  Secure Debt, furniture, furnishings, equipment, tools,
                  appliances, machinery or appurtenances, subject to the lien
                  hereof which may become worn out, undesirable, obsolete,
                  disused or unnecessary for use in the operation of the
                  Property, not exceeding in value at the time of disposition
                  thereof Five Thousand Dollars ($5,000.00) for any single
                  transaction, or a total of Twenty Thousand Dollars
                  ($20,000.00) in any one year, upon replacing the same with, or
                  substituting for the same, free and clear of all liens and
                  security interests except those created by the Loan Documents
                  or Other Indebtedness Instruments, other furniture,
                  furnishings, equipment, tools,

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3

                  appliances, machinery or appurtenances not necessarily of the
                  same character, but of at least equal value and of equal or
                  greater utility in the operation of the Property, and costing
                  not less than the amount realized from the property sold or
                  otherwise disposed of. Such substitute furniture, furnishings,
                  equipment, tools, appliances, machinery and appurtenances
                  shall forthwith become, without further action, subject to the
                  provisions of this Deed to Secure Debt.

         (c)      If the Property or any part thereof is damaged by fire or any
                  other cause, the Grantor shall give immediate written notice
                  of the same to the Grantee.

         (d)      The Grantee hereby is authorized, upon 24 hours prior notice,
                  to enter upon and inspect the Property, and to inspect the
                  Grantor's or Grantor's agent's records with respect to the
                  ownership, use, management and operation of the Property, at
                  any time during normal business hours.

         (e)      If all or any part of the Property shall be damaged by fire or
                  other casualty, the Grantor promptly shall restore the
                  Property to the equivalent of its original condition,
                  regardless of whether or not there shall be any insurance
                  proceeds therefor; provided, however, that if there are
                  insurance proceeds, the Grantor shall not be required to
                  restore the Property as aforesaid unless the Grantee shall
                  apply any net proceeds from the casualty in question and held
                  by Grantee, as allowed under Paragraph 1.06, toward restoring
                  the damaged improvements.

1.09 FURTHER ASSURANCES; AFTER-ACQUIRED PROPERTY.

         (a)      At any time, and from time to time, upon request by the
                  Grantee, the Grantor, at Grantor's expense, will make, execute
                  and deliver or cause to be made, executed and delivered to the
                  Grantee and, where appropriate, to cause to be recorded and/or
                  filed and from time to time thereafter to be re-recorded
                  and/or refiled at such time and in such offices and places as
                  shall be deemed desirable by the Grantee any and all such
                  other and further mortgages, instruments of further assurance,
                  certificates and other documents as may, in the opinion of the
                  Grantee, be necessary or desirable in order to effectuate,
                  complete, or perfect, or to continue and preserve the
                  obligation of the Grantor under the Note and this Deed to
                  Secure Debt, and the priority of this Deed to Secure Debt as a
                  first and prior security title to all of the Property, whether
                  now owned or hereafter acquired by the Grantor. Upon any
                  failure by the Grantor so to do, the Grantee may make,
                  execute, and record any and all such mortgages, instruments,
                  certificates, and documents for and in the name of the
                  Grantor, and the Grantor hereby irrevocably appoints the
                  Grantee the agent and attorney-in-fact of the Grantor so to
                  do. The rights and title hereunder automatically will attach,
                  without further act, to all after-acquired property (except
                  consumer goods, other than accessions, not acquired within ten
                  (10) days after the Grantee has given value under the Note)
                  attached to and/or used in the operation of the Property or
                  any part thereof.

         (b)      Without limitation to the generality of the other provisions
                  of this Deed to Secure Debt, including subparagraph (a) of
                  this Paragraph 1.09, it hereby expressly is covenanted, agreed
                  and acknowledged that the lien and rights hereunder
                  automatically will attach to any further, greater, additional,
                  or different estate, rights, titles or interests in or to any
                  of the Property at any time acquired by the Grantor by
                  whatsoever means, including that in the event the Grantor is
                  the owner of an estate or interest in the Property or any part
                  thereof (such as, for example, as the lessee or tenant) other
                  than as the fee simple owner thereof, and prior to the
                  satisfaction of record of this Deed to Secure Debt the Grantor
                  obtains or otherwise acquires such fee simple or other estate,
                  then such further, greater, additional, or different estate in
                  the Property, or a part thereof, shall automatically, and
                  without any further action or filing or recording on the part
                  of the Grantor or the Grantee or any other person or entity,
                  be and become subject to this Deed to Secure Debt and the lien
                  hereof. In consideration of Grantee's making the Loan as
                  aforesaid, and to secure the Loan, the Other Indebtedness and
                  obligations set forth above, Grantor hereby grants, bargains,
                  sells and conveys to Grantee, on the same terms as set forth
                  in this Deed to Secure Debt and intended to be a part hereof,
                  all such after-acquired property and estates.

1.10 ADDITIONAL SECURITY. The Grantee also shall have and hereby is granted a
security interest in all monies, securities and other property of the Grantor,
now or hereafter assigned, held, received, or coming into the possession,
control, or custody of the Grantee by or for the account of the Grantor
(including indebtedness due from the Grantee to the Grantor, and any and all
claims of Grantor against Grantee, at any time existing) whether expressly as
collateral security, custody, pledge, transmission, collection or for any other
purpose, and also upon any and all deposit balances, including any dividends
declared, or interest accruing thereon, and proceeds thereof. On an Event of
Default, the Grantee may, in addition to any other rights provided by this Deed
to Secure Debt or any of the other Loan Documents, but shall not be obligated
to, apply to the payment of the Loan or Other Indebtedness secured hereby, and
in such manner as the Grantee may determine, any such monies, securities or
other property held or controlled by the Grantee. No such application of funds
shall, unless otherwise expressly agreed by the Grantee in writing, reduce,
alter, delay or otherwise affect any regularly scheduled payment with respect to
the Loan or such Other Indebtedness or obligations.

1.11 LEASES AFFECTING PROPERTY. The Grantor shall comply with and observe its
obligations as landlord or tenant under all leases affecting the Property or any
part thereof. If requested by Grantee, Grantor shall furnish Grantee with
executed copies of all leases now or hereafter existing on the Property; and all
leases now or hereafter entered into will be in form and substance subject to
the approval of Grantee. Grantor shall not

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3

accept payment of rent more than one (1) month in advance without the express
written consent of Grantee. If requested by the Grantee, the Grantor shall
execute and deliver to Grantee, as additional security, such other documents as
may be requested by Grantee to evidence further the assignment to Grantee
hereunder, and to assign any and all such leases whether now existing or
hereafter created, including, without limitation, all rents, royalties, issues
and profits of the Property from time to time accruing. The Grantor shall not
cancel, surrender or modify any lease affecting the Property or any part thereof
without the written consent of the Grantee.

1.12 EXPENSES. The Grantor shall pay or reimburse the Grantee for all reasonable
attorneys' fees, costs and expenses incurred by the Grantee in connection with
the collection of the indebtedness secured hereby or the enforcement of any
rights or remedies provided for in this Deed to Secure Debt, in any of the other
Loan Documents or the Other Indebtedness Instruments, or as may otherwise be
provided by law, or incurred by Grantee in any proceeding involving the estate
of a decedent or an insolvent, or in any action, proceeding or dispute of any
kind in which the Grantee is made a party, or appears as party plaintiff or
defendant, affecting this Deed to Secure Debt, the Note, any of the other Loan
Documents, any of the Other Indebtedness Instruments, Grantor or the Property,
including but not limited to the foreclosure of this Deed to Secure Debt, any
condemnation action involving the Property, any environmental condition of or
affecting the Property, or any action to protect the security hereof; and any
such amounts paid or incurred by the Grantee shall be added to the indebtedness
secured hereby and shall be further secured by this Deed to Secure Debt.

1.13 PERFORMANCE BY GRANTEE OF DEFAULTS BY GRANTOR. If the Grantor shall default
in the payment of any tax, lien, assessment or charge levied or assessed against
the Property, or otherwise described in Paragraphs 1.04 and 1.05 hereof; in the
payment of any utility charge, whether public or private; in the payment of
insurance premiums; in the procurement of insurance coverage and the delivery of
the insurance policies required hereunder; or in the performance or observance
of any other covenant, condition or term of this Deed to Secure Debt, of the
Note, of any of the other Loan Documents, or of any of the Other Indebtedness
Instruments, then the Grantee, at its option, may perform or observe the same;
and all payments made for costs or expenses incurred by the Grantee in
connection therewith shall be secured hereby and shall be, without demand,
immediately repaid by the Grantor to the Grantee with interest thereon
calculated in the manner set forth in the Note, and at the default interest rate
specified in the Note, or, if no default interest rate is specified, then at the
rate set forth in the Note, plus two percentage points (2%). The Grantee shall
be the sole judge of the legality, validity and priority of any such tax, lien,
assessment, charge, claim and premium, of the necessity for any such actions and
of the amount necessary to be paid in satisfaction thereof. The Grantee hereby
is empowered to enter and to authorize others to enter upon the Property or any
part thereof for the purpose of performing or observing any such defaulted
covenant, condition or term, without thereby becoming liable to the Grantor or
any person in possession holding under the Grantor for trespass or otherwise.

1.14 BOOKS AND RECORDS. The Grantor shall keep and maintain at all times full,
true and accurate books of accounts and records, adequate to reflect correctly
the results of the operation of the Property. Upon request of the Grantee, the
Grantor shall furnish to the Grantee (i) within one hundred twenty (120) days
after the end of the Grantor's fiscal year a balance sheet and a statement of
income and expenses, both in reasonable detail and form satisfactory to Grantee
and certified by a Certified Public Accountant, and (ii) within ten (10) days
after request therefor from Grantee, a rent schedule of the Property, certified
by the Grantor, showing the name of each tenant, and for each tenant, the space
occupied, the lease expiration date and the rent paid.

1.15 ESTOPPEL AFFIDAVITS. The Grantor within ten (10) days after written request
from the Grantee shall furnish a written statement, duly acknowledged, setting
forth the unpaid principal of and interest on the Loan and Other Indebtedness
and whether or not any offsets or defenses exist against any principal and
interest.

1.16 ALIENATION OR SALE OF PROPERTY. The Grantor shall not sell, assign,
mortgage, encumber, grant a security interest in or otherwise convey all or any
part of the Property without obtaining the express written consent of the
Grantee at least thirty (30) days prior to such conveyance. If Grantor should
sell, assign, mortgage, encumber, grant a security interest in or convey all, or
any part, of the Property without such consent by Grantee, then, in such event,
the entire balance of the indebtedness (including the Loan and all Other
Indebtedness) secured by this Deed to Secure Debt and all interest accrued
thereon (or such parts as Grantee may elect) shall without notice become due and
payable forthwith at the option of the Grantee. Notwithstanding anything to the
contrary in the foregoing, Grantor shall have the right, without prior consent
of Grantee but with written notice thereof, to transfer the Property to Roberts
Realty Investors, Inc.

1.17 ENVIRONMENTAL AND COMPLIANCE MATTERS. Grantor represents, warrants and
covenants as follows:

         (a)      Based on the Phase I Environmental Site Assessment prepared by
                  United Consulting dated May 15, 2003 (the "Environmental
                  Report") and except as set forth therein, no Hazardous
                  Materials (hereinafter defined) have been, are, or will be,
                  while any part of the indebtedness secured by this Deed to
                  Secure Debt remains unpaid, contained in, treated, stored,
                  handled, generated, located on, discharged from, or disposed
                  of on, or constitute a part of, the Property except in
                  conformance with environmental law. As used herein, the term
                  "HAZARDOUS MATERIALS" includes, without limitation, any
                  asbestos, urea formaldehyde foam insulation, flammable
                  explosives, radioactive materials, hazardous materials,
                  hazardous wastes, hazardous or toxic substances, or related or
                  unrelated substances or materials defined, regulated,
                  controlled, limited or prohibited in the Comprehensive
                  Environmental Response Compensation and Liability Act of 1980
                  ("CERCLA") (42 U.S.C. Sections 9601, et seq.), the Hazardous
                  Materials Transportation Act (49 U.S.C. Sections 1801, et
                  seq.), the Resource Conservation and Recovery Act ("RCRA") (42
                  U.S.C. Sections 6901, et seq.), the Clean Water Act (33 U.S.C.

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3

                  Sections 1251, et seq.), the Clean Air Act (42 U.S.C. Sections
                  7401, et seq.), the Toxic Substances Control Act (15 U.S.C.
                  Sections 2601, et seq.), each such Act as amended from time to
                  time, and in the rules and regulations adopted and
                  publications promulgated pursuant thereto, and in the rules
                  and regulations of the Occupational Safety and Health
                  Administration ("OSHA") pertaining to occupational exposure to
                  asbestos, as amended from time to time, or in any other
                  federal, state or local environmental law, ordinance, rule, or
                  regulation now or hereafter in effect;

         (b)      Based on the Environmental Report and except as set forth
                  therein, no underground storage tanks, whether in use or not
                  in use, are located in, on or under any part of the Property;

         (c)      Based on the Environmental Report and except as set forth
                  therein, all of the Property complies and will comply in all
                  respects with applicable environmental laws, rules,
                  regulations, and court or administrative orders;

         (d)      There are no pending claims or threats of claims by private or
                  governmental or administrative authorities relating to
                  environmental impairment, conditions, or regulatory
                  requirements with respect to the Property;

         (e)      The Grantor promptly shall comply with all present and future
                  laws, ordinances, rules, regulations, orders and decrees of
                  any governmental authority affecting the Property or any part
                  thereof. Without limiting the foregoing, the Grantor
                  represents and covenants that the Property is in present
                  compliance with, and in the future shall comply with, as
                  applicable, the Americans With Disabilities Act of 1990,
                  ("ADA") (42 U.S.C. Sections 12101, et seq), as amended from
                  time to time, and in the rules and regulations adopted and
                  publications promulgated pursuant thereto.

         (f)      Grantor shall give immediate oral and written notice to
                  Grantee of its receipt of any notice of a violation of any
                  law, rule or regulation covered by this Paragraph 1.17, or of
                  any notice of other claim relating to the environmental or
                  physical condition of the Property, or of its discovery of any
                  matter which would make the representations, warranties and/or
                  covenants herein to be inaccurate or misleading in any
                  respect.

Grantor agrees to and does hereby indemnify and hold Grantee harmless from all
loss, cost, damage, claim and expense incurred by Grantee on account of (i) the
violation of any representation or warranty set forth in this Paragraph 1.17,
(ii) Grantor's failure to perform any obligations of this Paragraph 1.17, (iii)
Grantor's or the Property's failure to fully comply with all environmental laws,
rules and regulations, with all occupational health and safety laws, rules and
regulations, or with the ADA, as applicable, or (iv) any other matter related to
environmental or physical conditions on, under or affecting the Property. This
indemnification shall survive the closing of the Loan, payment of the Loan, the
exercise of any right or remedy under any Loan Document, and any subsequent sale
or transfer of the Property, and all similar or related events or occurrences.
However, this indemnification shall not apply to any new Hazardous Materials
first stored, generated or placed on the Property after the acquisition of title
to the Property by Grantee through foreclosure or deed in lieu of foreclosure or
after purchase by a third party after the Loan has been paid in full.

1.18 INSPECTION RIGHTS AND EASEMENTS. In addition to other inspection rights of
Grantee, the Grantor shall and hereby does grant and convey to the Grantee, its
agents, representatives, contractors, and employees, to be exercised by Grantee
following an Event of Default hereunder or under any of the other Loan
Documents, an easement and license to enter on the Property at any time upon 24
hours prior notice for the purpose of making such audits, tests, inspections,
and examinations, including, without limitation, inspection of buildings and
improvements, subsurface exploration and testing and groundwater testing (herein
"INSPECTIONS"), as the Grantee, in its sole discretion, deems necessary,
convenient, or proper to determine the condition and use of the Property, to
make an inventory of the Property, and to determine whether the ownership, use
and operation of the Property are in compliance with all federal, state, and
local laws, ordinances, rules, and regulations, including, without limitation,
environmental laws, health and public accommodation laws, and the ADA, as
applicable, and ordinances, rules and regulations relating thereto.
Notwithstanding the grant of the above easement and license to the Grantee, the
Grantee shall have no obligation to perform any such Inspections, or to take any
remedial action. All the costs and expenses incurred by the Grantee with respect
to any Inspections which the Grantee may conduct or take pursuant to this
Paragraph 1.18, including, without limitation, the fees of any engineers,
laboratories, and contractors, shall be repaid by the Grantor, with interest,
and shall be secured by this Deed to Secure Debt and the other Loan Documents.

                                   ARTICLE II
                         ASSIGNMENT OF RENTS AND LEASES

2.01 ASSIGNMENT. Grantor, in consideration of Grantee's making the Loan as
aforesaid and for other good and valuable consideration, and to secure the
prompt payment of same, with the interest thereon, and any extensions, renewals,
modifications and refinancings of same, and any charges herein incurred by
Grantee on account of Grantor, including but not limited to attorneys' fees, and
any and all Other Indebtedness, and further to secure the performance of the
covenants, conditions and agreements hereinafter set forth and set forth in the
Note, in the other Loan Documents, and in the Other Indebtedness Instruments,
does hereby sell, assign and transfer unto the Grantee all leases, subleases and
lease guaranties of or relating to all or part of the Property, whether now
existing or hereafter created or arising, including without limitation those
certain leases, if any, specifically described on an exhibit to this Deed to
Secure Debt, and all the rents, issues and profits now due and which

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3

may hereafter become due under or by virtue of any such lease, whether written
or verbal, or any letting of, or of any agreement for the use or occupancy of
the Property or any part thereof, which may have been heretofore or may be
hereafter made or agreed to or which may be made or agreed to by the Grantee
under the powers herein granted, it being the intention of the parties to hereby
establish an absolute transfer and assignment of all the said leases, subleases,
lease guaranties and agreements, and all the avails thereof, to the Grantee, and
the Grantor does hereby appoint irrevocably the Grantee its true and lawful
attorney in its name and stead (with or without taking possession of the
aforesaid Property as hereinafter provided), to rent, lease or let all or any
portion of the Property to any party or parties at such rental and upon such
term, in its discretion as it may determine, and to collect all of said avails,
rents, issues and profits arising from or accruing at any time hereafter, and
all now due, or that may hereafter become due under each and all of the leases,
subleases, lease guaranties and agreements, written or verbal, or other tenancy
existing or which may hereafter exist on the Property, with the same rights and
powers and subject to the same immunities, exoneration of liability and rights
of recourse and indemnity as the Grantee would have upon taking possession of
the Property pursuant to the provisions hereinafter set forth.

2.02 PREPAYMENT OF RENT. The Grantor represents and agrees that no rent has been
or will be paid by any person in possession of any portion of the Property for
more than one installment in advance and that the payment of none of the rents
to accrue for any portion of said Property has been or will be waived, released,
reduced, or discounted, or otherwise discharged or compromised by the Grantor,
except in the ordinary course of business. The Grantor waives any right of
setoff against any person in possession of any portion of the Property. The
Grantor agrees that it will not assign any of the rents or profits except to the
purchaser or grantee of the Property.

2.03 NOT MORTGAGEE IN POSSESSION; NO LIABILITY. Nothing herein contained shall
be construed as constituting the Grantee as "mortgagee in possession" in the
absence of the taking of actual possession of the Property by the Grantee
pursuant to the provisions hereinafter contained. In the exercise of the powers
herein granted the Grantee, no liability shall be asserted or enforced against
the Grantee, all such liability being expressly waived and released by the
Grantor.

2.04 PRESENT ASSIGNMENT. It is the intention of the parties that this assignment
of rents and leases shall be a present assignment; however, it is expressly
understood and agreed, anything herein contained to the contrary
notwithstanding, that Grantor shall have the right to collect the rents so long
as there exists no Event of Default under this Deed to Secure Debt, and provided
further, that Grantor's right to collect such rents shall terminate and cease
automatically upon the occurrence of any such Event of Default without the
necessity of any notice or other action whatsoever by Grantee.

2.05 NO OBLIGATION OF GRANTEE UNDER LEASES. The Grantee shall not be obligated
to perform or discharge, nor does it hereby undertake to perform or discharge,
any obligation, duty or liability under any leases, subleases or rental
agreements relating to the Property, and the Grantor shall and does hereby agree
to indemnify and hold the Grantee harmless of and from any and all liability,
loss or damage which it may or might incur under any leases, subleases or
agreements or under or by reason of the assignment thereof and of and from any
and all claims and demands whatsoever which may be asserted against it by reason
of any alleged obligations or undertakings on its part to perform or discharge
any of the terms, covenants or agreements contained in said leases, subleases or
agreements. Should the Grantee incur any such liability, loss or damage, under
said leases or under or by reason of the assignment thereof, or in the defense
of any claims or demands asserted against the Grantee in connection with any one
or more of said leases, subleases or agreements, the Grantor agrees to reimburse
the Grantee for the amount thereof, including costs, expenses and reasonable
attorneys' fees immediately upon demand, and until the same are fully reimbursed
by the Grantor, all such costs, expenses and attorneys' fees shall be secured by
the assignment hereunder and by this Deed to Secure Debt.

2.06 INSTRUCTION TO LESSEES. The Grantor does further specifically authorize and
instruct each and every present and future lessee, tenant, sublessee or
subtenant of the whole or any part of the Property to pay all unpaid rental
agreed upon in any lease, sublease or tenancy to the Grantee upon receipt of
demand from said Grantee to pay the same.

2.07 DEFAULT (ASSIGNMENT). Upon the occurrence of any Event of Default, as
described in Paragraph 4.01 of this Deed to Secure Debt, then, in addition to
the right to demand and collect directly from tenants rents accruing from leases
of the Property, Grantee shall have all rights and remedies set forth in Article
IV or elsewhere in this Deed to Secure Debt.

                                   ARTICLE III
                               SECURITY AGREEMENT

3.01 GRANT OF SECURITY INTEREST. Grantor (the "debtor" for purposes of the
Uniform Commercial Code), in consideration of Grantee's (the "secured party" for
purposes of the Uniform Commercial Code) making the Loan as aforesaid and for
other good and valuable consideration, and to secure the prompt payment of same,
with the interest thereon, and any extensions, renewals, modifications and
refinancings of same, and any charges herein incurred by Grantee on account of
Grantor, including but not limited to attorneys' fees, and any and all Other
Indebtedness, and further to secure the performance of the covenants, conditions
and agreements hereinafter set forth and set forth in the Note, in the other
Loan Documents, and in the Other Indebtedness Instruments, does hereby assign
and grant to Grantee title to and a security interest in such portions of the
Property the security interest in and disposition of which is governed by the
Uniform Commercial Code (the "COLLATERAL").

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3

3.02 DEFINITIONS. All terms used herein which are defined in the Georgia Uniform
Commercial Code (the "UNIFORM COMMERCIAL CODE") shall have the same meaning
herein as in the Uniform Commercial Code unless otherwise indicated herein.

3.03 FINANCING STATEMENTS. No financing statement covering any Collateral or any
proceeds thereof is on file in any public office, except for financing
statements specifically set forth on an addendum attached hereto, if any, and
except for the financing statements executed by Grantor as debtor and naming the
Grantee as secured party. At the Grantee's request, the Grantor will join with
Grantee in executing one or more financing statements pursuant to the Uniform
Commercial Code in form satisfactory to the Grantee, and will pay the cost of
filing the same in all public offices wherever filing is deemed by the Grantee
to be necessary or desirable. The Grantor authorizes the Grantee (i) to prepare
and to file financing statements covering the Collateral signed only by the
Grantee, (ii) to sign the Grantor's signature to such financing statements in
jurisdictions where Grantor's signature is required, and (iii) to file financing
statements without signatures where permitted by law. The Grantor promises to
pay to the Grantee the fees incurred in filing the financing statements,
including but not limited to mortgage recording taxes payable in connection with
filings on fixtures, which fees shall become part of the indebtedness secured
hereby.

3.04 REPRESENTATIONS OF GRANTOR (COLLATERAL). With respect to all of the
Collateral, Grantor represents and warrants that:

         (a)      The Collateral is used or bought primarily for business
                  purposes;

         (b)      If the Loan is a construction loan, the Collateral is being
                  acquired and/or installed with the proceeds of the Note which
                  Grantee may disburse directly to the seller, contractor, or
                  subcontractor;

         (c)      All the Collateral will be kept at the address of Grantor
                  shown in Paragraph 5.09(a) or, if not, at the real property
                  described in EXHIBIT A hereto. Grantor promptly shall notify
                  Grantee of any change in the location of the Collateral.
                  Except for transactions in the ordinary course of Grantor's
                  business, Grantor, its agents or employees, will not remove
                  the Collateral from said location without the prior written
                  consent of the Grantee;

         (d)      If certificates of title are issued or outstanding with
                  respect to any of the Collateral, the Grantor shall cause the
                  Grantee's interest to be properly noted thereon; and

         (e)      Grantor's name has always been as set forth on the first page
                  of this Deed to Secure Debt, except as otherwise disclosed in
                  writing to the Grantee. Grantor promptly shall advise the
                  Grantee in writing of any change in Grantor's name.

3.05 ASSIGNMENT OF LIABILITIES. If at any time or times by sale, assignment,
negotiation, pledge, or otherwise, Grantee transfers any or all of the
indebtedness or instruments secured hereby, such transfer shall, unless
otherwise specified in writing, carry with it Grantee's rights and remedies
hereunder with respect to such indebtedness or instruments transferred, and the
transferee shall become vested with such rights and remedies whether or not they
are specifically referred to in the transfer. If and to the extent Grantee
retains any of such indebtedness or instruments, Grantee shall continue to have
the rights and remedies herein set forth with respect thereto.

3.06 NO OBLIGATION OF GRANTEE UNDER ASSIGNED CONTRACTS. The Grantee shall not be
obligated to perform or discharge, nor does it hereby undertake to perform or
discharge, any obligation, duty or liability under any contracts or agreements
relating to the Property, and the Grantor shall and does hereby agree to
indemnify and hold the Grantee harmless of and from any and all liability, loss
or damage which it may or might incur under any such contracts or agreements or
under or by reason of the assignment thereof and of and from any and all claims
and demands whatsoever which may be asserted against it by reason of any alleged
obligations or undertakings on its part to perform or discharge any of the
terms, covenants or agreements contained in said contracts or agreements. Should
the Grantee incur any such liability, loss or damage, under said contracts or
agreements or under or by reason of the assignment thereof, or in the defense of
any claims or demands asserted against the Grantee in connection with any one or
more of said contracts or agreements, the Grantor agrees to reimburse the
Grantee for the amount thereof, including costs, expenses and reasonable
attorneys' fees immediately upon demand, and until the same are fully reimbursed
by the Grantor, all such costs, expenses and attorneys' fees shall be secured by
the assignment hereunder and by this Deed to Secure Debt.

3.07 DEFAULT (SECURITY AGREEMENT). Upon the occurrence of any Event of Default,
as described in Paragraph 4.01 of this Deed to Secure Debt, the Grantee shall
have all rights and remedies set forth in Article IV or elsewhere in this Deed
to Secure Debt.

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3

                                   ARTICLE IV
                         EVENTS OF DEFAULT AND REMEDIES

4.01 EVENT OF DEFAULT. The term "EVENT OF DEFAULT," wherever used in this Deed
to Secure Debt, shall mean the occurrence or existence of any one or more of the
following events or circumstances:

         (a)      Failure by the Grantor to pay as and when due and payable any
                  installment of principal, interest or escrow deposit, or other
                  charge payable under the Note, this Deed to Secure Debt or
                  under any other Loan Document and failure to cure such default
                  within three (3) days after receipt of written notice thereof;
                  or

         (b)      Failure by the Grantor to duly observe any other covenant,
                  condition or agreement of this Deed to Secure Debt, of the
                  Note, of any of the other Loan Documents or of any of the
                  Other Indebtedness Instruments, or the occurrence of any other
                  Event of Default under any of the other Loan Documents or
                  Other Indebtedness Instruments and failure to cure such
                  default within thirty (30) days after receipt of written
                  notice thereof; or if such default is not capable of cure
                  within 30 days, and Grantor has commenced to cure within the
                  30-day period and is diligently pursuing same, then within a
                  reasonable period thereafter not to exceed in any event 90
                  days after receipt of notice; or

         (c)      The filing by the Grantor or any guarantor of any indebtedness
                  secured hereby or of any of Grantor's obligations hereunder,
                  of a voluntary petition in bankruptcy or the Grantor's or any
                  such guarantor's adjudication as a bankrupt or insolvent, or
                  the filing by the Grantor or any such guarantor of any
                  petition or answer seeking or acquiescing in any
                  reorganization, arrangement, composition, readjustment,
                  liquidation, dissolution or similar relief for itself under
                  any present or future federal, state or other statute, law or
                  regulation relating to bankruptcy, insolvency or other relief
                  for debtors, or the Grantor's or any such guarantor's seeking
                  or consenting to or acquiescence in the appointment of any
                  trustee, receiver or liquidator of the Grantor or any such
                  guarantor or of all or any substantial part of the Property or
                  of any or all of the rents, revenues, issues, earnings,
                  profits or income thereof, or of any interest or estate
                  therein, or the making of any general assignment for the
                  benefit of creditors or the admission in writing of its
                  inability to pay its debts generally as they become due; or

         (d)      The entry by a court of competent jurisdiction or any order,
                  judgment, or decree approving a petition filed against the
                  Grantor or any guarantor of any of the indebtedness secured
                  hereby or of any of Grantor's obligations hereunder, seeking
                  any reorganization, arrangement, composition, readjustment,
                  liquidation, dissolution or similar relief under any present
                  or future federal, state or other statute, law or regulation
                  relating to bankruptcy, insolvency or other relief for
                  debtors, which order, judgment or decree remains unvacated and
                  unstayed for an aggregate of sixty (60) days (whether or not
                  consecutive) from the date of entry thereof, or the
                  appointment of any trustee, receiver or liquidator of the
                  Grantor or any such guarantor or of all or any substantial
                  part of the Property or of any or all of the rents, revenues,
                  issues, earnings, profits or income thereof, or of any
                  interest or estate therein, without the consent or
                  acquiescence of the Grantor and/or any such guarantor which
                  appointment shall remain unvacated and unstayed for an
                  aggregate of sixty (60) days (whether or not consecutive); or

         (e)      The filing or enforcement of any other mortgage on the
                  Property or any part thereof, or of any interest or estate
                  therein; or

         (f)      A default or event of default under any Swap Agreement not
                  cured within the cure period, if any, set forth therein.

4.02 ACCELERATION OF MATURITY. If an Event of Default shall have occurred, then
the entire balance of the indebtedness (including but not limited to the Loan
and the Other Indebtedness) secured hereby with interest accrued thereon shall,
at the option of the Grantee, become due and payable without notice or demand,
time being of the essence. Any omission on the part of the Grantee to exercise
such option when entitled to do so shall not be considered as a waiver of such
right.

4.03 RIGHT OF GRANTEE TO ENTER AND TAKE POSSESSION.

         (a)      If an Event of Default shall have occurred and be continuing,
                  the Grantor, upon demand of the Grantee, shall forthwith
                  surrender to the Grantee the actual possession of the
                  Property, and if and to the extent permitted by law, the
                  Grantee or its agents may enter and take and maintain
                  possession of all the Property, together with all the
                  documents, books, records, papers and accounts of the Grantor
                  or then owner of the Property relating thereto, and may
                  exclude the Grantor and its agents and employees wholly
                  therefrom.

         (b)      Upon every such entering upon or taking of possession, the
                  Grantee, as attorney-in-fact or agent of the Grantor, or in
                  its own name as mortgagee and under the powers herein granted,
                  may hold, store, use, operate, manage and control the Property
                  (or any portion thereof selected by Grantee) and conduct the
                  business thereof either personally or by its agents, and, from
                  time to time (i) make all necessary and proper maintenance,
                  repairs, renewals, replacements, additions, betterments and
                  improvements thereto and thereon and purchase or otherwise
                  acquire additional fixtures, personalty and other property;
                  (ii) insure or keep the Property (or any portion thereof
                  selected by Grantee) insured; (iii) manage and operate the
                  Property (or any portion thereof selected by Grantee) and
                  exercise all the rights and powers of the Grantor in its name
                  or otherwise, with respect to the same, including legal
                  actions for the recovery of rent, legal dispossessory actions
                  against tenants holding over and legal actions in distress of
                  rent, and with full power and authority to cancel or terminate

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3

                  any lease or sublease for any cause or on any ground which
                  would entitle the Grantor to cancel the same, and to elect to
                  disaffirm any lease or sublease made subsequent to this Deed
                  to Secure Debt or subordinated to the lien hereof; (iv) enter
                  into any and all agreements with respect to the exercise by
                  others of any of the powers herein granted the Grantee, all as
                  the Grantee from time to time may determine to be to its best
                  advantage; and the Grantee may collect and receive all the
                  income, revenues, rents, issues and profits of the Property
                  (or any portion thereof selected by Grantee), including those
                  past due as well as those accruing thereafter, and, after
                  deducting (aa) all expenses of taking, holding, managing, and
                  operating the Property (including compensation for the
                  services of all persons employed for such purposes), (bb) the
                  cost of all such maintenance, repairs, renewals, replacements,
                  additions, betterments, improvements and purchases and
                  acquisitions, (cc) the cost of such insurance, (dd) such
                  taxes, assessments and other charges prior to this Deed to
                  Secure Debt as the Grantee may determine to pay, (ee) other
                  proper charges upon the Property or any part thereof, and (ff)
                  the reasonable compensation, expenses and disbursements of the
                  attorneys and agents of the Grantee, Grantee shall apply the
                  remainder of the moneys so received by the Grantee, first to
                  the payment of accrued interest under the Note; second to the
                  payment of tax deposits required in Paragraph 1.04; third to
                  the payment of any other sums required to be paid by Grantor
                  under this Deed to Secure Debt or under the other Loan
                  Documents; fourth to the payment of overdue installments of
                  principal on the Note; fifth to the payment of any sums due
                  under Other Indebtedness Instruments, whether principal,
                  interest or otherwise; and the balance, if any, as otherwise
                  required by law.

         (c)      Whenever all such Events of Default have been cured and
                  satisfied, the Grantee may, at its option, surrender
                  possession of the Property to the Grantor, or to whomsoever
                  shall be entitled to possession of the Property as a matter of
                  law. The same right of taking possession, however, shall exist
                  if any subsequent Event of Default shall occur and be
                  continuing.

4.04 RECEIVER.

         (a)      If an Event of Default shall have occurred and be continuing,
                  the Grantee, upon application to a court of competent
                  jurisdiction, shall be entitled, without notice and without
                  regard to the adequacy of any security for the indebtedness
                  hereby secured or the solvency of any party bound for its
                  payment, to the appointment of a receiver to take possession
                  of and to operate the Property and to collect the rents,
                  profits, issues, royalties and revenues thereof.

         (b)      The Grantor shall pay to the Grantee upon demand all costs and
                  expenses, including receiver's fees, attorneys' fees, costs
                  and agent's compensation, incurred pursuant to the provisions
                  contained in this Paragraph 4.04; and all such expenses shall
                  be secured by this Deed to Secure Debt.

4.05 RIGHTS OF A SECURED PARTY. Upon the occurrence of an Event of Default, the
Grantee, in addition to any and all remedies it may have or exercise under this
Deed to Secure Debt, the Note, any of the other Loan Documents, the Other
Indebtedness Instruments or under applicable law, may immediately and without
demand exercise any and all of the rights of a secured party upon default under
the Uniform Commercial Code, all of which shall be cumulative. Such rights shall
include, without limitation:

         (a)      The right to take possession of the Collateral without
                  judicial process and to enter upon any premises where the
                  Collateral may be located for the purposes of taking
                  possession of, securing, removing, and/or disposing of the
                  Collateral without interference from Grantor and without any
                  liability for rent, storage, utilities or other sums;

         (b)      The right to sell, lease, or otherwise dispose of any or all
                  of the Collateral, whether in its then condition or after
                  further processing or preparation, at public or private sale;
                  and unless the Collateral is perishable or threatens to
                  decline speedily in value or is of a type customarily sold on
                  a recognized market, Grantee shall give to Grantor at least
                  ten (10) days' prior notice of the time and place of any
                  public sale of the Collateral or of the time after which any
                  private sale or other intended disposition of the Collateral
                  is to be made, all of which Grantor agrees shall be reasonable
                  notice of any sale or disposition of the Collateral;

         (c)      The right to require Grantor, upon request of Grantee, to
                  assemble and make the Collateral available to Grantee at a
                  place reasonably convenient to Grantor and Grantee; and

         (d)      The right to notify account debtors, and demand and receive
                  payment therefrom.

To effectuate the rights and remedies of Grantee upon default, Grantor does
hereby irrevocably appoint Grantee attorney-in-fact for Grantor, with full power
of substitution to sign, execute, and deliver any and all instruments and
documents and do all acts and things to the same extent as Grantor could do, and
to sell, assign, and transfer any collateral to Grantee or any other party.

4.06 POWER OF SALE. (a) If an Event of Default shall have occurred, Grantee, at
its option, may sell the Property or any part of the Property at one or more
public sale or sales before the door of the courthouse of the county in which
the Land or any part of the Land is

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3

situated, to the highest bidder for cash, in order to pay the Secured
Indebtedness and all expenses of sale and of all proceedings in connection
therewith including reasonable attorney's fees, after advertising the time,
place and terms of sale once a week for four (4) weeks immediately preceding
such sale (but without regard to the number of days) in a newspaper in which
Sheriff's sales are advertised in said county. At any such public sale, Grantee
may execute and deliver to the purchaser a conveyance of the Property or any
part of the Property in fee simple, with full warranties of title and to this
end, Grantor hereby constitutes and appoints Grantee the agent and
attorney-in-fact of Grantor to make such sale and conveyance, and thereby to
divest Grantor of all right, title and equity that Grantor may have in and to
the Property and to vest the same in the purchaser or purchasers at such sale or
sales, and all the acts and doings of said agent and attorney-in-fact are hereby
ratified and confirmed and any recitals in said conveyance or conveyances as to
facts essential to a valid sale shall be binding upon Grantor. The aforesaid
power of sale and agency hereby granted are coupled with an interest and are
irrevocable by death or otherwise, are granted as cumulative of the other
remedies provided hereby or by law for collection of the Secured Indebtedness
and shall not be exhausted by one exercise thereof but may be exercised until
full payment of all of the Secured Indebtedness. In the event of any sale under
this Deed to Secure Debt by virtue of the exercise of the powers herein granted,
or pursuant to any order in any judicial proceeding or otherwise, the Property
may be sold as an entirety or in separate parcels and in such manner or order as
Grantee in its sole discretion may elect, and if Grantee so elects, Grantee may
sell the personal property covered by this Deed to Secure Debt at one or more
separate sales in any manner permitted by the Uniform Commercial Code of the
State of Georgia, and one or more exercises of the powers herein granted shall
not extinguish nor exhaust such powers, until the entire Property are sold or
the Secured Indebtedness is paid in full. If the Secured Indebtedness is now or
hereafter further secured by any chattel mortgages, pledges, contracts of
guaranty, assignments of lease or other security instruments, Grantee may at its
option exhaust the remedies granted under any of said security instruments
either concurrently or independently, and in such order as Grantee may
determine.

         (b)      If an Event of Default shall have occurred, Grantee may, in
addition to and not in abrogation of the rights covered under Paragraph 4.06(a),
either with or without entry or taking possession as herein provided or
otherwise, proceed by a suit or suits in law or in equity or by any other
appropriate proceeding or remedy (i) to enforce payment of the Note or the
performance of any term, covenant, conditions or agreement of this Deed to
Secure Debt or any other right and (ii) to pursue any other remedy available to
it, all as Grantee at its sole discretion shall elect.

4.07 PURCHASE BY GRANTEE. Upon any foreclosure sale or sales of all or any
portion of the Property under the power herein granted, Grantee may bid for and
purchase the Property and shall be entitled to apply all or any part of the
Secured Indebtedness as a credit to the purchase price.

4.08 APPLICATION OF FORECLOSURE OR SALE PROCEEDS. The proceeds of any
foreclosure sale pursuant to Paragraph 4.05, or any sale pursuant to Paragraph
4.06, shall be applied as follows:

         (a)      First, to the costs and expenses of (i) retaking, holding,
                  storing and processing the Collateral and preparing the
                  Collateral or the Property (as the case may be) for sale, and
                  (ii) making the sale, including reasonable attorneys' fees for
                  such services as may be necessary in the collection of the
                  indebtedness secured by this Deed to Secure Debt or the
                  foreclosure of this Deed to Secure Debt;

         (b)      Second, to the repayment of any money, with interest thereon
                  to the date of sale at the applicable rate or rates specified
                  in the Note, this Deed to Secure Debt, the other Loan
                  Documents or the Other Indebtedness Instruments, as
                  applicable, which Grantee may have paid, or become liable to
                  pay, or which it may then be necessary to pay for taxes,
                  insurance, assessments or other charges, liens, or debts as
                  hereinabove provided, and as may be provided in the Note or
                  the other Loan Documents, such repayment to be applied in the
                  manner determined by Grantee;

         (c)      Third, to the payment of the indebtedness (including but not
                  limited to the Loan and the Other Indebtedness) secured
                  hereby, with interest to date of sale at the applicable rate
                  or rates specified in the Note, this Deed to Secure Debt, the
                  other Loan Documents or the Other Indebtedness Instruments, as
                  applicable, whether or not all of such indebtedness is then
                  due;

         (d)      Fourth, the balance, if any, shall be paid as provided by law.

4.09 WAIVERS. Grantor hereby waives any rights or remedies on account of any
extensions of time, releases granted or other dealings between Grantee and any
subsequent owner of the Property. The foregoing waiver shall not be construed as
affecting or otherwise amending the provisions of Paragraph 1.16 hereof. Upon
the occurrence of an Event of Default, neither Grantor nor anyone claiming
through or under Grantor shall or may set up, claim or seek to take advantage of
any appraisement, valuation, stay, extension, homestead, exemption or redemption
laws now or hereafter in force, to prevent or hinder the enforcement or
foreclosure of this Deed to Secure Debt, or the absolute sale of the Property,
or the final and absolute putting into possession thereof, immediately after
such sale, of the purchasers thereat, and Grantor, for itself and those claiming
through or under it, hereby waives to the full extent that it may lawfully so
do, the benefit of all such laws, and any and all right to have the Property
marshalled upon any foreclosure of the lien hereof. Except for the notices
required in Paragraph 4.01 herein, Grantor further waives any and all notices
including, without limitation, notice of intention to accelerate the
indebtedness secured hereby and notice of acceleration of such indebtedness.

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3

4.10 SUITS TO PROTECT THE PROPERTY. The Grantee shall have power (a) to
institute and maintain such suits and proceedings as it may deem expedient to
prevent any impairment of the Property by any acts which may be unlawful or in
violation of this Deed to Secure Debt; (b) to preserve or protect its interest
in the Property and in the income, revenues, rents and profits arising
therefrom; and (c) to restrain the enforcement of or compliance with any
legislation or other governmental enactment, rule or order that may be
unconstitutional or otherwise invalid, if the enforcement of or compliance with
such enactment, rule or order would impair the security hereunder or be
prejudicial to the interest of the Grantee. In case Grantee voluntarily or
otherwise shall become a party to any suit or legal proceeding to protect the
Property or the security title of this Deed to Secure Debt, Grantee shall be
saved harmless and reimbursed by Grantor for any amounts paid, including all
reasonable costs, charges and attorneys' fees incurred in any such suit or
proceeding, which obligations shall be secured by this Deed to Secure Debt.

4.11 GRANTOR TO PAY THE NOTE ON ANY DEFAULT IN PAYMENT; APPLICATION OF MONEYS BY
GRANTEE. If default shall occur in the payment of any amount due under this Deed
to Secure Debt, the Note, any of the other Loan Documents or any of the Other
Indebtedness Instruments, or if any other Event of Default shall occur under
this Deed to Secure Debt, then, upon demand of the Grantee, the Grantor shall
pay to the Grantee the whole amount due and payable under the Note and under all
Other Indebtedness Instruments; and in case the Grantor shall fail to pay the
same forthwith upon such demand, the Grantee shall be entitled to sue for and to
recover judgment for the whole amount so due and unpaid together with costs,
which shall include the reasonable compensation, expenses and disbursements of
the Grantee's agents and attorneys.

4.12 DELAY OR OMISSION NO WAIVER. No delay or omission of the Grantee or of any
holder of the Note to exercise any right, power or remedy accruing upon any
default shall exhaust or impair any such right, power or remedy or shall be
construed to be a waiver of any such default, or acquiescence therein; and every
right, power and remedy given by the Note, this Deed to Secure Debt, any of the
other Loan Documents, or the Other Indebtedness Instruments to the Grantee may
be exercised from time to time and as often as may be deemed expedient by the
Grantee.

4.13 NO WAIVER OF ONE DEFAULT TO AFFECT ANOTHER. No waiver of any default
hereunder, under any of the other Loan Documents, or under any of the Other
Indebtedness Instruments shall extend to or shall affect any subsequent or any
other then existing default or shall impair any rights, powers or remedies
consequent thereon.

If the Grantee (a) grants forbearance or an extension of time for the payment of
any indebtedness secured hereby; (b) takes other or additional security for the
payment thereof; (c) waives or does not exercise any right granted herein, in
the Note, in any of the other Loan Documents, or in any of the Other
Indebtedness Instruments; (d) releases any part of the Property from this Deed
to Secure Debt or otherwise changes any of the terms of this Deed to Secure
Debt, the Note, any of the other Loan Documents or the Other Indebtedness
Instruments; (e) consents to the filing of any map, plat, or replat of or
consents to the granting of any easement on, all or any part of the Property; or
(f) makes or consents to any agreement subordinating the priority of this Deed
to Secure Debt, any such act or omission shall not release, discharge, modify,
change, or affect the original liability under this Deed to Secure Debt, the
Note, the other Loan Documents, or the Other Indebtedness Instruments of the
Grantor or any subsequent purchaser of the Property or any part thereof, or any
maker, co-signer, endorser, surety or guarantor; nor shall any such act or
omission preclude the Grantee from exercising any right, power or privilege
herein granted or intended to be granted in the event of any other default then
made or of any subsequent default, nor, except as otherwise expressly provided
in an instrument or instruments executed by the Grantee shall the provisions of
this Deed to Secure Debt be altered thereby. In the event of the sale or
transfer by operation of law or otherwise of all or any part of the Property,
the Grantee, without notice to any person, corporation or other entity (except
notice shall be given to Grantor so long as Grantor remains liable under the
Note, this Deed to Secure Debt or any of the other Loan Documents) hereby is
authorized and empowered to deal with any such vendee or transferee with
reference to the Property or the indebtedness secured hereby, or with reference
to any of the terms or conditions hereof, or of the other Loan Documents, as
fully and to the same extent as it might deal with the original parties hereto
and without in any way releasing or discharging any of the liabilities or
undertakings hereunder.

4.14 DISCONTINUANCE OF PROCEEDINGS - POSITION OF PARTIES RESTORED. In case the
Grantee shall have proceeded to enforce any right or remedy under this Deed to
Secure Debt by foreclosure, entry or otherwise, and such proceedings shall have
been discontinued or abandoned for any reason, or shall have been determined
adversely to the Grantee, then and in every such case the Grantor and the
Grantee shall be restored to their former positions and rights hereunder, and
all rights, powers and remedies of the Grantee shall continue as if no such
proceeding had been taken.

4.15 REMEDIES CUMULATIVE. No right, power, or remedy conferred upon or reserved
to the Grantee by this Deed to Secure Debt is intended to be exclusive of any
other right, power or remedy, but each and every such right, power and remedy
shall be cumulative and concurrent and shall be in addition to any other right,
power and remedy given hereunder, or under the Note, any of the other Loan
Documents, the Other Indebtedness Instruments or now or hereafter existing at
law or in equity or by statute.

4.16 WAIVER OF GRANTOR'S RIGHTS. BY EXECUTION OF THIS DEED TO SECURE DEBT,
GRANTOR EXPRESSLY: (A) ACKNOWLEDGES THE RIGHT OF GRANTEE TO ACCELERATE THE
INDEBTEDNESS EVIDENCED BY THE NOTE AND ANY OTHER SECURED INDEBTEDNESS AND THE
POWER OF ATTORNEY GIVEN HEREIN TO GRANTEE TO SELL THE PREMISES BY NONJUDICIAL
FORECLOSURE UPON DEFAULT BY GRANTOR WITHOUT ANY JUDICIAL HEARING AND

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3

WITHOUT ANY NOTICE OTHER THAN SUCH NOTICE (IF ANY) AS IS SPECIFICALLY REQUIRED
TO BE GIVEN UNDER THE PROVISIONS OF THIS DEED TO SECURE DEBT; (B) WAIVES ANY AND
ALL RIGHTS WHICH GRANTOR MAY HAVE UNDER THE CONSTITUTION OF THE UNITED STATES OF
AMERICA (INCLUDING, WITHOUT LIMITATION, THE FIFTH AND FOURTEENTH AMENDMENTS
THEREOF), THE VARIOUS PROVISIONS OF THE CONSTITUTIONS FOR THE SEVERAL STATES, OR
BY REASON OF ANY OTHER APPLICABLE LAW, (1) TO NOTICE AND TO JUDICIAL HEARING
PRIOR TO THE EXERCISE BY GRANTEE OF ANY RIGHT OR REMEDY HEREIN PROVIDED TO
GRANTEE, EXCEPT SUCH NOTICE (IF ANY) AS IS SPECIFICALLY REQUIRED TO BE GIVEN
UNDER THE PROVISIONS OF THIS DEED TO SECURE DEBT, AND (2) CONCERNING THE
APPLICATION, RIGHTS OR BENEFITS OF ANY STATUTE OF LIMITATION OR ANY MORATORIUM,
REINSTATEMENT, MARSHALING, FORBEARANCE, APPRAISEMENT, VALUATION, STAY,
EXTENSION, HOMESTEAD, EXEMPTION OR REDEMPTION LAWS; (C) ACKNOWLEDGES THAT
GRANTOR HAS READ THIS DEED TO SECURE DEBT AND ANY AND ALL QUESTIONS OF GRANTOR
REGARDING THE LEGAL EFFECT OF THIS DEED TO SECURE DEBT AND ITS PROVISIONS HAVE
BEEN EXPLAINED FULLY TO GRANTOR, AND GRANTOR HAS CONSULTED WITH COUNSEL OF
GRANTOR'S CHOICE PRIOR TO EXECUTING THIS DEED TO SECURE DEBT; AND (D)
ACKNOWLEDGES THAT ALL WAIVERS OF THE AFORESAID RIGHTS OF GRANTOR HAVE BEEN MADE
KNOWINGLY, INTENTIONALLY AND WILLINGLY BY GRANTOR AS PART OF A BARGAINED-FOR
LOAN TRANSACTION AND THAT THIS DEED TO SECURE DEBT IS VALID AND ENFORCEABLE BY
GRANTEE AGAINST GRANTOR IN ACCORDANCE WITH ALL THE TERMS AND CONDITIONS HEREOF.

                                    ARTICLE V
                                  MISCELLANEOUS

5.01 BINDING EFFECT. Wherever in this Deed to Secure Debt one of the parties
hereto is named or referred to, the heirs, administrators, executors,
successors, assigns, distributees, and legal and personal representatives of
such party shall be included, and all covenants and agreements contained in this
Deed to Secure Debt by or on behalf of the Grantor or by or on behalf of Grantee
shall bind and inure to the benefit of their respective heirs, administrators,
executors, successors, assigns, distributees, and legal and personal
representatives, whether so expressed or not. Notwithstanding the foregoing, the
Grantor shall not be entitled to assign any of its rights, titles, and interests
hereunder, or to delegate any of its obligations, liabilities, duties, or
responsibilities hereunder, and will not permit any such assignment or
delegation to occur (voluntarily or involuntarily, or directly or indirectly),
without the prior written consent of the Grantee.

5.02 HEADINGS. The headings of the articles, sections, paragraphs and
subdivisions of this Deed to Secure Debt are for convenience of reference only,
are not to be considered a part hereof, and shall not limit or otherwise affect
any of the terms hereof. "Herein," "hereby," "hereunder," "hereof," and other
equivalent words or phrases refer to this Deed to Secure Debt and not solely to
the particular portion thereof in which any such word or phrase is used, unless
otherwise clearly indicated by the context.

5.03 GENDER; NUMBER. Whenever the context so requires, the masculine includes
the feminine and neuter, the singular includes the plural, and the plural
includes the singular.

5.04 INVALID PROVISIONS TO AFFECT NO OTHERS. In case any one or more of the
covenants, agreements, terms or provisions contained in this Deed to Secure
Debt, in the Note, in any of the other Loan Documents, or in the Other
Indebtedness Instruments shall be invalid, illegal or unenforceable in any
respect, the validity of the remaining covenants, agreements, terms or
provisions contained herein, and in the Note, in the other Loan Documents and in
the Other Indebtedness Instruments shall be in no way affected, prejudiced or
disturbed thereby.

5.05 LOAN DOCUMENTS. Wherever reference is made herein to this Deed to Secure
Debt, the Note, the Loan Documents, or the Other Indebtedness Instruments, such
reference shall include all renewals, extensions, modifications and refinancings
thereof.

5.06 INSTRUMENT UNDER SEAL. This Deed to Secure Debt is given under the seal of
all parties hereto, and it is intended that this Deed to Secure Debt is and
shall constitute and have the effect of a sealed instrument according to law.

5.07 INTEREST NOT TO EXCEED MAXIMUM ALLOWED BY LAW. The parties hereto shall in
no event be deemed to have contracted for a greater rate of interest than the
maximum rate permitted by law. Should a greater amount be collected, it shall be
construed as a mutual mistake of the parties and the excess shall be returned to
the party paying same.

5.08 GOVERNING LAW. THIS DEED TO SECURE DEBT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF GEORGIA WITHOUT REGARD TO PRINCIPLES
OF CONFLICT OF LAWS.

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3

5.09 ADDRESSES OF PARTIES.

         (a)      NAME OF GRANTOR (DEBTOR):      Roberts Properties Residential,
                                                 L.P.

                  ADDRESS OF GRANTOR:            8010 Roswell Road
                                                 Suite 120
                                                 Atlanta, Georgia  30350

         (b)      NAME OF BANK (SECURED PARTY
                  AND GRANTEE):                  Compass Bank

                  ADDRESS OF BANK:               P.O. Box 10566
                                                 Birmingham, Alabama 35296
                                                 Attention: Commercial Real
                                                 Estate Loan Department

5.10 RIDER. Additional provisions of this Deed to Secure Debt, if any, are set
forth below or on a Rider attached hereto and made a part hereof.

         IN WITNESS WHEREOF, Grantor has caused this Deed to Secure Debt to be
executed under seal and delivered as of the day and year first above written.

Signed, sealed and delivered    GRANTOR:
in the presence of :
                                ROBERTS PROPERTIES RESIDENTIAL, L.P., a
/s/ Miriam J. DeBevc            Georgia limited partnership
--------------------------
Witness

                                BY: ROBERTS REALTY INVESTORS, INC., a
/s/ Joanne M. Roberts               Georgia corporation, its general partner
--------------------------
Notary Public

My Commission expires:              By: /s/ Charles R. Elliott
                                        ----------------------------------------
                                    Name:  Charles R. Elliott
    [NOTARIAL SEAL]                 Title: Chief Operating Officer and Secretary

                                           [CORPORATE SEAL]

FUTURE ADVANCE DEED TO SECURE DEBT (GA)

<PAGE>

                                                                 Exhibit 10.12.3
                                      RIDER

1.       Notwithstanding anything to the contrary in Sections 1.06 and 1.07 of
this Deed to Secure Debt, (i) in the event that the Property shall be damaged by
casualty or condemnation; and (ii) in Grantee's judgment, the damage to the
Property can be repaired in a timely and economically feasible manner, and in a
manner which causes the Property to remain in compliance with applicable
building, zoning and subdivision codes; such insurance proceeds or condemnation
proceeds shall be made available by Grantee to reimburse for the costs of repair
and restoration of the Property, subject to the following conditions:

         (a) There shall be no Event of Default hereunder or under any of the
Loan Documents;

         (b) No portion of the proceeds shall be made available for
architectural review or other purposes not directly attributable to the cost of
reconstructing the portions of the Property taken, damaged or destroyed unless
insurance proceeds or monies deposited by Grantor are sufficient to pay for such
review or other purposes.

         (c) Grantor shall have provided assurances satisfactory to Grantee that
such repairs can be timely completed (including without limitation depositing
with Grantee such amounts as in the opinion of Grantee may be required in
addition to the available insurance or condemnation proceeds, to fully pay the
cost of such repair and restoration); and

         (d) Each disbursement by Grantee of such proceeds and deposits (i)
shall be funded on a periodic basis, but not more frequently than monthly, (ii)
shall not in any instance be in an amount greater than the actual cost of such
repair and restoration which has been performed (aa) since the date of
performance of that portion of such work which was reimbursed with the
immediately preceding disbursement, or (bb) with respect to the first
disbursement, since the date of commencement of such work (which cost shall be
verified in writing in each instance by an architect, engineer or other party
theretofore approved by Grantee), (iii) shall be further conditioned upon
satisfaction that any undisbursed proceeds and deposits are sufficient to fully
pay the then remaining costs of completing such repair and restoration, and (iv)
conditioned upon the approval of each draw request by an architect or engineer
approved by Grantee (whose expenses shall be paid by Grantor) as to the matters
described in (i) - (iii) above and that the work is being performed in
accordance with plans and specifications for such work which have been
previously submitted to and approved in writing by Grantee. In the event and to
the extent such insurance proceeds or condemnation proceeds are not required or
used for the repair and restoration of the Property as aforesaid, Grantee shall
be entitled to apply such sums on account of the indebtedness secured by this
Deed to Secure Debt, regardless of whether the same shall then be due and
payable, and any balance of such sums thereafter remaining shall be paid to
Grantor.

2.       Whenever reference is made to the payment of "reasonable attorney's
fees" or words of similar import in this Deed to Secure Debt, the Note, the
Continuing Guaranty of even date executed by Roberts Realty Investors, Inc. and
the other Loan Documents, the same shall mean and refer to the payment of actual
attorney's fees incurred based upon the attorney's normal hourly rate and the
number of hours worked, and not the statutory attorney's fees defined in
O.C.G.A. Section 13-1-11.

FUTURE ADVANCE DEED TO SECURE DEBT (GA)<PAGE>

                                                                 Exhibit 10.12.4

After Recording return to:
Robert W. Reardon, Esq.
Morris, Manning & Martin, LLP
1600 Atlanta Financial Center
Atlanta, GA  30326

STATE OF GEORGIA

COUNTY OF FULTON

                         ASSIGNMENT OF LEASES AND RENTS

         THIS ASSIGNMENT, made and entered into this 30 day of May, 2003, by and
between ROBERTS PROPERTIES RESIDENTIAL, L.P., a Georgia limited partnership
(hereinafter referred to as "Borrower"), and COMPASS BANK (hereinafter referred
to as "Lender")

                              W I T N E S S E T H:

         THAT FOR AND IN CONSIDERATION of the sum of Ten and No/100 Dollars
($10.00) and other good and valuable considerations, the receipt and sufficiency
whereof are hereby acknowledged, and in order to secure the indebtedness and
other obligations of Borrower hereinafter set forth, Borrower does hereby grant,
transfer and assign to Lender, its successors, successors-in-title and assigns,
all of Borrower's right, title and interest in, to and under all of those leases
and rental agreements now existing and hereafter made, and including any and all
extensions, renewals and modifications thereof, and all security deposits and
other refundable and non-refundable deposits paid by the tenants thereunder
(said leases and rental agreements are hereinafter referred to collectively as
the "Leases", and the tenants and lessees thereunder are hereinafter referred to
collectively as "Tenants" or individually as "Tenant" as the context requires),
which Leases cover or shall cover portions of certain real property described in
Exhibit "A" attached hereto and by this reference made a part hereof and/or the
improvements thereon (said real property and improvements hereinafter
collectively referred to as the "Premises"); together with all of Borrower's
right, title and interest in and to all rents, issues and profits from the
Leases and from the Premises.

         TO HAVE AND TO HOLD unto Lender, its successors and assigns, forever,
subject to and upon the terms and conditions set forth herein.

         This Assignment is made for the purpose of securing (a) the full and
prompt payment when due, whether by acceleration or otherwise, with such
interest as may accrue thereon, either

<PAGE>

                                                                 Exhibit 10.12.4

before or after maturity thereof, of that certain Promissory Note dated of even
date herewith, made by Borrower to the order of Lender in the principal face
amount of SIX MILLION FIVE HUNDRED THOUSAND AND NO/100THS DOLLARS
($6,500,000.00) (hereinafter referred to as the "Note"), together with any
renewals, modifications, consolidations and extensions thereof and amendments
thereto and all advances of principal thereunder, (b) the full amount and prompt
payment and performance of any and all obligations of Borrower to Lender under
the terms of the Future Advance Deed to Secure Debt, Assignment of Rents and
Leases and Security Agreement from Borrower to Lender, dated of even date
herewith and securing the indebtedness evidenced by the Note (hereinafter
referred to as the "Security Instrument"), (c) the full amount and prompt
payment and performance of any and all obligations of Borrower to Lender under
the terms of the Construction Loan Agreement between Borrower and Lender, dated
of even date herewith ("Loan Agreement") and (d) the full and prompt payment and
performance of any and all other obligations of Borrower to Lender under any
other instruments now or hereafter evidencing, securing, or otherwise relating
to the indebtedness evidenced by the Note (the Note, Security Instrument, Loan
Agreement and said other instruments are hereinafter referred to collectively as
the "Loan Documents," and said indebtedness is hereinafter referred to as the
"Indebtedness").

                                    ARTICLE I

                            WARRANTIES AND COVENANTS

         1.01     Warranties of Borrower. Borrower hereby warrants and
represents as follows:

         (a)      Borrower is the sole holder of the landlord's interest under
the Leases, is entitled to receive the rents, issues and profits from the Leases
and from the Premises, and has good right to sell, assign, transfer and set over
the same and to grant to and confer upon Lender the rights, interests, powers,
and authorities herein granted and conferred;

         (b)      Borrower has made no assignment other than this Assignment of
any of the rights of Borrower under any of the Leases or with respect to any of
said rents, issues or profits;

         (c)      Borrower has neither done any act nor omitted to do any act
which might prevent Lender from, or limit Lender in, acting under any of the
provisions of this Assignment;

         (d)      All Leases provide for rental to be paid monthly, in advance,
and Borrower has not accepted payment of rental under any of the Leases for more
than one (1) month in advance of the due date thereof;

         (e)      There exists no default or event of default or any state of
facts which would, with the passage of time or the giving of notice, or both,
constitute a default or event of default on the part of Borrower or by any
Tenant under the terms of any of the Leases;

         (f)      Neither the execution and delivery of this Assignment or any
of the Leases, the performance of each and every covenant of Borrower under this
Assignment and the Leases, nor the meeting of each and every condition contained
in this Assignment, conflicts with, or

                                       2

<PAGE>

                                                                 Exhibit 10.12.4

constitutes a breach or default under any agreement, indenture or other
instrument to which Borrower is a party, or any law, ordinance, administrative
regulation or court decree which is applicable to Borrower;

         (g)      No action has been brought or is threatened, which would
interfere in any way with the right of Borrower to execute this Assignment and
perform all of Borrower's obligations contained in this Assignment and in the
Leases; and

         (h)      The Leases are valid, enforceable and in full force and
effect.

         1.02     Covenants of Borrower. Borrower hereby covenants and agrees as
follows:

         (a)      Borrower shall (i) fulfill, perform and observe each and every
condition and covenant of landlord or lessor contained in each of the Leases;
(ii) give prompt notice to Lender of any claim of default under any of the
Leases, whether given by the Tenant to Borrower, or given by Borrower to the
Tenant, together with a complete copy of any such notice; (iii) at no cost or
expense to Lender, enforce, short of termination, the performance and observance
of each and every covenant and condition of each of the Leases, to be performed
or observed by the Tenant thereunder; and (iv) appear in and defend any action
arising out of, or in any manner connected with, any of the Leases, or the
obligations or liabilities of Borrower as the landlord thereunder, or of the
Tenant or any guarantor thereunder;

         (b)      Except as provided in the Loan Agreement, Borrower shall not,
without the prior written consent of Lender, (i) materially modify any of the
Leases; (ii) terminate the term or accept the surrender of any of the Leases;
(iii) waive or release any Tenant from the performance or observance by such
Tenant of any obligation or condition of the Lease to which such Tenant is a
party; (iv) permit the prepayment of any rents under any of the Leases for more
than one (1) month prior to the accrual thereof; (v) give any consent to any
assignment or sublease by any Tenant under any Lease; or (vi) assign its
interest in, to or under the Leases or the rents, issues and profits from the
Leases and from the Premises to any person or entity other than Lender;

         (c)      Except as provided in the Loan Agreement, Borrower shall not,
without the prior written consent of Lender, enter into any Lease unless the
Tenant thereunder shall have been approved in writing by Lender and said Lease
is in form and content satisfactory to and approved in writing by Lender;

         (d)      Borrower shall protect, indemnify and save harmless Lender
from and against all liabilities, obligations, claims, damages, penalties,
causes of action, costs and expenses (including, without limitation, attorneys'
fees and expenses) imposed upon or incurred by Lender by reason of this
Assignment and any claim or demand whatsoever which may be asserted against
Lender by reason of any alleged obligation or undertaking to be performed or
discharged by Lender under this Assignment. In the event Lender incurs any
liability, loss or damage by reason of this Assignment, or in the defense of any
claim or demand arising out of or in connection with this Assignment, the amount
of such liability, loss or damage shall be added to the Indebtedness, shall bear
interest at the per annum rate equal to the Prime Rate (as defined in

                                       3

<PAGE>

                                                                 Exhibit 10.12.4

the Note) plus 2% ("Default Interest") from the date incurred until paid and
shall be payable on demand;

         (e)      Borrower shall authorize and direct, and does hereby authorize
and direct each and every present and future Tenant of the whole or any part of
the Premises to pay all rental to Lender upon receipt of written demand from
Lender to so pay the same;

         (f)      The warranties and representations of Borrower made in
Paragraph 1.01 hereof and the covenants and agreements of Borrower made in this
Paragraph apply to each Lease in effect as of the time of execution of this
Assignment, and shall apply to each Lease hereafter made at the time each such
future Lease becomes effective.

         (g)      At the request of Lender, Borrower immediately shall deliver
to Lender all security deposits and other deposits, if any, (whether refundable
or non-refundable) paid by Tenants under the Leases; and Lender shall hold such
deposits in a custodial account controlled by Lender, subject to the terms and
conditions of the Leases.

         1.03     Covenants of Lender. Lender, by its acceptance of this
Assignment, hereby covenants and agrees with Borrower as follows:

         (a)      Although this Assignment constitutes a present and current
assignment of all rents, issues and profits from the Premises, so long as there
shall exist no Default, Lender shall not demand that such rents, issues and
profits be paid directly to Lender, and Borrower shall have the right to
collect, but no more than one (1) month prior to accrual, all such rents, issues
and profits from the Premises (including, but not by way of limitation, all
rental payments under the Leases); and

         (b)      Upon the payment in full of the Indebtedness, as evidenced by
the recording or filing of an instrument of satisfaction or full release of the
Security Instrument without the recording of another security instrument in
favor of Lender affecting the Premises, this Assignment shall be terminated and
released of record by Lender and shall thereupon be of no further force or
effect; and

         (c)      Lender acknowledges that at the time of execution of this
Assignment, no Leases have been executed for the Premises.

                                   ARTICLE II

                                     DEFAULT

         2.01     Default. The term, "Default," wherever used in this
Assignment, shall mean any one or more of the following events:

         (a)      The occurrence of any "Event of Default" under any of the Loan
Documents;

         (b)      The failure by Borrower duly and fully to comply with any
covenant, condition or agreement of this Assignment and the continuance of such
failure for thirty (30) days or more after written notice thereof from Lender to
Borrower (or in the event said default cannot be cured within

                                       4

<PAGE>

                                                                 Exhibit 10.12.4

30 days, said period may be extended for up to an additional 60 days provided
Borrower is diligently attempting to cure same); or

         (c)      The breach of any warranty by Borrower contained in this
Assignment.

         2.02     Remedies. Upon the occurrence of any Default, Lender may at
its option, with or without notice or demand of any kind, exercise any or all of
the following remedies:

         (a)      Declare any part or all of the Indebtedness to be due and
payable, whereupon the same shall become immediately due and payable;

         (b)      Perform any and all obligations of Borrower under any or all
of the Leases or this Assignment and exercise any and all rights of Borrower
herein or therein as fully as Borrower himself could do, including, without
limitation of the generality of the foregoing: enforcing, modifying, extending
or terminating any or all of the Leases; collecting, modifying, compromising,
waiving or increasing any or all the rents payable thereunder; and obtaining new
tenants and entering into new leases on the Premises on any terms and conditions
deemed desirable by Lender; and, to the extent Lender shall incur any costs in
connection with the performance of any such obligations of Borrower, including
costs of litigation, then all such costs shall become a part of the
Indebtedness, shall bear interest from the incurring thereof at the rate of
Default Interest specified in the Note, and shall be due and payable on demand;

         (c)      In Borrower's or Lender's name, institute any legal or
equitable action which Lender in its sole discretion deems desirable to collect
and receive any or all of the rents, issues and profits assigned herein;

         (d)      Collect the rents, issues and profits and any other sums due
under the Leases and with respect to the Premises, and apply the same in such
order as Lender in its sole discretion may elect against (i) all costs and
expenses, including reasonable attorneys' fees, incurred in connection with the
operation of the Premises, the performance of Borrower's obligations under the
Leases and collection of the rents thereunder; (ii) all the costs and expenses,
including reasonable attorneys' fees, incurred in the collection of any or all
of the Indebtedness, including all costs, expenses and attorneys' fees incurred
in seeking to realize on or to protect or preserve Lender's interest in any
other collateral securing any or all of the Indebtedness; and (iii) any or all
unpaid principal and interest on the Indebtedness.

         Lender shall have the full right to exercise any or all of the
foregoing remedies without regard to the adequacy of security for any or all of
the Indebtedness, and with or without the commencement of any legal or equitable
action or the appointment of any receiver or trustee, and shall have full right
to enter upon, take possession of, use and operate all or any portion of the
Premises which Lender in its sole discretion deems desirable to effectuate any
or all of the foregoing remedies.

                                       5

<PAGE>

                                                                 Exhibit 10.12.4

                                   ARTICLE III

                               GENERAL PROVISIONS

         3.01     Successors and Assigns. This Assignment shall inure to the
benefit of and be binding upon Borrower and Lender and their respective heirs,
executors, legal representatives, successors and assigns. Whenever a reference
is made in this Assignment to "Borrower" or "Lender", such reference shall be
deemed to include a reference to the heirs, executors, legal representatives,
successors and assigns of Borrower or Lender.

         3.02     Terminology. All personal pronouns used in this Assignment,
whether used in the masculine, feminine or neuter gender, shall include all
other genders, and the singular shall include the plural, and vice versa. Titles
of articles are for convenience only and neither limit nor amplify the
provisions of this Assignment.

         3.03     Severability. If any provision of this Assignment or the
application thereof to any person or circumstance shall be invalid or
unenforceable to any extent, the remainder of this Assignment and the
application of such provisions to other persons or circumstances shall not be
affected thereby and shall be enforced to the greatest extent permitted by law.

         3.04     Applicable Law. This Assignment shall be governed by and
construed and enforced in accordance with the substantive, and not the conflict,
laws of the State of Georgia.

         3.05     No Third Party Beneficiaries. This Assignment is made solely
for the benefit of Lender and its assigns. No Tenant under any of the Leases nor
any other person shall have standing to bring any action against Lender as the
result of this Assignment, or to assume that Lender will exercise any remedies
provided herein, and no person other than Lender shall under any circumstances
be deemed to be a beneficiary of any provision of this Assignment.

         3.06     No Oral Modifications. Neither this Assignment nor any
provisions hereof may be changed, waived, discharged or terminated orally, but
only by an instrument in writing signed by the party against whom enforcement of
the change, waiver, discharge or termination is sought.

         3.07     Cumulative Remedies. The remedies herein provided shall be in
addition to and not in substitution for the rights and remedies vested in Lender
in or by any of the Loan Documents or in law or equity, all of which rights and
remedies are specifically reserved by Lender. The remedies herein provided or
otherwise available to Lender shall be cumulative and may be exercised
concurrently. The failure to exercise any of the remedies herein provided shall
not constitute a waiver thereof, nor shall use of any of the remedies herein
provided prevent the subsequent or concurrent resort to any other remedy or
remedies. It is intended that this clause shall be broadly construed so that all
remedies herein provided or otherwise available to Lender shall continue to be
each and all available to Lender until the Indebtedness shall have been paid in
full.

         3.08     Cross-Default. A Default by Borrower under this Assignment
shall constitute an event of default under the other Loan Documents.

                                       6

<PAGE>

                                                                 Exhibit 10.12.4

         3.09     Counterparts. This Assignment may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument, and any of the parties or signatories hereto may execute this
Assignment by signing any such counterpart.

         3.10     Further Assurance. At any time and from time to time, upon
request by Lender, Borrower will make, execute and deliver, or cause to be made,
executed and delivered, to Lender and, where appropriate, cause to be recorded
and/or refiled at such time and in such offices and places as shall be deemed
desirable by Lender, any and all such other and further assignments, deeds to
secure debt, mortgages, deeds of trust, security agreements, financing
statements, continuation statements, instruments of further assurance,
certificates and other documents as may, in the opinion of Lender, be necessary
or desirable in order to effectuate, complete or perfect, or to continue and
preserve (a) the obligations of Borrower under this Assignment and (b) the
security interest created by this Assignment as a first and prior security
interest upon the Leases and the rents, issues and profits from the Premises.
Upon any failure by Borrower so to do, Lender may make, execute, record, file,
re-record and/or refile any and all such assignments, deeds to secure debt,
mortgages, deeds of trust, security agreements, financing statements,
continuation statements, instruments, certificates, and documents for and in the
name of Borrower, and Borrower hereby irrevocably appoints Lender the agent and
attorney-in-fact of Borrower so to do.

         3.11     Notices. Any and all notices, elections or demands permitted
or required to be made under this Assignment shall be in writing, signed by the
party giving such notice, election or demand and shall be delivered personally,
or sent by overnight courier service by a company regularly engaged in the
business of delivering business packages (such as Federal Express), or sent by
registered or certified United States mail, postage prepaid, to the other party
at the address set forth below, or at such other address within the continental
United States of America as may have theretofore been designated in writing. The
effective date of such notice, election or demand shall be the date of personal
delivery or, if sent by overnight courier then the date of delivery as evidenced
by the courier's receipt, or, if mailed, then the third day after the date of
postmark. For the purposes of this Assignment:

                  The Address of Lender is:

                  P.O. Box 10566
                  Birmingham, AL  35296
                  Attn:  Commercial Real Estate Loan Department

                  The Address of Borrower is:

                  8010 Roswell Road.
                  Suite 120
                  Atlanta, GA  30350

         3.12     Modifications, etc. Borrower hereby consents and agrees that
Lender may at any time, and from time to time, without notice to or further
consent from Borrower, either with or

                                       7

<PAGE>

                                                                 Exhibit 10.12.4

without consideration, surrender any property or other security of any kind or
nature whatsoever held by it or by any person, firm or corporation on its behalf
or for its account, securing the Indebtedness; substitute for any collateral so
held by it, other collateral of like kind, or of any kind; agree to modification
of the terms of the Note or the Loan Documents; extend or renew the Note or any
of the Loan Documents for any period; grant releases, compromises and
indulgences with respect to the Note or the Loan Documents to any persons or
entities now or hereafter liable thereunder or hereunder; release any guarantor
or endorser of the Note, the Security Instrument, or any other Loan Document; or
take or fail to take any action of any type whatsoever, and no such action which
Lender shall take or fail to take in connection with the Loan Documents, or any
of them, or any security for the payment of the Indebtedness or for the
performance of any obligations or undertakings of Borrower, nor any course of
dealing with Borrower or any other person, shall release Borrower's obligations
hereunder, affect this Assignment in any way or afford Borrower any recourse
against Lender. The provisions of this Assignment shall extend and be applicable
to all renewals, amendments, extensions, consolidations and modifications of the
Loan Documents and the Leases, and any and all references herein to the Loan
Documents or the Leases shall be deemed to include any such renewals,
amendments, extension, consolidation or modifications thereof.

         IN WITNESS WHEREOF, Borrower has executed this Assignment under seal,
the date and year first above written.

As to Borrower, signed, sealed and  BORROWER:
delivered in the presence of:
                                    ROBERTS PROPERTIES RESIDENTIAL, L.P.,
/s/ Miriam J. DeBevc                a Georgia limited partnership
----------------------------------
Witness

                                    BY: ROBERTS REALTY INVESTORS, INC.,
/s/ Joanne M. Roberts               a   Georgia corporation, its general partner
----------------------------------
Notary Public

My commission expires:____________       By: /s/ Charles R. Elliott
                                             -----------------------
                                         Name:  Charles R. Elliott
       [NOTARY STAMP]                    Title: Chief Operating Officer and
                                                Secretary

                                                [CORPORATE SEAL]

                                       8

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