Document:

MASTER INDEMNIFICATION AGREEMENT

                                BY AND AMONG

                APARTMENT INVESTMENT AND MANAGEMENT COMPANY,

                          AIMCO PROPERTIES, L.P.,

                              XYZ HOLDINGS LLC

                   AND THE OTHER PARTIES SIGNATORY HERETO

                        Dated as of December 3, 2001

                                   MASTER
                         INDEMNIFICATION AGREEMENT

         This Master Indemnification Agreement (this "Agreement") is made
as of December 3, 2001, by and among Apartment Investment and Management
Company, a Maryland corporation ("AIMCO"), AIMCO Properties, L.P., a
Delaware limited partnership ("AIMCO OP"), XYZ Holdings LLC, a Delaware
limited liability company ("XYZ"), the Casden Group (as defined herein) and
the Blackacre Entity (as defined herein).

                                 WITNESSETH

         WHEREAS, AIMCO has entered into an Agreement and Plan of Merger,
dated as of December 3, 2001 (the "Casden Merger Agreement"), with Casden
Properties Inc., a Maryland corporation ("Casden") and XYZ;

         WHEREAS, AIMCO and a wholly owned subsidiary of AIMCO ("AIMCO
Merger Sub") have entered into an Agreement and Plan of Merger, dated as of
December 3, 2001 (the "Park La Brea Merger Agreement" and, together with
the Casden Merger Agreement, the "Merger Agreements"), with Casden Park La
Brea Inc., a Maryland corporation ("CPLB");

         WHEREAS, AIMCO OP, Casden, Casden Properties Operating
Partnership, L.P., a Delaware limited partnership ("Casden OP"), and
certain of the limited partners of Casden OP have entered into a OP Unit
Contribution Agreement, dated as of December 3, 2001 (the "OP Unit
Contribution Agreement");

         WHEREAS, AIMCO OP, Alan I. Casden, AIC REIT Properties LLC, a
Delaware limited liability company, Casden Investment Corp., a California
corporation, and National Partnership Investments Corp., a California
corporation, have entered into a Contribution Agreement, dated as of
December 3, 2001 (the "Casden Contribution Agreement," together with the OP
Unit Contribution Agreement, the "Contribution Agreements");

         WHEREAS, AIMCO, the Casden Indemnitors (as defined herein), Casden
Builders, Inc., CPLB and NAPICO, Inc. have entered into a Tax
Indemnification and Tax Contest Agreement, dated as of December 3, 2001
(the "Tax Indemnity Agreement"), providing for certain indemnification
rights and obligations of the parties thereto; and

         WHEREAS, as a condition to consummating the transactions
contemplated by the Merger Agreements and the Contribution Agreements
(collectively, the "Acquisition Agreements"), and as an inducement to do
so, the parties hereto are entering into this Agreement.

         NOW, THEREFORE, in consideration of the foregoing and the mutual
premises, representations, warranties, covenants and agreements contained
herein, the parties hereto, intending to be legally bound hereby, agree as
follows:

                  Section 1. Definitions. Capitalized terms used but not
defined herein shall have the meanings assigned to such terms in the Casden
Merger Agreement. In addition, the following terms shall have the
respective meanings ascribed thereto:

         "18-Month Securities" shall mean the Casden 18-Month Securities
and the Blackacre 18-Month Securities.

         "24-Month Securities" shall mean the Casden 24-Month Securities
and the Blackacre 24-Month Securities.

         "Acquisition Agreements" shall have the meaning set forth in the
Recitals.

         "Affiliate" shall mean, with respect to any person or entity, any
person or entity which, directly or indirectly, controls, is controlled by,
or is under common control with, the specified person or entity.

         "AIMCO Common Stock" shall mean shares of AIMCO's Class A Common
Stock, par value $.01 per share, issued pursuant to the Acquisition
Agreements and any other securities issuable in respect thereof, whether as
a dividend or distribution, in connection with a stock split, merger,
recapitalization or otherwise.

         "AIMCO Indemnitees" shall mean AIMCO, AIMCO OP, and their present
and future Affiliates, and the Representatives of the foregoing.

         "AIMCO OP Units" shall mean partnership common units of AIMCO OP
issued pursuant to the Acquisition Agreements and any other securities
issuable in respect thereof, whether as a distribution, in connection with
a split of such common units, merger, recapitalization or otherwise.

         "AIMCO Parties" shall mean AIMCO and AIMCO OP and "AIMCO Party"
shall mean either of them.

         "AIMCO Securities" shall mean AIMCO Common Stock or AIMCO OP
Units.

          "Blackacre 18-Month Securities" shall mean AIMCO Securities
designated by AIMCO and the Blackacre Entity and issued to the Blackacre
Entity in the Merger that have a Value of $25 million, subject to reduction
pursuant to Section 9(g).

         "Blackacre 24-Month Securities" shall mean AIMCO Securities
designated by AIMCO and the Blackacre Entity and issued to the Blackacre
Entity in the Merger that have a Value of $25 million, subject to reduction
pursuant to Section 9(g).

         "Blackacre Entity" shall mean Cerberus Partners, L.P., a Delaware
limited partnership.

         "Blackacre Permitted Transferee" shall mean any Affiliate of the
Blackacre Entity; provided, however, any such Permitted Transferee shall
have agreed to be bound by all of the terms of this Agreement pursuant to
an agreement reasonably acceptable to AIMCO.

         "Blackacre Securities" shall mean the Blackacre 18-Month
Securities and the Blackacre 24-Month Securities.

         "Cap Reduction Date" shall mean the date that is 180 days after
the first anniversary of the Closing Date.

         "Casden 18-Month Securities" shall mean AIMCO Securities
designated by AIMCO and Casden and issued to Alan I. Casden in the Merger
that have a Value of $23 million, subject to reduction pursuant to Section
9(g).

         "Casden 24-Month Securities" shall mean AIMCO Securities
designated by AIMCO and Casden issued to Alan I. Casden in the Merger that
have a Value of $49 million, subject to reduction pursuant to Section 9(g).

         "Casden Group" shall mean Alan I. Casden, The Casden Company and
Casden Investment Corp.

         "Casden Indemnitees" shall mean XYZ, the Casden Group and the
Blackacre Entity, and their present and future Affiliates, and the
Representatives of the foregoing.

         "Casden Indemnitors" shall mean XYZ, the Casden Group and the
Blackacre Entity.

         "Casden OP Partners" shall mean the partners of Casden OP (other
than Casden).

         "Casden Parties" shall mean all parties to the Acquisition
Agreements other than the AIMCO Parties.

         "Casden Party" shall mean any of the Casden Parties.

         "Casden Permitted Transferee" shall mean with respect to Alan I.
Casden, (A) any spouse or lineal descendant of Alan I. Casden; (B) any
spouse of any Person described in clause (A) above; (C) each trust created
solely for the benefit of one or more of Alan I. Casden and any Persons
described in clauses (A) and (B) above; (D) each Person in such Person's
capacity as a custodian or guardian of any property of one or more of Alan
I. Casden or any of the Persons described in clauses (A) and (B) above; (E)
any partnership, corporation, limited liability company or other Person all
of the capital stock of which is owned directly or indirectly by Alan I.
Casden or any of the Persons described in clauses (A) through (D) above;
and (F) any Affiliate of Alan I. Casden or by any combination of such
Persons; provided, however, that any Transfer to a Permitted Transferee
described in clauses (A) through (F) shall be solely for the purpose of
estate planning of Alan I. Casden or any Person described in clause (A) or
(B); and provided further, however, any such Permitted Transferee shall
have agreed to be bound by all of the terms of this Agreement pursuant to
an agreement reasonably acceptable to AIMCO.

         "Casden Securities" shall mean the Casden 18-Month Securities and
the Casden 24-Month Securities.

         "Closing Date" shall mean the date on which the merger
contemplated by the Casden Merger Agreement is consummated.

         "Damages" shall mean any loss, liability, claim, damage, expense
(including costs of investigation and defense and reasonable attorneys'
fees) or diminution of value whatsoever, whether direct or indirect, known
or unknown, and whether or not involving a Third-Party Claim; provided,
however, that Damages shall not include any fines, penalties or special,
consequential, punitive or exemplary damages of an AIMCO Indemnitee or a
Casden Indemnitee unless such damages are awarded, paid or setoff pursuant
to a Third Party Claim.

         "Person" shall mean an individual, corporation, partnership,
trust, association, limited liability company or any other entity or
organization, including a government or political subdivision or an agency
or instrumentality thereof.

         "Proceeding" shall mean any action, arbitration, audit, hearing,
investigation, litigation, or suit (whether civil, criminal,
administrative, investigative or informal) commenced, brought, conducted,
threatened in writing or heard by or before, or otherwise involving any
court, governmental authority or arbitrator.

         "Representatives" shall mean, with respect to any person or
entity, the directors, officers, partners, members, stockholders,
employees, trustees, counsel, controlling persons (if any), representatives
and agents, and each of the heirs, executors, successors and assigns of any
of the foregoing, of the specified person or entity.

         "Third Party Claim" shall mean a written claim made or a
Proceeding brought by a Person other than an AIMCO Indemnitee or a Casden
Indemnitee or Casden Indemnitor.

         "Transfer" shall mean, with respect to any asset, the direct or
indirect sale, assignment, pledge, encumbrance, hypothecation or other
disposition of such asset, or granting of any option to purchase such
asset.

         "Value" shall mean, as of any date, and (A) with respect to any
shares of AIMCO Common Stock, the number of such shares multiplied by the
sum of (i) the AIMCO Common Stock Price and (ii) the amount of any
dividends that have accrued on a share of AIMCO Common Stock from the
Effective Time that have not been paid as of such date, and (B) with
respect to any AIMCO OP Units, the number of such AIMCO OP Units multiplied
by the sum of (i) the AIMCO Common Stock Price and (ii) the amount of any
distributions that have accrued on an AIMCO OP Unit from the Effective Time
that have not been paid as of such date (if any).

                  Section 2. Indemnification by Casden Indemnitors. Subject
to the terms and conditions set forth in this Agreement, the Casden
Indemnitors shall indemnify (without duplication), defend and hold harmless
the AIMCO Indemnitees for, and will pay to the AIMCO Indemnitees the amount
of, any Damages suffered or incurred by or asserted against any AIMCO
Indemnitee, arising, directly or indirectly, from or in connection with:

                           (a) any breach of any representation or warranty
made by any Casden Party in any of the Acquisition Agreements (other than
the Casden OP Partners in the OP Unit Contribution Agreement);

                           (b) any breach by any Casden Party of any
covenant or obligation of it in any of the Acquisition Agreements (other
than the Casden OP Partners in the OP Unit Contribution Agreement);

                           (c) any claim by any Person for brokerage or
finder's fees or commissions or similar payments based upon any agreement
or understanding alleged to have been made by any such Person with any
Casden Party (or any Person acting on behalf of any of them) in connection
with any of the transactions contemplated by any of the Transaction
Documents;

                           (d) any fees or expenses of CSFB, Monga LLC,
Gibson, Dunn & Crutcher LLP, Deloitte & Touche LLP, Katten Muchin Zavis and
Schulte, Roth & Zabel LLP (for services rendered to and at the request of
any of the Casden Parties) related to the Transactions that are incurred or
are due and payable after the date hereof (other than any such fees and
expenses to the extent deducted from the REIT Merger Consideration pursuant
to the terms of the Casden Merger Agreement);

                           (e) any claims, suits, actions or proceedings
based on facts or circumstances existing or arising prior to the Closing
Date including, without limitation, (i) the suits entitled In Re Real
Estate Associates Limited Partnership Litigation v. Casden et al. and
Nausatauvicus et al. v. NAPICO et al. (other than ordinary course
litigation set forth on Section 4.6(i) of the Casden Disclosure Letter,
Section 4.6(i) of the CPLB Disclosure Letter (as defined in the Park La
Brea Merger Agreement) covered by insurance policies (subject only to any
deductibles stated in such policies)) held by Casden and/or any of its
subsidiaries and (ii) any claims, suits, actions or proceedings filed by or
on behalf of any Person that is a holder of any OP Units (as defined in the
OP Unit Contribution Agreement) that has not executed and delivered the OP
Unit Contribution Agreement prior to the Closing Date;

                           (f) the employment or termination of employment
of the Transferred Employees;

                           (g) any (i) severance arrangements with respect
to any Transferred Employees, (ii) severance arrangements set forth on
Section 4.8(a) of the Casden Disclosure Letter other than payments to any
Affected Employee arising as a result of AIMCO's termination of his or her
employment after the Effective Time, (iii) severance arrangements with
employees of Casden or any of its subsidiaries which arrangements are not
set forth on Section 4.8(a) of the Casden Disclosure Letter, (iv)
stay-bonus agreements with executive officers of Casden or the Casden
Subsidiaries and (v) stay-bonus agreements with employees of Casden or the
Casden Subsidiaries (other than any such agreement that provides for
compensation not in excess of $100,000 individually or $500,000 in the
aggregate);

                           (h) any payment, or obligation to make a
payment, to any employee, officer or director of Casden or any of its
subsidiaries arising as a result of the transactions contemplated by any of
the Transaction Documents;

                           (i) the cost of any "in the money" options
outstanding as of the Closing Date not taken into account in the
calculation of the REIT Merger Consideration pursuant to Section 2.2 of the
Casden Merger Agreement;

                           (j) any actual or alleged breach of fiduciary
duty by Casden or any of its subsidiaries, affiliates or representatives to
any partner, member, stockholder, creditor or other Person that occurred or
is alleged to have occurred on or prior to the Closing Date; and

                           (k) Third Party Claims arising from any illegal,
fraudulent or tortious action or conduct by Casden, or any of its
subsidiaries, affiliates or representatives on or prior to the Closing
Date.

         The liability of the Casden Group, on the one hand, and the
Blackacre Entity, on the other hand, shall be several, but not joint, in
proportion to the percentages set forth on Schedule A hereto. The liability
of XYZ under this Section 2 shall be joint and several with all other
Casden Indemnitors. The liability of the Casden Group, as among the members
thereof, under this Section 2 shall be joint and several with respect to
the sum of the percentages set forth on Schedule A hereto for all members
of the Casden Group. No Casden Indemnitor other than XYZ shall be required
to make any payment under this Section 2 unless and until thirty (30) days
have elapsed from the date on which it has been finally determined that the
Casden Indemnitors are liable under this Section 2 and XYZ has failed to
satisfy any indemnification obligation or pay any Damages.

                  Section 3. Indemnification by AIMCO. Subject to the terms
and conditions set forth in this Agreement, AIMCO shall indemnify, defend
and hold harmless the Casden Indemnitees for, and will pay to the Casden
Indemnitees the amount of, any Damages suffered or incurred by or asserted
against any Casden Indemnitee, arising, directly or indirectly, from or in
connection with:

                           (a) any breach of any representation or warranty
made by any AIMCO Party in any of the Acquisition Agreements;

                           (b) any breach by any AIMCO Party of any
covenant or obligation of it in any of the Acquisition Agreements;

                           (c) any claim by any Person for brokerage or
finder's fees or commissions or similar payments based upon any agreement
or understanding alleged to have been made by any such Person with any
AIMCO Party (or any Person acting on behalf of any of them) in connection
with any of the transactions contemplated by any of the Transaction
Documents;

                           (d) one-half of the first $1.2 million of
Transfer Taxes incurred in connection with transactions contemplated by the
Casden Merger Agreement and all Transfer Taxes in excess of $1.2 million;

                           (e) any Third Party Claim arising from any
illegal, fraudulent or tortious action or conduct by AIMCO or any of its
subsidiaries on or prior to the Closing Date; and

                           (f) any actions taken by, or omissions of, the
Surviving Corporation or any of the AIMCO Subsidiaries following the
Effective Time relating to the assets or entities (or businesses conducted
by such entities) being acquired pursuant to the Acquisition Agreements
(other than with respect to the matters set forth in Section 2 hereof for
which the Casden Indemnitors have agreed to indemnify the AIMCO
Indemnitees).

                  Section 4. Procedure for Indemnification-Third Party
Claims.

                           (a) Promptly after receipt by an indemnified
party under Section 2 or 3 of notice of any Third Party Claim against it,
such indemnified party will, if a claim is to be made against an
indemnifying party under such section, give written notice to the
indemnifying party of the commencement of such Third Party Claim. The
failure to notify the indemnifying party, however, will not relieve the
indemnifying party of any liability that it may have to any indemnified
party, except to the extent that the indemnifying party demonstrates that
the defense of such action is actually prejudiced by the indemnified
party's failure to give such notice.

                           (b) If any Third Party Claim referred to in
Section 4(a) is made or brought against an indemnified party and it gives
notice to the indemnifying party of the commencement of any Third Party
Claim, the indemnifying party will be entitled to participate in the
defense of such Third Party Claim and, to the extent that it wishes (unless
(i) the indemnifying party is also a party to such Third Party Claim and
the indemnified party determines in good faith to that joint representation
would be inappropriate, or (ii) the indemnifying party fails to provide
reasonable assurance to the indemnified party of its financial capacity to
defend such Third Party Claim and provide indemnification with respect to
such Third Party Claim), to assume the defense of such Third Party Claim
with counsel reasonably satisfactory to the indemnified party and, after
notice from the indemnifying party to the indemnified party of its election
to assume the defense of such Third Party Claim, the indemnifying party
will not, as long as it diligently conducts such defense, be liable to the
indemnified party under this Section 4 for any fees of other counsel or any
other expenses with respect to the defense or investigation of such Third
Party Claim, in each case, subsequently incurred by the indemnified party
in connection with the defense of such Third Party Claim. If the
indemnifying party assumes the defense of a Third Party Claim, (i) it will
be a rebuttable presumption for purposes of this Agreement that such Third
Party Claim is within the scope of, and subject to indemnification under,
this Agreement; (ii) no compromise or settlement of such claims may be
effected by the indemnifying party without the indemnified party's consent,
which consent shall not be unreasonably withheld or delayed; and (iii) the
indemnified party will have no liability with respect to any compromise or
settlement of such claims effected without its consent. If notice is given
to an indemnifying party of any Third Party Claim and the indemnifying
party does not, within ten business days after the indemnified party's
notice is given, give notice to the indemnified party of its election to
assume the defense of such Third Party Claim, the indemnifying party will
be bound by any determination made in the proceeding in which such Third
Party Claim is brought, or any compromise or settlement of such Third Party
Claim effected by the indemnified party.

                           (c) Notwithstanding the foregoing, if an
indemnified party determines in good faith that there is a reasonable
probability that a Third Party Claim may adversely affect it or its
Affiliates other than as a result of monetary damages for which it would be
entitled to indemnification under this Agreement, the indemnified party
may, by notice to the indemnifying party, assume the exclusive right to
defend, compromise, or settle such Third Party Claim, but the indemnifying
party will not be bound by any determination of a proceeding in which such
Third Party Claim is brought, or any compromise or settlement of such Third
Party Claim effected without its consent (which may not be unreasonably
withheld).

                           (d) The Casden Indemnitors and AIMCO hereby
consent to the non-exclusive jurisdiction of any court in which a
Third-Party Claim is brought against any indemnified party for purposes of
resolving issues of indemnity under this Agreement, or for the purpose of
resolving any of the matters alleged herein, and agree that process may be
served on them with respect to such a claim anywhere in the world.

                           (e) XYZ shall use commercially reasonable
efforts to defend and prosecute each action set forth on Section 4.6(ii) of
the Casden Disclosure Letter.

                           (f) Until and including the Closing Date, Casden
shall use commercially reasonable efforts to defend and prosecute all
litigation set forth on Section 4.6(i) of the Casden Disclosure Letter and
shall take every step reasonably necessary to cooperate and assist in the
transition of control over that litigation to AIMCO. After the Closing
Date, the Casden Indemnitors shall, and XYZ shall cause Development LLC and
its employees to, fully cooperate in the litigation, at AIMCO's reasonable
request, by, without limitation, providing access to their employees,
principals, agents or other witnesses. Any out-of-pocket expenses relating
to the foregoing sentence shall be the sole responsibility of AIMCO, and
AIMCO shall reimburse the appropriate Casden Indemnitor for all such
expenses.

                  Section 5. Procedure for Indemnification-Other Claims. A
claim for indemnification for any matter not involving a Third Party Claim
may be asserted by written notice to the party from whom indemnification is
sought.

                  Section 6. Time Limitations.

                           (a) The indemnifying parties will have no
liability under this Agreement (other than Sections 2(e), 2(j), 2(k), 3(e)
and 3(f)) unless, on or before the second anniversary of the Closing Date,
the indemnified party notifies the indemnifying party of a claim specifying
the factual basis of that claim in reasonable detail to the extent then
known by the indemnified party.

                           (b) Notwithstanding anything to the contrary in
this Agreement or any of the Acquisition Agreements, prior to the Closing
Date, if any of the AIMCO Parties has knowledge (as defined in the Casden
Merger Agreement) of any breach by any of the Casden Parties, or if any of
the Casden Parties has knowledge of any breach by any of the AIMCO Parties,
of any representation, warranty or covenant contained in any of the
Acquisition Agreements, then (i) within ten business days of acquiring such
knowledge, AIMCO (in the case of knowledge acquired by an AIMCO Party) or
XYZ (in the case of knowledge acquired by a Casden Party) shall deliver to
the other a notice setting forth the factual basis of such breach or
inaccuracy in reasonable detail to the extent then known and a reasonable
calculation of anticipated Damages resulting therefrom to the extent then
known (a "Preclosing Notice"), (ii) the alleged breaching party shall have
thirty (30) days following receipt of the Preclosing Notice to cure such
breach (a "Cure Period"), and (iii) the parties shall cooperate with one
another in connection with any attempts to cure such breach, including, to
the extent that the Cure Period extends beyond the Closing Date, by
providing the alleged breaching party with reasonable access to the
personnel of the other party and its subsidiaries existing immediately
prior to the Effective Time.

                  Section 7. Limitations on Amount.

                           (a) The Casden Indemnitors will have no
liability under Section 2(a) or 2(b) of this Agreement unless and until the
total of all Damages with respect to such matters exceeds $10,000,000.
Thereafter, the Casden Indemnitors will be liable under Section 2(a) or
2(b) for the total of all Damages, and not merely the excess, up to a
maximum of (i) $188,000,000 for claims and Third Party Claims for which
notice has been given on or prior to the Cap Reduction Date, or (ii) the
lesser of (x) $188,000,000 minus the aggregate amount of all claims paid
and Third Party Claims paid on or prior to the Cap Reduction Date and (y)
$131,000,000, in each case, for claims and Third Party Claims for which
notice is given after the Cap Reduction Date but on or prior to the second
anniversary of the Closing Date; provided, however, that the limitations
set forth in this Section 7(a) and the $10,000,000 threshold shall not
apply to (i) any other paragraph of Section 2 of this Agreement, (ii) any
intentional breach of any covenant or agreement in any of the Acquisition
Agreements or (iii) illegal actions or fraud.

                           (b) AIMCO will have no liability under Section
3(a) or 3(b) of this Agreement unless and until the total of all Damages
with respect to such matters exceeds $10,000,000. Thereafter, AIMCO will be
liable under Section 3(a) or 3(b) for the total of all Damages, and not
merely the excess, up to a maximum of (i) $188,000,000 for claims and Third
Party Claims for which notice has been given on or prior to the Cap
Reduction Date, or (ii) the lessor of (x) $188,000,000 minus the aggregate
amount of all claims paid and Third Party Claims paid on or prior to the
Cap Reduction Date and (y) $131,000,000, in each case, for claims and Third
Party Claims for which notice has been given after the Cap Reduction Date,
but on or prior to the second anniversary of the Closing Date; provided,
however, that the limitations set forth in this Section 7(b) and the
$10,000,000 threshold shall not apply to (i) any other paragraph of Section
3 of this Agreement, (ii) any intentional breach of any covenant or
agreement in any of the Acquisition Agreements or (iii) illegal actions or
fraud.

                  Section 8. Right of Set-Off; Escrow of Certain Amounts.
Upon notice to the Casden Indemnitors specifying in reasonable detail the
basis for such set-off, the AIMCO Parties and their subsidiaries may set
off any amount (the "Set-Off Amount") to which any AIMCO Indemnitee may be
entitled under this Agreement against any monies, dividends (other than
dividends on AIMCO Common Stock) or payments properly due and owing to any
Casden Indemnitor pursuant to this Agreement or any of the Transaction
Documents (except the Consulting Agreement for which no set off shall be
effected); provided, however, that (i) with respect to any WW Deferred
Amount (as defined in the Tri-Party Agreement) payable to XYZ under the
Tri-Party Agreement, the AIMCO Parties may set off only amounts
representing claims for Damages that relate to WW (as defined in the
Tri-Party Agreement) and (ii) with respect to any PLB A Deferred Amount,
PLB B Deferred Amount or PLB C Deferred Amount (as such terms are defined
in the Tri-Party Agreement) payable to XYZ under the Tri-Party Agreement,
the AIMCO Parties may set off only amounts representing claims for Damages
that relate to PLB A, PLB B or PLB C (as such terms are defined in the
Tri-Party Agreement). After delivery of such notice, the AIMCO Parties
shall cause the Set-Off Amount to be deposited into escrow with an escrow
agreement and an escrow agent reasonably acceptable to the parties. The
escrow agreement shall provide that the Set-Off Amount shall be held by the
escrow agent until such time as the claim for indemnification under this
Agreement has been finally determined in accordance with this Agreement or
by a court of competent jurisdiction. The escrow agreement shall further
provide that (i) if it is determined that an AIMCO Indemnitee is entitled
to any portion of the Set-Off Amount, the escrow agent shall pay such
portion of the Set-Off Amount, together with interest accrued thereon, to
the AIMCO Parties and, thereafter, the amount to which the AIMCO Indemnitee
is entitled pursuant to this Agreement shall be reduced by such Set-Off
Amount; and (ii) if it is determined that an AIMCO Indemnitee is not
entitled to any portion of the Set-Off Amount, the escrow agent shall pay
such portion of the Set-Off Amount, together with interest accrued thereon,
to the Casden Indemnitor to whom such amount was payable. Neither the
exercise of nor the failure to exercise such right of set-off will
constitute an election of remedies or limit any AIMCO Indemnitee in any
manner in the enforcement of any other remedies that may be available to
it.

                  Section 9. Restrictions on Transfer of Securities.

                           (a) Prior to the Cap Reduction Date, Alan I.
Casden shall not Transfer any Casden 18-Month Securities and the Blackacre
Entity shall not Transfer any Blackacre 18-Month Securities.

                           (b) Prior to the second anniversary of the
Closing Date, Casden shall not Transfer any Casden 24-Month Securities and
the Blackacre Entity shall not Transfer any Blackacre 24-Month Securities.

                           (c) In the event that on the Cap Reduction Date,
any claim for indemnification by an AIMCO Indemnitee has been made pursuant
to this Agreement which has not yet been finally resolved and paid, the
restrictions on Transfers set forth in Section 9(a) and Section 9(b) shall
be extended until each such claim is fully resolved and paid, but only with
respect to AIMCO Securities with a Value equal to the amount of such
outstanding claims and, in respect of each Casden Indemnitor, only to the
extent of its pro rata amount of such claims as specified in Schedule A
hereto. In the event that on the second anniversary of the Closing Date,
any claim for indemnification by an AIMCO Indemnitee has been made pursuant
to this Agreement which has not yet been finally resolved and paid, the
restrictions on Transfers set forth in Sections 9(a) and (b) shall be
extended until each such claim is fully resolved and paid, but only with
respect to AIMCO Securities with a Value equal to the aggregate asserted
value of all such outstanding claims and, in respect of each Casden
Indemnitor, only to the extent of its pro-rata amount of such claims as
specified in Schedule A hereto.

                           (d) Notwithstanding the transfer restrictions set
forth in Sections 9(a), (b) and (c), Alan I. Casden may Transfer AIMCO
Securities to any Casden Permitted Transferee and the Blackacre Entity may
Transfer AIMCO Securities to any Blackacre Permitted Transferee; and Alan I.
Casden and the Blackacre Entity may enter into hedge transactions so long as
the third party(ies) to any such transaction (the "Hedgee") acknowledges
AIMCO's rights to the AIMCO Securities pursuant to this Agreement in form and
in substance reasonably satisfactory to AIMCO to such effect. Each party will
use their respective reasonable best efforts to consummate any such hedging
transaction, including executing such further documents and instruments and
taking such further actions as reasonably requested by another party, and to
obtain such acknowledgement from any such Hedgee (or otherwise structure such
transaction in a manner reasonably satisfactory to AIMCO).

                           (e) Notwithstanding the transfer restrictions
set forth in Sections 9(a), (b), (c) and (d), Alan I. Casden and the
Blackacre Entity may Transfer AIMCO Securities (i) in an arm's-length
transaction to an unrelated party provided that proceeds of such Transfer
equal to the Value of the securities transferred are placed into an escrow
account solely for the benefit of the AIMCO Indemnitees in satisfaction of
the indemnification obligations of Alan I. Casden and the Blackacre Entity
under this Agreement, pursuant to an escrow agreement reasonably
satisfactory to AIMCO or (ii) if collateral satisfactory to AIMCO, in its
sole and absolute discretion, or cash is provided to secure the Casden
Indemnitors' obligations hereunder pursuant to security agreements and
other documentation satisfactory to AIMCO, in its reasonable discretion.

                           (f) The Casden Group and Blackacre hereby agree
that all certificates representing any AIMCO Security subject to the
restrictions on Transfer set forth in this Section 9 shall include a legend
describing such restrictions on Transfer; provided, however, that AIMCO
agrees to remove any such legends on such certificates not required under
applicable securities laws in connection with any transaction or
arrangement described in Section 9(e) that is reasonably satisfactory to
AIMCO. AIMCO shall not, and shall instruct any transfer agent or registrar
for the AIMCO securities not to, effect any Transfer of any such AIMCO
Securities except to the extent permitted in this Section 9, and any
purported Transfer in violation of this Section 9 shall be null and void.

                           (g) The AIMCO Parties agree to accept from the
Casden Indemnitors, in satisfaction of all or any portion of any
indemnification obligation under this Agreement, AIMCO Securities received
pursuant to the Casden Merger Agreement with a Value equal to the amount of
such obligation. The Value of AIMCO Securities subject to the restrictions
on Transfer set forth in Sections 9(a) and 9(b) shall be reduced
automatically by the Value of any AIMCO Securities transferred to an AIMCO
Party pursuant to this Agreement or the Tax Indemnity Agreement by (i) Alan
I. Casden or the Blackacre Entity, as the case may be, or (ii) by another
Casden Indemnitor, if such Casden Indemnitor has indicated that such
Transfer is made in satisfaction of the obligations of Alan I. Casden or
the Blackacre Entity and notifies AIMCO of the allocation of such reduction
as between the Casden Securities and the Blackacre Securities, in each
case, in satisfaction of any indemnification obligation, with such
reduction applied first to the 18-Month Securities and, when the 18-Month
Securities are depleted, to the 24-Month Securities.

                  Section 10. Insurance Proceeds.

                           (a) Except to the extent that any provision of
this Agreement specifically denominates an amount due pursuant to this
Agreement as interest in respect of a delayed payment, any indemnity
payments by an indemnifying party to an indemnified party under this
Agreement will be treated by the parties as an adjustment to the
consideration received under the Acquisition Agreements to the extent
permitted by law.

                           (b) The Damages under this Agreement shall be
computed net of any third party insurance proceeds actually received by the
indemnified party pursuant to an insurance policy with respect to such
Damages, net of the direct cost of obtaining insurance as a consequence of
such Damages. If any such reduction is determined after payment by the
indemnified party of any amounts otherwise required to be paid pursuant to
this Agreement, the indemnified party shall repay to the indemnifying
party, within thirty (30) days of such determination, any amount the
indemnifying party would not have had to pay pursuant to this Agreement had
such determination been made at the time of such payment. The indemnified
party shall use commercially reasonable efforts to make insurance claims
relating to any claim, liability or Damages for which indemnification is
provided under this Agreement.

                  Section 11. Tax Indemnification. Notwithstanding anything
in this Agreement to the contrary, no Casden Indemnitor shall have any
liability under this Agreement for any Damages relating to Taxes (as
defined in the Tax Indemnity Agreement), which Damages shall be governed
exclusively under the Tax Indemnity Agreement.

                  Section 12. REIT Savings Clause. Notwithstanding anything
in this Agreement to the contrary, in no event shall any amount paid to the
AIMCO Indemnitees pursuant to this Agreement in any tax year exceed the
maximum amount that can be paid in such year without causing AIMCO to fail
to meet the requirements of sections 856(c)(2) and (3) of the Code (the
"REIT Requirements") for such year, determined as if the payment of such
amount did not constitute income described in Sections 856(c)(2)(A)-(H) and
856(c)(3)(A)-(I) of the Code ("Qualifying Income") as determined by
independent accountants to AIMCO. If the amount payable for any tax year
under the preceding sentence is less than the amount which the indemnifying
party would otherwise be obligated to pay to the AIMCO Indemnitees pursuant
to this Agreement (the "Indemnifiable Amount"), the AIMCO Indemnitees shall
so notify the indemnifying party, and the indemnifying party shall (at the
AIMCO Indemnitees' sole cost and expense) place the remaining portion of
the Indemnifiable Amount in escrow and shall not execute any
instrumentation permitting a release of any portion thereof to the AIMCO
Indemnitees, and the AIMCO Indemnitees shall not be entitled to any such
amount, unless and until the indemnifying party and escrow holder receive
(all at the AIMCO Indemnitees' sole cost and expense) notice from AIMCO,
together with either (a) an opinion of AIMCO's tax counsel to the effect
that such amount, if and to the extent paid, would not constitute gross
income which is not Qualifying Income or (b) a letter from AIMCO's
independent accountants indicating the maximum amount that can be paid at
that time to the AIMCO Indemnitees without causing AIMCO to fail to meet
the REIT Requirements for any relevant taxable year, together with either a
ruling from the IRS issued to AIMCO or an opinion of AIMCO's tax counsel to
the effect that such payment would not be treated as includible in the
income of AIMCO for any prior taxable year, in which event the escrow
holder shall pay such maximum amount. The indemnifying party's and escrow
holder's obligation to pay any unpaid portion of the Indemnifiable Amount
shall terminate ten (10) years from the date of this Agreement and, upon
such date, escrow holder shall remit any remaining funds in escrow to the
indemnifying party and the indemnifying party shall have no obligation to
make any further payments to the AIMCO Indemnitees notwithstanding that the
entire Indemnifiable Amount has not been paid as of such date.

                  Section 13. Effect of Investigation. The waiver of any
condition to the obligation of a party to consummate any of the
transactions contemplated by the Acquisition Agreements, where such
condition is based on the accuracy of any representation or warranty, or on
the performance of or compliance with any covenant or obligation shall not
affect the right to indemnification, payment of Damages, or other remedy
based on such representation, warranty, covenant or obligation; provided,
however, that (a) if any AIMCO Party has knowledge (as defined in the
Casden Merger Agreement) prior to the Closing Date of any breach by a
Casden Party of any representation, warranty or covenant in any Acquisition
Agreement and AIMCO did not comply with its Preclosing Notice obligation
pursuant to this Agreement, the AIMCO Indemnitees shall not be entitled to
indemnification pursuant to this Agreement for such breach, as to which it
had knowledge and (b) if any Casden Party has knowledge (as defined in the
Casden Merger Agreement) prior to the Closing Date of any breach by an
AIMCO Party of any representation, warranty or covenant in any Acquisition
Agreement and XYZ did not comply with its Preclosing Notice obligation
pursuant to this Agreement, the Casden Indemnitees shall not be entitled to
indemnification pursuant to this Agreement for such breach, as to which it
had knowledge.

                  Section 14. Waiver. The rights and remedies of the AIMCO
Indemnitees and Casden Indemnitees under this Agreement are cumulative and
not alternative. Neither the failure nor any delay by any party in
exercising any right, power, or privilege under this Agreement will operate
as a waiver of such right, power, or privilege, and no single or partial
exercise of any such right, power, or privilege will preclude any other or
further exercise of such right, power, or privilege or the exercise of any
other right, power, or privilege. To the maximum extent permitted by
applicable law, (a) no claim or right arising out of this Agreement can be
discharged by one party, in whole or in part, by a waiver or renunciation
of the claim or right unless in writing signed by the other party; (b) no
waiver that may be given by a party will be applicable except in the
specific instance for which it is given; and (c) no notice to or demand on
one party will be deemed to be a waiver of any obligation of such party or
of the right of the party giving such notice or demand to take further
action without notice or demand as provided in this Agreement.

                  Section 15. Mitigation of Damages. Any indemnified party
in this Agreement shall use commercially reasonable efforts to mitigate
Damages; provided, however, that failure to use commercially reasonable
efforts will relieve the indemnifying party of liability to pay such
Damages if and only to the extent that such failure increases such Damages.

                  Section 16. Amendments. This Agreement may not be
modified, amended, altered or supplemented, except upon the execution and
delivery of a written agreement executed by the parties hereto.

                  Section 17. Successors and Assigns. The provisions of
this Agreement shall be binding upon and inure solely to the benefit of
each party hereto, any other Casden Indemnitee, any other AIMCO Indemnitee
and their respective estates, heirs, successors and permitted assigns, and
nothing in this Agreement, express or implied, is intended to confer upon
any other Person any rights or remedies of any nature whatsoever under or
by reason of this Agreement.

                  Section 18. Entire Agreement. This Agreement and the
other Transaction Documents constitute the entire agreement and supersede
all other prior or contemporaneous oral or written agreements and
understandings among the parties, or any of them, with respect to the
subject matter hereof, and there are no warranties, representations or
other agreements, express or implied, made to any party by any other party
in connection with the subject matter hereof or thereof except as
specifically set forth herein or therein or in the documents delivered
pursuant hereto or in connection herewith.

                  Section 19. Notices. All notices, consents, requests,
reports, demands or other communications hereunder (collectively,
"Notices") shall be in writing and shall be deemed given (a) when delivered
personally, (b) when sent by reputable overnight courier service, or (c)
when telecopied (which is confirmed by copy sent within one business day by
a reputable overnight courier service) to the parties at the following
addresses (or at such other address for a party as shall be specified by
like notice):

         If to AIMCO, to:

                           Apartment Investment and Management Company
                           18350 Mt. Langley Avenue, Suite 220
                           Fountain Valley, CA 92708
                           Attn:  Peter K. Kompaniez
                           Telephone:    (714) 593-1733
                           Telecopy:(714) 593-1703

         and
                           Apartment Investment and Management Company
                           2000 South Colorado Boulevard
                           Tower Two, Suite 2-1000
                           Denver, CO  80222
                           Attn:  Terry Considine and Harry Alcock
                           Telephone:    (303) 691-4330
                           Telecopy:(303) 753-9538

         with copies (which shall not constitute notice) to:

                           Skadden, Arps, Slate, Meagher & Flom LLP
                           4 Times Square
                           New York, NY  10036
                           Attn:  Joseph A. Coco, Esq.
                           Telephone:    (212) 735-3000
                           Telecopy:    (212) 735-2000

                           and

                           Skadden, Arps, Slate, Meagher & Flom LLP
                           300 South Grand Avenue, Suite 3400
                           Los Angeles, CA  90071
                           Attn:  Jonathan L. Friedman, Esq.
                           Telephone:    (213) 687-5000
                           Telecopy:    (213) 687-5600

         if to any Casden Party, to such Casden Party at:

                           c/o XYZ Holdings LLC
                           9090 Wilshire Boulevard
                           Beverly Hills, CA  90211
                           Attn:  Andrew J. Starrels
                           Telephone:  (310) 385-3057
                           Telecopy:    (310) 273-8418

         with copies (which shall not constitute notice) to:

                           Gibson, Dunn & Crutcher LLP
                           333 South Grand Avenue
                           Los Angeles, CA  90071
                           Attn:  Jesse  Sharf, Esq. and Scott Calfas, Esq.
                           Telephone:    (213) 229-7638
                           Telecopy:(213) 229-6638

                           Blackacre Capital Management, LLC
                           450 Park Avenue, 28th Floor
                           New York, NY  10022
                           Attn:  Mark Neporent/Ronald J. Kravit
                           Telephone:  (212) 891-1540
                           Telecopy:    (212) 891-2104

                           Katten Muchin Zavis
                           525 West Monroe Street, Suite 1600
                           Chicago, IL  60661-3696
                           Attn:  Nina Matis, Esq.
                           Telephone:  (312) 902-1061
                           Telecopy:    (312) 902-5560

                           and

                           Schulte, Roth & Zabel LLP
                           919 Third Avenue
                           New York, NY  10022
                           Attn:  Alan Waldenberg, Esq.
                           Telephone:  (212) 593-5955
                           Telecopy:    (212) 756-2501

                  Section 20. Governing Law. THIS AGREEMENT shall be
governed by and construed in accordance with the laws of the State of New
York, including Sections 5-1401 and 5-1402 of the New York General
Obligations Law and New York Civil Practice Laws and Rules 327(b).

                  Section 21. Enforcement. The parties agree that
irreparable damage would occur in the event that any of the provisions of
this Agreement were not performed in accordance with their specific terms
or were otherwise breached. It is accordingly agreed that the parties shall
be entitled to an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the terms and provisions of this
Agreement in any court of the United States located in the State of New
York or in New York state court, this being in addition to any other remedy
to which they are entitled under this Agreement, which shall be the
exclusive remedies of the parties with respect to any matters expressly
covered by this Agreement and the Transaction Documents, except as
otherwise expressly provided in this Agreement or the Transaction
Documents. In addition, each of the parties hereto (a) consents to submit
itself to the personal jurisdiction of any federal court located in the
State of New York or any New York state court in the event any dispute
arises out of this Agreement or any of the Transactions, (b) agrees that it
shall not attempt to deny such personal jurisdiction by motion or other
request for leave from any such court, and (c) agrees that it will not
bring any action relating to this Agreement or any of the Transaction
Documents in any court other than a federal or state court sitting in the
State of New York. Each of the Casden Indemnitors hereby appoints XYZ as
its agent for service of process, and service on XYZ shall be deemed
service and notice to all other Casden Indemnitors.

                  Section 22. Counterparts; Effectiveness. This Agreement
may be executed in two or more counterparts, each of which shall be deemed
to be an original, but all of which shall constitute one and the same
agreement.

                  Section 23. Interpretation. When a reference is made in
this Agreement to Sections, such reference shall be to a Section of this
Agreement, unless otherwise indicated. The headings contained in this
Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement. Whenever the words
"include," "includes" or "including" are used in this Agreement, they shall
be deemed to be followed by the words "without limitation."

                  Section 24. Termination. This Agreement shall
automatically terminate upon the termination of the Casden Merger Agreement
in accordance with its terms. In the event of the termination of this
Agreement pursuant to this Section 24, except as expressly provided in the
Casden Merger Agreement, no party hereto shall have any liability to any
other party with respect to this Agreement or the transactions contemplated
hereby and this Agreement shall be of no further force or effect.
Notwithstanding the foregoing, Sections 16 through 28 of this Agreement
shall survive the termination indefinitely (unless otherwise specifically
provided therein).

                  Section 25. Severability. The provisions of this
Agreement shall be deemed severable and the invalidity or unenforceability
of any provision shall not affect the validity or enforceability of the
other provisions hereof. Any provision or part of this Agreement which is
invalid or unenforceable in any situation in any jurisdiction shall, as to
such situation and such jurisdiction, be ineffective only to the extent of
such invalidity and shall not affect the enforceability of the remaining
provisions hereof or the validity or enforceability of any such provision
in any other situation or in any other jurisdiction.

                  Section 26. Construction. The language used in this
Agreement will be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction will be
applied against any person.

                  Section 27. Attorneys' Fees. If any action at law or in
equity is necessary to enforce or interpret the terms of this Agreement,
the prevailing party shall be entitled to reasonable attorneys' fees, costs
and necessary disbursements, in addition to any other relief to which such
party may be entitled.

                  Section 28. Negotiation of Agreement. Each of the parties
acknowledges that it has been represented by independent counsel of its
choice throughout all negotiations that have preceded the execution of this
Agreement and that it has executed the same with consent and upon the
advice of said independent counsel. Each party and its counsel cooperated
in the drafting and preparation of this Agreement and the documents
referred to herein, and any and all drafts relating thereto shall be deemed
the work product of the parties and may not be construed against any party
by reason of its preparation. Accordingly, any rule of law or any legal
decision that would require interpretation of any ambiguities in this
Agreement against the party that drafted it is of no application and is
hereby expressly waived. The provisions of this Agreement shall be
interpreted in a reasonable manner to effect the intentions of the parties
and this Agreement.

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

                             APARTMENT AND INVESTMENT
                             MANAGEMENT COMPANY

                             By:  /s/ Peter Kompaniez
                                  ---------------------------------------------
                                   Name:  Peter Kompaniez
                                   Title: President

                             AIMCO PROPERTIES, L.P.

                             By:  /s/ Peter Kompaniez
                                  ---------------------------------------------
                                   Name:  Peter Kompaniez
                                   Title: President

                             XYZ HOLDINGS LLC
                               By: CASDEN INVESTMENT CORP., its managing member

                               By:  /s/ Alan I. Casden
                                    -------------------------------------------
                                   Name:  Alan I. Casden
                                   Title: Chairman

                             THE CASDEN COMPANY

                             By:  /s/ Alan I. Casden
                                  ---------------------------------------------
                                   Name:  Alan I. Casden
                                   Title: Chairman

                             CASDEN INVESTMENT CORP.

                             By:  /s/ Alan I. Casden
                                  ---------------------------------------------
                                   Name:  Alan I. Casden
                                   Title: Chairman

                                  /s/ Alan I. Casden
                             --------------------------------------------------
                                  ALAN I. CASDEN

                             CERBERUS PARTNERS, L.P.

                             By:  /s/ Ronald Kravit
                                  ---------------------------------------------
                                   Name:  Ronald Kravit
                                   Title: Authorized SignatoryTAX INDEMNIFICATION AND CONTEST AGREEMENT

                                BY AND AMONG

                APARTMENT INVESTMENT AND MANAGEMENT COMPANY,

                  NATIONAL PARTNERSHIP INVESTMENTS CORP.,

                              XYZ HOLDINGS LLC

                   AND THE OTHER PARTIES SIGNATORY HERETO

                        Dated as of December 3, 2001

                 TAX INDEMNIFICATION AND CONTEST AGREEMENT

                  This TAX INDEMNIFICATION AND TAX CONTEST AGREEMENT (this
"Agreement") is dated as of December 3, 2001, by and among XYZ Holdings LLC
("XYZ" or the "Lead Indemnitor"), The Casden Company ("TCC"), Casden
Investment Corp. ("CIC"), Alan I. Casden ("AIC"), and Cerberus Partners,
L.P. ("CP") (the "Additional Indemnitors" and, collectively with the Lead
Indemnitor, the "Indemnitors"), and Apartment Investment and Management
Company ("AIMCO") and National Partnership Investments Corp. ("NAPICO").

                                 WITNESSETH

                  WHEREAS, AIMCO has entered into an Agreement and Plan of
Merger with each of Casden Properties, Inc. ("Casden REIT") and Casden Park
La Brea, Inc. ("CPLB REIT"), each dated as of the date hereof (the "Casden
Merger Agreement" and the "Park La Brea Merger Agreement," respectively
and, together, the "Merger Agreements"); and

                  WHEREAS, as a condition to entering into the Merger
Agreements, the Contribution Agreement, the Casden Contribution Agreement
and other agreements to be entered into in connection therewith
(collectively, the "Acquisition Agreements"), and as an inducement to do
so, the parties hereto are entering into this Agreement;

                  NOW, THEREFORE, in consideration of the promises and
mutual agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         Section 1. Definitions. For purposes of this Agreement, the
following terms shall apply:

                  (a) "Acquired Asset" shall mean any asset acquired
         directly or indirectly by AIMCO as a result of the transactions
         contemplated by the Merger Agreements.

                  (b) "AIMCO Common Stock" shall mean shares of AIMCO's
         Class A Common Stock, par value $.01 per share, issued pursuant to
         the Acquisition Agreements and any other securities issuable in
         respect thereof, whether as a dividend or distribution, in
         connection with a stock split, merger, recapitalization or
         otherwise.

                  (c) "AIMCO Common Stock Price" shall mean $47 per share.

                  (d) "AIMCO OP Units" shall mean partnership common units
         of AIMCO OP issued pursuant to the Acquisition Agreements and any
         other securities issuable in respect thereof, whether as a
         distribution, in connection with a split of such common units,
         merger, recapitalization or otherwise.

                  (e) "AIMCO Securities" shall mean AIMCO Common Stock or
         AIMCO OP Units.

                  (f) "Casden" shall mean Casden Properties, Inc. and every
         Casden Subsidiary.

                  (g) "Casden Entities" shall mean AIC, TCC and CIC.

                  (h) "CPLB" shall mean CPLB REIT and every CPLB Subsidiary
         (as defined in the Park La Brea Merger Agreement).

                  (i) "Final Determination" shall mean (i) a decision,
         judgment, decree, or other order by any court of competent
         jurisdiction, which decision judgment, decree, or other order has
         become final after all allowable appeals by either party to the
         action have been exhausted or the time for filing such appeal has
         expired, (ii) a closing agreement entered into under Section 7121
         of the Code, or any final settlement agreement entered in
         connection with any administrative or judicial proceeding, or
         (iii) the expiration of time for instituting a claim for refund,
         or if such claim was filed, the expiration of time for instituting
         a suit with respect thereto.

                  (j) "Indemnitee" shall mean each of AIMCO and NAPICO, as
         the case may be.

                  (k) "Indemnity Amount" shall mean the amount payable by
         Indemnitor to an Indemnitee pursuant to Section 2.

                  (l) "Pre-Closing Period" shall mean any taxable year or
         period that ends on or before the Closing Date.

                  (m) "Scheduled Taxes" shall mean the items listed on
         Schedule B hereto.

                  (n) "Section 6662 Tax Liabilities" shall mean any
         penalties imposed by a Tax authority for fraud, willful misconduct
         or under Section 6662(b)(2) of the Code (or similar provisions of
         state, local or foreign law), and any interest and additions to
         tax related thereto.

                  (o) "Straddle Period" shall mean, with respect to any
         taxable year or period of an entity that begins on or before the
         Closing Date but ends after the Closing Date, the portion of such
         taxable year or period that (i) begins on the first day of such
         taxable year or period, and (ii) ends on the Closing Date. For
         purposes of this Agreement, the Tax liability of any entity with
         respect to a Straddle Period shall be computed as follows: (i) in
         the case of Taxes of an entity that are either (A) based upon or
         related to income or receipts, or (B) imposed in connection with
         any sale, transfer, assignment, or distribution of property
         (whether real or personal, tangible or intangible) by such entity,
         the Tax liability for the Straddle Period shall be deemed equal to
         the amount that would be payable if the period for which such Tax
         is assessed had ended on and included the Closing Date, not
         including transactions occurring on the Closing Date after the
         Closing, and not including transfer and similar taxes related to
         the transactions contemplated by the Acquisition Agreements,
         determined, to the extent permissible under applicable laws, in a
         manner which is consistent with such entity's accounting practices
         and business operations as in effect prior to the Closing Date;
         and (ii) in the case of Taxes that are not described in clause (i)
         above, the Tax liability for the Straddle Period shall be the
         amount due and payable on or before the Closing Date.

                  (p) "Substantial Authority" shall mean substantial
         authority within the meaning of Section 6662(d)(2)(B)(i) of the
         Code and the Treasury Regulations promulgated thereunder.

                  (q) "Tax Law Change" shall mean modifications to, or
         enactment, promulgation, release or adoption of any changes in the
         Code or the Tax law of any state, local, or foreign jurisdiction.

                  (r) "Tax" and/or "Taxes" shall mean all Federal, state,
         local and foreign taxes, charges, fees, duties (including customs
         duties), levies or other assessments, including without
         limitation, income, gross receipts, net proceeds, ad valorem,
         turnover, real and personal property (tangible and intangible),
         sales, use, franchise, excise, value added, stamp, leasing, lease,
         user, transfer, fuel, excess profits, occupational, interest
         equalization, windfall profits, severance, license, payroll,
         environmental, capital stock, disability, employee's income
         withholding, other withholding, and unemployment taxes, which are
         imposed by any governmental authority, and such term shall include
         any interest, penalties or additions to tax attributable thereto;
         provided, however, that Transfer Taxes shall be excluded.

                  (s) "Tax Return" shall mean a report, return or other
         information return required to be supplied to a governmental
         entity with respect to Taxes (and any amendments thereto)
         including, combined or consolidated returns for any group of
         entities.

                  (t) "Value" shall mean, as of any date, and (A) with
         respect to any shares of AIMCO Common Stock, the number of such
         shares multiplied by the sum of (i) the AIMCO Common Stock Price
         and (ii) the amount of any dividends that have accrued on a share
         of AIMCO Common Stock from the Effective Time that have not been
         paid as of such date, and (B) with respect to any AIMCO OP Units,
         the number of such AIMCO OP Units multiplied by the sum of (i) the
         AIMCO Common Stock Price and (ii) the amount of any distributions
         that have accrued on an AIMCO OP Unit from the Effective Time that
         have not been paid as of such date (if any).

                  (u) Any capitalized terms used herein and not defined
         herein, shall have the meaning assigned to it in the Casden Merger
         Agreement.

         Section 2. Amount and Scope of Indemnification.

                  (a) Indemnitors shall provide indemnification to each
         Indemnitee as set forth below.

                      (i) Indemnitors shall indemnify AIMCO for:

                          (A) any Tax liability (other than Section 6662
                      Tax Liabilities, Scheduled Taxes and Tax liabilities
                      covered under Section 2(a)(i)(D) hereof) of Casden or
                      CPLB for any Pre-Closing Period or Straddle Period
                      that has not been paid; provided, that, the aggregate
                      amount payable pursuant to this Section 2(a)(i)(A)
                      and Section 2(a)(ii)(A) shall not exceed $37,500,000;
                      provided further, that a claim is made by the
                      Internal Revenue Service (or any other Tax authority)
                      within three (3) years of the filing of the Tax
                      return unless a longer statute of limitations applies
                      as a result of the assessment of a Section 6662 Tax
                      Liability, in which case, a claim can be made at any
                      time;

                          (B) any Section 6662 Tax Liability of Casden or
                      CPLB for any Pre-Closing Period or Straddle Period;

                          (C) two-thirds (2/3) of any Tax liability
                      resulting from the imposition of Tax, directly or
                      indirectly, on AIMCO under the principles of Section
                      1374 of the Code (as set forth in Temp. Treas. Reg.
                      ss. 1.337(d)-5T and IRS Notice 88-19) as a result of
                      the direct or indirect sale by AIMCO of any Acquired
                      Asset within three (3) years of the Closing; provided
                      that the aggregate amount payable pursuant to this
                      Section 2(a)(i)(C) shall not exceed $10,000,000; and

                          (D) any Tax liability of Casden or CPLB incurred
                      as a result of the transactions undertaken in
                      connection with the Commercial Sale, the Ross Store
                      Sale, or the Asset Purchase.

                      (ii) Indemnitors shall indemnify NAPICO for:

                          (A) any Tax liability (other than Section 6662
                      Tax Liabilities) of NAPICO for any Pre-Closing Period
                      or Straddle Period ending after December 31, 1998
                      that has not been paid; provided, that, the aggregate
                      amount payable pursuant to this Section 2(a)(ii)(A)
                      and Section 2(a)(i)(A) shall not exceed $37,500,000;
                      provided further, that the Indemnitee make a claim
                      for such amounts within three (3) years of the filing
                      of the Tax return unless a longer statute of
                      limitations applies as a result of the assessment of
                      a Section 6662 Tax Liability, in which case, a claim
                      can be made at any time; and

                          (B) any Section 6662 Tax Liability of NAPICO for
                      any Pre-Closing Period or Straddle Period.

                      (iii) Notwithstanding anything to the contrary
                      herein, the three (3) year time limitation for
                      indemnification set forth in Section 2(a)(i)(A) and
                      Section 2(a)(ii)(A) shall be extended to include any
                      period if the statute of limitation is extended;
                      provided that, (A) the Lead Indemnitor shall have the
                      right to extend the statute of limitations for Taxes
                      which AIMCO reasonably believes are likely to result
                      in an assessment for which the Lead Indemnitor would
                      have the right to control a contest thereof under
                      Section 5(d) and (B) AIMCO shall have the right to
                      extend the statute of limitations for all other
                      Taxes.

                      (iv) Notwithstanding any other provision herein, the
                      Casden Entities shall indemnify each Indemnitee for
                      any Tax liability of NAPICO for any taxable year
                      ending on or prior to December 31, 1998.

                  (b) Except to the extent that any provision of this
         Agreement specifically denominates an amount due pursuant to this
         Agreement as interest in respect of a delayed payment, any
         indemnification payment tendered to an Indemnitee pursuant to this
         Section 2 will be treated by the parties as an adjustment to the
         consideration received under the Acquisition Agreements to the
         extent permitted by law.

                  (c) In the event an Indemnitee makes a claim for
         indemnification hereunder, such Indemnitee shall provide the Lead
         Indemnitor with a written statement setting forth in reasonable
         detail the computation of the amount described in Section 2(a).

                  (d) Any payment determined due to an Indemnitee pursuant
         to this Section 2 shall be paid within the later of (i) twenty
         (20) business days after written notice from such Indemnitee to
         the Lead Indemnitor that such amounts are due and payable by
         Indemnitors, or (ii) ten (10) business days prior to the due date
         for any return on which such Indemnitee would reflect such income
         or gain. Any payment required under this Section 2 and not made
         when due shall bear interest at the greater of (i) 5% per annum or
         (ii) the interest rate charged by the applicable authority in
         respect of such amounts, in each case, calculated and payable
         monthly, compounded monthly if not paid when due.

                  (e) Upon request of the Lead Indemnitor, the basis of the
         claim and the accuracy of an Indemnitee's calculation of the
         amount or amounts payable to or by such Indemnitee pursuant to
         Section 2 shall be verified by an independent, nationally
         recognized accounting firm (other than the preparer of such
         Indemnitee's Tax Returns or financial statements) selected by such
         Indemnitee with the consent of the Lead Indemnitor, which consent
         shall not be unreasonable withheld. In order to enable such
         accountants to verify the basis and accuracy of such claim, such
         Indemnitee shall provide to such accountants all information
         reasonably necessary for such verification, including any computer
         analyses used by such Indemnitee to calculate such amount or
         amounts. In conducting its verification, the accounting firm shall
         consult with, and consider in good faith the opinions and
         positions of, such Indemnitee and the Lead Indemnitor as to the
         proper resolution of any matters at issue. The review and
         determination of such calculations by such accounting firm
         pursuant to this Section 2(e) shall be final. The parties hereto
         agree that, if the accounting firm is required to resolve any
         matters relating to the computations, the accounting firm (i)
         shall provide such Indemnitee and the Lead Indemnitor with a
         written notification that describes in reasonable detail the
         matter or matters at issue, and (ii) prior to its resolution of
         the matter or matters at issue, shall provide such Indemnitee and
         the Lead Indemnitor with an opportunity to set forth their
         positions concerning the proper resolution of the matter or
         matters at issue in accordance with a procedure reasonably
         acceptable to both such Indemnitee and the Lead Indemnitor. The
         cost of such verification shall be borne by the Lead Indemnitor
         unless it is the determination of such verification that the
         actual amount or amounts payable deviates, in a manner favorable
         to the Indemnitors, by more than 10% from the amount originally
         determined by such Indemnitee, in which case such cost shall be
         borne by such Indemnitee.

                  (f) At the request and expense of the Lead Indemnitor,
         the Indemnitees shall seek any refund of any Tax. In the event any
         Indemnitee receives a refund of (i) any amount which gave rise to
         an indemnification payment hereunder, or (ii) any Tax paid by
         Casden prior to the Closing Date with respect to a Pre-Closing
         Period or Straddle Period, such Indemnitee shall refund such
         indemnification payment to the Indemnitors to the extent of the
         Indemnitors' portion of the refund, net of collection or other
         costs (including any additional Taxes imposed on such Indemnitee)
         related thereto that have not theretofore been reimbursed by the
         Indemnitors to such Indemnitee.

                  (g) The liability of the Casden Entities, on the one
         hand, and CP, on the other hand, shall be several, but not joint,
         in proportion to the percentages set forth on Schedule A hereto.
         The liability of XYZ under this Section 2 shall be joint and
         several with all other Casden Entities. The liability of the
         Casden Entities under this Section 2 shall be joint and several
         with respect to the sum of the percentages set forth on Schedule A
         hereto for all members of the Casden Entities. No Indemnitor other
         than XYZ shall be required to make any payment under this Section
         2 unless and until XYZ has failed to satisfy any indemnification
         obligation under this Agreement.

                  (h) The Indemnitees agree to accept from the Indemnitors,
         in satisfaction of all or a portion of any indemnification
         obligation under this Agreement, AIMCO Securities with a Value
         equal to the amount of such obligation.

         Section 3. Exclusions. Notwithstanding any other provision of this
Agreement, the Indemnitors shall not have any liability for indemnification
under this Agreement for any Tax liability attributable, in whole or in
part, to:

                  (a) any fraud, willful misconduct or gross negligence of
         any Indemnitee or officer, director, employee or agent thereof;

                  (b) the failure of any Indemnitee to contest a Tax Claim
         in accordance with Section 5 below; or

                  (c) the failure of any Indemnitee to comply on a timely
         basis with certification, information, documentation, reporting or
         other similar requirements imposed on such Indemnitee and
         concerning the nationality, residence, or identity of such
         Indemnitee, or the failure of any Indemnitee to comply with its
         obligations set forth in Section 4, to the extent the Lead
         Indemnitor demonstrates that its ability to contest such Tax
         liability is actually prejudiced by such failure of the
         Indemnitee.

         Section 4. Preparation of Tax Returns. The Lead Indemnitor will be
responsible for the preparation and filing of all Tax Returns for Casden
and CPLB for all Pre-Closing Periods and pay all third-party costs and
expenses incurred in preparing and filing such Tax Returns. All Tax Returns
for Casden and CPLB for any Pre-Closing Period and any Straddle Period
shall be prepared in a manner consistent with the applicable entity's past
practices as in effect prior to the Closing Date; provided, that, such past
practices are in accordance with the Code and the regulations thereunder.
AIMCO agrees to reasonably cooperate in the preparation and filing of such
Tax Returns and to make available at its expense records and employees of
AIMCO necessary for the preparation or such Tax Returns. AIMCO and its
accountants will be provided for their review and comment, a draft of each
material Tax Return with respect to any period (or portion thereof) ending
on or before the Closing Date at least 20 days prior to the date the Lead
Indemnitor intends to file such Tax Return. AIMCO shall notify the Lead
Indemnitor in writing of any proposed change (a "Proposed Change") to any
such Tax Return within five business days after the delivery of such Tax
Return by the Lead Indemnitor. The Lead Indemnitor shall consider in good
faith any such Proposed Change and shall notify AIMCO of its acceptance or
rejection of any such change within five days after receipt thereof. If the
Lead Indemnitor and AIMCO disagree as to the necessity or correctness of
any Proposed Change and such proposed change relates in any material way to
the REIT status of any Indemnitee, such Proposed Change shall be submitted
to an independent, nationally recognized accounting firm (other than the
preparer of AIMCO's or the any of the Indemnitors' Tax Returns or financial
statements) selected by the accounting firm of AIMCO and the Lead
Indemnitor, for immediate resolution. In resolving a dispute concerning any
Proposed Change, the accounting firm shall consult with, and consider in
good faith the opinions and positions of, AIMCO and the Lead Indemnitor as
to the proper resolution of any matters at issue. The decision of such
accounting firm concerning such Proposed Change shall be final. The cost of
such resolution shall be borne 50% by AIMCO and 50% by the Lead Indemnitor
(or the Additional Indemnitors if not paid by the Lead Indemnitor).

         Section 5. Contests Pertaining to Tax.

                  (a) An Indemnitee shall promptly notify the Lead
         Indemnitor of (i) the commencement of an examination of the
         federal income Tax Returns of Casden, CPLB, or NAPICO with respect
         to any Pre-Closing Period or Straddle Period (an "IRS Exam") and
         (ii) the receipt by it from the Internal Revenue Service of a
         written, proposed or final revenue agent's report, a 30-day letter
         or a notice of deficiency (as described in 6212 of the Code) or
         similar written notice from a Tax authority of a state, local, or
         foreign government, in which an adjustment is proposed or
         determined to the Taxes for which Indemnitors may be required to
         provide indemnification pursuant to this Agreement (a "Tax
         Claim"); provided, however, that any failure to provide such
         notice shall not relieve Indemnitors of any obligation to
         indemnify such Indemnitee hereunder except to the extent that the
         Lead Indemnitor demonstrates that its ability to contest such
         adjustment is actually prejudiced by such failure of the
         Indemnitee.

                  (b) In the event of an IRS Exam, the Indemnitee shall
         provide the Lead Indemnitor (i) copies of any requests for
         information or documents related to the items for which
         indemnification is sought and (ii) reasonable opportunity to
         review and comment upon responses to such requests and to
         participate in any submission to the Internal Revenue Service in
         connection with such IRS Exam.

                  (c) The Indemnitee shall use reasonable efforts to
         contest any Tax Claim in accordance with Section 5(e); provided,
         however, that such Indemnitee shall not be required to contest a
         Tax Claim unless it has received on a timely basis (x) a legal
         opinion (setting forth in reasonable detail the facts and analysis
         upon which such opinion is based) of independent counsel selected
         by the Lead Indemnitor with the consent of such Indemnitee which
         consent will not be unreasonably withheld (the cost of which shall
         be borne by the Lead Indemnitor) that there is a reasonable basis
         that such Indemnitee will prevail on the merits of the case and
         (y) a written notice (an "Indemnitor's Acknowledgement") from the
         Lead Indemnitor in which the Lead Indemnitor acknowledges (i) that
         such Tax Claim, if sustained in a Final Determination, may be
         subject to the obligation hereunder to indemnify such Indemnitee,
         and (ii) that Indemnitors are liable to pay all reasonable costs
         and expenses incurred by such Indemnitee in connection with any
         contest, including, without limitation, all reasonable legal and
         other documented out-of-pocket expenses, and shall have provided
         such Indemnitee with adequate assurances for the payment thereof.
         Failure of the Lead Indemnitor to deliver an Indemnitor's
         Acknowledgement to such Indemnitee within forty-five (45) days
         after Indemnitor's receipt of written notice of a Tax Claim shall
         result in Indemnitors' waiver of any obligation of such Indemnitee
         to contest a Tax Claim, and such Indemnitee shall be entitled to
         concede or settle such Tax Claim in its sole and absolute
         discretion and Indemnitors shall indemnify such Indemnitee for any
         Tax liability suffered by such Indemnitee.

                  (d) The Lead Indemnitor will be entitled to contest
         (acting through counsel selected by the Lead Indemnitor with the
         consent of the Indemnitee whose receipt of a Tax Claim gives rise
         to such contest which consent shall not be unreasonably be
         withheld) and control the contest of any Tax Claim if (i) the
         aggregate maximum amount payable in respect of all Tax Claims does
         not exceed the Indemnitors' maximum liability under Section 2(a),
         (ii)(A) such Tax Claim is asserted by the Internal Revenue Service
         with respect to a Pre-Closing Period or Straddle Period of Casden,
         CPLB or NAPICO or the claim relates in any material way to the
         status of Casden REIT or CPLB REIT as a REIT or the amount of any
         excise tax under Section 857(b)(5) of the Code, or (B) such
         Indemnitee requests that the Lead Indemnitor control such contest,
         (iii) such Tax Claim may be segregated in a reasonable manner
         procedurally and contested independently from Tax claims of such
         Indemnitee for which the Indemnitors are not obligated to
         indemnify such Indemnitee, and (iv) such Indemnitee reasonably
         believes that the conduct of such contest will not adversely
         affect the Indemnitee's status as a "real estate investment trust"
         under Section 856 of the Code ("REIT Status") or the REIT Status
         of another Indemnitee. If a Tax Claim relates in any material way
         to the status of Casden REIT or CPLB REIT as a REIT and the claim
         also relates to other items, AIMCO shall use its reasonable
         efforts to separate the items related to the status of Casden REIT
         or CPLB REIT as a REIT into a contest separate from the contest of
         the other items. Any such contest controlled by the Lead
         Indemnitor shall be contested at the Lead Indemnitor's sole cost
         and expense. The Lead Indemnitor shall consult in good faith with,
         and keep reasonably informed, such Indemnitee and its counsel and
         shall provide such Indemnitee with copies of any documents,
         reports or claims issued by or sent to the relevant auditing agent
         or Tax authority, as well as a reasonable opportunity to review
         and comment thereon, but the decisions regarding what actions are
         to be taken shall be made by the Lead Indemnitor in its sole
         judgment, unless (i) such Indemnitee reasonably believes that it
         must conduct such proceeding to avoid a material adverse affect to
         its REIT Status or the REIT Status of another Indemnitee or (ii)
         the aggregate maximum amount payable in respect of all Tax Claims
         exceeds the Indemnitors' maximum liability under Section 2(a), in
         which case, notwithstanding any other provision of this Agreement
         to the contrary, Indemnitee may thereafter take over and control
         the contest of such Tax Claim in accordance with Section 5(e).

                  (e) In the case of all Tax Claims not described in the
         first sentence of Section 5(d), not described in the first
         sentence of Section 5(f), where the Indemnitee takes control under
         the last sentence of Section 5(d), or where the Indemnitee takes
         control under the last sentence of Section 5(f), the Indemnitee
         shall control the conduct of the contest of any such claim with
         its own counsel and including any and all administrative appeals,
         proceedings, hearings and conferences with any Tax authority in
         respect of any such claim, considering, however, in good faith
         such requests as the Lead Indemnitor and its counsel shall make
         concerning the prudent manner in which to contest such claim. The
         reasonable contest costs (including without limitation
         accountant's fees, investigatory fees, and fees and disbursements
         of counsel) incurred by such Indemnitee in good faith in
         contesting the Tax Claim shall be borne by the Lead Indemnitor.
         Indemnitee shall keep the Lead Indemnitor reasonably informed as
         to the progress of such contest and shall give the Lead Indemnitor
         and its counsel opportunity to review and comment in advance in
         all material written submissions and filings relevant to the
         substantive issues which would potentially give rise to a Tax
         liability (after making appropriate redactions to preserve the
         confidentiality of all matters not directly related to such
         substantive issues). The Lead Indemnitor and its counsel shall
         maintain confidentiality with respect to all such information.
         Indemnitee shall be required to appeal an adverse decision of a
         court only if (i) the aggregate maximum amount payable in respect
         of all Tax Claims is less than the Indemnitors' maximum liability
         under Section 2(a), and (ii) the Lead Indemnitor delivers a legal
         opinion (setting forth in reasonable detail the facts and analysis
         upon which such opinion is based) of independent counsel selected
         by such Indemnitee reasonably acceptable to the Lead Indemnitor
         (the cost of which shall be borne by the Lead Indemnitor) which
         opinion concludes that, after taking into account conclusions of
         fact and law contained in the lower court's decision, it is more
         likely than not that such Indemnitee will prevail on appeal. In no
         event shall such Indemnitee be required to appeal an adverse
         determination beyond the first appeal.

                  (f) The Lead Indemnitor will be entitled to contest
         (acting through counsel selected by the Lead Indemnitor) and
         control the contest of any Tax Claim that relates in any material
         way to the status of Casden REIT or CPLB REIT as a REIT, provided,
         that, AIMCO reasonably believes that the conduct of such contest
         will not materially adversely affect the REIT Status of any
         Indemnitee. If a Tax Claim relates in any material way to the
         status of Casden REIT or CPLB REIT as a REIT and the claim also
         relates to other items, AIMCO shall use its best efforts (the cost
         of which will be borne solely by the Lead Indemnitor) to separate
         the items related to the status of Casden REIT or CPLB REIT as a
         REIT into a contest separate from the contest of the other items.
         Any costs and expenses of such contest controlled by the Lead
         Indemnitor shall be paid by the Lead Indemnitor. Except as
         otherwise provided in this agreement, the Indemnitees shall have
         sole control over all claims other that the items related to the
         status of Casden REIT or CPLB REIT as a REIT. The Lead Indemnitor
         shall consult in good faith with, and keep reasonably informed,
         AIMCO and its counsel concerning the status of the Tax Claim and
         shall provide AIMCO and its counsel with copies of any documents,
         reports or claims issued by or sent to the relevant auditing agent
         or Tax authority, as well as a reasonable opportunity to review
         and comment thereon, but the decisions regarding what actions are
         to be taken shall be made by the Lead Indemnitor in its sole
         judgment, unless an Indemnitee reasonably believes that it must
         conduct such proceeding to avoid a material adverse affect to the
         REIT Status of an Indemnitee, in which case, notwithstanding any
         other provision of this Agreement to the contrary, Indemnitees may
         thereafter take over and control the contest of such Tax Claim in
         accordance with Section 5(e).

                  (g) If the aggregate maximum amount payable in respect of
         all Tax Claims is less than the Indemnitors' maximum liability
         under Section 2(a), Indemnitee shall not make payment of any claim
         for at least thirty (30) days after giving written notice of such
         claim to Indemnitor if such forbearance is permitted by law. If
         the conduct of the contest requires such Indemnitee to pay the tax
         claimed and file or sue for a refund, Indemnitors shall advance to
         such Indemnitee, on an interest-free basis, sufficient funds to
         pay the tax and any interest, penalties and additions to tax
         payable with respect thereto (to the extent such amount is subject
         to Indemnitors' indemnity obligations hereunder). Indemnitee shall
         immediately use such funds to pay such tax, interest, penalties or
         additions to tax, as the case may be.

                  (h) If an Indemnitee receives any settlement offer from
         the Internal Revenue Service or similar notice from a Tax
         authority of a state, local, or foreign government with respect to
         a claim for which such Indemnitee seeks indemnity from
         Indemnitors, such Indemnitee shall promptly inform the Lead
         Indemnitor of the receipt of such settlement offer. If the Lead
         Indemnitor recommends acceptance of such settlement offer, but
         such Indemnitee declines to accept such offer in writing within
         thirty (30) days: (i) the obligation of Indemnitors to make
         indemnity payments under this Agreement as the result of any such
         contest or proceedings shall not exceed the obligation that it
         would have had if such contest had been settled or proceeding
         terminated on the basis of the settlement offer the acceptance of
         which was recommended by Indemnitor; and (ii) Indemnitors shall
         have no further liability for costs or other expenses in respect
         of such contest. An Indemnitee shall not settle any claim without
         Indemnitor's consent; provided, however, that such Indemnitee
         shall not be required to contest any proposed adjustment and may
         settle any such proposed adjustment if (i) such Indemnitee shall
         waive its right to indemnity with respect to such adjustment and
         shall refund to Indemnitors any amount previously paid or advanced
         by Indemnitors with respect to such adjustment or the contest of
         such adjustment, (ii) the subject of such contest has previously
         been resolved in a Final Determination for a prior taxable year
         adversely to such Indemnitee, unless the Lead Indemnitor shall
         have provided such Indemnitee with an opinion of independent tax
         counsel, selected by the Lead Indemnitor with the consent of such
         Indemnitee which consent shall not be unreasonably withheld, at
         the cost of the Lead Indemnitor, setting forth in reasonable
         detail the facts and analysis upon which such opinion is based (a
         copy of which is delivered to such Indemnitee), that as a result
         of a Tax Law Change or change in fact, the prior Final
         Determination is no longer determinative of the issue, or (iii)
         the aggregate maximum amount payable in respect of all Tax Claims
         exceeds the Indemnitors' maximum liability under Section 2(a).

                  (i) If the Lead Indemnitor shall have requested an
         Indemnitee to contest such claim as provided above and shall have
         duly complied with all the terms of this Section 5, Indemnitors'
         liability for indemnification shall, at the Lead Indemnitor's
         election, be deferred (subject to the provisions of Section 5(c)
         hereof) until a Final Determination of the liability of such
         Indemnitee. At such time, Indemnitors shall become obligated for
         the payment of any indemnification hereunder resulting from the
         outcome of such contest, and such Indemnitee shall become
         obligated to refund to Indemnitors their portion of any amount
         received as a refund by such Indemnitee or credited to such
         Indemnitee attributable to advances by Indemnitors hereunder.
         Within thirty (30) days following such Final Determination, any
         amounts due hereunder shall be paid first by set off against each
         other and either (i) Indemnitors shall pay to such Indemnitee any
         excess of the full amount due hereunder over the amount of any
         advances previously made by Indemnitors and applied against
         Indemnitors' indemnity obligation as aforesaid or (ii) such
         Indemnitee shall repay to Indemnitors their portion of any excess
         of such advances over such full amount due hereunder, together
         with their portion of any interest received by such Indemnitee
         that is properly attributable to their portion of such excess
         amount of such advances during the period such advances were
         outstanding, and, if Indemnitors shall have indemnified such
         Indemnitee with respect to the adverse tax consequences of any
         advances or payments hereunder, their portion of the amount of any
         tax savings resulting from their portion of any payment pursuant
         to this sentence.

         Section 6. Section 337 Election. To the extent permitted by law,
AIMCO hereby agrees to make a protective election pursuant to Treasury
Regulation Section 1.337(d)-5T(b) with respect to the transactions
contemplated by the Merger Agreements, electing to be subject to the rules
of Section 1374 of the Code and the regulations thereunder with respect to
the assets formerly held by Casden REIT or CPLB REIT in the event that
there is a Final Determination that Casden REIT or CPLB REIT did not
satisfy the requirements for qualification as a REIT for any Pre-Closing or
Straddle Period.

         Section 7. Cooperation.

                  (a) Each Indemnitee agrees to consider in good faith any
         action (including filing claims for refund and amended Tax
         Returns) which it is reasonably requested to take by the Lead
         Indemnitor that would minimize the net amount of any indemnity
         payment due from Indemnitors hereunder; provided, however, that
         such Indemnitee shall not be required to take any action that such
         Indemnitee reasonably believes would place such Indemnitee in a
         materially worse tax or economic position than such Indemnitee
         would have been in if such action were not taken.

                  (b) Each Indemnitee shall promptly notify the Lead
         Indemnitor of the commencement of any audit or examination of such
         Indemnitee by any Tax authority (other than an IRS Exam, which is
         governed by Section 6) and shall keep the Lead Indemnitor
         reasonably informed as to the status of such audit or examination
         and any proceedings relating thereto; provided, however, that an
         Indemnitee's failure to comply with this Section 7(b) shall not
         affect Indemnitors' obligations pursuant to this Agreement except
         to the extent that the Lead Indemnitor demonstrates that its
         ability to contest any Tax liability arising out of such audit or
         examination is actually prejudiced by such failure of the
         Indemnitee.

         Section 8. REIT Requirements. Notwithstanding the foregoing, in no
event shall the amount paid to the Indemnitees pursuant to this Agreement
in any tax year exceed the maximum amount that can be paid to the
Indemnitees in such year without causing AIMCO to fail to meet the REIT
Requirements for such year, determined as if the payment of such amount did
not constitute Qualifying Income as determined by independent accountants
to AIMCO. If the amount payable for any tax year under the preceding
sentence is less than the amount which Indemnitors would otherwise be
obligated to pay to the Indemnitees pursuant to this Agreement (the
"Expense Amount"), the Indemnitees shall so notify the Indemnitors, and
Indemnitors shall (at the Indemnitees' sole cost and expense) place the
remaining portion of the Expense Amount in escrow and shall not execute any
instrumentation permitting any release of any portion thereof to the
Indemnitees, and the Indemnitees shall not be entitled to any such amount,
unless and until the Lead Indemnitor and escrow holder receive (all at the
Indemnitees' sole cost and expense) notice from the Indemnitees, together
with either (i) an opinion of AIMCO's tax counsel to the effect that such
amount, if and to the extent paid, would not constitute gross income which
is not Qualifying Income or (ii) a letter from AIMCO's independent
accountants indicating the maximum amount that can be paid at that time to
the Indemnitees without causing AIMCO to fail to meet the REIT Requirements
for any relevant taxable year, together with either an Internal Revenue
Service Ruling issued to AIMCO or an opinion of AIMCO's tax counsel to the
effect that such payment would not be treated as includible in the income
of AIMCO for any prior taxable year, in which event escrow holder shall pay
such maximum amount. The Indemnitors' and escrow holder's obligation to pay
any unpaid portion of the Expense Amount shall terminate ten (10) years
from the date of this Agreement, and upon such date, escrow holder shall
remit any remaining funds in escrow to the Indemnitors and Indemnitors
shall have no obligation to make any further payments notwithstanding that
the entire Expense Amount has not been paid as of such date.

         Section 9. Notices. All notices, demands, declarations, consents,
directions, approvals, instructions, requests and other communications
required or permitted by the terms of this Agreement shall be given in the
same manner as in the Master Indemnification Agreement by and among
Apartment Investment and Management Company, AIMCO Properties, L.P., XYZ
Holdings LLC and the other parties signatory thereto, dated as of the date
hereof (the "Master Indemnification Agreement").

         Section 10. Miscellaneous.

                  (a) Each Additional Indemnitor hereby irrevocably and
         unconditionally appoints the Lead Indemnitor as its agent in
         connection with the matters described in this Agreement, and
         grants the Lead Agent an irrevocable and durable power of
         attorney, with the express authority to take any and all action on
         such Additional Indemnitor's behalf in connection with this
         Agreement. Each Indemnitee may rely on any action taken or not
         taken, and any document or instrument executed and delivered, by
         the Lead Indemnitor on behalf of any Additional Indemnitor or all
         of the Additional Indemnitors in connection with the matters
         described herein.

                  (b) Except as otherwise provided herein, the terms and
         conditions of this Agreement shall be binding upon and inure
         solely to the benefit of the parties hereto and their respective
         successors and assigns, and nothing in this Agreement, express or
         implied, is intended to confer upon any party other than the
         parties hereto or their respective successors and assigns any
         rights or remedies of any nature whatsoever under or by reason of
         this Agreement.

                  (c) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
         ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK , INCLUDING,
         WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK
         GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES
         327(B).

                  (d) The parties agree that irreparable damage would occur
         in the event that any of the provisions of this Agreement were not
         performed in accordance with their specific terms or were
         otherwise breached. It is accordingly agreed that the parties
         shall be entitled to an injunction or injunctions to prevent
         breaches of this Agreement and to enforce specifically the terms
         and provisions of this Agreement in any court of the United States
         located in the State of New York or in New York state court, this
         being in addition to any other remedy to which they are entitled
         under this Agreement, which shall be the exclusive remedies of the
         parties with respect to any matters expressly covered by this
         Agreement and the Transaction Documents, except as otherwise
         expressly provided in this Agreement or the Transaction Documents.
         In addition, each of the parties hereto (a) consents to submit
         itself to the personal jurisdiction of any federal court located
         in the State of New York or any New York state court in the event
         any dispute arises out of this Agreement or any of the
         Transactions, (b) agrees that it shall not attempt to deny such
         personal jurisdiction by motion or other request for leave from
         any such court, and (c) agrees that it will not bring any action
         relating to this Agreement or any of the Transaction Documents in
         any court other than a federal or state court sitting in the State
         of New York. Each of the Indemnitors hereby appoints the Lead
         Indemnitor as its agent for service of process, and service on the
         Lead Indemnitor shall be deemed service and notice to all other
         Indemnitors.

                  (e) This Agreement may be executed in two or more
         counterparts, each of which shall be deemed to be an original, but
         all of which shall constitute one and the same agreement.

                  (f) When a reference is made in this Agreement to
         Sections, such reference shall be to a Section of this Agreement,
         unless otherwise indicated. The headings contained in this
         Agreement are for reference purposes only and shall not affect in
         any way the meaning or interpretation of this Agreement. Whenever
         the words "include," "includes" or "including" are used in this
         Agreement, they shall be deemed to be followed by the words
         "without limitation."

                  (g) Except as described in Sections 4 and 5 above, each
         party shall pay all costs and expenses that it incurs with respect
         to the negotiation, execution, delivery and performance of this
         Agreement. If any action at law or in equity is necessary to
         enforce or interpret the terms of this Agreement, the prevailing
         party shall be entitled to reasonable attorneys' fees, costs and
         necessary disbursements in addition to any other relief to which
         such party may be entitled.

                  (h) Any term of this Agreement may be amended, and the
         observance of any term of this Agreement may be waived (either
         generally or in a particular instance and either retroactively or
         prospectively), only with the written consent of each Indemnitee
         and Indemnitor.

                  (i) The provisions of this Agreement shall be deemed
         severable and the invalidity or enforceability of any provision
         shall not affect the validity or enforceability of the other
         provisions hereof. Any provision or part of this Agreement which
         is invalid or unenforceable in any situation in any jurisdiction
         shall, as to such situation and such jurisdiction, be ineffective
         only to the extent of such invalidity and shall not affect the
         enforceability of the remaining provisions hereof or the validity
         or enforceability of any such provision in any other situation or
         in any other jurisdiction.

         Section 11. Term. Except as otherwise provided herein, with
respect to indemnification for Taxes, the term of this Agreement shall
extend from the date hereof until such time as the applicable statute of
limitations (including any extensions thereof) bars a claim by the Internal
Revenue Service or relevant foreign, state or local Tax authority for a Tax
otherwise indemnifiable under this Agreement.

         Section 12. Right of Set-Off; Escrow of Certain Amounts. Upon
notice to the Indemnitors specifying in reasonable detail the basis for
such set-off, the Indemnitees and their subsidiaries may set off any amount
(the "Set-Off Amount") to which any Indemnitee may be entitled under this
Agreement against any monies, dividends (other than dividends on AIMCO
Common Stock) or payments properly due and owing to any Indemnitor pursuant
to any of the Transaction Documents (except the Consulting Agreement for
which no set off shall be effected); provided, however, that (i) with
respect to any WW Deferred Amount (as defined in the Tri-Party Agreement)
payable to XYZ under the Tri-Party Agreement, the Indemnitees may set off
only amounts representing claims for Damages (as defined in the Master
Indemnification Agreement) that relate to WW (as defined in the Tri-Party
Agreement) and (ii) with respect to any PLB A Deferred Amount, PLB B
Deferred Amount or PLB C Deferred Amount (as such terms are defined in the
Tri-Party Agreement) payable to XYZ under the Tri-Party Agreement, the
Indemnitees may set off only amounts representing claims for Damages (as
defined in the Master Indemnification Agreement) that relate to PLB A, PLB
B or PLB C (as such terms are defined in the Tri-Party Agreement). After
delivery of such notice, the Indemnitees shall cause the Set-Off Amount to
be deposited into escrow with an escrow agreement and an escrow agent
reasonably acceptable to the parties. The escrow agreement shall provide
that the Set-Off Amount shall be held by the escrow agent until such time
as the claim for indemnification under this Agreement has been finally
determined in accordance with this Agreement or by a court of competent
jurisdiction. The escrow agreement shall further provide that (i) if it is
determined that an Indemnitee is entitled to any portion of the Set-Off
Amount, the escrow agent shall pay such portion of the Set-Off Amount,
together with interest accrued thereon, to the Indemnitees and, thereafter,
the amount to which the Indemnitee is entitled pursuant to this Agreement
shall be reduced by such Set-Off Amount; and (ii) if it is determined that
an Indemnitee is not entitled to any portion of the Set-Off Amount, the
escrow agent shall pay such portion of the Set-Off Amount, together with
interest accrued thereon, to the Indemnitor(s) to whom such amount was
payable. Neither the exercise of nor the failure to exercise such right of
set-off will constitute an election of remedies or limit any Indemnitee in
any manner in the enforcement of any other remedies that may be available
to it.

         Section 13. Termination. This Agreement shall automatically
terminate upon the termination of the Casden Merger Agreement in accordance
with its terms. In the event of the termination of this Agreement pursuant
to this Section 13, except as expressly provided in the Casden Merger
Agreement, no party hereto shall have any liability to any other party with
respect to this Agreement or the transactions contemplated hereby and this
Agreement shall be of no further force or effect.

         Section 14. Entire Agreement. This Agreement and the other
Transaction Documents constitute the entire agreement and supersede all
other prior or contemporaneous oral or written agreements and
understandings among the parties, or any of them, with respect to the
subject matter hereof, and there are no warranties, representations or
other agreements, express or implied, made to any party by any other party
in connection with the subject matter hereof or thereof except as
specifically set forth herein or therein or in the documents delivered
pursuant hereto or in connection herewith.

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

                             XYZ HOLDINGS LLC
                               By:  CASDEN INVESTMENT CORP., its managing member

                               By:  /s/ Alan I. Casden
                                    -------------------------------------
                                   Name:  Alan I. Casden
                                   Title:    Chairman

                             THE CASDEN COMPANY

                             By:  /s/ Alan I. Casden
                                  ---------------------------------------
                                   Name:  Alan I. Casden
                                   Title:    Chairman

                             CASDEN INVESTMENT CORP.

                             By:  /s/ Alan I. Casden
                                  ---------------------------------------
                                   Name:  Alan I. Casden
                                   Title:    Chairman

                             /s/ Alan I. Casden
                             ----------------------------------------
                             ALAN I. CASDEN

                             CERBERUS PARTNERS, L.P.

                             By:  /s/ Ronald Kravit
                                  ---------------------------------------
                                   Name:  Ronald Kravit
                                   Title: Authorized Signatory

                             NATIONAL PARTNERSHIP INVESTMENTS CORP.

                             By:  /s/ Charles Boxenbaum
                                  ---------------------------------------
                                   Name:  Charles Boxembaum
                                   Title:    Chairman

                             APARTMENT INVESTMENT AND
                             MANAGEMENT COMPANY

                             By:  /s/ Peter Kompaniez
                                  ---------------------------------------
                                   Name:  Peter Kompaniez
                                   Title:    President

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