Document:

EXHIBIT 4.1
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                      SPECIMEN SHARE CERTIFICATE
                                  FOR

NUMBER                                                      SHARES
------                                                      ------

 ***                                                          ***

                   AMLI RESIDENTIAL PROPERTIES TRUST

     This Certifies That   *** SPECIMEN ***   is the owner of   ******
full paid and non-assessable

         Series D Cumulative Convertible Redeemable Preferred
        Shares of Beneficial Interest Par Value $0.01 Per Share

transferable on the books of the Corporation in person or by duly
authorized Attorney upon surrender of this Certificate properly endorsed.

     IN WITNESS WHEREOF, the said Corporation has caused this Certificate
to be signed by its duly authorized officers and sealed with the Seal of
the Corporation.

this ____________________ day          of _____________A.D. __________

______________________________         ______________________________
Charlotte A. Sparrow                   Allan J. Sweet
Secretary                              President

<PAGE>

     FOR VALUE RECEIVED, __________ hereby sell, assign and transfer unto
_________________________________________________________________________
___________________________ Shares represented by the within Certificate,
and do hereby irrevocably constitute and appoint
_____________________________ Attorney to transfer the said Shares on the
books of the within named Corporation with full power of substitution in
the premises.

Dated ____________________  __________

In presence of

__________________________  ______________________________

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR PURSUANT TO THE
SECURITIES OR "BLUE SKY" LAWS OF ANY STATE.  SUCH SECURITIES MAY NOT BE
TRANSFERRED, SOLD, OR OTHERWISE DISPOSED OF, EXCEPT IN ACCORDANCE WITH
APPLICABLE "BLUE SKY" LAWS AND PURSUANT TO (i) A REGISTRATION STATEMENT
WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER SUCH ACT, (ii)
RULE 144 OR RULE 144A UNDER SUCH ACT, OR (iii) ANY OTHER EXEMPTION FROM
REGISTRATION UNDER SUCH ACT RELATING TO SUCH ACT.

Notice:  The signature to this assignment must correspond with the name as
written upon the face of the certificate in every particular, without
alteration or enlargement, or any change whatever.EXHIBIT 4.2
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                   AMLI RESIDENTIAL PROPERTIES TRUST

                        ARTICLES SUPPLEMENTARY

              SERIES D CUMULATIVE CONVERTIBLE REDEEMABLE
                PREFERRED SHARES OF BENEFICIAL INTEREST
                      (Par Value $0.01 Per Share)

     AMLI Residential Properties Trust, a Maryland real estate investment
trust (hereinafter called the "Company"), hereby certifies to the
Department of Assessments and Taxation of the State of Maryland that:

     FIRST:  The Board of Trustees of the Company has classified and
designated 1,000,000 unissued preferred shares of beneficial interest, par
value $0.01 per share, of the Company as Series D Cumulative Convertible
Redeemable Preferred Shares ("Series D Preferred Shares"), with the
preferences, rights, voting powers, restrictions, limitations as to
distributions, qualifications and terms and conditions of redemption
thereof as follows, which upon any restatement of the Company's Declaration
of Trust (the "Declaration of Trust") shall be made part of Article 2
thereof, with any necessary or appropriate changes to the enumeration or
lettering of sections or subsections hereof:

     SECTION 1.  NUMBER OF SHARES AND DESIGNATION. The Series D Preferred
Shares shall be designated as "Series D Cumulative Convertible Redeemable
Preferred Shares" and the authorized number of Series D Preferred Shares
constituting such series shall be 1,000,000, which number may be decreased
from time to time by the Board pursuant to Section 7 upon reacquisition
thereof in any manner, or by retirement thereof.

     SECTION 2.  DEFINITIONS.  For purposes of the Series D Preferred
Shares, the following terms shall have the meanings indicated:

     "Acquired Shares" shall have the meaning set forth in
Section 8(d)(iv).

     "Affiliate" shall mean, with respect to any Person, a Person which
directly, or indirectly through one or more intermediaries, controls or is
controlled by, or is under common control with, the Person specified.

     "Base Amount" shall mean an amount equal to $25.00 per share.

     "Base Common Share Distribution" shall have the meaning set forth in
paragraph (a) of Section 10.

     "Board" shall mean the Board of Trustees of the Company or any
committee authorized by such Board of Trustees to perform any of its
responsibilities with respect to the Series D Preferred Shares.

     "Business Day" shall mean any day other than a Saturday, Sunday or a
day on which day state or federally chartered banking institutions in
Chicago, Illinois are not required to be open.

     "Call Date" shall have the meaning set forth in Section 5(b).

     "Change of Control" shall have the meaning set forth in Section 6(b).

     "Common Shares" shall mean the common shares of beneficial interest,
par value $0.01 per share, of the Company.

<PAGE>

     "Conversion Price" shall mean the conversion price per Common Share
for which each Series D Preferred Share is convertible, as such Conversion
Price may be adjusted pursuant to Section 8(d).  The initial Conversion
Price shall be $27.75 (equivalent to an initial conversion ratio of 0.9009
of one Common Share for each Series D Preferred Share).

     "Covenant Failure" shall have the meaning set forth in Section 13(a).

     "Current Market Price" of publicly traded Common Shares or any other
class or series of beneficial interest or other security of the Company or
of any similar security of any other issuer for any day shall mean the
closing price, regular way on such day, or, if no sale takes place on such
day, the average of the reported closing bid and asked prices regular way
on such day, in either case as reported on the principal national
securities exchange on which such securities are listed or admitted for
trading, or, if such security is not quoted on any national securities
exchange, on the National Market of the National Association of Securities
Dealers, Inc. Automated Quotation System ("NASDAQ") or, if such security is
not quoted on the NASDAQ National Market, the average of the closing bid
and asked prices on such day in the over-the-counter market as reported by
NASDAQ or, if bid and asked prices for such security on such day are not
reported through NASDAQ, the average of the bid and asked prices on such
day as furnished by any New York Stock Exchange or National Association of
Securities Dealers, Inc. member firm regularly making a market in such
security selected for such purpose by the Chief Executive Officer of the
Company or the Board or if any class or series of securities is not
publicly traded, the fair value of the shares of such class or series as
determined reasonably and in good faith by the Board.

     "Distribution Payment Date" shall mean, with respect to any
Distribution Period, (a) the date that cash distributions are made on the
Common Shares with respect to such Distribution Period or (b) if such
distributions have not been paid on the Common Shares by 9:00 a.m., New
York City time, on the sixtieth day from and including the last day of such
Distribution Period, then on such day; provided, further, that if any
Distribution Payment Date falls on any day other than a Business Day, the
distribution payment payable on such Distribution Payment Date shall be
paid on the Business Day immediately following such Distribution Payment
Date.

     "Distribution Periods" shall mean the Initial Distribution Period and
each subsequent quarterly distribution period commencing on and including
January 1, April 1, July 1, and October 1 of each year and ending on and
including the day preceding the first day of the next succeeding
Distribution Period, other than the Distribution Period during which any
Series D Preferred Share is redeemed pursuant to Section 5, which shall end
on and include the Call Date with respect to the Series D Preferred Shares
being redeemed.

     "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

     "Expiration Time" shall have the meaning set forth in
Section 8(d)(iv).

     "Fair Market Value" shall mean the average of the daily Current
Market Prices of a Common Share during the twenty (20) consecutive Trading
Days immediately preceding the fifth Business Day prior to the earlier of
the day in question and the day before the "ex" date with respect to the
issuance or distribution requiring such computation.  The term "ex' date,"
when used with respect to any issuance or distribution, means the first day
on which Common Shares trade regular way, without the right to receive such
issuance or distribution, on the exchange or in the market, as the case may
be, used to determine that day's Current Market Price.

<PAGE>

     "Initial Distribution Period" shall mean the period commencing on and
including the Initial Issue Date and ending on and including December 31,
2001.

     "Initial Issue Date" shall mean the date on which the first Series D
Preferred Shares are issued.

     "Interest" shall have the meaning set forth in Section 3(b).

     "Investor" shall mean The Equitable Life Assurance Society of the
United States and one or more other investors identified by the Company and
reasonably acceptable to Lend Lease Capital Markets, Inc.

     "Issue Date" shall mean the date on which the Company shall initially
issue any Series D Preferred Share, regardless of the number of times
transfer of such Series D Preferred Share shall be made on the stock
records maintained by or for the Company and regardless of the number of
certificates which may be issued to evidence such Series D Preferred Share
(whether by reason of transfer of such Series D Preferred Share or for any
other reason).

     "Junior Shares" shall have the meaning set forth in Section 9(c).

     "Junior Units" shall have the meaning set forth in the Operating
Partnership Agreement.

     "Liquidation Preference" shall have the meaning set forth in
Section 4(a).

     "Operating Partnership" shall mean Amli Residential Properties, L.P.,
a Delaware limited partnership.

     "Operating Partnership Agreement" shall mean the Amended and Restated
Agreement of Limited Partnership of the Operating Partnership, dated as of
February 15, 1994, as amended from time to time.

     "Parity Shares" shall have the meaning set forth in Section 9(b).

     "Parity Units" shall have the meaning set forth in the Operating
Partnership Agreement.

     "Person" shall mean any individual, firm, partnership, corporation or
other entity, including any successor (by merger or otherwise) of such
entity.

     "Preferred Dividend" shall have the meaning set forth in
Section 3(a).

     "Preferred Trustee" shall have the meaning set forth in Section 6(b).

     "Property Distribution" shall have the meaning set forth in
paragraph (iii) of Section 8(d).

     "Redemption Premium" shall have the meaning set forth in
Section 4(b).

     "REIT" shall mean real estate investment trust.

     "REIT Termination Event" shall mean any event or occurrence which
causes the Company to fail to continue to be taxed as a real estate
investment trust (a "REIT") pursuant to Sections 856 through 860 of the
Internal Revenue Code, as amended.

<PAGE>

     "Senior Shares" shall have the meaning set forth in Section 9(a).

     "Senior Units" shall have the meaning set forth in the Operating
Partnership Agreement.

     "Set apart for payment" shall be deemed to include, without any
action other than the following, the recording by the Company in its
accounting ledgers of any accounting or bookkeeping entry which indicates,
pursuant to a declaration of distributions by the Board, the allocation of
funds to be so paid on any series or class of beneficial interest of the
Company; provided, however, that if any funds for any class or series of
Junior Shares or any class or series of Parity Shares are placed in a
separate account of the Company or delivered to a disbursing, paying or
other similar agent, then "set apart for payment" with respect to the
Series D Preferred Shares shall mean placing such funds in a separate
account or delivering such funds to a disbursing, paying or other similar
agent.

     "Trading Day" shall mean, with respect to any securities, any day on
which such securities are traded on the principal national securities
exchange on which such securities are listed or admitted for trading or, if
such securities are not listed or admitted for trading on any national
securities exchange, the NASDAQ National Market or, if such securities are
not listed or admitted for trading on the NASDAQ National Market, any
Business Day.

     "Transaction" shall have the meaning set forth in Section 8(e).

     "Transfer Agent" means such transfer agent as may be designated by
the Board or its designee as the transfer agent for the Series D Preferred
Shares; provided that, if the Company has not designated a transfer agent,
then the Company shall act as the transfer agent for the Series D Preferred
Shares.

     SECTION 3.  DISTRIBUTIONS.

     (a)   The holders of Series D Preferred Shares shall be entitled to
receive, when, as and if authorized and declared by the Board out of funds
legally available for that purpose, cumulative quarterly distributions
payable in cash in an amount per share equal to the greater of (i) the base
distribution of $0.540625 per quarter, subject to possible adjustment as
provided in Section 13 (the "Preferred Dividend") or (ii) the cash
distributions declared on the number of Common Shares, or portion thereof,
into which a Series D Preferred Share would then be convertible.  The
amount referred to in clause (ii) of this paragraph (a) with respect to
each succeeding Distribution Period shall be determined as of the
applicable Distribution Payment Date by multiplying the number of Common
Shares, or portion thereof calculated to the fourth decimal point, into
which a Series D Preferred Share is convertible at the opening of business
on such Distribution Payment Date (based on the Conversion Price then in
effect) by the aggregate cash distributions payable or paid for such
Distribution Period in respect of a Common Share outstanding as of the
record date for the distributions payable on the Common Shares for such
Distribution Period.  If (A) the Company pays a cash distribution on the
Common Shares after the Distribution Payment Date for the corresponding
Distribution Period and (B) the distribution on the Series D Preferred
Shares for such Distribution Period calculated pursuant to clause (ii) of
this paragraph (a), taking into account the Common Share distribution
referenced in clause (A), exceeds the distribution previously declared on
the Series D Preferred Shares for such Distribution Period, the Company
shall pay an additional distribution to the holders of the Series D
Preferred Shares on the date that the Common Share distribution referenced

<PAGE>

in clause (A) is paid, in an amount equal to the difference between the
distribution calculated pursuant to clause (B) and the distributions
previously declared on the Series D Preferred Shares with respect to such
Distribution Period.  Such distributions shall be cumulative from each
Issue Date, whether or not in any Distribution Period or Periods such
distributions are declared or there are funds of the Company legally
available for the payment of such distributions, and shall be payable
quarterly in arrears on the Distribution Payment Dates, commencing on the
first Distribution Payment Date after each Issue Date.  Each such
distribution shall be payable in arrears to the holders of record of the
Series D Preferred Shares, as they appear on the share records of the
Company at the close of business on such record date as is fixed by the
Board which shall be not more than sixty (60) calendar days prior to the
corresponding Distribution Payment Date and, within such sixty (60)
calendar day period, shall be the same date as the record date for the
regular quarterly distribution payable on the Common Shares for such
Distribution Period (or, if there is no such record date for the Common
Shares, then such date as the Board may fix within such sixty (60) calendar
day period).  Accumulated, accrued and unpaid distributions for any past
Distribution Periods may be authorized or declared and paid at any time,
without reference to any regular Distribution Payment Date, to holders of
record on such record date as may be fixed by the Board which shall be not
more than forty-five (45) calendar days prior to the corresponding payment
date.  Any dividend payment made on the Series D Preferred Shares shall
first be credited against the earliest accrued but unpaid dividend due with
respect to the Series D Preferred Shares that remains payable.

     (b)   In the case of any Series D Preferred Share the Issue Date of
which is a date other than the first day of a Distribution Period, or any
other period shorter than a full Distribution Period, the amount of
distributions payable per such Series D Preferred Share with respect to
such partial Distribution Period shall be computed ratably on the basis of
a 360-day year of twelve (12), thirty (30) day months.  Except as provided
in the immediately following sentence, holders of Series D Preferred Shares
shall not be entitled to any distributions, whether payable in cash,
property or shares, in excess of cumulative distributions as herein
provided on the Series D Preferred Shares.  In the event that a
distribution on the Series D Preferred Shares is not made on the
Distribution Payment Date on which such distribution is payable, the unpaid
distribution shall accrue interest, compounded quarterly, at a rate equal
to 8.65% per annum (9.65% per annum during the applicable time period in
the event that the Preferred Dividend has been increased pursuant to
Section 13) (the "Interest") until such distribution is paid.

     (c)   So long as any of the Series D Preferred Shares is outstanding,
except as described in the immediately following sentence, (i) the Company
shall not declare, pay or set apart for payment any distributions (other
than distributions paid in, or options, warrants or rights to subscribe for
or purchase, Junior Shares or Parity Shares) nor declare or make any other
distribution of cash or other property, directly or indirectly, with
respect to any class or series of Parity Shares, (ii) the Company shall not
redeem, purchase or otherwise acquire any Parity Shares for any
consideration (or any moneys paid to or made available for a sinking fund
for the redemption of any Parity Shares) directly or indirectly by the
Company (except by conversion into or exchange for Parity Shares), nor
shall any other cash or other property otherwise be paid or distributed to
or for the benefit of any holder of Parity Shares in respect thereof
directly or indirectly by the Company, (iii) the Company shall not
authorize, take or cause or permit to be taken or caused any action in its
capacity as general partner of the Operating Partnership, that will result
in (A) the declaration or payment by the Operating Partnership of any
distributions (other than distributions paid in, or options, warrants or
rights to subscribe for or purchase Junior Units or Parity Units) with
respect to any class or series of Parity Units or (B) the redemption or
purchase (directly or indirectly, including without limitation, through any

<PAGE>

subsidiaries of the Operating Partnership), or the setting aside of any
funds or other assets for the redemption or purchase of any Parity Units
(except for the exchange or conversions of partnership interests in the
Operating Partnership into Common Shares as permitted under the Operating
Partnership Agreement, or the payment of cash by the Operating Partnership
upon the exercise by any partner of the Operating Partnership of a right to
convert an interest in the Operating Partnership into shares of the
Company, or by conversion into or exchange for Junior Shares or Parity
Shares), unless in each case (X) all distributions (including all
accumulated, accrued and unpaid distributions) have been or
contemporaneously are declared and paid or declared and a sum sufficient
for the payment thereof set apart for payment for all past Distribution
Periods with respect to the Series D Preferred Shares and all past
distribution periods with respect to any Parity Shares and (Y) a sum
sufficient for the payment thereof has been or contemporaneously is paid or
set apart for payment of the full distribution for the current Distribution
Period with respect to the Series D Preferred Shares and the current
distribution period with respect to any Parity Shares.  When distributions
are not paid in full or a sum sufficient for such payment is not set apart
for payment as provided above, all distributions declared on the Series D
Preferred Shares and all distributions declared on any other class or
series of Parity Shares shall be declared ratably in proportion to the
respective amounts of distributions accumulated, accrued and unpaid on the
Series D Preferred Shares and on such Parity Shares.

     (d)   So long as any of the Series D Preferred Shares is outstanding,
(i) the Company shall not declare, pay or set apart for payment any
distributions (other than distributions paid in, or options, warrants or
rights to subscribe for or purchase, Junior Shares) nor declare or make any
other distribution of cash or other property, directly or indirectly, with
respect to any class or series of Junior Shares, (ii) the Company shall not
redeem, purchase or otherwise acquire any Junior Shares (other than a
redemption, purchase or other acquisition of Common Shares made for
purposes of an employee incentive or benefit plan of the Company or any
subsidiary) for any consideration (or any moneys paid to or made available
for a sinking fund for the redemption of any Junior Shares) directly or
indirectly by the Company (except by conversion into or exchange for Junior
Shares), nor shall any other cash or other property otherwise be paid or
distributed to or for the benefit of any holder of Junior Shares in respect
thereof directly or indirectly by the Company, (iii) the Company shall not
authorize, take or cause or permit to be taken or caused any action in its
capacity as general partner of the Operating Partnership, that will result
in (A) the declaration or payment by the Operating Partnership of any
distributions (other than distributions paid in, or options, warrants or
rights to subscribe for or purchase Junior Units) with respect to any class
or series of Junior Units or (B) the redemption or purchase (directly or
indirectly, including without limitation, through any subsidiaries of the
Operating Partnership),  or the setting aside of any funds or other assets
for the redemption or purchase of any Junior Units (except for the exchange
or conversions of partnership interests in the Operating Partnership into
Common Shares as permitted under the Operating Partnership Agreement, or
the payment of cash by the Operating Partnership upon the exercise by any
partner of the Operating Partnership of a right to convert an interest in
the Operating Partnership into shares of the Company, or by conversion into
or exchange for Junior Shares), unless in each case (X) all distributions
(including all accumulated, accrued and unpaid distributions) have been or
contemporaneously are declared and paid or declared and a sum sufficient
for the payment thereof set apart for payment for all past Distribution
Periods with respect to the Series D Preferred Shares and all past
distribution periods with respect to any Parity Shares and (Y) a sum
sufficient for the payment thereof has been or contemporaneously is paid or
set apart for payment of the full distribution for the current Distribution
Period with respect to the Series D Preferred Shares and the current
distribution period with respect to any Parity Shares.

<PAGE>

     SECTION 4.  LIQUIDATION PREFERENCE.

     (a)   Upon any liquidation, dissolution or winding up of the Company,
whether voluntary or involuntary, before any payment or distribution of the
assets of the Company (whether capital or surplus) shall be made to or set
apart for the holders of Junior Shares, the holders of Series D Preferred
Shares shall be entitled to receive a liquidation preference (the
"Liquidation Preference") in an amount equal to the greater of (i) the Base
Amount plus cumulative unpaid distributions which were earned but not
declared, including Interest, if applicable, plus a Redemption Premium (as
defined below), if applicable, and (ii) the amount that would be received
if the Series D Preferred Shares were converted into Common Shares
immediately prior to liquidation.  Until the holders of the Series D
Preferred Shares have been paid the Liquidation Preference in full, plus an
amount equal to all declared distributions accumulated, accrued and unpaid
thereon, plus Interest, to the date of final distribution to such holders,
no payment may be made to any holder of Junior Shares upon any liquidation,
dissolution or winding up of the Company.  If, upon any liquidation,
dissolution or winding up of the Company, the assets of the Company, or the
proceeds thereof, distributable among the holders of Series D Preferred
Shares are insufficient to pay in full such preferential amount and
liquidating payments on any other class or series of Parity Shares, then
such assets, or the proceeds thereof, shall be distributed among the
holders of Series D Preferred Shares and any such other Parity Shares
ratably in proportion to the respective amounts which would be payable on
such Series D Preferred Shares and any such other Parity Shares if all
amounts payable thereon were paid in full.

     (b)   If the Liquidation Preference is payable prior to the second
anniversary of the Issue Date, the redemption premium (the "Redemption
Premium") that shall be included in the Liquidation Preference shall equal
2% of the Base Amount.  If the Liquidation Preference is payable on or
after the second anniversary of the Issue Date and prior to the fifth
anniversary of the Issue Date, the Redemption Premium that shall be
included in the Liquidation Preference shall equal 1% of the Base Amount.
No Redemption Premium shall be included in a Liquidation Preference payable
on or after the fifth anniversary of the Issue Date.

     (c)   Upon any liquidation, dissolution or winding up of the Company,
after payment has been made in full to the holders of Series D Preferred
Shares and any Parity Shares as provided in this Section 4, any other
series or class of Junior Shares shall, subject to the respective terms
thereof, be entitled to receive any and all assets remaining to be paid or
distributed, and the holders of the Series D Preferred Shares and any
Parity Shares shall not be entitled to share therein.

     (d)   For purposes of this Section 4, (i) a consolidation or merger
of the Company with or into one or more corporations, (ii) a sale or
transfer of all or substantially all of the Company's assets or (iii) a
statutory share exchange shall not be deemed to be a liquidation,
dissolution or winding up, voluntary or involuntary, of the Company.

<PAGE>

     SECTION 5.  REDEMPTION AT THE OPTION OF THE COMPANY.

     (a)   Series D Preferred Shares shall not be redeemable by the
Company prior to the fifth anniversary of the Issue Date.  On or after the
fifth anniversary of the Issue Date, the Company may redeem all, but not
less than all, of the outstanding Series D Preferred Shares at any time in
the manner provided in this Section 5.  The redemption price, in such case,
shall be equal to the Liquidation Preference as of the Call Date (as
defined below) pertaining to the Series D Preferred Shares being redeemed.
The Series D Preferred Shares shall be redeemed in whole by the Company on
the last Trading Day of August, 2051.  The redemption price, in such case,
shall be payable, at the option of the Company, either:  (i) in cash in an
amount equal to the aggregate Conversion Price (as in effect at the time)
of the Series D Preferred Shares; or (ii) by issuance of that number of
fully paid and non-assessable Common Shares equal to the quotient obtained
by dividing (A) the aggregate Base Amount of the Series D Preferred Shares
(plus an amount equal to all unpaid distributions which were earned but not
declared) by (B) the Conversion Price (as in effect at the time).

     (b)   Series D Preferred Shares shall be redeemed by the Company on
the date specified in the notice to holders required under Section 5(d)
(the "Call Date"). The Call Date shall be selected by the Company, shall be
specified in the notice of redemption and shall be not less than thirty
(30) days nor more than sixty (60) days after the date notice of redemption
is sent by the Company.

     (c)   Unless all distributions (including all accumulated, accrued
and unpaid distributions) have been or contemporaneously are declared and
paid or declared and a sum sufficient for the payment thereof set apart for
payment for all past and current Distribution Periods with respect to the
Series D Preferred Shares and all past and current distribution periods
with respect to any Parity Shares, no Series D Preferred Share may be
redeemed unless all outstanding Series D Preferred Shares are
simultaneously redeemed and neither the Company nor any affiliate of the
Company may redeem, purchase or acquire Series D Preferred Shares or Parity
Shares, except pursuant to a purchase or exchange offer made on
substantially equivalent terms to all holders of Series D Preferred Shares.

     (d)   If the Company redeems Series D Preferred Shares pursuant to
Section 5(a), notice of such redemption shall be given to each holder of
record of shares to be redeemed.  Such notice shall be provided by first
class mail, postage prepaid, at such holder's address as it appears on the
share records of the Company.  Neither the failure to mail any notice
required by this paragraph (d), nor any defect therein or in the mailing
thereof to any particular holder, shall affect the sufficiency of the
notice or the validity of the proceedings for redemption with respect to
any other holders.  Any notice which was mailed in the manner herein
provided shall be conclusively presumed to have been duly given on the date
mailed whether or not the holder receives the notice.  Each such notice
shall state, as appropriate: (i) the Call Date; (ii) the number of Series D
Preferred Shares to be redeemed; (iii) the place or places at which
certificates representing such shares are to be surrendered; (iv) the
redemption price; and (v) the then-current Conversion Price.  If the
Company has mailed notice of the redemption of Series D Preferred Shares as
provided above, then from and after the Call Date (unless the Company fails
to make available to the holders of Series D Preferred Shares on the Call
Date the amount of cash or the number of Common Shares, as applicable,
necessary to effect such redemption), (A) except as otherwise provided
herein, distributions shall cease to accumulate or accrue on the shares
called for redemption (except that, in the case of a Call Date which falls

<PAGE>

after a distribution record date and prior to the related Distribution
Payment Date, holders of Series D Preferred Shares on the distribution
record date shall be entitled on such Distribution Payment Date to receive
the distribution payable on such shares), (B) such shares shall no longer
be deemed to be outstanding and (C) all rights of the holders thereof as
holders of Series D Preferred Shares shall cease (except the rights to
convert (within the time period set forth in Section 8(a)) and to receive
the redemption price, without interest thereon, upon surrender and
endorsement of their certificates if so required and to receive any
distributions payable thereon).  The Company's obligation to make available
the redemption price in accordance with the preceding sentence shall be
deemed fulfilled if, on or before the Call Date, the Company:  (1) deposits
with a bank or trust company that has, or is an Affiliate of a bank or
trust company that has, capital and surplus of at least $50,000,000, such
amount of cash as is necessary for such redemption, in trust, with
irrevocable instructions that such cash be applied to the redemption of the
shares called for redemption; and (2) provides notice of such arrangements
to the holders of Series D Preferred Shares at least seven (7) Business
Days prior to the Call Date.  No interest shall accrue for the benefit of
the holders of Series D Preferred Shares to be redeemed on any cash so set
aside by the Company.  Subject to applicable escheat laws, any such cash
unclaimed at the end of two years from the Call Date shall revert to the
general funds of the Company, and the holders of Series D Preferred Shares
so called for redemption shall look only to the general funds of the
Company for the payment of such cash.

     As promptly as practicable after the surrender in accordance with
such notice of the certificates representing any Series D Preferred Shares
to be redeemed (properly endorsed or assigned for transfer, if the Company
so requires and the notice so states), and in any event no later than two
(2) Business Days following the later of (i) the date on which the Series D
Preferred Shares are surrendered or, (ii) the Call Date, such certificates
shall be exchanged for the redemption price (without interest thereon) for
which such shares have been redeemed in accordance with such notice.

     SECTION 6.  REDEMPTION AT THE OPTION OF THE HOLDERS.

     (a)   In the event the Company experiences a Change of Control (as
defined in Section 6(b)), the holders of the Series D Preferred Shares
shall have the option, upon written notice to the Company within thirty
(30) calendar days of such Change of Control, to require the Company to
redeem all, but not part, of the Series D Preferred Shares at a price equal
to the Liquidation Preference as determined as of the date of the Change of
Control.

     (b)   The term "Change of Control" means each occurrence of any of
the following: (i) the acquisition, directly or indirectly, by any Person
or group (as such term is used in Section 13(d)(3) of the Exchange Act)
(other than the Investor, Gregory T. Mutz, UICI, a Texas corporation, Amli
Realty Co., a Delaware corporation, Ronald L. Jensen, or any of their
respective Affiliates) of beneficial ownership (as defined in Rule 13d-3
under the Exchange Act, except that such Person shall be deemed to have
beneficial ownership of all shares which any such Person has the right to
acquire, whether such right is exercisable immediately or only after
passage of time) of (A) the Company's outstanding shares of beneficial
interest with voting power, excluding the Company's outstanding shares with

<PAGE>

contingent voting rights (unless the holders of such shares were entitled
to vote to elect trustees immediately prior to the acquisition of
beneficial ownership), to cast more than 30% of the votes entitled to be
cast to elect trustees, but only if such acquisition is not assented to by
the Board, or more than 30% of the aggregate Fair Market Value of the
Company's outstanding shares of beneficial interest, but only if such
acquisition is not assented to by the Board, or (B) the Company's
outstanding shares of beneficial interest with voting power, excluding the
Company's outstanding shares with contingent voting rights (unless the
holders of such shares were entitled to vote to elect trustees immediately
prior to the acquisition of beneficial ownership), to cast more than 51% of
the votes entitled to be cast to elect trustees of the Company or more than
51% of the aggregate Fair Market Value of the Company's outstanding shares
of beneficial interest; (ii) other than with respect to the election,
resignation or replacement of any trustee designated, appointed or elected
by the holders of the Series D Preferred Shares (each a "Preferred
Trustee"), during any period of two consecutive years, individuals who at
the beginning of such period constituted the Board (together with any new
trustees whose election by such Board or whose nomination for election by
the shareholders of the Company was approved by a vote of two-thirds of the
trustees of the Company (excluding Preferred Trustees) then still in office
who were either trustees at the beginning of such period or whose election
or nomination for election was previously so approved) cease for any reason
to constitute a majority of the Board then in office; (iii) the failure of
the Company to qualify as a REIT; (iv) the Company conveying, transferring
or leasing all or substantially all of its assets (including, but not
limited to, real property investments) to any Person; or (v) (A) the
Company consolidating with or merging into another entity or (B) any entity
consolidating with or merging into the Company, which in either event (A)
or (B) is pursuant to a transaction in which the holders of a majority of
the Company's outstanding shares of beneficial interest with voting power,
excluding the Company's outstanding shares with contingent voting rights
(unless the holders of such shares were entitled to vote on such
consolidation or merger immediately prior to the acquisition of beneficial
ownership), immediately prior to such transaction beneficially own less
than a majority of the surviving entity's outstanding shares of beneficial
interest with voting power, excluding the surviving entity's outstanding
shares with contingent voting rights, immediately after such transaction.

     (c)   As promptly as practicable after the surrender of the
certificates representing any Series D Preferred Shares to be redeemed
pursuant to this Section 6 (properly endorsed and assigned for transfer),
and in any event no later than two (2) Business Days following the later of
(i) the date on which the Series D Preferred Shares are surrendered and
(ii) the date of the Change in Control, such certificates shall be
exchanged for the cash (without interest thereon) for which such shares
have been redeemed.

     SECTION 7.  STATUS OF REACQUIRED SHARES.  All Series D Preferred
Shares which are issued and reacquired in any manner by the Company
(including Series D Preferred Shares which are surrendered for conversion
into Common Shares) shall be returned to the status of authorized but
unissued shares of beneficial interest of the Company, without designation
as to class or series.

<PAGE>

     SECTION 8.  CONVERSION.  Holders of Series D Preferred Shares shall
have the right to convert all or a portion of such shares into Common
Shares, as follows:

     (a)   Subject to and upon compliance with the provisions of this
Section 8, a holder of Series D Preferred Shares shall have the right, at
any time, and from time to time, to convert all or any portion of such
shares (unless previously redeemed) into the number of fully paid and non-
assessable shares of Common Shares obtained by dividing the aggregate Base
Amount of such shares (plus an amount equal to all unpaid distributions
which were earned but not declared) by the Conversion Price as in effect at
the time and on the date provided for in the last paragraph of paragraph
(b) of this Section 8 by surrendering such shares to be converted, such
surrender to be made in the manner provided in paragraph (b) of this
Section 8; provided, however, that the right to convert shares called for
redemption pursuant to Section 5 shall terminate at the close of business
on the fifth Business Day prior to the Call Date fixed for such redemption,
unless the Company shall default in making payment of the cash payable upon
such redemption under Section 5.

     (b)   In order to exercise the conversion right, the holder of each
Series D Preferred Share to be converted shall surrender the certificate
representing such share, duly endorsed or assigned to the Company or in
blank, at the office of the Transfer Agent, accompanied by written notice
to the Company that such holder elects to convert such Series D Preferred
Shares.  Unless the Common Shares issuable on conversion are to be issued
in the same name as the name in which such Series D Preferred Share is
registered, each share surrendered for conversion shall be accompanied by
instruments of transfer, in form satisfactory to the Company, duly executed
by the holder or such holder's duly authorized attorney and an amount
sufficient to pay any transfer or similar tax (or evidence reasonably
satisfactory to the Company demonstrating that such taxes have been paid).

     Holders of Series D Preferred Shares at the close of business on a
distribution payment record date shall be entitled to receive the
distribution payable on such shares on the corresponding Distribution
Payment Date notwithstanding the conversion thereof following such
distribution payment record date and prior to such Distribution Payment
Date.  Except as provided above, the Company shall make no payment or
allowance for unpaid distributions, whether or not in arrears, on converted
shares or for distributions on the Common Shares issued upon such
conversion.

     As promptly as practicable after the surrender of certificates
representing Series D Preferred Shares as provided above, the Company shall
issue and deliver at such office to such holder, or send on such holder's
written order, a certificate or certificates for the number of full Common
Shares issuable upon conversion of such Series D Preferred Shares in
accordance with the provisions of this Section 8, and any fractional
interest in respect of a Common Share arising upon such conversion shall be
settled as provided in Section 8(c).

<PAGE>

     Each conversion shall be deemed to have been effected immediately
prior to the close of business on the date on which the certificates for
Series D Preferred Shares have been surrendered and such notice has been
received by the Company as provided above, and the Person or Persons in
whose name or names any certificate or certificates for Common Shares are
issuable upon such conversion shall be deemed to have become the holder or
holders of record of the shares represented thereby at such time on such
date and such conversion shall be at the Conversion Price in effect at such
time on such date unless the share transfer books of the Company are closed
on such date, in which event such Person or Persons shall be deemed to have
become such holder or holders of record at the close of business on the
next succeeding day on which such share transfer books are open, but such
conversion shall be at the Conversion Price in effect on the date on which
such shares were surrendered and such notice was received by the Company.
If the distribution payment record dates for the Series D Preferred Shares
and Common Shares do not coincide, and the preceding sentence does not
operate to ensure that a holder of Series D Preferred Shares whose shares
are converted into Common Shares does not receive distributions on both the
Series D Preferred Shares and the Common Shares into which such shares are
converted for the same Distribution Period, then notwithstanding anything
herein to the contrary, it is the intent, and the Transfer Agent is
authorized to ensure, that no conversion after the earlier of such record
dates will be accepted until after the later of such record dates.

     (c)   No fractional Common Share or scrip representing fractions of a
Common Share shall be issued upon conversion of Series D Preferred Shares.
Instead of any fractional interest in a Common Share which would otherwise
be deliverable upon conversion of a share of Series D Preferred Shares, the
Company shall pay to the holder of such share an amount in cash based upon
the Current Market Price of the Common Shares on the Trading Day
immediately preceding the date of conversion.  If more than one share is
surrendered for conversion at one time by the same holder, the number of
full Common Shares issuable upon conversion thereof shall be computed on
the basis of the aggregate number of Series D Preferred Shares so
surrendered.

     (d)   The Conversion Price shall be adjusted from time to time as
follows:

     (i)   If the Company after the Initial Issue Date (A) makes a
distribution on any of its shares of beneficial interest in Common Shares,
(B) subdivides its outstanding Common Shares into a greater number of
shares, (C) combines its outstanding Common Shares into a smaller number of
shares or (D) issues any shares by reclassification of its outstanding
Common Shares, the Conversion Price in effect at the opening of business on
the day following the date fixed for the determination of holders of
beneficial interest entitled to receive such distribution or at the opening
of business on the day following the day on which such subdivision,
combination or reclassification becomes effective, as the case may be,
shall be adjusted so that the holder of any Series D Preferred Share
thereafter surrendered for conversion shall be entitled to receive the
number of Common Shares (or fraction of a Common Share) which such holder
would have owned or been entitled to receive after the happening of any of
the events described above if such Series D Preferred Share had been
converted immediately prior to the record date in the case of a
distribution or the effective date in the case of a subdivision,
combination or reclassification.  An adjustment made pursuant to this
paragraph (i) shall become effective immediately after the opening of
business on the day next following the record date (except as provided in
Section 8(h)) in the case of a distribution or shall become effective
immediately after the opening of business on the day next following the
effective date in the case of a subdivision, combination or
reclassification.

<PAGE>

     (ii)  If the Company after the Initial Issue Date issues rights,
options or warrants to all holders of Common Shares entitling them (for a
period expiring within forty-five (45) calendar days after the record date
described below) to subscribe for or purchase Common Shares at a price per
share less than 95% (100% if a stand-by underwriter is used which charges
the Company a commission) of the Fair Market Value per Common Share on the
record date for the determination of holders of beneficial interest
entitled to receive such rights, options or warrants, then the Conversion
Price in effect at the opening of business on the day next following such
record date shall be adjusted to equal the price determined by multiplying
(A) the Conversion Price in effect immediately prior to the opening of
business on the day following such record date by (B) a fraction, the
numerator of which shall be the sum of (1) the number of Common Shares
outstanding on the close of business on such record date and (2) the number
of shares which could be purchased at 95% (100% if a stand-by underwriter
is used which charges the Company a commission) of such Fair Market Value
from the aggregate proceeds to the Company from the exercise of such
rights, options or warrants for Common Shares, and the denominator of which
shall be the sum of (3) the number of Common Shares outstanding on the
close of business on such record date and (4) the number of additional
Common Shares offered for subscription or purchase pursuant to such rights,
options or warrants.  Such adjustment shall become effective immediately
after the opening of business on the day next following such record date
(except as provided in Section 8(h)).  In determining whether any rights,
options or warrants entitle the holders of Common Shares to subscribe for
or purchase Common Shares at less than 95% (100% if a stand-by underwriter
is used which charges the Company a commission) of such Fair Market Value,
there shall be taken into account any consideration received by the Company
upon issuance and upon exercise of such rights, options or warrants, the
value of such consideration, if other than cash, to be determined in good
faith by the Board.

     (iii) If the Company after the Initial Issue Date makes a
distribution on its Common Shares other than in cash or Common Shares
(including any distribution in securities (other than rights, options or
warrants referred to in paragraph (ii) of Section 8(d)) (each of the
foregoing being referred to herein as a "Property Distribution"), then the
Conversion Price in effect at the opening of business on the day next
following the record date for determination of holders of beneficial
interest entitled to receive such Property Distribution shall be adjusted
to equal the price determined by multiplying (A) the Conversion Price in
effect immediately prior to the opening of business on the day following
the record date by (B) a fraction, the numerator of which shall be the
difference between (1) the number of Common Shares outstanding on the close
of business on the record date and (2) the number of shares determined by
dividing (x) the aggregate value of the property being distributed by
(y) the Fair Market Value per Common Share on the record date, and the
denominator of which shall be the number of Common Shares outstanding on
the close of business on the record date. Such adjustment shall become
effective immediately after the opening of business on the day next
following such record date (except as provided below). The

<PAGE>

           value of the property being distributed shall be determined in
good faith by the Board; provided, however, that, if the property being
distributed is a publicly traded security, its value shall be calculated in
accordance with the procedure for calculating the Fair Market Value of a
Common Share (calculated for a period of five (5)  consecutive Trading Days
commencing on the twentieth Trading Day after the Property Distribution).
Neither the issuance by the Company of rights, options or warrants to
subscribe for or purchase securities of the Company nor the exercise
thereof shall be deemed a Property Distribution under this paragraph (iii).

     (iv)  If the Company after the Initial Issue Date acquires, pursuant
to an issuer or self tender offer, all or any portion of the outstanding
Common Shares and such tender offer involves the payment of consideration
per Common Share having a fair market value (as determined in good faith by
the Board), at the last time (the "Expiration Time") tenders may be made
pursuant to such offer, which exceeds the Current Market Price per Common
Share on the Trading Day next succeeding the Expiration Time, then the
Conversion Price in effect on the opening of business on the Trading Day
next succeeding the Expiration Time shall be adjusted to equal the price
determined by multiplying (A) the Conversion Price in effect immediately
prior to the Expiration Time by (B) a fraction, the numerator of which
shall be (1) the number of Common Shares outstanding (including the shares
acquired in the tender offer (the "Acquired Shares")) immediately prior to
the Expiration Time, multiplied by (2) the Current Market Price per Common
Share on the Trading Day next succeeding the Expiration Time, and the
denominator of which shall be the sum of (3) the fair market value
(determined as provided above) of the aggregate consideration paid to
acquire the Acquired Shares and (4) the product of (x) the number of Common
Shares outstanding (less any Acquired Shares) at the Expiration Time,
multiplied by (y) the Current Market Price per Common Share on the Trading
Day next succeeding the Expiration Time.

     (v)   No adjustment to the Conversion Price shall be required unless
such adjustment would require a cumulative increase or decrease of at least
1% in such price; provided, however, that any adjustments which by reason
of this paragraph (v) are not required to be made shall be carried forward
and taken into account in any subsequent adjustment until made; and
provided, further, that any adjustment shall be required and made in
accordance with the provisions of this Section 8 (other than this
paragraph (v)) not later than such time as may be required in order to
preserve the tax-free nature of a distribution to the holders of Common
Shares.  Notwithstanding any other provisions of this Section 8, the
Company shall not be required to make any adjustment to the Conversion
Price for the issuance of (A) any Common Shares pursuant to any plan
providing for the reinvestment of distributions or interest payable on
securities of the Company and the investment of optional amounts in Common
Shares under such plan or (B) any options, rights or Common Shares pursuant
to any share option, share purchase or other share-based plan maintained by
the Company.  All calculations under this Section 8 shall be made to the
nearest cent (with $0.005 and above being rounded upward) or to the nearest
one-tenth of a share (with 0.05 of a share being rounded upward), as the
case may be. Anything in this Section 8(d) to the contrary notwithstanding,
the Company shall be entitled, to the

<PAGE>

           extent permitted by law, to make such reductions in the
Conversion Price, in addition to those required by this Section 8(d), as it
in its discretion determines to be advisable in order that any share
distributions, subdivision of shares, reclassification or combination of
shares, distribution of rights or warrants to purchase shares or
securities, or a distribution of other assets (other than cash
distributions) hereafter made by the Company to its holders of beneficial
interest are not taxable, or if that is not possible, to diminish any
income taxes which are otherwise payable because of such event.

     (e)   If the Company is a party to any transaction (including without
limitation a merger, consolidation, statutory share exchange, issuer or
self tender offer for at least 30% of the Common Shares outstanding, a sale
of all or substantially all of the Company's assets or a recapitalization
of the Common Shares, but excluding any transaction as to which
paragraph (i) of Section 8(d) applies) (each of the foregoing being
referred to herein as a "Transaction"), in each case as a result of which
Common Shares are converted into the right to receive shares, securities or
other property (including cash or any combination thereof), each share of
Series D Preferred Shares which is not converted into the right to receive
shares, securities or other property in connection with such Transaction
shall thereupon be convertible into the kind and amount of shares,
securities and other property (including cash or any combination thereof)
receivable upon such consummation by a holder of that number of Common
Shares into which one share of Series D Preferred Shares was convertible
immediately prior to such Transaction (without giving effect to any
Conversion Price adjustment pursuant to paragraph (iv) of Section 8(d)).
The Company shall not be a party to any Transaction unless the terms of
such Transaction are consistent with the provisions of this Section 8(e),
and it shall not consent or agree to the occurrence of any Transaction
until the Company has entered into an agreement with the successor or
purchasing entity, as the case may be, for the benefit of the holders of
the Series D Preferred Shares which contains provisions enabling the
holders of the Series D Preferred Shares which remain outstanding after
such Transaction to convert into the consideration received by holders of
Common Shares at the Conversion Price in effect immediately prior to such
Transaction. The provisions of this Section 8(e) shall similarly apply to
successive Transactions.

     (f)   If:

     (i)   the Company declares a distribution on the Common Shares (other
than cash distributions); or

     (ii)  the Company authorizes the granting to all holders of Common
Shares of rights or warrants to subscribe for or purchase any shares of any
class or series or any other rights or warrants; or

     (iii) there is any reclassification of the outstanding Common Shares
or any consolidation or merger to which the Company is a party and for
which approval of any holders of beneficial interest of the Company is
required, or a statutory share exchange, or an issuer or self tender offer
for at least 30% of the outstanding Common Shares (or an amendment thereto
changing the maximum number of shares sought or the amount or type of
consideration being offered therefor has been adopted), or the sale or
transfer of all or substantially all of the assets of the Company as an
entirety; or

     (iv)  there occurs the voluntary or involuntary liquidation,
dissolution or winding up of the Company,

<PAGE>

then the Company shall cause to be filed with the Transfer Agent and shall
cause to be mailed to each holder of Series D Preferred Shares at such
holder's address as shown on the share records of the Company, as promptly
as possible but at least ten (10) Business Days prior to the applicable
date specified in (A), (B) or (C) below, a notice stating (A) the record
date for the payment of such distribution or rights or warrants, or, if a
record date is not established, the date as of which the holders of Common
Shares of record to be entitled to such distribution or rights or warrants
are to be determined or (B) the date on which such reclassification,
consolidation, merger, statutory share exchange, sale, transfer,
liquidation, dissolution or winding up is expected to become effective, and
the date as of which it is expected that holders of Common Shares of record
shall be entitled to exchange their Common Shares for securities or other
property, if any, deliverable upon such reclassification, consolidation,
merger, statutory share exchange, sale, transfer, liquidation, dissolution
or winding up or (C) the date on which such tender offer commenced, the
date on which such tender offer is scheduled to expire unless extended, the
consideration offered and the other material terms thereof (or the material
terms of any amendment thereto).  Failure to give or receive such notice or
any defect therein shall not affect the legality or validity of the
proceedings described in this Section 8.

     (g)   Whenever the Conversion Price is adjusted as herein provided,
the Company shall promptly file with the Transfer Agent an officer's
certificate setting forth the Conversion Price after such adjustment and
setting forth a brief statement of the facts requiring such adjustment
which certificate shall be conclusive evidence of the correctness of such
adjustment absent manifest error.  Promptly after delivery of such
certificate, the Company shall prepare a notice of such adjustment of the
Conversion Price setting forth the adjusted Conversion Price and the date
such adjustment becomes effective and shall mail such notice of such
adjustment of the Conversion Price to each holder of Series D Preferred
Shares at such holder's last address as shown on the share records of the
Company.

     (h)   In any case in which Section 8(d) provides that an adjustment
shall become effective on the day next following the record date for an
event, the Company may defer until the occurrence of such event (i) issuing
to the holder of any Series D Preferred Share converted after such record
date and before the occurrence of such event the additional Common Shares
issuable upon such conversion by reason of the adjustment required by such
event over and above the Common Shares issuable upon such conversion before
giving effect to such adjustment and (ii) paying to such holder any amount
of cash in lieu of any fraction pursuant to Section 8(c).

     (i)   There shall be no adjustment of the Conversion Price in case of
the issuance of any shares of beneficial interest of the Company in a
reorganization, acquisition or other similar transaction except as
specifically set forth in this Section 8.  If any action or transaction
would require adjustment of the Conversion Price pursuant to more than one
paragraph of this Section 8, only one adjustment shall be made and such
adjustment shall be the amount of adjustment that has the highest absolute
value.

     (j)   If the Company takes any action affecting the Common Shares,
other than action described in this Section 8, which in the opinion of the
Board would materially and adversely affect the conversion rights of the
holders of Series D Preferred Shares, the Conversion Price for the Series D
Preferred Shares may be adjusted, to the extent permitted by law, in such
manner, if any, and at such time as the Board, in its sole discretion, may
determine to be equitable under the circumstances.

<PAGE>

     (k)   The Company shall at all times reserve and keep available, free
from preemptive rights, out of its authorized but unissued Common Shares
solely for the purpose of effecting conversion of the Series D Preferred
Shares, the full number of Common Shares deliverable upon conversion of all
outstanding Series D Preferred Shares not theretofore converted into Common
Shares.  For purposes of this Section 8(k), the number of Common Shares
which are deliverable upon conversion of all outstanding Series D Preferred
Shares shall be computed as if at the time of computation all such
outstanding shares were held by a single holder (and without regard to the
Ownership Limit set forth in the Declaration of Trust).

     The Company covenants that any Common Share issued upon conversion of
the Series D Preferred Shares shall be validly issued, fully paid and
nonassessable.

     The Company shall use its best efforts to list the Common Shares
required to be delivered upon conversion of the Series D Preferred Shares,
prior to such delivery, on each national securities exchange, if any, on
which the outstanding Common Shares are listed at the time of such
delivery.

     (l)   The Company shall pay any and all documentary stamp or similar
issue or transfer taxes payable in respect of the issuance or delivery of
Common Shares or other securities or property on conversion or redemption
of Series D Preferred Shares pursuant hereto; provided, however, that the
Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the issuance or delivery of Common
Shares or other securities or property in a name other than that of the
holder of the Series D Preferred Shares to be converted or redeemed, and no
such issuance or delivery shall be made unless and until the Person
requesting such issuance or delivery has paid to the Company the amount of
any such tax or established, to the reasonable satisfaction of the Company,
that such tax has been paid.

     (m)   In addition to any other adjustment required hereby, to the
extent permitted by law, the Company from time to time may decrease the
Conversion Price by any amount, permanently or for a period of at least
twenty (20) Business Days, if the decrease is irrevocable during the
period.

     (n)   Notwithstanding anything to the contrary contained in this
Section 8, conversion of Series D Preferred Shares pursuant to this
Section 8 shall be permitted only to the extent that such conversion would
not result in a violation of the Ownership Limit (as defined in the
Declaration of Trust), after taking into account any waiver of such
limitation granted to any holder of Series D Preferred Shares.

     SECTION 9.  RANKING.  Any class or series of shares of the Company
shall be deemed to rank:

     (a)   senior to the Series D Preferred Shares, as to the payment of
distributions and as to the distribution of assets upon liquidation,
dissolution or winding up, if the holders of such class or series are
entitled to the receipt of distributions or amounts distributable upon
liquidation, dissolution or winding up, as the case may be, in preference
or priority to the holders of Series D Preferred Shares ("Senior Shares");

     (b)   on a parity with the Series D Preferred Shares, as to the
payment of distributions and as to the distribution of assets upon
liquidation, dissolution or winding up, whether or not the distribution
rates, distribution payment dates or redemption or liquidation prices per
share thereof are different from those of the Series D Preferred Shares, if
the holders of such class or series and the Series D Preferred Shares are
entitled to the receipt of distributions and amounts distributable upon
liquidation, dissolution or winding up in proportion to their respective
amounts of accrued and unpaid distributions per share or liquidation
preferences, without preference or priority one over the other ("Parity
Shares"); and

<PAGE>

     (c)   junior to the Series D Preferred Shares, as to the payment of
distributions or as to the distribution of assets upon liquidation,
dissolution or winding up, if such class or series is Common Shares or if
the holders of Series D Preferred Shares are entitled to the receipt of
distributions or amounts distributable upon liquidation, dissolution or
winding up, as the case may be, in preference or priority to the holders of
shares of such class or series ("Junior Shares").

The Series D Preferred Shares (i) are Parity Shares with respect to the
Series B Cumulative Convertible Redeemable Preferred Shares of the Company,
(ii) are Junior Shares with respect to the Series A Cumulative Convertible
Preferred Shares of the Company, (iii) must be at least on parity with any
future preferred shares of the Company, and (iv) are Senior Shares with
respect to the Common Shares.

     SECTION 10.  VOTING.

     (a)   If and whenever (i) four quarterly distributions (whether or
not consecutive) payable on the Series D Preferred Shares are in arrears
(which shall, with respect to any such quarterly distribution, mean that
any such distribution has not been paid in full), whether or not earned or
declared, (ii) for four consecutive quarterly Distribution Periods, the
Company fails to pay distributions on the Common Shares in an amount per
share at least equal to $0.418 per share per quarter (subject to adjustment
consistent with any adjustment of the Conversion Price pursuant to
Section 8(d)) (the "Base Common Share Distribution") or (iii) the Company
fails to satisfy the test set forth in Section 13(a), then the number of
trustees then constituting the Board shall be increased by two (or by three
if the number of trustees then constituting the Board is ten or more
(without including any trustees elected pursuant to this Section 10(a)) and
the holders of Series D Preferred Shares, together with the holders of
every other series or class of Parity Shares (with any other such series,
the "Voting Preferred Shares"), voting as a single class regardless of
series, shall be entitled to elect the additional trustees to serve on the
Board at any annual meeting of holders of beneficial interest or a special
meeting held in lieu thereof, or at a special meeting of the holders of the
Series D Preferred Shares and the Voting Preferred Shares called as
hereinafter provided.  Whenever (A) in the case of an arrearage in
distributions described in clause (i), all distributions in arrears on the
Series D Preferred Shares and the Voting Preferred Shares then outstanding
have been paid and a sum sufficient for the payment thereof has been set
apart for payment of the distribution for the current distribution for two
consecutive quarterly Distribution Periods, (B) in the case of an arrearage
in distributions described in clause (ii), the Company makes a quarterly
distribution payment on the Common Shares in an amount per share equal to
or exceeding the Base Common Share Distribution for two consecutive
quarterly Distribution Periods, or (C) in the case of a failure described
in clause (iii), the Company satisfies the test set forth in Section 13(a)
for two consecutive fiscal quarters, then the right of the holders of the
Series D Preferred Shares and the Voting Preferred Shares to elect such
additional trustees shall cease (but subject always to the same provision
for the vesting of such voting rights in the case of any similar future
arrearages), and the terms of office of all Persons elected as trustees by
the holders of the Series D Preferred Shares and the Voting Preferred
Shares shall forthwith terminate and the number of trustees constituting
the Board shall be reduced accordingly.  At any time after such voting
power shall have been so vested in the holders of Series D Preferred Shares
and the Voting Preferred Shares, the Secretary of the Company may, and upon
the written request of any holder of Series D Preferred Shares (addressed
to the Secretary at the principal office of the Company) shall, call a
special meeting of the holders of the Series D Preferred Shares and the
Voting Preferred Shares for the election of the two (or three if the number

<PAGE>

of trustees then constituting the Board is ten or more) trustees to be
elected by them as herein provided, such call to be made by notice similar
to that provided in the Bylaws of the Company for a special meeting of the
holders of beneficial interest or as required by law.  If any such special
meeting required to be called as above provided shall not be called by the
Secretary within twenty (20) calendar days after receipt of any such
request, then any holder of Series D Preferred Shares may call such
meeting, upon the notice above provided, and for that purpose shall have
access to the share records of the Company.  The trustees elected at such
special meeting shall hold office until the next annual meeting of the
holders of beneficial interest or special meeting held in lieu thereof if
such office has not previously terminated as provided above.  If any
vacancy occurs among the trustees elected by the holders of the Series D
Preferred Shares and the Voting Preferred Shares, a successor shall be
elected by the Board, upon the nomination of the then-remaining director
elected by the holders of the Series D Preferred Shares and the Voting
Preferred Shares or the successor of such remaining director, to serve
until the next annual meeting of the holders of beneficial interest or
special meeting held in lieu thereof if such office has not previously
terminated as provided above.

     (b)   So long as any of the Series D Preferred Shares is outstanding,
in addition to any other vote or consent of holders of beneficial interest
required by law or by the Declaration of Trust of the Company, the
affirmative vote of at least two-thirds of the votes entitled to be cast by
the holders of the Series D Preferred Shares, given in person or by proxy,
either in writing without a meeting or by vote at any meeting called for
the purpose, shall be necessary for effecting or validating:

     (i)   Any amendment, alteration or repeal of any of the provisions of
these Articles Supplementary, the Declaration of Trust or the By-Laws of
the Company which materially and adversely affects the voting powers,
rights or preferences of the holders of the Series D Preferred Shares;
provided, however, that the amendment of the provisions of the Declaration
of Trust so as to authorize or create, or to increase the authorized amount
of, any Junior Shares or any class of Parity Shares shall not be deemed to
materially adversely affect the voting powers, rights or preferences of the
holders of Series D Preferred Shares, and provided further, that if any
such amendment, alteration or repeal would materially and adversely affect
any voting powers, rights or preferences of the Series D Preferred Shares
or another series of Voting Preferred Shares that are not enjoyed by some
or all of the other series otherwise entitled to vote in accordance
herewith, the affirmative vote of at least two-thirds of the votes entitled
to be cast by the holders of all series similarly affected, similarly
given, shall be required in lieu of the affirmative vote of at least two-
thirds of the votes entitled to be cast by the holders of the Series D
Preferred Shares and the Voting Preferred Shares otherwise entitled to vote
in accordance herewith; or

     (ii)  The authorization, reclassification or creation of, the
increase in the authorized amount of, or the issuance of, any class of
Senior Shares or any security convertible into any class of Senior Shares
(whether or not such class of Senior Shares is currently authorized);
provided, however, that no such vote of the holders of Series D Preferred
Shares shall be required if at or prior to the time when such amendment,
alteration or repeal is to take effect, or when the issuance of any such
Senior Shares or convertible security is to be made, as the case may be,
provision is made for the redemption of all Series D Preferred Shares at
the time outstanding, if the Series D Preferred Shares are then redeemable
at the option of the Company; or

<PAGE>

     (iii) Any action by the Company in its capacity as General Partner of
the Operating Partnership effecting the issuance of any class of Senior
Units or any security convertible into any class of Senior Units (whether
or not such class of Senior Units is currently authorized); provided,
however, that no such vote of the holders of Series D Preferred Shares
shall be required if at or prior to the time when such amendment,
alteration or repeal is to take effect, or when the issuance of any such
Senior Units is to be made, as the case may be, provision is made for the
redemption of all Series D Preferred Shares at the time outstanding, if the
Series D Preferred Shares are then redeemable at the option of the Company.

     For purposes of the foregoing provisions and all other voting rights
under these Articles Supplementary, each Series D Preferred Share shall
have one vote per share, except that when any other class or series of
preferred shares of beneficial interest shall have the right to vote with
the Series D Preferred Shares as a single class on any matter, then the
Series D Preferred Shares and such other class or series shall have with
respect to such matters one vote per $100 of stated liquidation preference.

Except as otherwise required by applicable law or as set forth herein, the
Series D Preferred Shares shall not have any relative, participating,
optional or other special voting rights and powers other than as set forth
herein, and the consent of the holders thereof shall not be required for
the taking of any corporate action.

     SECTION 11.  RECORD HOLDERS. The Company and the Transfer Agent may
deem and treat the record holder of any Series D Preferred Shares as the
true and lawful owner thereof for all purposes, and neither the Company nor
the Transfer Agent shall be affected by any notice to the contrary.

     SECTION 12.  OWNERSHIP RESTRICTIONS.  The Series D Preferred Shares
shall be subject to the restrictions and limitations set forth in Section 2
of Article 3 of the Declaration of Trust, subject to waiver thereof by the
Board.

     SECTION 13.  FIXED CHARGE COVERAGE.

     (a)   So long as any Series D Preferred Shares are outstanding, the
Company must maintain a fixed charge coverage ratio of aggregate
Consolidated EBITDA to aggregate Consolidated Fixed Charges for every
fiscal quarter equal to or greater than 1.625 to 1.  If the Company is not
in compliance with the fixed charge coverage ratio (a "Covenant Failure"),
the Company shall have until the end of the next fiscal quarter to cure
such Covenant Failure.  If the Company does not cure such Covenant Failure
by the end of such fiscal quarter, then the Preferred Dividend shall be
increased by 25 basis points, and such increase shall be effective
retroactively for the original fiscal quarter in which the Covenant Failure
occurred and all such subsequent quarters until the last day of the
calendar quarter during which the Covenant Failure shall have been cured
and shall no longer be continuing, subject to reinstatement (with the cure
right above being afforded) in the event of any subsequent Covenant
Failure.  There shall be no other remedy for a Covenant Failure.

     (b)   "Consolidated EBITDA" for any period shall mean the
consolidated net income of the Company (before minority interest,
extraordinary items and other gains and losses) as reported in the
Company's financial statements filed with the Securities and Exchange
Commission increased by the sum of the following (without duplication):

     (i)   all income and state franchise taxes paid or accrued according
to generally accepted accounting principles ("GAAP") for such period (other
than income taxes attributable to extraordinary, unusual or non-recurring
gains or losses except to the extent that such gains were not included in
Consolidated EBITDA);

<PAGE>

     (ii)  all interest expense paid or accrued in accordance with GAAP
for such period (including financing fees and amortization of deferred
financing fees and amortization of original issue discount);

     (iii) depreciation and depletion reflected in such reported net
income;

     (iv)  amortization reflected in such reported net income including,
without limitation, amortization of capitalized debt issuance costs (only
to the extent that such amounts have not been previously included in the
amount of Consolidated EBITDA pursuant to clause (ii) above), goodwill,
other intangibles and management fees;

     (v)   any fees (to the extent such fees were treated as expenses in
the calculation of the consolidated net income of the Company) with respect
to any interest rate protection agreement (including, without limitation,
interest rate swaps, caps, floors, collars and similar agreements) and/or
other types of interest hedging agreements and any currency protection
agreement (including foreign exchange contracts, currency swap agreements
and other currency hedging arrangements) (collectively, "Hedging Costs");
and

     (vi)  any other non-cash charges or discretionary prepayment
penalties, to the extent deducted from consolidated net income (including,
but not limited to, income allocated to minority interests).

    (c)    "Consolidated Fixed Charges" for any period means the sum of:

     (i)   all interest expense paid or accrued in accordance with GAAP
for such period (including financing fees and amortization of deferred
financing fees and amortization of original issue discount;

     (ii)  preferred share distribution requirements for such period,
whether or not declared or paid; and

     (iii) Hedging Costs.

     SECTION 14.  SINKING FUND.  The Series D Preferred Shares shall not be
entitled to the benefit of any retirement or sinking fund.

     SECOND:  The Series D Preferred Shares have been classified and
designated by the Board under the authority contained in Article 2 of the
Declaration of Trust.

     THIRD:  These Articles Supplementary have been approved by the Board
in the manner and by the vote required by law.

     FOURTH:  The undersigned President acknowledges these Articles
Supplementary to be the act of the Company and, as to all other matters or
facts required to be verified under oath, acknowledges that to the best of
his knowledge, information and belief, these matters and facts are true in
all material respects and that this statement is made under the penalties
for perjury.

<PAGE>

     IN WITNESS WHEREOF, the Company has caused these Articles
Supplementary to be signed in its name and on its behalf by its President
and attested to by its Secretary on this 29th day of October, 2001.

                                  AMLI RESIDENTIAL PROPERTIES TRUST

                                  By:  /s/ Allan J. Sweet
                                       ------------------------------
                                       Allan J. Sweet, President

ATTEST:

/s/ Fred N. Shapiro
-----------------------
Secretary

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