Document:

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                                                                   EXHIBIT 10.19

                           EIGHTEENTH AMENDMENT TO THE
                     THIRD AMENDED AND RESTATED AGREEMENT OF
                  LIMITED PARTNERSHIP OF AIMCO PROPERTIES, L.P.

         This EIGHTEENTH AMENDMENT TO THE THIRD AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP OF AIMCO PROPERTIES, L.P., dated as of November 16, 2000
(this "Amendment"), is being executed by AIMCO-GP, Inc., a Delaware corporation
(the "General Partner"), as the general partner of AIMCO Properties, L.P., a
Delaware limited partnership (the "Partnership"), pursuant to the authority
conferred on the General Partner by Section 7.3.C(7) of the Third Amended and
Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of
July 29, 1994, as amended and/or supplemented from time to time (the
"Agreement"). Capitalized terms used, but not otherwise defined herein, shall
have the respective meanings ascribed thereto in the Agreement.

         WHEREAS, pursuant to Section 4.2.A of the Agreement, the General
Partner is authorized to determine the designations, preferences and relative,
participating, optional or other special rights, powers and duties of
Partnership Preferred Units.

         NOW, THEREFORE, in consideration of the foregoing, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         (1) The Agreement is hereby amended by the addition of a new exhibit,
entitled "Exhibit BB," in the form attached hereto, which shall be attached to
and made a part of the Agreement.

         (2) Except as specifically amended hereby, the terms, covenants,
provisions and conditions of the Agreement shall remain unmodified and continue
in full force and effect and, except as amended hereby, all of the terms,
covenants, provisions and conditions of the Agreement are hereby ratified and
confirmed in all respects.

         IN WITNESS WHEREOF, this Amendment has been executed as of the date
first written above.

                                            THE GENERAL PARTNER:

                                            AIMCO-GP, INC.

                                            By: /s/ PETER K. KOMPANIEZ
                                               ---------------------------------
                                            Name: Peter K. Kompaniez
                                            Title: President

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                                   EXHIBIT BB

                         PARTNERSHIP UNIT DESIGNATION OF
                 THE CLASS EIGHT PARTNERSHIP PREFERRED UNITS OF
                             AIMCO PROPERTIES, L.P.

1.       NUMBER OF UNITS AND DESIGNATION.

         A class of Partnership Preferred Units is hereby designated as "Class
Eight Partnership Preferred Units," and the number of Partnership Preferred
Units constituting such class shall be 150,000.

2.       DEFINITIONS.

         Capitalized terms used and not otherwise defined herein shall have the
meanings assigned thereto in the Third Amended and Restated Agreement of Limited
Partnership of AIMCO Properties, L.P. as amended, supplemented or restated from
time to time (the "Agreement"), as modified by this Partnership Unit Designation
and the defined terms used herein. For purposes of this Partnership Unit
Designation, the following terms shall have the respective meanings ascribed
below:

         "Assignee" shall mean a Person to whom one or more Class Eight
Partnership Preferred Units have been Transferred in a manner permitted under
the Agreement, but who has not become a Substituted Limited Partner, and who has
the rights set forth in Section 11.5 of the Agreement.

         "Class Eight Partnership Preferred Unit" shall mean a Partnership
Preferred Unit with the designations, preferences and relative, participating,
optional or other special rights, powers and duties as are set forth in this
Partnership Unit Designation.

         "Fair Market Value" shall mean, at any time and with respect to any
Class Eight Partnership Preferred Units, an amount equal to the amount of assets
that would be receivable by the holder of such Class Eight Partnership Preferred
Units at that time if all of the assets of the Partnership were sold and the
proceeds therefrom were distributed in accordance with the Agreement.

         "Junior Partnership Units" shall have the meaning set forth in Section
11(c) of this Partnership Unit Designation.

         "Majority in Interest of the Limited Partners" means Limited Partners
(other than (i) the Special Limited Partner and (ii) any Limited Partner fifty
percent (50%) or more of whose equity is owned, directly or indirectly, by the
(a) General Partner or (b) any REIT as to which the General Partner is a
"qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)))
holding more than fifty percent (50%) of the outstanding Partnership Common
Units, Class I High Performance Partnership Units, Class I Partnership Preferred
Units, Class One Partnership Preferred Units, Class Two Partnership Preferred
Units, Class Three Partnership Preferred Units, Class Four Partnership Preferred
Units, Class Five Partnership Preferred Units, Class Six Partnership Preferred
Units, Class Seven Partnership Preferred Units, and Class Eight Partnership
Preferred Units, (other than (i) the Special Limited Partner and (ii) any
Limited Partner fifty percent (50%) or more of whose equity is owned, directly
or indirectly, by (a) the

                                      BB-1

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General Partner or (b) any REIT as to which the General Partner is a "qualified
REIT subsidiary" (within the meaning of Code Section 856(i)(2))).

         "Partnership" shall mean AIMCO Properties, L.P., a Delaware limited
partnership.

         "Senior Partnership Units" shall have the meaning set forth in Section
11(a) of this Partnership Unit Designation.

         "Transfer Agent" shall mean such transfer agent as may be designated by
the Partnership or its designee as the transfer agent for the Class Eight
Partnership Preferred Units; provided, that if the Partnership has not
designated a transfer agent, then the Partnership shall act as the Transfer
Agent for the Class Eight Partnership Preferred Units.

3.       CASH DISTRIBUTIONS.

                  At any time that the Partnership pays cash distributions to
holders of Partnership Common Units, the Partnership shall pay cash
distributions to holders of the Class Eight Partnership Preferred Units in an
amount per Class Eight Partnership Preferred Unit equal to the per unit
distribution on the Partnership Common Units; provided, that distributions upon
liquidation of the Partnership shall be made in accordance with Section 13.2 of
the Agreement. Holders of Class Eight Partnership Preferred Units will not be
entitled to receive any other distributions. If a record date is established by
the General Partner for the payment of distributions in respect of Partnership
Common Units, the same date shall be the record date for payment of
distributions in respect of the Class Eight Partnership Preferred Units. With
respect to the first distribution paid to holders of Class Eight Partnership
Preferred Units after the initial issuance thereof, such distribution shall be
pro rated based on the portion of the period in respect of which such
distribution is paid that such Class Eight Partnership Preferred Units were
outstanding.

4.       REDEMPTION.

         (a) The Class Eight Partnership Preferred Units may be redeemed at the
option of the Partnership at any time at a redemption price payable in cash
equal to the Fair Market Value of such Class Eight Partnership Preferred Units.

         (b) The redemption date shall be selected by the Partnership, shall be
specified in a notice of redemption, and shall be not less than 5 days nor more
than 60 days after the date notice of redemption is sent by the Partnership.

         (c) If the Partnership shall redeem Class Eight Partnership Preferred
Units, notice of such redemption shall be given to each holder of record of the
Class Eight Partnership Preferred Units to be redeemed. Such notice shall be
provided by first class mail, postage prepaid, at such holder's address as the
same appears on the records of the Partnership. Neither the failure to mail any
notice required by this paragraph (c), 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 the other
holders. Any notice which has been 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 redemption date; (ii) the place or places at which certificates for such
shares are to be surrendered for cash; and (iii) the redemption price payable on
such redemption

                                      BB-2

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date. Notice having been mailed as aforesaid, from and after the redemption date
(unless the Partnership shall fail to make available the amount of cash
necessary to effect such redemption), (i) such Class Eight Partnership Preferred
Units shall no longer be deemed to be outstanding, and (ii) all rights of the
holders thereof as holders of Class Eight Partnership Preferred Units shall
cease except the right to receive the cash payable upon such redemption, without
interest thereon, upon surrender of their certificates if so required. As
promptly as practicable after the surrender in accordance with such notice of
the certificates for any such Class Eight Partnership Preferred Units to be so
redeemed (properly endorsed or assigned for transfer, if the Partnership shall
so require and the notice shall so state), such certificates shall be exchanged
for cash (without interest thereon) for which such shares have been redeemed in
accordance with such notice.

5.       CONVERSION.

         (a) Subject to and upon compliance with the provisions of this Section
5, on or after November 16, 2001, a holder of Class Eight Partnership Preferred
Units shall have the right, at such holder's option, to convert such units, in
whole or in part, into the number of Partnership Common Units obtained by
dividing (i) the Fair Market Value of the Class Eight Partnership Preferred
Units converted, by (ii) the value of a REIT Share (assuming, for such purpose,
that the Valuation Date is the date of conversion of such units). In order to
exercise the conversion right, the holder of each Class Eight Partnership
Preferred Unit to be converted shall surrender the certificate representing such
unit, duly endorsed or assigned to the Partnership or in blank at the office of
the Transfer Agent, accompanied by written notice to the Partnership that the
holder thereof elects to convert such Class Eight Partnership Preferred Unit.

         (b) (i) Unless the Partnership Common Units issuable on conversion are
to be issued in the same name as the name in which such Class Eight Partnership
Preferred Units are registered, each such unit surrendered following conversion
shall be accompanied by instruments of transfer, in form satisfactory to the
Partnership, duly executed by the holder or such holder's duly authorized
representative, and an amount sufficient to pay any transfer or similar tax (or
evidence reasonably satisfactory to the Partnership demonstrating that such
taxes have been paid).

                           (ii) As promptly as practicable after the surrender
of certificates for Class Eight Partnership Preferred Units as aforesaid, and in
any event no later than three business days after the date of such surrender,
the Partnership shall issue and deliver at such office to such holder, or send
on such holders' written order, a certificate or certificates for the number of
full Partnership Common Units issuable upon the conversion of such Class Eight
Partnership Preferred Units in accordance with the provisions of this Section 5,
and any fractional interest in respect of a Partnership Common Unit arising upon
such conversion shall be settled as provided in paragraph (c) of this Section 5.

                           (iii) Each conversion shall be deemed to have been
effected immediately prior to the close of business on the date on which the
certificates for Class Eight Partnership Preferred Units shall have been
surrendered to the Partnership for conversion as provided in paragraph (a) of
this Section 5; and the person or persons in whose name or names any certificate
or certificates for Partnership Common Units shall be issuable upon such
conversion shall be deemed to have become the holder or holders of record of the
units represented thereby at such time on such date unless the transfer books of
the Partnership shall be closed on that date, in which event such person or
persons shall be deemed to

                                      BB-3

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become such holder or holders of record at the close of business on the next
succeeding day on which such transfer books are open.

         (c) No fractional Partnership Common Units or scrip representing
fractions of a Partnership Common Unit shall be issued upon conversion of the
Class Eight Partnership Preferred Units. Instead of any fractional interest in a
Partnership Common Unit that would otherwise be deliverable upon the conversion
of Class Eight Partnership Preferred Units, the Partnership shall pay to the
holder of such units an amount of cash equal to the Fair Market Value of such
fractional interest as of the date of conversion. If more than one of any
holder's units shall be converted at one time, the number of full Partnership
Common Units issuable upon conversion thereof shall be computed on the basis of
the aggregate number of Class Eight Partnership Preferred Units so converted.

         (d) If the Partnership shall be a party to any transaction (including
with limitation a merger, consolidation, statutory exchange, sale of all or
substantially all of the Partnership's assets or recapitalization of the
Partnership Common Units, but excluding any transaction as to which a change in
the Adjustment Factor would be effected) (each of the foregoing being referred
to herein as a "Transaction"), in each case, as a result of which Partnership
Common Units shall be converted into the right to receive securities or other
property (including cash or any combination thereof), each Class Eight
Partnership Preferred Unit which is not converted into the right to receive
securities or other property in connection with such Transaction shall thereupon
be convertible into the kind and amount of securities and other property
(including cash or any combination thereof) receivable upon such consummation by
a holder of that number of Partnership Common Units into which a Class Eight
Partnership Preferred Unit was convertible immediately prior to such
Transaction. The Partnership shall not be a party to any Transaction unless the
terms of such Transaction are consistent with the provisions of this paragraph
(d), and it shall not consent or agree to the occurrence of any Transaction
until the Partnership has entered into an agreement with the successor or
purchasing entity, as the case may be, for the benefit of the holders of the
Class Eight Partnership Preferred Units that will contain provisions enabling
the holders of Class Eight Partnership Preferred Units that remain outstanding
after such Transaction to convert into the consideration received by holders of
Partnership Common Units at the conversion price in effect immediately prior to
such Transaction. The provisions of this paragraph (d) shall apply to successive
Transactions.

         (e) The Partnership will pay any and all documentary stamp or similar
issue or transfer taxes payable in respect of the issue or delivery of
Partnership Common Units or other securities or property on conversion of Class
Eight Partnership Preferred Units pursuant hereto; provided, however, that the
Partnership shall not be required to pay any tax that may be payable in respect
of any transfer involved in the issue or delivery of Partnership Common Units or
other securities or property in a name other than that of the holder of the
Class Eight Partnership Preferred Units to be converted, and no such issue or
delivery shall be made unless and until the person requesting such issue or
delivery has paid to the Partnership the amount of any such tax or established,
to the reasonable satisfaction of the Partnership, that such tax has been paid.

6.       STATUS OF REACQUIRED UNITS.

                  All Class Eight Partnership Preferred Units which shall have
been issued and reacquired in any manner by the Partnership shall be deemed
cancelled and no longer outstanding.

                                      BB-4

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7.       GENERAL.

                  The ownership of the Class Eight Partnership Preferred Units
shall be evidenced by one or more certificates in the form of Annex I hereto.
The General Partner shall amend Exhibit A to the Agreement from time to time to
the extent necessary to reflect accurately the issuance of, and subsequent
redemption, or any other event having an effect on the ownership of, the Class
Eight Partnership Preferred Units.

8.       ALLOCATIONS OF INCOME AND LOSS; CAPITAL ACCOUNTS.

                  Upon initial issuance, the capital account balance
attributable to the Class Eight Partnership Preferred Units shall be zero.
Thereafter, for each Fiscal Year, the Class Eight Partnership Preferred Units
shall be allocated a portion of the Net Income and Net Loss of the Partnership
equal to the portion of the Net Income and Net Loss of the Partnership that
would be allocated to such Class Eight Partnership Preferred Units pursuant to
Article 6 of the Agreement if the Class Eight Partnership Preferred Units were
Partnership Common Units. In addition, (i) not more than 60 days prior to a
redemption of Class Eight Partnership Preferred Units pursuant to Section 4
hereof and (ii) at any time after January 1, 2000, upon (x) a sale of
substantially all of the assets of the Partnership or a liquidation,
dissolution, or winding up of the Partnership or (y) in the event the Gross
Asset Value of any Partnership Asset is adjusted pursuant to subsection (b) or
(c) of the definition of "Gross Asset Value" in the Agreement, to the extent
possible, the Partnership shall first allocate Partnership gain (and, to the
extent necessary, gross income) among the Class Eight Partnership Preferred
Units (the "Special Allocation") in an amount equal to that necessary to permit
each Class Eight Partnership Preferred Unit to receive, upon a liquidation,
dissolution, or winding up of the Partnership pursuant to Section 13.2 of the
Agreement, an amount of assets of the Partnership equal to the amount of assets
that would be receivable with respect to a Partnership Common Unit, as
determined on a per unit basis. Notwithstanding the foregoing, the Class Eight
Partnership Preferred Units shall not be entitled to receive, and shall not
receive, the Special Allocation unless and until the Class I High Performance
Partnership Units have been allocated the full amount of Partnership income and
gain required under Section 5 of the Partnership Unit Designation for the Class
I High Performance Partnership Units.

9.       VOTING RIGHTS

                  Except as otherwise required by applicable law or in the
Agreement, the holders of the Class Eight Partnership Preferred Units will have
the same voting rights as holders of the Partnership Common Units. As long as
any Class Eight Partnership Preferred Units are outstanding, for purposes of
determining the Consent of Limited Partners under the Agreement, the "Majority
In Interest of the Limited Partners" shall have the meaning set forth in Section
2 hereof. As long as any Class Eight Partnership Preferred Units are
outstanding, in addition to any other vote or consent of partners required by
law or by the Agreement, the affirmative vote or consent of holders of at least
50% of the outstanding Class Eight Partnership Preferred Units will be necessary
for effecting any amendment of any of the provisions of the Partnership Unit
Designation of the Class Eight Partnership Preferred Units that materially and
adversely affects the rights or preferences of the holders of the Class Eight
Partnership Preferred Units. The creation or issuance of any class or series of
Partnership Units, including, without limitation, any Partnership Units that may
have rights junior to, on a parity with, or senior or superior to the Class
Eight Partnership Preferred Units, will not be deemed to materially and
adversely affect the rights or preferences of the holders of the Class Eight
Partnership Preferred Units. With respect to the exercise of the above-described

                                      BB-5

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voting rights, each Class Eight Partnership Preferred Unit will have one (1)
vote per Class Eight Partnership Preferred Unit.

10.      RESTRICTIONS ON TRANSFER.

                  Class Eight Partnership Preferred Units are subject to the
same restrictions on transfer applicable to Partnership Common Units, as set
forth in the Agreement.

11.      RANKING.

         Any class or series of Partnership Units of the Partnership shall be
deemed to rank:

         (a) prior or senior to the Class Eight Partnership Preferred Units, as
to the payment of distributions and as to the distribution of assets upon
liquidation, dissolution or winding up, if (i) the holders of such class or
series shall be entitled to the receipt of distributions and of amounts
distributable upon liquidation, dissolution or winding up, as the case may be,
in preference or priority to the holders of Class Eight Partnership Preferred
Units or (ii) such class or series of Partnership Units shall be Class B
Partnership Preferred Units, Class C Partnership Preferred Units, Class D
Partnership Preferred Units, Class G Partnership Preferred Units, Class H
Partnership Preferred Units, Class I Partnership Preferred Units, Class J
Partnership Preferred Units, Class K Partnership Preferred Units, Class L
Partnership Preferred Units, Class M Partnership Preferred Units, Class N
Partnership Preferred Units, Class O Partnership Preferred Units, Class One
Partnership Preferred Units, Class Two Partnership Preferred Units, Class Three
Partnership Preferred Units, Class Four Partnership Preferred Units, Class Six
Partnership Preferred Units or Class Seven Partnership Preferred Units (the
Partnership Units referred to in clauses (i) and (ii) of this paragraph being
hereinafter referred to, collectively, as "Senior Partnership Units");

         (b) on a parity with the Class Eight Partnership Preferred Units, 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 unit or other
denomination thereof be different from those of the Class Eight Partnership
Preferred Units if (i) such class or series of Partnership Units shall be
Partnership Common Units, Class I High Performance Partnership Units or Class
Five Partnership Units or (ii) the holders of such class or series of
Partnership Units and the Class Eight Partnership Preferred Units shall be
entitled to the receipt of distributions and of amounts distributable upon
liquidation, dissolution or winding up in proportion to their respective amounts
of accrued and unpaid distributions per unit or other denomination or
liquidation preferences, without preference or priority one over the other (the
Partnership Units referred to in clauses (i) and (ii) of this paragraph being
hereinafter referred to, collectively, as "Parity Partnership Units"); and

         (c) junior to the Class Eight Partnership Preferred Units, as to the
payment of distributions and as to the distribution of assets upon liquidation,
dissolution or winding up, if the holders of Class Eight Partnership Preferred
Units shall be entitled to receipt of distributions or of amounts distributable
upon liquidation, dissolution or winding up, as the case may be, in preference
or priority to the holders of such class or series of Partnership Units (the
Partnership Units referred to in this paragraph being hereinafter referred to,
collectively, as "Junior Partnership Units").

                                      BB-6<PAGE>   1
                                                                   EXHIBIT 10.20

                           NINETEENTH AMENDMENT TO THE
                     THIRD AMENDED AND RESTATED AGREEMENT OF
                  LIMITED PARTNERSHIP OF AIMCO PROPERTIES, L.P.

         This NINETEENTH AMENDMENT TO THE THIRD AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP OF AIMCO PROPERTIES, L.P., dated as of February 28, 2001
(this "Amendment"), is being executed by AIMCO-GP, Inc., a Delaware corporation
(the "General Partner"), as the general partner of AIMCO Properties, L.P., a
Delaware limited partnership (the "Partnership"), pursuant to the authority
conferred on the General Partner by Section 7.3.C(7) of the Third Amended and
Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of
July 29, 1994, as amended and/or supplemented from time to time (the
"Agreement"). Capitalized terms used, but not otherwise defined herein, shall
have the respective meanings ascribed thereto in the Agreement.

         WHEREAS, pursuant to Section 4.2.A of the Agreement, the General
Partner is authorized to determine the designations, preferences and relative,
participating, optional or other special rights, powers and duties of
Partnership Preferred Units.

         NOW, THEREFORE, in consideration of the foregoing, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         1. The Agreement is hereby amended by the addition of a new exhibit,
entitled "Exhibit CC," in the form attached hereto, which shall be attached to
and made a part of the Agreement.

         2. Except as specifically amended hereby, the terms, covenants,
provisions and conditions of the Agreement shall remain unmodified and continue
in full force and effect and, except as amended hereby, all of the terms,
covenants, provisions and conditions of the Agreement are hereby ratified and
confirmed in all respects.

         IN WITNESS WHEREOF, this Amendment has been executed as of the date
first written above.

                                         GENERAL PARTNER:

                                         AIMCO-GP, INC.

                                         By: /s/ PETER K. KOMPANIEZ
                                            ----------------------------------
                                            Name:  Peter K. Kompaniez
                                            Title: President and Vice Chairman

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                                   EXHIBIT CC

                       PARTNERSHIP UNIT DESIGNATION OF THE
                       CLASS P PARTNERSHIP PREFERRED UNITS
                            OF AIMCO PROPERTIES, L.P.

         1. NUMBER OF UNITS AND DESIGNATION.

         A class of Partnership Preferred Units is hereby designated as "Class P
Partnership Preferred Units," and the number of Partnership Preferred Units
constituting such class shall be 4,000,000.

         2. DEFINITIONS.

         For purposes of the Class P Partnership Preferred Units, the following
terms shall have the meanings indicated in this Section 2, and capitalized terms
used and not otherwise defined herein shall have the meanings assigned thereto
in the Agreement:

         "Agreement" shall mean the Third Amended and Restated Agreement of
         Limited Partnership of the Partnership, dated as of July 29, 1994, as
         amended.

         "Call Date" shall have the meaning set forth in paragraph (a) of
         Section 5 of this Exhibit CC.

         "Class P Partnership Preferred Unit" means a Partnership Preferred Unit
         with the designations, preferences and relative, participating,
         optional or other special rights, powers and duties as are set forth in
         this Exhibit CC. It is the intention of the General Partner that each
         Class P Partnership Preferred Unit shall be substantially the economic
         equivalent of one share of Class P Preferred Stock.

         "Class P Preferred Stock" means the Class P Convertible Cumulative
         Preferred Stock, par value $0.01 per share, of the Previous General
         Partner.

         "Code" shall mean the Internal Revenue Code of 1986, as amended from
         time to time, or any successor statute thereto. Reference to any
         provision of the Code shall mean such provision as in effect from time
         to time, as the same may be amended, and any successor thereto, as
         interpreted by any applicable regulations or other administrative
         pronouncements as in effect from time to time.

         "Common Stock" shall mean the Class A Common Stock, $.01 par value per
         share, of the Previous General Partner or such shares of the Previous
         General Partner's capital stock into which outstanding shares of Common
         Stock shall be reclassified.

         "Distribution Payment Date" shall mean any date on which cash dividends
         are paid on all outstanding shares of the Class P Preferred Stock.

         "Junior Partnership Units" shall have the meaning set forth in
         paragraph (c) of Section 8 of this Exhibit CC.

                                      CC-1
<PAGE>   3

         "Parity Partnership Units" shall have the meaning set forth in
         paragraph (b) of Section 8 of this Exhibit CC.

         "Partnership" shall mean AIMCO Properties, L.P., a Delaware limited
         partnership.

         "Senior Partnership Units" shall have the meaning set forth in
         paragraph (a) of Section 8 of this Exhibit CC.

         3. DISTRIBUTIONS.

         On every Distribution Payment Date, the holders of Class P Partnership
Preferred Units shall be entitled to receive distributions payable in cash in an
amount per Class P Partnership Preferred Unit equal to the per share dividend
payable on the Class P Preferred Stock on such Distribution Payment Date. Each
such distribution shall be payable to the holders of record of the Class P
Partnership Preferred Units, as they appear on the records of the Partnership at
the close of business on the record date for the dividend payable with respect
to the Class P Preferred Stock on such Distribution Payment Date. Holders of
Class P Partnership Preferred Units shall not be entitled to any distributions
on the Class P Partnership Preferred Units, whether payable in cash, property or
stock, except as provided herein.

         4. LIQUIDATION PREFERENCE.

            (a) In the event of any liquidation, dissolution or winding up of
the Partnership, whether voluntary or involuntary, before any payment or
distribution of the Partnership (whether capital, surplus or otherwise) shall be
made to or set apart for the holders of Junior Partnership Units, the holders of
Class P Partnership Preferred Units shall be entitled to receive Twenty-Five
Dollars ($25) per Class P Partnership Preferred Unit (the "Liquidation
Preference"), plus an amount per Class P Partnership Preferred Unit equal to all
dividends (whether or not declared or earned) accumulated, accrued and unpaid on
one share of Class P Preferred Stock to the date of final distribution to such
holders; but such holders shall not be entitled to any further payment. Until
the holders of the Class P Partnership Preferred Units have been paid the
Liquidation Preference in full, plus an amount equal to all dividends (whether
or not declared or earned) accumulated, accrued and unpaid on the Class P
Preferred Stock to the date of final distribution to such holders, no payment
shall be made to any holder of Junior Partnership Units upon the liquidation,
dissolution or winding up of the Partnership. If, upon any liquidation,
dissolution or winding up of the Partnership, the assets of the Partnership, or
proceeds thereof, distributable among the holders of Class P Partnership
Preferred Units shall be insufficient to pay in full the preferential amount
aforesaid and liquidating payments on any Parity Partnership Units, then such
assets, or the proceeds thereof, shall be distributed among the holders of Class
P Partnership Preferred Units and any such Parity Partnership Units ratably in
the same proportion as the respective amounts that would be payable on such
Class P Partnership Preferred Units and any such other Parity Partnership Units
if all amounts payable thereon were paid in full. For the purposes of this
Section 4, (i) a consolidation or merger of the Partnership with one or more
partnerships, or (ii) a sale or transfer of all or substantially all of the
Partnership's assets shall not be deemed to be a liquidation, dissolution or
winding up, voluntary or involuntary, of the Partnership.

                                      CC-2
<PAGE>   4

            (b) Upon any liquidation, dissolution or winding up of the
Partnership, after payment shall have been made in full to the holders of Class
P Partnership Preferred Units and any Parity Partnership Units, as provided in
this Section 4, any other series or class or classes of Junior Partnership Units
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 Class P
Partnership Preferred Units and any Parity Partnership Units shall not be
entitled to share therein.

         5. REDEMPTION.

         Class P Partnership Preferred Units shall be redeemable by the
Partnership as follows:

            (a) At any time that the Previous General Partner exercises its
right to redeem all or any of the shares of Class P Preferred Stock, the General
Partner shall cause the Partnership to redeem an equal number of Class P
Partnership Preferred Units, at a redemption price per Class P Partnership
Preferred Unit equal to the same price paid by the Previous General Partner to
redeem the Class P Preferred Stock and such price shall be paid in the same
manner (including but not limited to, by means of issuance of long-term
indebtedness for purpose of such redemption) as paid by the Previous General
Partner for the Class P Preferred Stock redeemed (the "Call Date"), in the
manner set forth herein; provided, however, that in the event of a redemption of
Class P Partnership Preferred Units, if the Call Date occurs after a dividend
record date for the Class P Preferred Stock and on or prior to the related
Distribution Payment Date, the distribution payable on such Distribution Payment
Date in respect of such Class P Partnership Preferred Units called for
redemption shall be payable on such Distribution Payment Date to the holders of
record of such Class P Partnership Preferred Units on the applicable dividend
record date, and shall not be payable as part of the redemption price for such
Class P Partnership Preferred Units.

            (b) If the Partnership shall redeem Class P Partnership Preferred
Units pursuant to paragraph (a) of this Section 5, from and after the Call Date
(unless the Partnership shall fail to make available the amount of cash or other
forms of consideration necessary to effect such redemption), (i) except for
payment of the redemption price, the Partnership shall not make any further
distributions on the Class P Partnership Preferred Units so called for
redemption, (ii) said units shall no longer be deemed to be outstanding, and
(iii) all rights of the holders thereof as holders of Class P Partnership
Preferred Units of the Partnership shall cease except the rights to receive the
cash payable upon such redemption, without interest thereon; provided, however,
that if a Call Date occurs after a dividend record date for the Class P
Preferred Stock and on or prior to the related Distribution Payment Date, the
full distribution payable on such Distribution Payment Date in respect of such
Class P Partnership Preferred Units called for redemption shall be payable on
such Distribution Payment Date to the holders of record of such Class P
Partnership Preferred Units on the applicable dividend record date
notwithstanding the prior redemption of such Class P Partnership Preferred
Units. No interest shall accrue for the benefit of the holders of Class P
Partnership Preferred Units to be redeemed on any cash set aside by the
Partnership.

                                      CC-3
<PAGE>   5

         6. STATUS OF REACQUIRED UNITS.

         All Class P Partnership Preferred Units which shall have been issued
and reacquired in any manner by the Partnership shall be deemed cancelled.

         7. CONVERSION.

         Class P Partnership Preferred Units shall be convertible as follows:

            (a) Upon any conversion of shares of Class P Preferred Stock into
shares of Common Stock, the General Partner shall cause a number of Class P
Partnership Preferred Units equal to the number of such converted shares of
Class P Preferred Stock to be converted by the holders thereof into Partnership
Common Units. The conversion ratio in effect from time to time for the
conversion of Class P Partnership Preferred Units into Partnership Common Units
pursuant to this Section 7 shall at all times be equal to, and shall be
automatically adjusted as necessary to reflect, the conversion ratio in effect
from time to time for the conversion of Class P Preferred Stock into Common
Stock.

            (b) In the event of a conversion of any Class P Partnership
Preferred Units, the Partnership shall make a cash payment to the holder thereof
equal to the cash payment required to be made by the Previous General Partner to
the holder of the shares of Class P Preferred Stock the conversion of which
required the conversion of such Class P Partnership Preferred Units. Holders of
Class P Partnership Preferred Units at the close of business on a distribution
payment record date shall be entitled to receive the distribution payable on
such units 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 Partnership shall
make no payment or allowance for unpaid distributions on converted units or for
distributions on the Partnership Common Units issued upon such conversion. Each
conversion of Class P Partnership Preferred Units into Partnership Common Units
shall be deemed to have been effected at the same time and date that the
corresponding conversion of Class P Preferred Stock into Common Stock is deemed
to have been effected.

            (c) No fractional Partnership Common Units shall be issued upon
conversion of Class P Partnership Preferred Units. Instead of any fractional
Partnership Common Units that would otherwise be deliverable upon the conversion
of Class P Partnership Preferred Units, the Partnership shall pay to the holder
of such converted units an amount in cash equal to the cash payable to a holder
of an equivalent number of converted shares of Class P Preferred Stock in lieu
of fractional shares of Common Stock.

            (d) The Partnership will pay any and all documentary stamp or
similar issue or transfer taxes payable in respect of (i) the issue or delivery
of Partnership Common Units or other securities or property on conversion or
redemption of Class P Partnership Preferred Units pursuant hereto, and (ii) the
issue or delivery of Common Stock or other securities or property on conversion
or redemption of Class P Preferred Stock pursuant to the terms hereof.

                                      CC-4
<PAGE>   6

         8. RANKING.

         Any class or series of Partnership Units of the Partnership shall be
deemed to rank:

            (a) prior or senior to the Class P Partnership Preferred Units, as
to the payment of distributions and as to distributions of assets upon
liquidation, dissolution or winding up, if the holders of such class or series
shall be entitled to the receipt of distributions and of amounts distributable
upon liquidation, dissolution or winding up, as the case may be, in preference
or priority to the holders of Class P Partnership Preferred Units ("Senior
Partnership Units");

            (b) on a parity with the Class P Partnership Preferred Units, as to
the payment of distributions and as to distribution of assets upon liquidation,
dissolution or winding up, whether or not the distribution rates, distribution
payment dates or redemption or liquidation prices per unit or other denomination
thereof be different from those of the Class P Partnership Preferred Units if
(i) such class or series of Partnership Units shall be Class B Partnership
Preferred Units, Class C Partnership Preferred Units, Class D Partnership
Preferred Units, Class G Partnership Preferred Units, Class H Partnership
Preferred Units, Class I Partnership Preferred Units, Class J Partnership
Preferred Units, Class K Partnership Preferred Units, Class L Partnership
Preferred Units, Class M Partnership Preferred Units, Class N Partnership
Preferred Units, Class O Partnership Preferred Units, Class One Partnership
Preferred Units, Class Two Partnership Preferred Units, Class Three Partnership
Preferred Units, Class Four Partnership Preferred Units, Class Six Partnership
Preferred Units or Class Seven Partnership Preferred Units, or (ii) the holders
of such class or series of Partnership Units and the Class P Partnership
Preferred Units shall be entitled to the receipt of distributions and of amounts
distributable upon liquidation, dissolution or winding up in proportion to their
respective amounts of accrued and unpaid distributions per unit or other
denomination or liquidation preferences, without preference or priority one over
the other (the Partnership Units referred to in clauses (i) and (ii) of this
paragraph being hereinafter referred to, collectively, as "Parity Partnership
Units"); and

            (c) junior to the Class P Partnership Preferred Units, as to the
payment of distributions and as to the distribution of assets upon liquidation,
dissolution or winding up, if (i) such class or series of Partnership Units
shall be Partnership Common Units, Class I High Performance Partnership Units,
Class Five Partnership Preferred Units or Class Eight Partnership Preferred
Units, or (ii) the holders of Class P Partnership Preferred Units shall be
entitled to receipt of distributions or of amounts distributable upon
liquidation, dissolution or winding up, as the case may be, in preference or
priority to the holders of such class or series of Partnership Units (the
Partnership Units referred to in clauses (i) and (ii) of this paragraph being
hereinafter referred to, collectively, as "Junior Partnership Units").

         9. SPECIAL ALLOCATIONS.

            (a) Gross income and, if necessary, gain shall be allocated to the
holders of Class P Partnership Preferred Units for any Fiscal Year (and, if
necessary, subsequent Fiscal Years) to the extent that the holders of Class P
Partnership Preferred Units receive a distribution on any Class P Partnership
Preferred Units (other than an amount included in any redemption pursuant to
Section 5 hereof) with respect to such Fiscal Year.

                                      CC-5
<PAGE>   7

            (b) If any Class P Partnership Preferred Units are redeemed pursuant
to Section 5 hereof, for the Fiscal Year that includes such redemption (and, if
necessary, for subsequent Fiscal Years) (a) gross income and gain (in such
relative proportions as the General Partner in its discretion shall determine)
shall be allocated to the holders of Class P Partnership Preferred Units to the
extent that the redemption amounts paid or payable with respect to the Class P
Partnership Preferred Units so redeemed exceeds the aggregate Capital
Contributions (net of liabilities assumed or taken subject to by the
Partnership) per Class P Partnership Preferred Unit allocable to the Class P
Partnership Preferred Units so redeemed and (b) deductions and losses (in such
relative proportions as the General Partner in its discretion shall determine)
shall be allocated to the holders of Class P Partnership Preferred Units to the
extent that the aggregate Capital Contributions (net of liabilities assumed or
taken subject to by the Partnership) per Class P Partnership Preferred Unit
allocable to the Class P Partnership Preferred Units so redeemed exceeds the
redemption amount paid or payable with respect to the Class P Partnership
Preferred Units so redeemed.

         10. RESTRICTIONS ON OWNERSHIP.

         The Class P Partnership Preferred Units shall be owned and held solely
by the General Partner or the Special Limited Partner.

         11. GENERAL

            (a) The ownership of Class P Partnership Preferred Units may (but
need not, in the sole and absolute discretion of the General Partner) be
evidenced by one or more certificates. The General Partner shall amend Exhibit A
to the Agreement from time to time to the extent necessary to reflect accurately
the issuance of, and subsequent conversion, redemption, or any other event
having an effect on the ownership of, Class P Partnership Preferred Units.

            (b) The rights of the General Partner and the Special Limited
Partner, in their capacity as holders of the Class P Partnership Preferred
Units, are in addition to and not in limitation of any other rights or authority
of the General Partner or the Special Limited Partner, respectively, in any
other capacity under the Agreement or applicable law. In addition, nothing
contained herein shall be deemed to limit or otherwise restrict the authority of
the General Partner or the Special Limited Partner under the Agreement, other
than in their capacity as holders of the Class P Partnership Preferred Units.

                                      CC-6

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