Document:

Exhibit 10.1

Exhibit 10.1

TENTH AMENDMENT TO

AMENDED AND RESTATED

SENIOR SECURED CREDIT AGREEMENT

among

Apartment Investment and Management Company,

AIMCO Properties, L.P., and

AIMCO/Bethesda Holdings, Inc.,

as the Borrowers,

the Guarantors and

Pledgors named herein,

Bank of America, N.A.,

as Administrative Agent, Swing Line Lender

and L/C Issuer

and

The Other Financial

Institutions Party Hereto

Dated as of September 29, 2010

BANC OF AMERICA SECURITIES LLC

and

KEYBANC CAPITAL MARKETS

as Joint-Lead Arrangers

and

Joint Bookrunners

 

 

 

TENTH AMENDMENT TO

AMENDED AND RESTATED

SENIOR SECURED CREDIT AGREEMENT

This TENTH AMENDMENT TO AMENDED AND RESTATED SENIOR SECURED CREDIT AGREEMENT (this
“Amendment”) is dated as of September 29, 2010 and entered into by and among APARTMENT
INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation (the “REIT”), AIMCO PROPERTIES,
L.P., a Delaware limited partnership (“AIMCO”), and AIMCO/BETHESDA HOLDINGS, INC., a
Delaware corporation (“AIMCO/Bethesda”) (the REIT, AIMCO and AIMCO/Bethesda are
collectively referred to herein as “Borrowers”), BANK OF AMERICA, N.A. (“Bank of
America”), as Administrative Agent (in such capacity, “Administrative Agent”) and as
Swing Line Lender and L/C Issuer, and the Lenders party hereto, and is made with reference to that
certain Amended and Restated Senior Secured Credit Agreement, dated as of November 2, 2004, by and
among Borrowers, each lender from time to time party thereto, BANK OF AMERICA, N.A., as
Administrative Agent and as Swing Line Lender and L/C Issuer, and KeyBank National Association, as
Syndication Agent (the “Original Credit Agreement”), as amended by that certain First
Amendment to Amended and Restated Senior Secured Credit Agreement, dated June 16, 2005 (the
“First Amendment”), as amended by that certain Second Amendment to Amended and Restated
Senior Secured Credit Agreement, dated March 22, 2006 (the “Second Amendment”), as amended
by that certain Third Amendment to Amended and Restated Senior Secured Credit Agreement, dated
August 31, 2007 (“Third Amendment”), as amended by that certain Fourth Amendment to Amended
and Restated Senior Secured Credit Agreement, dated September 14, 2007 (“Fourth
Amendment”), as amended by that certain Fifth Amendment to Amended and Restated Senior Secured
Credit Agreement, dated September 9, 2008 (“Fifth Amendment”), as amended by that certain
Sixth Amendment to Amended and Restated Senior Secured Credit Agreement, dated May 1, 2009
(“Sixth Amendment”), as amended by that certain Seventh Amendment to Amended and Restated
Senior Credit Agreement, dated August 4, 2009 (“Seventh Amendment”), as amended by that
certain Eighth Amendment to Amended and Restated Senior Credit Agreement, dated February 3, 2010
(“Eighth Amendment”), and as amended by that certain Ninth Amendment to Amended and
Restated Senior Credit Agreement, dated May 14, 2010 (“Ninth Amendment”) (the Original
Credit Agreement as amended by the First Amendment, Second Amendment, Third Amendment, Fourth
Amendment, Fifth Amendment, Sixth Amendment, Seventh Amendment, Eighth Amendment and Ninth
Amendment is referred to as the “Credit Agreement”; and the Credit Agreement as amended by
this Amendment is referred to as the “Amended Agreement”). Capitalized terms used in this
Amendment shall have the meanings set forth in the Credit Agreement unless otherwise defined
herein.

RECITALS

WHEREAS, Borrowers desire to amend the Credit Agreement as more particularly set forth below;

WHEREAS, the Term Loans have been repaid;

 

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WHEREAS, pursuant to the Credit Agreement, the amendments set forth herein require the consent
of the Revolving Lenders, the L/C Issuer and the Required Lenders, and the Revolving Lenders, the
L/C Issuer and the Required Lenders have consented hereto;

NOW, THEREFORE, in consideration of the agreements, provisions and covenants contained herein,
the parties agree as follows:

Section 1. AMENDMENTS TO THE CREDIT AGREEMENT

A. The defined term “Activation Notice” is deleted.

B. The defined term “Affiliate” is deleted and replaced with:

““Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified. In no event shall Administrative Agent or any Lender be deemed
to be an Affiliate of Borrower.”

C. Paragraph (b) of the defined term “Applicable Percentage” is deleted and replaced with:

“(b) with respect to a Lender’s obligations to participate in Letters of Credit, to reimburse
the Issuing Lender, and to receive payments of fees with respect thereto, (i) prior to the
Revolving Commitments being terminated or reduced to zero, the percentage obtained by dividing (y)
such Lender’s Revolving Commitment, by (z) the aggregate Revolving Commitments of all Lenders, and
(ii) from and after the time that the Revolving Commitments have been terminated or reduced to
zero, the percentage obtained by dividing (y) the aggregate outstanding principal amount of such
Lender’s Revolving Loans by (z) the aggregate outstanding principal amount of all Revolving Loans,
provided, however, if any Revolving Lender is a Defaulting Lender or an Impacted
Lender at the time of the issuance of a Letter of Credit or the time on which the Revolving Lenders
are required to make funds available to the Administrative Agent (for the account of the L/C
Issuer) pursuant to Section 2.03(c)(ii), then the aggregate amount of all obligations of such
Defaulting Lender or Impacted Lender to acquire participations in any Letters of Credit or make
such funds available will be reallocated among the non-Defaulting, non-Impacted Lenders on a pro
rata basis and the “Applicable Percentage” shall be calculated under clauses (i) and (ii) above by
excluding the Revolving Commitment of such Defaulting Lender or such Impacted Lender from the
aggregate Revolving Commitments in the case of clause (z) of clause (i) and by excluding the
outstanding principal amount of the Revolving Loans of such Defaulting Lender or such Impacted
Lender from the aggregate outstanding principal amount of the Revolving Loans in the case of clause
(z) of clause (ii) but only to the extent the sum of all non-Defaulting, non-Impacted Lenders’
Total Revolving Outstandings plus such Defaulting Lenders’ and Impacted Lenders’ Total Revolving
Outstandings so reallocated does not exceed the total of all non-Defaulting, non-Impacted Lenders’
Revolving Commitments.”

 

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D. The defined term “Applicable Capitalization Rate” is deleted and replaced with:

““Applicable Capitalization Rate” means 7.50%, subject to adjustment to an amount not
to exceed 8.00% in accordance with Section 2.14(a).”

E. The defined term “Audited Financial Statements” is deleted and replaced with:

““Audited Financial Statements” means the audited consolidated balance sheet of the
REIT for the fiscal year ended December 31, 2009, and the related consolidated statements of income
or operations, shareholders’ equity and cash flows for such fiscal year of the REIT, including the
notes thereto.”

F. The defined term “Capital Expenditure Reserve” is deleted and replaced with:

““Capital Expenditure Reserve” means, as of any date of determination, the product of
(a) an amount not less than $350 (which amount is subject to adjustment as provided below but shall
never be less than $350), and (b) the Borrowing Group’s Share of apartment units owned as of such
date of determination; provided, however, that an apartment unit shall be excluded
from the foregoing calculation if, at the date of determination, a mortgage lender with respect to
such apartment unit holds a funded reserve for future capital improvements for such apartment unit.
Administrative Agent may review the Capital Expenditure Reserve on December 31, 2011 and as of the
last day of each subsequent calendar year (a “Review Date”) and, upon written notice to the
Borrowers provided within 30 days after delivery of the Compliance Certificate relating to such
calendar year, increase the per unit dollar amount in clause (a) above by an amount not to exceed
the lesser of (i) $24.50 per year per unit or (ii) the amount by which the actual amount of Capital
Expenditures per unit for the apartment units (the “Actual CapEx Amount”) in clause (b) for the
prior four calendar quarters exceeds $350 plus any prior annual increases; provided,
however, that if the Actual CapEx Amount declines from one year to the next, then the per
unit dollar amount in clause (a) above shall automatically decrease as of each Review Date to an
amount equal to the greater of (x) $350 per unit and (y) the Actual CapEx Amount for the prior four
calendar quarters.”

G. The defined term “Default Rate” is deleted and replaced with:

““Default Rate” means (a) when used with respect to Obligations other than Letter of
Credit Fees, an interest rate equal to (i) the Applicable Revolving Base Rate plus (ii) the
highest Applicable Revolving Rate (regardless of the then applicable Leverage Ratio), if any,
applicable to Base Rate Loans that are Revolving Loans plus (iii) 2% per annum;
provided, however, that with respect to a Eurodollar Rate Loan that is a Revolving
Loan, the Default Rate shall be an interest rate equal to the highest Applicable Revolving Rate
(regardless of the then applicable Leverage Ratio) plus 2% per annum, and (b) when used
with respect to Letter of Credit Fees, a rate equal to the Applicable Revolving Rate plus
2% per annum.”

H. The defined term “Eurodollar Rate Floor” is deleted and replaced with:

““Eurodollar Rate Floor” means 1.50%.”

 

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I. The defined term “Impacted Lender” is deleted and replaced with:

““Impacted Lender” means a Revolving Lender (a) that is a Defaulting Lender, or (b) as
to which (i) the L/C Issuer has a good faith belief that such Revolving Lender has defaulted in
fulfilling its obligations under one or more other syndicated credit facilities (and in such other
credit facilities such Revolving Lender has been treated as a defaulting or otherwise impacted
lender) or (ii) an entity that Controls such Revolving Lender has been deemed insolvent or become
subject to a bankruptcy or other similar proceeding. No Impacted Lender shall have any right to
approve or disapprove any amendment, waiver or consent under this Agreement (and the portion of the
Total Revolving Outstandings held or deemed held by any Impacted Lender shall be excluded in
determining if any required approval or consent of the Lenders has been obtained), except that the
Commitment of such Impacted Lender may not be increased or extended without the consent of such
Impacted Lender (subject to Sections 2.14 and 2.15).”

J. The defined term “Increase Effective Date” is deleted and replaced with:

““Increase Effective Date” is defined in Section 2.15(a)(iv).”

K. The defined term “Required Lenders” is deleted and replaced with:

““Required Lenders” means, as of any date of determination, Lenders having more than
50% of the Revolving Commitments then in effect or, if the Commitment of each Revolving Lender to
make Revolving Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been
terminated pursuant to Section 8.02, the Total Revolving Outstandings (with the aggregate amount of
each Revolving Lender’s risk participation and funded participation in L/C Obligations and Swing
Line Loans being deemed “held” by such Revolving Lender for purposes of this definition);
provided that the Commitment of, and the portion of the Total Outstandings held or deemed
held by, any Defaulting Lender or any Impacted Lender shall be excluded for purposes of making a
determination of Required Lenders.”

L. The defined term “Required Revolving Lenders” is deleted and replaced with:

““Required Revolving Lenders” means Required Lenders.”

M. The defined term “Required Supermajority Lenders” is deleted and replaced with:

““Required Supermajority Lenders” means, as of any date of determination, Lenders
having 67% or more of the Revolving Commitments then in effect or, if the Commitment of each
Revolving Lender to make Revolving Loans and the obligation of the L/C Issuer to make L/C Credit
Extensions have been terminated pursuant to Section 8.02, the Total Revolving Outstandings (with
the aggregate amount of each Revolving Lender’s risk participation and funded participation in L/C
Obligations and Swing Line Loans being deemed “held” by such Revolving Lender for purposes of this
definition); provided that the Commitment of, and the portion of the Total Outstandings
held or deemed held by, any Defaulting Lender or any Impacted Lender shall be excluded for purposes
of making a determination of Required Supermajority Lenders.”

 

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N. The defined term “Revolving Commitment” is deleted and replaced with:

““Revolving Commitment” means, as to each Revolving Lender, its obligation to (a) make
Revolving Loans to the Borrowers pursuant to Section 2.01, (b) purchase participations in L/C
Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount
at any one time outstanding not to exceed the amount set forth opposite such Revolving Lender’s
name on Schedule 2.15(d) or in the Assignment and Assumption pursuant to which such
Revolving Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to
time in accordance with this Agreement. The aggregate Revolving Commitment shall not exceed
$300,000,000, unless increased pursuant to Section 2.15.”

O. The defined term “Revolving Commitment Termination Date” is deleted and replaced with:

““Revolving Commitment Termination Date” means the later of (a) May 1, 2013 and (b) if
the Existing Revolving Commitment Termination Date is extended pursuant to Section 2.14, such
extended Existing Revolving Commitment Termination Date as determined pursuant to such Section
2.14.”

P. The following defined terms shall be inserted in Section 1.01 in the correct alphabetical
location:

““Capital Replacements” means, for any period and with respect to any Person, the
Borrowing Group’s Share of capital additions that are deemed to replace the portion of acquired
capital assets (excluding capital additions for casualties, accidents and redevelopment and the
Borrowing Group’s Share of capital additions that are made to enhance the value, profitability or
useful life of an asset as compared to its original purchase condition) that was consumed in the
ordinary course of business during the period that such Person owned such asset.

“Free Cash Flow” means, for any period of determination, an amount equal to the
Borrowing Group’s Share of EBITDA for such period, minus the Borrowing Group’s Share of the
following for such period: (i) Capital Replacements, (ii) Fixed Charges and (iii) the amount of the
minimum required dividends for the REIT to maintain its REIT status.

“Tenth Amendment” means the Tenth Amendment to this Agreement, dated as of September
29, 2010, among the Borrowers, the L/C Issuer, the Administrative Agent and the Lenders party
thereto.

“Tenth Amendment Effective Date” means the date all of the conditions to effectiveness
set forth in Section 2 of the Tenth Amendment are satisfied.

“Total Unsecured Indebtedness” means, for any period of determination, the aggregate
amount of the Borrowing Group’s Share of Funded Indebtedness which is not secured by a Lien
(excluding Indebtedness secured solely by cash in debt service reserves or sinking funds);
provided, however, that the Obligations shall be included in the calculation of
Total Unsecured Indebtedness.”

Q. Section 2.03(a)(ii) is deleted and replaced with:

“(ii) The L/C Issuer shall not issue any Letter of Credit if the expiry date of such
requested Letter of Credit would occur more than 12 months after the Revolving Commitment
Termination Date then in effect.”

 

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R. Section 2.03(g) is deleted and replaced with:

“(g) Cash Collateral. If the L/C Issuer has honored any full or partial drawing
request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, then upon the
request of the Administrative Agent, Borrowers shall immediately Cash Collateralize the then
Outstanding Amount of all L/C Obligations. Additionally, if, as of the Letter of Credit Expiration
Date, any L/C Obligation for any reason remains outstanding, the Borrowers shall immediately (i)
Cash Collateralize the then Outstanding Amount of all L/C Obligations, or (ii) subject to the
approval of the L/C Issuer in its sole discretion, if the Revolving Commitments are replaced with a
new revolving facility, cause “back to back” letters of credit with respect to all outstanding
Letters of Credit to be issued; provided, however, if Borrower has delivered a
notice pursuant to Section 2.14(a) extending the Revolving Commitment Termination Date, Borrower
shall not be required to so Cash Collateralize the then Outstanding Amount of the applicable L/C
Obligations or so cause such “back to back” letters of credit to be issued until the Letter of
Credit Expiration Date (after giving effect to such extension of the Revolving Commitment
Termination Date). Sections 2.05 and 8.02(c) set forth certain additional requirements to deliver
Cash Collateral hereunder. For purposes of this Section 2.03, Section 2.05 and Section 8.02(c),
“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for
the benefit of the L/C Issuer and the Revolving Lenders, as collateral for the L/C Obligations,
cash or deposit account balances (collectively, “Cash Collateral”) pursuant to documentation in
form and substance reasonably satisfactory to the Administrative Agent and the L/C Issuer (which
documents are hereby consented to by the Revolving Lenders). Derivatives of such term have
corresponding meanings. The Borrowers hereby grant to the Administrative Agent, for the benefit of
the L/C Issuer and the Revolving Lenders, a security interest in all such cash, deposit accounts
and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in
blocked deposit accounts at Bank of America.”

S. Section 2.03(a)(iii)(E) is deleted and replaced with:

“(E) a default of any Revolving Lender’s obligations to fund under Section 2.03(c) exists or
any Revolving Lender is at such time an Impacted Lender hereunder and such Impacted Lender’s
obligations to acquire a participation in such Letter of Credit cannot be reallocated, or can only
be partially reallocated, among the non-Impacted Lenders in accordance with the terms of
subparagraph (b) of the definition of “Applicable Percentage”, unless the L/C Issuer has entered
into arrangements mutually satisfactory to the L/C Issuer, Administrative Agent and Borrowers to
eliminate the L/C Issuer’s risk with respect to such Revolving Lender (which arrangements may
include the providing of cash collateral in relation to the Borrowers’ obligations to pay any
Unreimbursed Amounts in respect of such defaulting Revolving Lender’s or Impacted Lender’s
participation in such Letter of Credit after giving effect to any partial reallocation pursuant to
subparagraph (b) of the definition of “Applicable Percentage”).”

 

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T. Section 2.10 is deleted and replaced with:

“2.10 Computation of Interest and Fees.

(a) All computations of interest for Base Rate Loans shall be made on the basis of a year of
365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and
interest shall be made on the basis of a 360-day year and actual days elapsed (which results in
more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).
Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a
Loan, or any portion thereof, for the day on which the Loan or such portion is paid;
provided that any Loan that is repaid on the same day on which it is made shall, subject to
Section 2.12(a), bear interest for one day. Each determination by the Administrative Agent of an
interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest
error.

(b) The parties understand that the Applicable Revolving Rate and certain fees set forth
herein may be determined and/or adjusted from time to time based upon certain financial ratios
and/or other information to be provided or certified to the Lenders by Borrower (the “Borrower
Information”). If it is subsequently determined that any such Borrower Information was
incorrect (for whatever reason, including without limitation because of a subsequent restatement of
earnings by the Borrower) at the time it was delivered to the Administrative Agent, and if the
Applicable Revolving Rate or applicable fees calculated for any period were lower than they should
have been had the correct information been timely provided, then, such interest rate and such fees
for such period shall be automatically recalculated using correct Borrower Information.
Administrative Agent shall promptly notify Borrower in writing of any additional interest and fees
due because of such recalculation, and the Borrower shall pay such additional interest or fees due
to Administrative Agent, for the account of each Lender, within five (5) Business Days of receipt
of such written notice. Any recalculation of interest or fees required by this provision shall
survive the termination of this Agreement, and this provision shall not in any way limit any of
Administrative Agent’s, the L/C Issuer’s, or any Lender’s other rights under this Agreement.”

U. The last sentence of Section 2.14(a) is deleted and replaced with:

“Notwithstanding any other provision of this Agreement, if Borrower elects to extend the
Revolving Commitments under this Section 2.14(a), then the Required Lenders may (but shall
not be obligated to), on a one time basis, adjust the Applicable Capitalization Rate to a maximum
of 8.00% by notice to Borrowers no later than thirty (30) calendar days following the Borrower’s
delivery of the extension notice referred to above, such adjusted Applicable Capitalization Rate
to be effective on and after the Existing Revolving Commitment Termination Date.”

 

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V. Section 2.14(b) is deleted and replaced with:

“(b) Conditions to Effectiveness of Extension. Notwithstanding the foregoing, the
extension of the Revolving Commitment Termination Date pursuant to this Section shall not be
effective with respect to the Revolving Lenders unless:

(i) no Default or Event of Default shall have occurred and be continuing on the
date of such extension and after giving effect thereto;

(ii) to the knowledge of the Borrowers, the representations and warranties
contained in this Agreement are true and correct, on and as of the date of such
extension and after giving effect thereto, as though made on and as of such date (or,
if any such representation or warranty is expressly stated to have been made as of a
specific date, only as of such specific date); and

(iii) the Borrowers pay the Revolving Lenders an extension fee on the Existing
Revolving Commitment Termination Date in an amount equal to the product of (i) 0.35%,
multiplied by (ii) the Revolving Commitments then in effect at the time of the
extension.”

W. Section 2.15(a)(i) is deleted and replaced with:

“(i) Request for Increase. Provided there exists no Default or Event of Default, upon
notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrowers may
request an increase in Revolving Commitments of up to $200,000,000; provided that any such request
for an increase shall be in a minimum amount of $10,000,000. At the time of sending such notice,
the Borrowers (in consultation with the Administrative Agent) shall specify the time period within
which each Revolving Lender is requested to respond (which shall in no event be less than ten
Business Days from the date of delivery of such notice to the Revolving Lenders unless
Administrative Agent consents in writing to a shorter time period). Such notice shall indicate the
proposed Applicable Revolving Rate (or other applicable interest rate margins) for such new
Revolving Commitments. In the event new Revolving Commitments are to be provided, no consent of
any Lender shall be required in connection with the issuance of any such new Revolving Commitments,
regardless of whether the Applicable Revolving Rate (or other applicable interest rate margins) for
such new Revolving Commitments or Revolving Loans is less than or greater than that for any other
Revolving Commitments or Revolving Loans hereunder.”

X. Sections 2.15(d) and (e) are deleted and replaced with:

“(d) New Revolving Commitments. On the Tenth Amendment Effective Date, each of the
Persons identified on Schedule 2.15(d) severally agrees to make Revolving Commitments in
the amount set forth on Schedule 2.15(d) opposite such Person’s name in the column “New
Revolving Commitments” (such Revolving Commitments, the “New Revolving Commitments”, which
New Revolving Commitments shall be in replacement of all outstanding Revolving Commitments in
effect immediately prior to the delivery of the Tenth Amendment Effective Date; such outstanding
Revolving Commitments are set forth on Schedule 2.15(d) in the column “Existing Revolving
Commitments” (such Revolving Commitments, the “Existing Revolving Commitments”)). The
Borrowers shall prepay any Revolving Loans outstanding under the Existing Revolving Commitments on
the Tenth Amendment Effective Date (and pay any additional amounts required pursuant to
Section 3.05) and all Existing Revolving Commitments shall be terminated on the Tenth Amendment
Effective Date, concurrently with the effectiveness of the New Revolving Commitments. On or before
the Tenth

 

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Amendment Effective Date,
Borrowers shall deliver to Administrative Agent a Revolving Note executed by the Borrowers in
favor of each Revolving Lender with a New Revolving Commitment as set forth on Schedule
2.15(d) (to the extent requested by each such Revolving Lender). Notwithstanding any provisions
of this Agreement to the contrary, the Borrowers may borrow from the Revolving Lenders providing
such New Revolving Commitments in order to fund such prepayment and termination. All Revolving
Loans made pursuant to this subsection shall be subject to the procedures set forth in Section
2.01, provided, however, that provisions under this Agreement relating to minimum borrowing
amounts, minimum prepayment amounts, notice of borrowing and notice of prepayments or commitment
terminations shall not be applicable in connection with the effectiveness of the New Revolving
Commitments and such repayment and such termination of the Existing Revolving Commitments. All
Swing Line Loans outstanding immediately prior to the Tenth Amendment Effective Date shall
automatically become Swing Line Loans under the New Revolving Commitments and no prepayment of such
outstanding Swing Line Loans shall be required on the Tenth Amendment Effective Date. Upon the
Tenth Amendment Effective Date, the New Revolving Loan Commitments shall constitute Revolving
Commitments under the Loan Documents. For avoidance of doubt, from and after the Tenth Amendment
Effective Date, there shall be no borrowings under the Existing Revolving Commitments.”

(e) Effective on the Tenth Amendment Effective Date, all Letters of Credit set forth on
Schedule 2.15(e) shall be deemed to be newly issued Letters of Credit under the New
Revolving Commitments.”

Y. The first grammatical paragraph following Section 6.02(h) is deleted and replaced with:

“Documents required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(d) (to
the extent any such documents are included in materials otherwise filed with the SEC) may be
delivered electronically and if so delivered, shall be deemed to have been delivered on the date
(i) on which the Borrowers post such documents, or provide a link thereto on the Borrowers’ website
on the Internet at the website address listed on Schedule 10.02; or (ii) on which such
documents are posted on the Borrowers’ behalf on an Internet or intranet website, if any, to which
each Lender and the Administrative Agent have access (whether a commercial, third-party website or
whether sponsored by the Administrative Agent), including the SEC’s EDGAR website; provided
that: (i) the Borrowers shall deliver paper copies of such documents to the Administrative Agent or
any Lender upon its request to the Borrowers to deliver such paper copies until a written request
to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii)
except with respect to current reports on Form 8-K, the Borrowers shall notify the Administrative
Agent (by telecopier or electronic mail) of the posting of any such documents and provide to the
Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such
documents. Documents required to be delivered pursuant to Section 6.02(a) or (b) may be delivered
to the Administrative Agent by electronic image scan (e.g., “PDF” or “tif”) transmission. The
Administrative Agent shall have no obligation to request the delivery of or to maintain paper
copies of the documents referred to above, and in any event shall have no responsibility to monitor
compliance by the Borrowers with any such request by a Lender for delivery, and each Lender shall
be solely responsible for requesting delivery to it or maintaining its copies of such documents.”

 

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Z. Section 7.02(e) is deleted and replaced with:

“(e) Investments in Non-Core Assets, provided that at all times the Borrowing Group’s Share of
Investments in Non-Core Assets has an aggregate book value (i) that does not exceed 7.5% of the
Gross Asset Value then in effect, and (ii) that, together with the aggregate book value of the
Borrowing Group’s Share of Investments permitted under Sections 7.02 (f) and (g), does not exceed
20% of the Gross Asset Value then in effect;”

AA. Section 7.02(f) is deleted and replaced with:

“(f) Investments in Development Assets, provided that at all times the Borrowing Group’s Share
of Investments in Development Assets has an aggregate book value (i) that does not exceed 10% of
the Gross Asset Value then in effect, and (ii) that, together with the aggregate book value of the
Borrowing Group’s Share of Investments permitted under Sections 7.02(e) and (g), does not exceed
20% of the Gross Asset Value then in effect;”

BB. Section 7.02(g) is deleted and replaced with:

“(g) Investments in Non-Controlled Entities, provided that at all times the Borrowing Group’s
Share of Investments in Non-Controlled Entities has an aggregate net book value (valued at the
Borrowing Group’s Share of the book value less depreciation and associated Indebtedness) (i) that
does not exceed 20% of the Gross Asset Value then in effect, and (ii) that together with the
aggregate book value of the Borrowing Group’s Share of Investments permitted under Sections 7.02(e)
and (f), does not exceed 20% of the Gross Asset Value then in effect;”

CC. Section 7.11 is deleted and replaced with:

“7.11 Financial Covenants.

(a) Permit the Fixed Charge Coverage Ratio (i) for each fiscal quarter ending after the Tenth
Amendment Effective Date through December 31, 2011, to be less than 1.20:1.00 and (ii) for the
fiscal quarter ending March 31, 2012 and each fiscal quarter thereafter, to be less than 1.30:1.00;

(b) Permit the Debt Service Coverage Ratio (i) for each fiscal quarter ending after the Tenth
Amendment Effective Date through December 31, 2011, to be less than 1.40:1.00 and (ii) for the
fiscal quarter ending March 31, 2012 and each fiscal quarter thereafter, to be less than 1.50:1.00;

(c) Permit the Secured Indebtedness Ratio (i) for each fiscal quarter ending after the Tenth
Amendment Effective Date through December 31, 2011, to exceed 0.65:1.00, and (ii) for the fiscal
quarter ending March 31, 2012 and each fiscal quarter thereafter, to exceed 0.60:1.00;

(d) Permit the Leverage Ratio to exceed 0.65:1.00;

 

10

 

(e) Permit Adjusted Tangible Net Worth to be less than the sum of (x) 85% of
Adjusted Tangible Net Worth as of the Tenth Amendment Effective Date, plus (y) 85% of
the net issuance proceeds of all issuances to Persons other than the Borrowers or Subsidiaries of
Stock or Partnership Units from and after the Tenth Amendment Effective Date;

(f) Permit the aggregate principal amount of the Borrowing Group’s Share of all cross
collateralized or cross-defaulted Indebtedness to exceed 15% of Total Funded Indebtedness;

(g) Permit the Variable Rate Debt Ratio to exceed 0.35:1.00;

(h) Permit the aggregate outstanding principal amount of the Borrowing Group’s Share of
Aggregate Recourse Indebtedness, exclusive of the Revolving Commitments and the Total Revolving
Outstandings, to exceed $100,000,000;

(i) Permit the aggregate outstanding principal amount (including paid-in-kind or other non
current cash pay interest which is added to principal) of Mezzanine Indebtedness to exceed
$20,000,000 at any time. The Mezzanine Indebtedness existing as of the Tenth Amendment Effective
Date is set forth on Schedule 7.11(i) hereto; or

(j) Permit Total Unsecured Indebtedness to exceed an amount equal to the amount obtained by
dividing (x) Free Cash Flow by (y) a constant of 17.53% (based on a 7-year amortization and a 6%
interest rate).

The Financial Covenants set forth in this Section 7.11 shall be measured as of the last day of
each fiscal quarter.”

DD. Section 8.02(d) is deleted and replaced with:

“(d) exercise on behalf of itself and the Lenders all rights and remedies available to it and
the Lenders under the Loan Documents or under applicable law;”

EE. The last grammatical paragraph of Section 10.13 is deleted and replaced with:

“Without limiting the foregoing, Borrowers may, subject to the consent and approval of
Administrative Agent in its sole discretion and notwithstanding anything to the contrary in Section
2.06, terminate the Revolving Commitment of any Defaulting Lender or any Impacted Lender with no
outstanding Revolving Loans, provided that if Administrative Agent grants such consent in
its sole discretion, (i) the obligations of such Impacted Lender to acquire participations in any
Letters of Credit or make such funds available is reallocated among the non-Impacted Lenders as
provided in paragraph (b) of the defined term “Applicable Percentage”, or (ii) Borrowers shall Cash
Collateralize such Defaulting Lender’s or Impacted Lender’s pro rata portion (if any, after giving
effect to any partial reallocation pursuant to subparagraph (b) of the definition of “Applicable
Percentage”) of the Outstanding Amount of any then applicable L/C Obligations in a manner
satisfactory to L/C Issuer and Administrative Agent.”

FF. Schedule 2.15(d) to the Credit Agreement is deleted and replaced with the revised
Schedule 2.15(d) in the form attached hereto.

 

11

 

GG. Schedule 2.15(e) to the Credit Agreement is deleted and replaced with the revised
Schedule 2.15(e) in the form attached hereto.

HH. Schedule 7.11(i) is deleted and replaced with the revised Schedule
7.11(i) in the form attached hereto.

II. Exhibit D to the Credit Agreement is deleted and replaced with the revised
Exhibit D in the form attached hereto.

Section 2. CONDITIONS TO EFFECTIVENESS

This Amendment shall become effective (as of the “Tenth Amendment Effective Date”) at
such time that all of the following conditions are satisfied:

2.1 The Administrative Agent shall have received counterparts of this Amendment, duly executed
and delivered on behalf of each of (i) the Borrowers, (ii) the Administrative Agent, (iii) the L/C
Issuer, (iv) each Revolving Lender with a New Revolving Commitment, and (v) the Required Lenders
(or the Required Lenders shall have consented to the execution of the Amendment by providing their
counterpart signatures hereto or their consent hereto to the Administrative Agent);

2.2 Guarantors and the Borrowers and Subsidiaries of the Borrowers party to the Pledge
Agreements as “Pledgors” (the “Pledgors”) shall have executed this Amendment with respect
to Section 5 and such other documents reasonably required by Administrative Agent;

2.3 The Administrative Agent and its counsel shall have received executed resolutions from
Borrowers authorizing the entry into and performance of this Amendment and the Amended Agreement,
all in form and substance satisfactory to Administrative Agent and its counsel;

2.4 Borrowers shall have provided a duly executed pro forma Compliance Certificate (in the
form of Exhibit D to the Amended Agreement) as of the last day of the Borrowers’ fiscal
quarter ended June 30, 2010 showing compliance with all of the financial covenants set forth in
Section 7.11 of the Credit Agreement (as amended by this Amendment);

2.5 Any fees required to be paid on or before the Tenth Amendment Effective Date shall have
been paid; and

2.6 Borrowers and the Pledgors shall have delivered such other assurances, certificates,
documents or consents as the Administrative Agent, the L/C Issuer, the Swing Line Lender, the
Revolving Lenders or the Required Lenders reasonably may require.

 

12

 

Section 3. BORROWERS’ REPRESENTATIONS AND WARRANTIES

In order to induce the Revolving Lenders, the L/C Issuer and the Required Lenders to consent
to this Amendment and to amend the Credit Agreement in the manner provided herein, Borrowers
represent and warrant to Administrative Agent and to each Revolving Lender, the L/C Issuer and each
Required Lender that the following statements are true, correct and complete:

3.1 Corporate Power and Authority. Borrowers have all requisite power and authority
to enter into this Amendment and any other agreements, guaranties or other operative documents to
be delivered pursuant to this Amendment, to carry out the transactions contemplated by, and perform
their obligations under, the Amended Agreement. Each of the Borrowers, Pledgors and Guarantors is
in good standing in the respective states of their organization on the Tenth Amendment Effective
Date;

3.2 Authorization of Agreements. The execution and delivery of this Amendment and the
performance of the Amended Agreement have been duly authorized by all necessary action on the part
of Borrowers and the other parties delivering any of such documents, as the case may be;

3.3 No Default. After giving effect to this Amendment, no Default or Event of Default
exists under the Amended Agreement as of the Tenth Amendment Effective Date. Further, after giving
effect to this Amendment, no Default or Event of Default would result under the Amended Agreement
from the consummation of this Amendment;

3.4 No Conflict. The execution, delivery and performance by Borrowers, Pledgors and
Guarantors of this Amendment and the performance of the Amended Agreement by Borrowers, does not
and will not (i) violate any provision of any applicable material law or any governmental rule or
regulation applicable to Borrowers, Pledgors, Guarantors or any of their Subsidiaries except as
could not reasonably be expected to have a Material Adverse Effect, the Organization Documents of
Borrowers, Pledgors, Guarantors or any of their Subsidiaries or any order, judgment or decree of
any court or other Governmental Authority binding on Borrowers, Pledgors, Guarantors or any of
their Subsidiaries except as could not reasonably be expected to have a Material Adverse Effect,
(ii) conflict with, result in a breach of or constitute (with due notice or lapse of time or both)
a default under any Contractual Obligation of Borrowers, Pledgors, Guarantors or any of their
Subsidiaries except as could not reasonably be expected to have a Material Adverse Effect,
(iii) result in or require the creation or imposition of any Lien upon any of the properties or
assets of Borrowers, Pledgors, Guarantors or any of their Subsidiaries not otherwise permitted by
the Amended Agreement except as could not reasonably be expected to have a Material Adverse Effect,
or (iv) require any approval of members or stockholders or any approval or consent of any Person
under any Contractual Obligation of Borrowers, Pledgors, Guarantors or any of their Subsidiaries,
except for such approvals or consents which have been or will be obtained on or before the Tenth
Amendment Effective Date or except for such approvals or consents which, if not obtained, are not
reasonably expected to result in a Material Adverse Effect;

3.5 Governmental Consents. The execution and delivery by Borrowers, Guarantors and
Pledgors of this Amendment and the performance by Borrowers, Guarantors and Pledgors under the
Amended Agreement does not and will not require any registration with, consent or approval of, or
notice to, or other action to, with or by, any federal, state or other governmental authority or
regulatory body, except for filings or recordings in respect of the Liens created pursuant to the
Loan Documents and except as may be required, in connection with the disposition of any Collateral,
by laws generally affecting the offering and sale of securities;

 

13

 

3.6 Binding Obligation. The Amended Agreement has been duly executed and delivered by
Borrowers and is enforceable against Borrowers, in accordance with its terms, except as may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or
limiting creditors’ rights generally or by equitable principles relating to enforceability; and

3.7 Incorporation of Representations and Warranties From Amended Agreement. After
giving effect to this Amendment, the representations and warranties contained in Article V
of the Amended Agreement are and will be true, correct and complete in all material respects on and
as of the Tenth Amendment Effective Date to the same extent as though made on and as of such date,
except representations and warranties solely to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct and complete in all
material respects on and as of such earlier date.

Section 4. MISCELLANEOUS

4.1 Reference to and Effect on the Amended Agreement and the Other Loan Documents.

A. On and after the Tenth Amendment Effective Date, each reference in the Credit Agreement to
“this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit
Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement shall mean and be a reference
to the Amended Agreement.

B. Except as specifically amended by this Amendment, the Amended Agreement and the other Loan
Documents shall remain in full force and effect and are hereby ratified and confirmed.

C. The execution, delivery and performance of this Amendment shall not, except as expressly
provided herein, constitute a waiver of any provision of, or operate as a waiver of any right,
power or remedy of Administrative Agent or any Lender under, the Amended Agreement or any of the
other Loan Documents.

4.2 Fees and Expenses. Borrowers acknowledge that all reasonable costs, fees and
expenses incurred by Administrative Agent and its counsel with respect to this Amendment and the
documents and transactions contemplated hereby shall be for the account of Borrowers. The
Borrowers hereby agree to pay the reasonable fees, cost and expenses of Administrative Agent’s
counsel in connection with this Amendment concurrently with or promptly but in no event later than
30 days after submission of an invoice with respect to such reasonable fees, costs and expenses.

4.3 Headings. Section and subsection headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this Amendment for any other
purpose or be given any substantive effect.

 

14

 

4.4 Counterparts; Effectiveness. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts together shall
constitute but one and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages are physically
attached to the same document. This Amendment shall become effective upon the execution of a
counterpart hereof by each Borrower and Administrative Agent, and receipt by Borrowers and
Administrative Agent of written, facsimile, electronic image scan (e.g., “PDF” or “tif”)
transmission or telephonic notification of such execution and authorization of delivery thereof.

4.5 Entire Agreement. This Amendment embodies the entire agreement and understanding
among the parties with respect to this amendment to the Amended Agreement, and supersedes all prior
agreements and understandings, oral or written, relating thereto.

4.6 Governing Law. This Amendment shall be governed by, and construed in accordance
with, the law of the State of California.

Section 5. ACKNOWLEDGEMENT AND CONSENT

5.1 Guarantors are party to that certain Continuing Guaranty (as amended from time to time),
dated as of November 2, 2004, pursuant to which Guarantors have guarantied the Obligations.
Pledgors are party to that certain Security Agreement (Securities) made by Borrowers (as amended
from time to time) and Security Agreement (Securities) made by certain other Pledgors (as amended
from time to time), dated as of November 2, 2004, pursuant to which Pledgors have pledged the
Collateral as security for the Indebtedness (as defined in the applicable Pledge Agreement).

5.2 Each Guarantor and each Pledgor hereby acknowledges that it has reviewed the terms and
provisions of the Amended Agreement and this Amendment and consents to the amendment of the Credit
Agreement effected pursuant to this Amendment. Each Guarantor hereby confirms that each Guaranty
to which it is a party or otherwise bound, and each Pledgor hereby confirms that the Pledge
Agreement to which it is a party or otherwise bound, will continue to guaranty or secure, as the
case may be, to the fullest extent possible the payment and performance of all of the “Guaranteed
Obligations” (as defined in the applicable Guaranty) or the “Indebtedness” (as defined in the
applicable Pledge Agreement), as the case may be, including without limitation the payment and
performance of all such “Guaranteed Obligations” or “Indebtedness”, as the case may be, with
respect to the Obligations of Borrowers now or hereafter existing under or in respect of the
Amended Agreement and the Notes defined therein.

 

15

 

5.3 Each Guarantor acknowledges and agrees that any Guaranty to which it is a party or
otherwise bound, and each Pledgor acknowledges and agrees that the Pledge Agreement to which it is
a party or otherwise bound, shall continue in full force and effect and that all of its obligations
thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or
effectiveness of this Amendment. Each Guarantor and each Pledgor represents and warrants that all
representations and warranties contained in the Guaranty and/or the Pledge Agreement, as the case
may be, to which it is a party or otherwise bound are true, correct and complete in all material
respects on and as of the Tenth Amendment Effective Date to the same extent as though made on and
as of that date, except to the extent such representations and
warranties specifically relate to an earlier date, in which case they were true, correct and
complete in all material respects on and as of such earlier date.

5.4 Each Guarantor and each Pledgor (other than the Borrowers) acknowledges and agrees that
(i) notwithstanding the conditions to effectiveness set forth in this Amendment, such Guarantor or
such Pledgor, as the case may be, is not required by the terms of the Credit Agreement or any other
Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this
Amendment and (ii) nothing in the Amended Agreement, this Amendment or any other Loan Document
shall be deemed to require the consent of such Guarantor or such Pledgor to any future amendments
to the Amended Agreement.

[Signatures on Following Pages]

 

16

 

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

	 	 	 	 	 	 	 
	BORROWERS:	 	APARTMENT INVESTMENT AND

MANAGEMENT COMPANY,

a Maryland corporation
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Patti K. Fielding
	 	 	 	 	 
	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer
	 
	 	 	 	 	 	 
	 	 	AIMCO PROPERTIES, L.P.,

a Delaware limited partnership
	 
	 	 	 	 	 	 
	 	 	By:	 	AIMCO-GP, INC.,

a Delaware corporation
	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Patti K. Fielding
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer
	 
	 	 	 	 	 	 
	 	 	AIMCO/BETHESDA HOLDINGS, INC.,

a Delaware corporation
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Patti K. Fielding
	 	 	 	 	 
	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-1

 

PLEDGORS (for purposes of Section 5 only):

	 	 	 	 	 	 	 	 	 
	 	 	APARTMENT INVESTMENT AND

MANAGEMENT COMPANY,

a Maryland corporation, as Pledgor	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	AIMCO PROPERTIES, L.P.,

a Delaware limited partnership, as Pledgor	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO-GP, INC.,

a Delaware corporation	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Patti K. Fielding	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	AIMCO/BETHESDA HOLDINGS, INC.,

a Delaware corporation, as Pledgor	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-2

 

	 	 	 	 	 	 	 
	 	 	AIMCO/IPT, INC.,

a Delaware corporation,	 	 
	 
	 	 	 	 	 	 
	 	 	NHP A&R SERVICES, INC.,

a Virginia corporation	 	 
	 
	 	 	 	 	 	 
	 	 	NHP REAL ESTATE CORPORATION,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 	 	AIMCO HOLDINGS QRS, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 	 	NHPMN-GP, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 	 	LAC PROPERTIES QRS II INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding

Executive Vice President and Treasurer
	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-3

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AIMCO LP LA, LP,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO LA QRS, Inc.,

a Delaware corporation	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	GP-OP PROPERTY MANAGEMENT, LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO Properties, L.P.,

a Delaware limited partnership,	 	 
	 	 	 	 	Its:	 	Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation,	 	 
	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-4

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	AIMCO GP LA, L.P.,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO-GP, INC.,

a Delaware corporation,	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES OPERATING PARTNERSHIP, L.P.,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO GP LA, L.P.,

a Delaware limited partnership,	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO-GP, INC.,

a Delaware corporation,	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	AIC REIT PROPERTIES LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO Properties, L.P.,

a Delaware limited partnership,	 	 
	 	 	Its:	 	Managing Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO-GP, INC.,

a Delaware corporation,	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-5

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AMBASSADOR APARTMENTS, L.P.

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO QRS GP, LLC,

a Delaware limited liability company	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO Properties, L.P.,

a Delaware limited partnership,	 	 
	 	 	 	 	Its:	 	Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation,	 	 
	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding

Executive Vice President and Treasurer
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AIMCO HOLDINGS, L.P.

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO Holdings QRS, Inc.,

a Delaware corporation,	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AMBASSADOR FLORIDA PARTNERS LIMITED PARTNERSHIP,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Ambassador Florida Partners, Inc.,

a Delaware corporation,	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-6

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES SUB LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	LAC Properties Operating Partnership, L.P.,

a Delaware limited partnership,	 	 
	 	 	Its:	 	Managing Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO GP LA, L.P.,

a Delaware limited partnership,	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation,	 	 
	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding

Executive Vice President and Treasurer
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES GP I LLC

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	LAC Properties Operating Partnership, L.P.,

a Delaware limited partnership,	 	 
	 	 	Its:	 	Managing Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO GP LA, L.P.,

a Delaware limited partnership,	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation,	 	 
	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-7

 

GUARANTORS (for purposes of Section 5 only):

	 	 	 	 	 	 	 
	 	 	AIMCO EQUITY SERVICES, INC.,

a Virginia corporation	 	 
	 
	 	 	 	 	 	 
	 	 	AIMCO HOLDINGS QRS, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 	 	AIMCO-LP TRUST

a Delaware trust	 	 
	 
	 	 	 	 	 	 
	 	 	AIMCO PROPERTIES FINANCE CORP.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 	 	AMBASSADOR I, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 	 	AMBASSADOR VIII, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 	 	ANGELES REALTY CORPORATION II,

a California corporation	 	 
	 
	 	 	 	 	 	 
	 	 	CONCAP EQUITIES, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 	 	NHP A&R SERVICES, INC.,

a Virginia corporation	 	 
	 
	 	 	 	 	 	 
	 	 	NHPMN STATE MANAGEMENT, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 	 	NHP MULTI-FAMILY CAPITAL CORPORATION,

a District of Columbia corporation	 	 
	 
	 	 	 	 	 	 
	 	 	AIMCO-GP, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 	 	NHPMN-GP, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding

Executive Vice President and Treasurer
	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-8

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	AIMCO IPLP, L.P.,

a Delaware limited partnership
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO/IPT, Inc.,

a Delaware corporation
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	AIMCO HOLDINGS, L.P.,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO Holdings QRS, Inc.,

a Delaware corporation,	 	 
	 	 	Its:	 	General Partner	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	AMBASSADOR CRM FLORIDA PARTNERS LIMITED PARTNERSHIP,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Ambassador Florida Partners Limited Partnership,

a Delaware limited partnership	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Ambassador Florida Partners, Inc.,

a Delaware corporation	 	 
	 

	 	 	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Patti K. Fielding 

Executive Vice President and Treasurer	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-9

 

	 	 	 	 	 	 	 	 	 
	 	 	AMBASSADOR APARTMENTS, L.P.

a Delaware limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO QRS GP, LLC,

a Delaware limited liability company,
	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO Properties, L.P.,

a Delaware limited partnership,
	 	 	 	 	Its:	 	Member
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	AIMCO-GP, Inc.,

a Delaware corporation,
	 

	 	 	 	 	 	Its:	 	 General Partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Patti K. Fielding 

Executive Vice President and Treasurer
	 
	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES OPERATING PARTNERSHIP, L.P.,

a Delaware limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO GP LA, L.P.,

a Delaware limited partnership
	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation
	 	 	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-10

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	GP-OP PROPERTY MANAGEMENT, LLC

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO Properties, L.P.,

a Delaware limited partnership,	 	 
	 	 	Its:	 	Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation,	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding

Executive Vice President and Treasurer
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	NHPMN MANAGEMENT, L.P.,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	NHPMN-GP, Inc.

a Delaware corporation,	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	NHPMN MANAGEMENT, LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO/Bethesda Holdings, Inc.,

a Delaware corporation,	 	 
	 	 	Its:	 	Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-11

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	OP PROPERTY MANAGEMENT, L.P.,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	NHPMN-GP, Inc.,

a Delaware corporation	 	 
	 	 	Its:	 	Managing General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	OP PROPERTY MANAGEMENT, LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO Properties, L.P.,

a Delaware limited partnership	 	 
	 	 	Its:	 	Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-12

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES GP I LIMITED PARTNERSHIP,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	LAC Properties GP I LLC,

a Delaware limited liability company	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	LAC Properties Operating Partnership, L.P.,

a Delaware limited partnership	 	 
	 	 	 	 	Its:	 	Managing Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	AIMCO GP LA, L.P.,

a Delaware limited partnership	 	 
	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation	 	 
	 	 	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding

Executive Vice
President and Treasurer
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES GP II LIMITED PARTNERSHIP,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	LAC Properties QRS II Inc.,

a Delaware corporation,	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-13

 

	 	 	 	 	 	 	 	 	 
	 	 	AIMCO SELECT PROPERTIES, L.P.,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO/Bethesda Holdings, Inc.,

a Delaware corporation,	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding

Executive Vice President and Treasurer
	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-14

 

	 	 	 	 	 	 	 
	BANK OF AMERICA:	 	BANK OF AMERICA, N.A.,

as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kathleen M. Carry
 

Kathleen M. Carry

Vice President
	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-15

 

	 	 	 	 	 	 	 
	L/C ISSUER:	 	BANK OF AMERICA, N.A.,

as L/C Issuer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James P. Johnson
 

James P. Johnson

Senior Vice President
	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-16

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,

as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James P. Johnson
 

James P. Johnson
	 	 
	 

	 	 	 	Senior Vice President	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-17

 

	 	 	 	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION,

as Syndication Agent And Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Christopher T. Neil
 

Christopher T. Neil
	 	 
	 

	 	 	 	Senior Relationship Manager	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-18

 

	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, N.A., 

Successor-by-merger to 

Wachovia Bank, N.A.,

as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J. Derek Evans
 

Name: J. Derek Evans
	 	 
	 

	 	 	 	Title: Senior Vice President	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-19

 

	 	 	 	 	 	 	 
	 	 	MORGAN STANLEY BANK, N.A.,

as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ryan Vetsch
 

Name: Ryan Vetsch
	 	 
	 

	 	 	 	Title: Authorized Signatory	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-20

 

	 	 	 	 	 	 	 
	 	 	MANUFACTURERS AND TRADERS TRUST COMPANY,

a New York Banking Company,
as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John Mangan
 

Name: John Mangan
	 	 
	 

	 	 	 	Title: Vice President	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-21

 

	 	 	 	 	 	 	 
	 	 	CITIBANK, N.A.,

as a Lender	 	 
	 	 	 	 	 
	 

	 	By:
	 	/s/ John C. Rowland
 

Name: John C. Rowland
	 	 
	 

	 	 	 	Title: Vice President	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-22

 

	 	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION,

as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James A. Harmann
 

Name: James A. Harmann
	 	 
	 

	 	 	 	Title: Senior Vice President	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-23

 

	 	 	 	 	 	 	 
	 	 	HSBC BANK USA NATIONAL ASSOCIATION,

as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Timothy J. Mertens
 

Name: Timothy J. Mertens
	 	 
	 

	 	 	 	Title: Vice President	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-24

 

Schedule 2.15(d)

New Revolving Commitments

	 	 	 	 	 	 	 	 	 
	 	 	New Revolving	 	 	 	 
	Revolving Lender	 	Commitments	 	 	Percentage	 
	BANK OF AMERICA, N.A.
	 	$	63,333,333.34	 	 	 	21.111111113	%
	KEYBANK
	 	$	63,333,333.33	 	 	 	21.111111110	%
	WELLS FARGO
	 	$	58,333,333.33	 	 	 	19.444444443	%
	HSBC
	 	$	25,000,000	 	 	 	8.333333333	%
	MORGAN STANLEY
	 	$	25,000,000	 	 	 	8.333333333	%
	M&T BANK
	 	$	25,000,000	 	 	 	8.333333333	%
	CITIBANK
	 	$	20,000,000	 	 	 	6.666666667	%
	PNC
	 	$	20,000,000	 	 	 	6.666666667	%
	 	 	 	 	 	 	 
	TOTAL
	 	$	300,000,000	 	 	 	100.00000000	%
	 	 	 	 	 	 	 

Existing Revolving Commitments

	 	 	 	 	 	 	 	 	 
	 	 	Existing Revolving	 	 	 	 
	Revolving Lender	 	Commitments	 	 	Percentage	 
	BANK OF AMERICA NA
	 	$	65,000,000	 	 	 	36.111111111	%
	KEYBANK NATIONAL ASSOCIATION
	 	$	65,000,000	 	 	 	36.111111111	%
	WACHOVIA BANK NA
	 	$	50,000,000	 	 	 	27.777777778	%
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	TOTAL
	 	$	180,000,000	 	 	 	100.00000000	%
	 	 	 	 	 	 	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-25

 

Schedule 2.15(e)

Letters of Credit Deemed Issued Under New Revolving Commitments

REVOLVER

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LC No.	 	Beneficiary	 	USD Amount	 	 	Issued	 	 	Expiry	 
	T00000003039279
	 	THE BANK OF NEW YORK TRUST CO	 	 	193,000.00	 	 	 	11/6/01	 	 	 	4/22/11	 
	T00000003045000
	 	LIBERTY MUTUAL INSURANCE CO	 	 	2,354,350.00	 	 	 	12/21/01	 	 	 	12/31/10	 
	T00000003060418
	 	GOLDENROD ASSET MANAGEMENT INC	 	 	2,826,436.00	 	 	 	12/10/03	 	 	 	9/30/10	 
	T00000003066411
	 	STATE OF MINNESOTA	 	 	25,000.00	 	 	 	11/4/04	 	 	 	10/27/10	 
	T00000003089087
	 	GOLDENROD ASSET MANAGEMENT INC	 	 	2,900,891.00	 	 	 	7/19/07	 	 	 	9/30/10	 
	T00000003090560
	 	ILLINOIS HOUSING DEVELOPMENT	 	 	174,038.91	 	 	 	11/23/07	 	 	 	10/25/10	 
	T00000003094296
	 	FANNIE MAE	 	 	3,064,000.00	 	 	 	6/27/08	 	 	 	4/22/11	 
	T00000003009450
	 	RELIANCE INSURANCE COMPANY	 	 	74,744.00	 	 	 	5/1/09	 	 	 	3/27/11	 
	T00000003075421
	 	OLD REPUBLIC INSURANCE CO	 	 	8,354,568.00	 	 	 	5/1/09	 	 	 	4/23/11	 
	T00000003079832
	 	ACE AMERICAN INSURANCE COMPANY	 	 	7,023,564.00	 	 	 	5/1/09	 	 	 	4/23/11	 
	T00000003094338
	 	THE NORTHWESTERN MUTUAL LIFE INS CO	 	 	2,100,000.00	 	 	 	5/1/09	 	 	 	4/22/11	 
	T00000003097737
	 	FEDERAL HOME LOAN MORTGAGE	 	 	2,292,345.00	 	 	 	5/1/09	 	 	 	4/23/11	 
	T00000003097738
	 	FEDERAL HOME LOAN MORTGAGE	 	 	1,005,844.00	 	 	 	5/1/09	 	 	 	4/23/11	 
	T00000003099707
	 	FANNIE MAE	 	 	7,437,500.00	 	 	 	5/29/09	 	 	 	4/24/11	 
	T00000003100897
	 	GOLDENROD ASSET MANAGEMENT INC	 	 	1,954,856.00	 	 	 	9/29/09	 	 	 	9/30/10	 

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-26

 

Schedule 7.11(i)

Mezzanine Indebtedness as of Tenth Amendment Effective Date

None

(Tenth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

S-27

 

EXHIBIT D

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date:                     ,

To: Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Amended and Restated Senior Secured Credit Agreement, dated
as of November 2, 2004 (as amended, restated, amended and restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement;” the terms defined therein
being used herein as therein defined), among Apartment Investment and Management Company, a
Maryland corporation (the “REIT”), AIMCO Properties, L.P., a Delaware limited partnership
(“AIMCO”), and AIMCO/Bethesda Holdings, Inc., a Delaware corporation
(“AIMCO/Bethesda”) (the REIT, AIMCO, and AIMCO/Bethesda, collectively referred to as the
“Borrowers”), the Lenders from time to time party thereto, and Bank of America, N.A., as
Administrative Agent, L/C Issuer and Swing Line Lender.

The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the                                                   
          
of the Borrowers, and that, as such, he/she is authorized to execute and deliver this Certificate
to the Administrative Agent on the behalf of the Borrowers, and that:

[Use following paragraph 1 for fiscal year-end financial statements]

1. Attached hereto as Schedule 1 are the year-end audited financial statements
required by Section 6.01(a) of the Agreement for the fiscal year of the REIT ended as of
the above date, together with the report and opinion of an independent certified public accountant
required by such section.

[Use following paragraph 1 for fiscal quarter-end financial statements]

1. Attached hereto as Schedule 1 are the unaudited financial statements required by
Section 6.01(b) of the Agreement for the fiscal quarter of the REIT ended as of the above
date. Such financial statements fairly present the financial condition, results of operations and
cash flows of the REIT in accordance with GAAP as at such date and for such period, subject only to
normal year-end audit adjustments and the absence of footnotes.

2. The undersigned has reviewed and is familiar with the terms of the Agreement and has made,
or has caused to be made under his/her supervision, a detailed review of the transactions and
condition (financial or otherwise) of the Borrowers during the accounting period covered by the
attached financial statements.

3. A review of the activities of the Borrowers during such fiscal period has been made under
the supervision of the undersigned with a view to determining whether during such fiscal period the
Borrowers performed and observed all their Obligations under the Loan Documents, and

Form of Compliance Certificate

 

D-28

 

[select one:]

[to the best knowledge of the undersigned during such fiscal period, the Borrowers performed
and observed each covenant and condition of the Loan Documents applicable to it.]

—or—

[the following covenants or conditions have not been performed or observed and the following
is a list of each such Default and its nature and status:]

4. The representations and warranties of the Borrowers contained in Article V of the
Agreement, and any representations and warranties of any Loan Party that are contained in any
document furnished at any time under or in connection with the Loan Documents, are true and correct
to the knowledge of the Borrowers on and as of the date hereof, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they are true
and correct to the knowledge of the Borrowers only as of such earlier date, and except that for
purposes of this Compliance Certificate, the representations and warranties contained in
subsections (a) and (b) of Section 5.05 of the Agreement shall be deemed to refer to the
most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section
6.01 of the Agreement, including the statements in connection with which this Compliance
Certificate is delivered.

5. The financial covenant analyses and information set forth on Schedule 2 attached
hereto are true and accurate on and as of the date of this Compliance Certificate.

IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of                     ,
                    .

	 	 	 	 	 	 	 	 	 
	 	 	APARTMENT INVESTMENT AND

MANAGEMENT COMPANY,

a Maryland corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	AIMCO PROPERTIES, L.P.,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO-GP, INC.,

a Delaware corporation	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	AIMCO/BETHESDA HOLDINGS, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

Form of Compliance Certificate

 

D-29

 

For the Quarter/Year ended                      (“Statement Date”)

SCHEDULE 2

to the Compliance Certificate

($ in 000’s)

	 	 	 	 	 
	I. Section 7.11(a) — Fixed Charge Coverage Ratio.
	 	 	 	 
	 
	 	 	 	 
	A. Adjusted Total EBITDA for the four quarter period ended on Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	B. Fixed Charges for the four quarter period ended on Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	C. Fixed Charge Coverage Ratio (Line I.A.  ̧ Line I.B.):
	 	                    to 1	 
	 
	 	 	 	 
	II. Section 7.11(b) — Debt Service Coverage Ratio.
	 	 	 	 
	 
	 	 	 	 
	A. Adjusted Total EBITDA for the four quarter period ended on
Statement Date (See Line I.A. above):
	 	$	                    	 
	 
	 	 	 	 
	B. Actual Debt Service for the four quarter period ended on Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	C. Debt Service Coverage Ratio (Line II.A.  ̧ Line II.B.):
	 	                    to 1	 
	 
	 	 	 	 
	III. Section 7.11(c) — Secured Indebtedness Ratio.
	 	 	 	 
	 
	 	 	 	 
	A. Total Secured Indebtedness at Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	B. Gross Asset Value at Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	C. Secured Indebtedness Ratio (Line III.A.  ̧ Line III.B.):
	 	                    to 1	 
	 
	 	 	 	 
	IV. Section 7.11(d) — Leverage Ratio.
	 	 	 	 
	 
	 	 	 	 
	A. Total Funded Indebtedness at Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	B. Gross Asset Value at Statement Date (See Line III.B. above):
	 	$	                    	 
	 
	 	 	 	 
	C. Leverage Ratio (Line IV.A.  ̧ Line IV.B.):
	 	                    to 1	 

Form of Compliance Certificate

 

D-30

 

	 	 	 	 	 
	V. Section 7.11(e) — Adjusted Tangible Net Worth.
	 	 	 	 
	 
	 	 	 	 
	A. 85% of Adjusted Tangible Net Worth as of the Tenth
Amendment Effective Date:
	 	$	                    	 
	 
	 	 	 	 
	B. 85% of net issuance proceeds at Statement Date of all
issuances to Persons other than the Borrowers or Subsidiaries of
Stock or Partnership Units from and after the Tenth Amendment
Effective Date:
	 	$	                    	 
	 
	 	 	 	 
	C. Sum of A and C:
	 	$	                    	 
	 
	 	 	 	 
	D. Actual Adjusted Tangible Net Worth at Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	E. D > C
	 	Yes o No o	 
	 
	 	 	 	 
	VI. Section 7.11(f) — Cross Collateralized and Cross-Defaulted Indebtedness.
	 	 	 	 
	 
	 	 	 	 
	A. Borrowing Group’s Share of all cross collateralized or
cross-defaulted Indebtedness at Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	B. 15% of Total Funded Indebtedness at Statement Date (See
Line IV.A. above):
	 	 	 	 
	 
	 	 	 	 
	C. A < B
	 	Yes o No o 	 
	 
	 	 	 	 
	VII. Section 7.11(g) — Variable Rate Debt Ratio.
	 	 	 	 
	 
	 	 	 	 
	A. Variable Rate Indebtedness at Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	B. Total Funded Indebtedness at Statement Date: (See Line IV.A. above):
	 	$	                    	 
	 
	 	 	 	 
	C. Variable Rate Debt Ratio (Line VII.A  ̧ Line VII.B.):
	 	                    to 1	 
	 
	 	 	 	 
	VIII. Section 7.11(h) — Aggregate Recourse Indebtedness.
	 	 	 	 
	 
	 	 	 	 
	A. Borrowing Group’s Share of Aggregate Recourse
Indebtedness, exclusive of the Revolving Commitments and the
Total Revolving Outstandings
	 	$	                    	 
	 
	 	 	 	 
	B. A < $100,000,000
	 	Yes o No o 	 
	 
	 	 	 	 
	IX. Section 7.11(i) — Mezzanine Indebtedness.
	 	 	 	 
	 
	 	 	 	 
	A. Aggregate outstanding principal amount (including
paid-in-kind or other non current cash pay interest which is
added to principal) of Mezzanine Indebtedness
	 	 	 	 
	 
	 	 	 	 
	B. A < $20,000,000
	 	Yes o No o 	 

Form of Compliance Certificate

 

D-31

 

	 	 	 	 	 
	X. Section 7.11(j) — Total Unsecured Indebtedness.
	 	 	 	 
	 
	 	 	 	 
	A. Total Unsecured Indebtedness at Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	B. Free Cash Flow at Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	C. Free Cash Flow at Statement Date divided by (y) a
constant of 17.53% (based on a 7-year amortization and a 6%
interest rate):
	 	$	                    	 
	 
	 	 	 	 
	D. A < C
	 	Yes o No o	 

Form of Compliance Certificate

 

D-32Exhibit 10.1

 Exhibit 10.01

MIAMI LAKES BUSINESS PARK-EAST

FIRST AMENDMENT TO LEASE

THIS FIRST AMENDMENT TO LEASE (the “First Amendment”) is made as of the 30th day of September,
2010 by and between JDRP ASSOCIATES NO. 1, LTD. (“Lessor”) and HEARTWARE, INC. (“Lessee”).

RECITALS:

WHEREAS, Lessor and Lessee are parties to that certain Lease Agreement dated April 17, 2008
(the “Lease”). Pursuant to the Lease, Lessor leased to Lessee and Lessee from Lessor an “agreed
upon” 59,165 square feet of gross rentable area located at 14000-14050 NW 57th Court,
Miami Lakes, Florida 33014 (the “Demised Premises” or “Premises”). The Demised Premises is located
in a Building (the “Building”) within the business park commonly known as Miami Lakes Business Park
— East; and

WHEREAS, the Lease Term (the “Lease Term”) is scheduled to expire May 31, 2011; and

WHEREAS, Lessor and Lessee desire to: (i) extend the Lease Term for a period of Twenty-Five
(25) months; and (ii) make certain other modifications to the Lease.

W I T N E S S E T H:

NOW, THEREFORE, in consideration of ten and no/100 dollars ($10.00) in hand paid by each party
to the other, the mutual promises herein contained, and other good and valuable consideration, the
receipt and sufficiency of which are acknowledged, and intending to be legally bound, the parties
agree as follows:

1. Recitals. The recitals contained above are true to the best of the parties’
knowledge and are incorporated by reference herein.

2. Defined Terms. Except as otherwise defined herein, all terms and phrases used in
this First Amendment that are defined in the Lease shall have the same meaning as set forth in the
Lease. In the event of any conflict between the Lease and this First Amendment, the terms of this
First Amendment shall control.

3. Lease Term. The Lease Term, as hereby amended, is extended to expire on the last
day of June, 2013 and, except as otherwise provided herein, Lessee hereby waives and forever
releases any option to renew or extend the Lease Term subsequent to June 30, 2013.

4. Base Rent. Commencing June 1, 2011, the Base Rent payable by Lessee shall be as
follows:

June 1, 2011 through May 31, 2012: Equal monthly installments of $44,373.75 plus sales tax
and any other charges pursuant to the Lease.

June 1, 2012 through June 30, 2013: Equal monthly installments of $45,704.96 plus sales tax
and any other charges pursuant to the Lease.

Base Rent shall be payable in monthly installments in advance on the first day of each month
of the Lease Term, as hereby extended.

5. Lessee’s Proportionate Share. Notwithstanding that this First Amendment is being
executed after June 1, 2010, the parties hereby agree that effective as of June 1, 2010, the Base
Year (as defined in Section 27 of the Lease) shall be changed from calendar year 2008 to calendar
year 2010.

 

 

6. Security Deposit; Guaranty. Pursuant to Section 31 a. of the Lease, Lessor and
Lessee acknowledge that Lessor currently holds a Security Deposit in the form of a letter of
credit (the “Letter of Credit”) in the amount of Two Hundred Eighty-Eight Thousand Four Hundred
Twenty-Nine and 38/100 Dollars ($288,429.38). Simultaneously with the execution of this First
Amendment, Lessee shall deliver to Lessor either (a) an amendment to the Letter of Credit extending
the expiry date thereof through the date that is ninety (90) days after the expiration of the Lease
Term, as extended hereby (i.e., September 30, 2013), or (b) a substitute letter of credit in the
amount of $288,429.38, with an expiry date that is ninety (90) days after the expiration of the
Lease Term, as extended hereby (i.e., September 30, 2013), and otherwise in strict conformity with
the terms of Section 31 b of the Lease, in which latter event the original Letter of Credit will be
promptly returned to Lessee. If required by the issuing bank, Lessor shall, at no cost to Lessor,
execute such reasonable documents as may be reasonably necessary to terminate such original Letter
of Credit. As additional security under the Lease (as amended by this First Amendment),
concurrently with Lessee’s execution and delivery of this First Amendment to Lessor, Heartware
International, Inc. (“Guarantor”) shall execute and deliver to Lessor that certain Guaranty of
Lease attached hereto and made a part hereof as Exhibit A.

7. Option To Renew. Lessor hereby grants to Lessee the conditional right, exercisable
at Lessee’s option, to renew the term of this Lease for two — three (3) year terms (each, a
“Renewal Term”) in “as is” condition at 100% of the Market Rent (as defined below). If exercised,
and if the conditions applicable thereto have been satisfied, each Renewal Term shall commence
immediately following the end of the then current Lease Term. The right of renewal herein granted
to Lessee shall be subject to, and shall be exercised in accordance with, the following terms and
conditions:

a. Lessee shall exercise its right of renewal with respect to a Renewal Term by giving Lessor
written notice of such election not later than two hundred seventy (270) days prior to the
expiration of the then current Lease Term. The parties shall have thirty (30) calendar days after
Lessor’s timely receipt of such notice in which to negotiate in good faith the initial base rent,
escalation factor and additional rent (collectively, “Market Rent”) which shall be payable during
such Renewal Term. Among the factors to be considered by the parties during such negotiations in
determining applicable Market Rent shall be the general market rent for renewal leases in the Miami
Lakes submarket of Miami-Dade County, the rental rates for renewal leases then being quoted by
Lessor to comparable tenants for comparable space in the Building, the rents for renewal leases
being charged similar tenants for similar space in multi-tenanted buildings in the Miami Lakes
submarket of Miami-Dade County, and whether or not Lessee will receive a construction allowance
and/or a rental abatement for the Renewal Term. If during such thirty (30) calendar day period,
the parties agree on the Market Rent during the Renewal Term, then Lessee shall execute an
amendment to this Lease stating the Market Rent so agreed upon within ten (10) business days after
receipt of an amendment from Lessor. If during such thirty (30) calendar day period the parties
are unable, after a good faith attempt by both parties to reach an agreement, for any reason
whatsoever, to agree on such Market Rent, then within ten (10) business days after expiration of
such thirty (30) calendar day period, Lessee shall elect by written notice to Lessor, to either:
(i) accept Lessor’s determination of Market Rent or (ii) rescind its renewal notice. If Lessee
fails timely to so elect, Lessee shall be deemed to have elected to rescind its renewal notice. If
Lessee’s renewal notice is not given timely or Lessee fails to execute an amendment to this Lease
within the time period specified above, then, at Lessor’s option, Lessee’s right of renewal shall
lapse and be of no further force and effect.

b. If Lessee has been in monetary default more than two (2) times in any Lease Year or is in
default after the giving of any applicable notice and expiration of any applicable cure period
under this Lease on the date Lessee sends a renewal notice or any time thereafter until a Renewal
Term is to commence, then, at Lessor’s election, such Renewal Term shall not commence and the term
of this Lease shall expire at the expiration of the then current Lease Term.

c. If at any time fifty percent (50%) or more of the square feet of rentable area of the
Premises have been subleased or assigned or if this Lease has been terminated with respect to any
such portion, then Lessee’s rights pursuant to this Section shall lapse and be of no further force
or effect.

d. Lessee’s right of renewal under this Section may be exercised only by Lessee and may not be
exercised by any other transferee, sublessee or assignee of Lessee.

e. If Lessee’s right of renewal with respect to the first Renewal Term lapses for any reason,
then Lessee’s right of renewal with respect to the second Renewal Term shall similarly lapse and be
of no further force or effect.

 

2

 

8. Expansion Right. If any space in the Building becomes available for lease at any
time during the Lease Term, including any Renewal Terms exercised by Lessee pursuant to Section 7
hereof (“Expansion Space”), then Lessee shall have a continuing first right to lease such space in
its then “as is” condition as of the date the space is offered to Lessee, subject to and in
accordance with the following terms and conditions:

a. Within a reasonable period of time after Lessor determines that Expansion Space is or will
be coming available, Lessor shall notify Lessee in writing (the “Notification”) of the availability
of any Expansion Space and the determination of the base rent and other terms and conditions.
Among the factors to be considered by Lessor in determining the base rent and other terms and
conditions shall be the rental rates, construction allowances, rent abatements, concessions, length
of term, renewal options and other terms and conditions then being agreed to by tenants and Lessor
for comparable tenants for comparable space in the Building, and the rental rates, construction
allowances, rent abatements, concessions, length of term, renewal options and other terms and
conditions then being agreed to by similar tenants and landlords for similar space in
multi-tenanted, comparable buildings in the Miami Lakes submarket of Miami-Dade County. The
Notification shall also include (i) the location and square footage of the Expansion Space, and
(ii) the date on which Lessor expects the Expansion Space to become available. Notwithstanding
anything to the contrary contained herein, the term for such Expansion Space shall be coterminous
with the Lease Term then in effect for the remainder of the Premises. For a period of ten (10)
business days after Lessee’s receipt of the Notification from Lessor, Lessee shall have the right
to accept the base rent and all other terms and conditions of a lease for such space. If during
such ten (10) business day period, Lessee does not accept the base rent and all other terms and
conditions of a lease for such space or does not respond within the aforesaid ten (10) business day
period, then Lessee’s right to lease such space shall lapse and be of no further force or effect.
If during such ten (10) business day period Lessee accepts the base rent and all other terms and
conditions of a lease for such space, then Lessee shall promptly execute an amendment to the Lease
within ten (10) business days after receipt thereof. The “Base Year” with respect to the renting
of the Expansion Space shall be the calendar year in which the commencement date for the Expansion
Space occurs; and Lessee’s allocation of parking spaces pursuant to Section 23 of the Lease shall
increase in proportion to the size of the Expansion Space.

b. Lessee’s rights under this Section are subject and subordinate to Lessor’s right to renew
expiring leases pursuant to rights contained in such expiring leases or pursuant to the mutual
agreement of Lessor and tenants under such leases. In addition to the foregoing, and
notwithstanding anything in the Lease to the contrary, delivery of possession of the Expansion
Space to Lessee and commencement of the term thereof is and shall be subject to Lessor’s obtaining
possession from any prior tenant or occupant who holds over beyond the applicable lease expiration
date, and Lessee shall have no claim against Lessor (for damages or otherwise) and Lessor shall
have no obligation or liability for, on account of or with respect to any holdover in all or any
portion of the Expansion Space; provided, however, that Lessor agrees to use commercially
reasonable efforts to obtain possession of the Expansion Space from such prior tenant or occupant
as soon as reasonably possible, subject to and in accordance with the terms and conditions of the
lease with such prior tenant or occupant.

c. If Lessee has been in monetary default more than two (2) times in any Lease Year or is in
default after the giving of any applicable notice and expiration of any applicable cure period
under the Lease on the date Lessor sends the Notification or any time thereafter until Lessee
occupies the Expansion Space, then, at Lessor’s election, Lessee’s rights pursuant to this Section
shall lapse and be of no further force or effect.

d. If at any time fifty percent (50%) or more of the square feet of rentable area of the
Premises have been subleased or assigned or if this Lease has been terminated with respect to any
such portion, then Lessee’s rights pursuant to this Section shall lapse and be of no further force
or effect. Lessee’s rights under this Section may be exercised only by Lessee and may not be
exercised by any other transferee, sublessee or assignee of Lessee.

e. Lessee has the right under this Section to lease the entire Expansion Space identified in
the Notification only. Lessee has no right to lease less nor more than the entire Expansion Space
so identified.

 

3

 

f. If any Expansion Space is offered to Lessee hereunder and Lessee fails to lease such
Expansion Space or fails to execute the amendment within the ten (10) business day period described
above or fails to respond to the Notification within the ten (10) business days
described above, then the rights granted to Lessee under this Section with respect to such
Expansion Space shall immediately lapse and expire, and Lessee shall have no further rights
hereunder with respect to such Expansion Space and Lessor shall have the right to lease the
Expansion Space to any third-party tenant at any time on terms and conditions acceptable to Lessor
in its sole discretion. In the event the Expansion Space is leased to a third-party tenant in
accordance with the foregoing and such space again becomes available for lease, Lessee shall have a
continuing first right to lease such space in its then “as is” condition as of the date such space
is re-offered to Lessee, subject to and in accordance with the above terms and conditions.
Lessee’s right to lease any Expansion Space that again becomes available for lease is subject and
subordinate to Lessor’s right to renew expiring leases pursuant to rights contained in such
expiring leases or pursuant to the mutual agreement of Lessor and tenants under such leases.

g. Notwithstanding anything herein to the contrary, if fewer than eighteen (18) months remain
in the Lease Term (as such Lease Term may have been extended by Lessee pursuant to its renewal
rights under Section 7 hereof) from the date the Expansion Space is expected to become available
for lease, then Lessee’s rights under this Section 8 to lease such Expansion Space shall not be
applicable unless, within ten (10) business days after Lessee’s receipt of the Notification, Lessee
exercises its right to renew the term of the Lease for a Renewal Term. Lessor and Lessee shall
then have the 30-day period referenced in Section 7(a) herein to negotiate the Market Rent for the
Renewal Term (it being understood and agreed that Lessee shall retain its rescission right
referenced in Section 7(a) herein) and Lessee shall then have a period of five (5) business days
after Lessor and Lessee agree on the Market Rent for the Renewal Term to accept the terms and
conditions for the Expansion Space set forth in the Notification. If Lessor and Lessee cannot so
agree upon the Market Rent during such period, then Lessee’s rights to lease Expansion Space under
this Section 8 shall not be applicable for the remainder of the then existing Lease Term unless and
until Lessee has irrevocably exercised its right to a Renewal Term. Further notwithstanding
anything herein to the contrary, if fewer than nine (9) months remain in the Lease Term at the time
Lessor is required to offer any Expansion Space to Lessee, then Lessee’s rights under this Section
8 to lease such Expansion Space shall not be applicable unless prior to such date Lessee shall have
exercised its right to renew the term of the Lease pursuant to the terms of Section 7 hereof; it
being understood and agreed that if Lessor and Lessee are then in the process of negotiating the
rent payable by Lessee during a Renewal Term, Lessee shall have a period of five (5) business days
after Lessor and Lessee agree on the Market Rent for the Renewal Term to accept the terms and
conditions for the Expansion Space set forth in the Notification (it being further understood and
agreed that Lessee shall retain its rescission right referenced in Section 7(a) herein).

9. Condition of the Premises. Lessor shall not be required to do any work in or upon
the Premises or the Building to ready the same for Lessee’s continued use or occupancy of the
Premises. Lessee agrees to accept the Premises in its “as-is” condition, it being acknowledged that
Lessee is fully familiar with the condition of the Premises.

10. Brokerage. Lessor and Lessee each warrant and represent that it dealt with no
brokers in connection with this transaction other than CB Richard Ellis, Inc. and Jones Lang
LaSalle Americas, Inc. (hereinafter referred to as “Brokers”) and had no conversations or dealings
with any broker other than the Brokers in connection with this transaction. Lessee hereby
indemnifies Lessor against any claims of any broker with whom Lessee had any dealings other than
the Brokers and agrees to reimburse Lessor for any damages Lessor might sustain by reason of such
claims, including Lessor’s cost of defending any action in connection therewith and any reasonable
legal fees of Lessor in connection therewith. Lessor is responsible for the payment of all
brokerage commissions to the Brokers. Lessor hereby indemnifies Lessee against any claims of any
broker with whom Lessor had any dealings other than the Brokers and agrees to reimburse Lessee for
any damages Lessee might sustain by reason of such claims, including Lessee’s cost of defending any
action in connection therewith and any reasonable legal fees of Lessee in connection therewith.

11. Ratification. Except as amended hereby, all the terms and conditions of the
Lease, as heretofore in effect, shall remain in full force and effect and all the terms and
conditions of the Lease, as hereby amended, are hereby ratified and confirmed in all respects.

12. Authority. Each of the persons executing this First Amendment on behalf of Lessor
and Lessee hereby covenants and warrants to the other party that Lessor or Lessee, as the case may
be, has full right and authority to enter into this First Amendment, and that the person signing on
behalf of Lessor or Lessee, as the case may be, is authorized to do so.

 

4

 

13. Partial Invalidity. If any provision of this First Amendment or application
thereof to any person or circumstance shall to any extent be invalid, the remainder of this First
Amendment or the application of such provision to persons or circumstances other than those as to
which it is held invalid shall not be affected thereby and each provision of this First Amendment
shall be valid and enforced to the fullest extent permitted by law.

14. Counterparts. This First Amendment may be executed in multiple counterparts, each
of which shall be deemed an original, but all of which, together, shall constitute but one and the
same instrument.

15. SNDA. Within a commercially reasonable time after the execution and delivery of
this First Amendment by Lessee, Lessor shall obtain from ING USA Annuity & Life Company (“Current
Lender”), the current holder of the deed of trust, deed to secure debt or mortgage secured by the
Building, a subordination, non-disturbance and attornment agreement (“SNDA”) in the form attached
hereto as Exhibit B and made a part hereof. At Lessee’s written request, Lessor shall use
commercially reasonable efforts to obtain from any future holder of any mortgage, deed to secure
debt, or deed of trust on the Building a SNDA on a commercially reasonable form or such holder’s
standard form (provided such form is commercially reasonable). In connection with each SNDA
obtained in favor of Lessee, Lessee shall reimburse Lessor, as additional rent, for the reasonable
costs and expenses incurred by Lessor in connection therewith.

 

5

 

IN WITNESS WHEREOF, the parties hereto have, or have caused to be, executed this First
Amendment as of the day and year first set forth above.

	 	 	 	 	 	 	 
	WITNESSES:	 	LESSOR:	 	 
	 	 	JDRP ASSOCIATES NO. 1, LTD.,	 	 
	/s/ MA Carlevale 
	 	by its Agent, Peter Lawrence	 	 
	Print Name: MA Carlvale

	 	Commercial Real Estate, Inc.	 	 
	 
	 	 	 	 	 	 
	/s/ Leslie Rollon
 

Print Name: Leslie Rollon

	 	By:
	 	/s/ Kristopher M. Hoover
 

Kristopher M. Hoover 

President
	 	 
	 
	 	 	 	 	 	 
	WITNESSES:	 	LESSEE:	 	 
	 	 	HEARTWARE, INC.,	 	 
	/s/ Louise Ann Murphy 
	 	a Delaware corporation	 	 
	Print Name: Louis Ann Murphy

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	/s/ Lory Cavanagh
 
Print Name: Lory Cavanagh 

	 	By: 
	 	/s/ Jeffrey M. Held
 
Name: Jeffrey M. Held
 

	 	  
	

	 	 	 	Title: Authorized Signatory	 	 

 

6

 

EXHIBIT A

GUARANTY OF LEASE

THIS GUARANTY (the “Guaranty”) is made as of this
 _____ 30th _____ day of _September _____,
2010, by HEARTWARE INTERNATIONAL, INC. (the “Guarantor”), having an address at 205 Newbury Street,
Suite 101, Framingham, MA 01701, in favor of JDRP ASSOCIATES NO. 1, LTD. (the “Lessor”), and is
executed pursuant to that certain First Amendment to Lease, dated of even date herewith (the “First
Amendment”) between Lessor and HEARTWARE, INC. (the “Lessee”). The First Amendment modifies that
certain Lease Agreement, dated April 17, 2008 (as amended by the First Amendment and as may be
further amended, the “Lease”) with respect to those certain Premises, as defined in the Lease,
consisting of an “agreed upon” 59,165 square feet of gross rentable area located at 14000-14050 NW
57th Court, Miami Lakes, Florida 33014 (the “Building”) within the business park
commonly known as Miami Lakes Business Park – East.

In order to induce Lessor to execute the First Amendment, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor has
guaranteed and hereby does guaranty the payment and performance of all liabilities, obligations,
and duties (including, without limitation, payment of rent) imposed upon Lessee under the terms of
the Lease, as if Guarantor has executed the Lease as Lessee thereunder, irrespective of the
expiration of the Lease, or the insufficiency, invalidity, or unenforceability of any security
interest which might have been, or be hereafter, given to Lessor to secure Lessee’s obligations
contained in the Lease. This Guaranty is a guaranty of full payment and performance and not merely
collection.

Subject to the Guarantor Cure Period (as hereinafter defined), Guarantor hereby acknowledges,
and waives notice of, acceptance of this Guaranty and all other notices in connection herewith or
in connection with the liabilities, obligations, and duties guaranteed hereby, including, but not
limited to, notices of default by or to Lessee under the Lease, and waives demand for payment,
protest, diligence, presentment, and notice of protest on the part of Lessor in the enforcement of
any liability, obligation, or duty guaranteed hereby. Guarantor further waives, to the fullest
extent permitted by law, all defenses given to sureties and guarantors by statute, at law, or in
equity.

Notwithstanding the foregoing or anything to the contrary contained in this Guaranty, prior to
Lessor exercising any rights as against Guarantor, Lessor shall provide Guarantor with the same
notice and opportunity to cure defaults by Lessee as are required to be provided to Lessee pursuant
to the Lease, plus an additional period of ten (10) business days (the “Guarantor Cure Period”).
Lessor shall provide to Guarantor a simultaneous copy of all notices of default sent to Lessee as a
condition of the commencement of such additional ten (10) business days of the Guarantor Cure
Period.

Guarantor further agrees that Lessor shall not be first required to enforce against Lessee or
any other person any liability, obligation, or duty guaranteed hereby before seeking enforcement
thereto against Guarantor (but which enforcement against Guarantor is subject to the Guarantor Cure
Period). Suit may be brought and maintained against Guarantor by Lessor to enforce any liability,
obligation, or duty guaranteed hereby without joinder of Lessee or any other person. The liability
of Guarantor shall not be affected by any indulgence, compromise, settlement, or variation of terms
which may be extended to Lessee by Lessor or agreed upon by Lessor and Lessee (except as
hereinafter set forth), and shall not be impaired, modified, changed, released, or limited in any
manner whatsoever by any impairment, modification, change, release, or limitation of the liability
of Lessee or its estate in bankruptcy, or of any remedy for the enforcement thereof, resulting from
the operation of any present or future provision of the National Bankruptcy Code, or any similar
law or statute of the United States or any State thereof. Lessor and Lessee, without notice to, or
consent by, Guarantor, may at any time or times enter into such extensions, amendments,
assignments, subleases, or other covenants respecting the Lease as they may deem appropriate,
including, but not limited to, an increase in the rent due under the Lease or any other obligation
thereunder; and Guarantor shall not be released thereby, but shall continue to be fully liable for
the payment and performance of all liabilities, obligations, and duties of Lessee under the Lease
as so extended, amended, assigned, subleased, or otherwise modified. Furthermore, Guarantor’s
obligations and covenants under this Guaranty shall in no way be affected or impaired by reason of
the happening from time to time of any of the following, whether or not Guarantor has been notified
thereof or consented

 

7

 

thereto: (a) any invalidity, illegality or unenforceability of the Lease, or any termination of the Lease for any
reason whatsoever (including a Bankruptcy); (b) any defenses or rights of set-off or counterclaim
of Lessee or Guarantor; (c) Lessor’s waiver of the performance or observance by Lessee, Guarantor
or any other party of any covenant or condition contained in the Lease or this Guaranty; (d) the
doing or the omission of any act referred to in the Lease or this Guaranty (including the giving of
any consent referred to in the Lease or this Guaranty); (e) Lessor’s failure or delay to exercise
any right or remedy available to Lessor or any action on the part of Lessor granting indulgence or
extension in any form whatsoever; (f) the release of Lessee or Guarantor from the performance or
observance of any covenant or condition contained in the Lease or this Guaranty by operation of
law; or (g) any other matters whatsoever, whether or not similar to those specifically mentioned
herein, other than the full performance of all obligations of Lessee under the Lease.

This Guaranty is absolute, irrevocable, unconditional, and continuing in any event, and shall
not terminate until the payment of all sums and the performance of all obligations evidenced by the
Lease.

No such payment by Guarantor pursuant to any provision of this Guaranty shall entitle
Guarantor, by subrogation, indemnification or otherwise, to the rights of Lessor, to any payment by
Lessee, or to any recovery from any property of Lessee, until after payment in full under this
Guaranty. Guarantor waives any right Guarantor may now or hereafter have against Lessee (and/or
any other guarantor of Lessee’s obligations under the Lease) with respect to this Guaranty
(including, without limitation, any right of subrogation, reimbursement, exoneration, contribution,
indemnification or similar right, and any right to participate in any claim, right or remedy of
Lessor against Lessee or any security which Lessor now or hereafter has with respect to the Lease),
whether such right arises under an express or implied contract, by operation of law, or otherwise,
until after payment in full under this Guaranty. Guarantor shall be deemed not to be a “creditor”
(as defined in the National Bankruptcy Code) of Lessee by reason of the existence of this Guaranty
in the event that Lessee becomes a debtor in any proceeding under the National Bankruptcy Code.
Should Lessor repay to Lessee or Guarantor, or be obligated by applicable law to repay to Lessee or
Guarantor, any amounts previously paid, then this Guaranty shall be reinstated in the amount Lessor
repays or is so obligated to repay.

If all or any part of the Lease is rejected, disaffirmed or otherwise avoided pursuant to
applicable law affecting creditors’ rights, then Guarantor shall, and does hereby (without the
necessity of any further agreement or act), assume all obligations and liabilities of Lessee under
the Lease to the same extent as if Guarantor were originally named Lessee under the Lease and there
had been no such rejection, disaffirmance or avoidance. Guarantor shall upon Lessor’s request
promptly confirm in writing such assumption.

It is understood that other agreements similar to this Guaranty may, at Lessor’s sole opinion
and discretion, be executed by other persons with respect to the Lease. This Guaranty shall be
joint and several and cumulative of any such agreements and the liabilities and obligations of
Guarantor hereunder shall in no event be affected or diminished by reason of such other agreements.
Moreover, if Lessor obtains the signature of more than one guarantor in this Guaranty, or obtains
additional guaranty agreements, or both, Guarantor agrees that Lessor, in Lessor’s sole discretion,
may (i) bring suit against all guarantors of the Lease jointly and severally or against any one or
more of them, (ii) compound or settle with any one or more of the guarantors for such
considerations as Lessor may deem proper, and (iii) release any one or more of the guarantors from
liability. Guarantor further agrees that no such action shall impair the rights of Lessor to
enforce the Lease against any remaining guarantor or guarantors, including Guarantor (except to the
extent of a separate recovery by Lessor from any such remaining guarantor or guarantors).

Guarantor agrees that if Lessor shall employ an attorney to present, enforce, or defend any or
all of Lessor’s rights or remedies hereunder or under the Lease, Guarantor shall pay any reasonable
attorneys’ fees incurred by Lessor in such connection, whether such fees are incurred before or at
trial or on appeal. Notwithstanding the foregoing, in the event of any litigation between Lessor
and Guarantor arising out of the Lease or this Guaranty, the prevailing party shall be entitled to
recover its costs and expenses incurred in such litigation, including reasonable attorneys’ fees,
at all levels, including appeals.

In the event the Lessor, or any successor owner of the Building, sells, conveys, or otherwise
transfers the Premises or the Lease, this Guaranty shall not be abrogated thereby, and shall
continue in full force and effect. Guarantor hereby agrees to execute any such document or
certificate as may be reasonably requested by Lessor or any successor owner of the Building to
confirm the foregoing and the continuing validity of this Guaranty.

 

8

 

Any notice which Lessor may elect to send shall be binding upon Guarantor if mailed to
Guarantor’s address set forth above or to the last address known to Lessor, by United States
certified or registered mail, return receipt requested, or by Federal Express or other overnight
courier, and shall be deemed conclusively delivered when same are either hand delivered, or three
(3) business days after deposited in the U.S. mail, postage prepaid, certified, return receipt
requested, or delivered by a nationally recognized courier for overnight delivery with such
delivery charge being prepaid. A courtesy copy of all notices shall also be delivered to Akerman
Senterfitt, One S.E. Third Avenue, Suite 2500, Miami, Florida 33131, Attention Carol S. Faber, Esq.
(Ph# 305-374-5600) however Lessor’s failure to deliver any such courtesy copy shall not invalidate
or otherwise impair the effectiveness of any notice given to Guarantor. Guarantor may, by notice to
Lessor, designate a different address or addresses for notices.

This Guaranty shall be governed by, and construed in accordance with, the laws of the State of
Florida. If any provision of this Guaranty should be held to be invalid or unenforceable, the
validity and enforceability of the remaining provisions of this Guaranty shall not be affected
thereby. Guarantor hereby consents to the exercise of personal jurisdiction over Guarantor by any
federal or local court in the jurisdiction in which the Building is located. Guarantor appoints
Mr. Jeff Held, having an address at 205 Newbury Street, Suite 101, Framingham, MA 01701 (Ph#
508-739-0841), as Guarantor’s agent for receipt of service of process on Guarantor’s behalf in
connection with any suit, writ, attachment, execution or discovery or supplementary proceedings in
connection with the enforcement of this Guaranty. Service shall be effected by any means permitted
by the court in which any action is filed. Service shall be deemed effective upon receipt.
Guarantor shall designate a change of address or agent by written notice given by certified mail,
return receipt requested, at least ten (10) days before such change is to become effective.

Guarantor represents and warrants that Lessor’s execution of the First Amendment is a material
and direct economic benefit to Guarantor and constitutes good, valuable and sufficient
consideration for Guarantor’s execution of this Guaranty, notwithstanding any future rejection or
other termination of all or any part of the Lease. Guarantor represents and warrants that all
financial statements and information regarding Guarantor that have been or will be delivered to
Lessor are true, correct and complete. Each individual signing this Guaranty warrants and
represents that he or she is duly authorized to execute and deliver this Guaranty, and that, if
Guarantor is a corporation, Guarantor is a duly organized corporation in good standing under the
laws of the state of its incorporation, is qualified to do business and is in good standing in the
jurisdiction in which the Building is located, and has the power and authority to enter into this
Guaranty, and that all corporate action requisite to authorize Guarantor to enter into this
Guaranty has been duly taken.

This Guaranty shall be binding upon Guarantor and Guarantor’s successors, heirs, executors,
administrators, and assigns, and shall inure to the benefit of Lessor and Lessor’s successors,
heirs, executors, administrators, and assigns.

No principal, partner, member, officer, director, trustee or affiliate of Guarantor who is a
natural person shall have any personal liability under any provision of this Guaranty.

GUARANTOR AND BY ACCEPTANCE HEREOF, LESSOR, EACH HEREBY WAIVES TRIAL BY JURY IN ANY ACTION,
PROCEEDING, OR COUNTERCLAIM ON ANY MATTERS ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE LEASE OR
THIS GUARANTY.

 

9

 

EXECUTED as of the day and year first above written, to be effective as of the date of the
First Amendment.

	 	 	 	 	 	 	 	 	 
	WITNESSES:	 	GUARANTOR:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	HEARTWARE INTERNATIONAL, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Louise Ann Murphy

	 	By:
	 	/s/ Jeffrey M. Held	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	Name:	 	Jeffrey M. Held 	 	 
	/s/ L Cavanagh

	 	 	 	Title:	 	VP, General Counsel	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address: 205 Newbury St., Framingham, MA	 	 

	 	 	 	 	 
	COMMONWEALTH OF MASSACHUETTS

	 	)	 	 
	 

	 	)ss:	 	 
	COUNTY OF MIDDLESEX

	 	)	 	 

The foregoing instrument was acknowledged before me this 23rd day of September, 2010, by
Jeffrey M Held, as VP, General Counsel of HEARTWARE INTERNATIONAL, INC., a Delaware corporation, on
behalf of said corporation. He/She is personally known to me or produced a Mass. Drivers license
as identification.

	 	 	 	 	 
	 

	 	/s/ Louise Ann Murphy	 	 
	 

	 	 

Print Name: Louise Ann Murphy
	 	 

	 	 	 
	Notary Public

	 	 
	/s/ Louise Ann Murphy
	 	 
	 

	 	 

My commission expires: 5/20/16

 

10

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