Document:

SEPARATION AGREEMENT AND GENERAL RELEASE

          THIS  AGREEMENT is made and entered by and between David C.  Dressler,
Jr. ("Employee") and Homestead Village Incorporated (together with is directors,
officers,   shareholders  and  other   affiliates,   collectively   referred  to
hereinafter as "Employer").
         WHEREAS, Employee has been employed by the Employer; and
         WHEREAS,  the  parties  have  engaged in  discussions  resulting  in an
amicable and mutually satisfactory  separation of Employee's employment with the
Employer.
         NOW,  THEREFORE,  in consideration of the mutual covenants and promises
set forth below, the parties hereby agree as follows:
         1.  Employer  and  Employee  hereby  mutually  agree that  because of a
reorganization  of the  management  of Employer,  there shall be a separation of
Employee's employment from Employer. The effective date of Employee's separation
of  employment  with  Employer  shall be the close of business on March 31, 2000
(the  "Separation  Date").  As  part of  Employee's  separation  of  employment,
Employee  shall  resign as an  officer  of  Employer  and all  subsidiaries  and
affiliates of Employer as of the Separation Date.
         2. Employer shall pay Employee all unpaid salary through the Separation
Date and his pro rata  target  bonus for 2000  through  the  Separation  Date or
$87,500,  which amount shall be paid on the Separation Date. Employer shall also
pay Employee the aggregate amount of $875,000 (the "Separation  Amount"),  which
shall be paid in fifteen  equal amounts of $58,333 on the last day of each month
commencing  April 30, 2000 and ending June 30, 2001, less applicable  deductions
for state and federal taxes on such amounts.
         3. Employer also agrees to pay Employee, as of the Separation Date, all
amounts due  Employee  for accrued and unused  vacation  through the  Separation
Date.
         4.  Employer  shall  extend to Employee  the right to  continue  health
insurance  for up to twelve (12)  months,  as may be required by and pursuant to
the terms and conditions of the Consolidated  Omnibus Budget  Reconciliation Act
of 1986  ("COBRA").  Employer  will provide  coverage to Employee at  Employer's
expense to the extent of any COBRA premium for the first twelve months. Employee
shall pay the COBRA premium and other  expense of such health  insurance for any
remaining period of coverage.
         5. Employer shall  maintain  Employee's  telephone  voice mailbox until
June 30,  2000.  Employer  shall  deliver to Employee  the  equipment  listed on
Exhibit A without additional consideration.
         6.  Employee  shall  repay  all  loans  from  Security   Capital  Group
Incorporated ("Security Capital") on or before the Separation Date.
         7.  Employee's  continuous  service  under  Employer's  401(k) plan and
Employer's  Non-Qualified  Savings Plan shall cease as of the  Separation  Date.
Within four (4) to six (6) weeks of Employee's  written  request and pursuant to
the terms of the 401(k) plan,  Employee shall be entitled to a  distribution  of
all the  contributions  to  Employee's  401(k)  account made by  Employee,  plus
earnings thereon, plus Employer matching  contributions to the extent vested, or
a  transfer  of  such  amounts  to  another  plan  at  Employee's  request.  All
distributions  will be net of applicable  withholding taxes, if any. Pursuant to
the  terms  of the  Employer's  Non-Qualified  Savings  Plan  and  any  deferral
elections made by Employee under the Non-Qualified  Savings Plan, Employee shall
be entitled  to a  distribution  of all  deferrals  made by  Employee  under the
Non-Qualified  Savings Plan,  plus  earnings  thereon,  plus  Employer  matching
contributions to the extent vested.  All distributions will be net of applicable
withholding  taxes.  Any options  granted  Employee under any  Employer's  stock
option  plans or under any Security  Capital  stock option plans shall expire on
the ninetieth day after the Separation Date.
         8. At the election of Employee, Employer shall pay for professional tax
and legal  services  provided to Employee for a review of this Agreement and the
consulting  agreements referred to below, provided that the cost of such tax and
legal  services  shall not exceed  $10,000 and Employer shall not be responsible
for any such fees and expenses incurred by Employee after March 31, 2000.
         9.  Employee and Employer  shall  execute a Consulting  Agreement to be
effective as of April 1, 2000 (the "Homestead Consulting Agreement") in the form
attached as Exhibit B.

<PAGE>

         10. In  consideration  of the  promises  contained  in this  Agreement,
Employee and Employer hereby mutually agree to do the following:
                  a. Except for a claim  based upon a breach of this  Agreement,
         the Homestead  Consulting Agreement and the loans from Security Capital
         (to the  extent  they  have not been  repaid by the  Separation  Date),
         Employee and Employer  hereby  release and forever  discharge the other
         (including,  in the  case  of  Employer,  its  related  and  affiliated
         entities,  and  each  of  their  officers,   directors,   shareholders,
         representatives, agents, employees and insurers (Employee, Employer and
         said related parties are hereinafter collectively and individually "the
         Releasees")) from any and all rights,  claims,  demands,  debts,  dues,
         sums of  money,  accounts,  attorneys'  fees,  complaints,  judgements,
         executions,  actions  and  causes of action of any  nature  whatsoever,
         cognizable at law or equity, which Employee and Employer have or claim,
         or might  hereafter  have or claim against the Releasees  based upon or
         arising out of any matter or thing  whatsoever,  from the  beginning of
         the world through the date of this Agreement, including but not limited
         to any rights, claims,  complaints or actions or causes of action which
         were or could have been asserted by Employee or Employer arising out of
         or related to  Employee's  employment  by the  Employer  or  Employee's
         resignation  therefrom,  the  purchase  (or  sale to  Employer)  of any
         Employer  securities or Security  Capital  securities  by Employee,  or
         under  any  local,  state,  or  federal  law  dealing  with  employment
         discrimination  including,  without limitation,  Title VII of the Civil
         Rights Act of 1964,  the Age  Discrimination  in  Employment  Act,  the
         Americans with Disabilities Act, and the Workers Adjustment, Retraining
         and Notification Act.  Notwithstanding  the foregoing,  no such release
         shall be applicable to any existing  indemnity rights of Employee as an
         officer or employee of Employer through the Separation Date,  including
         those under Employer's  Amended Articles of  Incorporation,  Employer's
         Bylaws,  any  Indemnification  Agreements entered into between Employer
         and Employee or between  Security  Capital and Employee,  any insurance
         rights  in favor of  Employee  including  the  Directors  and  Officers
         Liability  Policy of Employer  dated  November 1, 1998,  with  Reliance
         National, or any rights to exercise options which have vested as of the
         Separation Date and granted under any stock option plans of Employer or
         Security Capital.
                  b.  Employee  shall  promptly  submit to  Employer  an expense
         account report accounting for all business expenses charged by Employee
         to Employer  and all  advances  received,  and repay  Employer  for all
         advances  and all  non-business  related  items  charged by Employee to
         Employer,  if any.  Employee  hereby  agrees  that  such  advances  and
         non-business  related  expenses  may,  at the  option of  Employer,  be
         deducted by Employer  from any of its  payments to Employee  under this
         Agreement.
          11. In  consideration  of the promises  contained  in this  Agreement,
Employee  agrees to each of the  following:  a. Except as may be required by the
lawful  order of a court or agency of  competent  jurisdiction,  or as expressly
permitted by the Homestead Consulting Agreement,  Employee agrees to keep secret
and confidential  indefinitely all non-public information concerning Employer or
any affiliate  thereof which was acquired by or disclosed to Employee during the
course of Employee's  employment with Employer or any affiliate thereof, and not
to disclose the same, either directly or indirectly,  to any other person,  firm
or business entity or to use it in any way. b. For a period of one (1) year from
the  Separation  Date,  Employee  covenants  and agrees that  Employee will not,
whether  for  Employee  or  for  any  other   person,   business,   partnership,
association,  firm,  company or  corporation,  initiate  contact with,  solicit,
divert or take away any of the  employees of Employer or any  affiliate  thereof
who are  employees  of  Employer  or any  affiliate  thereof at the time of such
initiation,  solicitation or diversion.
          12 Employee  agrees to  immediately  turn over to Employer  all notes,
offering  materials,  slide shows,  investment  summaries,  memoranda,  records,
documents and all other information,  no matter how produced or reproduced, kept
by Employee or in Employee's possession or control, used in or pertaining to the
business of Employer,  it being hereby  acknowledged  that all of said items are
the sole and exclusive  property of the Employer.
          13.  Except as may be required to the contrary by an order issued by a
court of competent jurisdiction and except for any communication with members of
Employee's  immediate family and any attorney or accountant  rendering advice to
Employee in connection  with this  Agreement,  Employee  shall not,  directly or
indirectly,  discuss or communicate the facts of this  Agreement,  or any of its
terms and provisions  with any third party.
          14. Employer agrees not to contest  Employee's  claim for unemployment
benefits.
          15. From and after the date of presentment of this Agreement,  neither
party shall,  directly or  indirectly,  take any action which is in fact,  or is
intended to be,  contrary to the  material  interests  of the other party or any
affiliate of the other party,  nor will either party disparage or make negative,
derogatory  or  defamatory  statements  about the other  party,  its related and
affiliated entities, its directors, officers, employees, shareholders, agents or
representative,  or any of them, to any other person or business entity,  except
as may be  required  by  legal  process  or court  order.
          16.  Nothing  in this  Agreement  shall  be  deemed  an  admission  of
wrongdoing or any kind of liability by either party.

<PAGE>

          17. In the event Employee  engages in a material  breach of any of the
terms or provisions of this  Agreement,  then Employer shall provide to Employee
written  notice of such  claimed  breach by Employee,  and  Employee  shall have
thirty (30) days from receipt of such written  notice from Employer to cease any
such conduct which Employer claims to be a material breach. If Employee fails to
cure such breach  within such  thirty  (30) day period,  then all of  Employee's
obligations  shall remain and shall be enforceable,  but Employer's  obligations
under this Agreement shall immediately terminate, including, without limitation,
all remaining monetary obligations of Employer to Employee which are outstanding
at the time of said breach. Similarly, Employee shall be relieved of any further
obligation under this Agreement if Employer  materially  breaches its convenants
in this  Agreement.
          18. This  Agreement  shall be binding upon and inure to the benefit of
both parties, their successor and assigns, and any affiliated or related entity,
as well as  Employee's  heirs,  assigns,  administrators,  executors  and  legal
representatives.
          19.  This  instrument  constitutes  the entire  Agreement  between the
parties with respect to the matters  covered by this  Agreement,  and may not be
modified or amended in any way except by a subsequent, written agreement between
the parties.
          20. If any  provision of this  Agreement  shall be  determined  by any
court of competent jurisdiction to be invalid, illegal or unenforceable in whole
or in part, and such  determination  shall become final, such provision shall be
deemed to be severed or limited,  but only to the extent  required to render the
remaining  provisions  of this  Agreement  enforceable.  This  Agreement as thus
amended  shall be enforced so as to give effect to the  intention of the parties
insofar as this is possible. In addition, the parties hereby expressly empower a
court of competent jurisdiction to modify any provision of this Agreement to the
extent  necessary to comply with  existing law and to enforce this  Agreement as
modified, provided, however, that no payments shall be due from Employer and all
payments  made by  Employer  shall be  refunded  by  Employee  if any portion of
paragraph 10 a. is invalidated, severed or limited.
          21. This Agreement  shall be construed in accordance  with the laws of
the State of Georgia.
          22.  The  language  used in this  Agreement  shall be deemed to be the
language  chosen by the parties to express their mutual  intent,  and no rule of
strict construction shall be applied against any person.
          23. This  Agreement  may be signed in multiple  counterparts,  each of
which shall be deemed to be an original for all purposes.
          24.  Employee  may revoke this  Agreement  within  twenty-one  days of
Employee's signing it. If Employee revokes this Agreement, Employee shall return
any benefits  Employee has received and all other  provisions of this  Agreement
shall not be effective or enforceable.  Revocation, along with a cashier's check
for any benefits  Employee may have received  hereunder,  should be delivered to
Employer's  offices at 2100 RiverEdge  Parkway,  Atlanta,  Georgia 30328,  Attn:
James Potts.  For such revocation to be effective,  the notice and the cashier's
check must be received no later than 5:00 p.m. on the twenty-first  calendar day
after Employee signs this Agreement.

          25. EMPLOYEE AFFIRMS THAT EMPLOYEE HAS BEEN GIVEN A PERIOD OF AT LEAST
TWENTY-EIGHT DAYS WITHIN WHICH TO CONSIDER THIS AGREEMENT, AND THAT EMPLOYEE HAS
CAREFULLY  READ AND  REVIEWED  ALL THE TERMS AND  CONDITIONS  CONTAINED  IN THIS
AGREEMENT AND FULLY  UNDERSTANDS  THIS  AGREEMENT TO BE A RELEASE OF ALL CLAIMS,
KNOWN OR  UNKNOWN,  PRESENT OR FUTURE,  THAT  EMPLOYEE  HAS OR MAY HAVE  AGAINST
EMPLOYER  ARISING OUT OF EMPLOYEE'S  EMPLOYMENT BY EMPLOYER OR ITS  TERMINATION.
EMPLOYEE ALSO AFFIRMS THAT EMPLOYEE HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY
PRIOR TO EXECUTING  THIS  AGREEMENT AND THAT  EMPLOYEE HAS, IN FACT,  BEEN GIVEN
FULL OPPORTUNITY TO REVIEW THIS AGREEMENT WITH COUNSEL,  AND THAT EMPLOYEE SIGNS
IT  VOLUNTARILY  OF HIS OWN  VOLITION,  WITHOUT  DURESS  OR  COERCION.  EMPLOYEE
REPRESENTS THAT EMPLOYEE IS SIGNING THIS AGREEMENT  BECAUSE OF THE  COMPENSATION
TO  BE  PAID  BY  EMPLOYER  UNDER  THIS  AGREEMENT   WHICH  EXCEEDS   SEPARATION
COMPENSATION GENERALLY AVAILABLE UNDER EMPLOYER'S POLICIES.

<PAGE>

         IN WITNESS  THEREOF,  the parties have executed  this  Agreement on the
date(s) set forth below.

                                              HOMESTEAD VILLAGE INCORPORATED

                                              By  C. Ronald Blankenship

                                      Title    Interim Chairman and CEO

                                      Date     2/28/00

                                               DAVID C. DRESSLER, JR.

                                      Date     3/3/00CONSULTING AGREEMENT

         THIS  AGREEMENT is made and entered  into as of April 1, 2000,  by and
between  Homestead  Village  Incorporated (the "Company") and David C. Dressler,
Jr. (the "Consultant").

         WHEREAS the Company desires to engage the Consultant's expertise and
experience in a consulting capacity; and

         WHEREAS  the  Consultant  desires to render  services to the Company as
provided herein, under the terms and conditions set out below;

         THEREFORE,  the Company hereby engages the services of the  Consultant,
and in consideration of the mutual promises  contained herein, the parties agree
as follows:

         1. Term. The term of this Consulting  Agreement (the "Agreement") shall
be a  twelve-month  period,  beginning  on April 1, 2000 and ending on March 31,
2001. This Agreement may be terminated earlier as provided in Section 4.

         2.  Services.   The  Consultant  shall  provide  professional  services
("Services") to the Company.  Services shall consist of advice and  consultation
with   respect  to  the   marketing   and  sale  of  the   Company's   remaining
land-held-for-sale  listed on Schedule A and certain developed properties of the
Company listed on Exhibit A (collectively  the  "Properties"),  and oversight of
the  construction  of  an  expansion  of  an  existing   facility  at  Milpitas,
California,  all under the direction of C. Ronald Blankenship,  Interim Chairman
of the Company, and engaging in other projects as directed by Mr. Blankenship or
the  Company.  Such  advice  shall  include:  (a)  advice on the  pricing of the
Properties;  (b) introductions to potential  purchasers for the Properties;  (c)
introductions  to, and providing advice on, the selection of real estate brokers
to market the  Properties;  (d) advice on the terms of sale for the  Properties,
such advice to be provided during initial contract negotiations and with respect
to any amendments to the contract so negotiated; (e) advice on the acceptability
of offers received with respect to the Properties; (f) advice on any consultants
required to be retained in connection  with sale of the  Properties,  including,
without   limitation,   local   counsel,   development  or  land  use  advisors,
environmental  consultants,  soils engineers,  surveyors,  title company, escrow
agents;  (g) assistance in evaluating the performance of prospective  purchasers
of their contractual  obligations and whether to exercise any seller termination
rights under any pending  contract,  and (h) such other advice as Consultant and
the Company shall deem  appropriate in connection with the marketing and sale of
the Properties.  Notwithstanding the foregoing,  the ultimate responsibility for
making all decisions  regarding the marketing and sale of the  Properties  shall
remain with the Company and shall be subject to the approval of Mr.  Blankenship
and James C. Potts, Executive Vice President of the Company.

                  2.1.  Services  shall be performed  in a prompt and  efficient
         manner to the reasonable  satisfaction  of the Company.  The Consultant
         may provide Services at the Company's office in Atlanta, Georgia, or in
         such other Company  office as mutually  agreed,  and the Consultant may
         utilize the Company's  equipment and administrative  support located at
         that office.

                  2.2. The Consultant  shall devote such time to the performance
         of the Services under this Agreement as is reasonably  necessary to the
         satisfactory  performance thereof. The Consultant shall provide regular
         written  reports to Messrs.  Blankenship and Potts on the status of the
         marketing and sale of the Properties.

                  2.3. The Consultant  shall, in providing such Services,  abide
         by all federal and/or state laws and regulations applicable to both the
         Company and the Consultant.

<PAGE>

                  2.4. The Company  reserves the right to change the  Properties
         on Schedule A at any time during the term of this  Agreement,  provided
         that such changes  shall not result in the  Consultant  being paid less
         than the amount outlined in Section 4.

         3. Fees.  For the Services to be rendered  pursuant to this  Agreement,
the Consultant shall be paid a monthly consulting fee of $40,000 ("Monthly Fee")
(which shall be netted  against  future  Transaction  Fees  described in Section
3.1),  payable on the last day of each month. In addition to the Monthly Fee and
the Transaction Fees,  Consultant shall be entitled to receive  reimbursement of
any direct business  expenses  incurred by Consultant for the Services  provided
(e.g.,  cellular phone,  business  travel and other normal  business  expenses).
Under this  Agreement,  the Company  shall not be obligated to provide nor shall
the  Consultant  be entitled to receive any vacation,  sick leave,  or any other
benefits provided by the Company to its employees.

                  3.1.  The   Consultant   shall  be  paid  a  transaction   fee
         ("Transaction Fee") on the sale of all properties listed on Schedule A.
         It is anticipated by the parties that the "Gross  Receipts" (as defined
         below) from the sale of such Properties will be between $90 million and
         $100 million. The Consultant's  Transaction Fee will be 1% of the first
         $90 million of Gross Receipts from the sale of such Properties,  and 2%
         of  Gross  Receipts  in  excess  of $90  million  from the sale of such
         Properties. "Gross Receipts" shall mean the net sales price received by
         the Company for such  Properties,  excluding  the first 2% of the gross
         sales price paid to a third-party  broker. The Transaction Fees will be
         earned on any  Properties  which are  sold,  or under  either a binding
         agreement  for sale or a binding  letter of intent,  on or before March
         31,  2001,  and  which  close.  All  Transaction  Fees  earned  will be
         reconciled monthly and will be paid on the first day of July,  October,
         January and April during the term of this  Agreement.  Any Monthly Fees
         paid prior to payment of any Transaction Fees will be deducted from the
         Transaction Fees.

                  3.2. The Company may terminate the Agreement without Cause (as
         defined  below) at any time after  September  30, 2000,  as provided in
         Section 4. If the Company  terminates the Agreement without Cause after
         September  30,  2000,  then the  Company  will pay the  Consultant  the
         greatest of (a) $360,000,  or (b) 80% of the total  commission value of
         contracted  properties  and "bona fide  offers" (as  defined  below) on
         Properties listed on Schedule A, or (c) the unpaid Transaction Fees due
         on properties  listed on Schedule A sold or under  contract at the date
         of  termination  and which  close.  A "bona fide offer" means a written
         offer on a  designated  Property  at 100% or greater  of the  allocated
         value of that  Property  shown on Schedule A on  reasonable  commercial
         terms.  Any Monthly Fees or Transaction  Fees paid to the Consultant at
         the time of  termination  of the  Agreement  in excess of this  minimum
         amount shall be retained by the Consultant.

                  3.3. For the Services rendered pursuant to this Agreement, the
         Consultant shall be solely responsible for and pay all state,  federal,
         and local taxes  applicable  to the Monthly Fees and  Transaction  Fees
         paid.  Additionally,   for  the  Services  rendered  pursuant  to  this
         Agreement, the Company shall not be obligated to pay for any premium of
         insurance  under  which  the  Consultant  may be  entitled  to  receive
         coverage under any group  hospitalization  or medical plan or insurance
         plan or policy maintained by the Company.

                  3.4. Monthly Fees, Transaction Fees and expense reimbursements
         under this  Agreement  shall be made payable to Consultant and shall be
         mailed to  Consultant  at 1876 Beach Avenue,  Atlantic  Beach,  Florida
         32233.

         4.  Termination of Agreement.  Either party may  immediately  terminate
this  Agreement if Cause exists.  Additionally,  the  Consultant may at any time
immediately  terminate  this  Agreement upon two (2) weeks written notice to the
Company,  and after  September 30, 2000, the Company may  immediately  terminate
this Agreement upon two (2) weeks' written notice to the Consultant. If there is
any time period between the date either party gives notice of the termination of
this  Agreement and the date of termination  of this  Agreement,  the Consultant
must continue to perform Services under this Agreement, must return any files or
property belonging to the Company, must work with the Company in determining the
status  of  projects  and must  assist  the  Company  in making  any  transition
reasonably  necessary as a result of the termination of this  Agreement.  If the
Agreement is  terminated by the Company for Cause or by the  Consultant  without
Cause, the Consultant  shall be paid the Monthly Fee and any unpaid  Transaction
Fees,  net of all Monthly Fees  actually  paid,  through the end of the month in
which  termination  occurs,  and the  Company  shall  have no  further  monetary
obligations to the Consultant under the Agreement.

<PAGE>

                  4.1. As used in this Agreement, the term "Cause" is defined as
any of the following:

                  a. The Consultant's  willful  malfeasance towards the Company,
                  conviction of a felony, or commission of fraud or embezzlement
                  against the Company,  including  but not limited to any act or
                  acts  of  personal  dishonesty  taken  by the  Consultant  and
                  intended to result in the material personal  enrichment of the
                  Consultant at the expense of the Company; or

                  b.  An  act or  omission  of the  Consultant  involving  gross
                  negligence or willful misconduct, or the Consultant's material
                  misrepresentation   or  failure  to  report  to  the   Company
                  concerning   material   information   within   the   areas  of
                  Consultant's responsibilities hereunder; or

                  c. A breach by either party of any provision in this Agreement
                  after a reasonable opportunity to cure such breach.

         5. Covenant Not To Compete. The Consultant agrees that, during the term
of this Agreement,  Consultant will not, directly or indirectly,  either through
any kind of ownership or as a director,  officer, agent, employee or consultant,
engage in any business that competes with the Company.

         6.  Independent  Contractor.  The  Consultant  shall be an  independent
contractor  and not an  employee  or agent of the  Company  for  purposes of the
Services performed pursuant to this Agreement.

                  6.1.  The  Consultant  shall  have no  authority,  express  or
         implied,  to bind  the  Company  and  shall  not  hold  himself  out as
         representing  the Company in any manner,  as an employee,  agent, or in
         any other capacity, except upon the consent of the Company.

         7.  Conflict  of  Interest.  During  the  term of this  Agreement,  the
Consultant shall not use the relationship between the Consultant and the Company
in any manner that adversely  affects the Company and shall not act on behalf of
himself  or  others in any  manner  that  conflicts  with the  interests  of the
Company.

         8.  Confidential  Information.  The Consultant  understands  and agrees
that,  prior to his  engagement  as a  consultant  and  during  the term of this
Agreement,  the Consultant  has had and will have access to certain  proprietary
information  belonging to the Company,  which information  includes  information
designated as confidential by the Company and not generally known by non-Company
personnel  (all  such  information  shall  be  hereafter   referred  to  as  the
"Confidential  Information").  The Company desires to protect such  Confidential
Information  from  subsequent  use or disclosure by the  Consultant or any other
person or entity acting in concert with the  Consultant.  The Consultant  agrees
that,  during  the term of this  Agreement  and  after  the  expiration  of this
Agreement,  the Consultant shall not use Confidential  Information  belonging to
the Company for the  Consultant's own purposes or for the purposes of any person
or entity other than the Company and shall not  disclose  any such  Confidential
Information to non-Company  personnel  except as required in connection with the
Consultant's  duties under this Agreement,  without the prior written consent of
the  Company.  The  obligations  set forth in this  Section 8 shall  survive the
termination of the Consultant's consulting relationship with the Company created
by this  Agreement  and shall be fully  enforceable  by the Company at all times
thereafter.

         9. Indemnification.  The Company hereby agrees to indemnify, defend and
hold  harmless  Consultant,  from and  against any and all  expenses  (including
attorney's fees) as incurred,  judgments,  fines,  taxes,  penalties and amounts
paid in settlement  actually and reasonably incurred by Consultant in connection
with any threatened,  pending or completed action,  suit or proceeding,  whether
civil, criminal, administrative, or investigative, by reason of the fact that he
is or was a consultant to the Company or is or was serving at the request of the
Company as a consultant.

         10. Entire Agreement,  Amendment. This Agreement constitutes the entire
agreement  between  the  parties  with  respect to the  matters  covered by this
Agreement, and may not be modified or amended in any way except by a subsequent,
written agreement signed by both parties.

         11. Waiver of Breach.  The waiver by either party of any breach of this
Agreement  shall not be  deemed a waiver of any other  breach of the same or any
other provision of this Agreement.

         12.  Assignment.  Except as provided  below,  Consultant may not assign
this Agreement or any of his duties or obligations hereunder to any other person
without  the  Company's  prior  written  consent.  Consultant  may  assign  this
Agreement to any entity controlled by Consultant, provided that entity agrees to
be bound by the terms and conditions of this Agreement.

         13.  Legal  Construction.  In the  event  that  any  one or more of the
provisions  contained  in this  Agreement  shall  for any  reason  be held to be
invalid, illegal, or unenforceable in any respect, such invalidity,  illegality,
or  unenforceability  shall  not  affect  any  other  such  provisions  and this
Agreement  shall be  construed as if such  invalid,  illegal,  or  unenforceable
provision had not been contained herein.

         14.  Successors.  This Agreement shall be binding upon and inure to the
benefit of both parties, the Company's successors and assigns, as well as to the
Consultant's heirs, administrators, executors and legal representatives.

         15.  Governing  Law. The validity,  interpretation,  and effect of this
Agreement  and of any of its  respective  terms  or  provisions,  as well as the
rights and duties of the parties hereunder, shall be governed by the laws of the
State of  Georgia.  The  parties  agree that venue in an action to enforce  this
Agreement  will lie in Fulton  County,  Georgia,  and that  neither  party  will
challenge  venue if a lawsuit  to  enforce  this  Agreement  is  brought in such
county.

<PAGE>

         EXECUTED this           day of _______, 2000.

                                  HOMESTEAD VILLAGE INCORPORATED

                                   By:

                                   Name:  C. Ronald Blankenship

                                   Title: Interim Chairman and CEO

                                   CONSULTANT

                                   David C. Dressler, Jr.

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