Document:

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                                                                   EXHIBIT 10.37

                                     MASTER
                              EMPLOYMENT AGREEMENT

            THIS EMPLOYMENT AGREEMENT (this "Agreement"), is made and entered
into on this 22nd day of March, 2002, by and between JOHN T. GLOVER, an
individual resident of the State of Georgia ("Executive"), POST PROPERTIES,
INC., a Georgia corporation ("Post"), POST GP Holdings, Inc., a Georgia
corporation, as the general partner of POST APARTMENT HOMES, L.P., ("Holdings")
and Post Services, Inc., a Georgia corporation ("Services");

                              W I T N E S S E T H:

            WHEREAS, Post, Holdings and Services desire to employ Executive, and
Executive desires to be employed by Post, Holdings and Services on the terms and
conditions contained in this Agreement;

            NOW, THEREFORE, in consideration of the mutual promises and
agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Post, Holdings,
Services and Executive, intending to be legally bound, do hereby agree as
follows:

                                    Section 1

                                   Employment

            Subject to the terms of this Agreement, Post, Holdings and Services
hereby employ Executive effective as of January 1, 2002, and Executive hereby
accepts such employment with Post, Holdings and Services. Executive shall serve
as the Vice Chairman of the Boards of Directors of Post, Holdings and Services
and in such capacities shall have, and shall discharge, such duties and
responsibilities as shall be assigned to him from time to time by the Boards of
Directors of Post, Holdings, and Services, but all such duties and
responsibilities shall be no more than part-time and consultative in nature and
none of such duties and responsibilities shall require Executive to maintain a
regular work schedule or shall involve day-to-day operating duties or
responsibilities. Executive shall report to the Board of Directors of Post with
respect to his duties and responsibilities as Vice Chairman of the Board of
Post, to the Board of Directors of Holdings with respect to his duties and
responsibilities as Vice Chairman of the Board of Holdings and to the Board of
Directors of Services with respect to his duties and responsibilities as Vice
Chairman of the Board of Services. Subject to the other terms and conditions of
this Agreement, Executive, Post, Holdings

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and Services agree that Executive's compensation, accountabilities, and
requirements shall be determined by Post's Board of Directors or its
Compensation Committee (the "Committee"), in their sole discretion but after
discussion with Executive, Holdings and Services. Executive shall discharge his
duties and responsibilities as set in accordance with this Section 1 in good
faith and with such care as is customarily required by an individual undertaking
similar duties for entities similar to Post, Holdings and Services. Finally,
Executive shall have the discretion to decide at any time whether he is
performing his duties or exercising his responsibilities for Post, for Holdings
or for Services.

                                      Section 2

                             Compensation; Expenses

            2.1. Base Salary. Executive shall be paid during the Term of this
Agreement (as described in Section 3.1), a minimum base salary equal to $100,000
per annum (his "Base Salary"), which amount shall be subject to upward
adjustment, if any, in accordance with this Section 2.1. The Committee shall
review Executive's Base Salary on a regular basis and shall make such upward
adjustment as the Committee deems appropriate to ensure that his Base Salary
remains competitive. Executive's Base Salary, less all applicable withholding
taxes, shall be paid to Executive in accordance with the payroll procedures in
effect with respect to executive officers of Post but shall be apportioned
between and actually be paid on Post's payroll, Holding's payroll (or, at its
option, the payroll of Post Apartment Homes, LP ("Post LP")) and Services'
payroll as agreed upon from time to time by Post, Holdings and Services.

            2.2. Stock Options. Executive shall be eligible to receive such
grants of options to purchase Post stock or grants of restricted Post stock as
the Committee determines in its discretion to grant to Executive from time to
time.

            2.3. Expenses. Executive shall be reimbursed for all reasonable
business-related expenses incurred by Executive at the request of or on behalf
of Post, Holdings or Services, including, without limitation, first class travel
and entertainment expenses incurred in connection with the performance of
Executive's duties and responsibilities, moving expenses and his cellular and
other expenses to maintain a complete, real time communications link with Post,
Holdings and Services while he is away from his office.

            2.4. Participation in Employee Benefit Plans.

            (a) General. Executive shall be entitled to participate in such
      medical, dental, disability, hospitalization, life insurance, profit
      sharing and other employee benefit plans as maintained from time to time
      for the benefit of executive officers of Post, Holdings and Services, on
      the terms and subject to the conditions set forth in such plans. However,
      if Post, Holdings and Services each maintain the same plan, the benefits
      available under such plan shall not exceed the benefit

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      which would have been available if Post, Holdings and Services were one
      and the same company.

            (b) Life Insurance. Post, Holdings and Services collectively will
      provide Executive with a split dollar life insurance program up to
      $15,000,000 on terms and conditions to be agreed upon by Post and
      Executive.

            (c) Annual Physical. Post, Holdings and Services will reimburse
      Executive for a comprehensive physical examination on an annual basis.
      Post, Holdings and Services require that Executive have such an
      examination at least every other year.

            2.5. Miscellaneous Perquisites.

            (a) Luncheon/Athletic Club. Post, Holdings and Services collectively
      shall reimburse Executive for monthly dues for one luncheon or athletic
      club.

            (b) Luxury Car. Post, Holdings and Services collectively shall
      reimburse Executive for the rental and operation of a luxury automobile,
      including lease payments, insurance, maintenance, ad valorem and use
      taxes, and operating expenses.

            (c) Office. Post, Holdings and Services collectively shall provide
      Executive with an office at 4401 Northside Parkway, Suite 110, Atlanta,
      Georgia, and all related equipment and services, including secretarial,
      bookkeeping and other support services, and operate and maintain such
      office during such hours (including hours on weekends and holidays) as
      Executive shall request, commensurate in all respects with the office,
      equipment and services provided to Executive on the date of this Agreement
      and, further, shall continue to provide and maintain commensurate mobile
      and home office equipment to and for Executive, including computers,
      telephones, home security systems, and related ancillary equipment such as
      printers, modems, fax machines, and pagers to enable Executive to perform
      his duties and responsibilities remotely and otherwise from his primary
      residence and each other residence owned and used as a secondary residence
      by Executive.

            (d) Personal Financial Counseling. Post, Holdings and Services
      collectively shall reimburse Executive for all reasonable costs associated
      with retaining a personal financial counselor, up to an annual amount of
      $50,000, to provide such advice and services, including tax advice and tax
      return preparation services, to and on behalf of Executive as customarily
      provided by personal financial counselors.

            (e) Company Airplane. Post, Holdings and Services shall make
      available to Executive each calendar year for his business and personal
      use a Citation VII for 50 hours, a Falcon 2000 for 25 hours and a King Air
      B200 for 25

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      hours or shall make such aircraft available for such other number of hours
      or shall make such other types of aircraft available for such other number
      of hours as agreed upon from time to time by Post and Executive; provided,
      however, no hours used by Executive before February 1, 2002 shall count
      against Executive's use limits for 2002. Any personal use of an aircraft
      pursuant to this Section 2.5(e) shall be subject to the applicable tax
      rules for personal use.

            (f) Household Help. Post, Holdings and Services shall continue to
      make available employees to perform household and other services at
      Executive's residence on the same basis as employees are made available on
      the date of this Agreement subject to Executive continuing to reimburse
      Post, Holdings and Services for such services in accordance with the
      reimbursement procedures in effect on the date of this Agreement.

            (g) Legal Fees. Post, Holdings and Services shall pay Executive's
      reasonable legal fees and expenses which he incurs in connection with the
      negotiation of this Agreement.

            (h) Rule 10b5-1 Plan. Post consistent with Post's insider trading
      policies shall take such action as necessary or appropriate to assist
      Executive if Executive seeks to implement a "plan" under Rule 10b5-1 of
      the Securities Exchange Act of 1934, as amended, to sell Post common stock
      or other securities issued by Post.

            (i) Health Benefits. Post shall make available to Executive after
      his termination of employment (for any reason) for his lifetime and, if he
      has a spouse at his death, to her for her lifetime, coverage under the
      group health plan in which Posts' senior executives continue to
      participate or, if such coverage can not reasonably be effected under the
      terms of such plan, shall reimburse Executive and such surviving spouse
      for their medical expenses to the same extent such expenses would have
      been reimbursed under the terms of such plan, all subject to the condition
      that (1) Executive pays Post for such coverage on the same basis as a
      former employee pays for such coverage and his surviving spouse, if any,
      pays for such coverage on the same basis that the surviving spouse of a
      former employees pays for such coverage and (2) Executive's employment not
      be terminated "For Cause" under Section 3.3(e).

            (j) East Lake Golf Club. Executive shall be Post's designated member
      at the East Lake Golf Club.

            2.6. Allocation. Post, Holdings and Services shall allocate the
payments and benefits called for under this Agreement between themselves as
Post, Holdings and Services deem reasonable and appropriate and, further, may
(as between themselves) designate one company to make all such payments (except
with respect to Base Salary under Section 2.1) and provide all such benefits to
Executive. However, Executive may (except with respect to Base Salary under
Section 2.1) look to either Post,

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Holdings or Services for 100% of the payments and benefits called for under this
Agreement if at any time there is any failure by Post, Holdings or Services to
make any payment or provide any benefit called for under this Agreement.

                                     Section 3.

                               Term of Employment

            3.1. Term of Employment. Unless earlier terminated in accordance
with Section 3.3 of this Agreement, the employment of Executive under this
Agreement shall commence as of January 1, 2002 and shall continue until May 30,
2016 (the "Term").

            3.2. Termination of Prior Employment Agreement. Executive's
Employment Agreement with Post, Holdings and Services entered into on June
1,1998 and as thereafter amended will terminate as of January 1, 2002, but
Executive's Noncompetition Agreement with Post, Holdings and Services, entered
into as of July 22, 1993, shall not be affected by this Agreement and shall
continue in full force and effect. Such Noncompetition Agreement and any
successor to such agreement shall be referred to in this Agreement as the
"Noncompetition Agreement."

            3.3. Termination. Executive's employment under this Agreement may be
terminated as follows:

            (a) by Executive at any time if

                  (i) Executive is relieved of his title as Vice Chairman of the
            Board of Directors of Post, Holdings or Services without his
            consent,

                  (ii) Executive is assigned duties or responsibilities which
            are outside the scope of the duties and responsibilities described
            in Section 1 without his consent,

                  (iii) there is a material decrease in the value of Executive's
            compensation and benefits package without his consent, or

                  (iv) Post, Holdings, Services or Post LP accelerates the date
            for repayment of any indebtedness owed by Executive to Post,
            Holdings, Services or Post LP without Executive's consent,

            in which event his benefits under this Agreement shall be determined
            under Section 4.1;

            (b) by Executive for any reason during the one (1) year period which
      starts on the Effective Date of a Change in Control, where

                  (i) the term "Change in Control" shall mean

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                        (1) a "change in control" of Post of a nature that would
                  be required to be reported in response to Item 6(e) of
                  Schedule 14A for a proxy statement filed under Section 14(a)
                  of the Securities Exchange Act of 1934, as amended, or
                  "Exchange Act," as in effect on the date of this Agreement,

                        (2) a "person" (as that term is used in 14(d)(2) of the
                  Exchange Act) becomes the beneficial owner (as defined in Rule
                  13d-3 under the Exchange Act) directly or indirectly of
                  securities representing 45% or more of the combined voting
                  power for election of directors of the then outstanding
                  securities of Post,

                        (3) the individuals who at the beginning of any period
                  of two consecutive years or less (starting on or after the
                  date of this Agreement) constitute Post's Board of Directors
                  cease for any reason during such period to constitute at least
                  a majority of Post's Board of Directors, unless the election
                  or nomination for election of each new member of Post's Board
                  of Directors was approved by vote of at least two-thirds of
                  the members of such Board of Directors then still in office
                  who were members of such Board of Directors at the beginning
                  of such period,

                        (4) the shareholders of Post approve any reorganization,
                  merger, consolidation or share exchange as a result of which
                  the common stock of Post shall be changed, converted or
                  exchanged into or for securities of another organization
                  (other than a merger with a Post affiliate or a wholly-owned
                  subsidiary of Post) or any dissolution or liquidation of Post
                  or any sale or the disposition of 50% or more of the assets or
                  business of Post, or

                        (5) the shareholders of Post approve any reorganization,
                  merger, consolidation or share exchange with another
                  corporation unless (A) the persons who were the beneficial
                  owners of the outstanding shares of the common stock of Post
                  immediately before the consummation of such transaction
                  beneficially own more than 60% of the outstanding shares of
                  the common stock of the successor or survivor corporation in
                  such transaction immediately following the consummation of
                  such transaction and (B) the number of shares of the common
                  stock of such successor or survivor corporation beneficially
                  owned by the persons described in Section 3.3(b)(i)(5)(A)
                  immediately following the consummation of such transaction is
                  beneficially owned by each such person in substantially the
                  same proportion that each such person had beneficially owned
                  shares of Post common stock immediately before the
                  consummation of such transaction, provided (C) the

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                  percentage described in Section 3.3(b)(i)(5)(A) of the
                  beneficially owned shares of the successor or survivor
                  corporation and the number described in Section
                  3.3(b)(i)(5)(B) of the beneficially owned shares of the
                  successor or survivor corporation shall be determined
                  exclusively by reference to the shares of the successor or
                  survivor corporation which result from the beneficial
                  ownership of shares of common stock of Post by the persons
                  described in Section 3.3(b)(i)(5)(A) immediately before the
                  consummation of such transaction, and

                  (ii) the term "Effective Date" shall mean the date which
            includes the "closing" of the transaction which makes a Change in
            Control effective if the Change in Control is made effective through
            a transaction which has a "closing" or the date a Change in Control
            is reported in accordance with applicable law as effective to the
            Securities and Exchange Commission if the Change in Control is made
            effective other than through a transaction which has a "closing",

      in which event his benefits under this Agreement shall be determined
      under Section 4.1;

            (c) by Post (other than under Section 3.3(e)), in which event his
      benefits under this Agreement shall be determined under Section 4.1;

            (d) by Executive's death, in which event his benefits under this
      Agreement shall be determined under Section 4.2; or

            (e) by Post "For Cause" if

                  (i) Executive is convicted of, pleads guilty to, or confesses
            to any felony or any act of fraud, misappropriation or embezzlement
            which has an immediate and materially adverse effect on Post,
            Holdings, Services, Post LP or any of their direct or indirect
            subsidiaries, as determined by Post's Board of Directors in good
            faith,

                  (ii) Executive engages in a fraudulent act to the material
            damage or prejudice of Post, Holdings, Services, Post LP or any of
            their direct or indirect subsidiaries or in conduct or activities
            materially damaging to the property, business or reputation of Post,
            Holdings, Services, Post LP, or any of their direct or indirect
            subsidiaries, all as determined by Post's Board of Directors in good
            faith,

                  (iii) there is any material act or omission by Executive
            involving malfeasance or negligence in the performance of
            Executive's duties to Post, Holdings or Services to the material
            detriment of Post, Holdings, Services or Post LP, as determined by
            Post's Board of Directors in good

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            faith, which has not been corrected by Executive within thirty (30)
            days after written notice from Post of any such act or omission,

                  (iv) Executive fails to comply in any material respect with
            the terms of this Agreement or any other written agreement with
            Post, Holdings, Services, Post LP or any of their direct or indirect
            subsidiaries or any written policies or directives of Post's Board
            of Directors as determined by Post's Board of Directors in good
            faith, which has not been corrected by Executive within thirty (30)
            days after written notice from Post of such failure, or

                  (v) Executive breaches any of the covenants set forth in the
            Noncompetition Agreement,

      in which event Executive's benefits under this Agreement shall be
      determined under Section 4.3.

                                      Section 4

                              Result of Termination

            4.1. General Rule. If Executive's employment under this Agreement is
terminated under Section 3.3(a), Section 3.3(b) or Section 3.3(c), then

            (a) Executive shall be entitled to continue to receive his then Base
      Salary until the end of the Term (as determined without regard to his
      termination of employment) or until he dies, whichever comes first;

            (b) Executive's unvested stock options, if any, shall fully vest and
      the restrictions on his restricted stock grants, if any, shall lapse on
      the effective date of such termination;

            (c) Executive shall be entitled to continue to receive all the
      perquisites, benefits, services and equipment described in Section 2.4 and
      Section 2.5 of this Agreement until the end of the Term (as determined
      without regard to his termination of employment) or until he dies,
      whichever comes first, or subject to Executive's consent, the cash
      equivalent of such perquisites, benefits, services and equipment, such
      cash equivalent to be agreed upon by Post and Executive as a condition to
      such consent; provided, if Executive dies after his employment terminates
      but before the end of the Term (as determined without regard to such
      termination of employment), suitable office space at 4401 Northside
      Parkway, Atlanta, Georgia and related equipment and services, including
      secretarial, bookkeeping and other support services, shall be made
      available at no expense for the benefit of his estate for no less than the
      six (6) month period which starts on the date of his death;

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            (d) Executive shall receive all the perquisites and benefits to
      which he has a right to receive independent of this Agreement under the
      terms and conditions of the plans and programs under which such
      perquisites and benefits were granted to Executive; and

            (e) the group health plan coverage described in Section 2.5(i) shall
      remain available in accordance with the terms of Section 2.5(i).

            4.2. Termination as a Result of Death. If Executive's employment
under this Agreement is terminated as a result of his death, then,

            (a) Executive (or at his death, his designated beneficiary, if any,
      or if none, his surviving spouse or, if none, his estate) shall be
      entitled to receive (i) any Base Salary which may be owed to Executive but
      which is unpaid as of the effective date of such termination and (ii) a
      severance payment equal to his Base Salary for such calendar year;

            (b) Executive's unvested stock options shall fully vest on the
      effective date of such termination;

            (c) all Executive's perquisites and benefits called for exclusively
      under the terms of this Agreement shall terminate as of the effective date
      of such termination except (i) the group health plan coverage described in
      Section 2.5(i), shall remain available in accordance with the terms of
      Section 2.5(i) and (ii) Post shall make available suitable office space at
      4401 Northside Parkway, Atlanta, Georgia and related equipment and
      services, including secretarial, bookkeeping and other support services,
      at no expense for the benefit of Executive's estate for no less than the
      six (6) month period which starts on Executive's date of death; and

            (d) all of Executive's perquisites and benefits to which he has a
      right independent of this Agreement shall remain in effect, if at all,
      exclusively under the terms and conditions of the plans and programs under
      which such perquisites and benefits were granted to Executive.

            4.3 For Cause. If Post terminates Executive's employment "For Cause"
(as defined in Section 3.3(e)), Executive shall not thereafter be entitled to
receive any Base Salary for periods following the effective date of such
termination; provided, however, that Executive shall be entitled to receive any
Base Salary which may be owed to Executive but is unpaid as of the effective
date of such termination. All Executive's perquisites and benefits called for
exclusively under the terms of this Agreement shall terminate as of the
effective date of such termination. All Executive's perquisites and benefits,
including stock options, to which Executive has a right independent of this
Agreement shall remain in effect, if at all, exclusively under the terms and
conditions of the plans and programs under which such perquisites and benefits
were granted to Executive.

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            4.4 Employee Benefit Plans and Incentive Compensation and Other
Compensatory Arrangements. In addition to the benefits described in Section 4.1,
Section 4.2 and Section 4.3, Executive shall upon Executive's termination of
employment be eligible for such other benefits as may be payable to Executive
under any employee benefit plan then in force.

                                     Section 5.

                                Change In Control

            5.1. General Rule. Subject to Section 3.3(b), Section 5.3 andSection
5.4, no Change in Control or any other change in the control, ownership,
operations or assets of Post shall have any effect whatsoever on Post's
obligations under this Agreement.

            5.2 Definitions.

            (a) Code. The term "Code" for purposes of this Agreement shall mean
            the Internal Revenue Code of 1986, as amended.

            (b) Gross Up Payment. The term "Gross Up Payment" for purposes of
            this Section 5 shall mean a payment to or on behalf of Executive
            which shall be sufficient to pay (a) any excise tax described in
            Section 5.3 in full, (b) any federal, state and local income tax and
            social security and other employment tax on the payment made to pay
            such excise tax as well as any excise and other additional taxes on
            such payment, (c) any interest or penalties assessed by the Internal
            Revenue Service on Executive which are related to the payment of
            such excise tax unless such interest or penalties are attributable
            to Executive's willful misconduct or gross negligence and (d) any
            federal, state and local income tax and social security tax and
            other employment tax on the payment made to pay such interest or
            penalties as well as any excise and additional taxes on such
            payment.

            5.3. Tax Protection. If Post or Post's independent accountants
determine that any payments and benefits called for under this Agreement
together with any other payments and benefits made available to Executive by
Post or a Post affiliate will result in Executive being subject to an excise tax
under Section 4999 of the Code (or any successor provision thereof) or if such
an excise tax is assessed against Executive as a result of any such payments and
other benefits, Post shall make a Gross Up Payment to or on behalf of Executive
as and when any such determination or assessment is made, provided Executive
takes such action (other than waiving Executive's right to any payments or
benefits in excess of the payments or benefits which Executive has expressly
agreed to waive under this Section 5.3) as Post reasonably requests under the
circumstances to mitigate or challenge such tax; provided, however, if Post or
Post's independent accountants make such a determination and, further, determine
that Executive will not be subject to any such excise tax if Executive waives
Executive's right to receive a part of such payments or benefits and such part
does not exceed $25,000, Executive shall irrevocably waive Executive's right

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to receive such part if an independent accountant or lawyer retained by
Executive and paid by Post agrees with the determination made by Post or Post's
independent accountants with respect to the effect of such reduction in payments
or benefits. Any determinations under this Section 5.3 shall be made in
accordance with Section 280G of the Code, including any successor provision
thereof, and any applicable related regulations (whether proposed, temporary or
final) and any related Internal Revenue Service rulings and any related case law
and, if Post reasonably requests that Executive take action to mitigate or
challenge, or to mitigate and challenge, any such tax or assessment (other than
waiving Executive's right to any payments or benefits in excess of the payments
or benefits which Executive has expressly agreed to waive under this Section
5.3) and Executive complies with such request, Post shall provide Executive with
such information and such expert advice and assistance from Post's independent
accountants, lawyers and other advisors as Executive may reasonably request and
shall pay for all expenses incurred in effecting such compliance and any related
fines, penalties, interest and other assessments.

            5.4. Attorneys Fees. If any action at law or in equity is necessary
for Executive to enforce or interpret the terms of this Section 5, Post shall
pay Executive's reasonable attorneys' fees and other reasonable expenses
incurred with respect to such action.

                                   Section 6.

                                  Miscellaneous

            6.1. Binding Effect. This Agreement shall inure to the benefit of
and shall be binding upon Executive and his executor, administrator, heirs,
personal representative and assigns, and upon Post, Holdings and Services and
their successors and assigns; provided, however, that Executive shall not be
entitled to assign or delegate any of his rights or obligations hereunder
without the prior written consent of Post, Holdings and Services.

            6.2. Construction of Agreement. No provision of this Agreement or
any related document shall be construed against or interpreted to the
disadvantage of any party hereto by any court or other governmental or judicial
authority by reason of such party having or being deemed to have structured or
drafted such provision.

            6.3. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Georgia.

            6.4. Survival of Agreements. All covenants and agreements made
herein shall survive the execution and delivery of this Agreement and the
termination of Executive's employment hereunder for any reason.

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            6.5. Headings and References. The section headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. All references to sections
(Section) shall be to sections (Section) of this Agreement unless otherwise
expressly stated.

            6.6. Notices. All notices, requests, consents and other
communications hereunder shall be in writing and shall be deemed to be given
when delivered personally or mailed first class, registered or certified mail,
postage prepaid, in either case, addressed as follows:

            (a)      to Executive:

                     Mr. John T. Glover
                     1888 Garraux Road, N.W.
                     Atlanta, Georgia 30327

                     With a copy to:

                     Mr. Edward J. Hardin
                     Rogers & Hardin
                     2700 International Tower
                     229 Peachtree Street
                     Atlanta, Georgia 30303

            (b)      If to Post, Holdings or Services:

                     Post Properties, Inc.
                     One Riverside
                     4401 Northside Parkway
                     Suite 800
                     Atlanta, Georgia 30327

                     with a copy to:

                     Mr. Herschel M. Bloom
                     King & Spalding
                     191 Peachtree Street
                     Atlanta, Georgia 30303-1763

            6.7. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

            6.8. Entire Agreement. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and upon the
Effective Date, will supersede and replace all prior agreements, written and
oral,

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between the parties hereto or with respect to the subject matter hereof. This
Agreement may be modified only by a written instrument signed by each party
hereto.

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

                                                     POST PROPERTIES, INC.

                                                     By: /s/ David P. Stockert
                                                        ________________________

                                                     Title: President
                                                           _____________________

                                                     POST GP HOLDINGS, INC.

                                                     By: /s/ David P. Stockert
                                                        ________________________

                                                     Title: President
                                                           _____________________

                                                     POST SERVICES, INC.

                                                     By: /s/ David P. Stockert
                                                        ________________________

                                                     Title: President
                                                           _____________________

                                                     EXECUTIVE

                                                     /s/ John T. Glover
                                                     ___________________________
                                                     John T. Glover

                                      -13-<PAGE>
                                                                   EXHIBIT 10.67

                                CONTRACT OF SALE

         This Contract of Sale ("Contract") is entered into between BRUNNER
COMPANIES INCOME PROPERTIES L.P.I, whose address is 3632 Wheeler Road,
Augusta, Georgia, 30909 ("Seller") and JOSEPH L. TAMSBERG, JR., whose address
is 126 Meeting Street, Charleston, South Carolina, 29401 ("Buyer").

                                   ARTICLE I
                         AGREEMENT OF PURCHASE AND SALE

         Upon the terms and conditions hereinafter stated, Seller agrees to
sell, transfer and assign to Buyer, and Buyer agrees to purchase and accept from
Seller on and subject to the terms and conditions set forth in this Contract,
the tract of land containing approximately 5.07 acres, more or less, as situated
at 1045 N. Fraser Street, Georgetown, Georgetown County, South Carolina, as
described on EXHIBIT A, together with all buildings, rights and appurtenances
pertaining to such property and leases of all or any portion of the property
(all of which will be hereinafter collectively referred to as the "Property").

                                   ARTICLE II
                                 PURCHASE PRICE

         2.1  Purchase Price.  The Purchase Price (herein so called) to be paid
by Buyer to Seller for the Property shall be ONE MILLION SEVEN HUNDRED AND
SEVENTY-FIVE THOUSAND AND NO/100 DOLLARS ($1,775,000.00), payable in cash at
Closing.

         2.2  Earnest Money.  On the date of this Contract, Buyer shall deliver
to Hull, Towill Norman Barrett & Salley, attorneys for the Seller, the Earnest
Money (herein so called) in the amount of Twenty-Five Thousand & 00/100
($25,000.00). If the purchase and sale hereunder is consummated in accordance
with the terms and provisions hereof, the Earnest Money shall be paid to Buyer
at the Closing. In the event of Buyer's default, the Earnest Money shall be
paid to Seller.

         2.4  Payment of Purchase Price.  The Purchase Price shall be payable
at Closing in cash or wired funds to Seller.

                                  ARTICLE III
                   REPRESENTATIONS, WARRANTIES AND COVENANTS

         3.1  Seller's Representations, Warranties and Covenants.  In order to
induce Buyer to enter into this Contract, Seller represents and warrants to
Buyer, to the best of Seller's knowledge, without inquiry, that as of the date
of this Contract and the Closing Date:

                  (a)  There is no pending or threatened litigation,
condemnation or similar proceeding affecting the Property or any part thereof,
nor to the best knowledge and belief of Seller is any such proceeding or
assessment contemplated by any governmental authority;

                  (b)  There are no unpaid charges, costs, or expenses for
improvements in, on, or upon the Property which might form the basis for a
claim for or affixation of any type of mechanics,

                                       1

<PAGE>
materialman's, laborer's artisan's, or other statutory lien; and

         (c)      There are no parties in possession of any portion of the
Property as lessees, tenants at sufferance, licensees, or trespassers and no
person or entity has any right or option to lease, purchase, occupy, or possess
all or any part of the Property or any interest therein, except as listed in
EXHIBIT "B".

         (d)      The Property is not used and has not been used for the
generation, manufacture storage or disposal of any Hazardous Materials.
"Hazardous Materials" shall mean any substance which is or contains (i) any
"hazardous substance" as now or hereafter defined in the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended (42
U.S.C. 9601 et seq.) ("CERCLA") or any regulations promulgated under or
pursuant to CERCLA; (ii) any "hazardous waste" as now or hereafter defined in
the Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.)
("RCRA"); (iii) any substance regulated by the Toxic Substances Control Act (15
U.S.C. Section 2601 et seq.); (iv) gasoline, diesel fuel, or other petroleum
hydrocarbons; (v) asbestos and asbestos containing materials, in any form,
whether friable or nonfriable; (vi) radon gas; and (vii) any additional
substances or materials which are now or hereafter classified or considered
to be hazardous or toxic under Environmental Requirements (as defined
hereinafter) or the common law, or any other applicable laws relating to the
Property. Hazardous Materials shall include, without limitation, any substance,
the presence of which on the Property, (A) require reporting, investigation or
remediation under Environmental Requirements; (B) causes or threatens to cause
a nuisance on the Property or threatens to pose a hazard to the health or
safety of persons on the Property; or (C) which, if it emanated or migrated
from the Property, could constitute a trespass. "Environmental Requirements"
shall mean all laws, ordinances, statutes, codes, rules, regulations,
agreements, judgments, orders and decrees, now or hereafter enacted,
promulgated, or amended, of the United States, the states, the counties, the
cities, or any other political subdivision, agency, or instrumentality
exercising jurisdiction over the owner of the Property, the Property, or the
use of the Property, relating to pollution, the protection or regulation of
human health, natural resources, to the environment, or the emission,
discharge, release of threatened release of pollutants, contaminants,
chemicals, or industrial, toxic or hazardous substances or waste or Hazardous
Materials into the environment (including without limitation, ambient air,
surface water, ground water or land or soil.

         (e)      Seller is not aware of any structural or latent defects in
the building or its systems and further represents that it has not knowingly
withheld from Buyer information relating to any material defects in the
property.

     3.2 Survival.  These representations, warranties and covenants shall
survive the Closing for a period of six months.

                                   ARTICLE IV
                                TITLE AND SURVEY

     4.1 Survey.  Buyer may, at Buyer's sole cost and expense, cause to be
prepared and furnished to Buyer a current plat of survey ("Survey") of the
Property, prepared by a duly licensed South Carolina land surveyor
("Surveyor"). Upon approval of the survey by Seller, the metes and bounds
description of the Property as reflected in the Survey shall be substituted for
the description set forth in EXHIBIT A attached hereto, and the legal
description contained in the Deed to be delivered by Seller to Buyer at the
Closing.

     4.2 Commitment.  Buyer may, at Buyer's sole cost and expense, obtain a
Commitment for Owner's Title Policy ("Commitment") issued by a title insurance
company of Buyer's choosing (the "Title Company") setting forth the state of
title to the Property and all exceptions, including easements, restrictions,
rights-of-way, covenants, reservations, and other conditions, if any, affecting

                                       2
<PAGE>
the Property which would appear in an Owner's Title Policy, if issued.

         4.3      Survey and Commitment; Seller's Obligation to Cure Buyer's
Objections. In the event any exceptions appear in such Commitment or Survey that
adversely affect marketability of title, then Buyer shall, by February 1, 2002,
notify Seller in writing of such fact. Buyer shall include in such notification
to Seller a copy of the Commitment, together with copies of the title documents
pertinent to Buyer's objection. Seller may, at its option, eliminate or modify
such unacceptable exceptions to the reasonable satisfaction of Buyer. If Seller
is unable or unwilling to cure such objections within ten (10) days after
Seller's receipt of Buyer's objections, Buyer may (a) terminate this Contract by
notice in writing to Seller and receive an immediate refund of the Earnest
Money; (b) accept such title as Seller can deliver; or (c) at Seller's request,
extend the time for Seller to cure such objections. Any exceptions to title to
which Buyer does not object within such period or to which Buyer objects but are
uncured by Seller but subsequently accepted in writing by Buyer, shall be deemed
to be "Permitted Exceptions".

         4.4      Due Diligence. In the event Buyer's due diligence reveals
anything unsatisfactory, Buyer may terminate this Contract on or before February
1, 2002. If Buyer elects to terminate the Contract under this section, Buyer
must notify Seller in writing by no later than February 1, 2002. Upon timely
receipt of Notice from Buyer, escrow agent shall return the Earnest Money to
Buyer, and neither party shall have any further obligation or liability to the
other party hereunder.

                                   ARTICLE V
                                     LEASES

         5.1      Leases. The Seller will provide to the Buyer a tenant list and
copies of all leases now in effect with respect to the property, including all
amendments or extensions. Estoppel certificates from the Tenants shall be
provided by Seller to Buyer.

         5.2      Representation as to Leases. The Seller represents and
warrants that:

                  (a)      no tenant has an option or right of first refusal to
                  purchase the property;

                  (b)      no tenant is entitled to rental concessions or
                  abatements or tenant improvement work at the landlord's
                  expense for any period after the scheduled date of the
                  closing;

                  (c)      the seller has not sent written notice to any tenant
                  claiming that such tenant is in default and have not received
                  any written notice from any tenant claiming that landlord is
                  in default, which default remains uncured;

                  (d)      no action or proceeding has been instituted against
                  Seller by any tenant of the property;

                  (e)      all security deposits will be delivered by the Seller
                  to the Buyer at closing; and the representations in this
                  Article V shall survive closing.

                                   ARTICLE VI
                                    CLOSING

         6.1      Date and Place of Closing. The Closing (herein so called)
shall take place at the offices of Buyer's attorney or Title Company by
overnight delivery of closing documents. The Closing Date (herein so called)
shall be February 15, 2002; provided, however, Buyer may designate an earlier
date for Closing by written notice delivered to Seller.

         6.2      Items to be Delivered at the Closing.

                  (a)      By Seller. At Closing, Seller shall deliver to Buyer,
at Seller's sole cost and expense, each of the following items:

                           (i)      A special warranty deed ("Deed"), duly
executed and acknowledged by Seller, and in form for recording, conveying good
and marketable, fee simple title to the Property

                                       3
<PAGE>

to Buyer, subject only to the Permitted Exceptions; and

                  (ii)     Evidence reasonably satisfactory to the Title Company
and Buyer of Seller's authority to consummate this transaction.

         (b)      By Buyer.

                  (i)      At Closing, Buyer shall deliver to Seller the
Purchase Price in the form of cash or wired funds;

         6.3      Possession. Possession of the Property shall be delivered to
Buyer by Seller at Closing, subject only to the Permitted Exceptions.

                                  ARTICLE VII
                                   PRORATIONS

         Seller and Buyer shall each pay their respective attorney's fees.
Buyer shall pay all recording fees, closing fees, cost of the commitment and
survey, etc. Seller shall pay the transfer tax. Real Estate taxes for the then
current year shall be prorated at the Closing Date effective as of the Closing
Date. If the Closing Date occurs before the tax rates fixed for the then
current year, the apportionment of taxes shall be on the basis of the tax rate
for the preceding year applied to the latest assessed valuation. If the final
tax rate or assessment for the year of closing for the Property is different
than that upon which the proration at closing was made, Seller and Buyer agree
to adjust the proration at such time as the actual taxes for the Property are
known. Seller shall be solely responsible for any taxes and assessments
attributable to the Property for any period prior to the Closing Date. The
agreements in this paragraph shall survive the Closing. Rental shall be prorated
effective as of the Closing Date. Common area maintenance (CAM) expenses shall
be reconciled effective as of the Closing Date and all unspent prepaid CAM funds
shall be delivered to Buyer by Seller.

                                  ARTICLE VIII
                       TERMINATION; DEFAULTS AND REMEDIES

         8.1      Buyer's Termination. If Seller is unable to convey title to
the Property in accordance with Paragraph 5.2 hereof, if there has occurred a
breach of any of Seller's representations, warranties, and/or covenants, or if
any of the Conditions Precedent to Buyer's Performance specified herein have
not been satisfied or waived by Buyer, Buyer may, at Buyer's option, terminate
this Contract by written notice forwarded to Seller prior to the Closing Date
or delivered to Seller on the Closing Date or earlier date as specified in this
Contract for such notice of termination. If Buyer elects to terminate this
Contract prior to February 1, 2002 for any reason or thereafter pursuant to a
right to do so expressly given to Buyer in this Article VII, escrow agent shall
return the Earnest Money to Buyer, and neither party shall have any further
obligation or liability to the other party hereunder.

         8.2      Seller's Default: Buyer's Remedies. If Seller fails to
consummate this Contract for any reason (other than Buyer's default or a
termination of this Contract by Seller or Buyer pursuant to a right to do so
expressly provided for in this Contract), Buyer may at its option elect either
of the following remedies: (a) enforce the specific performance of this
Contract; or (b) terminate this Contract and receive a refund of the Earnest
Money. Seller and Buyer expressly agree that Buyer shall be entitled to
specific performance hereof, although Seller has waived such right of specific
performance hereof against Buyer.

                                       4
<PAGE>
         8.3      Buyer's Default; Seller's Remedy. If Buyer fails or refuses
to perform its obligations under this Contract for any reason (other than
Seller's default or a termination of this Contract by Seller or Buyer pursuant
to a right to do so expressly provided for in this Contract), the Earnest Money
and all accrued interest shall be paid to Seller, and Seller shall be entitled
to damages as may be determined by any court having jurisdiction.

                                   ARTICLE IX
                                  RISK OF LOSS

         9.1      The risk of loss by the taking of the Premises or any part
thereof by eminent domain (or by deed in lieu thereof), shall be assumed solely
by Seller until Closing.

         9.2      In the event of a taking of any portion of the Premises or a
taking affecting access thereto, Buyer shall have the right, at its option and
prior to the Closing, to either (a) terminate this Contract by giving Seller
written notice to such effect, in which event the Deposits shall be refunded to
Buyer and this Contract shall thereafter be of no further force or effect, or
(b) proceed to Closing, whereupon Seller shall proceed to Closing pursuant to
Section 5.1, in which event Buyer shall be entitled to receive and condemnation
award allowed.

                                   ARTICLE X
                            MISCELLANEOUS PROVISIONS

         10.1     Conditions Precedent to Buyer's Performance: Right to
Inspect. Buyer shall not be obligated to perform under this Contract and may
terminate this Contract and receive an immediate refund of the Deposits unless
Seller shall have performed all of Seller's obligations under this Contract and
through the Closing Date, all of Seller's representations and warranties are
true and correct.

         10.2     Indemnification. Buyer agrees to indemnify, defend, and hold
Seller and its owners (collectively with Seller, the "Selling Parties")
harmless from and against the amount of any compensatory, punitive or other
damage, loss, cost or expense (including but not limited to reasonable
attorneys' fees and expenses, litigation expenses, court costs and settlement
costs) to the Seller occasioned or caused by, resulting from, or arising out of
Buyer's appraisal, inspection or assessment of the Property in relation to
Buyer's due diligence. For purposes of this Section, the term "Buyer" shall be
deemed to include the agents and employees of Buyer.

         10.3     Buyer's Waiver of Conditions Precedent: Conditions Precedent
Satisfied. Buyer may, at Buyer's sole option, waive any of the Conditions
Precedent to Buyer's Performance specified in Section 9.1 above by giving
written notice to Seller at any time on or before the Closing Date or earlier
date specified for such condition precedent. Buyer shall be deemed to be
satisfied with the Conditions Precedent to Buyer's Performance specified in
Section 9.1 hereof unless Seller has received from Buyer within the applicable
time period for such condition precedent written notice stating that such
condition precedent has not been satisfied and that Buyer is terminating this
Contract.

         10.4     Broker's Commission. Seller and Buyer hereby agree and
acknowledge that a third party real estate broker is involved in this
transaction. Seller and Buyer each agree and acknowledge that a brokerage
commission or finder's fee will be paid to C.B. Richard Ellis ("Broker") at
Closing pursuant to a separate agreement. Seller and Buyer hereby agree and
acknowledge there are no claims for broker's commissions or finder's fees,
other than of Broker, in connection with the execution and delivery of this
Contract. Seller and Buyer each agree to

                                       5

<PAGE>
indemnify the other against and hold each party harmless from all liabilities
arising from a breach of the representation and warranty made by such party
herein, including without limitation, attorney's fees and related court costs.

         10.5  Notice.  Any notice, approval, waiver, objection or other
communication (for convenience, "notice") required or permitted to be given
hereunder or given in regard to this Contract by one party to the other shall
be in writing and the same shall be given and be deemed to have been served and
given upon receipt of refusal of delivery (a) when delivered in person to the
address set forth hereinafter for the party to whom notice is given; (b) except
where actual receipt is specified in this Contract, when placed in the United
States mail, postage prepaid, by Certified Mail, Return Receipt Requested,
addressed to the party at the address hereinafter specified; or (c) by national
overnight delivery company such as Federal Express. Any party may change its
address for notices by notice theretofore given in accordance with this Section
and shall be deemed effective only when actually received by the other party.

               If to Seller:   BRUNNER COMPANIES INCOME PROPERTIES L.P. I
                               3632 Wheeler Road,
                               Augusta, Georgia 30909
                               Attention: James M. Hull

               If to Buyer:    Joseph L. Tamsberg, Jr.
                               126 Meeting Street
                               Charleston, South Carolina 29401

         10.6  Entire Agreement.  This Contract and the exhibits attached
hereto constitute the entire agreement between Seller and Buyer, and there are
no other covenants, agreements, promises, terms, provisions, conditions,
undertakings, or understandings, either oral or written, between them
concerning the Property other than those herein set forth. No subsequent
alteration, amendment, change, deletion or addition to this Contract shall be
binding upon Seller or Buyer unless in writing and signed by both Seller and
Buyer.

         10.7  Headings.  The headings, captions, numbering system, etc. are
inserted only as a matter of convenience and may under no circumstances be
considered in interpreting the provisions of this Contract.

         10.8  Binding Effect.  All of the provisions of this Contract are
hereby made binding upon the personal representatives, heirs, successors, and
assigns of both parties hereto. Where required for proper interpretation, words
in the singular shall include the plural; the masculine gender shall include
the neuter and the feminine, and vice versa. The terms "heirs, executors,
administrators and assigns" shall include "successors, legal representatives
and assigns".

         10.9  Time of Essence.  Time is of the essence of this Contract.

         10.10  Unenforceable or Inapplicable Provisions. If any provision
hereof is for any reason unenforceable or inapplicable, the other provisions
hereof will remain in full force and effect in the same manner as if such
unenforceable or inapplicable provision had never been contained herein.

         10.11  Counterparts.  This Contract may be executed in any number of
counterparts, each of which will for all purposes be deemed to be an original,
and all of which are identical.

         10.12  Applicable Law, Place of Performance.  This Contract shall be
construed under and in accordance with the laws of the State of South Carolina.
Seller and Buyer hereby consent that venue of any action brought under this
contract shall be in Georgetown County, South Carolina.

                                       6
<PAGE>
         10.13 Attorney's Fees. In the event either Buyer or Seller should
bring suit against the other in respect to any matters provided for in this
Contract, the prevailing party shall be entitled to recover from the other
party reasonable attorneys' fees in connection with such suit.

         10.14 Authority. Each person executing this Contract, by his execution
hereof, represents and warrants that he is fully authorized to do so, and that
no further action or consent on the part of the party for whom he is acting is
required to the effectiveness and enforceability of this Contract against such
party following such execution.

         10.15 Further Assurances. In addition to the acts and deeds recited
herein and contemplated to be performed at the Closing, Seller and Buyer agree
to perform such other acts, and to execute and/or deliver such other
instruments and documents and either Seller or Buyer, or their respective
counsel, may reasonably require in order to effect the intents and purposes
of this Contract, including Seller joining Buyer in requests for rezoning of
the Property. Further, Seller and Buyer each agree to deliver to the Title
Company affidavits and such other assurances as may reasonably be necessary or
required to enable the Title Company to issue the policy of title insurance as
contemplated in this Contract.

         10.16 Time Periods. Unless otherwise expressly provided, all periods
for delivery or review and the like shall be determined on a "calendar" day
basis. If any date for performance, approval, delivery or Closing falls on a
Saturday, Sunday or legal holiday (state or federal) in the State of Georgia,
the time therefore shall be extended to the next business day.

         DATED this 8th day of January, 2002. All references to the "date of
this Contract" or similar references shall mean this date.

                                    SELLER:
                                    BRUNNER COMPANIES INCOME
                                    PROPERTIES, L.P.I, A DELAWARE
                                    LIMITED PARTNERSHIP

                                    BY:  BRUNNER MANAGEMENT, L.P.,
                                         A DELAWARE LIMITED PARTNERSHIP,
                                    ITS GENERAL PARTNER

                                    BY:  BCIP I & III, LLC, A GEORGIA LIMITED
                                         LIABILITY COMPANY,
                                         ITS GENERAL PARTNER

                                    BY:  /s/ James M. Hull
                                         --------------------------
                                         JAMES M. HULL
                                         ITS:  MEMBER MANAGER

                                    BUYER:  /s/ Joseph L. Tamsberg, Jr.
                                            ------------------------------
                                            JOSEPH L. TAMSBERG, JR.

                                       7
<PAGE>

                                  EXHIBIT "B"

<Table>
<Caption>
                        TENANT NAME                           SECURITY DEPOSIT
                        -----------                           ----------------
<S>                                                           <C>
Food Lion                                                         $  0.00
Medicine Shoppe                                                   $  0.00
Great Wall                                                        $850.00
Enterprise Rent A Car                                             $  0.00
CitiFinancial                                                     $  0.00
Allstate Insurance                                                $  0.00
Rent A Center                                                     $  0.00
</Table>

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