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end

</PDF>huntloan

LOAN AGREEMENT

dated as of

July 22, 2003 

between

MIG/Orlando Development, Ltd.,

a Florida limited partnership

and

THE HUNTINGTON NATIONAL BANK

LOAN AGREEMENT

	THIS LOAN AGREEMENT (this "Agreement") is made this 22nd day of July, 2003
by and between THE HUNTINGTON NATIONAL BANK ("Lender" or "Bank") and
MIG/Orlando Development, Ltd., a Florida limited partnership ("Borrower").

W I T N E S S E T H:

	THAT, WHEREAS, Borrower desires to obtain a revolving line of credit from Lender:

See Exhibit A attached hereto.

	WHEREAS, subject to the provisions hereof, Lender has agreed to make a loan to
Borrower for such purposes in the maximum principal amount of the lesser of (i)
$15,000,000.00 or (ii) 55% of the value of the Project (defined below) as determined by an
outside appraiser engaged by Lender (the "Loan").  The Loan will be restricted by up to
$5,000,000.00 for amounts actually used for letters of credit or derivative transactions.

	NOW, THEREFORE, the parties hereto agree as follows:

SECTION 1.  THE LOAN. 

	1.1.  THE NOTE.  The Loan will be evidenced by Borrower's Amended and
Restated Promissory Note (the "Note") in the amount of the Loan, payable to the order of
Lender pursuant to the terms as set forth therein.  The Note will be secured by a first lien
Amended and Restated Mortgage, Assignment of Leases, Rents and Security Agreement
dated of even date herewith (the "Mortgage") encumbering the Project and the personal
property located thereon and used in connection therewith.  In addition, Borrower will
execute and deliver financing statements evidencing Lender's security interest.  The Loan
will be further secured by a Guaranty of Payment (the "Guaranty") from Associated Estates
Realty Corporation ("Guarantor" or "AERC") guarantying the payment of the Loan.
Borrower and AERC will also execute an Environmental Compliance and Indemnification
Agreement (the "Environmental Compliance and Indemnification Agreement").  The Note,
the Mortgage, the Financing Statements, the Guaranty, the Environmental Compliance and
Indemnification Agreement, this Agreement and all other documents executed in
connection herewith are sometimes hereinafter collectively referred to as the "Loan
Documents."  

	1.2  PAYMENTS.  All payments by the Borrower to the Lender under the Note shall
be made in lawful currency of the United States of America and in immediately available
funds before 2:00 p.m. Ohio time on the date when such payment is due at the office of
the Lender at 917 Euclid Avenue, Cleveland, Ohio  44115, Attention: Commercial Real
Estate Department, or at such other location as the Lender shall designate to the Borrower
from time to time in writing.  Any payment received the Lender after such time shall be
considered for all purposes (including the calculation of interest, to the extent permitted by
law) as having been made on the Lender's next following business day.

	If the date for any payment hereunder falls on a day that is not a business day, then
for all purposes of this Agreement the same shall be deemed to have fallen on the next
following business day, and such extension of time shall in such case be included in the
computation of payments of interest.

	1.3  EXPENSES.  Borrower shall pay all reasonable and customary costs and
expenses of Lender incidental to the Loan.  Such costs shall include, but not be limited to,
fees and out-of-pocket expenses of Lender's counsel, and title insurance premiums and
costs, recording fees, appraisal fees, survey fees, inspection fees, revenue stamps and
Note and Mortgage taxes, if any.

	1.4  LOAN FEE.  Borrower shall pay a loan fee to Lender in the amount of Thirty-Seven Thousand Five Hundred and No/100 Dollars ($37,500.00)  at closing. Borrower shall
also pay a non-use fee of .25% of the averaged unused balance of the commitment
amount calculated quarterly.

	1.5  MATURITY.  The entire outstanding principal balance under the Note, together
with accrued but unpaid interest thereon, and all other fees and obligations thereunder,
shall be due and payable on July 22, 2006 (the "Maturity Date"). 

SECTION 2.  CLOSING CONDITIONS.

	2.1  CLOSING CONDITIONS.  Prior to closing of the Loan (unless otherwise
stipulated herein), and as a condition to Lender's obligation to close the Loan, Lender shall
have received the following from Borrower, in form and substance satisfactory to Lender
and Lender's counsel:

	(a)	Executed copies of this Agreement, the Mortgage, the Guaranty, the
Environmental Compliance and Indemnification Agreement and all other
Loan Documents required by Lender.

	(b)	Satisfactory evidence that the Financing Statements and the Mortgage have
been recorded or filed in the appropriate offices.

	(c)	A legal opinion of counsel to Borrower and AERC addressed to Lender and
covering such matters as the Lender or its counsel may reasonably require.

	(d)	Evidence satisfactory to the Lender indicating that the improvements to be
constructed on the Property are neither located within a 100 year flood plain
nor identified as a special flood hazard area as defined by the Federal
Insurance Administration.

	(e)	An ALTA form title insurance commitment (along with UCC searches) from
an acceptable title insurance company, binding such company (the "Title
Company") to issue a standard ALTA mortgagee title insurance policy
("ALTA Policy") at closing, naming the Lender as the insured, insuring the
Mortgage to be a valid first lien on the Project, free and clear of all defects,
liens, encumbrances and exceptions to title except Permitted Encumbrances
(hereinafter defined), the lien of real estate taxes not due and payable and
such other matters as may be acceptable to Lender, and specifically insuring
to the extent available in Florida, against unfiled mechanics' and
materialmen's liens and matters of survey.

	(f)	An ALTA survey, prepared and certified by a registered surveyor, conforming
to Lender's survey standards and otherwise satisfactory to Lender.

	(g)	A certificate of insurance evidencing all-risk insurance policy, naming Lender
as mortgagee and loss payee, issued by a company acceptable to Lender.
Borrower will also carry (i) worker's compensation insurance covering all
liability of Borrower under the worker's compensation laws of the state in
which the Project is located, (ii) adequate public liability insurance naming
the Lender as additional insured, and (iii) if the Project is located within a
flood-hazard area, flood-hazard insurance.

	(h)	A certified copy of AERC's Articles of Incorporation, certified by AERC's
Secretary, a Good Standing Certificate issued by the Secretary of State of
Ohio, a corporate resolution authorizing execution of the Loan Documents,
a certified copy of Borrower's partnership agreement and Borrower's
certificate of formation as filed with the Florida Secretary of State, Borrower's
partnership resolutions, and a certificate of good standing issued by the
Florida Secretary of State. 

	(i)	Borrower shall provide evidence that the Property is zoned to permit the use
and operation of the Project.

	(j)	Borrower shall provide a current "Phase One" environmental report regarding
hazardous wastes, toxic materials and other environmental hazards on the
Property, which report shall be certified by an environmental consultant and
shall conform in all respects with Lender's "Phase One Environmental Report
Requirements," a copy of which has been delivered to Borrower.  If
warranted by the Phase One environmental report, Borrower shall provide
a detailed audit of the same matters.  Such consultant must appear on
Lender's list of approved environmental consultants or be specifically
approved in writing by Lender.  If the construction of the Project requires fill
from other than the Property, then the report shall address hazardous
wastes, toxic materials and other environmental hazards associated with
such fill.

	(k)	Borrower shall deliver to Lender a fully executed Assignment of Property
Management Agreement with an Acknowledgement by AERC Florida
Management Company, Inc. 

	(o)	Borrower must open and maintain the operating account for the Project at
The Huntington National Bank.

	(p)	Such additional certificates, documents, consents or opinions as Lender may
reasonably request.

SECTION 3.  [RESERVED]

SECTION 4.  DISBURSEMENTS.

	4.1  AMOUNT OF DISBURSEMENTS.  Lender will disburse funds against
Borrower's Note up to the full amount thereof and as shown in accordance with the terms
and conditions therein set forth.  Borrower will accept all such advances requested by
Borrower and made by Lender pursuant to this Agreement up to the full amount of the
Loan. All disbursements will be made only into an operating account maintained by
Borrower at The Huntington National Bank.  The disbursements shall be made no more
frequently than twice per month.  

	Upon the occurrence and during the continuance of any Event of Default, Lender
shall be relieved of all obligations to make further advances under the Note.  In such event,
however, Lender shall retain the power to make further advances, at Lender's sole option,
for the purpose of protecting the Project.  Such advances shall be secured by the
Mortgage, and the priority of the Mortgage as to such advances shall be the same as to
those advances made by Lender before any such failure by Borrower.

	4.2.  CONDITIONS TO DISBURSEMENT.  The following are Lender's conditions
to disbursement:

	(a)	No Event of Default, or to Borrower's actual knowledge, an event which, with
the giving of notice or the passage of time, or both, could become an Event
of Default, shall have occurred and be continuing, and if the Lender so
requests, Lender shall have received a certificate from Borrower to that
effect.

	(b)	The representations and warranties set forth in Section 5 shall be true and
correct in all material respects as though made on such date.

	(c)	On and as of the date of the disbursement, the Borrower shall have complied
in all material respects with all applicable laws, ordinances, regulations and
other requirements relating to the Project, and all necessary consents or
approvals of any court or governmental department, public body, authority,
commission, board, bureau, agency or instrumentality shall have been
regularly and finally received with respect thereto, to the extent reasonably
obtainable by the date of such disbursement.

	(d)	Borrower shall have fully complied in all material respects with all the
provisions of this Agreement and the Loan Documents.

	4.3  LOAN ADVANCE FORMULA.

	Funds outstanding shall be limited based on the following formula that will be
calculated on a quarterly basis:  Actual Rolling 12 month Net Operating Income ("NOI")
(adjusted for accrued expenses) divided by 9.00% multiplied by 70% (the "Advance
Formula").  NOI shall include a deduction for a management fee expense (the greater 3.5%
or actual) and a reduction for a Replacement Reserve allocation of $250/unit.  If the funds
outstanding is greater than the resultant amount based on the Advance Formula, Borrower
will have 30 days to reduce the amount outstanding and bring the Loan in compliance.
"Net Operating Income" shall mean, for any period, the amount by which Gross Revenues
exceed Operating Expenses.  "Gross Revenues" shall mean for any period, all revenues
of the Project, determined on a cash basis, provided, however, that in no event shall Gross
Revenues include (i) any loan proceeds, (ii) proceeds or payments under insurance
policies (except proceeds of business interruption or rent insurance); (iii) condemnation
proceeds; (iv) any security deposits received from tenants, unless and until the same are
applied to rent or other obligations in accordance with the tenant's lease; (v) any other
extraordinary items, in Bank's reasonable discretion or (vi) prepaid rent.  "Operating
Expenses" shall mean, for any period, the actual costs and expenses of owning, operating,
managing and maintaining the Project during such period incurred by the Borrower,
determined on an accrual basis and including replacement reserves equal to $250.00 per
unit for the 12 month period beginning August 1, 2003 excepting, however, (i) interest or
principal due on the Loan and (ii) capital expenditures. 

SECTION 5.  WARRANTIES AND REPRESENTATIONS.

	5.1  ORGANIZATION AND AUTHORITY.  Borrower warrants and represents to
Lender that Borrower:

	(a)	Is a limited partnership duly organized duly formed and has authority to
transact business in the State of Florida;

	(b)	Has requisite power and authority and all necessary licenses and permits to
own and operate its own properties and to carry on its business as now
conducted and as presently proposed to be conducted; and

	(c)	Is not doing business or conducting any activity in any jurisdiction in which
it has not duly qualified and become authorized to do business.

	5.2  SUBSIDIARIES.   Borrower has no subsidiaries except as set forth below and
will not create or acquire any subsidiaries without the prior written consent of Lender, which
consent shall not be unreasonably withheld, conditioned or delayed.

NONE

	5.3  FINANCIAL STATEMENTS.  The financial statements of Borrower and AERC
for the fiscal year ending December 31, 2002, which have been supplied to Lender have
been prepared in accordance with generally accepted accounting principles consistently
applied and fairly represent Borrower's and AERC's respective financial condition as of
such date.  There has been no material adverse change in Borrower's or AERC's financial
condition since that date.

	5.4  FULL DISCLOSURE.  Neither this Agreement nor any written statement
furnished by Borrower to Lender in connection with obtaining the Loan, contains any untrue
statement of a material fact or omits a material fact necessary to make the statements
contained therein or herein not misleading.  To the best of Borrower's knowledge, there is
no fact which Borrower has not disclosed to Lender in writing which materially affects the
properties, business, prospects, profits or condition (financial or otherwise) of Borrower or
the ability of Borrower to perform this Agreement.

	5.5  PENDING LITIGATION.  Except for the Fluor Daniels litigation, described in
AERC's 10K and 10Q SEC filings, there are no proceedings pending, or to the knowledge
of Borrower threatened, against or affecting Borrower in any court or before any
governmental authority or arbitration board or tribunal which, individually or in the
aggregate, involve the possibility of materially and adversely affecting the properties,
business, prospects, profits or condition (financial or otherwise) of Borrower, or the ability
of Borrower to perform this Agreement.

	5.6  BORROWING IS LEGAL AND AUTHORIZED.

	(a)	The partners of Borrower have duly authorized the execution and delivery of
the Loan Documents to which it is a party and such Loan Documents will
constitute valid and binding obligations of Borrower enforceable in
accordance with their respective terms.

	(b)	The execution of this Agreement and the other Loan Documents to which
Borrower is a party and the compliance by Borrower with all the provisions
thereof:

	  (i)	are within the powers of Borrower; and

	(ii)	will not violate any provisions of any law or any order of any court or
governmental agency applicable to Borrower and will not conflict with, result
in any breach in any of the provisions or constitute an event of  default
under, or result in the creation of any lien or encumbrance upon any property
of Borrower under the provisions of the Borrower's operating agreement, or
any other agreement, or other instrument in existence on the date hereof to
which Borrower is a party or by which it may be bound.

	(c)	Except for the documents evidencing the loan in favor of First Union National
Bank, which is being assigned to Lender simultaneously herewith, (the "First
Union Loan") there are no limitations in any indenture, mortgage, deed of
trust or other agreement or instrument in existence on the date hereof to
which Borrower is now a party or by which Borrower may be bound, with
respect to the payment of principal or interest on any indebtedness of
Borrower, including the Note or notes to be executed in connection with this
Agreement.

	5.7  NO DEFAULT.  No event has occurred and no condition exists which would
constitute, or which, with the passage of time on giving of notice, or both, would constitute
an Event of Default pursuant to this Agreement.  Borrower is not in violation of any term
of any agreement, charter instrument, bylaw or other instrument in existence on the date
hereof to which it is a party or by which it may be bound.

	5.8  GOVERNMENT CONSENT.  Neither the nature of Borrower or of its business
or properties, nor any relationship between Borrower and any other entity or person, nor
any circumstance in connection with the execution of this Agreement, is such as to require
a consent, approval or authorization of, or filing (other than the filing of financing
statements and the recordation of the Mortgage), registration or qualification with, any
governmental authority on the part of Borrower as a condition to the execution and delivery
of this Agreement and the Note and  Loan Documents contemplated herein.

	5.9  TITLE TO PROPERTIES.  The Borrower has good and marketable title to all
the property which it purports to own (except as sold or otherwise disposed of in the
ordinary course of business), free from any liens and encumbrances, except Permitted
Encumbrances.

	5.10  TAXES.

	(a)	All tax returns required to be filed by Borrower on or before the date hereof
in any jurisdiction have in fact been filed, and all taxes, assessments, fees
and other governmental charges upon Borrower, or upon any of its
respective properties, which are due and payable have been paid.  Borrower
does not know of any proposed additional tax assessment against it.

	(b)	The provisions for taxes on the books of Borrower for its current fiscal period
are adequate.

	5.11  COMPLIANCE WITH LAWS.

	Borrower:

	(a)	is not, to the best of its knowledge, in violation (in any material respect) of
any laws, ordinances, governmental rules or regulations to which it is subject,
including, without limitation, any environmental laws, rulings or regulations
and Borrower's compliance therewith has not been called into question by
any governmental authority or other organization;

	(b)	is not the subject of a "Superfund" evaluation;

	(c)	has not acquired, incurred or assumed directly or indirectly, any material
contingent liability in connection with the release of any toxic or hazardous
waste or substance into the environment;

	(d)	represents and warrants that no hazardous substances or solid wastes have
been disposed of or otherwise released by it or to its knowledge, any other
person (except as disclosed by the reports delivered to Lender pursuant to
Section 2 hereof) on or into the mortgaged premises;

	(e)	has not to the best of its knowledge, failed to obtain any licenses, permits,
franchises or other governmental authorizations necessary to the ownership
of its properties or to the conduct of its business (or, if such item is not yet
necessary, will not fail to obtain such item), which violation or failure to obtain
might materially and adversely affect the business, prospects, profits,
properties or condition (financial or otherwise) of Borrower.

	5.12  CONTRACT RESTRICTIONS ON BORROWER.  Except for the First Union
Loan, Borrower is not a party to any contract or agreement which restricts the right or ability
of Borrower to incur indebtedness, other than this Agreement.  Borrower has not agreed
or consented to cause or permit in the future (upon the happening of a contingency or
otherwise) any of its property, whether now owned or hereafter acquired, to be subject to
a lien or encumbrance other than the Mortgage or the liens permitted in the Mortgage or
this Agreement.

	5.13  ERISA.  Borrower does not maintain any employee pension benefit plan
subject to the requirements of ERISA.

SECTION 6.  BORROWER BUSINESS COVENANTS.

	Borrower covenants that on and after the date of this Agreement, so long as any of
the indebtedness provided for herein remains unpaid:

	6.1  PAYMENT OF TAXES AND CLAIMS.

	Borrower will pay before they become delinquent:

	(a)	all taxes, assessments and governmental charges or levies imposed upon
it or its property; and

	(b)	all claims or demands of materialmen, mechanics, carriers, warehousemen,
landlords, bailees and other like persons which, if unpaid, might result in the
creation of a lien or encumbrance upon its property,

provided that (i) items of the foregoing description need not be paid while being contested
in good faith and by appropriate proceedings, (ii) adequate book reserves have been
established, or an adequate amount has been escrowed or an adequate bond (or title
insurance endorsement) has been posted, with respect thereto and (iii) Borrower's title to,
and its right to use, its property is not materially adversely affected thereby.

	6.2  MAINTENANCE OF PROPERTIES AND LIMITED PARTNERSHIP
EXISTENCE.

	Borrower shall:

	(a)	Property--maintain its property in good condition and make all renewals,
replacements, additions, betterments and improvements thereto which are
deemed necessary by Borrower;

	(b)	Insurance--maintain, with financially sound and reputable insurers, insurance
with respect to its properties and business against such casualties and
contingencies, of such types (including but not limited to fire and casualty,
public liability and builders risk insurance) and in such amounts as is
customary in the case of entities of established reputations engaged in the
same or a similar business and similarly situated;

	(c)	Financial Records--keep true books of records and accounts in which full and
correct entries will be made of all its business transactions, and reflect in its
financial statements adequate accruals and appropriations to reserves, all
in accordance with generally accepted accounting principles;

	(d)	Borrower's Existence and Rights--do or cause to be done all things
necessary (i) to preserve and keep in full force and effect its existence, rights
and franchises, and (ii) to maintain its status as an Florida limited partnership
and in good standing under the laws of the State of Florida; and

	(e)	Compliance with Law--not be in violation of any laws, ordinances, or
governmental rules and regulations to which it is subject and will not fail to
obtain any licenses, permits, franchises or other governmental authorizations
necessary to the ownership of its properties or to the conduct of its business,
which violation or failure to obtain might materially and adversely affect the
business, prospects, profits, properties or condition (financial or otherwise)
of Borrower.

	6.3  ENVIRONMENTAL PROTECTION.  Borrower shall comply in all material
respects with all applicable requirements in effect from time to time of all federal, state,
local and other governmental authorities, foreign or domestic, with respect to
environmental protection applicable to the Property and shall not acquire, incur or assume
directly or indirectly, any material contingent liability in connection with the release of any
toxic or hazardous waste or substance into the environment, or dispose of, or allow to be
disposed of, or otherwise release hazardous or toxic substances or solid wastes on or into
the Property.

	6.4  NEGATIVE PLEDGE.  Borrower will not (i) cause or permit or (ii) agree or
consent to cause or permit in the future (upon the happening of a contingency or
otherwise), any of its property, whether now owned or hereafter acquired, to be subject to
a lien or encumbrance except:

	(i)	liens securing taxes, assessments or governmental charges or levies or the
claims or demands of materialmen, mechanics, carriers, warehousemen,
landlords and other like persons provided the payment thereof is not at the
time required by Section 6.1;

	(ii)	liens incurred or deposits made in the ordinary course of business (i) in
connection with workmen's compensation, unemployment insurance, social
security and other like laws, or (ii) to secure the performance of letters of
credit, bids, tenders, sales contracts, leases, statutory obligations, surety,
appeal and performance bonds and other similar obligations not incurred in
connection with the borrowing of money, the obtaining of advances or the
payment of the deferred purchase price of property or (iii) interest rate swap
agreements;

	(iii)	attachment, judgment and other similar liens arising in connection with court
proceedings, provided the execution or other enforcement of such liens is
effectively stayed or a bond for the payment thereof has been posted and the
claims secured thereby are being actively contested in good faith and by
appropriate proceedings;

	(iv)	the First Union Loan, reservations, exceptions, encroachments, easements
(whether presently existing or granted by Borrower in the course of
construction), rights of way, covenants, conditions, restrictions, leases and
other similar title exceptions or encumbrances affecting real property,
provided they do not in the aggregate materially detract from the value of
said property or materially  interfere with its use in the ordinary conduct of the
owning company's business (the "Permitted Encumbrances") (Lender
acknowledges that existing Permitted Encumbrances are not subject to the
foregoing provisions);

	(v)	inchoate liens arising under ERISA to secure the contingent liability of the
Borrower.

	6.5  OTHER BORROWINGS.  Borrower will not create or incur any indebtedness
for borrowed money or advances in connection with the Project, including through the
execution of capitalized lease agreements (other than customary trade debt in the ordinary
course of Borrower's, business member loans under Borrower's operating agreement and
interest rate swap agreements), without the prior written consent of Lender, which consent
shall not be unreasonably withheld, conditioned or delayed.  

	6.6  CONTINGENT LIABILITIES.  Borrower will not guarantee, endorse or otherwise
become surety for or upon the obligations of others, except by endorsement of negotiable
instruments for deposit or collection in the ordinary course of business.

SECTION 7.  INFORMATION AS TO BORROWER.

	Borrower shall deliver the following to Lender:

	(a)	within thirty (30) days after the end of each quarter, financial statements,
including a balance sheet and statements of income and surplus, certified by
the General Partner of Borrower as fairly representing Borrower's financial
condition as of the end of such period;

	(b)	within thirty (30) days after the end of each quarter, a statement signed by
the General Partner of Borrower certifying that Borrower is in compliance in
all material respects with terms of this Agreement;

	(c)	immediately after Borrower obtains knowledge of the existence of any
condition or event which constitutes, or which, with the passage of time or
the giving of notice, or both, would constitute an Event of Default, a written
notice specifying the nature and period of existence thereof and what action
Borrower is taking or proposes to take with respect thereto;

	(d)	immediately after Borrower obtains knowledge of (i) any litigation materially
effecting or relating to the Project, (ii) any dispute between Borrower and any
municipal or other governmental authority relating to the Project, the adverse
determination of which might materially effect the Project, and (iii) any written
threat or commencement of proceedings in condemnation or eminent
domain relating to the Project; and

	(e)	at the request of Lender, such other information as Lender may from time to
time reasonably require.

SECTION 8. EVENTS OF DEFAULT AND REMEDIES

	8.1  EVENTS OF DEFAULT.  An "Event of Default" shall exist if any of the following
occurs and is continuing:

	(a)	Borrower fails to make any payment of principal or interest on the Maturity
Date; 

	(b)	Borrower fails to make any monthly installment payment of principal and/or
interest on the Note on or before the fifteenth (15th) day of the month in
which the date such payment is due;

	(c)	Borrower fails to perform or observe any other covenant involving the
payment of taxes, insurance, fees, or any other covenant requiring the
payment of money contained in any other Loan Document to which it is a
party and such failure continues for fifteen (15) business days after notice
from Lender;

	(d)	Borrower fails to comply with any other provision contained in  this
Agreement or any other Loan Document (other than a monetary obligation)
and such default continues for fifteen (15) business days or more after
written notice to Borrower from Lender specifying the nature of the default;
provided, however, that if such default is of a nature that it cannot be cured
within the fifteen (15) business day period, then Borrower shall not be in
default if it commences good faith efforts to cure the default within the fifteen
(15) business day period, demonstrates continuous diligent efforts to cure
the default in a manner satisfactory to Lender, and within a reasonable
period, not to exceed ninety (90) days after the date of the original written
notice of the default, completes the cure of such default or, if the same
cannot, on a commercially reasonable basis, reasonably be completed within
such period, then within such additional period of time as is necessary and
reasonable to complete such cure, assuming diligent efforts on the part of
Borrower, but in any event not to exceed one hundred twenty (120) days
after the date of the original notice of default; 

	(e)	Any warranty, representation or other statement by or on behalf of Borrower
contained in this Agreement or in any instrument furnished in compliance
with or in reference to this Agreement is false or misleading in any material
respect;

	(f)	Borrower becomes insolvent or bankrupt, or makes an assignment for the
benefit of creditors, or consents to the appointment of a trustee, receiver or
liquidator;

	(g)	Bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings are instituted by Borrower; or bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings are instituted against
Borrower and such proceedings have not been dismissed or stayed within
ninety (90) days after the institution thereof;

	(h)	A final judgment or judgments, from which no further right of appeal exists,
for the payment of money aggregating in excess of $3,000,000.00 is or are
outstanding against Borrower and/or Guarantor and any one of such
judgments has been outstanding for more than thirty (30) days from the date
of its entry and has not been discharged in full or stayed and is not covered
by insurance;

	(i)	The Guaranty is revoked, terminated, or otherwise becomes non-operative
and the Guaranty is not replaced by another guaranty (or other security)
reasonably satisfactory to Lender;

	(j)	An Event of Default shall have occurred and be continuing under any
agreement or other instrument under which any indebtedness of Borrower
may be issued or under any mortgage or other document, which Event of
Default permits the acceleration of the indebtedness of Borrower outstanding
thereunder; or

	(k)	An Event of Default shall have occurred and be continuing in connection with
that certain $15,800,000.00 loan from Lender to AERC - Courtney Chase,
LLC.

	8.2  REMEDIES.  If an Event of Default shall have occurred and be continuing, then
(i) all of Lender's obligations to make any further advances shall cease (if Lender so
elects), (ii) Lender may declare the entire principal and all interest accrued on or under the
Note to be immediately due  and payable, without any presentment, demand, protest or
other notice of any kind, all of which are hereby expressly waived, (iii) Lender may
foreclose the Mortgage and (v) Lender may immediately exercise any right, power or
remedy permitted to the Lender by law. Each of the foregoing remedies is distinct and
cumulative to all the other rights or remedies under this Agreement or afforded by law or
equity, and may be exercised concurrently, independently or successively, in any order
whatsoever.

	No course of dealing on the part of Lender and no delay or failure on the part of the
Lender to exercise any right shall operate as a waiver of such right or otherwise prejudice
the Lender's rights, powers and remedies.

SECTION 9.  POWER OF LENDER.

	Upon an Event of Default, Lender shall have full power to operate the Project in the
name of Borrower and to pay all bills and expenses incurred thereby.  Notwithstanding the
foregoing, the Lender shall not be obligated to undertake to operate the Project, and any
such action shall be in the Lender's sole but commercially reasonable discretion.  In such
event, however, Lender does not assume responsibility to pay bills owed by Borrower at
the time Lender elects to take possession of the Project.

SECTION 10.  DEFINITIONS AND ACCOUNTING TERMS.

	10.1  DEFINED TERMS.  As used in this Agreement, the following terms shall have
the meaning set forth respectively after each:

	"ALTA Policy" means the policy of title insurance covering the Property required
pursuant to Section 2.1(e) of this Agreement.

	"Disbursement" means each of the disbursements made pursuant to Section 4.1.

	"Event of Default" is defined in Section 8.1.

	"Guarantor" means Associated Estates Realty Corporation, an Ohio corporation.

	"Improvements" means the improvements now located on the Property.

	"Loan Documents" is defined in Section 1.1.

	"Mortgage" means the Mortgage, Assignment of Rents and Security Agreement
dated of even date herewith from the Borrower.

	"Permitted Encumbrances" is defined in Section 6.4(iv).

	"Personal Property" means all of the Borrower's right, title and interest in and to all
furniture, furnishings, fixtures, machinery, equipment and personal property of every kind
and nature, whether tangible or intangible, now or hereafter located at, upon or about the
Property, or used or to be used in connection with or relating to or arising with respect to
the Property.

	"Project" means the Property, the Improvements and the Personal Property.

	"Property" means the real property described in Exhibit A.

	10.2  USE OF DEFINED TERMS.  Any defined term used in the plural shall refer
to all members of the relevant class, and any defined term used in the singular shall
include the plural and the use of one gender, all genders, as the context requires.

	10.3  ACCOUNTING TERMS.  All accounting terms not specifically defined in this
Agreement shall be construed in conformity with, and all financial data required to be
submitted by this Agreement shall be prepared in  conformity with, generally accepted
accounting principles applied on a consistent basis.

SECTION 11. MISCELLANEOUS.

	11.1  NOTICES.

	(a)	All notices and other communications given under this Agreement or under
the notes executed pursuant hereto shall be in writing and shall be given by
hand delivery or be mailed by registered or certified mail, postage prepaid,

		(1)	if to Lender, at the following address, or at such other address as may
have been furnished in writing to Borrower by Lender:

					The Huntington National Bank

					917 Euclid Avenue

					Cleveland, Ohio  44ll5

					Attn:  Commercial Real Estate Department

		(2)	if to Borrower, at the following address, or at such other address as
may have been furnished in writing to Lender by Borrower:

					MIG/Orlando Development, Ltd.

					c/o Associated Estates Realty Corporation

					5025 Swetland Court

					Cleveland, Ohio  44113

					Attn: Legal Department

	(b)	Any notice so addressed and mailed by registered or certified mail shall be
deemed to be given three (3) business days after  the date when so mailed.

	11.2  SURVIVAL.  All warranties, representations, and covenants made by Borrower
herein or on any certificate or other instrument delivered by it or on its behalf under this
Agreement shall be considered to have been relied upon by Lender and shall survive the
closing of the Loan until the Loan has been paid in full regardless of any investigation
made by Lender on its behalf.  All statements in any such certificate or other instrument
shall constitute warranties and representations by Borrower.

	11.3  SUCCESSORS AND ASSIGNS.  This Agreement shall inure to the benefit of
and be binding upon the heirs, successors and assigns of each of the parties; provided
however that the Borrower shall not assign its rights or obligations hereunder without the
prior written consent of the Lender, which consent shall not be unreasonably withheld,
conditioned or delayed.  

	11.4  AMENDMENT AND WAIVER.  This Agreement (including any schedules or
exhibits hereto) may be amended, and the observance of any term of this Agreement may
be waived, with (and only with) the written consent of Borrower and Lender.

	11.5  DUPLICATE ORIGINALS.  Two or more duplicate originals of this Agreement
may be signed by the parties, each of which shall be an original but all of which together
shall constitute one and the same instrument.

	11.6  GOVERNING LAW.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Ohio.

	11.7 REPRODUCTION OF DOCUMENTS.  This Agreement and all documents
relating hereto, including, without limitation, (a) consents, waivers and modifications which
may hereafter be executed, (b) documents received by the  Lender at the closing or
otherwise, and (c) financial statements, certificates and other information previously or
hereafter furnished to the Lender, may be reproduced by Lender by any photographic,
photostatic, microfilm, micro-card, miniature photographic or other similar process and
Lender may destroy any original document so reproduced. Borrower agrees and stipulates
that any such reproduction shall be admissible in evidence as the original itself in any
judicial or administrative proceeding (whether or not the original is in existence and whether
or not such reproduction was made by the Lender in the regular course of business) and
that any enlargement, facsimile or further reproduction of such reproduction shall likewise
be admissible in evidence.

	IN WITNESS WHEREOF, Lender and Borrower have executed this Agreement or
caused same to be executed by their duly authorized officers or partners on the day and
year first above written.

						THE HUNTINGTON NATIONAL BANK

						By:	/s/ A. Geraldi Perry			

						Name:	A. Geraldi Perry			

						Title:	Assistant Vice President		

						MIG/Orlando Development, Ltd., a Florida

						limited partnership

						By: 	/s/ Martin A. Fishman			

					Name:	Martin A. Fishman			

					Title:	Vice President				

						AERC of Florida, Inc., its General Partner

STATE OF OHIO               	 )

            )  SS.

COUNTY OF CUYAHOGA	)

	The foregoing instrument was acknowledged before me this 22nd day of July , 2003, by A.
Geraldi Perry, Assistant Vice President of The Huntington National Bank, a national banking
association, on behalf of the bank.

___________________________________

Notary Public

STATE OF Ohio				)

						)

COUNTY OF Cuyahoga		)

The foregoing instrument was acknowledged before me this 18th day of July, 2003, by
Martin A. Fishman, Vice President of AERC of Florida, Inc., General Partner of MIG/Orlando
Development, Ltd., a Florida limited partnership, on behalf of the limited partnership.

								/s/Susan K. Bozek			

								Notary Public

EXHIBIT A

Legal Description

PARCEL I:

Lots 2 and 3, ORLANDO INTERNATIONAL CENTER PLAT 2, according to the plat thereof,
recorded in Plat Book 36, Page 71, Public Records of Orange County, Florida.

PARCEL II:

Non-exclusive easement for drainage purposes into and over the following described land:

Tracts A and B, ORLANDO INTERNATIONAL CENTER PLAT 2, according to the plat thereof,
recorded in Plat Book 36, Page 71, Public Records of Orange County, Florida.

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