Document:

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                                                                     Exhibit 4.1
                                                                     -----------

                                                                  EXECUTION COPY

                             STOCK OPTION AGREEMENT
                             ----------------------

     STOCK OPTION AGREEMENT, dated July 19, 2000 (this "Agreement"), by and
                                                        ---------
among Limousine Holdings, LLC, a Delaware limited liability company ("Parent"),
                                                                      ------
Aluwill Acquisition Corp., a Delaware corporation and a wholly-owned subsidiary
of Parent ("Acquisition Company"), and Carey International, Inc., a Delaware
            -------------------
corporation (the "Company").
                  -------

                              W I T N E S S E T H:

     WHEREAS, concurrently with the execution and delivery of this Agreement,
Parent, Acquisition Company, the Company and Eranja Acquisition Sub, Inc., a
wholly-owned subsidiary of Acquisition Company ("Acquisition Company Sub") are
                                                 -----------------------
entering into an Agreement and Plan of Merger (as such agreement may hereafter
be amended from time to time, the "Merger Agreement"; capitalized terms used but
                                   ----------------
not defined in this Agreement shall have the meanings ascribed to them in the
Merger Agreement), which provides, upon the terms and subject to the conditions
thereof, for (i) the commencement by Parent, Acquisition Company and the Company
of a joint tender offer (the "Offer") to purchase all of the issued and
                              -----
outstanding shares of the common stock, par value $.01, of the Company ("Common
                                                                         ------
Stock") at the Offer Price and (ii) the subsequent merger of Acquisition Company
-----
or Acquisition Company Sub with and into the Company (the "Merger"); and
                                                           ------

     WHEREAS, as a condition to the willingness of Acquisition Company, Parent
and Acquisition Company Sub to enter into the Merger Agreement, Parent and
Acquisition Company have required that the Company agree, and in order to induce
Parent, Acquisition Company and  Acquisition Company Sub to enter into the
Merger Agreement the Company has agreed, to grant Acquisition Company an option
to purchase shares of Common Stock, upon the terms and subject to the conditions
of this Agreement.

     NOW, THEREFORE, in consideration of the foregoing and the respective
representations, warranties, covenants and agreements set forth in this
Agreement and in the Merger Agreement, the parties hereto agree as follows:

                                   ARTICLE I

                            THE TOP-UP STOCK OPTION
                            -----------------------

     SECTION 1.1.    Grant of Top-Up Stock Option.  Subject to the terms and
                     ----------------------------
conditions set forth herein, the Company hereby grants to Acquisition Company an
option (the "Top-Up Stock Option") to purchase that number of shares of Common
             -------------------
Stock (the "Top-Up Option Shares") equal to the number of shares of Common Stock
            --------------------
that, when added to the number of shares of Common Stock owned by Parent and
Acquisition Company at the time of exercise shall permit the Merger to be
accomplished pursuant to Section 253 of the Delaware General
<PAGE>

Corporation Law assuming the issuance of the Top-Up Option Shares (the "Short
                                                                        -----
Form Condition") at a purchase price per Top-Up Option Share equal to the Offer
--------------
Price; provided, however, that the Top-Up Stock Option shall not be exercisable
       --------  -------
if the number of shares of Common Stock subject thereto exceeds the number of
authorized shares of Common Stock available for issuance.

     SECTION 1.2.    Exercise of Top-Up Stock Option.
                     -------------------------------
          (a)  Subject to the conditions set forth in Section 2.1 and any
additional requirements of Law, the Top-Up Stock Option may be exercised by
Acquisition Company, in whole but not in part, at any one time after the
occurrence of a Top-Up Exercise Event (as defined below) and prior to the Top-Up
Termination Date (as defined below).

          (b)  A "Top-Up Exercise Event" shall occur for purposes of this
                  ---------------------
Agreement on the day of the Offer Closing, provided that Acquisition Company has
accepted for payment pursuant to the Offer shares of Common Stock satisfying the
Minimum Condition.

          (c)  The "Top-Up Termination Date" shall occur for purposes of this
                    -----------------------
Agreement upon the earliest to occur of: (i) the Effective Time; (ii) the date
which is five (5) Business Days after the occurrence of Top-Up Exercise Event
(or such later date on which the closing of a purchase may be consummated, as
set forth in Section 3(d) below); and (iii) the termination of the Merger
Agreement.

          (d)  In the event Acquisition Company wishes to exercise the Top-Up
Stock Option, Acquisition Company shall send to the Company a written notice (a
"Top-Up Exercise Notice", the date of which notice is referred to herein as the
 ----------------------
"Top-Up Notice Date") specifying the number of Top-Up Option Shares to be
 ------------------
acquired and the aggregate purchase price therefor, the place for the closing of
the purchase and sale pursuant to the Top-Up Stock Option (the "Top-Up Closing")
                                                                --------------
and a date not earlier than the Top-Up Notice Date and not later than ten (10)
Business Days from the Top-Up Notice Date for the Top-Up Closing (the "Top-Up
                                                                       ------
Closing Date"); provided, however, that (i) if the Top-Up Closing cannot be
------------    --------  -------
consummated by reason of any applicable Laws or Orders, the period of time that
otherwise would run pursuant to this sentence shall run instead from the date on
which such restriction on consummation has expired or been terminated and (ii)
without limiting the foregoing, if prior notification to or approval of any
Governmental Entity is required in connection with such purchase, Acquisition
Company and the Company shall promptly file the required notice or application
for approval and shall cooperate in the expeditious filing of such notice or
application, and the period of time that otherwise would run pursuant to this
sentence shall run instead from the date on which, as the case may be, (A) any
required notification period has expired or been terminated or (B) any required
approval has been obtained, and in either event, any requisite waiting period
has expired or been terminated.

          (e)  In the event that the exercise of the Top-Up Option would result
in the Short Form Condition being satisfied, then Acquisition Company shall
exercise the Top-Up Option to buy a sufficient number of shares to meet the
Short Form Condition unless such exercise would be prevented by Section 2.1(b)
hereof.

                                      -2-
<PAGE>

                                  ARTICLE II

                                    CLOSING
                                    -------

     SECTION 2.1.

          (a)  Conditions to Closing.  The obligation of the Company to deliver
               ---------------------
Top-Up Option Shares upon the exercise of the Top-Up Stock Option is subject to
the following conditions:

               (i)  All waiting periods, if any, under the HSR Act applicable to
the issuance of the Top-Up Option Shares hereunder shall have expired or have
been terminated; and

               (ii) There shall be no preliminary or permanent injunction or
other final, non-appealable judgment by a court of competent jurisdiction
preventing or prohibiting the exercise of the Top-Up Stock Option or the
delivery of the Top-Up Option Shares in respect of such exercise.

          (b)  Limitation.  Notwithstanding the foregoing, the Top-Up Stock
               ----------
Option may only be exercised to the extent that such exercise would not violate
applicable rules of NASDAQ then applicable to the Company.

     SECTION 2.2.    Closing.
                     -------

          (a)  At the Top-Up Closing, (i) the Company shall deliver to
Acquisition Company a certificate or certificates evidencing the applicable
number of Top-Up Option Shares (in the denominations specified in the Top-Up
Exercise Notice), and (ii) Acquisition Company shall purchase each Top-Up Option
Share from the Company at the Top-Up Price. Payment by Acquisition Company of
the Top-Up Price for the Top-Up Option Shares shall be made by wire transfer of
immediately available funds to an account designated by the Company (provided
that the failure or refusal of the Company to designate such a bank account
shall not preclude Acquisition Company from exercising the Top-Up Option).

          (b)  The Company shall pay all expenses, and any and all Federal,
state and local taxes and other charges, that may be payable in connection with
the preparation, issuance and delivery of stock certificates under this Section
2.2.

          (c)  Certificates evidencing Top-Up Option Shares delivered hereunder
may include legends legally required, including a legend in substantially the
following form:

          THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
          REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY BE
          REOFFERED OR SOLD ONLY IF SO REGISTERED OR IF AN EXEMPTION FROM SUCH
          REGISTRATION IS AVAILABLE.

                                      -3-
<PAGE>

It is understood and agreed that the foregoing legend shall be removed by
delivery of substitute certificate(s) without such legend upon the sale of the
Top-Up Option Shares pursuant to a registered public offering or Rule 144 under
the Securities Act of 1933, as amended (the "Securities Act"), or any other sale
                                             --------------
as a result of which such legend is no longer required.

          (d)  Upon the giving by Acquisition Company to the Company of the Top-
Up Exercise Notice and the tender of the applicable purchase price, Acquisition
Company shall be deemed to be the holder of record of the shares of Common Stock
issuable upon such exercise, notwithstanding that the stock transfer books of
the Company shall then be closed or that certificates representing such shares
of Common Stock shall not then be actually delivered to Acquisition Company.

                                  ARTICLE III

                          REPRESENTATIONS, WARRANTIES
                          AND COVENANTS OF THE COMPANY
                          ----------------------------

     The Company hereby represents and warrants to Parent and Acquisition
Company (except as otherwise disclosed in writing on the date hereof) as
follows:

     SECTION 3.1.    Organization; Authority Relative to this Agreement.
                     --------------------------------------------------
The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware.  The Company has all requisite
corporate power and authority to execute and deliver this Agreement, to perform
its obligations hereunder and to consummate the transactions contemplated
hereby.  The execution and delivery of this Agreement by the Company and the
consummation by the Company of the transactions contemplated hereby have been
duly and validly executed and delivered by the Company and this Agreement
constitutes a valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting creditors' rights generally, and by general
equitable principles.

     SECTION 3.2.    Authority to Issue Shares.   The Company has taken all
                     -------------------------
necessary corporate action to authorize and reserve and permit it to issue, and
at all times from the date hereof through the Top-Up Termination Date shall have
reserved, all the Top-Up Option Shares issuable pursuant to this Agreement. All
of the shares of Common Stock issuable under the Top-Up Stock Option, upon their
issuance and delivery in accordance with the terms of this Agreement, will be
duly authorized, validly issued, fully paid and nonassessable, will be delivered
free and clear of all security interests, liens, claims, pledges, options,
rights of first refusal, agreements, limitations on Acquisition Company's voting
rights, charges, adverse rights and other encumbrances of any nature whatsoever
(other than this Agreement) and will not be subject to any preemptive rights.

                                      -4-
<PAGE>

     SECTION 3.3.    No Conflict; Required Filings and Consents.
                     ------------------------------------------

          (a)  The execution and delivery of this Agreement by the Company does
not, and the performance by the Company of its obligations hereunder and the
consummation of the transactions contemplated hereby will not, (i) conflict with
or violate the certificate of incorporation or bylaws of the Company, (ii)
assuming that all Consents and filings described in Section 3.3(b) have been
obtained or made, conflict with or violate any Law applicable to the Company or
by which any property or asset of the Company is bound or affected or (iii)
result in any violation pursuant to any material note, bond, mortgage,
indenture, contract, agreement, lease, license, permit or other instrument or
obligation to which the Company is a party or by which the Company or its
properties may be bound or affected.

          (b)  No Consent of, or filing with, any Governmental Entity is
required by the Company in connection with the execution and delivery of this
Agreement, the performance by the Company of its obligations hereunder or the
consummation by the Company of the transactions contemplated hereby, except for
(i) compliance with the HSR Act and (ii) Consents or filings the failure of
which to be obtained or made would not, individually or in the aggregate,
prevent or materially delay the consummation of the transactions contemplated
hereby or the performance by the Company of any of its obligations hereunder.

     SECTION 3.4.    Covenants of the Company.  In addition to its other
                     ------------------------
agreements and covenants herein, the Company agrees:

          (a)  that it will not, by charter amendment or through reorganization,
consolidation, merger, dissolution or sale of assets, or by any other voluntary
act, avoid or seek to avoid the observance or performance of any of the
covenants, stipulations or conditions to be observed or performed hereunder by
the Company; and

          (b)  promptly to take all action as may from time to time be required
(including complying with all applicable notification, filing reporting and
waiting period requirements under HSR or otherwise, and cooperating fully with
Acquisition Company in preparing any applications or notices and providing such
information to any regulatory authority as it may require) in order to permit
Acquisition Company to exercise the Top-Up Option and the Company duly and
effectively to issue shares of Common Stock pursuant hereto.

                                  ARTICLE IV

                       REPRESENTATIONS AND WARRANTIES OF
                        PARENT AND ACQUISITION COMPANY
                        ------------------------------

     Parent and Acquisition Company hereby represent and warrant to the Company
as follows:

     SECTION 4.1.    Organization; Authority Relative to this Agreement.  Each
                     --------------------------------------------------
of Acquisition Company and Parent is a corporation or other legal entity duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation. Each of Acquisition Company and Parent has
all requisite power and authority to execute and deliver this

                                      -5-
<PAGE>

Agreement, to perform its obligations hereunder and to consummate the
transactions contemplated hereby. The execution and delivery of this Agreement
by Acquisition Company and Parent and the consummation by Acquisition Company
and Parent of the transactions contemplated hereby have been duly and validly
authorized by all necessary corporate or other action on the part of Acquisition
Company and Parent. This Agreement has been duly and validly executed and
delivered by Acquisition Company and Parent and constitutes a valid and binding
obligation of Acquisition Company and Parent, enforceable against each of
Acquisition Company and Parent in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors' rights
generally, and by general equitable principles.

     SECTION 4.2.    No Conflict; Required Filings and Consents.
                     ------------------------------------------

          (a)  The execution and delivery of this Agreement by Acquisition
Company and Parent do not, and the performance by Acquisition Company and Parent
of their obligations hereunder and the consummation of the transactions
contemplated hereby will not, (i) conflict with or violate the certificate of
incorporation or bylaws of Acquisition Company or Parent, (ii) assuming that all
Consents and filings described in Section 4.2(b) have been obtained or made,
materially conflict with or materially violate any Law applicable to Acquisition
Company or Parent or by which any property or asset of Acquisition Company or
Parent is bound or affected or (iii) result in any violation pursuant to, any
material note, bond, mortgage, indenture, contract, agreement, lease, license,
permit, franchise or other instrument or obligation to which Acquisition Company
or Parent is a party or by which Acquisition Company or Parent or any of their
respective properties may be bound or affected.

          (b)  No Consent of, or filing with, any Governmental Equity is
required by Acquisition Company or Parent in connection with the execution and
delivery of this Agreement, the performance by Acquisition Company or Parent of
any of its obligations hereunder or the consummation by Acquisition Company or
Parent of the transactions contemplated hereby, except for (i) compliance with
the HSR Act and (ii) Consents or filings the failure of which to be obtained or
made would not, individually or in the aggregate, prevent or materially delay
the consummation of the transactions contemplated hereby or the performance by
Acquisition Company or Parent of any of their respective obligations hereunder.

                                   ARTICLE V

                       COVENANTS OF ACQUISITION COMPANY
                       --------------------------------

     SECTION 5.1.    Distribution.  Acquisition Company shall acquire the Top-Up
                     ------------
Option Shares for investment purposes only (and only for the purpose of
effecting a merger of Acquisition Company with the Company pursuant to Section
253 of the Delaware General Corporation Law) and not with a view to any sale or
distribution thereof in violation of the Securities Act.

                                      -6-
<PAGE>

                                  ARTICLE VI

                                 MISCELLANEOUS
                                 -------------

     SECTION 6.1.    Amendment.  This Agreement may not be amended except by an
                     ---------
instrument in writing signed by the parties hereto.

     SECTION 6.2.    Waiver.  Any party hereto may (a) extend the time for or
                     ------
waive compliance with the performance of any obligation or other act of any
other party hereto or (b) waive any inaccuracy in the representations and
warranties contained herein or in any document delivered pursuant hereto. Any
such extension or waiver shall be valid only if set forth in an instrument in
writing signed by the party or parties to be bound thereby. The failure of any
party to this Agreement to assert any of its rights under this Agreement or
otherwise shall not constitute a waiver of those rights.

     SECTION 6.3.    Fees and Expenses.  Except as otherwise provided herein or
                     -----------------
in Section 8.3 of the Merger Agreement, all costs, fees and expenses incurred in
connection with this Agreement shall be paid by the party incurring such
expenses.

     SECTION 6.4.    Notices.  All notices, requests, claims, demands and other
                     -------
communications hereunder shall be in writing and shall be deemed given if
delivered personally or sent by telecopy or by overnight courier (providing
proof of delivery) to the respective parties at their addresses as specified in
Section 9.4 of the Merger Agreement.

     SECTION 6.5.    Severability.  If any term or other provision of this
                     ------------
Agreement is invalid, illegal or incapable of being enforced by any rule of Law
or public policy, all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in a mutually acceptable
manner to the fullest extent permitted by applicable Law in order that the
transactions contemplated hereby may be consummated as originally contemplated
to the fullest extent possible.

     SECTION 6.6.    Assignment, Binding Effect; Benefit.  Neither this
                     -----------------------------------
Agreement nor any of the rights, interests or obligations hereunder shall be
assigned, in whole or in part, by operation of law or otherwise, by any of the
parties hereto without the prior written consent of the other parties, except
that Acquisition Company may assign, in its discretion, any or all of its
rights, interests and obligations hereunder to Parent or any direct or indirect
subsidiary of Acquisition Company, but no such assignment shall relieve
Acquisition Company of any of its obligations hereunder. Subject to the
preceding sentence, this Agreement shall be binding upon, inure to the benefit
of, and be enforceable by, the parties hereto and their respective successors
and permitted assigns. Notwithstanding anything contained in this Agreement to
the contrary, nothing in this Agreement, express or implied, is intended to
confer on any person other than the parties hereto

                                      -7-
<PAGE>

or their respective successors and permitted assigns any rights, remedies,
obligations or liabilities under or by reason of this Agreement.

     SECTION 6.7.    Governing Law.  This Agreement shall be governed by and
                     -------------
construed in accordance with the laws of the State of Delaware, without giving
effect to the principles of conflicts of laws thereof.

     SECTION 6.8.    ENFORCEMENT.  THE PARTIES AGREE THAT IRREPARABLE DAMAGE
                     -----------
WOULD OCCUR IN THE EVENT THAT ANY OF THE PROVISIONS OF THIS AGREEMENT WERE NOT
PERFORMED IN ACCORDANCE WITH THEIR SPECIFIC TERMS OR WERE OTHERWISE BREACHED. IT
IS ACCORDINGLY AGREED THAT THE PARTIES SHALL BE ENTITLED TO AN INJUNCTION OR
INJUNCTIONS TO PREVENT BREACHES OF THIS AGREEMENT AND TO ENFORCE SPECIFICALLY
THE TERMS AND PROVISIONS OF THIS AGREEMENT IN ANY COURT OF THE UNITED STATES OR
ANY STATE HAVING JURISDICTION, THIS BEING IN ADDITION TO ANY OTHER REMEDY TO
WHICH THEY ARE ENTITLED AT LAW OR IN EQUITY.

     SECTION 6.9.    Headings.  The descriptive headings contained in this
                     --------
Agreement are included for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement.

     SECTION 6.10.    Counterparts.  This Agreement may be executed and
                      ------------
delivered (including by facsimile transmission) in one or more counterparts, all
of which shall be considered one and the same agreement and shall become
effective when one or more counterparts have been signed by each of the parties
and delivered to the other parties, it being understood that all parties need
not sign the same counterpart.

     SECTION 6.11.    Entire Agreement.  This Agreement constitutes the entire
                      ----------------
agreement, and supersedes all prior agreements and understandings, both written
and oral, among the parties with respect to the subject matter of this
Agreement.

                                      -8-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized, all as of the
date first written above.

                                    LIMOUSINE HOLDINGS, LLC

                                    By: /s/ Todd R. Berman
                                        ----------------------------------------
                                    Name: Todd R. Berman
                                          --------------------------------------
                                    Title: President
                                           -------------------------------------

                                    ALUWILL ACQUISITION CORP.

                                    By: /s/ Todd R. Berman
                                        ----------------------------------------
                                    Name: Todd R. Berman
                                          --------------------------------------
                                    Title: President
                                           -------------------------------------

                                    CAREY INTERNATIONAL, INC.

                                    By: /s/ Vincent A. Wolfington
                                        ----------------------------------------
                                    Name: Vincent A. Wolfington
                                          --------------------------------------
                                    Title: Chairman and Chief Executive Officer
                                           -------------------------------------<PAGE>

                                                                   EXHIBIT 10(i)

                   AMENDED AND RESTATED TERM LOAN AGREEMENT

     THIS AMENDED AND RESTATED TERM LOAN AGREEMENT (this "Amendment and
Restatement") dated as of June 22, 2000 by and among by and among Federal Realty
Investment Trust, a Maryland real estate investment trust (the "Borrower"), each
of the financial institutions initially a signatory hereto together with their
assignees pursuant to Section 13.5.(d) hereof, COMMERZBANK AG, NEW YORK BRANCH,
as Syndication Agent (the "Syndication Agent"), PNC BANK, NATIONAL ASSOCIATION,
as Administrative Agent  (the "Administrative Agent"), and FLEET NATIONAL BANK,
as Documentation Agent  (the "Documentation Agent").

     WHEREAS, pursuant to the terms of that certain Term Loan Agreement dated as
of December 22, 1998 (as amended and in effect immediately prior to the date
hereof, the "Existing Term Loan Agreement"), by and among the Borrower, the
Lenders party thereto, the Syndication Agent, the Documentation Agent and the
Administrative Agent, the Lenders, among other things, made available to the
Borrower a term loan in the amount of $125,000,000; and

     WHEREAS, the Borrower and the Lenders desire to amend and restate the terms
of the Existing Term Loan Agreement;

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto, the parties
hereto agree to amend and restate the terms of the Existing Term Loan Agreement
as follows:

     Section 1.  Amendment and Restatement.  The Existing Term Loan Agreement is
                 -------------------------
hereby restated in its entirety, with the terms thereof being identical to the
terms of the Existing Term Loan Agreement, except as amended below:

     (a) The Existing Term Loan Agreement is hereby amended by deleting the
definitions of the terms "Construction in Process", "Interest Expense",
"Replacement Reserves", and "Termination Date" from Section 1.1 thereof and
substituting in place thereof the following definitions:

          "Construction in Process" means, with respect to a Real Property Asset
     which is Under construction, the aggregate, good faith estimated total cost
     of construction to complete (including without limitation land acquisition
     costs and all other hard and soft costs associated with the development
     thereof) for such Real Property Asset.  Construction in Process shall not
     include costs incurred for redevelopment of any Real Property Asset which
     has an Occupancy Rate in excess of 70%.

          "Interest Expense" means, with respect to a Person and for any period,
     (a) the total consolidated interest expense (including, without limitation,
     capitalized

                                      27
<PAGE>

     interest expense (other than capitalized interest expense relating to Real
     Property Assets Under Construction, but only to the extent that an interest
     reserve has been established in connection therewith which is acceptable to
     the Administrative Agent) and interest expense attributable to Capitalized
     Lease Obligations) of such Person and in any event shall include all
     interest expense with respect to any Indebtedness in respect of which such
     Person is wholly or partially liable, plus (b) to the extent not included
                                           ----
     in the preceding clause (a), such Person's proportionate share of all paid
     or accrued interest expense for such period of Unconsolidated Affiliates of
     such Person.

          "Replacement Reserves" means, for any period and with respect to any
     Real Property Asset, an amount equal to (a) $0.15 times, (b) a fraction,
                                                       ------
     the numerator of which is the number of days of such period, and the
     denominator of which is 365 times the aggregate gross leasable square feet
                                 -----
     of such Real Property Asset. If the term Replacement Reserves is used
     without reference to any specific Real Property Asset, then it shall be
     determined on an aggregate basis with respect to all Real Property Assets
     and a proportionate share of all real property of all Unconsolidated
     Affiliates.

          "Termination Date" means December 19, 2003.

     (b)  Section 10.4(a) of the Existing Term Loan Agreement is hereby amended
by deleting clause (v) thereof in its entirety and replacing it with the
following clauses (v) and (vi):

          (v)  Real Property Assets Under Construction, such that the aggregate
     amount of related Construction in Process exceeds 30% of Gross Asset Value;
     and

          (vi) Real Property Assets Under Construction, such that the aggregate
     amount of related construction in process for all such Real Property Assets
     as calculated by aggregating the sum of actual land acquisition costs and
     actual construction costs expended for Real Property Assets Under
     Construction, exceeds 20% of Gross Asset Value.

     Section 2.  Conditions Precedent.  The effectiveness of this Amendment and
                 --------------------
Restatement is subject to receipt by the Administrative Agent of each of the
following; each in form and substance satisfactory to the Administrative Agent:

     (a)  Counterparts of this Amendment and Restatement executed by each of
parties hereto;

     (b)  The closing fee referred to in Section 3 below;

     (c)  The declaration of trust of the Borrower certified as of a recent date
by the Maryland State Department of Assessments and Taxation;

                                      28
<PAGE>

     (d) A good standing certificate issued as of a recent date by the Maryland
State Department of Assessments and Taxation and certificates of qualification
to transact business or other comparable certificates issued by each Secretary
of State (and any state department of taxation, as applicable) of each state in
which the Borrower is required to be so qualified;

     (e) A certificate of incumbency signed by the Secretary or Assistant
Secretary of the Borrower with respect to each of the officers of the Borrower
authorized to execute and deliver this Amendment and Restatement;

     (f) Certified copies (certified by the Secretary or Assistant Secretary of
the Borrower) of all action taken by the Borrower's Board of Trustees to
authorize the execution, delivery and performance of this Amendment and
Restatement;

     (g) The articles of incorporation, articles of organization, certificate of
limited partnership or other comparable organizational instrument (if any) of
each Material Subsidiary (excluding any Non-Guarantor Subsidiary) certified as
of a recent date by the Secretary of State of the state of formation of such
Material Subsidiary;

     (h) A certificate of good standing or certificate of similar meaning with
respect to each Material Subsidiary (excluding any Non-Guarantor Subsidiary)
issued as of a recent date by the Secretary of State of the state of formation
of each such Material Subsidiary and certificates of qualification to transact
business or other comparable certificates issued by each Secretary of State (and
any state department of taxation, as applicable) of each state in which such
Material Subsidiary is required to be so qualified;

     (i) A certificate of incumbency signed by a Vice President, the Treasurer,
the Secretary or an Assistant Secretary (or other individual performing similar
functions) of each Material Subsidiary (excluding any Non-Guarantor Subsidiary)
with respect to each of the officers of such Material Subsidiary authorized to
execute and deliver this Amendment and Restatement;

     (j) Copies certified by a Vice President, the Treasurer, the Secretary or
an Assistant Secretary (or other individual performing similar functions) of
each Material Subsidiary (excluding any Non-Guarantor Subsidiary) of (i) the by-
laws of such Material Subsidiary, if a corporation, the operating agreement, if
a limited liability company, the partnership agreement, if a limited or general
partnership, or other comparable document in the case of any other form of legal
entity and (ii) all corporate, partnership, member or other necessary action
taken by such Material Subsidiary to authorize the execution, delivery and
performance of Amendment and Restatement and any other Loan Documents to which
it is a party; and

     (k) Such other documents, agreements and instruments as the Administrative
Agent may reasonably request.

                                      29
<PAGE>

     Section 3.  Closing Fee.  In consideration of a Lender's agreeing to amend
                 -----------
and restate the Existing Term Loan Agreement as provided herein, the Borrower
agrees to pay to the Administrative Agent for the account of such Lender a
closing fee equal to one-quarter of one percent (0.25%) of the amount of such
Lender's Commitment (as set forth on such Lender's signature page attached to
the Existing Term Loan Agreement).

     Section 4.  Representations of the Borrower.  The Borrower represents and
                 -------------------------------
warrants to the Administrative Agent and the Lenders that:

     (a) Authorization.  The Borrower and each other Loan Party a party hereto
         -------------
has the right and power, and has taken all necessary action to authorize it, to
execute and deliver this Amendment and Restatement and to perform its
obligations hereunder and under the Existing Term Loan Agreement, as amended and
restated by this Amendment and Restatement, in accordance with their respective
terms.  This Amendment and Restatement has been duly executed and delivered by a
duly authorized officer of the Borrower and each Loan Party a party hereto and
each of this Amendment and Restatement and the Existing Term Loan Agreement, as
amended and restated by this Amendment and Restatement, is a legal, valid and
binding obligation of the Borrower and each such Loan Party enforceable against
the Borrower and each such Loan Party in accordance with its respective terms
except as the same may be limited by bankruptcy, insolvency, and other similar
laws affecting the rights of creditors generally and the availability of
equitable remedies for the enforcement of certain obligations contained herein
or therein may be limited by equitable principles generally.

     (b) Compliance with Laws, etc.  The execution and delivery by the Borrower
         -------------------------
and each other Loan Party a party hereto of this Amendment and Restatement and
the performance by the Borrower and each such Loan Party of this Amendment and
Restatement and the Existing Term Loan Agreement, as amended and restated by
this Amendment and Restatement, in accordance with their respective terms, do
not and will not, by the passage of time, the giving of notice or otherwise:
(i) require any Government Approval or violate any Applicable Law relating to
the Borrower or such Loan Party; (ii) conflict with, result in a breach of or
constitute a default under the Borrower's declaration of trust or the
organizational documents of any other Loan Party or any indenture, agreement or
other instrument to which the Borrower or such Loan Party is a party or by which
it or any of its properties may be bound; or (iii) result in or require the
creation or imposition of any Lien upon or with respect to any property now
owned or hereafter acquired by the Borrower or such Loan Party other than in
favor of the Administrative Agent for the benefit of the Lenders.

     (c) No Default.  No Default or Event of Default has occurred and is
         ----------
continuing as of the date hereof nor will exist immediately after giving effect
to this Amendment and Restatement.

     (d) Guarantors.  As of the date hereof, all Material Subsidiaries
         ----------
(excluding Non-Guarantor Subsidiaries) are parties to the Guaranty and to this
Amendment and Restatement.

                                      30
<PAGE>

     Section 6.  Reaffirmation by Borrower and other Loan Parties.  The Borrower
                 ------------------------------------------------
and each other Loan Party hereby repeats and reaffirms all representations and
warranties made by the Borrower or such Loan Party to the Administrative Agent
and the Lenders in the Existing Term Loan Agreement or the Guaranty, as
applicable, and the other Loan Documents to which it is a party with the same
force and effect as if made on and as of the date hereof (and after giving
effect to this Amendment and Restatement) except to the extent that such
representations and warranties expressly relate solely to an earlier date (in
which case such representations and warranties shall have been true and accurate
on and as of such earlier date) and except for changes in factual circumstances
specifically and expressly permitted under the Term Loan Agreement or any other
Loan Document with the same force and effect as if such representations and
warranties were set forth in this Amendment and Restatement in full.

     Section 7.  Reaffirmation by Guarantors.  Each Material Subsidiary a party
                 ---------------------------
hereto hereby reaffirms its continuing obligations to the Administrative Agent
and the Lenders under the Guaranty to which it is a party, and agrees that the
transactions contemplated by this Amendment and Restatement shall not in any way
affect the validity and enforceability of such Guaranty, or reduce, impair or
discharge the obligations of such Material Subsidiary thereunder.

     Section 8.  Certain References.  Each reference to the "Term Loan
                 ------------------
Agreement" in any of the Loan Documents shall be deemed to be a reference to the
Existing Term Loan Agreement as amended and restated by this Amendment and
Restatement.

     Section 9.  Benefits.  This Amendment and Restatement shall be binding upon
                 --------
and shall inure to the benefit of the parties hereto and their respective
successors and assigns.

     Section 10. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
                 -------------
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA
APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

     Section 11. Expenses.  The Borrower shall reimburse the Administrative
                 --------
Agent upon demand for all costs and expenses (including reasonable attorneys'
fees) incurred by the Administrative Agent in connection with the preparation,
negotiation and execution of this Amendment and Restatement and the other
agreements and documents executed and delivered in connection herewith.

     Section 12. Effect.  The amendment and restatement effected hereby shall
                 ------
be deemed to have prospective application only.

     Section 13. Counterparts.  This Amendment and Restatement may be executed
                 ------------
in any number of counterparts, each of which shall be deemed to be an original
and shall be binding upon all parties, their successors and assigns.

                                      31
<PAGE>

     Section 14.  Definitions.  All capitalized terms not otherwise defined
                  -----------
herein are used herein with the respective definitions given them in the
Existing Term Loan Agreement.

     SECTION 15.  NO NOVATION.  THE PARTIES HERETO HAVE ENTERED INTO THIS
                  -----------
AMENDMENT AND RESTATEMENT AND THE OTHER DOCUMENTS AND INSTRUMENTS EXECUTED IN
CONNECTION HEREWITH SOLELY TO AMEND AND RESTATE THE TERMS OF, AND THE
OBLIGATIONS OWING UNDER AND IN CONNECTION WITH, THE EXISTING TERM LOAN
AGREEMENT.  THE PARTIES DO NOT INTEND THIS AMENDMENT AND RESTATEMENT NOR THE
TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND THIS AMENDMENT AND RESTATEMENT AND
THE TRANSACTIONS CONTEMPLATED HEREBY SHALL NOT BE DEEMED OR CONSTRUED TO BE, A
NOVATION OF ANY OF THE OBLIGATIONS OWING BY THE BORROWER, ITS SUBSIDIARIES OR
ANY OTHER LOAN PARTY UNDER OR IN CONNECTION WITH THE EXISTING TERM LOAN
AGREEMENT OR ANY OTHER CREDIT DOCUMENT.

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