Document:

<PAGE>   1
'                                                                 EXHIBIT 10.8.1

                      AMENDMENT ONE TO AMENDED AND RESTATED
                              MANAGEMENT AGREEMENT

      This AMENDMENT ONE TO AMENDED AND RESTATED MANAGEMENT AGREEMENT
("Amendment") is made as of July 1, 2000 by and between Irvine Apartment
Communities, L.P., a Delaware limited partnership ("Owner") and Irvine Apartment
Management Company, a California general partnership ("Manager").

                                    RECITALS

      A. Owner and Manager entered into the Amended and Restated Management
Agreement dated as of January 1, 2000 (the "Management Agreement") to provide
for the leasing, management and operation of the Projects (as defined therein)
by Manager for the benefit of Owner.

      B. Owner and Manager have agreed to change the Management Fee and
therefore wish to amend the Management Agreement.

                                    AGREEMENT

      NOW, THEREFORE, Owner and Manager hereby amend the Management Agreement as
follows:

      1. Article 10.1, Management Fee, is hereby deleted in its entirety and the
following is substituted therefore:

      "As compensation for the performance of its obligations hereunder, Manager
      shall be paid a monthly management fee ("MANAGEMENT FEE") equal to (i)
      Twenty-nine Dollars ($29) multiplied by the number of "DESIGNATED UNITS"
      (as defined below) subject to this Agreement during the applicable
      calendar month in the period commencing July 1, 2000 and ending December
      31, 2000 and (ii) Twenty-eight Dollars ($28) multiplied by the number of
      Designated Units subject to this Agreement during the applicable calendar
      month in the period commencing January 1, 2001, plus a "PRO RATA AMOUNT"
      (as defined below) for each Designated Unit that is subject to this
      Agreement during a portion of such calendar month. As used herein: (a) the
      tern "DESIGNATED UNITS" means the units in the Projects listed on EXHIBIT
      A, as Exhibit A may be amended from time to time by Owner's delivery of
      written notice to Manager specifying additional units that will be subject
      to this agreement, such notice to be delivered no later than fifteen (15)
      business days prior to the date (as specified in Owner's notice) on which
      the Manager is to begin management of such units and (b) the term "PRO
      RATA AMOUNT" means the Management Fee then in effect multiplied by a
      fraction, the denominator of which is the total number of days in the
      applicable month and the numerator of which is the number of days in any
      partial month that the applicable Designated Unit was subject to this
      Agreement."

<PAGE>   2
      2. All other terms and provisions of the Management Agreement shall remain
unchanged and in full force and effect.

      IN WITNESS WHEREOF, Owner and Manager have executed this Amendment as of
the day first above written.

<TABLE>
<S>                                                 <C>
MANAGER:                                            OWNER:

IRVINE APARTMENT MANAGEMENT COMPANY,                IRVINE APARTMENT COMMUNITIES,
a California general partnership                    L.P., a Delaware limited partnership

By: APARTMENT MANAGEMENT COMPANY, LLC,              By: Irvine Apartment Communities LLC, a
    a Delaware limited liability company,               Delaware limited liability company, its
    its general partner                                 general partner

    By:  IRVINE APARTMENT COMMUNITIES, L.P.,            By: /s/ DAVID PATTY
         a Delaware limited partnership,                    ----------------------------------------
         its sole member                                    David Patty
                                                            Executive Vice President

    By: Irvine Apartment Communities
        LLC, a Delaware limited liability               By: /s/ DANIEL C. HEDIGAN
        company, its general partner                        ----------------------------------------
                                                            Daniel C. Hedigan
                                                            Assistant Secretary

    By: /s/ CLARENCE BARKER
        ----------------------------------------
        Clarence Barker
        President & COO

    By: /s/ MAX GARDNER
        ----------------------------------------
        Max Gardner
        Executive Vice President

By: WESTERN NATIONAL SECURITIES,
    d/b/a WESTERN NATIONAL
    PROPERTY MANAGEMENT, a
    California corporation, its general partner

By: /s/ MICHAEL HAYDE
    --------------------------------------------
    Michael Hayde
    Chief Executive Officer
</TABLE><PAGE>   1
                                                                   EXHIBIT 10.17

                                 LOAN AGREEMENT

      This Loan Agreement ("THIS AGREEMENT") is entered into as of the 24th day
of October, 2000, by and between IRVINE APARTMENT COMMUNITIES, L.P., a Delaware
limited partnership ("LENDER") and THE IRVINE COMPANY, a Delaware corporation
("BORROWER").

                                    RECITALS

      A. Lender desires to loan to borrower and Borrower desires to borrow from
Lender certain funds in accordance with the terms and conditions set forth
herein (the "LOAN").

                                    AGREEMENT

      NOW, THEREFORE, in consideration of the foregoing Recitals and subject to
the terms and conditions set forth below, Lender and Borrower hereby agree as
follows:

      1. TERMS OF LOAN

            (a) Agreement to Lend and Borrow. Subject to the terms and
      conditions in this Agreement, Lender agrees to lend to Borrower, from time
      to time, at Borrower's request, funds in an amount no less than Five
      Hundred Thousand Dollars ($500,000) up to an aggregate amount outstanding
      at any time not in excess of Two Hundred Million Dollars ($200,000,000)
      (the "MAXIMUM LOAN AMOUNT"). Each individual borrowing made under the
      terms of this Agreement shall hereinafter be referred to as a "TRANCHE" in
      the singular and "Tranches" in the plural, and each such Tranche may be
      repaid and reborrowed without premium or penalty.

            (b) Promissory Note. All Tranches borrowed pursuant to the terms of
      this Agreement shall be evidenced by a single Promissory Note executed by
      Borrower in the form attached hereto as Exhibit A (the "PROMISSORY NOTE").
      The Promissory Note shall contain a schedule upon which the date, amount,
      loan type (Fixed Rate or Variable Rate, both as defined below) index,
      margin, interest rate and payment method of each Tranche shall be entered.

            (c) Interest. At Borrower's option, each Tranche shall bear interest
      on its unpaid principal amount from the date made until paid in full,
      compounded monthly:

                  (i) at a fixed rate as quoted by Lender ("FIXED RATE"); or

                  (ii) at a variable rate as quoted by Lender ("VARIABLE RATE").
            In no event will the Variable Rate be less than the interest paid to
            Lender on its overnight repurchase agreements entered into with Bank
            of America, N.A, or Wells Fargo Bank, N.A., which repurchase
            agreements are secured by United States Treasury or Agency debt
            instruments, or the Liquid Institutional Reserve Money Market Fund
            offered by Paine Webber, Inc.

                                       1
<PAGE>   2
If Borrower does not notify Lender, concurrently with each borrowing under this
Agreement, of its election of a Fixed Rate or Variable Rate, the Loan shall bear
interest at the Variable Rate. Notwithstanding the above, and in any event, the
interest rate shall not be lower than the applicable federal rate (short term
monthly rate) as determined by the Internal Revenue Service, as adjusted from
time to time (as defined in 1986 Internal Revenue Code Section 1274(d), as
amended from time to time).

                  (d) Payments. Unless sooner accelerated pursuant to the terms
            of this Agreement:

                        (i) Monthly Interest Payments. Interest accrued on each
                  Tranche as of the last day of each calendar month shall be due
                  and payable on the fifth business day of the following month,
                  or, with Lender's consent, accrued and compounded until the
                  principal balance of such Tranche is repaid, at which time
                  such accrued and compounded interest shall be due and payable;
                  and

                        (ii) Principal Payments: the entire unpaid principal
                  amount of the Loan and all accrued interest thereon shall be
                  due and payable five (5) business days after a demand
                  therefore by Lender.

                  (e) Expiration of Agreement. This Agreement shall expire on
            June 30, 2003.

      2. COVENANTS AND CONTINUING AGREEMENTS

      During the term of this Agreement, and thereafter for so long as there are
any amounts outstanding hereunder to Borrower, Borrower covenants that it shall:

            (a) Business and Existence. Preserve and maintain its separate
      corporate existence and all rights, privileges, and franchises in
      connection therewith.

            (b) Other Information. With reasonable promptness, deliver to Lender
      such other information and data as from time to time may be reasonably
      requested by Lender.

            (c) Unused Corporate Line Capacity. At all times that principal is
      outstanding under either or both of the Term Note and/or the Revolving
      Note, reserve available capacity under its unsecured corporate facilities
      in an amount sufficient to pay in full such principal amount outstanding
      at any time and from time to time.

      3. REPRESENTATIONS AND WARRANTIES

      Lender and Borrower hereby represent and warrant that this Agreement, and
in Borrower's case the Revolving Note and Term Note executed of even date
herewith, have been duly authorized, executed and delivered by Lender and
Borrower, respectively.

      4. EVENTS OF DEFAULT; RIGHTS AND REMEDIES ON DEFAULT

            (a) Events of Default. The occurrence of any one or more of the
      following events shall constitute an "EVENT OF DEFAULT":

                                       2
<PAGE>   3
                  (1) Non-payment. The failure of Borrower to pay any
            installment of principal or interest owing hereunder within 10
            business days after such payment is due.

                  (2) Insolvency, etc. Borrower shall (a) apply for, suffer the
            appointment of or consent to the appointment of, or the taking of
            possession by, a receiver, custodian, trustee or liquidator of
            itself or of all or a substantial part of its property, (b) admit in
            writing its inability, or be generally unable, to pay its debts as
            they become due or cease operations of its present business, (c)
            make a general assignment for the benefit of creditors, (d) commence
            a voluntary case under the federal bankruptcy laws (as now or
            hereafter in effect), (e) be adjudicated a bankrupt or insolvent,
            (f) file a petition seeking to take advantage of any other law
            providing for the relief of debtors, (g) acquiesce to, or fail to
            have dismissed, within thirty (30) days, any petition filed against
            it in any involuntary case under such bankruptcy laws, or (h) take
            any action for the purpose of effecting any of the foregoing.

            (b) Acceleration of the Obligations. Upon the occurrence of any
      Event of Default pursuant to this Agreement, all advances outstanding
      under this Agreement shall be immediately due and payable, without notice
      or demand by Lender. Borrower shall forthwith pay to Lender the entire
      principal amount together with any interest accrued thereon.

      5. MISCELLANEOUS

            (a) Modification of Agreement. This Agreement may not be modified,
      altered or amended, except by an agreement in writing signed by each of
      the parties hereto.

            (b) Termination of Agreement. This Agreement may be terminated by
      either party at any time in a writing delivered by the party terminating
      this Agreement to the other party. Upon any such termination, the entire
      unpaid amount of principal and accrued interest under the Revolving Note
      and the Term Note shall be immediately due and payable, interest on such
      entire amount accruing thereafter at the Note Rate as set forth in the
      Revolving Note or the Term Note, as applicable.

            (c) Successors and Assigns. This Agreement shall inure to the
      benefit of the parties hereto, their successors and assigns; provided,
      however, that neither party hereto may make an assignment of its
      obligations or liabilities under this Agreement without the prior written
      consent of the other party.

            (d) Execution in Counterparts. This Agreement may be executed in
      counterparts, each of which when so executed and delivered shall be deemed
      to be an original and all of which counterparts taken together shall
      constitute one and the same instrument.

            (e) Entire Agreement. This Agreement, together with all other
      instruments, agreements and certificates executed by the parties in
      connection herewith, embody the entire understanding and agreement between
      the parties hereto and thereto with respect to the subject matter hereof
      and thereof, and supersede all prior agreements, understandings and
      inducements, whether express or implied, oral or written.

                                       3
<PAGE>   4
            (f) Governing Law. This Agreement shall be governed by and construed
      and enforced in accordance with the laws of the State of California
      excluding any laws that require the application of another jurisdiction's
      laws.

                            [SIGNATURES ON NEXT PAGE]

                                       4
<PAGE>   5

      IN WITNESS WHEREOF, Lender and Borrower have duly executed this Agreement
as of the day and year first written above.

BORROWER:                         THE IRVINE COMPANY,
                                  a Delaware corporation

                                  By:
                                       -----------------------------------------
                                       Marc D. Ley,
                                       Senior Vice President, Capital Markets &
                                       Chief Investment Officer

                                  By:
                                       -----------------------------------------
                                       Nancy H. Barley,
                                       Vice President, Corporate Finance

LENDER:                           IRVINE APARTMENT COMMUNITIES, L.P.,
                                  a Delaware limited partnership

                                   By: Irvine Apartment Communities, LLC,
                                       a Delaware limited liability company

                                       By: The Irvine Company,
                                           a Delaware corporation

                                           By:
                                               ---------------------------------
                                               Clarence W. Barker,
                                               President

                                           By:
                                               ---------------------------------
                                               David A. Patty,
                                               Executive Vice President

                                       S-1
<PAGE>   6
                                    EXHIBIT A
                             FORM OF PROMISSORY NOTE

      FOR VALUE RECEIVED, the undersigned, THE IRVINE COMPANY, a Delaware
corporation ("BORROWER"), hereby promises to pay to IRVINE APARTMENT
COMMUNITIES, L.P., a Delaware limited partnership ("LENDER"), or its order, in
lawful money of the United States of America, the principal sum of the Loan
Amount or Loan Amounts, shown in Column B of SCHEDULE 1, attached hereto and
incorporated herein by this reference, together with interest on the unpaid
principal balance of this Note from the date hereof until paid in full at a rate
of interest equal to the Interest Rate or Interest Rates shown in Column D of
SCHEDULE 1, but in no event at a rate higher than the maximum permitted by law
(the "NOTE RATE"). This Note is issued pursuant to that certain Loan Agreement
dated as of October 24, 2000, by and between Lender and Borrower, and all of the
terms, covenants and conditions therein, as may be amended from time to time
(the "LOAN AGREEMENT"). All capitalized terms herein, unless otherwise
specifically defined, shall have the meanings given them by the Loan Agreement.

      This Note shall mature and all payments of principal and accrued but
unpaid interest shall be due and payable five (5) business days after a demand
therefore by Lender.

      It shall be an event of default (i) if Borrower fails to make any payment
under this Note or (ii) if Borrower becomes insolvent, commences a bankruptcy
case or makes an assignment for the benefit of creditors. Upon the occurrence of
an event of default, the entire unpaid amount of principal and accrued interest
hereunder may be declared by Lender to be immediately due and payable, interest
on such entire amount accruing thereafter at the Note Rate set forth above.

      This Note may be prepaid, in part or in full by Borrower at any time,
without penalty, by payment of all principal and interest accrued thereon to the
date of prepayment, together with any other sums owed to Lender hereunder. Any
partial prepayment shall be applied first, to any sums other than principal and
interest owed to Lender hereunder, second, to accrued, but unpaid interest and
the balance, if any, to the principal amount of this Note.

      The undersigned hereby waives presentment, notice of nonpayment or
dishonor, protest, notice of protest, demand and all other notices in connection
with the delivery, acceptance, performance, default or enforcement of this Note.
The holder hereof shall not be deemed, by any act of omission or commission, to
have waived any of its rights or remedies hereunder unless such waiver is in
writing and signed by such holder and then only to the extent specifically set
forth in writing. A waiver with reference to one event shall not be construed as
continuing or as a bar to or waiver of any right of remedy as to a subsequent
event. No delay or omission of the holder hereof to exercise any right, whether
before or after a default hereunder, shall impair any such right or shall be
construed to be a waiver of any right or default, and the acceptance at any time
by the holder hereof of any past due amounts shall not be deemed to be a waiver
of the right to require prompt payment when due of any other amounts then or
thereafter due and payable.

                                      A-1
<PAGE>   7
      The undersigned promises to pay costs of collection, including attorneys'
fees, whether or not suit is filed, upon the nonperformance by the undersigned
of any duty or obligation arising out of or in connection with this Note.

      Time is of the essence hereof. Upon the occurrence of any event of default
hereunder, the holder hereof may exercise all rights and remedies provided for
herein and by law including, but not limited to, the right to enforce immediate
payment in full of this Note.

      The remedies of the holder hereof as provided herein or at law or in
equity, shall be cumulative and concurrent, and may be pursued singly,
successively, or together at the sole discretion of the holder hereof, and may
be exercised as often as occasion therefore shall occur; and the failure to
exercise any such right or remedy shall in no event be construed as a waiver or
release thereof.

      Whenever used, the words "undersigned" and "Lender" shall be deemed to
include the respective successors and assigns of each.

      This Note has been delivered to and accepted by Lender in Newport Beach,
California. This Note shall be governed and construed in accordance with and
pursuant to the laws of the State of California.

                            [SIGNATURES ON NEXT PAGE]

                                      A-2
<PAGE>   8

      IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby,
has duly executed this Note the day and year first above written.

                                       THE IRVINE COMPANY,
                                       a Delaware corporation

                                       By:
                                              ----------------------------------
                                       Name:
                                              ----------------------------------
                                       Title:
                                              ----------------------------------

                                       By:
                                              ----------------------------------
                                       Name:
                                              ----------------------------------
                                       Title:
                                              ----------------------------------

<PAGE>   9

                                   SCHEDULE 1
                                       TO
                                PROMISSORY NOTE

<TABLE>
<CAPTION>
COLUMN A        COLUMN B         COLUMN C         COLUMN D        COLUMN E        COLUMN F          COLUMN G
--------        --------         --------         --------        --------        --------          --------
                                                                                                     Payment
                                 Loan Type                                                           Method
Date of           Loan           (Fixed or                                        Interest           (Paid or
 Loan            Amount          Variable)          Index          Margin           Rate             Accrued)
--------        --------         --------         --------        --------        --------          --------
<S>             <C>             <C>               <C>             <C>             <C>               <C>
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</TABLE>

                                     S-1-1

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