Document:

ex10_3.htm

    EIGHTEENTH AMENDMENT TO
SECOND AMENDED AND RESTATED

    MASTER CREDIT FACILITY
AGREEMENT

    

    (MAA
II)

    

    THIS
EIGHTEENTH AMENDMENT TO SECOND AMENDED AND RESTATED MASTER CREDIT FACILITY
AGREEMENT (the “Amendment”)
is effective as of the 30th day of
January, 2008, by and among (i) (a) MID-AMERICA APARTMENT COMMUNITIES, INC., a
Tennessee corporation (the “REIT”),
(b) MID-AMERICA APARTMENTS, L.P., a Tennessee limited partnership (“OP”)
(the REIT and OP being collectively referred to as “Borrower”),
and (ii) PRUDENTIAL MULTIFAMILY MORTGAGE, INC., a Delaware corporation (“Lender”).

     

    RECITALS

     

    A.           Borrower
and Lender are parties to that certain Master Credit Facility Agreement dated as
of the 22nd day of August, 2002, by and between Borrower and Lender, which was
amended and restated pursuant to that certain Amended and Restated Master Credit
Facility Agreement dated as of December 10, 2003, which has been further amended
and restated pursuant to that certain Second Amended and Restated Master Credit
Facility Agreement dated as of March 30, 2004, as amended by that certain: First
Amendment to Second Amended and Restated Master Credit Facility Agreement dated
as of March 31, 2004, Second Amendment to Second Amended and Restated Master
Credit Facility Agreement dated as of April 30, 2004, Third Amendment to Second
Amended and Restated Master Credit Facility Agreement dated as of August 3,
2004, Fourth Amendment to Second Amended and Restated Master Credit Facility
Agreement dated as of August 31, 2004, Fifth Amendment to Second Amended and
Restated Master Credit Facility Agreement dated as of October 1, 2004, Sixth
Amendment to Second Amended and Restated Master Credit Facility Agreement dated
as of December 1, 2004, Seventh Amendment to Second Amended and Restated Master
Credit Facility Agreement dated as of December 15, 2004, Eighth Amendment to
Second Amended and Restated Master Credit Facility Agreement dated as of March
31, 2005, Ninth Amendment to Second Amended and Restated Master Credit Facility
Agreement dated as of September 23, 2005, Tenth Amendment to Second Amended and
Restated Master Credit Facility Agreement dated as of December 16, 2005,
Eleventh Amendment to Second Amended and Restated Master Credit Facility
Agreement dated as of February 22, 2006, Twelfth Amendment to Second Amended and
Restated Master Credit Facility Agreement dated as of April 3, 2006, Thirteenth
Amendment to Second Amended and Restated Master Credit Facility Agreement dated
as of April 28, 2006, Fourteenth Amendment to Second Amended and Restated Master
Credit Facility Agreement dated as of December 28, 2006, Fifteenth Amendment to
Second Amended and Restated Master Credit Facility Agreement dated as of
February 15, 2007, Sixteenth Amendment to Second Amended and Restated Master
Credit Facility Agreement dated as of July 1, 2007, and Seventeenth Amendment to
Second Amended and Restated Master Credit Facility Agreement dated as of
September 1, 2007 (as amended, modified or restated from time to time, the
“Master
Agreement”).

     

    B.           All
of the Lender's right, title and interest in the Master Agreement and the Loan
Documents executed in connection with the Master Agreement or the transactions
contemplated by the Master Agreement have been assigned to Fannie Mae pursuant
to that certain Assignment of Collateral Agreements and Other Loan Documents,
dated as of August 22, 2002 and that certain Assignment of Collateral Agreements
and Other Loan Documents, dated as of December 10, 2003 and that certain
Assignment of Collateral Agreements and Other Loan Documents dated as of March
31, 2004 (collectively, the “Assignment”).  Fannie
Mae has not assumed any of the obligations of the Lender under the Master
Agreement or the Loan Documents as a result of the Assignment.  Fannie
Mae has designated the Lender as the servicer of the Loans contemplated by the
Master Agreement. Lender is entering into this Amendment in its capacity as
servicer of the loan set forth in the Master Agreement.

     

    C.           Borrower
and Lender are executing this Amendment to reflect (i) the extension of the
Variable Facility Termination Date (the “Extension”)
as reflected on Schedule I to the
Master Agreement attached hereto and (ii) the pledge of additional Approved
Swaps as reflected on Schedule II to the
Master Agreement attached hereto.

     

    NOW, THEREFORE, the parties hereto, in
consideration of the mutual promises and agreements contained in this Amendment
and the Master Agreement, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, hereby agree as
follows:

     

    Section
1. Schedule
I.                                Borrower
and Lender hereby agree to extend the Variable Facility Termination Date under
the Master Agreement as set forth on Schedule
I.  Accordingly, Schedule I is hereby
deleted in its entirety and replaced with the Schedule I attached
to this Amendment.

     

    Section
2. Schedule
II.  Schedule II is hereby
deleted in its entirety and replaced with the Schedule II attached
to this Amendment.

     

    Section
3. Extension
Fee.   In connection with the Extension, Borrower shall
pay to Lender an Extension Fee of $988,000.

     

    Section
4. Capitalized
Terms.  All capitalized
terms used in this Amendment which are not specifically defined herein shall
have the respective meanings set forth in the Master Agreement.

     

    Section
5. Reaffirmation.  Borrower hereby
reaffirms its obligations under the Master Agreement.

     

    Section
6. Full
Force and Effect.  Except as
expressly modified by this Amendment, all terms and conditions of the Master
Agreement shall continue in full force and effect.

     

    Section
7. Counterparts.  This Amendment
may be executed in counterparts by the parties hereto, and each such counterpart
shall be considered an original and all such counterparts shall constitute one
and the same instrument.

     

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    IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day
and year first above written.

     

    BORROWER:

    

    MID-AMERICA
APARTMENT COMMUNITIES,

    INC., a
Tennessee corporation

    

    

    

    By: 
/s/ Al Campbell

    Name: 
Al Campbell

    Title: 
Executive Vice President and Treasurer

    

    

    MID-AMERICA
APARTMENTS, L.P.,

    a
Tennessee limited partnership

    

    By: 
Mid-America Apartment Communities, Inc.,

    a
Tennessee corporation, its general partner

    

    

    

    By: 
/s/ Al Campbell

    Name:  Al Campbell

    Title:  Executive Vice President
and Treasurer

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    LENDER:

    

    PRUDENTIAL
MULTIFAMILY MORTGAGE, INC., a Delaware corporation

     

    By: /s/ Sharon D.
Callahan

    Name:  Sharon D.
Callahan

    Title:  Vice
Presidentex10_4.htm

    NINTH AMENDMENT TO THIRD
AMENDED AND RESTATED

    MASTER CREDIT FACILITY
AGREEMENT

    (MAA
I)

    

    THIS
NINTH AMENDMENT TO THIRD AMENDED AND RESTATED MASTER CREDIT FACILITY AGREEMENT
(the “Amendment”)
is effective as of the 28th day of
December, 2006, by and among (i) (a) MID-AMERICA APARTMENT COMMUNITIES, INC., a
Tennessee corporation (the “REIT”),
(b) MID-AMERICA APARTMENTS, L.P., a Tennessee limited partnership (“OP”)
(the REIT and OP being collectively referred to as “Borrower”),
and (c) MID-AMERICA APARTMENTS OF TEXAS, L.P., a Texas limited partnership
(“MAA of
Texas”; MAA of Texas and Borrower being collectively referred to as the
“Borrower
Parties”); and (ii) PRUDENTIAL MULTIFAMILY MORTGAGE INC., a Delaware
corporation (“Lender”).

     

                                                             RECITALS

     

    A.           Borrower
Parties and Lender are parties to that certain Amended and Restated Master
Credit Facility Agreement dated as of the 22nd day of August, 2002, by and
between Borrower and Lender, which was amended and restated pursuant to that
certain Second Amended and Restated Master Credit Facility Agreement dated as of
December 10, 2003, which has been further amended and restated pursuant to that
certain Third Amended and Restated Master Credit Facility Agreement dated as of
March 30, 2004, which has been further amended pursuant to that certain First
Amendment to Third Amended and Restated Master Credit Facility Agreement dated
as of March 31, 2004, which has been further amended pursuant to that certain
Second Amendment to Third Amended and Restated Master Credit Facility Agreement
dated as of August 3, 2004, which has been further amended pursuant to that
certain Third Amendment to Third Amended and Restated Master Credit Facility
Agreement dated as of December 1, 2004, which has been further amended pursuant
to that certain Fourth Amendment to Third Amended and Restated Master Credit
Facility Agreement dated as of March 31, 2005, which has been further amended
pursuant to that Fifth Amendment to Third Amended and Restated Master Credit
Facility Agreement dated as of September 23, 2005, which has been further
amended pursuant to that Sixth Amendment to Third Amended and Restated Master
Credit Facility Agreement dated as of February 22, 2006, which has been further
amended pursuant to that Seventh Amendment to Third Amended and Restated Master
Credit Facility Agreement dated as of March 30, 2006, which has been further
amended pursuant to that Eighth Amendment to Third Amended and Restated Master
Credit Facility Agreement dated as of December 1, 2006 (as amended from time to
time, the “Master
Agreement”).

     

    B.           All
of the Lender's right, title and interest in the Master Agreement and the Loan
Documents executed in connection with the Master Agreement or the transactions
contemplated by the Master Agreement have been assigned to Fannie Mae pursuant
to that certain Assignment of Collateral Agreements and Other Loan Documents,
dated as of August 22, 2002 and that certain Assignment of Collateral Agreements
and Other Loan Documents, dated as of December 10, 2003 and that certain
Assignment of Collateral Agreement and Other Loan Documents dated as of March
31, 2004 (collectively, the “Assignment”).  Fannie
Mae has not assumed any of the obligations of the Lender under the Master
Agreement or the Loan Documents as a result of the Assignment.  Fannie
Mae has designated the Lender as the servicer of the Loans contemplated by the
Master Agreement. Lender is entering into this Amendment in its capacity as
servicer of the loan set forth in the Master Agreement.

     

    C.           Borrower
Parties and Lender are executing this Amendment pursuant to the Master Agreement
to (i) reflect the merger of MAA of Texas with and into OP (the “Merger”)
and the transfer of fee simple title, by the operation of law, of all Mortgaged
Properties owned by MAA of Texas to OP, (ii) reflect the release of MAA of Texas
as a Guarantor under the Master Agreement, (iii) reflect an increase in the
maximum amount by which the Commitment may be increased, (iv) reflect an
increase in the Variable Facility Commitment as set forth hereinafter, and (v)
revise certain definitions of Financial Covenants.

     

               NOW,
THEREFORE, the parties hereto, in consideration of the mutual promises and
agreements contained in this Amendment and the Master Agreement, and other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, hereby agree as follows:

     

    Section
1. Merger.  Pursuant
to that certain Agreement and Plan of Merger by and between MAA of Texas and OP,
Borrower anticipates that MAA of Texas will be merged with and into OP on or
about December 31, 2006.  Pursuant to those certain Consents to Merger
and Modification to Multifamily Deed of Trust, Assignment of Rents and Security
Agreement and Fixture Filing for each Mortgaged Property located in Texas dated
as of even date hereof by and among Borrower, MAA of Texas and Lender, Lender
has consented to the Merger.  Upon the consummation of the Merger, by
operation of law, OP shall become the fee simple owner of the Mortgaged
Properties currently owned by MAA of Texas.  Borrower hereby
acknowledges that it remains subject to all of its obligations under the Master
Agreement, the Security Instruments and all applicable Loan
Documents.

     

    Section
2. Termination
of Guaranty.  Upon the consummation of the Merger, MAA of Texas
shall be released from all of its obligations under that certain Amended and
Restated Guaranty dated as of August 22, 2002 by Guarantor for the benefit of
Lender (as amended and supplemented from time to time, the “Guaranty”), the Master Agreement and any other applicable
Loan Documents, and the Guaranty shall be automatically terminated.

     

    Section
3. Non-Effectiveness
of Merger.  In the event that the Merger does not become
effective on or before January 31, 2007, Sections 1 and 2 of this Amendment
shall be of no further force and effect, and the Master Agreement shall remain
in effect unmodified by Sections 1 and 2 herein.

     

    Section
4. Maximum
Amount of Increase in Commitment.  Notwithstanding the
provisions of Section 8.01(a) of the Master Agreement, which limit the maximum
amount by which Borrower is permitted to increase the Commitment, Lender hereby
agrees to grant Borrower a one-time right to increase the Commitment to
$243,193,000.  In connection with the increase in Commitment, Lender
has granted Borrower a one-time right to increase the Commitment under the Other
Credit Agreement to $691,785,000.  Borrower hereby agrees that the
total commitment, when added to the commitment of the Lender to the Borrower
under the Other Credit Agreement, shall not exceed $934,978,000.

     

    Section
5. Expansion.  The
Variable Facility Commitment is hereby increased by $15,000,000 and the
definition of Variable Facility Commitment is hereby replaced in its entirety
with the following new definition:

    

                 “Variable Facility
Commitment” means an aggregate amount of $153,193,000, which shall be
evidenced by the Variable Facility Note in the form attached hereto as Exhibit I, plus such
amount as the Borrower may elect to add to the Variable Facility Commitment in
accordance with Article VIII, and plus such amount as the Borrower may elect to
reborrow in accordance with Section 2.08, less such amount as the Borrower may
elect to convert from the Variable Facility Commitment to the Fixed Facility
Commitment in accordance with Article III and less such amount by which the
Borrower may elect to reduce the Variable Facility Commitment in accordance with
Article IX.

    

    Section
6. Financial
Covenants.  The definition of “EBITDA” in the Master
Agreement is hereby amended and restated in its entirety as
follows:

    

    “EBITDA” means, for
any period, the sum determined in accordance with GAAP, of the following, for
any Person on a consolidated basis--

     

    (a)           the
net income (or net loss) of such Person during such Period, but excluding gains
and losses on the sale of fixed assets;

     

    (b)           all
amounts treated as expenses for depreciation, Interest Expense and the
amortization of intangibles of any kind to the extent included in the
determination of such net income (or loss); and

     

    (c)           all
accrued taxes on or measured by income to the extent included in the
determination of such net income (or loss);

     

    provided, however,
that net income (or loss) shall be computed for these purposes without giving
effect to extraordinary losses (including storm related balance sheet
impairments) or extraordinary gains;

    

    provided, however, that net income (or loss) shall be
computed for these purposes without giving effect to extraordinary losses,
extraordinary or unusual losses and impairment related to storm or earthquake,
or extraordinary gains.

    

    Section
7. Capitalized
Terms.  All capitalized
terms used in this Amendment which are not specifically defined herein shall
have the respective meanings set forth in the Master Agreement.

    

    Section
8. Reaffirmation.  The Borrower
hereby reaffirms its obligations under the Master Agreement.

     

    Section
9. Full
Force and Effect.  Except as
expressly modified by this Amendment, all terms and conditions of the Master
Agreement shall continue in full force and effect.

     

    Section
10. Counterparts.  This Amendment
may be executed in counterparts by the parties hereto, and each such counterpart
shall be considered an original and all such counterparts shall constitute one
and the same instrument.

     

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    IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day
and year first above written.

     

    BORROWER:

    

    MID-AMERICA
APARTMENT COMMUNITIES,

    INC., a
Tennessee corporation

    

    

    

    By: 
/s/ Al Campbell

    Name: 
Al Campbell

    Title: 
Senior Vice President and Treasurer

    

    

    MID-AMERICA
APARTMENTS, L.P.,

    a
Tennessee limited partnership

    

    By: 
Mid-America Apartment Communities, Inc.,

    a
Tennessee corporation, its general partner

    

    

    

    By: /s/
Al Campbell

    Name: 
Al Campbell

    Title: 
Senior Vice President and Treasurer

    

    

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    MAA OF TEXAS:

     

    MID-AMERICA
APARTMENTS OF TEXAS, L.P., a Texas limited partnership

     

    By:    MAC
of Delaware, Inc., a Delaware

               corporation,
its general partner

    

    

               By: 
/s/ John A. Good

               Name: 
John A. Good

               Title: 
Assistant Secretary

    

    

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    LENDER:

    

    PRUDENTIAL
MULTIFAMILY MORTGAGE INC., a Delaware corporation

     

    By: 
/s/ Sharon D. Callahan

    Name: 
Sharon D. Callahan

    Title: 
Vice President

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