Document:

<PAGE>
                                                                   EXHIBIT 10.31

                                MULTIFAMILY NOTE
                         (Superstition Park Apartments)
US $16,000,000.00                                             December 15, 1999

         FOR VALUE RECEIVED, the undersigned ("BORROWER") jointly and severally
(if more than one) promises to pay to the order of BERKSHIRE MORTGAGE FINANCE
LIMITED PARTNERSHIP, a Massachusetts limited partnership, the principal sum of
Sixteen Million And 00/100 Dollars (US $16,000,000.00), with interest on the
unpaid principal balance at the annual rate of seven and 765/1000 percent
(7.765%).

         1. DEFINED TERMS. As used in this Note, (i) the term "LENDER" means the
holder of this Note, and (ii) the term "INDEBTEDNESS" means the principal of,
interest on, or any other amounts due at any time under, this Note, the Security
Instrument or any other Loan Document, including prepayment premiums, late
charges, default interest, and advances to protect the security of the Security
Instrument under Section 12 of the Security Instrument. Event of Default, Key
Principal and other capitalized terms used but not defined in this Note shall
have the meanings given to such terms in the Security Instrument (as defined in
Paragraph 5).

         2. ADDRESS FOR PAYMENT. All payments due under this Note shall be
payable at One Beacon Street, 14th Floor, Boston, Massachusetts 02108, or such
other place as may be designated by written notice to Borrower from or on behalf
of Lender.

         3. PAYMENT OF PRINCIPAL AND INTEREST. Principal and interest shall be
paid as follows:

         (a) Unless disbursement of principal is made by Lender to Borrower on
the first day of the month, interest for the period beginning on the date of
disbursement and ending on and including the last day of the month in which such
disbursement is made shall be payable simultaneously with the execution of this
Note. Interest under this Note shall be computed on the basis of a 360-day year
consisting of twelve 30-day months.

         (b) Consecutive monthly installments of principal and interest, each in
the amount of One Hundred Fourteen Thousand Seven Hundred Ninety One and 85/100
Dollars (US $114,791.85), shall be payable on the first day of each month
beginning on 1st day of February, 2000, until the entire unpaid principal
balance evidenced by this Note is frilly paid. Any accrued interest remaining
past due for 30 days or more shall be added to and become part of the unpaid
principal balance and shall bear interest at the rate or rates specified in this
Note, and any reference below to "accrued interest" shall refer to accrued
interest which has not become part of the unpaid principal balance. Any
remaining principal and interest shall be due and payable on January 1, 2010 or
on any earlier date on which the unpaid principal balance of this Note becomes
due and payable, by acceleration or otherwise (the "MATURITY

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DATE"). The unpaid principal balance shall continue to bear interest after the
Maturity Date at the Default Rate set forth in this Note until and including the
date on which it is paid in full.

         (c) Any regularly scheduled monthly installment of principal and
interest that is received by Lender before the date it is due shall be deemed to
have been received on the due date solely for the purpose of calculating
interest due.

         4. APPLICATION OF PAYMENTS. If at any time Lender receives, from
Borrower or otherwise, any amount applicable to the Indebtedness which is less
than all amounts due and payable at such time, Lender may apply that payment to
amounts then due and payable in any manner and in any order determined by
Lender, in Lender's discretion. Borrower agrees that neither Lender's acceptance
of a payment from Borrower in an amount that is less than all amounts then due
and payable nor Lender's application of such payment shall constitute or be
deemed to constitute either a waiver of the unpaid amounts or an accord and
satisfaction.

         5. SECURITY. The Indebtedness is secured, among other things, by a
multifamily mortgage, deed to secure debt or deed of trust dated as of the date
of this Note (the "SECURITY INSTRUMENT"), and reference is made to the Security
Instrument for other rights of Lender concerning the collateral for the
Indebtedness.

         6. ACCELERATION. If an Event of Default has occurred and is continuing,
the entire unpaid principal balance, any accrued interest, the prepayment
premium payable under Paragraph 10, if any, and all other amounts payable under
this Note and any other Loan Document shall at once become due and payable, at
the option of Lender, without any prior notice to Borrower. Lender may exercise
this option to accelerate regardless of any prior forbearance.

         7. LATE CHARGE. If any monthly amount payable under this Note or under
the Security Instrument or any other Loan Document is not received by Lender
within 5 days after the amount is due, Borrower shall pay to Lender, immediately
and without demand by Lender, a late charge equal to 5 percent of such amount.
Borrower acknowledges that its failure to make timely payments will cause Lender
to incur additional expenses in servicing and processing the loan evidenced by
this Note (the "LOAN"), and that it is extremely difficult and impractical to
determine those additional expenses. Borrower agrees that the late charge
payable pursuant to this Paragraph represents a fair and reasonable estimate,
taking into account all circumstances existing on the date of this Note, of the
additional expenses Lender will incur by reason of such late payment. The late
charge is payable in addition to, and not in lieu of, any interest payable at
the Default Rate pursuant to Paragraph 8.

         8. DEFAULT RATE. So long as any monthly installment or any other
payment due under this Note remains past due for 30 days or more, interest under
this Note shall accrue 0 on the unpaid principal balance from the earlier of the
due date of the first unpaid monthly installment or other payment due, as
applicable, at a rate (the "DEFAULT RATE") equal to the lesser of 4 percentage
points above the rate stated in the first paragraph of this Note or the

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maximum interest rate which may be collected from Borrower under applicable law.
If the unpaid principal balance and all accrued interest are not paid in full on
the Maturity Date, the unpaid principal balance and all accrued interest shall
bear interest from the Maturity Date at the Default Rate. Borrower also
acknowledges that its failure to make timely payments will cause Lender to incur
additional expenses in servicing and processing the Loan, that, during the time
that any monthly installment or payment under this Note is delinquent for more
than 30 days, Lender will incur additional costs and expenses arising from its
loss of the use of the money due and from the adverse impact on Lender's ability
to meet its other obligations and to take advantage of other investment
opportunities, and that it is extremely difficult and impractical to determine
those additional costs and expenses. Borrower also acknowledges that, during the
time that any monthly installment or other payment due under this Note is
delinquent for more than 30 days, Lender's risk of nonpayment of this Note will
be materially increased and Lender is entitled to be compensated for such
increased risk. Borrower agrees that the increase in the rate of interest
payable under this Note to the Default Rate represents a fair and reasonable
estimate, taking into account all circumstances existing on the date of this
Note, of the additional costs and expenses Lender will incur by reason of the
Borrower's delinquent payment and the additional compensation Lender is entitled
to receive for the increased risks of nonpayment associated with a delinquent
loan.

         9. LIMITS ON PERSONAL LIABILITY.

         (a) Except as otherwise provided in this Paragraph 9, Borrower shall
have no personal liability under this Note, the Security Instrument or any other
Loan Document for the repayment of the Indebtedness or for the performance of
any other obligations of Borrower under the Loan Documents, and Lender's only
recourse for the satisfaction of the Indebtedness and the performance of such
obligations shall be Lender's exercise of its rights and remedies with respect
to the Mortgaged Property and any other collateral held by Lender as security
for the Indebtedness. This limitation on Borrower's liability shall not limit or
impair Lender's enforcement of its rights against any guarantor of the
Indebtedness or any guarantor of any obligations of Borrower.

         (b) Borrower shall be personally liable to Lender for the repayment of
a portion of the Indebtedness equal to any loss or damage suffered by Lender as
a result of (1) failure of Borrower to pay to Lender upon demand after an Event
of Default, all Rents to which Lender is entitled under Section 3(a) of the
Security Instrument and the amount of all security deposits collected by
Borrower from tenants then in residence; (2) failure of Borrower to apply all
insurance proceeds and condemnation proceeds as required by the Security
Instrument; (3) failure of Borrower to comply with Section 14(d) or (e) of the
Security Instrument relating to the delivery of books and records, statements,
schedules and reports; (4) fraud or written material misrepresentation by
Borrower, Key Principal or any officer, director, partner, member or employee of
Borrower in connection with the application for or creation of the Indebtedness
or any request for any action or consent by Lender; or (5) failure to apply
Rents, first, to the payment of reasonable operating expenses (other than
Property management fees that are not currently payable pursuant to the terms of
an Assignment of Management Agreement or any other agreement with Lender
executed in connection with the Loan) and then to amounts ("DEBT SERVICE
AMOUNTS") payable under

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this Note, the Security Instrument or any other Loan Document (except that
Borrower will not be personally liable (i) to the extent that Borrower lacks the
legal right to direct the disbursement of such sums because of a bankruptcy,
receivership or similar judicial proceeding, or (ii) with respect to Rents that
are distributed in any calendar year if Borrower has paid all operating expenses
and Debt Service Amounts for that calendar year).

         (c) Borrower shall become personally liable to Lender for the repayment
of all of the Indebtedness upon the occurrence of any of the following Events of
Default: (1) Borrower's acquisition of any property or operation of any business
not permitted by Section 33 of the Security Instrument; or (2) a Transfer that
is an Event of Default under Section 21. of the Security Instrument.

         (d) To the extent that Borrower has personal liability under this
Paragraph 9, Lender may exercise its rights against Borrower personally without
regard to whether Lender has exercised any rights against the Mortgaged Property
or any other security, or pursued any rights against any guarantor, or pursued
any other rights available to Lender under this Note, the Security Instrument,
any other Loan Document or applicable law. For purposes of this Paragraph 9, the
term "MORTGAGED PROPERTY" shall not include any funds that (1) have been applied
by Borrower as required or permitted by the Security Instrument prior to the
occurrence of an Event of Default, or (2) Borrower was unable to apply as
required or permitted by the Security Instrument because of a bankruptcy,
receivership, or similar judicial proceeding.

         10. VOLUNTARY AND INVOLUNTARY PREPAYMENTS.

         (a) A prepayment premium shall be payable in connection with any
prepayment made under this Note as provided below:

                  (1) Borrower may voluntarily prepay all (but not less than
         all) of the unpaid principal balance of this Note on the last Business
         Day of a calendar month if Borrower has given Lender at least 30 days
         prior notice of its intention to make such prepayment. Such prepayment
         shall be made by paying (A) the amount of principal being prepaid, (B)
         all accrued interest, (C) all other sums due Lender at the time of such
         prepayment, and (D) the prepayment premium calculated pursuant to
         Schedule A. For all purposes, including the accrual of interest, any
         prepayment received by Lender on any day other than the last calendar
         day of the month shall be deemed to have been received on the last
         calendar day of such month. For purposes of this Note, a "BUSINESS DAY"
         means any day other than a Saturday, Sunday or any other day on which
         Lender is not open for business.

                  (2) Upon Lender's exercise of any right of acceleration under
         this Note, Borrower shall pay to Lender, in addition to the entire
         unpaid principal balance of this Note outstanding at the time of the
         acceleration, (A) all accrued interest and all other sums due Lender
         under this Note and the other Loan Documents, and (B) the prepayment
         premium calculated pursuant to Schedule A.

                  (3) Any application by Lender of any collateral or other
         security to the repayment of any portion of the unpaid principal
         balance of this Note prior to the

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         Maturity Date and in the absence of acceleration shall be deemed to be
         a partial prepayment by Borrower, requiring the payment to Lender by
         Borrower of a prepayment premium. The amount of any such partial
         prepayment shall be computed so as to provide to Lender a prepayment
         premium computed pursuant to Schedule A without Borrower having to pay
         out-of-pocket any additional amounts.

         (b) Notwithstanding the provisions of Paragraph 10(a), no prepayment
premium shall be payable with respect to (A) any prepayment made no more than 90
days before the Maturity Date, or (B) any prepayment occurring as a result of
the application of any insurance proceeds or condemnation award under the
Security Instrument.

         (c) Schedule A is hereby incorporated by reference into this Note.

         (d) Any required prepayment of less than the unpaid principal balance
of this Note shall not extend or postpone the due date of any subsequent monthly
installments or change the amount of such installments, unless Lender agrees
otherwise in writing.

         (e) Borrower recognizes that any prepayment of the unpaid principal
balance of this Note, whether voluntary or involuntary or resulting from a
default by Borrower, will result in Lender's incurring loss, including
reinvestment loss, additional expense and frustration or impairment of Lender's
ability to meet its commitments to third parties. Borrower agrees to pay to
Lender upon demand damages for the detriment caused by any prepayment, and
agrees that it is extremely difficult and impractical to ascertain the extent of
such damages. Borrower therefore acknowledges and agrees that the formula for
calculating prepayment premiums set forth on Schedule A represents a reasonable
estimate of the damages Lender will incur because of a prepayment.

         (f) Borrower further acknowledges that the prepayment premium
provisions of this Note are a material part of the consideration for the loan
evidenced by this Note, and acknowledges that the terms of this Note are in
other respects more favorable to Borrower as a result of the Borrower's
voluntary agreement to the prepayment premium provisions.

         11. COSTS AND EXPENSES. Borrower shall pay on demand all expenses and
costs, including fees and out-of-pocket expenses of attorneys and expert
witnesses and costs of investigation, incurred by Lender as a result of any
default under this Note or in connection with efforts to collect any amount due
under this Note, or to enforce the provisions of any of the other Loan
Documents, including those incurred in post-judgment collection efforts and in
any bankruptcy proceeding (including any action for relief from the automatic
stay of any bankruptcy proceeding) or judicial or non-judicial foreclosure
proceeding.

         12. FORBEARANCE. Any forbearance by Lender in exercising any right or
remedy under this Note, the Security Instrument, or any other Loan Document or
otherwise afforded by applicable law, shall not be a waiver of or preclude the
exercise of that or any other right or remedy. The acceptance by Lender of any
payment after the due date of such payment, or in an amount which is less than
the required payment, shall not be a waiver of Lender's right to require prompt
payment when due of all other payments or to exercise any right or remedy with
respect to any failure to make prompt payment. Enforcement by Lender of any

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security for Borrower's obligations under this Note shall not constitute an
election by Lender of remedies so as to preclude the exercise of any other right
or remedy available to Lender.

         13. WAIVERS. Presentment, demand, notice of dishonor, protest, notice
of acceleration, notice of intent to demand or accelerate payment or maturity,
presentment for payment, notice of nonpayment, grace, and diligence in
collecting the Indebtedness are waived by Borrower, Key Principal, and all
endorsers and guarantors of this Note and all other third party obligors.

         14. LOAN CHARGES. Borrower agrees to pay an effective rate of interest
equal to the sum of the interest rate provided for in this Note and any
additional rate of interest resulting from any other charges of interest or in
the nature of interest paid or to be paid in connection with the Loan and any
other fees or amounts to be paid by Borrower pursuant to any of the other Loan
Documents. Neither this Note nor any of the other Loan Documents shall be
construed to create a contract for the use, forbearance or detention of money
requiring payment of interest at a rate greater than the maximum interest rate
permitted to be charged under applicable law. If any applicable law limiting the
amount of interest or other charges permitted to be collected from Borrower in
connection with the Loan is interpreted so that any interest or other charge
provided for in any Loan Document, whether considered separately or together
with other charges provided for in any other Loan Document, violates that law,
and Borrower is entitled to the benefit of that law, that interest or charge is
hereby reduced to the extent necessary to eliminate that violation. The amounts,
if any, previously paid to Lender in excess of the permitted amounts shall be
applied by Lender to reduce the unpaid principal balance of this Note. For the
purpose of determining whether any applicable law limiting the amount of
interest or other charges permitted to be collected from Borrower has been
violated, all Indebtedness that constitutes interest, as well as all other
charges made in connection with the Indebtedness that constitute interest, shall
be deemed to be allocated and spread ratably over the stated term of the Note.
Unless otherwise required by applicable law, such allocation and spreading shall
be effected in such a manner that the rate of interest so computed is uniform
throughout the stated term of the Note.

         15. COMMERCIAL PURPOSE. Borrower represents that the Indebtedness is
being incurred by Borrower solely for the purpose of carrying on a business or
commercial enterprise, and not for personal, family or household purposes.

         16. COUNTING OF DAYS. Except where otherwise specifically provided, any
reference in this Note to a period of "days" means calendar days, not Business
Days.

         17. GOVERNING LAW. This Note shall be governed by the law of the
jurisdiction in which the Land is located.

         18. CAPTIONS. The captions of the paragraphs of this Note are for
convenience only and shall be disregarded in construing this Note.

         19. NOTICES. All notices, demands and other communications required or
permitted to be given by Lender to Borrower pursuant to this Note shall be given
in accordance with Section 31 of the Security Instrument.

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         20. CONSENT TO JURISDICTION AND VENUE. Borrower and Key Principal each
agrees that any controversy arising under or in relation to this Note shall be
litigated exclusively in the jurisdiction in which the Land is located (the
"PROPERTY JURISDICTION"). The state and federal courts and authorities with
jurisdiction in the Property Jurisdiction shall have exclusive jurisdiction over
all controversies which shall arise under or in relation to this Note. Borrower
and Key Principal each irrevocably consents to service, jurisdiction, and venue
of such courts for any such litigation and waives any other venue to which it
might be entitled by virtue of domicile, habitual residence or otherwise.

         21. WAIVER OF TRIAL BY JURY. BORROWER, KEY PRINCIPAL AND LENDER EACH
(A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF
THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER, KEY PRINCIPAL AND
BORROWER THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY
JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR
IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH
PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

ATTACHED SCHEDULES. THE FOLLOWING SCHEDULES ARE ATTACHED TO THIS NOTE:

         [X] SCHEDULE A PREPAYMENT PREMIUM (REQUIRED)

         [X] SCHEDULE B MODIFICATIONS TO MULTIFAMILY NOTE

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      IN WITNESS WHEREOF, Borrower has signed and delivered this Note or has
caused this Note to be signed and delivered by its duly authorized
representative.

                                   BORROWER:

                                   MERIDIAN SUPERSTITION PARK
                                   INVESTORS, L.L.C., an Arizona limited
                                   liability company

                                   By:  WASHINGTON TOWNE
                                        APARTMENTS, L.L.C., a Georgia
                                        limited liability company, its Sole
                                        Member

                                        By:  WASHINGTON TOWNE, INC.,
                                             a Georgia corporation, its
                                             Member

                                             By:  /s/ DAVID K. RONCK
                                                ------------------------------
                                                  David K. Ronck
                                                  President

                                                    91-1985148
                                   ---------------------------------------------
                                   Borrower's Social Security/Employer ID Number

                    [ENDORSEMENT CONTINUED ON FOLLOWING PAGE]

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                   [ENDORSEMENT CONTINUED FROM PREVIOUS PAGE]

                                     PAY TO THE ORDER OF _______________________
                                     ___________________________________,
                                     WITHOUT RECOURSE.

                                       BERKSHIRE MORTGAGE FINANCE
                                       LIMITED PARTNERSHIP, a Massachusetts
                                       limited partnership

                                       By: BRF Corporation, a Massachusetts
                                           Corporation, its General Partner

                                       By: /s/ MIRIAM L. MILLER
                                          -------------------------------------
                                           Name:  Miriam L. Miller
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

Fannie Mae Loan Number: 986498

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                ACKNOWLEDGMENT AND AGREEMENT OF KEY PRINCIPAL TO
           PERSONAL LIABILITY FOR EXCEPTIONS TO NON-RECOURSE LIABILITY

         Key Principal, who has an economic interest in Borrower or who will
otherwise obtain a material financial benefit from the Loan, hereby absolutely,
unconditionally and irrevocably agrees to pay to Lender, or its assigns, on
demand, all amounts for which Borrower is personally liable under Paragraph 9 of
the Multifamily Note to which this Acknowledgment is attached (the "NOTE"). The
obligations of Key Principal shall survive any foreclosure proceeding, any
foreclosure sale, any delivery of any deed in lieu of foreclosure, and any
release of record of the Security Instrument. Lender may pursue its remedies
against Key Principal without first exhausting its remedies against the Borrower
or the Mortgaged Property. All capitalized terms used but not defined in this
Acknowledgment shall have the meanings given to such terms in the Security
Instrument. As used in this Acknowledgment, the term "Key Principal" (each if
more than one) shall mean only those individuals or entities that execute this
Acknowledgment.

         The obligations of Key Principal shall be performed without demand by
Lender and shall be unconditional irrespective of the genuineness, validity, or
enforceability of the Note, or any other Loan Document, and without regard to
any other circumstance which might otherwise constitute a legal or equitable
discharge of a surety or a guarantor. Key Principal hereby waives the benefit of
all principles or provisions of law, which are or might be in conflict with the
terms of this Acknowledgment, and agrees that Key Principal's obligations shall
not be affected by any circumstances which might otherwise constitute a legal or
equitable discharge of a surety or a guarantor. Key Principal hereby waives the
benefits of any right of discharge and all other rights under any and all
statutes or other laws relating to guarantors or sureties, to the fullest extent
permitted by law, diligence in collecting the Indebtedness, presentment, demand
for payment, protest, all notices with respect to the Note including this
Acknowledgment, which may be required by statute, rule of law or otherwise to
preserve Lender's rights against Key Principal under this Acknowledgment,
including notice of acceptance, notice of any amendment of the Loan Documents,
notice of the occurrence of any default or Event of Default, notice of intent to
accelerate, notice of acceleration, notice of dishonor, notice of foreclosure,
notice of protest, notice of the incurring by Borrower of any obligation or
indebtedness and all rights to require Lender to (a) proceed against Borrower,
(b) proceed against any general partner of Borrower, (c) proceed against or
exhaust any collateral held by Lender to secure the repayment of the
Indebtedness, or (d) if Borrower is a partnership, pursue any other remedy it
may have against Borrower, or any general partner of Borrower. In addition, Key
Principal waives, to the fullest extent allowed by applicable law, all of Key
Principal's rights under Sections 12-1641, 12-1642, 12-1643, 12-1644, 44-142 and
47-3605 of Arizona Revised Statutes, and Rule 17(f) of the Arizona Rules of
Civil Procedure, as now in effect or as modified or amended in the future. Key
Principal's obligations under this Acknowledgment may be enforced by Lender in
an action regardless of whether a trustee's sale is held.

         At any time without notice to Key Principal, and without affecting the
liability of Key Principal hereunder, (a) the time for payment of the principal
of or interest on the Indebtedness may be extended or the Indebtedness may be
renewed in whole or in part; (b)

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the time for Borrower's performance of or compliance with any covenant or
agreement contained in the Note, or any other Loan Document, whether presently
existing or hereinafter entered into, may be extended or such performance or
compliance may be waived; (c) the maturity of the Indebtedness may be
accelerated as provided in the Note or any other Loan Document; (d) the Note or
any other Loan Document may be modified or amended by Lender and Borrower in any
respect, including an increase in the principal amount; and (e) any security for
the Indebtedness may be modified, exchanged, surrendered or otherwise dealt with
or additional security may be pledged or mortgaged for the Indebtedness.

         Key Principal acknowledges that Key Principal has received a copy of
the Note and all other Loan Documents. Neither this Acknowledgment nor any of
its provisions may be waived, modified, amended, discharged, or terminated
except by an agreement in writing signed by the party against which the
enforcement of the waiver, modification, amendment, discharge, or termination is
sought, and then only to the extent set forth in that agreement. Key Principal
agrees to notify Lender (in the manner for giving notices provided in Section 31
of the Security Instrument) of any change of Key Principal's address within 10
Business Days after such change of address occurs. Any notices to Key Principal
shall be given in the manner provided in Section 31 of the Security Instrument.
Key Principal agrees to be bound by Paragraphs 20 and 21 of the Note.

         THIS ACKNOWLEDGEMENT IS AN INSTRUMENT SEPARATE FROM, AND NOT A PART
OF, THE NOTE. BY SIGNING THIS ACKNOWLEDGEMENT, KEY PRINCIPAL DOES NOT INTEND TO
BECOME AN ACCOMMODATION PARTY TO, OR AN ENDORSER OF, THE NOTE.

         IN WITNESS WHEREOF, Key Principal has signed and delivered this
Acknowledgment or has caused this Acknowledgment to be signed and delivered by
its duly authorized representative.

                             KEY PRINCIPAL

                             /s/ CURTIS R. BOISFONTAINE
                             -------------------------------------------------
                             Curtis R. Boisfontaine
                             c/o Meridian Realty Advisors, Inc.
                             3811 Turtle Creek Boulevard, Suite 1850
                             Dallas, Texas 75219

                             Social Security/Employer ID No.: ###-##-####

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                                   SCHEDULE A

                               PREPAYMENT PREMIUM

         Any prepayment premium payable under Paragraph 10 of this Note shall be
computed as follows:

         (a)      If the prepayment is made during the first 9.5 years beginning
                  on the date of the Note (the "YIELD MAINTENANCE PERIOD"), the
                  prepayment premium shall be the greater of:

                  (i)      1% of the unpaid principal balance of this Note; or

                  (ii)     The product obtained by multiplying:

                           (A)      the amount of principal being prepaid,

                           by

                           (B)      the difference obtained by subtracting from
                                    the interest rate on this Note the yield
                                    rate (the "YIELD RATE") on the 6.00% U.S.
                                    Treasury Security due August, 2009 (the
                                    "SPECIFIED U.S. TREASURY SECURITY"), as the
                                    Yield Rate is reported in The Wall Street
                                    Journal on the fifth Business Day preceding
                                    (x) the date notice of prepayment is given
                                    to Lender where prepayment is voluntary, or
                                    (y) the date Lender accelerates the Loan,

                           by

                           (C)      the present value factor calculated using
                                    the following formula:

                                                       -n
                                   1 - (1 divided by r)
                                   --------------------
                                             r

                                   [r =      Yield Rate

                                    n =      the number of 365-day years (or
                                             366-day years, if applicable), and
                                             any fraction thereof, retaining
                                             between the Prepayment Date and the
                                             expiration of the Yield Maintenance
                                             Period]

                                    In the event that no Yield Rate is published
                                    for the Specified U.S. Treasury Security,
                                    then the nearest

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                                    equivalent U.S. Treasury Security shall be
                                    selected at Lender's discretion. If the
                                    publication of such Yield Rates in The Wall
                                    Street Journal is discontinued, Lender shall
                                    determine such Yield Rates from another
                                    source selected by Lender.

                                    For purposes of subparagraph (ii)(C), the
                                    "PREPAYMENT DATE" shall be (x) in the case
                                    of a voluntary prepayment, the date on which
                                    the prepayment is made, and (y) in any other
                                    case, the date on which Lender accelerates
                                    the unpaid principal balance of this Note.

         (b)      If the prepayment is made after the expiration of the Yield
                  Maintenance Period but more than 90 days before the Maturity
                  Date, the prepayment premium shall be 1% of the unpaid
                  principal balance of this Note.

                                                /s/ CRB
                                                -------------------------------
                                                INITIAL(S)

Fannie Mae Multifamily Note - Arizona           Form 4103       4/98   Page A-2

<PAGE>

                                   SCHEDULE B

                        MODIFICATIONS TO MULTIFAMILY NOTE
                         (Superstition Park Apartments)

         The Multifamily Note dated the 15th day of December, 1999, in the
original principal amount of $16,000,000.00 (the "Note") issued by MERIDIAN
SUPERSTITION PARK INVESTORS, L.L.C., an Arizona limited liability company
("Borrower") and payable to the order of BERKSHIRE MORTGAGE FINANCE LIMITED
PARTNERSHIP, a Massachusetts limited partnership ("Lender") is hereby amended as
follows:

         1. The last sentence of Paragraph 3(a) of the Note is hereby deleted
and the following new sentence is inserted in lieu thereof:

            "Interest shall be computed on basis of a 360-day year."

         2. The following new sentence is hereby added at the end of Paragraph
3(b) of the Note:

            "The amount of each monthly payment made by Borrower pursuant
         to this Paragraph 3(b) that is allocated to interest will be based on
         the actual number of calendar days during such month. Borrower
         understands that the amount allocated to interest for each month will
         vary depending on the actual number of calendar days during such
         month."

                                                /s/ CRB
                                                -------------------------------
                                                INITIAL(S)

Schedule B - 360-Day Year                               Form 4183 3/98 Page B-1
Actual Calendar Day Interest Accrual<PAGE>
                                                                   EXHIBIT 10.32

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER REGULATION D PROMULGATED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION OR EXCLUSION FROM
THE REGISTRATION REQUIREMENTS THEREUNDER AND IN COMPLIANCE WITH APPLICABLE STATE
SECURITIES LAWS.

THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN A NOTE
PURCHASE AGREEMENT DATED JULY __, 1999, BETWEEN THE COMPANY AND THE ORIGINAL
HOLDER HEREOF. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF
THE COMPANY.

                            SENIOR PARTICIPATING NOTE

$                                 DALLAS, TEXAS                           , 1999
 -----------------                                          --------------

         For value received, the undersigned, MERIDIAN MULTI-FAMILY INVESTORS
99-IV, L.P., a Texas limited partnership (hereinafter called "Maker"), promises
to pay unto the order of _______________________________________________
(hereinafter called "Purchaser"), the sum of _____________________________ AND
NO/100 DOLLARS ($_______________) (or such lesser amount as shall equal the
aggregate unpaid principal amount of the Notes acquired by Purchasers from the
Maker under the Note Purchase Agreement referred to below) in lawful money of
the United States of America and in immediately available funds, on the dates
and in the principal amounts provided in the Note Purchase Agreement, and to pay
interest on the unpaid principal amount of each such Note, in like money and
funds, for the period commencing on the date of such Note until such Note shall
be paid in full at the rates per annum and on the dates provided in the Note
Purchase Agreement.

         The date and amount of each payment made on account of the principal of
this Note shall be recorded by the Purchaser on its books and, prior to any
transfer of this Note, endorsed by the Purchaser on the schedule attached hereto
or any continuation thereof, provided that the failure of the Purchaser to make
any such recordation or endorsement shall not affect the obligations of the
Maker to make a payment when due of any amount owing under the Note Purchase
Agreement or hereunder in respecting of the loans made by the Purchaser.

                                        1
<PAGE>

         This Note is one of the Senior Participating Notes referred to in the
Note Purchase Agreement dated as of _________________________, 1999 (as modified
and supplemented and in effect from time to time, the "Note Purchase Agreement")
among the Maker, the Purchasers and Whaley, Letteer & Mock, P.C., as Agent.
Terms used but not defined in this Note have the respective meanings assigned to
them in the Note Purchase Agreement.

         The Note Purchase Agreement provides for the acceleration of the
maturity of this Note upon the occurrence of certain events and upon the terms
and conditions specified therein.

         Pursuant to the terms of the Note Purchase Agreement, upon the
consummation of the sale, other disposition or refinancing of the Property (as
defined in the Note Purchase Agreement), the Net Proceeds (as defined in the
Note Purchase Agreement) of such sale, disposition or refinancing shall be
distributed by the Property Owner to its members in accordance with its
membership agreement. Upon receipt by the Maker of its portion of such Net
Proceeds, the Maker shall disburse such Net Proceeds as follows: (i) first, the
Maker shall repay in full the remaining unpaid principal amount of the Notes
plus all accrued but unpaid interest thereon, (ii) next, the Maker shall repay
to all of its partners the amount of such partners' capital invested in the
Maker, in accordance with the Makers partnership agreement, (iii) of the
remaining amount, the Maker shall distribute 30% of such amount (the "Payout")
to the Purchasers (including the holder of this Note), pro rata according to
their respective ownership of Notes, and (iv) finally, the Maker shall
distribute any remaining amounts to its partners in accordance with the Maker's
partnership agreement.

         It is the intent of Purchaser and Maker in the execution of this Note
and all other Loan Documents to contract in strict compliance with applicable
usury law. In furtherance thereof Purchaser and Maker stipulate and agree that
none of the terms and provisions contained herein or in any other Loan Document
shall ever be construed to create a contract to pay for the use, forbearance or
detention of money, interest at a rate in excess of the Maximum Rate. Neither
Maker nor any co-makers, endorsers, sureties, guarantors or other parties now or
hereafter becoming liable for payment of this Note shall ever be required to pay
interest or finance charges at a rate in excess of the Maximum Rate, and the
provisions of this paragraph shall control over all other provisions of this
Note and any other Loan Document which may be in apparent conflict herewith.
Purchaser and any other holder of this Note expressly disavow any intention to
charge or collect excessive unearned interest or finance charges in the event
the maturity of this Note is accelerated. If demand is made or if the maturity
of this Note shall be accelerated for any reason or if any of the principal of
this Note is prepaid, and as a result thereof the interest or finance charge
received for the actual period of existence of the loan evidenced by this Note
exceeds the Maximum Rate, the holder of this Note shall, at its option, either
refund to Maker the amount of such excess or credit the amount of such excess
against the principal balance of this Note then outstanding, and thereby shall
render inapplicable any and all penalties of any kind provided by applicable law
as a result of such excess interest. In the event that Purchaser or any other
holder of this Note shall collect monies and/or any other thing of value which
are deemed to constitute interest which would increase the effective interest
rate on this Note to a rate in excess of the Maximum Rate, all such sums deemed
to constitute interest in excess of the lawful rate shall, upon such
determination, at the option of the holder of this Note, be either immediately
returned to Maker or credited against the principal balance of this Note then
outstanding, in which event any and all penalties of any kind under applicable
law as a result of such excess interest shall be

                                        2
<PAGE>

inapplicable. In determining whether or not the interest paid or payable, under
any specific circumstance, exceeds the maximum amount permitted under applicable
law, Purchaser and Maker shall to the greatest extent permitted by applicable
law, (i) characterize any non-principal payment as an expense, fee or premium
rather than as interest, (ii) exclude voluntary prepayments and the effects
thereof and (iii) amortize, prorate, allocate and spread the total amount of
interest throughout the entire contemplated term hereof in accordance with the
amounts outstanding from time to time thereunder and the Maximum Rate from time
to time in effect under applicable law in order to lawfully charge the maximum
amount of interest permitted under applicable law. By execution of this Note,
Maker acknowledges that it believes the loan evidenced hereby to be
non-usurious.

         This Note shall be governed by, and construed in accordance with, the
applicable laws of the United States of America and the substantive laws of the
State of Texas. To the extent that Chapter 303 of the Texas Finance Code is
applicable to this Note, the "weekly ceiling" specified in Chapter 303 is the
applicable ceiling, provided that, if any applicable law permits greater
interest, the law permitting the greater interest shall apply.

         THIS WRITTEN NOTE, THE NOTE PURCHASE AGREEMENT AND THE OTHER LOAN
DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES.

         EXECUTED as of the date first written above.

                                       Meridian Multi-Family Investors 99-IV,
                                       L.P.

                                       By:  Meridian Equity Investors, L.P., its
                                            general partner

                                       By:  Meridian Equities, Inc., its general
                                            partner

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

                                        3

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