Document:

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                                                                   EXHIBIT 10.10

                                   WGNB CORP.
                        PAYMENT OF DIRECTOR MEETING FEES
                                  ELECTION FORM

         As a director of WGNB Corp. (the "Company"), you may now elect to
receive the fees that you are paid for your attendance at meetings of the Board
of Directors and its committees in the form of either Company common stock or
cash. You must complete this Election Form and return it to the Company no later
than the March meeting of the Company's Board of Directors. Your election will
be effective for all meeting fees paid during the twelve-month service year
beginning on the date of the 1999 annual meeting of the Company's shareholders
and ending on the date preceding the 2000 annual meeting of the Company's
shareholders. Your election will remain in force for meeting fees paid in
subsequent service years unless you complete and return another Election Form
prior to the beginning of any such service year.

         If you choose to receive payment of your meeting fees in the form of
Company common stock, you will be issued Company common stock with a value equal
to that of the meeting fees you would have otherwise been paid for a service
year, with issuance to occur and stock values determined immediately prior to
the commencement of the next subsequent service year, regardless of the date of
your termination of service as a director of the Company. You will receive a
Form 1099 for the value of the Company common stock issued to you for the
calendar year in which the common stock was issued. Notwithstanding your
election to receive payment of meeting fees in the form of Company common stock,
the Company may choose not to honor your election if the issuance of stock to
you would trigger change of control provisions in Company corporate documents.

         The undersigned director hereby makes the following election:

[ ]      Election to Receive Payment in Company Common Stock. I hereby elect to
         receive payment for meeting fees to which I may become entitled by
         virtue of my services as a director and as a member of committees of
         the Board of Directors of WGNB Corp. during the service year beginning
         on the date of the 1998 annual meeting of the Company's shareholders in
         the form of Company common stock. I hereby direct that this election
         shall remain in force for meeting fees to which I shall become entitled
         for services in subsequent service years unless I revoke this election
         prior to the commencement of any such future service year. Such
         revocation must be made in writing to and receipt acknowledged by the
         Company.

[ ]      Election to Receive Payment in Cash. I hereby elect to receive payment
         for meeting fees to which I may become entitled by virtue of my
         services as a director and as a member of committees of the Board of
         Directors of WGNB Corp. during the service year beginning on the 1999
         annual meeting of the Company's shareholders in the form of cash. I
         hereby direct that this election shall remain in force for meeting fees
         to which I shall become entitled for services in subsequent service
         years unless I revoke this election prior to the commencement of any
         such future service year. Such revocation must be made in writing to
         and receipt acknowledged by the Company.

         Receipt Acknowledged,by WGNB Corp.

         ---------------------------                ---------------------------
         President                                  Director Signature

         Date:                                      Date:
              ----------------------                      ---------------------<PAGE>   1
                                                                    EXHIBIT 10.1

                           POST APARTMENT HOMES, L.P.
                         (a Georgia limited partnership)

                            $150,000,000 8 1/8% Notes
                                    due 2005

                                 TERMS AGREEMENT

                                                            Dated: June 13, 2000

To:      Post Apartment Homes, L.P.
         4401 Northside Parkway
         Suite 800
         Atlanta, Georgia  30327

Ladies and Gentlemen:

         We understand that Post Apartment Homes, L.P., a Georgia limited
partnership (the "Operating Partnership"), proposes to issue and sell
$150,000,000 aggregate principal amount of its Notes (the "Notes") due June 15,
2005 (the "Underwritten Securities") which are part of the series of Medium-Term
Notes Due Nine Months or More From Date of Issue of the Operating Partnership.
Subject to the terms and conditions set forth or incorporated by reference in
this agreement (the "Terms Agreement"), the underwriters named below (the
"Underwriters") offer to purchase, severally and not jointly, the principal
amount of Underwritten Securities set forth below at 99.243% of the principal
amount thereof together with accrued interest thereon, if any, from June 16,
2000.

<TABLE>
<CAPTION>

                                                           Principal Amount of
                        Underwriters                     Underwritten Securities
                        ------------                     -----------------------

         <S>                                             <C>
         Merrill Lynch, Pierce, Fenner & Smith
                        Incorporated .................       $105,000,000
         Bear, Stearns & Co. Inc. ....................       $ 18,750,000
         Deutsche Bank Securities, Inc. ..............       $ 18,750,000
         Jackson Securities, Inc. ....................       $  7,500,000
                                                             ------------

                        Total ........................       $150,000,000
                                                             ============
</TABLE>

<PAGE>   2

         The Underwritten Securities shall have the terms included in the
Prospectus Supplement dated October 31, 1997 and the Prospectus dated October
20, 1997 of the Operating Partnership and the following terms:

<TABLE>
<S>                                          <C>
Principal Amount to be Issued:
                                             $150,000,000

Current Ratings:                             Baa1 by Moody's Investors Services, Inc.
                                             BBB+ by Standard & Poor's Ratings Services

Form:                                        Registered book-entry form

Initial Price to Public:                     99.843% ($149,764,500).

Purchase Price:                              99.243% ($148,864,500), plus accrued
                                             interest, if any, from June 16, 2000.

Settlement Date and Place:                   June 16, 2000 at the offices of
                                             Hogan & Hartson L.L.P., 555 13th
                                             Street, N.W., Washington, D.C.
                                             20004 for the delivery of documents
                                             in accordance with DTC procedures
                                             for medium-term notes; delivery of
                                             funds on June 16, 2000 in
                                             accordance with DTC procedures for
                                             medium-term notes

Stated Maturity Date:                        June 15, 2005

Interest Payable:                            June 15 and December 15 of each year
                                             (each, an "Interest Payment Date")
                                             commencing on December 15, 2000.

Redemption Provision:                        None

Repayment Provision:                         None

Specified Currency:                          U.S. Dollars

Authorized Denominations:                    $1,000 and integral multiples thereof

Standoff Term:                               Between date hereof and settlement date
</TABLE>

         All the provisions contained in the Distribution Agreement, dated
October 20, 1997 (the "Distribution Agreement"), among the Operating Partnership
and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Lehman Brothers Inc. and J.P. Morgan Securities, Inc., attached hereto as Annex
A, are hereby incorporated by reference in their entirety herein and shall be
deemed to be a part of this Terms Agreement to the same extent as if such
provisions had been set forth in full herein. The Operating Partnership agrees
that, with respect to the Notes, each of the Underwriters shall be entitled to
the benefit of the representations and warranties, agreements and indemnities
(including contribution) by the Operating Partnership in favor of the Agents set
forth in the Distribution Agreement to the same extent as if each of the
Underwriters were a named Agent thereunder. The Underwriters agree that, with
respect to the Notes, each of the Underwriters shall be bound by the obligations
of the Agents set forth in

                                      -2-
<PAGE>   3

the Distribution Agreement to the same extent as if each of the Underwriters
were a named Agent thereunder. The Operating Partnership further agrees that the
indemnification obligations of the Underwriters and Agents pursuant to Section
9(b) of the Distribution Agreement shall be several and not joint. Terms defined
in the Distribution Agreement are used herein as therein defined.

         Bear Stearns & Co. Inc., Deutsche Bank Securities Inc. and Jackson
Securities, Inc. hereby agree that they do not require, and are not entitled to,
delivery by the Operating Partnership of any legal opinions of counsel,
accountant's letter or officers' certificate or other documents other than those
delivered to them on the Settlement Date in connection with the Notes pursuant
to Sections 8(b), 8(c) and 8(d) of the Distribution Agreement.

         The following documents will be required on the Settlement Date (as
defined above):

         1.       Officers' Certificate pursuant to Section 8(b) of the
Distribution Agreement.

         2.       Legal opinion pursuant to Section 8(c) of the Distribution
Agreement, modified to relate to the issuance of the Notes; provided, that such
legal opinion shall be modified further to include the following additional
opinion:

                  "The Terms Agreement has been duly and validly authorized,
         executed and delivered by the Operating Partnership and the Operating
         Partnership has the power and authority to perform its obligations
         thereunder."

         3.       Comfort letter pursuant to Section 8(d) of the Distribution
Agreement.

                                      -3-
<PAGE>   4

         Please accept this offer no later than 3:00 p.m. (New York City time)
on June 13, 2000, by signing a copy of this Terms Agreement in the space set
forth below and returning the signed copy to us.

                                    Very truly yours,

                                    MERRILL LYNCH, PIERCE, FENNER & SMITH
                                                 INCORPORATED

                                    By:  /s/ Scott G. Primrose
                                         ---------------------------------------
                                         Name: Scott G. Primrose
                                         Title: Managing Director

                                    BEAR, STEARNS & CO. INC.

                                    By:  /s/ Timothy A. O'Neill
                                         ---------------------------------------
                                         Name: Timothy A. O'Neill
                                         Title: Senior Managing Director

                                    DEUTSCHE BANK SECURITIES INC.

                                    By:  /s/ R. Scott Flieger
                                         ---------------------------------------
                                         Name: R. Scott Flieger
                                         Title: Managing Director

                                    By:  /s/ Daniel Benton
                                         ---------------------------------------
                                         Name: Daniel Benton
                                         Title: Managing Director

                                    JACKSON SECURITIES, INC.

                                    By:  /s/ Reuben R. McDaniel, III
                                         ---------------------------------------
                                         Name: Reuben R. McDaniel, III
                                         Title: President/CEO

Accepted:

POST APARTMENT HOMES, L.P.

By:     Post GP Holdings, Inc., its general partner

        By:    /s/ Jeffrey A. Harris
               ----------------------------------------------
               Name:  Jeffrey A. Harris
               Title:  President and Chief Operating Officer

                                      -4-

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