a Virginia corporation,
a North Carolina limited liability company,
a Delaware limited partnership,
an Arizona limited liability company,
a California limited partnership,
Page | ||||
RECITALS | 1 | |||
ARTICLE I | 2 | |||
ARTICLE II | 18 | |||
SECTION 2.01 Revolving Facility Commitment | 18 | |||
SECTION 2.02 Requests for Revolving Advances | 18 | |||
SECTION 2.03 Maturity Date of Revolving Advances | 18 | |||
SECTION 2.04 Interest on Revolving Facility Advances | 19 | |||
SECTION 2.05 Coupon Rates for Revolving Advances | 20 | |||
SECTION 2.06 Revolving Facility Note | 20 | |||
SECTION 2.07 Extension of Revolving Facility Termination Date | 20 | |||
ARTICLE III | 21 | |||
SECTION 3.01 Base Facility Commitment | 21 | |||
SECTION 3.02 Requests for Base Facility Advances | 21 | |||
SECTION 3.03 Maturity Date of Base Facility Advances | 21 | |||
SECTION 3.04 Interest on Base Facility Advances | 21 | |||
SECTION 3.05 Coupon Rates for Base Facility Advances | 21 | |||
SECTION 3.06 Base Facility Note | 22 | |||
SECTION 3.07 Conversion of Commitment from Revolving Facility Commitment to Base Facility Commitment | 22 | |||
SECTION 3.08 Limitations on Right to Convert | 22 | |||
SECTION 3.09 Conditions Precedent to Conversion | 22 | |||
SECTION 3.10 Defeasance | 23 | |||
ARTICLE IV | 30 | |||
SECTION 4.01 Rate Setting for an Advance | 30 | |||
SECTION 4.02 Advance Confirmation Instrument for Revolving Advances | 31 | |||
SECTION 4.03 Breakage and other Costs | 32 | |||
ARTICLE V | 32 | |||
SECTION 5.01 Initial Advance | 32 | |||
SECTION 5.02 Future Advances | 33 | |||
SECTION 5.03 Conditions Precedent to Future Advances | 33 | |||
SECTION 5.04 Determination of Allocable Facility Amount and Valuations | 34 | |||
ARTICLE VI | 34 | |||
SECTION 6.01 Right to Add Collateral | 34 | |||
SECTION 6.02 Procedure for Adding Collateral | 34 | |||
SECTION 6.03 Conditions Precedent to Addition of an Additional Mortgaged Property to the Collateral Pool | 36 | |||
ARTICLE VII | 37 | |||
SECTION 7.01 Right to Obtain Releases of Collateral | 37 | |||
SECTION 7.02 Procedure for Obtaining Releases of Collateral | 37 | |||
SECTION 7.03 Conditions Precedent to Release of Collateral Release Property from the Collateral | 38 | |||
SECTION 7.04 Substitutions | 39 | |||
ARTICLE VIII | 39 | |||
SECTION 8.01 Right to Increase Commitment | 39 | |||
SECTION 8.02 Procedure for Obtaining Increases in Commitment | 40 |
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SECTION 8.03 Conditions Precedent to Increase in Commitment | 40 | |||
ARTICLE IX | 41 | |||
SECTION 9.01 Right to Complete or Partial Termination of Facilities | 41 | |||
SECTION 9.02 Procedure for Complete or Partial Termination of Facilities | 41 | |||
SECTION 9.03 Conditions Precedent to Complete or Partial Termination of Facilities | 42 | |||
ARTICLE X | 42 | |||
SECTION 10.01 Right to Terminate Credit Facility | 42 | |||
SECTION 10.02 Procedure for Terminating Credit Facility | 42 | |||
SECTION 10.03 Conditions Precedent to Termination of Credit Facility | 43 | |||
ARTICLE XI | 43 | |||
SECTION 11.01 Conditions Applicable to All Requests | 43 | |||
SECTION 11.02 Delivery of Closing Documents Relating to Initial Advance Request, | ||||
Collateral Addition Request, Credit Facility Expansion Request or Future Advance Request | 45 | |||
SECTION 11.03 Delivery of Property Related Documents | 45 | |||
ARTICLE XII | 46 | |||
SECTION 12.01 Representations and Warranties of the Borrower | 46 | |||
SECTION 12.02 Representations and Warranties of the Borrower | 50 | |||
SECTION 12.03 Representations and Warranties of the Lender | 53 | |||
ARTICLE XIII | 53 | |||
SECTION 13.01 Compliance with Agreements; No Amendments | 53 | |||
SECTION 13.02 Maintenance of Existence | 53 | |||
SECTION 13.03 Maintenance of REIT Status | 53 | |||
SECTION 13.04 Financial Statements; Accountants’ Reports; Other Information | 53 | |||
SECTION 13.05 Certificate of Compliance | 56 | |||
SECTION 13.06 Maintain Licenses | 56 | |||
SECTION 13.07 Access to Records; Discussions With Officers and Accountants | 56 | |||
SECTION 13.08 Inform the Lender of Material Events | 57 | |||
SECTION 13.09 Intentionally Omitted | 58 | |||
SECTION 13.10 Inspection | 58 | |||
SECTION 13.11 Compliance with Applicable Laws | 58 | |||
SECTION 13.12 Warranty of Title | 58 | |||
SECTION 13.13 Defense of Actions | 58 | |||
SECTION 13.14 Alterations to the Mortgaged Properties | 59 | |||
SECTION 13.15 ERISA | 59 | |||
SECTION 13.16 Loan Document Taxes | 59 | |||
SECTION 13.17 Further Assurances | 60 | |||
SECTION 13.18 Monitoring Compliance | 60 | |||
SECTION 13.19 Leases | 60 | |||
SECTION 13.20 Appraisals | 60 | |||
SECTION 13.21 Transfer of Ownership Interests of the Borrower | 60 | |||
SECTION 13.22 Change in Senior Management | 62 | |||
SECTION 13.23 Date Down Endorsements | 62 | |||
SECTION 13.24 Geographical Diversification | 62 | |||
SECTION 13.25 Ownership of Mortgaged Properties | 62 | |||
ARTICLE XIV | 63 | |||
SECTION 14.01 Other Activities | 63 | |||
SECTION 14.02 Value of Security | 63 | |||
SECTION 14.03 Zoning | 63 |
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SECTION 14.04 Liens | 63 | |||
SECTION 14.05 Sale | 63 | |||
SECTION 14.06 Intentionally Omitted | 63 | |||
SECTION 14.07 Principal Place of Business | 64 | |||
SECTION 14.08 Intentionally Omitted | 64 | |||
SECTION 14.09 Change in Property Management | 64 | |||
SECTION 14.10 Condominiums | 64 | |||
SECTION 14.11 Restrictions on Distributions | 64 | |||
SECTION 14.12 Conduct of Business | 64 | |||
SECTION 14.13 Limitation on Unimproved Real Property and New Construction | 64 | |||
SECTION 14.14 No Encumbrance of Collateral Release Property | 64 | |||
ARTICLE XV | 64 | |||
SECTION 15.01 Financial Definitions | 65 | |||
SECTION 15.02 Compliance with Debt Service Coverage Ratios | 69 | |||
SECTION 15.03 Compliance with Loan to Value Ratios | 69 | |||
SECTION 15.04 Compliance with Concentration Test | 69 | |||
SECTION 15.05 Consolidated Adjusted Tangible Net Worth | 69 | |||
SECTION 15.06 Consolidated Funded Debt Ratio | 69 | |||
SECTION 15.07 Consolidated Total Fixed Charge Coverage Ratio | 69 | |||
SECTION 15.08 Consolidated Unencumbered Realty to Consolidated Unsecured Debt Ratio | 69 | |||
SECTION 15.09 Consolidated Unencumbered Interest Coverage Ratio | 69 | |||
ARTICLE XVI | 70 | |||
SECTION 16.01 Standby Fee | 70 | |||
SECTION 16.02 Origination Fees | 70 | |||
SECTION 16.03 Due Diligence Fees | 70 | |||
SECTION 16.04 Legal Fees and Expenses | 70 | |||
SECTION 16.05 MBS Related Costs | 71 | |||
SECTION 16.06 Failure to Close any Request | 71 | |||
SECTION 16.07 Other Fees | 71 | |||
ARTICLE XVII | 72 | |||
SECTION 17.01 Events of Default | 72 | |||
ARTICLE XVIII | 74 | |||
SECTION 18.01 Remedies; Waivers | 74 | |||
SECTION 18.02 Waivers; Rescission of Declaration | 74 | |||
SECTION 18.03 The Lender’s Right to Protect Collateral and Perform Covenants and Other Obligations | 74 | |||
SECTION 18.04 No Remedy Exclusive | 75 | |||
SECTION 18.05 No Waiver | 75 | |||
SECTION 18.06 No Notice | 75 | |||
SECTION 18.07 Application of Payments | 75 | |||
ARTICLE XIX | 75 | |||
SECTION 19.01 Special Pool Purchase Contract | 75 | |||
SECTION 19.02 Assignment of Rights | 75 | |||
SECTION 19.03 Release of Collateral | 76 | |||
SECTION 19.04 Replacement of Lender | 76 | |||
SECTION 19.05 Fannie Mae and Lender Fees and Expenses | 76 | |||
SECTION 19.06 Third Party Beneficiary | 76 | |||
ARTICLE XX | 76 |
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Page | ||||
SECTION 20.01 Insurance and Real Estate Taxes | 76 | |||
SECTION 20.02 Replacement Reserves | 76 | |||
ARTICLE XXI | 77 | |||
ARTICLE XXII | 77 | |||
SECTION 22.01 Personal Liability of the Borrower | 77 | |||
ARTICLE XXIII | 77 | |||
SECTION 23.01 Counterparts | 77 | |||
SECTION 23.02 Amendments, Changes and Modifications | 77 | |||
SECTION 23.03 Payment of Costs, Fees and Expenses | 78 | |||
SECTION 23.04 Payment Procedure | 78 | |||
SECTION 23.05 Payments on Business Days | 78 | |||
SECTION 23.06 Choice of Law; Consent to Jurisdiction; Waiver of Jury Trial | 79 | |||
SECTION 23.07 Severability | 80 | |||
SECTION 23.08 Notices | 80 | |||
SECTION 23.09 Further Assurances and Corrective Instruments | 82 | |||
SECTION 23.10 Term of this Agreement | 83 | |||
SECTION 23.11 Assignments; ThirdParty Rights | 83 | |||
SECTION 23.12 Headings | 83 | |||
SECTION 23.13 General Interpretive Principles | 83 | |||
SECTION 23.14 Interpretation | 83 | |||
SECTION 23.15 Decisions in Writing | 83 | |||
SECTION 23.16 Requests | 83 |
iv
EXHIBIT A | - | Schedule of Initial Mortgaged Properties and Initial Valuations | ||
EXHIBIT B | - | Base Facility Note | ||
EXHIBIT C | - | Intentionally Omitted | ||
EXHIBIT D | - | Compliance Certificate | ||
EXHIBIT E | - | Sample Facility Debt Service | ||
EXHIBIT F | - | Organizational Certificate | ||
EXHIBIT G | - | Intentionally Omitted | ||
EXHIBIT H | - | Revolving Credit Endorsement | ||
EXHIBIT I | - | Revolving Facility Note | ||
EXHIBIT J | - | Tie-In Endorsement | ||
EXHIBIT K | - | Conversion Request | ||
EXHIBIT L | - | Conversion Amendment | ||
EXHIBIT M | - | Rate Setting Form | ||
EXHIBIT N | - | Rate Confirmation Instrument | ||
EXHIBIT O | - | Advance Confirmation Instrument | ||
EXHIBIT P | - | Future Advance Request | ||
EXHIBIT Q | - | Collateral Addition Request | ||
EXHIBIT R | - | Collateral Addition Description Package | ||
EXHIBIT S | - | Collateral Addition Supporting Documents | ||
EXHIBIT T | - | Collateral Release Request | ||
EXHIBIT U | - | Confirmation of Obligations | ||
EXHIBIT V | - | Credit Facility Expansion Request | ||
EXHIBIT W | - | Revolving Facility Termination Request | ||
EXHIBIT X | - | Revolving Facility Termination Document | ||
EXHIBIT Y | - | Credit Facility Termination Request | ||
EXHIBIT Z | Intentionally Omitted | |||
EXHIBIT AA | - | Independent Unit Encumbrances |
v
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DEFINITIONS
(a) | the Advances Outstanding on the specified date, |
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(b) | the aggregate of the Valuations most recently obtained prior to the specified date for all of the Mortgaged Properties. |
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(a) | the amount of interest and principal amortization, during the 12 month period immediately succeeding the specified date, with respect to the Advances Outstanding on the specified date, except that, for these purposes: |
(i) | each Revolving Advance shall be deemed to require level monthly payments of principal and interest (at the Coupon Rate for the Revolving Advance) in an amount necessary to fully amortize the original principal amount of the Revolving Advance over a 30-year period, with such amortization deemed to commence on the first day of the 12 month period; and | ||
(ii) | each Base Facility Advance shall require level monthly payments of principal and interest (at the Coupon Rate for the Base Facility Advance) in an amount necessary to fully amortize the original principal amount of the Base Facility Advance over a 30-year period, |
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with such amortization to commence on the first day of the 12 month period; and |
(b) | the amount of the Standby Fees payable to the Lender pursuant to Section 16.01 during such 12 month period (assuming, for these purposes, that the Advances Outstanding throughout the 12 month period are always equal to the amount of Advances Outstanding on the specified date). |
(1) | the reduction in the Revolving Facility Commitment, by | ||
(2) | the Revolving Facility Fee in effect at such time, by | ||
(3) | the present value factor calculated using the following formula: |
r
[r = Yield Rate | |||
n = the number of years, and any fraction thereof, remaining between the Closing Date for the reduction in the Revolving Facility Commitment and the Revolving Facility Termination Date] |
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THE REVOLVING FACILITY COMMITMENT
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THE BASE FACILITY COMMITMENT
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the amount of the Mortgage Payment |
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RATE SETTING FOR THE ADVANCES
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MAKING THE ADVANCES
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ADDITIONS OF COLLATERAL
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RELEASES OF COLLATERAL
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EXPANSION OF CREDIT FACILITY
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COMPLETE OR PARTIAL TERMINATION OF FACILITIES
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TERMINATION OF CREDIT FACILITY
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GENERAL CONDITIONS PRECEDENT TO ALL REQUESTS
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REPRESENTATIONS AND WARRANTIES
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AFFIRMATIVE COVENANTS OF THE BORROWER
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NEGATIVE COVENANTS OF THE BORROWER
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FEES
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EVENTS OF DEFAULT
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REMEDIES
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RIGHTS OF FANNIE MAE
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INSURANCE, REAL ESTATE TAXES
AND REPLACEMENT RESERVES
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INTENTIONALLY OMITTED
PERSONAL LIABILITY OF THE BORROWER
MISCELLANEOUS PROVISIONS
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1745 Shea Center Drive
Fourth Floor
Highlands Ranch, Colorado 80126
Attention: Ella S. Neyland
Telecopy No.: 720-344-5110
1745 Shea Center Drive
Fourth Floor
Highlands Ranch, Colorado 80126
Attention:
Telecopy No.:
701 East Byrd Street
Richmond, Virginia 23219
Attention: Mike Terry, Esq.
Telecopy No.: 804-644-0957
144 2nd Avenue North
Suite 333
Nashville, Tennessee 37201
Attention: Joseph H. Torrence
Telecopy No.: (615) 256-5085
26901 Agoura Road, #200
Calabasas, California 91301
Attn: Loan Administration Dept.
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3939 Wisconsin Avenue, N.W.
Washington, D.C. 20016-2899
Attention: Vice President for Multifamily Asset Management
Telecopy No.: (202) 752-5016
1801 K Street, N.W.
Suite 400K
Washington, D.C. 200006
Attention: Lawrence H. Gesner, Esq.
Telecopy No.: (202) 857-0172
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Borrower | ||||||
UNITED DOMINION REALTY TRUST, INC., a Virginia corporation | ||||||
By: | /s/ Ella S. Neyland | |||||
Name: Ella S. Neyland | ||||||
Title: Executive Vice President and Treasurer | ||||||
UDRT OF NORTH CAROLINA, L.L.C., a North Carolina limited liability company | ||||||
By: | UNITED DOMINION REALTY TRUST, INC., a Virginia corporation, its sole member | |||||
By: | /s/ Ella S. Neyland | |||||
Name: Ella S. Neyland | ||||||
Title: Executive Vice President and Treasurer |
SOUTH WEST PROPERTIES, L.P., a Delaware limited partnership | ||||||||||||
By: | UDR HOLDINGS, LLC, its general partner | |||||||||||
By: | UNITED DOMINION REALTY, L.P., its sole member | |||||||||||
By: | UNITED DOMINION REALTY TRUST, INC., its general partner | |||||||||||
By: | /s/ Ella S. Neyland | |||||||||||
Name: Ella S. Neyland | ||||||||||||
Title: Executive Vice President and Treasurer |
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LA PRIVADA APARTMENTS, L.L.C., an Arizona limited liability company | ||||||
By: | ASC PROPERTIES, INC., its managing member | |||||
By: | /s/ Ella S. Neyland | |||||
Name: Ella S. Neyland | ||||||
Title: Executive Vice President and Treasurer | ||||||
Lender | ||||||
ARCS COMMERCIAL MORTGAGE CO., L.P., a California limited partnership | ||||||
By: | ACMC Realty, Inc., a California Corporation, its General Partner | |||||
By: | /s/ Kathy Millhouse | |||||
Name: Kathy Millhouse | ||||||
Title: Senior Vice President |
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UNITED DOMINION REALTY TRUST, INC., a Virginia corporation | ||||||||
By: | /s/ Ella S. Neyland | |||||||
Ella S. Neyland | ||||||||
Executive Vice President and Treasurer | ||||||||
UDRT OF NORTH CAROLINA, L.L.C., a North Carolina limited liability company | ||||||||
By: | UDR OF NC, Limited Partnership, a North Carolina limited partnership, its Sole Member | |||||||
By: | UDR of North Carolina, Inc., a North Carolina corporation, its General Partner | |||||||
By: | /s/ Ella S. Neyland | |||||||
Ella S. Neyland | ||||||||
Executive Vice President and Treasurer |
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SOUTH WEST PROPERTIES, L.P., a Delaware limited partnership | ||||||||||
By: | UDR HOLDINGS, LLC, its general partner | |||||||||
By: | UNITED DOMINION REALTY, L.P., its sole member | |||||||||
By: | UNITED DOMINION REALTY TRUST, INC., its general partner | |||||||||
By: | /s/ Ella S. Neyland | |||||||||
Ella S. Neyland | ||||||||||
Executive Vice President and Treasurer | ||||||||||
LA PRIVADA APARTMENTS, L.L.C., an Arizona limited liability company | ||||||||||
By: | ASC PROPERTIES, INC., its managing member | |||||||||
By: | /s/ Ella S. Neyland | |||||||||
Ella S. Neyland | ||||||||||
Executive Vice President and Treasurer |
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ARCS COMMERCIAL MORTGAGE CO., L.P., a California limited partnership | ||||||
By: | ACMC Realty, Inc., a California corporation, its general partner | |||||
By: | /s/ Timothy L. White | |||||
Name: | Timothy L. White | |||||
Title: | EVP/Chief Operating Officer | |||||
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FANNIE MAE, a federally-chartered and stockholder-owned corporation organized and existing under the Federal National Mortgage Association Charter Act, § 12 U.S.C. 1716,etseq. | ||||
By: | /s/ Barbara Ann Frouman | |||
Name: | Barbara Ann Frouman | |||
Title: | Vice President | |||
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UNITED DOMINION REALTY TRUST, INC., a Maryland corporation | ||||||||||
By: | /s/ Ella S. Neyland | |||||||||
Ella S. Neyland | ||||||||||
Executive Vice President and Treasurer | ||||||||||
UDR OF NC, LIMITED PARTNERSHIP, | ||||||||||
a North Carolina limited partnership | ||||||||||
By: | UDRT of Delaware 4 LLC, a Delaware limited liability company, its General Partner | |||||||||
By: | United Dominion Realty, L.P., a Delaware limited partnership, its Sole Member | |||||||||
By: | United Dominion Realty Trust, a Maryland corporation, its General Partner | |||||||||
By: | /s/ Ella S. Neyland | |||||||||
Name: | Ella S. Neyland | |||||||||
Title: | Executive Vice President and Treasurer | |||||||||
UDR TEXAS PROPERTIES, L.P., a Delaware limited partnership | ||||||||||
By: | UDR Western Residential, Inc., a Virginia corporation, its General Partner | |||||||||
By: | /s/ Ella S. Neyland | |||||||||
Name: | Ella S. Neyland | |||||||||
Title: | EVP & Treasurer | |||||||||
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ARCS COMMERCIAL MORTGAGE CO., L.P., a California limited partnership | ||||
By: | ACMC Realty, Inc., a California corporation, its general partner | |||
By: | /s/ Sharlene Bloom | |||
Name: | Sharlene Bloom | |||
Title: | Vice President | |||
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AND VALUATIONS
Property Name | Property Address | Initial Valuation | ||||
Anderson Mill Apartments | 10707 Lake Creek Parkway, Austin, Texas 78750 | $ | 17,560,000 | |||
Oak Forest Apartments | 1531 South Highway 121, Lewisville, Texas 75067 | $ | 41,050,000 | |||
Oaks of Lewisville (a/k/a Post Oak Ridge Apartments) | 200 East Oak Knoll, Lewisville, Texas 75067 | $ | 21,350,000 | |||
Oak Park Apartments | 106 East Ash Lane, Euless, Texas 76039 | $ | 28,800,000 | |||
Sierra Foothills Apartments | 13601 South 44th Street, Phoenix, Arizona 85044 | $ | 23,075,000 | |||
La Privada Apartments | 10255 East Via Lindo, Scottsdale, Arizona 85258 | $ | 28,000,000 | |||
Dominion Walnut Ridge Apartments | 3004 Dorner Circle, Raleigh, North Carolina 27606 | $ | 17,300,000 | |||
Dominion Walnut Creek Apartments | 3201 Walnut Creek Road, Raleigh, North Carolina 27606 | $ | 31,000,000 | |||
The Meridian Apartments | 3620 Huffines Boulevard, Carrollton, Texas 75010 | $ | 37,500,000 |
A-1
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UNITED DOMINION REALTY TRUST, INC., a Maryland corporation | ||||||||||
By: | /s/ Rodney A. Neuheardt | |||||||||
Name: | Rodney A. Neuheardt | |||||||||
Title: | Senior Vice President—Finance & Treasurer | |||||||||
UDR OF NC, LIMITED PARTNERSHIP, a North Carolina limited partnership | ||||||||||
By: | UDRT OF DELAWARE 4 LLC, a Delaware limited liability company, its General Partner | |||||||||
By: | UNITED DOMINION REALTY, L.P., a Delaware limited partnership, its Sole Member | |||||||||
By: | UNITED DOMINION REALTY TRUST, INC., a Maryland corporation, its General Partner | |||||||||
By: | /s/ Rodney A. Neuheardt | |||||||||
Name: | Rodney A. Neuheardt | |||||||||
Title: | Senior Vice President — Finance & Treasurer | |||||||||
UDR TEXAS PROPERTIES, L.P., a Delaware limited partnership | ||||||||||
By: | UDR WESTERN RESIDENTIAL, INC., | |||||||||
a Virginia corporation, its General Partner | ||||||||||
By: | /s/ Rodney A. Neuheardt | |||||||||
Name: | Rodney A. Neuheardt | |||||||||
Title: | Senior Vice President—Finance & Treasurer |
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ARCS COMMERCIAL MORTGAGE CO., L.P., | ||||||
a California limited partnership | ||||||
By: | ACMC Realty, Inc., a California corporation, its general partner | |||||
By: | /s/ Sharlene G. Bloom | |||||
Name: | Sharlene G. Bloom | |||||
Title: | Vice President | |||||
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UNITED DOMINION REALTY TRUST, INC., a Maryland corporation | ||||||||||
By: | /s/ Rodney A. Neuheardt | |||||||||
Name: | Rodney A. Neuheardt | |||||||||
Title: | Senior Vice President—Finance & Treasurer | |||||||||
UDR OF NC, LIMITED PARTNERSHIP, a North Carolina limited partnership | ||||||||||
By: | UDRT OF DELAWARE 4 LLC, a Delaware limited liability company, its General Partner | |||||||||
By: | UNITED DOMINION REALTY, L.P., a Delaware limited partnership, its Sole Member | |||||||||
By: | UNITED DOMINION REALTY TRUST, INC., a Maryland corporation, its General Partner | |||||||||
By: | /s/ Rodney A. Neuheardt | |||||||||
Name: | Rodney A. Neuheardt | |||||||||
Title: | Senior Vice President — Finance & Treasurer | |||||||||
UDR TEXAS PROPERTIES, L.P., a Delaware limited partnership | ||||||||||
By: | UDR WESTERN RESIDENTIAL, INC., a Virginia corporation, its General Partner | |||||||||
By: | /s/ Rodney A. Neuheardt | |||||||||
Name: | Rodney A. Neuheardt | |||||||||
Title: | Senior Vice President—Finance & Treasurer |
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ARCS COMMERCIAL MORTGAGE CO., L.P., | ||||||
a California limited partnership | ||||||
By: | ACMC Realty, Inc., a California corporation, its general partner | |||||
By: | /s/ Timothy L. White | |||||
Name: | Timothy L. White | |||||
Title: | Executive Vice President |
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AND VALUATIONS
Property Name | Property Address | Initial Valuation | ||||
Anderson Mill Apartments | 10707 Lake Creek Parkway, Austin, Texas 78750 | $ | 17,560,000 | |||
Oak Forest Apartments | 1531 South Highway 121, Lewisville, Texas 75067 | $ | 41,050,000 | |||
Oaks of Lewisville (a/k/a Post Oak Ridge Apartments) | 200 East Oak Knoll, Lewisville, Texas 75067 | $ | 21,350,000 | |||
Oak Park Apartments | 106 East Ash Lane, Euless, Texas 76039 | $ | 28,800,000 | |||
Sierra Foothills Apartments | 13601 South 44th Street, Phoenix, Arizona 85044 | $ | 23,075,000 | |||
Dominion Walnut Ridge Apartments | 3004 Dorner Circle, Raleigh, North Carolina 27606 | $ | 17,300,000 | |||
Dominion Walnut Creek Apartments | 3201 Walnut Creek Road, Raleigh, North Carolina 27606 | $ | 31,000,000 | |||
The Meridian Apartments | 3620 Huffines Boulevard, Carrollton, Texas 75010 | $ | 37,500,000 | |||
The Bradford Apartments | 15902 Highway 3, Webster, Texas 77598 | $ | 17,440,000 |
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UNITED DOMINION REALTY TRUST, INC., a Maryland corporation | ||||||||||
By: | /s/ Justin R. Sato | |||||||||
Name: | Justin R. Sato | |||||||||
Title: | Vice President | |||||||||
UDR OF NC, LIMITED PARTNERSHIP, a North Carolina limited partnership | ||||||||||
By: | UDRT OF DELAWARE 4 LLC, a Delaware limited liability company, its General Partner | |||||||||
By: | UNITED DOMINION REALTY, L.P., a Delaware limited partnership, its Sole Member | |||||||||
By: | UNITED DOMINION REALTY TRUST, INC., a Maryland corporation, its General Partner | |||||||||
By: | /s/ Justin R. Sato | |||||||||
Name: | Justin R. Sato | |||||||||
Title: | Vice President | |||||||||
UDR TEXAS PROPERTIES, L.P., a Delaware limited partnership | ||||||||||
By: | UDR WESTERN RESIDENTIAL, INC., | |||||||||
a Virginia corporation, its General Partner | ||||||||||
By: | /s/ Justin R. Sato | |||||||||
Name: | Justin R. Sato | |||||||||
Title: | Vice President |
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ARCS COMMERCIAL MORTGAGE CO., L.P., a California limited partnership | ||||||
By: | ACMC Realty, Inc., a California corporation, its general partner | |||||
By: | /s/ Timothy L. White | |||||
Name: | Timothy L. White | |||||
Title: | Executive Vice President / Secretary | |||||
- 4 -
AND VALUATIONS
Property Name | Property Address | Initial Valuation | ||||
Anderson Mill Apartments | 10707 Lake Creek Parkway, Austin, Texas 78750 | $ | 17,560,000 | |||
Oak Forest Apartments | 1531 South Highway 121, Lewisville, Texas 75067 | $ | 41,050,000 | |||
Oak Park Apartments | 106 East Ash Lane, Euless, Texas 76039 | $ | 28,800,000 | |||
Sierra Foothills Apartments | 13601 South 44th Street, Phoenix, Arizona 85044 | $ | 23,075,000 | |||
Dominion Walnut Ridge Apartments | 3004 Dorner Circle, Raleigh, North Carolina 27606 | $ | 17,300,000 | |||
Dominion Walnut Creek Apartments | 3201 Walnut Creek Road, Raleigh, North Carolina 27606 | $ | 31,000,000 | |||
The Meridian Apartments | 3620 Huffines Boulevard, Carrollton, Texas 75010 | $ | 37,500,000 | |||
The Bradford Apartments | 15902 Highway 3, Webster, Texas 77598 | $ | 17,440,000 |
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TO MASTER CREDIT FACILITY AGREEMENT
- 2 -
UNITED DOMINION REALTY TRUST, INC., a Maryland corporation | ||||||||||
By: | /s/ Michael A. Ernst | |||||||||
Name: | Michael A. Ernst | |||||||||
Title: | Executive Vice President, Treasurer & Chief Financial Officer | |||||||||
UDR OF NC, LIMITED PARTNERSHIP, a North Carolina limited partnership | ||||||||||
By: | UDRT OF DELAWARE 4 LLC, a Delaware limited liability company, its General Partner | |||||||||
By: | UNITED DOMINION REALTY, L.P., a Delaware limited partnership, its Sole Member | |||||||||
By: | UNITED DOMINION REALTY TRUST, INC., a Maryland corporation, its General Partner | |||||||||
By: | Michael A. Ernst | |||||||||
Name: | Michael A. Ernst | |||||||||
Title: | Executive Vice President, Treasurer & Chief Financial Officer |
- 3 -
UDR TEXAS PROPERTIES, L.P., a Delaware limited partnership | ||||||||||
By: | UDR WESTERN RESIDENTIAL, INC., | |||||||||
a Virginia corporation, its General Partner | ||||||||||
By: | /s/ Michael A. Ernst | |||||||||
Name: | Michael A. Ernst | |||||||||
Title: | Executive Vice President, Treasurer & Chief Financial Officer | |||||||||
UNITED DOMINION REALTY, L.P., | ||||||||||
a Delaware limited partnership | ||||||||||
By: | UNITED DOMINION REALTY TRUST, INC., | |||||||||
a Maryland corporation, its General Partner | ||||||||||
By: | /s/ Michael A. Ernst | |||||||||
Name: | Michael A. Ernst | |||||||||
Title: | Executive Vice President, Treasurer & Chief Financial Officer |
- 4 -
ARCS COMMERCIAL MORTGAGE CO., L.P., | ||||||||||
a California limited partnership | ||||||||||
By: | ACMC Realty, Inc., a California corporation, its general partner | |||||||||
By: | /s/ Timothy L. White | |||||||||
Name: | Timothy L. White | |||||||||
Title: | Executive Vice President | |||||||||
- 5 -
AND VALUATIONS
Property Name | Property Address | Initial Valuation | ||||
Anderson Mill Apartments | 10707 Lake Creek Parkway, Austin, Texas 78750 | $ | 17,560,000 | |||
Oak Forest Apartments | 1531 South Highway 121, Lewisville, Texas 75067 | $ | 41,050,000 | |||
Oak Park Apartments | 106 East Ash Lane, Euless, Texas 76039 | $ | 28,800,000 | |||
Sierra Foothills Apartments | 13601 South 44th Street, Phoenix, Arizona 85044 | $ | 23,075,000 | |||
Dominion Walnut Ridge Apartments | 3004 Dorner Circle, Raleigh, North Carolina 27606 | $ | 17,300,000 | |||
Dominion Walnut Creek Apartments | 3201 Walnut Creek Road, Raleigh, North Carolina 27606 | $ | 31,000,000 | |||
The Meridian Apartments | 3620 Huffines Boulevard, Carrollton, Texas 75010 | $ | 37,500,000 | |||
The Bradford Apartments | 15902 Highway 3, Webster, Texas 77598 | $ | 17,440,000 | |||
The Club at Hickory Hollow | One Hickory Club Drive, Antioch, Tennessee 37013 | $ | 20,807,640 |
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