Agreement Regarding Disclosure of Long-Term Debt Instruments

     In reliance upon Item 601(b)(4)(iii)(A), of Regulation S-K, Apartment 
Investment and Management Company, a Maryland corporation (the "Company") has 
not filed as an exhibit to its Annual Report on Form 10-K for the fiscal year 
ended December 31, 1997, any instrument with respect to long-term debt not 
being registered where the total amount of securities authorized thereunder 
does not exceed 10 percent of the total assets of the Company and its 
subsidiaries on a consolidated basis.  Pursuant to Item 601(b)(4)(iii)(A), of 
Regulation S-K, the Company hereby agrees to furnish a copy of any such 
agreement to the Securities Exchange Commission upon request.

                                    APARTMENT INVESTMENT AND
                                      MANAGEMENT COMPANY




                                    By: /s/ PETER KOMPANIEZ
                                        -----------------------------------
                                        Peter Kompaniez
                                        President