JOINDER TO SUBSIDIARY GUARANTY

JOINDER TO SUBSIDIARY GUARANTY

THIS JOINDER is executed as of March 20, 2008 by the undersigned, each of which hereby agrees as follows:

1.         All capitalized terms used herein and not defined in this Joinder shall have the meanings provided in that certain Subsidiary Guaranty (the “Guaranty”) dated as of April 24, 2007 executed for the benefit of National City Bank, as agent for itself and certain other lenders, with respect to a loan from the Lenders to Associated Estates Realty Corporation (“Borrower”).

2.         As required by the Credit Agreement described in the Guaranty, as such Credit Agreement has been amended by a First Amendment thereto dated as of the date of this Joinder with the consent of all of the Subsidiary Guarantors, each of the undersigned is executing this Joinder to become a party to the Guaranty.

3.         Each and every term, condition, representation, warranty, and other provi