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(MEZZANINE LOAN)
(Walker Ranch Property)
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$4,740,000.00
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October 31, 2006
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FOR VALUE
RECEIVED, the undersigned, NNN APARTMENT REIT HOLDINGS, L.P., a
Virginia limited partnership (the “Borrower”), hereby
promises to pay to the order of WACHOVIA BANK, NATIONAL ASSOCIATION
(the “Lender”), in care of Agent to Agent’s
address at One Wachovia Center, 301 South College Street,
Charlotte, North Carolina 28288, or at such other address as may be
specified in writing by the Agent to the Borrower, the principal
sum of FOUR MILLION SEVEN HUNDRED FORTY THOUSAND AND NO/100 DOLLARS
($4,740,000.00) (or such lesser amount as shall equal the aggregate
unpaid principal amount of Loans made by the Lender to the Borrower
under the Mezzanine Credit Agreement (as herein defined)), on the
dates and in the principal amounts provided in the Mezzanine Credit
Agreement, and to pay interest on the unpaid principal amount owing
hereunder, at the rates and on the dates provided in the Mezzanine
Credit Agreement.
The date, amount
of each Loan made by the Lender to the Borrower, and each payment
made on account of the principal thereof, shall be recorded by the
Lender on its books and, prior to any transfer of this Note,
endorsed by
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