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AMENDED AND RESTATED
PROMISSORY NOTE
March 31, 2008
FOR VALUE
RECEIVED, GRUBB & ELLIS APARTMENT REIT, INC. (formerly known as
NNN Apartment REIT, Inc.), a Maryland corporation (the
“Company”) hereby unconditionally promises to pay to
the order of WACHOVIA BANK, NATIONAL ASSOCIATION, a national
banking association (the “Lender”), at the office of
WACHOVIA BANK, located at One Wachovia Center, TW-16, 301 South
College Street, Charlotte, North Carolina 28288-0172, in lawful
money of the United States and in immediately available funds, on
the dates required under that certain Loan Agreement dated as of
November 1, 2007 by and between the Company and the Lender, as
amended by that certain First Amendment to and Waiver of Loan
Agreement dated as of December 21, 2007 between the Company
and the Lender and by that certain Second Amendment to and Waiver
of Loan Agreement of even date herewith between the Company and the
Lender (as so amended, and as the same may be further amended,
extended or replaced from time to time, the “Agreement”
and with the capitalized terms not otherwise defined herein used
with the meanings given such terms in the Agreement), a sum equal
to the Aggregate Availability, or such lesser amount as has been
actually disbursed to the Company by the Lender from time to time
pursuant to the Agreement.
The
Company further agrees to pay interest in like money and funds at
the office of the Lender referred to above, on the unpaid principal
balance hereof from the date advanced
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