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$10,000,000.00
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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 “Swingline 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 TEN MILLION AND NO/100 DOLLARS ($10,000,000.00)
(or such lesser amount as shall equal the aggregate unpaid
principal amount of Swingline Loans made by the Swingline Lender to
the Borrower under the Credit Agreement), on the dates and in the
principal amounts provided in the Credit Agreement, and to pay
interest on the unpaid principal amount owing hereunder, at the
rates and on the dates provided in the Credit Agreement.
The date, amount
of each Swingline Loan, and each payment made on account of the
principal thereof, shall be recorded by the Swingline Lender on its
books and, prior to any transfer of this Note, endorsed by the
Swingline Lender on the schedule attached hereto or any
continuation thereof, provided that the failure of the
Swingline Lender
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