$3,000,000.00 JUNE 28, 2001
FOR VALUE RECEIVED, the undersigned ROBERTS PROPERTIES RESIDENTIAL, L.P., Georgia limited
partnership ("Borrower"), unconditionally promises to pay to the order of SOUTHTRUST BANK, an Alabama
banking corporation ("Lender"), the principal sum of Three Million and No/100 Dollars ($3,000,000.00),
together with interest and other charges as provided herein.
1. Payment Terms.
(a) On August 10, 2001, and on the tenth (10th) day of each successive calendar month thereafter until the
Maturity Date (as defined below), Borrower shall pay to Lender all accrued but unpaid interest on the
outstanding principal of this Note. On July 10, 2002 (the "Maturity Date"), Borrower shall pay to Lender the
entire principal amount outstanding under this Note, together with all accrued but unpaid interest thereon and any
other charges due hereunder.
(b) All payments, fees, charges, and other sums due hereunder shall be paid in lawful money of the United States
of America, and shall be remitted to Lender at the following address:
or at such other address as Lender or any subsequent holder of this Note may from time to time designate in
writing. All payments made as scheduled on this Note shall be applied, to the extent thereof, to accrued but
unpaid interest, unpaid principal, and any other sums due and unpaid to Lender under this Note and the other
Loan Documents in such manner and order as Lender may elect in its discretion, any instructions from Borrower
or anyone else to the contrary notwithstanding. Any payment received by Lender before the date it is due shall be
deemed to have been received on the due date solely for the purpose of calculating interest due. If at any time
Lender receives, from Borrower or otherwise, any amount applicable to the indebtedness under this Note that is
less than all amounts due and payable at such time, Lender may apply that payment to amounts then due and
payable in any manner and in any order determined by Lende