THIS GUARANTY AGREEMENT is executed as of February 21, 2002, by ROBERTS REALTY
INVESTORS, INC., a Georgia corporation (the "Guarantor"), in favor of AMSOUTH BANK, a banking
corporation organized and existing under the laws of the State of Alabama (the "Bank").
A. Roberts Properties Residential, L.P., a Georgia limited partnership authorized to do business in North
Carolina as Roberts Properties Residential, Limited Partnership (the "Borrower"), has entered into a loan
agreement (the "Loan Agreement") with the Bank of even date herewith, providing, among other things, for a loan
by the Bank to the Borrower of $24,000,000 (the "Loan"), as evidenced by the Borrower's note (the "Note"),
dated of even date herewith, and executed and delivered to the Bank.
B. The Guarantor has requested the Bank to make the Loan to the Borrower.
C. The Bank has required, as a condition to making the Loan to the Borrower, the execution of this Agreement
by the Guarantor.
NOW, THEREFORE, in order to induce the Bank to make the Loan to the Borrower pursuant to the Loan
Agreement, the Guarantor covenants and agrees with the Bank as follows:
1. Guaranteed Payments. The Guarantor hereby guarantees the due and punctual payment to the Bank when and
as the same shall become due and payable (whether by acceleration or otherwise) of the following amounts (the
(a) all amounts of principal becoming due and payable on the Note in accordance with the terms thereof and of
the Loan Agreement, whether at stated maturity or as an installment or by required prepayment or notice of
optional prepayment or declaration of acceleration or otherwise;
(b) all amounts of interest becoming due and payable on the Note in accordance with the terms thereof and of the
Loan Agreement, including interest on any overdue principal and (to the extent permitted by applicable law) on
any overdue interest;
(c) all indebtedness, obligations and liabilities of the