Note

Note. Shall refer to and mean this Convertible Promissory Note.

Note. The Multifamily Note described on page 1 of this Instrument, including all schedules, riders, allonges and addenda, as such Multifamily Note may be amended from time to time.

Note. The Multifamily Note (including any Amended and Restated Note, Consolidated, Amended and Restated Note, or Extended and Restated Note) executed by Borrower in favor of Lender and dated as of the date of this Instrument, including all schedules, riders, allonges and addenda, as such Multifamily Note may be amended, modified and/or restated from time to time.

Note. The mortgage note described in Section 2.2 of this Agreement, as originally executed or as may be hereafter supplemented or amended from time to time in writing. 4 Option Agreement: That certain agreement dated June , 2005 by and between Carr Texas OP, L.P. and Washington Mutual Bank.

Note. Note refers to this document, and any extensions, renewals, modifications and substitutions of this Note.

Note. Means this Note and any other notes issued pursuant to the terms hereof or of the Securities Purchase Agreement.

Note. Means a promissory note substantially in the form attached as Exhibit A.

Note. This certain promissory note dated as of the 28th day of March, 2011 in the principal amount of Five Million Five Hundred Thousand Dollars ($5,500,000.00) made payable by the Borrower to the order, and for the benefit, of the Lender.

Note. Refers to the document that evidences the Borrower's indebtedness, and any extensions, renewals, modifications and substitutions of the Note.

Note. Shall mean this Subordinated Contingent Secured Promissory Note.