200,000,000 Charlotte, North Carolina November 25, 1998 FOR VALUE RECEIVED, the undersigned, SUMMIT PROPERTIES PARTNERSHIP, L.P., a limited partnership organized under the laws of the State of Delaware (the "BORROWER"), hereby promises to pay to the...Competitive Note • March 16th, 1999 • Summit Properties Inc • Real estate investment trusts
FOR VALUE RECEIVED, the undersigned, SUMMIT PROPERTIES PARTNERSHIP, L.P., a limited partnership organized under the laws of the State of Delaware (the "BORROWER"), hereby promises to pay to the order of NATIONSBANK, N.A. (the "LENDER"), (i) subject to Section 3.5(e) of the Credit Agreement referred to below, on the last day of each applicable Interest Period, as defined in the Credit Agreement, the aggregate unpaid principal amount of all Competitive Advances (as defined in the Credit Agreement) made by the Lender to the Borrower pursuant to Section 3.3 of the Credit Agreement to which such Interest Period applies and (ii) on the Termination Date (as defined in the Credit Agreement), the lesser of the principal sum of $200,000,000 and the aggregate unpaid principal amount of all Competitive Advances made by the Lender to the Borrower pursuant to Section 3.3 of the Credit Agreement, in lawful money of the United States of America in immediately available funds, and to pay interest on su
