EXHIBIT 10.22
REVOLVING CREDIT NOTE
$50,000,000 December 12, 2000
FOR VALUE RECEIVED, the undersigned, CORNERSTONE REALTY INCOME TRUST,
INC., a corporation organized under the laws of Virginia ("Cornerstone") and
CRIT-NC, LLC, a limited liability company organized under the laws of Virginia
("CRIT-NC" and together with Cornerstone, the "Borrowers") hereby jointly and
severally promise to pay to the order of FIRST UNION NATIONAL BANK (the "Bank"),
at the times, at the place and in the manner provided in the Credit Agreement
hereinafter referred to, the principal sum of up to Fifty Million Dollars
($50,000,000), or, if less, the aggregate unpaid principal amount of all Loans
disbursed by the Bank under the Credit Agreement referred to below, together
with interest at the rates as in effect from time to time with respect to each
portion of the principal amount hereof, determined and payable as provided in
Article IV of the Credit Agreement.
This Note is the Note referred to in, and is entitled to the benefits
of, that certain Credit Agreement dated as of December 12, 2000 (the "Credit
Agreement"), by and among the Borrowers, each Additional Borrower that may
become party thereto, the lenders (including the Bank) party thereto (the
"Lenders") and First Union National Bank, as Administrative Agent (the
"Administrative Agent"). The Credit Agreement contains, among other things,
provisions for the time, place and manner of payment of this Note, the
determination of the interest rate borne by and fees payable in respect of this
Note, acceleration of the payment of this Note upon the happening of certain
stated events and the mandatory repayment of this Note under certain
circumstances.
The Borrowers agree to pay on demand all costs of collection, including
reasonable attorneys' fees, if any part of this Note, principal or interest, is
collected after maturity with the aid of an attorney.
Presentment for payment, notice of dishonor, protest and notice of
protest are hereby waived.
THIS NOTE IS MADE AND DELIVERED IN THE STATE OF NORTH CAROLINA AND
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
NORTH CAROLINA.
The Debt evidenced by this Note is senior in right of payment to all
Subordinated Debt referred to in the Credit Agreement.
<PAGE>
IN WITNESS WHEREOF, the Borrower has caused this Note to be executed
under seal by a duly authorized officer as of the day and year first above
written.
CORNERSTONE REALTY INCOME TRUST, INC.
[CORPORATE SEAL]
By: /s/ Stanley J. Olander, Jr.
------------------------------------
Name: Stanley J. Olander, Jr.
------------------------------------
Title: Executive Vice President
------------------------------------
[CORPORATE SEAL] CRIT-NC, LLC
By: CORNERSTONE REALTY INCOME TRUST, INC.,
its sole Member/Manager
By: /s/ Stanley J. Olander, Jr.
----------------------------------
Name: Stanley J. Olander, Jr.
-------------------------------
Title: Executive Vice President
-------------------------------
2
