May 20, 2005 Gerald J. Ford Care of: Michael M. Boone Haynes and Boone, LLP 901 Main Street, Suite 3100 Dallas, Texas 75202 (214) 651-5000Ford Gerald J • May 23rd, 2005 • Real estate investment trusts
Terms capitalized but not defined herein shall have the meaning set forth in the Articles of Amendment and Restatement (the “Charter”) of Affordable Residential Communities Inc., a Maryland corporation (the “Company”). Subject to the terms and conditions set forth in this letter agreement (this “Agreement”), effective as of May 20, 2005, the Company hereby establishes (i) an Aggregate Stock Ownership Limit of 19.9% in value of the aggregate of the outstanding shares of Stock and (ii) a Common Stock Ownership Limit of 19.9% (in value or in number of shares, whichever is more restrictive) of the aggregate of the outstanding shares of Common Stock (the “Ford Ownership Limits”) with respect to the Beneficial Ownership and Constructive Ownership of shares of Stock of the Company by, in the aggregate, Gerald J. Ford (“Ford”), any entities controlled by Ford, executive officers of any such entities controlled by Ford and any directors of any such entities controlled by Ford who are also emplo
