Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 222

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 222
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 any such
non-renewal. In the event of such non-renewal, the Termination Fee set forth below would be payable.

Our Manager may decline to
renew the Management Agreement upon 180 days’ notice prior to the end of the term, as renewed, in which case no Termination Fee
would be payable.

Termination for Cause

We may also terminate the
Management Agreement at any time, including during the initial term, without the payment of the Termination Fee, upon 30 days’
prior written notice for cause, which is defined as:

| · | our                                                                                                                                    
 Manager, its agents or assignees breaches any material provision of the Management Agreement and such breach continues for a period of 
 30 days after written notice thereof, subject to a cure period;                                                                        |

| · | there                                                                                                                                     
 is the commencement of any proceeding relating to our Manager’s bankruptcy or insolvency, including an order for relief in an involuntary 
 bankruptcy case or our Manager authorizing or filing a voluntary bankruptcy petition;                                                     |

| · | there                                                                                                                           
 is a change of control of our Manager which a majority of our independent directors determines is materially detrimental to us; |

| · | our                                                                          
 Manager is unable to perform its obligations under the Management Agreement; |

| · | our                      
 Manager is dissolved; or |

| · | our                                                                                                                                            
 Manager commits fraud against us, misappropriates or embezzles funds of ours, or acts, or fails to act, in a manner constituting gross         
 negligence, or acts in a manner constituting bad faith or willful misconduct, in the performance of its duties under the Management Agreement, 
 subject to a cure period.                                                                                                                      |

Our Manager may terminate
the Management Agreement upon 60 days’ prior written notice in the event that we default in the performance of any material term,
condition or covenant contained in the Management Agreement and such default continues for a period of 30 days after written notice thereof.
In an event of termination by our Manager for cause, the Termination Fee set forth below would be payable.

Our Manager may terminate
the Management Agreement if we become required to register as an investment company under the Investment Company Act, but no Termination
Fee would be payable in such event.

Termination Fee

In the event a Termination
Fee is payable, we will pay our Manager a termination fee equal to 3.00 times the sum of the Base Management Fee and Incentive Fee earned,
in each case, by our Manager during