Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 222

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 222
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 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 the 12-month period immediately preceding such termination, calculated as of the end of the most recently
completed fiscal quarter before the date of non-renewal/termination.

Internalization

Upon the determination by
at least two-thirds of our independent directors that, upon an internalization of our management, AFFO (as defined below) per share would
be greater than AFFO per share immediately prior to such internalization, we may internalize, with consideration upon such internalization
being paid by us to our Manager (the “Internalization Consideration”) equal to 2.75 times the sum of the Base Management Fee
and Incentive Fee, in each case, earned by our Manager during the 12-month period immediately preceding such internalization, calculated
as of the end of the most recently completed fiscal quarter before the date of the internalization. For the avoidance of doubt, the internalization
may be structured as a contribution of our Manager or our Manager’s assets to our Operating Partnership in exchange for OP Units
and/or cash, provided that at least 50% of the value of the Internalization Consideration will be satisfied in OP Units, or other tax-efficient
transaction as agreed by our Manager and us.

Assignment

Our Manager may not assign
the Management Agreement, except to an affiliate, without the consent of a majority of our independent directors.

We may not assign our rights
or responsibilities under the Management Agreement without the prior written consent of our Manager, except in the case of assignment
to another REIT or