Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 311

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 311
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. Taking these differences into account, when we refer to “Partnership Units,”
we are referring to OP Units and vested and unvested LTIP Units collectively.

Amendments to the Partnership Agreement

Amendments to the partnership
agreement may be proposed by us, as general partner, or by limited partners holding 66 2/3% or more of all of the outstanding OP Units
and LTIP Units held by limited partners other than us.

Generally, the partnership
agreement will not be able to be amended, modified, or terminated without our approval and the written consent of limited partners holding
more than 66 2/3% of all of the outstanding Partnership Units held by limited partners other than us if such actions would adversely
affect the rights, privileges and protections afforded to the limited partners under the partnership agreement. As general partner, we
will have the power to unilaterally make certain amendments to the partnership agreement without obtaining the consent of the limited
partners, as may be necessary to:

| · | add to our obligations as general partner or surrender any right or power granted to us as general partner for the benefit of the limited partners; |

| · | reflect the issuance of additional Partnership Units or the admission, substitution, termination or withdrawal of partners in accordance with the terms of the partnership agreement; |

| · | set forth or amend the designations, rights, powers, duties, and preferences of the holders of any additional Partnership Units issued by our Operating Partnership; |

| · | reflect a change of an inconsequential nature that does not adversely affect the limited partners in any material respect, or cure any ambiguity, correct or supplement any provisions of the partnership agreement not inconsistent with law or with other provisions of the partnership agreement, or make other changes concerning matters under the partnership agreement that will not otherwise be inconsistent with the partnership agreement or law; |

| · | reflect changes that are reasonably necessary for us to maintain our qualification as a REIT; |

| · | modify the manner in which capital accounts are computed; |

| · | include provisions referenced in future U.S. federal income tax guidance relating to compensatory partnership interests that we determine are reasonably necessary in respect of such guidance; or |

| · | satisfy any requirements, conditions or guidelines of federal or state law. |

Amendments that would, among
other things, convert a limited partner’s interest into a general partner’s interest, modify the limited liability of a limited
partner, adversely alter a partner’s right to receive