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EXECUTION VERSION AMENDMENT NUMBER SEVEN to the Master Loan and Security
Agreement Dated as of March 7, 2013 among EACH OF THE ENTITIES LISTED ON ANNEX I
HERETO, J.P. MORGAN CHASE BANK, N.A. and WELLS FARGO BANK, NATIONAL ASSOCIATION
This AMENDMENT NUMBER SEVEN to the Master Loan and Security Agreement (this
“Amendment”) is made this 7th day of June, 2016, by and among each of the
borrower entities listed on Annex I hereto (individually, each a “Borrower”, and
collectively, the “Borrowers”) and J.P. MORGAN CHASE BANK, N.A. and WELLS FARGO
BANK, NATIONAL ASSOCIATION (individually, each a “Lender”, and collectively, the
“Lenders”). WHEREAS, Borrowers and Lenders are parties to that certain Master
Loan and Security Agreement, dated as of March 7, 2013, as supplemented and
amended by that certain Increased Commitment Supplement, Omnibus Joinder and
Amendment Agreement, dated as of June 6, 2013, and as further supplemented and
amended by that certain Second Omnibus Joinder and Amendment Agreement, dated as
of June 21, 2013, and as further supplemented and amended by that certain Notice
and Acknowledgment with respect to Master Loan and Security Agreement, dated as
of August 7, 2013, and as further amended and supplemented by that certain
Increased Commitment Supplement, Omnibus Joinder and Amendment Agreement, dated
as of September 30, 2013, and as further supplemented and amended by that
certain Amendment Number Four to the Master Loan and Security Agreement, dated
as of October 29, 2014 and as further supplemented by that certain Fifth Omnibus
Joinder and Amendment Agreement, dated March 9, 2015 and as further supplemented
and amended by that certain Amendment Number Six to the Master Loan and Security
Agreement, dated as of February 24, 2016 (collectively, and as further amended,
joined, supplemented or otherwise modified and in effect from time to time, the
“Loan Agreement”); and WHEREAS, Borrowers and Lenders have agreed to amend the
Loan Agreement as set forth herein. NOW THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and
for the mutual covenants herein contained, the parties hereto hereby agree as
follows: SECTION 1. Amendment. Effective as of June 7, 2016 (the “Amendment
Effective Date”), the Loan Agreement is hereby amended as follows: (a) Section 2
of the Loan Agreement is hereby amended by deleting the definition of “Revolving
Period” in its entirety and replacing it with the following (modified text
underlined for review purposes): “Revolving Period”: The period commencing on
the Closing Date and ending on the earlier of (x) September 7, 2016 and (y) if
the Facility Termination Date shall have

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2 occurred under clause (ii) or (iii) of the definition of such term, such
Facility Termination Date. SECTION 2. Defined Terms. Any terms capitalized but
not otherwise defined herein shall have the respective meanings set forth in the
Loan Agreement. SECTION 3. Condition Precedent. As a condition precedent to the
effectiveness of this Amendment, Borrowers shall remit to Lenders (on a pari
passu and pro rata basis in accordance with each Lender’s respective Commitment)
an extension fee attributable to the extension of the Revolving Period in
immediately available funds in the aggregate amount of $350,000 (the “Extension
Fee”). The Extension Fee shall be deemed due, earned and payable in full on the
date hereof and shall be non-refundable when paid. SECTION 4. Limited Effect.
Except as amended hereby, the Loan Agreement shall continue in full force and
effect in accordance with its terms. Reference to this Amendment need not be
made in the Loan Agreement or any other instrument or document executed in
connection therewith, or in any certificate, letter or communication issued or
made pursuant to, or with respect to, the Loan Agreement, any reference in any
of such items to the Loan Agreement being sufficient to refer to the Loan
Agreement as amended hereby. SECTION 5. Representations. In order to induce
Lenders to execute and deliver this Amendment, each Borrower hereby represents
and warrants to Lenders that as of the date hereof, except as otherwise
expressly waived by Lenders in writing (i) the representations and warranties
contained in the Loan Agreement and contained in the other Loan Documents are
true and correct in all material respects as to each Borrower as if then made
(except to the extent stated to relate to a specific earlier date, in which case
such representations and warranties are true and correct in all material
respects as of such earlier date), and (ii) no Default or Event of Default has
occurred and is continuing under the Loan Agreement. SECTION 6. Fees and
Expenses. Subject to the limitations specified in Section 13.02 of the Loan
Agreement, Borrower agrees to pay to Lenders all reasonable and documented fees
and out of pocket expenses incurred by Lenders in connection with this Amendment
(including all reasonable and documented fees and out of pocket costs and
expenses of Lenders’ legal counsel incurred in connection with this Amendment)
pursuant to Section 13.02 of the Loan Agreement. SECTION 7. Governing Law. This
Amendment and any claim, controversy or dispute arising under or related to or
in connection with this Amendment, the relationship of the parties, and/or the
interpretation and enforcement of the rights and duties of the parties will be
governed by the laws of the State of New York without regard to any conflicts of
law principles (other than Section 5-1401 of the New York General Obligations
Law, which shall govern). SECTION 8. Counterparts. This Amendment may be
executed in two (2) or more counterparts, each of which shall be deemed an
original but all of which together shall constitute but one and the same
agreement. This Amendment, to the extent signed and delivered by facsimile or
other electronic means, shall be treated in all manner and respects as an
original agreement and shall be considered to have the same binding legal effect
as if it were the original signed version thereof delivered in person. No
signatory to this Amendment shall raise the use

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3 of a facsimile machine or other electronic means to deliver a signature or the
fact that any signature or agreement was transmitted or communicated through the
use of a facsimile machine or other electronic means as a defense to the
formation or enforceability of a contract and each such Person forever waives
any such defense. [SIGNATURE PAGE FOLLOWS]

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Signature Page to Amendment Number Seven to Master Loan and Security Agreement
IN WITNESS WHEREOF, Borrowers and Lenders have caused this Amendment to be
executed and delivered by their duly authorized officers as of the Amendment
Effective Date. WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender By:____/s/
Randall T. Newman__________ Name: Randall T. Newman Title: VP

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Signature Page to Amendment Number Seven to Master Loan and Security Agreement
J.P. MORGAN CHASE BANK, N.A., as a Lender By:____/s/ Chiara
Carter___________________ Name: Chiara Carter Title: Executive Director

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Signature Page to Amendment Number Seven to Master Loan and Security Agreement
AMERICAN HOMES 4 RENT PROPERTIES ONE, LLC, as a Borrower By:___/s/ Sara
Vogt-Lowell________________ Name: Sara Vogt-Lowell Title: Manager AMERICAN HOMES
4 RENT PROPERTIES TWO, LLC, as a Borrower By:___/s/ Sara
Vogt-Lowell________________ Name: Sara Vogt-Lowell Title: Manager AMERICAN HOMES
4 RENT PROPERTIES THREE, LLC, as a Borrower By:___/s/ Sara
Vogt-Lowell________________ Name: Sara Vogt-Lowell Title: Manager AMERICAN HOMES
4 RENT PROPERTIES FOUR, LLC, as a Borrower By:___/s/ Sara
Vogt-Lowell________________ Name: Sara Vogt-Lowell Title: Manager AMERICAN HOMES
4 RENT PROPERTIES FIVE, LLC, as a Borrower By:___/s/ Sara
Vogt-Lowell________________ Name: Sara Vogt-Lowell Title: Manager

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Signature Page to Amendment Number Seven to Master Loan and Security Agreement
AMERICAN HOMES 4 RENT PROPERTIES SIX, LLC, as a Borrower By:___/s/ Sara
Vogt-Lowell________________ Name: Sara Vogt-Lowell Title: Manager AMERICAN HOMES
4 RENT PROPERTIES SEVEN, LLC, as a Borrower By:___/s/ Sara
Vogt-Lowell________________ Name: Sara Vogt-Lowell Title: Manager AMERICAN HOMES
4 RENT PROPERTIES EIGHT, LLC, as a Borrower By:___/s/ Sara
Vogt-Lowell________________ Name: Sara Vogt-Lowell Title: Manager AMERICAN HOMES
4 RENT PROPERTIES NINE, LLC, as a Borrower By:___/s/ Sara
Vogt-Lowell________________ Name: Sara Vogt-Lowell Title: Manager AMERICAN HOMES
4 RENT PROPERTIES TEN, LLC, as a Borrower By:___/s/ Sara
Vogt-Lowell________________ Name: Sara Vogt-Lowell Title: Manager AMERICAN HOMES
4 RENT, L.P., as a Borrower By: AMERICAN HOMES 4 RENT, its General Partner
By:___/s/ Sara Vogt-Lowell________________ Name: Sara Vogt-Lowell Title: Chief
Legal Officer

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Signature Page to Amendment Number Seven to Master Loan and Security Agreement
AH4R PROPERTIES, LLC, as a Borrower By:___/s/ Sara Vogt-Lowell________________
Name: Sara Vogt-Lowell Title: Manager AMERICAN HOMES 4 RENT I, LLC, as a
Borrower By:___/s/ Sara Vogt-Lowell________________ Name: Sara Vogt-Lowell
Title: Manager AMH PORTFOLIO ONE, LLC, as a Borrower By:___/s/ Sara
Vogt-Lowell________________ Name: Sara Vogt-Lowell Title: Manager AH4R - FL 2,
LLC AH4R - FL 4, LLC AH4R - FL 11, LLC AH4R - GA, LLC AH4R - GA 2, LLC AH4R - GA
3, LLC AH4R - GA 4, LLC AH4R - IL, LLC AH4R - TN 3, LLC, each as a Borrower By:
AH4R PROPERTIES, LLC, its sole member By:___/s/ Sara Vogt-Lowell________________
Name: Sara Vogt-Lowell Title: Manager

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Signature Page to Amendment Number Seven to Master Loan and Security Agreement
AH4R I FL, LLC AH4R I FL Orlando, LLC AH4R I GA, LLC AH4R I IL, LLC AH4R I IN,
LLC AH4R I NC, LLC AH4R I OH, LLC AH4R I TX, LLC, each as a Borrower By:
AMERICAN HOMES 4 RENT I, LLC, its sole member By:___/s/ Sara
Vogt-Lowell________________ Name: Sara Vogt-Lowell Title: Manager Beazer
Pre-Owned Homes LLC Beazer Pre-Owned Homes II LLC, each as a Borrower By: AMH
Portfolio One, LLC, its sole member By:___/s/ Sara Vogt-Lowell________________
Name: Sara Vogt-Lowell Title: Manager

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ANNEX I BORROWER ENTITIES American Homes 4 Rent Properties One, LLC, American
Homes 4 Rent Properties Two, LLC, American Homes 4 Rent Properties Three, LLC,
American Homes 4 Rent Properties Four, LLC, American Homes 4 Rent Properties
Five, LLC, American Homes 4 Rent Properties Six, LLC, American Homes 4 Rent
Properties Seven, LLC, American Homes 4 Rent Properties Eight, LLC, American
Homes 4 Rent Properties Nine, LLC, American Homes 4 Rent Properties Ten, LLC,
American Homes 4 Rent, L.P., AH4R Properties, LLC, American Homes 4 Rent I, LLC,
AMH Portfolio One, LLC, AH4R - FL 2, LLC AH4R - FL 4, LLC AH4R - FL 11, LLC AH4R
- GA, LLC AH4R - GA 2, LLC AH4R - GA 3, LLC AH4R - GA 4, LLC AH4R - IL, LLC AH4R
- TN 3, LLC AH4R I FL, LLC AH4R I FL Orlando, LLC AH4R I GA, LLC AH4R I IL, LLC
AH4R I IN, LLC AH4R I NC, LLC AH4R I OH, LLC AH4R I TX, LLC Beazer Pre-Owned
Homes LLC Beazer Pre-Owned Homes II LLC

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