EXHIBIT 10.6

FIFTH AMENDMENT TO PURCHASE AND SALE AGREEMENT
(Bella Terra)
THIS FIFTH AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is made
effective as of May 15, 2015 (“Amendment Date”), by and between and GPP
COUNTRYSIDE LLC, a Delaware limited liability company (“Seller”), and STEADFAST
ASSET HOLDINGS, INC., a California corporation (“Buyer”), with reference to the
facts set forth below.
RECITALS
A.    Seller and Buyer entered into that certain Purchase and Sale Agreement
dated as of March 19, 2015 (“Original Purchase Agreement”), as amended by that
certain First Amendment to Purchase and Sale Agreement dated as of April 20,
2015 (“First Amendment”), as further amended by that certain Second Amendment to
Purchase and Sale Agreement dated as of April 30, 2015, (“Second Amendment”), as
further amended by that certain Third Amendment to Purchase and Sale Agreement
dated as of May 1, 2015 (“Third Amendment”) as further amended by that certain
Fourth Amendment to Purchase and Sale Agreement dated as of May 8, 2015 (“Fourth
Amendment,” and referred to collectively with Original Purchase Agreement, the
First Amendment, the Second Amendment, the Third Amendment and the Fourth
Amendment as the “Agreement”), with respect to certain real property situated in
the City of Aurora, State of Colorado, as more particularly described in the
Agreement.
B.    The parties desire to amend the Agreement as provided below.
NOW, THEREFORE, in consideration of the Recitals set forth above, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as set forth below.
1.Definitions. All terms with initial capital letters used herein but not
otherwise defined shall have the respective meanings set forth in the Agreement.
2.Extension of Contingency Date for Outstanding Insurance Matters.
a.Notwithstanding anything to the contrary contained in the Agreement, the
Contingency Date is extended until May 20, 2015 only for the “Outstanding
Insurance Matters” (as defined in the First Amendment). In connection with the
Outstanding Insurance Matters, Buyer agrees that the “Replacement Cost Value” of
the claim payable by the Insurer need not exceed $896,475.51 (the “Replacement
Cost Value Threshold”), in which event Buyer shall not be permitted to terminate
the Agreement under Section 3.5 based on the Replacement Cost Value of the claim
payable by the Insurer. For the avoidance of doubt, and notwithstanding anything
to the contrary contained in the Agreement, if (i) the Replacement Cost Value
agreed to by the Insurer equals or exceeds the Replacement Cost Value Threshold,
(ii) Seller and Property Manager have signed and delivered to Buyer (via
electronic mail or otherwise) the form of assignment requested by Insurer in
substantially the form attached hereto as Exhibit A (“Form of Insurance
Assignment”), provided any changes to such Form of Insurance Assignment do not
require Seller to pay any additional out-of-pocket expense or create any
additional liability for Seller in connection with the assignment, and (iii) the
Insurer has signed and delivered to Buyer (via electronic mail or otherwise) the
Form of Insurance Assignment, with such changes acceptable to Buyer or deemed
acceptable to Buyer (collectively, the “Contingency Conditions”),  then the
contingency related to the Outstanding Insurance Matters shall be deemed
satisfied in full and shall become one of the Approved Matters.

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b.Buyer may exercise its right to terminate the Agreement under Section 3.5 of
the Agreement, in relation to the Outstanding Insurance Matters, by delivering
written notice to Seller at any time on or before 5:00 p.m. Mountain Time on May
20, 2015, in which event Section 5.1 of the Agreement shall govern.
Notwithstanding anything to the contrary contained in the Agreement, if Buyer
fails to timely give such notice, then Buyer shall have elected to waive the
termination right set forth in Section 3.5 of the Agreement with respect to the
Outstanding Insurance Matters and Buyer shall have elected to proceed to Closing
in accordance with the terms of the Agreement.
c.In the event Buyer waives the termination right in accordance with Section
2(b) above, prior to Closing, (i) Seller shall continue to cooperate in good
faith with Buyer to satisfy the Outstanding Insurance Matters in the same manner
as Seller has been cooperating with Buyer through the date hereof, and (ii)
Seller shall sign and deliver to Buyer (via electronic mail or otherwise) the
Form of Assignment Agreement, with such changes reasonably requested by Insurer,
provided such cooperation under subsections (i) and (ii) of this Section 2(c)
does not require Seller to pay any additional out-of-pocket expense or create
any additional liability for Seller in connection with the assignment, other
than as expressly provided for in the Form of Insurance Assignment.
d.Notwithstanding the foregoing, including specifically but without limitation,
the terms of Section 2(a), above, or anything else contained in the Agreement
that may be to the contrary, if Buyer waives the termination right in accordance
with Section 2(b) above, then it shall be a condition to Closing under the
Agreement that Property Manager sign and deliver to Buyer (via electronic mail
or otherwise) the Form of Assignment Agreement, with such changes reasonably
requested by Insurer; provided, however, in no event shall any of the
Outstanding Insurance Matters to be performed by Insurer be a condition to
Closing under the Agreement.
e.Notwithstanding the foregoing or anything else contained in the Agreement,
Seller shall have the one-time right to extend the Contingency Date for the
Outstanding Insurance Matters only for a period of ten (10) days (“Extension
Period”), during which time Buyer shall not be permitted to terminate the
Agreement (except in the event of a Seller default in accordance with the
Agreement). To the extent the Contingency Conditions are satisfied during the
Extension Period, the Outstanding Insurance Matters shall be deemed
automatically approved and the parties shall proceed to Closing in accordance
with the terms of the Agreement.
3.    Closing Date. Notwithstanding the foregoing or anything else contained in
the Agreement, the “Closing Date” shall mean the date on which the Deed
conveying the Property to Buyer has been recorded in the Official Records, which
date shall be June 11, 2015.
4.    Additional Deposit. Notwithstanding anything to the contrary contained in
the Agreement, Buyer shall not be required to deposit with Escrow Holder the
Additional Deposit under Section 2.2.1 of the Agreement until one (1) Business
Day after the Contingency Date, as amended herein.
5.    Miscellaneous. Except as modified by this Amendment, the Agreement shall
remain in full force and effect, and is herby ratified and confirmed. This
Amendment may be executed in counterparts, each of which, when taken together,
shall constitute one fully executed original. Facsimile signatures and PDF
signatures sent by electronic mail shall be binding for all purposes of this
Amendment.

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6.    Governing Law. All questions with respect to the construction and
interpretation of the Agreement and the rights and liabilities of the Parties
hereto shall be determined in accordance with the applicable provisions of the
laws of the State of Colorado.
7.    Entire Agreement. The Agreement and the Amendment constitute the entire
agreement between the Parties hereto. It is expressly agreed that no verbal
understandings or agreements which in any way change the terms, covenants or
conditions set forth herein and that no modification of the Agreement and no
waiver of any of its terms and conditions shall be effective unless made in
writing and duly executed by all Parties hereto.
8.    No Further Change. Except as expressly modified hereby, each, every and
all terms and conditions of the Agreement shall continue in full force and
effect. In the event of any express conflict between the terms of the Agreement
and the terms of this Amendment, the terms of this Amendment shall prevail.
9.    Multiple Counterparts. This Amendment may be executed in several
counterparts, each of which shall be deemed an original, but all of which
constitute one and the same instrument. If the parties elect to exchange
counterparts by fax transmission or electronic mail, signatures on such fax
transmissions or electronic mail shall be deemed to be the equivalent of
original signatures for all purposes and as such shall constitute one and the
same agreement binding upon all the parties hereto.

[Signatures continued on next page.]

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed as of
the date first above-written.

SELLER:

GPP COUNTRYSIDE LLC,
a Delaware limited liability company

By:    Granite Peak Partners Opportunity Fund III, LP
a Delaware limited partnership, its Sole Member

    
By:
GPP 1, LLC, a California limited liability company,
 
its General Partner
 
 
 
 
By:
/s/ Bruce Savett
 
Name:
Bruce Savett
 
Its:
Authorized Signature

BUYER:
 
 
 
 
 
STEADFAST ASSET HOLDINGS, INC.,
a California corporation
 

By:
/s/ Ana Marie del Rio
Name:
Ana Marie del Rio
Its:
Vice President

.

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Exhibit A

Form of Insurance Assignment

See attached.

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INSURANCE PROCEEDS ASSIGNMENT AND AGREEMENT
(BELLA TERRA AT CITY CENTER)
THIS INSURANCE PROCEEDS ASSIGNMENT AND AGREEMENT (this "Agreement") made as of
the day of April, 2015, between Greystar Real Estate Partners, LLC, a
[_________] limited liability company ("Greystar"), having an office at 750
Bering Drive, Suite 300, Houston, Texas, 77057, GPP Countryside LLC, a Delaware
limited liab

ility company ("Seller," and referred to collectively with Greystar in the
singular as "Assignor"), having an office at c/o Granite Peak Partners, Inc.,
133 W. De La Guerra Street, Santa Barbara, California 91301, STAR Bella Terra,
LLC, a Delaware limited liability company ("Assignee"), having an office at c/o
Steadfast Companies, 18100 Von Karman, Suite 500, Irvine, California 92612, and
the following insurers: Lexington Insurance Company, CV Starr, Certain
Underwriters at Lloyds London, Ironshore Specialty Insurance Company, and Chubb
Custom Insurance Company (collectively "Insurers").

WITNESSETH:

WHEREAS, Seller is the owner of certain real property commonly known as "Bella
Terra at City Center", located at 15400 Evans Avenue, Aurora, Colorado, together
with all buildings, structures and other improvements thereon (collectively, the
"Property");
WHEREAS, Seller has engaged Greystar as the property manager of the Property in
accordance with the terms and conditions of a property management agreement
between Seller and Greystar, pursuant to which Greystar is required to maintain
all insurance for the Property;
WHEREAS, Seller and Assignee have entered into a Purchase and Sale Agreement
dated March 19, 2015 (as the same may be amended, restated, modified,
supplemented or assigned from time to time, the "Property Sale Agreement"),
pursuant to which Seller shall convey the Property to Assignee pursuant to a
special warranty deed ("Deed") to be recorded in Official Records of Arapahoe
County ("Official Records") in accordance with the terms and conditions set
forth in the Property Sale Agreement;
WHEREAS, on or about September 29, 2014, wind and hail damaged certain
buildings, structures, and other improvements located on the Property (the
"Insured Event");
WHEREAS, on or about October 9, 2014, Greystar submitted an insurance claim to
the Insurers with respect to the Insured Event (the "Claim") under the various
insurance policies issued by the Insurers (the "Policies"), a schedule of which
is attached hereto as Exhibit A;
WHEREAS, Greystar and the Insurers have agreed that the maximum replacement cost
value of the damage at the Property is $$896,475.51 (the "Maximum RCV");
WHEREAS, prior to the Effective Date, Insurers jointly paid to Greystar their
respective shares of $650,049.51, representing the actual cash value of the
building damage at the Property, net of a $11,652.33 deductible (the "Net ACV
Payment");
WHEREAS, the net ACV Payment shall be paid or credited by Greystar to Assignee
at the closing under the terms of the Property Sale Agreement;

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WHEREAS, the difference between the Maximum RCV and the Net ACV Payment is
$234,773.77 (the "Depreciation Holdback"); and
WHEREAS, the most the Insurers would owe in excess of the Net ACV Payment, if
all repairs to the Property are complete, is the sum of $234,773.77 (the
"Maximum Depreciation Holdback");
NOW, THEREFORE, for ten dollars ($10.00) and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:
1.Effective Date. Notwithstanding the date of this Agreement, this Agreement and
the rights and obligations set forth herein shall become effective on the date
the Deed is recorded in the Official Records ("Effective Date").
2.Assignment. Assignor hereby sells, assigns, conveys and transfers to Assignee,
and Assignor hereby accepts and assumes, all of Assignor's right, title, and
interest in, solely the Maximum Depreciation Holdback and for no other amount
greater than $234,773 .77.
3.Payment of Proceeds. Assignor, Insurers and Assignee hereby acknowledge and
agree that any Depreciation Holdback payable under the Policy in connection with
the Claim shall be paid directly and solely to Assignee, or to such other party
as directed by Assignee in writing including, without limitation, Assignee's
lender ("Designee"). In the event the Depreciation Holdback payable in
connection with the Claim are paid to Assignor or otherwise require the
signature or other authorization of Assignor, Assignor hereby covenants to
promptly execute or endorse a draft check or other instrument required to pay
such Proceeds to Assignee or otherwise permit Assignee andlor Designee to
collect any such Proceeds.

4.Payment. After completion of the scope of repairs at the Property encompassed
by the Maximum RCV, Assignee will submit to Insurers a completed Proof of Loss
in the form attached hereto as Exhibit B, as well as the following proof of
completion of the repair work and payment for the repair work, which will
consist of a copy of (a) the progress payment and final payment applications of
the general contractor engaged by Assignee to perform those repairs; (b) the
Assignee's payments upon those progress payment and final payment applications
submitted by that general contractor; and (c) the certificate of completion
executed by Assignee and issued to that general contractor confirming the
completion of that scope of repairs at the Property. Within thirty (30) days
after Insurers' receipt of such proof of loss from Assignee, the Insurers shall
issue payment to Assignee, or to Designee if so directed by Assignee, the lesser
of the actual cost of the repair work or the Maximum Depreciation Holdback. In
no event will the Insurers owe any more than $234,773.77. Insurers agree that so
long as the scope of repairs at the Property encompassed by the Maximum RCV are
completed on or before the date that is one (1) year from the date Assignee
acquires title to the Property, Insurers waive and are estopped from asserting
Section 12(h)(7) of the Policy.

5.Insurers ' Consent. Notwithstanding anything contained in the Policy, Insurers
expressly (i) consent to and acknowledge the Assignment, and (ii) agree to
continue coverage on Assignee's behalf under the Policy. Insurers expressly
agree that they will not raise the Assignment Agreement as a defense to payment
of the Depreciation Holdback.
6. Mutual Representations and Warranties. As of the date hereof and as of the
Effective Date, each party to this Agreement hereby represents and warrants to
one another for itself only the following:

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a)
Each party hereto is duly organized, validly existing and in good standing under
the laws of the state of its formation.

b)
Each party hereto has the full power and authority, and is duly and legally
authorized, to execute, deliver and perform this Agreement and has taken all
necessary action to authorize its execution, delivery and performance of this
Agreement.

c)
This Agreement has been duly executed and delivered by a duly authorized
representative of each party hereto, and this Agreement is the legal, valid and
binding obligation of each such party.

d)
No consents or permissions are required to be obtained by any party to this
Agreement for the execution and performance of this Agreement.

e)
The execution, delivery and performance of this Agreement will not violate any
provision of, result in a breach of any of the terms or provisions of, or
constitute a default under, any existing law or regulation binding on any party
to this Agreement, or order, judgment or decree of any court, arbitrator or
governmental authority binding on such party, or other agreement or document to
which any party to this Agreement is a party or by which it is bound.

f)
To each party's knowledge, the recitals set forth above are true and correct and
are fully incorporated into this Agreement.

7.     Assignor Representations and Warranties. As of the date hereof and as of
the Effective Date, Assignor hereby represents and warrants to Assignee the
following:
a)
Other than the Policy, there are no other insurance policies naming either
Seller or Greystar as an insured that provide coverage for wind and/or hail
damage to the Property. Insurers are the only carriers obligated to pay any
proceeds related to the Insured Event.

b)
No Rental Value (as defined in Section 7(dl of the Policy) loss resulted from
the Insured Event.

c)
Assignor agrees to cooperate with Assignee's efforts to obtain payment of the
Maximum Depreciation Holdback, but at no cost or expense to Assignor.

The foregoing representations and warranties of Assignor in this Paragraph 7 are
expressly limited to Assignor's actual knowledge. As used herein, the actual
knowledge of Assignor is limited solely to matters within the actual knowledge
(with no duty of due diligence, inquiry or investigation) of Bruce Savett.
Assignee acknowledges that the individual named above is named solely for the
purpose of defining and narrowing the scope of Assignor's knowledge and not for
the purpose of imposing any liability on or creating any duties running from
such individual to Assignee. Assignee covenants that it will bring no action of
any kind against such individual related to or arising out of these
representations and warranties.
8.     Property Sale Agreement. This Agreement is being entered into pursuant to
and in satisfaction of Section 2.2.5 of the Property Sale Agreement.

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9.     Assigns. This Agreement shall be binding upon and inure to the benefit of
Assignor and Assignee and their respective successors and assigns.
10.     Survival. The obligations of Assignor and Assignee under this Agreement
shall survive the closing under the Property Sale Agreement.
11.     Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto on separate counterparts, each of
which, when so executed and delivered, shall be an original, but all such
counterparts shall together constitute one and the same instrument. A signature
scanned and sent by facsimile and/or electronic mail shall be binding as an
original signature.
12.     Consideration. Greystar acknowledges and agrees that it has derived
direct and substantial benefit from the sale of the Property, and that such
benefit constitutes sufficient consideration for Greystar's execution and
delivery of this Agreement.
13.     Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Colorado. Any dispute arising under
this Agreement or the documents referred to herein will be adjudicated
exclusively in the courts of the State of Colorado with venue in the
jurisdiction.

[Signature pages immediately follow.]

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IN WITNESS WHEREOF, Assignor, Assignee, and Insurers have caused this Agreement
to be duly executed on the day and year first above written:
ASSIGNOR:

GREYSTAR REAL ESTATE PARTNERS,
LLC, a [_____________] limited liability
company By:

Name:    ___________________________________
Title: ___________________________________

GPP COUNTRYSIDE LLC,
a Delaware limited liability company

Name:    ___________________________________
Title: ___________________________________

[signatures continue on next page.]

[Signature page to Assignment of Insurance Claims and Proceeds]

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ASSIGNEE:

STAR BELLA TERRA, LLC,
a Delaware limited liability company

By:    _______________________________
Name: ______________________________
Title: _____________________________

[signatures continue on next page.]

[Signature page to Assignment of Insurance Claims and Proceeds]

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INSURERS:

LEXINGTON INSURANCE COMPANY

By:    ___________________________________
Name:    ___________________________________
Title: ___________________________________

STARR INDEMNITY INSURANCE COMPANY

By:    ___________________________________
Name:    ___________________________________
Title: ___________________________________

GENERAL SECURITY INDEMNITY INSURANCE COMPANY OF ARIZONA

By:    ___________________________________
Name:    ___________________________________
Title: ___________________________________

CHUBB CUSTOM INSURANCE COMPANY

By:    ___________________________________
Name:    ___________________________________
Title: ___________________________________

CERTAIN UNDERWRITERS AT LLOYDS, LONDON

By:    ___________________________________
Name:    ___________________________________
Title: ___________________________________

[signatures continue on next page.]

[Signature page to Assignment of Insurance Claims and Proceeds]

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IRONSHORE SPECIALTY INSURANCE COMPANY

By:    ___________________________________
Name:    ___________________________________
Title: ___________________________________

[Signature page to Assignment of Insurance Claims and Proceeds]

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[Signature page to Assignment of Insurance Claims and Proceeds]

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EXHIBIT A
SCHEDULE OF INSURANCE POLICIES

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EXHIBIT B
FORM OF PROOF OF LOSS