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EXHIBIT 10.1 MULTIFAMILY LOAN AND SECURITY AGREEMENT (NON-RECOURSE) BY AND
BETWEEN STAR III BRISTOL VILLAGE, LLC, a Delaware limited liability company AND
BERKELEY POINT CAPITAL LLC, d/b/a NEWMARK KNIGHT FRANK, a Delaware limited
liability company DATED AS OF MAY 31, 2019 Fannie Mae~

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TABLE OF CONTENTS ARTICLE 1-DEFINITIONS; SUMMARY OF MORTGAGE LOAN TERMS
................................. 1 SECTION 1.01 DEFINED TERMS
............................................................................................................
1 SECTION 1.02 SCHEDULES, EXHIBITS, AND ATTACHMENTS INCORPORATED
...................................... I ARTICLE 2 - GENERAL MORTGAGE LOAN TERMS
...................................................................... 2 SECTION
2.01 MORTGAGE LOAN ORIGINATION AND SECURITY
......................................................... 2 (a) Making of
Mortgage Loan
.........................................................................................................
2 (b) Security for Mortgage Loan
......................................................................................................
2 (c) Protective Advances
..................................................................................................................
2 SECTION 2.02 PAYMENTS ON MORTGAGE LOAN
.................................................................................
2 (a) Debt Service Payments
..............................................................................................................
2 (b) Capitalization of Accrued But Unpaid Interest.
........................................................................ 3 (c)
Late Charges
..............................................................................................................................
3 (d) Default Rate
...............................................................................................................................
4 (e) Address for Payments
................................................................................................................
5 (f) Application of Payments
...........................................................................................................
5 SECTION 2.03 LOCKOUT/PREPAYMENT
...............................................................................................
6 (a) Prepayment; Prepayment Lockout; Prepayment Premium
........................................................ 6 (b) Voluntary
Prepayment in Full.
..................................................................................................
6 ( c) Acceleration of Mortgage Loan
.................................................................................................
7 ( d) Application of Collateral.
..........................................................................................................
7 (e) Casualty and Condemnation
......................................................................................................
7 (f) No Effect on Payment Obligations
............................................................................................
8 (g) Loss Resulting from Prepayment.
.............................................................................................
8 ARTICLE 3 - PERSONAL LIABILITY
..................................................................................................
8 SECTION 3.01 NON-RECOURSE MORTGAGE LOAN; EXCEPTIONS
........................................................ 8 SECTION 3.02 PERSONAL
LIABILITY OF BORROWER (EXCEPTIONS TO NON-RECOURSE PROVISION). 9 ( a) Personal
Liability Based on Lender's Loss
...............................................................................
9 (b) Full Personal Liability for Mortgage Loan
..............................................................................
10 SECTION 3.03 PERSONAL LIABILITY FOR INDEMNITY OBLIGATIONS
................................................ 10 SECTION 3 .04 LENDER'S RIGHT
TO FOREGO RIGHTS AGAINST MORTGAGED PROPERTY ................. 11 ARTICLE 4 -
BORROWER STATUS
...................................................................................................
11 SECTION 4.01 REPRESENTATIONS AND WARRANTIES
....................................................................... 11 (a)
Due Organization and Qualification
........................................................................................
11 (b) Location
...................................................................................................................................
11 ( c) Power and Authority
................................................................................................................
12 (d) Due Authorization
...................................................................................................................
12 (e) Valid and Binding Obligations
................................................................................................
12 (f) Effect of Mortgage Loan on Borrower's Financial Condition
................................................ 12 (g) Economic Sanctions,
Anti-Money Laundering, and Anti-Corruption .....................................
13 (h) Borrower Single Asset Status
..................................................................................................
13 (i) No Bankruptcies or Judgments
................................................................................................
15 U) No Actions or Litigation
..........................................................................................................
15 (k) Payment of Taxes, Assessments, and Other Charges
.............................................................. 15 Multifamily
Loan and Security Agreement (Non-Recourse) Form 6001.NR Page i Fannie Mae 04-18
© 2018 Fannie Mae

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(I) Not a Foreign Person
...............................................................................................................
16 (m) ERISA
......................................................................................................................................
16 (n) Default Under Other Obligations
............................................................................................
16 (o) Prohibited Person
.....................................................................................................................
16 (p) No Contravention
....................................................................................................................
17 (q) Lockbox Arrangement.
............................................................................................................
17 SECTION 4.02 COVENANTS
.................................................................................................................
17 (a) Maintenance of Existence; Organizational Documents
........................................................... 17 (b) Economic
Sanctions, Anti-Money Laundering, and Anti-Corruption
..................................... 18 (c) Payment of Taxes, Assessments, and
Other Charges .............................................................. 18
(d) Borrower Single Asset Status
..................................................................................................
18 (e) ERISA
......................................................................................................................................
20 (f) Notice of Litigation or Insolvency
...........................................................................................
20 (g) Payment of Costs, Fees, and Expenses
....................................................................................
20 (h) Restrictions on Distributions
...................................................................................................
21 (i) Lockbox Arrangement.
............................................................................................................
21 ARTICLE 5 - THE MORTGAGE LOAN
..............................................................................................
21 SECTION 5.01 REPRESENTATIONS AND WARRANTIES
....................................................................... 21 ( a)
Receipt and Review of Loan Documents
................................................................................
21 (b) No Defa ult.
..............................................................................................................................
22 (c) No Defenses
.............................................................................................................................
22 (d) Loan Document Taxes
.............................................................................................................
22 SECTION 5.02 COVENANTS
.................................................................................................................
22 (a) Ratification of Covenants; Estoppels; Certifications
............................................................... 22 (b) Further
Assurances
..................................................................................................................
23 (c) Sale of Mortgage Loan
............................................................................................................
23 ( d) Limitations on Further Acts of Borrower
................................................................................
24 (e) Financing Statements; Record Searches
..................................................................................
24 (f) Loan Document Taxes
.............................................................................................................
25 ARTICLE 6 - PROPERTY USE, PRESERVATION, AND MAINTENANCE
.................................. 25 SECTION 6.01 REPRESENTATIONS AND
WARRANTIES
....................................................................... 25 (a)
Compliance with Law; Permits and Licenses
.......................................................................... 25
(b) Property Characteristics
...........................................................................................................
26 (c) Property Ownership
.................................................................................................................
26 ( d) Condition of the Mortgaged Property
......................................................................................
26 ( e) Personal Property
.....................................................................................................................
26 SECTION 6.02 COVENANTS
.................................................................................................................
26 (a) Use of Property
........................................................................................................................
26 (b) Property Maintenance
..............................................................................................................
27 (c) Property Preservation
..............................................................................................................
29 (d) Property Inspections
................................................................................................................
29 (e) Compliance with Laws
............................................................................................................
30 SECTION 6.03 MORTGAGE LOAN ADMINISTRATION MATIERS REGARDING THE PROPERTY
........... 30 (a) Property Management.
.............................................................................................................
30 (b) Subordination of Fees to Affiliated Property Managers
.......................................................... 31 ( c) Property
Condition Assessment..
.............................................................................................
31 Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR Page ii
Fannie Mae 04-18 © 2018 Fannie Mae

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ARTICLE 7 - LEASES AND RENTS
;....................................................................................................
31 SECTION 7 .01 REPRESENTATIONS AND WARRANTIES
....................................................................... 31 ( a)
Prior Assignment of Rents
.......................................................................................................
31 (b) Prepaid Rents
...........................................................................................................................
31 SECTION 7.02 COVENANTS
.................................................................................................................
32 (a) Leases
......................................................................................................................................
32 (b) Commercial Leases
..................................................................................................................
32 ( c) Payment of Rents
.....................................................................................................................
33 ( d) Assignment of Rents
................................................................................................................
34 (e) Further Assignments of Leases and Rents
...............................................................................
34 (f) Options to Purchase by Tenants
..............................................................................................
34 SECTION 7.03 MORTGAGE LOAN ADMINISTRATION REGARDING LEASES AND RENTS
.................... 34 (a) Material Commercial Lease Requirements
............................................................................. 34
(b) Residential Lease Form
...........................................................................................................
35 ARTICLE 8 - BOOKS AND RECORDS; FINANCIAL REPORTING
.............................................. 35 SECTION 8.01 REPRESENTATIONS
AND WARRANTIES
....................................................................... 35 (a)
Financial Information
..............................................................................................................
35 (b) No Change in Facts or Circumstances
.....................................................................................
35 SECTION 8.02 COVENANTS
.................................................................................................................
35 (a) Obligation to Maintain Accurate Books and Records
............................................................. 35 (b) Items to
Furnish to Lender.
......................................................................................................
36 ( c) Audited Financials
...................................................................................................................
39 ( d) Delivery of Books and Records
...............................................................................................
39 SECTION 8.03 MORTGAGE LOAN ADMINISTRATION MATTERS REGARDING BOOKS AND RECORDS
AND FINANCIAL REPORTING
.......................................................................................
39 (a) Lender's Right to Obtain Audited Books and Records
........................................................... 39 (b) Credit
Reports; Credit Score
...................................................................................................
.40 ARTICLE 9 - INSURANCE
....................................................................................................................
40 SECTION 9.01 REPRESENTA TIO NS AND WARRANTIES
....................................................................... 40 ( a)
Compliance with Insurance Requirements
..............................................................................
40 (b) Property Condition
..................................................................................................................
40 SECTION 9.02 COVENANTS
.................................................................................................................
40 (a) Insurance Requirements
..........................................................................................................
40 (b) Delivery of Policies, Renewals, Notices, and Proceeds
......................................................... .41 SECTION 9.03
MORTGAGE LOAN ADMINISTRATION MATTERS REGARDING INSURANCE ................. 42 (
a) Lender's Ongoing Insurance Requirements
............................................................................ 42
(b) Application of Proceeds on Event of Loss
..............................................................................
42 ( c) Payment Obligations Unaffected
.............................................................................................
44 (d) Foreclosure Sale
......................................................................................................................
45 ( e) Appointment of Lender as Attorney-In-Fact.
.......................................................................... 45
ARTICLE 10 - CONDEMNATION
........................................................................................................
45 SECTION 10.01 REPRESENTATIONS AND WARRANTIES
....................................................................... 45 ( a)
Prior Condemnation Action
.....................................................................................................
45 (b) Pending Condemnation Actions
..............................................................................................
45 Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR Page iii
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SECTION 10.02 COVENANTS
.................................................................................................................
46 (a) Notice of Condemnation
..........................................................................................................
46 (b) Condemnation Proceeds
..........................................................................................................
46 SECTION 10.03 MORTGAGE LOAN ADMINISTRATION MATTERS REGARDING CONDEMNATION
........ .46 (a) Application of Condemnation Awards
...................................................................................
.46 (b) Payment Obligations Unaffected
.............................................................................................
46 ( c) Appointment of Lender as Attorney-In-Fact.
......................................................................... .46
(d) Preservation of Mortgaged Property
.......................................................................................
.47 ARTICLE 11 - LIENS, TRANSFERS, AND ASSUMPTIONS
............................................................ 47 SECTION 11.01
REPRESENTATIONS AND WARRANTIES
...................................................................... .47 (a)
No Labor or Materialmen's Claims
........................................................................................
.47 (b) No Other Interests
....................................................................................................................
47 SECTION 11.02 COVENANTS
.................................................................................................................
48 (a) Liens; Encumbrances
...............................................................................................................
48 (b) Transfers
..................................................................................................................................
48 (c) No Other Indebtedness
............................................................................................................
53 (d) No Mezzanine Financing or Preferred Equity
......................................................................... 53
SECTION 11.03 MORTGAGE LOAN ADMINISTRATION MATIERS REGARDING LIENS, TRANSFERS,
AND ASSUMPTIONS
.............................................................................................................
53 ( a) Assumption of Mortgage Loan
................................................................................................
53 (b) Transfers to Key Principal-Owned Affiliates or Guarantor-Owned Affiliates
........................ 55 (c) Estate Planning
........................................................................................................................
55 ( d) Termination or Revocation of Trust.
.......................................................................................
56 (e) Death of Key Principal or Guarantor; Transfer Due to Death
................................................. 56 (f) Bankruptcy of Guarantor
.........................................................................................................
58 (g) Further Conditions to Transfers and Assumption
.................................................................... 59 ARTICLE
12 - IMPOSITIONS
...............................................................................................................
61 SECTION 12.01 REPRESENTATIONS AND WARRANTIES
....................................................................... 61 ( a)
Payment of Taxes, Assessments, and Other Charges
.............................................................. 62 SECTION 12.02
COVENANTS
.................................................................................................................
62 (a) Imposition Deposits, Taxes, and Other Charges
..................................................................... 62 SECTION
12.03 MORTGAGE LOAN ADMINISTRATION MATTERS REGARDING IMPOSITIONS ...............
63 (a) Maintenance of Records by Lender
.........................................................................................
63 (b) Imposition Accounts
................................................................................................................
63 ( c) Payment of Impositions; Sufficiency of Imposition Deposits
................................................. 63 ( d) Imposition Deposits
Upon Event of Default
........................................................................... 64 (
e) Contesting Impositions
............................................................................................................
64 (f) Release to Borrower
................................................................................................................
64 ARTICLE 13-REPLACEMENT RESERVE AND REPAIRS
........................................................... 65 SECTION 13.01
COVENANTS
.................................................................................................................
65 (a) Initial Deposits to Replacement Reserve Account and Repairs Escrow
Account. .................. 65 (b) Monthly Replacement Reserve Deposits
.................................................................................
65 (c) Payment for Replacements and Repairs
..................................................................................
65 ( d) Assignment of Contracts for Replacements and Repairs
........................................................ 65 (e) Indemnification
........................................................................................................................
66 (f) Amendments to Loan Documents
...........................................................................................
66 Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR Page iv
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(g) Administrative Fees and Expenses
..........................................................................................
66 SECTION 13.02 MORTGAGE LOAN ADMINISTRATION MATTERS REGARDING RESERVES
................... 67 (a) Accounts, Deposits, and Disbursements
..................................................................................
67 (b) Approvals of Contracts; Assignment of Claims
...................................................................... 7 4 (c)
Delays and Workmanship
........................................................................................................
74 (d) Appointment of Lender as Attorney-In-Fact
........................................................................... 74
(e) No Lender Obligation
..............................................................................................................
75 (f) No Lender Warranty
................................................................................................................
75 ARTICLE 14 - DEFAULTS/REMEDIES
..............................................................................................
75 SECTION 14.01 EVENTS OF DEFAULT
...................................................................................................
75 (a) Automatic Events of Default.
..................................................................................................
75 (b) Events of Default Subject to a Specified Cure Period
............................................................. 76 (c) Events of
Default Subject to Extended Cure Period
................................................................ 77 SECTION
14.02 REMEDIES
....................................................................................................................
77 (a) Acceleration; Foreclosure
........................................................................................................
77 (b) Loss of Right to Disbursements from Collateral Accounts
..................................................... 78 (c) Remedies Cumulative
..............................................................................................................
78 SECTION 14.03 ADDITIONAL LENDER RIGHTS; FORBEARANCE
.......................................................... 79 (a) No Effect Upon
Obligations
....................................................................................................
79 (b) No Waiver of Rights or Remedies
...........................................................................................
79 ( c) Appointment of Lender as Attorney-In-Fact.
.......................................................................... 80
(d) Borrower Waivers
...................................................................................................................
81 SECTION 14.04 W AIYER OF MARSHALING
...........................................................................................
82 ARTICLE 15 - MISCELLANEOUS
.......................................................................................................
82 SECTION 15.01 GOVERNING LAW; CONSENT TO JURISDICTION AND VENUE
...................................... 82 (a) Governing Law
........................................................................................................................
82 (b) Venue
.......................................................................................................................................
82 SECTION 15.02 NOTICE
........................................................................................................................
83 (a) Process of Serving Notice
........................................................................................................
83 (b) Change of Address
..................................................................................................................
83 ( c) Default Method of Notice
........................................................................................................
83 ( d) Receipt of Notices
...................................................................................................................
84 SECTION 15 .03 SUCCESSORS AND ASSIGNS BOUND; SALE OF MORTGAGE LOAN
.............................. 84 ( a) Binding Agreement
.................................................................................................................
84 (b) Sale of Mortgage Loan; Change of
Servicer...........................................................................
84 SECTION 15.04 COUNTERPARTS
...........................................................................................................
84 SECTION 15.05 JOINT AND SEVERAL (OR SOLIDARY) LIABILITY
......................................................... 84 SECTION 15.06
RELATIONSHIP OF PARTIES; NO THIRD PARTY BENEFICIARY
.................................... 84 ( a) Solely Creditor and Debtor
......................................................................................................
84 (b) No Third Party Beneficiaries
...................................................................................................
85 Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR Pagev
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SECTION 15.07 SEVERABILITY; ENTIRE AGREEMENT; AMENDMENTS
................................................ 85 SECTION 15.08 CONSTRUCTION
...........................................................................................................
85 SECTION 15.09 MORTGAGE LOAN SERVICING
.....................................................................................
86 SECTION 15 .10 DISCLOSURE OF lNFORMATION
...................................................................................
86 SECTION 15.11 WAIVER;
CONFLICT.....................................................................................................
87 SECTION 15.12 NO RELIANCE
..............................................................................................................
87 SECTION 15.13 SUBROGATION
.............................................................................................................
87 SECTION 15.14 COUNTINGOFDAYS
....................................................................................................
87 SECTION 15.15 REVIVAL AND REINSTATEMENT OF INDEBTEDNESS
................................................... 88 SECTION 15 .16 TIME IS OF
THE ESSENCE
.............................................................................................
88 SECTION 15.17 FINAL AGREEMENT
.....................................................................................................
88 SECTION 15.18 WAIVER OF TRIAL BY JURY
.................................................................................
88 Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR Page vi
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SCHEDULES & EXHIBITS Schedules Schedule 1 Definitions Schedule (required) Form
6101.FR Schedule 2 Summary of Loan Terms (required) Form 6102.FR Schedule 3
Interest Rate Type Provisions (required) Form 6103.FR Schedule 4 Prepayment
Premium Schedule (required) Form 6104.01 Schedule 5 Required Replacement
Schedule (required) Schedule 6 Required Repair Schedule (required) Schedule 7
Exceptions to Representations and Warranties Schedule (required) Exhibits
Exhibit A Modifications to Multifamily Loan and Security Form 6228 Agreement
(Waiver of Imposition Deposits) Exhibit B Modifications to Multifamily Loan and
Security Form 6241 Agreement (Green Mortgage Loan) Multifamily Loan and Security
Agreement (Non-Recourse) Form 6001.NR Page vii Fannie Mae 04-18 © 2018 Fannie
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MULTIFAMILY LOAN AND SECURITY AGREEMENT (Non-Recourse) This MULTIFAMILY LOAN AND
SECURITY AGREEMENT (as amended, restated, replaced, supplemented, or otherwise
modified from time to time, the "Loan Agreement") is made as of the Effective
Date (as hereinafter defined) by and between STAR III BRISTOL VILLAGE, LLC, a
Delaware limited liability company ("Borrower"), and BERKELEY POINT CAPITAL LLC,
d/b/a NEWMARK KNIGHT FRANK, a Delaware limited liability company ("Lender").
RECITALS: WHEREAS, Borrower desires to obtain the Mortgage Loan (as hereinafter
defined) from Lender to be secured by the Mortgaged Property (as hereinafter
defined); and WHEREAS, Lender is willing to make the Mortgage Loan on the terms
and conditions contained in this Loan Agreement and in the other Loan Documents
(as hereinafter defined); NOW, THEREFORE, in consideration of the making of the
Mortgage Loan by Lender and other good and valuable consideration, the receipt
and adequacy of which are hereby conclusively acknowledged, the parties hereby
covenant, agree, represent, and warrant as follows: AGREEMENTS: ARTICLE 1 -
DEFINITIONS; SUMMARY OF MORTGAGE LOAN TERMS Section 1.01 Defined Terms.
Capitalized terms not otherwise defined in the body of this Loan Agreement shall
have the meanings set forth in the Definitions Schedule attached as Schedule 1
to this Loan Agreement. Section 1.02 Schedules, Exhibits, and Attachments
Incorporated. The schedules, exhibits, and any other addenda or attachments are
incorporated fully into this Loan Agreement by this reference and each
constitutes a substantive part of this Loan Agreement. Multifamily Loan and
Security Agreement (Non-Recourse) Form 6001.NR Page 1 Article 1 04-18 © 2018
Fannie Mae

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ARTICLE 2 - GENERAL MORTGAGE LOAN TERMS Section 2.01 Mortgage Loan Origination
and Security. (a) Making of Mortgage Loan. Subject to the terms and conditions
of this Loan Agreement and the other Loan Documents, Lender hereby makes the
Mortgage Loan to Borrower, and Borrower hereby accepts the Mortgage Loan from
Lender. Borrower covenants and agrees that it shall: (1) pay the Indebtedness,
including the Prepayment Premium, if any (whether in connection with any
voluntary prepayment or in connection with an acceleration by Lender of the
Indebtedness), in accordance with the terms of this Loan Agreement and the other
Loan Documents; and (2) perform, observe, and comply with this Loan Agreement
and all other provisions of the other Loan Documents. (b) Security for Mortgage
Loan. The Mortgage Loan is made pursuant to this Loan Agreement, is evidenced by
the Note, and is secured by the Security Instrument, this Loan Agreement, and
the other Loan Documents that are expressly stated to be security for the
Mortgage Loan. (c) Protective Advances. As provided in the Security Instrument,
Lender may take such actions or disburse such funds as Lender reasonably deems
necessary to perform the obligations of Borrower under this Loan Agreement and
the other Loan Documents and to protect Lender's interest in the Mortgaged
Property. Section 2.02 Payments on Mortgage Loan. (a) Debt Service Payments. (1)
Short Month Interest. If the date the Mortgage Loan proceeds are disbursed is
any day other than the first day of the month, interest for the period beginning
on the disbursement date and ending on and including the last day of the month
in which the disbursement occurs shall be payable by Borrower on the date the
Mortgage Loan proceeds are disbursed. In the event that the disbursement date is
not the same as the Effective Date, then: (A) the disbursement date and the
Effective Date must be in the same month, and Multifamily Loan and Security
Agreement (Non-Recourse) Form 6001.NR Page2 Article 2 04-18 © 2018 Fannie Mae

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(B) the Effective Date shall not be the first day of the month. (2) Interest
Accrual and Computation. Except as provided in Section 2.02(a)(l), interest
shall be paid in arrears. Interest shall accrue as provided in the Schedule of
Interest Rate Type Provisions and shall be computed in accordance with the
Interest Accrual Method. If the Interest Accrual Method is "Actual/360,"
Borrower acknowledges and agrees that the amount allocated to interest for each
month will vary depending on the actual number of calendar days during such
month. (3) Monthly Debt Service Payments. Consecutive monthly debt service
installments (comprised of either interest only or principal and interest,
depending on the Amortization Type), each in the amount of the applicable
Monthly Debt Service Payment, shall be due and payable on the First Payment
Date, and on each Payment Date thereafter until the Maturity Date, at which time
all Indebtedness shall be due. Any regularly scheduled Monthly Debt Service
Payment that is received by Lender before the applicable Payment Date shall be
deemed to have been received on such Payment Date solely for the purpose of
calculating interest due. All payments made by Borrower under this Loan
Agreement shall be made without set-off, counterclaim, or other defense. (4)
Payment at Maturity. The unpaid principal balance of the Mortgage Loan, any
Accrued Interest thereon and all other Indebtedness shall be due and payable on
the Maturity Date. (5) Interest Rate Type. See the Schedule of Interest Rate
Type Provisions for additional provisions, if any, specific to the Interest Rate
Type. (b) Capitalization of Accrued But Unpaid Interest. Any accrued and unpaid
interest on the Mortgage Loan remaining past due for thirty (30) days or more
may, at Lender's election, be added to and become part of the unpaid principal
balance of the Mortgage Loan. (c) Late Charges. (1) If any Monthly Debt Service
Payment due hereunder is not received by Lender within ten (10) days (or fifteen
(15) days for any Mortgaged Property located in Mississippi or North Carolina to
comply with applicable law) after the applicable Payment Date, or any amount
payable under this Loan Agreement (other than the payment due on the Maturity
Date for repayment of the Mortgage Loan in full) or any Multifamily Loan and
Security Agreement (Non-Recourse) Form 6001.NR Page3 Article 2 04-18 © 2018
Fannie Mae

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other Loan Document is not received by Lender within ten (10) days (or fifteen
(15) days for any Mortgaged Property located in Mississippi or North Carolina to
comply with applicable law) after the date such amount is due, inclusive of the
date on which such amount is due, Borrower shall pay to Lender, immediately
without demand by Lender, the Late Charge. The Late Charge is payable in
addition to, and not in lieu of, any interest payable at the Default Rate
pursuant to Section 2.02(d). (2) Borrower acknowledges and agrees that: (A) its
failure to make timely payments will cause Lender to mcur additional expenses in
servicing and processing the Mortgage Loan; (B) it is extremely difficult and
impractical to determine those additional expenses; (C) Lender is entitled to be
compensated for such additional expenses; and (D) the Late Charge represents a
fair and reasonable estimate, taking into account all circumstances existing on
the date hereof, of the additional expenses Lender will incur by reason of any
such late payment. (d) Default Rate. ( 1) Default interest shall be paid as
follows: (A) If any amount due in respect of the Mortgage Loan (other than
amounts due on the Maturity Date) remains past due for thirty (30) days or more,
interest on such unpaid amount(s) shall accrue from the date payment is due at
the Default Rate and shall be payable upon demand by Lender. (B) If any
Indebtedness due is not paid in full on the Maturity Date, then interest shall
accrue at the Default Rate on all such unpaid amounts from the Maturity Date
until fully paid and shall be payable upon demand by Lender. Absent a demand by
Lender, any such amounts shall be payable by Borrower in the same manner as
provided for the payment of Monthly Debt Service Payments. To the extent
permitted by applicable law, interest shall also accrue at the Default Rate on
any judgment obtained by Lender against Borrower in connection with the Mortgage
Loan. To the extent Borrower or any other Person is vested with a right of
redemption, interest shall continue to accrue at the Default Rate during any
redemption period until such time as the Mortgaged Property has been redeemed.
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(2) Borrower acknowledges and agrees that: (A) its failure to make timely
payments will cause Lender to incur additional expenses in servicing and
processing the Mortgage Loan; and (B) in connection with any failure to timely
pay all amounts due in respect of the Mortgage Loan on the Maturity Date, or
during the time that any amount due in respect of the Mortgage Loan is
delinquent for more than thirty (30) days: (i) Lender's risk of nonpayment of
the Mortgage Loan will be materially increased; (ii) Lender's ability to meet
its other obligations and to take advantage of other investment opportunities
will be adversely impacted; (iii) Lender will incur additional costs and
expenses arising from its loss of the use of the amounts due; (iv) it is
extremely difficult and impractical to determine such additional costs and
expenses; (v) Lender is entitled to be compensated for such additional risks,
costs, and expenses; and (vi) the increase from the Interest Rate to the Default
Rate represents a fair and reasonable estimate of the additional risks, costs,
and expenses Lender will incur by reason of Borrower's delinquent payment and
the additional compensation Lender is entitled to receive for the increased
risks of nonpayment associated with a delinquency on the Mortgage Loan (taking
into account all circumstances existing on the Effective Date). (e) Address for
Payments. All payments due pursuant to the Loan Documents shall be payable at
Lender's Payment Address, or such other place and in such manner as may be
designated from time to time by written notice to Borrower by Lender. (f)
Application of Payments. If at any time Lender receives, from Borrower or
otherwise, any payment in respect of the Indebtedness that is less than all
amounts due and payable at such time, then Lender may apply such payment to
amounts then due and payable in any manner and in any order determined by Lender
or hold in suspense and not apply such payment at Lender's election. Neither
Lender's acceptance of a payment that is less than all amounts then due and
payable, nor Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR
Page5 Article 2 04-18 © 2018 Fannie Mae

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Lender's application of, or suspension of the application of, such payment,
shall constitute or be deemed to constitute either a waiver of the unpaid
amounts or an accord and satisfaction. Notwithstanding the application of any
such payment to the Indebtedness, Borrower's obligations under this Loan
Agreement and the other Loan Documents shall remain unchanged. Section 2.03
Lockout/Prepayment. (a) Prepayment; Prepayment Lockout; Prepayment Premium. (1)
Borrower shall not make a voluntary full or partial prepayment on the Mortgage
Loan during any Prepayment Lockout Period nor shall Borrower make a voluntary
partial prepayment at any time. Except as expressly provided in this Loan
Agreement (including as provided in the Prepayment Premium Schedule), a
Prepayment Premium calculated in accordance with the Prepayment Premium Schedule
shall be payable in connection with any prepayment of the Mortgage Loan. (2) If
a Prepayment Lockout Period applies to the Mortgage Loan, and during such
Prepayment Lockout Period Lender accelerates the unpaid principal balance of the
Mortgage Loan or otherwise applies collateral held by Lender to the repayment of
any portion of the unpaid principal balance of the Mortgage Loan, the Prepayment
Premium shall be due and payable and equal to the amount obtained by multiplying
the percentage indicated (if at all) in the Prepayment Premium Schedule by the
amount of principal being prepaid at the time of such acceleration or
application. (b) Voluntary Prepayment in Full. At any time after the expiration
of any Prepayment Lockout Period, Borrower may voluntarily prepay the Mortgage
Loan in full on a Permitted Prepayment Date so long as: (1) Borrower delivers to
Lender a Prepayment Notice specifying the Intended Prepayment Date not more than
sixty (60) days, but not less than thirty (30) days (if given via U.S. Postal
Service) or twenty (20) days (if given via facsimile, e-mail, or overnight
courier) prior to such Intended Prepayment Date; and (2) Borrower pays to Lender
an amount equal to the sum of: (A) the entire unpaid principal balance of the
Mortgage Loan; plus (B) all Accrued Interest (calculated through the last day of
the month in which the prepayment occurs); plus (C) the Prepayment Premium; plus
(D) all other Indebtedness. Multifamily Loan and Security Agreement
(Non-Recourse) Form 6001.NR Page6 Article 2 04-18 © 2018 Fannie Mae

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In connection with any such voluntary prepayment, Borrower acknowledges and
agrees that interest shall always be calculated and paid through the last day of
the month in which the prepayment occurs (even if the Permitted Prepayment Date
for such month is not the last day of such month, or if Lender approves
prepayment on an Intended Prepayment Date that is not a Permitted Prepayment
Date). Borrower further acknowledges that Lender is not required to accept a
voluntary prepayment of the Mortgage Loan on any day other than a Permitted
Prepayment Date. However, if Lender does approve an Intended Prepayment Date
that is not a Permitted Prepayment Date and accepts a prepayment on such
Intended Prepayment Date, such prepayment shall be deemed to be received on the
immediately following Permitted Prepayment Date. If Borrower fails to prepay the
Mortgage Loan on the Intended Prepayment Date for any reason (including on any
Intended Prepayment Date that is approved by Lender) and such failure either
continues for five (5) Business Days, or into the following month, Lender shall
have the right to recalculate the payoff amount. If Borrower prepays the
Mortgage Loan either in the following month or more than five (5) Business Days
after the Intended Prepayment Date that was approved by Lender, Lender shall
also have the right to recalculate the payoff amount based upon the amount of
such payment and the date such payment was received by Lender. Borrower shall
immediately pay to Lender any additional amounts required by any such
recalculation. (c) Acceleration of Mortgage Loan. Upon acceleration of the
Mortgage Loan, Borrower shall pay to Lender: ( 1) the entire unpaid principal
balance of the Mortgage Loan; (2) all Accrued Interest (calculated through the
last day of the month in which the acceleration occurs); (3) the Prepayment
Premium; and (4) all other Indebtedness. (d) Application of Collateral. Any
application by Lender of any collateral or other security to the repayment of
all or any portion of the unpaid principal balance of the Mortgage Loan prior to
the Maturity Date in accordance with the Loan Documents shall be deemed to be a
prepayment by Borrower. Any such prepayment shall require the payment to Lender
by Borrower of the Prepayment Premium calculated on the amount being prepaid in
accordance with this Loan Agreement. (e) Casualty and Condemnation.
Notwithstanding any provision of this Loan Agreement to the contrary, no
Prepayment Premium shall be payable with respect to any prepayment occurring as
a result of the application of any insurance proceeds or amounts received in
connection with a Condemnation Action in accordance with this Loan Agreement.
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(f) No Effect on Payment Obligations. Unless otherwise expressly provided in
this Loan Agreement, any prepayment required by any Loan Document of less than
the entire unpaid principal balance of the Mortgage Loan shall not extend or
postpone the due date of any subsequent Monthly Debt Service Payments, Monthly
Replacement Reserve Deposit, or other payment, or change the amount of any such
payments or deposits. (g) Loss Resulting from Prepayment. In any circumstance in
which a Prepayment Premium is due under this Loan Agreement, Borrower
acknowledges that: (1) any prepayment of the unpaid principal balance of the
Mortgage Loan, whether voluntary or involuntary, or following the occurrence of
an Event of Default by Borrower, will result in Lender's incurring loss,
including reinvestment loss, additional risk, expense, and frustration or
impairment of Lender's ability to meet its commitments to third parties; (2) it
is extremely difficult and impractical to ascertain the extent of such losses,
risks, and damages; (3) the formula for calculating the Prepayment Premium
represents a reasonable estimate of the losses, risks, and damages Lender will
incur as a result of a prepayment; and (4) the provisions regarding the
Prepayment Premium contained in this Loan Agreement are a material part of the
consideration for the Mortgage Loan, and that the terms of the Mortgage Loan are
in other respects more favorable to Borrower as a result of Borrower's voluntary
agreement to such prepayment provisions. ARTICLE 3 - PERSONAL LIABILITY Section
3.01 Non-Recourse Mortgage Loan; Exceptions. Except as otherwise provided in
this Article 3 or in any other Loan Document, none of Borrower, or any director,
officer, manager, member, partner, shareholder, trustee, trust beneficiary, or
employee of Borrower, shall have personal liability under this Loan Agreement or
any other Loan Document for the repayment of the Indebtedness or for the
performance of any other obligations of Borrower under the Loan Documents, and
Lender's only recourse for the satisfaction of such Indebtedness and the
performance of such obligations shall be Lender's exercise of its rights and
remedies with respect to the Mortgaged Property and any other collateral held by
Lender as security for the Indebtedness. This limitation on Borrower's liability
shall not limit or impair Lender's enforcement of its rights against Guarantor
under any Loan Document. Multifamily Loan and Security Agreement (Non-Recourse)
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Section 3.02 Personal Liability of Borrower (Exceptions to Non-Recourse
Provision). (a) Personal Liability Based on Lender's Loss. Borrower shall be
personally liable to Lender for the repayment of the portion of the Indebtedness
equal to any loss or damage suffered by Lender as a result of, subject to any
notice and cure period, if any: ( 1) failure to pay as directed by Lender upon
demand after an Event of Default (to the extent actually received by Borrower):
(A) all Rents to which Lender is entitled under the Loan Documents; and (B) the
amount of all security deposits then held or thereafter collected by Borrower
from tenants and not properly applied pursuant to the applicable Leases; (2)
failure to maintain all insurance policies required by the Loan Documents,
except to the extent Lender has the obligation to pay the premiums pursuant to
Section 12.03(c); (3) failure to apply all insurance proceeds received by
Borrower or any amounts received by Borrower in connection with a Condemnation
Action, as required by the Loan Documents; (4) failure to comply with any
provision of this Loan Agreement or any other Loan Document relating to the
delivery of books and records, statements, schedules, and reports; (5) except to
the extent directed otherwise by Lender pursuant to Section 3.02(a)(l), failure
to apply Rents to the ordinary and necessary expenses of owning and operating
the Mortgaged Property and Debt Service Amounts, as and when each is due and
payable, except that Borrower will not be personally liable with respect to
Rents that are distributed by Borrower in any calendar year if Borrower has paid
all ordinary and necessary expenses of owning and operating the Mortgaged
Property and Debt Service Amounts for such calendar year; (6) waste or
abandonment of the Mortgaged Property; or (7) grossly negligent or reckless
unintentional material misrepresentation or omission by Borrower, Guarantor, Key
Principal, or any officer, director, partner, manager, or member of Borrower,
Guarantor, or Key Principal or any Person having a Restricted Ownership Interest
in Guarantor or Key Principal in connection with ongoing financial or other
reporting required by the Loan Documents, or any request for action or consent
by Lender. Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR
Page 9 Article 3 04-18 © 2018 Fannie Mae

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Notwithstanding the foregoing, Borrower shall not have personal liability under
clauses (1), (3), or (5) above to the extent that Borrower lacks the legal right
to direct the disbursement of the applicable funds due to an involuntary
Bankruptcy Event that occurs without the consent, encouragement, or active
participation of (A) Borrower, Guarantor, or Key Principal, (B) any Person
Controlling Borrower, Guarantor, or Key Principal or (C) any Person Controlled
by or under common Control with Borrower, Guarantor, or Key Principal. (b) Full
Personal Liability for Mortgage Loan. Borrower shall be personally liable to
Lender for the repayment of all of the Indebtedness, and the Mortgage Loan shall
be fully recourse to Borrower, upon the occurrence of any of the following: (1)
failure by Borrower to comply with the single-asset entity requirements of
Section 4.02(d) of this Loan Agreement; (2) a Transfer (other than a conveyance
of the Mortgaged Property at a Foreclosure Event pursuant to the Security
Instrument and this Loan Agreement) that is not permitted under this Loan
Agreement or any other Loan Document; (3) the occurrence of any Bankruptcy Event
(other than an acknowledgement in writing as described in clause (b) of the
definition of "Bankruptcy Event"); provided, however, in the event of an
involuntary Bankruptcy Event, Borrower shall only be personally liable if such
involuntary Bankruptcy Event occurs with the consent, encouragement, or active
participation of (A) Borrower, Guarantor, or Key Principal, (B) any Person
Controlling Borrower, Guarantor, or Key Principal, or (C) any Person Controlled
by or under common Control with Borrower, Guarantor, or Key Principal; (4)
fraud, written material misrepresentation, or material omission by Borrower,
Guarantor, Key Principal, or any officer, director, partner, manager, or member,
of Borrower, Guarantor, or Key Principal or any Person having a Restricted
Ownership Interest in Guarantor or Key Principal in connection with any
application for or creation of the Indebtedness; or (5) fraud, written
intentional material misrepresentation, or intentional material omission by
Borrower, Guarantor, Key Principal, or any officer, director, partner, manager,
or member of Borrower, Guarantor, or Key Principal or any Person having a
Restricted Ownership Interest in Guarantor or Key Principal in connection with
ongoing financial or other reporting required by the Loan Documents, or any
request for action or consent by Lender. Section 3.03 Personal Liability for
Indemnity Obligations. Borrower shall be personally and fully liable to Lender
for Borrower's indemnity obligations under Section 13.0l(e) of this Loan
Agreement, the Environmental Indemnity Agreement, and any other express
indemnity obligations provided by Borrower under any Loan Multifamily Loan and
Security Agreement (Non-Recourse) Form 6001.NR Page 10 Article 3 04-18 © 2018
Fannie Mae

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Document. Borrower's liability for such indemnity obligations shall not be
limited by the amount of the Indebtedness, the repayment of the Indebtedness, or
otherwise, provided that Borrower's liability for such indemnities shall not
include any loss caused by the gross negligence or willful misconduct of Lender
as determined by a court of competent jurisdiction pursuant to a final
non-appealable court order. Section 3.04 Lender's Right to Forego Rights Against
Mortgaged Property. To the extent that Borrower has personal liability under
this Loan Agreement or any other Loan Document, Lender may exercise its rights
against Borrower personally to the fullest extent permitted by applicable law
without regard to whether Lender has exercised any rights against the Mortgaged
Property, the UCC Collateral, or any other security, or pursued any rights
against Guarantor, or pursued any other rights available to Lender under this
Loan Agreement, any other Loan Document, or applicable law. For purposes of this
Section 3.04 only, the term "Mortgaged Property" shall not include any funds
that have been applied by Borrower as required or permitted by this Loan
Agreement prior to the occurrence of an Event of Default, or that Borrower was
unable to apply as required or permitted by this Loan Agreement because of a
Bankruptcy Event. To the fullest extent permitted by applicable law, in any
action to enforce Borrower's personal liability under this Article 3, Borrower
waives any right to set off the value of the Mortgaged Property against such
personal liability. ARTICLE 4 - BORROWER STATUS Section 4.01 Representations and
Warranties. The representations and warranties made by Borrower to Lender in
this Section 4.01 are made as of the Effective Date and are true and correct
except as disclosed on the Exceptions to Representations and Warranties
Schedule. (a) Due Organization and Qualification. Borrower is validly existing
and qualified to transact business and is in good standing in the state in which
it is formed or organized, the Property Jurisdiction, and in each other
jurisdiction that qualification or good standing is required according to
applicable law to conduct its business with respect to the Mortgaged Property
and where the failure to be so qualified or in good standing would adversely
affect Borrower's operation of the Mortgaged Property or the validity,
enforceability or the ability of Borrower to perform its obligations under this
Loan Agreement or any other Loan Document. (b) Location. Borrower's General
Business Address is Borrower's principal place of business and principal office.
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(c) Power and Authority. Borrower has the requisite power and authority: ( 1) to
own the Mortgaged Property and to carry on its business as now conducted and as
contemplated to be conducted in connection with the performance of its
obligations under this Loan Agreement and under the other Loan Documents to
which it is a party; and (2) to execute and deliver this Loan Agreement and the
other Loan Documents to which it is a party, and to carry out the transactions
contemplated by this Loan Agreement and the other Loan Documents to which it is
a party. (d) Due Authorization. The execution, delivery, and performance of this
Loan Agreement and the other Loan Documents to which it is a party have been
duly authorized by all necessary action and proceedings by or on behalf of
Borrower, and no further approvals or filings of any kind, including any
approval of or filing with any Governmental Authority, are required by or on
behalf of Borrower as a condition to the valid execution, delivery, and
performance by Borrower of this Loan Agreement or any of the other Loan
Documents to which it is a party, except filings required to perfect and
maintain the liens to be granted under the Loan Documents and routine filings to
maintain good standing and its existence. (e) Valid and Binding Obligations.
This Loan Agreement and the other Loan Documents to which it is a party have
been duly executed and delivered by Borrower and constitute the legal, valid,
and binding obligations of Borrower, enforceable against Borrower in accordance
with their respective terms, except as such enforceability may be limited by
applicable Insolvency Laws or by the exercise of discretion by any court. (f)
Effect of Mortgage Loan on Borrower's Financial Condition. The Mortgage Loan
will not render Borrower Insolvent. Borrower has sufficient working capital,
including proceeds from the Mortgage Loan, cash flow from the Mortgaged
Property, or other sources, not only to adequately maintain the Mortgaged
Property, but also to pay all of Borrower's outstanding debts as they come due,
including all Debt Service Amounts, exclusive of Borrower's ability to refinance
or pay in full the Mortgage Loan on the Maturity Date. In connection with the
execution and delivery of this Loan Agreement and the other Loan Documents (and
the delivery to, or for the benefit of, Lender of any collateral contemplated
thereunder), and the incurrence by Borrower of the obligations under this Loan
Agreement and the other Loan Documents, Borrower did not receive less than
reasonably equivalent value in exchange for the incurrence of the obligations of
Borrower under this Loan Agreement and the other Loan Documents. Multifamily
Loan and Security Agreement (Non-Recourse) Form 6001.NR Page 12 Article 4 04-18
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(g) Economic Sanctions, Anti-Money Laundering, and Anti-Corruption. (1) None of
Borrower, Guarantor, or Key Principal, nor to Borrower's knowledge, any Person
Controlling Borrower, Guarantor, or Key Principal, nor any Person Controlled by
Borrower, Guarantor, or Key Principal that also has a direct or indirect
ownership interest in Borrower, Guarantor, or Key Principal, is in violation of
any applicable civil or criminal laws or regulations, including those requiring
internal controls, intended to prohibit, prevent, or regulate money laundering,
drug trafficking, terrorism, or corruption, of the United States and the
jurisdiction where the Mortgaged Property is located or where the Person
resides, is domiciled, or has its principal place of business. (2) None of
Borrower, Guarantor, or Key Principal, nor to Borrower's knowledge, any Person
Controlling Borrower, Guarantor, or Key Principal, nor any Person Controlled by
Borrower, Guarantor, or Key Principal that also has a direct or indirect
ownership interest in Borrower, Guarantor, or Key Principal, is a Person: (A)
against whom proceedings are pending for any alleged violation of any laws
described in Section 4.0l(g)(l); (B) that has been convicted of any violation
of, has been subject to civil penalties or Economic Sanctions pursuant to, or
had any of its property seized or forfeited under, any laws described in Section
4.0l(g)(l); or (C) with whom any United States Person, any entity organized
under the laws of the United States or its constituent states or territories, or
any entity, regardless of where organized, having its principal place of
business within the United States or any of its territories, is a Sanctioned
Person or is otherwise prohibited from transacting business of the type
contemplated by this Loan Agreement and the other Loan Documents under any other
applicable law. (3) Borrower, Guarantor, and Key Principal are in compliance
with all applicable Economic Sanctions laws and regulations. (h) Borrower Single
Asset Status. Borrower: (1) does not own or lease any real property, personal
property, or assets other than the Mortgaged Property; (2) does not own,
operate, or part1c1pate in any business other than the leasing, ownership,
management, operation, and maintenance of the Mortgaged Property; (3) has no
material financial obligation under or secured by any indenture, mortgage, deed
of trust, deed to secure debt, loan agreement, or other agreement or Multifamily
Loan and Security Agreement (Non-Recourse) Form 6001.NR Page 13 Article 4 04-18
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instrument to which Borrower is a party, or by which Borrower is otherwise
bound, or to which the Mortgaged Property is subject or by which it is otherwise
encumbered, other than: (A) unsecured trade payables incurred in the ordinary
course of the operation of the Mortgaged Property (exclusive of amounts for
rehabilitation, restoration, repairs, or replacements of the Mortgaged Property)
that (i) are not evidenced by a promissory note, (ii) are payable within sixty
(60) days of the date incurred, and (iii) as of the Effective Date, do not
exceed, in the aggregate, four percent (4%) of the original principal balance of
the Mortgage Loan; (B) if the Security Instrument grants a lien on a leasehold
estate, Borrower's obligations as lessee under the ground lease creating such
leasehold estate; and (C) obligations under the Loan Documents and obligations
secured by the Mortgaged Property to the extent permitted by the Loan Documents;
(4) has maintained its financial statements, accounting records, and other
partnership, real estate investment trust, limited liability company, or
corporate documents, as the case may be, separate from those of any other Person
(unless Borrower's assets have been included in a consolidated financial
statement prepared in accordance with generally accepted accounting principles);
(5) has not commingled its assets or funds with those of any other Person,
unless such assets or funds can easily be segregated and identified in the
ordinary course of business from those of any other Person; (6) has been
adequately capitalized m light of its contemplated business operations; (7) has
not assumed, guaranteed, or pledged its assets to secure the liabilities or
obligations of any other Person (except in connection with the Mortgage Loan or
other mortgage loans that have been paid in full or collaterally assigned to
Lender, including in connection with any Consolidation, Extension and
Modification Agreement or similar instrument), or held out its credit as being
available to satisfy the obligations of any other Person; (8) has not made loans
or advances to any other Person; and (9) has not entered into, and is not a
party to, any transaction with any Borrower Affiliate, except in the ordinary
course of business and on terms which are no more favorable to any such Borrower
Affiliate than would be obtained in a comparable arm's length transaction with
an unrelated third party. Multifamily Loan and Security Agreement (Non-Recourse)
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(i) No Bankruptcies or Judgments. None of Borrower, Guarantor, or Key Principal,
nor to Borrower's knowledge, any Person Controlling Borrower, Guarantor, or Key
Principal, nor any Person Controlled by Borrower, Guarantor, or Key Principal
that also has a direct or indirect ownership interest in Borrower, Guarantor, or
Key Principal, is currently: (1) the subject of or a party to any completed or
pending bankruptcy, reorganization, including any receivership or other
insolvency proceeding (other than as a creditor); (2) preparing or intending to
be the subject of a Bankruptcy Event; or (3) the subject of any judgment
unsatisfied of record or docketed in any court; or (4) Insolvent. (j) No Actions
or Litigation. ( 1) There are no claims, actions, suits, or proceedings at law
or in equity by or before any Governmental Authority now pending against or, to
Borrower's knowledge, threatened against or affecting Borrower or the Mortgaged
Property not otherwise covered by insurance (except claims, actions, suits, or
proceedings regarding fair housing, anti-discrimination, or equal opportunity,
which shall always be disclosed); and (2) there are no claims, actions, suits,
or proceedings at law or in equity by or before any Governmental Authority now
pending or, to Borrower's knowledge, threatened against or affecting Guarantor
or Key Principal, which claims, actions, suits, or proceedings, if adversely
determined (individually or in the aggregate) reasonably would be expected to
materially adversely affect the financial condition or business of Borrower,
Guarantor, or Key Principal or the condition, operation, or ownership of the
Mortgaged Property (except claims, actions, suits, or proceedings regarding fair
housing, anti-discrimination, or equal opportunity, which shall always be deemed
material). (k) Payment of Taxes, Assessments, and Other Charges. Borrower
confirms that: (1) it has filed all federal, state, county, and municipal tax
returns and reports required to have been filed by Borrower; (2) it has paid,
before any fine, penalty interest, lien, or costs may be added thereto, all
taxes, governmental charges, and assessments due and payable with respect to
such returns and reports; Multifamily Loan and Security Agreement (Non-Recourse)
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(3) there is no controversy or objection pending, or to the knowledge of
Borrower, threatened in respect of any tax returns of Borrower; and (4) it has
made adequate reserves on its books and records for all taxes that have accrued
but which are not yet due and payable. (I) Not a Foreign Person. Borrower is not
a "foreign person" within the meaning of Section 1445(f)(3) of the Internal
Revenue Code. (m) ERISA. Borrower represents and warrants that: ( 1) Borrower is
not an Employee Benefit Plan; (2) no asset of Borrower constitutes "plan assets"
(within the meaning of Section 3(42) of BRISA and Department of Labor Regulation
Section 2510.3-101) of an Employee Benefit Plan; · (3) no asset of Borrower is
subject to any laws of any Governmental Authority governing the assets of an
Employee Benefit Plan; and (4) neither Borrower nor any BRISA Affiliate is
subject to any obligation or liability with respect to any BRISA Plan. (n)
Default Under Other Obligations. (1) The execution, delivery, and performance of
the obligations imposed on Borrower under this Loan Agreement and the Loan
Documents to which it is a party will not cause Borrower to be in default under
the provisions of any agreement, judgment, or order to which Borrower is a party
or by which Borrower is bound. (2) None of Borrower, Guarantor, or Key Principal
is in default under any obligation to Lender. (o) Prohibited Person. None of
Borrower, Guarantor, or Key Principal is a Prohibited Person, nor to Borrower's
knowledge, is any Person: (1) Controlling Borrower, Guarantor, or Key Principal
a Prohibited Person; or (2) Controlled by and having a direct or indirect
ownership interest in Borrower, Guarantor, or Key Principal a Prohibited Person.
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(p) No Contravention. Neither the execution and delivery of this Loan Agreement
and the other Loan Documents to which Borrower is a party, nor the fulfillment
of or compliance with the terms and conditions of this Loan Agreement and the
other Loan Documents to which Borrower is a party, nor the performance of the
obligations of Borrower under this Loan Agreement and the other Loan Documents
does or will conflict with or result in any breach or violation of, or
constitute a default under, any of the terms, conditions, or provisions of
Borrower's organizational documents, or any indenture, existing agreement, or
other instrument to which Borrower is a party or to which Borrower, the
Mortgaged Property, or other assets of Borrower are subject. (q) Lockbox
Arrangement. Borrower is not party to any type of lockbox agreement or similar
cash management arrangement that has not been approved by Lender in writing, and
no direct or indirect owner of Borrower is party to any type of lockbox
agreement or similar cash management arrangement with respect to Rents or other
income from the Mortgaged Property that has not been approved by Lender in
writing. Section 4.02 Covenants. (a) Maintenance of Existence; Organizational
Documents. Borrower shall maintain its existence, its entity status, franchises,
rights, and privileges under the laws of the state of its formation or
organization (as applicable). Borrower shall continue to be duly qualified and
in good standing to transact business in each jurisdiction in which
qualification or standing is required according to applicable law to conduct its
business with respect to the Mortgaged Property and where the failure to do so
would adversely affect Borrower's operation of the Mortgaged Property or the
validity, enforceability, or the ability of Borrower to perform its obligations
under this Loan Agreement or any other Loan Document. Neither Borrower nor any
partner, member, manager, officer, or director of Borrower shall: (1) make or
allow any material change to the organizational documents or organizational
structure of Borrower, including changes relating to the Control of Borrower, or
(2) file any action, complaint, petition, or other claim to: (A) divide,
partition, or otherwise compel the sale of the Mortgaged Property, or (B)
otherwise change the Control of Borrower. Multifamily Loan and Security
Agreement (Non-Recourse) Form 6001.NR Page 17 Article 4 04-18 © 2018 Fannie Mae

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(b) Economic Sanctions, Anti-Money Laundering, and Anti-Corruption. (1)
Borrower, Guarantor, Key Principal, and any Person Controlling Borrower,
Guarantor, or Key Principal, or any Person Controlled by Borrower, Guarantor, or
Key Principal that also has a direct or indirect ownership interest in Borrower,
Guarantor, or Key Principal shall remain in compliance with any applicable civil
or criminal laws or regulations (including those requiring internal controls)
intended to prohibit, prevent, or regulate money laundering, drug trafficking,
terrorism, or corruption, of the United States and the jurisdiction where the
Mortgaged Property is located or where the Person resides, is domiciled, or has
its principal place of business. (2) At no time shall Borrower, Guarantor, or
Key Principal, or any Person Controlling Borrower, Guarantor, or Key Principal,
or any Person Controlled by Borrower, Guarantor, or Key Principal that also has
a direct or indirect ownership interest in Borrower, Guarantor, or Key
Principal, be a Person: (A) against whom proceedings are pending for any alleged
violation of any laws described in Section 4.02(b)(l); (B) that has been
convicted of any violation of, has been subject to civil penalties or Economic
Sanctions pursuant to, or had any of its property seized or forfeited under, any
laws described in Section 4.02(b)(l); or (C) with whom any United States Person,
any entity organized under the laws of the United States or its constituent
states or territories, or any entity, regardless of where organized, having its
principal place of business within the United States or any of its territories,
is a Sanctioned Person or is otherwise prohibited from transacting business of
the type contemplated by this Loan Agreement and the other Loan Documents under
any other applicable law. (3) Borrower, Guarantor, and Key Principal shall at
all times remain m compliance with any applicable Economic Sanctions laws and
regulations. (c) Payment of Taxes, Assessments, and Other Charges. Borrower
shall file all federal, state, county, and municipal tax returns and reports
required to be filed by Borrower and shall pay, before any fine, penalty
interest, or cost may be added thereto, all taxes payable with respect to such
returns and reports. (d) Borrower Single Asset Status. Until the Indebtedness is
fully paid, Borrower: (1) shall not acquire or lease any real property, personal
property, or assets other than the Mortgaged Property; Multifamily Loan and
Security Agreement (Non-Recourse) Form 6001.NR Page 18 Article 4 04-18 © 2018
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(2) shall not acquire, own, operate, or participate in any business other than
the leasing, ownership, management, operation, and maintenance of the Mortgaged
Property; (3) shall not commingle its assets or funds with those of any other
Person, unless such assets or funds can easily be segregated and identified in
the ordinary course of business from those of any other Person; (4) shall
maintain its financial statements, accounting records, and other partnership,
real estate investment trust, limited liability company, or corporate documents,
as the case may be, separate from those of any other Person (unless Borrower's
assets are included in a consolidated financial statement prepared in accordance
with generally accepted accounting principles); (5) shall have no material
financial obligation under any indenture, mortgage, deed of trust, deed to
secure debt, loan agreement, other agreement or instrument to which Borrower is
a party or by which Borrower is otherwise bound, or to which the Mortgaged
Property is subject or by which it is otherwise encumbered, other than: (A)
unsecured trade payables incurred in the ordinary course of the operation of the
Mortgaged Property (exclusive of amounts (i) to be paid out of the Replacement
Reserve Account or Repairs Escrow Account, or (ii) for rehabilitation,
restoration, repairs, or replacements of the Mortgaged Property or otherwise
approved by Lender) so long as such trade payables (1) are not evidenced by a
promissory note, (2) are payable within sixty (60) days of the date incurred,
and (3) as of any date, do not exceed, in the aggregate, two percent (2%) of the
original principal balance of the Mortgage Loan; provided, however, that
otherwise compliant outstanding trade payables may exceed two percent (2 % ) up
to an aggregate amount of four percent (4%) of the original principal balance of
the Mortgage Loan for a period (beginning on or after the Effective Date) not to
exceed ninety (90) consecutive days; (B) if the Security Instrument grants a
lien on a leasehold estate, Borrower's obligations as lessee under the ground
lease creating such leasehold estate; and (C) obligations under the Loan
Documents and obligations secured by the Mortgaged Property to the extent
permitted by the Loan Documents; (6) shall not assume, guaranty, or pledge its
assets to secure the liabilities or obligations of any other Person (except in
connection with the Mortgage Loan or other mortgage loans that have been paid in
full or collaterally assigned to Lender, including in connection with any
Consolidation, Extension and Modification Agreement or similar instrument) or
hold out its credit as being available to satisfy the obligations of any other
Person; Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR Page
19 Article 4 04-18 © 2018 Fannie Mae

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(7) shall not make loans or advances to any other Person; or (8) shall not enter
into, or become a party to, any transaction with any Borrower Affiliate, except
in the ordinary course of business and on terms which are no more favorable to
any such Borrower Affiliate than would be obtained in a comparable arm's-length
transaction with an unrelated third party. (e) ERISA. Borrower covenants that:
(1) no asset of Borrower shall constitute "plan assets" (within the meaning of
Section 3(42) of ERISA and Department of Labor Regulation Section 2510.3-101) of
an Employee Benefit Plan; (2) no asset of Borrower shall be subject to the laws
of any Governmental Authority governing the assets of an Employee Benefit Plan;
and (3) neither Borrower nor any ERISA Affiliate shall incur any obligation or
liability with respect to any ERISA Plan. (f) Notice of Litigation or
Insolvency. Borrower shall give immediate written notice to Lender of any
claims, actions, suits, or proceedings at law or in equity (including any
insolvency, bankruptcy, or receivership proceeding) by or before any
Governmental Authority pending or, to Borrower's knowledge, threatened against
or affecting Borrower, Guarantor, Key Principal, or the Mortgaged Property,
which claims, actions, suits, or proceedings, if adversely determined reasonably
would be expected to materially adversely affect the financial condition or
business of Borrower, Guarantor, or Key Principal, or the condition, operation,
or ownership of the Mortgaged Property (including any claims, actions, suits, or
proceedings regarding fair housing, anti-discrimination, or equal opportunity,
which shall always be deemed material). (g) Payment of Costs, Fees, and
Expenses. In addition to the payments specified in this Loan Agreement, Borrower
shall pay, on demand, all of Lender's out-of-pocket fees, costs, charges, or
expenses (including the reasonable fees and expenses of attorneys, accountants,
and other experts) incurred by Lender in connection with: (1) any amendment to,
or consent, or waiver required under, this Loan Agreement or any of the Loan
Documents (whether or not any such amendments, consents, or waivers are entered
into); (2) defending or participating in any litigation arising from actions by
third parties and brought against or involving Lender with respect to:
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(A) the Mortgaged Property; (B) any event, act, condition, or circumstance in
connection with the Mortgaged Property; or (C) the relationship between or among
Lender, Borrower, Key Principal, and Guarantor in connection with this Loan
Agreement or any of the transactions contemplated by this Loan Agreement; (3)
the administration or enforcement of, or preservation of rights or remedies
under, this Loan Agreement or any other Loan Documents including or in
connection with any litigation or appeals, any Foreclosure Event or other
disposition of any collateral granted pursuant to the Loan Documents; and (4)
any Bankruptcy Event or Guarantor Bankruptcy Event. (h) Restrictions on
Distributions. No distributions or dividends of any nature with respect to Rents
or other income from the Mortgaged Property shall be made to any Person having a
direct ownership interest in Borrower if an Event of Default has occurred and is
continuing. (i) Lockbox Arrangement. Borrower shall not enter into any type of
lockbox agreement or similar cash management arrangement that has not been
approved by Lender in writing, and no direct or indirect owner of Borrower shall
enter into any type of lockbox agreement or similar cash management arrangement
with respect to Rents or other income from the Mortgaged Property that has not
been approved by Lender in writing. Lender's approval of any such cash
management arrangement may be conditioned upon requiring Borrower to enter into
a lockbox agreement or similar cash management arrangement with Lender in form
and substance acceptable to Lender with regard to Rents and other income from
the Mortgaged Property. ARTICLE 5 - THE MORTGAGE LOAN Section 5.01
Representations and Warranties. The representations and warranties made by
Borrower to Lender in this Section 5.01 are made as of the Effective Date and
are true and correct except as disclosed on the Exceptions to Representations
and Warranties Schedule. (a) Receipt and Review of Loan Documents. Borrower has
received and reviewed this Loan Agreement and all of the other Loan Documents.
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(b) No Default. No default exists under any of the Loan Documents. (c) No
Defenses. The Loan Documents are not currently subject to any right of
resc1ss10n, set-off, counterclaim, or defense by either Borrower or Guarantor,
including the defense of usury, and neither Borrower nor Guarantor has asserted
any right of rescission, set-off, counterclaim, or defense with respect thereto.
(d) Loan Document Taxes. All mortgage, mortgage recording, stamp, intangible, or
any other similar taxes required to be paid by any Person under applicable law
currently in effect in connection with the execution, delivery, recordation,
filing, registration, perfection, or enforcement of any of the Loan Documents,
including the Security Instrument, have been paid or will be paid in the
ordinary course of the closing of the Mortgage Loan. Section 5.02 Covenants. (a)
Ratification of Covenants; Estoppels; Certifications. Borrower shall: (1)
promptly notify Lender in writing upon any violation of any covenant set forth
in any Loan Document of which Borrower has notice or knowledge; provided,
however, any such written notice by Borrower to Lender shall not relieve
Borrower of, or result in a waiver of, any obligation under this Loan Agreement
or any other Loan Document; and (2) within ten (10) days after a request from
Lender, provide a written statement, signed and acknowledged by Borrower,
certifying to Lender or any person designated by Lender, as of the date of such
statement: (A) that the Loan Documents are unmodified and in full force and
effect (or, if there have been modifications, that the Loan Documents are in
full force and effect as modified and setting forth such modifications); (B) the
unpaid principal balance of the Mortgage Loan; (C) the date to which interest on
the Mortgage Loan has been paid; (D) that Borrower is not in default in paying
the Indebtedness or in performing or observing any of the covenants or
agreements contained in this Multifamily Loan and Security Agreement
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Loan Agreement or any of the other Loan Documents (or, if Borrower is in
default, describing such default in reasonable detail); (E) whether or not there
are then-existing any setoffs or defenses known to Borrower against the
enforcement of any right or remedy of Lender under the Loan Documents; and (F)
any additional facts reasonably requested in writing by Lender. (b) Further
Assurances. (1) Other Documents As Lender May Require. Within ten (10) days
after request by Lender, Borrower shall, subject to Section 5.02(d) below,
execute, acknowledge, and deliver, at its cost and expense, all further acts,
deeds, conveyances, assignments, financing statements, transfers, documents,
agreements, assurances, and such other instruments as Lender may reasonably
require from time to time in order to better assure, grant, and convey to Lender
the rights intended to be granted, now or in the future, to Lender under this
Loan Agreement and the other Loan Documents. (2) Corrective Actions. Within ten
(10) days after request by Lender, Borrower shall provide, or cause to be
provided, to Lender, at Borrower's cost and expense, such further documentation
or information reasonably deemed necessary or appropriate by Lender in the
exercise of its rights under the related commitment letter between Borrower and
Lender or to correct patent mistakes in the Loan Documents, the Title Policy, or
the funding of the Mortgage Loan. (c) Sale of Mortgage Loan. Borrower shall,
subject to Section 5.02(d) below: (1) comply with the reasonable requirements of
Lender or any Investor of the Mortgage Loan or provide, or cause to be provided,
to Lender or any Investor of the Mortgage Loan within ten ( 10) days of the
request, at Borrower's cost and expense, such further documentation or
information as Lender or Investor may reasonably require, in order to enable:
(A) Lender to sell the Mortgage Loan to such Investor; (B) Lender to obtain a
refund of any commitment fee from any such Investor; or (C) any such Investor to
further sell or securitize the Mortgage Loan; Multifamily Loan and Security
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(2) ratify and affirm in writing the representations and warranties set forth in
any Loan Document as of such date specified by Lender modified as necessary to
reflect changes that have occurred subsequent to the Effective Date; (3) confirm
that Borrower is not in default in paying the Indebtedness or in performing or
observing any of the covenants or agreements contained in this Loan Agreement or
any of the other Loan Documents (or, if Borrower is in default, describing such
default in reasonable detail); and (4) execute and deliver to Lender and/or any
Investor such other documentation, including any amendments, corrections,
deletions, or additions to this Loan Agreement or other Loan Document(s) as is
reasonably required by Lender or such Investor. (d) Limitations on Further Acts
of Borrower. Nothing in Section 5.02(b) and Section 5.02(c) shall require
Borrower to do any further act that has the effect of: ( 1) changing the
economic terms of the Mortgage Loan set forth in the related commitment letter
between Borrower and Lender; (2) imposing on Borrower or Guarantor greater
personal liability under the Loan Documents than that set forth in the related
commitment letter between Borrower and Lender; or (3) materially changing the
rights and obligations of Borrower or Guarantor under the commitment letter. (e)
Financing Statements; Record Searches. ( 1) Borrower shall pay all costs and
expenses associated with: (A) any filing or recording of any financing
statements, including all continuation statements, termination statements, and
amendments or any other filings related to security interests in or liens on
collateral; and (B) any record searches for financing statements that Lender may
require. (2) Borrower hereby authorizes Lender to file any financing statements,
continuation statements, termination statements, and amendments (including an
"all assets" or "all personal property" collateral description or words of
similar import) in form and substance as Lender may require in order to protect
and preserve Lender's lien priority and security interest in the Mortgaged
Property (and to the extent Lender has Multifamily Loan and Security Agreement
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filed any such financing statements, continuation statements, or amendments
prior to the Effective Date, such filings by Lender are hereby authorized and
ratified by Borrower). (f) Loan Document Taxes. Borrower shall pay, on demand,
any transfer taxes, documentary taxes, assessments, or charges made by any
Governmental Authority in connection with the execution, delivery, recordation,
filing, registration, perfection, or enforcement of any of the Loan Documents or
the Mortgage Loan. ARTICLE 6 - PROPERTY USE, PRESERVATION, AND MAINTENANCE
Section 6.01 Representations and Warranties. The representations and warranties
made by Borrower to Lender in this Section 6.01 are made as of the Effective
Date and are true and correct except as disclosed on the Exceptions to
Representations and Warranties Schedule. (a) Compliance with Law; Permits and
Licenses. (1) To Borrower's knowledge, all improvements to the Land and the use
of the Mortgaged Property comply with all applicable laws, ordinances, statutes,
rules, and regulations, including all applicable statutes, rules, and
regulations pertaining to requirements for equal opportunity,
anti-discrimination, fair housing, and rent control, and Borrower has no
knowledge of any action or proceeding (or threatened action or proceeding)
regarding noncompliance or nonconformity with any of the foregoing. (2) To
Borrower's knowledge, there is no evidence of any illegal activities on the
Mortgaged Property. (3) To Borrower's knowledge, no permits or approvals from
any Governmental Authority, other than those previously obtained and furnished
to Lender, are necessary for the commencement and completion of the Repairs or
Replacements, as applicable, other than those permits or approvals which will be
timely obtained in the ordinary course of business. (4) All required permits,
licenses, and certificates to comply with all zoning and land use statutes,
laws, ordinances, rules, and regulations, and all applicable health, fire,
safety, and building codes, and for the lawful use and operation of the
Mortgaged Property, including certificates of occupancy, apartment licenses, or
the equivalent, have been obtained and are in full force and effect. (5) No
portion of the Mortgaged Property has been purchased with the proceeds of any
illegal activity. Multifamily Loan and Security Agreement (Non-Recourse) Form
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(b) Property Characteristics. ( 1) The Mortgaged Property contains at least: (A)
the Property Square Footage; (B) theTotal Parking Spaces; and (C) the Total
Residential Units. (2) No part of the Land is included or assessed under or as
part of another tax lot or parcel, and no part of any other property is included
or assessed under or as part of the tax lot or parcels for the Land. (c)
Property Ownership. Borrower is sole owner or ground lessee of the Mortgaged
Property. (d) Condition of the Mortgaged Property. (1) Borrower has not made any
claims, and to Borrower's knowledge, no claims have been made, against any
contractor, engineer, architect, or other party with respect to the construction
or condition of the Mortgaged Property or the existence of any structural or
other material defect therein; and (2) neither the Land nor the Improvements has
sustained any damage other than damage which has been fully repaired, or is
fully insured and is being repaired in the ordinary course of business. (e)
Personal Property. Borrower owns (or, to the extent disclosed on the Exceptions
to Representations and Warranties Schedule, leases) all of the Personal Property
that is material to and is used in connection with the management, ownership,
and operation of the Mortgaged Property. Section 6.02 Covenants. (a) Use of
Property. From and after the Effective Date, Borrower shall not, unless required
by applicable law or Governmental Authority: (1) change the use of all or any
part of the Mortgaged Property; (2) convert any individual dwelling units or
common areas to commercial use, or convert any common area or commercial use to
individual dwelling units without Lender's prior written consent; Multifamily
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(3) initiate or acquiesce in a change in the zoning classification of the Land;
(4) establish any condominium or cooperative regime with respect to the
Mortgaged Property; (5) subdivide the Land; or (6) suffer, permit, or initiate
the joint assessment of any Mortgaged Property with any other real property
constituting a tax lot separate from such Mortgaged Property which could cause
the part of the Land to be included or assessed under or as part of another tax
lot or parcel, or any part of any other property to be included or assessed
under or as part of the tax lot or parcels for the Land. (b) Property
Maintenance. Borrower shall: ( 1) pay the expenses of operating, managing,
maintaining, and repairing the Mortgaged Property (including insurance premiums,
utilities, Repairs, and Replacements) before the last date upon which each such
payment may be made without any penalty or interest charge being added; (2) keep
the Mortgaged Property in good repair and marketable condition (ordinary wear
and tear excepted) (including the replacement of Personalty and Fixtures with
items of equal or better function and quality) and subject to Section 9.03(b)(3)
and Section 10.03(d) restore or repair promptly, in a good and workmanlike
manner, any damaged part of the Mortgaged Property to the equivalent of its
original condition or condition immediately prior to the damage (if improved
after the Effective Date), whether or not any insurance proceeds or amounts
received in connection with a Condemnation Action are available to cover any
costs of such restoration or repair; (3) commence all Required Repairs,
Additional Lender Repairs, and Additional Lender Replacements as follows: (A)
with respect to any Required Repairs, promptly following the Effective Date
(subject to Force Majeure, if applicable), in accordance with the timelines set
forth on the Required Repair Schedule, or if no timelines are provided, as soon
as practical following the Effective Date; (B) with respect to Additional Lender
Repairs, in the event that Lender determines that Additional Lender Repairs are
necessary from time to time or pursuant to Section 6.03(c), promptly following
Lender's written notice of such Additional Lender Repairs (subject to Force
Majeure, if applicable), commence any such Additional Lender Repairs in
accordance with Lender's timelines, or if no timelines are provided, as soon as
practical; Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR
Page27 Article 6 04-18 © 2018 Fannie Mae

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(C) with respect to Additional Lender Replacements, in the event that Lender
determines that Additional Lender Replacements are necessary from time to time
or pursuant to Section 6.03(c), promptly following Lender's written notice of
such Additional Lender Replacements (subject to Force Majeure, if applicable),
commence any such Additional Lender Replacements in accordance with Lender's
timelines, or if no timelines are provided, as soon as practical; (4) make,
construct, install, diligently perform, and complete all Replacements, Repairs,
and any other work permitted under the Loan Documents: (A) in a good and
workmanlike manner as soon as practicable following the commencement thereof,
free and clear of any Liens, including mechanics' or materialmen's liens and
encumbrances (except Permitted Encumbrances and mechanics' or materialmen's
liens which attach automatically under the laws of any Governmental Authority
upon the commencement of any work upon, or delivery of any materials to, the
Mortgaged Property and for which Borrower is not delinquent in the payment for
any such work or materials); (B) in accordance with all applicable laws,
ordinances, rules, and regulations of any Governmental Authority, including
applicable building codes, special use permits, and environmental regulations;
(C) in accordance with all applicable msurance and bonding requirements; and (D)
within all timeframes required by Lender, and Borrower acknowledges that it
shall be an Event of Default if Borrower abandons or ceases work on any Repair
at any time prior to the completion of the Repairs for a period of longer than
twenty (20) days (except when Force Majeure exists and Borrower is diligently
pursuing the reinstitution of such work, provided, however, any such abandonment
or cessation shall not in any event allow the Repair to be completed after the
Completion Period, subject to Force Majeure); and (5) subject to the terms of
Section 6.03(a), provide for professional management of the Mortgaged Property
by a residential rental property manager satisfactory to Lender under a contract
approved by Lender in writing; (6) give written notice to Lender of, and, unless
otherwise directed in writing by Lender, appear in and defend any action or
proceeding purporting to affect the Mortgaged Property, Lender's security for
the Mortgage Loan, or Lender's rights under this Loan Agreement; and (7) upon
Lender's written request, submit to Lender any contracts or work orders
described in Section 13.02(b). Multifamily Loan and Security Agreement
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(c) Property Preservation. Borrower shall: ( 1) not commit waste or abandon or
(ordinary wear and tear excepted) permit impairment or deterioration of the
Mortgaged Property; (2) not (nor permit any other Person to) demolish, make any
change in the unit mix, otherwise alter the Mortgaged Property or any part of
the Mortgaged Property, or remove any Personalty or Fixtures from the Mortgaged
Property, except for: (A) alterations required in connection with Repairs and
Replacements; or (B) the replacement of tangible Personalty or Fixtures,
provided (i) such Personalty or Fixtures are replaced with items of equal or
better function and quality, and (ii) such replacement does not result in any
disruption in occupancy (other than in connection with the routine re-leasing of
units); (3) not engage in or knowingly permit, and shall take appropriate
measures to prevent and abate or cease and desist, any illegal activities at the
Mortgaged Property that could endanger tenants or visitors, result in damage to
the Mortgaged Property, result in forfeiture of the Land or otherwise materially
impair the lien created by the Security Instrument or Lender's interest in the
Mortgaged Property; (4) not permit any condition to exist on the Mortgaged
Property that would invalidate any part of any insurance coverage required by
this Loan Agreement; or (5) not subject the Mortgaged Property to any voluntary,
elective, or non- compulsory tax lien or assessment (or opt in to any voluntary,
elective, or non­ compulsory special tax district or similar regime). (d)
Property Inspections. Borrower shall: (1) permit Lender, its agents,
representatives, and designees to enter upon and inspect the Mortgaged Property
(including in connection with any Replacement or Repair, or to conduct any
Environmental Inspection pursuant to the Environmental Indemnity Agreement), and
shall cooperate and provide access to all areas of the Mortgaged Property
(subject to the rights of tenants under the Leases): (A) during normal business
hours; (B) at such other reasonable time upon reasonable notice of not less than
one (1) Business Day; (C) at any time when exigent circumstances exist; or
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(D) at any time after an Event of Default has occurred and is continuing; and
(2) pay for reasonable costs or expenses incurred by Lender or its agents in
connection with any such inspections. (e) Compliance with Laws. Borrower shall:
(1) comply with all laws, ordinances, statutes, rules, and regulations of any
Governmental Authority and all recorded lawful covenants and agreements relating
to or affecting the Mortgaged Property, including all laws, ordinances,
statutes, rules and regulations, and covenants pertaining to construction of
improvements on the Land, fair housing, and requirements for equal opportunity,
anti-discrimination, and Leases; (2) procure and maintain all required permits,
licenses, charters, registrations, and certificates necessary to comply with all
zoning and land use statutes, laws, ordinances, rules and regulations, and all
applicable health, fire, safety, and building codes and for the lawful use and
operation of the Mortgaged Property, including certificates of occupancy,
apartment licenses, or the equivalent; (3) comply with all applicable laws that
pertain to the maintenance and disposition of tenant security deposits; (4) at
all times maintain records sufficient to demonstrate compliance with the
provisions of this Section 6.02(e); and (5) promptly after receipt or
notification thereof, provide Lender copies of any building code or zoning
violation from any Governmental Authority with respect to the Mortgaged
Property. Section 6.03 Mortgage Loan Administration Matters Regarding the
Property. (a) Property Management. From and after the Effective Date, each
property manager and each property management agreement must be approved by
Lender. If, in connection with the making of the Mortgage Loan, or at any later
date, Lender waives in writing the requirement that Borrower enter into a
written contract for management of the Mortgaged Property, and Borrower later
elects to enter into a written contract or change the management of the
Mortgaged Property, such new property manager or the property management
agreement must be approved by Lender. As a condition to any approval by Lender,
Lender may require that Borrower and such new property manager enter into a
collateral assignment of the property management agreement on a form approved by
Lender. Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR Page
30 Article 6 04-18 © 2018 Fannie Mae

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(b) Subordination of Fees to Affiliated Property Managers. Any property manager
that is a Borrower Affiliate to whom fees are payable for the management of the
Mortgaged Property must enter into an assignment of management agreement or
other agreement with Lender, in a form approved by Lender, providing for
subordination of those fees and such other provisions as Lender may require. (c)
Property Condition Assessment. If, in connection with any inspection of the
Mortgaged Property, Lender determines that the condition of the Mortgaged
Property has deteriorated (ordinary wear and tear excepted) since the Effective
Date, Lender may obtain, at Borrower's expense, a property condition assessment
of the Mortgaged Property. Lender's right to obtain a property condition
assessment pursuant to this Section 6.03(c) shall be in addition to any other
rights available to Lender under this Loan Agreement in connection with any such
deterioration. Any such inspection or property condition assessment may result
in Lender requiring Additional Lender Repairs or Additional Lender Replacements
as further described in Section 13.02(a)(9)(B). ARTICLE 7 - LEASES AND RENTS
Section 7.01 Representations and Warranties. The representations and warranties
made by Borrower to Lender in this Section 7.01 are made as of the Effective
Date and are true and correct except as disclosed on the Exceptions to
Representations and Warranties Schedule. (a) Prior Assignment of Rents. Borrower
has not executed any: ( 1) prior assignment of Rents (other than an assignment
of Rents securing prior indebtedness that has been paid off and discharged or
will be paid off and discharged with the proceeds of the Mortgage Loan); or (2)
instrument which would prevent Lender from exercising its rights under this Loan
Agreement or the Security Instrument. (b) Prepaid Rents. Borrower has not
accepted, and does not expect to receive prepayment of, any Rents for more than
two (2) months prior to the due dates of such Rents. Multifamily Loan and
Security Agreement (Non-Recourse) Form 6001.NR Page 31 Article 6 04-18 © 2018
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Section 7 .02 Covenants. (a) Leases. Borrower shall: (1) comply with and observe
Borrower's obligations under all Leases, including Borrower's obligations
pertaining to the maintenance and disposition of tenant security deposits; (2)
surrender possession of the Mortgaged Property, including all Leases and all
security deposits and prepaid Rents, immediately upon appointment of a receiver
or Lender's entry upon and taking of possession and control of the Mortgaged
Property, as applicable; (3) require that all Residential Leases have initial
terms of not less than six (6) months and not more than twenty-four (24) months
(however, if customary in the applicable market for properties comparable to the
Mortgaged Property, Residential Leases with terms of less than six (6) months
(but in no case less than one (1) month) may be permitted with Lender's prior
written consent); notwithstanding the foregoing, Residential Leases having
initial terms of less than six (6) months but at least one (1) month shall be
permitted so long as the total number of such Residential Leases does not exceed
ten percent ( 10%) of all residential units; and (4) promptly provide Lender a
copy of any non-Residential Lease at the time such Lease is executed (subject to
Lender's consent rights for Material Commercial Leases in Section 7.02(b)) and,
upon Lender's written request, promptly provide Lender a copy of any Residential
Lease then in effect. (b) Commercial Leases. ( 1) With respect to Material
Commercial Leases, Borrower shall not: (A) enter into any Material Commercial
Lease except with the prior written consent of Lender; or (B) modify the terms
of, extend, or terminate any Material Commercial Lease (including any Material
Commercial Lease in existence on the Effective Date) without the prior written
consent of Lender. (2) With respect to any non-Material Commercial Lease,
Borrower shall not: (A) enter into any non-Material Commercial Lease that
materially alters the use and type of operation of the premises subject to the
Lease in effect as of the Effective Date or reduces the number or size of
residential units at the Mortgaged Property; or Multifamily Loan and Security
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(B) modify the terms of any non-Material Commercial Lease (including any
non-Material Commercial Lease in existence on the Effective Date) in any way
that materially alters the use and type of operation of the premises subject to
such non-Material Commercial Lease in effect as of the Effective Date, reduces
the number or size of residential units at the Mortgaged Property, or results in
such non-Material Commercial Lease being deemed a Material Commercial Lease. (3)
With respect to any Material Commercial Lease or non-Material Commercial Lease,
Borrower shall cause the applicable tenant to provide within ten (10) days after
a request by Borrower, a certificate of estoppel, or if not provided by tenant
within such ten (10) day period, Borrower shall provide such certificate of
estoppel, certifying: (A) that such Material Commercial Lease or non-Material
Commercial Lease is unmodified and in full force and effect (or if there have
been modifications, that such Material Commercial Lease or non-Material
Commercial Lease is in full force and effect as modified and stating the
modifications); (B) the term of the Lease including any extensions thereto; (C)
. the dates to which the Rent and any other charges hereunder have been paid by
tenant; (D) the amount of any security deposit delivered to Borrower as
landlord; (E) whether or not Borrower is in default (or whether any event or
condition exists which, with the passage of time, would constitute an event of
default) under such Lease; (F) the address to which notices to tenant should be
sent; and (G) any other information as may be reasonably required by Lender. (c)
Payment of Rents. Borrower shall: ( 1) pay to Lender upon demand all Rents after
an Event of Default has occurred and is continuing; (2) cooperate with Lender's
efforts m connection with the assignment of Rents set forth in the Security
Instrument; and Multifamily Loan and Security Agreement (Non-Recourse) Form
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(3) not accept Rent under any Lease (whether a Residential Lease or a non-
Residential Lease) for more than two (2) months in advance. (d) Assignment of
Rents. Borrower shall not: (1) perform any acts nor execute any instrument that
would prevent Lender from exercising its rights under the assignment of Rents
granted in the Security Instrument or in any other Loan Document; nor (2)
interfere with Lender's collection of such Rents. (e) Further Assignments of
Leases and Rents. Borrower shall execute and deliver any further assignments of
Leases and Rents as Lender may reasonably require. (f) Options to Purchase by
Tenants. No Lease (whether a Residential Lease or a non-Residential Lease) shall
contain an option to purchase, right of first refusal to purchase or right of
first offer to purchase, except as required by applicable law. Section 7.03
Mortgage Loan Administration Regarding Leases and Rents. (a) Material Commercial
Lease Requirements. Each Material Commercial Lease, including any renewal or
extension of any Material Commercial Lease in existence as of the Effective
Date, shall provide, directly or pursuant to a subordination, non-disturbance
and attornment agreement approved by Lender, that: ( 1) the tenant shall, upon
written notice from Lender after the occurrence of an Event of Default, pay all
Rents payable under such Lease to Lender; (2) such Lease and all rights of the
tenant thereunder are expressly subordinate to the lien of the Security
Instrument; (3) the tenant shall attorn to Lender and any purchaser at a
Foreclosure Event (such attornment to be self-executing and effective upon
acquisition of title to the Mortgaged Property by any purchaser at a Foreclosure
Event or by Lender in any manner); (4) the tenant agrees to execute such further
evidences of attornment as Lender or any purchaser at a Foreclosure Event may
from time to time request; and Multifamily Loan and Security Agreement
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(5) such Lease shall not terminate as a result of a Foreclosure Event unless
Lender or any other purchaser at such Foreclosure Event affirmatively elects to
terminate such Lease pursuant to the terms of the subordination, non-disturbance
and attornment agreement. (b) Residential Lease Form. All Residential Leases
entered into from and after the Effective Date shall be on forms approved by
Lender. ARTICLE 8 - BOOKS AND RECORDS; FINANCIAL REPORTING Section 8.01
Representations and Warranties. The representations and warranties made by
Borrower to Lender in this Section 8.01 are made as of the Effective Date and
are true and correct except as disclosed on the Exceptions to Representations
and Warranties Schedule. (a) Financial Information. All financial statements and
data, including statements of cash flow and income and operating expenses, that
have been delivered to Lender in respect of the Mortgaged Property: (1) are
true, complete, and correct in all material respects; and (2) accurately
represent the financial condition of the Mortgaged Property as of such date. (b)
No Change in Facts or Circumstances. All information in the Loan Application and
in all financial statements, rent rolls, reports, certificates, and other
documents submitted in connection with the Loan Application are complete and
accurate in all material respects. There has been no material adverse change in
any fact or circumstance that would make any such information incomplete or
inaccurate. Section 8.02 Covenants. (a) Obligation to Maintain Accurate Books
and Records. Borrower shall keep and maintain at all times at the Mortgaged
Property or the property management agent's offices or Borrower's General
Business Address and, upon Lender's written request, shall make available at the
Land: ( 1) complete and accurate books of account and records (including copies
of supporting bills and invoices) adequate to reflect correctly the operation of
the Mortgaged Property; and Multifamily Loan and Security Agreement
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(2) copies of all written contracts, Leases, and other instruments that affect
Borrower or the Mortgaged Property. (b) Items to Furnish to Lender. Borrower
shall furnish to Lender the following, certified as true, complete, and
accurate, in all material respects, by an individual having authority to bind
Borrower (or Guarantor, as applicable), in such form and with such detail as
Lender reasonably requires: (1) within forty-five (45) days after the end of
each first, second, and third calendar quarter, a statement of income and
expenses for Borrower on a year-to-date basis as of the end of each calendar
quarter; (2) within one hundred twenty (120) days after the end of each calendar
year: (A) for any Borrower that is an entity, a statement of income and expenses
and a statement of cash flows for such calendar year; (B) for any Borrower that
is an individual, or a trust established for estate-planning purposes, a
personal financial statement for such calendar year; (C) when requested in
writing by Lender, balance sheet(s) showing all assets and liabilities of
Borrower and a statement of all contingent liabilities as of the end of such
calendar year; (D) if an energy consumption metric for the Mortgaged Property is
required to be reported to any Governmental Authority, the Fannie Mae Energy
Performance Metrics report, as generated by ENERGY STAR® Portfolio Manager, for
the Mortgaged Property for such calendar year, which report must include the
ENERGY STAR score, the Source Energy Use Intensity (EUI), the month and year
ending period for such ENERGY STAR score and such Source Energy Use Intensity,
and the ENERGY STAR Portfolio Manager Property Identification Number; provided
that, if the Governmental Authority does not require the use of ENERGY ST AR
Portfolio Manager for the reporting of the energy consumption metric and
Borrower does not use ENERGY STAR Portfolio Manager, then Borrower shall furnish
to Lender the Source Energy Use Intensity for the Mortgaged Property for such
calendar year; (E) a written certification ratifying and affirming that: (i)
Borrower has taken no action in violation of Section 4.02( d) regarding its
single asset status; (ii) Borrower has received no notice of any building code
violation, or if Borrower has received such notice, evidence of remediation;
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(iii) Borrower has made no application for rezoning nor received any notice that
the Mortgaged Property has been or is being rezoned; and (iv) Borrower has taken
no action and has no knowledge of any action that would violate the provisions
of Section l 1.02(b )( 1)(F) regarding liens encumbering the Mortgaged Property;
(F) an accounting of all security deposits held pursuant to all Leases,
including the name of the institution (if any) and the names and identification
numbers of the accounts (if any) in which such security deposits are held and
the name of the person to contact at such financial institution, along with any
authority or release necessary for Lender to access information regarding such
accounts; and (G) written confirmation of: (i) any changes occurring since the
Effective Date (or that no such changes have occurred since the Effective Date)
in (1) the direct owners of Borrower, (2) the indirect owners (and any
non-member managers) of Borrower that Control Borrower (excluding any Publicly­
Held Corporations or Publicly-Held Trusts), or (3) the indirect owners of
Borrower that hold twenty-five percent (25%) or more of the ownership interests
in Borrower (excluding any Publicly-Held Corporations or Publicly-Held Trusts),
and their respective interests; (ii) the names of all officers and directors of
(1) any Borrower which is a corporation, (2) any corporation which is a general
partner of any Borrower which is a partnership, or (3) any corporation which is
the managing member or non-member manager of any Borrower which is a limited
liability company; and (iii) the names of all managers who are not members of
(1) any Borrower which is a limited liability company, (2) any limited liability
company which is a general partner of any Borrower which is a partnership, or
(3) any limited liability company which is the managing member or non-member
manager of any Borrower which is a limited liability company; and (H) if not
already provided pursuant to Section 8.02(b )(2)(A) above, a statement of income
and expenses for Borrower's operation of the Mortgaged Property on a
year-to-date basis as of the end of each calendar year; (3) within forty-five
(45) days after the end of each first, second, and third calendar quarter and
within one hundred twenty (120) days after the end of each calendar year, and at
any other time upon Lender's written request, a rent schedule for the
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Mortgaged Property showing the name of each tenant and for each tenant, the
space occupied, the lease expiration date, the rent payable for the current
month, the date through which rent has been paid, and any related information
requested by Lender; and (4) upon Lender's written request (but, absent an Event
of Default, no more frequently than once in any six (6) month period): (A) any
item described in Section 8.02(b)(l) or Section 8.02(b)(2) for Borrower,
certified as true, complete, and accurate by an individual having authority to
bind Borrower; (B) a property management or leasing report for the Mortgaged
Property, showing the number of rental applications received from tenants or
prospective tenants and deposits received from tenants or prospective tenants,
and any other information requested by Lender; (C) a statement of income and
expenses for Borrower's operation of the Mortgaged Property on a year-to-date
basis as of the end of each month for such period as requested by Lender, which
statement shall be delivered within thirty (30) days after the end of such month
requested by Lender; (D) a statement of real estate owned directly or indirectly
by Borrower and Guarantor for such period as requested by Lender, which
statement(s) shall be delivered within thirty (30) days after the end of such
month requested by Lender; (E) for any Guarantor, by the later of thirty (30)
days after the date requested by Lender and the date one hundred twenty (120)
days after the end of the most recent calendar year: (i) that is an entity, a
statement of income and expenses and a statement of cash flows for such calendar
year; (ii) that is an individual, or a trust established for estate- planning
purposes, a personal financial statement for such calendar year; and (iii)
balance sheet(s) showing all assets and liabilities of Guarantor and a statement
of all contingent liabilities as of the end of such calendar year; and (F) a
statement that identifies: (i) the direct owners of Borrower and their
respective interests; Multifamily Loan and Security Agreement (Non-Recourse)
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(ii) the indirect owners (and any non-member managers) of Borrower that Control
Borrower (excluding any Publicly-Held Corporations or Publicly-Held Trusts) and
their respective interests; and (iii) the indirect owners of Borrower that hold
twenty-five percent (25%) or more of the ownership interests in Borrower
(excluding any Publicly-Held Corporations or Publicly-Held Trusts) and their
respective interests. (c) Audited Financials. In the event Borrower or Guarantor
receives or obtains any audited financial statements and such financial
statements are required to be delivered to Lender under Section 8.02(b ),
Borrower shall deliver or cause to be delivered to Lender the audited versions
of such financial statements. (d) Delivery of Books and Records. If an Event of
Default has occurred and is continuing, Borrower shall deliver to Lender, upon
written demand, all books and records relating to the Mortgaged Property or its
operation. Section 8.03 Mortgage Loan Administration Matters Regarding Books and
Records and Financial Reporting. (a) Lender's Right to Obtain Audited Books and
Records. Lender may require that Borrower's or Guarantor's books and records be
audited, at Borrower's expense, by an independent certified public accountant
selected by Lender in order to produce or audit any statements, schedules, and
reports of Borrower, Guarantor, or the Mortgaged Property required by Section
8.02, if: ( 1) Borrower or Guarantor fails to provide in a timely manner the
statements, schedules, and reports required by Section 8.02 and, thereafter,
Borrower or Guarantor fails to provide such statements, schedules, and reports
within the cure period provided in Section 14.0l(c); (2) the statements,
schedules, and reports submitted to Lender pursuant to Section 8.02 are not
full, complete, and accurate in all material respects as determined by Lender
and, thereafter, Borrower or Guarantor fails to provide such statements,
schedules, and reports within the cure period provided in Section 14.0l(c); or
(3) an Event of Default has occurred and is continuing. Notwithstanding the
foregoing, the ability of Lender to require the delivery of audited financial
statements shall be limited to not more than once per Borrower's fiscal year so
long as no Event of Default has occurred during such fiscal year (or any event
which, with the giving of Multifamily Loan and Security Agreement (Non-Recourse)
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written notice or the passage of time, or both, would constitute an Event of
Default has occurred and is continuing). Borrower shall cooperate with Lender in
order to satisfy the provisions of this Section 8.03(a). All related costs and
expenses of Lender shall become due and payable by Borrower within ten (10)
Business Days after demand therefor. (b) Credit Reports; Credit Score. No more
often than once in any twelve (12) month period, Lender is authorized to obtain
a credit report (if applicable) on Borrower or Guarantor, the cost of which
report shall be paid by Borrower. Lender is authorized to obtain a Credit Score
(if applicable) for Borrower or Guarantor at any time at Lender's expense.
ARTICLE 9 - INSURANCE Section 9.01 Representations and Warranties. The
representations and warranties made by Borrower to Lender in this Section 9.01
are made as of the Effective Date and are true and correct except as disclosed
on the Exceptions to Representations and Warranties Schedule. (a) Compliance
with Insurance Requirements. Borrower is in compliance with Lender's insurance
requirements (or has obtained a written waiver from Lender for any non-compliant
coverage) and has timely paid all premiums on all required insurance policies.
(b) Property Condition. ( 1) The Mortgaged Property has not been damaged by
fire, water, wind, or other cause of loss; or (2) if previously damaged, any
previous damage to the Mortgaged Property has been repaired and the Mortgaged
Property has been fully restored. Section 9.02 Covenants. (a) Insurance
Requirements. (1) As required by Lender and applicable law, and as may be
modified from time to time, Borrower shall: (A) keep the Improvements insured at
all times against any hazards, which insurance shall include coverage against
loss by fire and all other perils insured by the "special causes of loss"
coverage form, general boiler and machinery coverage, business income coverage,
and flood (if any of the Improvements are located in an area identified by the
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Management Agency (or any successor) as an area having special flood hazards and
to the extent flood insurance is available in that area), and may include
sinkhole insurance, mine subsidence insurance, earthquake insurance, terrorism
insurance, windstorm insurance and, if the Mortgaged Property does not conform
to applicable building, zoning, or land use laws, ordinance and law coverage;
(B) maintain at all times commercial general liability insurance, workmen's
compensation insurance, and such other liability, errors and omissions, and
fidelity insurance coverage; and (C) maintain builder's risk and public
liability insurance, and other insurance in connection with completing the
Repairs or Replacements, as applicable. (b) Delivery of Policies, Renewals,
Notices, and Proceeds. Borrower shall: (1) cause all insurance policies
(including any policies not otherwise required by Lender) which can be endorsed
with standard non-contributing, non-reporting mortgagee clauses making loss
payable to Lender (or Lender's assigns) to be so endorsed; (2) promptly deliver
to Lender a copy of all renewal and other notices received by Borrower with
respect to the policies and all receipts for paid premiums; (3) deliver
evidence, in form and content acceptable to Lender, that each required insurance
policy under this Article 9 has been renewed not less than fifteen (15) days
prior to the applicable expiration date, and (if such evidence is other than an
original or duplicate original of a renewal policy) deliver the original or
duplicate original of each renewal policy (or such other evidence of insurance
as may be required by or acceptable to Lender) in form and content acceptable to
Lender within ninety (90) days after the applicable expiration date of the
original insurance policy; (4) provide immediate written notice to the insurance
company and to Lender of any event of loss; (5) execute such further evidence of
assignment of any insurance proceeds as Lender may require; and (6) provide
immediate written notice to Lender of Borrower's receipt of any insurance
proceeds under any insurance policy required by Section 9.02(a)(l) above and, if
requested by Lender, deliver to Lender all of such proceeds received by Borrower
to be applied by Lender in accordance with this Article 9. Multifamily Loan and
Security Agreement (Non-Recourse) Form 6001.NR Page 41 Article 9 04-18 © 2018
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Section 9.03 Mortgage Loan Administration Matters Regarding Insurance (a)
Lender's Ongoing Insurance Requirements. Borrower acknowledges that Lender's
insurance requirements may change from time to time. All insurance policies and
renewals of insurance policies required by this Loan Agreement shall be: ( 1) in
the form and with the terms required by Lender; (2) in such amounts, with such
maximum deductibles and for such periods required by Lender; and (3) issued by
insurance companies satisfactory to Lender. BORROWER ACKNOWLEDGES THAT ANY
FAILURE OF BORROWER TO COMPLY WITH THE REQUIREMENTS SET FORTH IN SECTION 9.02(a)
OR SECTION 9.02(b)(3) ABOVE SHALL PERMIT LENDER TO PURCHASE THE APPLICABLE
INSURANCE AT BORROWER'S COST. SUCH INSURANCE MAY, BUT NEED NOT, PROTECT
BORROWER'S INTERESTS. THE COVERAGE THAT LENDER PURCHASES MAY NOT PAY ANY CLAIM
THAT BORROWER MAKES OR ANY CLAIM THAT IS MADE AGAINST BORROWER IN CONNECTION
WITH THE MORTGAGED PROPERTY. IF LENDER PURCHASES INSURANCE FOR THE MORTGAGED
PROPERTY AS PERMITTED HEREUNDER, BORROWER WILL BE RESPONSIBLE FOR THE COSTS OF
THAT INSURANCE, INCLUDING INTEREST AT THE DEFAULT RATE AND ANY OTHER CHARGES
LENDER MAY IMPOSE IN CONNECTION WITH THE PLACEMENT OF THE INSURANCE UNTIL THE
EFFECTIVE DATE OF THE CANCELLATION OR THE EXPIRATION OF THE INSURANCE. THE COSTS
OF THE INSURANCE SHALL BE ADDED TO BORROWER'S TOTAL OUTSTANDING BALANCE OR
OBLIGATION AND SHALL CONSTITUTE ADDITIONAL INDEBTEDNESS. THE COSTS OF THE
INSURANCE MAY BE MORE THAN THE COST OF INSURANCE BORROWER MAY BE ABLE TO OBTAIN
ON ITS OWN. BORROWER MAY LATER CANCEL ANY INSURANCE PURCHASED BY LENDER, BUT
ONLY AFTER PROVIDING EVIDENCE THAT BORROWER HAS OBTAINED INSURANCE AS REQUIRED
BY THIS LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS. (b) Application of Proceeds
on Event of Loss. (1) Upon an event of loss, Lender may, at Lender's option: (A)
hold such proceeds to be applied to reimburse Borrower for the cost of
Restoration (in accordance with Lender's then-current policies relating to the
restoration of casualty damage on similar multifamily residential properties);
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(B) apply such proceeds to the payment of the Indebtedness, whether or not then
due; provided, however, Lender shall not apply insurance proceeds to the payment
of the Indebtedness and shall permit Restoration pursuant to Section
9.03(b)(l)(A) if all of the following conditions are met: (i) no Event of
Default has occurred and is continuing (or any event which, with the giving of
written notice or the passage of time, or both, would constitute an Event of
Default has occurred and is continuing); (ii) Lender determines that the
combination of insurance proceeds and amounts provided by Borrower will be
sufficient funds to complete the Restoration; (iii) Lender determines that the
Net Cash Flow generated by the Mortgaged Property after completion of the
Restoration will be sufficient to support a debt service coverage ratio not less
than the debt service coverage ratio immediately prior to the event of loss, but
in no event less than I.Ox (the debt service coverage ratio shall be calculated
on a thirty (30) year amortizing basis (if applicable, on a proforma basis
approved by Lender) in all events and shall include all operating costs and
other expenses, Imposition Deposits, deposits to Collateral Accounts, and
Mortgage Loan repayment obligations); (iv) Lender determines that the
Restoration will be completed before the earlier of ( 1) one year before the
stated Maturity Date, or (2) one year after the date of the loss or casualty;
and (v) Borrower provides Lender, upon written request, evidence of the
availability during and after the Restoration of the insurance required to be
maintained by Borrower pursuant to this Loan Agreement. After the completion of
Restoration in accordance with the above requirements, as determined by Lender,
the balance, if any, of such proceeds shall be returned to Borrower. (2)
Notwithstanding the foregoing, if any loss is estimated to be in an amount equal
to or less than $50,000, Lender shall not exercise its rights and remedies as
power­ of-attorney herein and shall allow Borrower to make proof of loss, to
adjust and compromise any claims under policies of property damage insurance, to
appear in and prosecute any action arising from such policies of property damage
insurance, and to collect and receive the proceeds of property damage insurance;
provided that each of the following conditions shall be satisfied: (A) Borrower
shall immediately notify Lender of the casualty giving rise to the claim;
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(B) no Event of Default has occurred and is continuing (or any event which, with
the giving of written notice or the passage of time, or both, would constitute
an Event of Default has occurred and is continuing); (C) the Restoration will be
completed before the earlier of (i) one year before the stated Maturity Date, or
(ii) one year after the date of the loss or casualty; (D) Lender determines that
the combination of insurance proceeds and amounts provided by Borrower will be
sufficient funds to complete the Restoration; (E) all proceeds of property
damage insurance shall be issued in the form of joint checks to Borrower and
Lender; (F) all proceeds of property damage insurance shall be applied to the
Restoration; (G) Borrower shall deliver to Lender evidence satisfactory to
Lender of completion of the Restoration and obtainment of all lien releases; (H)
Borrower shall have complied to Lender's satisfaction with the foregoing
requirements on any prior claims subject to this provision, if any; and (I)
Lender shall have the right to inspect the Mortgaged Property (subject to the
rights of tenants under the Leases). (3) If Lender elects to apply insurance
proceeds to the Indebtedness in accordance with the terms of this Loan
Agreement, Borrower shall not be obligated to restore or repair the Mortgaged
Property. Rather, Borrower shall restrict access to the damaged portion of the
Mortgaged Property and, at its expense and regardless of whether such costs are
covered by insurance, clean up any debris resulting from the casualty event,
and, if required or otherwise permitted by Lender, demolish or raze any
remaining part of the damaged Mortgaged Property to the extent necessary to keep
and maintain the Mortgaged Property in a safe, habitable, and marketable
condition. Nothing in this Section 9.03(b) shall affect any of Lender's remedial
rights against Borrower in connection with a breach by Borrower of any of its
obligations under this Loan Agreement or under any Loan Document, including any
failure to timely pay Monthly Debt Service Payments or maintain the insurance
coverage(s) required by this Loan Agreement. (c) Payment Obligations Unaffected.
The application of any insurance proceeds to the Indebtedness shall not extend
or postpone the Maturity Date, or the due date or the full payment of any
Monthly Debt Service Payment, Monthly Replacement Reserve Deposit, or any other
installments referred to in this Multifamily Loan and Security Agreement
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Loan Agreement or in any other Loan Document. Notwithstanding the foregoing, if
Lender applies insurance proceeds to the Indebtedness in connection with a
casualty of less than the entire Mortgaged Property, and after such application
of proceeds the debt service coverage ratio (as determined by Lender) is less
than l.25x based on the then-applicable Monthly Debt Service Payment and the
anticipated ongoing Net Cash Flow of the Mortgaged Property after such casualty
event, then Lender may, at its discretion, permit an adjustment to the Monthly
Debt Service Payments that become due and owing thereafter, based on Lender's
then-current underwriting requirements. In no event shall the preceding sentence
obligate Lender to make any adjustment to the Monthly Debt Service Payments. (d)
Foreclosure Sale. If the Mortgaged Property is transferred pursuant to a
Foreclosure Event or Lender otherwise acquires title to the Mortgaged Property,
Borrower acknowledges that Lender shall automatically succeed to all rights of
Borrower in and to any insurance policies and unearned insurance premiums
applicable to the Mortgaged Property and in and to the proceeds resulting from
any damage to the Mortgaged Property prior to such Foreclosure Event or such
acquisition. (e) Appointment of Lender as Attorney-In-Fact. Borrower hereby
authorizes and appoints Lender as attorney-in-fact pursuant to Section 14.03(c).
ARTICLE 10- CONDEMNATION Section 10.01 Representations and Warranties. The
representations and warranties made by Borrower to Lender in this Section 10.01
are made as of the Effective Date and are true and correct except as disclosed
on the Exceptions to Representations and Warranties Schedule. (a) Prior
Condemnation Action. No part of the Mortgaged Property has been taken in
connection with a Condemnation Action. (b) Pending Condemnation Actions. No
Condemnation Action is pending nor, to Borrower's knowledge, is threatened for
the partial or total condemnation or taking of the Mortgaged Property.
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Section 10.02 Covenants. (a) Notice of Condemnation. Borrower shall: (1)
promptly notify Lender of any Condemnation Action of which Borrower has
knowledge; (2) appear in and prosecute or defend, at its own cost and expense,
any action or proceeding relating to any Condemnation Action, including any
defense of Lender's interest in the Mortgaged Property tendered to Borrower by
Lender, unless otherwise directed by Lender in writing; and (3) execute such
further evidence of assignment of any condemnation award in connection with a
Condemnation Action as Lender may require. (b) Condemnation Proceeds. Borrower
shall pay to Lender all awards or proceeds of a Condemnation Action promptly
upon receipt. Section 10.03 Mortgage Loan Administration Matters Regarding
Condemnation. (a) Application of Condemnation Awards. Lender may apply any
awards or proceeds of a Condemnation Action, after the deduction of Lender's
expenses incurred in the collection of such amounts, to: ( 1) the restoration or
repair of the Mortgaged Property, if applicable; (2) the payment of the
Indebtedness, with the balance, if any, paid to Borrower; or (3) Borrower. (b)
Payment Obligations Unaffected. The application of any awards or proceeds of a
Condemnation Action to the Indebtedness shall not extend or postpone the
Maturity Date, or the due date or the full payment of any Monthly Debt Service
Payment, Monthly Replacement Reserve Deposit, or any other installments referred
to in this Loan Agreement or in any other Loan Document. (c) Appointment of
Lender as Attorney-In-Fact. Borrower hereby authorizes and appoints Lender as
attorney-in-fact pursuant to Section 14.03(c). Multifamily Loan and Security
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(d) Preservation of Mortgaged Property. If a Condemnation Action results in or
from damage to the Mortgaged Property and Lender elects to apply the proceeds or
awards from such Condemnation Action to the Indebtedness in accordance with the
terms of this Loan Agreement, Borrower shall not be obligated to restore or
repair the Mortgaged Property. Rather, Borrower shall restrict access to any
portion of the Mortgaged Property which has been damaged or destroyed in
connection with such Condemnation Action and, at Borrower's expense and
regardless of whether such costs are covered by insurance, clean up any debris
resulting in or from the Condemnation Action, and, if required by any
Governmental Authority or otherwise permitted by Lender, demolish or raze any
remaining part of the damaged Mortgaged Property to the extent necessary to keep
and maintain the Mortgaged Property in a safe, habitable, and marketable
condition. Nothing in this Section 10.03(d) shall affect any of Lender's
remedial rights against Borrower in connection with a breach by Borrower of any
of its obligations under this Loan Agreement or under any Loan Document,
including any failure to timely pay Monthly Debt Service Payments or maintain
the insurance coverage(s) required by this Loan Agreement. ARTICLE 11 - LIENS,
TRANSFERS, AND ASSUMPTIONS Section 11.01 Representations and Warranties. The
representations and warranties made by Borrower to Lender in this Section 11.01
are made as of the Effective Date and are true and correct except as disclosed
on the Exceptions to Representations and Warranties Schedule. (a) No Labor or
Materialmen's Claims. All parties furnishing labor and materials on behalf of
Borrower have been paid in full. There are no mechanics' or materialmen's liens
(whether filed or unfiled) outstanding for work, labor, or materials (and no
claims or work outstanding that under applicable law could give rise to any such
mechanics' or materialmen's liens) affecting the Mortgaged Property, whether
prior to, equal with, or subordinate to the lien of the Security Instrument. (b)
No Other Interests. No Person: (1) other than Borrower has any possessory
ownership or interest in the Mortgaged Property or right to occupy the same
except under and pursuant to the provisions of existing Leases, the material
terms of all such Leases having been previously disclosed in writing to Lender;
nor (2) has an option, right of first refusal, or right of first offer (except
as required by applicable law) to purchase the Mortgaged Property, or any
interest in the Mortgaged Property. Multifamily Loan and Security Agreement
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Section 11.02 Covenants. (a) Liens; Encumbrances. Borrower shall not permit the
grant, creation, or existence of any Lien, whether voluntary, involuntary, or by
operation of law, on all or any portion of the Mortgaged Property (including any
voluntary, elective, or non-compulsory tax lien or assessment pursuant to a
voluntary, elective, or non-compulsory special tax district or similar regime)
other than: (1) Permitted Encumbrances; (2) the creation of: (A) any tax lien,
municipal lien, utility lien, mechanics' lien, materialmen's lien, or judgment
lien against the Mortgaged Property if bonded off, released of record, or
otherwise remedied to Lender's satisfaction within sixty (60) days after the
earlier of the date Borrower has actual notice or constructive notice of the
existence of such lien; or (B) any mechanics' or materialmen's liens which
attach automatically under the laws of any Governmental Authority upon the
commencement of any work upon, or delivery of any materials to, the Mortgaged
Property and for which Borrower is not delinquent in the payment for any such
work or materials; and (3) the lien created by the Loan Documents. (b)
Transfers. (1) Mortgaged Property. Borrower shall not Transfer, or cause or
permit a Transfer of, all or any part of the Mortgaged Property (including any
interest in the Mortgaged Property) other than: (A) a Transfer to which Lender
has consented in writing; (B) Leases permitted pursuant to the Loan Documents;
(C) the grant of an easement solely for telephone, cable and/or internet
services, provided such easement is a standard form of telephone, cable and/or
internet service easement used by nationally or regionally recognized telephone,
cable and/or internet service providers; (D) a Transfer of obsolete or worn out
Personalty or Fixtures that are contemporaneously replaced by items of equal or
better function and quality which are free of Liens (other than those created by
the Loan Documents); Multifamily Loan and Security Agreement (Non-Recourse) Form
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(E) the grant of an easement, servitude, or restnctlve covenant to which Lender
has consented, and Borrower has paid to Lender, upon demand, all costs and
expenses incurred by Lender in connection with reviewing Borrower's request
(including reasonable attorneys' fees and a $5,000 review fee, which shall be in
lieu of any other Review Fee or Transfer Fee); provided, however, that Borrower
shall be permitted to grant an easement over the Mortgaged Property to a
publicly operated or private franchise utility provided that each of the
following conditions is satisfied: (i) Borrower provides Lender with at least
thirty (30) days prior written notice of the proposed easement; (ii) no Event of
Default has occurred and is continuing, and no event or condition has occurred
and is continuing that, with the giving of written notice or the passage of
time, or both, would become an Event of Default; (iii) prior to the grant,
Lender determines, in its sole discretion, (aa) that the easement will not
materially affect the operation, marketability, or value of the Mortgaged
Property; the health or safety of tenants or visitors; Lender's interest in the
Mortgaged Property; or Borrower's access to the Mortgaged Property or the use of
any easements or amenities which benefit the Mortgaged Property, and (bb) that
the easement will not result in the loss of the use of any residential or
commercial units; (iv) the proposed easement and all rights of the grantee
thereunder are expressly subordinate to the lien of the Security Instrument; (v)
Borrower has paid to Lender all costs and expenses incurred by Lender in
connection with reviewing Borrower's request; (vi) at Lender's sole discretion
and at Borrower's expense, Borrower delivers an endorsement to the Lender's Loan
Policy evidencing the recordation of the easement and an update to the Survey,
if applicable, to reflect the easement if plottable; and (vii) Lender has
reviewed and approved the documents evidencing the proposed easement, and
Borrower delivers to Lender recorded copies of the easement and signed copies of
any unrecorded documents within ten ( 10) days following the granting of the
easement. Any consideration paid to Borrower under this Section 1 l .02(b )(
1)(E) shall be distributed as follows: Multifamily Loan and Security Agreement
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(AA) first, to payment of all of Lender's out of pocket expenses, including but
not limited to attorneys' fees, as well as recording and title costs; (BB)
second, to restoration or repair of the remainder of the Mortgaged Property, if
applicable; (CC) third, an amount not to exceed $250 per individual dwelling
unit (after deducting Borrower's cost and expense incurred in connection with
the granting of such easement) to Borrower for its own account; and (DD) fourth,
any remaining funds will be deposited into the Replacement Reserve; (F) a lien
permitted pursuant to Section 1 l.02(a) of this Loan Agreement; or (G) the
conveyance of the Mortgaged Property following a Foreclosure Event. (2)
Interests in Borrower, Key Principal, or Guarantor. Other than a Transfer to
which Lender has consented in writing, Borrower shall not Transfer, or cause or
permit to be Transferred: (A) any direct or indirect ownership interest in
Borrower, Key Principal, or Guarantor (if applicable) if such Transfer would
cause a change in Control; (B) a direct or indirect Restricted Ownership
Interest in Borrower, Key Principal, or Guarantor (if applicable); (C) fifty
percent (50%) or more of Key Principal's or Guarantor's direct or indirect
ownership interests in Borrower that existed on the Effective Date (individually
or on an aggregate basis); (D) the economic benefits or rights to cash flows
attributable to any ownership interests in Borrower, Key Principal, or Guarantor
(if applicable) separate from the Transfer of the underlying ownership interests
if the Transfer of the underlying ownership interest is prohibited by this Loan
Agreement; or (E) a Transfer to a new key principal or new guarantor (if such
new key principal or guarantor is an entity), which entity has an organizational
existence termination date that ends before the Maturity Date. Multifamily Loan
and Security Agreement (Non-Recourse) Form 6001.NR Page 50 Article 11 04-18 ©
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Notwithstanding the foregoing, if a Publicly-Held Corporation or a Publicly-Held
Trust Controls Borrower, Key Principal, or Guarantor, or owns a direct or
indirect Restricted Ownership Interest in Borrower, Key Principal, or Guarantor,
a Transfer of any ownership interests in such Publicly-Held Corporation or
Publicly-Held Trust shall not be prohibited under this Loan Agreement as long as
(i) such Transfer does not result in a conversion of such Publicly-Held
Corporation or Publicly-Held Trust to a privately held entity, and (ii) Borrower
provides written notice to Lender not later than thirty (30) days thereafter of
any such Transfer that results in any Person owning ten percent (10%) or more of
the ownership interests in such Publicly-Held Corporation or Publicly-Held
Trust. (3) Transfers of Non-Controlling Interests. Transfers of direct or
indirect limited partnership or non-managing member interests in Borrower that
result in a Transfer of fifty percent (50%) or more of the limited partnership
or non-managing membership interests shall be consented to by Lender if such
Transfer satisfies the following conditions: (A) Key Principal or Guarantor (as
applicable) Controls Borrower with the same rights and abilities as Key
Principal or Guarantor (as applicable) Controls Borrower immediately prior to
the date of such Transfer; (B) such Transfer satisfies the requirements of
Section l 1.02(b )(2)(C); (C) Borrower shall provide Lender not less than thirty
(30) days prior written notice of the proposed Transfer and obtain Lender's
approval; (D) Borrower shall provide with its notice to Lender an organizational
chart reflecting, and all organizational documents relevant to, the proposed
Transfer; (E) Borrower shall provide with its notice to Lender a certification
that no change of Control of Borrower or Key Principal shall occur as a result
of such Transfer; (F) the transferee shall not be, as of the date of the
Transfer, a Prohibited Person if, as a result of the Transfer, the transferee
will own twenty­ five percent (25%) or more of the direct or indirect ownership
interests in Borrower (or, if any other investor will own twenty-five percent
(25%) or more of the direct or indirect ownership interests in Borrower that did
not own twenty­ five percent (25%) or more before the Transfer, such investor
shall not, as of the date of the Transfer, be a Prohibited Person); (G) Borrower
shall pay to Lender: Multifamily Loan and Security Agreement (Non-Recourse) Form
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(i) concurrently with its notice to Lender, the Review Fee plus a Transfer Fee
of $25,000; and (ii) upon demand, any out-of-pocket costs and expenses,
including reasonable attorneys' fees and expenses, incurred by Lender in
connection with its review of the Transfer request; and (H) Borrower shall
execute upon demand such documents or certifications as Lender reasonably
requires in order to confirm the post-transfer ownership structure, compliance
with the stated conditions, and any other relevant factual matter. (4) Name
Change or Entity Conversion. Lender shall consent to Borrower changing its name,
changing its jurisdiction of organization, or converting from one type of legal
entity into another type of legal entity for any lawful purpose, provided that:
(A) Lender receives written notice at least thirty (30) days prior to such
change or conversion, which notice shall include organizational charts that
reflect the structure of Borrower both prior to and subsequent to such name
change or entity conversion; (B) such Transfer is not otherwise prohibited under
the provisions of Section 11.02(b)(2); (C) Borrower executes an amendment to
this Loan Agreement and any other Loan Documents required by Lender documenting
the name change or entity conversion; (D) Borrower agrees and acknowledges, at
Borrower's expense, that (i) Borrower will execute and record in the land
records any instrument required by the Property Jurisdiction to be recorded to
evidence such name change or entity conversion (or provide Lender with written
confirmation from the title company (via electronic mail or letter) that no such
instrument is required), (ii) Borrower will execute any additional documents
required by Lender, including the amendment to this Loan Agreement, and allow
such documents to be recorded or filed in the land records of the Property
Jurisdiction, (iii) at Lender's sole discretion, Lender will obtain a "date
down" endorsement to the Lender's Title Policy (or obtain a new Title Policy if
a "date down" endorsement is not available in the Property Jurisdiction),
evidencing title to the Mortgaged Property being in the name of the successor
entity and the Lien of the Security Instrument against the Mortgaged Property,
and (iv) Lender will file any required UCC-3 financing statement and make any
other filing deemed necessary to maintain the priority of its Liens on the
Mortgaged Property; and Multifamily Loan and Security Agreement (Non-Recourse)
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(E) no later than ten (10) days subsequent to such name change or entity
conversion, Borrower shall provide Lender (i) the documentation filed with the
appropriate office in Borrower's state of formation evidencing such name change
or entity conversion, (ii) copies of the organizational documents of Borrower,
including any amendments, filed with the appropriate office in Borrower's state
of formation reflecting the post-conversion Borrower name, form of organization,
and structure, and (iii) if available, new certificates of good standing or
valid formation for Borrower. (5) No Delaware Statutory Trust or Series LLC
Conversion. Notwithstanding any provisions herein to the contrary, no Borrower,
Guarantor, or Key Principal shall convert to a Delaware Statutory Trust or a
series limited liability company. (c) No Other Indebtedness. Other than the
Mortgage Loan, Borrower shall not incur or be obligated at any time with respect
to any loan or other indebtedness (except trade payables as otherwise permitted
in this Loan Agreement), including any indebtedness secured by a Lien on, or the
cash flows from, the Mortgaged Property. (d) No Mezzanine Financing or Preferred
Equity. Neither Borrower nor any direct or indirect owner of Borrower shall: (1)
incur any Mezzanine Debt other than Permitted Mezzanine Debt; (2) issue any
Preferred Equity other than Permitted Preferred Equity; or (3) incur any similar
indebtedness or issue any similar equity. Section 11.03 Mortgage Loan
Administration Matters Regarding Liens, Transfers, and Assumptions. (a)
Assumption of Mortgage Loan. Lender shall consent to a Transfer of the Mortgaged
Property to and an assumption of the Mortgage Loan by a new borrower if each of
the following conditions is satisfied prior to the Transfer: (1) Borrower has
submitted to Lender all information required by Lender to make the determination
required by this Section 1 l.03(a); (2) no Event of Default has occurred and is
continuing, and no event which, with the giving of written notice or the passage
of time, or both, would constitute an Event of Default has occurred and is
continuing; Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR
Page 53 Article 11 04-18 © 2018 Fannie Mae

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(3) Lender determines that: (A) the proposed new borrower, new key principal,
and any other new guarantor fully satisfy all of Lender's then-applicable
borrower, key principal, or guarantor eligibility, credit, management, and other
loan underwriting standards, which shall include an analysis of (i) the previous
relationships between Lender and the proposed new borrower, new key principal,
new guarantor, and any Person in Control of them, and the organization of the
new borrower, new key principal, and new guarantor (if applicable), and (ii) the
operating and financial performance of the Mortgaged Property, including
physical condition and occupancy; (B) none of the proposed new borrower, new key
principal, and any new guarantor, or any owners of the proposed new borrower,
new key principal, and any new guarantor, are a Prohibited Person; and (C) none
of the proposed new borrower, new key principal, and any new guarantor (if any
of such are entities) shall have an organizational existence termination date
that ends before the Maturity Date; (4) [reserved]; (5) the proposed new
borrower has: (A) executed an assumption agreement acceptable to Lender that,
among other things, requires the proposed new borrower to assume and perform all
obligations of Borrower (or any other transferor), and that may require that the
new borrower comply with any provisions of any Loan Document that previously may
have been waived by Lender for Borrower, subject to the terms of Section
11.03(g); (B) if required by Lender, delivered to the title company for filing
and/or recording in all applicable jurisdictions, all applicable Loan Documents
including the assumption agreement to correctly evidence the assumption and the
confirmation, continuation, perfection, and priority of the Liens created
hereunder and under the other Loan Documents; and (C) delivered to Lender a
"date-down" endorsement to the Title Policy acceptable to Lender ( or a new
title insurance policy if a "date-down" endorsement is not available); (6) one
or more individuals or entities acceptable to Lender as new guarantors have
executed and delivered to Lender: Multifamily Loan and Security Agreement
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(A) an assumption agreement acceptable to Lender that requires the new guarantor
to assume and perform all obligations of Guarantor under any Guaranty given in
connection with the Mortgage Loan; or (B) a substitute Non-Recourse Guaranty and
other substitute guaranty in a form acceptable to Lender; (7) Lender has
reviewed and approved the Transfer documents; and (8) Lender has received the
fees described in Section l 1.03(g). (b) Transfers to Key Principal-Owned
Affiliates or Guarantor-Owned Affiliates. (1) Except as otherwise covered in
Section 1 l.03(b)(2) below, Transfers of direct or indirect ownership interests
in Borrower to Key Principal or Guarantor, or to a transferee through which Key
Principal or Guarantor (as applicable) Controls Borrower with the same rights
and abilities as Key Principal or Guarantor (as applicable) Controls Borrower
immediately prior to the date of such Transfer, shall be consented to by Lender
if such Transfer satisfies the applicable requirements of Section l l.03(a) as
they would relate to such transferee, other than Section 1 l.03(a)(5). (2)
Transfers of direct or indirect interests in Borrower held by a Key Principal or
Guarantor to other Key Principals or Guarantors, as applicable, shall be
consented to by Lender if such Transfer satisfies the following conditions: (A)
the Transfer does not cause a change in the Control of Borrower; and (B) the
transferor Key Principal or Guarantor maintains the same right and ability to
Control Borrower as existed prior to the Transfer. If the conditions set forth
in this Section 11.03(b) are satisfied, the Transfer Fee shall be waived
provided Borrower shall pay the Review Fee and out-of-pocket costs set forth in
Section 1 l.03(g). (c) Estate Planning. Notwithstanding the provisions of
Section 1 l.02(b)(2), so long as (1) the Transfer does not cause a change in the
Control of Borrower, and (2) Key Principal and Guarantor, as applicable,
maintain the same right and ability to Control Borrower as existed prior to the
Transfer, Lender shall consent to Transfers of direct or indirect ownership
interests in Borrower and Transfers of direct or indirect ownership interests in
an entity Key Principal or entity Guarantor to: (A) Immediate Family Members of
such transferor, each of whom must have obtained the legal age of majority;
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(B) United States domiciled trusts established for the benefit of the transferor
or Immediate Family Members of the transferor; or (C) partnerships or limited
liability companies of which the partners or members, respectively, are
comprised entirely of (i) such transferor and Immediate Family Members (each of
whom must have obtained the legal age of majority) of such transferor, (ii)
Immediate Family Members (each of whom must have obtained the legal age of
majority) of such transferor, or (iii) United States domiciled trusts
established for the benefit of the transferor or Immediate Family Members of the
transferor. If the conditions set forth in this Section 1 l.03(c) are satisfied,
the Transfer Fee shall be waived provided Borrower shall pay the Review Fee and
out-of-pocket costs set forth in Section 11.03(g). (d) Termination or Revocation
of Trust. If any of Borrower, Guarantor, or Key Principal is a trust, or if
Control of Borrower, Guarantor, or Key Principal is Transferred or if a
Restricted Ownership Interest in Borrower, Guarantor, or Key Principal would be
Transferred due to the termination or revocation of a trust, the termination or
revocation of such trust is an unpermitted Transfer; provided that the
termination or revocation of the trust due to the death of an individual trustor
shall not be considered an unpermitted Transfer so long as: ( 1) Lender is
notified within thirty (30) days of the death; and (2) such Borrower, Guarantor,
Key Principal, or other Person, as applicable, is replaced with an individual or
entity acceptable to Lender, in accordance with the provisions of Section 11.03(
a) within ninety (90) days of the date of the death causing the termination or
revocation. If the conditions set forth in this Section 1 l.03(d) are satisfied,
the Transfer Fee shall be waived; provided Borrower shall pay the Review Fee and
out-of-pocket costs set forth in Section l 1.03(g). (e) Death of Key Principal
or Guarantor; Transfer Due to Death. ( 1) If a Key Principal or Guarantor that
is a natural person dies, or if Control of Borrower, Guarantor, or Key Principal
is Transferred, or if a Restricted Ownership Interest in Borrower, Guarantor, or
Key Principal would be Transferred as a result of the death of a Person (except
in the case of trusts which is addressed in Section l l.03(d)), Borrower must
notify Lender in writing within ninety (90) days in the event of such death.
Unless waived in writing by Lender, the deceased shall be replaced by an
individual or entity within one hundred eighty (180) days, subject to Borrower's
satisfaction of the following conditions: Multifamily Loan and Security
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(A) Borrower has submitted to Lender all information required by Lender to make
the determination required by this Section 11.03(e); (B) Lender determines that,
if applicable: (i) any proposed new key principal and any other new guarantor
(or Person Controlling such new key principal or new guarantor) fully satisfies
all of Lender's then-applicable key principal or guarantor eligibility, credit,
management, and other loan underwriting standards (including any standards with
respect to previous relationships between Lender and the proposed new key
principal and new guarantor (or Person Controlling such new key principal or new
guarantor) and the organization of the new key principal and new guarantor);
(ii) none of any proposed new key principal or any new guarantor, or any owners
of the proposed new key principal or any new guarantor, is a Prohibited Person;
and (iii) none of any proposed new key principal or any new guarantor (if any of
such are entities) shall have an organizational existence termination date that
ends before the Maturity Date; and (C) if applicable, one or more individuals or
entities acceptable to Lender as new guarantors have executed and delivered to
Lender: (i) an assumption agreement acceptable to Lender that requires the new
guarantor to assume and perform all obligations of Guarantor under any Guaranty
given in connection with the Mortgage Loan; or (ii) a substitute Non-Recourse
Guaranty and other substitute guaranty in a form acceptable to Lender. (2) In
the event a replacement Key Principal, Guarantor, or other Person is required by
Lender due to the death described in this Section l l.03(e), and such
replacement has not occurred within such period, the period for replacement may
be extended by Lender to a date not more than one year from the date of such
death; however, Lender may require as a condition to any such extension that:
(A) the then-current property manager be replaced with a property manager
reasonably acceptable to Lender (or if a property manager has not been
previously engaged, a property manager reasonably acceptable to Lender be
engaged); or (B) a lockbox agreement or similar cash management arrangement
(with the property manager) reasonably acceptable to Lender during such extended
replacement period be instituted. Multifamily Loan and Security Agreement
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If the conditions set forth in this Section 11.03(e) are satisfied, the Transfer
Fee shall be waived, provided Borrower shall pay the Review Fee and
out-of-pocket costs set forth in Section 1 l.03(g). (f) Bankruptcy of Guarantor.
(1) Upon the occurrence of any Guarantor Bankruptcy Event, unless waived in
writing by Lender, the applicable Guarantor shall be replaced by an individual
or entity within ninety (90) days of such Guarantor Bankruptcy Event, subject to
Borrower's satisfaction of the following conditions: (A) Borrower has submitted
to Lender all information required by Lender to make the determination required
by this Section 11.03(f); (B) Lender determines that: (i) the proposed new
guarantor fully satisfies all of Lender's then-applicable guarantor eligibility,
credit, management, and other loan underwriting standards (including any
standards with respect to previous relationships between Lender and the proposed
new guarantor and the organization of the new guarantor (if applicable)); (ii)
no new guarantor is a Prohibited Person; and (iii) no new guarantor (if any of
such are entities) shall have an organizational existence termination date that
ends before the Maturity Date; and (C) one or more individuals or entities
acceptable to Lender as new guarantors have executed and delivered to Lender:
(i) an assumption agreement acceptable to Lender that requires the new guarantor
to assume and perform all obligations of Guarantor under any Guaranty given in
connection with the Mortgage Loan; or (ii) a substitute Non-Recourse Guaranty
and other substitute guaranty in a form acceptable to Lender. (2) In the event a
replacement Guarantor is required by Lender due to the Guarantor Bankruptcy
Event described in this Section 11.03(f), and such replacement has not occurred
within such period, the period for replacement may be extended by Lender in its
discretion; however, Lender may require as a condition to any such extension
that: (A) the then-current property manager be replaced with a property manager
reasonably acceptable to Lender (or if a property manager has not been
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previously engaged, a property manager reasonably acceptable to Lender be
engaged); or (B) a lockbox agreement or similar cash management arrangement
(with the property manager) reasonably acceptable to Lender during such extended
replacement period be instituted. If the conditions set forth in this Section
11.03(f) are satisfied, the Transfer Fee shall be waived, provided Borrower
shall pay the Review Fee and out-of-pocket costs set forth in Section 11.03(g).
(g) Further Conditions to Transfers and Assumption. ( 1) In connection with any
Transfer of the Mortgaged Property, or an ownership interest in Borrower, Key
Principal, or Guarantor for which Lender's approval is required under this Loan
Agreement (including Section 11.03(a)), Lender may, as a condition to any such
approval, require: (A) additional collateral, guaranties, or other credit
support to mitigate any risks concerning the proposed transferee or the
performance or condition of the Mortgaged Property; (B) amendment of the Loan
Documents to delete or modify any specially negotiated terms or provisions
previously granted for the exclusive benefit of original Borrower, Key
Principal, or Guarantor and to restore the original provisions of the standard
Fannie Mae form multifamily loan documents, to the extent such provisions were
previously modified; or (C) a modification to the amounts required to be
deposited into the Reserve/Escrow Account pursuant to the terms of Section
13.02(a)(3)(B). (2) In connection with any request by Borrower for consent to a
Transfer, Borrower shall pay to Lender upon demand: (A) the Transfer Fee (to the
extent charged by Lender); (B) the Review Fee (regardless of whether Lender
approves or denies such request); and (C) all of Lender's out-of-pocket costs
(including reasonable attorneys' fees) incurred in reviewing the Transfer
request, regardless of whether Lender approves or denies such request. h) Public
Offering of Securities in Guarantor and/or Key Principal. Multifamily Loan and
Security Agreement (Non-Recourse) Form 6001.NR Page 59 Article 11 04-18 © 2018
Fannie Mae

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Notwithstanding any terms to the contrary in Section 1 l.02(b)(2) above,
Guarantor and/or Key Principal may engage in a public offering of securities of
Guarantor and/or Key Principal, as applicable, and Lender shall waive any
Transfer Fee otherwise due in connection therewith, so long as: (1) such public
offering shall not occur without Lender's prior written notice and consent to
the same; (2) such public offering shall not result in any change in the
management and/or Control of Borrower; (3) such public offering shall not result
in the dilution of the aggregate ownership interests of Guarantor or Key
Principal in Borrower to less than a 51 % ownership interest; and (4) following
any such public offering, there is no Transfer of a Restricted Ownership
Interest in Borrower. (i) Steadfast Affiliate Transfer. Notwithstanding the
restrictions contained in Section 1 l.02(b)(2) (Interests in Borrower, Key
Principal, or Guarantor) and Section 1 l.03(g)(l) (Further Conditions to
Transfers and Assumption), a Transfer of the ownership interests in, or held by,
the Key Principal to Steadfast Apartment REIT, Inc. or other affiliated entity
(the "Steadfast Affiliate"), including without limitation by way of a merger
with the Steadfast Affiliate, and a replacement of Key Principal and Guarantor
by the Steadfast Affiliate, shall be permitted, provided the following
conditions are satisfied: (1) Borrower has submitted to Lender all information
required by Lender to make the determination required by this Section 11.03(i);
(2) Lender determines that: (A) (i) the eligibility, organization, credit, and
experience in the management of similar properties of the Steadfast Affiliate
are appropriate to the overall structure and documentation of the Loan and (ii)
the Steadfast Affiliate and any proposed new key principal and any other new
guarantor (or Person Controlling such new key principal or new guarantor) fully
satisfies all of Lender's then-applicable key principal or guarantor
eligibility, credit, management, and other loan underwriting standards
(including any standards with respect to previous relationships between Lender
and the proposed new key principal and new guarantor (or Person Controlling such
new key principal or new guarantor) and the organization of the new key
principal and new guarantor); (B) none of the Steadfast Affiliate, any proposed
new key principal, or any new guarantor, nor any owners of the Steadfast
Affiliate, any proposed new key principal, or any new guarantor, is a Prohibited
Person; and (C) none of the Steadfast Affiliate, any proposed new key principal,
or any new guarantor (if any of such are entities) shall have an organizational
existence termination date that ends before the Maturity Date; (3) One or more
individuals or entities acceptable to Lender as new guarantors have executed and
delivered to Lender: Multifamily Loan and Security Agreement (Non-Recourse) Form
6001.NR Page 60 Article 11 04-18 © 2018 Fannie Mae

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(A) an assumption agreement acceptable to Lender that requires the new guarantor
to assume and perform all obligations of Guarantor under any Guaranty given in
connection with the Mortgage Loan; or (B) a substitute Non-Recourse Guaranty and
other substitute guaranty in a form acceptable to Lender. (4) Borrower shall
provide with its notice to Lender an organizational chart reflecting, and all
organizational documents relevant to, the proposed Transfer; (5) Borrower shall
provide with its notice to Lender a certification that: (i) no Event of Default
shall occur as a result of such Transfer; and (ii) no Event of Default has
occurred and is continuing; (6) No Event of Default shall have occurred and be
continuing: (i) at the time Lender is notified of the Transfer; and (ii) at the
time of such Transfer; (7) Borrower shall pay to Lender, concurrently with its
notice to Lender, the Review Fee plus a Transfer Fee of $0.00 and, upon demand,
any out-of-pocket costs and expenses, including attorneys' fees and expenses,
incurred by Lender in connection with its review of the Transfer request; (8)
Borrower shall execute upon demand such documents or certifications as Lender
reasonably requires in order to confirm the post-transfer ownership structure,
compliance with the stated conditions, and any other relevant factual matter
(including any modifications necessary or desirable to identify the new key
principal in the Loan Documents); and (9) The Steadfast Affiliate is Controlled
by, is under common Control with, or Controls, the Key Principal or the
Steadfast Affiliate and the Key Principal have the same chief executive officer.
ARTICLE 12 - IMPOSITIONS Section 12.01 Representations and Warranties. The
representations and warranties made by Borrower to Lender in this Section 12.01
are made as of the Effective Date and are true and correct except as disclosed
on the Exceptions to Representations and Warranties Schedule. Multifamily Loan
and Security Agreement (Non-Recourse) Form 6001.NR Page 61 Article 11 04-18 ©
2018 Fannie Mae

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(a) Payment of Taxes, Assessments, and Other Charges. Borrower has: (1) paid (or
with the approval of Lender, established an escrow fund sufficient to pay when
due and payable) all amounts and charges relating to the Mortgaged Property that
have become due and payable before any fine, penalty interest, lien, or costs
may be added thereto, including Impositions, leasehold payments, and ground
rents; (2) paid all Taxes for the Mortgaged Property that have become due before
any fine, penalty interest, lien, or costs may be added thereto pursuant to any
notice of assessment received by Borrower and any and all taxes that have become
due against Borrower before any fine, penalty interest, lien, or costs may be
added thereto; (3) no knowledge of any basis for any additional assessments; (4)
no knowledge of any presently pending special assessments against all or any
part of the Mortgaged Property, or any presently pending special assessments
against Borrower; and (5) not received any written notice of any contemplated
special assessment against the Mortgaged Property, or any contemplated special
assessment against Borrower. Section 12.02 Covenants. (a) Imposition Deposits,
Taxes, and Other Charges. Borrower shall: ( 1) deposit the Imposition Deposits
with Lender on each Payment Date (or on another day designated in writing by
Lender) in amount sufficient, in Lender's discretion, to enable Lender to pay
each Imposition before the last date upon which such payment may be made without
any penalty or interest charge being added, plus an amount equal to no more than
one-sixth (1/6) (or the amount permitted by applicable law) of the Impositions
for the trailing twelve (12) months (calculated based on the aggregate annual
Imposition costs divided by twelve (12) and multiplied by two (2)); (2) deposit
with Lender, within ten (10) days after written notice from Lender (subject to
applicable law), such additional amounts estimated by Lender to be reasonably
necessary to cure any deficiency in the amount of the Imposition Deposits held
for payment of a specific Imposition; (3) except as set forth in Section
12.03(c) below, pay all Impositions, leasehold payments, ground rents, and Taxes
when due and before any fine, penalty interest, lien, or costs may be added
thereto; Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR
Page 62 Article 12 04-18 © 2018 Fannie Mae

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(4) promptly deliver to Lender a copy of all notices of, and invoices for,
Impositions, and, if Borrower pays any Imposition directly, Borrower shall
promptly furnish to Lender receipts evidencing such payments; and (5) promptly
deliver to Lender a copy of all notices of any special assessments and
contemplated special assessments against the Mortgaged Property or Borrower.
Section 12.03 Mortgage Loan Administration Matters Regarding Impositions. (a)
Maintenance of Records by Lender. Lender shall maintain records of the monthly
and aggregate Imposition Deposits held by Lender for the purpose of paying
Taxes, insurance premiums, and each other obligation of Borrower for which
Imposition Deposits are required. (b) Imposition Accounts. All Imposition
Deposits shall be held in an institution (which may be Lender, if Lender is such
an institution) whose deposits or accounts are insured or guaranteed by a
federal agency and which accounts meet the standards for custodial accounts as
required by Lender from time to time. Lender shall not be obligated to open
additional accounts, or deposit Imposition Deposits in additional institutions,
when the amount of the Imposition Deposits exceeds the maximum amount of the
federal deposit insurance or guaranty. No interest, earnings, or profits on the
Imposition Deposits shall be paid to Borrower unless applicable law so requires.
Imposition Deposits shall not be trust funds, nor shall they operate to reduce
the Indebtedness, unless applied by Lender for that purpose in accordance with
this Loan Agreement. For the purposes of 9-104(a)(3) of the UCC, Lender is the
owner of the Imposition Deposits and shall be deemed a "customer" with sole
control of the account holding the Imposition Deposits. (c) Payment of
Impositions; Sufficiency of Imposition Deposits. Lender may pay an Imposition
according to any bill, statement, or estimate from the appropriate public office
or insurance company without inquiring into the accuracy of the bill, statement,
or estimate or into the validity of the Imposition. Imposition Deposits shall be
required to be used by Lender to pay Taxes, insurance premiums and any other
individual Imposition only if: ( 1) no Event of Default exists; (2) Borrower has
timely delivered to Lender all applicable bills or premium notices that it has
received; and (3) sufficient Imposition Deposits are held by Lender for each
Imposition at the time such Imposition becomes due and payable. Multifamily Loan
and Security Agreement (Non-Recourse) Form 6001.NR Page 63 Article 12 04-18 ©
2018 Fannie Mae

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Lender shall have no liability to Borrower or any other Person for failing to
pay any Imposition if any of the conditions are not satisfied. If at any time
the amount of the Imposition Deposits held for payment of a specific Imposition
exceeds the amount reasonably deemed necessary by Lender to be held in
connection with such Imposition, the excess may be credited against future
installments of Imposition Deposits for such Imposition. (d) Imposition Deposits
Upon Event of Default. If an Event of Default has occurred and is continuing,
Lender may apply any Imposition Deposits, in such amount and in such order as
Lender determines, to pay any Impositions or as a credit against the
Indebtedness. (e) Contesting Impositions. Other than insurance premiums,
Borrower may contest, at its expense, by appropriate legal proceedings, the
amount or validity of any Imposition if: ( 1) Borrower notifies Lender of the
commencement or expected commencement of such proceedings; (2) Lender determines
that the Mortgaged Property is not in danger of being sold or forfeited; (3)
Borrower deposits with Lender (or the applicable Governmental Authority if
required by applicable law) reserves sufficient to pay the contested Imposition,
if required by Lender (or the applicable Governmental Authority); (4) Borrower
furnishes whatever additional security is required m the proceedings or is
reasonably requested in writing by Lender; and (5) Borrower commences, and at
all times thereafter diligently prosecutes, such contest in good faith until a
final determination is made by the applicable Governmental Authority. (f)
Release to Borrower. Upon payment in full of all sums secured by the Security
Instrument and this Loan Agreement and release by Lender of the lien of the
Security Instrument, Lender shall disburse to Borrower the balance of any
Imposition Deposits then on deposit with Lender. Multifamily Loan and Security
Agreement (Non-Recourse) Form 6001.NR Page 64 Article 12 04-18 © 2018 Fannie Mae

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ARTICLE 13 - REPLACEMENT RESERVE AND REPAIRS Section 13.01 Covenants. (a)
Initial Deposits to Replacement Reserve Account and Repairs Escrow Account. On
the Effective Date, Borrower shall pay to Lender: ( 1) the Initial Replacement
Reserve Deposit for deposit into the Replacement Reserve Account; and (2) the
Repairs Escrow Deposit for deposit into the Repairs Escrow Account. (b) Monthly
Replacement Reserve Deposits. Borrower shall deposit the applicable Monthly
Replacement Reserve Deposit into the Replacement Reserve Account on each Payment
Date. (c) Payment for Replacements and Repairs. Borrower shall: (1) pay all
invoices for the Replacements and Repairs, regardless of whether funds on
deposit in the Replacement Reserve Account or the Repairs Escrow Account, as
applicable, are sufficient, prior to any request for disbursement from the
Replacement Reserve Account or the Repairs Escrow Account, as applicable (unless
Lender has agreed to issue joint checks in connection with a particular
Replacement or Repair); (2) pay all applicable fees and charges of any
Governmental Authority on account of the Replacements and Repairs, as
applicable; and (3) provide evidence satisfactory to Lender of completion of the
Replacements and any Required Repairs (within the Completion Period or within
such other period or by such other date set forth in the Required Repair
Schedule and any Borrower Requested Repairs and Additional Lender Repairs (by
the date specified by Lender for any such Borrower Requested Repairs or
Additional Lender Repairs)). (d) Assignment of Contracts for Replacements and
Repairs. Borrower shall collaterally assign to Lender as additional security any
contract or subcontract for Replacements or Repairs, upon Lender's written
request, on a form of assignment approved by Lender. Multifamily Loan and
Security Agreement (Non-Recourse) Form 6001.NR Page65 Article 13 04-18 © 2018
Fannie Mae

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(e) Indemnification. If Lender elects to exercise its rights under Section 14.03
due to Borrower's failure to timely commence or complete any Replacements or
Repairs, Borrower shall indemnify and hold Lender harmless for, from and against
any and all actions, suits, claims, demands, liabilities, losses, damages,
obligations, and costs or expenses, including litigation costs and reasonable
attorneys' fees, arising from or in any way connected with the performance by
Lender of the Replacements or Repairs or investment of the Reserve/Escrow
Account Funds; provided that Borrower shall have no indemnity obligation if such
actions, suits, claims, demands, liabilities, losses, damages, obligations, and
costs or expenses, including litigation costs and reasonable attorneys' fees,
arise as a result of the willful misconduct or gross negligence of Lender,
Lender's agents, employees, or representatives as determined by a court of
competent jurisdiction pursuant to a final non-appealable court order. (f)
Amendments to Loan Documents. Subject to Section 5.02, Borrower shall execute
and deliver to Lender, upon written request, an amendment to this Loan
Agreement, the Security Instrument, and any other Loan Document deemed necessary
or desirable to perfect Lender's lien upon any portion of the Mortgaged Property
for which Reserve/Escrow Account Funds were expended. (g) Administrative Fees
and Expenses. Borrower shall pay to Lender: ( 1) by the date specified in the
applicable invoice, the Repairs Escrow Account Administrative Fee and the
Replacement Reserve Account Administration Fee for Lender's services in
administering the Repairs Escrow Account and Replacement Reserve Account and
investing the funds on deposit in the Repairs Escrow Account and the Replacement
Reserve Account, respectively; (2) upon demand, a reasonable inspection fee, not
exceeding the Maximum Inspection Fee, for each inspection of the Mortgaged
Property by Lender in connection with a Repair or Replacement, plus all other
reasonable costs and out-of-pocket expenses relating to such inspections; and
(3) upon demand, all reasonable fees charged by any engineer, architect,
inspector or other person inspecting the Mortgaged Property on behalf of Lender
for each inspection of the Mortgaged Property in connection with a Repair or
Replacement, plus all other reasonable costs and out-of-pocket expenses relating
to such inspections. Multifamily Loan and Security Agreement (Non-Recourse) Form
6001.NR Page 66 Article 13 04-18 © 2018 Fannie Mae

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Section 13.02 Mortgage Loan Administration Matters Regarding Reserves. (a)
Accounts, Deposits, and Disbursements. (1) Custodial Accounts. (A) The
Replacement Reserve Account shall be an interest-bearing account that meets the
standards for custodial accounts as required by Lender from time to time. Lender
shall not be responsible for any losses resulting from the investment of the
Replacement Reserve Deposits or for obtaining any specific level or percentage
of earnings on such investment. All interest, if any, earned on the Replacement
Reserve Deposits shall be added to and become part of the Replacement Reserve
Account; provided, however, if applicable law requires, and so long as no Event
of Default has occurred and is continuing under any of the Loan Documents,
Lender shall pay to Borrower the interest earned on the Replacement Reserve
Account not less frequently than the Replacement Reserve Account Interest
Disbursement Frequency. In no event shall Lender be obligated to disburse funds
from the Reserve/Escrow Account if an Event of Default has occurred and is
continuing. (B) Lender shall not be obligated to deposit the Repairs Escrow
Deposits into an interest-bearing account. (2) Disbursements by Lender Only.
Only Lender or a designated representative of Lender may make disbursements from
the Replacement Reserve Account and the Repairs Escrow Account. Except as
provided in Section 13.02(a)(8), disbursements shall only be made upon Borrower
request and after satisfaction of all conditions for disbursement. (3)
Adjustment to Deposits. (A) Mortgage Loan Terms Exceeding Ten (10) Years. If the
Loan Term exceeds ten (10) years (or five (5) years in the case of any Mortgaged
Property that is an "affordable housing property" as indicated on the Summary of
Loan Terms), a property condition assessment shall be ordered by Lender for the
Mortgaged Property at the expense of Borrower (which expense may be paid out of
the Replacement Reserve Account if excess funds are available). The property
condition assessment shall be performed no earlier than the sixth (6th) month
and no later than the ninth (9th) month of the tenth (10th) Loan Year and every
tenth (10th) Loan Year thereafter if the Loan Term exceeds twenty (20) years (or
the fifth (5th) Loan Year in the case of any Mortgaged Property that is an
"affordable housing property" as indicated on the Summary of Loan Terms and
every fifth (5th) Loan Year thereafter if the Loan Term exceeds ten (10) years).
After review of the property condition assessment, the amount of Multifamily
Loan and Security Agreement (Non-Recourse) Form 6001.NR Page 67 Article 13 04-18
© 2018 Fannie Mae

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the Monthly Replacement Reserve Deposit may be adjusted by Lender for the
remaining Loan Term by written notice to Borrower so that the Monthly
Replacement Reserve Deposits are sufficient to fund the Replacements as and when
required and/or the amount to be held in the Repairs Escrow Account may be
adjusted by Lender so that the Repairs Escrow Deposit is sufficient to fund the
Repairs as and when required. (B) Transfers. In connection with any Transfer of
the Mortgaged Property, or any Transfer of an ownership interest in Borrower,
Guarantor, or Key Principal that requires Lender's consent, Lender may review
the amounts on deposit, if any, in the Replacement Reserve Account or the
Repairs Escrow Account, the amount of the Monthly Replacement Reserve Deposit
and the likely repairs and replacements required by the Mortgaged Property, and
the related contingencies which may arise during the remaining Loan Term. Based
upon that review, Lender may require an additional deposit to the Replacement
Reserve Account or the Repairs Escrow Account, or an increase in the amount of
the Monthly Replacement Reserve Deposit as a condition to Lender's consent to
such Transfer. (4) Insufficient Funds. Lender may, upon thirty (30) days' prior
written notice to Borrower, require an additional deposit(s) to the Replacement
Reserve Account or Repairs Escrow Account, or an increase in the amount of the
Monthly Replacement Reserve Deposit, if Lender determines that the amounts on
deposit in either the Replacement Reserve Account or the Repairs Escrow Account
are not sufficient to cover the costs for Required Repairs or Required
Replacements or, pursuant to the terms of Section 13.02(a)(9), not sufficient to
cover the costs for Borrower Requested Repairs, Additional Lender Repairs,
Borrower Requested Replacements, or Additional Lender Replacements. Borrower's
agreement to complete the Replacements or Repairs as required by this Loan
Agreement shall not be affected by the insufficiency of any balance in the
Replacement Reserve Account or the Repairs Escrow Account, as applicable. (5)
Disbursements for Replacements and Repairs. (A) Disbursement requests may only
be made after completion of the applicable Replacements and only to reimburse
Borrower for the actual approved costs of the Replacements (unless Lender has
agreed to issue joint checks in connection with a particular Replacement).
Lender shall not disburse from the Replacement Reserve Account the costs of
routine maintenance to the Mortgaged Property or for costs which are to be
reimbursed from the Repairs Escrow Account or any similar account. Disbursement
from the Replacement Reserve Account shall not be made more frequently than the
Maximum Replacement Reserve Disbursement Interval. Other than in connection with
a final request for Multifamily Loan and Security Agreement (Non-Recourse) Form
6001.NR Page 68 Article 13 04-18 © 2018 Fannie Mae

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disbursement, disbursements from the Replacement Reserve Account shall not be
less than the Minimum Replacement Reserve Disbursement Amount. (B) Disbursement
requests may only be made after completion of the applicable Repairs and only to
reimburse Borrower for the actual cost of the Repairs (unless Lender has agreed
to issue joint checks in connection with a particular Repair), up to the Maximum
Repair Cost. Lender shall not disburse any amounts which would cause the funds
remaining in the Repairs Escrow Account after any disbursement (other than with
respect to the final disbursement) to be less than the Maximum Repair Cost of
the then-current estimated cost of completing all remaining Repairs. Lender
shall not disburse from the Repairs Escrow Account the costs of routine
maintenance to the Mortgaged Property or for costs which are to be reimbursed
from the Replacement Reserve Account or any similar account. Disbursement from
the Repairs Escrow Account shall not be made more frequently than the Maximum
Repair Disbursement Interval. Other than in connection with a final request for
disbursement, disbursements from the Repairs Escrow Account shall not be less
than the Minimum Repairs Disbursement Amount. (6) Disbursement Requests. Each
request by Borrower for disbursement from the Replacement Reserve Account or the
Repairs Escrow Account must be in writing, must specify the Replacement or
Repair for which reimbursement is requested (provided that for any Borrower
Requested Replacements, Borrower Requested Repairs, Additional Lender
Replacements, and Additional Lender Repairs, Lender shall have approved the use
of the Reserve/Escrow Account Funds for such replacements or repairs pursuant to
the terms of Section 13.02(a)(9)), and must: (A) if applicable, specify the
quantity and pnce of the items or materials purchased, grouped by type or
category; (B) if applicable, specify the cost of all contracted labor or other
services involved in the Replacement or Repair for which such request for
disbursement is made; (C) if applicable, include copies of invoices for all
items or materials purchased and all contracted labor or services provided; (D)
include evidence of payment of such Replacement or Repair satisfactory to Lender
(unless Lender has agreed to issue joint checks in connection with a particular
Repair or Replacement as provided in this Loan Agreement); and (E) contain a
certification by Borrower that the Repair or Replacement has been completed lien
free and in a good and workmanlike manner, in Multifamily Loan and Security
Agreement (Non-Recourse) Form 6001.NR Page 69 Article 13 04-18 © 2018 Fannie Mae

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accordance with any plans and specifications previously approved by Lender (if
applicable) and in compliance with all applicable laws, ordinances, rules, and
regulations of any Governmental Authority having jurisdiction over the Mortgaged
Property, and otherwise in accordance with the provisions of this Loan
Agreement. (7) Conditions to Disbursement. Lender may require any or all of the
following at the expense of Borrower as a condition to disbursement of funds
from the Replacement Reserve Account or the Repairs Escrow Account (provided
that for any Borrower Requested Replacements, Borrower Requested Repairs,
Additional Lender Replacements, and Additional Lender Repairs, Lender shall have
approved the use of the Reserve/Escrow Account Funds for such replacements or
repairs pursuant to the terms of Section 13.02(a)(9)): (A) an inspection by
Lender of the Mortgaged Property and the applicable Replacement or Repair; (B)
an inspection or certificate of completion by an appropriate independent
qualified professional (such as an architect, engineer or property inspector,
depending on the nature of the Repair or Replacement) selected by Lender; (C)
either: (i) a search of title to the Mortgaged Property effective to the date of
disbursement; or (ii) a "date-down" endorsement to Lender's Title Policy (or a
new Lender's Title Policy if a "date-down" is not available) extending the
effective date of such policy to the date of disbursement, and showing no Liens
other than (1) Permitted Encumbrances, (2) liens which Borrower is diligently
contesting in good faith that have been bonded off to the satisfaction of
Lender, or (3) mechanics' or materialmen's liens which attach automatically
under the laws of any Governmental Authority upon the commencement of any work
upon, or delivery of any materials to, the Mortgaged Property and for which
Borrower is not delinquent in the payment for any such work or materials; and
(D) an acknowledgement of payment, waiver of claims, and release of lien for
work performed and materials supplied from each contractor, subcontractor or
materialman in accordance with the requirements of applicable law and covering
all work performed and materials supplied (including equipment and fixtures) for
the Mortgaged Property by that contractor, subcontractor, or materialman through
the date covered by the disbursement request (or, in the event that payment to
such contractor, subcontractor, or materialman is to be Multifamily Loan and
Security Agreement (Non-Recourse) Form 6001.NR Page 70 Article 13 04-18 © 2018
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made by a joint check, the release of lien shall be effective through the date
covered by the previous disbursement). (8) Joint Checks for Periodic
Disbursements. Lender may, upon Borrower's written request, issue joint checks,
payable to Borrower and the applicable supplier, materialman, mechanic,
contractor, subcontractor, or other similar party, if: (A) the cost of the
Replacement or Repair exceeds the Replacement Threshold or the Repair Threshold,
as applicable, and the contractor performing such Replacement or Repair requires
periodic payments pursuant to the terms of the applicable written contract; (B)
the contract for such Repair or Replacement requires payment upon completion of
the applicable portion of the work; (C) Borrower makes the disbursement request
after completion of the applicable portion of the work required to be completed
under such contract; (D) the materials for which the request for disbursement
has been made are on site at the Mortgaged Property and are properly secured or
installed; (E) Lender determines that the remaining funds in the Replacement
Reserve Account designated for such Replacement, or in the Repairs Escrow
Account designated for such Repair, as applicable, are sufficient to pay such
costs and the then-current estimated cost of completing all remaining Required
Replacements or Required Repairs (at the Maximum Repair Cost), as applicable,
and any other Borrower Requested Replacements, Borrower Requested Repairs,
Additional Lender Replacements, or Additional Lender Repairs that have been
previously approved by Lender; (F) each supplier, materialman, mechanic,
contractor, subcontractor, or other similar party receiving payments shall have
provided, if requested in writing by Lender, a waiver of liens with respect to
amounts which have been previously paid to them; and (G) all other conditions
for disbursement have been satisfied. (9) Replacements and Repairs Other than
Required Replacements or Required Repairs. (A) Borrower Requested Replacements
and Borrower Requested Repairs. Multifamily Loan and Security Agreement
(Non-Recourse) Form 6001.NR Page71 Article 13 04-18 © 2018 Fannie Mae

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Borrower may submit a disbursement request from the Replacement Reserve Account
or the Repairs Escrow Account to reimburse Borrower for any Borrower Requested
Replacement or Borrower Requested Repair. The disbursement request must be in
writing and include an explanation for such request. Lender shall make
disbursements for Borrower Requested Replacements or Borrower Requested Repairs
if: (i) they are of the type intended to be covered by the Replacement Reserve
Account or the Repairs Escrow Account, as applicable; (ii) the costs are
commercially reasonable; (iii) the amount of funds in the Replacement Reserve
Account or Repairs Escrow Account, as applicable, is sufficient to pay such
costs and the then-current estimated cost of completing all remaining Required
Replacements or Required Repairs (at the Maximum Repair Cost), as applicable,
and any other Borrower Requested Replacements, Borrower Requested Repairs,
Additional Lender Replacements or Additional Lender Repairs that have been
previously approved by Lender; and (iv) all conditions for disbursement from the
Replacement Reserve Account or Repairs Escrow Account, as applicable, have been
satisfied. Nothing in this Loan Agreement shall limit Lender's right to require
an additional deposit to the Replacement Reserve Account or an increase to the
Monthly Replacement Reserve Deposit in connection with any such Borrower
Requested Replacements, or an additional deposit to the Repairs Escrow Account
for any such Borrower Requested Repairs. (B) Additional Lender Replacements and
Additional Lender Repairs. Lender may require, as set forth in Section 6.02(b),
Section 6.03(c), or otherwise from time to time, upon written notice to
Borrower, that Borrower make Additional Lender Replacements or Additional Lender
Repairs. Lender shall make disbursements from the Replacement Reserve Account
for Additional Lender Replacements or from the Repairs Escrow Account for
Additional Lender Repairs, as applicable, if: (i) the costs are commercially
reasonable; (ii) the amount of funds in the Replacement Reserve Account or the
Repairs Escrow Account, as applicable, is sufficient to pay such costs and the
then-current estimated cost of completing all remaining Multifamily Loan and
Security Agreement (Non-Recourse) Form 6001.NR Page 72 Article 13 04-18 © 2018
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Required Replacements or Required Repairs (at the Maximum Repair Cost), as
applicable, and any other Borrower Requested Replacements, Borrower Requested
Repairs, Additional Lender Replacements, or Additional Lender Repairs that have
been previously approved by Lender; and (iii) all conditions for disbursement
from the Replacement Reserve Account or Repairs Escrow Account, as applicable,
have been satisfied. Nothing in this Loan Agreement shall limit Lender's right
to require an additional deposit to the Replacement Reserve Account or an
increase to the Monthly Replacement Reserve Deposit for any such Additional
Lender Replacements or an additional deposit to the Repairs Escrow Account for
any such Additional Lender Repair. (10) Excess Costs. In the event any
Replacement or Repair exceeds the approved cost set forth on the Required
Replacement Schedule for Replacements, or the Maximum Repair Cost for Repairs,
Borrower may submit a disbursement request to reimburse Borrower for such excess
cost. The disbursement request must be in writing and include an explanation for
such request. Lender shall make disbursements from the Replacement Reserve
Account or the Repairs Escrow Account, as applicable, if: (A) the excess cost is
commercially reasonable; (B) the amount of funds in the Replacement Reserve
Account or the Repairs Escrow Account, as applicable, is sufficient to pay such
costs and the then-current estimated cost of completing all remaining Required
Replacements or Required Repairs (at the Maximum Repair Cost), as applicable,
and any other Borrower Requested Replacements, Borrower Requested Repairs,
Additional Lender Replacements, or Additional Lender Repairs that have been
previously approved by Lender; and (C) all conditions for disbursement from the
Replacement Reserve Account or the Repairs Escrow Account have been satisfied.
(11) Final Disbursements. Upon completion of all Repairs in accordance with this
Loan Agreement and so long as no Event of Default has occurred and is
continuing, Lender shall disburse to Borrower any amounts then remaining in the
Repairs Escrow Account. Upon payment in full of the Indebtedness and release by
Lender of the lien of the Security Instrument, Lender shall disburse to Borrower
any and all amounts then remaining in the Multifamily Loan and Security
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Replacement Reserve Account and the Repairs Escrow Account (if not previously
released). (b) Approvals of Contracts; Assignment of Claims. Lender retains the
right to approve all contracts or work orders with materialmen, mechanics,
suppliers, subcontractors, contractors, or other parties providing labor or
materials in connection with the Replacements or Repairs. Notwithstanding
Borrower's assignment (in the Security Instrument) of its rights and claims
against all Persons supplying labor or materials in connection with the
Replacement or Repairs, Lender will not pursue any such right or claim unless an
Event of Default has occurred and is continuing or as otherwise provided in
Section 14.03(c). (c) Delays and Workmanship. If any work for any Replacement or
Repair has not timely commenced, has not been timely performed in a workmanlike
manner, or has not been timely completed in a workmanlike manner, Lender may,
without notice to Borrower: (1) withhold disbursements from the Replacement
Reserve Account or Repairs Escrow Account for such unsatisfactory Replacement or
Repair, as applicable; (2) proceed under existing contracts or contract with
third parties to make or complete such Replacement or Repair; (3) apply the
funds in the Replacement Reserve Account or Repairs Escrow Account toward the
labor and materials necessary to make or complete such Replacement or Repair, as
applicable; or (4) exercise any and all other remedies available to Lender under
this Loan Agreement or any other Loan Document, including any remedies otherwise
available upon an Event of Default pursuant to the terms of Section 14.02. To
facilitate Lender's completion or making of such Replacements or Repairs, Lender
shall have the right to enter onto the Mortgaged Property and perform any and
all work and labor necessary to make or complete the Replacements or Repairs and
employ watchmen to protect the Mortgaged Property from damage. All funds so
expended by Lender shall be deemed to have been advanced to Borrower, shall be
part of the Indebtedness and shall be secured by the Security Instrument and
this Loan Agreement. (d) Appointment of Lender as Attorney-In-Fact. Borrower
hereby authorizes and appoints Lender as attorney-in-fact pursuant to Section
14.03(c). Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR
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(e) No Lender Obligation. Nothing in this Loan Agreement shall: ( 1) make Lender
responsible for making or completing the Replacements or Repairs; (2) require
Lender to expend funds, whether from the Replacement Reserve Account, the
Repairs Escrow Account, or otherwise, to make or complete any Replacement or
Repair; (3) obligate Lender to proceed with the Replacements or Repairs; or (4)
obligate Lender to demand from Borrower additional sums to make or complete any
Replacement or Repair. (f) No Lender Warranty. Lender's approval of any plans
for any Replacement or Repair, release of funds from the Replacement Reserve
Account or Repairs Escrow Account, inspection of the Mortgaged Property by
Lender or its agents, representatives, or designees, or other acknowledgment of
completion of any Replacement or Repair in a manner satisfactory to Lender shall
not be deemed an acknowledgment or warranty to any Person that the Replacement
or Repair has been completed in accordance with applicable building, zoning, or
other codes, ordinances, statutes, laws, regulations, or requirements of any
Governmental Authority, such responsibility being at all times exclusively that
of Borrower. ARTICLE 14 - DEFAULTS/REMEDIES Section 14.01 Events of Default. The
occurrence of any one or more of the following in this Section 14.01 shall
constitute an Event of Default under this Loan Agreement. (a) Automatic Events
of Default. Any of the following shall constitute an automatic Event of Default:
(1) any failure by Borrower to pay or deposit when due any amount required by
the Note, this Loan Agreement or any other Loan Document; (2) any failure by
Borrower to maintain the insurance coverage required by any Loan Document; (3)
any failure by Borrower to comply with the provisions of Section 4.02(d)
relating to its single asset status; Multifamily Loan and Security Agreement
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(4) if any warranty, representation, certification, or statement of Borrower,
Guarantor, or Key Principal in this Loan Agreement or any of the other Loan
Documents is false, inaccurate, or misleading in any material respect when made;
(5) fraud, gross negligence, willful misconduct, or material misrepresentation
or material omission by or on behalf of Borrower, Guarantor, or Key Principal or
any of their officers, directors, trustees, partners, members, or managers in
connection with: (A) the application for, or creation of, the Indebtedness; (B)
any financial statement, rent roll, or other report or information provided to
Lender during the term of the Mortgage Loan; or (C) any request for Lender's
consent to any proposed action, including a request for disbursement of
Reserve/Escrow Account Funds or Collateral Account Funds; (6) the occurrence of
any Transfer not permitted by the Loan Documents; (7) the occurrence of a
Bankruptcy Event; (8) the commencement of a forfeiture action or other similar
proceeding, whether civil or criminal, which, in Lender's reasonable judgment,
could result in a forfeiture of the Mortgaged Property or otherwise materially
impair the lien created by this Loan Agreement or the Security Instrument or
Lender's interest in the Mortgaged Property; (9) if Borrower, Guarantor, or Key
Principal is a trust, or if Control of Borrower, Guarantor, or Key Principal is
Transferred or if a Restricted Ownership Interest in Borrower, Guarantor, or Key
Principal would be Transferred due to the termination or revocation of a trust,
the termination or revocation of such trust, except as set forth in Section 1
l.03(d); (10) any failure by Borrower to complete any Repair related to fire,
life, or safety issues in accordance with the terms of this Loan Agreement
within the Completion Period (or such other date set forth on the Required
Repair Schedule or otherwise required by Lender in writing for such Repair); or
(11) any exercise by the holder of any other debt instrument secured by a
mortgage, deed of trust, or deed to secure debt on the Mortgaged Property of a
right to declare all amounts due under that debt instrument immediately due and
payable. (b) Events of Default Subject to a Specified Cure Period. Any of the
following shall constitute an Event of Default subject to the cure period set
forth in the Loan Documents: Multifamily Loan and Security Agreement
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(1) if Key Principal or Guarantor is a natural person, the death of such
individual, unless all requirements of Section 1 l.03(e) are met; (2) the
occurrence of a Guarantor Bankruptcy Event, unless requirements of Section
11.03(f) are met; (3) any failure by Borrower, Key Principal, or Guarantor to
comply with the provisions of Section 5.02(b) and Section 5.02(c); or (4) any
failure by Borrower to perform any obligation under this Loan Agreement or any
Loan Document that is subject to a specified written notice and cure period,
which failure continues beyond such specified written notice and cure period as
set forth herein or in the applicable Loan Document. (c) Events of Default
Subject to Extended Cure Period. The following shall constitute an Event of
Default if the existence of such condition or event, or such failure to perform
or default in performance continues for a period of thirty (30) days after
written notice by Lender to Borrower of the existence of such condition or
event, or of such failure to perform or default in performance, provided,
however, such period may be extended for up to an additional thirty (30) days if
Borrower, in the discretion of Lender, is diligently pursuing a cure of such;
provided, further, however, no such written notice, grace period, or extension
shall apply if, in Lender's discretion, immediate exercise by Lender of a right
or remedy under this Loan Agreement or any Loan Document is required to avoid
harm to Lender or impairment of the Mortgage Loan (including the Loan
Documents), the Mortgaged Property or any other security given for the Mortgage
Loan: (1) any failure by Borrower to perform any of its obligations under this
Loan Agreement or any Loan Document (other than those specified in Section
14.0l(a) or Section 14.0l(b) above) as and when required. Section 14.02
Remedies. (a) Acceleration; Foreclosure. If an Event of Default has occurred and
is continuing, the entire unpaid principal balance of the Mortgage Loan, any
Accrued Interest, interest accruing at the Default Rate, the Prepayment Premium
(if applicable), and all other Indebtedness, at the option of Lender, shall
immediately become due and payable, without any prior written notice to
Borrower, unless applicable law requires otherwise (and in such case, after any
required written notice has been given). Lender may exercise this option to
accelerate regardless of any prior forbearance. In addition, Lender shall have
all rights and remedies afforded to Lender hereunder and under the other Loan
Documents, including, foreclosure on and/or the power of sale of the Mortgaged
Property, as provided in the Security Instrument, and any rights and remedies
available to Lender at law or in equity (subject to Borrower's statutory rights
of reinstatement, if any). Any proceeds of a Foreclosure Event may be held and
applied by Lender as additional collateral for the Multifamily Loan and Security
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Indebtedness pursuant to this Loan Agreement. Notwithstanding the foregoing, the
occurrence of any Bankruptcy Event shall automatically accelerate the Mortgage
Loan and all obligations and Indebtedness shall be immediately due and payable
without written notice or further action by Lender. (b) Loss of Right to
Disbursements from Collateral Accounts. If an Event of Default has occurred and
is continuing, Borrower shall immediately lose all of its rights to receive
disbursements from the Reserve/Escrow Accounts and any Collateral Accounts.
During the continuance of any such Event of Default, Lender may use the
Reserve/Escrow Account Funds and any Collateral Account Funds (or any portion
thereof) for any purpose, including: ( 1) repayment of the Indebtedness,
including principal prepayments and the Prepayment Premium applicable to such
full or partial prepayment, as applicable (however, such application of funds
shall not cure or be deemed to cure any Event of Default); (2) reimbursement of
Lender for all losses and expenses (including reasonable legal fees) suffered or
incurred by Lender as a result of such Event of Default; (3) completion of the
Replacement or Repair or for any other replacement or repair to the Mortgaged
Property; and (4) payment of any amount expended in exercising (and the exercise
of) all rights and remedies available to Lender at law or in equity or under
this Loan Agreement or under any of the other Loan Documents. Nothing in this
Loan Agreement shall obligate Lender to apply all or any portion of the
Reserve/Escrow Account Funds or Collateral Account Funds on account of any Event
of Default by Borrower or to repayment of the Indebtedness or in any specific
order of priority. (c) Remedies Cumulative. Each right and remedy provided in
this Loan Agreement is distinct from all other rights or remedies under this
Loan Agreement or any other Loan Document or afforded by applicable law, and
each shall be cumulative and may be exercised concurrently, independently, or
successively, in any order. Lender shall not be required to demonstrate any
actual impairment of its security or any increased risk of additional default by
Borrower in order to exercise any of its remedies with respect to an Event of
Default. Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR
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Section 14.03 Additional Lender Rights; Forbearance. (a) No Effect Upon
Obligations. Lender may, but shall not be obligated to, agree with Borrower,
from time to time, and without giving notice to, or obtaining the consent of, or
having any effect upon the obligations of, Guarantor, Key Principal, or other
third party obligor, to take any of the following actions: (1) the time for
payment of the principal of or interest on the Indebtedness may be extended, or
the Indebtedness may be renewed in whole or in part; (2) the rate of interest on
or period of amortization of the Mortgage Loan or the amount of the Monthly Debt
Service Payments payable under the Loan Documents may be modified; (3) the time
for Borrower's performance of or compliance with any covenant or agreement
contained in any Loan Document, whether presently existing or hereinafter
entered into, may be extended or such performance or compliance may be waived;
(4) any or all payments due under this Loan Agreement or any other Loan Document
may be reduced; (5) any Loan Document may be modified or amended by Lender and
Borrower in any respect, including an increase in the principal amount of the
Mortgage Loan; (6) any amounts under this Loan Agreement or any other Loan
Document may be released; (7) any security for the Indebtedness may be modified,
exchanged, released, surrendered, or otherwise dealt with, or additional
security may be pledged or mortgaged for the Indebtedness; (8) the payment of
the Indebtedness or any security for the Indebtedness, or both, may be
subordinated to the right to payment or the security, or both, of any other
present or future creditor of Borrower; or (9) any other terms of the Loan
Documents may be modified. (b) No Waiver of Rights or Remedies. Any waiver of an
Event of Default or forbearance by Lender in exercising any right or remedy
under this Loan Agreement or any other Loan Document or otherwise afforded by
applicable law, shall not be a waiver of any other Event of Default or preclude
the exercise or failure to exercise of any other right or remedy. The acceptance
by Lender of payment of all or any part of the Indebtedness after the due date
of such payment, or in an amount which is less Multifamily Loan and Security
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than the required payment, shall not be a waiver of Lender's right to require
prompt payment when due of all other payments on account of the Indebtedness or
to exercise any remedies for any failure to make prompt payment. Enforcement by
Lender of any security for the Indebtedness shall not constitute an election by
Lender of remedies so as to preclude the exercise or failure to exercise of any
other right available to Lender. Lender's receipt of any insurance proceeds or
amounts in connection with a Condemnation Action shall not operate to cure or
waive any Event of Default. (c) Appointment of Lender as Attorney-In-Fact.
Borrower hereby irrevocably makes, constitutes, and appoints Lender (and any
officer of Lender or any Person designated by Lender for that purpose) as
Borrower's true and lawful proxy and attorney-in-fact (and agent-in-fact) in
Borrower's name, place, and stead, with full power of substitution, to: ( 1) use
any of the funds in the Replacement Reserve Account or Repairs Escrow Account
for the purpose of making or completing the Replacements or Repairs; (2) make
such additions, changes, and corrections to the Replacements or Repairs as shall
be necessary or desirable to complete the Replacements or Repairs; (3) employ
such contractors, subcontractors, agents, architects, and inspectors as shall be
required for such purposes; (4) pay, settle, or compromise all bills and claims
for materials and work performed in connection with the Replacements or Repairs,
or as may be necessary or desirable for the completion of the Replacements or
Repairs, or for clearance of title; (5) adjust and compromise any claims under
any and all policies of insurance required pursuant to this Loan Agreement and
any other Loan Document, subject only to Borrower's rights under this Loan
Agreement; (6) appear in and prosecute any action arising from any insurance
policies; (7) collect and receive the proceeds of insurance, and to deduct from
such proceeds Lender's expenses incurred in the collection of such proceeds; (8)
commence, appear in, and prosecute, in Lender's or Borrower's name, any
Condemnation Action; (9) settle or compromise any claim in connection with any
Condemnation Action; ( 10) execute all applications and certificates in the name
of Borrower which may be required by any of the contract documents; Multifamily
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( 11) prosecute and defend all actions or proceedings in connection with the
Mortgaged Property or the rehabilitation and repair of the Mortgaged Property;
(12) take such actions as are permitted in this Loan Agreement and any other
Loan Documents; (13) execute such financing statements and other documents and
to do such other acts as Lender may require to perfect and preserve Lender's
security interest in, and to enforce such interests in, the collateral; and (14)
carry out any remedy provided for in this Loan Agreement and any other Loan
Documents, including endorsing Borrower's name to checks, drafts, instruments
and other items of payment and proceeds of the collateral, executing change of
address forms with the postmaster of the United States Post Office serving the
address of Borrower, changing the address of Borrower to that of Lender, opening
all envelopes addressed to Borrower, and applying any payments contained therein
to the Indebtedness. Borrower hereby acknowledges that the constitution and
appointment of such proxy and attorney-in-fact are coupled with an interest and
are irrevocable and shall not be affected by the disability or incompetence of
Borrower. Borrower specifically acknowledges and agrees that this power of
attorney granted to Lender may be assigned by Lender to Lender's successors or
assigns as holder of the Note (and the other Loan Documents). The foregoing
powers conferred on Lender under this Section 14.03(c) shall not impose any duty
upon Lender to exercise any such powers and shall not require Lender to incur
any expense or take any action. Borrower hereby ratifies and confirms all that
such attorney-in-fact may do or cause to be done by virtue of any provision of
this Loan Agreement and any other Loan Documents. Notwithstanding the foregoing
provisions, Lender shall not exercise its rights as set forth in this Section
14.03(c) unless: (A) an Event of Default has occurred and is continuing, or (B)
Lender determines, in its discretion, that exigent circumstances exist or that
such exercise is necessary or prudent in order to protect and preserve the
Mortgaged Property, or Lender's lien priority and security interest in the
Mortgaged Property. (d) Borrower Waivers. If more than one Person signs this
Loan Agreement as Borrower, each Borrower, with respect to any other Borrower,
hereby agrees that Lender, in its discretion, may: (1) bring suit against
Borrower, or any one or more of Borrower, jointly and severally, or against any
one or more of them; (2) compromise or settle with any one or more of the
persons constituting Borrower, for such consideration as Lender may deem proper;
(3) release one or more of the persons constituting Borrower, from liability; or
Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR Page 81
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(4) otherwise deal with Borrower, or any one or more of them, in any manner, and
no such action shall impair the rights of Lender to collect from any Borrower
the full amount of the Indebtedness. Section 14.04 Waiver of Marshaling.
Notwithstanding the existence of any other security interests in the Mortgaged
Property held by Lender or by any other party, Lender shall have the right to
determine the order in which any or all of the Mortgaged Property shall be
subjected to the remedies provided in this Loan Agreement, any other Loan
Document or applicable law. Lender shall have the right to determine the order
in which all or any part of the Indebtedness is satisfied from the proceeds
realized upon the exercise of such remedies. Borrower and any party who now or
in the future acquires a security interest in the Mortgaged Property and who has
actual or constructive notice of this Loan Agreement waives any and all right to
require the marshaling of assets or to require that any of the Mortgaged
Property be sold in the inverse order of alienation or that any of the Mortgaged
Property be sold in parcels or as an entirety in connection with the exercise of
any of the remedies permitted by applicable law or provided in this Loan
Agreement or any other Loan Documents. Lender shall account for any moneys
received by Lender in respect of any foreclosure on or disposition of collateral
hereunder and under the other Loan Documents provided that Lender shall not have
any duty as to any collateral, and Lender shall be accountable only for amounts
that it actually receives as a result of the exercise of such powers. NONE OF
LENDER OR ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR
REPRESENTATIVES SHALL BE RESPONSIBLE TO BORROWER (a) FOR ANY ACT OR FAILURE TO
ACT UNDER ANY POWER OF ATTORNEY OR OTHERWISE, EXCEPT IN RESPECT OF DAMAGES
ATTRIBUTABLE SOLELY TO THEIR OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS
FINALLY DETERMINED PURSUANT TO A FINAL, NON­ APPEALABLE COURT ORDER BY A COURT
OF COMPETENT JURISDICTION, OR (b) FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR
CONSEQUENTIAL DAMAGES. ARTICLE 15 - MISCELLANEOUS Section 15.01 Governing Law;
Consent to Jurisdiction and Venue. (a) Governing Law. This Loan Agreement and
any other Loan Document which does not itself expressly identify the law that is
to apply to it, shall be governed by the laws of the Property Jurisdiction
without regard to the application of choice of law principles. (b) Venue. Any
controversy arising under or in relation to this Loan Agreement or any other
Loan Document shall be litigated exclusively in the Property Jurisdiction
without regard to conflicts of laws principles. The state and federal courts and
authorities with jurisdiction in the Property Multifamily Loan and Security
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Jurisdiction shall have exclusive jurisdiction over all controversies which
shall arise under or in relation to this Loan Agreement or any other Loan
Document. Borrower irrevocably consents to service, jurisdiction, and venue of
such courts for any such litigation and waives any other venue to which it might
be entitled by virtue of domicile, habitual residence, or otherwise. Section
15.02 Notice. (a) Process of Serving Notice. Except as otherwise set forth
herein or in any other Loan Document, all notices under this Loan Agreement and
any other Loan Document shall be: (1) in writing and shall be: (A) delivered, in
person; (B) mailed, postage prepaid, either by registered or certified delivery,
return receipt requested; (C) sent by overnight courier; or (D) sent by
electronic mail with originals to follow by overnight courier; (2) addressed to
the intended recipient at Borrower's Notice Address and Lender's Notice Address,
as applicable; and (3) deemed given on the earlier to occur of: (A) the date
when the notice is received by the addressee; or (B) if the recipient refuses or
rejects delivery, the date on which the notice is so refused or rejected, as
conclusively established by the records of the United States Postal Service or
such express courier service. (b) Change of Address. Any party to this Loan
Agreement may change the address to which notices intended for it are to be
directed by means of notice given to the other parties identified on the Summary
of Loan Terms in accordance with this Section 15.02. (c) Default Method of
Notice. Any required notice under this Loan Agreement or any other Loan Document
which does not specify how notices are to be given shall be given in accordance
with this Section 15.02. Multifamily Loan and Security Agreement (Non-Recourse)
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(d) Receipt of Notices. Neither Borrower nor Lender shall refuse or reject
delivery of any notice given in accordance with this Loan Agreement. Each party
is required to acknowledge, in writing, the receipt of any notice upon request
by the other party. Section 15.03 Successors and Assigns Bound; Sale of Mortgage
Loan. (a) Binding Agreement. This Loan Agreement shall bind, and the rights
granted by this Loan Agreement shall inure to, the successors and assigns of
Lender and the permitted successors and assigns of Borrower. However, a Transfer
not permitted by this Loan Agreement shall be an Event of Default and shall be
void ab initio. (b) Sale of Mortgage Loan; Change of Servicer. Nothing in this
Loan Agreement shall limit Lender's (including its successors and assigns) right
to sell or transfer the Mortgage Loan or any interest in the Mortgage Loan. The
Mortgage Loan or a partial interest in the Mortgage Loan (together with this
Loan Agreement and the other Loan Documents) may be sold one or more times
without prior written notice to Borrower. A sale may result in a change of the
Loan Servicer. Section 15.04 Counterparts. This Loan Agreement may be executed
in any number of counterparts with the same effect as if the parties hereto had
signed the same document and all such counterparts shall be construed together
and shall constitute one instrument. Section 15.05 Joint and Several (or
Solidary) Liability. If more than one Person signs this Loan Agreement as
Borrower, the obligations of such Persons shall be joint and several (solidary
instead for purposes of Louisiana law). Section 15.06 Relationship of Parties;
No Third Party Beneficiary. (a) Solely Creditor and Debtor. The relationship
between Lender and Borrower shall be solely that of creditor and debtor,
respectively, and nothing contained in this Loan Agreement shall create any
other relationship between Lender and Borrower. Nothing contained in this Loan
Agreement shall constitute Lender as a joint venturer, partner, or agent of
Borrower, or render Lender liable for any debts, obligations, acts, omissions,
representations, or contracts of Borrower. Multifamily Loan and Security
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(b) No Third Party Beneficiaries. No creditor of any party to this Loan
Agreement and no other Person shall be a third party beneficiary of this Loan
Agreement or any other Loan Document or any account created or contemplated
under this Loan Agreement or any other Loan Document. Nothing contained in this
Loan Agreement shall be deemed or construed to create an obligation on the part
of Lender to any third party nor shall any third party have a right to enforce
against Lender any right that Borrower may have under this Loan Agreement.
Without limiting the foregoing: ( 1) any Servicing Arrangement between Lender
and any Loan Servicer shall constitute a contractual obligation of such Loan
Servicer that is independent of the obligation of Borrower for the payment of
the Indebtedness; (2) Borrower shall not be a third party beneficiary of any
Servicing Arrangement; and (3) no payment by the Loan Servicer under any
Servicing Arrangement will reduce the amount of the Indebtedness. Section 15.07
Severability; Entire Agreement; Amendments. The invalidity or unenforceability
of any provision of this Loan Agreement or any other Loan Document shall not
affect the validity or enforceability of any other provision of this Loan
Agreement or of any other Loan Document, all of which shall remain in full force
and effect, including the Guaranty. This Loan Agreement contains the complete
and entire agreement among the parties as to the matters covered, rights
granted, and the obligations assumed in this Loan Agreement. This Loan Agreement
may not be amended or modified except by written agreement signed by the parties
hereto. Section 15.08 Construction. (a) The captions and headings of the
sections of this Loan Agreement and the Loan Documents are for convenience only
and shall be disregarded in construing this Loan Agreement and the Loan
Documents. (b) Any reference in this Loan Agreement to an "Exhibit" or
"Schedule" or a "Section" or an "Article" shall, unless otherwise explicitly
provided, be construed as referring, respectively, to an Exhibit or Schedule
attached to. this Loan Agreement or to a Section or Article of this Loan
Agreement. (c) Any reference in this Loan Agreement to a statute or regulation
shall be construed as referring to that statute or regulation as amended from
time to time. (d) Use of the singular in this Loan Agreement includes the plural
and use of the plural includes the singular. Multifamily Loan and Security
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(e) As used in this Loan Agreement, the term "including" means "including, but
not limited to" or "including, without limitation," and is for example only and
not a limitation. (f) Whenever Borrower's knowledge is implicated in this Loan
Agreement or the phrase "to Borrower's knowledge" or a similar phrase is used in
this Loan Agreement, Borrower's knowledge or such phrase(s) shall be interpreted
to mean to the best of Borrower's knowledge after reasonable and diligent
inquiry and investigation. (g) Unless otherwise provided in this Loan Agreement,
if Lender's approval, designation, determination, selection, estimate, action,
or decision is required, permitted, or contemplated hereunder, such approval,
designation, determination, selection, estimate, action, or decision shall be
made in Lender's sole and absolute discretion. (h) All references in this Loan
Agreement to a separate instrument or agreement shall include such instrument or
agreement as the same may be amended or supplemented from time to time pursuant
to the applicable provisions thereof. (i) "Lender may" shall mean at Lender's
discretion, but shall not be an obligation. (i) If the Mortgage Loan proceeds
are disbursed on a date that is later than the Effective Date, as described in
Section 2.02(a)(l), the representations and warranties in the Loan Documents
with respect to the ownership and operation of the Mortgaged Property shall be
deemed to be made as of the disbursement date. Section 15.09 Mortgage Loan
Servicing. All actions regarding the servicing of the Mortgage Loan, including
the collection of payments, the giving and receipt of notice, inspections of the
Mortgaged Property, inspections of books and records, and the granting of
consents and approvals, may be taken by the Loan Servicer unless Borrower
receives notice to the contrary. If Borrower receives conflicting notices
regarding the identity of the Loan Servicer or any other subject, any such
written notice from Lender shall govern. The Loan Servicer may change from time
to time (whether related or unrelated to a sale of the Mortgage Loan). If there
is a change of the Loan Servicer, Borrower will be given written notice of the
change. Section 15.10 Disclosure of Information. Lender may furnish information
regarding Borrower, Key Principal, or Guarantor, or the Mortgaged Property to
third parties with an existing or prospective interest in the servicing,
enforcement, evaluation, performance, purchase, or securitization of the
Mortgage Loan, including trustees, master servicers, special servicers, rating
agencies, and organizations maintaining databases on the underwriting and
performance of multifamily mortgage loans. Borrower irrevocably waives any and
all rights it may have under applicable law to prohibit such disclosure,
including any right of privacy. Multifamily Loan and Security Agreement
(Non-Recourse) Form 6001.NR Page 86 Article 15 04-18 © 2018 Fannie Mae

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Section 15.11 Waiver; Conflict. No specific waiver of any of the terms of this
Loan Agreement shall be considered as a general waiver. If any provision of this
Loan Agreement is in conflict with any provision of any other Loan Document, the
provision contained in this Loan Agreement shall control. Section 15.12 No
Reliance. Borrower acknowledges, represents, and warrants that: (a) it
understands the nature and structure of the transactions contemplated by this
Loan Agreement and the other Loan Documents; (b) it is familiar with the
provisions of all of the documents and instruments relating to such
transactions; (c) it understands the risks inherent in such transactions,
including the risk of loss of all or any part of the Mortgaged Property; (d) it
has had the opportunity to consult counsel; and (e) it has not relied on Lender
for any guidance or expertise in analyzing the financial or other consequences
of the transactions contemplated by this Loan Agreement or any other Loan
Document or otherwise relied on Lender in any manner in connection with
interpreting, entering into, or otherwise in connection with this Loan
Agreement, any other Loan Document, or any of the matters contemplated hereby or
thereby. Section 15.13 Subrogation. If, and to the extent that, the proceeds of
the Mortgage Loan are used to pay, satisfy, or discharge any obligation of
Borrower for the payment of money that is secured by a pre-existing mortgage,
deed of trust, or other lien encumbering the Mortgaged Property, such Mortgage
Loan proceeds shall be deemed to have been advanced by Lender at Borrower's
request, and Lender shall be subrogated automatically, and without further
action on its part, to the rights, including lien priority, of the owner or
holder of the obligation secured by such prior lien, whether or not such prior
lien is released. Section 15.14 Counting of Days. Except where otherwise
specifically provided, any reference in this Loan Agreement to a period of
"days" means calendar days, not Business Days. If the date on which Borrower is
required to perform an obligation under this Loan Agreement is not a Business
Day, Borrower shall be required to perform such obligation by the Business Day
immediately preceding such date; provided, however, in respect of any Payment
Date, or if the Maturity Date is other than a Business Day, Borrower shall be
obligated to make such payment by the Business Day immediately following such
date. Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR Page
87 Article 15 04-18 © 2018 Fannie Mae

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Section 15.15 Revival and Reinstatement of Indebtedness. If the payment of all
or any part of the Indebtedness by Borrower, Guarantor, or any other Person, or
the transfer to Lender of any collateral or other property should for any reason
subsequently be declared to be void or voidable under any state or federal law
relating to creditors' rights, including provisions of the Insolvency Laws
relating to a Voidable Transfer, and if Lender is required to repay or restore,
in whole or in part, any such Voidable Transfer, or elects to do so upon the
advice of its counsel, then the amount of such Voidable Transfer or the amount
of such Voidable Transfer that Lender is required or elects to repay or restore,
including all reasonable costs, expenses, and attorneys' fees incurred by Lender
in connection therewith, and the Indebtedness shall be automatically revived,
reinstated, and restored by such amount and shall exist as though such Voidable
Transfer had never been made. Section 15.16 Time is of the Essence. Borrower
agrees that, with respect to each and every obligation and covenant contained in
this Loan Agreement and the other Loan Documents, time is of the essence.
Section 15.17 Final Agreement. THIS LOAN AGREEMENT ALONG WITH ALL OF THE OTHER
LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO
THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES. All prior or contemporaneous agreements,
understandings, representations, and statements, oral or written, are merged
into this Loan Agreement and the other Loan Documents. This Loan Agreement, the
other Loan Documents, and any of their provisions may not be waived, modified,
amended, discharged, or terminated except by an agreement in writing signed by
the party against which the enforcement of the waiver, modification, amendment,
discharge, or termination is sought, and then only to the extent set forth in
that agreement. Section 15.18 WAIVER OF TRIAL BY JURY. TO THE MAXIMUM EXTENT
PERMITTED BY APPLICABLE LAW, EACH OF BORROWER AND LENDER (a) COVENANTS AND
AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF
THIS LOAN AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR THE RELATIONSHIP BETWEEN THE
PARTIES AS BORROWER AND LENDER, THAT IS TRIABLE OF RIGHT BY A JURY, AND (b)
WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT
ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY
JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE
BENEFIT OF COMPETENT LEGAL COUNSEL. Multifamily Loan and Security Agreement
(Non-Recourse) Form 6001.NR Page 88 Article 15 04-18 © 2018 Fannie Mae

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[Remainder of Page Intentionally Blank] Multifamily Loan and Security Agreement
(Non-Recourse) Form 6001.NR Page 89 Article 15 04-18 © 2018 Fannie Mae

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IN WITNESS WHEREOF, Borrower and Lender have signed and delivered this Loan
Agreement under seal (where applicable) or have caused this Loan Agreement to be
signed and delivered under seal (where applicable) by their duly authorized
representatives. Where applicable law so provides, Borrower and Lender intend
that this Loan Agreement shall be deemed to be signed and delivered as a sealed
instrument. BORROWER: STAR III BRISTOL VILLAGE, LLC a Delaware limited liability
company By: Steadfast Apartment Advisor III, LLC a Delaware limited liability
company its Manager By: Multifamily Loan and Security Agreement (Non-Recourse)
Form 6001.NR Page S-1 Signature Page 04-18 © 2018 Fannie Mae

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LENDER: BERKELEY POINT CAPITAL LLC, d/b/a NEWMARK KNIGHT FRANK, a Delaware
limited liability company By: · Deborah Demoney Vice President Multifamily Loan
and Security Agreement (Non-Recourse) Form 6001.NR Page S-2 Signature Page 04-18
© 2018 Fannie Mae

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SCHEDULE 1 TO MULTIFAMILY LOAN AND SECURITY AGREEMENT Definitions Schedule
(Interest Rate Type - Fixed Rate) Capitalized terms used in the Loan Agreement
have the meanings given to such terms in this Definitions Schedule. "Accrued
Interest" means unpaid interest, if any, on the Mortgage Loan that has not been
added to the unpaid principal balance of the Mortgage Loan pursuant to Section
2.02(b) (Capitalization of Accrued But Unpaid Interest) of the Loan Agreement.
"Additional Lender Repairs" means repairs of the type listed on the Required
Repair Schedule but not otherwise identified thereon that are determined
advisable by Lender to keep the Mortgaged Property in good order and repair
(ordinary wear and tear excepted) and in good marketable condition or to prevent
deterioration of the Mortgaged Property. "Additional Lender Replacements" means
replacements of the type listed on the Required Replacement Schedule but not
otherwise identified thereon that are determined advisable by Lender to keep the
Mortgaged Property in good order and repair (ordinary wear and tear excepted)
and in good marketable condition or to prevent deterioration of the Mortgaged
Property. "Amortization Period" has the meaning set forth in the Summary of Loan
Terms. "Amortization Type" has the meaning set forth in the Summary of Loan
Terms. "Bank Secrecy Act" means the Bank Secrecy Act of 1970, as amended (e.g.,
31 U.S.C. Sections 5311-5330). "Bankruptcy Event" means any one or more of the
following: (a) the commencement, filing or continuation of a voluntary case or
proceeding under one or more of the Insolvency Laws by Borrower; (b) the
acknowledgment in writing by Borrower (other than to Lender in connection with a
workout) that it is unable to pay its debts generally as they mature; (c) the
making of a general assignment for the benefit of creditors by Borrower; (d) the
commencement, filing or continuation of an involuntary case or proceeding under
one or more Insolvency Laws against Borrower; or Schedule 1 to Multifamily Loan
and Security Agreement - Definitions Schedule (Interest Rate Type - Fixed Rate)
Form 6101.FR Page 1 Fannie Mae 12-17 © 2017 Fannie Mae

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(e) the appointment of a receiver (other than a receiver appointed at the
direction or request of Lender under the terms of the Loan Documents),
liquidator, custodian, sequestrator, trustee or other similar officer who
exercises control over Borrower or any substantial part of the assets of
Borrower; provided, however, that any proceeding or case under (d) or (e) above
shall not be a Bankruptcy Event until the ninetieth (90th) day after filing (if
not earlier dismissed) so long as such proceeding or case occurred without the
consent, encouragement or active participation of (1) Borrower, Guarantor, or
Key Principal, (2) any Person Controlling Borrower, Guarantor, or Key Principal,
or (3) any Person Controlled by or under common Control with Borrower,
Guarantor, or Key Principal (in which event such case or proceeding shall be a
Bankruptcy Event immediately). "Borrower" means, individually (and jointly and
severally (solidarily instead for purposes of Louisiana law) if more than one),
the entity (or entities) identified as "Borrower" in the first paragraph of the
Loan Agreement. "Borrower Affiliate" means, as to Borrower, Guarantor or Key
Principal: (a) any Person (other than the shareholders or beneficial owners of
any Publicly-Held Corporation or a Publicly-Held Trust) that owns any direct
ownership interest in Borrower, Guarantor or Key Principal; (b) any Person that
indirectly owns, with the power to vote, twenty percent (20%) or more of the
ownership interests in Borrower, Guarantor or Key Principal; (c) any Person
Controlled by, under common Control with, or which Controls, Borrower, Guarantor
or Key Principal; (d) any entity in which Borrower, Guarantor or Key Principal
directly or indirectly owns, with the power to vote, twenty percent (20%) or
more of the ownership interests in such entity; or (e) any other individual that
is related (to the third degree of consanguinity) by blood or marriage to
Borrower, Guarantor or Key Principal. "Borrower Requested Repairs" means repairs
not listed on the Required Repair Schedule requested by Borrower to be
reimbursed from the Repairs Escrow Account and determined advisable by Lender to
keep the Mortgaged Property in good order and repair and in a good marketable
condition or to prevent deterioration of the Mortgaged Property. "Borrower
Requested Replacements" means replacements not listed on the Required
Replacement Schedule requested by Borrower to be reimbursed from the Replacement
Reserve Account and determined advisable by Lender to keep the Mortgaged
Property in good order and repair and in a good marketable condition or to
prevent deterioration of the Mortgaged Property. Schedule 1 to Multifamily Loan
and Security Agreement - Definitions Schedule (Interest Rate Type - Fixed Rate)
Form 6101.FR Page2 Fannie Mae 12-17 © 2017 Fannie Mae

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"Borrower's General Business Address" has the meaning set forth in the Summary
of Loan Terms. "Borrower's Notice Address" has the meaning set forth in the
Summary of Loan Terms. "Business Day" means any day other than (a) a Saturday,
(b) a Sunday, (c) a day on which Lender is not open for business, or (d) a day
on which the Federal Reserve Bank of New York is not open for business.
"Collateral Account Funds" means, collectively, the funds on deposit in any or
all of the Collateral Accounts, including the Reserve/Escrow Account Funds.
"Collateral Accounts" means any account designated as such by Lender pursuant to
a Collateral Agreement or as established pursuant to this Loan Agreement,
including the Reserve/Escrow Account. "Collateral Agreement" means any separate
agreement between Borrower and Lender and any other party for the establishment
of any other fund, reserve or account affecting the Mortgage Loan. "Completion
Period" has the meaning set forth in the Summary of Loan Terms. "Condemnation
Action" has the meaning set forth in the Security Instrument. "Control"
(including with correlative meanings, such as "Controlling," "Controlled by" and
"under common Control with") means, as applied to any entity, the possession,
directly or indirectly, of the power to direct or cause the direction of the
management and operations of such entity (including, by way of illustration, the
power to (1) elect the majority of the directors of such entity; (2) make
management decisions on behalf of or independently select the manager of a
limited liability company or the managing partner of a partnership; (3)
independently remove and then select a majority of those individuals exercising
managerial authority over any entity; and (4) limit or otherwise modify the
extent of control over the management and operations of an entity by any Person
exercising managerial authority over such entity), whether through the ownership
of voting securities or other ownership interests, by contract or otherwise.
"Credit Score" means a numerical value or a categorization derived from a
statistical tool or modeling system used to measure credit risk and predict the
likelihood of certain credit behaviors, including default. "Debt Service
Amounts" means the Monthly Debt Service Payments and all other amounts payable
under the Loan Agreement, the Note, the Security Instrument or any other Loan
Document. Schedule 1 to Multifamily Loan and Security Agreement - Definitions
Schedule (Interest Rate Type - Fixed Rate) Form 6101.FR Page3 Fannie Mae 12-17 ©
2017 Fannie Mae

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"Default Rate" means an interest rate equal to the lesser of: (a) the sum of the
Interest Rate plus four (4) percentage points; or (b) the maximum interest rate
which may be collected from Borrower under applicable law. "Definitions
Schedule" means this Schedule 1 (Definitions Schedule) to the Loan Agreement.
"Economic Sanctions" means any economic or financial sanction administered or
enforced by the United States Government (including, without limitation, those
administered by OFAC at http://www. treasury
.gov/about/organizational-structure/offices/Pages/Office-of-Foreign-Assets­
Control. aspx ), the U.S. Department of Commerce, or the U.S. Department of
State. "Effective Date" has the meaning set forth in the Summary of Loan Terms.
"Employee Benefit Plan" means a plan described in Section 3(3) of ERISA,
regardless of whether the plan is subject to ERISA. "Enforcement Costs" has the
meaning set forth in the Security Instrument. "Environmental Indemnity
Agreement" means that certain Environmental Indemnity Agreement dated as of the
Effective Date made by Borrower to and for the benefit of Lender, as the same
may be amended, restated, replaced, supplemented, or otherwise modified from
time to time. "Environmental Inspections" has the meaning set forth in the
Environmental Indemnity Agreement. "Environmental Laws" has the meaning set
forth in the Environmental Indemnity Agreement. "ERISA" means the Employee
Retirement Income Security Act of 1974, as amended. "ERISA Affiliate" shall
mean, with respect to Borrower, any entity that, together with Borrower, would
be treated as a single employer under Section 414(b) or (c) of the Internal
Revenue Code, or Section 4001(a)(l4) of ERISA, or the regulations thereunder.
"ERISA Plan" means any employee pension benefit plan within the meaning of
Section 3(2) of ERISA (or related trust) that is subject to the requirements of
Title N of ERISA, Sections 430 or 431 of the Internal Revenue Code, or Sections
302, 303, or 304 of ERISA, which is maintained or contributed to by Borrower or
its ERISA Affiliates. "Event of Default" means the occurrence of any event
listed m Section 14.01 (Events of Default) of the Loan Agreement. Schedule 1 to
Multifamily Loan and Security Agreement - Definitions Schedule (Interest Rate
Type - Fixed Rate) Form 6101.FR Page4 Fannie Mae 12-17 © 2017 Fannie Mae

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"Exceptions to Representations and Warranties Schedule" means that certain
Schedule 7 (Exceptions to Representations and Warranties Schedule) to the Loan
Agreement. "First Payment Date" has the meaning set forth in the Summary of Loan
Terms. "First Principal and Interest Payment Date" has the meaning set forth in
the Summary of Loan Terms, if applicable. "Fixed Rate" has the meaning set forth
in the Summary of Loan Terms. "Fixtures" has the meaning set forth in the
Security Instrument. "Force Majeure" shall mean acts of God, acts of war, civil
disturbance, governmental action (including the revocation or refusal to grant
licenses or permits, where such revocation or refusal is not due to the fault of
Borrower), strikes, lockouts, fire, unavoidable casualties or any other causes
beyond the reasonable control of Borrower (other than lack of financing), and of
which Borrower shall have notified Lender in writing within ten ( 10) days after
its occurrence. "Foreclosure Event" means: (a) foreclosure under the Security
Instrument; (b) any other exercise by Lender of rights and remedies (whether
under the Security Instrument or under applicable law, including Insolvency
Laws) as holder of the Mortgage Loan and/or the Security Instrument, as a result
of which Lender (or its designee or nominee) or a third party purchaser becomes
owner of the Mortgaged Property; (c) delivery by Borrower to Lender (or its
designee or nominee) of a deed or other conveyance of Borrower's interest in the
Mortgaged Property in lieu of any of the foregoing; or (d) in Louisiana, any
dation en paiement. "Goods" has the meaning set forth in the Security
Instrument. "Governmental Authority" means any court, board, commission,
department or body of any municipal, county, state or federal governmental unit,
or any subdivision of any of them, that has or acquires jurisdiction over
Borrower or the Mortgaged Property or the use, operation or improvement of the
Mortgaged Property. "Guarantor" means, individually and collectively, any
guarantor of the Indebtedness or any other obligation of Borrower under any Loan
Document. "Guarantor Bankruptcy Event" means any one or more of the following:
(a) the commencement, filing or continuation of a voluntary case or proceeding
under one or more of the Insolvency Laws by Guarantor; Schedule 1 to Multifamily
Loan and Security Agreement - Definitions Schedule (Interest Rate Type - Fixed
Rate) Form 6101.FR PageS Fannie Mae 12-17 © 2017 Fannie Mae

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(b) the acknowledgment in writing by Guarantor (other than to Lender in
connection with a workout) that it is unable to pay its debts generally as they
mature; (c) the making of a general assignment for the benefit of creditors by
Guarantor; (d) the commencement, filing or continuation of an involuntary case
or proceeding under one or more Insolvency Laws against Guarantor; or (e) the
appointment of a receiver, liquidator, custodian, sequestrator, trustee or other
similar officer who exercises control over Guarantor or any substantial part of
the assets of Guarantor, as applicable; provided, however, that any proceeding
or case under (d) or (e) above shall not be a Guarantor Bankruptcy Event until
the ninetieth (90th) day after filing (if not earlier dismissed) so long as such
proceeding or case occurred without the consent, encouragement or active
participation of (1) Borrower, Guarantor or Key Principal, (2) any Person
Controlling Borrower, Guarantor or Key Principal, or (3) any Person Controlled
by or under common Control with Borrower, Guarantor or Key Principal (in which
event such case or proceeding shall be a Guarantor Bankruptcy Event
immediately). "Guarantor's General Business Address" has the meaning set forth
in the Summary of Loan Terms. "Guarantor's Notice Address" has the meaning set
forth in the Summary of Loan Terms. "Guaranty" means, individually and
collectively, any Payment Guaranty, Non-Recourse Guaranty or other guaranty
executed by Guarantor in connection with the Mortgage Loan. "Immediate Family
Members" means a child, stepchild, grandchild, spouse, sibling, or parent, each
of whom is not a Prohibited Person. "Imposition Deposits" has the meaning set
forth in the Security Instrument. "Impositions" has the meaning set forth in the
Security Instrument. "Improvements" has the meaning set forth in the Security
Instrument. "Indebtedness" has the meaning set forth in the Security Instrument.
"Initial Replacement Reserve Deposit" has the meaning set forth in the Summary
of Loan Terms. "Insolvency Laws" means the United States Bankruptcy Code, 11
U.S.C. Section 101, et seq., together with any other federal or state law
affecting debtor and creditor rights or relating to the bankruptcy, insolvency,
reorganization, arrangement, moratorium, readjustment of debt, Schedule 1 to
Multifamily Loan and Security Agreement - Definitions Schedule (Interest Rate
Type - Fixed Rate) Form 6101.FR Page6 Fannie Mae 12-17 © 2017 Fannie Mae

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dissolution, liquidation or similar laws, proceedings, or equitable principles
affecting the enforcement of creditors' rights, as amended from time to time.
"Insolvent" means: (a) that the sum total of all of a specified Person's
liabilities (whether secured or unsecured, contingent or fixed, or liquidated or
unliquidated) is in excess of the value of such Person's non-exempt assets,
i.e., all of the assets of such Person that are available to satisfy claims of
creditors; or (b) such Person's inability to pay its debts as they become due.
"Intended Prepayment Date" means the date upon which Borrower intends to make a
prepayment on the Mortgage Loan, as set forth in the Prepayment Notice.
"Interest Accrual Method" has the meaning set forth in the Summary of Loan
Terms. "Interest Only Term" has the meaning set forth in the Summary of Loan
Terms. "Interest Rate" means the Fixed Rate. "Interest Rate Type" has the
meaning set forth in the Summary of Loan Terms. "Internal Revenue Code" means
the Internal Revenue Code of 1986, as amended. "Investor" means any Person to
whom Lender intends to (a) sell, transfer, deliver or assign the Mortgage Loan
in the secondary mortgage market, or (b) sell an MBS backed by the Mortgage
Loan. "Key Principal" means, collectively: (a) the natural person(s) or entity
that Controls Borrower that Lender determines is critical to the successful
operation and management of Borrower and the Mortgaged Property, as identified
as such in the Summary of Loan Terms; or (b) any natural person or entity who
becomes a Key Principal after the date of the Loan Agreement and is identified
as such in an assumption agreement, or another amendment or supplement to the
Loan Agreement. "Key Principal's General Business Address" has the meaning set
forth in the Summary of Loan Terms. "Key Principal's Notice Address" has the
meaning set forth in the Summary of Loan Terms. "Land" means the land described
in Exhibit A to the Security Instrument. Schedule 1 to Multifamily Loan and
Security Agreement - Definitions Schedule (Interest Rate Type - Fixed Rate) Form
6101.FR Page7 Fannie Mae 12-17 © 2017 Fannie Mae

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"Last Interest Only Payment Date" has the meaning set forth in the Summary of
Loan Terms, if applicable. "Late Charge" means an amount equal to the delinquent
amount then due under the Loan Documents multiplied by five percent (5% ).
"Leases" has the meaning set forth in the Security Instrument. "Lender" means
the entity identified as "Lender" in the first paragraph of the Loan Agreement
and its transferees, successors and assigns, or any subsequent holder of the
Note. "Lender's General Business Address" has the meaning set forth in the
Summary of Loan Terms. "Lender's Notice Address" has the meaning set forth in
the Summary of Loan Terms. "Lender's Payment Address" has the meaning set forth
in the Summary of Loan Terms. "Lien" has the meaning set forth in the Security
Instrument. "Loan Agreement" means the Multifamily Loan and Security Agreement
dated as of the Effective Date executed by and between Borrower and Lender to
which this Definitions Schedule is attached, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time. "Loan
Amount" has the meaning set forth in the Summary of Loan Terms. "Loan
Application" means the application for the Mortgage Loan submitted by Borrower
to Lender. "Loan Documents" means the Note, the Loan Agreement, the Security
Instrument, the Environmental Indemnity Agreement, the Guaranty, all guaranties,
all indemnity agreements, all Collateral Agreements, all O&M Plans, and any
other documents now or in the future executed by Borrower, Guarantor, Key
Principal, any other guarantor or any other Person in connection with the
Mortgage Loan, as such documents may be amended, restated, replaced,
supplemented or otherwise modified from time to time. "Loan Servicer" means the
entity that from time to time is designated by Lender to collect payments and
deposits and receive notices under the Note, the Loan Agreement, the Security
Instrument and any other Loan Document, and otherwise to service the Mortgage
Loan for the benefit of Lender. Unless Borrower receives notice to the contrary,
the Loan Servicer shall be the Lender originally named on the Summary of Loan
Terms. "Loan Term" has the meaning set forth in the Summary of Loan Terms. "Loan
Year" has the meaning set forth in the Summary of Loan Terms. Schedule 1 to
Multifamily Loan and Security Agreement - Definitions Schedule (Interest Rate
Type - Fixed Rate) Form 6101.FR Page8 Fannie Mae 12-17 © 2017 Fannie Mae

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"Material Commercial Lease" means: (a) any Lease that comprises five percent
(5%) or more of the total gross income at the Mortgaged Property on an
annualized basis; or (b) regardless of the percentage of the total gross income
at the Mortgaged Property that it comprises, any Lease relating to: (1) solar
power, thermal power generation, or co-power generation, or for the installation
of solar panels or any other electrical power generation equipment, and any
related power purchase agreement; (2) mineral rights or rights relating to
subsurface oil and/or natural gas; (3) telecommunications or a cell tower; or
(4) any dwelling unit at the Mortgaged Property leased to Guarantor, Key
Principal, or another Borrower Affiliate. "Maturity Date" has the meaning set
forth in the Summary of Loan Terms. "Maximum Inspection Fee" has the meaning set
forth in the Summary of Loan Terms. "Maximum Repair Cost" shall be the amount(s)
set forth in the Required Repair Schedule, if any. "Maximum Repair Disbursement
Interval" has the meaning set forth in the Summary of Loan Terms. "Maximum
Replacement Reserve Disbursement Interval" has the meaning set forth in the
Summary of Loan Terms. "MBS" means an investment security that represents an
undivided beneficial interest in a pool of mortgage loans or participation
interests in mortgage loans held in trust pursuant to the terms of a governing
trust document. "Mezzanine Debt" means a loan to a direct or indirect owner of
Borrower secured by a pledge of such owner's interest in an entity owning a
direct or indirect interest in Borrower. "Minimum Repairs Disbursement Amount"
has the meaning set forth in the Summary of Loan Terms. "Minimum Replacement
Reserve Disbursement Amount" has the meaning set forth in the Summary of Loan
Terms. "Monthly Debt Service Payment" has the meaning set forth in the Summary
of Loan Terms. Schedule 1 to Multifamily Loan and Security Agreement -
Definitions Schedule (Interest Rate Type - Fixed Rate) Form 6101.FR Page9 Fannie
Mae 12-17 © 2017 Fannie Mae

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"Monthly Replacement Reserve Deposit" has the meaning set forth in the Summary
of Loan Terms. "Mortgage Loan" means the mortgage loan made by Lender to
Borrower in the principal amount of the Note made pursuant to the Loan
Agreement, evidenced by the Note and secured by the Loan Documents that are
expressly stated to be security for the Mortgage Loan. "Mortgaged Property" has
the meaning set forth in the Security Instrument. "Multifamily Project" has the
meaning set forth in the Summary of Loan Terms. "Multifamily Project Address"
has the meaning set forth in the Summary of Loan Terms. "Net Cash Flow" means,
for any specified period, the total of (a) the net rental income for the
Mortgaged Property, plus (b) other allowable income for the Mortgaged Property,
if any, minus (c) operating expenses for the Mortgaged Property, minus (d) the
full amount underwritten for the Replacement Reserve Account (regardless of
whether deposits have been or will be waived or reduced), and as adjusted for
economic vacancy and other factors by Lender for the specific asset class or
loan type. "Non~Recourse Guaranty" means, if applicable, that certain Guaranty
of Non-Recourse Obligations of even date herewith executed by Guarantor to and
for the benefit of Lender, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time. "Note" means that certain
Multifamily Note of even date herewith in the original principal amount of the
stated Loan Amount made by Borrower in favor of Lender, and all schedules,
riders, allonges and addenda attached thereto, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time. "O&M
Plan" has the meaning set forth in the Environmental Indemnity Agreement. "OFAC"
means the United States Treasury Department, Office of Foreign Assets Control,
and any successor thereto. "Payment Date" means the First Payment Date and the
first day of each month thereafter until the Mortgage Loan is fully paid.
"Payment Guaranty" means, if applicable, that certain Guaranty (Payment) of even
date herewith executed by Guarantor to and for the benefit of Lender, as the
same may be amended, restated, replaced, supplemented or otherwise modified from
time to time. "Permitted Encumbrance" has the meaning set forth in the Security
Instrument. Schedule 1 to Multifamily Loan and Security Agreement · Definitions
Schedule (Interest Rate Type - Fixed Rate) Form 6101.FR Page 10 Fannie Mae 12-17
© 2017 Fannie Mae

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"Permitted Mezzanine Debt" means Mezzanine Debt incurred by a direct or indirect
owner or owners of Borrower where the exercise of any of the rights and remedies
by the holder or holders of the Mezzanine Debt would not in any circumstance
cause (a) a change in Control in Borrower, Key Principal, or Guarantor, or (b) a
Transfer of a direct or indirect Restricted Ownership Interest in Borrower, Key
Principal, or Guarantor. "Permitted Preferred Equity" means Preferred Equity
that does not (a) require mandatory dividends, distributions, payments or
returns (including at maturity or in connection with a redemption), or (b)
provide the Preferred Equity owner with rights or remedies on account of a
failure to receive any preferred dividends, distributions, payments or returns
(or, if such rights are provided, the exercise of such rights do not violate the
Loan Documents or are otherwise exercised with the prior written consent of
Lender in accordance with Article 11 (Liens, Transfers and Assumptions) of the
Loan Agreement and the payment of all applicable fees and expenses as set forth
in Section 1 l .03(g) (Further Conditions to Transfers and Assumption) of the
Loan Agreement). "Permitted Prepayment Date" means the last Business Day of a
calendar month. "Person" means an individual, an estate, a trust, a corporation,
a partnership, a limited liability company or any other organization or entity
(whether governmental or private). "Personal Property" means all of Borrower's
present and hereafter acquired right, title, and interest in the Goods,
accounts, choses of action, chattel paper, documents, general intangibles
(including Software), payment intangibles, instruments, investment property,
letter of credit rights, supporting obligations, computer information, source
codes, object codes, records and data, all telephone numbers or listings, claims
(including claims for indemnity or breach of warranty), deposit accounts and
other property or assets of any kind or nature related to the Land or the
Improvements, including operating agreements, surveys, plans and specifications
and contracts for architectural, engineering and construction services relating
to the Land or the Improvements, and all other intangible property and rights
relating to the operation of, or used in connection with, the Land or the
Improvements, including all governmental permits relating to any activities on
the Land. "Personalty" has the meaning set forth in the Security Instrument.
"Preferred Equity" means a direct or indirect equity ownership interest in,
economic interests in, or rights with respect to, Borrower that provide an
equity owner preferred dividend, distribution, payment, or return treatment
relative to other equity owners. "Prepayment Lockout Period" has the meaning set
forth in the Summary of Loan Terms. "Prepayment Notice" means the written notice
that Borrower is required to provide to Lender in accordance with Section 2.03
(Lockout/Prepayment) of the Loan Agreement in order to make a prepayment on the
Mortgage Loan, which shall include, at a minimum, the Intended Prepayment Date.
Schedule 1 to Multifamily Loan and Security Agreement - Definitions Schedule
(Interest Rate Type - Fixed Rate) Form 6101.FR Page 11 Fannie Mae 12-17 © 2017
Fannie Mae

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"Prepayment Premium" means the amount payable by Borrower in connection with a
prepayment of the Mortgage Loan, as provided in Section 2.03
(Lockout/Prepayment) of the Loan Agreement and calculated in accordance with the
Prepayment Premium Schedule. "Prepayment Premium Period End Date" or "Yield
Maintenance Period End Date" has the meaning set forth in the Summary of Loan
Terms. "Prepayment Premium Period Term" or "Yield Maintenance Period Term" has
the meaning set forth in the Summary of Loan Terms. "Prepayment Premium
Schedule" means that certain Schedule 4 (Prepayment Premium Schedule) to the
Loan Agreement. "Prohibited Person" means: (a) any Person with whom Lender or
Fannie Mae is prohibited from doing business pursuant to any law, rule,
regulation, judicial proceeding or administrative directive; or (b) any Person
identified on the United States Department of Housing and Urban Development's
"Limited Denial of Participation, HUD Funding Disqualifications and Voluntary
Abstentions List," or on the General Services Administration's "System for Award
Management (SAM)" exclusion list, each of which may be amended from time to
time, and any successor or replacement thereof; or (c) any Person that is
determined by Fannie Mae to pose an unacceptable credit risk due to the
aggregate amount of debt of such Person owned or held by Fannie Mae; or (d) any
Person that has caused any unsatisfactory experience of a material nature with
Fannie Mae or Lender, such as a default, fraud, intentional misrepresentation,
litigation, arbitration or other similar act. "Property Jurisdiction" has the
meaning set forth in the Security Instrument. "Property Square Footage" has the
meaning set forth in the Summary of Loan Terms. "Publicly-Held Corporation"
means a corporation, the outstanding voting stock of which is registered under
Sections 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended.
"Publicly-Held Trust" means a real estate investment trust, the outstanding
voting shares or beneficial interests of which are registered under Sections l
2(b) or 12(g) of the Securities Exchange Act of 1934, as amended. "Rents" has
the meaning set forth in the Security Instrument. "Repair Threshold" has the
meaning set forth in the Summary of Loan Terms. Schedule 1 to Multifamily Loan
and Security Agreement - Definitions Schedule (Interest Rate Type - Fixed Rate)
Form 6101.FR Page 12 Fannie Mae 12-17 © 2017 Fannie Mae

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"Repairs" means, individually and collectively, the Required Repairs, Borrower
Requested Repairs, and Additional Lender Repairs. "Repairs Escrow Account" means
the account established by Lender into which the Repairs Escrow Deposit is
deposited to fund the Repairs. "Repairs Escrow Account Administrative Fee" has
the meaning set forth in the Summary of Loan Terms. "Repairs Escrow Deposit" has
the meaning set forth in the Summary of Loan Terms. "Replacement Reserve
Account" means the account established by Lender into which the Replacement
Reserve Deposits are deposited to fund the Replacements. "Replacement Reserve
Account Administration Fee" has the meaning set forth m the Summary of Loan
Terms. "Replacement Reserve Account Interest Disbursement Frequency" has the
meaning set forth in the Summary of Loan Terms. "Replacement Reserve Deposits"
means the Initial Replacement Reserve Deposit, Monthly Replacement Reserve
Deposits and any other deposits to the Replacement Reserve Account required by
the Loan Agreement. "Replacement Threshold" has the meaning set forth in the
Summary of Loan Terms. "Replacements" means, individually and collectively, the
Required Replacements, Borrower Requested Replacements and Additional Lender
Replacements. "Required Repair Schedule" means that certain Schedule 6 (Required
Repair Schedule) to the Loan Agreement. "Required Repairs" means those items
listed on the Required Repair Schedule. "Required Replacement Schedule" means
that certain Schedule 5 (Required Replacement Schedule) to the Loan Agreement.
"Required Replacements" means those items listed on the Required Replacement
Schedule. "Reserve/Escrow Account Funds" means, collectively, the funds on
deposit in the Reserve/Escrow Accounts. "Reserve/Escrow Accounts" means,
together, the Replacement Reserve Account and the Repairs Escrow Account.
"Residential Lease" means a Lease of an individual dwelling unit. Schedule 1 to
Multifamily Loan and Security Agreement - Definitions Schedule (Interest Rate
Type - Fixed Rate) Form 6101.FR Page 13 Fannie Mae 12-17 © 2017 Fannie Mae

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"Restoration" means restoring and repairing the Mortgaged Property to the
equivalent of its physical condition immediately prior to such casualty or to
another condition approved by Lender following a casualty. "Restricted Ownership
Interest" means, with respect to any entity, the following: (a) if such entity
is a general partnership or a joint venture, fifty percent (50%) or more of all
general partnership or joint venture interests in such entity; (b) if such
entity is a limited partnership: (1) the interest of any general partner; or (2)
fifty percent (50%) or more of all limited partnership interests in such entity;
(c) if such entity is a limited liability company or a limited liability
partnership: (1) the interest of any managing member or the contractual rights
of any non- member manager; or (2) fifty percent (50%) or more of all membership
or other ownership interests in such entity; (d) if such entity is a corporation
(other than a Publicly-Held Corporation) with only one class of voting stock,
fifty percent (50%) or more of voting stock in such corporation; (e) if such
entity is a corporation (other than a Publicly-Held Corporation) with more than
one class of voting stock, the amount of shares of voting stock sufficient to
have the power to elect the majority of directors of such corporation; or (f) if
such entity is a trust (other than a land trust or a Publicly-Held Trust), the
power to Control such trust vested in the trustee of such trust or the ability
to remove, appoint or substitute the trustee of such trust (unless the trustee
of such trust after such removal, appointment or substitution is a trustee
identified in the trust agreement approved by Lender). "Review Fee" means the
non-refundable fee of $3,000 payable to Lender. "Sanctioned Country" means a
country subject to either a targeted or comprehensive country­ wide sanctions
program administered and enforced by OFAC, which list is updated from time to
time. "Sanctioned Person" means (a) a Person named on the list of "Specially
Designated Nationals and Blocked Persons" maintained by OFAC, available at
http://www.treasury.gov/resource­ center/sanctions/SDN-List/Pages/default.aspx,
or as otherwise published from time to time; (b) (1) an agency of the government
of a Sanctioned Country, (2) an organization controlled by a Schedule 1 to
Multifamily Loan and Security Agreement - Definitions Schedule (Interest Rate
Type - Fixed Rate) Form 6101.FR Page 14 Fannie Mae 12-17 © 2017 Fannie Mae

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Sanctioned Country, or (3) a Person resident in a Sanctioned Country, to the
extent any Person described in clauses (1), (2) or (3) is the subject of a
sanctions program administered by OFAC; and, (c) a Person whose property and
interests in property are blocked pursuant to an Executive Order or regulations
administered by OFAC consistent with the guidance issued by OFAC. "Schedule of
Interest Rate Type Provisions" means that certain Schedule 3 (Schedule of
Interest Rate Type Provisions) to the Loan Agreement. "Security Instrument"
means that certain multifamily mortgage, deed to secure debt or deed of trust
executed and delivered by Borrower as security for the Mortgage Loan and
encumbering the Mortgaged Property, including all riders or schedules attached
thereto, as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time. "Servicing Arrangement" means any
arrangement between Lender and the Loan Servicer for loss sharing or interim
advancement of funds. "Summary of Loan Terms" means that certain Schedule 2
(Summary of Loan Terms) to the Loan Agreement. "Taxes" has the meaning set forth
in the Security Instrument. "Title Policy" means the mortgagee's loan policy of
title insurance issued in connection with the Mortgage Loan and insuring the
lien of the Security Instrument as set forth therein, as approved by Lender.
"Total Parking Spaces" has the meaning set forth in the Summary of Loan Terms.
"Total Residential Units" has the meaning set forth in the Summary of Loan
Terms. "Transfer" means: (a) a sale, assignment, transfer or other disposition
(whether voluntary, involuntary, or by operation of law), other than Residential
Leases, Material Commercial Leases or non­ Material Commercial Leases permitted
by this Loan Agreement; (b) a granting, pledging, creating or attachment of a
lien, encumbrance or security interest (whether voluntary, involuntary, or by
operation of law); (c) an issuance or other creation of a direct or indirect
ownership interest; (d) a withdrawal, retirement, removal or involuntary
resignation of any owner or manager of a legal entity; or (e) a merger,
consolidation, dissolution or liquidation of a legal entity. Schedule 1 to
Multifamily Loan and Security Agreement - Definitions Schedule (Interest Rate
Type - Fixed Rate) Form 6101.FR Page 15 Fannie Mae 12-17 © 2017 Fannie Mae

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"Transfer Fee" means a fee equal to one percent (1 % ) of the unpaid principal
balance of the Mortgage Loan payable to Lender. "DCC" has the meaning set forth
in the Security Instrument. "DCC Collateral" has the meaning set forth in the
Security Instrument. "Voidable Transfer" means any fraudulent conveyance,
preference or other voidable or recoverable payment of money or transfer of
property. "Yield Maintenance Period End Date" or "Prepayment Premium Period End
Date" has the meaning set forth in the Summary of Loan Terms. "Yield Maintenance
Period Term" or "Prepayment Premium Period Term" has the meaning set forth in
the Summary of Loan Terms. Schedule 1 to Multifamily Loan and Security Agreement
- Definitions Schedule (Interest Rate Type - Fixed Rate) Form 6101.FR Page 16
Fannie Mae 12-17 © 2017 Fannie Mae

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Borrower Initials Schedule 1 to Multifamily Loan and Security Agreement -
Definitions Schedule (Interest Rate Type - Fixed Rate) Form 6101.FR Initial Page
Fannie Mae 12-17 © 2017 Fannie Mae

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SCHEDULE2 TO MULTIFAMILY LOAN AND SECURITY AGREEMENT Summary of Loan Terms
(Interest Rate Type - Fixed Rate) STAR Ill BRISTOL VILLAGE, LLC, a Delaware
Borrower limited liability company BERKELEY POINT CAPITAL LLC, d/b/a Lender
NEWMARK KNIGHT FRANK, a Delaware limited liability company STEADFAST APARTMENT
REIT III, INC., a Key Principal Maryland corporation STEADFAST APARTMENT REIT
III, INC., a Guarantor Maryland corporation Multifamily Project BRISTOL VILLAGE
c/o Steadfast Companies Borrower's General Business 18100 Von Karman A venue,
Suite 500 Address Irvine, California 92612 Attention: General Counsel - Ana
Marie del Rio c/o Steadfast Companies 18100 Von Karman A venue, Suite 500
Irvine, California 92612 Attention: General Counsel - Ana Marie del Rio Email:
anamarie.delrio@steadfastco.com Borrower's Notice Address Lender is permitted to
include the request of a courtesy copy of notices as follows: with a courtesy
copy to Borrower's counsel: 1 DeFrenza Lee LLP 3200 Park Center Drive, Suite
1160 Costa Mesa, California 92626 Attention: Marcello F. De Frenza Email:
marc@defrenzalee.com Schedule 2 to Multifamily Loan and Security Agreement -
Summary of Loan Terms (Interest Rate Type - Fixed Rate) Form 6102.FR Page 1
Fannie Mae 12-17 © 2017 Fannie Mae

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[ex101loanagreementbristo118.jpg]
1 Lender shall endeavor to give Borrower's counsel a courtesy copy of any notice
given to Borrower by Lender; provided, however, failure to provide such courtesy
copy notice shall not affect the validity or sufficiency of any notice to
Borrower, shall not affect Lender's rights and remedies hereunder or under any
other Loan Document, nor subject Lender to any claim by or liability to
Borrower. Multifamily Project Address 17201 East Walsh Way, Aurora, CO 80017
Multifamily Project County Arapahoe c/o Steadfast Companies Key Principal's
General Business 18100 Von Karman Avenue, Suite 500 Address Irvine, California
92612 Attention: General Counsel - Ana Marie del Rio c/o Steadfast Companies
18100 Von Karman Avenue, Suite 500 Key Principal's Notice Address Irvine,
California 92612 Attention: General Counsel - Ana Marie del Rio Email:
anamarie.delrio@steadfastco: com c/o Steadfast Companies Guarantor's General
Business 18100 Von Karman Avenue, Suite 500 Address Irvine, California 92612
Attention: General Counsel - Ana Marie del Rio c/o Steadfast Companies 18100 Von
Karman Avenue, Suite 500 Irvine, California 92612 Attention: General Counsel -
Ana Marie del Rio Email: anamarie.delrio@steadfastco.com Guarantor's Notice
Address Lender is permitted to include the request of a courtesy copy of notices
as follows: with a courtesy copy to Guarantor's counsel: 1 DeFrenza Lee LLP
Schedule 2 to Multifamily Loan and Security Agreement - Summary of Loan Terms
(Interest Rate Type - Fixed Rate) Form 6102.FR Page2 Fannie Mae 12-17 © 2017
Fannie Mae

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[ex101loanagreementbristo119.jpg]
3200 Park Center Drive, Suite 1160 Costa Mesa, California 92626 Attention:
Marcello F. De Frenza Email: marc@defrenzalee.com 1 Lender shall endeavor to
give Guarantor's counsel a courtesy copy of any notice given to Guarantor by
Lender; provided, however, failure to provide such courtesy copy notice shall
not affect the validity or sufficiency of any notice to Guarantor, shall not
affect Lender's rights and remedies hereunder or under any other Loan Document,
nor subject Lender to any claim by or liability to Guarantor. 7700 Wisconsin A
venue, Suite 1100 Lender's General Business Address Bethesda, Maryland 20814
Berkeley Point Capital LLC, d/b/a Newmark Knight Frank 225 Franklin Street,
Suite #1800 Lender's Notice Address Boston, Massachusetts 02110 Attention:
Director Loan Servicing OR email: MF-Servicing.Reguests@ngkf.com Lender's
Payment Address See Below Payment Mailing Address: Payment Overnight Address:
Payment Wiring Instructions: Berkeley Point Capital LLC, d/b/a Berkeley Point
Capital LLC, d/b/a PNCBank,NA Newmark Knight Frank Newmark Knight Frank
ABA#043000096 Lockbox Lockbox Berkeley Point Capital LLC, d/b/a Box 773194 Box
773194 Newmark Knight Frank 3194 Solutions Center 350 East Devon A venue Credit
#1019788912 Chicago, IL 60677-3001 Itasca, IL 60143 Ref Loan# 201940590 Property
Square Footage 478,797.31 Total Parking Spaces 443 Total Residential Units 240
Schedule 2 to Multifamily Loan and Security Agreement - Summary of Loan Terms
(Interest Rate Type - Fixed Rate) Form 6102.FR Page3 Fannie Mae 12-17 © 2017
Fannie Mae

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Yes I Affordable Housing Property 1~ No Amortization Period three hundred sixty
(360) months D Amortizing Amortization Type D Full Term Interest Only ~ Partial
Interest Only Effective Date as of May 31, 2019. The first day of July, 2019.
First Payment Date First Principal and Interest Payment Date The first day of
July, 2024. Fixed Rate 3.73% D 30/360 (computed on the basis of a three hundred
sixty (360) day year consisting of twelve (12) thirty (30) day months). or ~
Actual/360 (computed on the basis of a three Interest Accrual Method hundred
sixty (360) day year and the actual number of calendar days during the
applicable month, calculated by multiplying the unpaid principal balance of the
Mortgage Loan by the Interest Rate, dividing the product by three hundred sixty
(360), and multiplying the quotient obtained by the actual number of days
elapsed in the applicable month). Interest Only Term 60 months Schedule 2 to
Multifamily Loan and Security Agreement · Summary of Loan Terms (Interest Rate
Type - Fixed Rate) Form 6102.FR Page4 Fannie Mae 12-17 © 2017 Fannie Mae

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[ex101loanagreementbristo121.jpg]
Interest Rate The Fixed Rate Interest Rate Type Fixed Rate Last Interest Only
Payment Date The first day of June, 2024. Loan Amount $34,331,000.00 Loan Term
120 months The period beginning on the Effective Date and ending Loan Year on
the last day of May, 2020, and each successive twelve (12) month period
thereafter. The first day of June, 2029, or any earlier date on Maturity Date
which the unpaid principal balance of the Mortgage Loan becomes due and payable
by acceleration or otherwise. (i) $106,712.19 for the First Payment Date; (ii)
for each Payment Date thereafter through and including the Last Interest Only
Payment Date: (a) $99,598.05 if the prior month was a 28- day month; (b)
$103,155.12 if the prior month was a 29-day month; Monthly Debt Service Payment
(c) $106,712.19 if the prior month was a 30-day month; and (d) $110,269.26 if
the prior month was a 31-day month; and (iii) $158,602.85 for the First
Principal and Interest Payment Date and each Payment Date thereafter until the
Mortgage Loan is fully paid. Schedule 2 to Multifamily Loan and Security
Agreement - Summary of Loan Terms (Interest Rate Type - Fixed Rate) Form 6102.FR
Page5 Fannie Mae 12-17 © 2017 Fannie Mae

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Prepayment Lockout Period The O Loan Year of the term of the Mortgage Loan.
Yield Maintenance Period End The last day of November, 2028. Date Prepayment
Premium Period End Date Yield Maintenance Period Term Q! one hundred fourteen
(114) months Prepayment Premium Period Term Within six (6) months after the
Effective Date or as Completion Period otherwise shown on the Required Repair
Schedule. Initial Replacement Reserve $O Deposit Maximum Inspection Fee
$1,000.00 Maximum Repair Disbursement Interval One ( 1) time per calendar month.
Maximum Replacement Reserve . Disbursement Interval One ( 1) time per calendar
month. Minimum Repairs Disbursement Amount $5,000.00 Minimum Replacement Reserve
$S,OOO.OO Disbursement Amount Schedule 2 to Multifamily Loan and Security
Agreement - Summary of Loan Terms (Interest Rate Type - Fixed Rate) Form 6102.FR
Page6 Fannie Mae 12-17 © 2017 Fannie Mae

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Monthly Replacement Reserve $4,380.00 Deposit Repair Threshold $25,000.00
Repairs Escrow Account $0.00, payable one time Administrative Fee Repairs Escrow
Deposit $92,912.00 Replacement Reserve Account $0.00, payable annually
Administration Fee Replacement Reserve Account quarterly Interest Disbursement
Frequency Replacement Threshold $10,000.00 Schedule 2 to Multifamily Loan and
Security Agreement • Summary of Loan Terms (Interest Rate Type - Fixed Rate)
Form 6102.FR Page7 Fannie Mae 12-17 © 2017 Fannie Mae

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Schedule 2 to Multifamily Loan and Security Agreement - Summary of Loan Terms
(Interest Rate Type - Fixed Rate) Form 6102.FR Initial Page Fannie Mae 12-17 ©
2017 Fannie Mae

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SCHEDULE3 TO MULTIFAMILY LOAN AND SECURITY AGREEMENT Schedule of Interest Rate
Type Provisions (Fixed Rate) 1. Defined Terms. Capitalized terms not otherwise
defined in this Schedule have the meanings given to such terms in the
Definitions Schedule to the Loan Agreement. 2. Interest Accrual. Except as
otherwise provided in the Loan Agreement, interest shall accrue at the Interest
Rate until fully paid. Schedule 3 to Multifamily Loan and Security Agreement -
Interest Rate Type Provisions (Fixed Rate) Form 6103.FR Page 1 Fannie Mae 01-11
© 2011 Fannie Mae

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Borr&wer Initials Schedule 3 to Multifamily Loan and Security Agreement -
Interest Rate Type Provisions (Fixed Rate) Form 6103.FR Initial Page Fannie Mae
01-11 © 2011 Fannie Mae

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SCHEDULE4 TO MULTIFAMILY LOAN AND SECURITY AGREEMENT Prepayment Premium Schedule
(Standard Yield Maintenance - Fixed Rate) 1. Defined Terms. All capitalized
terms used but not defined in this Prepayment Premium Schedule shall have the
meanings assigned to them in the Loan Agreement. 2. Prepayment Premium. Any
Prepayment Premium payable under Section 2.03 (Lockout/Prepayment) of the Loan
Agreement shall be computed as follows: (a) If the prepayment is made at any
time after the Effective Date and before the Yield Maintenance Period End Date,
the Prepayment Premium shall be the greater of: ( 1) one percent ( 1% ) of the
amount of principal being prepaid; or (2) the product obtained by multiplying:
(A) the amount of principal being prepaid, by (B) the difference obtained by
subtracting from the Fixed Rate on the Mortgage Loan, the Yield Rate (as defined
below) on the twenty-fifth (25th) Business Day preceding (i) the Intended
Prepayment Date, or (ii) the date Lender accelerates the Mortgage Loan or
otherwise accepts a prepayment pursuant to Section 2.03(d) (Application of
Collateral) of the Loan Agreement, by (C) the present value factor calculated
using the following formula: 1 - (l + rrn/12 r [r = Yield Rate n = the number of
months remaining between (i) either of the following: (x) in the case of a
voluntary prepayment, the last day of the month in which the prepayment is made,
or (y) in any other case, the date on which Lender accelerates Schedule 4 to
Multifamily Loan and Security Agreement (Prepayment Premium Schedule - Standard
Yield Maintenance - Fixed Rate) Form 6104.01 Page 1 Fannie Mae 08-13 © 2013
Fannie Mae

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the unpaid principal balance of the Mortgage Loan and (ii) the Yield Maintenance
Period End Date. For purposes of this clause (2), the "Yield Rate" means the
yield calculated by interpolating the yields for the immediately shorter and
longer term U.S. "Treasury constant maturities" (as reported in the Federal
Reserve Statistical Release H.15 Selected Interest Rates (the "Fed Release")
under the heading "U.S. government securities") closest to the remaining term of
the Yield Maintenance Period Term, as follows (rounded to three (3) decimal
places): (a-b) ) x(z-y) +b [ (x- y) a= the yield for the longer U.S. Treasury
constant maturity b = the yield for the shorter U.S. Treasury constant maturity
x = the term of the longer U.S. Treasury constant maturity y = the term of the
shorter U.S. Treasury constant maturity z = "n" (as defined in the present value
factor calculation above) divided by twelve (12). Notwithstanding any provision
to the contrary, if "z" equals a term reported under the U.S. "Treasury constant
maturities" subheading in the Fed Release, the yield for such term shall be
used, and interpolation shall not be necessary. If publication of the Fed
Release is discontinued by the Federal Reserve Board, Lender shall determine the
Yield Rate from another source selected by Lender. Any determination of the
Yield Rate by Lender will be binding absent manifest error.] (b) If the
prepayment is made on or after the Yield Maintenance Period End Date but before
the last calendar day of the fourth (4th) month prior to the month in which the
Maturity Date occurs, the Prepayment Premium shall be one percent (1 %) of the
amount of principal being prepaid. Schedule 4 to Multifamily Loan and Security
Agreement (Prepayment Premium Schedule - Standard Yield Maintenance - Fixed
Rate) Form 6104.01 Page2 Fannie Mae 08-13 © 2013 Fannie Mae

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(c) Notwithstanding the prov1S1ons of Section 2.03 (Lockout/Prepayment) of the
Loan Agreement, no Prepayment Premium shall be payable with respect to any
prepayment made on or after the last calendar day of the fourth (4th) month
prior to the month in which the Maturity Date occurs. Schedule 4 to Multifamily
Loan and Security Agreement (Prepayment Premium Schedule - Standard Yield
Maintenance - Fixed Rate) Form 6104.01 Page3 Fannie Mae 08-13 © 2013 Fannie Mae

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Borrower fnitiais Schedule 4 to Multifamily Loan and Security Agreement
(Prepayment Premium Schedule - Standard Yield Maintenance - Fixed Rate) Form
6104.01 Initial Page Fannie Mae 08-13 © 2013 Fannie Mae

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SCHEDULE 5 TO MULTIFAMILY LOAN AND SECURITY AGREEMENT Required Replacement
Schedule Emulsion Sealcoat, Crack Seal and Restripe Asphalt Pavement Re-Surface
Concrete Swimming Pool with Marcite Swimming Pool Pump/Filter Replacement
Individual Domestic Water Heater Split System, Air Cooled Condensing Unit Fan
Coil Unit Refrigerator Dishwasher Microwave Washers/Dryers Ranges/Ovens Requests
for reimbursement of costs may only be made for the replacement of the
components specified above. Releases will not be allowed for parts or ongoing
repairs and maintenance of these items. Labor costs for in-house personnel may
not be included. Multifamily Loan and Security Agreement (Non-Recourse) Form
6001.NR Page 1 Schedule 5 04-18 © 2018 Fannie Mae

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Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR Initial Page
Schedule 5 04-18 © 2018 Fannie Mae

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SCHEDULE 6 TO MULTIFAMILY LOAN AND SECURITY AGREEMENT Required Repair Schedule
COMPLETION REPAIR REQUIREMENTS The concrete sidewalk sections have settled or
heaved causing trip hazards, specifically 1. Grind Down $350 WAIVED $0 near the
southwest corner of Building 6. Sidewalk Tripping Recommend grinding down the
trip edges. Hazard Edge Repair Damaged CMU Dumpster Enclosures: The CMU dumpster
enclosures were observed to have damaged CMU units, $2,000 WAIVED $0 shifted
sections of CMU and open mortar 1.Repair Damaged joints. Replacement of damaged
units and CMU Dumpster repairing of mortar joints is recommended Enclosures
Surface erosion was observed on the natural gas lines at multiple buildings
including $1,500 WAIVED $0 2. Repaint Rusted Buildings 1,3,5 and 7. Repaint
Rusted Natural Natural Gas Piping Gas Piping 1. Install Install, smart, wi-fi
enabled learning programmable $40,560 100% $40,560 thermostats thermostats 2.
Upgrade in-unit Replace existing residential non-LED lights $24,619 100% $24,619
lighting with LED's in 194 apartments 3. Upgrade Replace interior and exterior
common area common area $14,742 100% $14,742 lighting with LEDs lighting 4.
Install low-flow Install 1.5 gpm aerators on all Kitchen faucets $3,708 100%
$3,708 kitchen faucets that do not already have them 5. Install low-flow Install
0.5 gpm aerators on all bathroom $4,884 100% $4,884 bath faucets faucets 6.
Install low-flow Install 1.5 gpm showerheads in all showers $4,399 100% $4,399
showerheads TOTAL REPAIR COST:\ $96,762 j TOTAL ESCROW:[ $92,912 Multifamily
Loan and Security Agreement (Non-Recourse) Form 6001.NR Page 1 Schedule 6 04-18
© 2018 Fannie Mae

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BorrowJr Initials Multifamily Loan and Security Agreement (Non-Recourse) Form
6001.NR Initial Page Schedule 6 04-18 © 2018 Fannie Mae

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SCHEDULE 7 TO MULTIFAMILY LOAN AND SECURITY AGREEMENT Exceptions to
Representations and Warranties Schedule 1. With respect to the representation
under Section 11.0l(a) of this Loan Agreement, Borrower notes the following
exception: Ongoing general maintenance and upkeep of the Mortgaged Property and
upgrades in connection with residential unit turns performed in the ordinary
course of business at the Mortgaged Property, all such work subject to any and
all requirements set forth in this Loan Agreement and the other Loan Documents;
all invoices for the same to be paid by Borrower when due. Multifamily Loan and
Security Agreement (Non-Recourse) Form 6001.NR Page 1 Schedule 7 04-18 © 2018
Fannie Mae

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Multifamily Loan and Security Agreement (Non-Recourse) Form 6001.NR Initial Page
Schedule 7 04-18 © 2018 Fannie Mae

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EXHIBIT A MODIFICATIONS TO MULTIFAMILY LOAN AND SECURITY AGREEMENT (Waiver of
Imposition Deposits) The foregoing Loan Agreement is hereby modified as follows:
1. Capitalized terms used and not specifically defined herein have the meanings
given to such terms in the Loan Agreement. 2. The Definitions Schedule is hereby
amended by adding the following new definitions in the appropriate alphabetical
order: "Insurance Impositions" means the premiums for maintaining all Required
Insurance Coverage. "Required Insurance Coverage" means the insurance coverage
required pursuant to Article 9 (Insurance) of the Loan Agreement and under any
other Loan Document. 3. Section 12.02 (Imposition Deposits, Taxes, and Other
Charges - Covenants) of the Loan Agreement is hereby amended by adding the
following provisions to the end thereof: (b) Conditional Waiver of Collection of
Imposition Deposits. (1) Notwithstanding anything contained in this Section
12.02 (Imposition Deposits, Taxes, and Other Charges - Covenants) to the
contrary, Lender hereby agrees to waive the collection of Imposition Deposits
for Insurance Impositions, provided, that: (A) Borrower shall pay such Insurance
Impositions directly to the carrier or agent ten (10) days prior to expiration
or as necessary to prevent the Required Insurance Coverage from lapsing due to
non-payment of premiums; (B) Borrower shall provide Lender with proof of payment
acceptable to Lender of all Insurance Impositions within five (5) days after the
date such Insurance Impositions are paid; and (C) Borrower shall cause its
insurance agent to provide Lender with such certifications regarding the
Required Insurance Coverage as Lender may request from time to time evidencing
that the Insurance Impositions have been paid in a timely manner and
Modifications to Multifamily Loan and Security Agreement (Waiver of Imposition
Deposits) Form6228 Page 1 Fannie Mae 04-12 © 2012 Fannie Mae

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that all of the Required Insurance Coverage is in full force and effect. (2)
Lender reserves the right to require Borrower to deposit the Imposition Deposits
with Lender on each Payment Date for Insurance Impositions in accordance with
this Section 12.02 (Imposition Deposits, Taxes, and Other Charges - Covenants)
upon: (A) Borrower's failure to pay Insurance Impositions or to provide Lender
with proof of payment of Insurance Impositions as required in this Section
12.02(b) (Conditional Waiver of Collection of Imposition Deposits); (B)
Borrower's failure to maintain insurance coverage in accordance with the
requirements of Article 9 (Insurance); (C) the occurrence of any Transfer which
is not permitted by the Loan Documents, or any Transfer which requires Lender's
consent; or (D) the occurrence of a default under any of the other terms,
conditions and covenants set forth in this Loan Agreement or any of the other
Loan Documents. (3) Except as specifically provided in this Section 12.02(b)
(Conditional Waiver of Collection of Imposition Deposits), the provisions of
Article 9 (Insurance) shall remain in full force and effect. Modifications to
Multifamily Loan and Security Agreement (Waiver of Imposition Deposits) Form6228
Page2 Fannie Mae 04-12 © 2012 Fannie Mae

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Borrower;;, Modifications to Multifamily Loan and Security Agreement {Waiver of
Imposition Deposits) Form 6228 Initial Page Fannie Mae 04-12 © 2012 Fannie Mae

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EXHIBITB MODIFICATIONS TO MULTIFAMILY LOAN AND SECURITY AGREEMENT (Green
Mortgage Loan) The foregoing Loan Agreement is hereby modified as follows: 1.
Capitalized terms used and not specifically defined herein have the meanings
given to such terms in the Loan Agreement. 2. The following Article is hereby
added to the Loan Agreement as Article 16 (Green Mortgage Loan): ARTICLE 16 -
GREEN MORTGAGE LOAN Section 16.01 Covenants. (a) Borrower shall (1) track and
report the energy and water consumption and cost for all energy and water
sources, metered and unmetered (e.g., unmetered sources including invoiced
delivery of fuel oil or wood pellets, or use of well water), that provide energy
and water service to the Mortgaged Property using the United States
Environmental Protection Agency's ENERGY STAR® Portfolio Manager; and (2)
perform any other ongoing monitoring necessary for tracking and reporting the
energy and water consumption performance and energy and water costs of the
Mortgaged Property in ENERGY STAR Portfolio Manager. (b) Borrower shall include
with the delivery of items required under Section 8.02(b )(2), the Fannie Mae
Energy Performance Metrics report, as generated by ENERGY STAR Portfolio Manager
(or any successor or replacement application), for the Mortgaged Property for
such calendar year. All fields applicable to the Mortgaged Property must be
filled out, regardless of whether such field is listed in Portfolio Manager as
"optional," and which must result in a report that includes all of the following
information for the Mortgaged Property: (1) the ENERGY STAR score; (2) the
Source Energy Use Intensity (EUI); (3) the annual cost of each energy type; (4)
the EPA Water Score; (5) the Water Use Intensity (WUI); Modifications to
Multifamily Loan and Security Agreement (Green Mortgage Loan) Form6241 Page 1
Fannie Mae 12-18 © 2018 Fannie Mae

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(6) the annual cost of water; (7) the month and year ending period for items (1)
through (6) above; and (8) the ENERGY STAR Portfolio Manager Property
Identification Number. (c) Borrower shall furnish to Lender such other energy,
water, waste, and other utility information relating to the Mortgaged Property
as Lender may request, and shall permit Lender, its agents, representatives, and
designees to enter upon and inspect the Mortgaged Property for such purposes
(subject to the rights of tenants under the Leases) (i) during normal business
hours, (ii) at such other reasonable time upon reasonable notice of not less
than one (1) Business Day, and (iii) at any time after an Event of Default has
occurred and is continuing. Modifications to Multifamily Loan and Security
Agreement (Green Mortgage Loan) Form6241 Page2 Fannie Mae 12-18 © 2018 Fannie
Mae

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Modifications to Multifamily Loan and Security Agreement (Green Mortgage Loan)
Form 6241 Initial Page Fannie Mae 12-18 © 2018 Fannie Mae

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