Exhibit 10.3
 MULTIFAMILY LOAN AND SECURITY AGREEMENT
(NON-RECOURSE)
 BY AND BETWEEN
 SIR CLARION PARK, LLC,
a Delaware limited liability company
 AND
 PNC BANK, NATIONAL ASSOCIATION,
a national banking association
 DATED AS OF
 JUNE 28, 2011




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TABLE OF CONTENTS
 ARTICLE 1
 DEFINITIONS; SUMMARY OF MORTGAGE LOAN TERMS
    
    
    1Section 1.01 Defined Terms
    
    
    1Section 1.02 Schedules, Exhibits and Attachments Incorporated
    
    
    1ARTICLE 2  GENERAL MORTGAGE LOAN TERMS
    
    
    2Section 2.01 Mortgage Loan Origination and Security
    
    
    2(a) Making of Mortgage Loan
    
    
    2(b) Security for Mortgage Loan
    
    
    2(c) Protective Advances
    
    
    2Section 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
    
    
    5Section 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
    
    
    7(g) Loss Resulting from Prepayment
    
    
    8ARTICLE 3  PERSONAL LIABILITY
    
    
    8Section 3.01 Non-Recourse Mortgage Loan; Exceptions
    
    
    8Section 3.02 Personal Liability of Borrower (Exceptions to Non-Recourse
Provision)
    
    
    8(a) Personal Liability Based on Lenders Loss
    
    
    8(b) Full Personal Liability for Mortgage Loan
    
    
    9Section 3.03 Personal Liability for Indemnity Obligations
    
    
    10Section 3.04 Lenders Right to Forego Rights Against Mortgaged Property
    
    
    10ARTICLE 4  BORROWER STATUS
    
    
    10Section 4.01 Representations and Warranties
    
    
    10(a) Due Organization and Qualification
    
    
    10(b) Location
    
    
    11(c) Power and Authority
    
    
    11(d) Due Authorization
    
    
    11(e) Valid and Binding Obligations
    
    
    11(f) Effect of Mortgage Loan on Borrowers Financial Condition
    
    
    11(g) Economic Sanctions, Anti-Money Laundering and Anti-Corruption
    
    
    12(h) Borrower Single Asset Status
    
    
    13(i) No Bankruptcies or Judgments
    
    
    13(j) No Litigation
    
    
    14
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(k) Payment of Taxes, Assessments and Other Charges
    
    
    14(l) Not a Foreign Person
    
    
    14(m) ERISA
    
    
    14(n) Default Under Other Obligations
    
    
    15(o) Prohibited Person
    
    
    15Section 4.02 Covenants
    
    
    16(a) Maintenance of Existence; Organizational Documents
    
    
    16(b) Economic Sanctions and Anti-Money Laundering
    
    
    16(c) Payment of Taxes, Assessments and Other Charges
    
    
    17(d) Borrower Single Asset Status
    
    
    17(e) ERISA
    
    
    18(f) Notice of Litigation or Insolvency
    
    
    18(g) Payment of Costs, Fees, and Expenses
    
    
    19ARTICLE 5  THE MORTGAGE LOAN
    
    
    19Section 5.01 Representations and Warranties
    
    
    19(a) Receipt and Review of Loan Documents
    
    
    20(b) No Default
    
    
    20Section 5.02 Covenants
    
    
    20(a) Ratification of Covenants; Estoppels; Certifications
    
    
    20(b) Further Assurances
    
    
    21(c) Sale of Mortgage Loan
    
    
    21(d) Limitations on Further Acts of Borrower
    
    
    22(e) Financing Statements; Record Searches
    
    
    22ARTICLE 6  PROPERTY USE, PRESERVATION AND MAINTENANCE
    
    
    22Section 6.01 Representations and Warranties
    
    
    22(a) Compliance with Law; Permits and Licenses
    
    
    22(b) Property Characteristics
    
    
    23(c) Property Ownership
    
    
    23Section 6.02 Covenants
    
    
    23(a) Use of Property
    
    
    23(b) Property Maintenance
    
    
    24(c) Property Preservation
    
    
    25(d) Property Inspections
    
    
    26(e) Compliance with Laws
    
    
    26Section 6.03 Mortgage Loan Administration Matters Regarding the Property
    
    
    27(a) Property Management
    
    
    27(b) Subordination of Fees to Affiliated Property Managers
    
    
    27(c) Physical Needs Assessment
    
    
    27ARTICLE 7  LEASES AND RENTS
    
    
    28Section 7.01 Representations and Warranties
    
    
    28(a) Prior Assignment of Rents
    
    
    28(b) Prepaid Rents
    
    
    28Section 7.02 Covenants
    
    
    28(a) Leases
    
    
    28(b) Commercial Leases
    
    
    29(c) Payment of Rents
    
    
    30
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(d) Assignment of Rents
    
    
    30(e) Further Assignments of Leases and Rents
    
    
    30(f) Options to Purchase by Tenants
    
    
    30Section 7.03 Mortgage Loan Administration Regarding Leases and Rents
    
    
    31(a) Material Commercial Lease Requirements
    
    
    31(b) Residential Lease Requirements
    
    
    31ARTICLE 8  BOOKS AND RECORDS; FINANCIAL REPORTING
    
    
    31Section 8.01 Representations and Warranties
    
    
    31(a) Financial Information
    
    
    32(b) No Change in Facts or Circumstances
    
    
    32Section 8.02 Covenants
    
    
    32(a) Obligation to Maintain Accurate Books and Records
    
    
    32(b) Items to Furnish to Lender
    
    
    32(c) Delivery of Books and Records
    
    
    34Section 8.03 Mortgage Loan Administration Matters Regarding Books and Records
and Financial Reporting
    
    
    34(a) Right to Audit Books and Records
    
    
    34(b) Credit Reports; Credit Score
    
    
    35ARTICLE 9  INSURANCE
    
    
    35Section 9.01 Representations and Warranties
    
    
    35(a) Compliance with Insurance Requirements
    
    
    35(b) Property Condition
    
    
    35Section 9.02 Covenants
    
    
    35(a) Insurance Requirements
    
    
    35(b) Delivery of Policies, Renewals, Notices and Proceeds
    
    
    36Section 9.03 Mortgage Loan Administration Matters Regarding Insurance
    
    
    37(a) Lenders Ongoing Insurance Requirements
    
    
    37(b) Application of Proceeds on Event of Loss
    
    
    37(c) Payment Obligations Unaffected
    
    
    39(d) Foreclosure Sale
    
    
    40(e) Appointment of Lender as Attorney-In-Fact
    
    
    40ARTICLE 10  CONDEMNATION
    
    
    40Section 10.01 Representations and Warranties
    
    
    40(a) Prior Condemnation Action
    
    
    40(b) Pending Condemnation Actions
    
    
    40Section 10.02 Covenants
    
    
    40(a) Notice of Condemnation
    
    
    40(b) Condemnation Proceeds
    
    
    41Section 10.03 Mortgage Loan Administration Matters Regarding Condemnation
    
    
    41(a) Application of Condemnation Awards
    
    
    41(b) Payment Obligations Unaffected
    
    
    41(c) Appointment of Lender as Attorney-In-Fact
    
    
    41(d) Application of Proceeds
    
    
    41
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ARTICLE 11  LIENS, TRANSFERS AND ASSUMPTIONS
    
    
    42Section 11.01 Representations and Warranties
    
    
    42(a) No Labor or Materialmens Claims
    
    
    42(b) No Other Interests
    
    
    42Section 11.02 Covenants
    
    
    42(a) Liens; Encumbrances
    
    
    42(b) Transfers
    
    
    42Section 11.03 Mortgage Loan Administration Matters Regarding Liens, Transfers
and Assumptions
    
    
    45(a) Assumption of Mortgage Loan
    
    
    45(b) Transfers to Key Principal-Owned Affiliates or Guarantor-Owned Affiliates
    
    
    46(c) Estate Planning
    
    
    47(d) Termination or Revocation of Trust
    
    
    47(e) Death of Key Principal or Guarantor
    
    
    47(f) Bankruptcy of Guarantor
    
    
    49(g) Further Conditions to Transfers and Assumption
    
    
    50ARTICLE 12  IMPOSITIONS
    
    
    51Section 12.01 Representations and Warranties
    
    
    51(a) Payment of Taxes, Assessments and Other Charges
    
    
    51Section 12.02 Covenants
    
    
    51(a) Imposition Deposits, Taxes, and Other Charges
    
    
    51Section 12.03 Mortgage Loan Administration Matters Regarding Impositions
    
    
    52(a) Maintenance of Records by Lender
    
    
    52(b) Imposition Accounts
    
    
    52(c) Payment of Impositions; Sufficiency of Imposition Deposits
    
    
    53(d) Imposition Deposits Upon Event of Default
    
    
    53(e) Contesting Impositions
    
    
    53(f) Release to Borrower
    
    
    54ARTICLE 13  REPLACEMENT RESERVE AND REPAIRS
    
    
    54Section 13.01 Covenants
    
    
    54(a) Initial Deposits to Replacement Reserve Account and Repairs Escrow Account
    
    
    54(b) Monthly Replacement Reserve Deposits
    
    
    54(c) Payment for Replacements and Repairs
    
    
    54(d) Assignment of Contracts for Replacements and Repairs
    
    
    55(e) Indemnification
    
    
    55(f) Amendments to Loan Documents
    
    
    55(g) Administrative Fees and Expenses
    
    
    55Section 13.02 Mortgage Loan Administration Matters Regarding Reserves
    
    
    56(a) Accounts, Deposits, and Disbursements
    
    
    56(b) Approvals of Contracts; Assignment of Claims
    
    
    62(c) Delays and Workmanship
    
    
    63(d) Appointment of Lender as Attorney-In-Fact
    
    
    63(e) No Lender Obligation
    
    
    63(f) No Lender Warranty
    
    
    64
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ARTICLE 14  DEFAULTS/REMEDIES
    
    
    64Section 14.01 Events of Default
    
    
    64(a) Automatic Events of Default
    
    
    64(b) Events of Default Subject to a Specified Cure Period
    
    
    65(c) Events of Default Subject to Extended Cure Period
    
    
    66Section 14.02 Remedies
    
    
    66(a) Acceleration; Foreclosure
    
    
    66(b) Loss of Right to Receive Replacement Reserve Disbursements and Repairs
Disbursements
    
    
    67(c) Remedies Cumulative
    
    
    67Section 14.03 Additional Lender Rights; Forbearance
    
    
    67(a) No Effect Upon Obligations
    
    
    67(b) No Waiver of Rights or Remedies
    
    
    68(c) Appointment of Lender as Attorney-in-Fact
    
    
    69Section 14.04 Waiver of Marshaling
    
    
    70ARTICLE 15  MISCELLANEOUS
    
    
    71Section 15.01 Governing Law; Consent to Jurisdiction and Venue
    
    
    71(a) Governing Law
    
    
    71(b) Venue
    
    
    71Section 15.02 Notice
    
    
    71(a) Process of Serving Notice
    
    
    71(b) Change of Address
    
    
    72(c) Default Method of Notice
    
    
    72(d) Receipt of Notices
    
    
    72Section 15.03 Successors and Assigns Bound; Sale of Mortgage Loan
    
    
    72(a) Binding Agreement
    
    
    72(b) Sale of Mortgage Loan; Change of Servicer
    
    
    73Section 15.04 Counterparts
    
    
    73Section 15.05 Joint and Several (or Solidary) Liability
    
    
    73Section 15.06 Relationship of Parties; No Third Party Beneficiary
    
    
    73(a) Solely Creditor and Debtor
    
    
    73(b) No Third Party Beneficiaries
    
    
    73Section 15.07 Severability; Entire Agreement; Amendments
    
    
    74Section 15.08 Construction
    
    
    74Section 15.09 Mortgage Loan Servicing
    
    
    75Section 15.10 Disclosure of Information
    
    
    75Section 15.11 Waiver; Conflict
    
    
    75Section 15.12 Determinations by Lender
    
    
    75Section 15.13 Subrogation
    
    
    75Section 15.14 Counting of Days
    
    
    76Section 15.15 Revival and Reinstatement of Indebtedness
    
    
    76Section 15.16 Time is of the Essence
    
    
    76Section 15.17 Final Agreement
    
    
    76Section 15.18 WAIVER OF TRIAL BY JURY
    
    
    77
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SCHEDULES & EXHIBITS
 SchedulesSchedule 1
    
    Definitions Schedule (required)
    
    Form 6101.FRSchedule 2
    
    Summary of Loan Terms (required)
    
    Form 6102.FR
 and
Form 6102.03Schedule 3
    
    Interest Rate Type Provisions (required)
    
    Form 6103.FRSchedule 4
    
    Prepayment Premium Schedule (required)
    
    Form 6104.01Schedule 5
    
    Required Replacement Schedule (required)
    
    Form 6001.NRSchedule 6
    
    Required Repair Schedule (required)
    
    Form 6001.NRSchedule 7
    
    Exceptions to Representations and
Warranties Schedule (required)
    
    Form 6001.NR
 ExhibitsExhibit A
    
    Modifications to Loan Agreement (Tax Credit
Properties)
    
    Form 6219
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MULTIFAMILY LOAN AND SECURITY AGREEMENT
(Non-Recourse)
 Loan Agreement Borrower Lender
 RECITALS :
    AGREEMENTS :
 ARTICLE 1  DEFINITIONS; SUMMARY OF MORTGAGE
LOAN TERMS
 Section 1.01 Defined Terms.
 Schedule 1
 Section 1.02 Schedules, Exhibits and Attachments Incorporated.
  Multifamily Loan and Security
Agreement 
(Non-Recourse)
Article 1
    
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ARTICLE 2   GENERAL MORTGAGE LOAN TERMS
 Section 2.01 Mortgage Loan Origination and Security.
 (a) Making of Mortgage Loan.
    (b) Security for Mortgage Loan.
  (c) Protective Advances.
  Section 2.02 Payments on Mortgage Loan.
 (a) Debt Service Payments.
 (1) Short Month Interest.
  Multifamily Loan and Security Agreement 
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(2) Interest Accrual and Computation.
  (3) Monthly Debt Service Payments.
  (4) Payment at Maturity.
  (5) Interest Rate Type.
  (b) Capitalization of Accrued But Unpaid Interest.
  (c) Late Charges.
  Multifamily Loan and Security Agreement 
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(d) Default Rate.
    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.
   Multifamily Loan and Security Agreement 
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(e) Address for Payments.
  (f) Application of Payments.
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Section 2.03 Lockout/Prepayment.
 (a) Prepayment; Prepayment Lockout; Prepayment Premium.
   (b) Voluntary Prepayment in Full.
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(c) Acceleration of Mortgage Loan.
      (d) Application of Collateral.
  (e) Casualty and Condemnation.
  (f) No Effect on Payment Obligations.
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(g) Loss Resulting from Prepayment.
      ARTICLE 3   PERSONAL LIABILITY
 Section 3.01 Non-Recourse Mortgage Loan; Exceptions.
  Section 3.02 Personal Liability of Borrower (Exceptions to Non-Recourse Provision).
 (a) Personal Liability Based on Lenders Loss.
   Multifamily Loan and Security Agreement 
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provided however
 (b) Full Personal Liability for Mortgage Loan.
    provided however
 Multifamily Loan and Security Agreement 
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Section 3.03 Personal Liability for Indemnity Obligations.
  Section 3.04 Lenders Right to Forego Rights Against Mortgaged Property.
  ARTICLE 4  BORROWER STATUS
 Section 4.01 Representations and Warranties.
  (a) Due Organization and Qualification.
  Multifamily Loan and Security Agreement 
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(b) Location.
  (c) Power and Authority.
    (d) Due Authorization.
  (e) Valid and Binding Obligations.
  (f) Effect of Mortgage Loan on Borrowers Financial Condition.
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(g) Economic Sanctions, Anti-Money Laundering and Anti-Corruption.
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(Non-Recourse)
Article 4
    
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(h) Borrower Single Asset Status.
          (i) No Bankruptcies or Judgments.
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(j) No Litigation.
  (k) Payment of Taxes, Assessments and Other Charges.
      (l) Not a Foreign Person.
  (m) ERISA.
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(n) Default Under Other Obligations.
   (o) Prohibited Person.
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Article 4
    
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Section 4.02 Covenants.
 (a) Maintenance of Existence; Organizational Documents.
  (b) Economic Sanctions and Anti-Money Laundering.
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Article 4
    
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(c) Payment of Taxes, Assessments and Other Charges.
  (d) Borrower Single Asset Status.
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(Non-Recourse)
Article 4
    
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(e) ERISA.
        (f) Notice of Litigation or Insolvency.
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(Non-Recourse)
Article 4
    
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(g) Payment of Costs, Fees, and Expenses.
          ARTICLE 5  THE MORTGAGE LOAN
 Section 5.01 Representations and Warranties.
  Multifamily Loan and Security Agreement 
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(a) Receipt and Review of Loan Documents.
  (b) No Default.
  Section 5.02 Covenants.
 (a) Ratification of Covenants; Estoppels; Certifications.
  provided however
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(b) Further Assurances.
 (1) Other Documents As Lender May Require.
  (2) Corrective Actions.
  (c) Sale of Mortgage Loan.
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(d) Limitations on Further Acts of Borrower.
    (e) Financing Statements; Record Searches.
     ARTICLE 6  PROPERTY USE, PRESERVATION AND MAINTENANCE
 Section 6.01 Representations and Warranties.
  (a) Compliance with Law; Permits and Licenses.
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(b) Property Characteristics.
      (c) Property Ownership.
  Section 6.02 Covenants
 (a) Use of Property.
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(b) Property Maintenance.
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(c) Property Preservation.
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(d) Property Inspections.
    (e) Compliance with Laws.
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Section 6.03 Mortgage Loan Administration Matters Regarding the Property.
 (a) Property Management.
  (b) Subordination of Fees to Affiliated Property Managers.
  (c) Physical Needs Assessment.
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ARTICLE 7  LEASES AND RENTS
 Section 7.01 Representations and Warranties.
  (a) Prior Assignment of Rents.
    (b) Prepaid Rents.
  Section 7.02 Covenants.
 (a) Leases.
     Multifamily Loan and Security Agreement(Non-Recourse)
    
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(b) Commercial Leases.
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(c) Payment of Rents.
     (d) Assignment of Rents.
    (e) Further Assignments of Leases and Rents.
  (f) Options to Purchase by Tenants.
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Section 7.03 Mortgage Loan Administration Regarding Leases and Rents.
 (a) Material Commercial Lease Requirements.
       (b) Residential Lease Requirements.
    ARTICLE 8  BOOKS AND RECORDS; FINANCIAL REPORTING
 Section 8.01 Representations and Warranties.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
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(a) Financial Information.
    (b) No Change in Facts or Circumstances.
  Section 8.02 Covenants.
 (a) Obligation to Maintain Accurate Books and Records.
    (b) Items to Furnish to Lender.
    Multifamily Loan and Security Agreement(Non-Recourse)
    
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(c) Delivery of Books and Records.
  Section 8.03 Mortgage Loan Administration Matters Regarding Books and Records and Financial
Reporting.
 (a) Right to Audit Books and Records.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 34Article 8
    
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(b) Credit Reports; Credit Score.
  ARTICLE 9  INSURANCE
 Section 9.01 Representations and Warranties.
  (a) Compliance with Insurance Requirements.
  (b) Property Condition.
   Section 9.02 Covenants.
 (a) Insurance Requirements.
   Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 35Article 8
    
    04-11
    
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##### 



(b) Delivery of Policies, Renewals, Notices and Proceeds.
        Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 36Article 9
    
    04-11
    
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##### 



Section 9.03 Mortgage Loan Administration Matters Regarding Insurance
 (a) Lenders Ongoing Insurance Requirements.
      (b) Application of Proceeds on Event of Loss.
   provided however
 Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 37Article 9
    
    04-11
    
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##### 



provided that
   Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 38Article 9
    
    04-11
    
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##### 



(c) Payment Obligations Unaffected.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 39Article 9
    
    04-11
    
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##### 



(d) Foreclosure Sale.
  (e) Appointment of Lender as Attorney-In-Fact.
  ARTICLE 10  CONDEMNATION
 Section 10.01 Representations and Warranties.
  (a) Prior Condemnation Action.
  (b) Pending Condemnation Actions.
  Section 10.02 Covenants.
 (a) Notice of Condemnation.
    Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 40Article 9
    
    04-11
    
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(b) Condemnation Proceeds.
  Section 10.03 Mortgage Loan Administration Matters Regarding Condemnation.
 (a) Application of Condemnation Awards.
    (b) Payment Obligations Unaffected.
  (c) Appointment of Lender as Attorney-In-Fact.
  (d) Application of Proceeds.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 41Article 10
    
    04-11
    
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ARTICLE 11  LIENS, TRANSFERS AND ASSUMPTIONS
 Section 11.01 Representations and Warranties.
  (a) No Labor or Materialmens Claims.
  (b) No Other Interests.
    Section 11.02 Covenants.
 (a) Liens; Encumbrances.
  (b) Transfers.
 (1) Mortgaged Property.
   Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 42Article 11
    
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(2) Interests in Borrower and/or Key Principal and/or Guarantor.
      Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 43Article 11
    
    04-11
    
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##### 



(3) Entity Conversion.
          Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 44Article 11
    
    04-11
    
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##### 



Section 11.03 Mortgage Loan Administration Matters Regarding Liens, Transfers and Assumptions
 (a) Assumption of Mortgage Loan.
        Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 45Article 11
    
    04-11
    
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##### 



(b) Transfers to Key Principal-Owned Affiliates or Guarantor-Owned Affiliates.
      Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 46Article 11
    
    04-11
    
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##### 



(c) Estate Planning.
      (d) Termination or Revocation of Trust.
     (e) Death of Key Principal or Guarantor.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 47Article 11
    
    04-11
    
    © 2011 Fannie Mae




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##### 



Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 48Article 11
    
    04-11
    
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##### 



(f) Bankruptcy of Guarantor.
            Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 49Article 11
    
    04-11
    
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##### 



(g) Further Conditions to Transfers and Assumption.
         Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 50Article 11
    
    04-11
    
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ARTICLE 12  IMPOSITIONS
 Section 12.01 Representations and Warranties.
  (a) Payment of Taxes, Assessments and Other Charges.
       Section 12.02 Covenants.
 (a) Imposition Deposits, Taxes, and Other Charges.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 51Article 11
    
    04-11
    
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##### 



Section 12.03 Mortgage Loan Administration Matters Regarding Impositions.
 (a) Maintenance of Records by Lender.
  (b) Imposition Accounts.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 52Article 12
    
    04-11
    
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(c) Payment of Impositions; Sufficiency of Imposition Deposits.
      (d) Imposition Deposits Upon Event of Default.
  (e) Contesting Impositions.
      Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 53Article 12
    
    04-11
    
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(f) Release to Borrower.
  ARTICLE 13  REPLACEMENT RESERVE AND REPAIRS
 Section 13.01 Covenants.
 (a) Initial Deposits to Replacement Reserve Account and Repairs Escrow Account.
    (b) Monthly Replacement Reserve Deposits.
  (c) Payment for Replacements and Repairs.
     Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 54Article 12
    
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(d) Assignment of Contracts for Replacements and Repairs.
  (e) Indemnification.
  (f) Amendments to Loan Documents.
  (g) Administrative Fees and Expenses.
     Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 55Article 13
    
    04-11
    
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Section 13.02 Mortgage Loan Administration Matters Regarding Reserves.
 (a) Accounts, Deposits, and Disbursements.
 (1) Custodial Accounts.
 provided however
  (2) Disbursements by Lender Only.
  (3) Adjustment of Deposits.
 (A) Mortgage Loan Terms Exceeding Ten (10) Years.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 56Article 13
    
    04-11
    
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(B) Transfers.
  (4) Insufficient Funds.
  (5) Disbursements for Replacements and Repairs.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 57Article 13
    
    04-11
    
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##### 



(6) Disbursement Requests.
       Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 58Article 13
    
    04-11
    
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(7) Conditions to Disbursement.
        Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 59Article 13
    
    04-11
    
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(8) Joint Checks for Periodic Disbursements.
         (9) Replacements and Repairs Other than Required Replacements and/or Required Repairs.
 (A) Borrower Requested Replacements and Borrower Requested Repairs.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 60Article 13
    
    04-11
    
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(B) Additional Lender Replacements and Additional Lender Repairs.
    Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 61Article 13
    
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(10) Excess Costs.
     (11) Final Disbursements.
  (b) Approvals of Contracts; Assignment of Claims.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 62Article 13
    
    04-11
    
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##### 



(c) Delays and Workmanship.
       (d) Appointment of Lender as Attorney-In-Fact.
  (e) No Lender Obligation.
     Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 63Article 13
    
    04-11
    
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(f) No Lender Warranty.
  ARTICLE 14  DEFAULTS/REMEDIES
 Section 14.01 Events of Default.
  (a) Automatic Events of Default.
        Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 64Article 13
    
    04-11
    
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(b) Events of Default Subject to a Specified Cure Period.
   Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 65Article 14
    
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(c) Events of Default Subject to Extended Cure Period.
  provided however provided further however
 Section 14.02 Remedies.
 (a) Acceleration; Foreclosure.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 66Article 14
    
    04-11
    
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(b) Loss of Right to Receive Replacement Reserve Disbursements and Repairs Disbursements.
       (c) Remedies Cumulative.
  Section 14.03 Additional Lender Rights; Forbearance.
 (a) No Effect Upon Obligations.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 67Article 14
    
    04-11
    
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(b) No Waiver of Rights or Remedies.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 68Article 14
    
    04-11
    
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##### 



(c) Appointment of Lender as Attorney-in-Fact.
             Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 69Article 14
    
    04-11
    
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##### 



Section 14.04 Waiver of Marshaling.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 70Article 14
    
    04-11
    
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ARTICLE 15  MISCELLANEOUS
 Section 15.01 Governing Law; Consent to Jurisdiction and Venue.
 (a) Governing Law.
  (b) Venue.
  Section 15.02 Notice.
 (a) Process of Serving Notice.
          Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 71Article 15
    
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(b) Change of Address.
  (c) Default Method of Notice.
  (d) Receipt of Notices.
  Section 15.03 Successors and Assigns Bound; Sale of Mortgage Loan.
 (a) Binding Agreement.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 72Article 15
    
    04-11
    
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##### 



(b) Sale of Mortgage Loan; Change of Servicer.
  Section 15.04 Counterparts.
  Section 15.05 Joint and Several (or Solidary) Liability.
  Section 15.06 Relationship of Parties; No Third Party Beneficiary.
 (a) Solely Creditor and Debtor.
  (b) No Third Party Beneficiaries.
    Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 73Article 15
    
    04-11
    
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##### 



Section 15.07 Severability; Entire Agreement; Amendments.
  Section 15.08 Construction.
         Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 74Article 15
    
    04-11
    
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##### 



Section 15.09 Mortgage Loan Servicing.
  Section 15.10 Disclosure of Information.
  Section 15.11 Waiver; Conflict.
  Section 15.12 Determinations by Lender.
  Section 15.13 Subrogation.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 75Article 15
    
    04-11
    
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##### 



Section 15.14 Counting of Days.
 provided however
 Section 15.15 Revival and Reinstatement of Indebtedness.
  Section 15.16 Time is of the Essence.
  Section 15.17 Final Agreement.
  Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 76Article 15
    
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Section 15.18 WAIVER OF TRIAL BY JURY.
  [Remainder of Page Intentionally Blank]
 Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 77Article 15
    
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IN WITNESS WHEREOF
 BORROWER:
SIR CLARION PARK, LLC,
a Delaware limited liability companyBy:
    Steadfast Income Advisor, LLC,
a Delaware limited liability companyIts:
    ManagerBy:
    /s/ Ana Marie del RioName:
    Ana Marie del RioTitle:
    Secretary [SIGNATURES CONTINUED ON NEXT PAGE]
 Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page S-1Signature Page
    
    04-11
    
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LENDER:
PNC BANK, NATIONAL ASSOCIATION,
a national banking associationBy:
    /s/ Kelli A. TylerName:
    Kelli A. TylerTitle:
    Vice President Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page S-2Signature Page
    
    04-11
    

© 2011 Fannie Mae




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SCHEDULE 1  TO MULTIFAMILY LOAN AND SECURITY AGREEMENT
 Definitions Schedule
(Interest Rate Type  Fixed Rate)
  Accrued Interest
 Additional Lender Repairs
 Additional Lender Replacements
 Amortization Period
 Amortization Type
 Bank Secrecy Act
 Bankruptcy Event
    Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 1
© 2011 Fannie Mae




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Borrower
 Borrower Affiliate
      Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 2
© 2011 Fannie Mae




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Borrower Requested Repairs
 Borrower Requested Replacements
 Borrowers General Business Address
 Borrowers Notice Address
 Business Day
 Collateral Account Funds
 Collateral Accounts
 Collateral Agreement
 Completion Period
 Condemnation Action
 Controlling Interest
       Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 3
© 2011 Fannie Mae




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##### 



Credit Score
 Debt Service Amounts
 Default Rate
  Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 4
© 2011 Fannie Mae




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Definitions Schedule Schedule 1
 Effective Date
 Employee Benefit Plan
 Enforcement Costs
 Environmental Indemnity Agreement
 Environmental Laws
 ERISA
 Event of Default
 Exceptions to Representations and Warranties Schedule 7
 First Payment Date
 First Principal and Interest Payment Date
 Fixed Rate
 Fixtures
 Foreclosure Event
   Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 5
© 2011 Fannie Mae




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Governmental Authority
 Guarantor
 Guarantor Bankruptcy Event
       Guarantors General Business Address
 Guarantors Notice Address
 Guaranty
 Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 6
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Immediate Family Members
 Imposition Deposits
 Impositions
 Improvements
 Indebtedness
 Initial Replacement Reserve Deposit
 Insolvency Laws
 Insolvent
   Intended Prepayment Date
 Interest Accrual Method
 Interest Only Term
 Interest Rate
 Interest Rate Type
 Internal Revenue Code
 Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 7
© 2011 Fannie Mae




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Investor
 Key Principal
   Key Principals General Business Address
 Key Principals Notice Address
 Land Exhibit A
 Last Interest Only Payment Date
 Late Charge
 Leases
 Lender
 Lenders General Business Address
 Lenders Notice Address
 Lenders Payment Address
 Lien
 Loan Agreement
 Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 8
© 2011 Fannie Mae




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##### 



Loan Amount
 Loan Application
 Loan Documents
 Loan Servicer
 Loan Term
 Loan Year
 Material Commercial Lease
        Maturity Date
 Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 9
© 2011 Fannie Mae




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Maximum Inspection Fee
 Maximum Repair Cost
 Maximum Repair Disbursement Interval
 Maximum Replacement Reserve Disbursement Interval
 Minimum Repairs Disbursement Amount
 Minimum Replacement Reserve Disbursement Amount
 Monthly Debt Service Payment
 Monthly Replacement Reserve Deposit
 Mortgage Loan
 Mortgaged Property
 Multifamily Project
 Multifamily Project Address
 Non-Recourse Guaranty
 Note
 Notice
 Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 10
© 2011 Fannie Mae




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O&M Program
 OFAC
 Payment Date
 Payment Guaranty
 Permitted Encumbrance
 Permitted Prepayment Date
 Person
 Personalty
 Prepayment Lockout Period
 Prepayment Notice
 Prepayment Premium
 Prepayment Premium Period End Date or Yield Maintenance Period End Date
 Prepayment Premium Period Term or Yield Maintenance Period Term
 Prepayment Premium Schedule Schedule 4
 Principal
 Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 11
© 2011 Fannie Mae




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Prohibited Person
     Property Jurisdiction
 Property Square Footage
 Publicly-Held Corporation
 Publicly-Held Trust
 Remedial Work
 Rents
 Repair Threshold
 Repairs
 Repairs Escrow Account
 Repairs Escrow Account Administrative Fee
 Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 12
© 2011 Fannie Mae




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Repairs Escrow Deposit
 Replacement Reserve Account
 Replacement Reserve Account Administration Fee
 Replacement Reserve Account Interest Disbursement Frequency
 Replacement Reserve Deposits
 Replacement Threshold
 Replacements
 Required Repair Schedule Schedule 6
 Required Repairs
 Required Replacement Schedule Schedule 5
 Required Replacements
 Reserve/Escrow Account Funds
 Reserve/Escrow Accounts
 Residential Lease
 Restoration
 Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 13
© 2011 Fannie Mae




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Review Fee
 Schedule of Interest Rate Type Provisions Schedule 3
 Security Instrument
 Servicing Arrangement
 Summary of Loan Terms Schedule 2
 Taxes
 Title Policy
 Total Parking Spaces
 Total Residential Units
 Transfer
      Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 14
© 2011 Fannie Mae




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Transfer Fee
 [CONTINUED ON NEXT PAGE]
 Schedule 1 to Multifamily Loan and 
Security Agreement  Definitions 
Schedule (Interest Rate  Fixed Rate) 
Fannie Mae
    
    Form 6101.FR
01-11
    
    Page 15
© 2011 Fannie Mae




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##### 



UCC
 UCC Collateral
 Voidable Transfer
 Yield Maintenance Period End Date or Prepayment Premium Period End Date
 Yield Maintenance Period Term or Prepayment Premium Period Term
 ADRBorrower Initials Multifamily Loan and Security
Agreement 
(Non-Recourse) 
Schedule 1
    
    Form 6001.NR
04-11
    
    Page 1
© 2011 Fannie Mae




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SCHEDULE 2  TO MULTIFAMILY LOAN AND SECURITY AGREEMENT
 Summary of Loan Terms
(Interest Rate Type  Fixed Rate)
 I. GENERAL PARTY AND MULTIFAMILY PROJECT INFORMATIONBorrower
    
    SIR CLARION PARK, LLC,a Delaware limited liability companyLender
    
    PNC BANK, NATIONAL ASSOCIATION,a national banking associationKey Principal
    
    STEADFAST INCOME REIT, INC.,a Maryland corporationGuarantor
    
    STEADFAST INCOME REIT, INC.,a Maryland corporationMultifamily Project
    
    CLARION PARK APARTMENTSADDRESSESBorrowers General Business Address
    
    18100 Von Karman Avenue, Suite 500Irvine, California 92612Borrowers Notice Address
    
    18100 Von Karman Avenue, Suite 500Irvine, California 92612Attention:  Ana Marie del RioTelephone:  (949) 623-7716Facsimile:  (949) 777-8216Email:  adelrio@steadfastcompanies.comMultifamily Project Address
    
    16700 West 127th StreetOlathe, Kansas 66062Multifamily Project County
    
    JohnsonKey Principals General Business
    
    18100 Von Karman Avenue, Suite 500Address
    
    Irvine, California 92612
 Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 1Schedule 2
    
    04-11
    
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Key Principals Notice Address
    
    18100 Von Karman Avenue, Suite 500Irvine, California 92612Attention:  Ana Marie del RioTelephone:  (949) 623-7716Facsimile:  (949) 777-8216Email:  adelrio@steadfastcompanies.comGuarantors General Business Address
    
    18100 Von Karman Avenue, Suite 500Irvine, California 92612Guarantors Notice Address
    
    18100 Von Karman Avenue, Suite 500Irvine, California 92612Attention:  Ana Marie del RioTelephone:  (949) 623-7716Facsimile:  (949) 777-8216Email:  adelrio@steadfastcompanies.comLenders General Business Address
    
    26901 Calabasas Road, Suite 200Calabasas Hills, California 91301Lenders Notice Address
    
    26901 Calabasas Road, Suite 200Calabasas Hills, California 91301Attention:  Kelli A. TylerTelephone:  (858) 537-0704 X100Facsimile: (858) 537-0714Email:  kelli.tyler@pnc.comLenders Payment Address
    
    26901 Calabasas Road, Suite 200Calabasas Hills, California 91301II. MULTIFAMILY PROJECT INFORMATIONProperty Square Footage
    
    687,396Total Parking Spaces
    
    439Total Residential Units
    
    220
 Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 2Schedule 2
    
    04-11
    
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##### 



III. MORTGAGE LOAN INFORMATIONAmortization Period
    
    360 monthsAmortization Type
    
    þ     Amortizingo     Full Term Interest Onlyo     Partial Interest OnlyEffective Date
    
    June 28, 2011.First Payment Date
    
    The first day of August, 2011.First Principal and Interest
    
    Not ApplicablePayment DateFixed Rate
    
    4.58%Interest Accrual Method
    
    o 30/360 (computed on the basis of a three hundred sixty (360) day year consisting of twelve (12) thirty (30) day months).orþ Actual/360 (computed on the basis of a three 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
    
    0 monthsInterest Rate
    
    The Fixed RateInterest Rate Type
    
    Fixed RateLast Interest Only Payment Date
    
    Not applicable
 Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 3Schedule 2
    
    04-11
    
    © 2011 Fannie Mae




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##### 



Loan Amount
    
    $8,972,000.00Loan Term
    
    84 monthsLoan Year
    
    The period beginning on the Effective Date and ending on the last day of June, 2012, and each successive twelve  (12) month period thereafter.Maturity Date
    
    The first day of July, 2018, or any earlier date on which the unpaid
principal balance of the Mortgage Loan becomes due and payable by acceleration or otherwise.Monthly Debt Service Payment
    
    $45,887.28Prepayment
Lockout Period
    
    0 years from the Effective DateIV. YIELD MAINTENANCE/PREPAYMENT PREMIUM INFORMATIONYield Maintenance Period End Date
    
    The last day of December, 2017.Yield Maintenance Period Term
    
    Seventy-eight (78) monthsV. RESERVE INFORMATIONCompletion Period
    
    Within 12 months after the Effective Date or as otherwise shown on the Required Repair Schedule.Initial Replacement Reserve
    
    $0.00DepositMaximum Inspection Fee
    
    $1,000.00Maximum Repair Disbursement
    
    One time per calendar month.IntervalMaximum Replacement Reserve
    
    One time per calendar quarter.Disbursement Interval
 Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 4Schedule 2
    
    04-11
    
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Minimum Repairs Disbursement
    
    $5,000.00AmountMinimum Replacement Reserve
    
    $5,000.00Disbursement AmountMonthly Replacement Reserve
    
    $7,828.93DepositRepair Threshold
    
    $50,000.00Repairs Escrow Account
    
    $0.00Administrative FeeRepairs Escrow Deposit
    
    $121,250.00Replacement Reserve Account Administration Fee
    
    One-eighth of one percent (0.125%) of the average Replacement Reserve account balance, payable annuallyReplacement Reserve Account
    
    MonthlyInterest Disbursement FrequencyReplacement Threshold
    
    $50,000.00
 ADRBorrower Initials Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 5Schedule 2
    
    04-11
    
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MODIFICATIONS
TO MULTIFAMILY LOAN AND SECURITY AGREEMENT
 ADDENDA TO SCHEDULE 2  SCHEDULE OF LOAN TERMS
(Tax Credit Properties)
 VI. TAX CREDIT PROPERTIESBorrower General Partner
    
    Steadfast Income REIT Operating Partnership, L.P., a Delaware limited partnershipEquity Investor
    
    N/AEquity Investor General Partner
    
    N/AEquity Investor Notice Address
    
    N/A
 ADRBorrower Initials Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 6Schedule 2
    
    04-11
    
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SCHEDULE 3  TO MULTIFAMILY LOAN AND SECURITY AGREEMENT
 Schedule of Interest Rate Type Provisions
(Fixed Rate)
 1.
    
    Defined Terms.
  2.
    
    Interest Accrual.
  ADRBorrower Initials Multifamily Loan and Security Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 1Schedule 3
    
    04-11
    
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SCHEDULE 4  TO MULTIFAMILY LOAN AND SECURITY AGREEMENT
 Prepayment Premium Schedule
(Standard Yield Maintenance  Fixed Rate)
 1. Defined Terms.
  2. Prepayment Premium.
   (1)
 (2)
  by
  by
  
 [r =
    
    Yield Raten =
    
    the number of months remaining
between (i) either of the following: (x) in the case of a
voluntary prepayment, the
 Multifamily Loan and Security
Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 1Schedule 4
    
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last day of the month in which the prepayment is made, or (y) in
any other case, the date on which Lender accelerates the unpaid
principal balance of the Mortgage Loan and (ii) the Yield
Maintenance Period End Date.For purposes of this clause (ii), 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=
    
    the yield for
the longer U.S. Treasury constant maturityb=
    
    the yield for
the shorter U.S. Treasury constant maturityx=
    
    the term of the
longer U.S. Treasury constant maturityy=
    
    the term of the
shorter U.S. Treasury constant maturityz=
    
    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.]
 [CONTINUED ON NEXT PAGE]
  Multifamily Loan and Security
Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 2Schedule 4
    
    04-11
    
    © 2011 Fannie Mae




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ADRBorrower Initials Multifamily Loan and Security
Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 3Schedule 4
    
    04-11
    
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SCHEDULE 5 TO  MULTIFAMILY LOAN AND SECURITY AGREEMENT
 Required Replacement Schedule
 [See attached]
 ADRBorrower Initials Multifamily Loan and Security
Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 1Schedule 5
    
    04-11
    
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SCHEDULE 6 TO  MULTIFAMILY LOAN AND SECURITY AGREEMENT
 Required Repair Schedule
 Time FrameItem
    
    Cost
    
    
    % Collected
    
    
    Escrow Amt.
    
    
    (in months)Asphalt Paving:
Remove and replace
deteriorated
asphalt paving
throughout the
subject property,
including crack
sealing with a
traffic rated
sealant and
sectional
overlays.
    
    $
    54,000
    
    
    
    125
    %
    
    $
    67,500
    
    
    
    12Seal Coat and
Striping: Seal coat
all asphalt paved
parking and drive
areas to prolong
the useful service
life of the asphalt
paving system.
    
    $
    15,000
    
    
    
    125
    %
    
    $
    18,750
    
    
    
    12Composite Siding
and Trim: Replace
deteriorated siding
at select
locations.
    
    $
    3,000
    
    
    
    125
    %
    
    $
    3,750
    
    
    
    12Stairs: Remove and
replace
deteriorated stair
treads. Paint
all ironwork
(stringers and
handrails).
    
    $
    25,000
    
    
    
    125
    %
    
    $
    31,250
    
    
    
    12Pedestrian Paving: Trip hazards were
noted in the
pedestrian walkways
at isolated
locations and are
recommended to
ground flush to a
smooth transition.
    
    $
    0
    
    
    
    125
    %
    
    $
    0
    
    
    
    12Totals:
    
    $
    97,000
    
    
    
    125
    %
    
    $
    121,250
 ADRBorrower Initials Multifamily Loan and Security
Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 1Schedule 6
    
    04-11
    
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SCHEDULE 7 TO  MULTIFAMILY LOAN AND SECURITY AGREEMENT
 Exceptions to Representations and Warranties Schedule
   ADRBorrower Initials Multifamily Loan and Security
Agreement(Non-Recourse)
    
    Form 6001.NR
    
    Page 2Schedule 7
    
    04-11
    
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EXHIBIT A
 MODIFICATIONS TO MULTIFAMILY LOAN AND SECURITY AGREEMENT
(Tax Credit Properties)
    Extended Use Agreement
 Minimum Set-Aside Test
 Rent Restriction Test
 Tax Credits
 Intentionally omitted.
   Intentionally omitted.
 Modifications to Multifamily Loan
 and Security Agreement (Tax 
Credit Properties)
    
    Form 6219
    
    Page A-1Fannie Mae
    
    01-11
    
    © 2011 Fannie Mae




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##### 



ARTICLE 16  ITEMS RELATED TO TAX CREDIT PROPERTIES
 Section 16.01 Annual LIHTC Reporting Requirements.
  Section 16.02 Annual Compliance.
  Section 16.03 Tax Credit Representations and Warranties.
     [CONTINUED ON NEXT PAGE]
 Modifications to Multifamily Loan 
and
Security Agreement (Tax 
Credit
Properties)
    
    Form 6219
    
    Page A-2Fannie Mae
    
    01-11
    
    © 2011 Fannie Mae




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##### 



ADRBorrower Initials Modifications to Multifamily Loan 
and
Security Agreement (Tax 
Credit
Properties)
    
    Form 6219
    
    Page A-3Fannie Mae
    
    01-11
    
    © 2011 Fannie Mae