Exhibit 10.11


 


Fox Hill Apartments


 


MULTIFAMILY NOTE


 


	US $26,705,000.00	As of March 26, 2015


 


FOR VALUE RECEIVED,
the undersigned (“Borrower”) promises to pay to the order of WALKER & DUNLOP, LLC, a Delaware limited
liability company (“Lender”), the principal amount of Twenty-Six Million Seven Hundred Five Thousand and 00/100
Dollars (US $26,705,000.00) (the “Mortgage Loan”), together with interest thereon accruing at the
Interest Rate on the unpaid principal balance from the date the Mortgage Loan proceeds are disbursed until fully paid in accordance
with the terms hereof and of that certain Multifamily Loan and Security Agreement dated as of the date hereof, by and between Borrower
and Lender (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan
Agreement”).


 


		1.	Defined Terms.



 


Capitalized terms used
and not specifically defined in this Multifamily Note (this “Note”) have the meanings given to such terms in
the Loan Agreement.


 


		2.	Repayment.



 


Borrower agrees to pay
the principal amount of the Mortgage Loan and interest on the principal amount of the Mortgage Loan from time to time outstanding
at the Interest Rate or such other rate or rates and at the times specified in the Loan Agreement, together with all other amounts
due to Lender under the Loan Documents. The outstanding balance of the Mortgage Loan and all accrued and unpaid interest thereon
shall be due and payable on the Maturity Date, together with all other amounts due to Lender under the Loan Documents.


 


		3.	Security.



 


The Mortgage Loan evidenced
by this Note, together with all other Indebtedness is secured by, among other things, the Security Instrument, the Loan Agreement
and the other Loan Documents. All of the terms, covenants and conditions contained in the Loan Agreement, the Security Instrument
and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully
set forth herein. In the event of a conflict or inconsistency between the terms of this Note and the Loan Agreement, the terms
and provisions of the Loan Agreement shall govern.


 


		4.	Acceleration.



 


In accordance with the
Loan Agreement, if an Event of Default has occurred and is continuing, the entire unpaid principal balance of the Mortgage Loan,
any accrued and unpaid interest, including interest accruing at the Default Rate, the Prepayment Premium (if applicable), and all
other amounts payable under this Note, the Loan Agreement and any other Loan Document shall at once become due and payable, at
the option of Lender, without any prior notice to Borrower, unless applicable law requires otherwise (and in such case, after satisfactory
notice has been given).


 


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		5.	Personal Liability.



 


The provisions of Article 3
(Personal Liability) of the Loan Agreement are hereby incorporated by reference into this Note to the same extent and with the
same force as if fully set forth herein.


 


		6.	Governing Law.



 


This Note shall be governed
in accordance with the terms and provisions of Section 15.01 (Governing Law; Consent to Jurisdiction and Venue) of the Loan
Agreement.


 


		7.	Waivers.



 


Presentment, demand
for payment, notice of nonpayment and dishonor, protest and notice of protest, notice of acceleration, notice of intent to
demand or accelerate payment or maturity, presentment for payment, notice of nonpayment, grace and diligence in collecting
the Indebtedness are waived by Borrower, for and on behalf of itself, Guarantor and Key Principal, and all endorsers and
guarantors of this Note and all      other third party obligors or others who may become liable for the payment of all or any
part of the Indebtedness.


 


		8.	Commercial Purpose.



 


Borrower represents that
the Indebtedness is being incurred by Borrower solely for the purpose of carrying on a business or commercial enterprise or activity,
and not for agricultural, personal, family or household purposes.


 


		9.	Construction; Joint and Several (or Solidary, as applicable)
Liability.



 


(a)          Section 15.08
(Construction) of the Loan Agreement is hereby incorporated herein as if fully set forth in the body of this Note.


 


(b)          If more than one
Person executes this Note as Borrower, the obligations of such Person shall be joint and several (solidary instead for purposes
of Louisiana law).


 


		10.	Notices.



 


All Notices
required or permitted to be given by Lender to Borrower pursuant to this Note shall be given in accordance with Section 15.02
(Notice) of the Loan Agreement.


 


		11.	Time is of the Essence.



 


Borrower agrees that, with
respect to each and every obligation and covenant contained in this Note, time is of the essence.


 


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		12.	Loan Charges Savings Clause.



 


Borrower agrees to pay
an effective rate of interest equal to the sum of the Interest Rate and any additional rate of interest resulting from any other
charges of interest or in the nature of interest paid or to be paid in connection with the Mortgage Loan and any other fees or
amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note, the Loan Agreement nor any of the
other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of
interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. It is expressly stipulated
and agreed to be the intent of Borrower and Lender at all times to comply with all applicable laws governing the maximum rate or
amount of interest payable on the Indebtedness evidenced by this Note and the other Loan Documents. If any applicable law limiting
the amount of interest or other charges permitted to be collected from Borrower is interpreted so that any interest or other charge
or amount provided for in any Loan Document, whether considered separately or together with other charges or amounts provided for
in any other Loan Document, or otherwise charged, taken, reserved or received in connection with the Mortgage Loan, or on acceleration
of the maturity of the Mortgage Loan or as a result of any prepayment by Borrower or otherwise, violates that law, and Borrower
is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate any such
violation. Amounts, if any, previously paid to Lender in excess of the permitted amounts shall be applied by Lender to reduce the
unpaid principal balance of the Mortgage Loan without the payment of any prepayment premium (or, if the Mortgage Loan has been
or would thereby be paid in full, shall be refunded to Borrower), and the provisions of the Loan Agreement and any other Loan Documents
immediately shall be deemed reformed and the amounts thereafter collectible under the Loan Agreement and any other Loan Documents
reduced, without the necessity of the execution of any new documents, so as to comply with any applicable law, but so as to permit
the recovery of the fullest amount otherwise payable under the Loan Documents. For the purpose of determining whether any applicable
law limiting the amount of interest or other charges permitted to be collected from Borrower has been violated, all Indebtedness
that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, and
any amount paid or agreed to be paid to Lender for the use, forbearance or detention of the Indebtedness, shall be deemed to be
allocated and spread ratably over the stated term of the Mortgage Loan. Unless otherwise required by applicable law, such allocation
and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of
the Mortgage Loan.


 


		13.	WAIVER OF TRIAL BY JURY.



 


TO THE MAXIMUM EXTENT
PERMITTED BY LAW, EACH OF BORROWER AND LENDER (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT
OF THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER 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.


 


		14.	Receipt of Loan Documents.



 


Borrower acknowledges receipt
of a copy of each of the Loan Documents.


 


		15.	Incorporation of Schedules.



 


The schedules, if any,
attached to this Note are incorporated fully into this Note by this reference and each constitutes a substantive part of this Note.


 


		16.	Defined Terms.



 


(a)         As
used hereunder, the term “Maximum Lawful Rate” shall mean the maximum lawful rate of interest which may be contracted
for, charged, taken, received or reserved by Lender in accordance with the applicable laws of the State of Texas (or applicable
United States federal law to the extent that such law permits Lender to contract for, charge, take, receive or reserve a greater
amount of interest than under Texas law), taking into account all Charges (as defined below) made in connection with the transaction
evidenced by this Note and the other Loan Documents.


 


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(b)         As
used hereunder, the term “Charges” shall mean all fees, charges and/or any other things of value, if any, contracted
for, charged, taken, received or reserved by Lender in connection with the transactions relating to this Note and the other Loan
Documents, which are treated as interest under applicable law.


 


		17.	Procedural Obligations of Borrower.



 


(a)         In
addition to the provisions of Section 12 above, Borrower hereby agrees that as a condition precedent to any claim seeking
usury penalties against Lender, Borrower will provide written notice to Lender, advising Lender in reasonable detail of the nature
and amount of the violation, and Lender shall have sixty (60) days after receipt of such notice in which to correct such usury
violation, if any, by either refunding such excess interest to Borrower or crediting such excess interest against this Note and/or
the Indebtedness then owing by Borrower to Lender. All calculations of the rate of interest contracted for, charged, taken, reserved
or received by Lender for the use, forbearance or detention of any debt evidenced by this Note and/or any other Loan Documents,
that are made for the purpose of determining whether such rate exceeds the Maximum Lawful Rate, shall be made, to the extent permitted
by applicable law, by amortizing, prorating, allocating and spreading, using the actuarial method, all interest contracted for,
charged, taken, reserved or received by Lender throughout the full term of this Note and/or any other Loan Documents (including
any and all renewal and extension periods).


 


(b)         In
no event shall the provisions of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts
and revolving triparty accounts) apply to this Note and/or any Indebtedness.


 


(c)         Not
later than the sixty-first (61st) day before the date Borrower files suit seeking penalties for Lender’s violation of
the usury law (or not later than the time of Borrower filing a counterclaim in an original action by Lender), Borrower is required
to give Lender written notice stating in reasonable detail the nature and amount of the violation. Lender is then entitled to correct
such violation within the sixty (60) day period beginning with the date such notice is received. If the usury violation is
raised on a counterclaim, Lender can petition the court to abate the proceedings for sixty (60) days to allow Lender to cure
the violation. If Lender timely corrects such violation, Lender will not be liable to Borrower for such violation, except to reimburse
Borrower for reasonable attorneys’ fees in the event the issue is raised by Borrower in a counterclaim. Lender is also not
liable to Borrower for a violation of the usury penalty statute if Lender gives written notice to Borrower of Lender’s usury
violation before Borrower itself gives written notice of the violation or files an action alleging the violation, and provided
Lender corrects such violation not later than the sixtieth (60th) day after the date Lender actually discovered the violation
that applies to the Note and/or any of the Indebtedness. Notwithstanding anything to the contrary contained herein or in any of
the other Loan Documents, it is not the intention of Lender to accelerate the maturity of any interest that has not accrued at
the time of such acceleration or to collect unearned interest at the time of such acceleration.


 


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		18.	Ceiling Election.



 


To the extent that Lender
is relying on Chapter 303 of the Texas Finance Code to determine the Maximum Lawful Rate payable on the Note and/or any other
portion of the Indebtedness, Lender will utilize the weekly ceiling from time to time in effect as provided in such Chapter 303,
as amended. To the extent United States federal law permits Lender to contract for, charge, take, receive or reserve a greater
amount of interest than under Texas law, Lender will rely on United States federal law instead of such Chapter 303 for the
purpose of determining the Maximum Lawful Rate. Additionally, to the extent permitted by applicable law now or hereafter in effect,
Lender may, at its option and from time to time, utilize any other method of establishing the Maximum Lawful Rate under such Chapter 303
or under other applicable law by giving notice, if required, to Borrower as provided by applicable law now or hereafter in effect.


 


ATTACHED SCHEDULE.
The following Schedule is attached to this Note:


 


	 	 ̈	Schedule 1	Modifications to Note


 


IN WITNESS WHEREOF,
Borrower has signed and delivered this Note under seal (where applicable) or has caused this Note to be signed and delivered under
seal (where applicable) by its duly authorized representative. Where applicable law so provides, Borrower intends that this Note
shall be deemed to be signed and delivered as a sealed instrument.


 


[Remainder of Page Intentionally Blank]


 


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	 	BORROWER:
	 	 
	 	BR FOX
HILLS TIC-1, LLC, a Delaware limited liability company
	 	 
	 	By:  	23Hundred, LLC, a Delaware limited liability company, its sole member


 


	 	By:	/s/ Jordan Ruddy
	 	 	Name: Jordan Ruddy
	 	 	Title: Authorized Signatory


 


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	 	BORROWER:
	 	 
	 	BR FOX HILLS TIC-2, LLC, a Delaware limited liability company
	 	 
	 	By:  	Bell BR Waterford Crossing JV, LLC, a 

Delaware limited liability company, its sole

 member


 


	 	By: 	/s/ Jordan Ruddy
	 	 	Name: Jordan Ruddy
	 	 	Title: Authorized Signatory


 


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	 	PAY TO THE ORDER OF ___________________ _________________, WITHOUT RECOURSE.
	 	 
	 	WALKER & DUNLOP, LLC, a Delaware limited liability company
	 	 
	 	By: 	/s/ Loretta Webb
	 	 	Loretta Webb
	 	 	Vice President


 


Fannie Mae Commitment Number: _________________


 


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