Exhibit 10.5


 


LIMITED LIABILITY COMPANY AGREEMENT

OF


BR PARK & KINGSTON CHARLOTTE, LLC


 


This Limited Liability
Company Agreement (together with the schedules attached hereto, this “Agreement”) of BR Park & Kingston
Charlotte, LLC (the “Company”), is entered into by 23HUNDRED, LLC, a Delaware limited liability company, as
the sole equity member (the “Member”). Capitalized terms used and not otherwise defined herein have the meanings
set forth on Schedule A hereto.


 


The Member, by execution
of this Agreement, hereby forms the Company as a limited liability company pursuant to and in accordance with the Delaware Limited
Liability Company Act (6 Del. C. § 18-101 et
seq.), as amended from time to time (the “Act”), and this Agreement, and the Member hereby agrees as
follows:


 


Section 1.          Name.


 


The name of the limited
liability company formed hereby is BR Park & Kingston Charlotte, LLC.


 


Section 2.          Principal
Business Office.


 


The principal business
office of the Company shall be located at 712 Fifth Avenue, 9th Floor, New York, New York 20019, or such other location
as may hereafter be determined by the Member.


 


Section 3.          Registered
Office.


 


The address of the registered
office of the Company in the State of Delaware is 160 Greentree Drive, Suite 101, Dover, Delaware 19904.


 


Section 4.          Registered
Agent.


 


The name and address of
the registered agent of the Company for service of process on the Company in the State of Delaware is National Registered Agents,
Inc., 160 Greentree Drive, Suite 101, Dover, Delaware 19904.


 


Section 5.          Member.


 


(a)          The
mailing address of the Member is set forth on Schedule B attached hereto. The Member was admitted to the Company as a member
of the Company upon its execution of a counterpart signature page to this Agreement.


 


(b)          The
Member may act by written consent.


 




    	 



    	 



    

 


Section 6.          Certificates.


 


Chris Vohs is hereby designated
as an “authorized person” within the meaning of the Act, and has executed, delivered and filed the Certificate of Formation
of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary
of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member thereupon became the
designated “authorized person” and shall continue as the designated “authorized person” within the meaning
of the Act. The Member shall execute, deliver and file any other certificates (and any amendments and/or restatements thereof)
necessary for the Company to qualify to do business in the State of North Carolina and in any other jurisdiction in which the Company
may wish to conduct business.


 


The existence of the Company
as a separate legal entity shall continue until cancellation of the Certificate of Formation as provided in the Act.


 


Section 7.          Purposes.


 


(a)          The
sole purpose to be conducted or promoted by the Company is to engage in the following activities:


 


(i)          to
acquire, own, manage and operate the Mortgaged Property;


 


(ii)         to
enter into and perform its obligations under the Loan Documents;


 


(iii)        to
refinance the Mortgaged Property in connection with a permitted repayment of the Loan; and


 


(iv)        to
transact any lawful business permitted to be transacted by limited liability companies organized under the laws of the State of
Delaware that is related or incidental to and necessary, convenient or advisable for the accomplishment of the above mentioned
purposes.


 


(b)          The
Company and the Member may enter into and perform the Basic Documents and all documents, agreements, certificates, or financing
statements contemplated thereby or related thereto, all without any further act, vote or approval of any Member or other Person
notwithstanding any other provision of this Agreement, the Act or applicable law, rule or regulation. The foregoing authorization
shall not be deemed a restriction on the powers of the Member to enter into other agreements on behalf of the Company.


 


Section 8.          Powers.


 


The Company (i) shall have
and exercise all powers necessary, convenient or incidental to accomplish its purposes as set forth in Section 7, and (ii)
shall have and exercise all of the powers and rights conferred upon limited liability companies formed pursuant to the Act.


 




    	 



    	 



    

 


Section 9.          Management.


 


(a)          Member-Managed.
The business and affairs of the Company shall be managed by or under the direction of the Member.


 


(b)          Powers.
The Member shall have the power to do any and all acts necessary, convenient or incidental to or for the furtherance of the purposes
described herein, including all powers, statutory or otherwise. Subject to Section 7, the Member has the authority to bind
the Company.


 


Section 10.         Intentionally
Omitted.


 


Section 11.         Intentionally
Omitted.


 


Section 12.         Limited
Liability.


 


Except as otherwise expressly
provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall
be the debts, obligations and liabilities solely of the Company, and neither Member shall not be obligated personally for any such
debt, obligation or liability of the Company solely by reason of being a Member of the Company.


 


Section 13.         Capital
Contributions.


 


The Member has contributed
to the Company property listed on Schedule B attached hereto.


 


Section 14.         Additional
Contributions.


 


The Member is not required
to make any additional capital contribution to the Company. However, the Member may make additional capital contributions to the
Company at any time upon the written consent of such Member. To the extent that the Member makes an additional capital contribution
to the Company, the Member shall revise Schedule B of this Agreement. The provisions of this Agreement, including this Section
14, are intended to benefit the Member and, to the fullest extent permitted by law, except as expressly set forth in Section
26(b) of this Agreement, shall not be construed as conferring any benefit upon any creditor of the Company (and no such creditor
of the Company shall be a third-party beneficiary of this Agreement) and the Member shall not have any duty or obligation to any
creditor of the Company to make any contribution to the Company or to issue any call for capital pursuant to this Agreement.


 


Section 15.         Allocation
of Profits and Losses.


 


The Company’s profits
and losses shall be allocated to the Member.


 




    	 



    	 



    

 


Section 16.         Distributions.


 


Distributions shall be
made to the Member at the times and in the aggregate amounts determined by the Member. Notwithstanding any provision to the contrary
contained in this Agreement, the Company shall not be required to make a distribution to the Member on account of its interest
in the Company if such distribution would violate Section 18-607 of the Act or any other applicable law or any Basic Document.


 


Section 17.         Books
and Records.


 


The Member shall keep or
cause to be kept complete and accurate books of account and records with respect to the Company’s business. The Company’s
books of account shall be kept using the method of accounting determined by the Member. The Company’s independent auditor,
if any, shall be an independent public accounting firm selected by the Member.


 


Section 18.         Reserved.


 


Section 19.         Other
Business.


 


The Member and any Affiliate
of the Member may engage in or possess an interest in other business ventures (unconnected with the Company) of every kind and
description, independently or with others notwithstanding any provision to the contrary at law or in equity. The Company shall
not have any rights in or to such independent ventures or the income or profits therefrom by virtue of this Agreement.


 


Section 20.         Exculpation
and Indemnification.


 


(a)          Neither
the Member nor any employee or agent of the Company nor any employee, representative, agent or Affiliate of the Member (collectively,
the “Covered Persons”) shall, to the fullest extent permitted by law, be liable to the Company or any
other Person that is a party to or is otherwise bound by this Agreement for any loss, damage or claim incurred by reason of any
act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner reasonably believed
to be within the scope of the authority conferred on such Covered Person by this Agreement, except that a Covered Person shall
be liable for any such loss, damage or claim incurred by reason of such Covered Person’s gross negligence or willful misconduct.


 


(b)          To
the fullest extent permitted by applicable law, a Covered Person shall be entitled to indemnification from the Company for any
loss, damage or claim incurred by such Covered Person by reason of any act or omission performed or omitted by such Covered Person
in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on
such Covered Person by this Agreement, except that no Covered Person shall be entitled to be indemnified in respect of any loss,
damage or claim incurred by such Covered Person by reason of such Covered Person’s gross negligence or willful misconduct
with respect to such acts or omissions; provided, however, that any indemnity under this Section 20 by the
Company shall be provided out of and to the extent of Company assets only, and the Member shall not have personal liability on
account thereof; and provided further, that so long as any Obligation is outstanding, no indemnity payment from funds
of the Company (as distinct from funds from other sources, such as insurance) of any indemnity under this Section 20 shall
be payable from amounts allocable to any other Person pursuant to the Basic Documents.


 




    	 



    	 



    

 


(c)          To
the fullest extent permitted by applicable law, expenses (including legal fees) incurred by a Covered Person defending any claim,
demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition of such
claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered Person to
repay such amount if it shall be determined that the Covered Person is not entitled to be indemnified as authorized in this Section
20.


 


(d)          A
Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions,
reports or statements presented to the Company by any Person as to matters the Covered Person reasonably believes are within such
other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company,
including information, opinions, reports or statements as to the value and amount of the assets, liabilities, or any other facts
pertinent to the existence and amount of assets from which distributions to the Member might properly be paid.


 


(e)          To
the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto
to the Company or to any other Covered Person, a Covered Person acting under this Agreement shall not be liable to the Company
or to any other Covered Person for its good faith reliance on the provisions of this Agreement or any approval or authorization
granted by the Company or any other Covered Person. The provisions of this Agreement, to the extent that they restrict or eliminate
the duties and liabilities of a Covered Person otherwise existing at law or in equity, are agreed by the Member to replace such
other duties and liabilities of such Covered Person.


 


(f)          Notwithstanding
anything in this Agreement to the contrary, unless the Lender (for so long as any Obligation is outstanding) agrees in writing
otherwise, any indemnity of any Covered Person under this Section 20 or otherwise shall be fully subordinated to any Obligations,
shall not constitute a claim against the Company in the event that the Company’s cash flow is insufficient to pay such Obligations
and shall not be paid whenever any amount is past due under the Loan Documents.


 


(g)          The
foregoing provisions of this Section 20 shall survive any termination of this Agreement.


 


Section 21.         Assignments.


 


Subject to Section 23
and any transfer restrictions contained in the Loan Documents, the Member may assign its limited liability company interest in
the Company. Subject to Section 23, if the Member transfers all of its limited liability company interest in the Company
pursuant to this Section 21, the transferee shall be admitted to the Company as a member of the Company upon its execution
of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a
counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the transfer and, immediately
following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement
to the contrary, any successor to the Member by merger or consolidation in compliance with the Basic Documents shall, without further
act, be the Member hereunder, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement
and the Company shall continue without dissolution.


 




    	 



    	 



    

 


Section 22.         Resignation.


 


Notwithstanding anything
in this Agreement to the contrary, so long as any Obligation is outstanding, the Member may not resign, except as expressly permitted
under the Loan Documents and if an additional Member is simultaneously admitted to the Company pursuant to Section 23.
If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted
to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms
and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall
be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall
cease to be a member of the Company.


 


Section 23.         Admission
of Additional Members.


 


One or more additional
members of the Company may be admitted to the Company with the written consent of the Member.


 


Section 24.         Dissolution.


 


(a)          The
Company shall be dissolved, and its affairs shall be wound up upon the first to occur of the following: (i) the termination of
the legal existence of the last remaining member of the Company or the occurrence of any other event which terminates the continued
membership of the last remaining member of the Company in the Company unless the Company is continued without dissolution in a
manner required by Section 5(c) or this Section 24(a) permitted by this Agreement or the Act or (ii) the
entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act. Upon the occurrence of any event that
causes the last remaining member of the Company to cease to be a member of the Company or that causes the Member to cease to be
a member of the Company (other than (i) upon an assignment by the Member of all of its limited liability company interest in the
Company and the admission of the transferee pursuant to Sections 21 and 23, or (ii) the resignation of the Member and the
admission of an additional member of the Company pursuant to Sections 22 and 23), to the fullest extent permitted
by law, the personal representative of such member is hereby authorized to, and shall, within 90 days after the occurrence of the
event that terminated the continued membership of such member in the Company, agree in writing (i) to continue the existence of
the Company and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute
member of the Company, effective as of the occurrence of the event that terminated the continued membership of the last remaining
member of the Company or the Member in the Company.


 


(b)          Notwithstanding
any other provision of this Agreement, the Bankruptcy of the Member or any additional member shall not cause the Member or additional
member, respectively, to cease to be a member of the Company and upon the occurrence of such an event, the Company shall continue
without dissolution.


 




    	 



    	 



    

 


(c)          Notwithstanding
any other provision of this Agreement, each of the Member and any additional member waive any right it might have to agree in writing
to dissolve the Company upon the Bankruptcy of the Member or additional member, or the occurrence of an event that causes the Member
or additional member to cease to be a member of the Company.


 


(d)          In
the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs (including the
sale of the assets and property of the Company in an orderly manner), and the assets and property of the Company shall be applied
in the manner, and in the order of priority, set forth in Section 18-804 of the Act.


 


(e)          The
Company shall terminate when (i) all of the assets of the Company, after payment of or due provision for all debts, liabilities
and obligations of the Company shall have been distributed to the Member in the manner provided for in this Agreement and (ii)
the Certificate of Formation shall have been canceled in the manner required by the Act.


 


Section 25.         Waiver
of Partition; Nature of Interest.


 


To the fullest extent permitted
by law, each of the Member and any additional member admitted to the Company hereby irrevocably waives any right or power that
such Person might have (a) to cause the Company or any of its assets to be partitioned and (b) to cause the appointment
of a receiver for all or any portion of the assets of the Company, to compel any sale of all or any portion of the assets of the
Company pursuant to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution,
liquidation, winding up or termination of the Company. The Member shall not have any interest in any specific assets of the Company,
and the Member shall not have the status of a creditor with respect to any distribution pursuant to Section 16 hereof. The
interest of the Member in the Company is personal property.


 


Section 26.         Benefits
of Agreement; No Third-Party Rights.


 


(a)          Except
as expressly set forth in clause (b) below, none of the provisions of this Agreement shall be for the benefit of or enforceable
by any creditor of the Company or by any creditor of the Member. Except as expressly set forth in clause (b) below, nothing in
this Agreement shall be deemed to create any right in any Person (other than Covered Persons) not a party hereto, and this Agreement
shall not be construed in any respect to be a contract in whole or in part for the benefit of any third Person (except as provided
in Section 29).


 


(b)          The
parties acknowledge that the Lender is an intended third-party beneficiary of this Agreement.


 


Section 27.         Severability
of Provisions.


 


Each provision of this
Agreement shall be considered severable and if for any reason any provision or provisions herein are determined to be invalid,
unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the
operation of or affect those portions of this Agreement which are valid, enforceable and legal.


 




    	 



    	 



    

 


Section 28.         Entire
Agreement.


 


This Agreement constitutes
the entire agreement of the parties with respect to the subject matter hereof.


 


Section 29.         Binding
Agreement.


 


Notwithstanding any other
provision of this Agreement, the Member agrees that this Agreement constitutes a legal, valid and binding agreement of the Member,
and is enforceable in accordance with its terms.


 


Section 30.         Governing
Law.


 


This Agreement shall be
governed by and construed under the laws of the State of Delaware (without regard to conflict of laws principles), all rights and
remedies being governed by said laws.


 


Section 31.         Amendments.


 


This Agreement may be modified,
altered, supplemented or amended pursuant to a written agreement executed and delivered by the Member.


 


Section 32.         Counterparts.


 


This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original of this Agreement and all of which together shall constitute
one and the same instrument.


 


Section 33.         Notices.


 


Any notices required to
be delivered hereunder shall be in writing and personally delivered, mailed or sent by telecopy, electronic mail or other similar
form of rapid transmission, and shall be deemed to have been duly given upon receipt (a) in the case of the Company, to the Company
at its address in Section 2, (b) in the case of the Member, to the Member at its address as listed on Schedule B
attached hereto and (c) in the case of either of the foregoing, at such other address as may be designated by written notice to
the other party.


 


Section 34.         Effectiveness.


 


Pursuant to Section 18-201
(d) of the Act, this Agreement shall be effective as of the time of the filing of the Certificate of Formation with the Office
of the Delaware Secretary of State on January 8, 2015.


 


[SIGNATURE PAGE FOLLOWS]


 




    	 



    	 



    

 


IN WITNESS WHEREOF, the
undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the ___ day
of March, 2015.


 


	 	MEMBER:
	 	 
	 	23HUNDRED, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:	Jordan Ruddy
	 	Title:	Authorized Signatory


 




    	 



    	 



    

 


SCHEDULE A


 


Definitions


A.           Definitions


 


When used in this Agreement,
the following terms not otherwise defined herein have the following meanings:


 


“Act”
has the meaning set forth in the preamble to this Agreement.


 


“Affiliate”
means, with respect to any Person, any other Person directly or indirectly Controlling or Controlled by or under direct or indirect
common Control with such Person.


 


“Agreement”
means this Limited Liability Company Agreement of the Company, together with the schedules attached hereto, as amended, restated
or supplemented or otherwise modified from time to time.


 


“Bankruptcy”
means, with respect to any Person, if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary
petition in bankruptcy, (iii) is adjudged bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy
or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition,
readjustment, liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting
or failing to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks,
consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part
of its properties, or (vii) if 120 days after the commencement of any proceeding against the Person seeking reorganization,
arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has
not been dismissed, or if within 90 days after the appointment without such Person’s consent or acquiescence of a trustee,
receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed,
or within 90 days after the expiration of any such stay, the appointment is not vacated. The foregoing definition of “Bankruptcy”
is intended to replace and shall supersede and replace the definition of “Bankruptcy” set forth in Sections 18-101(1)
and 18-304 of the Act.


 


“Basic Documents”
means this Agreement, the Loan Documents and all other documents and certificates contemplated thereby or delivered in connection
therewith.


 


“Certificate of
Formation” means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware
on January 8, 2015, as amended or amended and restated from time to time.


 


“Company”
means BR Park & Kingston Charlotte, LLC, a Delaware limited liability company.


 


“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ownership of voting securities or general partnership or managing member interests, by contract or
otherwise. “Controlling” and “Controlled” shall have correlative meanings. Without limiting the generality
of the foregoing, a Person shall be deemed to Control any other Person in which it owns, directly or indirectly, a majority of
the ownership interests.


 




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“Covered Persons”
has the meaning set forth in Section 20(a).


 


“Lender”
means CBRE Multifamily Capital, Inc., a Delaware corporation, and its successors and assigns of the Loan.


 


“Loan”
has the meaning assigned to that term in the Loan Agreement.


 


“Loan Agreement”
means that certain Multifamily Loan and Security Agreement (Non-Recourse) dated on or about the date hereof by and between Lender
and the Company, as amended, restated, supplemented or otherwise modified from time to time.


 


“Loan Documents”
has the meaning assigned to that term in the Loan Agreement.


 


“Member”
means 23Hundred, LLC, a Delaware limited liability company, as the initial member of the Company, and includes any Person admitted
as an additional member of the Company or a substitute member of the Company pursuant to the provisions of this Agreement, each
in its capacity as a member of the Company.


 


“Mortgaged Property”
has the meaning assigned to that term in the Loan Agreement.


 


“Obligations”
shall mean the indebtedness, liabilities and obligations of the Company under or in connection with this Agreement, the other Basic
Documents or any related document in effect as of any date of determination.


 


“Person”
means any individual, corporation, partnership, joint venture, limited liability company, limited liability partnership, association,
joint stock company, trust, unincorporated organization, or other organization, whether or not a legal entity, and any governmental
authority.


 


B.           Rules
of Construction


 


Definitions in this Agreement
apply equally to both the singular and plural forms of the defined terms. The words “include” and “including”
shall be deemed to be followed by the phrase “without limitation.” The terms “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section,
paragraph or subdivision. The Section titles appear as a matter of convenience only and shall not affect the interpretation of
this Agreement. All Section, paragraph, clause, Exhibit or Schedule references not attributed to a particular document shall be
references to such parts of this Agreement.


 




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SCHEDULE B


 


Member


 


	Name	 	Mailing Address	 	Capital Contribution	 	 	Membership
 Interest	 
	23Hundred, LLC	 	712 Fifth Avenue
 9th Floor
 New York, New York 20019	 	$	100.00	 	 	 	100	%