Exhibit 10.352


 


Freddie Mac Loan No. 708581501

Property Name: Summer Wind


 


MULTIFAMILY NOTE


 


FLOATING RATE


 


(Revised 9-4-2015)


 


	US $32,626,000.00	Effective Date:  As of January 5, 2016


 


 


FOR VALUE RECEIVED, BR CARROLL NAPLES,
LLC, a Delaware limited liability company (together with such party’s or parties’ successors and assigns, “Borrower”)
jointly and severally (if more than one), promises to pay to the order of JONES LANG LASALLE MULTIFAMILY, LLC, a Delaware
limited liability company, the principal sum of $32,626,000.00, with interest on the unpaid principal balance, as hereinafter provided.


 


		1.	Defined Terms.



 


		(a)	As used in this Note:



 


“Amortization Period”
means a period of 0 full consecutive calendar months.


 


“Base Recourse”
means a portion of the Indebtedness equal to 0% of the original principal balance of this Note.


 


“Business Day”
means any day other than a Saturday, a Sunday, or any other day on which Lender or the national banking associations are not open
for business.


 


“Capped Interest Rate”
is not applicable, there is no Capped Interest Rate for the Loan.


 


“Default Rate”
means a variable annual interest rate equal to 4 percentage points above the Floating Interest Rate in effect from time to time.
However, at no time will the Default Rate exceed the Maximum Interest Rate.


 


“First Installment Due
Date” means March 1, 2016.


 


“Floating Interest Rate”
means the variable annual interest rate calculated for each Interest Adjustment Period so as to equal the Index Rate for such Interest
Adjustment Period (truncated at the 5th decimal place if necessary) plus the Margin. However, in no event will the Floating
Interest Rate exceed the Capped Interest Rate.


 


“Freddie Mac”
means the Federal Home Loan Mortgage Corporation.


 


“ICE” means ICE Benchmark Administration
Limited.


 


“Index Rate”
means, for any Interest Adjustment Period, the LIBOR Index Rate for such Interest Adjustment Period.


 




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“Installment Due Date”
means, for any monthly installment of interest-only or principal and interest, the date on which such monthly installment is due
and payable pursuant to Section 3 of this Note.


 


“Interest Adjustment Period”
means each successive one (1) calendar month period until the entire Indebtedness is paid in full, except that the
first Interest Adjustment Period is the period from the date of this Note through January 31, 2016. Therefore, the second Interest
Adjustment Period will be the period from February 1, 2016 through February 29, 2016, and so on until the entire Indebtedness is
paid in full.


 


“Lender” means
the holder from time to time of this Note.


 


“LIBOR” means
the London Interbank Offered Rate.


 


“LIBOR Index”
means ICE’s one (1) month LIBOR rate for United States Dollar deposits, as displayed on the LIBOR Index Page used to establish
the LIBOR Index Rate.


 


“LIBOR Index Rate”
means, for any Interest Adjustment Period after the first Interest Adjustment Period, ICE’s LIBOR rate for the LIBOR Index
released by ICE most recently preceding the first day of such Interest Adjustment Period, as such LIBOR rate is displayed on the
LIBOR Index Page. The LIBOR Index Rate for the first Interest Adjustment Period means ICE’s LIBOR rate for the LIBOR Index
released by ICE most recently preceding the first day of the month in which the first Interest Adjustment Period begins, as such
LIBOR rate is displayed on the LIBOR Index Page; provided, however, that if at any time the LIBOR Index Rate is less than zero,
the LIBOR Index Rate shall be deemed to be zero for all purposes of this Note and the Loan Agreement.


 


“LIBOR Index Page”
is the Bloomberg L.P., page “BBAM”, or such other page for the LIBOR Index as may replace page BBAM on that service,
or at the option of Lender (i) the applicable page for the LIBOR Index on another service which electronically transmits or displays
ICE LIBOR rates, or (ii) any publication of LIBOR rates available from ICE. In the event ICE ceases to set or publish a LIBOR rate/interest
settlement rate for the LIBOR Index, Lender will designate an alternative index, and such alternative index will constitute the
LIBOR Index Page.


 


“Loan” means
the loan evidenced by this Note.


 


“Loan Agreement”
means the Multifamily Loan and Security Agreement entered into by and between Borrower and Lender, effective as of the effective
date of this Note, as amended, modified, or supplemented from time to time.


 


“Lockout Period”
means the period from the date of this Note through the day preceding the 12th Installment Due Date under this Note.


 


“Margin” means
two and seventeen hundredths percentage points (217 basis points).


 


“Maturity Date”
means the earlier of (i) February 1, 2023 (“Scheduled Maturity Date”) and
(ii) the date on which the unpaid principal balance of this Note becomes due and payable by acceleration or otherwise pursuant
to the Loan Documents or the exercise by Lender of any right or remedy under any Loan Document; provided, however, that if the
unpaid principal balance of this Note becomes due and payable by acceleration but such acceleration is rendered null and void and
of no further force and effect by operation of law or agreement by Lender, such acceleration will have no effect on the Maturity
Date. 


 




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“Maximum Interest Rate”
means the rate of interest which results in the maximum amount of interest allowed by applicable law.


 


“Prepayment Premium Period”
means the period during which, if a prepayment of principal occurs, a prepayment premium will be payable by Borrower to Lender.
The Prepayment Premium Period is the period from and including the date of this Note until but not including the first day of the
Window Period.


 


“Program Plus® Seller/Servicer”
means an institution approved to sell multifamily mortgages to Freddie Mac as a Program Plus Seller/Servicer.


 


“Remaining Amortization
Period” means, at any point in time, the number of consecutive calendar months equal to the number of months in the Amortization
Period minus the number of scheduled monthly installments of principal and interest that have elapsed since the date of this Note.


 


“Security Instrument”
means the multifamily mortgage, deed to secure debt or deed of trust effective as of the effective date of this Note, from Borrower
to or for the benefit of Lender and securing this Note, as amended, modified or supplemented from time to time.


 


“Window Period”
means the 3 consecutive calendar month period prior to the Scheduled Maturity Date.


 


		(b)	Other capitalized terms used but not defined in this Note will have the meanings given to such
terms in the Loan Agreement.



 


		2.	Address for Payment. All payments due under this Note will be payable at 3344 Peachtree
Road NE, Suite 1100, Atlanta, Georgia 30326, or such other place as may be designated by Notice to Borrower from or on behalf of
Lender.
	 	 	 
	 	3.	Payments.



 


		(a)	Interest will accrue on the outstanding principal balance of this Note at the Floating Interest
Rate, subject to the provisions of Section 8 of this Note.



 


		(b)	Interest under this Note will be computed, payable and allocated on the basis of an actual/360
interest calculation schedule (interest is payable for the actual number of days in each month, and each month’s interest
is calculated by multiplying the unpaid principal amount of this Note as of the first day of the month for which interest is being
calculated by the applicable Floating Interest Rate, dividing the product by 360, and multiplying the quotient by the number of
days in the month for which interest is being calculated). For convenience in determining the amount of a monthly installment of
principal and interest under this Note, Lender will use a 30/360 interest calculation payment schedule (each year is treated as
consisting of twelve 30-day months). However, as provided above, the portion of the monthly installment actually payable as and
allocated to interest will be based upon an actual/360 interest calculation schedule, and the amount of each installment attributable
to principal and the amount attributable to interest will vary based upon the number of days in the month for which such installment
is paid. Each monthly payment of principal and interest will first be applied to pay in full interest due, and the balance of the
monthly payment paid by Borrower will be credited to principal.



 




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		(c)	Unless disbursement of principal is made by Lender to Borrower on the first day of a calendar month,
interest for the period beginning on the date of disbursement and ending on and including the last day of such calendar month will
be payable by Borrower simultaneously with the execution of this Note. If disbursement of principal is made by Lender to Borrower
on the first day of a calendar month, then no payment will be due from Borrower at the time of the execution of this Note. The
Installment Due Date for the first monthly installment payment under Section 3(d) of interest-only or principal and interest, as
applicable, will be the First Installment Due Date set forth in Section 1(a) of this Note. Except as provided in this Section 3(c)
and Section 10, accrued interest will be payable in arrears.



 


		(d)	Beginning on the First Installment Due Date, and continuing until and including the monthly installment
due on the Maturity Date, accrued interest-only will be payable by Borrower in consecutive monthly installments due and payable
on the first day of each calendar month. The amount of the monthly installment of interest-only payable pursuant to this Section
3(d) on an Installment Due Date will equal the product of (i) annual interest on the unpaid principal balance of this Note as of
the first day of the Interest Adjustment Period immediately preceding the Installment Due Date at the Floating Interest Rate in
effect for such Interest Adjustment Period, divided by 360, multiplied by (ii) the number of days in such Interest Adjustment Period.



 


		(e)	Reserved.



 


		(f)	Reserved.



 


		(g)	Reserved.
	 	 	 
	 	(h)	All
remaining Indebtedness, including all principal and interest, will be due and payable by Borrower on the Maturity Date.






 


		(i)	Lender will provide Borrower with Notice, given in the manner specified in the Loan Agreement,
of the amount of each monthly installment due under this Note. However, if Lender has not provided Borrower with prior Notice of
the monthly payment due on any Installment Due Date, then Borrower will pay on that Installment Due Date an amount equal to the
monthly installment payment for which Borrower last received Notice. If Lender at any time determines that Borrower has paid one
or more monthly installments in an incorrect amount because of the operation of the preceding sentence, or because Lender has miscalculated
the Floating Interest Rate or has otherwise miscalculated the amount of any monthly installment, then Lender will give Notice to
Borrower of such determination. If such determination discloses that Borrower has paid less than the full amount due for the period
for which the determination was made, Borrower, within 30 calendar days after receipt of the Notice from Lender, will pay to Lender
the full amount of the deficiency. If such determination discloses that Borrower has paid more than the full amount due for the
period for which the determination was made, then the amount of the overpayment will be credited to the next installment(s) of
interest only or principal and interest, as applicable, due under this Note (or, if an Event of Default has occurred and is continuing,
such overpayment will be credited against any amount owing by Borrower to Lender).



 




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		(j)	All payments under this Note must be made in immediately available U.S. funds.



 


		(k)	Any regularly scheduled monthly installment of interest only or principal and interest payable
pursuant to this Section 3 that is received by Lender before the date it is due will be deemed to have been received on the
due date for the purpose of calculating interest due.



 


		(l)	Any accrued interest remaining past due for 30 days or more, at Lender’s discretion, may
be added to and become part of the unpaid principal balance of this Note and any reference to “accrued interest” will
refer to accrued interest which has not become part of the unpaid principal balance. Any amount added to principal pursuant to
the Loan Documents will bear interest at the applicable rate or rates specified in this Note and will be payable with such interest
upon demand by Lender and absent such demand, as provided in this Note for the payment of principal and interest.



 


		(m)	In accordance with Section 16, interest charged under this Note cannot exceed the Maximum Interest
Rate. If the Floating Interest Rate at any time exceeds the Maximum Interest Rate, resulting in the charging of interest hereunder
to be limited to the Maximum Interest Rate, then any subsequent reduction in the Floating Interest Rate will not reduce the rate
at which interest under this Note accrues below the Maximum Interest Rate until the total amount of interest accrued hereunder
equals the amount of interest which would have accrued had the Floating Interest Rate at all times been in effect.



 


		(n)	Reserved.



 


		4.	Application of Partial Payments. If at any time Lender receives, from Borrower or otherwise,
any amount applicable to the Indebtedness which is less than all amounts due and payable at such time, Lender may apply the amount
received to amounts then due and payable in any manner and in any order determined by Lender, in Lender’s discretion. Borrower
agrees that neither Lender’s acceptance of a payment from Borrower in an amount that is less than all amounts then due and
payable nor Lender’s application of such payment will constitute or be deemed to constitute either a waiver of the unpaid
amounts or an accord and satisfaction.



 


		5.	Security. The Indebtedness is secured by, among other things, the Security Instrument, and
reference is made to the Security Instrument and the Loan Agreement for other rights with respect to collateral for the Indebtedness.



 


		6.	Acceleration. If an Event of Default has occurred and is continuing, the entire unpaid principal
balance, any accrued interest, any prepayment premium payable under Section 10, and all other amounts payable under this Note and
any other Loan Document, will at once become due and payable, at the option of Lender, without any prior Notice to Borrower (except
if notice is required by applicable law, then after such notice). Lender may exercise this option to accelerate regardless of any
prior forbearance. For purposes of exercising such option, Lender will calculate the prepayment premium as if prepayment occurred
on the date of acceleration. If prepayment occurs thereafter, Lender will recalculate the prepayment premium as of the actual prepayment
date.



 




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		7.	Late Charge.



 


		(a)	If any monthly installment of interest or principal and interest or other amount payable under
this Note or under the Loan Agreement or any other Loan Document is not received in full by Lender within 10 days after the installment
or other amount is due, counting from and including the date such installment or other amount is due (unless applicable law requires
a longer period of time before a late charge may be imposed, in which event such longer period will be substituted), Borrower must
pay to Lender, immediately and without demand by Lender, a late charge equal to 5% of such installment or other amount due (unless
applicable law requires a lesser amount be charged, in which event such lesser amount will be substituted). If the Loan is not
fully amortizing, the late charge will not be due on the final payment of principal owed on the Maturity Date if such payment is
not timely made.



 


		(b)	Borrower acknowledges that its failure to make timely payments will cause Lender to incur additional
expenses in servicing and processing the Loan and that it is extremely difficult and impractical to determine those additional
expenses. Borrower agrees that the late charge payable pursuant to this Section represents a fair and reasonable estimate,
taking into account all circumstances existing on the date of this Note, of the additional expenses Lender will incur by reason
of such late payment. The late charge is payable in addition to, and not in lieu of, any interest payable at the Default Rate pursuant
to Section 8.



 


		8.	Default Rate. 



 


		(a)	So long as (i) any monthly installment under this Note remains past due for 30 days or more
or (ii) any other Event of Default has occurred and is continuing, then notwithstanding anything in Section 3 of this Note
to the contrary, interest under this Note will accrue on the unpaid principal balance from the Installment Due Date of the first
such unpaid monthly installment or the occurrence of such other Event of Default, as applicable, at the Default Rate.



 


		(b)	From and after the Maturity Date, the unpaid principal balance will continue to bear interest at
the Default Rate until and including the date on which the entire principal balance is paid in full.



 


		(c)	Borrower acknowledges that (i) its failure to make timely payments will cause Lender to incur
additional expenses in servicing and processing the Loan, (ii) during the time that any monthly installment under this Note
is delinquent for 30 days or more, Lender will incur additional costs and expenses arising from its loss of the use of the money
due and from the adverse impact on Lender’s ability to meet its other obligations and to take advantage of other investment
opportunities, and (iii) it is extremely difficult and impractical to determine those additional costs and expenses. Borrower also
acknowledges that, during the time that any monthly installment under this Note is delinquent for 30 days or more or any other
Event of Default has occurred and is continuing, Lender’s risk of nonpayment of this Note will be materially increased and
Lender is entitled to be compensated for such increased risk. Borrower agrees that the increase in the rate of interest payable
under this Note to the Default Rate represents a fair and reasonable estimate, taking into account all circumstances existing on
the date of this Note, of the additional costs and expenses Lender will incur by reason of the Borrower’s delinquent payment
and the additional compensation Lender is entitled to receive for the increased risks of nonpayment associated with a delinquent
loan.



 




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		9.	Limits on Personal Liability.



 


		(a)	Except as otherwise provided in this Section 9, Borrower will have no personal liability under
this Note, the Loan Agreement or any other Loan Document for the repayment of the Indebtedness or for the performance of or compliance
with any other obligations of Borrower under the Loan Documents and Lender’s only recourse for the satisfaction of the Indebtedness
and the performance of such obligations will be Lender’s exercise of its rights and remedies with respect to the Mortgaged
Property and to any other collateral held by Lender as security for the Indebtedness. This limitation on Borrower’s liability
will not limit or impair Lender’s enforcement of its rights against any Guarantor of the Indebtedness or any Guarantor of
any other obligations of Borrower.



 


		(b)	Borrower will be personally liable to Lender for the amount of the Base Recourse, plus any other
amounts for which Borrower has personal liability under this Section 9.



 


		(c)	In addition to the Base Recourse, Borrower will be personally liable to Lender for the repayment
of a further portion of the Indebtedness equal to any loss or damage suffered by Lender as a result of the occurrence of any of
the following events:



 


		(i)	Borrower fails to pay to Lender upon demand after an Event of Default all Rents to which Lender
is entitled under Section 3 of the Security Instrument and the amount of all security deposits collected by Borrower from
tenants then in residence. However, Borrower will not be personally liable for any failure described in this Section 9(c)(i) if
Borrower is unable to pay to Lender all Rents and security deposits as required by the Security Instrument because of a valid order
issued in a bankruptcy, receivership, or similar judicial proceeding.



 


		(ii)	Borrower fails to apply all Insurance proceeds and Condemnation proceeds as required by the Loan
Agreement. However, Borrower will not be personally liable for any failure described in this Section 9(c)(ii) if Borrower is unable
to apply Insurance or Condemnation proceeds as required by the Loan Agreement because of a valid order issued in a bankruptcy,
receivership, or similar judicial proceeding.



 


		(iii)	Either of the following occurs:



 


		(A)	Borrower fails to deliver the statements, schedules and reports required by Section 6.07 of the
Loan Agreement and Lender exercises its right to audit those statements, schedules and reports.



 


		(B)	If an Event of Default has occurred and is continuing, Borrower fails to deliver all books and
records relating to the Mortgaged Property or its operation in accordance with the provisions of Section 6.07 of the Loan Agreement.



 


		(iv)	Borrower fails to pay when due in accordance with the terms of the Loan Agreement the amount of
any item below marked “Deferred”; provided however, that if no item is marked “Deferred”, this Section 9(c)(iv)
will be of no force or effect.



 




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		[Deferred]	Property Insurance premiums or other Insurance premiums



		[Collect]	Taxes or payments in lieu of taxes (PILOT)



		[Deferred]	water and sewer charges (that could become a lien on the Mortgaged Property)



		[N/A]	Ground Rents



		[Deferred]	assessments or other charges (that could become a lien on the Mortgaged Property), including home owner association dues



 


		(v)	Borrower engages in any willful act of material waste of the Mortgaged Property.



 


		(vi)	Borrower fails to comply with any provision of Section 6.13(a)(iii) through (xxvi) of the
Loan Agreement or any SPE Equity Owner fails to comply with any provision of Section 6.13(b)(iii) through (v) of the Loan Agreement
(subject to possible full recourse liability as set forth in Section 9(f)(ii)).



 


		(vii)	Any of the following Transfers occurs:



 


		(A)	Any Person that is not an Affiliate creates a mechanic’s lien or other involuntary lien or
encumbrance against the Mortgaged Property and Borrower has not complied with the provisions of the Loan Agreement.



 


		(B)	A Transfer of property by devise, descent or operation of law occurs upon the death of a natural
person and such Transfer does not meet the requirements set forth in the Loan Agreement.



 


		(C)	Borrower grants an easement that does not meet the requirements set forth in the Loan Agreement.



 


		(D)	Borrower executes a Lease that does not meet the requirements set forth in the Loan Agreement.



 


		(viii)	Reserved.
	 	 	 
	 	(ix)	through (xviii) are Reserved.



 


		(xix)	Borrower fails to complete any Property Improvement Alterations that have been commenced in accordance
with Section 6.09(e)(v) of the Loan Agreement.



 


		(d)	In addition to the Base Recourse, Borrower will be personally liable to Lender for all of the following:



 


		(i)	Borrower will be personally liable for the performance of all of Borrower’s obligations under
Sections 6.12 and 10.02(b) of the Loan Agreement (relating to environmental matters).



 


		(ii)	Borrower will be personally liable for the costs of any audit under Section 6.07 of the Loan
Agreement.



 




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		(iii)	Borrower will be personally liable for any costs and expenses incurred by Lender in connection
with the collection of any amount for which Borrower is personally liable under this Section 9, including Attorneys’
Fees and Costs and the costs of conducting any independent audit of Borrower’s books and records to determine the amount
for which Borrower has personal liability.



 


		(iv)	through (viii) are Reserved.



 


		(ix)	Borrower will be personally liable for any fees, costs, or expenses incurred by Lender in connection
with Borrower’s termination of any agreement for the provision of services to or in connection with the Mortgaged Property,
including cable, internet, garbage collection, landscaping, security, and cleaning.



 


		(e)	All payments made by Borrower with respect to the Indebtedness and all amounts received by Lender
from the enforcement of its rights under the Loan Agreement and the other Loan Documents will be applied first to the portion of
the Indebtedness for which Borrower has no personal liability.



 


		(f)	Notwithstanding the Base Recourse, Borrower will become personally liable to Lender for the repayment
of all of the Indebtedness upon the occurrence of any of the following Events of Default:



 


		(i)	Borrower fails to comply with Section 6.13(a)(i) or (ii) of the Loan Agreement or any SPE
Equity Owner fails to comply with Section 6.13(b)(i) or (ii) of the Loan Agreement.



 


		(ii)	Borrower fails to comply with any provision of Section 6.13(a)(iii) through (xxvi) of the
Loan Agreement or any SPE Equity Owner fails to comply with any provision of Section 6.13(b)(iii) through (v) of the Loan Agreement
and a court of competent jurisdiction holds or determines that such failure or combination of failures is the basis, in whole or
in part, for the substantive consolidation of the assets and liabilities of Borrower or any SPE Equity Owner with the assets and
liabilities of a debtor pursuant to Title 11 of the Bankruptcy Code.



 


		(iii)	A Transfer that is an Event of Default under Section 7.02 of the Loan Agreement occurs other
than a Transfer set forth in Section 9(c)(vii) above (for which Borrower will have personal liability for Lender’s loss or
damage); provided, however, that Borrower will not have any personal liability for a Transfer consisting solely of the involuntary
removal or involuntary withdrawal of a general partner in a limited partnership or a manager in a limited liability company.



 


		(iv)	There was fraud or written material misrepresentation by Borrower or any officer, director, partner,
member, or employee of Borrower in connection with the application for or creation of the Indebtedness or there is fraud in connection
with any request for any action or consent by Lender.



 


		(v)	Borrower or any SPE Equity Owner voluntarily files for bankruptcy protection under the Bankruptcy
Code.



 


		(vi)	Borrower or any SPE Equity Owner voluntarily becomes subject to any reorganization, receivership,
insolvency proceeding, or other similar proceeding pursuant to any other federal or state law affecting debtor and creditor rights.



 




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		(vii)	The Mortgaged Property or any part of the Mortgaged Property becomes an asset in a voluntary bankruptcy
or becomes subject to any voluntary reorganization, receivership, insolvency proceeding, or other similar voluntary proceeding
pursuant to any other federal or state law affecting debtor and creditor rights.



 


		(viii)	An order of relief is entered against Borrower or any SPE Equity Owner pursuant to the Bankruptcy
Code or other federal or state law affecting debtor and creditor rights in any involuntary bankruptcy proceeding initiated or joined
in by a Related Party.



 


		(ix)	An involuntary bankruptcy or other involuntary insolvency proceeding is commenced against Borrower
or any SPE Equity Owner (by a party other than Lender) but only if Borrower or such SPE Equity Owner has failed to use commercially
reasonable efforts to dismiss such proceeding or has consented to such proceeding. “Commercially reasonable efforts”
will not require any direct or indirect interest holders in Borrower or any SPE Equity Owner to contribute or cause the contribution
of additional capital to Borrower or any SPE Equity Owner.



 


		(x)	through (xii) are reserved.



 


		(g)	For purposes of Sections 9(f) and (h), the term “Related Party” will include
all of the following:



 


		(i)	Borrower,
any Guarantor, or any SPE Equity Owner.
	 	 	 
	 	(ii)	Any Person that holds, directly or indirectly, any ownership interest (including any shareholder,
member or partner) in Borrower, any Guarantor, or any SPE Equity Owner or any Person that has a right to manage Borrower, any Guarantor,
or any SPE Equity Owner.



 


		(iii)	Any Person in which Borrower, any Guarantor, or any SPE Equity Owner has any ownership interest
(direct or indirect) or right to manage.



 


		(iv)	Any Person in which any partner, shareholder, or member of Borrower, any Guarantor, or any SPE
Equity Owner has an ownership interest or right to manage.



 


		(v)	Any Person in which any Person holding an interest in Borrower, any Guarantor, or any SPE Equity
Owner also has any ownership interest.



 


		(vi)	Any creditor (as defined in the Bankruptcy Code) of Borrower that is related by blood, marriage
or adoption to Borrower, any Guarantor, or any SPE Equity Owner.



 


		(vii)	Any creditor (as defined in the Bankruptcy Code) of Borrower that is related to any partner, shareholder
or member of, or any other Person holding an interest in, Borrower, any Guarantor, or any SPE Equity Owner.



 




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		(h)	If Borrower, any Guarantor, any SPE Equity Owner, or any Related Party has solicited creditors
to initiate or participate in any proceeding referred to in Section 9(f), regardless of whether any of the creditors solicited
actually initiates or participates in the proceeding, then such proceeding will be considered as having been initiated by a Related
Party.



 


		(i)	To the extent that Borrower has personal liability under this Section 9, Lender may, to the
fullest extent permitted by applicable law, exercise its rights against Borrower personally without regard to whether Lender has
exercised any rights against the Mortgaged Property or any other security, or pursued any rights against any Guarantor, or pursued
any other rights available to Lender under this Note, the Loan Agreement, any other Loan Document, or applicable law. To the fullest
extent permitted by applicable law, in any action to enforce Borrower’s personal liability under this Section 9, Borrower
waives any right to set off the value of the Mortgaged Property against such personal liability.



 


		10.	Voluntary and Involuntary Prepayments. 



 


		(a)	Any receipt by Lender of principal due under this Note prior to the Maturity Date, other than principal
required to be paid in monthly installments pursuant to Section 3, constitutes a prepayment of principal under this Note.
Without limiting the foregoing, any application by Lender, prior to the Maturity Date, of any proceeds of collateral or other security
to the repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment under this Note.



 


		(b)	Borrower may not voluntarily prepay any portion of the principal balance of this Note during the
Lockout Period, if a Lockout Period is applicable to this Note. However, if any portion of the principal balance of this Note is
prepaid during the Lockout Period by reason of the application by Lender of any proceeds of collateral or other security to any
portion of the unpaid principal balance of this Note or following a determination that the prohibition on voluntary prepayments
during the Lockout Period is in contravention of applicable law, then Borrower must also pay to Lender upon demand by Lender, a
prepayment premium equal to 5% of the amount of principal being prepaid.



 


		(c)	Following the end of the Lockout
                                         Period, Borrower may voluntarily prepay all of the unpaid principal balance of this Note
                                         on an Installment Due Date so long as Borrower designates
                                         the date for such prepayment in a Notice from Borrower to Lender given at least 30 days
                                         prior to the date of such prepayment. If an Installment Due Date (as defined in Section
                                         1(a)) falls on a day which is not a Business Day, then with respect to
                                         payments made under this Section 10 only, the term “Installment Due Date”
                                         will mean the Business Day immediately preceding the scheduled Installment Due Date.



 


		(d)	Notwithstanding Section 10(c), Borrower may voluntarily prepay all of the unpaid principal balance
of this Note on a Business Day other than an Installment Due Date if Borrower provides Lender with the Notice set forth in Section
10(c) and meets the other requirements set forth in this Section 10(d). Borrower acknowledges that Lender has agreed that Borrower
may prepay principal on a Business Day other than an Installment Due Date only because Lender will deem any prepayment received
by Lender on any day other than an Installment Due Date to have been received on the Installment Due Date immediately following
such prepayment and Borrower must pay to Lender all interest that would have been due if the prepayment had actually been made
on the Installment Due Date immediately following such prepayment.



 




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		(e)	Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay
less than all of the unpaid principal balance of this Note. In order to voluntarily prepay all or any part of the principal of
this Note, Borrower must also pay to Lender, together with the amount of principal being prepaid, (i) all accrued and unpaid interest
due under this Note, plus (ii) all other sums due to Lender at the time of such prepayment, plus (iii) any prepayment premium calculated
pursuant to Section 10(f).



 


		(f)	Except as provided in Section 10(g), a prepayment premium will be due and payable by Borrower in
connection with any prepayment of principal under this Note during the Prepayment Premium Period. The prepayment premium will be
1.0% of the amount of principal being prepaid for any prepayments occurring during the Prepayment Premium Period but after the
Lockout Period (if applicable).



 


		(g)	Notwithstanding any other provision of this Section 10, no prepayment premium will be payable
with respect to any of the following:



 


			
	 	(i)	Any
prepayment made during the Window Period.
	 	 	 
	 	(ii)	Any
prepayment occurring as a result of the application of any Insurance proceeds or Condemnation award.
	 	 	 
	 	(iii)	Any
prepayment required under the terms of the Loan Agreement in connection with a Condemnation proceeding.
	 	 	 
	 	(iv)	Any
                                         prepayment of the entire principal balance of this Note that occurs on or after the 12th
                                         Installment Due Date under this Note with the proceeds of a fixed interest rate mortgage
                                         loan that is the subject of a binding commitment for purchase between Freddie Mac and
                                         a Freddie Mac-approved Program Plus® Seller/Servicer. 



 


		(h)	Unless Lender agrees otherwise in writing, a permitted or required prepayment of less than the
unpaid principal balance of this Note will not extend or postpone the due date of any subsequent monthly installments or change
the amount of such installments.



 


		(i)	Borrower recognizes that any prepayment of any of the unpaid principal balance of this Note, whether
voluntary or involuntary or resulting from an Event of Default by Borrower, will result in Lender’s incurring loss, including
reinvestment loss, additional expense and frustration or impairment of Lender’s ability to meet its commitments to third
parties. Borrower agrees to pay to Lender upon demand damages for the detriment caused by any prepayment, and agrees that it is
extremely difficult and impractical to ascertain the extent of such damages. Borrower therefore acknowledges and agrees that the
formula for calculating prepayment premiums set forth in this Note represents a reasonable estimate of the damages Lender will
incur because of a prepayment. Borrower further acknowledges that any lockout and prepayment premium provisions of this Note are
a material part of the consideration for the Loan, and that the terms of this Note are in other respects more favorable to Borrower
as a result of the Borrower’s voluntary agreement to the lockout and prepayment premium provisions.



 




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Floating Rate
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		11.	Reserved.



 


		12.	Reserved.



 


		13.	Costs and Expenses. To the fullest extent allowed by applicable law, Borrower must pay all
expenses and costs, including Attorneys’ Fees and Costs incurred by Lender as a result of any default under this Note or
in connection with efforts to collect any amount due under this Note, or to enforce the provisions of any of the other Loan Documents,
including those incurred in post-judgment collection efforts and in any bankruptcy proceeding (including any action for relief
from the automatic stay of any bankruptcy proceeding) or judicial or non-judicial foreclosure proceeding. Borrower acknowledges
and agrees that, in connection with each request by Borrower under this Note or any Loan Document, Borrower must pay all reasonable
Attorneys’ Fees and Costs and expenses incurred by Lender, including any fees charged by the Rating Agencies (if applicable),
regardless of whether the matter is approved, denied or withdrawn.



 


		14.	Forbearance. Any forbearance by Lender in exercising any right or remedy under this Note,
the Loan Agreement, or any other Loan Document, or otherwise afforded by applicable law, will not be a waiver of or preclude the
exercise of that or any other right or remedy. The acceptance by Lender of any payment after the due date of such payment, or in
an amount which is less than the required payment, will not be a waiver of Lender’s right to require prompt payment when
due of all other payments or to exercise any right or remedy with respect to any failure to make prompt payment. Enforcement by
Lender of any security for Borrower’s obligations under this Note will not constitute an election by Lender of remedies so
as to preclude the exercise of any other right or remedy available to Lender.



 


		15.	Waivers. Borrower and all endorsers and Guarantors of this Note and all other third party
obligors waive presentment, demand, notice of dishonor, 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.



 


		16.	Loan Charges. Neither this Note nor any of the other Loan Documents will 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. If any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower in
connection with the Loan is interpreted so that any interest or other charge provided for in any Loan Document, whether considered
separately or together with other charges provided for in any other Loan Document, 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 that violation. The
amounts, if any, previously paid to Lender in excess of the permitted amounts will be applied by Lender to reduce the unpaid principal
balance of this Note. 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, will be deemed to be allocated and spread ratably over the stated
term of this Note. Unless otherwise required by applicable law, such allocation and spreading will be effected in such a manner
that the rate of interest so computed is uniform throughout the stated term of this Note.



 


		17.	Commercial Purpose. Borrower represents that Borrower is incurring the Indebtedness solely
for the purpose of carrying on a business or commercial enterprise, and not for personal, family, household, or agricultural purposes.



 


		18.	Counting of Days. Any reference in this Note to a period of “days” means calendar
days, not Business Days, except where otherwise specifically provided.



 




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		19.	Governing Law. This Note will be governed by the law of the Property Jurisdiction.



 


		20.	Captions. The captions of the Sections of this Note are for convenience only and will
be disregarded in construing this Note.



 


		21.	Notices; Written Modifications. 



 


		(a)	All Notices, demands, and other communications required or permitted to be given pursuant to this
Note will be given in accordance with Section 11.03 of the Loan Agreement.



 


		(b)	Any modification or amendment to this Note will be ineffective unless in writing and signed by
the party sought to be charged with such modification or amendment; provided, however, in the event of a Transfer under the terms
of the Loan Agreement that requires Lender’s consent, any or some or all of the Modifications to Multifamily Note set forth
in Exhibit A to this Note may be modified or rendered void by Lender at Lender’s option, by Notice to Borrower
and the transferee, as a condition of Lender’s consent.



 


		22.	Consent to Jurisdiction and Venue. Borrower agrees that any controversy arising under or
in relation to this Note may be litigated in the Property Jurisdiction. The state and federal courts and authorities with jurisdiction
in the Property Jurisdiction will have jurisdiction over all controversies that will arise under or in relation to this Note. Borrower
irrevocably consents to service, jurisdiction, and venue of such courts for any such litigation and waives any other venue to which
it might be entitled by virtue of domicile, habitual residence, or otherwise. However, nothing in this Note is intended to limit
any right that Lender may have to bring any suit, action, or proceeding relating to matters arising under this Note in any court
of any other jurisdiction.



 


		23.	WAIVER OF TRIAL BY JURY. BORROWER AND LENDER EACH (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. 



 


		24.	State-Specific Provisions. N/A.



 


		25.	Attached Riders. The following Riders are attached to this Note:



 


		x	Legal Non-Conforming Property



 


		26.	Attached Exhibit. The following Exhibit, if marked with an “X”
in the space provided, is attached to this Note: 



 


		x	Exhibit A         Modifications to Multifamily Note



 


IN WITNESS WHEREOF, and in consideration
of the Lender’s agreement to lend Borrower the principal amount set forth above, Borrower has signed and delivered this Note
under seal or has caused this Note to be signed and delivered under seal by its duly authorized representative.


 




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Floating Rate
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	 	BR CARROLL NAPLES, LLC, a Delaware
	 	 	limited liability company
	 	 	 
	 	By:	/s/ Jordan Ruddy
	 	 	Name: Jordan Ruddy
	 	 	Title: Authorized Signatory 


 




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Floating Rate
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PAY TO THE ORDER OF






____________________________________________________,


WITHOUT RECOURSE.


 


	JONES LANG LASALLE	 
	 	MULTIFAMILY, LLC, a Delaware limited liability company	 
	 	 	 
	By:	/s/ Faron G. Thompson	 
	 	Faron G. Thompson	 
	 	Executive Vice President	 


 


Freddie Mac Loan No. 708581501


 




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Floating Rate
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RIDER TO MULTIFAMILY
NOTE


 


LEGAL NON-CONFORMING
PROPERTY 


 


(Revised 9-4-2015)


 


The following changes are made to the Note
which precedes this Rider:


 


		A.	Section 9(c)(x) is deleted and replaced with the following:



 


		(x)	A casualty occurs affecting the Mortgaged Property and which results in loss or damage to Lender
because of either of the following:



 


		(A)	(1) the Mortgaged Property is legally non-conforming under the applicable zoning laws, ordinances
and/or regulations in the Property Jurisdiction (“Zoning Code”), (2) the affected Improvements cannot be rebuilt
to their pre-casualty condition under the terms of the Zoning Code, and (3) the Property Insurance proceeds available to Lender
under the terms of the Loan Agreement are insufficient to repay the Indebtedness in full.



 


		(B)	Borrower fails to commence and diligently pursue completion of any Restoration within the time
frame required by the Zoning Code and any permits issued pursuant to the Zoning Code which are necessary to allow the Restoration
to the pre-casualty condition described in Section 9(c)(x)(A)(2).



 




    	Rider to Multifamily Note
Legal Non-Conforming Property
	 



     


    

 


EXHIBIT
A


 


MODIFICATIONS TO MULTIFAMILY NOTE


 


The following modifications are made to the text of the Note
that precedes this Exhibit.


 


		1.	Section 9(a) is revised to read as follows:



 


		(a)	Except as otherwise provided in this Section 9, neither Borrower nor any
of its direct or indirect owners (with the exception of any Guarantor pursuant to any Guaranty of even date herewith, if any) will
have no any personal liability under this Note, the Loan Agreement or any other Loan Document for
the repayment of the Indebtedness or for the performance of or compliance with any other obligations of Borrower under the Loan
Documents and Lender’s only recourse for the satisfaction of the Indebtedness and the performance of such obligations will
be Lender’s exercise of its rights and remedies with respect to the Mortgaged Property and to any other collateral held by
Lender as security for the Indebtedness. This limitation on Borrower’s liability will not limit or impair Lender’s
enforcement of its rights against any Guarantor of the Indebtedness or any Guarantor of any other obligations of Borrower.



 




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Floating Rate
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