EX-10.28





 Exhibit 10.28 

SALE, PURCHASE AND ESCROW AGREEMENT 

BETWEEN 
 MP SUMMIT, LLC
(Seller) 
 AND 

RESOURCE APARTMENT OP III, LP (Purchaser) 

AND 
 CHICAGO TITLE INSURANCE
COMPANY (Escrow Agent) 
 Dated: April 15, 2019 












 Table of Contents 

 

									
	 	  	 	  	 	  	Page	 
	 ARTICLE I
	  	 RECITALS
	  	 	1	 
				
		  	 1.1
	  	 Real Property
	  	 	1	 
		  	 1.2
	  	 Personal Property
	  	 	1	 
		  	 1.3
	  	 Other Property Interests
	  	 	1	 
		  	 1.4
	  	 Purchase and Sale
	  	 	1	 
			
	 ARTICLE II
	  	 PURCHASE PRICE
	  	 	2	 
				
		  	 2.1
	  	 Price
	  	 	2	 
		  	 2.2
	  	 Investments
	  	 	3	 
		  	 2.3
	  	 Interest on the Deposit
	  	 	4	 
			
	 ARTICLE III
	  	 CONDITIONS TO THE PARTIES’ OBLIGATIONS
	  	 	4	 
				
		  	 3.1
	  	 Conditions to Purchaser’s Obligation to Purchase
	  	 	4	 
		  	 3.2
	  	 Conditions to Seller’s Obligation to Sell
	  	 	4	 
		  	 3.3
	  	 Failure of Conditions
	  	 	5	 
			
	 ARTICLE IV
	  	 PURCHASER’S DELIVERIES AND SELLER’S DELIVERIES TO ESCROW AGENT
	  	 	5	 
				
		  	 4.1
	  	 Purchaser’s Deliveries
	  	 	5	 
		  	 4.2
	  	 Seller’s Deliveries
	  	 	5	 
		  	 4.3
	  	 Failure to Deliver
	  	 	7	 
			
	 ARTICLE V
	  	 INVESTIGATION OF PROPERTY
	  	 	7	 
				
		  	 5.1
	  	 Delivery of Documents
	  	 	7	 
		  	 5.2
	  	 Physical Inspection of Property
	  	 	8	 
		  	 5.3
	  	 Investigation Period
	  	 	9	 
		  	 5.4
	  	 Effect of Termination
	  	 	10	 
		  	 5.5
	  	 No Obligation to Cure
	  	 	11	 
			
	 ARTICLE VI
	  	 THE CLOSING
	  	 	11	 
				
		  	 6.1
	  	 Date and Manner of Closing
	  	 	11	 
			
	 ARTICLE VII
	  	 PRORATION, FEES, COSTS AND ADJUSTMENTS
	  	 	11	 
				
		  	 7.1
	  	 Prorations
	  	 	11	 
		  	 7.2
	  	 Seller’s Closing Costs
	  	 	14	 
		  	 7.3
	  	 Purchaser’s Closing Costs
	  	 	14	 
			
	 ARTICLE VIII
	  	 DISTRIBUTION OF FUNDS AND DOCUMENTS
	  	 	15	 
				
		  	 8.1
	  	 Delivery of the Purchase Price
	  	 	15	 
		  	 8.2
	  	 Other Monetary Disbursements
	  	 	15	 
		  	 8.3
	  	 Recorded Documents
	  	 	15	 


  
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		  	 8.4
	    	 Documents to Purchaser
	  	 	15	 
		  	 8.5
	    	 Documents to Seller
	  	 	16	 
		  	 8.6
	    	 All Other Documents
	  	 	16	 
			
	 ARTICLE IX
	  	 RETURN OF DOCUMENTS AND FUNDS UPON TERMINATION
	  	 	16	 
				
		  	 9.1
	    	 Return of Seller’s Documents
	  	 	16	 
		  	 9.2
	    	 Return of Purchaser’s Documents
	  	 	16	 
		  	 9.3
	    	 Deposit
	  	 	17	 
		  	 9.4
	    	 Disbursement of Deposit
	  	 	17	 
		  	 9.5
	    	 No Effect on Rights of Parties; Survival
	  	 	18	 
			
	 ARTICLE X
	  	 DEFAULT
	  	 	18	 
				
		  	 10.1
	    	 Seller’s Remedies
	  	 	18	 
		  	 10.2
	    	 Purchaser’s Remedies
	  	 	19	 
			
	 ARTICLE XI
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	19	 
				
		  	 11.1
	    	 Seller’s Warranties and Representations
	  	 	19	 
		  	 11.2
	    	 Purchaser’s Warranties and Representations
	  	 	22	 
		  	 11.3
	    	 No Other Warranties and Representations
	  	 	23	 
			
	 ARTICLE XII
	  	 CASUALTY AND CONDEMNATION
	  	 	28	 
			
	 ARTICLE XIII
	  	 CONDUCT PRIOR TO CLOSING
	  	 	29	 
				
		  	 13.1
	    	 Conduct
	  	 	29	 
		  	 13.2
	    	 Actions Prohibited
	  	 	29	 
		  	 13.3
	    	 Modification of Existing Leases and Contracts
	  	 	29	 
		  	 13.4
	    	 New Leases and Contracts
	  	 	30	 
		  	 13.5
	    	 Confidentiality
	  	 	30	 
		  	 13.6
	    	 Right to Cure
	  	 	31	 
		  	 13.7
	    	 Litigation and Violation Notices
	  	 	31	 
		  	 13.8
	    	 Tenant Liability Program
	  	 	31	 
			
	 ARTICLE XIV
	  	 NOTICES
	  	 	32	 
			
	 ARTICLE XV
	  	 TRANSFER OF POSSESSION
	  	 	34	 
				
		  	 15.1
	    	 Transfer of Possession
	  	 	34	 
		  	 15.2
	    	 Delivery of Documents at Closing
	  	 	34	 
			
	 ARTICLE XVI
	  	 GENERAL PROVISIONS
	  	 	34	 
				
		  	 16.1
	    	 Captions
	  	 	34	 
		  	 16.2
	    	 Exhibits
	  	 	34	 
		  	 16.3
	    	 Entire Agreement
	  	 	34	 
		  	 16.4
	    	 Modification
	  	 	34	 
		  	 16.5
	    	 Attorneys’ Fees
	  	 	34	 
		  	 16.6
	    	 Governing Law; Consent to Jurisdiction
	  	 	34	 


  
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		  	 16.7
	    	 Time of Essence
	  	 	35	 
		  	 16.8
	    	 Survival of Warranties
	  	 	35	 
		  	 16.9
	    	 Assignment by Purchaser
	  	 	35	 
		  	 16.10
	    	 Severability
	  	 	35	 
		  	 16.11
	    	 Successors and Assigns; No Third Party Beneficiaries
	  	 	35	 
		  	 16.12
	    	 Interpretation
	  	 	36	 
		  	 16.13
	    	 Counterparts: Electronic Signatures
	  	 	36	 
		  	 16.14
	    	 Recordation
	  	 	36	 
		  	 16.15
	    	 Limitation on Liability
	  	 	36	 
		  	 16.16
	    	 Possession of Advisor
	  	 	36	 
		  	 16.17
	    	 Business Day
	  	 	37	 
		  	 16.18
	    	 No Processing
	  	 	37	 
		  	 16.19
	    	 Proper Execution
	  	 	37	 
		  	 16.20
	    	 RADON GAS
	  	 	37	 
		  	 16.21
	    	 ADA DISCLOSURE
	  	 	37	 
		  	 16.22
	    	 Rule 3-14 Compliance
	  	 	38	 
		  	 16.23
	    	 Existing Mortgage
	  	 	38	 
			
	 ARTICLE XVII
	  	 ESCROW AGENT DUTIES AND DISPUTES
	  	 	39	 
				
		  	 17.1
	    	 Other Duties of Escrow Agent
	  	 	39	 
		  	 17.2
	    	 Disputes
	  	 	40	 
		  	 17.3
	    	 Reports
	  	 	40	 

 SCHEDULES AND EXHIBITS 
  

					
	 SCHEDULE A
	 	 —
	  	 Due Diligence Deliverables

	 SCHEDULE B
	 	 —
	  	 Rent Roll

			
	 EXHIBIT A
	 	 —
	  	 Description of Land and other Real Property

	 EXHIBIT B
	 	 —
	  	 Disclosures

	 EXHIBIT C
	 	 —
	  	 Form of Assignment and Assumption of Leases, Contracts and Other Property
Interests

	 EXHIBIT D
	 	 —
	  	 Form of Bill of Sale

	 EXHIBIT E
	 	 —
	  	 Intentionally Omitted

	 EXHIBIT F
	 	 —
	  	 Contracts

	 EXHIBIT G
	 	 —
	  	 Form of Notice to Tenants

	 EXHIBIT H
	 	 —
	  	 Form of FIRPTA Affidavit

	 EXHIBIT I
	 	 —
	  	 Form of Deed

	 EXHIBIT J
	 	 —
	  	 Form of Owner’s Affidavit

	 EXHIBIT K
	 	 —
	  	 Form of Rent Roll Certificate



  
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 INDEX OF DEFINED TERMS 

 

					
	 Term
	  	Section	 
	 ADA
	  	 	16.21	 
	 Additional Taxes
	  	 	7.1.3(c)	 
	 Advisor
	  	 	5.2.3	 
	 Affiliate
	  	 	16.9	 
	 Agreement
	  	 	Introduction	 
	 Approved Engineer/Contractor
	  	 	Article XII	 
	 Assignment of Leases and Contracts
	  	 	4.1.2	 
	 Bill of Sale
	  	 	4.1.3	 
	 business day
	  	 	16.17	 
	 CERCLA
	  	 	11.3	 
	 Claims
	  	 	11.3	 
	 Closing
	  	 	6.1	 
	 Code
	  	 	11.2.5	 
	 Contracts
	  	 	4.2.2	 
	 control
	  	 	16.9	 
	 Deed
	  	 	4.2.1	 
	 Deposit
	  	 	2.1.1	 
	 Effective Date
	  	 	Introduction	 
	 ERISA
	  	 	11.2.5	 
	 Escrow Agent
	  	 	Introduction	 
	 Existing Mortgage
	  	 	5.5	 
	 Existing Mortgage Documents
	  	 	16.23	 
	 FHA
	  	 	16.21	 
	 Closing Date
	  	 	6.1	 
	 Final Closing Statement
	  	 	7.1.5(c)	 
	 Hazardous Materials
	  	 	4.1.3	 
	 Improvements
	  	 	11.3	 
	 Institutional Lender
	  	 	2.1.1	 
	 Investigation Period
	  	 	5.3.2	 
	 Land
	  	 	1.1	 
	 Leases
	  	 	4.2.1(b)	 
	 Limitation Period
	  	 	10.2	 
	 Mandatory Cure Items
	  	 	5.5	 
	 Material Environmental Issue
	  	 	2.1.1	 
	 material portion
	  	 	Article XII	 
	 Material Title Defect
	  	 	2.1.1	 
	 Material Uninsured Damage
	  	 	Article XII	 
	 Maximum Liability Cap
	  	 	16.15	 
	 New Objection
	  	 	13.6	 
	 Non-Refundable Deposit
	  	 	2.1.1	 
	 Nova Phase I Report
	  	 	2.1.1	 
	 Nova Property Condition Report
	  	 	7.3	 
	 Objection Notice
	  	 	5.3.1	 


  
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	 OFAC
	  	 	11.1.10	 
	 Original Survey
	  	 	5.1.2	 
	 Other Property Interests
	  	 	1.3	 
	 pdf
	  	 	14.1.1	 
	 Permitted Encumbrances
	  	 	4.2.1	 
	 Personal Property
	  	 	1.2	 
	 prevailing party
	  	 	16.5	 
	 Property
	  	 	1.2	 
	 Proprietary Information
	  	 	13.5	 
	 Purchaser’s Lender
	  	 	16.23	 
	 Purchase Price
	  	 	2.1	 
	 Purchaser
	  	 	Introduction	 
	 Purchaser’s Action
	  	 	10.1	 
	 PZR Zoning Report
	  	 	2.1.1	 
	 Real Property
	  	 	1.1	 
	 reasonable efforts
	  	 	16.23	 
	 Refundable Deposit
	  	 	2.1.1	 
	 rent ready condition
	  	 	7.1.8	 
	 Rent Roll
	  	 	11.1.11	 
	 Representatives
	  	 	11.3	 
	 Reserved Seller Assets
	  	 	1.4	 
	 Rule 3-14 Reimbursements
	  	 	16.22	 
	 Seller
	  	 	Introduction	 
	 Seller Parties
	  	 	16.15	 
	 Seller’s Broker
	  	 	11.1.1	 
	 Seller’s Lender
	  	 	16.23	 
	 Survey
	  	 	5.3.1	 
	 Tenant Payments
	  	 	7.1.1	 
	 TIFF
	  	 	14.1.1	 
	 Title Company
	  	 	3.1.3	 
	 Title Objections
	  	 	5.3.1	 
	 Title Policy
	  	 	3.1.3	 
	 Title Report
	  	 	5.1.1	 
	 Updated Survey
	  	 	5.3.1	 


  
 v 













 SALE, PURCHASE AND ESCROW AGREEMENT 

This Sale, Purchase and Escrow Agreement (this “Agreement”) dated as of April 15th, 2019 (the “Effective
Date”), is made by and between MP SUMMIT, LLC, a Delaware limited liability company (“Seller”), and RESOURCE APARTMENT OP III, LP, a Delaware limited partnership (“Purchaser”), and constitutes
(a) a contract of sale and purchase between the parties and (b) an escrow agreement among Seller, Purchaser and CHICAGO TITLE INSURANCE COMPANY (“Escrow Agent”), the consent of which appears at the end hereof. 

ARTICLE I 

RECITALS 

1.1    Real Property. Seller owns and holds fee title to that certain land (the “Land”),
together with all improvements (the “Improvements”) and fixtures located thereon (to the extent owned by Seller), known as “The Summit Apartments”, located at 260 South Reynolds Street, Alexandria, Virginia
22304, as more particularly described in Exhibit A (collectively, the “Real Property”, to include Seller’s interest if any, in and to all appurtenances and easements relating to the Land). 

1.2    Personal Property. In connection with the Real Property, Seller has acquired certain items of
tangible personal property which are located on the Real Property and used by Seller in connection with the operation and maintenance thereof excluding all Reserved Seller Assets as defined in Section 1.4 and all personal
property owned by tenants and service providers (collectively, the “Personal Property”). 

1.3    Other Property Interests. There shall be included in the sale to Purchaser, Seller’s right,
title and interest, if any, in and to the following, to the extent assignable and used by Seller in connection with the Real Property and the Improvements thereon, excluding all Reserved Seller Assets, (i) certain governmental licenses, permits
and approvals, (ii) the right to use the name of the Real Property, including any and all trademarks and trade names, used solely in connection with the Real Property, (iii) logos and symbols associated with or used in connection with the
Real Property, (iv) telephone and facsimile numbers owned or maintained by or on behalf of Seller with respect to the Real Property, (v) all web addresses, domain names and URLs as well as all social media accounts and logo, photo, video
and e-brochure files with respect to the Real Property, and (vi) if still in effect, guaranties and warranties received by Seller from any unrelated third party contractor, manufacturer or other person in
connection with the construction or operation of the Real Property (collectively, the “Other Property Interests”). (1) The Real Property, (2) the Personal Property, (3) the Other Property Interests, (4) the Leases (as
defined in Section 4.2.1), and (5) the Contracts (as defined in Section 4.2.2) (excluding such Contracts which Purchaser is not obligated to assume under the terms of
Section 5.3.3) are collectively referred to as the “Property”. 

1.4    Purchase and Sale. Seller now desires to sell and Purchaser now desires to purchase all of
Seller’s right, title and interest in and to the Property, upon the terms and covenants and subject to the conditions set forth below. 

  
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 Notwithstanding anything in this Agreement to the contrary, the sale does not include the
following assets of Seller as of the Closing Date (as defined in Section 6.1): all cash, cash equivalents (including certificates of deposit), any deposits held by third parties (e.g., utility companies), royalties,
accounts receivable and any right to a refund or other payment relating to a period prior to the Closing (as defined in Section 6.1), including any real estate tax refund (for any period prior to the Closing Date), bank
accounts, any refund in connection with termination of Seller’s existing insurance policies, any proprietary or confidential materials, computer software, and any trademarks or trade names (other than Seller’s right, title and interest, if
any, in (i) the name “The Summit Apartments” as it relates solely to the Property, and/or (ii) all other trademarks and trade names used solely in connection with the Real Property to the extent owned by Seller and
assignable), any development bonds or other collateral held by or posted with any governmental agency or other third party with respect to any obligations concerning the Property, and any other intangible property that is not used exclusively in
connection with the Property (collectively, “Reserved Seller Assets”). 
 ARTICLE II 

PURCHASE PRICE 

2.1    Price. In consideration of the covenants herein contained, Seller hereby agrees to sell and Purchaser
hereby agrees to purchase the Property for a total purchase price of THIRTY-SIX MILLION EIGHT HUNDRED TWENTY FIVE THOUSAND AND NO/100 DOLLARS ($36,825,000.00) (the “Purchase Price”),
which shall be paid by Purchaser as follows: 
 2.1.1    Deposit. Within three
(3) business days following the date hereof, Purchaser shall deliver to Escrow Agent by bank wire of immediately available funds the sum of SEVEN HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($750,000.00) (together with accrued interest
earned thereon, the “Deposit”). A portion of the Deposit in the amount of TWO HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($250,000) (the “Non-Refundable Deposit”) shall be non-refundable to Purchaser except only in the event of a termination (i) pursuant to Section 10.2 (Purchaser’s Remedies), or (ii) pursuant to
Article XII (Casualty and Condemnation), or (iii) as a result of a “Material Title Defect”, which for purposes hereof shall mean an encumbrance or defect that first appears on an update of the Title
Report (as defined in Section 5.1.1) or Updated Survey (as defined in Section 5.3.1) or a material zoning (including land use) violation(s) that is not “grandfathered”, that would cost
more than $250,000 to remedy as determined by a duly qualified independent third party reasonably acceptable to Purchaser and Seller and that first appears on an update of the PZR zoning report dated March 22, 2019 (the “PZR Zoning
Report”) provided by Seller to Purchaser prior to the Effective Date hereof and/or would cause (or does in fact cause) a nationally recognized or institutional multi-family apartment lender such as Bank of America, Wells Fargo, Freddie Mac
or Fannie Mae (in each case, an “Institutional Lender”) to refuse to provide financing for the acquisition of the Property on terms that are substantially similar to those that would have been offered by the respective Institutional
Lender but for the title, survey or zoning defect (any requirement by such Institutional Lender to include its standard legal non-conforming property rider (or the reasonably applicable equivalent to Freddie
Mac’s such rider) to the applicable loan documents to be entered into by Purchaser with such 

  
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Institutional Lender shall not constitute a “refusal” for purposes hereof); any title or survey defect, limitation or encumbrance, other than those exceptions (including standard
printed exceptions) to title contained or disclosed in the Title Report (as defined in Section 5.1.1) approved by Purchaser under Section 5.3.1 or deemed approved (if Purchaser elects to waive any
Title Objection (as defined in Section 5.3.1) thereto and to proceed to Closing), shall be deemed cured and shall not be a Material Title Defect if the Title Company (as defined in Section 3.1.3)
will agree to issue an ALTA standard form of title insurance policy to Purchaser, which policy takes no exception for such defect, limitation or encumbrance and is issued for no additional premium or for an additional premium if Seller agrees to pay
such additional premium upon Closing; or (iv) as a result of a “Material Environmental Issue” which shall mean the presence on the Property of a Recognized Environmental Condition (as defined in ASTM standard E1527-13 as first identified in any update of the Phase I Environmental Site Assessment dated March 14, 2019 prepared by Nova Consulting (the “Nova Phase I Report”), any other Phase I
Environmental Site Assessment obtained by Purchaser or its lender, and/or a Phase II report prepared for Purchaser or its lender by a reputable environmental engineering firm (and not identified in any prior Phase I report provided by Seller to
Purchaser), a copy of which new report shall be provided to Seller (if requested by Seller), and the presence of which substances or materials are such that the same would cost more than $250,000 to remedy as determined by a duly qualified
independent third party reasonably acceptable to Purchaser and Seller, and/or will cause (or does in fact cause) an Institutional Lender to refuse to provide financing for the acquisition of the Property on terms that are substantially similar to
those that would have been offered by the respective Institutional Lender but for the environmental issue, or the Phase I obtained by Purchaser recommends a Phase II be done at the Property (consistent with market standards for the issue(s)
identified in such report), and Seller does not permit the performance of such Phase II at the Property, or imposes commercially unreasonable conditions on the performance thereof. The remainder of the Deposit in the amount of FIVE HUNDRED THOUSAND
AND NO/100 DOLLARS ($500,000.00) (together with accrued interest earned thereon, the “Refundable Deposit”) shall be refundable to Purchaser only in the circumstances expressly set forth in this Agreement and in accordance with
Sections 9.3 and 9.4. 
 2.1.2    Balance of Purchase Price. Purchaser shall,
no later than Noon Eastern Time on the Closing Date, deliver to Escrow Agent, by bank wire transfer of immediately available funds, a sum equal to the balance of the Purchase Price adjusted to reflect prorations and other adjustments pursuant
to Section 7.1 and Section 2.3 and to account for any credit which Purchaser is entitled to receive pursuant to the terms and conditions of this Agreement. 

2.2    Investments. Following the collection of the Deposit, Escrow Agent shall, at the direction of
Purchaser, invest the Deposit in: 
 (a)    obligations of the United States government, its agencies or
independent departments; 
 (b)    certificates of deposit issued by a banking institution whose
principal office is in New York City or Los Angeles, with assets in excess of $1 billion; or 

  
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 (c)    an interest-bearing account of a banking
institution whose principal office is in New York City or Los Angeles, with assets in excess of $1 billion (and in any event, Wells Fargo shall be considered an approved banking institution for receipt of the Deposit). 

No investment of the Deposit shall have a maturity date beyond the Closing Date. 

2.3    Interest on the Deposit. Any interest earned on the Deposit shall be credited and delivered to the
party receiving the Deposit, provided, however, that if the transaction closes, at Closing any interest earned on the Deposit shall be credited to Purchaser by applying the same against the Purchase Price. 

ARTICLE III 

CONDITIONS TO THE PARTIES’ OBLIGATIONS 

3.1    Conditions to Purchaser’s Obligation to Purchase. Purchaser’s
obligation to purchase is expressly conditioned upon each of the following: 
 3.1.1    Performance
by Seller. Performance in all material respects of the obligations and covenants of, and deliveries required of, Seller hereunder. 

3.1.2    Delivery of Title and Possession and other Closing Documents. Delivery at the
Closing of (a) the Deed (as defined in Section 4.2.1) (b) the Assignment of Leases and Contracts (as defined in Section 4.1.2), (c) the Bill of Sale (as defined in
Section 4.1.3) and, (d) possession as provided in Section 15.1. 

3.1.3    Title Insurance. Delivery at the Closing of the standard current form of American
Land Title Association (ALTA) owner’s policy of title insurance (the “Title Policy”), or a commitment to issue the same, with liability in the amount of the Purchase Price issued by Chicago Title Insurance Company (the
“Title Company”), insuring that fee title to the Real Property vests in Purchaser subject to the Permitted Encumbrances (as defined in Section 4.2.1). (At its option, Purchaser may direct the Title Company
to issue additional title insurance endorsements if Purchaser pays for the extra cost of such additional endorsements, provided that the Title Company’s failure to issue any such additional endorsements shall not affect Purchaser’s
obligations under this Agreement). 
 3.1.4    Seller’s Representations. The
representations and warranties by Seller set forth in Section 11.1 being true and correct in all material respects as of the Closing except as modified by notice (in accordance with Section 11.1)
to which Purchaser does not object in writing by the later of (a) three (3) business days after receipt thereof or (b) the end of the Investigation Period. 

3.2    Conditions to Seller’s Obligation to Sell. Seller’s obligation
to sell is expressly conditioned upon each of the following: 
 3.2.1    Performance by
Purchaser. Performance in all material respects of the obligations and covenants of, and deliveries required of, Purchaser hereunder. 

  
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 3.2.2    Receipt of Purchase Price.
Receipt of the Purchase Price and any adjustments due Seller under Article VII at the Closing in the manner herein provided. 

3.3    Failure of Conditions. In the event that any condition set forth in
Section 3.1 or Section 3.2 is not satisfied or waived by Purchaser or Seller, as the case may be, on the Closing Date, and the other party is not otherwise in default hereunder, the sole right of
Purchaser and Seller, as applicable, shall be either (a) to terminate this Agreement by delivering written notice of such termination to the other party on or prior to the Closing, in which event the Deposit shall be disbursed pursuant to
Section 9.3 and Section 9.4 and the parties shall have no further obligations or liabilities to the other hereunder, except as expressly provided for in this Agreement, or (b) to waive the
satisfaction of such condition or conditions and proceed to Closing in accordance with and subject to the terms of this Agreement; provided, however, that with respect to a failure of any condition either (i) under
Section 3.1.3 resulting from a matter affecting title which is not a Permitted Encumbrance, or (ii) under Section 3.1.4, in either case which failure is not the result of a Seller breach or
default hereunder, Seller shall have the right to extend the Closing Date by up to thirty (30) days in the aggregate by written notice to Purchaser, during which period Seller shall use commercially reasonable efforts to cause such condition(s)
to be satisfied. 
 ARTICLE IV 

PURCHASER’S DELIVERIES AND SELLER’S DELIVERIES TO ESCROW AGENT 

4.1    Purchaser’s Deliveries. Purchaser shall, at or before Noon Eastern
Time on the Closing Date, deliver in escrow to Escrow Agent each of the following: 

4.1.1    Purchase Price. The Purchase Price as adjusted pursuant to
Article VII. 
 4.1.2    Assignment of Leases and Contracts. Two
(2) executed counterparts of the Assignment and Assumption of Leases, Contracts and Other Property Interests (the “Assignment of Leases and Contracts”) in the form of Exhibit C. 

4.1.3    Bill of Sale. Two (2) executed counterparts of a bill of sale (the
“Bill of Sale”) in the form of Exhibit D. 

4.1.4    Closing Statement. An executed settlement statement reflecting the prorations and
adjustments required under Article VII. 

4.2    Seller’s Deliveries. Seller shall, at or before Noon Eastern Time on
the Closing Date, deliver in escrow to Escrow Agent each of the following: 

4.2.1    Deed. A special warranty deed (the “Deed”) in the form of
Exhibit I with respect to the Real Property, executed and acknowledged by Seller, pursuant to which Seller shall convey all of Seller’s right, title and interest to the Real Property subject to the following
(collectively, the “Permitted Encumbrances”): 

(a)    Non-delinquent real property taxes and all assessments and
unpaid installments thereof for the year 2019 and thereafter which are not yet due and payable. 

  
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 (b)    The residential occupancy leases affecting the
Property and any leases executed in accordance with this Agreement after the date hereof (collectively, the “Leases”), and the rights of the tenants thereunder, provided that no lease contains any purchase option, right of first
refusal or similar right. 
 (c)    All matters listed in Exhibit B attached to the Deed at Exhibit
I hereto and any other lien, encumbrance, easement or other exception or matter voluntarily imposed or consented to by Purchaser prior to or as of the Closing. 

(d)    All exceptions (including printed exceptions) to title contained or disclosed in the Title Report
(as defined in Section 5.1.1) other than Title Objections (as defined in Section 5.3.1 which shall include a New Objection pursuant to Section 13.6(i) hereof)) identified
and not thereafter waived by Purchaser. 
 4.2.2    Assignment and Assumption of Leases, Contracts
and Other Property Interests. Two (2) executed counterparts of the Assignment and Assumption of Leases, Contracts and Other Property Interests in the form of Exhibit C, and (whether through the closing escrow or through such
other method of delivery as the parties may establish) original executed Leases (or copies if originals are not in Seller’s possession) and the service contracts, equipment leases, maintenance agreements and other contracts affecting the
Property enumerated in Exhibit F (collectively, the “Contracts”) assigned thereby. 

4.2.3    Bill of Sale. Two (2) executed counterparts of the Bill of Sale. 

4.2.4    Notices to Tenants. A notice signed by Seller addressed to the tenants under the
Leases in the form of Exhibit G. 
 4.2.5    FIRPTA Affidavit.
Two (2) executed copies of an affidavit in the form of Exhibit H with respect to the Foreign Investment in Real Property Tax Act. 

4.2.6    Owner’s Affidavit. An affidavit and certificate as to parties in possession and
debts and liens in the form attached hereto as Exhibit J signed by Seller. 

4.2.7    Closing Statement. An executed settlement statement reflecting the prorations and
adjustments required under Article VII. 
 4.2.8    Cash –
Prorations. The amount, if any, required of Seller under Article VI. 

4.2.9    Keys. All available keys to the Property which shall be delivered on-site. 
 4.2.10    Seller Authority. Such resolutions
and certificates as the Title Company shall require to evidence the due authorization of the execution and performance of this Agreement and the documents to be delivered pursuant hereto by Seller, including without limitation Seller’s
organizational documents, resolutions and good standing certificates. 
 4.2.11    Transfer Tax
Declaration(s). Any transfer tax declarations or forms, if any, required to be filed in connection with the recording of the Deed. 

  
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 4.2.12    State Law Requirements. Such
disclosures, certificates or forms as may be required by applicable state and local law in connection with the sale of the Real Property, including without limitation, state withholding forms. 

4.2.13    Updated Rent Roll. An updated Rent Roll for the Property certified by Seller as set
forth in the form attached hereto as Exhibit K duly executed by Seller. Such certified Rent Roll shall be dated approximately four (4) business days prior to Closing. 

4.2.14    Accounting Information. An updated tenant ledger report for the Property. 

4.3    Failure to Deliver. The failure of Purchaser or Seller to make any delivery required above by and in
accordance with this Article IV which is not waived by the other party shall constitute a default hereunder by Purchaser or Seller, as applicable. 

ARTICLE V 

INVESTIGATION OF PROPERTY 

5.1    Delivery of Documents. To the extent not already provided prior to the Effective Date hereof, Seller
shall deliver, cause to be delivered, or make available to Purchaser, within three (3) business days following the execution and delivery of this Agreement by Seller and Purchaser (except as otherwise stated in Schedule A annexed hereto
and made a part hereof), the following: 
 5.1.1    Preliminary Title Report. That certain
title commitment No. CCHI1900387NT dated February 4, 2019 covering the Real Property issued by the Title Company, together with copies of all documents referred to as exceptions therein as delivered to Purchaser prior to the Effective Date
hereof (collectively, the “Title Report”). 
 5.1.2    Survey. A draft
updated survey of the Real Property prepared by a licensed surveyor as delivered to Purchaser prior to the Effective Date hereof (the “Original Survey”). 

5.1.3    Leases and Contracts. To the extent in Seller’s possession, copies of the
Leases and the Contracts. 
 5.1.4    Plans and Specifications. To the extent in
Seller’s possession, copies of all plans and specifications for the Improvements. 

5.1.5    Reports. Copies of the environmental reports listed in Schedule A annexed
hereto and made a part hereof. 
 5.1.6    Permits. To the extent in Seller’s
possession, copies of all governmental licenses, permits, certificates of occupancy and approvals, in each case regarding the Property. 

5.1.7    Other Documents. In addition to, and not in duplication of, the deliverables set
forth in this Section 5.1, those documents, instruments, reports and other items set forth on Schedule A annexed hereto and made a part hereof to the extent in the possession of Seller or available at the Real
Property. 

  
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 If requested by Seller, Purchaser shall provide written verification of its receipt of those items listed in
this Section 5.1. 
 5.2    Physical Inspection of Property. 

5.2.1    Seller shall allow Purchaser and Purchaser’s engineers, architects or other employees and
agents reasonable access to the Property during normal business hours for the limited purposes provided herein. At least two (2) full business days’ advance written notice (which notice may be given via electronic mail to Brittany
Burckhard (bburckhard@mcdprop.com)) will be provided for any required walk-throughs of occupied units. At least one (1) full business day advance written notice (which notice may be given by electronic mail as hereinabove said) will be provided
for any other onsite access to the Property. 
 5.2.2    Purchaser and its engineers, architects and
other employees and agents may exercise such access solely for the purposes of (a) reviewing contracts, books and records relating to the Property (other than any privileged, proprietary or confidential records), soil reports, environmental
studies and reports, surveys, and building and systems plans; (b) reviewing records relating to operating expenses and other instruments and correspondence relating to the Property; and (c) inspecting the physical condition of the Property
and conducting non-intrusive physical and environmental tests and inspections thereof. PURCHASER SHALL NOT CONDUCT OR ALLOW ANY PHYSICALLY INTRUSIVE TESTING OF, ON OR UNDER THE PROPERTY WITHOUT FIRST OBTAINING
SELLER’S WRITTEN CONSENT AS TO THE TIMING AND SCOPE OF THE WORK TO BE PERFORMED AND THE PARTIES ENTERING INTO AN AMENDMENT HERETO MEMORIALIZING SUCH SCOPE OF WORK AND ANY ADDITIONAL AGREEMENTS OF THE PARTIES WITH RESPECT TO SUCH TESTING. 

5.2.3    Prior to Purchaser or its agent’s entry on the Property, Purchaser shall furnish (or caused
to be furnished) to Seller a certificate of insurance demonstrating Seller, its property manager and its advisor, McDowell Properties (“Advisor”) and any lender or other parties with insurable interest that Seller may reasonably
designate are included as additional insureds (on a primary and non-contributory basis) on Purchaser’s and if applicable its agent’s commercial general liability and excess umbrella liability
insurance policy(ies) with a company or companies having an AM BEST rating of AIX. Such policies shall provide at Purchaser’s or its agent’s sole cost coverage and limits in an amount of at least: (a) Commercial General Liability:
$1,000,000 Combined Single Limit each occurrence for bodily injury and property damage, $1,000,000 personal and advertising injury, including a General Aggregate of at least $1,000,000; (b) Automobile Liability of $1,000,000 each accident for
bodily injury and property damage as may be applicable, for any owned, non-owned or hired automobiles; (c) Statutory Workers Compensation and $1,000,000 Employers Liability; and (d) Umbrella / Excess
Liability in the amount of $2,000,000 excess of the underlying Commercial General, Auto and Employer Liability 

  
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insurance. Purchaser shall also evidence any insurance required by law or reasonably required by Seller based on Purchaser’s anticipated and allowed activities on the Property. All policies
shall include or be endorsed to provide a waiver of subrogation in favor of Seller and Advisor. Purchaser agrees to maintain such coverage for so long as this Agreement remains in effect. 

5.2.4    Purchaser agrees that, in the exercise of the right of access granted hereby, it will not
unreasonably interfere with or permit unreasonable interference with any person occupying or providing service at the Property. Purchaser agrees that it or its agents will not communicate with any tenants without the consent of Seller. 

5.2.5    Purchaser agrees to indemnify, defend and hold harmless Seller, Advisor and their affiliates,
members, partners, subsidiaries, shareholders, officers, directors and agents from any loss, injury, damage, cause of action, liability, claim, lien, cost or expense, including reasonable attorneys’ fees and costs, arising from the exercise by
Purchaser or its employees, consultants, agents or representatives of the right of access under this Agreement or out of any of the foregoing; provided, however, that this indemnity shall not extend to and in no event shall Purchaser be liable to
Seller or any of such other indemnified parties to the extent any loss, injury, damage, cause of action, liability, claim, lien, cost or expense arises from (a) any gross negligence or willful conduct of Seller or anyone acting by, through or
under Seller, or (b) any pre-existing conditions on or about the Property except to the extent that such conditions were exacerbated due to the acts or omissions of Purchaser or anyone acting by, through
or under Purchaser. The indemnity in this Section 5.2.5 shall survive the Closing or any termination of this Agreement. 

5.2.6    Purchaser agrees to give Seller reasonable prior notice of its intent to conduct any inspections
or tests so that Seller will have the opportunity to have a representative present during any such inspection or test, the right to do which Seller expressly reserves. Purchaser agrees to cooperate with any reasonable request by Seller in connection
with the timing of any such inspection or test. 
 5.2.7    Purchaser agrees that any inspection, test or
other study or analysis of the Property shall be performed at Purchaser’s expense and in strict accordance with applicable law. 

5.2.8    Purchaser agrees at its own expense to promptly repair or restore the Property to substantially
the same condition as existed before Purchaser’s inspection or test, or, at Seller’s option, to reimburse Seller for any repair or restoration costs, if any inspection or test requires or results in any damage to or alteration of the
condition of the Property. The obligations set forth in this Section 5.2.8 shall survive the Closing or any termination of this Agreement. 

5.3    Investigation Period. Purchaser shall have the right to make the following investigations. 

5.3.1    Title and Survey. During the Investigation Period, Purchaser shall review title to
the Real Property as disclosed by the Title Report, the Original Survey and any 

  
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further update to the Original Survey or new survey that Purchaser obtains (the “Updated Survey”; and, together with the Original Survey and any further update to the Updated
Survey, collectively, the “Survey”). Purchaser shall be entitled to object to any matter disclosed in the Title Report and the Survey (the “Title Objections”), by a written notice of objections delivered to Seller
by 5:00 p.m. Eastern Time on May 8, 2019 (the “Objection Notice”). If Purchaser does give the Objection Notice, Seller shall have three (3) business days after receipt thereof to notify Purchaser that Seller
(a) will cause or (b) elects not to cause any or all of the Title Objections disclosed therein to be removed or insured over by the Title Company. Seller’s failure to notify Purchaser within such three (3) business day period as
to any Title Objection shall be deemed an election by Seller not to remove such Title Objection. If Seller notifies or is deemed to have notified Purchaser that Seller shall not remove nor have the Title Company insure over any or all of the Title
Objections, Purchaser shall have until the expiration of the Investigation Period (as defined in Section 5.3.2), (i) to terminate this Agreement, or (ii) to waive such Title Objections and proceed to Closing
without any abatement or reduction in the Purchase Price on account of such Title Objections. If Purchaser does not give such notice prior to the expiration of the Investigation Period, Purchaser shall be deemed to have elected to waive such Title
Objections. 
 5.3.2    General Investigation. In addition, Purchaser shall have from the
date hereof until May 15, 2019 at 5:00 p.m. Eastern Time (the “Investigation Period”) to notify Seller that, as a result of Purchaser’s review of any documents (other than the Title Report or the
Survey) or Purchaser’s investigation of the Property, it disapproves of any matter or item affecting the Property and terminates this Agreement. If Purchaser fails to give such notice of disapproval and termination with respect to any matter
relating to the Property prior to the expiration of the Investigation Period, such failure shall be conclusively deemed to be full and complete approval of such matters and a satisfaction of this condition. 

5.3.3    Contracts. Prior to the expiration of the Investigation Period, Purchaser will
advise Seller in writing of which Contracts listed on Exhibit F attached hereto it will assume and for which Contracts Purchaser requests that Seller deliver written termination at or prior to Closing, provided Seller shall
have no obligation to terminate, and Purchaser shall be obligated to assume, any Contract which by their terms cannot be terminated without penalty or payment of a fee except to the extent Purchaser agrees to pay the entire amount of such fees or
penalties. If any Purchaser disapproved Contract has a post-Closing termination date then Purchaser shall be required to assume such Contract pending its post-Closing termination. Notwithstanding anything in this Agreement to the contrary, any
Contract which is a national contract or master contract shall not be assumed by Purchaser. In addition, Seller shall be responsible for the termination as of Closing of any then existing property management agreement affecting the Property, and the
same shall not be assumed by Purchaser. Notwithstanding anything in this Agreement to the contrary, Purchaser shall have no obligation to assume any Contract of which a complete signed copy was not provided to Purchaser during the Investigation
Period. 
 5.4    Effect of Termination. If Purchaser terminates this Agreement in accordance with
Section 5.3, then subject to Section 5.2, all further rights and obligations of the parties shall cease and terminate without any further liability of either party to the other (except those
obligations which are specifically provided to survive such termination as provided in this Agreement). 

  
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 5.5    No Obligation to Cure. Nothing contained in this
Agreement or otherwise shall require Seller to render its title marketable or to remove or correct any exception or matter disapproved by Purchaser or to spend any money or incur any expense in order to do so. Notwithstanding anything in this
Agreement to the contrary, Seller shall be obligated at Closing, to cause the Title Company to (i) remove that certain Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated September 16, 2015 entered
into by Seller and referred to on the Title Report (the “Existing Mortgage”), and (ii) remove (by payment and/or bonding) any materialmens’ or mechanic’s liens against Seller or the Property in each case with respect
to work contracted for or on behalf of Seller (with the consent of Seller) at the Property, provided that Seller has received written notice of any such liens prior to Closing, and the cost to remove all such liens does not exceed the sum of FIFTY
THOUSAND AND NO/100 DOLLARS ($50,000.00) in the aggregate with respect to the Property, all of which Existing Mortgage and liens at (i) and (ii) hereof may be paid off at Seller’s election from the Purchase Price and which are collectively
herein called the “Mandatory Cure Items” and in no event shall the Mandatory Cure Items be considered Permitted Encumbrances. 

ARTICLE VI 

THE CLOSING 

6.1    Date and Manner of Closing. Escrow Agent shall close the escrow (the “Closing”) as
soon as all conditions to closing contained in this Agreement have been satisfied (or deemed satisfied) or waived in writing which shall in any event be not later than Noon Eastern Time on June 14, 2019 (the
“Closing Date”), time being of the essence (subject only to Seller’s express rights of remedy or cure provided herein, in which event Seller will give Purchaser not less than three (3) business days’ notice of the
date of Closing), by recording and delivering all documents and funds as set forth in Article VIII. 

ARTICLE VII 

PRORATION, FEES, COSTS AND ADJUSTMENTS 

7.1    Prorations. Prior to the Closing, Seller shall determine the amounts of the prorations in accordance
with this Agreement and notify Purchaser thereof. Purchaser shall review and approve such determination promptly and prior to the Closing, such approval not to be unreasonably withheld or delayed. Thereafter, Purchaser and Seller shall each inform
Escrow Agent of such amounts. Seller and Purchaser shall endeavor to cause the Escrow Agent to prepare draft closing statements containing the prorations and adjustments described in this Article VII and deliver the same together with
invoices or bills for all prorated expenses and other reasonable backup information from Seller no later than 3:00 p.m. Eastern Time two (2) business days prior to the Closing Date. 

7.1.1    Certain Items Prorated. In accordance with the notifications, Escrow Agent shall
prorate between the parties (and the parties shall deposit funds therefor with 

  
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Escrow Agent or shall instruct Escrow Agent to debit against sums held by Escrow Agent owing to such party), as of 11:59 p.m. Eastern Time on the day immediately preceding the Closing Date,
all income and expenses with respect to the Property and payable to or by the owner of the Property, including, without limitation: (a) all real property taxes and assessments which shall be prorated on the basis of the fiscal year of the
applicable taxing authority (if the Closing shall occur before the tax rate is fixed, the apportionment of taxes shall be based on the tax rate for the preceding period applied to the latest assessed valuation and after the Closing, when the
actual real property taxes are finally fixed, Seller and Purchaser shall promptly make a recalculation of such proration, and the appropriate party shall make the applicable payment reflecting the recalculation to the other party); (b) rents
and other tenant payments and tenant reimbursements (collectively, “Tenant Payments”) if any, actually received under the Leases in effect as of the Closing Date; (c) [intentionally omitted]; (d) charges for water, sewer,
electricity, gas, fuel and other utility charges, all of which shall be read promptly before Closing, unless Seller elects to close its own applicable account, in which event Purchaser shall open its own account and the respective charges shall not
be prorated and subject in any event to Section 7.1.7 below with respect to ratio utility billing systems (RUBS); (e) amounts prepaid and amounts accrued but unpaid on service contracts and management contracts which are to
be assumed by Purchaser and including any lump sum or upfront payments paid to Seller pursuant to any agreements entered into by Seller; and (f) periodic fees for licenses, permits or other authorizations with respect to the Property. The
adjustment obligation in this Section 7.1.1 shall survive the Closing. 

7.1.2    Leasing Commissions. At the Closing, Purchaser and Seller shall prorate, based on
the portion of the term of the applicable Lease occurring before and after the Closing, all leasing commissions and other charges payable by reason of or in connection with any Lease entered into after the end of the Investigation Period, any
renewal or extension of an existing Lease after such date and any new lease referred to in Section 13.4. 

7.1.3    Taxes. 

(a)    Real property tax refunds and credits received after the Closing which are attributable to a tax
year prior to the Closing shall belong to Seller. Any such refunds and credits attributable to the tax year during which the Closing occurs shall be apportioned between Seller and Purchaser after deducting the reasonable out-of-pocket expenses of collection thereof. Tax prorations shall be calculated on a calendar year basis. This apportionment obligation shall survive the Closing. 

(b)    If any tax appeal or certiorari proceedings shall not have been finally resolved or settled prior to
the Closing and shall relate to any tax period a portion or all of which precedes the Closing, Seller shall be entitled to control the disposition of any such tax appeal or certiorari proceeding and any refunds received therefrom, net of any
expenses incurred by Seller in connection therewith, shall be prorated between the parties on the basis of the portions accruing to periods before and after the Closing. 

(c)    The parties expressly acknowledge and agree that it is a condition of this sale that in no event
shall Seller be charged with or liable for any increase in taxes 

  
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on the Property resulting from any change in use of such Property after the Closing Date, or from any improvements made on or after the Closing Date, or any Leases entered into on or after the
Closing Date, or from any change of ownership of the Property on or after the Closing Date, or from the removal by the taxing authorities of any tax exemption status given to any prior owner of the Property, or howsoever otherwise arising, including
without limitation any other rollback or equivalent taxes on the Property for the year of the Closing or any prior years (“Additional Taxes”) and in no event shall Seller have any liability for payment of any Additional Taxes nor
for, and all such liability, if any, is expressly assumed by Purchaser hereunder. 

7.1.4    Security and Other Deposits. At the Closing, Purchaser shall (i) receive a
credit in the aggregate amount of all unapplied refundable security deposits (plus interest accrued thereon to the extent required to be paid by the applicable Lease or applicable law) required to be held by Seller under the Leases; and
(ii) pay Seller an amount equal to all utility and contract deposits then held by third parties with respect to the Property and transferred to Purchaser hereunder, unless Seller elects to cancel any of the same as of Closing. If any security
deposits shall be held by Seller in the form of letters of credit or surety bonds, Seller shall assign its rights thereunder to Purchaser and shall cooperate reasonably with Purchaser in respect of the reissuance of any such letters of credit or
bonds in the name of Purchaser. 
 7.1.5    Adjustments. 

(a)    Delinquent Tenant Payments other than such amounts prorated pursuant to
Section 7.1.1(c), if any, shall not be prorated and all rights thereto shall be retained by Seller, who reserves the right to collect and retain such delinquent Tenant Payments, and Purchaser agrees to cooperate with Seller
in Seller’s efforts to collect such Tenant Payments; provided, however, that Seller shall not be entitled to commence any disposition or eviction proceeding against the delinquent tenant. If at any time within six (6) months
after the Closing Purchaser shall receive any such delinquent Tenant Payments (which Purchaser shall use reasonable efforts to collect, provided that such efforts shall not include an obligation on the part of Purchaser to bring any action or
proceeding to collect same), Purchaser shall immediately remit such Tenant Payments to Seller, provided that any monies received by Purchaser from a delinquent tenant shall be applied first to current rents then due and payable and then to
delinquent rents in the inverse order in which they became due and payable. The previous sentence of this Section 7.1.5(a) shall survive the Closing. 

(b)    If real property taxes are apportioned at Closing based on the tax rate for the preceding period
applied to the latest assessed valuation (or based on such other estimate as the parties may agree) the parties agree to reapportion such real property taxes based on the final tax bill within thirty (30) days after a final tax bill becomes
available and is received by Purchaser. The provisions of this Section 7.1.5(b) shall survive the Closing. 

(c)    Not later than ninety (90) days after the Closing Date, Seller and Purchaser will jointly
prepare a final closing statement reasonably satisfactory to Seller and Purchaser in form and substance (the “Final Closing Statement”) setting forth the 

  
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final determination of the adjustments and prorations provided for herein, provided however, that the true-up with respect to real estate taxes and
delinquent Tenant Payments shall be prorated at the time and in the manner provided for in Sections 7.1.5(a) and (b). The net amount due Seller or Purchaser, if any, by reason of adjustments to the Final Closing Statement shall be paid
by the party obligated therefor within ten (10) business days following that party’s receipt of the approved Final Closing Statement. The adjustments, prorations and determinations agreed to by Seller and Purchaser in the Final Closing
Statement shall be conclusive and binding on the parties hereto absent manifest error. The provisions of this Section 7.1.5(c) shall survive the Closing. 

7.1.6    Insurance. Seller’s existing liability and property insurance pertaining to the
Property shall be canceled as of the Closing, and Seller shall receive any premium refund due thereon. 

7.1.7    RUBS. Purchaser shall be responsible for the billing and collection of any
reimbursable utility charges from the tenants with respect to all periods on and after the Closing Date and any uncollected but not delinquent, reimbursable utility charges from the tenants with respect to all periods prior to the Closing Date and
shall credit Seller at Closing for any paid but not yet billed reimbursable utility charges from the tenants with respect to all periods prior to the Closing Date. 

7.1.8    Rent Ready Credit. No later than two (2) business days before the Closing Date,
a representative of Purchaser and a representative of Seller shall conduct an onsite walk-through of the then unoccupied rental units on the Property to determine whether such unoccupied rental units are in “rent ready” condition. With
respect to any rental unit that is vacated on or before five (5) business days prior to the Closing Date, Seller shall, at Seller’s option, either (i) make such unoccupied rental unit into a “rent ready” condition prior to
the Closing, or (ii) provide Purchaser with a credit against the Purchase Price due at Closing, which credit shall be equal to the amount (to be reasonably agreed upon by Seller and Purchaser), if any, reasonably required to put the unoccupied
rental units in “rent ready” condition; provided, however, that such credit shall be up to and not exceeding SEVEN HUNDRED FIFTY AND NO/ 100 DOLLARS ($750.00) per unoccupied rental unit. With respect to any rental unit that is vacated
after the date which is five (5) business days prior to the Closing Date, Seller shall have no responsibility or liability to put such unoccupied rental unit into a “rent ready” condition, and Seller shall not be required to
compensate Purchaser if such unit is not “rent ready” condition as of Closing. As used herein, “rent ready condition” means Seller’s customary practice and procedures, as of the Effective Date hereof, for placing
units in “rent ready” condition. 
 7.2    Seller’s Closing
Costs. At Closing, Seller shall pay (a) one half (1/2) of the “grantor’s tax” incident to the recording of the Deed pursuant to VA CODE ANN §58.1-802, (b) such amount of the
regional congestion relief fee (now WMATA) that is in excess of $25,000, (c) one half (1/2) of Escrow Agent’s escrow fee or escrow termination charge and (d) Seller’s own attorneys’ fees. 

7.3    Purchaser’s Closing Costs. At Closing, Purchaser shall pay
(a) one half (1/2) of Escrow Agent’s escrow fee or escrow termination charge, (b) the cost of the Title Report, the title 

  
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premium for the Title Policy and lender’s policy of title insurance, together with the cost of any other title insurance endorsements ordered by Purchaser or its lender, if applicable,
(c) the cost of the Updated Survey, if any, (d) one half (1/2) of the “grantor’s tax” incident to the recording of the Deed pursuant to VA CODE ANN §58.1-802, (e) the regional
congestion relief fee (now WMATA) up to $25,000, (f) all recordation fees including the “grantee’s tax” on the Deed and all other recordation and transfer taxes incident to the transfer of the Real Property (other than Seller’s
portion of the grantor’s tax as above said in Section 7.2), (f) the cost of the (i) Property Condition Report prepared by Nova Consulting dated March 14, 2019 (the “Nova Property Condition
Report”), (i) PZR Zoning Report, (iii) Nova Phase I Report, and (iv) Original Survey provided by Seller to Purchaser prior to the Effective Date, (g) any other costs incurred in connection with Purchaser’s investigation of
the Property pursuant to Article V, including the cost of any new environmental assessment, property condition report, zoning report or other report commissioned by Purchaser or its lender, (h) any and all sales or use
taxes or other taxes relating to the transfer of personal property to Purchaser, and (i) Purchaser’s own attorneys’ fees. 

ARTICLE VIII 

DISTRIBUTION OF FUNDS AND DOCUMENTS 

8.1    Delivery of the Purchase Price. At the Closing, Escrow Agent shall deliver the Purchase Price to
Seller, and the transaction shall not be considered closed until such delivery occurs. 
 8.2    Other Monetary
Disbursements. Escrow Agent shall, at the Closing, hold for personal pickup or arrange for wire transfer, (a) to Seller, or order, as instructed by Seller, all sums and any proration or other credits to which Seller is entitled and less
any appropriate proration or other charges and (b) to Purchaser, or order, any excess funds therefor delivered to Escrow Agent by Purchaser and all sums and any proration or other credits to which Purchaser is entitled and less any appropriate
proration or other charges. 
 8.3    Recorded Documents. Escrow Agent shall cause the Deed and any other
documents that Seller or Purchaser desires to record to be recorded with the appropriate county recorder and, after recording, returned to the grantee, beneficiary or person acquiring rights under said document or for whose benefit said document was
required. 
 8.4    Documents to Purchaser. Escrow Agent shall at the Closing deliver by overnight express
delivery to Purchaser the following: 
  

	 	(1)	 one conformed copy of the Deed showing all then available recording data; 



 

	 	(2)	 one original of the Assignment of Leases and Contracts; 



 

	 	(3)	 one original of the Bill of Sale; 



 

	 	(4)	 one original of the Notice to Tenants; 



 

	 	(5)	 one original of the Rent Roll Certificate; 



  
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	 	(6)	 one original of the FIRPTA Affidavit; and 



 

	 	(7)	 one certified copy of the Closing Statement 



8.5    Documents to Seller. Escrow Agent shall at the Closing deliver by overnight express delivery to
Seller, the following: 
  

	 	(1)	 one conformed copy of the Deed showing all then available recording data; 



 

	 	(2)	 one original of the Assignment of Leases and Contracts; 



 

	 	(3)	 one original of the Bill of Sale; 



 

	 	(4)	 one copy of the Notice to Tenants; 



 

	 	(5)	 one original of the Rent Roll Certificate; 



 

	 	(6)	 one original of the FIRPTA Affidavit; and 



 

	 	(7)	 one certified copy of the Closing Statement. 



8.6    All Other Documents. Escrow Agent shall at the Closing deliver by overnight express delivery, each
other document received hereunder by Escrow Agent to the person acquiring rights under said document or for whose benefit said document was required. 

ARTICLE IX 

RETURN OF DOCUMENTS AND FUNDS UPON TERMINATION 

9.1    Return of Seller’s Documents. If escrow or this Agreement is
terminated for any reason, Purchaser shall, within five (5) days following such termination, deliver to Seller all documents and materials relating to the Property previously delivered to Purchaser by Seller. In addition, upon the written
request of Seller, Purchaser shall deliver to Seller copies of all final reports, studies, documents and materials obtained by Purchaser from third parties in connection with the Property and Purchaser’s investigation thereof, provided however
that such items shall be delivered without representation or warranty, express or implied, as to accuracy, completeness (except only that to the knowledge of Purchaser they are complete copies of the documents in the possession of Purchaser) or any
other matter regarding such items and with no right of Seller to rely thereon without the consent of the third party preparer(s) of such items. Escrow Agent shall deliver all documents and materials deposited by Seller and then in Escrow
Agent’s possession to Seller and shall destroy any documents executed by both Purchaser and Seller. Upon delivery by Escrow Agent to Seller (or such destruction, as applicable) of such documents and materials, Escrow Agent’s obligations
with regard to such documents and materials under this Agreement shall be deemed fulfilled and Escrow Agent shall have no further liability with regard to such documents and materials to either Seller or Purchaser. 

9.2    Return of Purchaser’s Documents. If escrow or this Agreement is
terminated for any reason, Escrow Agent shall deliver all documents and materials deposited by Purchaser and 

  
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then in Escrow Agent’s possession to Purchaser and shall destroy any documents executed by both Purchaser and Seller. Upon delivery by Escrow Agent to Purchaser (or such destruction, as
applicable) of such documents and materials, Escrow Agent’s obligations with regard to such documents and materials under this Agreement shall be deemed fulfilled and Escrow Agent shall have no further liability with regard to such documents
and materials to either Seller or Purchaser. 
 9.3    Deposit. If escrow or this Agreement is terminated
pursuant to (i) Section 5.3 or Section 13.6 (in each case in the event only of a Material Title Defect or a Material Environmental Issue), or (ii) Section 10.2,
or (iii) Article XII, then, subject to Section 5.2, Purchaser shall be entitled to obtain the return of the entire of the Deposit pursuant to Section 9.4 below. 

If escrow or this Agreement is terminated (a) pursuant to Section 3.3 due to the failure of a condition set
forth in Section 3.1 (unless due to a Material Title Defect or a Material Environmental Issue), or (b) pursuant to Section 5.3 (for any reason other than a Material Title Defect or a Material
Environmental Issue), then, subject to Section 5.2, Purchaser shall be entitled to obtain the return of the Refundable Deposit and the Non-Refundable Deposit shall be paid to Seller
pursuant to Section 9.4 below. 
 If the Closing does not take place and escrow or this Agreement is terminated
for any other reason, Seller shall be entitled to the entire of the Deposit by retaining or causing Escrow Agent to deliver such Deposit to Seller pursuant to Section 9.4 below. In any situation where escrow or this
Agreement is terminated and Purchaser is entitled only to the return of the Refundable Deposit, the Non-Refundable Deposit shall be promptly paid by the Title Company to Seller pursuant to
Section 9.4. 
 9.4    Disbursement of Deposit. If Escrow Agent receives a
notice from a party hereunder instructing Escrow Agent to deliver the Refundable Deposit, the Non-Refundable Deposit or the Deposit in its entirety to such party, as applicable, Escrow Agent shall deliver a
copy of the notice to the other party within three (3) days after receipt of the notice. If the other party does not object to the delivery of the Refundable Deposit, the Non-Refundable Deposit or the
Deposit in its entirety as aforesaid within three (3) business days after receipt of the copy of the notice, Escrow Agent shall, and is hereby authorized to, deliver the Refundable Deposit, the
Non-Refundable Deposit or the Deposit in its entirety, as applicable, to the party requesting it pursuant to the notice. Any objection hereunder shall be by written notice setting forth the nature and grounds
for the objection and shall be sent to Escrow Agent and to the party requesting the Refundable Deposit, the Non-Refundable Deposit or the Deposit in its entirety, as applicable. Notwithstanding anything herein
to the contrary, upon a termination of this Agreement by Purchaser pursuant to Section 5.3 (for any reason other than a Material Title Defect or a Material Environmental Issue), (i) Purchaser’s consent shall not be
required for the delivery of the Non-Refundable Deposit to Seller, if applicable, and (ii) subject to Seller’s prior receipt of the Rule 3-14 Reimbursements
(as defined in Section 16.22), if applicable, Seller’s consent shall not be required for the return of the Refundable Deposit to Purchaser, if applicable, and Escrow Agent is authorized to promptly pay the Non-Refundable Deposit to Seller and, subject as aforesaid with respect to Seller’s receipt of payment of the Rule 3-14 Reimbursements (if applicable) the Refundable
Deposit to Purchaser in the event of such termination without requiring anything further hereunder. 

  
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 9.5    No Effect on Rights of Parties; Survival. The
return of documents and monies as set forth above shall not affect the right of either party to seek such legal or equitable remedies as such party may have under Article X with respect to the enforcement of this Agreement.
The obligations under this Article IX shall survive termination of this Agreement. 
 ARTICLE X 

DEFAULT 

10.1    Seller’s Remedies. If, for any reason whatsoever (other than the
failure of a condition set forth in Section 3.1 and other than a termination of this Agreement pursuant to Section 5.3, Section 10.2, Article XII
or Section 13.6), Purchaser fails to complete the acquisition as herein provided, Purchaser shall be in breach of its obligations hereunder and Seller shall be released from any further obligations hereunder. BY INITIALING
BELOW, PURCHASER AND SELLER HEREBY ACKNOWLEDGE AND AGREE THAT SELLER’S ACTUAL DAMAGES IN THE EVENT OF SUCH A BREACH OF THIS AGREEMENT BY PURCHASER WOULD BE EXTREMELY DIFFICULT OR IMPOSSIBLE TO DETERMINE, THAT THE AMOUNT OF THE DEPOSIT IS THE
PARTIES’ BEST AND MOST ACCURATE ESTIMATE OF THE DAMAGES SELLER WOULD SUFFER IN THE EVENT THE TRANSACTION PROVIDED FOR IN THIS AGREEMENT FAILS TO CLOSE, AND THAT SUCH ESTIMATE IS REASONABLE UNDER THE CIRCUMSTANCES EXISTING ON THE EFFECTIVE DATE
HEREOF. PURCHASER AND SELLER AGREE THAT SELLER’S RIGHT TO RETAIN THE DEPOSIT SHALL BE THE SOLE REMEDY OF SELLER AT LAW IN THE EVENT OF SUCH A BREACH OF THIS AGREEMENT BY PURCHASER. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS
SECTION 10.1, IF PURCHASER BRINGS AN ACTION AGAINST SELLER FOR AN ALLEGED BREACH OR DEFAULT BY SELLER OF ITS OBLIGATIONS UNDER THIS AGREEMENT, RECORDS A LIS PENDENS OR OTHERWISE ENJOINS OR RESTRICTS SELLER’S
ABILITY TO SELL AND TRANSFER THE PROPERTY OR REFUSES TO CONSENT TO OR INSTRUCT RELEASE OF THE DEPOSIT TO SELLER IF REQUIRED BY ESCROW AGENT (EACH A “PURCHASER’S ACTION”), SELLER SHALL NOT BE RESTRICTED BY THE
PROVISIONS OF THIS SECTION 10.1 FROM BRINGING AN ACTION AGAINST PURCHASER SEEKING EXPUNGEMENT OR RELIEF FROM ANY IMPROPERLY FILED LIS PENDENS, INJUNCTION OR OTHER RESTRAINT, AND/OR RECOVERING FEES, COSTS AND EXPENSES
(INCLUDING ATTORNEYS’ FEES) WHICH SELLER MAY SUFFER OR INCUR AS A RESULT OF ANY PURCHASER’S ACTION BUT ONLY TO THE EXTENT THAT SELLER IS THE PREVAILING PARTY; AND THE AMOUNT OF ANY SUCH FEES, COSTS AND EXPENSES AWARDED TO SELLER SHALL BE
IN ADDITION TO THE LIQUIDATED DAMAGES SET FORTH HEREIN. NOTHING IN THIS AGREEMENT SHALL, HOWEVER, BE DEEMED TO LIMIT PURCHASER’S LIABILITY TO SELLER FOR DAMAGES OR INJUNCTIVE RELIEF FOR BREACH OF PURCHASER’S INDEMNITY OBLIGATIONS UNDER
SECTION 5.2.5 ABOVE OR FOR ATTORNEYS’ FEES AND COSTS AS PROVIDED IN SECTION 16.5 BELOW. THE PROVISIONS OF THIS SECTION 10.1 SHALL SURVIVE TERMINATION OF THIS AGREEMENT. 

  
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 ACCEPTED AND AGREED TO: 

 

					
	  
 Seller
	 	                    	  	  
 Purchaser


 10.2    Purchaser’s Remedies. If the sale
is not completed as herein provided solely by reason of any material default of Seller, Purchaser shall be entitled, as its sole and exclusive remedy, either (a) to terminate this Agreement and receive a full refund of the Deposit pursuant to
Section 9.3 (by delivering notice to Seller which includes a waiver of any right, title or interest of Purchaser in the Property) and reimbursement by Seller of Purchaser’s actual and documented out-of-pocket third-party costs incurred as part of Purchaser’s due diligence efforts hereunder, subject to a cap of $75,000, or (b) to treat this Agreement as being
in full force and effect and pursue only the specific performance of this Agreement, provided that Purchaser must commence any action for specific performance within thirty (30) days after the scheduled Closing Date. Purchaser waives any right
to pursue any other remedy at law or equity for such default of Seller, including, without limitation, any right to seek, claim or obtain damages (other than for costs under (a) above), punitive damages or consequential damages. In no
case shall Seller ever be liable to Purchaser under any statutory, common law, equitable or other theory of law, either prior to or following the Closing, for any lost rents, profits, “benefit of the bargain,” business opportunities or any
form of consequential damage in connection with any claim, liability, demand or cause of action in any way or manner relating to the Property, the condition of the Property, this Agreement, or any transaction or matter between the parties
contemplated hereunder. Purchaser’s remedies hereunder are in addition to the right to receive the return of the Deposit, subject to Section 9.4, to the extent it is not applied to the Purchase Price in connection with
Purchaser’s action for specific performance. 
 ARTICLE XI 

REPRESENTATIONS AND WARRANTIES 

11.1    Seller’s Warranties and Representations. The matters set forth in
this Section 11.1 constitute representations and warranties by Seller which are now and (subject to matters contained in any notice given pursuant to the next succeeding sentence) shall, in all material respects, at the
Closing be true and correct. If Seller has actual knowledge that any of the representations and warranties contained in this Article XI may cease to be true, Seller shall give prompt notice to Purchaser (which notice shall
include copies of the instrument, correspondence, or document, if any, upon which Seller’s notice is based). As used in this Section 11.1, the phrase “to the extent of Seller’s actual
knowledge” shall mean the actual knowledge of Bunny Blake, the asset manager of Advisor responsible for the Property and who is the person affiliated with Seller who has the most knowledge regarding the operations of the Property. There
shall be no duty imposed or implied to investigate, inquire, inspect, or audit any such matters, and there shall be no personal liability on the part of such asset manager. To the extent Purchaser has or acquires actual knowledge or is deemed to
know prior to the expiration of the Investigation Period that these representations and warranties are inaccurate, untrue or incorrect in any way, such representations and warranties shall be deemed modified to reflect Purchaser’s knowledge or
deemed knowledge. Purchaser shall be deemed to know a representation or warranty is untrue, inaccurate or incorrect if this Agreement or any files, documents, materials, analyses, studies, tests, or reports disclosed or made available to Purchaser
prior to the expiration of the Investigation Period contains information which is inconsistent with such representation or warranty. 

  
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 11.1.1    No Broker. Seller has not
engaged or dealt with any broker or finder in connection with the sale contemplated by this Agreement, except CBRE, Inc. (the “Seller’s Broker”). Seller shall pay a brokerage commission to the Seller’s Broker in accordance
with a separate agreement. Seller shall indemnify and hold harmless Purchaser from any claims, costs, damages or liabilities (including attorneys’ fees) arising from any breach of the representation contained in this
Section 11.1.1 or if the same shall be based on any statement, representation or agreement by Seller with respect to the payment of any brokerage commissions or finder’s fees. 

11.1.2    Organization. Seller has been duly formed, validly exists and is in good standing
in the jurisdiction of its formation and in the state in which the Property is located. 

11.1.3    Power and Authority. Subject to Section 3.2.3, Seller has the legal power,
right and authority to enter into this Agreement and to consummate the transactions contemplated hereby. This Agreement has been, and all of the documents to be delivered by Seller at the Closing will be, authorized and properly executed and
constitute, or will constitute, as appropriate, the valid and binding obligation of Seller, enforceable in accordance with their terms. 

11.1.4    Condemnation. To the extent of Seller’s actual knowledge, Seller has not
received any written notice of any pending or threatened condemnation or similar proceeding affecting any part of the Property. 

11.1.5    Contravention. Seller is not prohibited from consummating the transactions
contemplated by this Agreement by any law, regulation, agreement, instrument, restriction, order or judgment. 

11.1.6    Leases and Contracts. The Leases and Contracts comprise all of the leases and
material contracts which will affect the Property on and after the Closing. To the extent of Seller’s actual knowledge, there is no material default on the part of Seller under the Leases and Contracts which has not remedied in all material
respects. 
 11.1.7    Compliance. To the extent of Seller’s actual knowledge, Seller
has not received written notice from any governmental authority that the Property is not in material compliance with all applicable laws (including, without limitation, any environmental law), except for such failures to comply, if any, which have
been remedied in all material respects. Seller shall promptly notify Purchaser if Seller receives after the Effective Date hereof and prior to Closing any written notice that the Property is in violation of any applicable law. 

11.1.8    Employees. Seller has no employees on-site
at the Property providing on-site services to the Property and all such services are performed by Seller’s manager of the Property. 

11.1.9    Litigation. To the extent of Seller’s actual knowledge, and except for tenant
eviction and rent collection matters or as disclosed on Exhibit B attached hereto, there is no material existing or threatened litigation affecting the Property or Seller (being the entity named as “Seller” on this Agreement and
this representation does not extend to 

  
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any other entity related directly or indirectly to Seller), which litigation is not covered by insurance (subject to reasonable deductibles). Seller shall promptly notify Purchaser if Seller
receives any written notice after the Effective Date hereof and prior to Closing of a material litigation affecting the Property which is not covered by insurance (subject to reasonable deductibles). 

11.1.10    Prohibited Persons and Transactions. Neither Seller nor any of its affiliates, nor
to Seller’s knowledge any of their respective partners, members, shareholders or other equity owners, and to Seller’s knowledge none of their respective employees, officers, directors, representatives or agents is, nor will they become, a
person or entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (defined below) (including those named on
OFAC’s Specially Designated Nationals and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to
Commit, or Support Terrorism), or other governmental action and is not and will not engage in any dealings or transactions or be otherwise associated with such persons or entities. 

11.1.11    Rent Roll and Operating Statements. A current rent roll for the Property (as of
the Effective Date hereof and which will be updated for Closing) used in the ordinary course of Seller’s business (the “Rent Roll”) is attached hereto at Schedule B. The Rent Roll and operating statements provided by
Seller to Purchaser are the same in all material respects as those used and relied upon by Seller in the ordinary course of Seller’s operation of the Property, and, to the extent of Seller’s actual knowledge, are true and correct in all
material respects. 
 11.1.12    Personal Property. Except for any item leased pursuant to
a Service Contract or as otherwise shown on the Title Report, Seller has not assigned, transferred, pledged or encumbered its interest in the Personal Property, other than in connection with the Existing Mortgage. 

11.1.13    No Bankruptcy. Seller has not (i) commenced a voluntary case, or had entered
against it a petition, for relief under any federal bankruptcy act or any similar petition, order or decree under any federal or state law or statute relative to bankruptcy, insolvency or other relief for debtors, (ii) caused, suffered or
consented to the appointment of a receiver, trustee, administrator, conservator, liquidator or similar official in any federal, state or foreign judicial or non-judicial proceeding, to hold, administer and/or
liquidate all or substantially all of its property, or (iii) made an assignment for the benefit of creditors. 

11.1.14    CCRs. To the extent of Seller’s actual knowledge, Seller has not
received written notice that the Property is in violation of any covenants, conditions and restrictions as identified on the Title Report that have not been remedied in all material respects prior to Closing. 

  
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 11.2    Purchaser’s Warranties
and Representations. The matters set forth in this Section 11.2 constitute representations, warranties and covenants by Purchaser which are now and shall, at the Closing, be true and correct. 

11.2.1    No Broker. Except for Seller’s Broker, Purchaser has not engaged or dealt with
any broker or finder in connection with the sale contemplated by this Agreement. Purchaser shall indemnify and hold harmless Seller and Advisor from any claims, costs, damages or liabilities (including attorneys’ fees) arising from any breach
of the representation contained in this Section 11.2.1 or if the same shall be based on any statement, representation or agreement by Purchaser with respect to the payment of any brokerage commissions or finder’s fees.

 11.2.2    Power and Authority. Purchaser has the legal power, right and authority to
enter into this Agreement and, as of Closing, will have obtained any and all consents required to consummate or cause to be consummated the transactions contemplated hereby. 

11.2.3    Independent Investigation. The consummation of this transaction shall constitute
Purchaser’s acknowledgment that it has independently inspected and investigated the Property and has made and entered into this Agreement based upon such inspection and investigation and its own examination of the condition of the Property.

 11.2.4    Purchaser Reliance. Purchaser is experienced in and knowledgeable about the
ownership and management of real estate, and it has relied and will rely exclusively on its own consultants, advisors, counsel, employees, agents, principals and/or studies, investigations and/or inspections with respect to the Property, its
condition, value and potential, except as expressly set forth in Section 11.1. Purchaser agrees that, notwithstanding the fact that it has received certain information from Seller or its agents or consultants, Purchaser has
relied solely upon and will continue to rely solely upon its own analysis and will not rely on any information provided by Seller or its agents or consultants, except as expressly set forth in Section 11.1. 

11.2.5    ERISA. Purchaser represents, warrants and covenants that it is not using the assets
of any (a) ”employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), (b) ”plan” (within the meaning of
Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) or (c) entity whose underlying assets include “plan assets” by reason of a plan’s investment in such entity, to fund its
purchase of the Property under this Agreement. 
 11.2.6    Prohibited Persons and
Transactions. Neither Purchaser nor any of its affiliates, nor to Purchaser’s knowledge, any of their respective partners, members, shareholders or other equity owners, and, to Purchaser’s knowledge, none of their respective
employees, officers, directors, representatives or agents is, nor will they become, a person or entity with whom U.S. persons or entities are restricted from doing business under OFAC (including those named on OFAC’s Specially Designated
Nationals and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who 

  
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Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and will not engage in any dealings or transactions or be otherwise associated with such persons or
entities. 
 11.3    No Other Warranties and Representations. EXCEPT FOR (i) THE
REPRESENTATIONS EXPRESSLY PROVIDED BY SELLER IN THIS ARTICLE 11, (ii) THE WARRANTY OF TITLE INCLUDED IN THE DEED, AND, (iii) DURING THE PENDENCY OF THIS AGREEMENT, BUT ONLY DURING THE PENDENCY OF THIS
AGREEMENT, THE COVENANTS INCLUDED IN THIS AGREEMENT, PURCHASER AGREES (I) THAT IT IS PURCHASING THE PROPERTY ON AN “AS-IS, WHERE-IS” AND
“WITH ALL FAULTS” BASIS AND BASED EXCLUSIVELY ON ITS OWN EXPERTISE AND THAT OF PURCHASER’S CONSULTANTS AND/OR ON ITS OWN INVESTIGATION AND EXAMINATION OF THE PROPERTY, (II) THAT NEITHER SELLER NOR SELLER’S
EMPLOYEES, OFFICERS, DIRECTORS, TRUSTEES, PRINCIPALS, AGENTS, CONSULTANTS, AFFILIATES, PARENTS, BROKERS, PROPERTY MANAGERS, ASSET MANAGERS, ATTORNEYS, CONTRACTORS, AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS (COLLECTIVELY,
“REPRESENTATIVES”) HAVE MADE, AND SELLER AND SELLER’S REPRESENTATIVES DO NOT MAKE AND SPECIFICALLY NEGATE AND DISCLAIM ANY WARRANTY, REPRESENTATION, COVENANT, AGREEMENT OR GUARANTEE OF ANY KIND OR CHARACTER WHETHER EXPRESS, IMPLIED OR
STATUTORY, WRITTEN OR ORAL, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO ANY MATTER PERTAINING TO THE PROPERTY INCLUDING WITHOUT LIMITATION: (A) THE VALUE OF PROPERTY; (B) ANY INCOME TO BE DERIVED
FROM THE PROPERTY; (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREON, INCLUDING THE POSSIBILITIES FOR FUTURE DEVELOPMENT OF THE PROPERTY; (D) THE
HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY; (E) THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR ON THE PROPERTY; (F) THE NATURE,
QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, WATER, WATER RIGHTS, SOIL, OR GEOLOGICAL CONDITIONS; (G) THE COMPLIANCE OF OR BY SELLER, THE PROPERTY, OR ITS OPERATION WITH ANY CODES, LAWS, RULES, ORDINANCES,
REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY INCLUDING WITHOUT LIMITATION ANY APPLICABLE ZONING OR BUILDING REQUIREMENTS; (H) THE NATURE, MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS INCORPORATED INTO THE
PROPERTY INCLUDING, WITHOUT LIMITATION, ANY LATENT OR PATENT DEFECTS; (I) THE DESIGN OF THE PROPERTY, INCLUDING WITHOUT LIMITATION THE SPECIFICATION OF ANY MATERIALS OR PRODUCTS INCORPORATED INTO OR USED IN CONNECTION WITH THE
CONSTRUCTION OF THE PROPERTY; (J) COMPLIANCE WITH ANY ENVIRONMENTAL, HEALTH, SAFETY OR LAND USE LAWS, RULES, REGULATIONS, ORDERS, CODES OR REQUIREMENTS, INCLUDING, BUT NOT LIMITED TO, THE AMERICANS WITH DISABILITIES ACT OF 1990,
THE FEDERAL WATER POLLUTION CONTROL ACT, THE FEDERAL RESOURCE  

  
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CONSERVATION AND RECOVERY ACT, THE U.S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS AT 40 CFR, PART 261, THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT OF 1980, AS
AMENDED (“CERCLA”), THE RESOURCE CONSERVATION AND RECOVERY ACT OF 1976, THE CLEAN WATER ACT, THE SAFE DRINKING WATER ACT, THE HAZARDOUS MATERIALS TRANSPORTATION ACT, THE TOXIC SUBSTANCE CONTROL ACT, AND REGULATIONS PROMULGATED UNDER ANY OF
THE FOREGOING (COLLECTIVELY, “ENVIRONMENTAL LAWS”); (K) THE PRESENCE OR ABSENCE OF “HAZARDOUS MATERIALS” (AS DEFINED BELOW) AT, ON, OR UNDER THE PROPERTY OR ANY PROPERTY NEAR OR ADJACENT TO THE PROPERTY; (L) THE PRESENCE OR
ABSENCE OF ANY UNDERGROUND STORAGE TANKS ON THE PROPERTY OR ON PROPERTY ADJACENT TO OR NEAR THE PROPERTY; (M) THE CONTENT, COMPLETENESS OR ACCURACY OF ANY OF THE PROPERTY INFORMATION (AND ANY OTHER DOCUMENTS AND INFORMATION GIVEN TO OR REVIEWED
BY PURCHASER), THE OFFERING, IF ANY, PREPARED BY ANY BROKER, OR ANY OTHER MATERIALS RELATED TO PURCHASER’S INSPECTION OF THE PROPERTY, OR ANY PRELIMINARY REPORTS, TITLE COMMITMENTS, OR OTHER REPORTS OR DOCUMENTS REGARDING TITLE TO THE PROPERTY;
(N) THE TENANT OCCUPANCY LEVEL AT THE PROPERTY; (O) DEFICIENCY OF ANY UNDERSHORING; (P) DEFICIENCY OF ANY DRAINAGE; (Q) THE FACT THAT ALL OR A PORTION OF THE PROPERTY MAY BE LOCATED IN OR NEAR ANY FLOOD AREA OR ZONE OR WETLANDS;
(R) THE EXISTENCE OF VESTED LAND USE, ZONING OR BUILDING ENTITLEMENTS AFFECTING THE PROPERTY (PURCHASER IS SOLELY RESPONSIBLE FOR OBTAINING ANY CERTIFICATION OF OCCUPANCY OR ANY OTHER APPROVAL OR PERMIT NECESSARY FOR TRANSFER OR OCCUPANCY OF
THE PROPERTY); (S) THE SQUARE FOOTAGE OF THE PROPERTY OR THE CONFORMITY OF THE IMPROVEMENTS TO ANY PLANS OR SPECIFICATIONS FOR THE PROPERTY, INCLUDING ANY PLANS AND SPECIFICATIONS THAT MAY HAVE BEEN PROVIDED TO PURCHASER; AND (T) ANY OTHER
MATTER RELATING TO THE PROPERTY OR TO THE DEVELOPMENT OR OPERATION OF THE PROPERTY. AS USED HEREIN, THE TERM “HAZARDOUS MATERIALS” SHALL MEAN ANY HAZARDOUS OR TOXIC MATERIALS, SUBSTANCES OR WASTES THAT ARE OR BECOME REGULATED BY ANY
FEDERAL, STATE OR LOCAL GOVERNMENTAL AUTHORITY, INCLUDING, WITHOUT LIMITATION, (i) SUBSTANCES DEFINED AS “HAZARDOUS SUBSTANCES,” “HAZARDOUS MATERIALS” OR “TOXIC SUBSTANCES” IN ANY ENVIRONMENTAL LAWS; (ii) ANY
MATERIALS, SUBSTANCES OR WASTES WHICH ARE TOXIC, IGNITABLE, RADIOACTIVE, CORROSIVE OR REACTIVE AND WHICH ARE REGULATED BY ANY STATE OR LOCAL GOVERNMENTAL AUTHORITY OR ANY AGENCY OF THE UNITED STATES OF AMERICA; (iii) ASBESTOS, MOLD, FUNGI,
PETROLEUM AND PETROLEUM BASED PRODUCTS, UREA FORMALDEHYDE FOAM INSULATION, POLYCHLORINATED BIPHENYLS (PCBS), AND FREON AND OTHER CHLOROFLUOROCARBONS; AND (iv) THOSE SUBSTANCES DEFINED AS ANY OF THE FOREGOING IN THE REGULATIONS ADOPTED AND
PUBLICATIONS 

  
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PROMULGATED PURSUANT TO EACH OF THE AFORESAID LAWS. PURCHASER ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS THE “AS-IS,” “WHERE-IS” NATURE OF THIS SALE AND ANY FAULTS, LIABILITIES, DEFECTS OR OTHER ADVERSE MATTERS THAT MAY BE ASSOCIATED WITH THE PROPERTY AND PURCHASER’S AGREEMENT TO PURCHASE THE PROPERTY “AS-IS” IS A MATERIAL INDUCEMENT TO SELLER TO AGREE TO SELL THE PROPERTY AT THE PURCHASE PRICE PROVIDED HEREIN. IN ADDITION, PURCHASER ACKNOWLEDGES THAT SELLER SHALL HAVE NO OBLIGATION TO CLOSE ANY OPEN OR
EXPIRED PERMITS OR BRING THE PROPERTY INTO COMPLIANCE UNDER ANY APPLICABLE LEGAL REQUIREMENT, INCLUDING, WITHOUT LIMITATION, ANY CODE AND FIRE REGULATIONS OR VIOLATIONS. 

SELLER MAKES NO REPRESENTATIONS OR WARRANTIES AS TO THE TRUTH, ACCURACY, COMPLETENESS, METHODOLOGY OF PREPARATION OR OTHERWISE CONCERNING ANY ENGINEERING,
PROPERTY CONDITION OR ENVIRONMENTAL REPORTS OR ANY OTHER MATERIALS, DATA OR OTHER INFORMATION SUPPLIED TO PURCHASER IN CONNECTION WITH PURCHASER’S INSPECTION OF THE PROPERTY (E.G., THAT SUCH MATERIALS ARE COMPLETE, ACCURATE OR THE FINAL VERSION
THEREOF, OR THAT SUCH MATERIALS ARE ALL OF SUCH MATERIALS AS ARE IN SELLER’S POSSESSION), INCLUDING WITHOUT LIMITATION WITH RESPECT TO THE ORIGINAL SURVEY, PZR ZONING REPORT, NOVA PHASE I REPORT AND NOVA PROPERTY CONDITION REPORT. IT IS THE
PARTIES’ EXPRESS UNDERSTANDING AND AGREEMENT THAT ANY MATERIALS THAT PURCHASER IS ALLOWED TO REVIEW ARE PROVIDED ONLY FOR PURCHASER’S CONVENIENCE IN MAKING ITS OWN EXAMINATION AND DETERMINATION PRIOR TO THE APPROVAL DATE AS TO WHETHER IT
WISHES TO PURCHASE THE PROPERTY, AND, IN DOING SO, PURCHASER SHALL RELY EXCLUSIVELY ON ITS OWN INDEPENDENT INVESTIGATION AND EVALUATION OF EVERY ASPECT OF THE PROPERTY AND NOT ON ANY MATERIALS SUPPLIED BY SELLER. PURCHASER EXPRESSLY DISCLAIMS ANY
INTENT TO RELY ON ANY SUCH MATERIALS PROVIDED TO IT BY SELLER, INCLUDING ANY ENGINEERING, PROPERTY CONDITION, ENVIRONMENTAL, TITLE, SURVEY, ZONING, OR OTHER REPORTS (OR DRAFT REPORTS) PROVIDED BY SELLER TO PURCHASER PRIOR TO THE EFFECTIVE DATE AND
PURCHASER AGREES THAT IT SHALL RELY SOLELY ON ITS OWN INDEPENDENTLY DEVELOPED OR VERIFIED INFORMATION. 
 WITHOUT LIMITING THE
FOREGOING AND SUBJECT SOLELY TO (i) THE SELLER’S REPRESENTATIONS IN PARAGRAPH 11.1 ABOVE, (ii) THE WARRANTY OF TITLE INCLUDED IN THE DEED, AND, (iii) DURING THE PENDENCY OF THIS AGREEMENT, BUT ONLY DURING THE PENDENCY OF
THIS AGREEMENT, THE COVENANTS INCLUDED IN THIS AGREEMENT, PURCHASER, FOR ITSELF AND ITS AGENTS, PARENTS, AFFILIATES, SUCCESSORS AND ASSIGNS, WAIVES ITS RIGHT TO RECOVER FROM AND RELEASES AND FOREVER DISCHARGES SELLER AND SELLER’S
REPRESENTATIVES FROM ANY AND ALL CLAIMS, DEMANDS, LIABILITIES, LOSSES, DAMAGES, PENALTIES, FINES, LIENS, 

  
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JUDGMENTS, COSTS OR EXPENSES (INCLUDING WITHOUT LIMITATION ATTORNEY FEES AND DISBURSEMENTS) WHATSOEVER (COLLECTIVELY “CLAIMS”) WHETHER AT LAW OR IN EQUITY, WHETHER KNOWN OR UNKNOWN AT
THE TIME OF THIS AGREEMENT, WHICH PURCHASER HAS OR MAY HAVE IN THE FUTURE, ARISING OUT OF THE PHYSICAL (INCLUDING WITHOUT LIMITATION, DESIGN AND CONSTRUCTION DEFECTS), ENVIRONMENTAL, HEALTH, SAFETY, ECONOMIC OR LEGAL CONDITION OF THE PROPERTY,
INCLUDING, WITHOUT LIMITATION, ALL CLAIMS IN TORT OR CONTRACT AND ANY CLAIM FOR INDEMNIFICATION OR CONTRIBUTION ARISING UNDER ANY ENVIRONMENTAL LAWS OR ANY SIMILAR FEDERAL, STATE OR LOCAL STATUTE, RULE OR REGULATION (INCLUDING ANY SUBSEQUENT
AMENDMENT OR ADDITION THERETO AND JUDICIAL INTERPRETATIONS THEREOF). PURCHASER, FOR ITSELF AND ITS AGENTS, AFFILIATES, PARENTS, SUCCESSORS AND ASSIGNS UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER AND SELLER’S
REPRESENTATIVES FROM AND AGAINST ANY AND ALL MATTERS AFFECTING THE PROPERTY. PURCHASER ACKNOWLEDGES THAT PURCHASER HAS BEEN REPRESENTED BY INDEPENDENT LEGAL COUNSEL OF PURCHASER’S SELECTION AND PURCHASER IS GRANTING THIS WAIVER AND RELEASE OF
ITS OWN VOLITION AND AFTER CONSULTATION WITH PURCHASER’S COUNSEL. 
 CONSISTENT WITH THE FOREGOING, PURCHASER ACKNOWLEDGES THAT
THE PROPERTY IS CURRENTLY BEING OPERATED BY SELLER AS AN APARTMENT COMPLEX AND WAS NOT DESIGNED, ENGINEERED, CONSTRUCTED, DEVELOPED OR SOLD TO BE A CONDOMINIUM COMPLEX. AND IF, AT ANY TIME AFTER THE CLOSING DATE ALL OR ANY PORTION OF THE PROPERTY IS
CONVERTED TO OR SOLD AS A CONDOMINIUM UNIT OR PROJECT, A COMMON INTEREST DEVELOPMENT OR ANY SIMILAR FORM OF OWNERSHIP BY PURCHASER OR AN AFFILIATE OF PURCHASER, THEN IN SUCH EVENT PURCHASER SHALL INDEMNIFY, DEFEND, AND HOLD SELLER AND SELLER’S
REPRESENTATIVES HARMLESS FROM AND AGAINST ALL CLAIMS OR DISPUTES, INCLUDING WITHOUT LIMITATION, THOSE THAT ALLEGE NEGLIGENCE OR OTHER TORTIOUS CONDUCT, MISREPRESENTATION, BREACH OF CONTRACT OR BREACH OF WARRANTIES RELATED TO THE PROPERTY’S
(A) FITNESS FOR ANY PARTICULAR PURPOSE, (B) HABITABILITY OR MERCHANTABILITY, (C) DESIGN OR CONSTRUCTION INCLUDING WITHOUT LIMITATION SOIL CONDITIONS, GRADING, SPECIFICATIONS AND INSTALLATION OR ANY IMPROVEMENTS, (D) QUALITY, (E)
CONDITION, (F) COMPLIANCE WITH PLANS, DRAWINGS OR SPECIFICATIONS, (G) EXISTENCE OF DEFECTS, LATENT OR PATENT, (H) EXISTENCE OF HAZARDOUS MATERIALS OR TOXIC SUBSTANCES, INCLUDING WITHOUT LIMITATION, LEAD PAINT, ASBESTOS, AND TOXIC AND
OTHER MOLD ON, UNDER OR ABOUT THE PROPERTY OR THE ADJOINING OR NEIGHBORING PROPERTY, (I) EXISTENCE OF FAULTS, (J) FLOODING, OR (K) COMPLIANCE WITH LAWS AND REGULATIONS INCLUDING, WITHOUT LIMITATION, ENVIRONMENTAL LAWS ASSERTED BY ANY
THIRD PARTIES INCLUDING WITHOUT LIMITATION ANY 

  
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SUBSEQUENT OWNERS OF THE PROPERTY AND ANY ASSOCIATION OF OWNERS OF THE PROPERTY AND WILL REIMBURSE SELLER AND SELLER’S REPRESENTATIVES FOR ANY REASONABLE EXPENSES (INCLUDING ALL REASONABLE
ATTORNEYS’ FEES AND COSTS AND EXPERT WITNESS FEES AND COSTS) INCURRED OR THAT MAY BE INCURRED BY SELLER AND SELLER’S REPRESENTATIVES AS A RESULT OF ANY SUCH CLAIMS OR DISPUTES ASSERTED BY THIRD PARTIES. AN ASSIGNMENT BY PURCHASER SHALL NOT
RELEASE IT OF ITS OBLIGATIONS HEREUNDER TO INDEMNIFY, DEFEND AND HOLD HARMLESS SELLER AND SELLER’S REPRESENTATIVES. THE TERMS OF THIS CONDOMINIUM CONVERSION PARAGRAPH SHALL SURVIVE THE CLOSING ONLY FOR THE PERIOD OF OWNERSHIP OF THE PROPERTY BY
PURCHASER AND/OR AN AFFILIATE OF PURCHASER. 
  

					
	  
 Purchaser’s
Initials
	 		  	

 THE AGREEMENT OF PURCHASER SET FORTH IN THIS SECTION 11.3 SHALL BE DEEMED TO BE AFFIRMED AS OF THE
CLOSING AND, EXCEPT AS OTHERWISE STATED IN THE FOREGOING PARAGRAPH, THE PROVISIONS OF THIS SECTION 11.3 SHALL SURVIVE INDEFINITELY THE CLOSING OR EARLIER TERMINATION OF THIS AGREEMENT AND SHALL NOT BE MERGED INTO THE DEED OR OTHER CLOSING
DOCUMENTS; PROVIDED, HOWEVER, THAT THE PROVISIONS OF THIS SECTION 11.3 SHALL NOT AFFECT PURCHASER’S RIGHTS PURSUANT TO SECTION 16.8 OF THIS AGREEMENT, IF AND AS APPLICABLE. ADDITIONALLY, DURING THE PENDENCY OF THIS AGREEMENT, THE
PROVISIONS OF THIS SECTION 11.3 DO NOT AFFECT THE COVENANTS OF SELLER INCLUDED IN THIS AGREEMENT NOR THE PERFORMANCE BY SELLER OF SUCH COVENANTS. 

11.3.1    No Environmental Representations. Subject to the representation and warranty of
Seller set forth in Section 11.1.7, Seller makes no representations or warranties as to whether the Property contains asbestos, radon or any hazardous materials or harmful or toxic substances, or pertaining to the extent, location or nature of
same, if any. Further, to the extent that Seller has provided to Purchaser information from any inspection, engineering or environmental reports concerning asbestos, radon or any hazardous materials or harmful or toxic substances, Seller makes no
representations or warranties with respect to the accuracy or completeness, methodology of preparation or otherwise concerning the contents of such reports. 

11.3.2    Release of Environmental Claims. Subject to the express provisions hereof,
Purchaser acknowledges and agrees that Seller makes no representation or warranty as to, and Purchaser, for itself, its successors and assigns, hereby waives and releases Seller from any present or future claims, at law or in equity, whether known
or unknown, foreseeable or otherwise, arising from or relating to the presence or alleged presence of asbestos, radon or any hazardous materials or harmful or toxic substances in, on, under or about the Property, including without limitation any
claims under or on account of (a) the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as the same may have been or may be amended from time to time, and similar state statutes, and


  
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any regulations promulgated thereunder, or (b) any other federal, state or local law, ordinance, rule or regulation, now or hereafter in effect, that deals with or otherwise in any manner
relates to, environmental matters of any kind. Purchaser hereby specifically acknowledges that Purchaser has carefully reviewed this Section 11.3.2 and has discussed its import with legal counsel and that the provisions of
this Section 11.3.2 are a material part of this Agreement. This Section 11.3.2 shall survive the Closing forever. Notwithstanding anything to the contrary contained herein, the provisions of this
Section 11.3.2 shall not affect Purchaser’s rights pursuant to Section 16.8 of this Agreement, if and as applicable. Additionally, the provisions of this
Section 11.3.2 do not affect the covenants of Seller included in this Agreement nor the performance by Seller of such covenants. 

ARTICLE XII 

CASUALTY AND CONDEMNATION 

Promptly upon learning thereof, Seller shall give Purchaser written notice of any condemnation, damage or destruction of the Property
occurring prior to the Closing. If prior to the Closing all or a material portion of the Property is condemned, damaged or destroyed by an insured casualty, Purchaser shall have the option of either (a) applying the proceeds of any condemnation
award or payment under any insurance policies (other than business interruption or rental loss insurance for the period prior to the Closing Date) toward the payment of the Purchase Price to the extent such condemnation awards or insurance payments
have been received by Seller, receiving from Seller an amount equal to any applicable deductible under any such insurance policy and receiving an assignment from Seller of Seller’s right, title and interest in any such awards or insurance
payments not theretofore received by Seller and to any business interruption or rental loss insurance for the period after the Closing Date, or (b) terminating this Agreement by delivering written notice of such termination to Seller and Escrow
Agent within ten (10) days after Purchaser has received written notice from Seller of such material condemnation, damage or destruction. If, prior to the Closing, a portion of the Property is condemned, damaged or destroyed and such portion is
not a material portion of the Property, the proceeds of any condemnation award or insurance payment and any applicable deductible under any insurance policies shall be applied toward the payment of the Purchase Price to the extent such condemnation
awards or insurance payments have been received by Seller and Seller shall assign to Purchaser all of Seller’s right, title and interest in any unpaid awards or payments and to any business interruption or rental loss insurance for the period
after the Closing Date. 
 For purposes of this Article XII, the term “material portion” shall
mean (i) with respect to a casualty event, damage for which the estimated cost to repair or restore the Property exceeds an amount equal to two percent (2%) of the Purchase Price (as reasonably estimated by an engineer or contractor engaged by
Seller and reasonably acceptable to Purchaser (an “Approved Engineer/Contractor”)), and/or (ii) with respect to a condemnation event, a condemnation for which the condemnation award is or will be greater than an amount equal to
two percent (2%) of the Purchase Price or if such condemnation has a material and adverse effect upon the use or operation of the Property (including, the loss of reasonable access to the Property, or a material reduction in the number of parking
spaces or the loss of a material number of bedroom units). 

  
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 Notwithstanding the foregoing, if all or any portion of the damage or destruction arises out
of an uninsured risk which requires repairs to the Property reasonably estimated by an Approved Engineer/Contractor to cost greater than $250,000.00 (“Material Uninsured Damage”), Purchaser shall elect, by written notice within ten
(10) days after receiving a written notice from Seller notifying Purchaser of the occurrence of the Material Uninsured Damage either to terminate this Agreement or to close the transaction contemplated hereby with a repair credit against the
Purchase Price equal to $250,000.00. Seller in its sole and absolute discretion may, within five (5) days of receipt of Purchaser’s termination notice, elect to revoke such Purchaser termination by providing an increased credit to cover
the actual cost of the Material Uninsured Damage as reasonably estimated by an Approved Engineer/Contractor, less any repair costs actually incurred by Seller prior to Closing. If all or any portion of the damage or destruction arises out of an
uninsured risk which requires repairs to the Property reasonably estimated by an Approved Engineer/Contractor to cost less than $250,000, Seller and Purchaser shall close the transaction contemplated hereby with a credit against the Purchase Price
equal to the costs of repairing the Property, as reasonably estimated by an Approved Engineer/Contractor, less any repair costs actually incurred by Seller prior to Closing. 

ARTICLE XIII 

CONDUCT PRIOR TO CLOSING 

13.1    Conduct. From and after the date hereof, Seller shall operate the Property in accordance with its
standard business procedures. 
 13.2    Actions Prohibited. Seller shall not, without the prior written
approval of Purchaser, which approval will not be unreasonably withheld or delayed: 
 (a)    make any
material structural alterations or additions to the Property except as (i) in the ordinary course of operating the Property, (ii) required for maintenance and repair, (iii) required by any of the Leases or the Contracts or
(iv) required by this Agreement; 
 (b)    except as required by law, sell, transfer, encumber or
change the status of title of all or any portion of the Property, provided however that tangible items included in the Personal Property shall be subject to reasonable wear and tear and to depletions, replacements and additions in the ordinary
course of Seller’s business; 
 (c)    change or attempt to change, directly or indirectly, the
current zoning of the Real Property in a manner materially adverse to it; or 
 (d)    cancel, amend or
modify, in a manner materially adverse to the Property, any license or permit held by Seller with respect to the Property or any part thereof which would be binding upon Purchaser after the Closing. 

13.3    Modification of Existing Leases and Contracts. Prior to the expiration of the Investigation Period,
Seller may cancel, amend and modify any of the Leases and any of the Contracts, provided notice is given to Purchaser within five (5) business days after such action and in any event at least two (2) business days prior to the
expiration of the Investigation Period. After 

  
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the expiration of the Investigation Period, Seller may not cancel, amend, or modify any material Contracts or Leases, in a manner binding upon Purchaser after the Closing, unless Seller gives
Purchaser notice within five (5) business days after such action and provided such action is (a) in the ordinary course of operating the Property, or (b) required by any of the Leases or any of the Contracts. 

13.4    New Leases and Contracts. Prior to the expiration of the Investigation Period, Seller may enter into
any new lease or contract affecting the Property, or any part thereof, provided notice is given to Purchaser within five (5) business days after such action and in any event at least two (2) business days prior to the expiration of
the Investigation Period. After the expiration of the Investigation Period, Seller may not enter into any new lease or contract without Purchaser’s consent, which consent will not be unreasonably withheld or delayed and shall not be required
for any leases for a term (with renewals) of one year or less so long as such leases are executed and delivered on Seller’s then standard lease form at then market rates in the ordinary course of Seller’s business. Seller shall provide, on
a biweekly basis, copies of any new leases entered into by Seller after the Effective Date and prior to Closing (together with a copy of the underlying lease file for such tenants executing the new leases). Notwithstanding the foregoing, after the
expiration of the Investigation Period, Seller may enter into any new contracts without Purchaser’s consent if doing so is in the ordinary course of operating the Property and the contract (a) will not be binding on Purchaser or
(b) is cancelable on thirty (30) days or less notice without penalty or premium. 
 If Seller shall request Purchaser’s
approval to any of the foregoing matters, Purchaser shall have five (5) days from its receipt of such request to give Seller notice of its approval or disapproval of such matter. If Purchaser does not give such notice, such matter shall be
deemed approved by Purchaser. 
 13.5    Confidentiality. Purchaser shall, prior to the Closing, maintain
the confidentiality of this sale and purchase and shall not, except as required by law or governmental regulation applicable to Purchaser and its general partner, disclose the terms of this Agreement or of such sale and purchase to any third parties
whomsoever other than investors or prospective investors in Purchaser or, Escrow Agent, the Title Company and such other persons whose assistance is required in carrying out the terms of this Agreement; notwithstanding the foregoing, Purchaser shall
not disclose to investors or prospective investors the name of Seller, Advisor or any of their affiliates without the prior written consent of Seller, which consent may be withheld in Seller’s sole and absolute discretion. Purchaser shall not
at any time issue a press release or otherwise communicate with media representatives regarding this sale and purchase unless such release or communication has received the prior written approval of Seller, and Seller shall not unreasonably withhold
such consent provided that such press release does not disclose the identity or involvement of Seller, Advisor or the Purchase Price. Purchaser agrees that all documents and information regarding the Property of whatsoever nature made available to
it by Seller or Seller’s agents and the results of all tests and studies of the Property (collectively, the “Proprietary Information”) are confidential and Purchaser shall not disclose any Proprietary Information to any other
person except those assisting it with the analysis of the Property, and only after procuring such person’s agreement to abide by these confidentiality restrictions. This Section 13.5 shall survive the Closing or
termination of this Agreement. 

  
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 13.6    Right to Cure. If (i) any Material Title
Defect shall first arise or occur after Purchaser notifies Seller of its Title Objections pursuant to Section 5.3.1 and prior to the Closing, or (ii) a Material Environmental Issue shall first arise or occur after the
expiration of the Investigation Period and prior to the Closing, or (iii) a material breach by Seller of a representation or warranty shall occur prior to Closing (each a “New Objection”), Seller may elect, by written
notice to Purchaser given no later than two (2) business days after receipt of Purchaser’s written notice, to cure such New Objection (and in the case of a Material Title Defect such cure may be effected by causing it to be removed,
insured over or bonded by the Title Company (without additional cost to Purchaser or where Seller pays such cost for Purchaser) provided the same is acceptable to Purchaser’s lender and otherwise reasonably acceptable to Purchaser) and Seller
may adjourn the Closing for up to seven (7) days to do so. Seller’s failure to notify Purchaser within such two (2) business day period shall be deemed an election by Seller not to cure the New Objection. If Seller fails to cure the
New Objection within such seven (7) day period, or notifies or is deemed to have notified Purchaser that Seller shall not cure such New Objection, Purchaser shall have until the fifth (5th) day after the expiration of such seven (7) day
period, or two (2) business day period, as applicable: (i) to terminate this Agreement and the Deposit shall be disbursed under Section 9.3 and Section 9.4, or (ii) to waive such New
Objection and proceed to Closing without any abatement or reduction in the Purchase Price on account of such New Objection. Nothing contained in this Section 13.6 shall require Seller to cure any New Objection or to incur
any liability or expense to do so, except for the Mandatory Cure Items. Purchaser shall be entitled to exercise its remedies under Section 10.2 if a New Objection is caused by a breach by Seller of its obligations under
this Agreement and is not cured by the original Closing Date. 
 13.7    Litigation and Violation Notices.
Seller shall promptly notify Purchaser of any litigation, arbitration, administrative hearing or condemnation proceeding before any court or governmental agency concerning or affecting the Seller or the Property which is instituted or threatened
after the Effective Date and of which Seller receives written notice. Seller shall promptly give Purchaser copies of all written notices received by Seller after the Effective Date asserting any breach or default under any of the following that is
not remedied prior to the Closing Date: (i) the Contracts; (ii) any violations of any licenses, permits, governmental approvals or certificates of occupancy applicable to the Property; or (iii) any covenants, conditions, restrictions,
laws, statutes, rules, regulations or ordinances applicable to the Property. 
 13.8    Tenant Liability
Program. Seller will, as of the Closing Date, terminate its Contract with its related entity, Beacon Real Estate Services, LLC for the administration of the tenant legal lability to landlord insurance program (renters liability insurance),
which is paid for by the tenants under the terms of the Leases and otherwise terminate all aspects of the program, including the underlying insurance coverage as necessary; provided that any coverage in effect on the Closing Date will continue
pursuant to the terms of the underlying coverage documents through the time for which the premiums have been paid prior to Closing. Purchaser will procure that a replacement program shall be substituted effective as of the Closing Date so that there
is no default of the landlord’s obligation to provide such program under the terms of the Leases, and shall indemnify and hold harmless Seller and Beacon Real Estate Services, LLC from and against any and all loss, cost, liability, damage or
expense, including, without limitation, reasonable attorneys’ fees, arising from any breach by Purchaser of its obligations hereunder. Such indemnity shall survive the Closing. 

  
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 ARTICLE XIV 

NOTICES 

(a)    Subject to Section 14(c) below, all notices and other communications provided for herein shall
be in writing and shall be delivered either by hand, by overnight courier service, by certified or registered mail or by email (in portable document format (“pdf”) or tagged image file format (“TIFF”)) as follows:

 If to Purchaser, to: 

Resource Apartment OP III, LP 

c/o Resource Real Estate, LLC 

1845 Walnut Street, 18th Floor 

Philadelphia, PA 19103 

Attention: Louis Leeds 

Email: lleeds@resourcerei.com 

with a copy to: 

Resource Real Estate, LLC 

1845 Walnut Street, 18th Floor 

Philadelphia, PA 19103 

Attention: Shelle Weisbaum, General Counsel 

Email: sweisbaum@resourcerei.com 

And with a copy to: 

Ledgewood, PC 

2 Commerce Square 

2001 Market Street 

Suite 3400 

Philadelphia, PA 19103 

Attention: Stacy C. Bedwick, Esq. 

Email: sbedwick@ledgewood.com 

If to Seller, to: 

MP Summit, LLC 

c/o McDowell Properties 

111 Pine Street, Suite 1850 

San Francisco, California 94111 

Attention: Kenneth Lee and Brittany Burckhard 

Email: klee@mcdprop.com and bburckhard@mcdprop.com 

  
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 with a copy to: 

Locke Lord LLP 

2200 Ross Avenue, Suite 2800 

Dallas, Texas 75201 

Attention: Paula G. Lynch-Griffith 

Email: plynch-griffith@lockelord.com 

If to Escrow Agent, to: 

Chicago Title Insurance Company 

2001 Bryan Street, Suite 1700 

Dallas, Texas 75201 

Attention: Shannon Bright 

Email: brights@ctt.com 

(b)    Any party hereto may change its address or email address for notices and other communications
hereunder by notice to all of the other parties hereto in accordance with Section 14(a) above. 

(c)    All notices and other communications given to any party hereto in accordance with the provisions of
this Agreement shall be deemed to have been given (i) in the case of notices and other communications delivered by hand or overnight courier service, upon actual receipt thereof, (ii) in the case of notices and other communications
delivered by certified or registered mail, upon the earlier of actual delivery and the third business day after the date deposited in the U.S. mail with postage prepaid and properly addressed, provided, that no notice or communication to any party
hereto pursuant to this sub-clause (ii) shall be effective until actually received by such party, and (iii) in the case of notices and other communications delivered by email, upon receipt by the
sender of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, a return email or other written acknowledgement), provided, that no notice or communication to any party hereto pursuant to this sub-clause (iv) shall be effective until receipt by the sender of written confirmation of receipt affirmatively initiated by such party; provided, however, that in each case, if a notice or other
communication would be deemed to have been given in accordance with the foregoing at any time other than during the recipient’s normal business hours on a business day for such recipient, such notice or other communication shall be deemed given
on the next succeeding business day for such recipient; and provided, further, that no notice to Seller shall be effective until delivered by at least two, not one, of the methods described in sub-clauses
(i) through (iv) above. 
 (d)    Each of the parties hereto acknowledges and agrees that the
use of electronic transmission in general, and email in particular, is not necessarily secure and that there are risks associated with the use thereof, including risks of interception, disclosure and abuse, and each indicates it assumes and accepts
such risks by hereby authorizing the use of electronic transmission. 

  
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 ARTICLE XV 

TRANSFER OF POSSESSION 

15.1    Transfer of Possession. Possession of the Property shall be transferred to Purchaser at the time of
Closing subject only to the Permitted Encumbrances. 
 15.2    Delivery of Documents at Closing. At the
time of Closing, Seller shall make available at the Property originals or copies of any additional non-proprietary documents, instruments or records in the possession of Seller which are necessary for the
ownership and operation of the Property. 
 ARTICLE XVI 

GENERAL PROVISIONS 

16.1    Captions. Captions in this Agreement are inserted for convenience of reference only and do not
define, describe or limit the scope or the intent of this Agreement or any of the terms hereof. 

16.2    Exhibits. All exhibits referred to herein and attached hereto are a part hereof. 

16.3    Entire Agreement. This Agreement contains the entire agreement between the parties relating to the
transaction contemplated hereby and all prior or contemporaneous agreements, understandings, representations and statements, oral or written, are merged herein. 

16.4    Modification. No modification, waiver, amendment, discharge or change of this Agreement shall be
valid unless the same is in the form of a formal written instrument (and not an email or series of emails) signed by the party against which the enforcement of such modification, waiver, amendment, discharge or change is or may be sought. 

16.5    Attorneys’ Fees. Should any party hereto employ an attorney for the
purpose of enforcing or construing this Agreement, or any judgment based on this Agreement, in any legal proceeding whatsoever, including insolvency, bankruptcy, arbitration, declaratory relief or other litigation, the prevailing party shall be
entitled to receive from the other party or parties thereto reimbursement for all reasonable attorneys’ fees and all costs, whether incurred at the trial or appellate level, including but not limited to service of process, filing fees, court
and court reporter costs, investigative costs, expert witness fees and the cost of any bonds, whether taxable or not, and such reimbursement shall be included in any judgment, decree or final order issued in that proceeding. The “prevailing
party” means the party in whose favor a judgment, decree, or final order is rendered. 

16.6    Governing Law; Consent to Jurisdiction. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF VIRGINIA. ALL CLAIMS, DISPUTES AND OTHER MATTERS IN QUESTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH THEREOF, SHALL BE DECIDED BY PROCEEDINGS INSTITUTED AND LITIGATED IN A COURT
OF COMPETENT JURISDICTION IN THE COMMONWEALTH OF VIRGINIA, AND THE PARTIES HERETO EXPRESSLY CONSENT TO THE VENUE AND JURISDICTION OF SUCH COURT. 

  
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 16.7    Time of Essence. Time is of the essence to this
Agreement and to all dates and time periods set forth herein. 
 16.8    Survival of Warranties. Only
those warranties and representations contained in Sections 11.1 and 11.2 and the provisions of Section 11.3 shall survive the Closing, the delivery of the Deed and the payment of the
Purchase Price, provided that (a) such representations and warranties (but not such provisions) shall cease and terminate six (6) months after the date of Closing, except in respect of any representation or warranty as to which
Purchaser or Seller, as the case may be, shall have commenced, on or before such six (6) month anniversary, a legal proceeding based on the breach thereof as of the date of Closing, and then only for so long as such proceeding shall continue
and limited to the breach therein claimed, (b) Seller shall have no liability to Purchaser with respect thereto unless and until the damages suffered by Purchaser as a result thereof shall equal or exceed $50,000.00 in the aggregate, and
(c) the maximum total liability for which Seller shall be responsible with respect to all representations and warranties shall not exceed the Maximum Liability Cap (as defined in Section 16.15) in the aggregate. Unless
otherwise expressly herein stated to survive, all other representations, covenants, indemnities, conditions and agreements contained herein shall merge into and be superseded by the various documents executed and delivered at Closing and shall not
survive the Closing. Seller shall have no liability to Purchaser after Closing for any matter disclosed by Seller or learned by Purchaser prior to Closing. 

16.9    Assignment by Purchaser. Purchaser may not assign its rights under this Agreement; provided,
however, that Purchaser may assign this Agreement to an Affiliate at Closing by providing written notice to Seller no less than ten (10) days before the Closing Date. For the purposes of this Section 16.9, the term
“Affiliate” means: (i) an entity that directly or indirectly controls, is controlled by or is under common control with the Purchaser, or (ii) an entity at least a majority of whose economic interest is owned by Purchaser;
and the term “control” means the power to direct the management of such entity through voting rights, ownership or contractual obligations. No assignment shall relieve the assignor of any obligation under this Agreement. 

16.10    Severability. If any term, covenant, condition, provision or agreement herein contained is held to
be invalid, void or otherwise unenforceable by any court of competent jurisdiction, the fact that such term, covenant, condition, provision or agreement is invalid, void or otherwise unenforceable shall in no way affect the validity or
enforceability of any other term, covenant, condition, provision or agreement herein contained. 

16.11    Successors and Assigns; No Third Party Beneficiaries. All terms of this Agreement shall be binding
upon, inure to the benefit of and be enforceable by, the parties hereto and their respective legal representatives, successors and assigns (subject to Section 16.9). Notwithstanding anything to the contrary contained
herein, no provision of this Agreement is intended to benefit any party other than Seller and Purchaser and their successors and permitted assigns, and no provision hereof shall be enforceable by any other party. 

  
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 16.12    Interpretation. Seller and Purchaser acknowledge
each to the other that both they and their counsel have reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the
interpretation of this Agreement or any amendments or exhibits hereto. 
 16.13    Counterparts:
Electronic Signatures. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed an original; such counterparts shall together constitute but one agreement. Signatures to this Agreement
transmitted by electronic transmission (pdf) shall be valid and effective to bind the party so signing. Each party to this Agreement shall be bound by its own electronically transmitted signature and shall accept the electronically transmitted
signature of the other party to this Agreement. 
 16.14    Recordation. This Agreement may not be
recorded and any attempt to do so shall be of no effect whatsoever. 
 16.15    Limitation on Liability.
In any action brought to enforce the obligations of Seller under this Agreement or any other document delivered in connection herewith, the judgment or decree shall be subject to the provisions of Section 16.8 and shall,
otherwise in any event, be enforceable against Seller only up to an amount not to exceed FIVE HUNDRED FIFTY TWO THOUSAND THREE HUNDRED SEVENTY FIVE AND NO/100 DOLLARS ($552,375.00) (“Maximum Liability Cap”). In connection with this
Agreement, Advisor is acting as the investment adviser to Seller and shall not have any individual liability hereunder. No shareholder, officer, employee or agent of or consultant to Advisor or of or to Seller shall be held to any personal liability
hereunder, and no resort shall be had to their property or assets, or the property or assets of Advisor or of Seller for the satisfaction of any claims hereunder or in connection with the affairs of Advisor or of Seller. Furthermore, Seller’s
liability under this Agreement is explicitly limited to Seller’s interest in the Property, including any proceeds thereof. Purchaser shall have no recourse against any other property or assets of Seller, any assets of the Advisor, or to any of
the past, present or future, direct or indirect, shareholders, partners, members, managers, principals, directors, officers, agents, incorporators, affiliates or representatives of Seller or the Advisor (collectively, “Seller
Parties”) or of any of the assets or property of any of the foregoing for the payment or collection of any amount, judgment, judicial process, arbitral award, fee or cost or for any other obligation or claim arising out of or based upon
this Agreement and requiring the payment of money by Seller. Except as otherwise expressly set forth in this Section 16.15, neither Seller nor any Seller Party shall be subject to levy, lien, execution, attachment or other
enforcement procedure for the satisfaction of any of Purchaser’s rights or remedies under or with respect to this Agreement, at law, in equity or otherwise. Purchaser shall not seek enforcement of any judgment, award, right or remedy against
any property or asset of Seller or any Seller Parties other than Seller’s interest in the Property or any proceeds thereof. The provisions of this Section shall survive the termination of this Agreement. 

16.16    Possession of Advisor. As used in this Agreement, the “possession” or “receipt”
of a document, notice or similar writing by Seller shall be deemed to be only the possession, receipt or notice of such document by Advisor. 

  
 - 36 - 













 16.17    Business Day. As used in this Agreement,
“business day” shall mean any calendar day other than a Saturday, Sunday, any federal holiday, or any legal holiday observed by state governmental or financial institutions of the Commonwealth of Virginia. 

16.18    No Processing. Purchaser and its representatives shall not prior to Closing make any
application to any governmental or quasi-governmental agency or other entity having jurisdiction over the Property for any permit, approval, license or other entitlement for the Property or the use or development thereof, or have any communications
with any governmental or quasi-governmental agency or other entity having jurisdiction over the Property relating to the condition (environmental or otherwise) of the Property, provided however, Purchaser may contact governmental authorities,
officials or representatives in connection with (i) the preparation of a so-called “Phase I” environmental report with respect to the Property, (ii) obtaining a customary zoning compliance
letter from applicable governmental authorities with respect to the Property (provided that the same may be obtained without an inspection of the Property by any governmental or quasi-governmental authority) and/or accessing public records in
connection with performing a zoning/building code file review or ordering a zoning report, or (iii) conducting due diligence with respect to real estate taxes. Purchaser and its representatives shall not however request nor do anything to cause
an inspection of the Property by any person or entity having jurisdiction over the same. 
 16.19    Proper
Execution. The submission by Seller to Purchaser of this Agreement in unsigned form shall be deemed to be a submission solely for Purchaser’s consideration and not for acceptance and execution. Such submission shall have no binding
force and effect, shall not constitute an option, and shall not confer any rights upon Purchaser or impose any obligations upon Seller irrespective of any reliance thereon, change of position or partial performance. The submission by Seller of this
Agreement for execution by Purchaser and the actual execution and delivery thereof by Purchaser to Seller shall similarly have no binding force and effect on Seller unless and until Seller shall have executed this Agreement and the Deposit shall
have been received by the Escrow Agent and a fully executed counterpart of this Agreement shall have been delivered to Purchaser. 

16.20    RADON GAS. RADON IS A NATURALLY OCCURRING RADIOACTIVE GAS THAT, WHEN IT HAS ACCUMULATED IN A
BUILDING IN SUFFICIENT QUANTITIES, MAY PRESENT HEALTH RISKS TO PERSONS WHO ARE EXPOSED TO IT OVER TIME. LEVELS OF RADON THAT EXCEED FEDERAL AND STATE GUIDELINES MAY HAVE BEEN FOUND IN BUILDINGS IN THE STATE WHERE THE PROPERTY IS LOCATED. ADDITIONAL
INFORMATION REGARDING RADON AND RADON TESTING MAY BE OBTAINED FROM THE COUNTY HEALTH DEPARTMENT. 

16.21    ADA DISCLOSURE. PURCHASER ACKNOWLEDGES THAT THE PROPERTY MAY BE SUBJECT TO THE AMERICANS WITH
DISABILITIES ACT (THE “ADA”) AND THE FAIR HOUSING ACT (THE “FHA”). THE ADA REQUIRES, AMONG OTHER MATTERS, THAT TENANTS AND/OR OWNERS OF “PUBLIC
ACCOMMODATIONS” REMOVE BARRIERS IN ORDER TO MAKE THE PROPERTY ACCESSIBLE TO DISABLED PERSONS AND PROVIDE AUXILIARY AIDS AND SERVICES FOR HEARING, VISION OR SPEECH IMPAIRED PERSONS. SELLER 


  
 - 37 - 













 
MAKES NO WARRANTY, REPRESENTATION OR GUARANTEE OF ANY TYPE OR KIND WITH RESPECT TO THE PROPERTY’S COMPLIANCE WITH THE ADA OR THE FHA (OR ANY SIMILAR STATE OR LOCAL LAW), AND SELLER
EXPRESSLY DISCLAIMS ANY SUCH REPRESENTATIONS. 
 16.22    Rule 3-14
Compliance. Seller shall, on or up to forty-five (45) days after Closing, provide to Purchaser (at Purchaser’s expense and without liability to Seller, its equity holders, directors, officers, property manager, accountants or other
affiliates) copies of, or shall provide Purchaser reasonable access to, such factual information in the possession or control of Seller, or its property manager or accountants, as may be reasonably requested by Purchaser, in each case to the extent
reasonably necessary to facilitate Purchaser’s auditor to audit, in accordance with Rule 3-14 of Securities and Exchange Commission Regulation S-X, of the income
statements of the Property for the year to date of the year in which Closing occurs plus the one immediately preceding calendar year in the format that Seller has maintained such information and to the extent not previously provided to Purchaser or
located at the Property. Purchaser shall be responsible for the prompt payment and reimbursement (during the post-Closing reconciliation period) of all out-of-pocket
costs and expenses associated with this audit (including the out-of-pocket costs and expenses of Seller, its property manager and accountants) and the reasonable costs
of all personnel required to participate in this audit. Seller shall up to forty-five (45) days after the Closing reasonably cooperate (at no cost or liability to Seller, its equity holders, directors, officers, property manager, accountants or
other affiliates) with Purchaser’s auditor in the conduct of such audit, which will include responding to reasonable verbal requests and follow-up questions on the financial information provided to the
Purchaser. Seller shall maintain its records for use under this Section 16.22 for a period of not less than seventy-five (75) days after the Closing Date. The provisions of this Section shall survive Closing for a
period of seventy-five (75) days, except however that the Purchaser’s payment obligation hereunder shall survive any termination of this Agreement, or if applicable, the Closing indefinitely until payment in full has been made. If
Purchaser terminates this Agreement prior to Closing and is entitled to a reimbursement of some or all of the Deposit, as applicable on the terms of this Agreement, then, notwithstanding anything in this Agreement to the contrary, any amounts owed
by Purchaser under this Section 16.22, including in particular any fees charged by Seller’s auditor, Hood & Strong and Seller’s accountant, Mengali Accountancy (collectively, the “Rule 3-14 Reimbursements”), shall be deducted from any portion of the Deposit refundable to Purchaser under the terms of this Agreement, and such amounts comprising the Rule
3-14 Reimbursements, shall be released by the Escrow Agent to Seller instead. Notwithstanding anything hereinabove to the contrary, Purchaser shall satisfy itself prior to the expiration of the Investigation
Period as to the availability of the information required by Purchaser for its audit purposes under this Section 16.22 and whilst Seller shall make reasonable efforts to provide Purchaser with the information it requires,
Seller shall have no liability whatsoever to Purchaser hereunder and it shall not be a default by Seller if Purchaser determines that the information provided to it is insufficient for its reporting purposes. Seller’s primary contact person for
purposes of this Section 16.22 shall be Manpreet Dhadda (phone: (415) 216-1614; email: mdhadda@mcdprop.com) and Seller shall be entitled to charge a reasonable fee for time
spent by Mr. Dhadda in addressing Purchaser’s requirements under this Section 16.22. 

16.23    Existing Mortgage. Seller shall use reasonable efforts to cause the holder of the Existing Mortgage
(“Seller’s Lender”) to execute and deliver to Purchaser’s lender (“Purchaser’s  

  
 - 38 - 













 
Lender”), at no cost to Seller (unless reimbursed by Purchaser), (a) a payoff letter, setting forth the principal, interest and other sums necessary to pay the indebtedness secured by
the Existing Mortgage in full as of the Closing Date, (b) the original executed notes secured by the Existing Mortgage (or, to the extent that any one or more of such original notes are lost, a lost note affidavit and indemnity with respect to
such lost note or notes, in favor of Purchaser’s Lender and the Title Company, in form reasonably acceptable to Purchaser’s Lender and sufficient to cause the Title Company to insure the Existing Mortgage as assigned to Purchaser’s
Lender), and allonges with respect to such notes, (c) the original executed Existing Mortgage, or, to the extent that the same is lost or otherwise not available for delivery, a copy thereof, certified as true and correct by the Clerk’s
Office, Circuit Court, City of Alexandria, Virginia (provided the same shall not be a requirement hereunder if the Title Company is willing to insure the Existing Mortgage as assigned to Lender without the delivery of an original or certified copy
of the executed Existing Mortgage), (d) an executed, acknowledged assignment, without recourse or representation, express or implied, of the Existing Mortgage to Purchaser’s Lender, in recordable form, (e) a termination of any Assignment
of Leases and Rents in favor of Seller’s Lender, in recordable form, and (f) an termination of any UCC Financing Statements perfecting any of the liens created pursuant to such Existing Mortgage (the documents described in the preceding
subclauses (a) through (f) are collectively referred to as the “Existing Mortgage Documents”). In no event shall Seller be under any obligation to incur, and Purchaser shall indemnify and hold Seller harmless from and against,
and reimburse Seller upon demand for, any transactional costs and expenses charged by or on behalf of Seller’s Lender in connection with the requested assignment of the Existing Mortgage (regardless of whether the Existing Mortgage is actually
assigned at Closing as herein contemplated). 
 For the purposes of this Section 16.23, the term
“reasonable efforts” shall be deemed to mean that Seller shall deliver a written request for such assignment to the Seller’s Lender (which may be sent by email to Seller’s Lender contact person) but Seller shall have no
obligation to expend any money, incur costs, provide any financial accommodations or commence any litigation or take other legal action in connection with the procurement or delivery of the Existing Mortgage Documents. In addition, (w) Seller
makes no representation or warranty to Purchaser, express or implied, that the Existing Mortgage may be assigned, (x) the delivery of or assignment of any such Existing Mortgage Documents shall not be a condition, express or implied, to the due
performance by Purchaser of its obligations hereunder, including its obligation to effectuate the Closing, (y) without limiting the generality of the foregoing, in no event shall Purchaser have any right to terminate this Agreement due to the
failure to obtain or assign any such Existing Mortgage Documents, and (z) in no event shall the Closing Date be adjourned, postponed or extended due to the failure to obtain any such Existing Mortgage Documents or assignment thereof. Purchaser
indemnification obligations under this Paragraph 16.23 shall survive Closing or the sooner termination of this Agreement. 

ARTICLE XVII 

ESCROW AGENT DUTIES AND DISPUTES 

17.1    Other Duties of Escrow Agent. Escrow Agent shall not be bound in any way by any other agreement or
contract between Seller and Purchaser, whether or not Escrow Agent has 

  
 - 39 - 













 
knowledge thereof. Escrow Agent’s only duties and responsibilities with respect to the Deposit shall be to hold the Deposit and other documents delivered to it as agent and to dispose of the
Deposit and such documents in accordance with the terms of this Agreement. Without limiting the generality of the foregoing, Escrow Agent shall have no responsibility to protect the Deposit and shall not be responsible for any failure to demand,
collect or enforce any obligation with respect to the Deposit or for any diminution in value of the Deposit from any cause, other than Escrow Agent’s gross negligence or willful misconduct. Escrow Agent may, at the expense of Seller and
Purchaser, consult with counsel and accountants in connection with its duties under this Agreement. Escrow Agent shall not be liable to the parties hereto for any act taken, suffered or permitted by it in good faith in accordance with the advice of
counsel and accountants. Escrow Agent shall not be obligated to take any action hereunder that may, in its reasonable judgment, result in any liability to it unless Escrow Agent shall have been furnished with reasonable indemnity satisfactory in
amount, form and substance to Escrow Agent. 
 17.2    Disputes. Escrow Agent is acting as a stakeholder
only with respect to the Deposit. If there is any dispute as to whether Escrow Agent is obligated to deliver the Deposit or as to whom the Deposit is to be delivered, Escrow Agent shall not make any delivery, but shall hold the Deposit until receipt
by Escrow Agent of an authorization in writing, signed by all the parties having an interest in the dispute, directing the disposition of the Deposit, or, in the absence of authorization, Escrow Agent shall hold the Deposit until the final
determination of the rights of the parties in an appropriate proceeding. Escrow Agent shall have no responsibility to determine the authenticity or validity of any notice, instruction, instrument, document or other item delivered to it, and it shall
be fully protected in acting in accordance with any written notice, direction or instruction given to it under this Agreement and believed by it to be authentic. If written authorization is not given, or proceedings for a determination are not
begun, within thirty (30) days after the date scheduled for the closing of title and diligently continued, Escrow Agent may, but is not required to, bring an appropriate action or proceeding for leave to deposit the Deposit with a court of the
State of Texas pending a determination. Escrow Agent shall be reimbursed for all costs and expenses of any action or proceeding, including, without limitation, attorneys’ fees and disbursements incurred in its capacity as Escrow Agent, by the
party determined not to be entitled to the Deposit. Upon making delivery of the Deposit in the manner provided in this Agreement, Escrow Agent shall have no further liability hereunder. In no event shall Escrow Agent be under any duty to institute,
defend or participate in any proceeding that may arise between Seller and Purchaser in connection with the Deposit. 

17.3    Reports. Escrow Agent shall be responsible for the timely filing of any reports or returns required
pursuant to the provisions of Section 6045(e) of the Internal Revenue Code of 1986 (and any similar reports or returns required under any state or local laws) in connection with the closing of the transaction contemplated by this Agreement.

 [Signatures commence on the following page.] 

  
 - 40 - 













 IN WITNESS WHEREOF, this Agreement has been executed as of the date first set forth
above. 
 SELLER: 
  

															
	 MP SUMMIT, LLC,
 a Delaware
limited liability company
	 	
			
	By:	 	 McDOWELL SUMMIT, LLC,
 a
Delaware limited liability company,
 Manager
	 	
				
		 	By:	 	 MMF PARTNERS JV SUMMIT, LLC,
 a
Delaware limited liability company,
 Managing Member
	 	
					
		 		 	By:	 	 McDOWELL DISTRESSED DEBT & EQUITY FUND II, LLC, a Delaware limited liability company,

Managing Member
	 	
						
		 		 		 	By:	 	 BAY VIEW PARTNERS, LLC,
 a
Delaware limited liability company, acting with respect to its Series 9 membership interest, Managing Member
	 	
							
		 		 		 		 	By:	 	 McDOWELL PROPERTIES,
 a
California corporation,
 Manager
	 	
								
		 		 		 		 		 	By:	 	 /s/ Charles W. Koslosky
	 	
		 		 		 		 		 		 	Charles W. Koslosky, Managing	 	
		 		 		 		 		 		 	Director - Chief Financial Officer	 	

 [Purchaser Signature Page Follows] 

  
 SIGNATURE
PAGE 














					
	PURCHASER:
	
	RESOURCE APARTMENT OP III, LP a Delaware limited partnership
		
	By:	 	Resource Apartment REIT III, Inc., its general partner
			
		 	By:	 	 /s/ Shelle Weisbaum

		 	Name:	 	Shelle Weisbaum
		 	Title:	 	SVP



  
 SIGNATURE
PAGE 













 CONSENT AND AGREEMENT OF ESCROW AGENT 

The undersigned Escrow Agent hereby agrees (a) to accept the foregoing Agreement, (b) to be escrow agent under said Agreement, and
(c) to be bound by said Agreement in the performance of its duties as escrow agent. 
  

			
	CHICAGO TITLE INSURANCE COMPANY
		
	By:	 	
                     
                    

	Name:	 	
                     
                    

	Title:	 	  




  
 CONSENT
AND AGREEMENT OF ESCROW AGENT 













 SCHEDULE A 

Due Diligence Deliverables 

In all instances, the following materials will be delivered or made available at the property or via the dropbox to the extent the same are
in Seller’s possession. 
  

	 	(1)	 Monthly income statements for the Property beginning October 2015 through year to date of sale;



  

	 	(2)	 Monthly bank statements for the Property beginning October 2015 through date of sale; 



 

	 	(3)	 Copies of all real estate tax bills beginning 2015 through date of sale, as they become available for 2019;



  

	 	(4)	 Personal property tax return for 2018 and a rendition for 2019; 



 

	 	(5)	 Standard Lease form with respect to the Property; 



 

	 	(6)	 Copies of all property utility bills for past 12 months; 



 

	 	(7)	 (i) On-site access to (and to the extent available, electronic (.pdf)
versions of or the ability to scan) the Leases including any and all modifications, supplements or amendments thereto as well as all leases that were in effect at any time during 2018 and 2019, and
(ii) on-site access to all tenant lease files. 


  

	 	(8)	 Copies of all written utility contracts if applicable; 



 

	 	(9)	 Current notice to vacate report; 



 

	 	(10)	 A schedule of all tenant deposits in the form customarily utilized by Seller; 



 

	 	(11)	 Access at the Property to all maintenance and service logs for the Property; 



 

	 	(12)	 PZR zoning report dated 3/22/2019; 



 

	 	(13)	 Insurance loss runs during the period of Seller’s ownership of the Property; 



 

	 	(14)	 To the extent available, copies of all guaranties or warranties currently in effect related to the roof or any
structure or operating system at the Property; 


  

	 	(15)	 A list of employee units and model/office units and employee rental and discount information. [Note –
this is on the Rent Roll –a separate list will not be provided] 


  

	 	(16)	 Documentation related to eviction activity for the past 12 months as well as the status of all evictions
currently in process; 


  

	 	(17)	 Personal Property inventory; 



 

	 	(18)	 To the extent available, the most recent license fee and permit bills and copies of all such licenses;



  

	 	(19)	 List of current employees of the Property [Note - payroll information is included in the operating
statements] 



  
 SCHEDULE A














 (20)    The following environmental and property condition reports: 

 

	 	•	 	 Draft Property Condition Report Conducted by Nova Consulting dated 3/14/19 



 

	 	•	 	 Draft Phase 1 Environmental Site Assessment Report dated 3/14/19 



(21)    Access to the Property’s ACM plan, lead in water O&M, and other O&M plans, if any; 

(22)    Copies of tenant utility billing reports (RUBS) for the past 12 months, if available; 

(23)    Copy of Seller’s current Owner’s Policy of Title Insurance (redacted) and existing survey; 

(24)    Copy of management agreement or a copy of the page that includes the fee; and 

(25)    Check registers, payables registers, and all related invoices for January and February 2018 and January and
February 2019 and for any other selected periods reasonably requested by Purchaser’s auditor (which materials shall be provided during the Inspection Period to the extent available) [Manpreet Dhadda shall be the Seller contact for purposes
of assembling and distributing the items under this subclause (25). Seller will be utilizing Mengali Accountancy to obtain the information from the property manager. To the extent that Mengali charges Seller fees for its work under this subclause
(25), then Purchaser agrees to be responsible for reimbursement of their reasonable and actual fees in so doing which shall be paid by Purchaser on Closing.] 

To the extent the following materials are not in the Seller’s possession, Seller shall request delivery thereof from Seller’s
auditors Hood & Strong or the property management company’s accountant during the Inspection Period to the extent available – and to the extent any reasonable fees are actually charged by Hood & Strong or such property
management company for assembling and delivering such materials, such reasonable fees shall be paid by Purchaser at Closing 
  

	 	(1)	 Reconciliations to provided bank statements; 



 

	 	(2)	 (i) Monthly rent rolls for December 2017 through month of sale (to the extent not previously provided to
Purchaser under the terms of the Agreement), and (ii) rent rolls as of December 2015 and December 2016. [Note: rent rolls end as of the 25th or 28th of a calendar month – none of the rent rolls end on the 31st of a calendar month)]



  

	 	(3)	 Trial Balances for the years ended 2017, 2018 and last date the Seller owns the Property;



  

	 	(4)	 Balance Sheet at 12/31/17, 12/31/18, and the last month the Seller owns the Property; 



 

	 	(5)	 Accounts payable and accounts receivable detail listing/aging report at 12/31/17, 12/31/18, and the last month
the Seller owns the Property, plus accrued expense schedule as of both 12/31/17 and 12/31/18; 


  

	 	(6)	 General Ledger for 2018 (full year) and 2019 (thru date of sale); and 



 

	 	(7)	 Copies of all insurance invoices for past 12 months. 



  
 SCHEDULE A














 SCHEDULE B 

RENT ROLL 
 [See
Attached] 

  
 SCHEDULE B














 EXHIBIT A 

Description of Land and other Real Property 

All that certain lot or parcel of land in the City of Alexandria, Virginia and being more particularly described as follows: 

Parcel 3473-0-02.3, as the same is shown upon that certain plat dated
July 30, 1976, made by Edward S. Holland, Professional Civil Engineer, which said plat is attached to and recorded with that certain Deed of Subdivision dated November 17, 1976, and recorded in Deed Book 843 at page 124 among the Land
Records of the City of Alexandria, Virginia. 
 TOGETHER WITH the non-exclusive easement for access granted by that
certain Deed of Easement recorded in Deed Book 833 at page 324. 

  
 A-1 













 EXHIBIT B 

Disclosures 
 1. Personal Injury
claim by Julie A. Rickman being handled by Seller’s insurer. 

  
 B-1 













 EXHIBIT C 

Form of Assignment and Assumption of Leases, 

Contracts and Other Property Interests 

For good and valuable consideration, the receipt of which is hereby acknowledged, MP SUMMIT, LLC, a Delaware limited liability company
(“Assignor”) hereby irrevocably assigns, transfers and sets over to                     , a
                     (“Assignee”) all of Assignor’s right, title and interest in and to (a) the lease agreements (the
“Leases”) enumerated on Schedule A attached hereto and made a part hereof, together with tenant security deposits held by Assignor under the Leases, (b) to the extent assignable, the contracts (the
“Contracts”) enumerated in Schedule B attached hereto and made a part hereof, and (c) to the extent assignable, the Other Property Interests (as defined in that certain Sale, Purchase and Escrow Agreement, dated as of
April 15, 2019 among Assignor, Resource Apartment OP III, LP and Chicago Title Insurance Company (the “PSA”) related to the improvements (the “Improvements”) located on the land (the “Land”)
being conveyed by Assignor to Assignee by Deed, dated the date hereof, and not otherwise granted, assigned, transferred or conveyed to Assignee by separate Deed and Bill of Sale, each dated the date hereof, excluding in any event the Reserved Seller
Assets (as defined in the PSA). 
 Assignee hereby assumes all obligations in connection with the Leases, the Contracts and the Permits and
Approvals, arising or first becoming due and payable after the date hereof. Further, Assignee hereby assumes all obligations to pay leasing commissions for Leases entered into after the Investigation Period (as defined in the PSA). 

Assignor hereby reserves the right to collect and retain delinquent rentals as described on Schedule A. 

Assignor hereby represents and warrants only that, except in connection with the Existing Mortgage referenced on the Title Report (as each
such term is defined in the PSA) it has not previously assigned the Leases, the Contracts, the Permits and Approvals, contract rights and other rights assigned hereby. Assignor makes no other representation or warranty in connection with this
Assignment and, except for the foregoing, this Assignment is made without recourse to Assignor. 
 All terms of this Assignment shall be
binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective legal representatives, successors and assigns. 

No modification, waiver, amendment, discharge or change of this Assignment shall be valid unless the same is in writing and signed by the
party against which the enforcement of such modification, waiver, amendment, discharge or change is or may be sought. 
 This Assignment
shall be construed and enforced in accordance with the laws of the Commonwealth of Virginia. 
 In any action brought to enforce the
obligations of Assignor under this Assignment, the judgment or decree shall be subject to Sections 16.8 and 16.15 of the PSA. 

  
 C-1 













 This Assignment may be executed in any number of counterparts, each of which so executed
shall be deemed an original; such counterparts shall together constitute but one agreement. 
 IN WITNESS WHEREOF, Assignor and
Assignee have each executed this Assignment of this      day of             , 2019. 

 

			
	ASSIGNOR:
	
	[Insert Assignor Sig Block]
	
	ASSIGNEE:
	
	[PURCHASER ENTITY]
		
	By:	 	
                     
                                        


	Name:	 	  

	Title:	 	  




  
 C-2 













 EXHIBIT D 

Form of Bill of Sale 

KNOW ALL MEN BY THESE PRESENTS, that MP SUMMIT, LLC, a Delaware limited liability company (“Seller”), for good and
valuable consideration paid by                     , a
                     (“Purchaser”), hereby sells to Purchaser, its successors and assigns, the personal property (“Personal
Property”) more particularly referred to in Schedule A attached hereto. 
 TO HAVE AND TO HOLD the same unto Purchaser, its
successors and assigns to and for its own use and behalf forever. 
 Purchaser agrees to pay all sales taxes payable by reason of the
transfer to Purchaser of said Personal Property. 
 Except as expressly set forth in Section 11.1.12 of that
certain Sale, Purchase and Escrow Agreement, dated as of April 15, 2019 among Seller, Resource Apartment OP III, LP and Chicago Title Insurance Company, this Bill of Sale shall be without representation or warranty by, and without recourse to,
Seller. 
 This Bill of Sale may be executed in any number of counterparts, each of which so executed shall be deemed an original; such
counterparts shall together constitute but one agreement. 
 IN WITNESS WHEREOF, Seller and Purchaser have caused these presents to
be signed by their duly authorized officers as of this      day of             , 2019. 

 

	
	SELLER
	
	[Insert Seller Sig Block]
	
	PURCHASER
	
	[Insert Purchaser Sig Block]



  
 D-1 













 EXHIBIT E 

Intentionally Omitted 

  
 E-1 













 EXHIBIT F 

Contracts 
  

			
	 Vendor
	  	 Vendor Service

	TRANSFERABLE CONTRACTS
		
	ABM Building Services	  	Boiler Maintenance
	Tasco Water Works	  	Water Treatment
	Otis	  	Elevator Maintenance
	VSC Fire & Security	  	Fire Alarm Monitoring
	Capital Building Maintenance	  	Common Area Cleaning
	Sundance Landscape	  	Exterior Landscape
	Advanced Equipment	  	Generator Maintenance
	Owl Pest Control	  	Pest Control
	American Pool Service	  	Lifeguard/Pool Maintenance
	Zinzindorf /LimoConnect	  	Shuttle Services
	Republic Services	  	Waste Removal
	Comcast	  	Amenity/Office Cable
	Comcast	  	Office Internet service
	Comcast	  	Wi-Fi Property Internet Service
	Granite	  	Office Phones and Elevator Analog Line
	Domion Energy	  	Common Area Electric
	Washington Gas	  	Common Area Gas
	Virginia American Water	  	Common Area Water
	Alexandria Renew Enterprises	  	Common Area Sewer
	
	NATIONAL CONTRACTS (not assumable)
		
	Leasing Desk (RealPage)	  	Resident Screening
	Leonardo24/7	  	Property Operations Software
	Level One	  	RealPage
	4 Walls	  	Social Media
	All Copy Products	  	Copier
	Apartment Finder	  	Apartment Finder
	Apartments.com	  	Apartments.com
	AptRatings	  	Apartment Ratings
	Lead2Lease (Realpage)	  	Lead Tracking (Lead2Lease, etc.)
	LeaseLabs	  	Eblast
	OneSite (Realpage)	  	Software System (Yardi, One Site)
	Weblisters	  	Craigslist Posting Tool
	WPromote/ f/k/a Standing Dog	  	Internet Advertising
	Yieldstar	  	Revenue Optimizing Program (YS)
	Zillow	  	Internet Listing Service
	RentPath	  	Apartment Guide
	RUM1 fka NWP	  	Utility Billing Provider
	
	MASTER CONTRACTS (not assumable)
		
	Beacon	  	Tenant Liability Program
	Rentlytics	  	Business Intelligence


  
 F-1 













 EXHIBIT G 

Form of Notice to Tenants 

            , 2019 
  

	To:	 All Valued Residents of The Summit Apartments, located at 260 South Reynolds Street, Alexandria, Virginia 22304



 Dear Tenant: 
 This
letter is to notify you that the current owner of the landlord’s interest under your lease, has sold the project in which you have a lease to a new owner,
                                        
(“New Owner”), and that New Owner has received and is responsible for your security deposit under your lease. 

Unless and until you are otherwise notified in writing by New Owner, the address of New Owner for all purposes under your lease (including the
payments of rentals, the recoupment of any security deposits, and the giving of any notices provided for in your lease) is: 
 Leasing Office

 The Summit Apartments 
 260
South Reynolds Street 
 Alexandria, Virginia 22304 

Attention: Leasing Manager 
  

					
	SELLER	 		  	[Insert Seller Signature Block]
			
	NEW OWNER	 		  	[Insert New Owner Signature Block]


  
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 EXHIBIT H 

Form of FIRPTA Affidavit 

Transferor’s Certification of Non-Foreign Status 

To inform [PURCHASER ENTITY], a
                     (“Transferee”), that withholding of tax under Section 1445 of the Internal Revenue Code of 1986, as
amended (the “Code”), will not be required upon the transfer of certain real property to Transferee by MP SUMMIT, LLC, a Delaware limited liability company that is treated as a disregarded entity owned by MCDOWELL SUMMIT,
LLC, a Delaware limited liability company and the transferor for United States tax purposes, (“Transferor”), the undersigned hereby certifies the following on behalf of Transferor: 

1.    Transferor is not a foreign corporation, foreign partnership, foreign trust or foreign estate (as
those terms are defined in the Code and the Income Tax Regulations promulgated thereunder); 

2.    Transferor is not a disregarded entity as defined in
§1.1445-2(b)(2)(iii); 
 3.    Transferor’s U.S.
employer identification number is 47-4648044; and 

4.    Transferor’s office address is 111 Pine Street, Suite 1850, San Francisco, California 94111.

 Transferor understands that this Certification may be disclosed to the Internal Revenue Service by Transferee and that any false
statement contained herein could be punished by fine, imprisonment, or both. 
 Under penalty of perjury I declare that I have examined this
Certification and to the best of my knowledge and belief it is true, correct and complete, and I further declare that I have authority to sign this document on behalf of Transferor. 

Dated:             , 2019 

 

	
	TRANSFEROR:
	
	[Insert Transferor Sig Block]



  
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 EXHIBIT I 

Form of Deed 
 This instrument was
prepared by: 
  

                          
               
  

                          
               
 Virginia Bar No:
                     
 Tax Map No:
                     
 Address of the Property:

 260 South Reynolds Street 
 Alexandria, Virginia 22304 

The consideration for this deed is $        . 

SPECIAL WARRANTY DEED 

THIS SPECIAL WARRANTY DEED is made as of the      day of
            , 2019, by and between MP SUMMIT, LLC, a Delaware limited liability company, as grantor (“Grantor”) whose address is 111 Pine Street, Suite 1850,
San Francisco, California 94111 and                     , a
                    , as grantee (“Grantee”) whose address is
                    . 

WITNESSETH: 
 That for and
in consideration of the sum of Ten Dollars ($10.00 cash in hand paid, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantor does hereby GRANT, BARGAIN, SELL AND CONVEY WITH SPECIAL WARRANTY,
unto Grantee that certain real property located in the City of Alexandria, Commonwealth of Virginia, as is more particularly described on Exhibit A attached hereto together with all buildings and other improvements situated thereon, and all
right, title and interest of Grantor in and to adjacent streets, alleys and rights-of-way, SUBJECT TO the encumbrances described in Exhibit B
attached hereto and made a part hereof (hereinafter collectively called the “Permitted Encumbrances”). Notwithstanding the foregoing or anything to the contrary, Grantor makes no representation or warranty of any kind,
including any warranty of title, with respect to the conveyance of any easements, including, without limitation, any easements described on Exhibit A attached hereto and made a part hereof (collectively, the
“Easements”). The Easements are conveyed by Grantor to Grantee without representation or warranty of any kind by Grantor. 

TO HAVE AND TO HOLD, all and singular, the premises aforementioned unto said Grantee, its successors and assigns forever subject as aforesaid.

 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, this Deed is executed by Grantor to be effective as of
            , 2019. 
 GRANTOR: 

[Insert Grantor Signature Block and Acknowledgement] 

  
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 EXHIBIT A 

To Special Warranty Deed 

PROPERTY DESCRIPTION 
 All that
certain lot or parcel of land in the City of Alexandria, Virginia and being more particularly described as follows: 
 Parcel
3473-0-02.3, as the same is shown upon that certain plat dated July 30, 1976, made by Edward S. Holland, Professional Civil Engineer, which said plat is attached to
and recorded with that certain Deed of Subdivision dated November 17, 1976, and recorded in Deed Book 843 at page 124 among the Land Records of the City of Alexandria, Virginia. 

TOGETHER WITH the non-exclusive easement for access granted by that certain Deed of Easement recorded in Deed Book 833
at page 324. 

  
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 EXHIBIT B 

To Special Warranty Deed 
  

	1.	 Acts of Grantee, and those claiming by, through and under Grantee. 



 

	2.	 Non-delinquent real property taxes and all assessments and unpaid
installments thereof for the year 2019 and thereafter which are not yet due and payable. 


  

	3.	 Rights of tenants under leases, and those claiming by, through and under said tenants provided that no lease
contains any purchase option, right of first refusal or similar right. 


  

	4.	 Zoning, building and other governmental and quasi-governmental laws, ordinances, codes and regulations.



  

	5.	 Any adverse claim to any portion of the Property which has been created by artificial means or has accreted to
any such portion so created and riparian rights, if any. 


  

	6.	 Any prior reservation or conveyance and any rights in connection therewith of minerals of every kind and
character, including but not limited to, gas, oil, coal, sand and gravel in, on, and under the property. 


  

	7.	 Agreements, covenants, conditions, restrictions, and private or public easements of record, together with
easements or claims of easements not shown by the public records but known to Grantee as of the date of this Deed. 


  

	8.	 Discrepancies, conflicts in boundary lines, shortages in area, encroachments, and any state of facts which an
inspection of the Property or an accurate survey would disclose. 



  
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 EXHIBIT J 

Form of Owner’s Affidavit 

This Affidavit is given on behalf of MP SUMMIT, LLC, a Delaware limited liability company (“Owner”). The undersigned has executed
this Affidavit in his capacity as                      of Owner, and any breach or misstatements of the representations set forth in this Affidavit
shall not result in any personal liability to the undersigned, however, any such breach or misstatement shall not limit any claims that Chicago Title Insurance Company (the “Company”) may have against Owner arising from such breach
or misstatements. The undersigned states that to his current actual knowledge, after reasonable inquiry, as of the date hereof: 

1.    The real property which is the subject of this Affidavit (the “Property”) is more particularly
described in the attached Exhibit A. 
 2.    Within the last 123 days, Owner has not caused any work,
services, or labor to be done, or any fixtures, apparatus or materials to be furnished, in connection with, or to, the said Property, except such materials, fixtures, work, apparatus, labor or services as have been fully and completely paid for, or
which will be paid in the ordinary course of operation of business. No substantial work has been done on the Property within said 123 day period other than ordinary maintenance of the Property. 

3.  There are no brokers entitled to a commission from Owner in connection with the transfer of the Property to
                    , a                     
(“Purchaser”) and all management fees have been fully and completely paid for, or will be paid in the ordinary course of operation of business. 

4.    There are no delinquent real estate taxes, special assessments, water and sewer charges as of the date hereof. 

5.    There are no liens, judgments, actions or proceedings, including bankruptcy or insolvency proceedings, against
Owner, except as may be specifically set forth in the Commitment GF No. CCHI1900387NT dated February 4, 2019 (the “Commitment”) issued by the Company. Owner has never been declared a bankrupt. 

6.    Other than those shown on Seller’s title insurance policy, or the Commitment (including any earlier version of
the Commitment) or in any agreement listed on the Schedule of Contracts at Exhibit F of the Sale, Purchase and Escrow Agreement between Owner and
                     as predecessor in interest to Purchaser (the “PSA”), or any new contract entered into by Seller as permitted
under the PSA, or as set forth on the rent roll attached at Exhibit B hereto, there are no tenants or parties who have leasehold or tenancy rights to occupy any portion of the Property, nor, to the knowledge of Owner (except to the
extent given to Purchaser pursuant to the PSA), is there any party with a right of first refusal or option to purchase the Property. Owner has not entered into any mortgages or deeds of trust other than those shown on the Commitment. 

  
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 7.    Owner has not received any written notices alleging a default of
any covenants, conditions and restrictions appearing on the Commitment which have not been remedied in all material respects as of the date hereof. 

8.    Owner covenants and agrees to indemnify and save harmless the Company from and against loss or damage, including
attorney fees and costs, occasioned by the creation, first appearance in the public records, or attaching of defects, liens, encumbrances, adverse claims or other matters affecting title, subsequent to
            , 2019 at         :00 a.m. and prior to the recording of the Special Warranty Deed from Owner to Purchaser provided that the Title
Company notifies Owner of a claim hereunder within thirty (30) days from and after the date hereof (the “Gap Indemnity Expiration Date”) (time being of the essence). Notice shall be given to the undersigned by certified mail,
postage prepaid and return receipt requested, to the following address: 
 MP Summit, LLC 

111 Pine Street, Suite 1850 
 San
Francisco, California 94111 
 Attention: Charles W. Koslosky 

Owner’s indemnity in this Paragraph 8 shall automatically terminate as of the Gap Indemnity Expiration Date. [Note...title is to be
updated within 10 days of closing] 
 This Affidavit is given this      day of
                    , 2019 in order to induce the Company to issue an Owner’s policy of title insurance to Purchaser in connection with the
Commitment. 
 [Insert Owner Signature Block and Acknowledgment] 

  
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 EXHIBIT K 

Form of Rent Roll Certificate 

MP SUMMIT HILL, LLC, a Delaware limited liability company (“Seller”), hereby certifies to
                    , a
                     (“Purchaser”), that to the extent of Seller’s actual knowledge, the rent roll attached at Exhibit A hereto
is true, correct and complete in all material respects as of the date hereof being the rent roll relied upon by Seller in its operation of the Real Property (as defined in that certain Sale, Purchase and Escrow Agreement dated as of April 15,
2019, between Seller and Resource Apartment Op III, LP a Delaware limited partnership [as assigned to and assumed by
                    ,] the “Purchase Agreement”). 

As used herein, the term “to the extent of Seller’s actual knowledge” has the meaning given in the Purchase Agreement.
Any action against Seller pursuant to this Rent Roll Certificate shall be subject to Sections 16.8 and 11.15 of the Purchase Agreement. 

EXECUTED by Seller as of              , 209. 

[Insert Seller Signature Block] 

  
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