Exhibit 10.51


 


Grove at Waterford Crossing


 


GUARANTY OF NON-RECOURSE
OBLIGATIONS


 


This
GUARANTY OF NON-RECOURSE OBLIGATIONS (this "Guaranty"), dated as of April 4, 2012, is executed by the undersigned
("Guarantor"), to and for the benefit of CWCAPITAL LLC, a Massachusetts limited liability company ("Lender").


 


RECITALS:


 


A.           Pursuant
to that certain Multifamily Loan and Security Agreement dated as of the date hereof, by and between Bell BR Waterford Crossing
JV, LLC, a Delaware limited liability company ("Borrower") and Lender (as amended, restated, replaced, supplemented
or otherwise modified from time to time, the "Loan Agreement"), Lender is making a loan to Borrower in the original
principal amount of Twenty Million One Hundred Thousand and 00/100 Dollars ($20,100,000.00) (the " Mortgage Loan"),
as evidenced by that certain Multifamily Note
dated as of the date hereof, executed by Borrower and made
payable to the order of Lender in the amount of the Mortgage
Loan (as amended, restated, replaced, supplemented or otherwise
modified from time to time, the "Note").


 


B.           The
Note will be secured by, among other things, a Security Instrument (as defined in the Loan Agreement) encumbering the real property
described in the Security Instrument (the "Property").


 


C.           Guarantor
has an economic interest in Borrower or will otherwise obtain a material financial benefit from the Mortgage Loan.


 


D.           As
a condition to making the Mortgage Loan to Borrower, Lender requires that Guarantor execute this Guaranty.


 


NOW, THEREFORE, in order
to induce Lender to make the Mortgage Loan to Borrower, and in consideration thereof, Guarantor agrees as follows:


 


AGREEMENTS:


 


		1.	Recitals.



 


The
recitals set forth above are incorporated herein by reference as if fully set forth in the body of this Guaranty.


 


		2.	Defined Terms.



 


Capitalized
terms used and not specifically defined herein have the
meanings given to such terms in the Loan Agreement.


 


		3.	Guaranteed Obligations.



 


Guarantor
hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and
prompt payment and performance when due, whether at maturity or earlier, by reason of acceleration
or otherwise, and at all times thereafter, of:


 




    	 



    	 



    

  


(a)          all
amounts, obligations and liabilities owed to Lender under Article 3 (Personal Liability) of the Loan Agreement (including the payment
and performance of all indemnity obligations of Borrower described in Section 3.03 (Personal Liability for Indemnity Obligations)
of the Loan Agreement and including all of Borrower's obligations under the Environmental Indemnity Agreement); and


 


(b)          all
costs and expenses, including reasonable fees and out-of-pocket expenses of attorneys and expert witnesses, incurred by Lender
in enforcing its rights under this Guaranty.


 


		4.	Survival of Guaranteed
Obligations.



 


The
obligations of Guarantor under this Guaranty shall survive any Foreclosure Event, and any recorded release or reconveyance of the
Security Instrument or any release of any other security for any of the Indebtedness.


 


		5.	Guaranty of Payment; Community Property.



 


Guarantor's
obligations under this Guaranty constitute a present and unconditional guaranty of payment and not merely a guaranty of collection.
If Guarantor (or any Guarantor, if more than one) is a married person, and the state of residence of Guarantor or Guarantor's spouse
is a community property jurisdiction, Guarantor (or each such married Guarantor, if more than one) agrees that Lender may satisfy
Guarantor's obligations under this Guaranty to the extent of all Guarantor's separate property and Guarantor' interest in any community
property.


 


		6.	Obligations Unsecured; Cross-Default.



 


The
obligations of Guarantor under this Guaranty shall not be secured by the Security Instrument or the Loan Agreement. However, a
default under this Guaranty shall be an Event of Default under the Loan Agreement, and a default under this Guaranty shall entitle
Lender to be able to exercise all of its rights and remedies under the Loan Agreement and other Loan Documents.


 


		7.	Continuing Guaranty.



 


The
obligations of Guarantor under this Guaranty shall be unconditional irrespective of the genuineness, validity, regularity or enforceability
of any provision of this Guaranty, the Note, the Loan Agreement, the Security Instrument or any other Loan Document. Guarantor
agrees that performance of the obligations hereunder shall be a primary obligation, shall not be subject to any counterclaim 1
set-off, recoupment, abatement, deferment or defense based upon any claim that Guarantor may have against Lender, Borrower,
any other guarantor of the obligations hereunder or any other person or entity, and shall remain in full force and effect without
regard to, and shall not be released, discharged or affected in any way by any circumstance or condition (whether or not Guarantor
shall have any knowledge thereof), including:


 


(a)          any
furnishing, exchange, substitution or release of any collateral securing repayment of the Mortgage Loan, or any failure to perfect
any lien in such collateral;


 


(b)          any
failure, omission or delay on the part of Borrower, Guarantor, any other guarantor of the obligations hereunder or Lender to conform
or comply with any term of any of the Loan Documents or failure of Lender to give notice of any Event of Default;


 


(c)          any
action or inaction by Lender under or in respect of any of the Loan Documents, any failure, lack of diligence, omission or delay
on the part of Lender to perfect, enforce, assert or exercise any lien, security interest,
right, power or remedy conferred upon it in any of the
Loan Documents, or any other action or inaction on the part of Lender;


 





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(d)          any
Bankruptcy Event, or any voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement,
readjustment, assignment for the benefit of creditors,
composition, receivership, liquidation, marshaling
of assets and liabilities or similar
events or proceedings with
respect to Guarantor or any other guarantor of the obligations hereunder, or any of their respective property or creditors or any
action taken by any trustee or receiver or by any court in such proceeding;


 


(e)          any
merger or consolidation of Borrower into or with any entity or any sale, lease or Transfer of any asset of Borrower, Guarantor
or any other guarantor of the obligations hereunder to any other Person;


 


(f)          any
change in the ownership of Borrower or any change in the relationship between Borrower, Guarantor or any other guarantor of the
obligations hereunder, or any termination of such relationship;


 


(g)          any
release or discharge by operation of law of Borrower, Guarantor or any other guarantor of the obligations hereunder, any obligation
or agreement contained in any of the Loan Documents; or


 


(h)          any
other occurrence, circumstance, happening or event, whether similar or
dissimilar to the foregoing, and whether seen or unforeseen, which otherwise might constitute
a legal or equitable defense or discharge of the liabilities
of a guarantor or surety
or which otherwise might limit recourse against Borrower or Guarantor
to the fullest extent permitted by
law.


 


		8.	Guarantor Waivers.



 


Guarantor hereby waives:


 


(a)          the
benefit of all principles or
provisions of law, statutory or otherwise, which are or might be
in conflict with the
terms of this Guaranty
(and agrees that Guarantor's obligations shall not be affected by
any circumstances, whether or not referred to in this Guaranty,
which might otherwise constitute
a legal or equitable discharge of a surety or a guarantor);


 


(b)          the
benefits of any right of discharge under any and all statutes or other laws relating to guarantors or sureties and any other rights
of sureties and guarantors;


 


(c)          diligence
in collecting the Indebtedness, presentment, demand for payment, protest and all notices with respect to the Loan Documents and
this Guaranty which may be required by statute, rule of law or otherwise to preserve Lender's rights against Guarantor under this
Guaranty, including notice of acceptance, notice of any amendment of the Loan Documents, notice of the occurrence of any default
or Event of Default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice
of protest and notice of the incurring by Borrower of any obligation or indebtedness; and


 


(d)          all
rights to require Lender to:


 


(1)         proceed
against or exhaust any collateral held by Lender to secure the repayment of the Indebtedness;


 





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(2)         proceed
against or pursue any remedy it may now or hereafter have against Borrower or any guarantor, or, if Borrower or any guarantor is
a partnership, any general partner of Borrower or general partner of any guarantor; or


 


(3)         demand
or require collateral security from Borrower, any other guarantor or any other Person as provided by applicable law or otherwise.


 


		9.	No Effect Upon Obligations.



 


At
any time or from time to time and any number of times, without notice to Guarantor and without releasing, discharging or affecting
the liability of Guarantor:


 


(a)          the
time for payment of the principal of or interest on the Indebtedness may be extended or the Indebtedness may be renewed in whole
or in part;


 


(b)          the
rate of interest on or period of amortization of the Mortgage Loan or the amount of the Monthly Debt Service Payments payable under
the Loan Documents may be modified;


 


(c)          the
time for Borrower's performance of or compliance with any covenant or agreement contained in any Loan Document, whether presently
existing or hereinafter entered into, may be extended or such performance or compliance may be waived;


 


(d)          the
maturity of the Indebtedness may be accelerated as provided in the Loan Documents;


 


(e)          any
or all payments due under the Loan Agreement or any other Loan Document may be reduced;


 


(f)           any
Loan Document may be modified or amended by Lender and Borrower in any respect, including an increase in the principal amount of
the Mortgage Loan;


 


(g)          released;
any amounts under the Loan Agreement or any other Loan Document may be


 


(h)          any
security for the Indebtedness may be modified, exchanged, released, surrendered or otherwise dealt with or additional security
may be pledged or mortgaged for the Indebtedness;


 


(i)           the
payment of the Indebtedness or any security for the Indebtedness, or both, may be subordinated to the right to payment or the security,
or both, of any other present or future creditor of Borrower;


 


(j)           any
payments made by Borrower to Lender may be applied to the Indebtedness in such priority as Lender may determine in its discretion;
and


 


(k)          any
other terms of the Loan Documents may be modified as required by Lender.


 


		10.	Joint and Several (or
Solidary) Liability.



 


If
more than one Person executes this Guaranty as Guarantor, such Persons shall be liable for the obligations hereunder on a joint
and several (solidary instead for purposes of Louisiana law) basis. Lender, in its discretion, may:


 





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(a)          to
the extent permitted by applicable law, bring suit against Guarantor, or any one or more of the Persons constituting Guarantor,
and any other guarantor, jointly and severally (solidarily instead for purposes of Louisiana law), or against any one or more of
them;


 


(b)          compromise
or settle with any one or more of the Persons constituting Guarantor, or any other guarantor, for such consideration as Lender
may deem proper;


 


(c)          discharge
or release one or more of the Persons constituting Guarantor, or any other guarantor, from liability or agree not to sue such Person;
and


 


(d)          otherwise
deal with Guarantor and any guarantor, or any one or more of them, in any manner, and no such action shall impair the rights of
Lender to collect from Guarantor any amount guaranteed by Guarantor under this Guaranty.


 


Nothing contained in this Section 10 shall in
any way affect or impair the rights or obligations of Guarantor with respect to any other guarantor.


 


		11.	Subordination of Affiliated Debt.



 


Any
indebtedness of Borrower held by Guarantor now or in the future is and shall be subordinated to the Indebtedness and any such indebtedness
of Borrower shall be collected, enforced and received by Guarantor, as trustee for Lender, but without reducing or affecting in
any manner the liability of Guarantor under the other provisions of this Guaranty.


 


		12.	Subrogation.



 


Guarantor
shall have no right of, and hereby waives any claim for, subrogation or reimbursement against Borrower or any general partner of
Borrower by reason of any payment by Guarantor under this Guaranty, whether such right or
claim arises at law or in equity or under any contract or statute, until the Indebtedness has been paid in full and there has expired
the maximum possible period thereafter during which any payment made by Borrower to Lender with respect to the Indebtedness could
be deemed a preference under the Insolvency Laws.


 


		13.	Voidable Transfer.



 


If
any payment by Borrower is held to constitute a preference under any Insolvency Laws or similar laws, or if for any other reason
Lender is required to refund any sums to Borrower, such refund shall not constitute a release of any liability of Guarantor under
this Guaranty. It is the intention of Lender and Guarantor that Guarantor's obligations under
this Guaranty shall not be discharged except by Guarantor's performance of such obligations and then only to the extent of such
performance. If any payment by any Guarantor should for any reason subsequently be declared to be void or voidable under any state
or federal law relating to creditors' rights, including provisions of the Insolvency Laws relating to a Voidable Transfer, and
if Lender is required to repay or restore, in whole or in part, any such Voidable Transfer,
or elects to do so upon the advice of its counsel, then the obligations guaranteed hereunder shall automatically be revived, reinstated
and restored by the amount of such Voidable Transfer or the amount of such Voidable Transfer that Lender is required or elects
to repay or restore, including all reasonable costs, expenses and legal fees incurred by Lender in connection therewith, and shall
exist as though such Voidable Transfer had never been made, and any other guarantor, if any,
shall remain liable for such obligations in full.


 





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		14.	Credit Report/Credit Score.



 


Guarantor
acknowledges and agrees that Lender is authorized, no more frequently than once in any twelve
(12) month period, to obtain a credit report (if applicable) on Guarantor, the cost of which shall be paid for by Guarantor. Guarantor
acknowledges and agrees that Lender is authorized to obtain a Credit Score (if applicable) for Guarantor at any time at Lender's
expense.


 


		15.	Financial Reporting.



 


Guarantor
shall deliver to Lender such Guarantor financial statements as required by Section 8.02 (Books and Records; Financial Reporting
- Covenants) of the Loan Agreement.


 


		16.	Further Assurances.



 


Guarantor
acknowledges that Lender (including its successors and assigns) may sell or transfer the Mortgage Loan, or any interest in the
Mortgage Loan.


 


(a)          Guarantor
shall:


 


(1)         do
anything necessary to comply with the requirements of Lender or any Investor of the Mortgage Loan or provide, or cause to be provided,
to Lender or any Investor of the Mortgage Loan, at Borrower's and Guarantor's cost and expense, such further documentation or information
required by Lender or Investor, in order to enable:


 


(A)         Lender
to sell the Mortgage Loan to such Investor;


 


(B)         Lender
to obtain a refund of any commitment fee from any such Investor; or


 


(C)         any
such Investor to further sell or securitize the Mortgage Loan;


 


(2)         confirm
that Guarantor is not in default under this Guaranty or in observing any of the covenants or agreements contained in this Guaranty
(or, if Guarantor is in default, describing such default in reasonable detail); and


 


(3)         execute
and deliver to Lender and/or any Investor such other documentation, including any amendments, corrections, deletions or additions
to this Guaranty as is required by Lender or such Investor.


 


(b)          Nothing
in this Section 16 shall require Guarantor to do any further act that has the effect of:


 


(1)         changing
the essential economic terms of the Mortgage Loan set forth in the related commitment letter
between Borrower and Lender; or


 


(2)         imposing
on Borrower or Guarantor greater personal liability under the Loan Documents than that set forth in the related commitment letter
between Borrower and Lender.


 





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		17.	Successors and Assigns.



 


Lender
may assign its rights under this Guaranty in whole or in part and, upon any such assignment, all the terms and provisions of this
Guaranty shall inure to the benefit of such assignee to the extent so assigned. Guarantor may
not assign its rights, duties and obligations under this
Guaranty, in whole or in part, without Lender's prior written consent and any such assignment shall be deemed void ab initio. The
terms used to designate any of the parties herein shall be deemed to include the heirs, legal
representatives, successors and assigns of such parties.


 


		18.	Final Agreement.



 


Guarantor
acknowledges receipt of a copy of each of the Loan Documents and this Guaranty. THIS GUARANTY REPRESENTS THE FINAL AGREEMENT BETWEEN
THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES. All prior or contemporaneous agreements, understandings, representations and statements, oral or written, are merged into
this Guaranty. Neither this Guaranty nor any of its provisions may be waived, modified, amended, discharged or terminated except
by an agreement in writing signed by the party, against which the enforcement of the waiver,
modification , amendment,
discharge or termination is sought, and then only to the extent set forth in that agreement.


 


		19.	Governing
Law.



 


This
Guaranty shall be governed by and construed in accordance with the substantive law of the Property Jurisdiction without
regard to the application of choice of law principles that would result in the application
of the laws of another jurisdiction.


 


		20.	Property Jurisdiction.



 


Guarantor
agrees that any controversy arising under or in relation to this Guaranty shall be litigated exclusively in the Property Jurisdiction.
The state and federal courts and authorities with jurisdiction in the Property Jurisdiction shall have exclusive jurisdiction over
all controversies which shall arise under or in relation to this Guaranty or any other Loan Document with respect to the subject
matter hereof. Guarantor irrevocably consents to service, jurisdiction and venue of such courts for any such litigation and waives
any other venue to which it might be entitled by virtue of domicile, habitual
residence or otherwise.


 


		21.	Time is of the Essence.



 


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


 


		22.	Notices.



 


Guarantor
agrees to notify Lender of any change in Guarantor's address within ten (10) Business Days after such change of address occurs.
All ''Notices" under this Guaranty shall be:


 


(a)          in
writing and shall be


 


(1)         delivered,
in person;


 


(2)         mailed,
postage prepaid, either by registered or certified delivery, return receipt requested;


 


(3)         sent
by overnight courier; or


 





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(4)         sent
by electronic mail with originals to follow by overnight courier;


 


(b)          addressed
to the intended recipient at the notice addresses provided under the signature block at the end of this Guaranty; and


 


(c)          deemed
given on the earlier to occur of:


 


(1)         the
date when the Notice is received by the addressee; or


 


(2)         if
the recipient refuses or rejects delivery, the date on which the Notice is so refused or rejected, as conclusively established
by the records of the United States Postal Service or such express courier service.


 


		23.	Construction.



 


(a)          Any
reference in this Guaranty to an "Exhibit'' or ''Schedule" or a "Section" or an "Article" shall,
unless otherwise explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached to this Guaranty
or to a Section or Article of this Guaranty.


 


(b)          Any
reference in this Guaranty to a statute or regulation shall be construed as referring to that statute or regulation as amended
from time to time.


 


(c)          Use
of the singular in this Guaranty includes the plural and use of the plural includes the singular.


 


(d)          As
used in this Guaranty, the term "including'' means "including, but not limited to" or "including, without limitation,"
and is for example only, and not a limitation.


 


(e)          Whenever
Guarantor's knowledge is implicated in this Guaranty or the phrase ''to Guarantor's knowledge" or a similar phrase is used
in this Guaranty, Guarantor's knowledge or such phrase(s) shall be interpreted to mean to the best of Guarantor's knowledge after
reasonable and diligent inquiry and investigation.


 


(f)          Unless
otherwise provided in this Guaranty, if Lender's approval is required for any matter hereunder, such approval may be granted or
withheld in Lender's sole and absolute discretion.


 


(g)          Unless
otherwise provided in this Guaranty, if Lender's designation, determination,
selection, estimates, action or decision is required, permitted or contemplated hereunder, such designation, determination, selection,
estimate, action or decision shall be made in Lender's sole and absolute discretion.


 


(h)          All
references in this Guaranty to a separate instrument or agreement shall include such instrument or agreement as the same may be
amended or supplemented from time to time pursuant to the applicable provisions thereof.


 


(i)          "Lender
may" shall mean at Lender's discretion, but shall not be an obligation.


 





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		24.	WAIVER OF JURY TRIAL.



 


TO
THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF GUARANTOR AND LENDER (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT
TO ANY ISSUE ARISING OUT OF THIS GUARANTY OR ANY LOAN DOCUMENT OR THE RELATIONSHIP
BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES
ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER
OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY GUARANTOR AND LENDER, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT
LEGAL COUNSEL.


 


		25.	Schedules.



 


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


 


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


 


 ̈  Schedule 1      Modifications to Guaranty


 


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


 


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	 	GUARANTOR:
	 	 
	 	BELL PARTNERS INC., a North
	 	Carolina corporation


 


	 	By:	/s/ Steven D. Bell
	 	 	Name: Steven D. Bell
	 	 	  Title: CEO


 


	 	Address:	300 North Green Street, Suite 1000
	 	 	Greensboro, NC 27401
	 	 	 
	 	Email address: sbell@bellpartnersinc.com


 





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	 	GUARANTOR:
	 	 
	 	BELL HNW NASHVILLE PORTFOLIO, LLC,
	 	a North Carolina limited liability company
	 	 
	 	By:	Bell Partners Inc., a North Carolina corporation, its Manager


 


	 	By:	/s/ Steven D. Bell
	 	 	Name: Steven D. Bell
	 	 	 Title: CEO


 


	 	Address:	300 North Green Street, Suite 1000
	 	 	Greensboro, NC 27401


 


	 	Email address: sbell@bellpartnersinc.com


 





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	 	GUARANTOR:
	 	 
	 	BLUEROCK SPECIAL OPPORTUNITY+
	 	INCOME FUND, LLC, a Delaware

limited liability company
	 	 
	 	By: 	Bluerock Real Estate, L.L.C., a Delaware   limited liability company, its Manager


 


	 	By:	/s/ Jordan Ruddy
	 	 	Name: Jordan Ruddy 
	 	 	Title: President 


 


	 	Address:	c/o Bluerock Real Estate, LLC 
	 	 	
        70 East Fifth Street, 9th Floor

        New York, New York 10022

        Attention: Jordan Ruddy



 





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	 	GUARANTOR:
	 	 
	 	BLUEROCK SPECIAL OPPORTUNITY +
	 	INCOME FUND II, LLC, a Delaware limited

liability company
	 	 
	 	By:	BR SOIF II Manager, LLC, a Delaware limited liability company, its Manager


 


	 	By:	/s/ Jordan Ruddy 
	 	 	Name: Jordan Ruddy 
	 	 	Title: President 


 


	 	Address:	c/o Bluerock Real Estate, LLC 
	 	 	
        70 East Fifth Street, 9th Floor

        New York, New York 10022

        Attention: Jordan Ruddy



 





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