Exhibit
10.211


	
	 
	CHICAGO
    TITLE INSURANCE COMPANY
	National
    Commercial  Services-Atlanta
	5565
    Glenridge Connector
	Suite
    300
	Atlanta,
    GA  30342





 


	 	Christopher
        J. Valentine

                           Vice
                           President/Operations Officer

	 	Direct
    Dial (404) 419-3203
	 	Facsimile
        (404} 303-6307

        Chris.Valentine@fntg.com



 


CTIC
ATLANTA NCS FILE NO.: ATL-140907


 


To
whom it may concern,


 


We
certify that this is a true, correct and accurate copy of the original instrument, to which this letter is attached.


 


Chicago
Title Insurance Company


	By:	/s/ Christopher J. Valentine	 







 




    	 



    	 



    

  


	THIS
    SECURITY INSTRUMENT	 	 
	PREPARED BY,
    AND AFTER	 	 
	RECORDING RETURN
    TO:	 	 
	(Print Name
    of Attorney)	 	 
	 	 	 
	Michael
    P. Van Voorhis,
    Esquire	 	 
	Troutman
    Sanders LLP	 	 
	P.O. Box
    1122	 	 
	Richmond,
    VA 23218	 	(Reserved)






 





CONSOLIDATED,
AMENDED AND RESTATED MULTIFAMILY MORTGAGE,


ASSIGNMENT
OF LEASES AND RENTS, SECURITY AGREEMENT


AND
FIXTURE FILING


 


(FLORIDA)


 


THIS
IS A RENEWAL AND CONSOLIDATION SECURING THE RENEWAL OF THAT CERTAIN MULTIFAMILY NOTE DATED JANUARY 25, 2010, SECURED BY A MULTIFAMILY
MORTGAGE DATED JANUARY 25, 2010, RECORDED IN BOOK 9993, PAGE 0066, AS DOCUMENT 20100050148, IN THE OFFICIAL PUBLIC RECORDS OF
ORANGE COUNTY, FLORIDA. TIDS MORTGAGE EVIDENCES AN INCREASE THERETO IN THE AMOUNT OF $10,360,869.69. DOCUMENTARY STAMP TAX ON
THE ORIGINAL OBLIGATION HAS BEEN FULLY PAID. DOCUMENTARY STAMP TAX ON THE FULL AMOUNT EVIDENCED BY THIS MORTGAGE IS BEING PAID
AT THE TIME OF RECORDING OF THIS MORTGAGE. INTANGIBLE TAX ON THE ORIGINAL, OBLIGATION HAS BEEN PAID IN FULL. INTANGIBLE TAX IN
THE AMOUNT OF $20,721.74 IS BEING PAID AT THE TIME OF RECORDING OF THIS MORTGAGE


 





	x	THIS IS A BALLOON MORTGAGE SECURING A VARIABLE ADJUSTABLE RATE OBLIGATION, ASSUMING THAT THE INITIAL RATE OF INTEREST WERE TO APPLY FOR THE ENTIRE TERM OF THE SECURITY INSTRUMENT, THE FINAL PRINCIPAL PAYMENT OR THE PRINCIPAL BALANCE DUE UPON MATURITY WOULD BE APPROXIMATELY $29,444,000.00, TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE (LENDER) UNDER THE TERMS OF THIS SECURITY INSTRUMENT. THE ACTUAL BALANCE DUE UPON MATURITY MAY VARY DEPENDING ON CHANGES IN THE RATE OF INTEREST. 








 




    	 



    	 



    

  


ARIUM
Grande Lakes (f/k/a Venue Apartments)


 


CONSOLIDATED,
AMENDED AND RESTATED


MULTIFAMILY
MORTGAGE,


ASSIGNMENT
OF LEASES AND RENTS,


SECURITY
AGREEMENT


AND
FIXTURE FILING


 


This
CONSOLIDATED, AMENDED AND RESTATED MULTIFAMILY MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING
(as amended, restated, replaced, supplemented, or otherwise modified from time to time, the "Security Instrument")
dated as of the 4th day of November, 2014, is executed by BR CARROLL ARIUM GRANDE LAKES OWNER, LLC, a limited liability company
organized and existing under the laws of Delaware, as mortgagor ("Borrower"), to and for the benefit of WALKER &
DUNLOP, LLC, a limited liability company organized and existing under the laws of Delaware, as mortgagee ("Lender").


 


RECITALS:


 


A.       Lender
is the holder of a Multifamily Note dated January 25, 2010, in the original principal amount of Twenty Million Dollars ($20,000,000.00)
(the "Original Note") made by Panther Orlando/Venue, LLC, a Florida limited liability company ("Original Borrower")
and payable to the order of Deutsche Bank Berkshire Mortgage, Inc., a Delaware corporation ("DBBM") and assigned by
DBBM to the Federal Home Loan Mortgage Corporation ("Freddie Mac") and further assigned by Freddie Mac to U.S. Bank
National Association, as Trustee for the registered holders of Banc of America Commercial Mortgage Inc., Multifamily Mortgage
Pass-Through Certificates, Series 201 O-K7 ("Original Lender").


 


B.
       The Original Note is secured by a Multifamily Mortgage, Assignment of Rents and Security
Agreement dated January 25, 2010, from Original Borrower to and for the benefit of DBBM, recorded on January 26, 2010, among the
Public Records of Orange County, Florida (the "Real Estate Records") in Official Record Book 9993, at Page 0066, as
Document 20100050148 (as amended, restated, replaced, supplemented, or otherwise modified from time to time, the "Original
Mortgage") on certain improved real property located in Orange County, Florida, as further described in Exhibit A hereto.
The Original Mortgage was assigned by DBBM to Freddie Mac by Assignment of Security Instrument dated or effective as of January
25, 2010, and recorded on January 26, 2010, in Book 9993, Page 0134, as Document No. 20100050149, in the Real Estate Records,
and further assigned by Freddie Mac to Original Lender by Assignment of Multifamily Mortgage, Assignment of Rents and Security
Agreement dated June 11, 2010, and recorded July 8, 2010, in Book 10071, Page 7958, as Document No. 20100393797, in the Real Estate
Records.


 


C.
       By its execution and delivery of this Security Instrument, Borrower confirms that it
has assumed and ratified, and hereby does assume and ratify, all of the obligations and agreements of Original Borrower under
the Original Note and Original Mortgage. Borrower has assumed all of the obligations and liabilities of the Original Borrower
under Original Note pursuant to that certain Consolidated. Amended and Restated Multifamily Note dated as of November 4, 2014,
and the Original Note is being consolidated, amended and restated in its entirety to reflect among other things, a change in the
interest rate and terms of payment and an increase in the original principal amount of the Original Note in the amount of $9,444,000.00,
from $20,000,000.00 to $29,444,000.00, and an increase in the outstanding principal amount in the amount of the Original Note
in the amount of $10,360,869.69.


 


D.
       The Original Note has been assigned by Original Lender to Lender. The Original Mortgage
has been assigned by Original Lender to Lender pursuant to an Assignment, dated as of November 4, 2014, and recorded or intended
to be recorded among the Real Estate Records immediately prior hereto.


 




    	 



    	 



    




 


E.
       Borrower and Lender now desire to amend and modify the terms of the Original Mortgage
and have agreed, for purposes of convenience, to consolidate, amend and restate the Original Mortgage, in its entirety.


 


NOW,
THEREFORE, Borrower and Lender, by its acceptance hereof, in consideration of the mutual promises and agreements contained in
this Agreement, each hereby covenant and agree as follows:


 


AGREEMENTS:


Borrower,
in consideration of the loan in the original principal amount of $29,444,000.00 (the "Loan") evidenced by that
certain Consolidated, Amended and Restated Multifamily Note, dated as of the date of this Security Instrument, by Borrower and
payable to Lender (as amended, restated, replaced, supplemented, or otherwise modified from time to time, the "Note"),
and that certain Multifamily Loan and Security Agreement, dated as of the date of this Security Instrument, executed by and between
Borrower and Lender (as amended, restated, replaced, supplemented or otherwise modified from time to time, the "Loan Agreement"),
and to secure to Lender the repayment of the Indebtedness (as defined in this Security Instrument), and all renewals, extensions
and modifications thereof, and the performance of the covenants and agreements of Borrower contained in the Loan Documents (as
defined in the Loan Agreement), excluding the Environmental Indemnity Agreement (as defined in this Security Instrument), irrevocably
and unconditionally mortgages, grants, assigns, remises, releases, warrants and conveys to and for the benefit of Lender the Mortgaged
Property (as defined in this Security Instrument), including the real property located in Orange County, State of Florida, and
described in Exhibit A attached to this Security Instrument and incorporated by reference (the "Land"),
to have and to hold such Mortgaged Property unto Lender and Lender's successors and assigns, forever; Borrower hereby releasing,
relinquishing and waiving, to the fullest extent allowed by law, all rights and benefits, if any, under and by virtue of the homestead
exemption laws of the Property Jurisdiction (as defined in this Security Instrument), if applicable.


 


Borrower
represents and warrants that Borrower is lawfully seized of the Mortgaged Property and has the right, power and authority to mortgage,
grant, convey and assign the Mortgaged Property, and that the Mortgaged Property is not encumbered by any Lien (as defined below)
other than Permitted Encumbrances (as defined below). Borrower covenants that Borrower will warrant and defend the title to the
Mortgaged Property against all claims and demands, other than Permitted Encumbrances.











 


		1.	Defined
                                         Terms.



 


Capitalized
terms used and not specifically defined herein have the meanings given to such terms in the Loan Agreement. All terms used and
not specifically defined herein, but which are otherwise defined by the UCC, shall have the meanings assigned to them by the UCC.
The following terms, when used in this Security Instrument (including when used in the above recitals), shall have the following
meanings:


 


"Condemnation
Action" means any action or proceeding, however characterized or named, relating to any condemnation or other taking,
or conveyance in lieu thereof, of all or any part of the Mortgaged Property, whether direct or indirect.


 


“Enforcement
Costs” means all expenses and costs, including reasonable attorneys' fees and expenses, fees and out-of-pocket expenses
of expert witnesses and costs of investigation, incurred by Lender as a result of any Event of Default under the Loan Agreement
or in connection with efforts to collect any amount due under the Loan Documents, or to enforce the provisions of the Loan Agreement
or any of the other Loan Documents, including those incurred in post-judgment collection efforts and in any
bankruptcy or insolvency proceeding (including any action for relief from the automatic stay of any bankruptcy proceeding
or Foreclosure Event) or judicial or non-judicial foreclosure proceeding, to the extent permitted by law.


 




    	 



    	 



    




 


"Environmental
Indemnity Agreement" means that certain Environmental Indemnity Agreement dated as of the date of this Security Instrument,
executed by Borrower to and for the benefit of Lender, as the same may be amended, restated, replaced, supplemented, or otherwise
modified from time to time.


 


"Environmental
Laws" has the meaning set forth in the Environmental Indemnity Agreement.


 


"Event
of Default" has the meaning set forth in the Loan Agreement.


 


"Fixtures"
means all Goods that are so attached or affixed to the Land or the Improvements as to constitute a fixture under the laws of the
Property Jurisdiction.


 


"Goods"
means all of Borrower's present and hereafter acquired right, title and interest in all goods which are used now or in the future
in connection with the ownership, management, or operation of the Land or the Improvements or are located on the Land or in the
Improvements, including inventory; furniture; furnishings; machinery, equipment, engines, boilers, incinerators, and installed
building materials; systems and equipment for the purpose of supplying or distributing heating, cooling, electricity, gas, water,
air, or light; antennas, cable, wiring, and conduits used in connection with radio, television, security, fire prevention, or
fire detection, or otherwise used to carry electronic signals; telephone systems and equipment; elevators and related machinery
and equipment; fire detection, prevention and extinguishing systems and apparatus; security and access control systems and apparatus;
plumbing systems; water heaters, ranges, stoves, microwave ovens, refrigerators, dishwashers, garbage disposers, washers, dryers,
and other appliances; light fixtures, awnings, storm windows, and storm doors; pictures,
screens, blinds, shades, curtains, and Curtain rods; mirrors, cabinets, paneling, rugs, and floor and wall coverings; fences,
trees, and plants; swimming pools; exercise equipment; supplies; tools; books and records (whether in written or electronic form);
websites, URLs, blogs, and social network pages; computer equipment (hardware and software); and other tangible personal property
which is used now or in the future in connection with the ownership, management, or operation of the Land or the Improvements
or are located on the Land or in the Improvements.


 


"Imposition
Deposits" means deposits in an amount sufficient to accumulate with Lender the entire sum required to pay the Impositions
when due.


 


“Impositions"
means


 





(a)          any
water and sewer charges which, if not paid, may result in a lien on all or any part of the Mortgaged Property;


 


(b)          the
premiums for fire and other casualty insurance, liability insurance, rent loss insurance and such other insurance as Lender may
require under the Loan Agreement;


 


(c)          Taxes;
and


 


(d)          amounts
for other charges and expenses assessed against the Mortgaged Property which Lender at any time reasonably deems necessary to
protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property, or otherwise to protect Lender's
interests, all as reasonably determined from time to time by Lender.
















 


"Improvements"
means the buildings, structures, improvements, and alterations
now constructed or at any time in the future constructed or placed upon the Land, including any future replacements, facilities,
and additions and other construction on the Land.


 




    	 



    	 



    




 


"Indebtedness"
means the principal of, interest on, and all other amounts due at any time under the Note, the Loan Agreement, this Security Instrument
or any other Loan Document (other than the Environmental Indemnity Agreement and Guaranty), including Prepayment Premiums, late
charges, interest charged at the Default Rate, and accrued interest as provided in the Loan Agreement and this Security Instrument,
advances, costs and expenses to perform the obligations of Borrower or to protect the Mortgaged Property or the security of this
Security Instrument, all other monetary obligations of Borrower under the Loan Documents (other than the Environmental Indemnity
Agreement), including amounts due as a result of any indemnification obligations, and any Enforcement Costs.


 


"Land''
means the real property described in Exhibit A.


 


"Leases"
means all present and future leases, subleases, licenses, concessions or grants or other possessory interests now or hereafter
in force, whether oral or written, covering or affecting the Mortgaged Property, or any portion of the Mortgaged Property (including
proprietary leases or occupancy agreements if Borrower is a cooperative housing corporation), and all modifications, extensions
or renewals thereof.


 


"Lien"
means any claim or charge against property for payment of a debt or an amount owed for services rendered, including any mortgage,
deed of trust, deed to secure debt, security interest, tax lien, any materialman's or mechanic's lien, or any lien of a Governmental
Authority, including any lien in connection with the payment of utilities, or any other encumbrance,


 


"Mortgaged
Property" means all of Borrower's present and hereafter acquired right, title and interest, if any,
in and to all of the following:


		(a)	the
                                         Land;



 


		(b)	the
                                         Improvements;



 


		(c)	the
                                         Personalty;



 


(d)
       current and future rights, including air rights, development rights, zoning rights and
other similar rights or interests, easements, tenements, rights-of-way, strips and gores of land, streets, alleys, roads, sewer
rights, waters, watercourses, and appurtenances related to or benefitting the Land or the Improvements, or both, and all rights-of-way,
streets, alleys and roads which may have been or may in the future be vacated;


 


(e)
       insurance policies relating to the Mortgaged Property (and any unearned premiums) and
all proceeds paid or to be paid by any insurer of the Land, the Improvements, the Personalty, or any other part of the Mortgaged
Property, whether or not Borrower obtained the insurance pursuant to Lender's requirements;


 


(f)
      awards, payments and other compensation made or to be made by any municipal, state or federal
authority with respect to the Land, the Improvements, the Personalty, or any other part of the Mortgaged Property, including any
awards or settlements resulting from (1) Condemnation Actions, (2) any damage to the Mortgaged Property caused by governmental
action that does not result in a Condemnation Action, or (3) the total or partial ta1dng of the Land, the Improvements, the Personalty,
or any other part of the Mortgaged Property under the power of eminent domain or otherwise and including any conveyance in lieu
thereof;


 


(g)
       contracts, options and other agreements for the sale of the Land, the Improvements,
the Personalty, or any other part of the Mortgaged Property entered into by Borrower now or in the future, including cash or securities
deposited to secure performance by parties of their obligations;


 


(h)
       Leases and Lease guaranties, letters of credit and any other supporting obligation for
any of the Leases given in connection with any of the Leases, and all Rents;


 




    	 



    	 



    




 


(i)
       earnings, royalties, accounts receivable, issues and profits from the Land, the Improvements
or any other part of the Mortgaged Property, and all undisbursed proceeds of the Mortgage Loan and, if Borrower is a cooperative
housing corporation, maintenance charges or assessments payable by shareholders or residents;


 


(j)
       Imposition Deposits;


 


(k)
       refunds or rebates of Imposition by any municipal, state or federal authority or insurance
company (other than refunds applicable to periods before the real property tax year in which this Security Instrument is dated);


 


(l)
       tenant security deposits;


 


(m)
       names under or by which any of the above Mortgaged Property may be operated or known,
and all trademarks, trade names, and goodwill relating to any of the Mortgaged Property;


 


(n)
       Collateral Accounts and all Collateral Account Funds;


 


(o)
       products, and all cash and non-cash proceeds from the conversion, voluntary or involuntary,
of any of the above into cash or liquidated claims, and the right to collect such proceeds; and


 


(p)
       all of Borrower' s right, title and interest in the oil, gas, minerals, mineral interests,
royalties, overriding royalties, production payments, net profit interests and other interests and estates in, under and on the
Mortgaged Property and other oil, gas and mineral interests with which any of the foregoing interests or estates are pooled or
unitized.


 


"Permitted
Encumbrance" means only the easements, restrictions and
other matters listed in a schedule of exceptions to coverage in the Title Policy and Taxes for the current tax year that are not
yet due and payable.


 


"Personalty"
means all of Borrower's present and hereafter acquired right,
title and interest in all Goods, accounts, choses of action, chattel paper, documents, general intangibles (including Software),
payment intangibles, instruments, investment property, letter of credit rights, supporting obligations, computer information,
source codes, object codes, records and data, all telephone numbers or listings, claims (including claims for indemnity or breach
of warranty), deposit accounts and other property or assets of any kind or nature related to the Land or the Improvements now
or in the future, including operating agreements, surveys, plans and specifications and contracts for architectural, engineering
and construction services relating to the · Land or the Improvements, and all other intangible property and rights relating
to the operation of, or used in connection with, the Land or the Improvements, including all governmental permits relating to
any activities on the Land.


 


"Prepayment
Premium"
has the meaning set forth in the Loan Agreement.


 


"Property
Jurisdiction" means the jurisdiction in which the Land is located.


 


"Rents"
means all rents (whether from residential or non-residential space), revenues and other income from the Land or the Improvements,
including subsidy payments received from any sources, including payments under any "Housing
Assistance Payments Contract" or other rental subsidy agreement (if any), parking fees,
laundry and vending machine income and fees and charges for food, health care and other services provided at the Mortgaged Property,
whether now due, past due, or to become due, and tenant security deposits.


 




    	 



    	 



    




 


"Software"
means a computer program and any supporting information provided in connection with a transaction relating to the program. The
term does not include any computer program that is included in the definition of Goods.


 


"Taxes"
means all taxes, assessments, vault rentals and other charges,
if any, general, special or otherwise, including assessments for schools, public betterments
and general or local improvements, which are levied, assessed or imposed by any public authority or quasi-public authority, and
which, if not paid, may become a lien, on the Land or the Improvements or any truces upon
any Loan Document.


 


"Title
Policy" has the meaning set forth in the Loan Agreement.


 


"UCC"
means the Uniform Commercial Code in effect in the Property Jurisdiction,
as amended from time to time.


 


"UCC
Collateral" means any or all of that portion of the Mortgaged Property in
which a security interest may be granted under the UCC and in which Borrower has any present or hereafter acquired right, title
or interest.


 


		2.	Security
                                         Agreement; Fixture Filing.



 


(a)
       To secure to Lender, the repayment of the Indebtedness, and all renewals, extensions
and modifications thereof, and the performance of the covenants and agreements of Borrower contained in the Loan Documents, Borrower
hereby pledges, assigns, and grants to Lender a continuing security interest in the UCC Collateral. This Security Instrument constitutes
a security agreement and a financing statement under the UCC. This Security Instrument also constitutes a financing statement
pursuant to the terms of the UCC with respect to any part of the Mortgaged Property that is or may become a Fixture under applicable
law, and will be recorded as a “fixture filing" in accordance with the UCC. Borrower hereby authorizes Lender to file
financing statements, continuation statements and :financing statement amendments in such form as Lender may require to perfect
or continue the perfection of this security interest without the signature of Borrower. If an Event of Default has occurred and
is continuing, Lender shall have the remedies of a secured party under the UCC or otherwise provided at law or in equity, in addition
to all remedies provided by this Security Instrument and in any Loan Document. Lender may exercise any or all of its remedies
against the UCC Collateral separately or together, and in any order, without in any way affecting the availability or validity
of Lender's other remedies. For purposes of the UCC, the debtor is Borrower and the secured party is Lender. The name and address
of the debtor and secured party are set forth after Borrower's signature below which are the addresses from which information
on the security interest may be obtained.


 


(b)
       Borrower represents and warrants that: (l) Borrower maintains its chief executive office
at the location set forth after Borrower's signature below, and Borrower will notify Lender in writing of any change in its chief
executive office within five (5) days of such change; (2) Borrower is the record owner of the Mortgaged Property; (3) Borrower's
state of incorporation, organization, or formation, if applicable, is as set forth on Page 1 of this Security Instrument; (4)
Borrower's exact legal name is as set forth on Page 1 of this Security Instrument; (5) Borrower's organizational identification
number, if applicable, is as set forth after Borrower's signature below; (6) Borrower is the owner of the UCC Collateral subject
to no liens, charges or encumbrances other than the lien hereof; (7) except as expressly provided in the Loan Agreement, the UCC
Collateral will not be removed from the Mortgaged Property without the consent of Lender; and (8) no financing statement covering
any of the UCC Collateral or any proceeds thereof is on file in any public office except pursuant hereto.


 




    	 



    	 



    

 


(c)      All
property of every kind acquired by Borrower after the date of this Security Instrument which by the terms of this Security Instrument
shall be subject to the lien and the security interest created hereby, shall immediately upon the acquisition thereof by Borrower
and without further conveyance or assignment become subject to the lien and security interest created by this Security Instrument.
Nevertheless, Borrower shall execute, acknowledge, deliver and record or file, as appropriate, all and every such further deeds
of trust, mortgages, deeds to secure debt, security agreements, financing statements, assignments and assurances as Lender shall
require for accomplishing the purposes of this Security Instrument and to comply with the rerecording requirements of the UCC.


 


		3.	Assignment
                                         of Leases and Rents; Appointment of Receiver; Lender in Possession.



 


(a)
       As part of the consideration
for the Indebtedness, Borrower absolutely and unconditionally assigns and transfers to Lender all Leases and Rents. It is the
intention of Borrower to establish present, absolute and irrevocable transfers and assignments to Lender of all Leases and Rents
and to authorize and empower Lender to collect and receive all Rents without the necessity of further action on the part of Borrower.
Borrower and Lender intend the assignments of Leases and Rents to be effective immediately and .to constitute absolute present
assignments, and not assignments for additional security only. Only for purposes of giving effect to these absolute assignments
of Leases and Rents, and for no other purpose, the Leases and Rents shall not be deemed to be a part of the Mortgaged Property.
However, if these present, absolute and unconditional assignments of Leases and Rents are not enforceable by their terms under
the laws of the Property Jurisdiction, then each of the Leases and Rents shall be included as part of the Mortgaged Property,
and it is the intention of Borrower, in such circumstance, that this Security Instrument create and perfect a lien on each of
the Leases and Rents in favor of Lender, which liens shall be effective as of the date of this Security Instrument.


 


(b)
       Until an Event of Default
has occurred and is continuing, but subject to the limitations set forth in the Loan Documents, Borrower shall have a revocable
license to exercise all rights, power and authority granted to Borrower under the Leases (including the right, power and authority
to modify the terms of any Lease, extend or terminate any Lease, or enter into new Leases, subject to the limitations set forth
in the Loan Documents), and to collect and receive all Rents, to hold all Rents in trust for the benefit of Lender, and to apply
all Rents to pay the Monthly Debt Service Payments and the other amounts then due and payable under the other Loan Documents,
including Imposition Deposits, and to pay the current costs and expenses of managing, operating and maintaining the Mortgaged
Property, including utilities and Impositions (to the extent not included in Imposition Deposits), tenant improvements and other
capital expenditures. So long as no Event of Default has occurred and is continuing (and no event which, with the giving of notice
or the passage of time, or both, would constitute an Event of Default has occurred and is continuing), the Rents remaining after
application pursuant to the preceding sentence may be retained and distributed by Borrower free and clear of, and released from,
Lender's rights with respect to Rents under this Security Instrument.


 


(c)       If
an Event of Default has occurred and is continuing, without the necessity of Lender entering upon and taking and maintaining control
of the Mortgaged Property directly, by a receiver, or by any other manner or proceeding permitted by the laws of the Property
Jurisdiction, the revocable license granted to Borrower pursuant to Section 3(b) shall automatically terminate, and Lender shall
immediately have all rights, powers and authority granted to Borrower under any Lease (including the right, power and authority
to modify the terms of any such Lease, or extend or terminate any such Lease) and, without notice, Lender shall be entitled to
all Rents as they become due and payable, including Rents then due and unpaid. During the continuance of an Event of Default,
Borrower authorizes Lender to collect, sue for and compromise Rents and directs each tenant of the Mortgaged Property to pay all
Rents to, or as directed by, Lender, and Borrower shall, upon Borrower's receipt of any Rents from any sources, pay the total
amount of such receipts to Lender. Although the foregoing rights of Lender are self-effecting, at any time during the continuance
of an Event of Default, Lender may make demand for all Rents, and Lender may give, and Borrower hereby irrevocably authorizes
Lender to give, notice to all tenants of the Mortgaged Property instructing them to pay all Rents to Lender. No tenant shall be
obligated to inquire further as to the occurrence or continuance of an Event of Default, and no tenant shall be obligated to pay
to Borrower any amounts that are actually paid to Lender in response to such a notice. Any such notice by Lender shall be delivered
to each tenant personally, by mail or by delivering such demand to each rental unit.


 




    	 



    	 



    




 


(d)       If an Event of Default has occurred and is continuing, Lender may, regardless of the
adequacy of Lender's security or the solvency of Borrower, and even in the absence of waste, enter upon, take and maintain full
control of the Mortgaged Property, and may exclude Borrower and its agents and employees therefrom, in order to perform all acts
that Lender, in its discretion, determines to be necessary or desirable for the operation and maintenance of the Mortgaged Property,
including the execution, cancellation or modification of Leases, the collection of all Rents (including through use of a lockbox,
at Lender's election), the making of repairs to the Mortgaged Property and the execution or termination of contracts providing
for the management, operation or maintenance of the Mortgaged Property, for the purposes of enforcing this assignment of Rents,
protecting the Mortgaged Property or the security of this Security Instrument and the Mortgage Loan, or for such other purposes
as Lender in its discretion may deem necessary or desirable.


 


(e)       Notwithstanding
any other right provided Lender under this Security Instrument or any other Loan Document, if an Event of Default has occurred
and is continuing, and regardless of the adequacy of Lender's security or Borrower's solvency, and without the necessity of giving
prior notice (oral or written) to Borrower, Lender may apply to any court having jurisdiction for the appointment of a receiver
for the Mortgaged Property to take any or all of the actions set forth in Section 3. If Lender elects to seek the appointment
of a receiver for the Mortgaged Property at any time after an Event of Default has occurred and is continuing, Borrower, by its
execution of this Security Instrument, expressly consents to the appointment of such receiver, including the appointment of a
receiver ex parte, if permitted by applicable law. Borrower consents to shortened time consideration of a motion to appoint
a receiver. Lender or the receiver, as applicable, shall be entitled to receive a reasonable fee for managing the Mortgaged Property
and such fee shall become an additional part of the Indebtedness. Immediately upon appointment of a receiver or Lender's entry
upon and taking possession and control of the Mortgaged Property, possession of the Mortgaged Property and all documents, records
(including records on electronic or magnetic media), accounts, surveys, plans, and specifications relating to the Mortgaged Property,
and all security deposits and prepaid Rents, shall be surrendered to Lender or the receiver, as applicable. If Lender or receiver
takes possession and control of the Mortgaged Property, Lender or receiver may exclude Borrower and its representatives from the
Mortgaged Property.


 


(f)
       The acceptance by Lender of the assignments of
the Leases and Rents pursuant to this Section 3 shall not at any time or in any event obligate Lender to take any action under
any Loan Document or to expend any money or to incur any expense. Lender shall not be liable
in any way for any injury or damage to person or property sustained by any Person in, on
or about the Mortgaged Property. Prior to Lender's actual entry upon and taking possession and control of the Land and Improvements,
Lender shall not be:


 


(1)       obligated
to perform any of the terms, covenants and conditions contained in any Lease (or otherwise have any obligation with respect to
any Lease);


 


(2)       obligated
to appear in or defend any action or proceeding relating to any Lease or the Mortgaged Property; or


 


(3)       responsible
for the operation, control, care, management or repair of the Mortgaged Property or any portion
of the Mortgaged Property.


 




    	 



    	 



    




 


The
execution of this Security Instrument shall constitute conclusive evidence that all responsibility for the operation, control,
care, management and repair of the Mortgaged Property is and sball be that of Borrower, prior to such actual entry and taking
possession and control by Lender of the Land and Improvements.


 


(g)       Lender
shall be liable to account only to Borrower and only for Rents actually received by Lender. Lender shall not be liable to Borrower,
anyone claiming under or through Borrower or anyone having an interest in the Mortgaged Property by reason of any act or omission
of Lender under this Section 3, and Borrower hereby releases and discharges Lender from any such liability to the fullest extent
permitted by law, provided that Lender shall not be released from liability that occurs as a result of Lender's gross negligence
or willful misconduct as determined by a court of competent jurisdiction pursuant to a final, non-appealable court order. If
the Rents are not sufficient to meet the costs of taking control of and managing the Mortgaged Property and collecting
the Rents, any funds expended by Lender for such purposes shall be added to, and become a
part of, the principal balance of the Indebtedness, be immediately due and payable, and bear interest at the Default Rate from
the date of disbursement until fully paid. Any entering upon and taking control of the Mortgaged Property by Lender or the receiver,
and any application of Rents as provided in this Security Instrument, shall not cure· or waive any Event of Default or
invalidate any other right or remedy of Lender under applicable law or provided for in this
Security Instrument or any Loan Document.


 


		4.	Protection
                                         of Lender's Security.



 


If
Borrower fails to perform any of its obligations under this Security Instrument or any other Loan Document, or any action or proceeding
is commenced that purports to affect the Mortgaged Property, Lender's security, rights or interests under this Security Instrument
or any Loan Document (including eminent domain, insolvency, code enforcement, civil or criminal forfeiture, enforcement of Environmental
Laws, fraudulent conveyance or reorganizations or proceedings involving a debtor or decedent), Lender may, at its option, make
such appearances, disburse or pay such sums and take such actions, whether before or after an Event of Default or whether directly
or to any receiver for the Mortgaged Property, as Lender reasonably deems necessary to perform such obligations of Borrower and
to protect the Mortgaged Property or Lender's security, rights or interests in the Mortgaged Property or the Mortgage Loan, including:


 


		(a)	paying
                                         fees and out-of-pocket expenses of attorneys, accountants, inspectors and consultants;



 


		(b)	entering
                                         upon the Mortgaged Property to make repairs or secure the Mortgaged Property;



 


		(c)	obtaining
                                         (or force-placing) the insurance required by the Loan Documents; and



 


		(d)	paying
                                         any amounts required under any of the Loan Documents that Borrower has failed to pay.



 


Any
amounts so disbursed or paid by Lender shall be added to, and become part of, the principal balance of the Indebtedness, be immediately
due and payable and bear interest at the Default Rate from the date of disbursement until fully paid. The provisions of this Section
4 shall not be deemed to obligate or require Lender to incur any expense or take any action.


 


		5.	Default;
                                         Acceleration; Remedies.



 


(a)
       If an Event of Default has occurred and is continuing,
Lender, at its option, may declare the Indebtedness to be immediately due and payable without further demand, and may either with
or without entry or taking possession as herein provided or otherwise, proceed by suit or suits at law or in equity or any other
appropriate proceeding or remedy (1) to enforce payment of the Mortgage Loan; (2) to foreclose this Security Instrument judicially
or non-judicially; (3) to enforce or exercise any right under any Loan Document; and (4)
to pursue any one (1) or more other remedies provided in tills Security Instrument or in any other Loan Document or otherwise
afforded by applicable law. Each right and remedy provided in this Security Instrument or any other Loan Document is distinct
from all other rights or remedies under this Security Instrument or any other Loan Document or otherwise afforded by applicable
law, and each shall be cumulative and may be exercised concurrently, independently, or successively, in any order. Borrower has
the right to bring an action to assert the nonexistence of an Event of Default or any other defense of Borrower to acceleration
and sale.


 




    	 



    	 



    

  


(b)
      In connection with any sale made under or by virtue of this Security Instrument, the whole
of the Mortgaged Property may be sold in one (1) parcel as an entirety or in separate lots or parcels at the same or different
times, all as Lender may determine in its sole discretion. Lender shall have the right to become the purchaser at any such sale.
In the event of any such sale, the outstanding principal amount of the Mortgage Loan and
the other Indebtedness, if not previously due, shall be and become immediately due and payable without demand or notice of any
kind. If the Mortgaged Property is sold for an amount less than the amount outstanding under the Indebtedness, the deficiency
shall be determined by the purchase price at the sale or sales. Borrower waives any and all rights to file or pursue permissive
counterclaims in connection with any legal action brought by Lender under this Security Instrument, the Note, or any other Loan
Document. To the extent not prohibited by applicable law, Borrower waives all rights, claims, and defenses with respect to Lender's
ability to obtain a deficiency judgment.


 


(c)
       Borrower acknowledges and agrees that the proceeds of any sale shall be applied as determined
by Lender unless otherwise required by applicable law.


 


(d)
       In connection with the exercise of Lender's rights and remedies under tills Security
Instrument and any other Loan Document, there shall be allowed and included as Indebtedness: (1) all expenditures and expenses
authorized by applicable law and all other expenditures and expenses which may be paid or incurred by or on behalf of Lender for
reasonable legal fees, appraisal fees, outlays for documentary and expert evidence, stenographic · charges and publication
costs; (2) all expenses of any environmental site assessments, environmental audits, environmental remediation costs, appraisals,
surveys, engineering studies, wetlands delineations, flood plain studies, and any other similar testing or investigation deemed
necessary or advisable by Lender incurred in preparation for, contemplation of or in connection with the exercise of Lender's
rights and remedies under the Loan Documents; and (3) costs (which may be reasonably estimated as to items to be expended in connection
with the exercise of Lender's rights and remedies under the Loan Documents), fees, charges, and taxes (including documentary stamp
tax, intangible taxes (recurring and non-recurring)), including costs of procuring all abstracts of title, title searches and
examinations, title insurance policies, and similar data and assurance with respect to title as Lender may deem reasonably necessary
either to prosecute any suit or to evidence the true conditions of the title to or the value of the Mortgaged Property to bidders
at any sale which may be held in connection with the exercise of Lender's rights and remedies under the Loan Documents. All expenditures
and expenses of the nature mentioned in this Section 5, and such other expenses and fees as may be incurred in the protection
of the Mortgaged Property and rents and income therefrom and the maintenance of the lien of this Security Instrument, including
the fees of any attorney employed by Lender in any litigation or proceedings affecting this Security Instrument, the Note, the
other L.oan Documents, or the Mortgaged Property, including bankruptcy proceedings, any Foreclosure Event, or in preparation of
the commencement or defense of any proceedings or threatened suit or proceeding, or otherwise in dealing specifically therewith,
shall be so much additional Indebtedness and shall be immediately due and payable by Borrower, with interest thereon at the Default
Rate until paid.


 


(e)
       Any action taken by Lender pursuant to the provisions of this Section 5 shall comply
with the laws of the Property Jurisdiction. Such applicable laws shall take precedence over the provisions of this Section 5,
but shall not invalidate or render unenforceable any other provision of any Loan Document that can be construed in a manner consistent
with any applicable law. If any provision of this Security Instrument shall grant to Lender (including Lender acting as a mortgagee
in-possession), or a receiver appointed pursuant to the provisions of this Security Instrument any powers, rights or remedies
prior to, upon, during the continuance of or following an Event of Default that are more limited than the powers, rights, or remedies
that would otherwise be vested in such party under any applicable law in the absence of said provision, such party shall be vested
with the powers, rights, and remedies granted in such applicable law to the full extent permitted by law.


 




    	 



    	 



    




 


		6.	Waiver
                                         of Statute of Limitations and Marshaling.



 


Borrower
hereby waives the right to assert any statute of limitations as a bar to the enforcement of the lien of this Security Instrument
or to any action brought to enforce any Loan Document. Notwithstanding the existence of any other security interests in the Mortgaged
Property held by Lender or by any other party, Lender shall have the right to determine the order in which any or all of the Mortgaged
Property shall be subjected to the remedies provided in this Security Instrument and/or any other Loan Document or by applicable
law. Lender shall have the right to determine the order in which any or all portions of the Indebtedness are satisfied from the
proceeds realized upon the exercise of such remedies. Borrower, for itself and all who may claim by, through or under it, and
any party who now or in the future acquires a security interest in the Mortgaged Property and who has actual or constructive notice
of this Security Instrument, waives any and all right to require the marshaling of assets or to require that any of the Mortgaged
Property be sold in the inverse order of alienation or that any of the Mortgaged Property be sold in parcels (at the same time
or different times) in connection with the exercise of any of the remedies provided in this Security Instrument or any other Loan
Document, or afforded by applicable law.


 


		7.	Waiver
                                         of Redemption; Rights of Tenants.



 


(a)
       Borrower hereby covenants and agrees that it will not at any time apply for, insist
upon, plead, avail itself, or in any manner claim or take any advantage of, any appraisement, stay, exemption or extension law
or any so-called "Moratorium Law" now or at any time hereafter enacted or in force in order to prevent or hinder the
enforcement or foreclosure of this Security Instrument. Without limiting the foregoing:


 


(1)
       Borrower, for itself and all Persons who may claim by, through or under Borrower, hereby
expressly waives any so-called "Moratorium Law" and any and all rights of reinstatement and redemption, if any, under
any order or decree of foreclosure of this Security Instrument, it being the intent hereof that any and all such "Moratorium
Laws'', and all rights of reinstatement and redemption of Borrower and of all other Persons claiming by, through or under Borrower
are and shall be deemed to be hereby waived to the fullest extent permitted by the laws of the Property Jurisdiction;


 


(2)
       Borrower shall not invoke or utilize any such law or laws or otherwise hinder, delay
or impede the execution of any right, power remedy herein or otherwise granted or delegated to Lender but will suffer and permit
the execution of every such right, power and remedy as though no such law or laws had been made or enacted; and


 


(3)
       If Borrower is a trust, Borrower represents that the provisions of this Section 7 (including
the waiver of reinstatement and redemption rights) were made at the express direction of Borrower's beneficiaries and the persons
having the power of direction over Borrower, and are made on behalf of the trust estate of Borrower and all beneficiaries of Borrower,
as well as all other persons mentioned above.


 










    	 



    	 



    




 


(b)
       Lender shall have the right to foreclose subject to the rights of any tenant or tenants
of the Mortgaged Property having an interest in the Mortgaged Property prior to that of Lender. The failure to join any such tenant
or tenants of the Mortgaged Property as party defendant or defendants in any such civil action or the failure of any decree of
foreclosure and sale to foreclose their rights shall not be asserted by Borrower as a defense in any civil action instituted to
collect the Indebtedness, or any part thereof or any deficiency remaining unpaid after foreclosure and sale of the Mortgaged Property,
any statute or rule of law at any time existing to the contrary notwithstanding.


 


		8.	Notice.



 


		(a)	All
                                         notices under this Security Instrument shall be:



 


(1)        in
writing, and shall be (A) delivered, in person, (B) mailed, postage prepaid, either by registered or certified delivery, return
receipt requested, or (C) sent by overnight express courier;


 


(2)       addressed
to the intended recipient at its respective address set forth at the end of this Security Instrument; and


 


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



 


(A)        the
date when the notice is received by the addressee; or


 


(B)        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.


 


(b)
Any party to this Security Instrument may change the address to
which notices intended for it are to be directed by means of notice given to the other party in accordance with
this Section 8.


 


(c)
Any required notice under this Security Instrument which does not specify how notices are to be given shall be given in accordance
with this Section 8.


 


		9.	Mortgagee-in-Possession.



 


Borrower
acknowledges and agrees that the exercise by Lender of any of the rights conferred in this Security Instrument shall not be construed
to make Lender a mortgagee-in possession of the Mortgaged Property so long as Lender has not itself entered into actual possession
of the Land and Improvements.


 


		10.	Release.



 


Upon
payment in full of the Indebtedness, Lender shall cause the release of this Security Instrument and Borrower shall pay Lender's
costs incurred in connection with such release.


 


		11.	Florida
                                         State Specific Provisions.



 


(a)
       It is the intention of the parties hereto to comply with the usury laws of applicable
governmental authority; accordingly, it is agreed that, notwithstanding any provision to the contrary in the Note, this Security
Instrument, or any of the other Loan Documents, no such provision shall require the payment or permit the collection of interest
in excess of the maximum permitted by law. In determining the maximum. rate allowed, Lender may take advantage of any state or
federal law, rule, or regulation in effect from time to time which may govern the maximum rate of interest which may be charged.
If any excess of interest in such respect is provided for, or shall be adjudicated to be so provided for, in the Note, this Security
Instrument, or in any of the other Loan Documents, then in such event: (1) the provisions of this Section 11 shall govern and
control; (2) neither Borrower nor its heirs, personal representatives, successors, or assigns or any other party liable for the
payment thereof, shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount
permitted by law; (3) any such excess which may have been collected shall be either applied
as a credit against the then unpaid principal amount of the Note or refunded to Borrower; and (4) the Interest Rate shall be automatically
reduced to the maximum lawful contract rate allowed under the applicable usury laws.


 




    	 



    	 



    




 


(b)
       Lender may from time to time, in Lender's discretion, make optional future or additional
advances (collectively, "Future Advances")
to Borrower, except that at no time shall the unpaid principal balance of all indebtedness secured by the lien of this
Security Instrument, including Future Advances, be greater than an amount equal to two hundred percent (200%) of the original
principal amount of the Note plus accrued interest and amounts disbursed by Lender Under this Security Instrument or the Loan
Agreement· or any other provision of this Security Instrument that treats a disbursement by Lender as being made under
this Security Instrument or the Loan Agreement. All Future Advances shall be made, if at all, within twenty (20) years after the
date of this Security Instrument, or within such lesser period that may in the future be provided by law as a prerequisite for
the sufficiency of actual or record notice of Future Advances as against the rights of creditors or subsequent purchasers for
value. Borrower shall, immediately upon request by Lender, execute and deliver to Lender a promissory note evidencing each Future
Advance together with a notice of such Future Advance in recordable form. All promissory notes evidencing Future Advances shall
be secured, pari passu, by the lien of this Security Instrument, and each reference in this Security Instrument or the Loan Agreement
to the Note shall be deemed to be a reference to all promissory notes evidencing Future Advances.


 


		12.	Governing
                                         Law; Consent to Jurisdiction and Venue.



 


This
Security Instrument shall be governed by the laws of the Property Jurisdiction without giving effect to any choice of law provisions
thereof that would result in the application of the laws of another jurisdiction. Borrower agrees that any controversy arising
under or in relation to this Security Instrument 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
that arise under or in relation to any security for the Indebtedness. Borrower irrevocably consents to service, jurisdiction,
and venue of such courts for any such litigation and waives any other venue to which it might be entitled by virtue of domicile,
habitual residence or otherwise.


 


		13.	Miscellaneous
                                         Provisions.



 


(a)
       This Security Instrument shall bind, and the rights granted by this Security Instrument
shall benefit, the successors and assigns of Lender. This Security Instrument shall bind, and the obligations granted by this
Security Instrument shall inure to, any permitted successors and assigns of Borrower under the Loan Agreement. If more than one
(1) person or entity signs this Security Instrument as Borrower, the obligations of such persons and entities shall be joint and
several. The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained
in this Security Instrument shall create any other relationship between Lender and Borrower. No creditor of any party to this
Security Instrument and no other person shall be a third party beneficiary of this Security Instrument or any other Loan Document.


 


(b)
       The invalidity or unenforceability of any provision
of this Security Instrument or any other Loan Document shall not affect the validity or enforceability of any other provision
of this Security Instrument or of any other Loan Document, all of which shall remain in full force and effect. This Security Instrument
contains the complete and entire agreement among the parties as to the matters covered, rights granted and the obligations assumed
in this Security Instrument. This Security Instrument may not be amended or modified except by written agreement signed by the
parties hereto.


 




    	 



    	 



    

  


		(c)	The
                                         following rules of construction shall apply to this Security Instrument:



 


(1)
       The captions and headings of the sections of this Security Instrument are for convenience
only and shall be disregarded in construing this Security Instrument.


 


(2)
       Any reference in this Security Instrument 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 Security Instrument or to a Section or Article of this Security Instrument.


 


(3)
       Any reference in this Security Instrument to a statute or regulation shall be construed
as referring to that statute or regulation as amended from time to time.


 


(4)
       Use of the singular in this Security Instrument includes the plural and use of the plural
includes the singular.


 


(5)
       As used in this Security Instrument, the term "including" means "including,
but not limited to" or "including, without limitation," and is for example only, and not a limitation.


 


(6)
       Whenever Borrower's knowledge is implicated in this
Security Instrument or the phrase "to Borrower's knowledge" or a similar phrase is used in this Security Instrument,
Borrower's knowledge or such phrase(s) shall be interpreted to mean to the best of Borrower's knowledge after reasonable and diligent
inquiry and investigation.


 


(7)
       Unless otherwise provided in this Security Instrument, if Lender's approval, designation,
determination, selection, estimate, action or decision is required, permitted or contemplated hereunder, such approval, designation,
determination, selection, estimate, action or decision shall be made in Lender's sole and absolute discretion.


 


(8)
       All
references in this Security Instrument 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. 


 


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


 


		14.	Time
                                         is of the Essence.



 


Borrower
agrees that, with respect to each and every obligation and covenant
contained in this Security Instrument and the other Loan Documents, time is of
the essence.


 




    	 



    	 



    




 


		15.	WAIVER
                                         OF TRIAL BY JURY.



 


TO
THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF BORROWER AND LENDER (BY ITS ACCEPTANCE HEREOF) (A) COVENANTS AND AGREES
NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS SECURITY INSTRUMENT OR THE RELATIONSHIP BETWEEN THE
PARTIES AS BORROWER 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 EACH OF BORROWER AND LENDER, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.


 


		16.	Acknowledgment
                                         of Receipt.



 


Borrower
acknowledges receipt of a copy of this Security Instrument, the Note and the other Loan Documents.


 





		17.	No
                                         Novation.



 


This Security
Instrument, the Note, the Loan Agreement, and the Loan Documents contain all of the terms, covenants and conditions of the Mortgage
Loan. This Security Instrument, does not extinguish the original indebtedness or discharge
or release the Original Mortgage or any other security and
is not intended to be a substitution or novation of the original indebtedness.


 


ATTACHED
EXHIBITS. The following Exhibits are attached to this Security Instrument and incorporated
fully herein by reference:


 





	x	Exhibit A	Description of the Land (required)
	 	 	 
	 	Exhibit B	Modifications to Security Instrument 







  







    	 



    	 



    




 


 


[Remainder
of Page Intentionally Blank]


 




    	 



    	 



    




 


			[PROVISION
                                         1 - CHECK BOX IF INTEREST RATE IS FIXED] THIS IS A BALLOON MORTGAGE AND THE FINAL PRINCIPAL
                                         PAYMENT OR THE PRINCIPAL BALANCE DUE UPON MATURITY IS $                                      ,
                                         TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL ADVANCEMENTS MADE BY . THE MORTGAGEE
                                         (LENDER) UNDER THE TERMS OF TIDS SECURITY INSTRUMENT.



 





	x	[PROVISION 2 - CHECK BOX IF INTEREST RATE IS VARIABLE] THIS IS A BALLOON MORTGAGE SECURING A VARIABLE ADJUSTABLE RATE OBLIGATION, ASSUMING THAT THE INITIAL RATE OF INTEREST WERE TO APPLY FOR THE ENTIRE TERM OF THE SECURITY INSTRUMENT, THE FINAL PRINCIPAL, PAYMENT OR THE PRINCIPAL BALANCE DUE UPON MATURITY WOULD BE APPROXIMATELY $29,444,000.00, TOGETHER WITH ACCRUED. INTEREST, IF ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE (LENDER) UNDER THE TERMS OF TIDS SECURITY INSTRUMENT. THE ACTUAL BALANCE DUE UPON MATURITY MAY VARY DEPENDING ON CHANGES IN THE RATE OF INTEREST. 







 


[Remainder
of Page Intentionally Blank]


 




    	 



    	 



    




 


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


 


	WITNESS	 	BORROWER:
	 	 	 
	/s/
    Molly Brown	 	BR
    CARROLL ARIUM GRANDE LAKES .
	Print
    Name:	Molly
    Brown	 	OWNER,
    LLC, a Delaware limited liability company
	 	 	 	 	 
	/s/ Lawrence
    Kaufman	 	By:	/s/ Jordan Ruddy
	Print Name 	Lawrence Kaufman	 	 	Jordan Ruddy
	 	 	 	 	Authorized Signatory


 


STATE
OF     New York   


CITY/COUNTY
    New York   ,
ss:


 


 I
HEREBY CERTIFY that on this day, before me, an officer duly authorized
in the state aforesaid and in the county aforesaid to take acknowledgments, personally appeared Jordan Ruddy, to me known to be
the person described in and who executed the foregoing instrument as the Authorized Signatory of
BR Carroll Arium Grande Lakes Owner, LLC, a Delaware limited liability company, and
acknowledged to me that he as such officer, being authorized· to do so, executed the
foregoing instrument for the purposes therein contained in the name of such limited liability company by himself as Authorized
Signatory.


 


Witness
my hand and official seal in the county and state aforesaid, this   
30 day of    October           ,
2014.


 


	 	/s/
    Dale Pozzi
	 	Notary Public


 


My Commission
Expires:         January 20, 2017      


 


DALE
POZZI


NOTARY
PUBLIC-STATE OF NEW YORK


No.
01P06275397


Qualified
In New York County


My
commission Expires January 28, 2017


 




    	 



    	 



    




 


The
name, chief executive office and organizational identification number of Borrower (as Debtor under any applicable Uniform Commercial
Code) are:


		•	Debtor
                                         Name/Record Owner: BR Carroll Arium Grande Lakes Owner, LLC



		•	Debtor
                                         Chief Executive Office Address: c/o Carroll Organization, LLC



3340
Peachtree Road NE


Suite
2250, Atlanta, Georgia 30326


		•	Debtor
                                         Organizational ID Number: 5614546



 


The
name and chief executive office of Lender (as Secured Party) are:


 


		•	Secured
                                         Party Name: Walker & Dunlop, LLC



		•	Secured
                                         Party Chief Executive Office Address: 



7501
Wisconsin Avenue, Suite 1200E


Bethesda,
Maryland 20814


 




    	 



    	 



    




 


Consent
to the Consolidated, Amended and Restated Multifamily Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture
Filing is hereby evidenced by Walker & Dunlop, LLC, a Delaware limited liability company, the holder of the Note.


 


	WITNESS	 	WALKER
    & DUNLOP, LLC, a Delaware limited
	 	 	liability
    company
	/s/
    Derek DuPrec	 	 
	Print
    Name:	/s/
    Derek DuPrec	 	 
	 	 	 	 	 
	/s/ Blake
    Porche	 	By:	/s/ Jamie Petitt
	Print Name 	Blake Porche	 	 	Jamie Petitt
	 	 	 	 	Closing Officer


 


STATE
OF     Georgia            


CITY/COUNTY
OF     Dekalb     , ss:


 


I
HEREBY CERTIFY that on this day, before me, an officer duly authorized in the state aforesaid and in the county aforesaid to take
acknowledgments, personally appeared Jamie Petitt, to me known to be the person described in and who executed the foregoing instrument
as the Closing Officer of Walker & Dunlop, LLC, a Delaware limited liability company, and acknowledged to me that she as such
officer, being authorized to do so, executed the foregoing instrument for the purposes therein contained in the name of such limited
liability company by herself as Closing Officer.


 


Witness
my hand and official seal in the county and state aforesaid, this 3rd  day of   November      2014.


 


	 	/s/
    Holly B. Shonosky
	 	Notary Public


 


My
Commission Expires: September 5, 2016     


 




    	 



    	 



    




 


EXHIBIT
'A'


 


LEGAL
DESCRIPTION


 


Lot
1, Grande Lakes Apartments, according to the plat thereof as recorded in Plat Book 59, Pages 46 and 47, Public Records of Orange
County, Florida


 


TOGETHER
WITH:


 


Tracts
“A" and "B", Grande Lakes Apartments, according to the plat thereof, as recorded in Plat Book 59, Pages 46
and 47, Public Records of Orange County, Florida.


 


ALSO
TOGETHER WITH:


 


Non-exclusive
easements for drainage set forth in Declaration of Covenants, Conditions, Restrictions, Easements and Reservations for Grande
Lakes Master Stormwater Management System, recorded on August 7, 2003, Official Records Book 7038, Page 2091, Public Records of
Orange County, Florida.