exv10w4






Exhibit 10.4




Prepared by, and after recording

return to:

PNC Bank, National Association

10731 Treena Street, Suite 101

San Diego, CA 92131

Attention: Kelli A. Tyler

PNC Loan No. 310401114

Fannie Mae No. 865151




MULTIFAMILY MORTGAGE,

ASSIGNMENT OF LEASES AND RENTS,

SECURITY AGREEMENT

AND FIXTURE FILING




(KANSAS)



					
	 	 	 	 	 
	Fannie Mae Multifamily Security Instrument 

Kansas
	 	Form 6025.KS

01-11
	 	© 2011 Fannie Mae







 









 






TABLE OF CONTENTS




	 	 	 	 	 	 	 	 
	 	 	 	 	 	PAGE
	 	 	 	 
	 	 	 	 
	1.	 	 	DEFINED TERMS
	 	 	2	 
	 	 	 	 
	 	 	 	 
	2.	 	 	SECURITY AGREEMENT; FIXTURE FILING
	 	 	6	 
	 	 	 	 
	 	 	 	 
	3.	 	 	ASSIGNMENT OF LEASES AND RENTS; APPOINTMENT OF
RECEIVER;
LENDER IN POSSESSION
	 	 	7	 
	 	 	 	 
	 	 	 	 
	4.	 	 	PROTECTION OF LENDER’S SECURITY
	 	 	10	 
	 	 	 	 
	 	 	 	 
	5.	 	 	NO OTHER INDEBTEDNESS AND MEZZANINE FINANCING
	 	 	11	 
	 	 	 	 
	 	 	 	 
	6.	 	 	DEFAULT; ACCELERATION; REMEDIES
	 	 	11	 
	 	 	 	 
	 	 	 	 
	7.	 	 	WAIVER OF STATUTE OF LIMITATIONS AND MARSHALING
	 	 	13	 
	 	 	 	 
	 	 	 	 
	8.	 	 	WAIVER OF REDEMPTION; RIGHTS OF TENANTS
	 	 	13	 
	 	 	 	 
	 	 	 	 
	9.	 	 	NOTICE
	 	 	14	 
	 	 	 	 
	 	 	 	 
	10.	 	 	MORTGAGEE-IN-POSSESSION
	 	 	15	 
	 	 	 	 
	 	 	 	 
	11.	 	 	RELEASE
	 	 	15	 
	 	 	 	 
	 	 	 	 
	12.	 	 	GOVERNING LAW; CONSENT TO JURISDICTION AND VENUE
	 	 	15	 
	 	 	 	 
	 	 	 	 
	13.	 	 	MISCELLANEOUS PROVISIONS
	 	 	15	 
	 	 	 	 
	 	 	 	 
	14.	 	 	TIME IS OF THE ESSENCE
	 	 	17	 
	 	 	 	 
	 	 	 	 
	15.	 	 	WAIVER OF TRIAL BY JURY
	 	 	17	 
	 	 	 	 
	 	 	 	 
	16.	 	 	ACKNOWLEDGMENT OF RECEIPT
	 	 	17	 






					
	 	 	 	 	 
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Kansas
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01-11
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MULTIFAMILY MORTGAGE,

ASSIGNMENT OF LEASES AND RENTS,

SECURITY AGREEMENT

AND FIXTURE FILING




     This 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 June 28, 2011, is executed by SIR CLARION PARK, LLC, a limited
liability company, organized and existing under the laws of Delaware, as mortgagor (“Borrower”), to
and for the benefit of PNC BANK, NATIONAL ASSOCIATION, a national banking association, as mortgagee
(“Lender”).



     Borrower, in consideration of (i) the loan in the original principal amount of $8,972,000.00
(the “Mortgage Loan”) evidenced by that certain Multifamily Note dated as of the date of this
Security Instrument, executed by Borrower and made payable to the order of Lender (as amended,
restated, replaced, supplemented, or otherwise modified from time to time, the “Note”), and (ii)
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 the County of Johnson, State of Kansas, 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, assign, remise, release, warrant and
convey the Mortgaged Property, and that the Mortgaged Property is not encumbered by any Lien (as
defined in this Security Instrument) other than Permitted Encumbrances (as defined in this Security
Instrument). Borrower covenants that Borrower will warrant and defend the title to the Mortgaged
Property against all claims and demands other than Permitted Encumbrances.





					
	 	 	 	 	 
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     Borrower and Lender, by its acceptance hereof, each covenants and agrees as follows:



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, 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 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;





					
	 	 	 	 	 
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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 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,
default interest, 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.







					
	 	 	 	 	 
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“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 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 taking 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;






					
	 	 	 	 	 
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     (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 Impositions 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, excluding
therefrom the names “SIR” and “Steadfast” (or any derivation of either such name) and/or trademark
rights associated with such names or derivation thereof;



     (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 or restrictions 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 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





					
	 	 	 	 	 
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01-11
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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 taxes 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, whether acquired now
or in the future, in which a security interest may be granted under the UCC.




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






					
	 	 	 	 	 
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signature of Borrower. From and
after the occurrence of an Event of Default, Lender shall have the remedies of a secured party
under the UCC, in addition to all remedies provided by this Security Instrument existing under
applicable law. 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: (1) 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 for items removed, disposed of and/or replaced
in the ordinary course of Borrower’s business, 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





					
	 	 	 	 	 
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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 the occurrence of an Event of Default, 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 or extend or terminate any Lease 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, the
Rents remaining after application pursuant to the preceding sentence may be retained by Borrower
free and clear of, and released from, Lender’s rights with respect to Rents under this Security
Instrument.



     (c) From and after the occurrence of an Event of Default that has not been cured to Lender’s
satisfaction, 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. From and after the occurrence of an Event of Default that has not been cured to Lender’s
satisfaction, 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 (i) Borrower’s receipt of any Rents from any sources, and (ii) such direction from
Lender, pay the total amount of such receipts to Lender. Although the foregoing rights of Lender
are self-effecting, at any time from and after the occurrence of an Event of Default that has not
been cured to Lender’s satisfaction, 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.






					
	 	 	 	 	 
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     (d) From and after the occurrence of an Event of Default that has not been cured to Lender’s
satisfaction, 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 has not been cured to Lender’s
satisfaction, 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, 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 takes possession and control of the Mortgaged Property,
Lender 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. Except to the extent caused by the gross
negligence or willful misconduct of Lender, 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);






					
	 	 	 	 	 
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     (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 shall 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. Except to the extent caused by the gross negligence or willful misconduct of 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. 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;





					
	 	 	 	 	 
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     (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. No Other Indebtedness and Mezzanine Financing.




     Other than the Mortgage Loan, Borrower shall not incur or be obligated at any time with
respect to any loan or other indebtedness in connection with or secured by the Mortgaged Property.
Neither Borrower nor any owner of Borrower shall (a) incur any “mezzanine debt,” secured or
unsecured, or issue any preferred equity that is secured by a pledge of the ownership interests in
Borrower or by a pledge of the cash flows of Borrower to the extent the Transfer of the underlying
ownership interests is otherwise prohibited by the Loan Agreement, or (b) incur any similar
Indebtedness or equity with respect to the Mortgaged Property or ownership interest in Borrower or
any owner of Key Principal or Guarantor that is secured by a pledge of the cash flows of Borrower
to the extent the Transfer of the underlying ownership interests is otherwise prohibited by the
Loan Agreement.



6. Default; Acceleration; Remedies.




     (a) From and after the occurrence of an Event of Default, 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 this 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.






					
	 	 	 	 	 
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     (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. 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 this 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) 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 6, 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 Loan 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 6 shall comply with
the laws of the Property Jurisdiction. Such applicable laws shall take precedence over the
provisions of this Section 6, but shall not invalidate or render unenforceable any other





					
	 	 	 	 	 
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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 or following the occurrence of 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.



7. 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.



8. 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;





					
	 	 	 	 	 
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     (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 8
(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.



9. 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
9.





					
	 	 	 	 	 
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     (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 9.



     (d) Lender shall endeavor to give Borrower’s counsel a courtesy copy of any notice given to
Borrower by Lender, at the address set forth below; provided, however, failure to provide such
courtesy copy notice shall not affect the validity or sufficiency of any notice to Borrower, shall
not affect Lender’s rights and remedies hereunder or under any other Loan Documents, nor subject
Lender any claim by or liability to Borrower.


Garrett DeFrenza Stiepel LLP

Park Tower

695 Town Center Drive, Suite 500

Costa Mesa, California 92626-1924

Attn: Marc DeFrenza and Jim Mullen




10. 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.



11. 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.



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





					
	 	 	 	 	 
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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 is
required for any matter hereunder, such approval may be granted or withheld in Lender’s sole
and absolute discretion.





					
	 	 	 	 	 
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     (8) Unless otherwise provided in this Security Instrument, if Lender’s designation,
determination, selection, estimate, 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.




     (9) 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.




     (10) “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.






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



	 	 	 	 	 

	 

	 	þ
	 	Exhibit A Description of the Land (required)
	 
	 	 	 	 
	 

	 	þ
	 	Exhibit B Modifications to Security Instrument (Tax Credit Properties)






[Remainder of Page Intentionally Blank]




					
	 	 	 	 	 
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     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.



	 	 	 	 	 
	 	BORROWER:



SIR CLARION PARK, LLC,

a Delaware limited liability company

 	 
	 	By:  	Steadfast Income Advisor, LLC,
 	 
	 	 	a Delaware limited liability company 	 
	 	Its: 	Manager 
	 
	 	By:  	            /s/ Ana Marie del Rio
 	 
	 	 	Name:  	Ana Marie del Rio 	 
	 	 	Title:  	Secretary 	 
	 



The name, chief executive office and organizational identification number of
Borrower (as Debtor under any applicable Uniform Commercial Code) are: 
Debtor Name/Record Owner: SIR CLARION PARK, LLC




Debtor Chief Executive Office Address:

18100 Von Karman Avenue, Suite 500

Irvine, Orange County, California 92612

Debtor Organizational ID Number: 4990276




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

Secured Party Name: PNC BANK, NATIONAL ASSOCIATION




Secured Party Chief Executive Office Address:

26901 Agoura Rd., Suite 200

Calabasas Hills, California 91301




					
	 	 	 	 	 
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ACKNOWLEDGEMENT




	 	 	 	 	 	 	 

	STATE OF CALIFORNIA

	 	 	)	 	 	 
	 

	 	 	)	 	 	SS.
	COUNTY OF ORANGE

	 	 	)	 	 	 






     On June 28, 2011, before me, Mary L. Kelly, a Notary Public, personally appeared Ana Marie del
Rio, who proved to me on the basis of satisfactory evidence to be the person whose name is
subscribed to the within instrument and acknowledged to me that she executed the same in her
authorized capacity, and that by her signature on the instrument the person, or the entity upon
behalf of which the person acted, executed the instrument.



     I certify under penalty of perjury under the laws of the State of California that the
foregoing paragraph is true and correct.



     WITNESS my hand and official seal.



	 	 	 	 	 
	 	 	 
	 	/s/ Mary L. Kelly
 	 
	 	Notary Public 	 
	 	 	 
	 


[Seal]




					
	 	 	 	 	 
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EXHIBIT A


DESCRIPTION OF THE LAND



LOT 3, DELMAR GARDENS A SUBDIVISION IN THE CITY OF OLATHE, JOHNSON COUNTY, KANSAS, EXCEPTING
THEREFROM THE FOLLOWING:



ALL OF THAT PART OF LOT 3, DELMAR GARDENS, A SUBDIVISION OF LAND NOW IN THE CITY OF OLATHE, JOHNSON
COUNTY, KANSAS, MORE PARTICULARLY DESCRIBED AS FOLLOWS; COMMENCING AT THE SOUTHEAST CORNER OF SAID
LOT 3; THENCE SOUTH 89° 41’ WEST, ALONG THE SOUTH LINE OF SAID LOT 3, A DISTANCE OF 280.78 FEET, TO
THE TRUE POINT OF BEGINNING OF SUBJECT TRACT; THENCE SOUTH 86° 49’ 15” WEST, ALONG THE SOUTH LINE
OF SAID LOT 3, A DISTANCE OF 200.25 FEET; THENCE SOUTH 89° 41’ WEST, ALONG THE SOUTH LINE OF SAID
OF LOT 3, A DISTANCE OF 500 FEET; THENCE NORTH 87° 27’ 15” WEST, ALONG THE SOUTH LINE OF SAID LOT
3, A DISTANCE OF 200.25 FEET; THENCE NORTH 89° 41’ EAST, A DISTANCE OF 900 FEET, TO THE TRUE POINT
OF BEGINNING OF SUBJECT TRACT,



AND EXCEPT ANY OTHER PART USED OR DEDICATED FOR STREETS, ROADS OR PUBLIC RIGHTS-OF-WAY.



APN: DP16800000-0003




					
	 	 	 	 	 
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EXHIBIT B


MODIFICATIONS TO SECURITY INSTRUMENT

(Tax Credit Properties)




     The foregoing Security Instrument is hereby modified as follows:



     1. Capitalized terms used and not specifically defined herein have the meanings given to such
terms in the Security Instrument.



     2. Section 1 of the Security Instrument (Defined Terms) is hereby amended by adding the
following new definitions in the appropriate alphabetical order:



“Extended Use Agreement” means any extended low income housing commitment (as such
term is defined in Section 42(h)(6)(B) of the Internal Revenue Code) recorded
against the Mortgaged Property.


     3. The following sections are hereby added to the Security Instrument as Sections 17 and 18:



     17. Extended Low-Income Housing Commitment.




     Lender agrees that the lien of this Security Instrument shall be subordinate to
the Extended Use Agreement; provided that such Extended Use Agreement, by its terms,
must terminate upon a Foreclosure Event in accordance with Section 42(h)(6)(E) of
the Internal Revenue Code.



     18. Cross-Default.




     Borrower acknowledges and agrees that any default, event of default, or breach
(however such terms may be defined) after the expiration of any applicable notice
and/or cure periods under the Extended Use Agreement shall be an Event of Default
under this Security Instrument and the Loan Documents and that any costs, damages or
other amounts, including reasonable attorney’s fees incurred by the Lender as a
result of such an Event of Default by Borrower, including amounts paid to cure any
default or event of default, under the Extended Use Agreement shall be an obligation
of Borrower and become a part of the Indebtedness secured by this Security
Instrument and the Loan Agreement.



	 	 	 	 	 
	 	ADR
 	 
	 	Borrower Initials
 	 
	 	 	 
	 	 	 
	 	 	 
	 



					
	 	 	 	 	 
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