EX-10.2



 Exhibit 10.2 

AMENDED AND RESTATED 

ADVISORY AGREEMENT 

This AMENDED AND RESTATED ADVISORY AGREEMENT (this “Advisory Agreement”), dated as of May 1, 2018, is entered into by and among
Strategic Student & Senior Housing Trust, Inc., a Maryland corporation (formerly Strategic Student Senior & Storage Trust, Inc.) (the “Company”), SSSHT Operating Partnership, L.P., a Delaware limited partnership (formerly
SSSST Operating Partnership, L.P.) (the “Operating Partnership”) and SSSHT Advisor, LLC, a Delaware limited liability company (formerly SSSST Advisor, LLC) (the “Advisor”), on the following terms and conditions. 

W I T N E S S E T H 

WHEREAS, on January 27, 2017, the Company, the Operating Partnership, and the Advisor entered into an advisory agreement; 

WHEREAS, the Company, the Operating Partnership, and the Advisor desire to amend and restate such advisory agreement; 

WHEREAS, the Company has filed with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-11 (No.
333-220646) (the “Registration Statement”) covering the issuance of Common Stock, and the Company may subsequently issue additional shares of Common Stock; 

WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of the Company’s Charter
and Sections 856 through 860 of the Code; 
 WHEREAS, the Company is the general partner of the Operating Partnership; 

WHEREAS, the Company and the Operating Partnership desire to avail themselves of the experience, sources of information, advice, assistance
and certain facilities available to the Advisor and its Affiliates and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of the Board of Directors of the Company, all as
provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of
Directors, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements contained herein, the parties hereto agree as follows: 
 ARTICLE 1. 

DEFINITIONS 
 As
used in this Advisory Agreement, the following terms have the definitions hereinafter indicated: 
 “Acquisition Expenses” means
expenses incurred by the Company, the Operating Partnership, the Advisor or any of their affiliates in connection with the sourcing, selection, evaluation and acquisition of, and investment in, Properties, whether or not acquired or made, including
but not limited to legal, tax and due diligence fees and expenses (whether performed by a third party or by the Advisor or any of its 







 
Affiliates), travel, travel related expenses, communications expenses, costs of financial analysis, appraisals and surveys, nonrefundable option payments on Property not acquired, accounting fees
and expenses (whether performed by a third party or by the Advisor or any of its Affiliates), computer use-related expenses, architectural and engineering reports, environmental reports, title insurance and escrow fees, third party brokerage fees
and expenses, and personnel and other direct expenses related to the selection and acquisition of Properties. 
 “Acquisition Fee”
means any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company or the Advisor) in connection with the making or
investing in mortgage loans or the purchase, development or construction of a Property, including, without limitation, real estate commissions, acquisition fees, finder’s fees, selection fees, Development Fees and Construction Fees (except as
provided in the following sentence), nonrecurring management fees, consulting fees, loan fees, points, or any other fees or commissions of a similar nature. Excluded shall be any commissions or fees incurred in connection with the leasing of any
Property, and Development Fees or Construction Fees paid to any Person or entity not affiliated with the Advisor in connection with the actual development and construction of any Property. This fee is paid to the Advisor in the amount established
pursuant to Section 9.1 for the services provided to the Company and the Operating Partnership described in Section 4.2. 

“Advisor” means the Person responsible for directing or performing the day-to-day business affairs of the Company and the Operating
Partnership, including a Person to which an Advisor subcontracts substantially all such functions. The Advisor is SSSHT Advisor, LLC or any Person which succeeds it in such capacity. 

“Advisory Agreement” means this advisory agreement among the Company, the Operating Partnership and the Advisor pursuant to which
the Advisor will direct or perform the day-to-day business affairs of the Company and the Operating Partnership, as it may be further amended or restated from time to time. 

“Affiliate” or “Affiliated” means, as to any individual, corporation, partnership, trust, limited liability company or
other legal entity (other than the Company): (a) any Person or entity, directly or indirectly owning, controlling, or holding with power to vote ten percent (10%) or more of the outstanding voting securities of another Person or entity;
(b) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with power to vote, by such other Person; (c) any Person or entity directly or indirectly through
one or more intermediaries controlling, controlled by, or under common control with another Person or entity; (d) any officer, director, general partner or trustee of such Person or entity; and (e) if such other Person or entity is an
officer, director, general partner, or trustee of a Person or entity, the Person or entity for which such Person or entity acts in any such capacity. 

“Asset Management Fee” means the monthly fee paid to the Advisor in the amount established pursuant to Section 9.2. 

“Assets” means any and all GAAP assets including but not limited to all real estate investments (real, personal or otherwise),
tangible or intangible, owned or held by, or for the account of, the Company or the Operating Partnership, whether directly or indirectly through another entity or entities, including Properties. 

“Average Invested Assets” means, for a specified period, the average of the aggregate GAAP basis book carrying values of the Assets
invested, directly or indirectly, in equity interests in and loans secured, directly or indirectly, by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the
end of each month during such period. 

  
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 “Board of Directors” or “Board” means the individual or individuals holding
such office, as of any particular time, under the Charter of the Company, whether they are the Directors named therein or additional or successor Directors. 

“Bylaws” means the bylaws of the Company, as the same may be amended from time to time. 

“Capped O&O Expenses” means all Organizational and Offering Expenses (excluding Sales Commissions, dealer manager fees,
stockholder servicing fees and dealer manager servicing fees) in excess of 3.5% of the Gross Proceeds raised in a completed Offering other than Gross Proceeds from Stock sold pursuant to the Distribution Reinvestment Plan. 

“Charter” means the charter of the Company, including the articles of incorporation and all articles of amendment, articles of
amendment and restatement, articles supplementary and other modifications thereto as filed with the State Department of Assessments and Taxation of the State of Maryland. 

“Class W Shares” means Class W shares of the Company’s Common Stock. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any
provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

“Common Stock” means shares of the Company’s common stock, $0.001 par value per share, the terms and conditions of which are
set forth in the Charter. 
 “Company” means Strategic Student & Senior Housing Trust, Inc., a corporation organized
under the laws of the State of Maryland. 
 “Construction Fee” means a fee or other remuneration for acting as general contractor
and/or construction manager to construct, supervise or coordinate leasehold or other improvements or projects, or to provide major repairs or rehabilitation for a Property. 

“Contract Purchase Price” means the amount actually paid or allocated in respect of the purchase, development, construction, or
improvement of a property, exclusive of Acquisition Fees and Acquisition Expenses. 
 “Dealer Manager” means Select Capital
Corporation, an Affiliate of the Advisor, or such other Person or entity selected by the Board of Directors to act as the dealer manager for an Offering of the Stock. Select Capital Corporation is a member of the Financial Industry Regulatory
Authority. 
 “Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans, and
undertaking to assist in obtaining zoning and necessary variances and financing for the specific Property, either initially or at a later date. 

“Director” means an individual who is a member of the Board of Directors. 

“Distribution Reinvestment Plan” means the distribution reinvestment plan of the Company approved by the Board and as set forth in
the Prospectus. 

  
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 “Distributions” means any dividends or other distributions of money or other property
paid by the Company to the holders of Common Stock or preferred stock, including dividends that may constitute a return of capital for federal income tax purposes. 

“Excess Amount” has the meaning set forth in Section 10.3(b) hereof. 

“Excess Expense Guidelines” has the meaning set forth in Section 10.3(b) hereof. 

“Excluded Assets” means any and all investments by the Company in real estate programs which are Affiliates of the Advisor and which
pay an asset management fee or similar fee. 
 “Expense Year” has the meaning set forth in Section 10.3(b) hereof. 

“GAAP” means generally accepted accounting principles consistently applied as used in the United States. 

“Gross Proceeds” means the aggregate purchase price of all Stock sold for the account of the Company, including Stock sold pursuant
to the Distribution Reinvestment Plan, without deduction for Sales Commissions, volume discounts, fees paid to the Dealer Manager, or other Organizational and Offering Expenses. Gross Proceeds does not include Stock issued in exchange for OP Units.

 “Independent Director” means a Director who is not, and within the last two (2) years has not been, directly or indirectly
associated with the Advisor or the Sponsor by virtue of (a) ownership of an interest in the Advisor, the Sponsor or their Affiliates, (b) employment by the Advisor, the Sponsor or their Affiliates, (c) service as an officer or
director of the Advisor, the Sponsor or their Affiliates, (d) performance of services, other than as a Director, for the Company, (e) service as a director or trustee of more than three (3) real estate investment trusts organized by
the Advisor or the Sponsor or advised by the Advisor, or (f) maintenance of a material business or professional relationship with the Advisor, the Sponsor or any of their Affiliates. A business or professional relationship is considered
material if the gross revenue derived by the Director from the Advisor, the Sponsor and Affiliates exceeds five percent (5%) of either the Director’s annual gross revenue during either of the last two (2) years or the Director’s
net worth on a fair market value basis. An indirect relationship shall include circumstances in which a Director’s spouse, parents, children, siblings, mothers- or fathers-in-law, sons- or daughters-in-law or brothers- or sisters-in-law are or
have been associated with the Advisor, the Sponsor, any of their Affiliates or the Company or the Operating Partnership. 
 “Initial
Public Offering” means the offering and sale of Common Stock of the Company pursuant to the Company’s first effective registration statement covering such Common Stock filed under the Securities Act of 1933. 

“Joint Venture” or “Joint Ventures” means those joint venture or general partnership arrangements in which the Company or
the Operating Partnership is a co-venturer or general partner which are established to acquire Properties. 
 “Managed Assets”
means, solely for the purposes of Section 9.2, the Assets, excluding the Excluded Assets. 
 “NASAA” means the North American
Securities Administrators Association, Inc. 

  
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 “NASAA Net Income” means for any period, the total revenues applicable to such period,
less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, NASAA Net Income for purposes of calculating total allowable Operating
Expenses shall exclude the gain from the sale of the Company’s or the Operating Partnership’s Assets. 
 “NASAA REIT
Guidelines” means the Statement of Policy Regarding Real Estate Investment Trusts published by NASAA, as revised and adopted by the NASAA membership on May 7, 2007, as may be amended from time to time. 

“Offering” means the Initial Public Offering or any subsequent offering of Stock that is registered with the SEC, excluding Stock
offered under any employee benefit plan. 
 “OP Unit” means a unit of limited partnership interest in the Operating Partnership.

 “Operating Expenses” means all direct and indirect costs and expenses incurred by the Company, as determined under GAAP, which
in any way are related to the operation of the Company or to Company business, including advisory fees, but excluding (a) the expenses of raising capital such as Organizational and Offering Expenses, legal, audit, accounting, underwriting,
brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and listing of the Stock on a national securities exchange, (b) interest
payments, (c) taxes, (d) non-cash expenditures such as depreciation, amortization and bad debt reserves, (e) Acquisition Fees and Acquisition Expenses, (f) real estate commissions on the Sale of Property, and other expenses
connected with the acquisition and ownership of real estate interests, mortgage loans, or other property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property) and (g) any
incentive fees which may be paid in compliance with the NASAA REIT Guidelines. The definition of “Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Operating Expenses under
the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not an Operating Expense under the NASAA REIT Guidelines shall not be treated as an Operating Expense for purposes
hereof. 
 “Operating Partnership” means SSSHT Operating Partnership, L.P., a Delaware limited partnership. 

“Operating Partnership Agreement” means the Third Amended and Restated Limited Partnership Agreement of the Operating Partnership,
as amended and restated from time to time. 
 “Organizational and Offering Expenses” means any and all costs and expenses incurred
by the Company, the Advisor or any Affiliate of either in connection with and in preparing the Company for registration or exemption of and subsequently offering and distributing its Stock, whether performed by a third party or by the Advisor or its
Affiliates, which may include, but are not limited to, (a) total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), (b) legal, tax, accounting and escrow fees, (c) expenses for
printing, engraving, amending, supplementing and mailing, (d) distribution costs, (e) compensation to employees while engaged in registering, marketing and wholesaling the Stock or providing administrative services relating thereto,
(f) telegraph and telephone costs, (g) all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), (h) charges of transfer agents, registrars, trustees, escrow holders,
depositories, experts, (i) fees, expenses and taxes related to the filing, registration, exemption or qualification of the sale of the Securities under Federal and State laws, including accountants’ and attorneys’ fees and other
accountable offering expenses, (j) amounts to reimburse the Advisor for all marketing related costs and expenses such as the salaries, bonuses and related benefits of the Advisor’s employees or employees of the Advisor’s Affiliates,
including the named executive officers of the 

  
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Company, in connection with registering and marketing the Stock, (k) travel and entertainment expenses related to the offering and marketing of the Stock, (l) facilities and technology
costs and other costs and expenses associated with the offering and ownership of the Stock and to facilitate the marketing of the Stock including web site design and management, (m) costs and expenses of conducting training and educational
conferences and seminars, (n) costs and expenses of attending broker-dealer sponsored retail seminars or conferences, and (o) payment or reimbursement of bona fide due diligence expenses, including compensation to employees while engaged
in the provision or support of bona fide due diligence services. 
 “Other Organizational and Offering Expenses” means
Organizational and Offering Expenses with respect to an Offering, other than Sales Commissions, dealer manager fees, stockholder servicing fees and dealer manager servicing fees relating to the Initial Public Offering. 

“Person” shall mean any natural person, partnership, corporation, association, trust, limited liability company or other legal
entity. 
 “Property” or “Properties” means the real properties or real estate investments or any other asset (including
any investments in mortgage loans and other types of real estate related debt financing, including, mezzanine loans, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests and
participations in such loans), which are acquired by the Company either directly or through the Operating Partnership, any subsidiaries, Joint Ventures, partnerships or other entities. 

“Property Manager” means any entity that has been retained to perform and carry out at one or more of the Properties property
management services. 
 “Prospectus” means any document, notice, or other communication satisfying the standards set forth in
Section 10 of the Securities Act of 1933, and contained in a currently effective registration statement filed by the Company with, and declared effective by, the SEC, or if no registration statement is currently effective, then the Prospectus
contained in the most recently effective registration statement. 
 “REIT” means a corporation, trust or association which is
engaged in investing in equity interests in real estate (including fee ownership and leasehold interests and interests in partnerships and Joint Ventures holding real estate) or in loans secured by mortgages on real estate or both and that qualifies
as a real estate investment trust under the REIT Provisions of the Code. 
 “REIT Provisions of the Code” means Sections 856
through 860 of the Code and any successor or other provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests therein) and the regulations promulgated thereunder.

 “Sale” or “Sales” means any transaction or series of transactions whereby: (a) the Operating Partnership sells,
grants, transfers, conveys or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of the building only, and including any event with respect to any Property which gives rise to a significant
amount of insurance proceeds or condemnation awards; (b) the Operating Partnership sells, grants, transfers, conveys or relinquishes its ownership of all or substantially all of the interest of the Operating Partnership in any Joint Venture in
which it is a co-venturer or partner; (c) any Joint Venture in which the Operating Partnership is a co-venturer or partner sells, grants, transfers, conveys or relinquishes its ownership of any Property or portion thereof, including any event
with respect to any Property which gives rise to insurance claims or condemnation awards; (d) the Operating Partnership sells, grants, conveys, or relinquishes its interest in any asset, or portion thereof, including any event with respect to
any asset which gives rise to a significant amount of insurance proceeds or similar awards; or (e) the Operating Partnership sells or otherwise disposes of or distributes all of its assets in liquidation of the Operating Partnership. 

  
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 “Sales Commissions” means any and all commissions payable to underwriters, dealer
managers or other broker-dealers in connection with the sale of Stock, including, without limitation, commissions payable to the Dealer Manager. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities” means any class or series of units or shares of the Company or the Operating Partnership, including common shares or
preferred units or shares and any other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in
general any instruments commonly known as “Securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to,
purchase or acquire, any of the foregoing. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Sponsor” means SmartStop Asset Management, LLC, a Delaware limited liability company. 

“Stock” means shares of stock of the Company of any class or series, including Common Stock, preferred stock or shares-in-trust.

 “Stockholders” means the registered holders of the Company’s Stock. 

“Termination Date” means the date of termination of this Advisory Agreement. 

ARTICLE 2. 

APPOINTMENT 
 The
Company, through the powers vested in the Board of Directors, and the Operating Partnership hereby appoint the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this Advisory Agreement, and the Advisor hereby
accepts such appointment. The Advisor undertakes to use its commercially reasonable best efforts to present to the Company and the Operating Partnership potential investment opportunities and to provide a continuing and suitable investment program
consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. 

  
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 ARTICLE 3. 

AUTHORITY OF THE ADVISOR 

3.1 General. All rights and powers to manage and control the day-to-day business and affairs of the Company, the
Operating Partnership and their subsidiaries shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Company, the Operating
Partnership and their subsidiaries to such officers, employees, Affiliates, agents and representatives of the Advisor, the Company or the Operating Partnership as it may from time to time deem appropriate. Any authority delegated by the Advisor to
any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Advisory Agreement, the Charter, the Bylaws and the Operating Partnership Agreement. 

3.2 Powers of the Advisor. Subject to the express limitations set forth in this Advisory Agreement and subject to the
supervision of the Board, the power to direct the management, operation and policies of the Company, the Operating Partnership and their subsidiaries shall be vested in the Advisor, which shall have the power by itself and shall be authorized and
empowered on behalf and in the name of the Company, the Operating Partnership and their subsidiaries, as applicable, to carry out any and all of the objectives and purposes of the Company, the Operating Partnership and their subsidiaries and to
perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Advisory Agreement. 

3.3 Approval by Directors. Notwithstanding the foregoing, any investment in Properties, including any acquisition of a Property
by the Company or the Operating Partnership or any of their subsidiaries or any investment by the Company or the Operating Partnership or any of their subsidiaries in a Joint Venture, limited partnership or similar entity owning real properties,
will require the prior approval of the Board of Directors or a committee of the Board constituting a majority of the Board. The Advisor will deliver to the Board of Directors all documents reasonably required by it to properly evaluate the proposed
investment. 
 3.4 Modification or Revocation of Authority of Advisor. The Board may, at any time upon the giving of
notice to the Advisor, modify or revoke the authority or approvals set forth in Articles 3 and 4, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment
transactions to which the Advisor has committed the Company, the Operating Partnership or any of their subsidiaries prior to the date of receipt by the Advisor of such notification. 

ARTICLE 4. 
 DUTIES OF
THE ADVISOR 
 The Advisor undertakes to use its commercially reasonable best efforts to present to the Company and the Operating
Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. In connection
therewith, the Advisor agrees to perform the following services on behalf of the Company and the Operating Partnership. 
 4.1
Organizational and Offering Services. The Advisor shall manage and supervise: 
 (a) the structure and development of any
Offering, including the determination of the specific terms of the Securities to be offered by the Company; 
 (b) the preparation of all
organizational and offering related documents, and obtaining of all required regulatory approvals of such documents; 
 (c) approval of
participating broker dealers selected by the Dealer Manager and the negotiation of the related selling agreements; 

  
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 (d) coordination of the due diligence process relating to participating broker dealers and their
review of the Prospectus and other Offering and Company documents; 
 (e) preparation and approval of all marketing materials contemplated
to be used by the Dealer Manager or others in an Offering; 
 (f) along with the Dealer Manager, negotiation and coordination with the
transfer agent for the receipt, collection, processing and acceptance of subscription agreements, commissions, and other administrative support functions; 

(g) creation and implementation of various technology and electronic communications related to an Offering; and 

(h) all other services related to organization of the Company or an Offering, whether performed and incurred by the Advisor or its Affiliates.

 4.2 Acquisition Services. The Advisor shall: 

(a) serve as the Company’s and the Operating Partnership’s investment and financial advisor and, as requested by the Board, provide
relevant market research and economic and statistical data in connection with the Company’s assets and investment objectives and policies; 

(b) subject to Article 3 hereof and the investment objectives and policies of the Company: (i) locate, analyze and select potential
investments; (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments in Assets will be made; (iii) acquire Assets on behalf of the Company and the Operating Partnership; and (iv) arrange for
financing and refinancing related to acquisitions of Assets; 
 (c) perform due diligence on prospective investments and create due
diligence reports summarizing the results of such work; 
 (d) prepare reports regarding prospective investments which include
recommendations and supporting documentation necessary for the Board to evaluate the proposed investments; 
 (e) obtain reports (which may
be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments of the Company, the Operating Partnership and their subsidiaries; and 

(f) negotiate and execute investments and other transactions as authorized and approved by the Board. 

4.3 Asset Management Services and Other Services.  

(a) Asset Management and Property Related Services. The Advisor shall: 

(i) negotiate and service the Company’s, the Operating Partnership’s and their subsidiaries’ debt facilities and other
financings; 
 (ii) monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where
appropriate, concerning the value of investments of the Company, the Operating Partnership and their subsidiaries; 
 (iii) monitor and
evaluate the performance of investments of the Company, the Operating Partnership and their subsidiaries; provide daily management services to the Company and perform and supervise the various management and operational functions related to the
Company’s, the Operating Partnership’s and their subsidiaries’ investments; 

  
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 (iv) oversee the performance by a third party Property Manager of its duties, including
collection of payments due from third parties under contracts related to use of any Property and other Assets of the Company and payment of Property expenses and maintenance; 

(v) coordinate with any Property Manager on its duties under any property management agreement and assist in obtaining all necessary
approvals of major property transactions as governed by the applicable property management agreement; 
 (vi) manage or assist with
planning and coordination of construction or redevelopment with respect to the Properties, or construction of any capital improvements thereon; 

(vii) select Joint Venture partners, structure corresponding agreements and oversee and manage relationships between the Company and the
Operating Partnership and any of their subsidiaries with any Joint Venture partners; 
 (viii) consult with the officers and Directors of
the Company and provide assistance with the evaluation and approval of potential property dispositions, sales or refinancings; and 
 (ix)
provide the officers and Directors of the Company periodic reports regarding prospective investments in Properties. 
 (b) Accounting,
Regulatory Compliance and Other Administrative Services. The Advisor shall: 
 (i) coordinate with the Company’s independent
accountants and auditors (if applicable) to prepare and deliver to the Board an annual report covering the Advisor’s compliance with certain material aspects of this Advisory Agreement; 

(ii) maintain accounting systems, records and data and any other information requested concerning the activities of the Company and the
Operating Partnership and their subsidiaries as shall be required to prepare and to file all periodic financial reports and returns required to be filed with the SEC and any other any regulatory agency, including annual financial statements; 

(iii) provide tax and compliance services and coordinate with appropriate third parties, including independent accountants and other
consultants, on related tax matters; 
 (iv) maintain all appropriate books and records of the Company, the Operating Partnership and their
subsidiaries; 
 (v) provide the officers of the Company and the Board with timely updates related to the overall regulatory environment
affecting the Company, as well as managing compliance with such matters, including but not limited to compliance with the Sarbanes-Oxley Act of 2002; 

(vi) consult with the officers of the Company and the Board relating to the corporate governance structure and appropriate policies and
procedures related thereto; 
 (vii) perform all reporting, record keeping, internal controls and similar matters in a manner to allow the
Company to comply with applicable law, including the Sarbanes-Oxley Act of 2002; 
 (viii) investigate, select, and, on behalf of the
Company, the Operating Partnership and their subsidiaries, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants,
lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagers, construction
companies and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services; 

  
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 (ix) supervise the performance of such ministerial and administrative functions as may be
necessary in connection with the daily operations of the Assets; 
 (x) provide the Company, the Operating Partnership and their
subsidiaries with all necessary cash management services; 
 (xi) consult with the officers of the Company and the Board and assist the
Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 
 (xii) manage and perform the
various administrative functions necessary for the management of the day-to-day operations of the Company, the Operating Partnership and their subsidiaries; 

(xiii) provide or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel and
other overhead items necessary and incidental to the Company’s, the Operating Partnership’s and their subsidiaries’ business and operations; 

(xiv) provide financial and operational planning services and portfolio management functions; and 

(xv) from time-to-time, or at any time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of
services to the Company and the Operating Partnership under this Advisory Agreement. 
 (c) Stockholder Services. The Advisor shall:

 (i) have the authority, in its sole discretion, to retain a transfer agent on behalf of the Company to perform all necessary transfer
agent functions; 
 (ii) manage and coordinate with such transfer agent, if retained by the Advisor, the distribution process and payments
to Stockholders; 
 (iii) manage communications with Stockholders, including answering phone calls, preparing and sending written and
electronic reports and other communications; and 
 (iv) establish technology infrastructure to assist in providing Stockholder support and
service. 
 ARTICLE 5. 

BANK ACCOUNTS 
 The
Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company or the Operating Partnership or their subsidiaries or in the name of the Company or the Operating Partnership or any subsidiary and may
collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company or the Operating Partnership or their subsidiaries, under such terms and conditions as the Board may approve,
provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and to the auditors of the Company. 

ARTICLE 6. 
 RECORDS;
ACCESS 
 The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for
inspection by the Board and by counsel, auditors and authorized agents of the Company, the Operating Partnership and their subsidiaries, at any time or from time to time during 

  
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normal business hours. The Advisor, in the conduct of its responsibilities to the Company and the Operating Partnership, shall maintain adequate and separate books and records for the
Company’s and the Operating Partnership’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall
be the property of the Company. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Advisory Agreement. The Advisor shall utilize procedures to attempt to ensure such
control over accounting and financial transactions as is reasonably required to protect the Company’s and the Operating Partnership’s assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to
the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports which by their nature require a deviation from GAAP. The Advisor shall maintain necessary liaison with the Company’s independent
accountants and shall provide such accountants with such reports and other information as the Company shall request. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership. 

ARTICLE 7. 
 OTHER
ACTIVITIES OF THE ADVISOR 
 7.1 General. Nothing herein contained shall prevent the Advisor or any of its Affiliates
from engaging in or earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or any of its
Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, member, partner, employee or equityholder of the Advisor or any of its Affiliates to engage in or earn fees from any other business or to render
services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company or the Operating Partnership or any subsidiary is a participant, also render advice and service to each and every other participant
therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company and the Operating Partnership and their subsidiaries may enter into Joint Ventures or other similar co-investment arrangements with
certain Persons, and pursuant to the agreements governing such Joint Ventures or other similar co-investment arrangements, the Advisor may be engaged to provide advice and service to such Persons, in which case the Advisor will earn fees for
rendering such advice and service. The Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the
Advisor’s obligations to the Company, the Operating Partnership and their subsidiaries and its obligations to or its interest in any other Person. 

7.2 Policy with Respect to Allocation of Investment Opportunities. Before the Advisor presents an investment opportunity that
would in its judgment be suitable for the Company to another Advisor-sponsored program, the Advisor shall determine in its sole discretion that the investment opportunity is more suitable for such other program than for the Company based on factors
such as the following: the investment objectives and criteria of each program; the cash requirements and anticipated cash flow of each entity; the size of the investment opportunity; the effect of the acquisition on diversification of each
entity’s investments; the income tax consequences of the purchase on each entity; the policies of each program relating to leverage; the amount of funds available to each program and the length of time such funds have been available for
investment. In the event that an investment opportunity becomes available that is, in the sole discretion of the Advisor, equally suitable for both the Company and another Advisor-sponsored program, then the Advisor may offer the other program the
investment opportunity if it has had the longest period of time elapse since it was offered an investment opportunity. The Advisor will use its reasonable efforts to fairly allocate investment opportunities in accordance with such allocation method
and will promptly disclose any material deviation from such policy or the establishment of a new policy, which shall be allowed provided (a) the Board is provided with notice of 

  
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such policy at least 60 days prior to such policy becoming effective and (b) such policy provides for the reasonable allocation of investment opportunities among such programs. The Advisor
shall provide the Independent Directors with any information reasonably requested so that the Independent Directors can ensure that the allocation of investment opportunities is applied fairly. Nothing herein shall be deemed to prevent the Advisor
or an Affiliate from pursuing an investment opportunity directly rather than offering it to the Company or another Advisor-sponsored program so long as the Advisor is fulfilling its obligation to present a continuing and suitable investment program
to the Company which is consistent with the investment policies and objectives of the Company. If a subsequent development, such as a delay in the closing of a property or a delay in the construction of a property, causes any such investment, in the
opinion of the Board of Directors and the Advisor, to be more appropriate for an entity other than the entity which committed to make the investment, however, the Advisor has the right to agree that the other entity affiliated with the Advisors or
its Affiliates may make the investment. 
 ARTICLE 8. 

LIMITATIONS ON ACTIVITIES 

Anything else in this Advisory Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole
judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, (c) violate any law, rule, regulation or
statement of policy of any governmental body or agency having jurisdiction over the Company, its Stock or its other Securities, or the Operating Partnership, or (d) violate the Charter, the Bylaws or the Operating Partnership Agreement, except
if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further
clarification or instructions from the Board. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. Notwithstanding the foregoing, the Advisor, its members, managers,
directors, officers and employees, and stockholders, members, managers, directors, officers and employees of the Advisor’s Affiliates shall not be liable to the Company or the Operating Partnership or to the Board or Stockholders for any act or
omission by the Advisor, its directors, officers or employees, or stockholders, directors or officers of the Advisor’s Affiliates except as provided in this Advisory Agreement. 

ARTICLE 9. 
 FEES

 9.1 Acquisition Fees. The Company will pay the Advisor, as compensation for the services described in Section
4.2, Acquisition Fees in an amount equal to 1.75% of the Contract Purchase Price of each Property at the time and in respect of funds expended for the acquisition or development of a Property. The purchase price allocable for a Property held through
a Joint Venture shall equal the product of (a) the Contract Purchase Price of the Property and (b) the direct or indirect ownership percentage in the Joint Venture held directly or indirectly by the Company or the Operating Partnership. For purposes
of this Section 9.1, “ownership percentage” shall be the percentage of capital stock, membership interests, partnership interests or other equity interests held by the Company or the Operating Partnership, without regard to classification
of such interests. The total of all Acquisition Fees and Acquisition Expenses shall be limited in accordance with the Charter. 
 9.2
Asset Management Fee. Commencing on the date hereof, the Company shall pay the Advisor a monthly Asset Management Fee in an amount equal to one-twelfth of 0.625% of the Average Invested Assets, with respect to the Managed Assets. The
Advisor may elect to receive the Asset Management Fee, in whole or in part, in OP Units or Stock. 
 9.3 Property Management Oversight
Fee; Property Management Fee. Either the Advisor or any Affiliate of the Advisor may serve as the Property Manager with respect to a Property or may subcontract these duties to any third party and provide oversight of such third party. For
any Property for which the Advisor or an Affiliate of the Advisor provides oversight of a third party that performs the duties of a Property Manager with respect to such Property, the Advisor or an Affiliate of the Advisor will receive a monthly
property management oversight fee (the “Property Management Oversight Fee”) equal to 1.0% of the monthly gross revenues with respect to such Property; provided, however, that for any Property that focuses on providing housing to seniors,
including, but not limited to, an independent living community, assisted living community, memory care facility or continuing care retirement community, other than such Property that is leased to a third party tenant under a triple-net lease (or
other lease structure substantially similar to a triple-net lease), 

  
 13 








 
the monthly Property Management Oversight Fee will be an amount equal to 1.5% of the monthly gross revenues with respect to such Property. For any Property for which the Advisor or an Affiliate
of the Advisor directly serves as the Property Manager without sub-contracting such duties to a third party, the Advisor or an Affiliate of the Advisor shall receive a property management fee that is approved by a majority of the Board of Directors,
including a majority of the Independent Directors, not otherwise interested in such transaction as being fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those available from unaffiliated third
parties (the “Property Management Fee”). The Company or the Operating Partnership shall reimburse the Advisor or the Affiliate of the Advisor for any property-level expenses that such entity paid or incurred on behalf of the Company,
including salaries, bonuses and benefits of Persons employed by the Advisor or the Affiliate of the Advisor. 
 9.4 Construction
Management Fee. For each Property for which the Advisor or its Affiliates assist with planning and coordinating the construction or redevelopment of such Property or construction of any capital improvements thereon, the Company may pay the
respective party a fee of 5% of the amount of such improvements in excess of $10,000 (the “Construction Management Fee”). 

ARTICLE 10. 

EXPENSES 
 10.1
Reimbursable Expenses. In addition to the compensation paid to the Advisor pursuant to Article 9 hereof, the Company or the Operating Partnership shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by
the Advisor (to the extent not reimbursable by another party, such as the Dealer Manager, and for which the Advisor requests such reimbursement) in connection with the services it provides to the Company, the Operating Partnership and their
subsidiaries pursuant to this Advisory Agreement, including, but not limited to: 
 (a) subject to Section 10.4, reimbursements for
Organizational and Offering Expenses in connection with an Offering; provided, however, that within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent (i) there are
Capped O&O Expenses borne by the Company or (ii) Organizational and Offering Expenses borne by the Company (including Sales Commissions, dealer manager fees, stockholder servicing fees, dealer manager servicing fees, and non-accountable due
diligence expense allowance) exceed 15% of the Gross Proceeds raised in a completed Offering; 
 (b) subject to the limitation set forth
below, Acquisition Expenses incurred by the Advisor or its Affiliates; 
 (c) subject to the limitation set forth below, Acquisition Fees
and Acquisition Expenses paid or payable by the Advisor to unaffiliated Persons incurred in connection with the selection and acquisition of Properties; 

(d) the actual out-of-pocket cost of goods and services used by the Company, the Operating Partnership and their subsidiaries and obtained
from entities not affiliated with the Advisor including brokerage and other fees paid in connection with the purchase, operation and sale of Assets; 

(e) interest and other costs for borrowed money, including discounts, points and other similar fees; 

(f) taxes and assessments on income or Property and taxes as an expense of doing business and any taxes otherwise imposed on the Company and
the Operating Partnership, its business or income; 
 (g) costs associated with insurance required in connection with the business of the
Company, the Operating Partnership, their subsidiaries or by the Board; 

  
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 (h) expenses of managing or operating, or overseeing the management or operation of, Properties
owned by the Company or the Operating Partnership, whether payable to an Affiliate of the Company or a non-affiliated Person; 
 (i) all
expenses in connection with payments to Directors and meetings of the Directors and Stockholders; 
 (j) expenses associated with the
listing of the Common Stock on a national securities exchange or with the issuance and distribution of Securities other than the Stock issued in an Offering, such as Sales Commissions and fees, advertising expenses, taxes, legal and accounting fees,
listing and registration fees; 
 (k) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by
the Company to the Stockholders; 
 (l) expenses of organizing, converting, modifying, merging, liquidating or dissolving the Company, the
Operating Partnership or their subsidiaries or of amending the Charter, the Bylaws or the Operating Partnership Agreement or the governing documents of any subsidiaries; 

(m) expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and
other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (n) administrative service expenses,
including all direct and indirect costs and expenses incurred by Advisor in fulfilling its duties hereunder and including personnel costs. Such direct and indirect costs and expenses may include reasonable wages and salaries and other
employee-related expenses of all employees of Advisor or its Affiliates, including the named executive officers of the Company, who are directly engaged in the operation, management, administration, investor relations and marketing of the Company,
including taxes, insurance and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to their services provided by Advisor pursuant to this Advisory Agreement; 

(o) audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company, the Operating
Partnership and their subsidiaries and all such fees incurred at the request, or on behalf of, the Board of Directors, whether performed by a third party or by the Advisor or its Affiliates; 

(p) costs associated with the maintenance of a Company website and third party licensing fees for software and information technology; and

 (q) out-of-pocket costs for the Company, the Operating Partnership and their subsidiaries to comply with all applicable laws, regulation
and ordinances; and all other out-of-pocket costs necessary for the operation of the Company, the Operating Partnership and their subsidiaries and the Assets incurred by the Advisor in performing its duties hereunder. 

The Company or the Operating Partnership shall also reimburse the Advisor or Affiliates of the Advisor for all direct and indirect costs and
expenses incurred on behalf of the Company, the Operating Partnership and their subsidiaries prior to the execution of this Advisory Agreement. 

The total of all Acquisition Fees and Acquisition Expenses paid by the Company in connection with the purchase of a Property by the Company
shall be limited in accordance with the Charter. 
 10.2 Other Services. Should the Directors request that the Advisor or any
member, manager, officer or employee thereof render services for the Company, the Operating Partnership and their subsidiaries other than as set forth in this Advisory Agreement, such services shall be separately compensated at such rates and in
such amounts as are agreed by the Advisor and a majority of the Independent Directors, subject to any limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Advisory Agreement. 

  
 15 








 10.3 Timing of and Limitations on Reimbursements.  

(a) Expenses incurred by the Advisor on behalf of the Company, the Operating Partnership and their subsidiaries and payable pursuant to this
Article 10 shall be reimbursed no less frequently than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company, the Operating Partnership and their subsidiaries during each quarter, and shall deliver
such statement to the Company within 45 days after the end of each quarter. Subject to the Excess Expense Guidelines, the Company or the Operating Partnership may advance funds to the Advisor for expenses the Advisor anticipates will be incurred by
the Advisor within the current month and any such advances shall be deducted from the amounts reimbursed by the Company or the Operating Partnership to the Advisor. 

(b) Commencing four fiscal quarters after commencement of the Initial Public Offering, the Company shall not reimburse the Advisor at the end
of any fiscal quarter Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of NASAA Net Income (the
“Excess Expense Guidelines”) for such year unless a majority of the Independent Directors determines that such excess was justified, based on unusual and nonrecurring factors which they deem sufficient. If a majority of the Independent
Directors does not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If a majority of the Independent Directors determines such excess was justified, then within
60 days after the end of any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the Excess Expense Guidelines, the Advisor, at the direction of a majority of the Independent Directors, shall send
to the Stockholders a written disclosure of such fact (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter
end), together with an explanation of the factors a majority of the Independent Directors considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the
meetings of the Board of Directors. All figures used in the foregoing computation shall be determined in accordance with GAAP. 
 10.4
Advisor Support of a Portion of Other Organizational and Offering Expenses. Through the completion of the primary portion of the Company’s Initial Public Offering, the Advisor or its Affiliates shall fund on behalf of the Company,
an amount equal to 1% of the gross offering proceeds from the sale of Class W Shares only in the Initial Public Offering, which amount shall be used by the Company towards the payment of Other Organizational and Offering Expenses. 

ARTICLE 11. 
 NO
PARTNERSHIP OR JOINT VENTURE 
 The parties to this Advisory Agreement are not partners or joint venturers with each other, and
nothing in this Advisory Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them, and neither shall have the power to bind or obligate any of them except as set forth herein. In
all respects, the status of the Advisor under this Advisory Agreement is that of an independent contractor. 

  
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 ARTICLE 12. 

RELATIONSHIP WITH DIRECTORS 

Subject to Article 8 of this Advisory Agreement and to restrictions set forth in the Charter or deemed advisable with respect to the
qualification of the Company as a REIT, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, or directors, officers or stockholders of any director, officer or corporate parent of
an Affiliate may serve as a Director and as officers of the Company, except that no officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as
a Director or officer other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Directors. Directors who are not Independent Directors will be individuals nominated by the Advisor, provided that such
director nominees are either directors of the Advisor or have been elected by the board of directors of the Advisor as executive officers of the Advisor. 

ARTICLE 13. 

REPRESENTATIONS AND WARRANTIES 

13.1 The Company. To induce the Advisor to enter into this Advisory Agreement, the Company hereby represents and warrants that:

 (a) The Company is a corporation, duly organized, validly existing and in good standing under the laws of the State of Maryland with all
requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Advisory Agreement. 

(b) The Company’s execution, delivery and performance of this Advisory Agreement has been duly authorized by the Board of Directors,
including a majority of all Independent Directors of the Company. This Advisory Agreement constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company’s execution and
delivery of this Advisory Agreement and its fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default
under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the assets of the Company pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under,
(v) result in a violation of or (vi) require any authorization, consent, approval, exception or other action by or notice to any court or administrative or governmental body pursuant to, the Charter or Bylaws or any law, statute, rule or
regulation to which the Company is subject, or any agreement, instrument, order, judgment or decree by which the Company is bound, in any such case in a manner that would have a material adverse effect on the ability of the Company to perform any of
its obligations under this Advisory Agreement. 
 13.2 The Operating Partnership. To induce the Advisor to enter into this
Advisory Agreement, the Operating Partnership hereby represents and warrants that: 
 (a) The Operating Partnership is a Delaware limited
partnership, duly organized, validly existing and in good standing under the laws of the State of Delaware with all requisite power and authority and all material licenses, permits and authorizations necessary to carry out the transactions
contemplated by this Advisory Agreement. 

  
 17 








 (b) The Operating Partnership’s execution, delivery and performance of this Advisory
Agreement has been duly authorized. This Advisory Agreement constitutes the valid and binding obligation of the Operating Partnership, enforceable against the Operating Partnership in accordance with its terms. The Operating Partnership’s
execution and delivery of this Advisory Agreement and its fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute
a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the assets of the Operating Partnership pursuant to, (iv) give any third party the right to modify, terminate or accelerate any
obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exception or other action by or notice to any court or administrative or governmental body pursuant to, the Operating Partnership
Agreement or any law, statute, rule or regulation to which the Operating Partnership is subject, or any agreement, instrument, order, judgment or decree by which the Operating Partnership is bound, in any such case in a manner that would have a
material adverse effect on the ability of the Operating Partnership to perform any of its obligations under this Advisory Agreement. 
 13.3
The Advisor. To induce the Company and the Operating Partnership to enter into this Advisory Agreement, the Advisor represents and warrants that: 

(a) The Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware
with all requisite company power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Advisory Agreement. 

(b) The Advisor’s execution, delivery and performance of this Advisory Agreement has been duly authorized. This Advisory Agreement
constitutes a valid and binding obligation of the Advisor, enforceable against the Advisor in accordance with its terms. The Advisor’s execution and delivery of this Advisory Agreement and its fulfillment of and compliance with the respective
terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance
upon the Advisor’s assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exemption or
other action by or notice to any court or administrative or governmental body pursuant to, the Advisor’s limited liability company agreement, or any law, statute, rule or regulation to which the Advisor is subject, or any agreement, instrument,
order, judgment or decree by which the Advisor is bound, in any such case in a manner that would have a material adverse effect on the ability of the Advisor to perform any of its obligations under this Advisory Agreement. 

(c) The Advisor has received copies of the Charter, the Bylaws, the Registration Statement and the Operating Partnership Agreement and is
familiar with the terms thereof, including without limitation the investment limitations included therein. The Advisor warrants that it will use reasonable care to avoid any act or omission that would conflict with the terms of the Charter, the
Bylaws, the Registration Statement, or the Operating Partnership Agreement in the absence of the express direction of a majority of the Independent Directors. 

ARTICLE 14. 
 TERM;
TERMINATION OF AGREEMENT 
 14.1 Term. This Advisory Agreement shall continue in force until the first anniversary of
the date hereof. Thereafter, this Advisory Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company, acting through the Board of Directors, will evaluate the performance of the
Advisor annually before renewing this Advisory Agreement, and each such renewal shall be for a term of no more than one year. 

  
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 14.2 Termination by Any Party. This Advisory Agreement may be terminated upon 60
days’ written notice without cause or penalty, by a majority of the Independent Directors of the Company or by the Advisor. 
 14.3
Termination by the Advisor. This Advisory Agreement may be terminated immediately by the Advisor in the event of any material breach of this Advisory Agreement by the Company or the Operating Partnership not cured within 30 days after
written notice thereof. 
 14.4 Termination by the Company. This Advisory Agreement may be terminated immediately by the
Company or the Operating Partnership in the event of (a) any material breach of this Advisory Agreement by the Advisor not cured by the Advisor within 30 days after written notice thereof; (b) a decree or order is rendered by a court
having jurisdiction (i) adjudging Advisor as bankrupt or insolvent, or (ii) approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for Advisor under the federal bankruptcy
laws or any similar applicable law or practice, or (iii) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of Advisor or a substantial part of the property of Advisor, or for the winding up or liquidation of
its affairs; or (c) Advisor (i) institutes proceedings to be adjudicated a voluntary bankrupt or an insolvent, (ii) consents to the filing of a bankruptcy proceeding against it, (iii) files a petition or answer or consent seeking
reorganization, readjustment, arrangement, composition or relief under any similar applicable law or practice, (iv) consents to the filing of any such petition, or to the appointment of a receiver or liquidator or trustee or assignee in
bankruptcy or insolvency for it or for a substantial part of its property, (v) makes an assignment for the benefit of creditors, (vi) is unable to or admits in writing its inability to pay its debts generally as they become due unless such
inability shall be the fault of the Operating Partnership, or (vii) takes company or other action in furtherance of any of the aforesaid purposes. 

14.5 Survival. The provisions of Articles 1, 6, 7 and 15 through 20 survive termination of this Advisory Agreement. 

ARTICLE 15. 
 PAYMENTS
TO AND DUTIES OF 
 PARTIES UPON TERMINATION 

15.1 Reimbursable Expenses and Earned Fees. After the Termination Date, the Advisor shall be entitled to receive from the
Company or the Operating Partnership within thirty (30) days after the effective date of such termination all amounts then accrued and owing to the Advisor, including all unpaid reimbursable expenses and all earned but unpaid fees payable to
the Advisor prior to termination of this Advisory Agreement. 
 15.2 Advisor’s Duties Upon Termination. The Advisor shall
promptly upon termination: 
 (a) pay over to the Company and the Operating Partnership all money collected and held for the account of the
Company and the Operating Partnership pursuant to this Advisory Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(b) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by
it, covering the period following the date of the last accounting furnished to the Board; 
 (c) deliver to the Board all assets, including
Properties, and documents of the Company and the Operating Partnership then in the custody of the Advisor; and 
 (d) cooperate with the
Company and the Operating Partnership to provide an orderly management transition. 

  
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 15.3 Non-Solicitation. During the period commencing on the effective date of this
Advisory Agreement and ending two years following the Termination Date, the Company shall not, without the Advisor’s prior written consent, directly or indirectly, (i) solicit or encourage any employee, consultant, contractor or other
Person performing services on behalf of the Advisor or its Affiliates to leave the employment or other service of the Advisor or any of its Affiliates, or (ii) hire or pay, directly or indirectly, any compensation to, on behalf of the Company
or any other Person, any employee, consultant, contractor or other Person performing services on behalf of the Advisor or its Affiliates who has left the employment of, or engagement by, the Advisor or any of its Affiliates within the two-year
period following the termination of that person’s employment with, or engagement by, the Advisor or any of its Affiliates. During the period commencing on the effective date of this Advisory Agreement and ending two years following the
Termination Date, the Company will not, whether for its own account or for the account of any other Person, intentionally interfere with the relationship of the Advisor or any of its Affiliates with, or endeavor to entice away from the Advisor or
any of its Affiliates, any Person who during the term of this Advisory Agreement is, or during the preceding two-year period was, a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor or any of its Affiliates. 

ARTICLE 16. 

ASSIGNMENT TO AN AFFILIATE 

This Advisory Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the Independent Directors. The
Advisor may assign any rights to receive fees or other payments under this Advisory Agreement without obtaining the approval of the Board of Directors. This Advisory Agreement shall not be assigned by the Company or the Operating Partnership without
the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership, as the case may be, to a legal entity that is a successor to all of the assets, rights and obligations of the Company or the Operating
Partnership, as the case may be, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company or the Operating Partnership, as the case may be, is bound by this Advisory
Agreement. 
 ARTICLE 17. 

INCORPORATION OF THE CHARTER AND THE OPERATING PARTNERSHIP AGREEMENT 

To the extent that the Charter or the Operating Partnership Agreement as in effect on the date hereof, as may be amended from time to time to
comply with applicable laws and regulations, impose obligations or restrictions on the Advisor or grant the Advisor certain rights which are not set forth in this Advisory Agreement, the Advisor shall abide by such obligations or restrictions and
such rights shall inure to the benefit of the Advisor with the same force and effect as if they were set forth herein. 
 ARTICLE 18.

 INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP 

The Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective
officers, directors, partners and employees, from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, arising in the performance of their duties hereunder, to the extent such liability,
claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the Charter, the laws of the State of Maryland and the State of Delaware, as applicable, and only if all of the
following conditions are met: 
 (a) The directors or the Advisor or its Affiliates have determined, in good faith, that the course of
conduct that caused the loss or liability was in the best interests of the Company and the Operating Partnership, as applicable; 

  
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 (b) The Advisor or its Affiliates were acting on behalf of or performing services for the Company
or the Operating Partnership; 
 (c) Such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates;
and 
 (d) Such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets, including insurance
proceeds, and not from its Stockholders. 
 (e) With respect to losses, liabilities or expenses arising from or out of an alleged violation
of federal or state securities laws, one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee;
(ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular
indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state
securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws. Notwithstanding the foregoing, the Advisor shall not be entitled to indemnification or be held harmless
pursuant to this Article 18 for any activity which the Advisor shall be required to indemnify or hold harmless the Company and the Operating Partnership pursuant to Article 19. 

ARTICLE 19. 

INDEMNIFICATION BY ADVISOR 

The Advisor shall indemnify and hold harmless the Company and the Operating Partnership, including their respective officers, directors and
partners, from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by
insurance and are incurred by reason of the Advisor’s gross negligence, bad faith, fraud, willful misfeasance, misconduct, or reckless disregard of its duties, but Advisor shall not be held responsible for any action of the Board in declining
to follow any advice or recommendation given by the Advisor. 
 ARTICLE 20. 

LIMITATION OF LIABILITY 

In no event will the parties be liable for damages based on loss of income, profit or savings or indirect, incidental, consequential,
exemplary, punitive or special damages of the other party or person, including third parties, even if such party has been advised of the possibility of such damages in advance, and all such damages are expressly disclaimed. 

ARTICLE 21. 
 NOTICES

 Any notice in this Advisory Agreement permitted to be given, made or accepted by either party to the other, must be in writing
and may be given or served by (1) overnight courier, (2) depositing the same in the United States mail, postpaid, certified, return receipt requested, or (3) facsimile transfer. Notice


  
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deposited in the United States mail shall be deemed given when mailed. Notice given in any other manner shall be effective when received at the address of the addressee. For purposes hereof the
addresses of the parties, until changed as hereafter provided, shall be as follows: 
  

			
	 To the Company:
	  	Strategic Student & Senior Housing Trust, Inc.
		  	Attention: H. Michael Schwartz
		  	10 Terrace Road
		  	Ladera Ranch, California 92694
		  	Fax: 949-429-6606
		
	 With a copy to:
	  	Chairman of the Nominating and Corporate Governance
		  	Committee
		  	10 Terrace Road
		  	Ladera Ranch, California 92694
		  	Fax: 949-429-6606
		
	 To the Operating Partnership:
	  	SSSHT Operating Partnership, L.P.
		  	Attention: H. Michael Schwartz
		  	10 Terrace Road
		  	Ladera Ranch, California 92694
		  	Fax: 949-429-6606
		
	 To the Advisor:
	  	SSSHT Advisor, LLC
		  	Attention : H. Michael Schwartz
		  	10 Terrace Road
		  	Ladera Ranch, California 92694
		  	Fax: 949-429-6606

 Any party may at any time give notice in writing to the other party of a change in its address for the
purposes of this Article 21. 
 ARTICLE 22. 

MODIFICATION 
 This
Advisory Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

ARTICLE 23. 

SEVERABILITY 
 The
provisions of this Advisory Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or
unenforceable in whole or in part. 
 ARTICLE 24. 

CONSTRUCTION/GOVERNING LAW 

The provisions of this Advisory Agreement shall be construed and interpreted in accordance with the laws of the State of California. 

  
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 ARTICLE 25. 

ENTIRE AGREEMENT 

This Advisory Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof,
and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and
supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Advisory Agreement may not be modified or amended other than by an agreement in writing. 

ARTICLE 26. 

INDULGENCES, NOT WAIVERS 

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Advisory Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right,
remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver. 
 ARTICLE 27. 

GENDER 
 Words used
herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

ARTICLE 28. 
 TITLES
NOT TO AFFECT INTERPRETATION 
 The titles of paragraphs and subparagraphs contained in this Advisory Agreement are for convenience
only, and they neither form a part of this Advisory Agreement nor are they to be used in the construction or interpretation hereof. 

ARTICLE 29. 

EXECUTION IN COUNTERPARTS 

This Advisory Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party
whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Advisory Agreement shall become binding when the counterparts hereof, taken together, bear the signatures of all of the parties reflected
hereon as the signatories. 
 ARTICLE 30. 

INITIAL INVESTMENT 

The Advisor has purchased $1,000 in shares of Class A Common Stock. The Advisor has purchased $201,000 in OP Units. The Advisor may not
sell any of its OP Units while the Advisor acts in such advisory capacity to the Company or the Operating Partnership, provided, that such OP Units may be transferred to Affiliates of the Advisor. Affiliates of the Advisor may not sell any of
their OP Units 

  
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while the Advisor acts in such advisory capacity to the Company or the Operating Partnership, provided, that such OP Units may be transferred to the Advisor or other Affiliates of the
Advisor. The restrictions included above shall not apply to any other Securities acquired by the Advisor or its Affiliates. With respect to any Securities owned by the Advisor, the Directors, or any of their Affiliates, neither the Advisor, nor the
Directors, nor any of their Affiliates may vote or consent on matters submitted to the Stockholders regarding the removal of the Advisor, Directors or any of their Affiliates or any transaction between the Company and any of them. In determining the
requisite percentage in interest of Securities necessary to approve a matter on which the Advisor, Directors and any of their Affiliates may not vote or consent, any Securities owned by any of them shall not be included. 

[SIGNATURES APPEAR ON NEXT PAGE] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Advisory Agreement as of the date and
year first above written. 
  

									
	 COMPANY:
  

STRATEGIC STUDENT & SENIOR HOUSING TRUST, INC.,
 a
Maryland corporation
	 		 	 ADVISOR:
  

SSSHT ADVISOR, LLC,
 a Delaware limited liability
company

					
	By:	 	/S/ H. MICHAEL SCHWARTZ	 		 	By:	 	/S/ H. MICHAEL SCHWARTZ
		 	H. Michael Schwartz, CEO	 		 		 	H. Michael Schwartz, CEO
		 		 		 		 	

  

					
	 OPERATING PARTNERSHIP:
  

SSSHT OPERATING PARTNERSHIP, L.P.,
 a Delaware limited
partnership

		
	By:	 	Strategic Student & Senior Housing Trust, Inc., a Maryland corporation and its General Partner
			
		 	By:	 	/S/ H. MICHAEL SCHWARTZ
		 		 	H. Michael Schwartz, CEO


  
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