Document:

Exhibit 10.3

 

	
        THIS INSTRUMENT PREPARED BY,

        RECORDED AND RETURN TO:

        (Print Name of Attorney)

         

        Brian J. Iwashyna, Esquire

        Troutman Sanders LLP

        P.O. Box 1122

        Richmond, VA 23218

          
	
         

         

         

         

         

         

         

         

         

        (Reserved)

         

 

Florida documentary stamp taxes in the
amount of $199,797.50 and nonrecurring intangible taxes in the amount of $114,170.00 were paid on the Multifamily Mortgage, Assignment
of Rents and Security Agreement recorded in Official Records Book 11032, Page 8497, of the Public Records of Orange County, Florida.

 

Prior to entering into this Instrument,
BR Hunters Creek, LLC assumed the obligations under the Original Note (as defined herein), which had an outstanding principal balance
of $57,085,000.00, pursuant to an assumption agreement recorded in the Public Records of Orange County, Florida contemporaneously
with this Instrument, and, therefore, documentary stamp taxes due in the amount of $199,797.50 in connection with such assumption
were paid upon the recordation of the assumption agreement. No intangible tax was due on the assumption pursuant to Section 199.145(3),
Florida Statutes.

 

Florida documentary stamp taxes in the
amount of $53,231.50, and intangible taxes in the amount of $30,418.00, will be paid upon the recording of this Instrument (as
defined herein) in the Public Records of Orange County, Florida, reflecting an additional advance in the amount of $15,209,000.00.

 

AMENDED AND RESTATED

MULTIFAMILY MORTGAGE,

ASSIGNMENT OF RENTS

AND SECURITY AGREEMENT

 

FLORIDA

 

(Revised 3-1-2014)

 

    	 	 

     

    

 

Freddie Mac Loan No. 932896871

ARIUM Hunter's Creek

 

AMENDED AND RESTATED

MULTIFAMILY MORTGAGE,

ASSIGNMENT OF RENTS

AND SECURITY AGREEMENT

 

FLORIDA

 

(Revised 3-1-2014)

 

THIS AMENDED AND RESTATED MULTIFAMILY MORTGAGE,
ASSIGNMENT OF RENTS AND SECURITY AGREEMENT (“Instrument”) is dated as of the 30th day of October,
2017, between BR HUNTERS CREEK, LLC, a limited liability company organized and existing under the laws of Delaware, whose
address is c/o Bluerock Real Estate, L.L.C., 712 Fifth Avenue, 9th Floor, New York, New York 10019, as mortgagor (“Borrower”),
and WALKER & DUNLOP, LLC, a limited liability company organized and existing under the laws of Delaware, whose address
is 7501 Wisconsin Avenue, Suite 1200E, Bethesda, Maryland 20814, as mortgagee (“Lender”).

 

RECITALS

 

A.           Lender
is the holder of a Multifamily Note dated December 22, 2015, in the original principal amount of $57,085,000.00 (“Original
Note”) made by CH Realty VII-Carroll MF Orlando Hunter’s Creek, L.L.C., a Delaware limited liability company (“Original
Borrower”) and payable to the order of Jones Lang LaSalle Multifamily, LLC, a Delaware limited liability company (the
“Original Payee”).

 

B.           The
Original Note is secured by a Multifamily Mortgage, Assignment of Rents and Security Agreement dated December 22, 2015, from Original
Borrower to the Original Payee, recorded among the Public Records of Orange County, Florida as Document #20150664766 (“Original
Mortgage”) on certain improved real property located in Orange County, Florida.

 

C.           The
Original Note has been sold and assigned (i) by the Original Payee to the Federal Home Loan Mortgage Corporation (“Freddie
Mac”), and (ii) by Freddie Mac to U.S. Bank National Association, as Trustee for the Registered Holders of Morgan Stanley
Capital I Inc., Multifamily Mortgage Pass-Through Certificates, Series 2016-KF17 (the “Trustee”), and (iii)
by Trustee to Lender.

 

D.           The
Original Mortgage was assigned (i) by the Original Payee to Freddie Mac pursuant to an Assignment of Security Instrument dated
December 22, 2015, and recorded in the Public Records of Orange County, Florida as Document #20150664768, (ii) by Freddie Mac to
the Trustee by Assignment recorded in the Public Records of Orange County, Florida as Document #20160327463, and (iii) by the Trustee
to Lender pursuant to an Assignment of Security Instrument dated as of the date hereof and recorded or intended to be recorded
among the Public Records of Orange County, Florida prior hereto.

 

    	Florida
Amended and Restated Multifamily Mortgage, Assignment of Rents
and Security Agreement
	 

     

    

 

E.           By
its execution and delivery of this Instrument, Borrower assumes and ratifies all of the obligations and agreements of Original
Borrower under the Original Note and the Original Mortgage. By its execution and delivery of this Instrument Lender accepts such
assumption by Borrower and hereby unconditionally and irrevocably, fully and completely releases and discharges Original Borrower,
and each guarantor of the Original Note and the Original Mortgage, from all further liability or obligations under or with respect
to the Original Note and Original Mortgage, with such release being for the benefit of and enforceable by the Original Borrower
and each such guarantor.

 

F.           The
Original Note is being consolidated, amended and restated in its entirety pursuant to a certain Amended and Restated Multifamily
Note dated the same date as this Instrument from Borrower, as maker, to the order of Lender, as payee, to reflect among other things,
a change in the interest rate and terms of payment and an increase in the unpaid principal amount to $72,294,000.00 to evidence
an additional advance in the amount of $15,209,000.00 made by Lender to Borrower on the date hereof.

 

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

 

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Amended and Restated Multifamily Mortgage, Assignment of Rents
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Freddie Mac Loan No. 932896871

ARIUM Hunter's Creek

 

AMENDED AND RESTATED

MULTIFAMILY MORTGAGE,

ASSIGNMENT OF RENTS

AND SECURITY AGREEMENT

 

FLORIDA

 

(Revised 3-1-2014)

 

THIS MULTIFAMILY MORTGAGE, ASSIGNMENT OF
RENTS AND SECURITY AGREEMENT (“Instrument”) is made to be effective this 30th day of October, 2017,
between BR HUNTERS CREEK, LLC, a limited liability company organized and existing under the laws of Delaware, whose address
is c/o Bluerock Real Estate, L.L.C., 712 Fifth Avenue, 9th Floor, New York, New York 10019, as mortgagor (“Borrower”),
and WALKER & DUNLOP, LLC, a limited liability company organized and existing under the laws of Delaware, whose address
is 7501 Wisconsin Avenue, Suite 1200E, Bethesda, Maryland 20814, as mortgagee (“Lender”). Borrower’s organizational
identification number, if applicable, is 6511870.

 

RECITAL

 

Borrower is indebted to Lender in the principal
amount of $72,294,000.00, as evidenced by Borrower’s Multifamily Note payable to Lender dated as of the date of this Instrument,
and maturing on November 1, 2024 (“Maturity Date”).

 

AGREEMENT

 

TO SECURE TO LENDER the repayment of the
Indebtedness, and all renewals, extensions and modifications of the Indebtedness, and the performance of the covenants and agreements
of Borrower contained in the Loan Agreement or any other Loan Document, Borrower mortgages, warrants, grants, conveys and assigns
to Lender the Mortgaged Property, including the Land located in Orange County, State of Florida and described in Exhibit A
attached to this Instrument.

 

Borrower represents and warrants that Borrower
is lawfully seized of the Mortgaged Property, has the right, power and authority to grant, convey and assign the Mortgaged Property,
and that the Mortgaged Property is unencumbered, except as shown on the schedule of exceptions to coverage in the title policy
issued to and accepted by Lender contemporaneously with the execution and recordation of this Instrument and insuring Lender’s
interest in the Mortgaged Property (“Schedule of Title Exceptions”). Borrower covenants that Borrower will warrant
and defend generally the title to the Mortgaged Property against all claims and demands, subject to any easements and restrictions
listed in the Schedule of Title Exceptions.

 

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UNIFORM COVENANTS

 

(Revised 5-5-2017)

 

Covenants. In consideration of the
mutual promises set forth in this Instrument, Borrower and Lender covenant and agree as follows:

 

		1.	Definitions. The following terms, when used in this Instrument (including when used in the
above recitals), will have the following meanings and any capitalized term not specifically defined in this Instrument will have
the meaning ascribed to that term in the Loan Agreement:

 

“Attorneys’ Fees
and Costs” means (a) fees and out-of-pocket costs of Lender’s and Loan Servicer’s attorneys, as applicable,
including costs of Lender’s and Loan Servicer’s in-house counsel, support staff costs, costs of preparing for litigation,
computerized research, telephone and facsimile transmission expenses, mileage, deposition costs, postage, duplicating, process
service, videotaping and similar costs and expenses; (b) costs and fees of expert witnesses, including appraisers; (c) investigatory
fees; and (d) the costs for any opinion required by Lender pursuant to the terms of the Loan Documents.

 

“Borrower”
means all Persons identified as “Borrower” in the first paragraph of this Instrument, together with their successors
and assigns.

 

“Business Day”
means any day other than a Saturday, a Sunday or any other day on which Lender or the national banking associations are not
open for business.

 

“Event of Default”
means the occurrence of any event described in Section 8.

 

“Fixtures”
means all property owned by Borrower which is attached to the Land or the Improvements so as to constitute a fixture under applicable
law, including: machinery, equipment, engines, boilers, incinerators and installed building materials; systems and equipment for
the purpose of supplying or distributing heating, cooling, electricity, gas, water, air or light; antennas, cable, wiring and conduits
used in connection with radio, television, security, fire prevention or fire detection or otherwise used to carry electronic signals;
telephone systems and equipment; elevators and related machinery and equipment; fire detection, prevention and extinguishing systems
and apparatus; security and access control systems and apparatus; plumbing systems; water heaters, ranges, stoves, microwave ovens,
refrigerators, dishwashers, garbage disposers, washers, dryers and other appliances; light fixtures, awnings, storm windows and
storm doors; pictures, screens, blinds, shades, curtains and curtain rods; mirrors; cabinets, paneling, rugs and floor and wall
coverings; fences, trees and plants; swimming pools; and exercise equipment.

 

“Governmental Authority”
means any board, commission, department, agency or body of any municipal, county, state or federal governmental unit, or any subdivision
of any of them, that has or acquires jurisdiction over the Mortgaged Property, or the use, operation or improvement of the Mortgaged
Property, or over Borrower.

 

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“Ground Lease”
means the lease described in the Loan Agreement pursuant to which Borrower leases the Land, as such lease may from time to time
be amended, modified, supplemented, renewed and extended.

 

“Improvements”
means the buildings, structures, improvements now constructed or at any time in the future constructed or placed upon the Land,
including any future alterations, replacements and additions.

 

“Indebtedness”
means the principal of, interest at the fixed or variable rate set forth in the Note on, and all other amounts due at any time
under, the Note, this Instrument or any other Loan Document, including prepayment premiums, late charges, default interest, and
advances as provided in Section 7 to protect the security of this Instrument.

 

“Land” means
the land described in Exhibit A.

 

“Leasehold Estate”
means Borrower’s interest in the Land and any other real property leased by Borrower pursuant to the Ground Lease, if applicable,
including all of the following:

 

		(a)	All rights of Borrower to renew or extend the term of the Ground Lease.

 

		(b)	All amounts deposited by Borrower with Ground Lessor under the Ground Lease.

 

		(c)	Borrower’s right or privilege to terminate, cancel, surrender, modify or amend the Ground
Lease.

 

		(d)	All other options, privileges and rights granted and demised to Borrower under the Ground Lease
and all appurtenances with respect to the Ground Lease.

 

“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.

 

“Lender” means
the entity identified as “Lender” in the first paragraph of this Instrument, or any subsequent holder of the Note.

 

“Loan Agreement”
means the Multifamily Loan and Security Agreement executed by Borrower in favor of Lender and dated as of the date of this Instrument,
as such agreement may be amended from time to time.

 

“Loan Documents”
means the Note, this Instrument, the Loan Agreement, all guaranties, all indemnity agreements, all collateral agreements, UCC filings,
O&M Programs, the MMP and any other documents now or in the future executed by Borrower, any guarantor or any other Person
in connection with the loan evidenced by the Note, as such documents may be amended from time to time.

 

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“Loan Servicer”
means the entity that from time to time is designated by Lender or its designee to collect payments and deposits and receive Notices
under the Note, this Instrument and any other Loan Document, and otherwise to service the loan evidenced by the Note for the benefit
of Lender. Unless Borrower receives Notice to the contrary, the Loan Servicer is the entity identified as “Lender”
in the first paragraph of this Instrument.

 

“Mortgaged Property”
means all of Borrower’s present and future right, title and interest in and to all of the following:

 

		(a)	The Land, or, if Borrower’s interest in the Land is pursuant to a Ground Lease, the Ground
Lease and the Leasehold Estate.

 

		(b)	The Improvements.

 

		(c)	The Fixtures.

 

		(d)	The Personalty.

 

		(e)	All 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 benefiting 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.

 

		(f)	All proceeds paid or to be paid by any insurer of the Land, the Improvements, the Fixtures, the
Personalty or any other part of the Mortgaged Property, whether or not Borrower obtained the insurance pursuant to Lender’s
requirement.

 

		(g)	All 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 Fixtures, the Personalty or any other part of the Mortgaged Property,
including any awards or settlements resulting from condemnation proceedings or the total or partial taking of the Land, the Improvements,
the Fixtures, 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.

 

		(h)	All contracts, options and other agreements for the sale of the Land, or the Leasehold Estate,
as applicable, the Improvements, the Fixtures, 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.

 

		(i)	All proceeds from the conversion, voluntary or involuntary, of any of the items described in subsections
(a) through (h) inclusive into cash or liquidated claims, and the right to collect such proceeds.

 

		(j)	All Rents and Leases.

 

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		(k)	All 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 loan secured by this Instrument.

 

		(l)	All Imposition Reserve Deposits.

 

		(m)	All refunds or rebates of Impositions by Governmental Authority or insurance company (other than
refunds applicable to periods before the real property tax year in which this Instrument is dated).

 

		(n)	All tenant security deposits which have not been forfeited by any tenant under any Lease and any
bond or other security in lieu of such deposits.

 

		(o)	All 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.

 

		(p)	If required by the terms of Section 4.05 of the Loan Agreement, all rights under the Letter
of Credit and the Proceeds, as such Proceeds may increase or decrease from time to time.

 

		(q)	If the Note provides for interest to accrue at a floating or variable rate and there is a Cap Agreement,
the Cap Collateral.

 

“Note” means
the Multifamily Note or Notes (including any Amended and Restated Note(s), Consolidated, Amended and Restated Note(s), or Extended
and Restated Note(s)) executed by Borrower in favor of Lender and dated as of the date of this Instrument, including all schedules,
riders, allonges and addenda, as such Multifamily Note(s) may be amended, modified and/or restated from time to time.

 

“Notice” or
“Notices” means all notices, demands and other communication required under the Loan Documents, provided in
accordance with the requirements of Section 11.03 of the Loan Agreement.

 

“Person” means
any natural person, sole proprietorship, corporation, general partnership, limited partnership, limited liability company, limited
liability partnership, limited liability limited partnership, joint venture, association, joint stock company, bank, trust, estate,
unincorporated organization, any federal, state, county or municipal government (or any agency or political subdivision thereof),
endowment fund or any other form of entity.

 

“Personalty”
means all of the following:

 

		(a)	Accounts (including deposit accounts) of Borrower related to the Mortgaged Property.

 

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		(b)	Equipment and inventory owned by Borrower, which are used now or in the future in connection with
the ownership, management or operation of the Land or Improvements or are located on the Land or Improvements, including furniture,
furnishings, machinery, building materials, goods, supplies, tools, books, records (whether in written or electronic form) and
computer equipment (hardware and software).

 

		(c)	Other tangible personal property owned by Borrower which is used now or in the future in connection
with the ownership, management or operation of the Land or Improvements or is located on the Land or in the Improvements, including
ranges, stoves, microwave ovens, refrigerators, dishwashers, garbage disposers, washers, dryers and other appliances (other than
Fixtures).

 

		(d)	Any operating agreements relating to the Land or the Improvements.

 

		(e)	Any surveys, plans and specifications and contracts for architectural, engineering and construction
services relating to the Land or the Improvements.

 

		(f)	All other intangible property, general intangibles and rights relating to the operation of, or
used in connection with, the Land or the Improvements, including all governmental permits relating to any activities on the Land
and including subsidy or similar payments received from any sources, including a Governmental Authority.

 

		(g)	Any rights of Borrower in or under letters of credit.

 

“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 of the Land or the Improvements, 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 deposits forfeited by tenants, and, if Borrower is a cooperative housing
corporation or association, maintenance fees, charges or assessments payable by shareholders or residents under proprietary leases
or occupancy agreements, whether now due, past due, or to become due.

 

“Taxes” means
all taxes, assessments, vault rentals and other charges, if any, whether general, special or otherwise, including all 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, will become a Lien on the Land or the Improvements.

 

		2.	Uniform Commercial Code Security Agreement.

 

		(a)	This Instrument is also a security agreement under the Uniform Commercial Code for any of the Mortgaged
Property which, under applicable law, may be subjected to a security interest under the Uniform Commercial Code, for the purpose
of securing Borrower’s obligations under this Instrument and to further secure Borrower’s obligations under the Note,
this Instrument and other Loan Documents, whether such Mortgaged Property is owned now or acquired in the future, and all products
and cash and non-cash proceeds thereof (collectively, “UCC Collateral”), and by this Instrument, Borrower grants
to Lender a security interest in the UCC Collateral. To the extent necessary under applicable law, Borrower hereby authorizes Lender
to prepare and 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.

 

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		(b)	Unless Borrower gives Notice to Lender within 30 days after the occurrence of any of the following,
and executes and delivers to Lender modifications or supplements of this Instrument (and any financing statement which may be filed
in connection with this Instrument) as Lender may require, Borrower will not (i) change its name, identity, structure or jurisdiction
of organization; (ii) change the location of its place of business (or chief executive office if more than one place of business);
or (iii) add to or change any location at which any of the Mortgaged Property is stored, held or located.

 

		(c)	If an Event of Default has occurred and is continuing, Lender will have the remedies of a secured
party under the Uniform Commercial Code, in addition to all remedies provided by this Instrument or existing under applicable law.
In exercising any remedies, Lender may exercise its remedies against the UCC Collateral separately or together, and in any order,
without in any way affecting the availability of Lender’s other remedies.

 

		(d)	This Instrument also constitutes a financing statement with respect to any part of the Mortgaged
Property that is or may become a Fixture, if permitted by applicable law.

 

		3.	Assignment of 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 Rents.

 

		(i)	It is the intention of Borrower to establish a present, absolute and irrevocable transfer and assignment
to Lender of all Rents and to authorize and empower Lender to collect and receive all Rents without the necessity of further action
on the part of Borrower.

 

		(ii)	Promptly upon request by Lender, Borrower agrees to execute and deliver such further assignments
as Lender may from time to time require. Borrower and Lender intend this assignment of Rents to be immediately effective and to
constitute an absolute present assignment and not an assignment for additional security only.

 

		(iii)	For purposes of giving effect to this absolute assignment of Rents, and for no other purpose, Rents
will not be deemed to be a part of the Mortgaged Property. However, if this present, absolute and unconditional assignment of Rents
is not enforceable by its terms under the laws of the Property Jurisdiction, then the Rents will be included as a part of the Mortgaged
Property and it is the intention of Borrower that in this circumstance this Instrument create and perfect a Lien on Rents in favor
of Lender, which Lien will be effective as of the date of this Instrument.

 

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(b)          (i)          Until
the occurrence of an Event of Default, Lender hereby grants to Borrower a revocable license 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 installments of interest and principal then
due and payable under the Note and the other amounts then due and payable under the other Loan Documents, including Imposition
Reserve Deposits, and to pay the current costs and expenses of managing, operating and maintaining the Mortgaged Property, including
utilities, Taxes and insurance premiums (to the extent not included in Imposition Reserve Deposits), tenant improvements and other
capital expenditures.

 

		(ii)	So long as no Event of Default has occurred and is continuing, 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 Instrument.

 

		(iii)	After the occurrence of an Event of Default, and during the continuance of such Event of Default,
Borrower authorizes Lender to collect, sue for and compromise Rents and directs each tenant of the Mortgaged Property to pay all
Rents to, or as directed by, Lender. From and after the occurrence of an Event of Default, and during the continuance of such Event
of Default, and without the necessity of Lender entering upon and taking and maintaining control of the Mortgaged Property directly,
or by a receiver, Borrower’s license to collect Rents will automatically terminate and Lender will without Notice be entitled
to all Rents as they become due and payable, including Rents then due and unpaid. Borrower will pay to Lender upon demand all Rents
to which Lender is entitled.

 

		(iv)	At any time on or after the date of Lender’s demand for Rents, 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 will be obligated to inquire further as to the occurrence or continuance of an Event of Default. No tenant
will be obligated to pay to Borrower any amounts which are actually paid to Lender in response to such a notice. Any such notice
by Lender will be delivered to each tenant personally, by mail or by delivering such demand to each rental unit. Borrower will
not interfere with and will cooperate with Lender’s collection of such Rents.

 

		(c)	If an Event of Default has occurred and is continuing, then Lender will have each of the following
rights and may take any of the following actions:

 

		(i)	Lender may, regardless of the adequacy of Lender’s security or the solvency of Borrower and
even in the absence of waste, enter upon and take and maintain full control of the Mortgaged Property 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, 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 the assignment of Rents pursuant to Section 3(a), protecting the Mortgaged Property
or the security of this Instrument, or for such other purposes as Lender in its discretion may deem necessary or desirable.

 

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		(ii)	Alternatively, if an Event of Default has occurred and is continuing, regardless of the adequacy
of Lender’s security, without regard to 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 the preceding sentence. If Lender elects to seek the appointment of a receiver
for the Mortgaged Property at any time after an Event of Default has occurred and is continuing, Borrower, by its execution of
this Instrument, expressly consents to the appointment of such receiver, including the appointment of a receiver ex parte
if permitted by applicable law.

 

		(iii)	If Borrower is a housing cooperative corporation or association, Borrower hereby agrees that if
a receiver is appointed, the order appointing the receiver may contain a provision requiring the receiver to pay the installments
of interest and principal then due and payable under the Note and the other amounts then due and payable under the other Loan Documents,
including Imposition Reserve Deposits, it being acknowledged and agreed that the Indebtedness is an obligation of Borrower and
must be paid out of maintenance charges payable by Borrower’s tenant shareholders under their proprietary leases or occupancy
agreements.

 

		(iv)	Lender or the receiver, as the case may be, will be entitled to receive a reasonable fee for managing
the Mortgaged Property.

 

		(v)	Immediately upon appointment of a receiver or immediately upon Lender’s entering upon and
taking possession and control of the Mortgaged Property, Borrower will surrender possession of the Mortgaged Property to Lender
or the receiver, as the case may be, and will deliver to Lender or the receiver, as the case may be, 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.

 

		(vi)	If Lender takes possession and control of the Mortgaged Property, then Lender may exclude Borrower
and its representatives from the Mortgaged Property.

 

Borrower acknowledges and agrees
that the exercise by Lender of any of the rights conferred under this Section 3 will 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.

 

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		(d)	If Lender enters the Mortgaged Property, Lender will be liable to account only to Borrower and
only for those Rents actually received. Except to the extent of Lender’s gross negligence or willful misconduct, Lender will
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 Section 3(c), and Borrower hereby releases and discharges Lender from any such
liability to the fullest extent permitted by law.

 

		(e)	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 will become an additional part of the Indebtedness
as provided in Section 7.

 

		(f)	Any entering upon and taking of control of the Mortgaged Property by Lender or the receiver, as
the case may be, and any application of Rents as provided in this Instrument will 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 Instrument.

 

		4.	Assignment of Leases; Leases Affecting the Mortgaged Property.

 

		(a)	As part of the consideration for the Indebtedness, Borrower absolutely and unconditionally assigns
and transfers to Lender all of Borrower’s right, title and interest in, to and under the Leases, including Borrower’s
right, power and authority to modify the terms of any such Lease, or extend or terminate any such Lease.

 

		(i)	It is the intention of Borrower to establish a present, absolute and irrevocable transfer and assignment
to Lender of all of Borrower’s right, title and interest in, to and under the Leases. Borrower and Lender intend this assignment
of the Leases to be immediately effective and to constitute an absolute present assignment and not an assignment for additional
security only.

 

		(ii)	For purposes of giving effect to this absolute assignment of the Leases, and for no other purpose,
the Leases will not be deemed to be a part of the Mortgaged Property.

 

		(iii)	However, if this present, absolute and unconditional assignment of the Leases is not enforceable
by its terms under the laws of the Property Jurisdiction, then the Leases will be included as a part of the Mortgaged Property
and it is the intention of Borrower that in this circumstance this Instrument create and perfect a Lien on the Leases in favor
of Lender, which Lien will be effective as of the date of this Instrument.

 

		(b)	Until Lender gives Notice to Borrower of Lender’s exercise of its rights under this Section 4,
Borrower will have all rights, power and authority granted to Borrower under any Lease (except as otherwise limited by this Section or
any other provision of this Instrument), including the right, power and authority to modify the terms of any Lease or extend or
terminate any Lease. Upon the occurrence of an Event of Default, and during the continuance of such Event of Default, the permission
given to Borrower pursuant to the preceding sentence to exercise all rights, power and authority under Leases will automatically
terminate. Borrower will comply with and observe Borrower’s obligations under all Leases, including Borrower’s obligations
pertaining to the maintenance and disposition of tenant security deposits.

 

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Amended and Restated Multifamily Mortgage, Assignment of Rents
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(c)          (i)           Borrower
acknowledges and agrees that the exercise by Lender, either directly or by a receiver, of any of the rights conferred under this
Section 4 will 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 the Improvements.

 

		(ii)	The acceptance by Lender of the assignment of the Leases pursuant to Section 4(a) will
not at any time or in any event obligate Lender to take any action under this Instrument or to expend any money or to incur any
expenses.

 

		(iii)	Except to the extent of Lender’s gross negligence or willful misconduct, Lender will not
be liable in any way for any injury or damage to person or property sustained by any Person or Persons in or about the Mortgaged
Property.

 

		(iv)	Prior to Lender’s actual entry into and taking possession of the Mortgaged Property, Lender
will not be obligated for any of the following:

 

		(A)	Lender will not be obligated to perform any of the terms, covenants and conditions contained in
any Lease (or otherwise have any obligation with respect to any Lease).

 

		(B)	Lender will not be obligated to appear in or defend any action or proceeding relating to the Lease
or the Mortgaged Property.

 

		(C)	Lender will not be responsible for the operation, control, care, management or repair of the Mortgaged
Property or any portion of the Mortgaged Property. The execution of this Instrument by Borrower will constitute conclusive evidence
that all responsibility for the operation, control, care, management and repair of the Mortgaged Property is and will be that of
Borrower, prior to such actual entry and taking of possession.

 

		(d)	Upon delivery of Notice by Lender to Borrower of Lender’s exercise of Lender’s rights
under this Section 4 at any time after the occurrence of an Event of Default, and during the continuance of such Event of
Default, and 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, Lender immediately will
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.

 

    	Florida
Amended and Restated Multifamily Mortgage, Assignment of Rents
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	 Page 13

     

    

 

		(e)	Borrower will, promptly upon Lender’s request, deliver to Lender an executed copy of each
residential Lease then in effect.

 

		(f)	If Borrower is a cooperative housing corporation or association, notwithstanding anything to the
contrary contained in this Instrument, so long as Borrower remains a cooperative housing corporation or association and is not
in breach of any covenant of this Instrument, Lender consents to the following:

 

		(i)	Borrower may execute leases of apartments for a term in excess of 2 years to a tenant shareholder
of Borrower, so long as such leases, including proprietary leases, are and will remain subordinate to the Lien of this Instrument.

 

		(ii)	Borrower may surrender or terminate such leases of apartments where the surrendered or terminated
lease is immediately replaced or where Borrower makes its best efforts to secure such immediate replacement by a newly-executed
lease of the same apartment to a tenant shareholder of Borrower. However, no consent is given by Lender to any execution, surrender,
termination or assignment of a lease under terms that would waive or reduce the obligation of the resulting tenant shareholder
under such lease to pay cooperative assessments in full when due or the obligation of the former tenant shareholder to pay any
unpaid portion of such assessments.

 

		5.	Prepayment Premium. Borrower will be required to pay a prepayment premium in connection
with certain prepayments of the Indebtedness, including a payment made after Lender’s exercise of any right of acceleration
of the Indebtedness, as provided in the Note.

 

		6.	Application of Payments. If at any time Lender receives, from Borrower or otherwise, any
amount applicable to the Indebtedness which is less than all amounts due and payable at such time, then Lender may apply that payment
to amounts then due and payable in any manner and in any order determined by Lender, in Lender’s discretion. Neither Lender’s
acceptance of an amount that is less than all amounts then due and payable nor Lender’s application of such payment in the
manner authorized will constitute or be deemed to constitute either a waiver of the unpaid amounts or an accord and satisfaction.
Notwithstanding the application of any such amount to the Indebtedness, Borrower’s obligations under this Instrument, the
Note and all other Loan Documents will remain unchanged.

 

		7.	Protection of Lender’s Security; Instrument Secures Future Advances.

 

		(a)	If Borrower fails to perform any of its obligations under this Instrument or any other Loan Document,
or if any action or proceeding is commenced which purports to affect the Mortgaged Property, Lender’s security or Lender’s
rights under this Instrument, including eminent domain, insolvency, code enforcement, civil or criminal forfeiture, enforcement
of Hazardous Materials Laws, fraudulent conveyance or reorganizations or proceedings involving a bankrupt or decedent, then Lender
at Lender’s option may make such appearances, file such documents, disburse such sums and take such actions as Lender reasonably
deems necessary to perform such obligations of Borrower and to protect Lender’s interest, including all of the following:

 

    	Florida
Amended and Restated Multifamily Mortgage, Assignment of Rents
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		(i)	Lender may pay Attorneys’ Fees and Costs.

 

		(ii)	Lender may pay fees and out-of-pocket expenses of accountants, inspectors and consultants.

 

		(iii)	Lender may enter upon the Mortgaged Property to make Repairs or secure the Mortgaged Property.

 

		(iv)	Lender may procure the Insurance required by the Loan Agreement.

 

		(v)	Lender may pay any amounts which Borrower has failed to pay under the Loan Agreement.

 

		(vi)	Lender may perform any of Borrower’s obligations under the Loan Agreement.

 

		(vii)	Lender may make advances to pay, satisfy or discharge any obligation of Borrower for the payment
of money that is secured by a Prior Lien.

 

		(b)	Any amounts disbursed by Lender under this Section 7, or under any other provision of this Instrument
that treats such disbursement as being made under this Section 7, will be secured by this Instrument, will be added to, and become
part of, the principal component of the Indebtedness, will be immediately due and payable and will bear interest from the date
of disbursement until paid at the Default Rate.

 

		(c)	Nothing in this Section 7 will require Lender to incur any expense or take any action.

 

		8.	Events of Default. An Event of Default under the Loan Agreement will constitute an Event
of Default under this Instrument.

 

		9.	Remedies Cumulative. Each right and remedy provided in this Instrument is distinct from
all other rights or remedies under this Instrument, the Loan Agreement or any other Loan Document or afforded by applicable law
or equity, and each will be cumulative and may be exercised concurrently, independently or successively, in any order. Lender’s
exercise of any particular right or remedy will not in any way prevent Lender from exercising any other right or remedy available
to Lender. Lender may exercise any such remedies from time to time and as often as Lender chooses.

 

		10.	Waiver of Statute of Limitations, Offsets, and Counterclaims. Borrower waives the right
to assert any statute of limitations as a bar to the enforcement of the Lien of this Instrument or to any action brought to enforce
any Loan Document. Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action
or proceeding brought against it by Lender or otherwise to offset any obligations to make the payments required by the Loan Documents.
No failure by Lender to perform any of its obligations under this Instrument will be a valid defense to, or result in any offset
against, any payments that Borrower is obligated to make under any of the Loan Documents.

 

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		11.	Waiver of Marshalling.

 

		(a)	Notwithstanding the existence of any other security interests in the Mortgaged Property held by
Lender or by any other party, Lender will have the right to determine the order in which any or all of the Mortgaged Property will
be subjected to the remedies provided in this Instrument, the Note, the Loan Agreement or any other Loan Document or applicable
law. Lender will 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.

 

		(b)	Borrower 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 Instrument waives any and all right to require the marshalling 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 or as an entirety in connection with the exercise of any of the remedies permitted by applicable law or provided
in this Instrument.

 

		12.	Further Assurances; Lender’s Expenses. 

 

		(a)	Borrower will deliver, at its sole cost and expense, all further acts, deeds, conveyances, assignments,
estoppel certificates, financing statements or amendments, transfers and assurances as Lender may require from time to time in
order to better assure, grant and convey to Lender the rights intended to be granted, now or in the future, to Lender under this
Instrument and the Loan Documents or in connection with Lender’s consent rights under Article VII of the Loan Agreement.

 

		(b)	Borrower acknowledges and agrees that, in connection with each request by Borrower under this Instrument
or any Loan Document, Borrower will pay all reasonable Attorneys’ Fees and Costs and expenses incurred by Lender, including
any fees payable in accordance with any request for further assurances or an estoppel certificate pursuant to the Loan Agreement,
regardless of whether the matter is approved, denied or withdrawn. Any amounts payable by Borrower under this Instrument or under
any other Loan Document will be deemed a part of the Indebtedness, will be secured by this Instrument and will bear interest at
the Default Rate if not fully paid within 10 days of written demand for payment.

 

		13.	Governing Law; Consent to Jurisdiction and Venue. This Instrument, and any Loan Document
which does not itself expressly identify the law that is to apply to it, will be governed by the laws of the Property Jurisdiction.
Borrower agrees that any controversy arising under or in relation to the Note, this Instrument or any other Loan Document may be
litigated in the Property Jurisdiction. The state and federal courts and authorities with jurisdiction in the Property Jurisdiction
will have jurisdiction over all controversies that may arise under or in relation to the Note, any security for the Indebtedness
or any other Loan Document. 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. However, nothing
in this Section 13 is intended to limit Lender’s right to bring any suit, action or proceeding relating to matters under
this Instrument in any court of any other jurisdiction.

 

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Amended and Restated Multifamily Mortgage, Assignment of Rents
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	 Page 16

     

    

 

		14.	Notice. All Notices, demands and other communications under or concerning this Instrument
will be governed by the terms set forth in the Loan Agreement.

 

		15.	Successors and Assigns Bound. This Instrument will bind the respective successors and assigns
of Borrower and Lender, and the rights granted by this Instrument will inure to Lender’s successors and assigns.

 

		16.	Joint and Several Liability. If more than one Person signs this Instrument as Borrower,
the obligations of such Persons will be joint and several.

 

		17.	Relationship of Parties; No Third Party Beneficiary.

 

		(a)	The relationship between Lender and Borrower will be solely that of creditor and debtor, respectively,
and nothing contained in this Instrument will create any other relationship between Lender and Borrower. Nothing contained in this
Instrument will constitute Lender as a joint venturer, partner or agent of Borrower, or render Lender liable for any debts, obligations,
acts, omissions, representations or contracts of Borrower.

 

		(b)	No creditor of any party to this Instrument and no other Person will be a third party beneficiary
of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (“Servicing
Arrangement”) between Lender and any Loan Servicer for loss sharing or interim advancement of funds will constitute a
contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness,
(ii) Borrower will not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under
any Servicing Arrangement will reduce the amount of the Indebtedness.

 

		18.	Severability; Amendments.

 

		(a)	The invalidity or unenforceability of any provision of this Instrument will not affect the validity
or enforceability of any other provision, and all other provisions will remain in full force and effect. This Instrument contains
the entire agreement among the parties as to the rights granted and the obligations assumed in this Instrument.

 

		(b)	This Instrument may not be amended or modified except by a writing signed by the party against
whom enforcement is sought; provided, however, that in the event of a Transfer prohibited by or requiring Lender’s approval
under Article VII of the Loan Agreement, some or all of the modifications to the Loan Documents (if any) may be modified or rendered
void by Lender at Lender’s option by Notice to Borrower and the transferee(s).

 

    	Florida
Amended and Restated Multifamily Mortgage, Assignment of Rents
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	 Page 17

     

    

 

		19.	Construction.

 

		(a)	The captions and headings of the Sections of this Instrument are for convenience only and will
be disregarded in construing this Instrument. Any reference in this Instrument to a “Section” will, unless otherwise
explicitly provided, be construed as referring to a Section of this Instrument.

 

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

 

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

 

		(d)	As used in this Instrument, the term “including” means “including, but not limited
to” and the term “includes” means “includes without limitation.”

 

		(e)	The use of one gender includes the other gender, as the context may require.

 

		(f)	Unless the context requires otherwise any definition of or reference to any agreement, instrument
or other document in this Instrument will be construed as referring to such agreement, instrument or other document as from time
to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth in this Instrument).

 

		(g)	Any reference in this Instrument to any person will be construed to include such person’s
successors and assigns.

 

		20.	Subrogation. If, and to the extent that, the proceeds of the loan evidenced by the Note,
or subsequent advances under Section 7, are used to pay, satisfy or discharge a Prior Lien, such loan proceeds or advances will
be deemed to have been advanced by Lender at Borrower’s request, and Lender will automatically, and without further action
on its part, be subrogated to the rights, including Lien priority, of the owner or holder of the obligation secured by the Prior
Lien, whether or not the Prior Lien is released.

 

		21-30.	Reserved.

 

		31.	Acceleration; Remedies; Waiver Of Permissive Counterclaims. At any time during the existence
of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without
further demand, and may foreclose this Instrument by judicial proceeding and may invoke any other remedies permitted by Florida
law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Lender will be entitled to collect all costs
and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and costs of documentary evidence, abstracts
and title reports. Borrower waives any and all rights to file or pursue permissive counterclaims in connection with any legal action
brought by Lender under this Instrument, the Note or any other Loan Document.

 

		32.	Release. Upon payment of the Indebtedness, Lender will release this Instrument. Borrower
will pay Lender’s reasonable costs incurred in releasing this Instrument.

 

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		33.	Future Advances. Lender may from time to time, in Lender’s discretion, make optional
future or additional advances (collectively, “Future Advances”) to Borrower, except that at no time will the
unpaid principal balance of all indebtedness secured by the Lien of this Instrument, including Future Advances, be greater than
an amount equal to 200% of the original principal amount of the Note as set forth on the first page of this Instrument plus accrued
interest and amounts disbursed by Lender under Section 7 or any other provision of this Instrument or the other Loan Documents
that treats a disbursement by Lender as being made under Section 7. All Future Advances will be made, if at all, within 20 years
after the date of this Instrument, or within such lesser period that may in the future be provided by law as a prerequisite for
the sufficiency of actual or record notice of Future Advances as against the rights of creditors or subsequent purchasers for value.
Borrower will, immediately upon request by Lender, execute and deliver to Lender a promissory note evidencing each Future Advance
together with a notice of such Future Advance in recordable form. All promissory notes evidencing Future Advances will be secured,
pari passu, by the Lien of this Instrument, and each reference in this Instrument to the Note will be deemed to be a reference
to all promissory notes evidencing Future Advances.

 

		34.	WAIVER OF TRIAL BY JURY.

 

		(a)	BORROWER AND LENDER EACH COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY
ISSUE ARISING OUT OF THIS INSTRUMENT OR THE RELATIONSHIP BETWEEN THE PARTIES AS BORROWER AND LENDER THAT IS TRIABLE OF RIGHT BY
A JURY. 

 

		(b)	BORROWER AND LENDER EACH 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 PARTY,
KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

 

		35.	Attached Riders. The following Riders are attached to this Instrument: None.

 

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Amended and Restated Multifamily Mortgage, Assignment of Rents
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		36.	Attached Exhibits. The following Exhibits, if marked with an “X” in the space
provided, are attached to this Instrument:

 

	x	Exhibit A	Description of the Land (required)
	 	 	 
	x	Exhibit B	Modifications to Instrument
	 	 	 
	 ̈	Exhibit C	Ground Lease Description (if applicable)

 

IN WITNESS WHEREOF, Borrower has signed and delivered this Instrument
or has caused this Instrument to be signed and delivered by its duly authorized representative.

 

REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK

 

    	Florida
Amended and Restated Multifamily Mortgage, Assignment of Rents
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	WITNESS:	 	BR HUNTERS CREEK, LLC, a Delaware limited liability company
	 	 	 	 
	/s/ Melissal Merlo Tombs	 	 	 
	Print Name:	Melissal Merlo Tombs	 	 	 
	 	 	 	By:	/s/ Jordan Ruddy
	 	 	 	 	Name: Jordan Ruddy
	 	 	 	 	Title: Authorized Signatory
	 	 	 	 	 
	/s/ Molly Brown	 	 	 
	Print Name:	Molly Brown	 	 	 

 

STATE OF New York     

 

CITY/COUNTY OF New York, ss:

 

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

 

Witness my hand and official
seal in the county and state aforesaid, this 25th day of October, 2017.

 

	 	/s/ Dale Pozzi
	 	Notary Public

 

	My Commission Expires:	1/28/21	 

 

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

 

	WITNESS:	 	 
		 	WALKER & DUNLOP, LLC, a Delaware limited liability company
	/s/ Debi Michalowski	 	 	 
	Print Name:	Debi Michalowski	 	 	 
	 	 	 	 	 
	/s/ C.A. Henderson	 	By:	/s/ Joyce Velazquez
	Print Name:	C.A. Henderson	 	 	Joyce Velazquez
		 	 	 	Closing Officer

 

STATE OF Texas

 

CITY/COUNTY OF Dallas, ss:

 

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

 

Witness my hand and official
seal in the county and state aforesaid, this 3rd day of October, 2017.

 

	 	/s/ Natalie Miller
	 	Notary Public

 

	My Commission Expires: 7/11/20	 

 

 

    	Florida
Amended and Restated Multifamily Mortgage, Assignment of Rents
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EXHIBIT A

 

DESCRIPTION OF THE LAND

 

PARCEL 1: (Fee Simple Estate):

 

Lots 1 and 2, HUNTER'S CREEK TRACT 480, according to the plat
thereof, as recorded in Plat Book 40, Page 120, of the Public Records of Orange County, Florida.

 

PARCEL 2:

 

Non-Exclusive easement for ingress and egress for the benefit
of Parcel 1 as set forth and granted by Access Easement recorded May 29, 1998, in Official Records Book 5491, Page 4521, of the
Public Records of Orange County, Florida.

 

PARCEL 3:

 

Non-Exclusive easement for encroachment and of use, access and
enjoyment in and to the "Common Area" for the benefit of Parcel 1 as defined and more particularly described in that
certain Second Amended and Restated Declaration of Master Covenants, Conditions and Restrictions of Hunter's Creek, filed in Official
Records Book 6065, Page 2309, re-recorded in Official Records Book 6108, Page 4653, modified by Supplemental Declaration to Second
Amended and Restated Declaration of Master Covenants, Conditions and Restrictions of Hunter's Creek filed in Official Records Book
6112, Page 1865, Termination of Class "C" Membership filed in Official Records Book 6178, Page 2519, and Supplemental
Declaration to Second Amended and Restated Declaration of Master Covenants, Conditions and Restrictions of Hunter's Creek, filed
in Official Records Book 6285, Page 5991, and Supplemental Declaration to Second Amended and Restated Declaration of Master Covenants,
Conditions and Restrictions of Hunter's Creek filed in Official Records Book 7735, Page 2464, and further amended by Certificate
of First Amendment to the Second Amended and Restated Declaration of Master Covenants, Conditions and Restrictions of Hunter's
Creek recorded in Official Records Book 7964, Page 263, as amended by certificate of Second Amendment to the Second Amended and
Restated Declaration of Master Covenants, Conditions and Restrictions of Hunter's Creek, recorded November 30, 2009 in Official
Records Book 9968, Page 6699, as affected by Notice, recorded May 28, 2010 in Official Records Book 10052, Page 5307, as affected
by Assignment of Declarant's Rights recorded August 11, 2011 in Official Records Book 10253, Page 934, as amended by Third Amendment
to the Second Amended and Restated Declaration of Master Covenants, Conditions and Restrictions of Hunter's Creek, recorded October
25, 2012 in Official Records Book 10463, Page 1872, as amended by Fourth Amendment to the Second Amended and Restated Declaration
of Master Covenants, Conditions and Restrictions of Hunter's Creek recorded October 2, 2014 in Official Records Book 10813, Page
3748 and as affected by Notice of Preservation recorded June 16, 2015 in Official Records Book 10935, Page 6619, all of the Public
Records of Orange County, Florida.

 

    	Florida
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PARCEL 4:

 

Together with those non-exclusive easements and rights for the
benefit of Parcel 1, as set forth and granted by Hunter's Creek Community Association, Inc., a Florida not for profit Corporation,
in favor of Realty Associates Fund VIII L.P., a Delaware limited Partnership, recorded August 11, 2009, in Official Records Book
9916, Page 140, of the Public Records of Orange County, Florida, for the purpose of signage and access easement agreement, over,
under and across lands as described therein.

 

Parcel 5:

 

Together with those non-exclusive easements and rights for
the benefit of Parcel 1, as set forth and granted by Utility Easement for underground sanitary sewer line dated May 27, 1998 from
Westbrook Hunter's Creek, L.P., a Delaware limited partnership in favor of Towne Place Apartments, LTD., a Florida limited partnership
filed May 29, 1998, in Official Records Book 5491, Page 4526, and Subordination of Encumbrance to Property Rights to Orange County,
filed in Official Records Book 6289, Page 381, both of the Public Records of Orange County, Florida; for the purpose described
therein and access easement agreement, over, under and across lands as described therein.

 

 

    	Florida
Amended and Restated Multifamily Mortgage, Assignment of Rents
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EXHIBIT B

 

MODIFICATIONS TO INSTRUMENT

 

The following modifications are made to the text of the Instrument
that precedes this Exhibit:

 

		I.	FLORIDA AMENDED AND RESTATED MODIFICATIONS:

 

		1.	In the first paragraph of text on Page 3 starting with “Borrower is indebted to Lender...”,
the words “Multifamily Note” are hereby revised to read “Amended and Restated Multifamily Note”.

 

		2.	A new Section 37 is added as follows:

 

		37.	NO NOVATION; NO DEFENSES.

 

		(a)	Neither this Instrument nor the Note is a substitution or novation of the indebtedness of the Original
Note. Neither this Instrument nor the Note extinguishes the indebtedness of the Original Note or discharges or releases or in any
way adversely affects the lien or lien priorities of the Original Mortgage or any other security for the indebtedness of the Original
Note. In the event that any of the provisions of this Instrument shall be construed by a court of competent jurisdiction as operating
to affect the lien priority of the Original Mortgage over claims which would otherwise be subordinate thereto, then at the sole
option of Lender, Lender may treat such provisions as void and of no force or effect and enforce the provisions of the Original
Mortgage as modified by this Instrument excluding such provisions, or at the sole option of Lender, Lender may enforce the Original
Mortgage pursuant to the terms therein contained, independent of this Instrument to the extent that third persons acquiring an
interest in such real property between the time of recording of the Original Mortgage and the recording hereof are prejudiced by
this Instrument. However, if Lender elects either such option, the parties hereto, as between themselves, shall in all events be
bound by all the terms and conditions of this Instrument and the Note until all Indebtedness owing from Borrower to Lender shall
have been paid in full.

 

		(b)	Borrower hereby confirms that it has no defenses or offsets of any kind against any of the indebtedness
due under the Original Note. Borrower hereby waives any claim which it may have with respect to the Original Note or Original Mortgage,
or any other document executed in connection therewith or related thereto, as the same may have been modified, or as hereby or
hereafter modified. Borrower agrees not to raise any such defenses or claims in any civil proceedings or otherwise.

 

    	Florida
Amended and Restated Multifamily Mortgage, Assignment of Rents
and Security Agreement
	 Page B-1Exhibit 10.4

 

Freddie Mac Loan Number: 932896871

Property Name: ARIUM Hunter's Creek

 

GUARANTY

 

MULTISTATE

 

(Revised 5-5-2017)

 

THIS GUARANTY (“Guaranty”)
is entered into to be effective as of October 30, 2017, by BLUEROCK RESIDENTIAL GROWTH REIT, INC., a Maryland corporation
(“Guarantor”, collectively if more than one), for the benefit of WALKER & DUNLOP, LLC, a Delaware
limited liability company (“Lender”).

 

RECITALS

 

		A.	Pursuant to the terms of a Multifamily Loan and Security Agreement dated the same date as this
Guaranty (as amended, modified or supplemented from time to time, the "Loan Agreement"), BR Hunters Creek, LLC,
a Delaware limited liability company (“Borrower”) has requested that Lender make a loan to Borrower in the amount
of $72,294,000.00 (“Loan”). The Loan will be evidenced by one or more Multifamily Note(s) from Borrower to Lender
dated effective as of the effective date of this Guaranty (as amended, modified or supplemented from time to time, and collectively
if applicable, the “Note”). The Note will be secured by a Multifamily Mortgage, Deed of Trust, or Deed to Secure
Debt dated effective as of the effective date of the Note (as amended, modified or supplemented from time to time, the “Security
Instrument”), encumbering the Mortgaged Property described in the Loan Agreement.

 

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

 

		C.	Guarantor has a direct or indirect ownership or other financial interest in Borrower and/or will
otherwise derive a material benefit from the making of the Loan.

 

AGREEMENT

 

NOW, THEREFORE, in
order to induce Lender to make the Loan to Borrower, and in consideration thereof and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Guarantor agrees as follows:

 

		1.	Defined Terms. The terms “Indebtedness”, “Loan Documents”, and “Property
Jurisdiction”, and other capitalized terms used but not defined in this Guaranty, will have the meanings assigned to them
in the Loan Agreement.

 

		2.	Scope of Guaranty.

 

		(a)	Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender each of the following:

 

    	Guaranty - Multistate	 

     

    

 

		(i)	Guarantor guarantees the full and prompt payment when due, whether at the Maturity Date or earlier,
by reason of acceleration or otherwise, and at all times thereafter, of each of the following:

 

		(A)	Guarantor guarantees a portion of the Indebtedness (including interest at the Note rate) equal
to 0% of the original principal balance of the Note (“Base Guaranty”).

 

		(B)	In addition to the Base Guaranty, Guarantor guarantees all other amounts for which Borrower is
personally liable under Sections 9(c), 9(d) and 9(f) of the Note (provided, however, that Guarantor will have no liability
for failure of Borrower or SPE Equity Owner to comply with (I) Section 6.13(a)(xviii) of the Loan Agreement, and (II) the requirement
in Section 6.13(a)(x)(B) of the Loan Agreement as to payment of trade payables within 60 days of the date incurred).

 

		(C)	Guarantor guarantees all costs and expenses, including reasonable Attorneys’ Fees and Costs
incurred by Lender in enforcing its rights under this Guaranty.

 

		(ii)	Guarantor guarantees the full and prompt payment and performance of, and compliance with, all of
Borrower’s obligations under Sections 6.12, 10.02(b) and 10.02(d) of the Loan Agreement when due and the accuracy of Borrower’s
representations and warranties under Section 5.05 of the Loan Agreement.

 

		(iii)	Guarantor guarantees the full and prompt payment and performance of, and compliance with, Borrower’s
obligations under Section 6.09(e)(v) of the Loan Agreement to the extent Property Improvement Alterations have commenced and remain
uncompleted.

 

		(iv)	through (vi)          Reserved.

 

		(b)	If the Base Guaranty stated in Section 2(a)(i)(A) is 100% of the original principal balance
of the Note, then the following will be applicable:

 

		(i)	The Base Guaranty will mean and include, and Guarantor hereby absolutely, unconditionally and irrevocably
guarantees to Lender, the full and complete prompt payment of the entire Indebtedness, the performance of and/or compliance with
all of Borrower’s obligations under the Loan Documents when due, and the accuracy of Borrower’s representations and
warranties contained in the Loan Documents.

 

		(ii)	For so long as the Base Guaranty remains in effect (there being no limit to the duration of the
Base Guaranty unless otherwise expressly provided in this Guaranty), the obligations guaranteed pursuant to Sections 2(a)(i)(B)
and 2(a)(i)(C) will be part of, and not in addition to or in limitation of, the Base Guaranty.

 

		(c)	If the Base Guaranty stated in Section 2(a)(i)(A) is less than 100% of the original principal
balance of the Note, then Section 2(b) will be completely inapplicable.

 

		(d)	If Guarantor is not liable for the entire Indebtedness, then all payments made by Borrower with
respect to the Indebtedness and all amounts received by Lender from the enforcement of its rights under the Loan Agreement and
the other Loan Documents (except this Guaranty) will be applied first to the portion of the Indebtedness for which neither Borrower
nor Guarantor has personal liability.

 

    	Guaranty - Multistate	Page 2 

     

    

 

		3.	Additional Guaranty Relating to Bankruptcy.

 

		(a)	Notwithstanding any limitation on liability provided for elsewhere in this Guaranty, Guarantor
hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and prompt payment when due, whether at the Maturity
Date or earlier, by reason of acceleration or otherwise, and at all times thereafter, the entire Indebtedness, in the event that:

 

		(i)	Borrower or any SPE Equity Owner voluntarily files for bankruptcy protection under the Bankruptcy
Code.

 

		(ii)	Borrower or any SPE Equity Owner voluntarily becomes subject to any reorganization, receivership,
insolvency proceeding, or other similar proceeding pursuant to any other federal or state law affecting debtor and creditor rights.

 

		(iii)	The Mortgaged Property or any part of the Mortgaged Property becomes an asset in a voluntary bankruptcy
or becomes subject to any voluntary reorganization, receivership, insolvency proceeding, or other similar voluntary proceeding
pursuant to any other federal or state law affecting debtor and creditor rights.

 

		(iv)	An order of relief is entered against Borrower or any SPE Equity Owner pursuant to the Bankruptcy
Code or other federal or state law affecting debtor and creditor rights in any involuntary bankruptcy proceeding initiated or joined
in by a Related Party.

 

		(v)	An involuntary bankruptcy or other involuntary insolvency proceeding is commenced against Borrower
or any SPE Equity Owner (by a party other than Lender) but only if Borrower or such SPE Equity Owner has failed to use commercially
reasonable efforts to dismiss such proceeding or has consented to such proceeding. “Commercially reasonable efforts”
will not require any direct or indirect interest holders in Borrower or any SPE Equity Owner to contribute or cause the contribution
of additional capital to Borrower or any SPE Equity Owner.

 

		(b)	For purposes of Section 3(a) the term “Related Party” will include all
of the following:

 

		(i)	Borrower, any Guarantor or any SPE Equity Owner.

 

		(ii)	Any Person that holds, directly or indirectly, any ownership interest (including any shareholder,
member or partner) in Borrower, any Guarantor or any SPE Equity Owner or any Person that has a right to manage Borrower, any Guarantor
or any SPE Equity Owner.

 

		(iii)	Any Person in which Borrower, any Guarantor or any SPE Equity Owner has any ownership interest
(direct or indirect) or right to manage.

 

    	Guaranty - Multistate	Page 3 

     

    

 

		(iv)	Any Person in which any partner, shareholder or member of Borrower, any Guarantor or any SPE Equity
Owner has an ownership interest or right to manage.

 

		(v)	Any Person in which any Person holding an interest in Borrower, any Guarantor or any SPE Equity
Owner also has any ownership interest.

 

		(vi)	Any creditor (as defined in the Bankruptcy Code) of Borrower that is related by blood, marriage
or adoption to Borrower, any Guarantor or any SPE Equity Owner.

 

		(vii)	Any creditor (as defined in the Bankruptcy Code) of Borrower that is related to any partner, shareholder
or member of, or any other Person holding an interest in, Borrower, any Guarantor or any SPE Equity Owner.

 

		(c)	If Borrower, any Guarantor, any SPE Equity Owner or any Related Party has solicited creditors to
initiate or participate in any proceeding referred to in Section 3(a), regardless of whether any of the creditors solicited
actually initiates or participates in the proceeding, then such proceeding will be considered as having been initiated by a Related
Party.

 

		4.	Guarantor’s Obligations Survive Foreclosure. The obligations of Guarantor under this
Guaranty will survive any foreclosure proceeding, any foreclosure sale, any delivery of any deed in lieu of foreclosure, and any
release of record of the Security Instrument, and, in addition, the obligations of Guarantor relating to Borrower’s representations
and warranties under Section 5.05 of the Loan Agreement, and Borrower’s obligations under Sections 6.12 and 10.02(b)
of the Loan Agreement will survive any repayment or discharge of the Indebtedness. Notwithstanding the foregoing, if Lender has
never been a mortgagee-in-possession of or held title to the Mortgaged Property, Guarantor will have no obligation under this Guaranty
relating to Borrower’s representations and warranties under Section 5.05 of the Loan Agreement or Borrower’s obligations
relating to environmental matters under Sections 6.12 and 10.02(b) of the Loan Agreement after the date of the release of record
of the lien of the Security Instrument as a result of the payment in full of the Indebtedness on the Maturity Date or by voluntary
prepayment in full.

 

		5.	Guaranty of Payment and Performance. Guarantor’s obligations under this Guaranty constitute
an unconditional guaranty of payment and performance and not merely a guaranty of collection.

 

		6.	No Demand by Lender Necessary; Waivers by Guarantor. The obligations of Guarantor under
this Guaranty must be performed without demand by Lender and will be unconditional regardless of the genuineness, validity, regularity
or enforceability of the Note, the Loan Agreement, or any other Loan Document, and without regard to any other circumstance which
might otherwise constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a mortgagor. Guarantor hereby
waives, to the fullest extent permitted by applicable law, all of the following:

 

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

 

    	Guaranty - Multistate	Page 4 

     

    

 

		(b)	The benefits of any right of discharge under any and all statutes or other laws relating to a guarantor,
a surety, a borrower or a mortgagor, and any other rights of a surety, a guarantor, a borrower or a mortgagor under such statutes
or laws.

 

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

 

		(d)	All rights to cause a marshalling of the Borrower’s assets or to require Lender to do any
of the following:

 

		(i)	Proceed against Borrower or any other guarantor of Borrower’s payment or performance under
the Loan Documents (an “Other Guarantor”).

 

		(ii)	Proceed against any general partner of Borrower or any Other Guarantor if Borrower or any Other
Guarantor is a partnership.

 

		(iii)	Proceed against or exhaust any collateral held by Lender to secure the repayment of the Indebtedness.

 

		(iv)	Pursue any other remedy it may now or hereafter have against Borrower, or, if Borrower is a partnership,
any general partner of Borrower.

 

		(e)	Any right to object to the timing, manner or conduct of Lender’s enforcement of its rights
under any of the Loan Documents.

 

		(f)	Any right to revoke this Guaranty as to any future advances by Lender under the terms of the Loan
Agreement to protect Lender’s interest in the Mortgaged Property.

 

		7.	Modification of Loan Documents. At any time or from time to time and any number of times,
without notice to Guarantor and without affecting the liability of Guarantor, all of the following will apply:

 

		(a)	Lender may extend the time for payment of the principal of or interest on the Indebtedness or renew
the Indebtedness in whole or in part.

 

		(b)	Lender may extend the time for Borrower’s performance of or compliance with any covenant
or agreement contained in the Note, the Loan Agreement or any other Loan Document, whether presently existing or entered into after
the date of this Guaranty, or waive such performance or compliance.

 

		(c)	Lender may accelerate the Maturity Date of the Indebtedness as provided in the Note, the Loan Agreement,
or any other Loan Document.

 

		(d)	Lender and Borrower may modify or amend the Note, the Loan Agreement, or any other Loan Document
in any respect, including an increase in the principal amount.

 

    	Guaranty - Multistate	Page 5 

     

    

 

		(e)	Lender may modify, exchange, surrender or otherwise deal with any security for the Indebtedness
or accept additional security that is pledged or mortgaged for the Indebtedness.

 

		8.	Joint and Several Liability. The obligations of Guarantor (and each party named as a Guarantor
in this Guaranty) and any Other Guarantor will be joint and several. Lender, in its sole and absolute discretion, may take any
of the following actions:

 

		(a)	Lender may bring suit against Guarantor, or any one or more of the parties named as a Guarantor
in this Guaranty, and any Other Guarantor, jointly and severally, or against any one or more of them.

 

		(b)	Lender may compromise or settle with Guarantor, any one or more of the parties named as a Guarantor
in this Guaranty, or any Other Guarantor, for such consideration as Lender may deem proper.

 

		(c)	Lender may release one or more of the parties named as a Guarantor in this Guaranty, or any Other
Guarantor, from liability.

 

		(d)	Lender may otherwise deal with Guarantor and any Other Guarantor, or any one or more of them, in
any manner.

 

No action
of Lender described in this Section 8 will affect or impair the rights of Lender to collect from any one or more of the parties
named as a Guarantor under this Guaranty any amount guaranteed by Guarantor under this Guaranty.

 

		9.	Limited Release of Guarantor Upon Transfer of Mortgaged Property. If Guarantor requests
a release of its liability under this Guaranty in connection with a Transfer which Lender has approved pursuant to Section 7.05(a)
of the Loan Agreement, and Borrower has provided a replacement Guarantor acceptable to Lender, then one of the following will apply:

 

		(a)	If Borrower delivers to Lender a Clean Site Assessment, then Lender will release Guarantor from
all of Guarantor’s obligations except Guarantor’s obligation to guaranty Borrower’s liability under Section 6.12
(Environmental Hazards) or Section 10.02(b) (Environmental Indemnification) of the Loan Agreement with respect to any loss,
liability, damage, claim, cost or expense which directly or indirectly arises from or relates to any Prohibited Activities or Conditions
existing prior to the date of the Transfer.

 

		(b)	If Borrower does not deliver a Clean Site Assessment as described in Section 7.05(b)(i) of
the Loan Agreement, then Lender will release Guarantor from all of Guarantor’s obligations except for Guarantor’s obligation
to guaranty Borrower’s liability under Section 6.12 (Environmental Hazards) or Section 10.02(b) (Environmental Indemnification)
of the Loan Agreement.

 

		10.	Subordination of Borrower’s Indebtedness to Guarantor. Any indebtedness of Borrower
held by Guarantor now or in the future is and will be subordinated to the Indebtedness and Guarantor will collect, enforce and
receive any such indebtedness of Borrower as trustee for Lender, but without reducing or affecting in any manner the liability
of Guarantor under the other provisions of this Guaranty.

 

    	Guaranty - Multistate	Page 6 

     

    

 

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

 

		12.	Preference. If any payment by Borrower is held to constitute a preference under any applicable
bankruptcy, insolvency, or similar laws, or if for any other reason Lender is required to refund any sums to Borrower, such refund
will not constitute a release of any liability of Guarantor under this Guaranty. It is the intention of Lender and Guarantor that
Guarantor’s obligations under this Guaranty will not be discharged except by Guarantor’s performance of such obligations
and then only to the extent of such performance.

 

		13.	Financial Information and Litigation. Guarantor will deliver each of the following to Lender
within 10 Business Days following a Notice from Lender requesting such information:

 

		(a)	Guarantor’s balance sheet and profit and loss statement as of the end of (A) the quarter
that ended at least 30 days prior to the due date of the requested items, and/or (B) the fiscal year that ended at least
90 days prior to the due date of the requested items.

 

		(b)	Other Guarantor financial statements as Lender may
reasonably require.

 

		(c)	Written updates on the status of all litigation proceedings that Guarantor disclosed or should
have disclosed to Lender as of the date of this Guaranty.

 

		(d)	If an Event of Default has occurred and is continuing, copies of Guarantor’s most recent
filed state and federal tax returns, including any current tax return extensions.

 

		14.	Assignment. Lender may assign its rights under this Guaranty in whole or in part and upon
any such assignment, all the terms and provisions of this Guaranty will inure to the benefit of such assignee to the extent so
assigned. The terms used to designate any of the parties in this Guaranty will be deemed to include the heirs, legal representatives,
successors and assigns of such parties, and the term “Lender” will also include any lawful owner, holder or pledgee
of the Note.

 

		15.	Complete and Final Agreement. This Guaranty and the other Loan Documents represent the final
agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements.
There are no unwritten oral agreements between the parties. All prior or contemporaneous agreements, understandings, representations,
and statements, oral or written, are merged into this Guaranty and the other Loan Documents. Guarantor acknowledges that Guarantor
has received a copy of the Note and all other Loan Documents. Neither this Guaranty nor any of its provisions may be waived, modified,
amended, discharged, or terminated except by a writing signed by the party against which the enforcement of the waiver, modification,
amendment, discharge, or termination is sought, and then only to the extent set forth in that writing.

 

		16.	Governing Law. This Guaranty will be governed by and enforced in accordance with the laws
of the Property Jurisdiction, without giving effect to the choice of law principles of the Property Jurisdiction that would require
the application of the laws of a jurisdiction other than the Property Jurisdiction.

 

    	Guaranty - Multistate	Page 7 

     

    

 

		17.	Jurisdiction; Venue. Guarantor agrees that any controversy arising under or in relation
to this Guaranty may be litigated in the Property Jurisdiction, and that the state and federal courts and authorities with jurisdiction
in the Property Jurisdiction will have jurisdiction over all controversies which may arise under or in relation to this Guaranty.
Guarantor irrevocably consents to service, jurisdiction and venue of such courts for any such litigation and waives any other venue
to which it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing in this Guaranty is intended
to limit Lender’s right to bring any suit, action or proceeding relating to matters arising under this Guaranty against Guarantor
or any of Guarantor’s assets in any court of any other jurisdiction.

 

		18.	Guarantor’s Interest in Borrower. Guarantor represents to Lender that Guarantor has
a direct or indirect ownership or other financial interest in Borrower and/or will otherwise derive a material financial benefit
from the making of the Loan.

 

		19.	Reserved.

 

		20.	Reserved.

 

		21.	Reserved.

 

		22.	Reserved.

 

		23.	Reserved.

 

		24.	Reserved.

 

		25.	State-Specific Provisions. State-specific provisions, if any, are included on Schedule 1
to this Guaranty.

 

		26.	Community Property. If Guarantor (or any Guarantor, if more than one) is a married person,
and the state of residence of Guarantor or his or her spouse (“Guarantor Spouse”) is a community property jurisdiction,
then each of the following apply:

 

		(a)	Guarantor (or each such married Guarantor, if more than one) agrees that Lender may satisfy Guarantor’s
obligations under this Guaranty to the extent of all of Guarantor’s separate property and against the marital community property
of Guarantor and Guarantor Spouse.

 

		(b)	If Guarantor Spouse is not also a Guarantor of the Loan, Guarantor certifies that none of the assets
shown on his or her financial statements submitted to Lender for purposes of underwriting the Loan were either (i) Guarantor Spouse’s
individual property, or (ii) community property under the sole management, control, and disposition of Guarantor Spouse.

 

		(c)	If Guarantor or Guarantor Spouse resides in Alaska, Arizona, Idaho, Louisiana, Nevada, New Mexico,
Washington or Wisconsin, Guarantor has caused Guarantor Spouse to acknowledge this Guaranty as required on the signature page of
this Guaranty.

 

		27.	WAIVER OF TRIAL BY JURY. 

 

		(a)	GUARANTOR AND LENDER EACH COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO
ANY ISSUE ARISING OUT OF THIS GUARANTY OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF RIGHT
BY A JURY. 

 

    	Guaranty - Multistate	Page 8 

     

    

 

		(b)	GUARANTOR AND LENDER EACH 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 PARTY, KNOWINGLY
AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

 

		28.	Notices.  All Notices required under this Guaranty will be provided in accordance with
the requirements of Section 11.03 of the Loan Agreement. Guarantor’s address for Notices is as set forth on the signature
page of this Guaranty unless changed in accordance with this Section 28.

 

		29.	Attached Schedules and Riders. The following Schedules and Riders, if marked with an “X”
in the space provided, are attached to this Guaranty:

 

		x	Schedule 1 – State Specific Provisions

 

		 ̈	Material Adverse Change Rider

 

		x	Minimum Net Worth/Liquidity Rider

 

		 ̈	Other:

 

		30.	Attached Exhibit. The following Exhibit, if marked with an “X” in the space
provided, is attached to this Guaranty:

 

		 ̈	Exhibit A	Modifications
to Guaranty

 

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

 

(Remainder of page
intentionally left blank; signature pages follow.)

 

    	Guaranty - Multistate	Page 9 

     

    

 

	 	GUARANTOR:
	 	 
	 	BLUEROCK RESIDENTIAL GROWTH REIT, INC., a Maryland corporation
	 	 	 
	 	By:	/s/ Michael L. Konig
	 	 	Name: Michael L. Konig
	 	 	Title: Authorized Signatory

 

    	Guaranty - Multistate	Page 10 

     

    

 

		(a)	Guarantor’s Notice Address:

 

		Name:	Bluerock Residential Growth REIT, Inc.

		Address:	c/o Bluerock Real Estate, L.L.C.

712 Fifth Avenue, 9th Floor

New York, New York 10019

 

		(b)	Guarantor represents and warrants that Guarantor is:

 

 ̈
married

 ̈
single

x
an entity

 

		(c)	If Guarantor is married, then Guarantor represents and warrants that
Guarantor’s state of residence is    N/A    and Guarantor Spouse’s state of residence
is    N/A   .

 

		(d)	If Guarantor (i) is married, and (ii) Guarantor Spouse is not also a Guarantor of this Loan, and
(iii) Guarantor or Guarantor Spouse’s state of residence is Alaska, Arizona, Idaho, Louisiana, Nevada, New Mexico, Washington,
or Wisconsin, then Guarantor must cause Guarantor Spouse to sign below in accordance with Section 26 of this Guaranty.

 

Any person
signing this Guaranty solely as a Guarantor Spouse will bind only Guarantor Spouse’s marital community property and will
not bind Guarantor Spouse’s separate property to the payment and performance of the Guarantor’s obligations under this
Guaranty.

 

	Guarantor Spouse’s Signature:	N/A
	 	 
	Guarantor Spouse’s Printed Name:	N/A
	 	 
	Guarantor Spouse’s Address:	N/A

 

    	Guaranty - Multistate	Page 11 

     

    

 

SCHEDULE 1

 

STATE SPECIFIC PROVISIONS

 

	Florida	 	None
	 	 	 

 

    	Guaranty - Multistate	Schedule 1 - Page 1

     

    

RIDER TO GUARANTY

 

MINIMUM NET WORTH/LIQUIDITY

 

(Revised 5-5-2017)

 

The following changes
are made to the Guaranty which precedes this Rider:

 

		A.	Section 20 is deleted and replaced with the following:

 

		20.	Minimum Net Worth/Liquidity Requirements.

 

		(a)	Guarantor must maintain a minimum net worth of $21,688,200.00 with liquid assets of at least $7,229,400.00
(collectively, “Minimum Net Worth Requirement”).

 

		(b)	In addition to the financial information that Guarantor is required to provide pursuant to Section 13
of this Guaranty, annually within 90 days after the end of each fiscal year of Guarantor (or at the end of each calendar year
with respect to any Guarantor that is an individual), Guarantor must provide Lender with a written certification (“Guarantor
Certification”) of the net worth and liquid assets of Guarantor, derived in accordance with customarily acceptable accounting
practices. The Guarantor must certify the Guarantor Certification under penalty of perjury as true and complete.

 

		(c)	Within 30 days of receipt of Notice from Lender that Guarantor has failed to maintain the
Minimum Net Worth Requirement, Guarantor must either:

 

		(i)	cause one or more natural persons or entities who individually or collectively, as applicable,
meet the Minimum Net Worth Requirement and is/are acceptable to Lender, in its sole discretion, to execute and deliver to Lender
a guaranty in the same form as this Guaranty, without any cost or expense to Lender; or

 

		(ii)	deliver to Lender a letter of credit or other collateral acceptable to Lender in its discretion
meeting the following conditions, as applicable:

 

		(A)	If Guarantor supplies a letter of credit, the letter of credit must be in the form required by
Lender and satisfy the requirements for Letters of Credit set forth in Section 11.15 of the Loan Agreement, except that an updated
nonconsolidation opinion will not be required.

 

		(B)	The letter of credit or other collateral must be in an amount equal to the greatest of:

 

		(X)	the positive difference, if any, obtained by subtracting the net worth identified in the Guarantor
Certification from the minimum net worth required under the Minimum Net Worth Requirement,

 

    	Rider To Guaranty
Minimum Net Worth/Liquidity
	Page 1 

     

    

 

		(Y)	the positive difference, if any, obtained by subtracting the liquid assets identified in the Guarantor
Certification from the minimum liquid assets required under the Minimum Net Worth Requirement, and

 

		(Z)	$100,000.

 

		(d)	Lender will hold the letter of credit or other collateral until one of the following occurs:

 

		(i)	Lender has a claim against the Guarantor, in which case Lender will be entitled to draw on the
letter of credit and apply the proceeds or the other collateral to such claim(s), in Lender’s sole discretion.

 

		(ii)	Lender returns the letter of credit or other collateral to Guarantor pursuant to Section 20(e).

 

		(e)	Provided no Event of Default then exists, Guarantor will be entitled to request a return of the
unused portion, if any, of the letter of credit or other collateral in the event it delivers to Lender evidence in form and substance
satisfactory to Lender, including a Guarantor Certification, that Guarantor has satisfied the Minimum Net Worth Requirement.

 

		(f)	If there is more than one Guarantor, Lender will determine compliance with the Minimum Net Worth
Requirement based on the aggregate net worth and liquid assets of all Guarantors of the Indebtedness. However, each Guarantor will
otherwise satisfy all other requirements of this Section 20 on an individual basis at all times.

 

    	Rider To Guaranty
Minimum Net Worth/Liquidity
	Page 2

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