Document:

Ex1017

		
			Exhibit 10.17
		

		
			 
		

		
			TAX PROTECTION AGREEMENT
		

		
			 
		

		
			This Tax Protection Agreement (this “Agreement”), dated as of December 28, 2017, is entered into by and among SPT Dolphin Intermediate LLC, a Delaware limited liability company (the “Company”); SPT Dolphin Parent LLC, a Delaware limited liability company (the “Managing Member”); each Transferor identified on Annex A hereto, as amended and/or supplemented from time to time (each, a “Transferor”); and each Protected Partner (other than the Transferors) identified on Annex A hereto, as amended and/or supplemented from time to time.
		

		
			 
		

		
			WHEREAS, pursuant to the Contribution Agreement and Escrow Instructions (the “Contribution Agreement”) by and among the Company, as transferee, Starwood Property Trust, Inc., a Maryland corporation (“STWD” and, together with the Managing Member and the Company, the “Starwood Parties”) and the Transferors, dated as of December 21, 2017, the Transferors are expected to contribute their interests in each property set forth on Annex B hereto to the Company on the applicable Closing Date (as defined in the Contribution Agreement) in exchange for a combination of Units and cash (each, a “Contribution”);
		

		
			 
		

		
			WHEREAS, in consideration for the agreement of the relevant Transferors to make the Contributions of the Protected Properties, the parties hereto desire to enter into this Agreement;
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the promises and mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

		
			 
		

		
			Section 1.1             Definitions.
		

		
			 
		

		
			Capitalized terms employed herein and not otherwise defined shall have the meaning assigned to them in the Contribution Agreement or the Company Agreement.
		

		
			 
		

		
			(a)          “Accounting Firm” shall have the meaning set forth in Section 2.4(d)(iii).
		

		
			 
		

		
			(b)          “Additional Method” shall mean the allocation of “excess nonrecourse liability” to any Protected Partners in accordance with the fifth sentence of Treasury Regulations Section 1.752-3(a)(3), or any applicable successor provision.
		

		
			 
		

		
			(c)          “Agreement” shall have the meaning set forth in the Preamble.
		

		
			 
		

		
			(d)          “Applicable Tax Liability” shall mean:
		

		
			 
		

		
			(i)        with respect to each Protected Partner that is allocated gain under Code Section 704(c) with respect to a particular Protected Property as a result of a breach of Section 2.1(a), an amount equal to the product of (A) the amount of Built-In Gain allocated to such Protected Partner under Code Section 704(c) with respect to such Protected Property and the applicable Contribution as a result of such breach (taking into account any adjustments under Code Section 743 or 734 to which such Protected Partner is entitled or that would be available if any applicable intermediate entity classified as a partnership for U.S. federal income tax purposes had made an election under Code Section 754) multiplied by (B) the Effective Tax Rate;
		

		
			 
		

		
			(ii)       with respect to each Protected Partner that recognizes gain resulting from a disposition of the Units of such Protected Partner in a Fundamental Transaction as a result of a breach of Section 2.1(a), an amount equal to the product of (A) the lesser of (x) the aggregate Built-In Gain attributable to such Protected Partner with respect to the applicable Protected Properties as of the applicable Closing Date and (y) the amount of gain recognized by such Protected Partner from such Fundamental Transaction multiplied by (B) the Effective Tax Rate, provided, however, that if Built-In Gain has previously been taken into account under clause (i) of this definition of Applicable Tax Liability or in a prior Fundamental Transaction with respect to the Protected Partner, or if such Fundamental Transaction also results in an allocation of Built-In Gain to the Protected Partner described in clause (i) of this definition, the amount of Built-In Gain taken into account for purposes of subclause (A)(x) of this clause (ii) with respect to such Fundamental Transaction shall be reduced by such amount so taken into account under clause (i) of this definition prior to or as a result of the Fundamental Transaction or as a result of any prior Fundamental Transaction (and this proviso shall be interpreted and applied so as to avoid double counting of Built-In Gain when calculating any Applicable Tax Liability resulting from a Fundamental Transaction);
		

		
			
		

		
			

		 

		

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			(iii)           with respect to each Protected Partner that recognizes gain under Code Section 731 as a result of a breach of Section 2.2(a) with respect to a Protected Property, an amount equal to the product of (A) the amount of gain recognized under Code Section 731 by such Protected Partner (but not in excess of such Protected Partner’s Built-In Gain with respect to such Protected Property) by reason of such breach multiplied by (B) the Effective Tax Rate.
		

		
			 
		

		
			For purposes of calculating the amount of Built-In Gain allocated to a Protected Partner under Code Section 704(c) with respect to a particular Protected Property, (i) any “reverse Section 704(c) gain” allocated to such Protected Partner pursuant to Treasury Regulations Section 1.704-3(a)(6) shall not be taken into account and (ii) any Built-In Gain recognized by such Protected Partner pursuant to Code Section 704(c)(1)(B) (i.e., as a result of the distribution of such Protected Property by the Company to a partner of the Company other than the Protected Partner) and Code Section 737 (i.e., as a result of an in-kind distribution made by the Company to the Protected Partner) shall be taken into account.
		

		
			 
		

		
			(e)         “Built-In Gain” shall mean, with respect to a Protected Partner and a Protected Property at any time, the gain that is allocable to such Protected Partner pursuant to Code Section 704(c) with respect to such Protected Property (or, for purposes of clause (ii) of the definition of Applicable Tax Liability prior to any adjustment pursuant to the proviso of such clause (ii), the gain that would be allocable to such Protected Partner under Code Section 704(c) with respect to such Protected Property if such Protected Property were sold by the Company in a taxable sale for fair market value as of the applicable Closing Date on which such Protected Property was transferred to the Company). The initial fair market value and Built-In Gain for each Transferor with respect to each Protected Property is set forth on Annex B hereto, as amended and/or supplemented from time to time. For the avoidance of doubt and notwithstanding the foregoing, the parties acknowledge that any Applicable Tax Liability is calculated with reference to the Built-In Gain for the applicable Protected Partner and Protected Property immediately prior to the breach (to the extent recognized as a result of the breach) and the initial Built-In Gain for a Protected Property will be reduced over time to the extent required under Treasury Regulations Section 1.704-3 or in connection with any redemptions pursuant to the Company Agreement, but in all events such Built-In Gain shall not be greater than the Built-In Gain as of the applicable Closing Date on which such Protected Property was transferred to the Company determined after taking into account any gain required to be recognized by any Protected Partner on such Closing Date as a result of the transactions contemplated by the Contribution Agreement.
		

		
			 
		

		
			(f)         “Closing Date” shall have the meaning set forth in the Contribution Agreement.
		

		
			 
		

		
			(g)         “Code” means the Internal Revenue Code of 1986, as amended.
		

		
			 
		

		
			(h)         “Company” shall have the meaning set forth in the Preamble.
		

		
			 
		

		
			(i)          “Company Agreement” shall mean the Limited Liability Company Agreement of the Company, dated as of December 28, 2017, and as thereafter amended or restated.
		

		
			 
		

		
			(j)          “Consistent Amendment” shall have the meaning set forth in Section 2.2(b).
		

		
			 
		

		
			(k)         “Contribution” shall have the meaning set forth in the Recitals.
		

		
			 
		

		
			(l)          “Contribution Agreement” shall have the meaning set forth in the Recitals.
		

		
			 
		

		
			(m)        “Debt Guarantee” means a guarantee in such form as may be acceptable to the Protected Partners, the Company, and the applicable lender to which such guarantee relates; provided that the Protected Partners and the Company agree that the form of guarantee in Annex E hereto is deemed to be reasonably acceptable to the Protected Partners and the Company.
		

		
			 
		

		
			(n)         “Debt Notification Event” means, with respect to a Nonrecourse Indebtedness, any transaction (i) in which such liability shall be refinanced, otherwise repaid (excluding for this purpose, scheduled payments of principal occurring prior to the maturity date of such liability and any refinancing occurring on any Closing Date), or owned or guaranteed (excluding any customary nonrecourse “carve-out” guaranty) by any of the Managing Member or one or more of its Affiliates or (ii) that accelerates the maturity date of such Nonrecourse Indebtedness to a date that is prior to the earlier of (A) the end of the Protected Period; or (B) the expiration of a Debt Guarantee with respect to such Nonrecourse Indebtedness.
		

		
			 
		

		
			(o)          “Effective Tax Rate” shall mean, with respect to a Protected Partner who is entitled to receive a payment under Section 2.4(a), the highest combined individual U.S. federal, state and local income tax rate applicable to individuals resident in the state of Florida in respect of the income or gain that gave rise to such payment, taking into account the character and type of the income recognized in the hands of the Protected Partner for the taxable year in which the transaction giving rise to such taxes occurred, the varying tax rates applicable to different categories of taxable income and gain and to different taxable years in which taxable income or gain is recognized, and taking into account the deductibility of state and local taxes for U.S. federal income tax purposes to the extent permitted, provided, however, that in the case of a Protected Partner that is a C corporation for U.S. federal income tax purposes, the Effective Tax Rate shall be based on the combined U.S. federal, state and local corporate income tax rate applicable in respect of the income or gain that gave rise to such payment, taking into account any of the assumptions described above as are applicable to such entity. Such tax rate shall include, if applicable, the Medicare tax on unearned income (currently 3.8%) pursuant to Section 1411 of the Code.
		

		
			
		

		
			

		 

		

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			(p)          “Existing Property Debt” shall mean, for each Protected Property, the indebtedness to which such Protected Property was subject immediately prior to the time of the Contribution of such Protected Property, including as set forth as applicable on Schedules 3 and 4 of the Contribution Agreement, as amended and/or supplemented from time to time.
		

		
			 
		

		
			(q)          “Final Determination” means (i) a decision, judgment, decree or other order by any court of competent jurisdiction, which decision, judgment, decree or other order has become final after all allowable appeals by either party to the action have been exhausted or after the time for filing such appeals has expired, (ii) a binding settlement agreement entered into in connection with an administrative or judicial proceeding, (iii) the expiration of the time for instituting a claim for a refund or adjustment, or if such a claim was filed, the expiration of the time for instituting suit with respect thereto or (iv) the expiration of the time for instituting suit with respect to a claimed deficiency or adjustment.
		

		
			 
		

		
			(r)           “Fundamental Transaction” means a merger, consolidation or other combination of the Company with or into any other entity (including by reason of any transfer of ownership interests in the Company), a transfer of all or substantially all of the assets of the Company (including by reason of a transfer of entities or properties owned directly or indirectly by the Company), any reclassification, recapitalization or change of the outstanding equity interests of the Company, a conversion of the Company into another form of entity, or any other strategic transaction undertaken by the Company pursuant to which the Units of a Protected Partner are required to be exchanged for cash or equity in any other entity. Notwithstanding the above, a Fundamental Transaction shall not include (i) any transaction to the extent that as part of such transaction a Protected Partner is offered (whether or not such offer is accepted) consideration that would not result in the recognition of Built-In Gain by such Protected Partner, determined as if the consideration were accepted by the Protected Partner, or (ii) a redemption of Units pursuant to Section 8.6, 8.7(c) or 8.7(d) of the Company Agreement, or other conversion of Units into cash or REIT Shares by a Protected Partner (other than pursuant to a deemed exercise pursuant to Sections 8.7(a) or 8.7(b) of the Company Agreement).
		

		
			 
		

		
			(s)           “Government Entity” means any nation or government, any state, province or other political subdivision thereof, and any agency, authority, department, board, tribunal, commission or instrumentality thereof, and any person exercising executive, legislative, judicial, regulatory or administration functions of or pertaining to any of the foregoing.
		

		
			 
		

		
			(t)           “Guarantee Permissible Liability” means a liability with respect to which the lender permits a guarantee.
		

		
			 
		

		
			(u)          “Guaranteed Liability” means any Nonrecourse Indebtedness that is guaranteed, in whole or in part, by one or more Protected Partners in accordance with Section 2.2(b).
		

		
			 
		

		
			(v)          “Individual Guarantee Cap” means, with respect to each Protected Partner, such Protected Partner’s allocable Requested Debt Amount, as set forth on Annex C hereto, as amended and/or supplemented from time to time.
		

		
			 
		

		
			(w)          [Intentionally Omitted.]
		

		
			 
		

		
			(x)          “Minimum Debt Amount” shall mean, with respect to each Protected Property, the Existing Property Debt minus any scheduled amortization payments that would have been required to be paid under the terms of such Existing Property Debt prior to the maturity of such Existing Property Debt (but not including payments otherwise due at maturity of such Existing Property Debt, which shall be refinanced as applicable during the Protected Period in accordance with Section 2.2(f)). The initial Minimum Debt Amount with respect to each Protected Property is set forth on Annex C hereto, as amended and/or supplemented from time to time.
		

		
			 
		

		
			(y)          “Nonrecourse Indebtedness” shall mean, with respect to a Protected Property, indebtedness that is a “nonrecourse liability” of the Company within the meaning of Treasury Regulations Section 1.752-1(a)(2) and to which the Protected Property is subject for purposes of Treasury Regulations Section 1.752-3.
		

		
			 
		

		
			(z)           “Pass Through Entity” means a partnership, disregarded entity, grantor trust or S corporation for U.S. federal income tax purposes.
		

		
			 
		

		
			(aa)         “Permitted Disposition” means a sale, exchange or other disposition of Units (i) by a Protected Partner: (a) to such Protected Partner’s children, spouse, ex-spouse or issue; (b) to a trust for such Protected Partner or such Protected Partner’s children (including adopted children), spouse or issue; (c) in the case of a trust that is a Protected Partner, to its beneficiaries, or any of them, whether current or remainder beneficiaries, or to any successor trust or trusts for the benefit of the same beneficiaries; (d) to a revocable inter vivos trust of which such Protected Partner is a trustee; (e) in the case of any partnership or limited liability company that is a Protected Partner, to its partners or members; and/or (f) in the case of any corporation that is a Protected Partner, to its shareholders, and (ii) by a party described in clauses (a), (b), (c), (d), (e), or (f) to a partnership, limited liability company or corporation of which the only partners, members or shareholders, as applicable, are parties described in clauses (a), (b), (c), (d), (e), or (f); provided, however, that a Permitted Disposition shall not include (A) any sale, exchange or other disposition of Units to any “tax-exempt entity” within the meaning of Code Section 168(h) or that would otherwise cause all or any portion of any Company property to be classified as “tax-exempt use property” within the meaning of Code Section 168(h) or (B) any other disposition that is prohibited under the Company Agreement.
		

		
			
		

		
			

		 

		

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			(bb)        “Permitted Transferee” means a Person that is a permitted transferee for purposes of a transaction qualifying as a Permitted Disposition.
		

		
			 
		

		
			(cc)         “Person” means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.
		

		
			 
		

		
			(dd)        “Proceeding” shall have the meaning set forth in Section 3.4.
		

		
			 
		

		
			(ee)         “Protected Partner” shall mean (i) each Transferor, (ii) each other Person who holds Class A Units and who acquired such Units from a Transferor or another Protected Partner in a Permitted Disposition in which such Person’s adjusted basis in such Units, as determined for U.S. federal income tax purposes, is determined, in whole or in part, by reference to either (x) the adjusted basis of such Transferor or other Protected Partner in such Units or (y) the adjusted basis of such Person’s interest in such Transferor or other Protected Partner, and who has notified the Company of its status as a Protected Partner (with this condition being deemed to be satisfied for the Intermediate Substituted Non-Managing Members, the Second Intermediate Substituted Non-Managing Members, the Third Intermediate Substituted Non-Managing Members, the Fourth Intermediate Substituted Non-Managing Members, the Fifth Intermediate Substituted Non-Managing Members, the Sixth Intermediate Substituted Non-Managing Members and the Subsequent Substituted Non-Managing Members admitted to the Company pursuant to Section 11.3(c) of the Company Agreement), provided that all documentation reasonably requested by the Company or the Managing Member to verify such status, to any update any Annex by the Managing Member, to become a signatory to, and agree to the terms and conditions of, this Agreement, has been provided; and (iii) with respect to a Protected Partner that is a Pass Through Entity, and solely for purposes of computing the amount to be paid under Section 2.4(a) with respect to such Protected Partner and without duplication of any amount otherwise payable to such Protected Partner under Section 2.4(a), any Person who (x) holds an interest in such Protected Partner, either directly or through one or more Pass Through Entities, and (y) is required to include all or a portion of the income of such Protected Partner in its own gross income; provided, however, that in the event that multiple Persons may be treated as Protected Partners under this Section 1.1(dd) with respect to any particular Unit as a result of any transfer of such Unit (including pursuant to Section 11.3(c) of the Company Agreement), (A) in no event will the definition of Protected Partner under this Section 1.1(dd) or for any other purpose of this Agreement be construed in a manner that would result in the payment of any duplicative amounts; and (B) in the event of any overlapping claims by any such Persons that are attributable to such Unit, the Company shall be entitled to treat the Protected Partner that first made such claim as the sole Protected Partner to the extent of such overlapping claim for all purposes of this Agreement and shall not be required to make any payments under this Agreement to any other Protected Partners to the extent of such overlapping claim (it being understood that the Protected Partners shall resolve any disputes as to such overlapping claims amongst themselves and shall have no claims against the Company with respect thereto, which claims instead must be brought against the Protected Partner that first made such claim and to whom the Company makes any payment in accordance with this Agreement); provided, further that no Intermediate Substituted Non-Managing Member, Second Intermediate Substituted Non-Managing Member, Third Intermediate Substituted Non-Managing Member, Fourth Intermediate Substituted Non-Managing Member, Fifth Intermediate Substituted Non-Managing Member or Sixth Intermediate Substituted Non-Managing Member shall be treated as a Protected Partner unless, at or prior to the Second Tranche Closing, such Intermediate Substituted Non-Managing Member, Second Intermediate Substituted Non-Managing Member, Third Intermediate Substituted Non-Managing Member, Fourth Intermediate Substituted Non-Managing Member, Fifth Intermediate Substituted Non-Managing Member or Sixth Intermediate Substituted Non-Managing Member has provided to the Managing Member all of the information required to have been provided by such Member to the Company at the First Tranche Closing under such Member’s Unitholder Questionnaire that was not so provided by such Member at such Closing, and upon such information having been provided to the Managing Member in accordance with the foregoing, such applicable Substituted Non-Managing Member, Second Intermediate Substituted Non-Managing Member, Third Intermediate Substituted Non-Managing Member, Fourth Intermediate Substituted Non-Managing Member, Fifth Intermediate Substituted Non-Managing Member, or Sixth Intermediate Substituted Non-Managing Member shall become a Protected Partner in accordance with the terms of this Agreement, effective as of the date of this Agreement.
		

		
			 
		

		
			(ff)         “Protected Period” shall mean the period commencing on the First Tranche Closing Date and ending on September 30, 2027; provided, however, that the Protected Period shall end prior to September 30, 2027, with respect to the Units received by any Transferor (whether then held by such Transferor or any other Protected Partner) on any Closing Date, and with respect to any equity interests attributable thereto that are treated as Units under clause (ii) of the definition of “Units,” to the extent that there is a Final Determination that all or any portion of the Contribution occurring on such Closing Date did not qualify for tax-deferred treatment under Code Section 721.
		

		
			 
		

		
			
		

		
			

		 

		

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			(gg)        “Protected Property” shall mean the property set forth on Annex B hereto, as amended and/or supplemented from time to time, transferred to the Company by a Transferor in a Contribution and any interest therein owned by the Company, and any property acquired by the Company in a transaction pursuant to which the tax basis of such property is determined in whole or in part by reference to the tax basis of such Protected Property.
		

		
			 
		

		
			(hh)        “REIT” shall mean the Managing Member or any of its Affiliates, including STWD.
		

		
			 
		

		
			(ii)          “Representative” shall have the meaning set forth in the Company Agreement.
		

		
			 
		

		
			(jj)          “Requested Debt Amount” means, with respect to any Protected Partner and Protected Property, the portion of the Minimum Debt Amount with respect to such Protected Property that is requested to be allocated to such Protected Partner; provided that the Requested Debt Amount shall not exceed the lesser of (i) product of the Minimum Debt Amount with respect to such Protected Property, multiplied by such Protected Partner’s Class A Percentage Interest or (ii) the then applicable amount necessary to prevent the recognition of Built-In Gain to such Protected Partners under Section 465, Section 707(a)(2)(B), Section 731 or Section 752 of the Code and Treasury Regulations.
		

		
			 
		

		
			(kk)        “STWD” means Starwood Property Trust, Inc., a Maryland corporation.
		

		
			 
		

		
			(ll)          “STWD Guaranty” has the meaning set forth in the Company Agreement.
		

		
			 
		

		
			(mm)      “Tax Claim” shall have the meaning set forth in Section 3.4.
		

		
			 
		

		
			(nn)        “Tax Protected Period Transfer” shall have the meaning set forth in Section 2.1(a).
		

		
			 
		

		
			(oo)        “Transferor” shall mean the persons designated on Annex A hereto, as amended and/or supplemented from time to time, as receiving Units on an applicable Closing Date.
		

		
			 
		

		
			(pp)        “Treasury Regulations” means the income tax regulations under the Code, whether such regulations are in proposed, temporary or final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations).
		

		
			 
		

		
			(qq)        “Units” means (i) the units in the Company that were received by the Transferors on account of the Contribution that were distributed to the Intermediate Substituted Non-Managing Members (and, in certain cases, the Second Intermediate Substituted Non-Managing Members, the Third Intermediate Substituted Non-Managing Members, the Fourth Intermediate Substituted Non-Managing Members, the Fifth Intermediate Substituted Non-Managing Members, and the Sixth Intermediate Substituted Non-Managing Members) and further distributed to the Subsequent Substituted Non-Managing Members and (ii) equity interests in an entity treated as a partnership for U.S. federal income tax purposes received by any Protected Partner in exchange for Units pursuant to a Fundamental Transaction with respect to which the Protected Partner’s tax basis in such equity interests is determined in whole or in part with reference to the Protected Partner’s tax basis in such Units.
		

		
			 
		

		
			ARTICLE II
		

		
			 
		

		
			RESTRICTIONS RELATING TO PROTECTED PROPERTIES.
		

		
			 
		

		
			Section 2.1            Restrictions on Dispositions of Protected Properties.
		

		
			 
		

		
			(a)           Except as otherwise provided in this Section 2.1 and subject to Section 2.4, during the Protected Period, neither the Company nor any entity in which the Company holds a direct or indirect interest will consummate (i) a sale, transfer, exchange, or other disposition of any Protected Property or any interest therein held by the Company directly or indirectly in a transaction that results in an allocation to any Protected Partner of all or any portion of its Built-In Gain with respect to such Protected Property under Code Section 704(c) (including any portion thereof recognized under Code Section 704(c)(1)(B)), (ii) a distribution by the Company to a Protected Partner that results in the recognition of all or any portion of the Protected Partner’s Built-In Gain with respect to a Protected Property under Code Section 737, or (iii) any Fundamental Transaction that would result in the recognition of gain by any Protected Partner (any such disposition under clause (i), distribution under clause (ii) or Fundamental Transaction under clause (iii) taking place during the Protected Period, a “Tax Protected Period Transfer”); provided however, that if a Representative (in his or her capacity as such) expressly consents to such Tax Protected Period Transfer in writing, the Company shall not be deemed to be in breach of its obligations hereunder regarding such Tax Protected Period Transfer with respect to the Protected Partners, and no payment shall be due under Section 2.4(a) as a result of such Tax Protected Period Transfer with respect to any Protected Partner.
		

		
			 
		

		
			
		

		
			

		 

		

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			(b)          Section 2.1(a) shall not apply to any Tax Protected Period Transfer in a transaction in which no gain is allocated to or required to be recognized by a Protected Partner, including a transaction qualifying under Code Section 1031, Code Section 351 or Code Section 721 (or any successor statutes) if no gain is allocated to or required to be recognized by such Protected Partner in such transaction, provided however that, subject to the limitations set forth in this Agreement, this Agreement shall thereafter apply with respect to the property received by the Company in such transaction to the extent such property is received in exchange for property contributed by such Protected Partner.
		

		
			 
		

		
			(c)          Section 2.1(a) shall not apply to any Tax Protected Period Transfer as a result of the condemnation or other taking (including a casualty) of a Protected Property by a Government Entity in an eminent domain or condemnation proceeding or otherwise, provided that, if the proceeds of such condemnation or other taking (including a casualty) exceed $500,000, determined separately with respect to each applicable occurrence, the Company shall use commercially reasonable efforts to structure such condemnation or other taking (including a casualty) as either a tax-free like-kind exchange under Code Section 1031 or a tax-free reinvestment of proceeds under Code Section 1033, provided further that, regardless of the amount of such proceeds, in no event shall the Company be obligated to acquire, rehabilitate or invest in any property that it otherwise would not have acquired, rehabilitated or invested in.
		

		
			 
		

		
			Section 2.2           Obligation to Maintain Nonrecourse Indebtedness.
		

		
			 
		

		
			(a)         Except as otherwise provided in this Section 2.2 and subject to Section 2.4, during the Protected Period, with respect to each Protected Property then held by the Company, the Company shall maintain, directly or indirectly, an amount of Nonrecourse Indebtedness secured by such Protected Property or to which the Protected Property is otherwise subject for purposes of Treasury Regulations Section 1.752-3(a) in an amount that is not less than the Minimum Debt Amount with respect to such Protected Property, and the Company shall allocate such Nonrecourse Indebtedness to the Protected Partners in accordance with Section 752 of the Code and the Treasury Regulations. Annex C hereto sets forth, with respect to each Protected Property, each Protected Partner’s Requested Debt Amount with respect to such Protected Property. To the extent a Protected Partner is required (in accordance with
		

		
			 
		

		
			Section 2.2(b)) to guarantee any Nonrecourse Indebtedness in order to be allocated its Requested Debt Amount and does not do so (except to the extent such failure to do so is the direct result of a failure by the Company to use reasonable efforts to cause the lender to agree to the Debt Guarantee form or other mutually agreed upon form to the extent required in accordance with Section 2.2(b)), the Company shall not be treated as having breached its obligation under this Section 2.2(a) to the extent of such failure. The Minimum Debt Amount may be decreased over time (as reasonably determined by the Company) to an amount that reflects the then applicable amount necessary to prevent the recognition of Built-In Gain to such Protected Partners under Section 465, Section 707(a)(2)(B), Section 731 or Section 752 of the Code and Treasury Regulations.
		

		
			 
		

		
			(b)          During the Protected Period, each Protected Partner shall have the right, but not the obligation, upon forty-five (45) days’ written notice, to offer a Debt Guarantee of one or more Nonrecourse Indebtednesses in an aggregate amount up to the Individual Guarantee Cap with respect to such Protected Partner, and the Company shall use reasonable efforts, at such Protected Partner’s expense, to cause the applicable lender to agree to accept such Debt Guarantee in the form attached hereto as Annex E or in such other form as may be acceptable to the Protected Partner, the Company, and the applicable lender; provided that the Company makes no representation or warranty that the applicable lender accepted or shall accept any such Debt Guarantee. In connection with any request by any Protected Partner to offer a Debt Guarantee, the parties hereto hereby agree as follows:
		

		
			 
		

		
			(i)        If such lender agrees to accept such Debt Guarantee, then, as a condition to the execution and delivery of such Debt Guarantee, the applicable Protected Partner(s), the Company and the applicable lender will enter into an agreement (in form and substance satisfactory to the applicable lender and reasonably satisfactory to the Company and the Protected Partner(s)) under which such Protected Partner(s) shall confirm that (x) such Protected Partner(s) will have no approval right in connection with or relating to the Debt Guarantee with respect to any modification or amendment to any of the loan documents evidencing and/or securing the applicable loan, and (y) the applicable Debt Guarantee will remain in full force and effect with respect to the loan documents evidencing and/or securing such loan, including any and all modifications or amendments thereto, without a contemporaneous approval, confirmation or ratification by such Protected Partner(s).
		

		
			 
		

		
			(ii)       If a Protected Partner executes a Debt Guarantee in a form acceptable to the Company and the applicable lender under the Guaranteed Liability, the Company shall deliver a copy of such Debt Guarantee to such lender promptly after receiving such copy from the relevant Protected Partner.
		

		
			 
		

		
			
		

		
			

		 

		

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			(iii)      Any Protected Partner delivering a Debt Guarantee pursuant to this Section 2.2(b) shall promptly reimburse the Company and the Managing Member for all reasonable costs and expenses (including any amounts charged to the Company by the applicable lender) incurred by the Company and Managing Member in complying with this Section 2.2(b).
		

		
			 
		

		
			(iv)      If, at any time, any Protected Partner executes and delivers a Debt Guarantee to a lender in accordance with this Section 2.2(b), and if, notwithstanding the provisions of any agreement entered into in accordance with clause (i) of this Section 2.2(b), in connection with a proposed modification or amendment to the related loan documents the applicable lender requests from the applicable Protected Partner(s) a confirmation and ratification of the Debt Guarantee, then, provided that the proposed modification or amendment is a Consistent Amendment (hereinafter defined), the applicable Protected Partner(s) will ratify and confirm that the Debt Guarantee remains in full force and effect and shall not be impacted, terminated or modified in any way as a result of such loan modification (other than modifications that occur pursuant to Section 6(a) of the form of Debt Guarantee annexed hereto as Annex E) and such Protected Partner(s) will execute and deliver such written consent, confirmation and ratification no later than five (5) Business Days after being requested to do so by the Company. In the event that a Protected Partner fails to ratify and confirm a Debt Guarantee in accordance with this Section 2.2(b)(iv), then (i) the Managing Member may, in its discretion and to the extent permitted by law, reduce the portion (if any) of such Guaranteed Liability that is allocable to such Protected Partner for purposes of Section 752 of the Code; and (ii) regardless of any actions taken by the Managing Member pursuant to the preceding clause (i), the Company shall, with respect to such Protected Partner, be deemed to have satisfied in full its obligations under Section 2.2 with respect to such Nonrecourse Indebtedness for all purposes of this Agreement (and shall have no obligation to such Protected Partner under Section 2.4(a)(ii) of this Agreement with respect to the Nonrecourse Indebtedness to which such Debt Guarantee relates).
		

		
			 
		

		
			(v)       Prior to entering into any amendment or modification to the loan documents evidencing a Guaranteed Liability, the Company will deliver to each Protected Partner(s) that has at that time delivered a Debt Guarantee that remains outstanding with respect to such Guaranteed Liability, a brief summary of the key business terms of such amendment or modification. Such Protected Partner(s) shall have five (5) Business Days (x) to solicit any additional information from the Company regarding the amendment or modification and (y) to object to such amendment or modification, but the Protected Partner(s) shall be entitled to object only if such Protected Partner(s) conclude, in such Protected Partner(s)’ reasonable discretion, that solely as a result of such proposed amendment or modification, there would be a reduction in the amount of such Guaranteed Liability that would be allocated to such Protected Partner(s) under Section 752 of the Code and the Treasury Regulations thereunder (as compared to the amount of such Guaranteed Liability that would be so allocated to such Protected Partner(s) in the absence of such modification or amendment), it being understood and agreed that Protected Partner(s) shall have no other basis upon which to object to the proposed modification or amendment. Any such objection shall be delivered to the Company in writing prior to the expiration of such five (5) Business Day period and shall explain the specific basis for such objection. If the Company receives any such objection notice, the Company will not enter into the proposed amendment or modification, and any future revisions to the proposed amendment or modification shall be subject to the approval process set forth in this clause (v). If the Protected Partner(s) either notify the Company that the Protected Partner(s) do not object to the proposed business terms, or if Protected Partner(s) fail to respond during such five (5) Business Day period, then the Company shall be permitted to enter into the proposed amendment or modification, and such Protected Partner(s) shall be deemed to have approved such proposed amendment or modification (any such proposed amendment or modification, a “Consistent Amendment”).
		

		
			 
		

		
			In no event shall the aggregate amount of all Debt Guarantees executed by all Protected Partners with respect to any Protected Property exceed the applicable Requested Debt Amounts with respect to such Protected Property. The Company shall not be liable for any taxes incurred by any Protected Partner as a result of the failure of such Protected Partner to exercise its rights under this Section 2.2(b). Notwithstanding any other provision of this Agreement, the Company shall be deemed to have satisfied its obligation under Section 2.2(a) to maintain an amount of Nonrecourse Indebtedness at least equal to the Minimum Debt Amount at any given time if the Company maintained at such time an amount of Nonrecourse Indebtedness that are Guarantee Permissible Liabilities at least equal to the aggregate Individual Guarantee Caps of all Protected Partners at such time.
		

		
			 
		

		
			(c)         During the Protected Period, the Company shall not allow a Debt Notification Event to occur unless the Company provides at least thirty (30) days’ prior written notice (a “Section 2.2 Notice”) to each Protected Partner that has executed a Debt Guarantee with respect to Nonrecourse Indebtedness to which the Debt Notification Event relates and that may be affected thereby. The Section 2.2 Notice shall describe the Debt Notification Event and designate one or more Nonrecourse Indebtednesses (having an aggregate principal amount and remaining term that is not less than the principal amount and remaining term of the Guaranteed Liability to which the Debt Notification Event Relates) that may be guaranteed by the Protected Partners pursuant to Section 2.2(b) of this Agreement. Any Protected Partner that desires to execute a Debt Guarantee following the receipt of a Section 2.2 Notice shall provide the Company with notice thereof within fifteen (15) days after the date of the Section 2.2 Notice, it being understood that the forty-five day notification requirement of Section 2.2(b) shall not apply to a Debt Guarantee request made by a Protected Partner in response to a Section 2.2 Notice.
		

		
			 
		

		
			
		

		
			

		 

		

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			(d)         Neither the Managing Member nor the Company makes any representation or warranty to any Protected Partner concerning the treatment or effect of any Debt Guarantee under federal, state, local, or foreign tax law, and neither the Managing Member nor any of its Affiliates nor the Company bears any responsibility for any tax liability of any Protected Partner or Affiliate thereof that is attributable to a reallocation, by a taxing authority, of debt subject to a Debt Guarantee, including pursuant to a Consistent Amendment. In furtherance of, and without limiting, the foregoing, neither the Managing Member nor any of its Affiliates nor the Company makes any representation or warranty to any Protected Partner that providing a Debt Guarantee entered into pursuant to this Agreement will be respected for federal income tax purposes as providing any Protected Partner with an allocation of any such Guaranteed Liability for purposes of Section 752 of the Code or as causing any Protected Partner to be considered “at risk” with respect to such Guaranteed Liability for purposes of Section 465 of the Code, including as a result of the lender’s acceptance or non-acceptance of such guarantee. The Company shall reasonably cooperate, at the Protected Partners’ expense, with the Protected Partners to determine the amount of Company liabilities that the Company intends to allocate to the Protected Partners under Section 752 of the Code and the Regulations.
		

		
			 
		

		
			(e)         The Company shall be permitted to make any payments required under the terms of each Existing Property Debt prior to the maturity thereof, and notwithstanding any other provision of this Agreement, the Company shall be deemed to satisfy its obligations under Section 2.2(a) and under Section 2.2(f) with respect to a Protected Property for so long and to the extent that it maintains the Existing Property Debt for such Protected Property (other than scheduled amortization pursuant to the terms of such Existing Property Debt prior to, but not in connection with, payments due at maturity of such Existing Property Debt).
		

		
			 
		

		
			(f)         Except as otherwise provided in this Section 2.2, and subject to Section 2.4, prior to the maturity date of the Existing Property Debt for a Protected Property the Company may, and no later than the maturity date of such Existing Property Debt for a Protected Property the Company shall, refinance such Existing Property Debt with Nonrecourse Indebtedness secured by the applicable Protected Property having an outstanding balance that will remain at an amount that is at least equal to the Minimum Debt Amount for such Protected Property.
		

		
			 
		

		
			(g)         Notwithstanding anything to the contrary herein, but subject to Section 2.4, the Company shall have the right to refinance the Existing Property Debt for any Protected Property with Nonrecourse Indebtedness not described in Section 2.2(f), but only if the amount of Nonrecourse Indebtedness that is allocated to the Protected Partners with respect to such Protected Property under Treasury Regulations Section 1.752-3 is not less than the amount of Nonrecourse Indebtedness that would have been allocated to such Protected Partners under Treasury Regulations Section 1.752-3 if the Company had maintained an amount of Nonrecourse Indebtedness secured by such Protected Property not less than the Minimum Debt Amount with respect to such Protected Property.
		

		
			 
		

		
			(h)         A failure to comply with Section 2.2(a)-(g) shall not be a breach under this Agreement and shall not entitle any Protected Partner to a payment under Section 2.4  to the extent that (i) the failure does not reduce the amount of Nonrecourse Indebtedness that is allocated to the Protected Partner under Treasury Regulations Section 1.752-3 below such Protected Partner’s Requested Debt Amount (taking into account Debt Guarantees requested by such Protected Partner), (ii) the failure arises as a result of the condemnation or other taking of the Protected Property by a Government Entity in an eminent domain or condemnation proceeding or otherwise, (iii) the failure results from an obligation to perform under a guarantee that was caused by a pre-existing condition with respect to the Protected Property, (iv) the failure arises as a result of a casualty event with respect to a Protected Property in connection with which a lender requires any insurance proceeds or other related awards be applied to any loan secured by the applicable Protected Property thereby reducing the amount of Nonrecourse Indebtedness allocable to one or more Protected Partners with respect to such Protected Property or (v) the failure arises as a result of the transfer of any Units by any Person (including, without limitation, as a result of any transfer resulting from a Foreclosure Event or as a result of any transfers by the Transferors, the Intermediate Substituted Non-Managing Members, the Second Intermediate Substituted Non-Managing Members, the Third Intermediate Substituted Non- Managing Members, the Fourth Intermediate Substituted Non-Managing Members, the Fifth Intermediate Substituted Non-Managing Members, or the Sixth Intermediate Substituted Non-Managing Members pursuant to Section 11.3(c) of the Company Agreement); provided however, that in the case of a condemnation or other taking of Protected Property pursuant to clause (ii) or a casualty event pursuant to clause (iv), the Company shall use commercially reasonable efforts to replace such Nonrecourse Indebtedness securing such Protected Property with other Nonrecourse Indebtedness that is allocated to each applicable Protected Partner pursuant to Treasury Regulations Section 1.752-3 in the same amounts as allocated prior to such event.
		

		
			 
		

		
			(i)           With respect to each (and any) Nonrecourse Indebtedness described in Section 2.2(a) with respect to a Protected Property, any “excess nonrecourse liability” shall be allocated in the 1%/99% ratio provided for in Section 6.2(b) of the Company Agreement; provided, however, that if and to the extent with respect to any taxable year of the Company during the Protected Period, the Managing Member determines (in its reasonable discretion) that the use of the Additional Method would avoid any such Protected Partner recognizing all or a portion of its share of Built-In Gain, the Managing Member shall cause the Company
		

		
			
		

		
			

		 

		

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			to first allocate such “excess nonrecourse liability” to such Protected Partners in accordance with the Additional Method (but not in an amount exceeding the remaining amount of Built-In Gain allocable to such Protected Partners with respect to such Protected Property, after taking into account the allocation pursuant to Treasury Regulations Section 1.752-3(a)(2)). Notwithstanding anything to the contrary in this Agreement, the Managing Member shall not be deemed to have breached this Section 2.2(i) with respect to any taxable year of the Company unless (i) a Protected Partner has notified the Managing Member in writing, no later than ten (10) Business Days after receiving its Schedule K-1 with respect to such taxable year, that the Company’s failure to allocate “excess nonrecourse liability” to such Protected Partner in accordance with the Additional Method would cause such Protected Partner to recognize all or a portion of its share of Built-In Gain during such taxable year, (ii) the Protected Partner has provided the Managing Member with all information and supporting documentation reasonably necessary for the Managing Member to conclude that the Company’s failure to so allocate “excess nonrecourse liability” to such Protected Partner would result in the recognition of all or a portion of such Built-In Gain; and (iii) the Managing Member nevertheless fails to cause the Company to modify the allocation of such “excess nonrecourse liability” accordingly.
		

		
			 
		

		
			Section 2.3        Annexes; Procedural Matters
		

		
			 
		

		
			(a)          Annex B sets forth (or will pursuant to Section 2.3(c) set forth), with respect to each of the Protected Properties anticipated to be transferred to the Company, an estimated computation of :
		

		
			 
		

		
			(i)          the initial Built-In Gain amount with respect to each such Protected Property as of the date of this Agreement (the “Initial Built-In Gain”);
		

		
			 
		

		
			(ii)         each Protected Partner’s adjusted tax basis in each such Protected Property as of December 31, 2016 and as of the date of this Agreement (the “Tax Basis Amount”);
		

		
			 
		

		
			(iii)         each Protected Partner’s share of the aggregate Built-In Gain with respect to each such Protected Property as of the date of this Agreement (the “Built-In Gain Share”);
		

		
			 
		

		
			(iv)         each Protected Partner’s expected initial tax capital account in the Units received by such Protected Partner with respect to each such Protected Property (the “Tax Capital Amount”); and
		

		
			 
		

		
			(v)          the amount of any adjustments under Section 734 or 743 that could affect the calculation of an Applicable Tax Liability with respect to each such Protected Property as of December 31, 2016, and as of the date of this Agreement (the “734/743 Adjustment Amount”).
		

		
			 
		

		
			(b)          Annex C sets forth (or will pursuant to Section 2.3(c) set forth), with respect to each Protected Property anticipated to be transferred to the Company, (i) an estimated computation of the Minimum Debt Amount based on the scheduled amortization payments required to be paid under the terms of the Existing Property Debt with respect to each such Protected Property prior to the maturity of such Existing Property Debt (the “Allocable Minimum Debt Amount”) and (ii) each Protected Partner’s Requested Debt Amount with respect to such Protected Property.
		

		
			 
		

		
			(c)          In the event that, as of the date of this Agreement, Annex B or Annex C omits any information with respect to any Intermediate Substituted Non-Managing Member, Second Intermediate Substituted Non-Managing Member, Third Intermediate Substituted Non-Managing Member, Fourth Intermediate Substituted Non-Managing Member, Fifth Intermediate Substituted Non-Managing Member, or Sixth Intermediate Substituted Non-Managing Member, the Transferors shall, as soon as practicable, but in any event no later than the First Tranche Closing, provide to the Managing Member all information (together with any supporting documentation reasonably requested by the Managing Member), in form and substance reasonably satisfactory to the Managing Member, that is necessary for the completion of Annex B and Annex C with respect to each Intermediate Substituted Non-Managing Member, Second Intermediate Substituted Non-Managing Member, Third Intermediate Substituted Non-Managing Member, Fourth Intermediate Substituted Non-Managing Member, Fifth Intermediate Substituted Non-Managing Member, or Sixth Intermediate Substituted Non-Managing Member; provided that it shall not be unreasonable for the Managing Member to disagree with and refuse to accept any information provided by the Transferors pursuant to this Section 2.3(c) to the extent such information is inconsistent with the information set forth on Annex B or Annex C as of the date of this Agreement.
		

		
			 
		

		
			(d)          As soon as practicable, but in any event no later than thirty (30) days prior to each Closing Date, the applicable Transferors may, with respect to the Protected Properties being transferred on such Closing Date, prepare and deliver to the Managing Member an adjustment statement setting forth any revised calculation of the Initial Built-In Gain, the Tax Basis Amount, the Built-In Gain Share, the Tax Capital Amount, the 734/743 Adjustment Amount, the Allocable Minimum Debt Amount and the Requested Debt Amounts, in each case to the extent attributable to accrued depreciation or amortization or debt service between the date of this Agreement and such Closing Date. In the event that the Managing Member notifies a
		

		
			
		

		
			

		 

		

			9

		

 

		

		
			Transferor of any objections to such Initial Built-In Gain, Tax Basis Amount, Built-In Gain Share, Tax Capital Amount, 734/743 Adjustment Amount, Allocable Minimum Debt Amount or Requested Debt Amounts, the Representatives and the Managing Member shall reasonably cooperate with one another to make further adjustments to such estimated Initial Built-In Gain, Tax Basis Amount, Built-In Gain Share, Tax Capital Amount, 734/743 Adjustment Amount, Allocable Minimum Debt Amount and/or Requested Debt Amounts, as applicable. The estimated Initial Built-In Gain, Tax Basis Amount, Built-In Gain Share, Tax Capital Amount, 734/743 Adjustment Amount, Allocable Minimum Debt Amount and Requested Debt Amounts, as revised to reflect (i) the correction of any errors identified by the Transferors in an amount not exceeding $25,000 in the aggregate (taking into account all other corrections under this clause (i)); or (ii) any reasonable objections of the Managing Member, shall, subject to Section 2.3(e) below, be considered final and binding for purposes of this Agreement.
		

		
			 
		

		
			(e)          Notwithstanding anything to the contrary in Section 4.1, the Managing Member may, in its reasonable discretion:
		

		
			 
		

		
			(i)           update and/or supplement any Annex hereto to reflect any changes to Transferors, the Protected Partners or the Protected Properties in accordance with the terms of this Agreement and the Contribution Agreement;
		

		
			 
		

		
			(ii)          update and/or supplement Annex B and Annex C to reflect the adjustments contemplated by Section 1.1(e),  Section 1.1(w),  Section 1.1(ff), and this Section 2.3; and
		

		
			 
		

		
			(iii)         update and/or supplement Annex E to reflect any changes contemplated by Section 1.1(l).
		

		
			 
		

		
			(f)           Each Transferor and Protected Partner shall, and shall cause the Representatives to, cooperate with all reasonable requests for documentation supporting the calculation of the Initial Built-In Gain, the Tax Basis Amount, the Built-In Gain Share, the Tax Capital Amount, the 734/743 Adjustment Amount, the Allocable Minimum Debt Amount and the Requested Debt Amounts with respect to each Protected Property and the Transferors and Protected Partners shall, and shall cause the Representatives to, cause any information reasonably requested by the Company to be provided as promptly as is reasonably practicable after receipt of such request, including, without limitation, the following information regarding each of the fixed assets (depreciable and non-depreciable) comprising the Protected Property to the extent not already provided to the Company: (A) cost and additions from inception, (B) accumulated depreciation, (C) depreciation method used and (D) useful life remaining.
		

		
			 
		

		
			(g)          Neither the Company nor the Managing Member nor any of its Affiliates shall be required to comply with or otherwise satisfy the provisions of Section 2.4(i) with respect to any recognized income or gain resulting from any failure by a Transferor or Protected Partner to satisfy (or cause the Representatives to satisfy) any obligations under Section 2.3(f), to the extent such failure to comply directly results in a recognition of income or gain by a Protected Partner that otherwise would not have occurred but for such failure; or (ii) with respect to any incomplete or incorrect information provided in connection with the preparation of any Annex hereto or otherwise provided under this Section 2.3.
		

		
			 
		

		
			Section 2.4           Indemnification; Liability.
		

		
			 
		

		
			(a)          Payment for Breach. Except as otherwise provided in this Agreement:
		

		
			 
		

		
			(i)           In the event of a Tax Protected Period Transfer described in Section 2.1(a) or a breach by the Company of an agreed upon reporting position in Section 3.1(a) or Section 3.1(b), the Company shall pay to such Protected Partner an amount equal to the sum of (A) the Applicable Tax Liability (if any) attributable to such Tax Protected Period Transfer or breach, plus (B) an estimated amount equal to the aggregate federal, state, and local income taxes payable by the Protected Partner as a result of the receipt of any payment required under the preceding clause (A) and this clause (B), calculated by applying the Effective Tax Rate that applies with respect to any such additional income.
		

		
			 
		

		
			(ii)          In the event of a breach of Section 2.2(a) that causes a Protected Partner to recognize gain under Code section 731, the Company shall pay to such Protected Partner an amount equal to the sum of (A) the Applicable Tax Liability (if any) attributable to such breach, plus (B) an estimated amount equal to the aggregate federal, state, and local income taxes payable by the Protected Partner as a result of the receipt of any payment required under the preceding clause (A) and this clause (B), calculated by applying the Effective Tax Rate that applies with respect to any such additional income.
		

		
			 
		

		
			
		

		
			

		 

		

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			Any payments due under this Section 2.4(a) shall be paid in accordance with Section 2.4(d). Payment of any such amounts and any other amounts owed by the Company under this Agreement shall be guaranteed by STWD pursuant to the STWD Guaranty.
		

		
			 
		

		
			(b)          Exclusive Remedy. The parties hereto agree and acknowledge that the payment obligations of the Company pursuant to Section 2.4(a) hereof shall constitute liquidated damages for any breach by the Company of this Agreement, and shall be the sole and exclusive remedy of the Protected Partners for any such breach of this Agreement. No Protected Partner shall bring any claim for specific performance under this Agreement for any breach of this Agreement, other than a claim for performance of the payment obligations set forth in this Section 2.4, or bring a claim against any Person that acquires a Protected Property from the Company in violation of Section 2.1(a).
		

		
			 
		

		
			(c)          Limitations.
		

		
			 
		

		
			(i)        For the avoidance of doubt, the Company shall not be liable to any Protected Partner for any income or gain (A) allocated to such Protected Partner with respect to Units that is not the result of a breach by the Company of its obligations or agreements under this Agreement, (B) resulting from distributions by the Company made with respect to all holders of Class A Units, (C) resulting from the receipt (or deemed receipt) of cash or other property on any Closing Date (including any portion of such cash received or deemed received that is intended to be treated as a reimbursement of capital expenditures or the assumption of any “qualified liabilities” as defined in Treasury Regulation Section 1.707-5(a)(6)), (D) resulting from the transfers by the Transferors, the Intermediate Substituted Non-Managing Members, the Second Intermediate Substituted Non-Managing Members, the Third Intermediate Substituted Non-Managing Members, the Fourth Intermediate Substituted Non-Managing Members, the Fifth Intermediate Substituted Non-Managing Members, or the Sixth Intermediate Substituted Non-Managing Members pursuant to Section 11.3(c) of the Company Agreement, or (E) to the extent of a Final Determination that is contrary to the tax reporting positions provided for in Section 3.1(a) or Section 3.1(b).
		

		
			 
		

		
			(ii)       No officer, director, member, or employee of the Company, STWD, the Managing Member or any of their respective affiliates shall have any liability for any breach of the obligations and agreements of the Company under this Agreement.
		

		
			 
		

		
			(iii)      Except to the extent arising as a result of the Company’s breach of its obligations under Section 2.1,  Section 2.2,  Section 3.1(a) or Section 3.1(b) of this Agreement, the Protected Partners shall not be entitled to indemnification from the Company for any tax liabilities incurred as a result of any tax authority treating any portion of the Contribution as a taxable exchange (rather than a tax-deferred contribution) for purposes of any tax laws (and notwithstanding Section 3.1(a) or Section 3.1(b)).
		

		
			 
		

		
			(iv)      To the extent an imputed underpayment under Code Section 6225 is assessed against the Company and such assessment implicates the terms of, or payments that have been made or that could be required to be made pursuant to, this Agreement, the parties hereto shall reasonably cooperate as necessary to preserve the economic arrangement intended by the terms of this Agreement to the maximum extent possible, and the parties hereto (and any successor to a party hereto) acknowledge and agree that the preservation of the intended economic arrangement includes, without limitation, preventing any party from receiving a windfall or from having to pay duplicate damages and ensuring that, except as required by Section 2.4(c)(iii) above, the Company does not bear any cost, expense or liability associated with a challenge of the tax treatment described in Section 3.1 or any challenge to the treatment of any Debt Guarantee (which costs, expenses and liabilities shall instead be borne by the Protected Partners).
		

		
			 
		

		
			(v)       In the event that (A) a Protected Partner holds equity received in a Fundamental Transaction in which the Protected Partner recognizes gain but such equity is treated as Units by reason of clause (ii) of the definition of “Units”  (e.g., in a partially taxable Fundamental Transaction) or (B) a property is treated as Protected Property by reason of being acquired in a transaction pursuant to which the tax basis of such property is determined in whole or in part by reference to the tax basis of Protected Property (e.g., in a partially taxable transaction), appropriate adjustments shall be made to any payments required under this Agreement so that the Company is not required to make any payment that would result in receipt of a windfall or to pay duplicate damages with respect to such Units or Protected Property.
		

		
			 
		

		
			(d)          Payment and Dispute Resolution Matters With Respect to Section 2.4(a).
		

		
			 
		

		
			(i)        In the event that there has been a breach by the Company of any of its obligations under this Agreement during the Protected Period for which payment is required under Section 2.4(a), the Company shall provide to each Representative notice of the breach as soon as reasonably practicable thereafter. As soon as reasonably practicable
		

		
			
		

		
			

		 

		

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			after giving notice described in the preceding sentence (subject to delay pending the receipt of any information requested pursuant to the penultimate sentence of this Section 2.4(d)(i)), the Company shall be obligated to (A) provide each Representative with a detailed calculation of the amount due under Section 2.4(a) with respect to such breach for each of the Protected Partners, and (B) provide each Representative with such evidence or verification as such Representative may reasonably require as to the items necessary to confirm the calculation of such amounts. The Protected Partners shall, and shall cause the Representatives to, cooperate with the Company and to provide any information reasonably requested by the Company in order to assist the Company in making the calculations required under this Section 2.4(d)(i) with respect to each breach, including without limitation information relating to adjustments under Code Sections 743 and 734, and information relating to the computation of the Effective Tax Rate, and, subject to obtaining such cooperation, the Company shall, subject to Section 2.4(d)(ii), finalize the calculation of the amount due to each Protected Partner with respect to the breach as soon as reasonably practicable; provided, however, that to the extent the Protected Partners fail to provide (or fail to cause the Representatives to provide) information, the Company may make any good faith assumptions with respect to matters for which it does not have adequate information as a result of such failure. Once such amounts have been finalized in accordance with this Section 2.4(d)(i) and (ii), the Company shall promptly pay the amounts so due with respect to the breach to the relevant Protected Partners.
		

		
			 
		

		
			(ii)       If the Company has breached or violated any of the covenants set forth in this Agreement (or a Protected Partner asserts that the Company has breached or violated any of the covenants set forth in this Agreement), the Protected Partner shall cause the Representatives to negotiate in good faith with the Company to resolve any disagreements regarding any such breach or violation and the amount of damages, if any, payable to the Protected Partners under Section 2.4(a). If the Company and the Representatives agree as to a breach or covenant violation but disagree as to the amount of damages payable under Section 2.4(a), and such disagreement cannot be resolved through such negotiations, the Company shall consult with its accountants to determine a reasonable calculation of the amount of damages payable, which determination shall be binding absent a determination to the contrary by the Accounting Firm (as defined below) in accordance with this Section 2.4(d) that the Company acted unreasonably.
		

		
			 
		

		
			(iii)      If any disagreement between the Company and one or more Protected Partners as to whether the Company breached or violated any covenant in this Agreement with respect to such Protected Partners, or any allegation that the Company’s determination of damages with respect to such Protected Partners was not reasonable cannot be resolved within sixty (60) days after the receipt of a notice of disagreement from the aggrieved party, the Company and the Representatives shall jointly retain an accounting firm (an  “Accounting Firm”)  selected by the Company from a list prepared by the Representatives within thirty (30) days following expiration of such sixty (60) day period of five independent accounting firms. Each accounting firm on such list must be comprised of at least one hundred fifty (150) certified public accountants, and two of the accounting firms on such list must be “Big Four” accounting firms; provided, however, that (i) the requirement for such list to include two Big Four accounting firms shall only apply to the extent that at least two of Big Four accounting firms are not then representing, and have not in the three years prior to the due date of such list represented, the Company and/or the REIT with respect to income tax return preparation or the audit of financial statements, (ii) the Company shall inform the Representatives of which of the Big Four accounting firms is providing or has during such period provided such representation, and (iii) if the Representatives do not provide a list meeting the requirements of this sentence within such thirty (30) day period the Company may select any nationally recognized accounting firm to serve as the Accounting Firm for the relevant disputes. The Accounting Firm will act as an arbitrator to resolve as expeditiously as possible all points of any such disagreement (including, without limitation, whether a breach of any of the covenants set forth in this Agreement has occurred and, if so, whether the Company’s determination of the amount of damages to which the Protected Partner is entitled as a result thereof under Section 2.4(a) was reasonable). All determinations made by the Accounting Firm with respect to the resolution of any breach or violation of any of the covenants set forth in this Agreement and the reasonableness of the amount of damages payable to the Protected Partners under Section 2.4(a) shall be final, conclusive and binding on the Company and the Protected Partners. If the Accounting Firm determines that the Company’s calculation of damages was not reasonable, the Accounting Firm shall calculate the proper amount required to be paid. The fees and expenses of any Accounting Firm incurred in connection with any such determination with respect to any dispute between the Company and the Protected Partners shall be borne fifty percent (50%) by the Company and fifty percent (50%) by the Protected Partners. For the avoidance of doubt, the Company shall not be liable for any fees or expenses of any Accounting Firm with respect to any challenge of the tax treatment described in Section 3.1 or with respect to any Debt Guarantee. Each Protected Partner shall cause the Representatives to take any and all actions contemplated to be taken by such Representatives under this Section 2.4(d)(iii).
		

		
			 
		

		
			Section 2.5           Protected Property Effective Date. For the avoidance of doubt, the restrictions and undertakings under this Article II with respect to any Protected Property and any associated Nonrecourse Indebtedness with respect to such Protected Property shall not be effective until the applicable Closing Date on which such Protected Property is transferred to the Company (or applicable Opco Sub).
		

		
			
		

		
			

		 

		

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			ARTICLE III
		

		
			 
		

		
			TAX TREATMENT AND REPORTING; TAX PROCEEDINGS; IMPUTED
		

		
			UNDERPAYMENTS.
		

		
			 
		

		
			Section 3.1           Tax Treatment of Transaction
		

		
			 
		

		
			(a)          The parties hereto agree that, for U.S. federal income tax purposes (and for purposes of analogous state and local taxes imposed on, or measured in whole or in part by, federal taxable income), (i) the transfer of each of the Protected Properties to the Company will be reported on their respective applicable income tax returns as in part a taxable sale of the Protected Properties and in part a tax-deferred contribution under Code Section 721 of the Protected Properties to the Company exchange for Units, all in accordance with Sections 2.8 and 2.9.1 of the Contribution Agreement and (ii) the contributions by Transferors to the Company (or the applicable Opco Subs, as defined in the Contribution Agreement) shall be treated by the Parties for reporting purposes as having been made subject to the Designated Mortgage Loans (as defined in the Contribution Agreement) in accordance with Section 2.9.4 of the Contribution Agreement. The parties further agree that Schedule 8A to the Contribution agreement sets forth, with respect to each Protected Property, the amount of Designated Mortgage Loans that the parties intend to treat for federal income tax reporting purposes (and for purposes of any analogous state or local taxes imposed on or measured by federal taxable income) as “qualified liabilities” within the meaning of Treasury Regulation Section 1.707-5(a)(6).
		

		
			 
		

		
			(b)          No party hereto shall take any position in any U.S. federal, state, or local income tax returns or for any income tax purposes that is contrary to the characterization described in this Section 3.1 or in Section 2.9.1 of the Contribution Agreement, unless such position is otherwise required by a change in applicable tax law, a change in interpretation of applicable tax law, or a change in facts, or pursuant to a Final Determination.
		

		
			 
		

		
			(c)          Despite the undertakings by the Company to treat the transfer of the Protected Properties to the Company in part as a tax-deferred contribution under Code Section 721 (in the manner and to the extent required under this Section 3.1 or under Section 2.9 of the Contribution Agreement) in preparing its tax returns for federal income tax reporting purposes, the Company makes no, and the Transferors acknowledge that the Company is not making any, representation or warranty as to the correctness of that treatment, and the Company undertakes no liability or responsibility under this Agreement, the Contribution Agreement or otherwise to the Transferors, concerning the federal, state, or local tax consequences of the transactions contemplated by the Contribution Agreement, including without limitation the treatment of any cash distributions made thereunder as being in reimbursement of preformation expenditures within the meaning of Treasury Regulation Section 1.707-4(d) (despite their having been identified as such on Schedule 8 to the Contribution Agreement) or the treatment of any portion of the Existing Property Debt as “qualified liabilities” within the meaning of Treasury Regulation Section 1.707-5(a)(6) to which the Protected Properties are subject (or treated as subject to) at the time of their transfer to the Company (despite their having been identified as such on Schedule 8A to the Contribution Agreement).
		

		
			 
		

		
			Section 3.2           Tax  Advice. Each party hereto acknowledges and agrees that it has not received and is not relying upon tax advice from any other party hereto, and that it has and will continue to consult its own tax advisors. Section 3.1 notwithstanding, the Company makes no representation or warranty as to the proper treatment of any Contribution, or the consequences of the transactions and elections contemplated by the Agreement, the Company Agreement and the Contribution Agreement, for U.S. federal income tax purposes or any other tax purposes.
		

		
			 
		

		
			Section 3.3           Intentionally Omitted.
		

		
			 
		

		
			Section 3.4           Tax Audits. If any claim, demand, assessment (including a notice of proposed assessment) or other assertion is made with respect to taxes against any Protected Partner the calculation of which involves a matter covered in this Agreement (“Tax Claim”)  or if a Protected Partner receives any notice from any jurisdiction with respect to any current or future audit, examination, investigation or other proceeding (“Proceeding”)  involving the Protected Partners that otherwise could involve a matter covered in this Agreement, then the Protected Partners, as applicable, shall promptly notify the Company of such Tax Claim or Proceeding. With respect to any payment previously paid pursuant to Section 2.4(a), if any Tax Claim or Proceeding causes a change in the amount that should have been paid by the Company to any Protected Partner pursuant to Section 2.4(a), then (i) if there is an increase in the amount that should have been paid by the Company to such Protected Partner, the Company shall pay to such Protected Partner any incremental amount of damages resulting from such increase, or (ii) if there is a decrease in the amount that was owed by the Company to such Protected Partner, such Protected Partner shall pay to the Company any incremental decrease in the amount of damages previously paid to such Protected Partner, in each case as calculated pursuant to Section 2.4(a)  and subject to the limitations in this Agreement, including in Section 2.4(c); provided, however, that if (x) a Protected Partner fails to provide notice to the Company of such Tax Claim or Proceeding where it is reasonably expected to potentially increase the amount owed by the Company to any Protected Partner or (y) the Protected Partners breach any of their obligations under Section 3.5, then the amount of any such increase in the amount owed by the Company to the Protected Partner shall not be taken into account and shall not be paid by the Company to the Protected Partner.
		

		
			 
		

		
			
		

		
			

		 

		

			13

		

 

		

		
			Section 3.5           Participation in Tax Proceedings.
		

		
			 
		

		
			(a)          The Company shall have the right to participate, at its own expense, in any Tax Claims or Proceedings that relate to a matter that is covered by this Agreement, and the Protected Partners (as applicable) shall not settle or otherwise resolve any such matter without the Company’s prior written consent, which consent shall not be unreasonably withheld or delayed. The Protected Partners (as applicable) shall keep the Company reasonably informed of the details and status of any such Tax Claims and Proceedings (including providing the Company with copies of all written correspondence that they receive regarding such matter).
		

		
			 
		

		
			(b)          The Company shall notify the Representatives of any Proceeding against the Company in which the applicable tax authority challenges the tax treatment provided for under Section 3.1 or Section 2.9 of the Contribution Agreement. The Company shall keep the Representatives reasonably informed as to the status of such Proceeding to the extent (and only to the extent) that the Proceeding relates to the tax treatment provided for under Section 3.1  or Section 2.9 of the Contribution Agreement (including providing each Representative with copies of all material written correspondence that it receives regarding such tax treatment), and the Company shall consult in good faith with the Representatives before it settles or otherwise resolves any such matter relating to the tax treatment provided for under Section 3.1 or Section 2.9 of the Contribution Agreement; provided that in no event shall the Company be required to delay any such settlement or resolution.
		

		
			 
		

		
			Section 3.6           Book Depreciation. For any asset with a tax basis of zero that is treated as being contributed to the Company pursuant to Code Section 721 as part of the Contribution, the Company shall calculate the “book depreciation” for such asset pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3) as if such asset were purchased on the applicable Closing Date for cash equal to its Allocated Value, as set forth on Annex B hereto.
		

		
			 
		

		
			ARTICLE IV
		

		
			 
		

		
			GENERAL PROVISIONS
		

		
			 
		

		
			Section 4.1           Amendments.
		

		
			 
		

		
			(a)          No provision of this Agreement (including the Annexes) may be amended or modified except by an instrument in writing executed by the Company, the Managing Member, and the Consent of Class A Members (as defined in the Company Agreement). Any such written amendment or modification will be binding upon the Company, the Managing Member, each Transferor and each Protected Partner. Notwithstanding the foregoing, amendments to the Annexes hereto may be made by the Managing Member in accordance with Section 2.3(e).
		

		
			 
		

		
			Section 4.2           Appointment of Representative.
		

		
			 
		

		
			Each Transferor and Protected Partner agrees as a condition to becoming a beneficiary to this Agreement that it will be represented by the Representatives authorized to act on behalf of such Transferor and/or Protected Partner pursuant to Section 1.126 of the Company Agreement, and agrees that such Representatives alone will represent and act on behalf of such Transferor and/or Protected Partner and any successor in interest to the Units received by such Transferor and/or Protected Partner or to equity attributable to such Units and treated as Units under clause (ii) of the definition thereof (and each hereby irrevocably appoints or shall be deemed to irrevocably appoint the Representatives as his, her, or its representatives) for the purpose of receiving any notice or giving any notice, consent, approval or waiver required or contemplated in this Agreement, and each agrees that the Company shall be fully entitled to rely conclusively on any such notice, consent, approval, waiver or other determination by the Representatives as an action by the appointed and authorized representative of the applicable Protected Partners. Each Transferor and Protected Partner shall cause the Representatives to take such actions as are contemplated to be taken by such Representatives pursuant to this Agreement and shall be liable for any action or omission of any such Representatives.
		

		
			 
		

		
			Section 4.3           Assignment.
		

		
			 
		

		
			No Protected Partner shall assign this Agreement or its rights hereunder to any Person without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed, provided that any such assignment undertaken without such consent shall be null and void. For the avoidance of doubt, any transfer of Units by a Protected Partner shall be governed by the terms of the Company Agreement.
		

		
			 
		

		
			
		

		
			

		 

		

			14

		

 

		

		
			Section 4.4           Addresses and Notices
		

		
			 
		

		
			Any notice, demand, request or report (each a “Notice”) required or permitted to be given or made to a Member or Assignee under this Agreement shall be in writing and shall be given by one of the methods prescribed in this Section 4.4 to the party at the address for such party set forth in the books and records of the Company, or such other address of which the party shall specify by Notice to the Company. All Notices shall be deemed to be duly given: (a) at the time of delivery, if such Notice is personally delivered; or (b) on the next Business Day, if such Notice is sent by a nationally recognized overnight delivery service, such as Federal Express, with next day delivery prepaid; or (c) upon receipt of delivery, if such Notice is transmitted by facsimile, e-mail or other electronic transmission prior to 5:00 p.m. Pacific time, so long as on the same day as the facsimile, e-mail or other electronic delivery, an additional written copy addressed to the intended recipient is deposited for delivery with a nationally recognized overnight delivery service. If any Notice is not received or cannot be delivered due to a change in address of the intended recipient, of which Notice was not properly given to the sending party, or due to a refusal to accept by the intended recipient, such Notice shall be effective on the date delivery is attempted.
		

		
			 
		

		
			Section 4.5           Dispute Resolution
		

		
			 
		

		
			Any controversy, dispute, or claim of any nature arising out of, in connection with, or in relation to the interpretation, performance, enforcement or breach of this Agreement shall be governed by Section 15.18 of the Company Agreement.
		

		
			 
		

		
			Section 4.6           Titles and Captions
		

		
			 
		

		
			All article or section titles or captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles” and “Sections” are to Articles and Sections of this Agreement.
		

		
			 
		

		
			Section 4.7           Pronouns and Plurals
		

		
			 
		

		
			Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.
		

		
			 
		

		
			Section 4.8           Further Action
		

		
			 
		

		
			The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be reasonably necessary or appropriate to achieve the purposes of this Agreement.
		

		
			 
		

		
			Section 4.9           Binding Effect
		

		
			 
		

		
			This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns.
		

		
			 
		

		
			Section 4.10         Creditors
		

		
			 
		

		
			None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of any party.
		

		
			 
		

		
			Section 4.11         Waiver
		

		
			 
		

		
			No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any covenant, duty, agreement or condition.
		

		
			 
		

		
			Section 4.12         Counterparts
		

		
			 
		

		
			This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all of the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto.
		

		
			 
		

		
			
		

		
			

		 

		

			15

		

 

		

		
			Section 4.13         Applicable Law
		

		
			 
		

		
			This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law.
		

		
			 
		

		
			Section 4.14         Invalidity of Provisions
		

		
			 
		

		
			If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality or enforceability of other remaining provisions contained herein shall not be affected thereby.
		

		
			 
		

		
			Section 4.15         Entire Agreement
		

		
			 
		

		
			This Agreement, the Contribution Agreement and the Company Agreement contain the entire understanding and agreement among the parties with respect to the subject matter of this Agreement and the rights, interests and obligations of the parties. In the case of any conflict between either the Company Agreement or the Contribution Agreement, on the one hand, and this Agreement, on the other hand, in relation to any matter addressed in this Agreement, this Agreement shall prevail.
		

		
			 
		

		
			Section 4.16         No Rights as Stockholders.
		

		
			 
		

		
			Nothing contained in this Agreement shall be construed as conferring upon the holders of the Units any rights whatsoever as stockholders of the REIT, including, without limitation, any right to receive dividends or other distributions made to stockholders of the REIT or to vote or to consent or to receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the REIT or any other matter; provided, however, that nothing contained herein shall preclude any holder of Units which is also a stockholder of the REIT from possessing and exercising all rights conferred on stockholders of the REIT in its capacity as a stockholder of the REIT.
		

		
			 
		

		
			Section 4.17         No Third-Party Rights Created Hereby
		

		
			 
		

		
			The provisions of this Agreement are solely for the purpose of defining the interests of the parties, inter se; and no other person, firm or entity (i.e., a party who is not a signatory hereto or a permitted successor to such signatory hereto) shall have any right, power, title or interest by way of subrogation or otherwise, in and to the rights, powers, title and provisions of this Agreement.
		

		
			 
		

		
			Section 4.18         Venue
		

		
			 
		

		
			Each party hereto agrees that all judicial proceedings brought arising out of or relating to this Agreement or any party’s obligations hereunder may only be brought in any state or federal court of competent jurisdiction in the State of Delaware, and each party accepts generally and unconditionally the exclusive jurisdiction and venue of such courts.
		

		
			 
		

		
			Section 4.19         Attorneys’ Fees
		

		
			 
		

		
			Except as otherwise set forth in this Agreement, in the event that any party hereto brings an action or proceeding (including any arbitration) against any other party to enforce or interpret any of the covenants, conditions, agreements or provisions of this Agreement, the prevailing party in such action or proceeding shall be entitled to recover all reasonable costs and expenses of such action or proceeding, including, without limitation, attorneys’ fees, charges, disbursements and the fees and costs of expert witnesses.
		

		
			 
		

		
			Section 4.20         Construction.
		

		
			 
		

		
			The parties acknowledge that each party and its counsel have reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendment or Annex hereto.
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			16

		

 

		

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

		
			 
		

		
			[SIGNATURES ARE ON THE FOLLOWING PAGES]
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						AFFORDABLE/GLEN OAKS, LTD.,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Bull Dolphin Glen Oaks LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SADDLEBROOK AT PALM BEACH, LTD.,

				
	
					
						 

					
					
						a  Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Bull Dolphin Saddle Brook LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRECKENRIDGE COMMON, LTD.,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Bull Dolphin Breckenridge Commons LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SPRING HARBOR, LTD.,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Bull Dolphin Spring Harbor LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						AFFORDABLE/WHISTLER’S COVE, LTD.,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Bull Dolphin Whistler’s Cove LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						AVALON RESERVE, LTD.,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Avalon Reserve, LLC

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 /s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CAMELIA POINTE, LTD.,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Camellia Pointe, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 /s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CYPRESS RIDGE, LTD.,

				
	
					
						 

					
					
						a Texas limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Cypress Ridge, LLC,

				
	
					
						 

					
					
						 

					
					
						a general partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 /s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						HICKORY POINTE, LTD.,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Hickory Pointe, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 /s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: 

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title: 

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						HIDDEN CREEK VILLAS, LTD.,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Hidden Creek, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 /s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						MAGNOLIA POINTE, LTD.,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Magnolia Pointe, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						METRO PLACE, LTD.,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Metro Place, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						METRO PLACE II, LTD., 

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Metro Place II, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						OSPREY RIDGE APARTMENTS, LTD., 

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Osprey Ridge, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PALMETTO DUNES, LTD., 

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Palmetto Dunes, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name :

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PARK AVENUE VILLAS, LTD.,
a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						BRM Park Avenue, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: 

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: 

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						POINTE VISTA, LTD.,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						BRM Pointe Vista, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: 

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: 

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						POINTE VISTA II, LTD.,
a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Pointe Vista II, LLC,

					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt 

				
	
					
						 

					
					
						 

					
					
						Name: 

					
					
						Louis E. Vogt 

				
	
					
						,

					
					
						 

					
					
						Title: 

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LAKE PROVIDENCE, LTD., 
a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Lake Providence, LLC,

					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: 

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: 

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SAND LAKE POINTE APARTMENTS, LTD.,
a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						BRM Sand Lake Pointe, LLC,

					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: 

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: 

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WEST POINTE VILLAS, LTD.,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM West Pointe, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt 

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WATERFORD POINTE

				
	
					
						 

					
					
						APARTMENTS, LTD.,

				
	
					
						 

					
					
						a  Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Waterford Pointe, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						HOMESTEAD COLONY

				
	
					
						 

					
					
						LIMITED PARTNERSHIP,

				
	
					
						 

					
					
						a Texas limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Florida Homestead, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CONGRESS PARK

				
	
					
						 

					
					
						LIMITED PARTNERSHIP,

				
	
					
						 

					
					
						a Texas limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Florida Congress, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						REAMS ROAD LIMITED PARTNERSHIP,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						BRM Florida Buena Vista Place I, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BUENA VISTA AT CYPRESS

				
	
					
						 

					
					
						POINT LIMITED PARTNERSHIP,

				
	
					
						 

					
					
						a Texas limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Florida Buena Vista Pointe, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title: 

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						REAMS ROAD II LIMITED PARTNERSHIP,
a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Florida Buena Vista Place II, LLC,
its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ Louis E. Vogt 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title: 

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						MARINER’S COVE APARTMENTS

				
	
					
						 

					
					
						ASSOCIATES, LTD.,

				
	
					
						 

					
					
						a Florida limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						BRM Southeast Mariner’s Cove GP, LLC,

				
	
					
						 

					
					
						 

					
					
						a general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ Louis E. Vogt 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title: 

					
					
						Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						DOLPHIN PROPERTIES & INVESTMENTS

				
	
					
						 

					
					
						KW LLC,

				
	
					
						 

					
					
						a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Dolphin Properties & Investments LLC, a Florida limited
liability company, its sole member

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ William M. Murphy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: 

					
					
						William M. Murphy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title: 

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						DOLPHIN PROPERTIES & INVESTMENTS TCR LLC,

				
	
					
						 

					
					
						a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Dolphin Properties & Investments LLC, a Florida limited
liability company, its sole member

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ William M. Murphy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: 

					
					
						William M. Murphy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title: 

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						DOLPHIN PROPERTIES & INVESTMENTS

				
	
					
						 

					
					
						#1 LLC,

				
	
					
						 

					
					
						a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						Dolphin Properties & Investments LLC,  a

				
	
					
						 

					
					
						 

					
					
						Florida limited liability company, its sole member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ William M. Murphy

				
	
					
						 

					
					
						 

					
					
						Name: William M. Murphy

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						DOLPHIN PROPERTIES & INVESTMENTS

				
	
					
						 

					
					
						#12 LLC,

				
	
					
						 

					
					
						a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						Dolphin Properties & Investments LLC, a 

				
	
					
						 

					
					
						 

					
					
						Florida limited liability company, its sole member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ William M. Murphy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: William M. Murphy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						DOLPHIN PROPERTIES & INVESTMENTS

				
	
					
						 

					
					
						LLC,

				
	
					
						 

					
					
						a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ William M. Murphy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: William M. Murphy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						VOGT FAMILY TRUST, LLC, 

				
	
					
						 

					
					
						a Florida limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ James H. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: 

					
					
						James H. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: 

					
					
						Manager

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BULL DOLPHIN WHISTLER’S COVE LLC, a

				
	
					
						 

					
					
						Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BULL DOLPHIN SADDLE BROOK LLC, a

				
	
					
						 

					
					
						Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BULL DOLPHIN BRECKENRIDGE COMMONS LLC, a
Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BULL DOLPHIN SPRING HARBOR LLC, a

				
	
					
						 

					
					
						Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM AVALON RESERVE, LLC, a

				
	
					
						 

					
					
						Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM FLORIDA BUENA VISTA POINTE, LLC, a

				
	
					
						 

					
					
						Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM FLORIDA BUENA VISTA PLACE I,

					
						LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM FLORIDA BUENA VISTA PLACE II,

				
	
					
						 

					
					
						LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM CAMELLIA POINTE, LLC, a Florida

				
	
					
						 

					
					
						limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM FLORIDA CONGRESS, LLC, a Florida

				
	
					
						 

					
					
						limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM CYPRESS RIDGE, LLC, a Florida limited

				
	
					
						 

					
					
						liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM HICKORY POINTE, LLC, a Florida 

				
	
					
						 

					
					
						limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM HIDDEN CREEK, LLC, a Florida limited 

				
	
					
						 

					
					
						liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM FLORIDA HOMESTEAD, LLC, a Florida

				
	
					
						 

					
					
						limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM MAGNOLIA POINTE, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM SOUTHEAST MARINER’S COVE HOLDINGS, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM METRO PLACE, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM METRO PLACE II, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM OSPREY RIDGE, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM PALMETTO DUNES, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM PARK AVENUE, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM POINTE VISTA, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM POINTE VISTA II, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM LAKE PROVIDENCE, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM SAND LAKE POINTE, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM WATERFORD POINTE, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM WEST POINTE, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM ADVISORS ILP HOLDINGS, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM FLORIDA HOLDINGS ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM SOUTHEAST MARINER’S COVE HOLDINGS II, LLC,
a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BULL DOLPHIN SADDLE BROOK ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BULL DOLPHIN BRECKENRIDGE COMMONS ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BULL DOLPHIN SPRING HARBOR ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BULL DOLPHIN WHISTLER’S COVE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BULL DOLPHIN GLEN OAKS ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM AVALON RESERVE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM CAMELLIA POINTE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM CYPRESS RIDGE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM HICKORY POINTE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM HIDDEN CREEK ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM LAKE PROVIDENCE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM MAGNOLIA POINTE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM METRO PLACE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM METRO PLACE II ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM OSPREY RIDGE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM PALMETTO DUNES ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM PARK AVENUE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM POINTE VISTA ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM POINTE VISTA II ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM SAND LAKE POINTE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM WATERFORD POINTE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM WEST POINTE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM ADVISORS, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM FLORIDA HOLDINGS, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BULL DOLPHIN PROPERTIES & INVESTMENT LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM SOUTHEAST MARINER’S COVE GP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM SOUTHEAST MARINER’S COVE ILP, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Authorized Signatory

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRM TRUST HOLDINGS, LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LAMPLIGHTER INVESTMENTS LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Benjamin R. Gettler

				
	
					
						 

					
					
						 

					
					
						Name: Benjamin R. Gettler

				
	
					
						 

					
					
						 

					
					
						Title: Manager / Member

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						GILLIS INVESTMENTS #2, Ltd., a Florida limited patnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						American Marketing & Management of Gillis, Inc., its General Partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Austin Forman

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: Austin Forman

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title: President

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BLACKFIN PROPERTIES & INVESTMENTS LLLP,
a Florida limited liability limited partnership

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ William M. Murphy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: William M. Murphy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title: Manager

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						DANIEL EDWARD VOGT IRREVOCABLE LEGACY TRUST dated December 27, 2016

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ James H. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: James H. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Trustee

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						JAMES HENRY VOGT IRREVOCABLE LEGACY TRUST dated December 27, 2016

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Carroll Slusher

				
	
					
						 

					
					
						 

					
					
						Name: Carroll Slusher

				
	
					
						 

					
					
						 

					
					
						Title: Trustee

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						HOLLY ZIMMERMAN IRREVOCABLE LEGACY TRUST dated December 27, 2016

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ [ILLEGIBLE]

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title: Trustee

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LILY ZIMMERMAN IRREVOCABLE LEGACY TRUST dated December 27, 2016

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ [ILLEGIBLE]

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title: Trustee

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						DANIEL ZIMMERMAN IRREVOCABLE LEGACY TRUST dated December 27, 2016

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Trustee

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LILY ZIMMERMAN IRREVOCABLE TRUST

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Trustee

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ELIZABETH ZIMMERMAN IRREVOCABLE TRUST

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Trustee

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						HOLLY ZIMMERMAN IRREVOCABLE TRUST

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Name: Louis E. Vogt

				
	
					
						 

					
					
						 

					
					
						Title: Trustee

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						UNA MURPHY 2012 TRUST

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ William M. Murphy

				
	
					
						 

					
					
						 

					
					
						Name: William M. Murphy

				
	
					
						 

					
					
						 

					
					
						Title: Trustee

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WILLIAM M. MURPHY REVOCABLE TRUST

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ William M. Murphy

				
	
					
						 

					
					
						 

					
					
						Name: William M. Murphy

				
	
					
						 

					
					
						 

					
					
						Title: Trustee

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WILLIAM M. MURPHY 2012 TRUST

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Una Murphy

				
	
					
						 

					
					
						 

					
					
						Name: Una Murphy

				
	
					
						 

					
					
						 

					
					
						Title: Trustee

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Angel Arroyo

				
	
					
						 

					
					
						ANGEL ARROYO

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Una Murphy

				
	
					
						 

					
					
						UNA MURPHY

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Kate Murphy

				
	
					
						 

					
					
						KATE MURPHY

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Kerri Murphy

				
	
					
						 

					
					
						KERRI MURPHY

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Patrick Murphy

				
	
					
						 

					
					
						PATRICK MURPHY

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ James H. Vogt

				
	
					
						 

					
					
						JAMES H. VOGT

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Daniel E. Vogt

				
	
					
						 

					
					
						DANIEL E. VOGT

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Louis E. Vogt

				
	
					
						 

					
					
						LOUIS E. VOGT

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Jefferson Scott Zimmerman

				
	
					
						 

					
					
						JEFFERSON SCOTT ZIMMERMAN

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						SPT DOLPHIN INTERMEDIATE LLC 

					
					
						 

				
	
					
						a Delaware limited liability company

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ [ILLEGIBLE]

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			[Signature Page to Tax Protection Agreement]
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			ANNEX A
		

		
			 
		

		
			See attached
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			1

		

 

		

		
			ANNEX A
		

		
			 
		

		
			TRANSFERORS
		

		
			 
		

			
					
						Transferor

					
					
						     

					
					
						Address for Notice

				
	
					
						Avalon Reserve Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Bunea Vista at Cypress Pointe, LP

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Reams Road Limited Partnership

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Reams Road II Limited Partnership

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Camellia Pointe Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Congress Park Limited Partnership

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Cypress Ridge Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Hickory Pointe Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Hidden Creek Villas Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Homestead Colony Limited Partnership

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Magnolia Pointe Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Mariner’s Cove Apartments Associates, Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Metro Place Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Metro Place II Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Osprey Ridge Apartments Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Palmetto Dunes Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Park Avenue Villas Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Pointe Vista Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Pointe Vista II Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Lake Providence Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Sand Lake Pointe Apartments Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Waterford Pointe Apartments Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						West Pointe Villas Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Saddlebrook at Palm Beach, Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Breckenridge Commons, Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Spring Harbor, Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Affordable/Whistlers Cove, Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Affordable/Glen Oaks, Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			ANNEX A
		

		
			 
		

		
			PROTECTED PARTNERS
		

		
			 
		

			
					
						Protected Partner

					
					
						    

					
					
						Address for Notice

				
	
					
						Affordable/Glen Oaks, Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Affordable/Whistlers Cove, Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Angel Arroyo

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Avalon Reserve Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
					
						1700 NW 66th Avenue, Suite 102, Plantation, FL 33313

				
	
					
						Breckenridge Commons, Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Advisors, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Avalon Reserve ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Avalon Reserve, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Camellia Pointe ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Camellia Pointe, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Cypress Ridge ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Cypress Ridge, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Florida Buena Vista Place I, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Florida Buena Vista Place II, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Florida Buena Vista Pointe ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Florida Buena Vista Pointe, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Florida Congress, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Florida Holdings ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Florida Holdings, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Florida Homestead, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Hickory Pointe ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Hickory Pointe, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Hidden Creek ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Hidden Creek, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Lake Providence ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Lake Providence, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Magnolia Pointe ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Magnolia Pointe, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Metro Place II ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Metro Place II, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Metro Place ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Metro Place, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Osprey Ridge ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Osprey Ridge, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Palmetto Dunes ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Palmetto Dunes, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Park Avenue ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Park Avenue, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Pointe Vista II ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Pointe Vista II, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Pointe Vista ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Pointe Vista, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Sand Lake Pointe ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Sand Lake Pointe, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Southeast Mariner’s Cove GP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Southeast Mariner’s Cove Holdings LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Southeast Mariner’s Cove ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Trust Holdings, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Waterford Pointe ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM Waterford Pointe, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						BRM West Pointe ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						Protected Partner

					
					
						    

					
					
						Address for Notice

				
	
					
						BRM West Pointe, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Bull Dolphin Breckenridge Commons ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Bull Dolphin Breckenridge Commons, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Bull Dolphin Glen Oaks ILP LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Bull Dolphin Properties & Investments LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Bull Dolphin Saddle Brook ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Bull Dolphin Saddle Brook, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Bull Dolphin Spring Harbor ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Bull Dolphin Spring Harbor LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Bull Dolphin Whistlers Cove ILP, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Bull Dolphin Whistlers Cove, LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Buena Vista at Cypress Pointe, LP

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Camellia Pointe Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Congress Park Limited Partnership

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Cypress Ridge Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Daniel E. Vogt

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Dolphin Properties & Investments #12 LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Dolphin Properties & Investments KW LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Dolphin Properties & Investments LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Dolphin Properties & Investments TCR LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Gillis Investments #2 Ltd

					
					
						 

					
					
						888 SE 3rd Avenue, Suite 501, Ft. Lauderdale, FL 33316

				
	
					
						Hickory Pointe Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Hidden Creek Villas Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Homestead Colony Limited Partnership

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						James H. Vogt

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Jefferson Scott Zimmerman

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Kate Murphy

					
					
						 

					
					
						1700 NW 66th Avenue, Suite 102, Plantation, FL 33313

				
	
					
						Kerri Murphy

					
					
						 

					
					
						1700 NW 66th Avenue, Suite 102, Plantation, FL 33313

				
	
					
						Lake Providence Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Lamplighter Investments LLC

					
					
						 

					
					
						2455 E. Sunrise Blvd., Suite 1204, Ft. Lauderdale, FL 33304

				
	
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Louis E. Vogt

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Magnolia Pointe Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Mariner’s Cove Apartments Associates, Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Metro Place II Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Metro Place Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Osprey Ridge Apartments Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Palmetto Dunes Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Park Avenue Villas Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Patrick Murphy

					
					
						 

					
					
						1700 NW 66th Avenue, Suite 102, Plantation, FL 33313

				
	
					
						Pointe Vista II Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Pointe Vista Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Reams Road II Limited Partnership

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Reams Road Limited Partnership

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Saddlebrook at Palm Beach, Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						Protected Partner

					
					
						    

					
					
						Address for Notice

				
	
					
						Sand Lake Pointe Apartments Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Spring Harbor, Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Una Murphy

					
					
						 

					
					
						1700 NW 66th Avenue, Suite 102, Plantation, FL 33313

				
	
					
						Una Murphy 2012 Trust

					
					
						 

					
					
						1700 NW 66th Avenue, Suite 102, Plantation, FL 33313

				
	
					
						Vogt Family Trust LLC

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						Waterford Pointe Apartments Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						West Pointe Villas Ltd.

					
					
						 

					
					
						501 N. Magnolia Avenue, Orlando, FL 32801

				
	
					
						William M. Murphy 2012 Trust

					
					
						 

					
					
						1700 NW 66th Avenue, Suite 102, Plantation, FL 33313

				
	
					
						William M. Murphy Revocable Trust

					
					
						 

					
					
						1700 NW 66th Avenue, Suite 102, Plantation, FL 33313

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			ANNEX B
		

		
			 
		

		
			See attached
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			1

		

 

		

		
			ANNEX B
		

		
			 
		

		
			PROTECTED PARTNER’S SHARE OF BUILT IN GAIN
		

		
			 
		

			
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax Basis

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax

					
					
						    

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Allocated

					
					
						 

					
					
						as of December XX,

					
					
						 

					
					
						Initial Built-

					
					
						 

					
					
						Basis as of

					
					
						 

					
					
						734/743

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Value

					
					
						 

					
					
						2017

					
					
						 

					
					
						In Gain

					
					
						 

					
					
						December 31,

					
					
						 

					
					
						Adjustment

					
					
						 

				
	
					
						Protected Property

					
					
						 

					
					
						Protected Partner

					
					
						 

					
					
						(A)

					
					
						 

					
					
						(B)

					
					
						 

					
					
						(A-B)

					
					
						 

					
					
						2016

					
					
						 

					
					
						Amount

					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
4,216,320
					
					
						 

					
1,817,879
					
					
						 

					
2,398,441
					
					
						 

					
1,920,235
					
					
						 

					
57,541
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
6,695,068
					
					
						 

					
2,886,599
					
					
						 

					
3,808,470
					
					
						 

					
3,049,130
					
					
						 

					
91,370
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
4,431,733
					
					
						 

					
1,910,755
					
					
						 

					
2,520,978
					
					
						 

					
2,018,341
					
					
						 

					
60,481
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
3,347,534
					
					
						 

					
1,443,299
					
					
						 

					
1,904,235
					
					
						 

					
1,524,565
					
					
						 

					
45,685
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
2,734,340
					
					
						 

					
1,178,919
					
					
						 

					
1,555,421
					
					
						 

					
1,245,298
					
					
						 

					
37,316
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,968,551
					
					
						 

					
848,747
					
					
						 

					
1,119,804
					
					
						 

					
896,536
					
					
						 

					
26,865
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,968,551
					
					
						 

					
848,747
					
					
						 

					
1,119,804
					
					
						 

					
896,536
					
					
						 

					
26,865
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,640,459
					
					
						 

					
707,289
					
					
						 

					
933,170
					
					
						 

					
747,113
					
					
						 

					
22,388
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,640,459
					
					
						 

					
707,289
					
					
						 

					
933,170
					
					
						 

					
747,113
					
					
						 

					
22,388
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
1,282,701
					
					
						 

					
553,041
					
					
						 

					
729,661
					
					
						 

					
584,180
					
					
						 

					
17,505
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
871,597
					
					
						 

					
375,792
					
					
						 

					
495,806
					
					
						 

					
396,951
					
					
						 

					
11,895
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
669,507
					
					
						 

					
288,660
					
					
						 

					
380,847
					
					
						 

					
304,913
					
					
						 

					
9,137
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
669,507
					
					
						 

					
288,660
					
					
						 

					
380,847
					
					
						 

					
304,913
					
					
						 

					
9,137
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
669,507
					
					
						 

					
288,660
					
					
						 

					
380,847
					
					
						 

					
304,913
					
					
						 

					
9,137
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
566,021
					
					
						 

					
244,042
					
					
						 

					
321,979
					
					
						 

					
257,783
					
					
						 

					
7,725
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Una Murphy

					
					
						 

					
103,486
					
					
						 

					
44,618
					
					
						 

					
58,868
					
					
						 

					
47,130
					
					
						 

					
1,412
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Dolphin Properties &  Investments LLC

					
					
						 

					
16,737,671
					
					
						 

					
7,216,497
					
					
						 

					
9,521,174
					
					
						 

					
7,622,825
					
					
						 

					
228,424
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
16,737,671
					
					
						 

					
7,216,497
					
					
						 

					
9,521,174
					
					
						 

					
7,622,825
					
					
						 

					
228,424
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
6,695,068
					
					
						 

					
2,886,599
					
					
						 

					
3,808,470
					
					
						 

					
3,049,130
					
					
						 

					
91,370
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
334,753
					
					
						 

					
144,330
					
					
						 

					
190,423
					
					
						 

					
152,457
					
					
						 

					
4,568
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						BRM Avalon Reserve ILP, LLC

					
					
						 

					
33,140,588
					
					
						 

					
14,288,663
					
					
						 

					
18,851,925
					
					
						 

					
15,093,194
					
					
						 

					
452,280
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						BRM Avalon Reserve, LLC

					
					
						 

					
334,753
					
					
						 

					
144,330
					
					
						 

					
190,423
					
					
						 

					
152,457
					
					
						 

					
4,568
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
33,140,588
					
					
						 

					
14,288,663
					
					
						 

					
18,851,925
					
					
						 

					
15,093,194
					
					
						 

					
452,280
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
334,753
					
					
						 

					
144,330
					
					
						 

					
190,423
					
					
						 

					
152,457
					
					
						 

					
4,568
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Avalon Reserve Ltd.

					
					
						 

					
33,475,341
					
					
						 

					
14,432,993
					
					
						 

					
19,042,348
					
					
						 

					
15,245,650
					
					
						 

					
456,848
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
8,655,381
					
					
						 

					
3,531,501
					
					
						 

					
5,123,879
					
					
						 

					
3,674,198
					
					
						 

					
2,033,721
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
4,327,690
					
					
						 

					
1,765,751
					
					
						 

					
2,561,940
					
					
						 

					
1,837,099
					
					
						 

					
1,016,861
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
3,534,953
					
					
						 

					
1,442,304
					
					
						 

					
2,092,649
					
					
						 

					
1,500,583
					
					
						 

					
830,594
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
2,523,376
					
					
						 

					
1,029,568
					
					
						 

					
1,493,808
					
					
						 

					
1,071,170
					
					
						 

					
592,908
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
2,523,376
					
					
						 

					
1,029,568
					
					
						 

					
1,493,808
					
					
						 

					
1,071,170
					
					
						 

					
592,908
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Angel Arroyo

					
					
						 

					
1,944,132
					
					
						 

					
793,230
					
					
						 

					
1,150,902
					
					
						 

					
825,281
					
					
						 

					
456,805
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
1,658,276
					
					
						 

					
676,597
					
					
						 

					
981,679
					
					
						 

					
703,936
					
					
						 

					
389,639
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
1,165,147
					
					
						 

					
475,394
					
					
						 

					
689,753
					
					
						 

					
494,604
					
					
						 

					
273,770
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
1,165,147
					
					
						 

					
475,394
					
					
						 

					
689,753
					
					
						 

					
494,604
					
					
						 

					
273,770
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
865,538
					
					
						 

					
353,150
					
					
						 

					
512,388
					
					
						 

					
367,420
					
					
						 

					
203,372
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
865,538
					
					
						 

					
353,150
					
					
						 

					
512,388
					
					
						 

					
367,420
					
					
						 

					
203,372
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
865,538
					
					
						 

					
353,150
					
					
						 

					
512,388
					
					
						 

					
367,420
					
					
						 

					
203,372
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
778,984
					
					
						 

					
317,835
					
					
						 

					
461,149
					
					
						 

					
330,678
					
					
						 

					
183,035
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
775,655
					
					
						 

					
316,477
					
					
						 

					
459,178
					
					
						 

					
329,265
					
					
						 

					
182,253
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
775,655
					
					
						 

					
316,477
					
					
						 

					
459,178
					
					
						 

					
329,265
					
					
						 

					
182,253
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
731,752
					
					
						 

					
298,564
					
					
						 

					
433,188
					
					
						 

					
310,628
					
					
						 

					
171,937
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Una Murphy

					
					
						 

					
133,786
					
					
						 

					
54,586
					
					
						 

					
79,200
					
					
						 

					
56,792
					
					
						 

					
31,435
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
21,638,451
					
					
						 

					
8,828,753
					
					
						 

					
12,809,698
					
					
						 

					
9,185,495
					
					
						 

					
5,084,303
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Dolphin Properties & Investments TCR LLC

					
					
						 

					
21,638,451
					
					
						 

					
8,828,753
					
					
						 

					
12,809,698
					
					
						 

					
9,185,495
					
					
						 

					
5,084,303
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
8,655,381
					
					
						 

					
3,531,501
					
					
						 

					
5,123,879
					
					
						 

					
3,674,198
					
					
						 

					
2,033,721
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Vogt Family Trust LLC

					
					
						 

					
2,330,295
					
					
						 

					
950,789
					
					
						 

					
1,379,506
					
					
						 

					
989,207
					
					
						 

					
547,540
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						BRM Florida Holdings ILP, LLC

					
					
						 

					
32,957,026
					
					
						 

					
13,446,870
					
					
						 

					
19,510,156
					
					
						 

					
13,990,216
					
					
						 

					
7,743,784
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						BRM Florida Buena Vista Pointe, LLC

					
					
						 

					
332,899
					
					
						 

					
135,827
					
					
						 

					
197,072
					
					
						 

					
141,315
					
					
						 

					
78,220
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						BRM Florida Buena Vista Pointe ILP, LLC

					
					
						 

					
32,957,026
					
					
						 

					
13,446,870
					
					
						 

					
19,510,156
					
					
						 

					
13,990,216
					
					
						 

					
7,743,784
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						BRM Florida Holdings, LLC

					
					
						 

					
332,899
					
					
						 

					
135,827
					
					
						 

					
197,072
					
					
						 

					
141,315
					
					
						 

					
78,220
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Buena Vista at Cypress Pointe, LP

					
					
						 

					
33,289,925
					
					
						 

					
13,582,697
					
					
						 

					
19,707,228
					
					
						 

					
14,131,531
					
					
						 

					
7,822,004
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
6,225,687
					
					
						 

					
1,972,750
					
					
						 

					
4,252,938
					
					
						 

					
2,142,585
					
					
						 

					
771,211
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
3,112,844
					
					
						 

					
986,375
					
					
						 

					
2,126,469
					
					
						 

					
1,071,292
					
					
						 

					
385,606
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
2,542,639
					
					
						 

					
805,693
					
					
						 

					
1,736,946
					
					
						 

					
875,055
					
					
						 

					
314,971
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
1,815,027
					
					
						 

					
575,132
					
					
						 

					
1,239,895
					
					
						 

					
624,646
					
					
						 

					
224,838
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
1,815,027
					
					
						 

					
575,132
					
					
						 

					
1,239,895
					
					
						 

					
624,646
					
					
						 

					
224,838
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Angel Arroyo

					
					
						 

					
1,398,385
					
					
						 

					
443,110
					
					
						 

					
955,275
					
					
						 

					
481,258
					
					
						 

					
173,226
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
1,192,773
					
					
						 

					
377,957
					
					
						 

					
814,816
					
					
						 

					
410,496
					
					
						 

					
147,756
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
838,073
					
					
						 

					
265,562
					
					
						 

					
572,511
					
					
						 

					
288,425
					
					
						 

					
103,817
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
838,073
					
					
						 

					
265,562
					
					
						 

					
572,511
					
					
						 

					
288,425
					
					
						 

					
103,817
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
622,569
					
					
						 

					
197,275
					
					
						 

					
425,294
					
					
						 

					
214,258
					
					
						 

					
77,121
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
622,569
					
					
						 

					
197,275
					
					
						 

					
425,294
					
					
						 

					
214,258
					
					
						 

					
77,121
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
622,569
					
					
						 

					
197,275
					
					
						 

					
425,294
					
					
						 

					
214,258
					
					
						 

					
77,121
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
560,312
					
					
						 

					
177,547
					
					
						 

					
382,764
					
					
						 

					
192,833
					
					
						 

					
69,409
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
557,917
					
					
						 

					
176,789
					
					
						 

					
381,129
					
					
						 

					
192,009
					
					
						 

					
69,112
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
557,917
					
					
						 

					
176,789
					
					
						 

					
381,129
					
					
						 

					
192,009
					
					
						 

					
69,112
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
526,338
					
					
						 

					
166,782
					
					
						 

					
359,556
					
					
						 

					
181,141
					
					
						 

					
65,201
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Una Murphy

					
					
						 

					
96,230
					
					
						 

					
30,493
					
					
						 

					
65,738
					
					
						 

					
33,118
					
					
						 

					
11,921
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax Basis

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax

					
					
						    

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Allocated

					
					
						 

					
					
						as of December XX,

					
					
						 

					
					
						Initial Built-

					
					
						 

					
					
						Basis as of

					
					
						 

					
					
						734/743

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Value

					
					
						 

					
					
						2017

					
					
						 

					
					
						In Gain

					
					
						 

					
					
						December 31,

					
					
						 

					
					
						Adjustment

					
					
						 

				
	
					
						Protected Property

					
					
						 

					
					
						Protected Partner

					
					
						 

					
					
						(A)

					
					
						 

					
					
						(B)

					
					
						 

					
					
						(A-B)

					
					
						 

					
					
						2016

					
					
						 

					
					
						Amount

					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
15,564,218
					
					
						 

					
4,931,874
					
					
						 

					
10,632,344
					
					
						 

					
5,356,462
					
					
						 

					
1,928,029
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Dolphin Properties & Investments TCR LLC

					
					
						 

					
15,564,218
					
					
						 

					
4,931,874
					
					
						 

					
10,632,344
					
					
						 

					
5,356,462
					
					
						 

					
1,928,029
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
6,225,687
					
					
						 

					
1,972,750
					
					
						 

					
4,252,938
					
					
						 

					
2,142,585
					
					
						 

					
771,211
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Vogt Family Trust LLC

					
					
						 

					
1,676,147
					
					
						 

					
531,125
					
					
						 

					
1,145,022
					
					
						 

					
576,850
					
					
						 

					
207,634
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						BRM Florida Buena Vista Place I, LLC

					
					
						 

					
2,394
					
					
						 

					
759
					
					
						 

					
1,636
					
					
						 

					
824
					
					
						 

					
297
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						BRM Florida Holdings ILP, LLC

					
					
						 

					
23,942,557
					
					
						 

					
7,586,740
					
					
						 

					
16,355,816
					
					
						 

					
8,239,887
					
					
						 

					
2,965,901
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						BRM Florida Holdings, LLC

					
					
						 

					
2,394
					
					
						 

					
759
					
					
						 

					
1,636
					
					
						 

					
824
					
					
						 

					
297
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Reams Road Limited Partnership

					
					
						 

					
23,944,951
					
					
						 

					
7,587,499
					
					
						 

					
16,357,452
					
					
						 

					
8,240,711
					
					
						 

					
2,966,198
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
2,077,740
					
					
						 

					
483,842
					
					
						 

					
1,593,899
					
					
						 

					
535,714
					
					
						 

					
50,673
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
1,038,870
					
					
						 

					
241,921
					
					
						 

					
796,949
					
					
						 

					
267,857
					
					
						 

					
25,337
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
848,572
					
					
						 

					
197,606
					
					
						 

					
650,966
					
					
						 

					
218,791
					
					
						 

					
20,696
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
605,741
					
					
						 

					
141,058
					
					
						 

					
464,683
					
					
						 

					
156,181
					
					
						 

					
14,773
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
605,741
					
					
						 

					
141,058
					
					
						 

					
464,683
					
					
						 

					
156,181
					
					
						 

					
14,773
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Angel Arroyo

					
					
						 

					
466,692
					
					
						 

					
108,678
					
					
						 

					
358,014
					
					
						 

					
120,330
					
					
						 

					
11,382
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
398,072
					
					
						 

					
92,699
					
					
						 

					
305,373
					
					
						 

					
102,637
					
					
						 

					
9,708
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
279,696
					
					
						 

					
65,133
					
					
						 

					
214,563
					
					
						 

					
72,115
					
					
						 

					
6,821
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
4,216,320
					
					
						 

					
1,817,879
					
					
						 

					
2,398,441
					
					
						 

					
1,920,235
					
					
						 

					
57,541
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
279,696
					
					
						 

					
65,133
					
					
						 

					
214,563
					
					
						 

					
72,115
					
					
						 

					
6,821
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
207,774
					
					
						 

					
48,384
					
					
						 

					
159,390
					
					
						 

					
53,571
					
					
						 

					
5,067
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
207,774
					
					
						 

					
48,384
					
					
						 

					
159,390
					
					
						 

					
53,571
					
					
						 

					
5,067
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
207,774
					
					
						 

					
48,384
					
					
						 

					
159,390
					
					
						 

					
53,571
					
					
						 

					
5,067
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
186,997
					
					
						 

					
43,546
					
					
						 

					
143,451
					
					
						 

					
48,214
					
					
						 

					
4,561
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
186,197
					
					
						 

					
43,360
					
					
						 

					
142,838
					
					
						 

					
48,008
					
					
						 

					
4,541
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
186,197
					
					
						 

					
43,360
					
					
						 

					
142,838
					
					
						 

					
48,008
					
					
						 

					
4,541
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
175,658
					
					
						 

					
40,905
					
					
						 

					
134,753
					
					
						 

					
45,291
					
					
						 

					
4,284
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Una Murphy

					
					
						 

					
32,116
					
					
						 

					
7,479
					
					
						 

					
24,637
					
					
						 

					
8,281
					
					
						 

					
783
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
5,194,350
					
					
						 

					
1,209,604
					
					
						 

					
3,984,746
					
					
						 

					
1,339,284
					
					
						 

					
126,684
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Dolphin Properties &  Investments TCR LLC

					
					
						 

					
5,194,350
					
					
						 

					
1,209,604
					
					
						 

					
3,984,746
					
					
						 

					
1,339,284
					
					
						 

					
126,684
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
2,077,740
					
					
						 

					
483,842
					
					
						 

					
1,593,899
					
					
						 

					
535,714
					
					
						 

					
50,673
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Vogt Family Trust LLC

					
					
						 

					
559,392
					
					
						 

					
130,265
					
					
						 

					
429,127
					
					
						 

					
144,231
					
					
						 

					
13,643
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						BRM Florida Buena Vista Place II, LLC

					
					
						 

					
799
					
					
						 

					
186
					
					
						 

					
613
					
					
						 

					
206
					
					
						 

					
19
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						BRM Florida Holdings ILP, LLC

					
					
						 

					
7,990,509
					
					
						 

					
1,860,743
					
					
						 

					
6,129,766
					
					
						 

					
2,060,231
					
					
						 

					
194,879
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						BRM Florida Holdings, LLC

					
					
						 

					
799
					
					
						 

					
186
					
					
						 

					
613
					
					
						 

					
206
					
					
						 

					
19
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Reams Road II Limited Partnership

					
					
						 

					
7,991,308
					
					
						 

					
1,860,929
					
					
						 

					
6,130,379
					
					
						 

					
2,060,437
					
					
						 

					
194,898
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
3,386,270
					
					
						 

					
1,342,385
					
					
						 

					
2,043,885
					
					
						 

					
1,436,495
					
					
						 

					
56,080
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
2,241,507
					
					
						 

					
888,578
					
					
						 

					
1,352,929
					
					
						 

					
950,873
					
					
						 

					
37,122
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
2,132,554
					
					
						 

					
845,387
					
					
						 

					
1,287,167
					
					
						 

					
904,654
					
					
						 

					
35,317
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
1,693,135
					
					
						 

					
671,192
					
					
						 

					
1,021,942
					
					
						 

					
718,247
					
					
						 

					
28,040
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
1,382,990
					
					
						 

					
548,245
					
					
						 

					
834,745
					
					
						 

					
586,680
					
					
						 

					
22,904
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
995,665
					
					
						 

					
394,701
					
					
						 

					
600,963
					
					
						 

					
422,373
					
					
						 

					
16,489
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
995,665
					
					
						 

					
394,701
					
					
						 

					
600,963
					
					
						 

					
422,373
					
					
						 

					
16,489
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
829,721
					
					
						 

					
328,918
					
					
						 

					
500,803
					
					
						 

					
351,977
					
					
						 

					
13,741
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
829,721
					
					
						 

					
328,918
					
					
						 

					
500,803
					
					
						 

					
351,977
					
					
						 

					
13,741
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
648,772
					
					
						 

					
257,186
					
					
						 

					
391,586
					
					
						 

					
275,217
					
					
						 

					
10,744
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
440,842
					
					
						 

					
174,758
					
					
						 

					
266,083
					
					
						 

					
187,010
					
					
						 

					
7,301
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
338,627
					
					
						 

					
134,238
					
					
						 

					
204,388
					
					
						 

					
143,649
					
					
						 

					
5,608
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
338,627
					
					
						 

					
134,238
					
					
						 

					
204,388
					
					
						 

					
143,649
					
					
						 

					
5,608
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
338,627
					
					
						 

					
134,238
					
					
						 

					
204,388
					
					
						 

					
143,649
					
					
						 

					
5,608
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
286,285
					
					
						 

					
113,489
					
					
						 

					
172,796
					
					
						 

					
121,446
					
					
						 

					
4,741
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Una Murphy

					
					
						 

					
52,342
					
					
						 

					
20,749
					
					
						 

					
31,592
					
					
						 

					
22,204
					
					
						 

					
867
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
8,465,674
					
					
						 

					
3,355,962
					
					
						 

					
5,109,712
					
					
						 

					
3,591,237
					
					
						 

					
140,201
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
8,465,674
					
					
						 

					
3,355,962
					
					
						 

					
5,109,712
					
					
						 

					
3,591,237
					
					
						 

					
140,201
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
3,386,270
					
					
						 

					
1,342,385
					
					
						 

					
2,043,885
					
					
						 

					
1,436,495
					
					
						 

					
56,080
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
169,313
					
					
						 

					
67,119
					
					
						 

					
102,194
					
					
						 

					
71,825
					
					
						 

					
2,804
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						BRM Camellia Pointe ILP, LLC

					
					
						 

					
16,762,034
					
					
						 

					
6,644,804
					
					
						 

					
10,117,231
					
					
						 

					
7,110,648
					
					
						 

					
277,598
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						BRM Camellia Pointe, LLC

					
					
						 

					
169,313
					
					
						 

					
67,119
					
					
						 

					
102,194
					
					
						 

					
71,825
					
					
						 

					
2,804
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
16,762,034
					
					
						 

					
6,644,804
					
					
						 

					
10,117,231
					
					
						 

					
7,110,648
					
					
						 

					
277,598
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
169,313
					
					
						 

					
67,119
					
					
						 

					
102,194
					
					
						 

					
71,825
					
					
						 

					
2,804
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Camellia Pointe Ltd.

					
					
						 

					
16,931,348
					
					
						 

					
6,711,923
					
					
						 

					
10,219,425
					
					
						 

					
7,182,473
					
					
						 

					
280,402
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
7,996,538
					
					
						 

					
2,491,985
					
					
						 

					
5,504,554
					
					
						 

					
2,651,300
					
					
						 

					
1,325,397
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
3,998,269
					
					
						 

					
1,245,992
					
					
						 

					
2,752,277
					
					
						 

					
1,325,650
					
					
						 

					
662,698
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
3,265,874
					
					
						 

					
1,017,754
					
					
						 

					
2,248,120
					
					
						 

					
1,082,820
					
					
						 

					
541,307
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
2,331,298
					
					
						 

					
726,509
					
					
						 

					
1,604,789
					
					
						 

					
772,956
					
					
						 

					
386,404
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
2,331,298
					
					
						 

					
726,509
					
					
						 

					
1,604,789
					
					
						 

					
772,956
					
					
						 

					
386,404
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Angel Arroyo

					
					
						 

					
1,796,146
					
					
						 

					
559,738
					
					
						 

					
1,236,407
					
					
						 

					
595,523
					
					
						 

					
297,705
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
1,532,049
					
					
						 

					
477,437
					
					
						 

					
1,054,612
					
					
						 

					
507,960
					
					
						 

					
253,931
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
1,076,457
					
					
						 

					
335,459
					
					
						 

					
740,998
					
					
						 

					
356,906
					
					
						 

					
178,419
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
1,076,457
					
					
						 

					
335,459
					
					
						 

					
740,998
					
					
						 

					
356,906
					
					
						 

					
178,419
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
799,654
					
					
						 

					
249,198
					
					
						 

					
550,455
					
					
						 

					
265,130
					
					
						 

					
132,540
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
799,654
					
					
						 

					
249,198
					
					
						 

					
550,455
					
					
						 

					
265,130
					
					
						 

					
132,540
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
799,654
					
					
						 

					
249,198
					
					
						 

					
550,455
					
					
						 

					
265,130
					
					
						 

					
132,540
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
719,688
					
					
						 

					
224,279
					
					
						 

					
495,410
					
					
						 

					
238,617
					
					
						 

					
119,286
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
716,613
					
					
						 

					
223,320
					
					
						 

					
493,293
					
					
						 

					
237,597
					
					
						 

					
118,776
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
716,613
					
					
						 

					
223,320
					
					
						 

					
493,293
					
					
						 

					
237,597
					
					
						 

					
118,776
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
676,051
					
					
						 

					
210,680
					
					
						 

					
465,371
					
					
						 

					
224,149
					
					
						 

					
112,053
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax Basis

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax

					
					
						    

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Allocated

					
					
						 

					
					
						as of December XX,

					
					
						 

					
					
						Initial Built-

					
					
						 

					
					
						Basis as of

					
					
						 

					
					
						734/743

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Value

					
					
						 

					
					
						2017

					
					
						 

					
					
						In Gain

					
					
						 

					
					
						December 31,

					
					
						 

					
					
						Adjustment

					
					
						 

				
	
					
						Protected Property

					
					
						 

					
					
						Protected Partner

					
					
						 

					
					
						(A)

					
					
						 

					
					
						(B)

					
					
						 

					
					
						(A-B)

					
					
						 

					
					
						2016

					
					
						 

					
					
						Amount

					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Una Murphy

					
					
						 

					
123,602
					
					
						 

					
38,519
					
					
						 

					
85,084
					
					
						 

					
40,981
					
					
						 

					
20,487
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
19,991,346
					
					
						 

					
6,229,961
					
					
						 

					
13,761,384
					
					
						 

					
6,628,250
					
					
						 

					
3,313,492
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Dolphin Properties & Investments TCR LLC

					
					
						 

					
19,991,346
					
					
						 

					
6,229,961
					
					
						 

					
13,761,384
					
					
						 

					
6,628,250
					
					
						 

					
3,313,492
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
7,996,538
					
					
						 

					
2,491,985
					
					
						 

					
5,504,554
					
					
						 

					
2,651,300
					
					
						 

					
1,325,397
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Vogt Family Trust LLC

					
					
						 

					
2,152,914
					
					
						 

					
670,919
					
					
						 

					
1,481,995
					
					
						 

					
713,812
					
					
						 

					
356,838
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						BRM Florida Congress, LLC

					
					
						 

					
307,559
					
					
						 

					
95,846
					
					
						 

					
211,714
					
					
						 

					
101,973
					
					
						 

					
50,977
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						BRM Florida Holdings, LLC

					
					
						 

					
307,559
					
					
						 

					
95,846
					
					
						 

					
211,714
					
					
						 

					
101,973
					
					
						 

					
50,977
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						BRM Florida Holdings ILP, LLC

					
					
						 

					
30,448,357
					
					
						 

					
9,488,710
					
					
						 

					
20,959,647
					
					
						 

					
10,095,335
					
					
						 

					
5,046,703
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Congress Park Limited Partnership

					
					
						 

					
30,755,916
					
					
						 

					
9,584,556
					
					
						 

					
21,171,360
					
					
						 

					
10,197,308
					
					
						 

					
5,097,680
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
1,061,466
					
					
						 

					
704,791
					
					
						 

					
356,675
					
					
						 

					
733,326
					
					
						 

					
218
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
702,627
					
					
						 

					
466,529
					
					
						 

					
236,097
					
					
						 

					
485,418
					
					
						 

					
144
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
668,474
					
					
						 

					
443,853
					
					
						 

					
224,621
					
					
						 

					
461,823
					
					
						 

					
137
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
530,733
					
					
						 

					
352,395
					
					
						 

					
178,337
					
					
						 

					
366,663
					
					
						 

					
109
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
433,514
					
					
						 

					
287,844
					
					
						 

					
145,670
					
					
						 

					
299,499
					
					
						 

					
89
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
312,103
					
					
						 

					
207,230
					
					
						 

					
104,873
					
					
						 

					
215,620
					
					
						 

					
64
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
312,103
					
					
						 

					
207,230
					
					
						 

					
104,873
					
					
						 

					
215,620
					
					
						 

					
64
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
260,086
					
					
						 

					
172,691
					
					
						 

					
87,394
					
					
						 

					
179,683
					
					
						 

					
53
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
260,086
					
					
						 

					
172,691
					
					
						 

					
87,394
					
					
						 

					
179,683
					
					
						 

					
53
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
203,365
					
					
						 

					
135,030
					
					
						 

					
68,335
					
					
						 

					
140,497
					
					
						 

					
42
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
138,187
					
					
						 

					
91,753
					
					
						 

					
46,434
					
					
						 

					
95,468
					
					
						 

					
28
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
106,147
					
					
						 

					
70,479
					
					
						 

					
35,667
					
					
						 

					
73,333
					
					
						 

					
22
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
106,147
					
					
						 

					
70,479
					
					
						 

					
35,667
					
					
						 

					
73,333
					
					
						 

					
22
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
106,147
					
					
						 

					
70,479
					
					
						 

					
35,667
					
					
						 

					
73,333
					
					
						 

					
22
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
89,740
					
					
						 

					
59,585
					
					
						 

					
30,154
					
					
						 

					
61,998
					
					
						 

					
18
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Una Murphy

					
					
						 

					
16,407
					
					
						 

					
10,894
					
					
						 

					
5,513
					
					
						 

					
11,335
					
					
						 

					
3
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
4,216,320
					
					
						 

					
1,817,879
					
					
						 

					
2,398,441
					
					
						 

					
1,920,235
					
					
						 

					
57,541
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
2,653,665
					
					
						 

					
1,761,977
					
					
						 

					
891,687
					
					
						 

					
1,833,316
					
					
						 

					
545
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
2,653,665
					
					
						 

					
1,761,977
					
					
						 

					
891,687
					
					
						 

					
1,833,316
					
					
						 

					
545
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
1,061,466
					
					
						 

					
704,791
					
					
						 

					
356,675
					
					
						 

					
733,326
					
					
						 

					
218
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
2,602
					
					
						 

					
1,728
					
					
						 

					
874
					
					
						 

					
1,798
					
					
						 

					
1
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						BRM Cypress Ridge ILP, LLC

					
					
						 

					
5,304,727
					
					
						 

					
3,522,227
					
					
						 

					
1,782,500
					
					
						 

					
3,664,834
					
					
						 

					
1,090
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						BRM Cypress Ridge, LLC

					
					
						 

					
2,602
					
					
						 

					
1,728
					
					
						 

					
874
					
					
						 

					
1,798
					
					
						 

					
1
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
5,304,727
					
					
						 

					
3,522,227
					
					
						 

					
1,782,500
					
					
						 

					
3,664,834
					
					
						 

					
1,090
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
2,602
					
					
						 

					
1,728
					
					
						 

					
874
					
					
						 

					
1,798
					
					
						 

					
1
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Cypress Ridge Ltd.

					
					
						 

					
5,310,037
					
					
						 

					
3,525,753
					
					
						 

					
1,784,284
					
					
						 

					
3,668,503
					
					
						 

					
1,091
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
3,403,495
					
					
						 

					
2,760,872
					
					
						 

					
642,622
					
					
						 

					
2,867,766
					
					
						 

					
344,338
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
1,701,747
					
					
						 

					
1,380,436
					
					
						 

					
321,311
					
					
						 

					
1,433,883
					
					
						 

					
172,169
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
1,390,025
					
					
						 

					
1,127,571
					
					
						 

					
262,454
					
					
						 

					
1,171,227
					
					
						 

					
140,631
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
1,243,585
					
					
						 

					
1,008,780
					
					
						 

					
234,804
					
					
						 

					
1,047,838
					
					
						 

					
125,816
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
1,243,585
					
					
						 

					
1,008,780
					
					
						 

					
234,804
					
					
						 

					
1,047,838
					
					
						 

					
125,816
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
652,072
					
					
						 

					
528,953
					
					
						 

					
123,119
					
					
						 

					
549,433
					
					
						 

					
65,971
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
523,615
					
					
						 

					
424,750
					
					
						 

					
98,865
					
					
						 

					
441,195
					
					
						 

					
52,975
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
523,615
					
					
						 

					
424,750
					
					
						 

					
98,865
					
					
						 

					
441,195
					
					
						 

					
52,975
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
349,513
					
					
						 

					
283,520
					
					
						 

					
65,992
					
					
						 

					
294,498
					
					
						 

					
35,361
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
349,513
					
					
						 

					
283,520
					
					
						 

					
65,992
					
					
						 

					
294,498
					
					
						 

					
35,361
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
348,204
					
					
						 

					
282,458
					
					
						 

					
65,745
					
					
						 

					
293,395
					
					
						 

					
35,228
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
340,349
					
					
						 

					
276,087
					
					
						 

					
64,262
					
					
						 

					
286,777
					
					
						 

					
34,434
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
340,349
					
					
						 

					
276,087
					
					
						 

					
64,262
					
					
						 

					
286,777
					
					
						 

					
34,434
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
340,349
					
					
						 

					
276,087
					
					
						 

					
64,262
					
					
						 

					
286,777
					
					
						 

					
34,434
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
287,742
					
					
						 

					
233,412
					
					
						 

					
54,329
					
					
						 

					
242,450
					
					
						 

					
29,111
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Una Murphy

					
					
						 

					
52,608
					
					
						 

					
42,675
					
					
						 

					
9,933
					
					
						 

					
44,327
					
					
						 

					
5,322
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Dolphin Properties & Investments #12 LLC

					
					
						 

					
8,508,737
					
					
						 

					
6,902,181
					
					
						 

					
1,606,556
					
					
						 

					
7,169,416
					
					
						 

					
860,845
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
8,508,737
					
					
						 

					
6,902,181
					
					
						 

					
1,606,556
					
					
						 

					
7,169,416
					
					
						 

					
860,845
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
3,403,495
					
					
						 

					
2,760,872
					
					
						 

					
642,622
					
					
						 

					
2,867,766
					
					
						 

					
344,338
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Bull Dolphin Glen Oaks ILP LLC

					
					
						 

					
13,089,056
					
					
						 

					
10,617,678
					
					
						 

					
2,471,377
					
					
						 

					
11,028,768
					
					
						 

					
1,324,245
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Bull Dolphin Properties & Investments LLC

					
					
						 

					
13,090,365
					
					
						 

					
10,618,740
					
					
						 

					
2,471,625
					
					
						 

					
11,029,871
					
					
						 

					
1,324,377
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Affordable/Glen Oaks, Ltd.

					
					
						 

					
13,090,365
					
					
						 

					
10,618,740
					
					
						 

					
2,471,625
					
					
						 

					
11,029,871
					
					
						 

					
1,324,377
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
2,881,103
					
					
						 

					
726,141
					
					
						 

					
2,154,962
					
					
						 

					
786,126
					
					
						 

					
(171,073
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
1,907,117
					
					
						 

					
480,662
					
					
						 

					
1,426,456
					
					
						 

					
520,368
					
					
						 

					
(113,240
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
1,814,418
					
					
						 

					
457,298
					
					
						 

					
1,357,120
					
					
						 

					
495,074
					
					
						 

					
(107,736
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
1,440,551
					
					
						 

					
363,070
					
					
						 

					
1,077,481
					
					
						 

					
393,063
					
					
						 

					
(85,537
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
1,176,674
					
					
						 

					
296,564
					
					
						 

					
880,110
					
					
						 

					
321,062
					
					
						 

					
(69,868
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
847,131
					
					
						 

					
213,507
					
					
						 

					
633,623
					
					
						 

					
231,145
					
					
						 

					
(50,301
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
847,131
					
					
						 

					
213,507
					
					
						 

					
633,623
					
					
						 

					
231,145
					
					
						 

					
(50,301
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
705,942
					
					
						 

					
177,923
					
					
						 

					
528,020
					
					
						 

					
192,620
					
					
						 

					
(41,917
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
705,942
					
					
						 

					
177,923
					
					
						 

					
528,020
					
					
						 

					
192,620
					
					
						 

					
(41,917
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
551,988
					
					
						 

					
139,121
					
					
						 

					
412,867
					
					
						 

					
150,613
					
					
						 

					
(32,776
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
375,076
					
					
						 

					
94,533
					
					
						 

					
280,544
					
					
						 

					
102,342
					
					
						 

					
(22,271
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
288,110
					
					
						 

					
72,614
					
					
						 

					
215,496
					
					
						 

					
78,613
					
					
						 

					
(17,107
					
					
						)

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax Basis

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax

					
					
						    

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Allocated

					
					
						 

					
					
						as of December XX,

					
					
						 

					
					
						Initial Built-

					
					
						 

					
					
						Basis as of

					
					
						 

					
					
						734/743

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Value

					
					
						 

					
					
						2017

					
					
						 

					
					
						In Gain

					
					
						 

					
					
						December 31,

					
					
						 

					
					
						Adjustment

					
					
						 

				
	
					
						Protected Property

					
					
						 

					
					
						Protected Partner

					
					
						 

					
					
						(A)

					
					
						 

					
					
						(B)

					
					
						 

					
					
						(A-B)

					
					
						 

					
					
						2016

					
					
						 

					
					
						Amount

					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
288,110
					
					
						 

					
72,614
					
					
						 

					
215,496
					
					
						 

					
78,613
					
					
						 

					
(17,107
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
288,110
					
					
						 

					
72,614
					
					
						 

					
215,496
					
					
						 

					
78,613
					
					
						 

					
(17,107
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
243,577
					
					
						 

					
61,390
					
					
						 

					
182,187
					
					
						 

					
66,461
					
					
						 

					
(14,463
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Una Murphy

					
					
						 

					
44,533
					
					
						 

					
11,224
					
					
						 

					
33,309
					
					
						 

					
12,151
					
					
						 

					
(2,644
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
7,202,757
					
					
						 

					
1,815,352
					
					
						 

					
5,387,405
					
					
						 

					
1,965,314
					
					
						 

					
(427,684
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
7,202,757
					
					
						 

					
1,815,352
					
					
						 

					
5,387,405
					
					
						 

					
1,965,314
					
					
						 

					
(427,684
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
2,881,103
					
					
						 

					
726,141
					
					
						 

					
2,154,962
					
					
						 

					
786,126
					
					
						 

					
(171,073
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
144,055
					
					
						 

					
36,307
					
					
						 

					
107,748
					
					
						 

					
39,306
					
					
						 

					
(8,554
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						BRM Hickory Pointe ILP, LLC

					
					
						 

					
14,261,459
					
					
						 

					
3,594,397
					
					
						 

					
10,667,062
					
					
						 

					
3,891,322
					
					
						 

					
(846,813
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						BRM Hickory Pointe, LLC

					
					
						 

					
144,055
					
					
						 

					
36,307
					
					
						 

					
107,748
					
					
						 

					
39,306
					
					
						 

					
(8,554
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
14,261,459
					
					
						 

					
3,594,397
					
					
						 

					
10,667,062
					
					
						 

					
3,891,322
					
					
						 

					
(846,813
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
144,055
					
					
						 

					
36,307
					
					
						 

					
107,748
					
					
						 

					
39,306
					
					
						 

					
(8,554
					
					
						)

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Hickory Pointe Ltd.

					
					
						 

					
14,405,514
					
					
						 

					
3,630,704
					
					
						 

					
10,774,810
					
					
						 

					
3,930,628
					
					
						 

					
(855,367
					
					
						)

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
5,252,062
					
					
						 

					
1,258,805
					
					
						 

					
3,993,257
					
					
						 

					
1,388,623
					
					
						 

					
494,464
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
3,476,550
					
					
						 

					
833,253
					
					
						 

					
2,643,296
					
					
						 

					
919,185
					
					
						 

					
327,305
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
3,307,565
					
					
						 

					
792,751
					
					
						 

					
2,514,813
					
					
						 

					
874,506
					
					
						 

					
311,396
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
2,626,031
					
					
						 

					
629,403
					
					
						 

					
1,996,628
					
					
						 

					
694,312
					
					
						 

					
247,232
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
2,145,000
					
					
						 

					
514,110
					
					
						 

					
1,630,890
					
					
						 

					
567,129
					
					
						 

					
201,944
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,544,264
					
					
						 

					
370,126
					
					
						 

					
1,174,137
					
					
						 

					
408,297
					
					
						 

					
145,387
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,544,264
					
					
						 

					
370,126
					
					
						 

					
1,174,137
					
					
						 

					
408,297
					
					
						 

					
145,387
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,286,886
					
					
						 

					
308,439
					
					
						 

					
978,448
					
					
						 

					
340,247
					
					
						 

					
121,156
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,286,886
					
					
						 

					
308,439
					
					
						 

					
978,448
					
					
						 

					
340,247
					
					
						 

					
121,156
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
1,006,237
					
					
						 

					
241,173
					
					
						 

					
765,064
					
					
						 

					
266,045
					
					
						 

					
94,734
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
683,740
					
					
						 

					
163,878
					
					
						 

					
519,862
					
					
						 

					
180,778
					
					
						 

					
64,372
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
525,206
					
					
						 

					
125,881
					
					
						 

					
399,326
					
					
						 

					
138,862
					
					
						 

					
49,446
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
525,206
					
					
						 

					
125,881
					
					
						 

					
399,326
					
					
						 

					
138,862
					
					
						 

					
49,446
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
525,206
					
					
						 

					
125,881
					
					
						 

					
399,326
					
					
						 

					
138,862
					
					
						 

					
49,446
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
444,025
					
					
						 

					
106,423
					
					
						 

					
337,602
					
					
						 

					
117,398
					
					
						 

					
41,803
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Una Murphy

					
					
						 

					
81,181
					
					
						 

					
19,457
					
					
						 

					
61,724
					
					
						 

					
21,464
					
					
						 

					
7,643
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Dolphin Properties &  Investments LLC

					
					
						 

					
13,130,154
					
					
						 

					
3,147,013
					
					
						 

					
9,983,142
					
					
						 

					
3,471,558
					
					
						 

					
1,236,159
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
13,130,154
					
					
						 

					
3,147,013
					
					
						 

					
9,983,142
					
					
						 

					
3,471,558
					
					
						 

					
1,236,159
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Blackfin Properties &  Investments LLLP

					
					
						 

					
5,252,062
					
					
						 

					
1,258,805
					
					
						 

					
3,993,257
					
					
						 

					
1,388,623
					
					
						 

					
494,464
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
262,603
					
					
						 

					
62,940
					
					
						 

					
199,663
					
					
						 

					
69,431
					
					
						 

					
24,723
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						BRM Hidden Creek ILP, LLC

					
					
						 

					
25,997,705
					
					
						 

					
6,231,085
					
					
						 

					
19,766,620
					
					
						 

					
6,873,685
					
					
						 

					
2,447,595
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						BRM Hidden Creek, LLC

					
					
						 

					
262,603
					
					
						 

					
62,940
					
					
						 

					
199,663
					
					
						 

					
69,431
					
					
						 

					
24,723
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
25,997,705
					
					
						 

					
6,231,085
					
					
						 

					
19,766,620
					
					
						 

					
6,873,685
					
					
						 

					
2,447,595
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
262,603
					
					
						 

					
62,940
					
					
						 

					
199,663
					
					
						 

					
69,431
					
					
						 

					
24,723
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Hidden Creek Villas Ltd.

					
					
						 

					
26,260,308
					
					
						 

					
6,294,025
					
					
						 

					
19,966,283
					
					
						 

					
6,943,116
					
					
						 

					
2,472,318
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
8,930,420
					
					
						 

					
1,813,468
					
					
						 

					
7,116,952
					
					
						 

					
1,969,637
					
					
						 

					
489,156
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
4,465,210
					
					
						 

					
906,734
					
					
						 

					
3,558,476
					
					
						 

					
984,818
					
					
						 

					
244,578
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
4,216,320
					
					
						 

					
1,817,879
					
					
						 

					
2,398,441
					
					
						 

					
1,920,235
					
					
						 

					
57,541
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
3,647,282
					
					
						 

					
740,640
					
					
						 

					
2,906,641
					
					
						 

					
804,421
					
					
						 

					
199,777
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
2,603,561
					
					
						 

					
528,696
					
					
						 

					
2,074,865
					
					
						 

					
574,225
					
					
						 

					
142,608
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
2,603,561
					
					
						 

					
528,696
					
					
						 

					
2,074,865
					
					
						 

					
574,225
					
					
						 

					
142,608
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Angel Arroyo

					
					
						 

					
2,005,910
					
					
						 

					
407,333
					
					
						 

					
1,598,577
					
					
						 

					
442,411
					
					
						 

					
109,872
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
1,710,970
					
					
						 

					
347,440
					
					
						 

					
1,363,530
					
					
						 

					
377,361
					
					
						 

					
93,717
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
1,202,172
					
					
						 

					
244,121
					
					
						 

					
958,051
					
					
						 

					
265,143
					
					
						 

					
65,848
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
1,202,172
					
					
						 

					
244,121
					
					
						 

					
958,051
					
					
						 

					
265,143
					
					
						 

					
65,848
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
893,042
					
					
						 

					
181,347
					
					
						 

					
711,695
					
					
						 

					
196,964
					
					
						 

					
48,916
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
893,042
					
					
						 

					
181,347
					
					
						 

					
711,695
					
					
						 

					
196,964
					
					
						 

					
48,916
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
893,042
					
					
						 

					
181,347
					
					
						 

					
711,695
					
					
						 

					
196,964
					
					
						 

					
48,916
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
803,738
					
					
						 

					
163,212
					
					
						 

					
640,526
					
					
						 

					
177,267
					
					
						 

					
44,024
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
800,303
					
					
						 

					
162,515
					
					
						 

					
637,788
					
					
						 

					
176,510
					
					
						 

					
43,836
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
800,303
					
					
						 

					
162,515
					
					
						 

					
637,788
					
					
						 

					
176,510
					
					
						 

					
43,836
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
755,004
					
					
						 

					
153,316
					
					
						 

					
601,688
					
					
						 

					
166,519
					
					
						 

					
41,355
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Una Murphy

					
					
						 

					
138,037
					
					
						 

					
28,031
					
					
						 

					
110,007
					
					
						 

					
30,445
					
					
						 

					
7,561
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
22,326,050
					
					
						 

					
4,533,670
					
					
						 

					
17,792,380
					
					
						 

					
4,924,092
					
					
						 

					
1,222,889
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Dolphin Properties & Investments TCR LLC

					
					
						 

					
22,326,050
					
					
						 

					
4,533,670
					
					
						 

					
17,792,380
					
					
						 

					
4,924,092
					
					
						 

					
1,222,889
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
8,930,420
					
					
						 

					
1,813,468
					
					
						 

					
7,116,952
					
					
						 

					
1,969,637
					
					
						 

					
489,156
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Vogt Family Trust LLC

					
					
						 

					
2,404,344
					
					
						 

					
488,241
					
					
						 

					
1,916,102
					
					
						 

					
530,287
					
					
						 

					
131,696
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						BRM Florida Homestead, LLC

					
					
						 

					
343,478
					
					
						 

					
69,749
					
					
						 

					
273,729
					
					
						 

					
75,755
					
					
						 

					
18,814
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						BRM Florida Holdings, LLC

					
					
						 

					
343,478
					
					
						 

					
69,749
					
					
						 

					
273,729
					
					
						 

					
75,755
					
					
						 

					
18,814
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						BRM Florida Holdings ILP, LLC

					
					
						 

					
34,004,291
					
					
						 

					
6,905,128
					
					
						 

					
27,099,163
					
					
						 

					
7,499,770
					
					
						 

					
1,862,554
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Homestead Colony Limited Partnership

					
					
						 

					
34,347,769
					
					
						 

					
6,974,877
					
					
						 

					
27,372,892
					
					
						 

					
7,575,526
					
					
						 

					
1,881,368
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
7,241,296
					
					
						 

					
3,601,166
					
					
						 

					
3,640,130
					
					
						 

					
3,822,657
					
					
						 

					
753,938
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
3,620,648
					
					
						 

					
1,800,583
					
					
						 

					
1,820,065
					
					
						 

					
1,911,328
					
					
						 

					
376,969
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
2,957,425
					
					
						 

					
1,470,756
					
					
						 

					
1,486,669
					
					
						 

					
1,561,215
					
					
						 

					
307,917
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
2,645,858
					
					
						 

					
1,315,811
					
					
						 

					
1,330,047
					
					
						 

					
1,396,740
					
					
						 

					
275,477
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
2,645,858
					
					
						 

					
1,315,811
					
					
						 

					
1,330,047
					
					
						 

					
1,396,740
					
					
						 

					
275,477
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
1,387,353
					
					
						 

					
689,944
					
					
						 

					
697,409
					
					
						 

					
732,379
					
					
						 

					
144,446
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
1,114,046
					
					
						 

					
554,026
					
					
						 

					
560,020
					
					
						 

					
588,101
					
					
						 

					
115,990
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
1,114,046
					
					
						 

					
554,026
					
					
						 

					
560,020
					
					
						 

					
588,101
					
					
						 

					
115,990
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
743,625
					
					
						 

					
369,812
					
					
						 

					
373,813
					
					
						 

					
392,557
					
					
						 

					
77,424
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
743,625
					
					
						 

					
369,812
					
					
						 

					
373,813
					
					
						 

					
392,557
					
					
						 

					
77,424
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
740,840
					
					
						 

					
368,427
					
					
						 

					
372,413
					
					
						 

					
391,087
					
					
						 

					
77,134
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax Basis

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax

					
					
						    

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Allocated

					
					
						 

					
					
						as of December XX,

					
					
						 

					
					
						Initial Built-

					
					
						 

					
					
						Basis as of

					
					
						 

					
					
						734/743

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Value

					
					
						 

					
					
						2017

					
					
						 

					
					
						In Gain

					
					
						 

					
					
						December 31,

					
					
						 

					
					
						Adjustment

					
					
						 

				
	
					
						Protected Property

					
					
						 

					
					
						Protected Partner

					
					
						 

					
					
						(A)

					
					
						 

					
					
						(B)

					
					
						 

					
					
						(A-B)

					
					
						 

					
					
						2016

					
					
						 

					
					
						Amount

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
724,130
					
					
						 

					
360,117
					
					
						 

					
364,013
					
					
						 

					
382,266
					
					
						 

					
75,394
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
724,130
					
					
						 

					
360,117
					
					
						 

					
364,013
					
					
						 

					
382,266
					
					
						 

					
75,394
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
724,130
					
					
						 

					
360,117
					
					
						 

					
364,013
					
					
						 

					
382,266
					
					
						 

					
75,394
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
612,201
					
					
						 

					
304,453
					
					
						 

					
307,747
					
					
						 

					
323,179
					
					
						 

					
63,740
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Una Murphy

					
					
						 

					
111,929
					
					
						 

					
55,663
					
					
						 

					
56,265
					
					
						 

					
59,087
					
					
						 

					
11,654
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Dolphin Properties & Investments #12 LLC

					
					
						 

					
18,103,240
					
					
						 

					
9,002,915
					
					
						 

					
9,100,325
					
					
						 

					
9,556,642
					
					
						 

					
1,884,845
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
18,103,240
					
					
						 

					
9,002,915
					
					
						 

					
9,100,325
					
					
						 

					
9,556,642
					
					
						 

					
1,884,845
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
7,241,296
					
					
						 

					
3,601,166
					
					
						 

					
3,640,130
					
					
						 

					
3,822,657
					
					
						 

					
753,938
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Bull Dolphin Saddle Brook ILP, LLC

					
					
						 

					
27,823,287
					
					
						 

					
13,836,788
					
					
						 

					
13,986,499
					
					
						 

					
14,687,823
					
					
						 

					
2,896,861
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Bull Dolphin Saddle Brook, LLC

					
					
						 

					
27,851
					
					
						 

					
13,851
					
					
						 

					
14,000
					
					
						 

					
14,703
					
					
						 

					
2,900
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Bull Dolphin Properties & Investments LLC

					
					
						 

					
27,851,138
					
					
						 

					
13,850,639
					
					
						 

					
14,000,499
					
					
						 

					
14,702,526
					
					
						 

					
2,899,761
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Saddlebrook at Palm Beach, Ltd.

					
					
						 

					
27,851,138
					
					
						 

					
13,850,639
					
					
						 

					
14,000,499
					
					
						 

					
14,702,526
					
					
						 

					
2,899,761
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
3,850,559
					
					
						 

					
1,993,841
					
					
						 

					
1,856,718
					
					
						 

					
2,095,163
					
					
						 

					
346,452
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
1,925,280
					
					
						 

					
996,921
					
					
						 

					
928,359
					
					
						 

					
1,047,581
					
					
						 

					
173,226
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
1,572,611
					
					
						 

					
814,307
					
					
						 

					
758,304
					
					
						 

					
855,687
					
					
						 

					
141,495
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
1,406,935
					
					
						 

					
728,519
					
					
						 

					
678,416
					
					
						 

					
765,540
					
					
						 

					
126,588
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
1,406,935
					
					
						 

					
728,519
					
					
						 

					
678,416
					
					
						 

					
765,540
					
					
						 

					
126,588
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
737,725
					
					
						 

					
381,998
					
					
						 

					
355,727
					
					
						 

					
401,410
					
					
						 

					
66,376
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
592,394
					
					
						 

					
306,745
					
					
						 

					
285,649
					
					
						 

					
322,333
					
					
						 

					
53,300
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
592,394
					
					
						 

					
306,745
					
					
						 

					
285,649
					
					
						 

					
322,333
					
					
						 

					
53,300
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
395,423
					
					
						 

					
204,752
					
					
						 

					
190,671
					
					
						 

					
215,157
					
					
						 

					
35,578
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
395,423
					
					
						 

					
204,752
					
					
						 

					
190,671
					
					
						 

					
215,157
					
					
						 

					
35,578
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
393,942
					
					
						 

					
203,985
					
					
						 

					
189,957
					
					
						 

					
214,351
					
					
						 

					
35,445
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
385,056
					
					
						 

					
199,384
					
					
						 

					
185,672
					
					
						 

					
209,516
					
					
						 

					
34,645
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
385,056
					
					
						 

					
199,384
					
					
						 

					
185,672
					
					
						 

					
209,516
					
					
						 

					
34,645
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
385,056
					
					
						 

					
199,384
					
					
						 

					
185,672
					
					
						 

					
209,516
					
					
						 

					
34,645
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
325,538
					
					
						 

					
168,565
					
					
						 

					
156,973
					
					
						 

					
177,131
					
					
						 

					
29,290
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Una Murphy

					
					
						 

					
59,518
					
					
						 

					
30,819
					
					
						 

					
28,699
					
					
						 

					
32,385
					
					
						 

					
5,355
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Dolphin Properties & Investments #12 LLC

					
					
						 

					
9,626,398
					
					
						 

					
4,984,603
					
					
						 

					
4,641,795
					
					
						 

					
5,237,907
					
					
						 

					
866,129
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
9,626,398
					
					
						 

					
4,984,603
					
					
						 

					
4,641,795
					
					
						 

					
5,237,907
					
					
						 

					
866,129
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
3,850,559
					
					
						 

					
1,993,841
					
					
						 

					
1,856,718
					
					
						 

					
2,095,163
					
					
						 

					
346,452
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Bull Dolphin Breckenridge Commons ILP, LLC

					
					
						 

					
14,795,034
					
					
						 

					
7,660,951
					
					
						 

					
7,134,082
					
					
						 

					
8,050,260
					
					
						 

					
1,331,173
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Bull Dolphin Breckenridge Commons, LLC

					
					
						 

					
14,810
					
					
						 

					
7,669
					
					
						 

					
7,141
					
					
						 

					
8,058
					
					
						 

					
1,333
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Bull Dolphin Properties & Investments LLC

					
					
						 

					
14,809,844
					
					
						 

					
7,668,620
					
					
						 

					
7,141,224
					
					
						 

					
8,058,318
					
					
						 

					
1,332,506
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Breckenridge Commons, Ltd.

					
					
						 

					
14,809,844
					
					
						 

					
7,668,620
					
					
						 

					
7,141,224
					
					
						 

					
8,058,318
					
					
						 

					
1,332,506
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
2,449,927
					
					
						 

					
1,891,588
					
					
						 

					
558,340
					
					
						 

					
2,007,769
					
					
						 

					
445,625
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
1,621,705
					
					
						 

					
1,252,117
					
					
						 

					
369,587
					
					
						 

					
1,329,022
					
					
						 

					
294,977
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
1,542,878
					
					
						 

					
1,191,256
					
					
						 

					
351,623
					
					
						 

					
1,264,423
					
					
						 

					
280,639
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
1,224,964
					
					
						 

					
945,794
					
					
						 

					
279,170
					
					
						 

					
1,003,884
					
					
						 

					
222,813
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
1,000,577
					
					
						 

					
772,545
					
					
						 

					
228,032
					
					
						 

					
819,995
					
					
						 

					
181,998
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
720,352
					
					
						 

					
556,184
					
					
						 

					
164,169
					
					
						 

					
590,344
					
					
						 

					
131,027
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
720,352
					
					
						 

					
556,184
					
					
						 

					
164,169
					
					
						 

					
590,344
					
					
						 

					
131,027
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
600,293
					
					
						 

					
463,486
					
					
						 

					
136,807
					
					
						 

					
491,954
					
					
						 

					
109,189
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
600,293
					
					
						 

					
463,486
					
					
						 

					
136,807
					
					
						 

					
491,954
					
					
						 

					
109,189
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
469,379
					
					
						 

					
362,407
					
					
						 

					
106,972
					
					
						 

					
384,666
					
					
						 

					
85,377
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
318,944
					
					
						 

					
246,256
					
					
						 

					
72,687
					
					
						 

					
261,381
					
					
						 

					
58,014
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
244,993
					
					
						 

					
189,159
					
					
						 

					
55,834
					
					
						 

					
200,777
					
					
						 

					
44,563
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
244,993
					
					
						 

					
189,159
					
					
						 

					
55,834
					
					
						 

					
200,777
					
					
						 

					
44,563
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
244,993
					
					
						 

					
189,159
					
					
						 

					
55,834
					
					
						 

					
200,777
					
					
						 

					
44,563
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax Basis

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax

					
					
						    

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Allocated

					
					
						 

					
					
						as of December XX,

					
					
						 

					
					
						Initial Built-

					
					
						 

					
					
						Basis as of

					
					
						 

					
					
						734/743

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Value

					
					
						 

					
					
						2017

					
					
						 

					
					
						In Gain

					
					
						 

					
					
						December 31,

					
					
						 

					
					
						Adjustment

					
					
						 

				
	
					
						Protected Property

					
					
						 

					
					
						Protected Partner

					
					
						 

					
					
						(A)

					
					
						 

					
					
						(B)

					
					
						 

					
					
						(A-B)

					
					
						 

					
					
						2016

					
					
						 

					
					
						Amount

					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
4,216,320
					
					
						 

					
1,817,879
					
					
						 

					
2,398,441
					
					
						 

					
1,920,235
					
					
						 

					
57,541
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
207,124
					
					
						 

					
159,920
					
					
						 

					
47,204
					
					
						 

					
169,743
					
					
						 

					
37,674
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Una Murphy

					
					
						 

					
37,869
					
					
						 

					
29,238
					
					
						 

					
8,630
					
					
						 

					
31,034
					
					
						 

					
6,888
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
6,124,818
					
					
						 

					
4,728,969
					
					
						 

					
1,395,849
					
					
						 

					
5,019,422
					
					
						 

					
1,114,063
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
6,124,818
					
					
						 

					
4,728,969
					
					
						 

					
1,395,849
					
					
						 

					
5,019,422
					
					
						 

					
1,114,063
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
2,449,927
					
					
						 

					
1,891,588
					
					
						 

					
558,340
					
					
						 

					
2,007,769
					
					
						 

					
445,625
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
122,496
					
					
						 

					
94,579
					
					
						 

					
27,917
					
					
						 

					
100,388
					
					
						 

					
22,281
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						BRM Magnolia Pointe ILP, LLC

					
					
						 

					
12,127,140
					
					
						 

					
9,363,359
					
					
						 

					
2,763,781
					
					
						 

					
9,938,456
					
					
						 

					
2,205,844
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						BRM Magnolia Pointe, LLC

					
					
						 

					
122,496
					
					
						 

					
94,579
					
					
						 

					
27,917
					
					
						 

					
100,388
					
					
						 

					
22,281
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
12,127,140
					
					
						 

					
9,363,359
					
					
						 

					
2,763,781
					
					
						 

					
9,938,456
					
					
						 

					
2,205,844
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
122,496
					
					
						 

					
94,579
					
					
						 

					
27,917
					
					
						 

					
100,388
					
					
						 

					
22,281
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Magnolia Pointe Ltd.

					
					
						 

					
12,249,636
					
					
						 

					
9,457,938
					
					
						 

					
2,791,698
					
					
						 

					
10,038,844
					
					
						 

					
2,228,125
					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
4,289,885
					
					
						 

					
823,927
					
					
						 

					
3,465,958
					
					
						 

					
852,282
					
					
						 

					
(62,510
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
2,144,942
					
					
						 

					
411,964
					
					
						 

					
1,732,979
					
					
						 

					
426,141
					
					
						 

					
(31,255
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
1,752,036
					
					
						 

					
336,501
					
					
						 

					
1,415,535
					
					
						 

					
348,081
					
					
						 

					
(25,530
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
1,250,666
					
					
						 

					
240,206
					
					
						 

					
1,010,460
					
					
						 

					
248,473
					
					
						 

					
(18,224
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
1,250,666
					
					
						 

					
240,206
					
					
						 

					
1,010,460
					
					
						 

					
248,473
					
					
						 

					
(18,224
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Angel Arroyo

					
					
						 

					
963,574
					
					
						 

					
185,067
					
					
						 

					
778,507
					
					
						 

					
191,436
					
					
						 

					
(14,041
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
821,895
					
					
						 

					
157,855
					
					
						 

					
664,039
					
					
						 

					
163,288
					
					
						 

					
(11,976
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
577,485
					
					
						 

					
110,913
					
					
						 

					
466,571
					
					
						 

					
114,730
					
					
						 

					
(8,415
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
577,485
					
					
						 

					
110,913
					
					
						 

					
466,571
					
					
						 

					
114,730
					
					
						 

					
(8,415
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
428,988
					
					
						 

					
82,393
					
					
						 

					
346,596
					
					
						 

					
85,228
					
					
						 

					
(6,251
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
428,988
					
					
						 

					
82,393
					
					
						 

					
346,596
					
					
						 

					
85,228
					
					
						 

					
(6,251
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
428,988
					
					
						 

					
82,393
					
					
						 

					
346,596
					
					
						 

					
85,228
					
					
						 

					
(6,251
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
386,090
					
					
						 

					
74,153
					
					
						 

					
311,936
					
					
						 

					
76,705
					
					
						 

					
(5,626
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
384,440
					
					
						 

					
73,837
					
					
						 

					
310,603
					
					
						 

					
76,378
					
					
						 

					
(5,602
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
384,440
					
					
						 

					
73,837
					
					
						 

					
310,603
					
					
						 

					
76,378
					
					
						 

					
(5,602
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
362,680
					
					
						 

					
69,657
					
					
						 

					
293,022
					
					
						 

					
72,054
					
					
						 

					
(5,285
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Una Murphy

					
					
						 

					
66,309
					
					
						 

					
12,735
					
					
						 

					
53,573
					
					
						 

					
13,174
					
					
						 

					
(966
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
10,724,712
					
					
						 

					
2,059,818
					
					
						 

					
8,664,895
					
					
						 

					
2,130,704
					
					
						 

					
(156,276
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Dolphin Properties & Investments KW LLC

					
					
						 

					
10,724,712
					
					
						 

					
2,059,818
					
					
						 

					
8,664,895
					
					
						 

					
2,130,704
					
					
						 

					
(156,276
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
4,289,885
					
					
						 

					
823,927
					
					
						 

					
3,465,958
					
					
						 

					
852,282
					
					
						 

					
(62,510
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Vogt Family Trust LLC

					
					
						 

					
1,154,969
					
					
						 

					
221,827
					
					
						 

					
933,143
					
					
						 

					
229,460
					
					
						 

					
(16,830
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						BRM Southeast Mariner’s Cove ILP, LLC

					
					
						 

					
16,334,562
					
					
						 

					
3,137,261
					
					
						 

					
13,197,301
					
					
						 

					
3,245,226
					
					
						 

					
(238,020
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						BRM Southeast Mariner’s Cove GP, LLC

					
					
						 

					
164,996
					
					
						 

					
31,690
					
					
						 

					
133,306
					
					
						 

					
32,780
					
					
						 

					
(2,404
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						BRM Southeast Mariner’s Cove Holdings LLC

					
					
						 

					
16,499,558
					
					
						 

					
3,168,950
					
					
						 

					
13,330,608
					
					
						 

					
3,278,006
					
					
						 

					
(240,424
					
					
						)

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Mariner’s Cove Apartments Associates, Ltd.

					
					
						 

					
16,499,558
					
					
						 

					
3,168,950
					
					
						 

					
13,330,608
					
					
						 

					
3,278,006
					
					
						 

					
(240,424
					
					
						)

				
	
					
						Metro Place I

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
5,509,025
					
					
						 

					
1,023,518
					
					
						 

					
4,485,507
					
					
						 

					
1,261,924
					
					
						 

					
57,809
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
3,646,644
					
					
						 

					
677,508
					
					
						 

					
2,969,137
					
					
						 

					
835,318
					
					
						 

					
38,266
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
3,469,391
					
					
						 

					
644,576
					
					
						 

					
2,824,815
					
					
						 

					
794,716
					
					
						 

					
36,406
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
2,754,513
					
					
						 

					
511,759
					
					
						 

					
2,242,754
					
					
						 

					
630,962
					
					
						 

					
28,904
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
2,249,947
					
					
						 

					
418,016
					
					
						 

					
1,831,930
					
					
						 

					
515,384
					
					
						 

					
23,610
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,619,819
					
					
						 

					
300,945
					
					
						 

					
1,318,874
					
					
						 

					
371,044
					
					
						 

					
16,998
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,619,819
					
					
						 

					
300,945
					
					
						 

					
1,318,874
					
					
						 

					
371,044
					
					
						 

					
16,998
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,349,849
					
					
						 

					
250,787
					
					
						 

					
1,099,061
					
					
						 

					
309,203
					
					
						 

					
14,165
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,349,849
					
					
						 

					
250,787
					
					
						 

					
1,099,061
					
					
						 

					
309,203
					
					
						 

					
14,165
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
1,055,469
					
					
						 

					
196,095
					
					
						 

					
859,374
					
					
						 

					
241,771
					
					
						 

					
11,076
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
717,192
					
					
						 

					
133,247
					
					
						 

					
583,946
					
					
						 

					
164,284
					
					
						 

					
7,526
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
550,903
					
					
						 

					
102,352
					
					
						 

					
448,551
					
					
						 

					
126,192
					
					
						 

					
5,781
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
550,903
					
					
						 

					
102,352
					
					
						 

					
448,551
					
					
						 

					
126,192
					
					
						 

					
5,781
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
550,903
					
					
						 

					
102,352
					
					
						 

					
448,551
					
					
						 

					
126,192
					
					
						 

					
5,781
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
465,750
					
					
						 

					
86,531
					
					
						 

					
379,218
					
					
						 

					
106,687
					
					
						 

					
4,887
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Una Murphy

					
					
						 

					
85,153
					
					
						 

					
15,821
					
					
						 

					
69,332
					
					
						 

					
19,506
					
					
						 

					
894
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
13,772,563
					
					
						 

					
2,558,795
					
					
						 

					
11,213,768
					
					
						 

					
3,154,811
					
					
						 

					
144,522
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
13,772,563
					
					
						 

					
2,558,795
					
					
						 

					
11,213,768
					
					
						 

					
3,154,811
					
					
						 

					
144,522
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Blackfin Properties &  Investments LLLP

					
					
						 

					
5,509,025
					
					
						 

					
1,023,518
					
					
						 

					
4,485,507
					
					
						 

					
1,261,924
					
					
						 

					
57,809
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
275,451
					
					
						 

					
51,176
					
					
						 

					
224,275
					
					
						 

					
63,096
					
					
						 

					
2,890
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						BRM Metro Place ILP, LLC

					
					
						 

					
27,269,675
					
					
						 

					
5,066,414
					
					
						 

					
22,203,261
					
					
						 

					
6,246,526
					
					
						 

					
286,154
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						BRM Metro Place, LLC

					
					
						 

					
275,451
					
					
						 

					
51,176
					
					
						 

					
224,275
					
					
						 

					
63,096
					
					
						 

					
2,890
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
27,269,675
					
					
						 

					
5,066,414
					
					
						 

					
22,203,261
					
					
						 

					
6,246,526
					
					
						 

					
286,154
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
275,451
					
					
						 

					
51,176
					
					
						 

					
224,275
					
					
						 

					
63,096
					
					
						 

					
2,890
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Metro Place Ltd.

					
					
						 

					
27,545,126
					
					
						 

					
5,117,590
					
					
						 

					
22,427,536
					
					
						 

					
6,309,622
					
					
						 

					
289,044
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
5,035,839
					
					
						 

					
1,608,660
					
					
						 

					
3,427,179
					
					
						 

					
1,800,373
					
					
						 

					
764,876
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
3,333,423
					
					
						 

					
1,064,836
					
					
						 

					
2,268,587
					
					
						 

					
1,191,739
					
					
						 

					
506,302
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
3,171,395
					
					
						 

					
1,013,078
					
					
						 

					
2,158,317
					
					
						 

					
1,133,812
					
					
						 

					
481,692
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
2,517,919
					
					
						 

					
804,330
					
					
						 

					
1,713,589
					
					
						 

					
900,186
					
					
						 

					
382,438
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
2,056,692
					
					
						 

					
656,994
					
					
						 

					
1,399,698
					
					
						 

					
735,292
					
					
						 

					
312,384
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,480,688
					
					
						 

					
472,994
					
					
						 

					
1,007,693
					
					
						 

					
529,364
					
					
						 

					
224,896
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,480,688
					
					
						 

					
472,994
					
					
						 

					
1,007,693
					
					
						 

					
529,364
					
					
						 

					
224,896
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,233,906
					
					
						 

					
394,162
					
					
						 

					
839,745
					
					
						 

					
441,136
					
					
						 

					
187,414
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,233,906
					
					
						 

					
394,162
					
					
						 

					
839,745
					
					
						 

					
441,136
					
					
						 

					
187,414
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax Basis

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax

					
					
						    

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Allocated

					
					
						 

					
					
						as of December XX,

					
					
						 

					
					
						Initial Built-

					
					
						 

					
					
						Basis as of

					
					
						 

					
					
						734/743

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Value

					
					
						 

					
					
						2017

					
					
						 

					
					
						In Gain

					
					
						 

					
					
						December 31,

					
					
						 

					
					
						Adjustment

					
					
						 

				
	
					
						Protected Property

					
					
						 

					
					
						Protected Partner

					
					
						 

					
					
						(A)

					
					
						 

					
					
						(B)

					
					
						 

					
					
						(A-B)

					
					
						 

					
					
						2016

					
					
						 

					
					
						Amount

					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
964,811
					
					
						 

					
308,201
					
					
						 

					
656,610
					
					
						 

					
344,932
					
					
						 

					
146,542
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
655,591
					
					
						 

					
209,423
					
					
						 

					
446,167
					
					
						 

					
234,382
					
					
						 

					
99,575
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
503,584
					
					
						 

					
160,866
					
					
						 

					
342,718
					
					
						 

					
180,037
					
					
						 

					
76,488
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
503,584
					
					
						 

					
160,866
					
					
						 

					
342,718
					
					
						 

					
180,037
					
					
						 

					
76,488
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
503,584
					
					
						 

					
160,866
					
					
						 

					
342,718
					
					
						 

					
180,037
					
					
						 

					
76,488
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
425,745
					
					
						 

					
136,001
					
					
						 

					
289,744
					
					
						 

					
152,209
					
					
						 

					
64,665
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Una Murphy

					
					
						 

					
77,839
					
					
						 

					
24,865
					
					
						 

					
52,974
					
					
						 

					
27,828
					
					
						 

					
11,823
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
12,589,596
					
					
						 

					
4,021,649
					
					
						 

					
8,567,947
					
					
						 

					
4,500,932
					
					
						 

					
1,912,190
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
12,589,596
					
					
						 

					
4,021,649
					
					
						 

					
8,567,947
					
					
						 

					
4,500,932
					
					
						 

					
1,912,190
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
5,035,839
					
					
						 

					
1,608,660
					
					
						 

					
3,427,179
					
					
						 

					
1,800,373
					
					
						 

					
764,876
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
251,792
					
					
						 

					
80,433
					
					
						 

					
171,359
					
					
						 

					
90,019
					
					
						 

					
38,244
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						BRM Metro Place II ILP, LLC

					
					
						 

					
24,927,401
					
					
						 

					
7,962,865
					
					
						 

					
16,964,536
					
					
						 

					
8,911,845
					
					
						 

					
3,786,135
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						BRM Metro Place II, LLC

					
					
						 

					
251,792
					
					
						 

					
80,433
					
					
						 

					
171,359
					
					
						 

					
90,019
					
					
						 

					
38,244
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
4,216,320
					
					
						 

					
1,817,879
					
					
						 

					
2,398,441
					
					
						 

					
1,920,235
					
					
						 

					
57,541
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
24,927,401
					
					
						 

					
7,962,865
					
					
						 

					
16,964,536
					
					
						 

					
8,911,845
					
					
						 

					
3,786,135
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
251,792
					
					
						 

					
80,433
					
					
						 

					
171,359
					
					
						 

					
90,019
					
					
						 

					
38,244
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Metro Place II Ltd.

					
					
						 

					
25,179,193
					
					
						 

					
8,043,298
					
					
						 

					
17,135,895
					
					
						 

					
9,001,864
					
					
						 

					
3,824,379
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
3,277,556
					
					
						 

					
1,641,798
					
					
						 

					
1,635,758
					
					
						 

					
1,730,598
					
					
						 

					
169,007
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
2,169,546
					
					
						 

					
1,086,772
					
					
						 

					
1,082,774
					
					
						 

					
1,145,552
					
					
						 

					
111,872
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
2,064,090
					
					
						 

					
1,033,947
					
					
						 

					
1,030,143
					
					
						 

					
1,089,870
					
					
						 

					
106,434
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
1,638,778
					
					
						 

					
820,899
					
					
						 

					
817,879
					
					
						 

					
865,299
					
					
						 

					
84,503
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
1,338,590
					
					
						 

					
670,528
					
					
						 

					
668,062
					
					
						 

					
706,795
					
					
						 

					
69,024
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
963,700
					
					
						 

					
482,738
					
					
						 

					
480,962
					
					
						 

					
508,848
					
					
						 

					
49,693
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
963,700
					
					
						 

					
482,738
					
					
						 

					
480,962
					
					
						 

					
508,848
					
					
						 

					
49,693
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
803,083
					
					
						 

					
402,282
					
					
						 

					
400,802
					
					
						 

					
424,040
					
					
						 

					
41,411
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
803,083
					
					
						 

					
402,282
					
					
						 

					
400,802
					
					
						 

					
424,040
					
					
						 

					
41,411
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
627,944
					
					
						 

					
314,550
					
					
						 

					
313,393
					
					
						 

					
331,564
					
					
						 

					
32,380
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
426,689
					
					
						 

					
213,737
					
					
						 

					
212,951
					
					
						 

					
225,298
					
					
						 

					
22,002
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
327,756
					
					
						 

					
164,180
					
					
						 

					
163,576
					
					
						 

					
173,060
					
					
						 

					
16,901
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
327,756
					
					
						 

					
164,180
					
					
						 

					
163,576
					
					
						 

					
173,060
					
					
						 

					
16,901
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
327,756
					
					
						 

					
164,180
					
					
						 

					
163,576
					
					
						 

					
173,060
					
					
						 

					
16,901
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
277,094
					
					
						 

					
138,803
					
					
						 

					
138,292
					
					
						 

					
146,310
					
					
						 

					
14,288
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Una Murphy

					
					
						 

					
50,661
					
					
						 

					
25,377
					
					
						 

					
25,284
					
					
						 

					
26,750
					
					
						 

					
2,612
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
8,193,891
					
					
						 

					
4,104,496
					
					
						 

					
4,089,395
					
					
						 

					
4,326,495
					
					
						 

					
422,517
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
8,193,891
					
					
						 

					
4,104,496
					
					
						 

					
4,089,395
					
					
						 

					
4,326,495
					
					
						 

					
422,517
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
3,277,556
					
					
						 

					
1,641,798
					
					
						 

					
1,635,758
					
					
						 

					
1,730,598
					
					
						 

					
169,007
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
163,878
					
					
						 

					
82,090
					
					
						 

					
81,788
					
					
						 

					
86,530
					
					
						 

					
8,450
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						BRM Osprey Ridge ILP, LLC

					
					
						 

					
16,223,904
					
					
						 

					
8,126,901
					
					
						 

					
8,097,003
					
					
						 

					
8,566,460
					
					
						 

					
836,583
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						BRM Osprey Ridge, LLC

					
					
						 

					
163,878
					
					
						 

					
82,090
					
					
						 

					
81,788
					
					
						 

					
86,530
					
					
						 

					
8,450
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
16,223,904
					
					
						 

					
8,126,901
					
					
						 

					
8,097,003
					
					
						 

					
8,566,460
					
					
						 

					
836,583
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
163,878
					
					
						 

					
82,090
					
					
						 

					
81,788
					
					
						 

					
86,530
					
					
						 

					
8,450
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Osprey Ridge Apartments Ltd.

					
					
						 

					
16,387,781
					
					
						 

					
8,208,991
					
					
						 

					
8,178,790
					
					
						 

					
8,652,990
					
					
						 

					
845,033
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
3,743,585
					
					
						 

					
1,419,785
					
					
						 

					
2,323,800
					
					
						 

					
1,487,765
					
					
						 

					
116,091
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
2,478,029
					
					
						 

					
939,813
					
					
						 

					
1,538,216
					
					
						 

					
984,811
					
					
						 

					
76,845
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
2,357,579
					
					
						 

					
894,131
					
					
						 

					
1,463,448
					
					
						 

					
936,943
					
					
						 

					
73,110
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
1,871,793
					
					
						 

					
709,893
					
					
						 

					
1,161,900
					
					
						 

					
743,883
					
					
						 

					
58,045
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
1,528,921
					
					
						 

					
579,856
					
					
						 

					
949,065
					
					
						 

					
607,620
					
					
						 

					
47,413
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,100,726
					
					
						 

					
417,460
					
					
						 

					
683,267
					
					
						 

					
437,448
					
					
						 

					
34,134
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,100,726
					
					
						 

					
417,460
					
					
						 

					
683,267
					
					
						 

					
437,448
					
					
						 

					
34,134
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
917,272
					
					
						 

					
347,883
					
					
						 

					
569,389
					
					
						 

					
364,540
					
					
						 

					
28,445
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
917,272
					
					
						 

					
347,883
					
					
						 

					
569,389
					
					
						 

					
364,540
					
					
						 

					
28,445
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
717,230
					
					
						 

					
272,015
					
					
						 

					
445,215
					
					
						 

					
285,039
					
					
						 

					
22,242
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
487,359
					
					
						 

					
184,835
					
					
						 

					
302,524
					
					
						 

					
193,685
					
					
						 

					
15,113
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
374,359
					
					
						 

					
141,979
					
					
						 

					
232,380
					
					
						 

					
148,777
					
					
						 

					
11,609
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
374,359
					
					
						 

					
141,979
					
					
						 

					
232,380
					
					
						 

					
148,777
					
					
						 

					
11,609
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
374,359
					
					
						 

					
141,979
					
					
						 

					
232,380
					
					
						 

					
148,777
					
					
						 

					
11,609
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
316,494
					
					
						 

					
120,033
					
					
						 

					
196,461
					
					
						 

					
125,780
					
					
						 

					
9,815
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Una Murphy

					
					
						 

					
57,865
					
					
						 

					
21,946
					
					
						 

					
35,919
					
					
						 

					
22,996
					
					
						 

					
1,794
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
9,358,963
					
					
						 

					
3,549,464
					
					
						 

					
5,809,500
					
					
						 

					
3,719,414
					
					
						 

					
290,227
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
9,358,963
					
					
						 

					
3,549,464
					
					
						 

					
5,809,500
					
					
						 

					
3,719,414
					
					
						 

					
290,227
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
3,743,585
					
					
						 

					
1,419,785
					
					
						 

					
2,323,800
					
					
						 

					
1,487,765
					
					
						 

					
116,091
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
187,179
					
					
						 

					
70,989
					
					
						 

					
116,190
					
					
						 

					
74,388
					
					
						 

					
5,805
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						BRM Palmetto Dunes ILP, LLC

					
					
						 

					
18,530,747
					
					
						 

					
7,027,938
					
					
						 

					
11,502,810
					
					
						 

					
7,364,439
					
					
						 

					
574,648
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						BRM Palmetto Dunes, LLC

					
					
						 

					
187,179
					
					
						 

					
70,989
					
					
						 

					
116,190
					
					
						 

					
74,388
					
					
						 

					
5,805
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
18,530,747
					
					
						 

					
7,027,938
					
					
						 

					
11,502,810
					
					
						 

					
7,364,439
					
					
						 

					
574,648
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
187,179
					
					
						 

					
70,989
					
					
						 

					
116,190
					
					
						 

					
74,388
					
					
						 

					
5,805
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Palmetto Dunes Ltd.

					
					
						 

					
18,717,927
					
					
						 

					
7,098,927
					
					
						 

					
11,619,000
					
					
						 

					
7,438,827
					
					
						 

					
580,453
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
1,740,305
					
					
						 

					
504,751
					
					
						 

					
1,235,555
					
					
						 

					
575,864
					
					
						 

					
2,316
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
1,151,978
					
					
						 

					
334,115
					
					
						 

					
817,863
					
					
						 

					
381,187
					
					
						 

					
1,533
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax Basis

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax

					
					
						    

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Allocated

					
					
						 

					
					
						as of December XX,

					
					
						 

					
					
						Initial Built-

					
					
						 

					
					
						Basis as of

					
					
						 

					
					
						734/743

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Value

					
					
						 

					
					
						2017

					
					
						 

					
					
						In Gain

					
					
						 

					
					
						December 31,

					
					
						 

					
					
						Adjustment

					
					
						 

				
	
					
						Protected Property

					
					
						 

					
					
						Protected Partner

					
					
						 

					
					
						(A)

					
					
						 

					
					
						(B)

					
					
						 

					
					
						(A-B)

					
					
						 

					
					
						2016

					
					
						 

					
					
						Amount

					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
1,095,983
					
					
						 

					
317,874
					
					
						 

					
778,109
					
					
						 

					
362,659
					
					
						 

					
1,458
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
870,153
					
					
						 

					
252,375
					
					
						 

					
617,777
					
					
						 

					
287,932
					
					
						 

					
1,158
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
710,760
					
					
						 

					
206,146
					
					
						 

					
504,614
					
					
						 

					
235,189
					
					
						 

					
946
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
511,702
					
					
						 

					
148,412
					
					
						 

					
363,290
					
					
						 

					
169,321
					
					
						 

					
681
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
511,702
					
					
						 

					
148,412
					
					
						 

					
363,290
					
					
						 

					
169,321
					
					
						 

					
681
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
426,418
					
					
						 

					
123,677
					
					
						 

					
302,742
					
					
						 

					
141,101
					
					
						 

					
567
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
426,418
					
					
						 

					
123,677
					
					
						 

					
302,742
					
					
						 

					
141,101
					
					
						 

					
567
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
333,423
					
					
						 

					
96,705
					
					
						 

					
236,719
					
					
						 

					
110,329
					
					
						 

					
444
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
226,562
					
					
						 

					
65,711
					
					
						 

					
160,851
					
					
						 

					
74,969
					
					
						 

					
301
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
174,031
					
					
						 

					
50,475
					
					
						 

					
123,555
					
					
						 

					
57,586
					
					
						 

					
232
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
174,031
					
					
						 

					
50,475
					
					
						 

					
123,555
					
					
						 

					
57,586
					
					
						 

					
232
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
174,031
					
					
						 

					
50,475
					
					
						 

					
123,555
					
					
						 

					
57,586
					
					
						 

					
232
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
147,131
					
					
						 

					
42,673
					
					
						 

					
104,458
					
					
						 

					
48,685
					
					
						 

					
196
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Una Murphy

					
					
						 

					
26,900
					
					
						 

					
7,802
					
					
						 

					
19,098
					
					
						 

					
8,901
					
					
						 

					
36
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
4,350,764
					
					
						 

					
1,261,877
					
					
						 

					
3,088,887
					
					
						 

					
1,439,660
					
					
						 

					
5,790
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
4,350,764
					
					
						 

					
1,261,877
					
					
						 

					
3,088,887
					
					
						 

					
1,439,660
					
					
						 

					
5,790
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
1,740,305
					
					
						 

					
504,751
					
					
						 

					
1,235,555
					
					
						 

					
575,864
					
					
						 

					
2,316
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
87,015
					
					
						 

					
25,238
					
					
						 

					
61,778
					
					
						 

					
28,793
					
					
						 

					
116
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						BRM Park Avenue ILP, LLC

					
					
						 

					
8,614,512
					
					
						 

					
2,498,515
					
					
						 

					
6,115,997
					
					
						 

					
2,850,527
					
					
						 

					
11,463
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						BRM Park Avenue, LLC

					
					
						 

					
87,015
					
					
						 

					
25,238
					
					
						 

					
61,778
					
					
						 

					
28,793
					
					
						 

					
116
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
8,614,512
					
					
						 

					
2,498,515
					
					
						 

					
6,115,997
					
					
						 

					
2,850,527
					
					
						 

					
11,463
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
87,015
					
					
						 

					
25,238
					
					
						 

					
61,778
					
					
						 

					
28,793
					
					
						 

					
116
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Park Avenue Villas Ltd.

					
					
						 

					
8,701,527
					
					
						 

					
2,523,753
					
					
						 

					
6,177,774
					
					
						 

					
2,879,320
					
					
						 

					
11,579
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
1,549,013
					
					
						 

					
903,530
					
					
						 

					
645,483
					
					
						 

					
963,921
					
					
						 

					
248,058
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
1,025,353
					
					
						 

					
598,083
					
					
						 

					
427,271
					
					
						 

					
638,058
					
					
						 

					
164,200
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
975,514
					
					
						 

					
569,012
					
					
						 

					
406,502
					
					
						 

					
607,044
					
					
						 

					
156,218
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
774,506
					
					
						 

					
451,765
					
					
						 

					
322,741
					
					
						 

					
481,961
					
					
						 

					
124,029
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
632,634
					
					
						 

					
369,012
					
					
						 

					
263,622
					
					
						 

					
393,676
					
					
						 

					
101,310
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
4,216,320
					
					
						 

					
1,817,879
					
					
						 

					
2,398,441
					
					
						 

					
1,920,235
					
					
						 

					
57,541
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
455,456
					
					
						 

					
265,665
					
					
						 

					
189,791
					
					
						 

					
283,422
					
					
						 

					
72,936
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
455,456
					
					
						 

					
265,665
					
					
						 

					
189,791
					
					
						 

					
283,422
					
					
						 

					
72,936
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
379,547
					
					
						 

					
221,387
					
					
						 

					
158,159
					
					
						 

					
236,185
					
					
						 

					
60,780
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
379,547
					
					
						 

					
221,387
					
					
						 

					
158,159
					
					
						 

					
236,185
					
					
						 

					
60,780
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
296,774
					
					
						 

					
173,106
					
					
						 

					
123,667
					
					
						 

					
184,677
					
					
						 

					
47,525
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
201,658
					
					
						 

					
117,626
					
					
						 

					
84,032
					
					
						 

					
125,488
					
					
						 

					
32,293
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
154,901
					
					
						 

					
90,353
					
					
						 

					
64,548
					
					
						 

					
96,392
					
					
						 

					
24,806
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
154,901
					
					
						 

					
90,353
					
					
						 

					
64,548
					
					
						 

					
96,392
					
					
						 

					
24,806
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
154,901
					
					
						 

					
90,353
					
					
						 

					
64,548
					
					
						 

					
96,392
					
					
						 

					
24,806
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
130,958
					
					
						 

					
76,387
					
					
						 

					
54,571
					
					
						 

					
81,493
					
					
						 

					
20,972
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Una Murphy

					
					
						 

					
23,943
					
					
						 

					
13,966
					
					
						 

					
9,977
					
					
						 

					
14,899
					
					
						 

					
3,834
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
3,872,532
					
					
						 

					
2,258,825
					
					
						 

					
1,613,707
					
					
						 

					
2,409,804
					
					
						 

					
620,145
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
3,872,532
					
					
						 

					
2,258,825
					
					
						 

					
1,613,707
					
					
						 

					
2,409,804
					
					
						 

					
620,145
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
1,549,013
					
					
						 

					
903,530
					
					
						 

					
645,483
					
					
						 

					
963,921
					
					
						 

					
248,058
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
77,451
					
					
						 

					
45,177
					
					
						 

					
32,274
					
					
						 

					
48,196
					
					
						 

					
12,403
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						BRM Pointe Vista ILP, LLC

					
					
						 

					
7,667,613
					
					
						 

					
4,472,474
					
					
						 

					
3,195,139
					
					
						 

					
4,771,411
					
					
						 

					
1,227,887
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						BRM Pointe Vista, LLC

					
					
						 

					
77,451
					
					
						 

					
45,177
					
					
						 

					
32,274
					
					
						 

					
48,196
					
					
						 

					
12,403
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
7,667,613
					
					
						 

					
4,472,474
					
					
						 

					
3,195,139
					
					
						 

					
4,771,411
					
					
						 

					
1,227,887
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
77,451
					
					
						 

					
45,177
					
					
						 

					
32,274
					
					
						 

					
48,196
					
					
						 

					
12,403
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Pointe Vista Ltd.

					
					
						 

					
7,745,063
					
					
						 

					
4,517,650
					
					
						 

					
3,227,413
					
					
						 

					
4,819,607
					
					
						 

					
1,240,290
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
6,098,051
					
					
						 

					
3,008,029
					
					
						 

					
3,090,021
					
					
						 

					
3,211,987
					
					
						 

					
853,412
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
4,036,544
					
					
						 

					
1,991,135
					
					
						 

					
2,045,409
					
					
						 

					
2,126,142
					
					
						 

					
564,908
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
3,840,339
					
					
						 

					
1,894,352
					
					
						 

					
1,945,987
					
					
						 

					
2,022,797
					
					
						 

					
537,449
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
3,049,025
					
					
						 

					
1,504,015
					
					
						 

					
1,545,011
					
					
						 

					
1,605,993
					
					
						 

					
426,706
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
2,490,511
					
					
						 

					
1,228,512
					
					
						 

					
1,261,999
					
					
						 

					
1,311,811
					
					
						 

					
348,543
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,793,010
					
					
						 

					
884,451
					
					
						 

					
908,559
					
					
						 

					
944,420
					
					
						 

					
250,929
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,793,010
					
					
						 

					
884,451
					
					
						 

					
908,559
					
					
						 

					
944,420
					
					
						 

					
250,929
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,494,175
					
					
						 

					
737,042
					
					
						 

					
757,132
					
					
						 

					
787,017
					
					
						 

					
209,107
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,494,175
					
					
						 

					
737,042
					
					
						 

					
757,132
					
					
						 

					
787,017
					
					
						 

					
209,107
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
1,168,319
					
					
						 

					
576,305
					
					
						 

					
592,014
					
					
						 

					
615,381
					
					
						 

					
163,504
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
793,875
					
					
						 

					
391,600
					
					
						 

					
402,274
					
					
						 

					
418,152
					
					
						 

					
111,101
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
609,805
					
					
						 

					
300,803
					
					
						 

					
309,002
					
					
						 

					
321,199
					
					
						 

					
85,341
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
609,805
					
					
						 

					
300,803
					
					
						 

					
309,002
					
					
						 

					
321,199
					
					
						 

					
85,341
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
609,805
					
					
						 

					
300,803
					
					
						 

					
309,002
					
					
						 

					
321,199
					
					
						 

					
85,341
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
515,548
					
					
						 

					
254,308
					
					
						 

					
261,240
					
					
						 

					
271,551
					
					
						 

					
72,150
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Una Murphy

					
					
						 

					
94,258
					
					
						 

					
46,495
					
					
						 

					
47,762
					
					
						 

					
49,648
					
					
						 

					
13,191
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax Basis

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax

					
					
						    

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Allocated

					
					
						 

					
					
						as of December XX,

					
					
						 

					
					
						Initial Built-

					
					
						 

					
					
						Basis as of

					
					
						 

					
					
						734/743

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Value

					
					
						 

					
					
						2017

					
					
						 

					
					
						In Gain

					
					
						 

					
					
						December 31,

					
					
						 

					
					
						Adjustment

					
					
						 

				
	
					
						Protected Property

					
					
						 

					
					
						Protected Partner

					
					
						 

					
					
						(A)

					
					
						 

					
					
						(B)

					
					
						 

					
					
						(A-B)

					
					
						 

					
					
						2016

					
					
						 

					
					
						Amount

					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
15,245,127
					
					
						 

					
7,520,074
					
					
						 

					
7,725,053
					
					
						 

					
8,029,967
					
					
						 

					
2,133,530
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
15,245,127
					
					
						 

					
7,520,074
					
					
						 

					
7,725,053
					
					
						 

					
8,029,967
					
					
						 

					
2,133,530
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
6,098,051
					
					
						 

					
3,008,029
					
					
						 

					
3,090,021
					
					
						 

					
3,211,987
					
					
						 

					
853,412
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
304,903
					
					
						 

					
150,401
					
					
						 

					
154,501
					
					
						 

					
160,599
					
					
						 

					
42,671
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						BRM Pointe Vista II ILP, LLC

					
					
						 

					
30,185,351
					
					
						 

					
14,889,746
					
					
						 

					
15,295,606
					
					
						 

					
15,899,334
					
					
						 

					
4,224,389
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						BRM Pointe Vista II, LLC

					
					
						 

					
304,903
					
					
						 

					
150,401
					
					
						 

					
154,501
					
					
						 

					
160,599
					
					
						 

					
42,671
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
30,185,351
					
					
						 

					
14,889,746
					
					
						 

					
15,295,606
					
					
						 

					
15,899,334
					
					
						 

					
4,224,389
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
304,903
					
					
						 

					
150,401
					
					
						 

					
154,501
					
					
						 

					
160,599
					
					
						 

					
42,671
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Pointe Vista II Ltd.

					
					
						 

					
30,490,254
					
					
						 

					
15,040,147
					
					
						 

					
15,450,107
					
					
						 

					
16,059,933
					
					
						 

					
4,267,060
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
2,751,787
					
					
						 

					
1,148,433
					
					
						 

					
1,603,354
					
					
						 

					
1,213,502
					
					
						 

					
(133,412
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
1,821,518
					
					
						 

					
760,194
					
					
						 

					
1,061,324
					
					
						 

					
803,266
					
					
						 

					
(88,311
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
1,732,979
					
					
						 

					
723,243
					
					
						 

					
1,009,736
					
					
						 

					
764,221
					
					
						 

					
(84,018
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
1,375,894
					
					
						 

					
574,217
					
					
						 

					
801,677
					
					
						 

					
606,751
					
					
						 

					
(66,706
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
1,123,860
					
					
						 

					
469,033
					
					
						 

					
654,827
					
					
						 

					
495,608
					
					
						 

					
(54,487
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
809,108
					
					
						 

					
337,674
					
					
						 

					
471,434
					
					
						 

					
356,806
					
					
						 

					
(39,227
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
809,108
					
					
						 

					
337,674
					
					
						 

					
471,434
					
					
						 

					
356,806
					
					
						 

					
(39,227
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
674,257
					
					
						 

					
281,395
					
					
						 

					
392,862
					
					
						 

					
297,338
					
					
						 

					
(32,689
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
674,257
					
					
						 

					
281,395
					
					
						 

					
392,862
					
					
						 

					
297,338
					
					
						 

					
(32,689
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
527,212
					
					
						 

					
220,027
					
					
						 

					
307,185
					
					
						 

					
232,494
					
					
						 

					
(25,560
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
358,241
					
					
						 

					
149,509
					
					
						 

					
208,733
					
					
						 

					
157,980
					
					
						 

					
(17,368
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
275,179
					
					
						 

					
114,843
					
					
						 

					
160,335
					
					
						 

					
121,350
					
					
						 

					
(13,341
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
275,179
					
					
						 

					
114,843
					
					
						 

					
160,335
					
					
						 

					
121,350
					
					
						 

					
(13,341
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
275,179
					
					
						 

					
114,843
					
					
						 

					
160,335
					
					
						 

					
121,350
					
					
						 

					
(13,341
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
232,644
					
					
						 

					
97,092
					
					
						 

					
135,552
					
					
						 

					
102,593
					
					
						 

					
(11,279
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Una Murphy

					
					
						 

					
42,534
					
					
						 

					
17,751
					
					
						 

					
24,783
					
					
						 

					
18,757
					
					
						 

					
(2,062
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
6,879,468
					
					
						 

					
2,871,083
					
					
						 

					
4,008,385
					
					
						 

					
3,033,756
					
					
						 

					
(333,531
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
6,879,468
					
					
						 

					
2,871,083
					
					
						 

					
4,008,385
					
					
						 

					
3,033,756
					
					
						 

					
(333,531
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
2,751,787
					
					
						 

					
1,148,433
					
					
						 

					
1,603,354
					
					
						 

					
1,213,502
					
					
						 

					
(133,412
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
137,589
					
					
						 

					
57,422
					
					
						 

					
80,168
					
					
						 

					
60,675
					
					
						 

					
(6,671
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						BRM Lake Providence ILP, LLC

					
					
						 

					
13,621,347
					
					
						 

					
5,684,744
					
					
						 

					
7,936,603
					
					
						 

					
6,006,836
					
					
						 

					
(660,390
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						BRM Lake Providence, LLC

					
					
						 

					
137,589
					
					
						 

					
57,422
					
					
						 

					
80,168
					
					
						 

					
60,675
					
					
						 

					
(6,671
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
13,621,347
					
					
						 

					
5,684,744
					
					
						 

					
7,936,603
					
					
						 

					
6,006,836
					
					
						 

					
(660,390
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
137,589
					
					
						 

					
57,422
					
					
						 

					
80,168
					
					
						 

					
60,675
					
					
						 

					
(6,671
					
					
						)

				
	
					
						Providence Reserve

					
					
						 

					
					
						Lake Providence Ltd.

					
					
						 

					
13,758,936
					
					
						 

					
5,742,166
					
					
						 

					
8,016,770
					
					
						 

					
6,067,511
					
					
						 

					
(667,061
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
6,686,863
					
					
						 

					
2,068,780
					
					
						 

					
4,618,083
					
					
						 

					
2,296,101
					
					
						 

					
(104,129
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
4,426,302
					
					
						 

					
1,369,408
					
					
						 

					
3,056,894
					
					
						 

					
1,519,881
					
					
						 

					
(68,927
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
4,211,152
					
					
						 

					
1,302,845
					
					
						 

					
2,908,307
					
					
						 

					
1,446,004
					
					
						 

					
(65,577
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
3,343,431
					
					
						 

					
1,034,390
					
					
						 

					
2,309,042
					
					
						 

					
1,148,051
					
					
						 

					
(52,065
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
2,730,988
					
					
						 

					
844,912
					
					
						 

					
1,886,076
					
					
						 

					
937,753
					
					
						 

					
(42,527
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,966,138
					
					
						 

					
608,283
					
					
						 

					
1,357,855
					
					
						 

					
675,123
					
					
						 

					
(30,617
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,966,138
					
					
						 

					
608,283
					
					
						 

					
1,357,855
					
					
						 

					
675,123
					
					
						 

					
(30,617
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,638,449
					
					
						 

					
506,903
					
					
						 

					
1,131,546
					
					
						 

					
562,602
					
					
						 

					
(25,514
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,638,449
					
					
						 

					
506,903
					
					
						 

					
1,131,546
					
					
						 

					
562,602
					
					
						 

					
(25,514
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
1,281,129
					
					
						 

					
396,355
					
					
						 

					
884,774
					
					
						 

					
439,908
					
					
						 

					
(19,950
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
870,529
					
					
						 

					
269,324
					
					
						 

					
601,205
					
					
						 

					
298,918
					
					
						 

					
(13,556
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
668,686
					
					
						 

					
206,878
					
					
						 

					
461,808
					
					
						 

					
229,610
					
					
						 

					
(10,413
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
668,686
					
					
						 

					
206,878
					
					
						 

					
461,808
					
					
						 

					
229,610
					
					
						 

					
(10,413
					
					
						)

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax Basis

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax

					
					
						    

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Allocated

					
					
						 

					
					
						as of December XX,

					
					
						 

					
					
						Initial Built-

					
					
						 

					
					
						Basis as of

					
					
						 

					
					
						734/743

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Value

					
					
						 

					
					
						2017

					
					
						 

					
					
						In Gain

					
					
						 

					
					
						December 31,

					
					
						 

					
					
						Adjustment

					
					
						 

				
	
					
						Protected Property

					
					
						 

					
					
						Protected Partner

					
					
						 

					
					
						(A)

					
					
						 

					
					
						(B)

					
					
						 

					
					
						(A-B)

					
					
						 

					
					
						2016

					
					
						 

					
					
						Amount

					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
4,216,320
					
					
						 

					
1,817,879
					
					
						 

					
2,398,441
					
					
						 

					
1,920,235
					
					
						 

					
57,541
					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
668,686
					
					
						 

					
206,878
					
					
						 

					
461,808
					
					
						 

					
229,610
					
					
						 

					
(10,413
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
565,327
					
					
						 

					
174,901
					
					
						 

					
390,427
					
					
						 

					
194,119
					
					
						 

					
(8,803
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Una Murphy

					
					
						 

					
103,359
					
					
						 

					
31,977
					
					
						 

					
71,382
					
					
						 

					
35,491
					
					
						 

					
(1,610
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
16,717,157
					
					
						 

					
5,171,949
					
					
						 

					
11,545,208
					
					
						 

					
5,740,254
					
					
						 

					
(260,323
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
16,717,157
					
					
						 

					
5,171,949
					
					
						 

					
11,545,208
					
					
						 

					
5,740,254
					
					
						 

					
(260,323
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
6,686,863
					
					
						 

					
2,068,780
					
					
						 

					
4,618,083
					
					
						 

					
2,296,101
					
					
						 

					
(104,129
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
334,343
					
					
						 

					
103,439
					
					
						 

					
230,904
					
					
						 

					
114,805
					
					
						 

					
(5,206
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						BRM Sand Lake Pointe ILP, LLC

					
					
						 

					
33,099,971
					
					
						 

					
10,240,459
					
					
						 

					
22,859,512
					
					
						 

					
11,365,702
					
					
						 

					
(515,439
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						BRM Sand Lake Pointe, LLC

					
					
						 

					
334,343
					
					
						 

					
103,439
					
					
						 

					
230,904
					
					
						 

					
114,805
					
					
						 

					
(5,206
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
33,099,971
					
					
						 

					
10,240,459
					
					
						 

					
22,859,512
					
					
						 

					
11,365,702
					
					
						 

					
(515,439
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
334,343
					
					
						 

					
103,439
					
					
						 

					
230,904
					
					
						 

					
114,805
					
					
						 

					
(5,206
					
					
						)

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Sand Lake Pointe Apartments Ltd.

					
					
						 

					
33,434,314
					
					
						 

					
10,343,898
					
					
						 

					
23,090,416
					
					
						 

					
11,480,507
					
					
						 

					
(520,645
					
					
						)

				
	
					
						Spring Harbor

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
5,044,378
					
					
						 

					
2,148,591
					
					
						 

					
2,895,787
					
					
						 

					
2,317,233
					
					
						 

					
296,197
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
2,522,189
					
					
						 

					
1,074,295
					
					
						 

					
1,447,894
					
					
						 

					
1,158,617
					
					
						 

					
148,098
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
2,060,179
					
					
						 

					
877,508
					
					
						 

					
1,182,671
					
					
						 

					
946,384
					
					
						 

					
120,970
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
1,843,138
					
					
						 

					
785,062
					
					
						 

					
1,058,076
					
					
						 

					
846,681
					
					
						 

					
108,226
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
1,843,138
					
					
						 

					
785,062
					
					
						 

					
1,058,076
					
					
						 

					
846,681
					
					
						 

					
108,226
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
966,447
					
					
						 

					
411,646
					
					
						 

					
554,801
					
					
						 

					
443,956
					
					
						 

					
56,748
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
776,058
					
					
						 

					
330,552
					
					
						 

					
445,506
					
					
						 

					
356,497
					
					
						 

					
45,569
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
776,058
					
					
						 

					
330,552
					
					
						 

					
445,506
					
					
						 

					
356,497
					
					
						 

					
45,569
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
518,019
					
					
						 

					
220,644
					
					
						 

					
297,375
					
					
						 

					
237,962
					
					
						 

					
30,417
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
518,019
					
					
						 

					
220,644
					
					
						 

					
297,375
					
					
						 

					
237,962
					
					
						 

					
30,417
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
516,079
					
					
						 

					
219,817
					
					
						 

					
296,261
					
					
						 

					
237,071
					
					
						 

					
30,303
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
504,438
					
					
						 

					
214,859
					
					
						 

					
289,579
					
					
						 

					
231,723
					
					
						 

					
29,620
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
504,438
					
					
						 

					
214,859
					
					
						 

					
289,579
					
					
						 

					
231,723
					
					
						 

					
29,620
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
504,438
					
					
						 

					
214,859
					
					
						 

					
289,579
					
					
						 

					
231,723
					
					
						 

					
29,620
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
426,467
					
					
						 

					
181,648
					
					
						 

					
244,819
					
					
						 

					
195,906
					
					
						 

					
25,041
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Una Murphy

					
					
						 

					
77,971
					
					
						 

					
33,211
					
					
						 

					
44,760
					
					
						 

					
35,817
					
					
						 

					
4,578
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Dolphin Properties & Investments #12 LLC

					
					
						 

					
12,610,945
					
					
						 

					
5,371,477
					
					
						 

					
7,239,468
					
					
						 

					
5,793,083
					
					
						 

					
740,492
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
12,610,945
					
					
						 

					
5,371,477
					
					
						 

					
7,239,468
					
					
						 

					
5,793,083
					
					
						 

					
740,492
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
5,044,378
					
					
						 

					
2,148,591
					
					
						 

					
2,895,787
					
					
						 

					
2,317,233
					
					
						 

					
296,197
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Bull Dolphin Spring Harbor ILP, LLC

					
					
						 

					
19,382,052
					
					
						 

					
8,255,546
					
					
						 

					
11,126,506
					
					
						 

					
8,903,524
					
					
						 

					
1,138,080
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Bull Dolphin Spring Harbor LLC

					
					
						 

					
19,401
					
					
						 

					
8,264
					
					
						 

					
11,138
					
					
						 

					
8,912
					
					
						 

					
1,139
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Bull Dolphin Properties & Investments LLC

					
					
						 

					
19,401,453
					
					
						 

					
8,263,810
					
					
						 

					
11,137,643
					
					
						 

					
8,912,436
					
					
						 

					
1,139,219
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Spring Harbor, Ltd.

					
					
						 

					
19,401,453
					
					
						 

					
8,263,810
					
					
						 

					
11,137,643
					
					
						 

					
8,912,436
					
					
						 

					
1,139,219
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
5,607,676
					
					
						 

					
1,444,485
					
					
						 

					
4,163,191
					
					
						 

					
1,516,370
					
					
						 

					
147,490
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
3,711,945
					
					
						 

					
956,162
					
					
						 

					
2,755,782
					
					
						 

					
1,003,746
					
					
						 

					
97,630
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
3,531,518
					
					
						 

					
909,686
					
					
						 

					
2,621,832
					
					
						 

					
954,957
					
					
						 

					
92,884
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
2,803,838
					
					
						 

					
722,243
					
					
						 

					
2,081,595
					
					
						 

					
758,185
					
					
						 

					
73,745
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
2,290,236
					
					
						 

					
589,944
					
					
						 

					
1,700,293
					
					
						 

					
619,302
					
					
						 

					
60,237
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,648,825
					
					
						 

					
424,722
					
					
						 

					
1,224,103
					
					
						 

					
445,858
					
					
						 

					
43,367
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,648,825
					
					
						 

					
424,722
					
					
						 

					
1,224,103
					
					
						 

					
445,858
					
					
						 

					
43,367
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,374,021
					
					
						 

					
353,935
					
					
						 

					
1,020,086
					
					
						 

					
371,549
					
					
						 

					
36,139
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,374,021
					
					
						 

					
353,935
					
					
						 

					
1,020,086
					
					
						 

					
371,549
					
					
						 

					
36,139
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
1,074,369
					
					
						 

					
276,747
					
					
						 

					
797,622
					
					
						 

					
290,520
					
					
						 

					
28,257
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
730,035
					
					
						 

					
188,050
					
					
						 

					
541,985
					
					
						 

					
197,409
					
					
						 

					
19,201
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
560,768
					
					
						 

					
144,449
					
					
						 

					
416,319
					
					
						 

					
151,637
					
					
						 

					
14,749
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
560,768
					
					
						 

					
144,449
					
					
						 

					
416,319
					
					
						 

					
151,637
					
					
						 

					
14,749
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
560,768
					
					
						 

					
144,449
					
					
						 

					
416,319
					
					
						 

					
151,637
					
					
						 

					
14,749
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
474,090
					
					
						 

					
122,121
					
					
						 

					
351,969
					
					
						 

					
128,199
					
					
						 

					
12,469
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Una Murphy

					
					
						 

					
86,678
					
					
						 

					
22,327
					
					
						 

					
64,350
					
					
						 

					
23,439
					
					
						 

					
2,280
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
14,019,189
					
					
						 

					
3,611,213
					
					
						 

					
10,407,977
					
					
						 

					
3,790,926
					
					
						 

					
368,725
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
14,019,189
					
					
						 

					
3,611,213
					
					
						 

					
10,407,977
					
					
						 

					
3,790,926
					
					
						 

					
368,725
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
5,607,676
					
					
						 

					
1,444,485
					
					
						 

					
4,163,191
					
					
						 

					
1,516,370
					
					
						 

					
147,490
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
280,384
					
					
						 

					
72,224
					
					
						 

					
208,160
					
					
						 

					
75,819
					
					
						 

					
7,375
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						BRM Waterford Pointe ILP, LLC

					
					
						 

					
27,757,995
					
					
						 

					
7,150,201
					
					
						 

					
20,607,794
					
					
						 

					
7,506,033
					
					
						 

					
730,076
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						BRM Waterford Pointe, LLC

					
					
						 

					
280,384
					
					
						 

					
72,224
					
					
						 

					
208,160
					
					
						 

					
75,819
					
					
						 

					
7,375
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
27,757,995
					
					
						 

					
7,150,201
					
					
						 

					
20,607,794
					
					
						 

					
7,506,033
					
					
						 

					
730,076
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
280,384
					
					
						 

					
72,224
					
					
						 

					
208,160
					
					
						 

					
75,819
					
					
						 

					
7,375
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Waterford Pointe Apartments Ltd.

					
					
						 

					
28,038,379
					
					
						 

					
7,222,425
					
					
						 

					
20,815,954
					
					
						 

					
7,581,852
					
					
						 

					
737,450
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
6,214,427
					
					
						 

					
1,730,628
					
					
						 

					
4,483,799
					
					
						 

					
1,930,390
					
					
						 

					
67,635
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
4,113,578
					
					
						 

					
1,145,572
					
					
						 

					
2,968,006
					
					
						 

					
1,277,802
					
					
						 

					
44,770
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
3,913,629
					
					
						 

					
1,089,889
					
					
						 

					
2,823,740
					
					
						 

					
1,215,692
					
					
						 

					
42,594
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
3,107,213
					
					
						 

					
865,314
					
					
						 

					
2,241,900
					
					
						 

					
965,195
					
					
						 

					
33,818
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
2,538,040
					
					
						 

					
706,807
					
					
						 

					
1,831,233
					
					
						 

					
788,393
					
					
						 

					
27,623
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,827,228
					
					
						 

					
508,856
					
					
						 

					
1,318,371
					
					
						 

					
567,593
					
					
						 

					
19,887
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,827,228
					
					
						 

					
508,856
					
					
						 

					
1,318,371
					
					
						 

					
567,593
					
					
						 

					
19,887
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,522,690
					
					
						 

					
424,047
					
					
						 

					
1,098,643
					
					
						 

					
472,994
					
					
						 

					
16,572
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
1,522,690
					
					
						 

					
424,047
					
					
						 

					
1,098,643
					
					
						 

					
472,994
					
					
						 

					
16,572
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax Basis

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax

					
					
						    

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Allocated

					
					
						 

					
					
						as of December XX,

					
					
						 

					
					
						Initial Built-

					
					
						 

					
					
						Basis as of

					
					
						 

					
					
						734/743

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Value

					
					
						 

					
					
						2017

					
					
						 

					
					
						In Gain

					
					
						 

					
					
						December 31,

					
					
						 

					
					
						Adjustment

					
					
						 

				
	
					
						Protected Property

					
					
						 

					
					
						Protected Partner

					
					
						 

					
					
						(A)

					
					
						 

					
					
						(B)

					
					
						 

					
					
						(A-B)

					
					
						 

					
					
						2016

					
					
						 

					
					
						Amount

					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
1,190,616
					
					
						 

					
331,569
					
					
						 

					
859,047
					
					
						 

					
369,842
					
					
						 

					
12,958
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
809,025
					
					
						 

					
225,302
					
					
						 

					
583,723
					
					
						 

					
251,308
					
					
						 

					
8,805
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
621,443
					
					
						 

					
173,063
					
					
						 

					
448,380
					
					
						 

					
193,039
					
					
						 

					
6,764
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
621,443
					
					
						 

					
173,063
					
					
						 

					
448,380
					
					
						 

					
193,039
					
					
						 

					
6,764
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
621,443
					
					
						 

					
173,063
					
					
						 

					
448,380
					
					
						 

					
193,039
					
					
						 

					
6,764
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
525,386
					
					
						 

					
146,312
					
					
						 

					
379,074
					
					
						 

					
163,201
					
					
						 

					
5,718
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Una Murphy

					
					
						 

					
96,056
					
					
						 

					
26,750
					
					
						 

					
69,306
					
					
						 

					
29,838
					
					
						 

					
1,045
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
15,536,067
					
					
						 

					
4,326,570
					
					
						 

					
11,209,498
					
					
						 

					
4,825,976
					
					
						 

					
169,088
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
15,536,067
					
					
						 

					
4,326,570
					
					
						 

					
11,209,498
					
					
						 

					
4,825,976
					
					
						 

					
169,088
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
6,214,427
					
					
						 

					
1,730,628
					
					
						 

					
4,483,799
					
					
						 

					
1,930,390
					
					
						 

					
67,635
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
310,721
					
					
						 

					
86,531
					
					
						 

					
224,190
					
					
						 

					
96,520
					
					
						 

					
3,382
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						BRM West Pointe ILP, LLC

					
					
						 

					
30,761,413
					
					
						 

					
8,566,608
					
					
						 

					
22,194,806
					
					
						 

					
9,555,431
					
					
						 

					
334,794
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						BRM West Pointe, LLC

					
					
						 

					
310,721
					
					
						 

					
86,531
					
					
						 

					
224,190
					
					
						 

					
96,520
					
					
						 

					
3,382
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
30,761,413
					
					
						 

					
8,566,608
					
					
						 

					
22,194,806
					
					
						 

					
9,555,431
					
					
						 

					
334,794
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax Basis

					
					
						    

					
					
						 

					
					
						    

					
					
						Adjusted Tax

					
					
						    

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Allocated

					
					
						 

					
					
						as of December XX,

					
					
						 

					
					
						Initial Built-

					
					
						 

					
					
						Basis as of

					
					
						 

					
					
						734/743

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Value

					
					
						 

					
					
						2017

					
					
						 

					
					
						In Gain

					
					
						 

					
					
						December 31,

					
					
						 

					
					
						Adjustment

					
					
						 

				
	
					
						Protected Property

					
					
						 

					
					
						Protected Partner

					
					
						 

					
					
						(A)

					
					
						 

					
					
						(B)

					
					
						 

					
					
						(A-B)

					
					
						 

					
					
						2016

					
					
						 

					
					
						Amount

					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
4,216,320
					
					
						 

					
1,817,879
					
					
						 

					
2,398,441
					
					
						 

					
1,920,235
					
					
						 

					
57,541
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
310,721
					
					
						 

					
86,531
					
					
						 

					
224,190
					
					
						 

					
96,520
					
					
						 

					
3,382
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						West Pointe Villas Ltd.

					
					
						 

					
31,072,135
					
					
						 

					
8,653,139
					
					
						 

					
22,418,996
					
					
						 

					
9,651,951
					
					
						 

					
338,176
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
7,361,888
					
					
						 

					
1,532,251
					
					
						 

					
5,829,637
					
					
						 

					
1,691,614
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
3,680,944
					
					
						 

					
766,125
					
					
						 

					
2,914,818
					
					
						 

					
845,807
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
3,006,676
					
					
						 

					
625,788
					
					
						 

					
2,380,888
					
					
						 

					
690,874
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
2,689,920
					
					
						 

					
559,861
					
					
						 

					
2,130,060
					
					
						 

					
618,090
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
2,689,920
					
					
						 

					
559,861
					
					
						 

					
2,130,060
					
					
						 

					
618,090
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
1,410,457
					
					
						 

					
293,562
					
					
						 

					
1,116,894
					
					
						 

					
324,095
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
1,132,598
					
					
						 

					
235,731
					
					
						 

					
896,867
					
					
						 

					
260,248
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
1,132,598
					
					
						 

					
235,731
					
					
						 

					
896,867
					
					
						 

					
260,248
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s  Cove

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
756,009
					
					
						 

					
157,350
					
					
						 

					
598,659
					
					
						 

					
173,716
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
756,009
					
					
						 

					
157,350
					
					
						 

					
598,659
					
					
						 

					
173,716
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
753,178
					
					
						 

					
156,761
					
					
						 

					
596,417
					
					
						 

					
173,065
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
736,189
					
					
						 

					
153,225
					
					
						 

					
582,964
					
					
						 

					
169,161
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
736,189
					
					
						 

					
153,225
					
					
						 

					
582,964
					
					
						 

					
169,161
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
736,189
					
					
						 

					
153,225
					
					
						 

					
582,964
					
					
						 

					
169,161
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
622,396
					
					
						 

					
129,541
					
					
						 

					
492,855
					
					
						 

					
143,014
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Una Murphy

					
					
						 

					
113,793
					
					
						 

					
23,684
					
					
						 

					
90,109
					
					
						 

					
26,147
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Dolphin Properties & Investments #12 LLC

					
					
						 

					
18,404,719
					
					
						 

					
3,830,627
					
					
						 

					
14,574,092
					
					
						 

					
4,229,034
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
18,404,719
					
					
						 

					
3,830,627
					
					
						 

					
14,574,092
					
					
						 

					
4,229,034
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
7,361,888
					
					
						 

					
1,532,251
					
					
						 

					
5,829,637
					
					
						 

					
1,691,614
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Bull Dolphin Whistlers Cove ILP, LLC

					
					
						 

					
28,289,469
					
					
						 

					
5,887,969
					
					
						 

					
22,401,500
					
					
						 

					
6,500,350
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Bull Dolphin Whistlers Cove, LLC

					
					
						 

					
25,483
					
					
						 

					
5,304
					
					
						 

					
20,180
					
					
						 

					
5,856
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Bull Dolphin Properties & Investments LLC

					
					
						 

					
28,314,952
					
					
						 

					
5,893,273
					
					
						 

					
22,421,679
					
					
						 

					
6,506,206
					
					
						 

					
					
						—

					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Affordable/Whistlers Cove, Ltd.

					
					
						 

					
28,314,952
					
					
						 

					
5,893,273
					
					
						 

					
22,421,679
					
					
						 

					
6,506,206
					
					
						 

					
					
						—

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			ANNEX C
		

		
			 
		

		
			See attached
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			1

		

 

		

		
			ANNEX C
		

		
			 
		

		
			MINIMUM DEBT AMOUNT
		

		
			 
		

			
					
						Protected Property

					
					
						     

					
					
						Minimum Debt Amount

					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
1,447,600
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
10,747,312
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
3,527,243
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
4,499,507
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
10,926,842
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
1,183,541
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
2,754,469
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
4,490,302
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
5,036,306
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
10,970,629
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
5,752,401
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
3,847,668
					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
7,825,064
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
6,738,614
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
1,808,000
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
5,451,395
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
3,260,447
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
2,645,167
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
7,619,355
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
5,138,721
					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
6,482,561
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						—

					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
2,500,000
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
7,200,000
					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			ANNEX C
		

		
			 
		

		
			REQUESTED DEBT AMOUNTS
		

		
			 
		

			
					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
10,781
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
17,119
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
11,332
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
8,559
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
6,992
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
5,033
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
5,033
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
4,195
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
4,195
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
3,280
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
2,229
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
1,712
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
1,712
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
1,712
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
1,447
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Una Murphy

					
					
						 

					
265
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
42,797
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
42,797
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
17,119
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
856
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						BRM Avalon Reserve ILP, LLC

					
					
						 

					
84,738
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						BRM Avalon Reserve, LLC

					
					
						 

					
856
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
84,738
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
856
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Avalon Reserve Ltd.

					
					
						 

					
85,594
					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Angel Arroyo

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
					
						—

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Una Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Dolphin Properties & Investments TCR LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Vogt Family Trust LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						BRM Florida Holdings ILP, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						BRM Florida Buena Vista Pointe, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						BRM Florida Buena Vista Pointe ILP, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						BRM Florida Holdings, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista at Cypress Pointe

					
					
						 

					
					
						Buena Vista at Cypress Pointe, LP

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
1,337,208
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
668,604
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
546,131
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
389,848
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
389,848
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Angel Arroyo

					
					
						 

					
146,933
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
256,194
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
145,689
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
145,689
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
133,721
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
133,721
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
133,721
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
97,342
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
97,090
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
96,946
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
113,052
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Una Murphy

					
					
						 

					
20,669
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
3,343,021
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Dolphin Properties & Investments TCR LLC

					
					
						 

					
1,445,508
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
1,337,208
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Vogt Family Trust LLC

					
					
						 

					
176,118
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						BRM Florida Buena Vista Place I, LLC

					
					
						 

					
37
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						BRM Florida Holdings ILP, LLC

					
					
						 

					
2,206,507
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						BRM Florida Holdings, LLC

					
					
						 

					
514
					
					
						 

				
	
					
						Buena Vista Place

					
					
						 

					
					
						Reams Road Limited Partnership

					
					
						 

					
368,217
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
641,194
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
320,597
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
261,871
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
186,933
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
186,933
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Angel Arroyo

					
					
						 

					
48,223
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
122,846
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
47,815
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
10,781
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
47,815
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
64,119
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
64,119
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
64,119
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
31,947
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
31,865
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
31,818
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
54,208
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Una Murphy

					
					
						 

					
9,911
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
1,602,985
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Dolphin Properties & Investments TCR LLC

					
					
						 

					
474,412
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
641,194
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Vogt Family Trust LLC

					
					
						 

					
57,802
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						BRM Florida Buena Vista Place II, LLC

					
					
						 

					
4
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						BRM Florida Holdings ILP, LLC

					
					
						 

					
724,171
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						BRM Florida Holdings, LLC

					
					
						 

					
247
					
					
						 

				
	
					
						Buena Vista Place II

					
					
						 

					
					
						Reams Road II Limited Partnership

					
					
						 

					
41,182
					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Una Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						BRM Camellia Pointe ILP, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						BRM Camellia Pointe, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Camellia Pointe

					
					
						 

					
					
						Camellia Pointe Ltd.

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
967,337
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
483,669
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
395,071
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
282,016
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
282,016
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Angel Arroyo

					
					
						 

					
149,388
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
185,331
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
130,218
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
130,218
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
96,734
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
96,734
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
96,734
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
87,060
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
86,688
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
86,688
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
81,782
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Una Murphy

					
					
						 

					
14,952
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
2,418,343
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Dolphin Properties & Investments TCR LLC

					
					
						 

					
1,469,655
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
967,337
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Vogt Family Trust LLC

					
					
						 

					
179,060
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						BRM Florida Congress, LLC

					
					
						 

					
6,079
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						BRM Florida Holdings, LLC

					
					
						 

					
17,641
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						BRM Florida Holdings ILP, LLC

					
					
						 

					
2,243,366
					
					
						 

				
	
					
						Congress Park

					
					
						 

					
					
						Congress Park Limited Partnership

					
					
						 

					
607,851
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Una Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
10,781
					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						BRM Cypress Ridge ILP, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						BRM Cypress Ridge, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Cypress Ridge

					
					
						 

					
					
						Cypress Ridge Ltd.

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
526,100
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
263,050
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
214,865
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
192,229
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
192,229
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
100,795
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
37,339
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
37,339
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
24,884
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
24,948
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
24,847
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
52,610
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
52,610
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
52,610
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
44,478
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Una Murphy

					
					
						 

					
8,132
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Dolphin Properties & Investments #12 LLC

					
					
						 

					
240,016
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
1,315,251
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
526,100
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Bull Dolphin Glen Oaks ILP LLC

					
					
						 

					
7,585
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Bull Dolphin Properties & Investments LLC

					
					
						 

					
369,255
					
					
						 

				
	
					
						Glen Oaks

					
					
						 

					
					
						Affordable/Glen Oaks, Ltd.

					
					
						 

					
7,586
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
288,281
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
190,825
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
181,549
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
144,141
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
117,737
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
84,763
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
84,763
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
70,636
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
70,636
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
55,231
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
37,530
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
28,828
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
28,828
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
28,828
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
24,372
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Una Murphy

					
					
						 

					
4,456
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
720,703
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
720,703
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Blackfin Properties &  Investments LLLP

					
					
						 

					
288,281
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
14,414
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						BRM Hickory Pointe ILP, LLC

					
					
						 

					
123,999
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						BRM Hickory Pointe, LLC

					
					
						 

					
1,253
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
1,426,992
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
14,414
					
					
						 

				
	
					
						Hickory Pointe

					
					
						 

					
					
						Hickory Pointe Ltd.

					
					
						 

					
125,252
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
544,004
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
360,098
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
342,594
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
272,002
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
222,177
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
159,953
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
159,953
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
133,294
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
133,294
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
104,225
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
70,821
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
54,400
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
54,400
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
54,400
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
45,992
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Una Murphy

					
					
						 

					
8,409
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
1,360,009
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
1,360,009
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
544,004
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
27,200
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						BRM Hidden Creek ILP, LLC

					
					
						 

					
271,325
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						BRM Hidden Creek, LLC

					
					
						 

					
2,741
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
2,692,818
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
27,200
					
					
						 

				
	
					
						Hidden Creek Villas

					
					
						 

					
					
						Hidden Creek Villas Ltd.

					
					
						 

					
274,066
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
1,762,585
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
881,292
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
10,781
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
719,859
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
513,861
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
513,861
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Angel Arroyo

					
					
						 

					
149,986
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
337,692
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
148,716
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
148,716
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
176,258
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
176,258
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
176,258
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
99,365
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
99,108
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
98,961
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
149,014
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Una Murphy

					
					
						 

					
27,244
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
4,406,462
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Dolphin Properties & Investments TCR LLC

					
					
						 

					
1,475,544
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
1,762,585
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Vogt Family Trust LLC

					
					
						 

					
179,778
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						BRM Florida Homestead, LLC

					
					
						 

					
7,361
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						BRM Florida Holdings, LLC

					
					
						 

					
17,712
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						BRM Florida Holdings ILP, LLC

					
					
						 

					
2,252,356
					
					
						 

				
	
					
						Homestead Colony

					
					
						 

					
					
						Homestead Colony Limited Partnership

					
					
						 

					
736,145
					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Una Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Dolphin Properties & Investments #12 LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Bull Dolphin Saddle Brook ILP, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Bull Dolphin Saddle Brook, LLC

					
					
						 

					
					
						—

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Bull Dolphin Properties & Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Chase

					
					
						 

					
					
						Saddlebrook at Palm Beach, Ltd.

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
350,091
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
175,045
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
142,981
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
127,918
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
127,918
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
67,074
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
53,860
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
53,860
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
35,952
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
35,952
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
35,817
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
35,009
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
35,009
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
35,009
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
29,598
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Una Murphy

					
					
						 

					
5,411
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Dolphin Properties & Investments #12 LLC

					
					
						 

					
501,246
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
875,227
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
350,091
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Bull Dolphin Breckenridge Commons ILP, LLC

					
					
						 

					
112,545
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Bull Dolphin Breckenridge Commons, LLC

					
					
						 

					
113
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Bull Dolphin Properties &  Investments LLC

					
					
						 

					
771,148
					
					
						 

				
	
					
						Madison Commons

					
					
						 

					
					
						Breckenridge Commons, Ltd.

					
					
						 

					
112,657
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
10,781
					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Una Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						BRM Magnolia Pointe ILP, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						BRM Magnolia Pointe, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Magnolia Pointe

					
					
						 

					
					
						Magnolia Pointe Ltd.

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
					
						—

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Angel Arroyo

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Una Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Dolphin Properties & Investments KW LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Vogt Family Trust LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						BRM Southeast Mariner’s Cove ILP, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						BRM Southeast Mariner’s Cove GP, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						BRM Southeast Mariner’s Cove Holdings LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Mariner’s Cove

					
					
						 

					
					
						Mariner’s Cove Apartments Associates, Ltd.

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
984,710
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
651,819
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
620,136
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
492,355
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
402,166
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
289,534
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
289,534
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
241,278
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
241,278
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
188,660
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
128,194
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
98,471
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
98,471
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
98,471
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
83,250
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Una Murphy

					
					
						 

					
15,221
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
2,461,774
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
2,461,774
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
984,710
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
48,586
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						BRM Metro Place ILP, LLC

					
					
						 

					
391,993
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						BRM Metro Place, LLC

					
					
						 

					
3,960
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
4,874,313
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
48,586
					
					
						 

				
	
					
						Metro Place I

					
					
						 

					
					
						Metro Place Ltd.

					
					
						 

					
395,952
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
335,896
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
222,343
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
211,536
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
167,948
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
137,184
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
98,764
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
98,764
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
82,303
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
82,303
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
64,354
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
43,729
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
33,590
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
33,590
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
33,590
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
28,398
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Una Murphy

					
					
						 

					
5,192
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
839,740
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
839,740
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
335,896
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
16,795
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						BRM Metro Place II ILP, LLC

					
					
						 

					
299,375
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						BRM Metro Place II, LLC

					
					
						 

					
3,024
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
10,781
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
1,662,686
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
16,795
					
					
						 

				
	
					
						Metro Place II

					
					
						 

					
					
						Metro Place II Ltd.

					
					
						 

					
302,399
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
126,736
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
83,891
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
79,814
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
63,368
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
51,760
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
37,264
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
37,264
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
31,053
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
31,053
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
24,281
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
16,499
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
12,674
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
12,674
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
12,674
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
10,715
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Una Murphy

					
					
						 

					
1,959
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
316,839
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
316,839
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
126,736
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
6,337
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						BRM Osprey Ridge ILP, LLC

					
					
						 

					
38,442
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						BRM Osprey Ridge, LLC

					
					
						 

					
388
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
627,341
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
6,337
					
					
						 

				
	
					
						Osprey Ridge

					
					
						 

					
					
						Osprey Ridge Apartments Ltd.

					
					
						 

					
38,830
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
176,258
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
116,672
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
111,001
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
88,129
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
71,986
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
51,825
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
51,825
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
43,188
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
43,188
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
33,769
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
22,946
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
17,626
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
17,626
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
17,626
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
14,901
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Una Murphy

					
					
						 

					
2,724
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
440,644
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
440,644
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
176,258
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
8,813
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						BRM Palmetto Dunes ILP, LLC

					
					
						 

					
204,884
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						BRM Palmetto Dunes, LLC

					
					
						 

					
2,070
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
872,476
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
8,813
					
					
						 

				
	
					
						Palmetto Trace

					
					
						 

					
					
						Palmetto Dunes Ltd.

					
					
						 

					
206,954
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
337,536
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
223,429
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
212,568
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
168,768
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
137,853
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
99,246
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
99,246
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
82,705
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
82,705
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
64,668
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
43,942
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
33,754
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
33,754
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
33,754
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
28,536
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Una Murphy

					
					
						 

					
5,217
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
843,840
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
843,840
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
337,536
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
16,877
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						BRM Park Avenue ILP, LLC

					
					
						 

					
37,584
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						BRM Park Avenue, LLC

					
					
						 

					
380
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
1,670,803
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
16,877
					
					
						 

				
	
					
						Park Avenue Villas

					
					
						 

					
					
						Park Avenue Villas Ltd.

					
					
						 

					
37,963
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
226,929
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
150,213
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
142,912
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
113,464
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
92,680
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
10,781
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
66,724
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
66,724
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
55,603
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
55,603
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
43,477
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
29,543
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
22,693
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
22,693
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
22,693
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
19,185
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Una Murphy

					
					
						 

					
3,508
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
567,321
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
567,321
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
226,929
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
11,346
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						BRM Pointe Vista ILP, LLC

					
					
						 

					
29,772
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						BRM Pointe Vista, LLC

					
					
						 

					
301
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
1,123,297
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
11,346
					
					
						 

				
	
					
						Pointe Vista I

					
					
						 

					
					
						Pointe Vista Ltd.

					
					
						 

					
30,072
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
417,726
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
276,510
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
263,069
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
208,863
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
170,604
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
122,824
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
122,824
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
102,353
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
102,353
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
80,032
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
54,382
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
41,773
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
41,773
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
41,773
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
35,316
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Una Murphy

					
					
						 

					
6,457
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Dolphin Properties &  Investments LLC

					
					
						 

					
1,044,316
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
1,044,316
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
417,726
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
20,886
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						BRM Pointe Vista II ILP, LLC

					
					
						 

					
443,893
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						BRM Pointe Vista II, LLC

					
					
						 

					
4,484
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
2,067,745
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
20,886
					
					
						 

				
	
					
						Pointe Vista II

					
					
						 

					
					
						Pointe Vista II Ltd.

					
					
						 

					
448,376
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
103,068
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
68,225
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
64,908
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
51,534
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
42,094
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
30,305
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
30,305
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
25,254
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
25,254
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
19,747
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
13,418
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
10,307
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
10,307
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
10,307
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
8,714
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Una Murphy

					
					
						 

					
1,593
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
257,669
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
257,669
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
103,068
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
5,153
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						BRM Lake Providence ILP, LLC

					
					
						 

					
117,397
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						BRM Lake Providence, LLC

					
					
						 

					
1,186
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
510,184
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
5,153
					
					
						 

				
	
					
						Providence Reserve

					
					
						 

					
					
						Lake Providence Ltd.

					
					
						 

					
118,583
					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
10,781
					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Una Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						BRM Sand Lake Pointe ILP, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						BRM Sand Lake Pointe, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Sand Lake Pointe

					
					
						 

					
					
						Sand Lake Pointe Apartments Ltd.

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
563,180
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
281,590
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
230,009
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
205,777
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
205,777
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
107,899
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
86,643
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
86,643
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
57,834
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
57,834
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
57,618
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
56,318
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
56,318
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
56,318
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
47,613
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Una Murphy

					
					
						 

					
8,705
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Dolphin Properties & Investments #12 LLC

					
					
						 

					
564,870
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
1,407,949
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
563,180
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Bull Dolphin Spring Harbor ILP, LLC

					
					
						 

					
192,464
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Bull Dolphin Spring Harbor LLC

					
					
						 

					
193
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Bull Dolphin Properties & Investments LLC

					
					
						 

					
869,031
					
					
						 

				
	
					
						Spring Harbor

					
					
						 

					
					
						Spring Harbor, Ltd.

					
					
						 

					
192,657
					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Una Murphy

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						BRM Waterford Pointe ILP, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						BRM Waterford Pointe, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Waterford Pointe

					
					
						 

					
					
						Waterford Pointe Apartments Ltd.

					
					
						 

					
					
						—

					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
408,858
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
270,640
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
257,485
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
204,429
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
166,982
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Daniel Edward Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
92,889
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						James Henry Vogt Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
92,889
					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Protected Property

					
					
						    

					
					
						Protected Partner

					
					
						    

					
					
						Requested Debt Amount

					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Holly Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
77,408
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Lily Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
77,408
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
78,333
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Daniel Zimmerman Irrevocable Legacy Trust dated December 27, 2016

					
					
						 

					
41,128
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
40,886
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
40,886
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
40,886
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
34,566
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Una Murphy

					
					
						 

					
6,320
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
1,022,146
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Dolphin Properties & Investments #1 LLC

					
					
						 

					
789,793
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
408,858
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						BRM Trust Holdings LLC

					
					
						 

					
15,523
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						BRM West Pointe ILP, LLC

					
					
						 

					
150,602
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						BRM West Pointe, LLC

					
					
						 

					
1,521
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						BRM Advisors ILP Holdings, LLC

					
					
						 

					
1,564,063
					
					
						 

				
	
					
						Avalon Reserve

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
10,781
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						BRM Advisors, LLC

					
					
						 

					
15,523
					
					
						 

				
	
					
						West Pointe Villas

					
					
						 

					
					
						West Pointe Villas Ltd.

					
					
						 

					
152,123
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Gillis Investments #2 Ltd

					
					
						 

					
430,681
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Lamplighter Investments LLC

					
					
						 

					
215,341
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						William M. Murphy Revocable Trust

					
					
						 

					
175,895
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Jefferson Scott Zimmerman

					
					
						 

					
157,364
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Louis E. Vogt

					
					
						 

					
157,364
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						William M. Murphy 2012 Trust

					
					
						 

					
82,514
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						James H. Vogt

					
					
						 

					
66,259
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Daniel E. Vogt

					
					
						 

					
66,259
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Holly Zimmerman Irrevocable Trust

					
					
						 

					
44,228
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Elizabeth Zimmerman Irrevocable Trust

					
					
						 

					
44,228
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Lily Zimmerman Irrevocable Trust

					
					
						 

					
44,062
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Kate Murphy

					
					
						 

					
43,068
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Kerri Murphy

					
					
						 

					
43,068
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Patrick Murphy

					
					
						 

					
43,068
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Una Murphy 2012 Trust

					
					
						 

					
36,411
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Una Murphy

					
					
						 

					
6,657
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Dolphin Properties & Investments #12 LLC

					
					
						 

					
627,386
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Dolphin Properties & Investments LLC

					
					
						 

					
1,076,703
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Blackfin Properties & Investments LLLP

					
					
						 

					
430,681
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Bull Dolphin Whistlers Cove ILP, LLC

					
					
						 

					
283,158
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Bull Dolphin Whistlers Cove, LLC

					
					
						 

					
255
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Bull Dolphin Properties &  Investments LLC

					
					
						 

					
965,209
					
					
						 

				
	
					
						Whistler’s Cove

					
					
						 

					
					
						Affordable/Whistlers Cove, Ltd.

					
					
						 

					
283,413
					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			ANNEX D
		

		
			 
		

		
			[INTENTIONALLY OMITTED]
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			1

		

 

		

		
			ANNEX E
		

		
			 
		

		
			Form of Debt Guarantee(1)
		

		
			 
		

		
			DEBT GUARANTEE
		

		
			 
		

		
			This Debt Guarantee is made and entered into as of the               day of                , 20    , by the persons listed on Exhibit A annexed hereto (the “Guarantors”)  for the benefit of the Lender set forth on Exhibit B annexed hereto and made a part hereof (the “Lender,” which term shall include any person or entity who hereafter holds the Note (as defined below) in accordance with the terms thereof).
		

		
			 
		

		
			RECITALS
		

		
			 
		

		
			WHEREAS, the Lender [is simultaneously herewith making/modifying a loan or] has loaned to the borrower set forth on Exhibit B (the “Borrower”) the amount set forth opposite such Lender’s name on Exhibit B, which loan (i) is evidenced by the promissory note described on Exhibit C hereto (the “Note”), (ii) [if part of a loan modification or an existing loan,] has a current outstanding balance in the amount set forth on Exhibit B annexed hereto, and (iii) is
		

		
			 
		

		

		
			(1)   This form of the Debt Guarantee is for Guarantee Permissible Liabilities (as such terms are defined in the Tax Protection Agreement dated December        , 2017) where the following conditions all are applicable:
		

		
			 
		

		
			(i)    there are no other guarantees in effect with respect to the applicable Protected Partner’s share of the Guarantee Permissible Liability/ies that are being guaranteed by this Debt Guarantee;
		

		
			 
		

		
			(ii)   the collateral securing such Guarantee Permissible Liability is not collateral for any other indebtedness that is senior to or pari passu with such Guarantee Permissible Liability;
		

		
			 
		

		
			(iii)  no additional guarantees with respect to the applicable Protected Partner’s share of the Guarantee Permissible Liability/ies will be entered into during the applicable Protected Period;
		

		
			 
		

		
			(iv)  the lender with respect to such Guarantee Permissible Liability is not the Company, any subsidiary or other entity in which the Company owns a direct or indirect interest, any member in the Company, or any person related to any member in the Company as determined for purposes of Treasury Regulations Section 1.752-2 or any successor law or regulation; and
		

		
			 
		

		
			(v)   none of the members in the Company, nor any person related to any member in the Company as determined for purposes of Treasury Regulations Section 1.752-2 shall have provided, or shall thereafter provide, collateral for, or otherwise shall have entered, or thereafter shall enter, into a relationship that would cause such person or entity rather than the Guarantor to be considered to bear risk of loss with respect to such Guarantee Permissible Liability, as determined for purposes of Treasury Regulations Section 1.752-2 or any successor law or regulation.
		

		
			 
		

		
			If, and to the extent that, one or more of these conditions is not applicable, or if there is a change of law or to applicable Treasury Regulations (including Treasury Regulation Section 1.752-2T) regarding the tax effect of Debt Guarantees with respect to the Protected Partners, appropriate changes to this form of Debt Guarantee will be made in order to cause the various conditions set forth in Section 2.2 of the Tax Protection Agreement to be satisfied with respect to the applicable Protected Partner and the allocable Requested Debt Amount. secured by a mortgage or deed of trust on the collateral described on Exhibit D annexed hereto (the “Deed of Trust,” with the property and other assets securing such Deed of Trust referred to as the “Collateral”);
		

		
			 
		

		
			WHEREAS, the Borrower is SPT Dolphin Intermediate LLC, a Delaware limited liability company (the “Company”), or a wholly-owned direct or indirect subsidiary of the Company which is disregarded for United States federal income tax purposes and treated as part of the Company for such purposes;
		

		
			 
		

		
			WHEREAS, the Guarantors directly or indirectly own an interest in the Company; and
		

		
			 
		

		
			WHEREAS, the Guarantors are executing and delivering this Debt Guarantee to guarantee a portion of the Borrower’s payments with respect to the Note, subject to and otherwise in accordance with the terms and conditions hereinafter set forth.
		

		
			
		

		
			

		 

		

			1

		

 

		

		
			NOW THEREFORE, in consideration of the foregoing recitals and facts and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, each of the Guarantors hereby agree as follows:
		

		
			 
		

		
			1)           Use of Terms. Terms used herein that are not otherwise defined herein shall have the same meanings as in the Tax Protection Agreement dated December             , 2017, between the Company, the Guarantors and the other parties thereto, as such agreement may be amended or supplemented from time to time (the “Tax Protection Agreement”).
		

		
			 
		

		
			2)           Debt Guarantee and Performance of Payment.
		

		
			 
		

		
			a)            The Guarantors hereby irrevocably and unconditionally guarantee the collection by the Lender of, and hereby agree to pay to the Lender upon demand (following (1) foreclosure of the Deed of Trust, exercise of the powers of sale thereunder and/or acceptance by the Lender of a deed to the Collateral in lieu of foreclosure, and (2) the exhaustion of the exercise of any and all remedies available to the Lender against the Borrower, including, without limitation, realizing upon the assets of the Borrower other than the Collateral against which the Lender may have recourse), an amount equal to the excess, if any, of the Guaranteed Amount set forth on Exhibit B over the Lender Proceeds (as hereinafter defined) (which excess is referred to as the “Aggregate Guarantee Liability”). The Guaranteed Amount as set forth on Exhibit B and as allocated among the Guarantors in accordance with Exhibit A may be expressed as a percentage of the total amounts owing to Lender by Borrower pursuant to the Note, but in all events shall not exceed the overall dollar amount set forth on Exhibit B. The amounts payable by each Guarantor in respect of the guarantee obligations hereunder shall be in the same proportion as the amounts listed next to such Guarantor’s name on Exhibit A attached hereto bears to the total Guaranteed Amount set forth on Exhibit A, provided that, notwithstanding anything to the contrary contained in this Debt Guarantee, each Guarantor’s aggregate obligation under this Debt Guarantee shall be limited to the amount set forth on Exhibit A attached hereto next to such Guarantor’s name, such may be reduced from time to time pursuant to the other provisions hereof. The Guarantors’ obligations as set forth in this subparagraph 2(a) are hereinafter referred to as the “Guaranteed Obligations.”
		

		
			 
		

		
			b)           For the purposes of this Debt Guarantee, the term “Lender Proceeds” shall mean the aggregate of (i) the Foreclosure Proceeds (as hereinafter defined) plus (ii) all amounts collected by the Lender from the Borrower (other than payments of principal, interest or other amounts required to be paid by the Borrower to Lender under the terms of the Note that are paid by the Borrower to the Lender at a time when no default has occurred under the Note and is continuing) or realized by the Lender from the sale of assets of the Borrower other than the Collateral.
		

		
			 
		

		
			c)            For the purposes of this Debt Guarantee, the term “Foreclosure Proceeds” shall have the applicable meaning set forth below with respect to the Collateral:
		

		
			 
		

		
			i)               If at least one bona fide third party unrelated to the Lender (and including, without limitation, any of the Guarantors) bids for such Collateral at a sale thereof, conducted upon foreclosure of the related Deed of Trust or exercise of the power of sale thereunder, Foreclosure Proceeds shall mean the highest amount bid for such Collateral by the party that acquires title thereto (directly or through a nominee) at or pursuant to such sale. For the purposes of determining such highest bid, amounts bid for the Collateral by the Lender shall be taken into account notwithstanding the fact that such bids may constitute credit bids which offset against the amount due to the Lender under the Note.
		

		
			 
		

		
			ii)              If there is no such unrelated third-party at such sale of the Collateral so that the only bidder at such sale is the Lender or its designee, the Foreclosure Proceeds shall be deemed to be fair market value (the “Fair Market Value”) of the Collateral as of the date of the foreclosure sale, as such Fair Market Value shall be mutually agreed upon by the Lender and the Guarantor or determined pursuant to subparagraph 2(d).
		

		
			 
		

		
			iii)             If the Lender receives and accepts a deed to the Collateral in lieu of foreclosure in partial satisfaction of the Borrower’s obligations under the Note, the Foreclosure Proceeds shall be deemed to be the Fair Market Value of such Collateral as of the date of delivery of the deed-in-lieu of foreclosure, as such Fair Market Value shall be mutually agreed upon by the Lender and the Guarantor or determined pursuant to subparagraph 2(d).
		

		
			 
		

		
			d)            Fair Market Value of the Collateral (or any item thereof) shall be the price at which a willing seller not compelled to sell would sell such Collateral, and a willing buyer not compelled to buy would purchase such Collateral, free and clear of all mortgages but subject to all leases and reciprocal easements and operating agreements. If the Lender and the Guarantor are unable to agree upon the Fair Market Value of any Collateral in accordance with subparagraphs 2(c)(ii) or (iii) above, as applicable, within twenty (20) days after the date of the foreclosure sale or the delivery of the deed-in-lieu of foreclosure, as applicable, relating to such Collateral, either party may have the Fair Market Value of such Collateral determined by appraisal by appointing an appraiser having the qualifications set forth below to determine the same and by notifying the other party of such appointment within twenty (20) days after the expiration of such twenty (20) day period. If the other party shall fail to notify the first party, within twenty (20)
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			days after its receipt of notice of the appointment by the first party, of the appointment by the other party of an appraiser having the qualifications set forth below, the appraiser appointed by the first party shall alone make the determination of such Fair Market Value. Appraisers appointed by the parties shall be members of the Appraisal Institute (MAI) and shall have at least ten years’ experience in the valuation of properties similar to the Collateral being valued in the greater metropolitan area in which such Collateral is located. If each party shall appoint an appraiser having the aforesaid qualifications and if such appraisers cannot, within thirty (30) days after the appointment of the second appraiser, agree upon the determination hereinabove required, then they shall select a third appraiser which third appraiser shall have the aforesaid qualifications, and if they fail so to do within forty (40) days after the appointment of the second appraiser they shall notify the parties hereto, and either party shall thereafter have the right, on notice to the other, to apply for the appointment of a third appraiser to the chapter of the American Arbitration Association or its successor organization located in the metropolitan area in which the Collateral is located or to which the Collateral is proximate or if no such chapter is located in such metropolitan area, in the metropolitan area closest to the Collateral in which such a chapter is located. Each appraiser shall render its decision as to the Fair Market Value of the Collateral in question within thirty (30) days after the appointment of the third appraiser and shall furnish a copy thereof to the Lender and the Guarantor. The Fair Market Value of the Collateral shall then be calculated as the average of (i) the Fair Market Value determined by the third appraiser and (ii) whichever of the Fair Market Values determined by the first two appraisers is closer to the Fair Market Value determined by the third appraiser; provided, however, that if the Fair Market Value determined by the third appraiser is higher or lower than both Fair Market Values determined by the first two appraisers, such Fair Market Value determined by the third appraiser shall be disregarded and the Fair Market Value of the Collateral shall then be calculated as the average of the Fair Market Value determined by the first two appraisers. The Fair Market Value of a property, as so determined, shall be binding and conclusive upon the Lender and the Guarantors. Guarantors shall bear the cost of its own appraiser and, subject to subparagraph 2(e), shall bear all reasonable costs of appointing, and the expenses of, any other appraiser appointed pursuant to this subparagraph 2(d).
		

		
			 
		

		
			e)            Notwithstanding anything in the preceding subparagraphs of this paragraph 2, (i) in no event shall the aggregate amount required to be paid pursuant to this Debt Guarantee by the Guarantors as a group with respect to all defaults under the Note and the Deed of Trust securing the obligations thereunder exceed the Guaranteed Amount set forth on Exhibit B hereto, and (ii) the aggregate obligation of each Guarantor hereunder with respect to the Guaranteed Obligation shall be limited to the lesser of (I) the product of (w) the Individual Guarantee Percentage for such Guarantor set forth on Exhibit A hereto multiplied by (x) the Guaranteed Amount, or (II) the product of (y) such Guarantor’s Individual Guarantee Percentage multiplied by (z) the Aggregate Guarantee Liability.
		

		
			 
		

		
			f)            In confirmation of the foregoing, and without limitation, the Lender must first exhaust all of its rights and remedies against all property of the Borrower as to which the Lender has (or may have) a right of recourse, including, without limitation, the institution and prosecution to completion of appropriate foreclosure proceedings under the Deed of Trust, before exercising any right or remedy or making any claim, under this Debt Guarantee.
		

		
			 
		

		
			g)           The obligations under this Debt Guarantee shall be personal to each Guarantor and shall not be affected by any transfer of all or any part of a Guarantor’s interests in the Company; provided, however, that if a Guarantor has disposed of all of its equity interests in the Company, the obligations of such Guarantor under this Debt Guarantee shall terminate 12 months after the date of such disposition (the “Termination Date”) provided that (i) the Guarantor notifies the Lender that it is terminating its obligations under this Debt Guarantee as of the Termination Date and (ii) the fair market value of the Collateral exceeds the outstanding balance of the Note, including accrued and unpaid interest, as of the Termination Date, by at least 25%. Further, no Guarantor shall have the right to recover from the Borrower any amounts such Guarantor pays pursuant to this Debt Guarantee (except and only to the extent that the amount paid to the Lender by such Guarantor exceeds the amount required to be paid by such Guarantor under the terms of this Debt Guarantee).
		

		
			 
		

		
			h)           The obligations of any Guarantor who is an individual as a Guarantor hereunder shall terminate with respect to such Guarantor at the time of the death of such Guarantor provided that the fair market value of the Collateral exceeds the outstanding balance of the Note, including accrued and unpaid interest, as of the Termination Date, by at least 25%. The obligations of any Guarantor hereunder shall also terminate upon the sale or other disposition by Borrower of all or substantially all of the property acquired by Borrower.
		

		
			 
		

		
			3)           Intent to Benefit Lender. This Debt Guarantee is expressly for the benefit of the Lender. The Guarantors intend that the Lender shall have the right to enforce the obligations of the Guarantors hereunder, without any requirement whatsoever of resort by the Lender to any other party. The Lender’s rights to enforce the obligations of the Guarantors hereunder are material elements of this Debt Guarantee. This Debt Guarantee shall not be modified, amended or terminated (other than as specifically provided herein) without the written consent of the Lender. The Borrower shall furnish a copy of this Debt Guarantee to the Lender contemporaneously with its execution.
		

		
			 
		

		
			
		

		
			

		 

		

			3

		

 

		

		
			4)           Intended Tax Treatment. This Debt Guarantee is intended to create for each Guarantor a payment obligation stated as a fixed percentage of every dollar of the Borrower’s liability to the Lender pursuant to the Note (i.e., a vertical slice guarantee), in accordance with Temporary Treasury Regulation Section 1.752-2T(b)(3)(ii)(C)(2) and Proposed Treasury Regulation Section 1.752-2(j)(3), and any applicable successor statutory or regulatory provisions, and not a bottom dollar payment obligation, and this Debt Guarantee and the Tax Protection Agreement shall be interpreted consistent with such intent.(2)
		

		
			 
		

		
			5)           Waivers. Each Guarantor intends to bear the ultimate economic responsibility for the payment hereof of the Guaranteed Obligations to the extent set forth in paragraph 2 above. Pursuant to such intent:
		

		
			 
		

		

		
			(2)   [To the extent that such Treasury Regulations are amended (or modified by legislation or otherwise) to permit the recognition of bottom dollar payment obligations (or equivalent limitations on the Guarantor’s liability), this form of Debt Guarantee shall be revised as reasonably necessary to conform to such permitted form.]
		

		
			 
		

		
			a)            Except as expressly set forth in paragraph 2 above, each Guarantor expressly waives any right (pursuant to any law, rule, arrangement or relationship) to compel the Lender, or any subsequent holder of the Note or any beneficiary of the Deed of Trust to sue or enforce payment thereof, the Lender or any subsequent holder of the Note or any beneficiary of the Deed of Trust whatsoever, and failure of the Lender or any subsequent holder of the Note or any beneficiary of the Deed of Trust to do so shall not exonerate, release or discharge a Guarantor from its absolute unconditional obligations under this Debt Guarantee. Each Guarantor hereby binds and obligates itself, and its permitted successors and assignees, for performance of the Guaranteed Obligations according to the terms hereof, whether or not the Guaranteed Obligations or any portion thereof are valid now or hereafter enforceable against the Borrower or shall have been incurred in compliance with any of the conditions applicable thereto, subject, however, in all respects to the Guarantee Limit and the taking of certain prior actions and the other limitations set forth in paragraph 2.
		

		
			 
		

		
			b)           Each Guarantor expressly waives any right of subrogation or any other right (pursuant to any law, rule, arrangement, or relationship) to compel any other person (including, but not limited to, the Borrower, the Company, any subsidiary of the Company or the Borrower, or any other member or affiliate of the Company or the Borrower) to reimburse or indemnify such Guarantor for all or any portion of amounts paid by such Guarantor pursuant to this Debt Guarantee to the extent such amounts do not exceed the amounts required to be paid by such Guarantor pursuant to paragraph 2 hereof (taking into account the limitations set forth therein).
		

		
			 
		

		
			c)            Except as expressly set forth in paragraph 2 above, if and only to the extent that the Borrower has made similar waivers under the Note or the Deed of Trust or any other document further evidencing or securing the Note and the loan made pursuant thereto, each Guarantor expressly waives: (i) the defense of the statute of limitations in any action hereunder or for the collection or performance of the Note or the Deed of Trust; (ii) any defense that may arise by reason of: the incapacity, or lack of authority of the Borrower, the revocation or repudiation hereof by such Guarantor, the revocation or repudiation of the Note or the Deed of Trust by the Borrower, the failure of the Lender to file or enforce a claim against the estate (either in administration, bankruptcy or any other proceeding) of the Borrower; the unenforceability in whole or in part of the Note, the Deed of Trust or any other document or instrument related thereto; the Lender’s election, in any proceeding by or against the Borrower under the federal Bankruptcy Code, of the application of Section 1111(b)(2) of the federal Bankruptcy Code; or any borrowing or grant of a security interest under Section 364 of the federal Bankruptcy Code; (iii) presentment, demand for payment, protest, notice of discharge, notice of acceptance of this Debt Guarantee or occurrence of, or any default in connection with, the Note or the Deed of Trust, and indulgences and notices of any other kind whatsoever, including, without limitation, notice of the disposition of any collateral for the Note; (iv) any defense based upon an election of remedies (including, if available, an election to proceed by non-judicial foreclosure) or other action or omission by the Lender or any other person or entity which destroys or otherwise impairs any indemnification, contribution or subrogation rights of such Guarantor or the right of such Guarantor, if any, to proceed against the Borrower for reimbursement, or any combination thereof; (v) subject to paragraph 5 below, any defense based upon any taking, modification or release of any collateral or guarantees for the Note, or any failure to create or perfect any security interest in, or the taking of or failure to take any other action with respect to any collateral securing payment or performance of the Note; (vi) any rights or defenses based upon any right to offset or claimed offset by such Guarantor against any indebtedness or obligation now or hereafter owed to such Guarantor by the Borrower; or (vii) any rights or defenses based upon any rights or defenses of the Borrower to the Note or the Deed of Trust (including, without limitation, the failure or value of consideration, any statute of limitations, accord and satisfaction, and the insolvency of the Borrower); it being intended, except as expressly set forth in paragraph 2 above, that such Guarantor shall remain liable hereunder, to the extent set forth herein, notwithstanding any act, omission or thing which might otherwise operate as a legal or equitable discharge of any of such Guarantor or of the Borrower.
		

		
			 
		

		
			
		

		
			

		 

		

			4

		

 

		

		
			6)           Amendment of Note and Deed of Trust. Without in any manner limiting the generality of the foregoing, the Lender or any subsequent holder of the Note or beneficiary of the Deed of Trust may, from time to time, without notice to or consent of the Guarantors, agree to any amendment, waiver, modification or alteration of the Note or the Deed of Trust relating to the Borrower and its rights and obligations thereunder (including, without limitation, renewal, waiver or variation of the maturity of the indebtedness evidenced by the Note, increase or reduction of the rate of interest payable under the Note, release, substitution or addition of any Guarantor or endorser and acceptance or release of any security for the Note), it being understood and agreed by the Lender, however, that the Guarantor’s obligations hereunder are subject, in all events, to the limitations set forth in paragraph 2; provided that:
		

		
			 
		

		
			a)         in the event that the Lender consents to the release of any Collateral securing the Note pursuant to the Deed of Trust, the Guaranteed Amount shall be reduced in proportion to the Fair Market Value of such Collateral on the date of such release divided by the Fair Market Value of all Collateral securing such Note immediately prior to such release (with such Fair Market Value in each case determined as set forth in Section 2(d)); and
		

		
			 
		

		
			b)         upon any material change to the Note or the Deed of Trust, including, without limitation, the maturity date or the interest rate of the Note, or upon any release or substitution of any Collateral securing the Note, within thirty (30) days of any Guarantor’s receipt of actual notice of such event, subject to the following sentence, such Guarantor may elect to terminate such Guarantor’s obligations under this Debt Guarantee by written notice to the Lender. Such termination shall take effect on the 31st day following such actual notice, provided that no default under the Guaranteed Obligation has occurred and is then continuing.
		

		
			 
		

		
			7)           Termination of Debt Guarantee. Subject to paragraph 6, this Debt Guarantee is irrevocable as to any and all of the Guaranteed Obligations.
		

		
			 
		

		
			8)           Independent Obligations. Except as expressly set forth in paragraph 2, the obligations of each Guarantor hereunder are independent of the obligations of the Borrower, and a separate action or actions may be brought by a Lender against the Guarantors, whether or not actions are brought against the Borrower. Each Guarantor expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which such Guarantor may now or hereafter have against the Borrower, or any other person directly or contingently liable for the payment or performance of the Note and the Deed of Trust arising from the existence or performance of this Debt Guarantee (including, but not limited to, the Company, any member of the Company) (except and only to the extent that a Guarantor makes a payment to the Lender in excess of the amount required to be paid under paragraph 2 and the limitations set forth therein).
		

		
			 
		

		
			9)           Net Worth Representation and Information. The Guarantor hereby represents and warrants that it has sufficient net worth (excluding the value of its equity interests in the Company) to satisfy the Aggregate Guarantee Liability as of the date hereof and hereby agrees to maintain a sufficient net worth to satisfy the Aggregate Guarantee Liability as of any relevant date of determination until the obligations of Borrower for principal and interest now or hereafter existing under the Guaranteed Obligations shall have been paid. While this Debt Guarantee remains effective, the Guarantor shall provide information reasonably requested from time to time by the Company or the Lender with respect to Guarantor’s net worth, but not more frequently than on a [quarterly] basis.
		

		
			 
		

		
			10)         Notification of Lender. The Company shall cause a copy of this Debt Guarantee, including all Exhibits hereto, and any amendments or supplements, to be promptly delivered to the Lender in accordance with the Tax Protection Agreement.
		

		
			 
		

		
			11)         Understanding With Respect to Waivers. Each Guarantor warrants and represents that each of the waivers set forth above are made with full knowledge of their significance and consequences, and that under the circumstances, the waivers are reasonable and not contrary to public policy or law. If any of said waivers are determined to be contrary to any applicable law or public policy, such waiver shall be effective only to the maximum extent permitted by law.
		

		
			 
		

		
			12)         No Assignment. No Guarantor shall be entitled to assign his or her rights or obligations under this Debt Guarantee to any other person without the written consent of the Lender.
		

		
			 
		

		
			13)         Entire Agreement. The parties agree that this Debt Guarantee contains the entire understanding and agreement between them with respect to the subject matter hereof and cannot be amended, modified or superseded, except by an agreement in writing signed by the parties.
		

		
			 
		

		
			14)         Notices. Any notice given pursuant to this Debt Guarantee shall be in writing and shall be deemed given when delivered personally, or sent by registered or certified mail, postage prepaid, as follows:
		

		
			 
		

		
			
		

		
			

		 

		

			5

		

 

		

		
			If to the Company:
		

		
			 
		

		
			SPT Dolphin Intermediate LLC
		

		
			c/o Starwood Property Trust, Inc.
		

		
			591 West Putnam Avenue
		

		
			Greenwich, Connecticut 06830
		

		
			Attention: [Andrew Sossen, Esq.
		

		
			Tel. No.: (203) 422-8191
		

		
			Facsimile No.: (203) 422-8192
		

		
			E-mail:  asossen@starwood.com ]
		

		
			 
		

		
			With a copy to:
		

		
			 
		

		
			[ ]
		

		
			 
		

		
			or to such other address with respect to which notice is subsequently provided in the manner set forth above; and
		

		
			 
		

		
			If to a Guarantor, to the address set forth on Exhibit A hereto, or to such other address with respect to which notice is subsequently provided in the manner set forth above.
		

		
			 
		

		
			15)         Applicable Law.  This Debt Guarantee shall be governed by, interpreted under and construed in accordance with the laws of the State of Delaware without reference to its choice of law provisions.
		

		
			 
		

		
			16)         Consent to Jurisdiction; Enforceability.
		

		
			 
		

		
			a)           This Debt Guarantee and the duties and obligations of the parties hereto shall be enforceable against each Guarantor in the courts of the State of Delaware and in the federal courts located in such state. For such purpose, each Guarantor hereby irrevocably submits to the nonexclusive jurisdiction of such courts and agrees that all claims in respect of this Debt Guarantee may be heard and determined in any of such courts.
		

		
			 
		

		
			b)           Each Guarantor hereby irrevocably agrees that a final judgment of any of the courts specified above in any action or proceeding relating to this Debt Guarantee shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
		

		
			 
		

		
			17)         Condition of Borrower.   Each Guarantor is fully aware of the financial condition of the Borrower and is executing and delivering this Debt Guarantee based solely upon its own independent investigation of all matters pertinent hereto and is not relying in any manner upon any representation or statement of the Lender or the Borrower. Each Guarantor represents and warrants that it is in a position to obtain, and hereby assumes full responsibility for obtaining, any additional information concerning the Borrower’s financial conditions and any other matter pertinent hereto as it may desire, and it is not relying upon or expecting the Lender to furnish to it any information now or hereafter in the Lender’s possession concerning the same. By executing this Debt Guarantee, each Guarantor knowingly accepts the full range of risks encompassed within a contract of this type, which risks it acknowledges.
		

		
			 
		

		
			18)         Expenses. Each Guarantor agrees that, promptly after receiving Lender’s notice therefor, such Guarantor shall reimburse Lender, subject to the limitation set forth in subparagraph 2(e) and to the extent that such reimbursement is not made by Borrower, for all reasonable expenses (including, without limitation, reasonable attorneys fees and disbursements) incurred by Lender in connection with the collection of the Guaranteed Obligations or any portion thereof or with the enforcement of this Debt Guarantee.
		

		
			 
		

		
			
		

		
			

		 

		

			6

		

 

		

		
			IN WITNESS WHEREOF, the undersigned Guarantors set forth on Exhibit A hereto have executed this Debt Guarantee as of the date first set forth above.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						GUARANTORS SET FORTH ON EXHIBIT A HERETO:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			7

		

 

		

		
			EXHIBIT A
		

		
			 
		

		
			[    ]
		

		
			 
		

		
			Exhibit A to Annex E (Form of Debt Guarantee)
		

		
			 
		

		
			 
		

		
			

		 

		

			1

		

 

		

		
			EXHIBIT B
		

		
			 
		

		
			[   ]
		

		
			 
		

		
			Exhibit B to Annex E (Form of Debt Guarantee)
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			1

		

 

		

		
			EXHIBIT C
		

		
			 
		

		
			[   ]
		

		
			 
		

		
			Exhibit C to Annex E (Form of Debt Guarantee)
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			1

		

 

		

		
			EXHIBIT D
		

		
			 
		

		
			[   ]
		

		
			 
		

		
			Exhibit D to Annex E (Form of Debt Guarantee)
		

		
			 
		

		 

		

			1EX-10.1

 Exhibit 10.1 

CSRA INC. 
 AMENDED AND
RESTATED 2015 OMNIBUS INCENTIVE PLAN 
 SERVICE BASED RESTRICTED STOCK UNIT 

AWARD AGREEMENT 
  

	 	1.	Grant of Award. 

 This Agreement (“Agreement”) is made and entered into as of
«Grant_Date_x» (the “Grant Date”) by and between CSRA Inc., a Nevada corporation (the “Company”), and «Name_x», a full-time employee of the Company and/or one or more of its subsidiaries (the
“Employee”). 
 This Agreement granting the Employee an award under the Plan (the “Award”) shall be subject to all of the
terms and conditions set forth in the CSRA Inc. Amended and Restated 2015 Omnibus Incentive Plan (the “Plan”) and this Agreement. Except as defined in Appendix A, capitalized terms shall have the same meanings ascribed to them under the
Plan. 
 This Award is subject to the data privacy provisions set forth in Appendix B. 

Award Granted: «Shares_Granted_x» Restricted Stock Units (the “RSUs”) 

Upon each of the dates indicated below (each, a “Vesting Date”), subject to the terms and conditions set forth herein, the RSUs shall
vest with respect to the number indicated below across from such date: 
  

			
	Number of RSUs Vesting	  	Date
	1/3 of the RSUs Granted	  	1st Anniversary of the Grant Date
	1/3 of the RSUs Granted	  	2nd Anniversary of the Grant Date
	1/3 of the RSUs Granted	  	3rd Anniversary of the Grant Date

  

	 	2.	Settlement of RSUs. 

 (a) The RSUs shall be settled by the Company delivering to the
Employee (or after the Employee’s death, the beneficiary designated by the Employee for such purpose), on the applicable Scheduled Settlement Date, a number of RSU Shares equal to the number of RSUs vesting on such date, together with any
related Dividend Equivalents. 
 (b) Except as otherwise provided in this Agreement, the RSUs shall be settled on the applicable Scheduled
Settlement Date. 

  

	 	3.	Effect of Termination of Employment; Termination due to Reduction in Force or Mutual Agreement; Change in Control; Recoupment and Forfeiture. 

(a) Age 62 or Older Other than for Cause, death or Disability with at least 10 Years of Service; Approved Termination. If, prior to the
settlement of the RSUs in full: 
 (i) the Employee’s status as an employee of the Company or any of its subsidiaries is
terminated at age 62 or older for no reason, or for any reason other than Cause, death or Disability, and the Employee shall have been (or for any other purpose shall have been treated as if he or she had been) a continuous employee of the Company
or its subsidiaries for at least 10 years immediately prior to the date of termination of employment status (including for this purpose any continuous service with CSC prior to the Spinoff or with SRA prior to the SRA Merger); or 

(ii) the Employee’s status as an employee of the Company or any of its subsidiaries is terminated at any time during the
term of the Award and such termination is due to a Reduction in Force or Mutual Agreement, 
 then, as soon as practicable
after the Employee’s status as an employee of the Company or its subsidiaries is terminated (the “Employment Termination Date”), the Company shall settle a portion of the remaining unsettled RSUs and any related Dividend Equivalents.
The portion of the RSUs settled will be determined by multiplying (x) the total number of RSUs granted under this Award by (y) a fraction, the numerator of which is the number of full months of continuous service with the Company or its
subsidiaries that the Employee has completed since the Grant Date and the denominator of which is the total number of full months from the Grant Date until the last scheduled Vesting Date under the Award, and then subtracting from the resulting
product the total number of RSUs granted under this Award, if any, that have vested and been settled prior to the Employment Termination Date. The portion of the RSUs not settled in accordance with this section any related Dividend Equivalents shall
automatically be cancelled as of the close of business on the Employment Termination Date. 
 (b) Leave of Absence. If, prior to the
settlement of the RSUs in full, the Employee is granted a leave of absence (including a military leave of absence), the Employee and the Company each reasonably anticipate that the Employee will return to active employment and either (x) the
leave of absence is to be for not more than six months or (y) at all times during the leave of absence the Employee has a statutory or contractual right to return to work, then: 

(i) while on leave of absence the Employee shall be treated as if he were an active employee; 

(ii) if the Employee’s leave of absence is terminated before the final Vesting Date and the Employee does not timely
return to active employment, the date of the end of the leave of absence shall be treated as the date on which the Employee has a termination of employment; 

  
 2 

 (iii) if the Employee’s leave of absence is terminated before the final
Vesting Date and the Employee timely returns to active employment, he shall be treated as if active employment had continued uninterrupted during the leave of absence; and 

(iv) if a Vesting Date occurs during the Employee’s leave of absence, the applicable number of RSUs and any related
Dividend Equivalents shall be settled on the related Scheduled Settlement Date. 
 (c) Death or Disability. 

 (i)        Notwithstanding anything to the contrary in this Agreement, if, prior to
the settlement in full of the RSUs, the Employee’s status as an employee of the Company or any of its subsidiaries is terminated by reason of death of the Employee, then, one calendar month after such death, the Company shall complete the
settlement in full of the remaining unsettled RSUs and any related Dividend Equivalents. 
  (ii)
      If, prior to the settlement in full of the RSUs, the Employee’s status as an employee of the Company or any of its subsidiaries is terminated by reason of the Disability of the Employee, then, one calendar
month after the Employment Termination Date, the Company shall complete the settlement in full of the remaining unsettled RSUs and any related Dividend Equivalents. 

 (iii)     If settlement is by reason of termination due to death, settlement shall be to the
beneficiary designated by the Employee for such purpose. 
 (d) Cancellation of RSUs upon Other Termination of Employment. If, prior
to the settlement in full of the RSUs, the Employee’s status as an employee of the Company or any of its subsidiaries is voluntarily or involuntarily terminated other than pursuant to Section 3(a), (c) or (e) hereof, then the
remaining unsettled RSUs and all related Dividend Equivalents shall automatically be cancelled as of the close of business on the Employment Termination Date. 

(e) Change in Control. 

 (i)        If, on or within two (2) years after the date of a Change in
Control and prior to when the RSUs have been settled in full, the Employee’s status as an employee of the Company (including any successor to the Company resulting from the Change in Control) or any of its subsidiaries is terminated by the
Company or any of its subsidiaries due to a Reduction in Force or Mutual Agreement, or the Employee’s death or Disability or pursuant to Section 3(a)(i) above, then any unvested RSUs (and any related Dividend Equivalents) shall
automatically vest in full as of the Employment Termination Date and shall be settled on or as soon as administratively practicable (but, subject to Section 18 below, in no event later than 2.5 months) after the Employment Termination Date.

  
 3 

  (ii)        Without limitation of
the foregoing, if, at any time following a Change in Control that results from the consummation of the transactions contemplated by the Agreement and Plan of Merger by and among the Company, General Dynamics Corporation and Red Hawk Enterprises
Corp., dated as of February 9, 2018, the Employee’s status as an employee of the Company (including any successor to the Company resulting from such Change in Control) or any of its subsidiaries is terminated by the Company or any of its
subsidiaries without Cause, by the Employee for Good Reason, or due to the Employee’s death or Disability, then any unvested RSUs (and any related Dividend Equivalents) shall automatically vest in full as of the Employment Termination Date and
shall be settled on or as soon as administratively practicable (but, subject to Section 18 below, in no event later than 2.5 months) after the Employment Termination Date, and, for the avoidance of doubt, Section 3(e)(i) shall not apply.

 (f) Recoupment and Forfeiture. Settlement of all or a portion of the Award pursuant to this Section 3 is subject to the
forfeiture provisions of this Section 3. Settlement of all or a portion of the Award is subject to recoupment by the Company pursuant to Section 5. 
  

	 	4.	Withholding and Taxes. 

 (a) If the Company and/or the Employer are obligated to withhold
an amount on account of any federal, state or local tax imposed as a result of the grant or settlement of the RSUs pursuant to this Agreement (collectively, “Taxes”), including, without limitation, any federal, state or other income tax,
or any F.I.C.A., state disability insurance tax or other employment tax (the date upon which the Company and/or the Employer becomes so obligated shall be referred to herein as the “Withholding Date”), then the Employee shall pay to the
Company on the Withholding Date, the minimum aggregate amount that the Company and the Employer are so obligated to withhold (or such larger amount of taxes that may be permitted to be withheld under applicable accounting guidance without resulting
in the classification of the RSUs as a liability award for accounting purposes), as such amount shall be determined by the Company (the “Withholding Liability”), which payment shall be made by the automatic cancellation by the Company of a
portion of the RSU Shares; provided that the Company is not then prohibited from purchasing or acquiring such shares of Common Stock (such shares to be valued on the basis of the aggregate Fair Market Value thereof on the Withholding Date, plus the
value of the Dividend Equivalents associated with such shares on the Withholding Date); and provided further that the RSU Shares to be cancelled shall be those that would otherwise have been delivered to the Employee the soonest upon settlement of
the RSUs; and provided further, however, that the Employee may, on or before the Withholding Date, irrevocably elect to instead pay to the Company, by check or wire transfer delivered or made within one business day after the Withholding Date, an
amount equal to or greater than the Withholding Liability. 

  
 4 

 (b) The Employee acknowledges that neither the Company nor the Employer has made any
representation or given any advice to the Employee with respect to Taxes. 
  

	 	5.	Recoupment and Forfeiture. 

 (a)  Refund of Stock Value; Forfeiture of RSUs.

  (i)        Refund of Stock Value. If the Employee breaches any of the
covenants set forth in Section 5(b)(i), (ii) or (iii) hereof during the Applicable Restrictive Period for any Settlement Date, then, if the RSUs were settled within the one year period prior to the occurrence of such event, the Employee
shall immediately deliver to the Company an amount in cash equal to the (i) aggregate Fair Market Value, determined as of such Settlement Date, of all RSU Shares which were delivered to the Employee or cancelled in payment of Taxes on such
Settlement Date and (ii) Dividend Equivalents paid to the Employee in respect of the RSU Shares. 

 (ii)        Forfeiture of RSUs. If the Employee breaches any of the
covenants set forth in Section 5(b)(i), (ii) or (iii) hereof prior to a Settlement Date for the RSUs, any remaining unsettled RSUs and all related Dividend Equivalents shall be terminated and forfeited. 

(b) Triggering Events. The events referred to in Sections 3(f) and 5(a) hereof are as follows: 

 (i)        Non-Disclosure and Non-Use of Confidential Information. The Employee agrees not to disclose, use, misappropriate, communicate, disseminate, copy or duplicate or otherwise permit the use, disclosure, misappropriation,
communication, dissemination, copying or duplication of any Confidential Information (other than in connection with authorized activities conducted in the course of the Employee’s employment at the Company for the benefit of the Company) during
the period of including during his/her employment with the Company or at any time thereafter. The Employee agrees to take all reasonable steps and precautions to prevent any unauthorized disclosure, use, misappropriation, communication,
dissemination copying or duplication of Confidential Information and to return all Confidential Information to the Company promptly upon Employee’s termination of employment. 

 (ii)        Non-Solicitation of the
Company’s Employees, Clients, and Prospective Clients. During the time of the Employee’s employment and for a period of 24 months thereafter, the Employee shall not, without the express, prior written consent of the Company’s
General Counsel, engage in any of the conduct described in paragraphs (A) and (B) below, either directly or indirectly, individually or as an employee, agent, contractor, consultant, member, partner, officer, director or stockholder (other than
as a stockholder of less than 5% of the equities of a publicly held corporation) or in any other capacity for any person, firm, partnership or corporation: 

  
 5 

     (A)        hire,
attempt to hire or assist any other person or entity in hiring or attempting to hire any current employee of the Company or any person who was a Company employee within the 6-month period preceding such hiring
or attempted hiring; 
     (B)        solicit, divert or cause
a reduction in the business or patronage of any Client or Prospective Client. 

 (iii)         
Non-Competition. During the time of the Employee’s employment and for a period of 12 months thereafter, the Employee shall not, without the express, prior written consent of the Company’s
General Counsel, either directly or indirectly, as an employee, agent, contractor, consultant, partner, member, officer, director or stockholder (other than as a stockholder of less than 5% of the equities of a publicly traded corporation), wherever
the Company is marketing or providing its services or products, participate in any activity as, or for, a Competitor of the Company which is the same or similar to the activities in which the Employee was involved at the Company. 

(c) Waiver of Recoupment. Notwithstanding the foregoing, the Employee shall be released from (i) all of his or her obligations
under Section 5(a) hereof in the event that a Change in Control occurs within three years prior to the Employment Termination Date, and (ii) some or all of his or her obligations under Section 5(a) hereof in the event that the
Committee (if the Employee is an executive officer of the Company) or the Company’s Chief Executive Officer (if the Employee is not an executive officer of the Company) shall determine, in their respective sole discretion, that such release is
in the best interests of the Company. 
 (d) Effect on Other Rights and Remedies. The rights of the Company set forth in this
Section 5 shall not limit or restrict in any manner any rights or remedies which the Company or any of its affiliates may have under law or under any separate employment, confidentiality or other agreement with the Employee or otherwise with
respect to the events described in Section 5(b) hereof. 
 (e) Reasonableness. The Employee agrees that the terms and conditions
set forth in this Section 5 are fair and reasonable and are reasonably required for the protection of the interests of the Company. If, however, in any judicial proceeding any provision of this Section 5 is found to be so broad as to be
unenforceable, the Employee and the Company agree that such provision shall be interpreted to be only so broad as to be enforceable. 
 (f)
Clawback. As an additional condition of receiving this Award, the Employee agrees and acknowledges that the Award shall be subject to repayment to the Company in whole or in part in the event of a financial restatement or in such other
circumstances as may be required by applicable law or as may be provided in any clawback policy that is adopted by the Company. 

  
 6 

	 	6.	Registration of Units. 

 The Employee’s right to receive the RSU Shares shall be
evidenced by book entry (or by such other manner as the Committee may determine). 
  

	 	7.	Certain Corporate Transactions. 

 In the event that the outstanding securities of any
class then comprising the RSU Shares are increased, decreased or exchanged for or converted into cash, property and/or a different number or kind of securities, or cash, property and/or securities are distributed in respect of such outstanding
securities, in either case as a result of a reorganization, merger, consolidation, recapitalization, reclassification, dividend (other than a regular, quarterly cash dividend) or other distribution, stock split, reverse stock split or the like,
then, unless the Committee shall determine otherwise, the term “RSU Shares,” as used in this Agreement, shall, from and after the date of such event, include such cash, property and/or securities so distributed in respect of the RSU
Shares, or into or for which the RSU Shares are so increased, decreased, exchanged or converted. 
  

	 	8.	Shareholder Rights. 

 The Employee shall have no rights of a shareholder with respect to
RSU Shares subject to this Award unless and until such time as the Award has been settled by the transfer of shares of Common Stock to the Employee. 
  

	 	9.	Assignment of Award. 

 Except as otherwise permitted by the Committee, the
Employee’s rights under the Plan and this Agreement are personal; no assignment or transfer of the Employee’s rights under and interest in this Award may be made by the Employee other than by will or by the laws of descent and
distribution. 
  

	 	10.	Notices. 

 Unless the Company notifies the Employee in writing of a different procedure,
any notice or other communication to the Company with respect to this Award shall be in writing and shall be: 

(a)        by registered or certified United States mail, postage prepaid, to CSRA
Inc., Attn: Corporate Secretary, 3170 Fairview Park Drive, Falls Church, VA 22042; or 

(b)        by hand delivery or otherwise to CSRA Inc., Attn: Corporate Secretary, 3170
Fairview Park Drive, Falls Church, VA 22042. 
 Any notices provided for in this Agreement or in the Plan shall be given in writing and
shall be deemed effectively delivered or given upon receipt or, in the case of notices delivered by the Company to the Employee, five days after deposit in the United States mail, postage prepaid, addressed to the Employee at the address specified
at the end of this Agreement or at such other address as the Employee hereafter designates by written notice to the Company. 

  
 7 

	 	11.	Stock Certificates. 

 Certificates representing the Common Stock issued pursuant to the
Award will bear all legends required by law and necessary or advisable to effectuate the provisions of the Plan and this Award. The Company may place a “stop transfer” order against shares of the Common Stock issued pursuant to this Award
until all restrictions and conditions set forth in the Plan or this Agreement and in the legends referred to in this Section 11 have been complied with. 
  

	 	12.	Successors and Assigns. 

 This Agreement shall bind and inure to the benefit of and be
enforceable by the Employee, the Company and their respective permitted successors and assigns (including personal representatives, heirs and legatees), except that the Employee may not assign any rights or obligations under this Agreement except to
the extent and in the manner expressly permitted herein. 
  

	 	13.	Plan. 

 The RSUs are granted pursuant to the Plan, as in effect on the Grant Date, and
are subject to all the terms and conditions of the Plan, as the same may be amended from time to time; provided, however, that no such amendment shall deprive the Employee, without his or her consent, of the RSUs or of any of the Employee’s
rights under this Agreement. The interpretation and construction by the Committee of the Plan, this Agreement and such rules and regulations as may be adopted by the Committee for the purpose of administering the Plan shall be final and binding upon
the Employee. Until the RSUs are settled in full, the Company shall, upon written request therefor, send a copy of the Plan, in its then-current form, to the Employee. 
  

	 	14.	No Employment Guaranteed. 

 No provision of this Agreement shall (a) be deemed to
form an employment contract or relationship with the Company or any of its subsidiaries, (b) confer upon the Employee any right to be or continue to be in the employ of the Company or any of its subsidiaries, (c) affect the right of the
Employer to terminate the employment of the Employee, with or without cause, or (d) confer upon the Employee any right to participate in any employee welfare or benefit plan or other program of the Company or any of its subsidiaries other than
the Plan. The Employee hereby acknowledges and agrees that the Employer may terminate the employment of the Employee at any time and for any reason, or for no reason, unless applicable law provides otherwise or unless the Employee and the Employer
are parties to a written employment agreement that expressly provides otherwise. 
  

	 	15.	Nature of Company Restricted Stock Unit Grants. 

 The Employee acknowledges and agrees
that: 
 (a) the Plan was established voluntarily by the Company, it is discretionary in nature and it may be modified, suspended or
terminated by the Company at any time, as provided in the Plan and this Agreement; 

  
 8 

 (b) the Company grants RSUs voluntarily and on an occasional basis, and the receipt of the RSUs
by the Employee does not create any contractual or other right to receive any future grant of RSUs, or any benefits in lieu of a grant of RSUs; 

(c) all decisions with respect to future grants of RSUs by the Company will be made in the sole discretion of the Company; 

(d) the Employee is voluntarily participating in the Plan; and 

(e) the future value of the RSUs is unknown and cannot be predicted with certainty. 

 

	 	16.	Governing Law; Consent to Jurisdiction. 

 This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Nevada, United States of America, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the
substantive law of another jurisdiction. Any action, suit or proceeding to enforce the terms and provisions of this Agreement, or to resolve any dispute or controversy arising under or in any way relating to this Agreement, may be brought in the
state courts for the County of Washoe, State of Nevada, United States of America, and the parties hereto hereby consent to the jurisdiction of such courts. If the Employee has received this or any other document related to the Plan translated into a
language other than English, and the translated version is different than the English version, the English version will control. 
  

	 	17.	Entire Agreement; Amendment and Waivers. 

 This Agreement embodies the entire
understanding and agreement of the parties with respect to the subject matter hereof, and no promise, condition, representation or warranty, express or implied, not stated or incorporated by reference herein, shall bind either party hereto. None of
the terms and conditions of this Agreement may be amended, modified, waived or canceled except by a writing, signed by the parties hereto specifying such amendment, modification, waiver or cancellation. A waiver by either party at any time of
compliance with any of the terms and conditions of this Agreement shall not be considered a modification, cancellation or consent to a future waiver of such terms and conditions or of any preceding or succeeding breach thereof, unless expressly so
stated. 
  

	 	18.	Section 409A Compliance. 

 Payments under this Agreement are designed
to be made in a manner that is exempt from or compliant with Section 409A of the U.S. Internal Revenue Code (the “Code”) as a “short-term deferral,” and the provisions of this Agreement will be administered, interpreted and
construed accordingly (or disregarded to the extent such provision cannot be so administered, interpreted, or construed). 
 Notwithstanding
anything to the contrary in this Agreement, if, upon the advice of its counsel, the Company determines that the settlement of an RSU Share pursuant to this Agreement is or may become subject to the additional tax under Section 409A(a)(1)(B) of
the 

  
 9 

 
Code or any other taxes or penalties imposed under Section 409A (“409A Taxes”) as applicable at the time such settlement is otherwise required under this Agreement, then such
payment may be delayed to the extent necessary to avoid 409A Taxes. In particular: 
 (a) if the Employee is a specified
employee within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of the Employee’s “separation from service” (other than due to death) within the meaning of
Section 1.409A-1(h) of the Treasury Regulations, such settlement shall be delayed until the earlier of (i) the first business day following the expiration of six months from the Employee’s
separation from service, (ii) the date of the Employee’s death, or (iii) such earlier date as complies with the requirements of Section 409A (the “Settlement Delay Period”); and 

(b) if all or any part of such RSU Share has been converted into cash pursuant to Section 7 hereof, then: 

(i)         upon settlement of such RSU Share, such cash shall be increased by an
amount equal to interest thereon for the Settlement Delay Period at a rate equal to the default rate credited to amounts deferred under the Company’s Deferred Compensation Plan; provided, however, that such rate shall be calculated on a monthly
average basis rather than a daily basis; and 
 (ii)       the Company shall fund the payment
of such cash to the Employee upon settlement of such RSU Share, including the interest to be paid with respect thereto (collectively, the “Delayed Cash Payment”), by establishing and irrevocably funding a trust for the benefit of the
Employee, but only if the establishment of such trust does not result in any taxes or penalties becoming due under Section 409A(b). Such trust shall be a grantor trust described in Section 671 of the U.S. Internal Revenue Code and intended
not to cause tax to be incurred by the Employee until amounts are paid out from the trust to the Employee. The trust shall provide for distribution of amounts to the Employee in order to pay taxes, if any, that become due on the amounts as to which
payment is being delayed during the Settlement Delay Period pursuant to this Section 18, but only to the extent permissible under Section 409A of the U.S. Internal Revenue Code without the imposition of 409A Taxes. The establishment and
funding of such trust shall not affect the obligation of the Company to pay the Delayed Cash Payment pursuant to this Section 18. 
  

	 	19.	Section 280G. 

 If, after the Grant Date, there occurs a transaction
that constitutes a “change of control” for purposes of Section 280G of the Code and, immediately prior to the consummation of such change of control, the Company or any of its consolidated subsidiaries are an entity whose equity
securities are readily tradable on an established securities market (or otherwise), the following provisions will apply: 
 (a) If any
payments or benefits provided or to be provided by the Company or its affiliates to the Employee or for the Employee’s benefit pursuant to the terms of this Agreement or otherwise (the “Covered Payments”) constitute parachute payments
within the 

  
 10 

 
meaning of Section 280G of the Code (“Parachute Payments”) and would, but for this Section 19(a), be subject to the excise tax imposed under Section 4999 of the Code (or
any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then the Covered Payments shall be payable either (i) in full
or (ii) reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax, whichever of the foregoing results in the Employee’s receipt on an
after-tax basis of the greatest amount of benefits after taking into account applicable federal, state, local and foreign income, employment and excise taxes (including the Excise Tax). If required to be
reduced pursuant to the foregoing to the extent permitted under Code Sections 280G, 409A and 4999, the Employee may elect the order of reduction. If the foregoing is not permitted, the reduction shall be in such manner that maximizes the amount to
be received by the Employee with any cash payments being reduced first starting with the last payment due, next shares not subject to Q + A 24(c) of Treas. Reg. 1-280G (“24(c)”) starting with the
last vesting share, then options subject to 24(c) starting with the last vesting option, and then shares and options subject to 24(c) in a manner that maximizes what is received by the Employee. If the Covered Payments are paid in full, the Employee
will be solely responsible for the payment of any Excise Tax and the Company will have no further obligations with respect thereto. 
 (b)
Any determinations required under this Section 19 shall be made in writing by an accounting firm selected and paid for by the Company. The accountant shall deliver to the Company and the Employee an opinion that can be utilized for filing of
tax returns, and including valuation of the non-compete that applies to the Employee. The Employee shall provide the Company with such information and documents as he or she may have as the Company may
reasonably request in order to make a determination under this Section 19. 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Award Agreement to be duly executed as of
the Grant Date. 
  

							
	EMPLOYEE	 		 	CSRA INC.
				
	 	 		 	By:	 	 
	«Name_x»	 		 		 	Name:
		 		 		 	Title:
	The Employee acknowledges receipt of the Plan and a Prospectus relating to this award, and further acknowledges that he or she has reviewed this Agreement and the related documents and accepts the provisions thereof.	 		 		 	
				
	 	 		 		 	
	«Name_x»	 		 		 	
	ACCEPTANCE DATE	 		 		 	

  
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 Appendix A 
  

	 	1.	Definitions. 

 For purposes of this Agreement: 

(a)   “Applicable Restrictive Period” shall mean, with respect to each Settlement Date, the period set forth in
Section 5(b)(i), (ii) or (iii) hereof, respectively. 
 (b)   “Cause” shall mean: (A) fraud,
misappropriation, embezzlement or other act of material misconduct against the Company or any of its affiliates; (B) conviction of a felony involving a crime of moral turpitude; (C) willful and knowing violation of any rules or regulations
of any governmental or regulatory body material to the business of the Company; or (D) substantial and willful failure to render services in accordance with the terms of his or her employment (other than as a result of illness, accident or
other physical or mental incapacity), provided that (X) a demand for performance of services has been delivered to the Employee in writing by the Employee’s supervisor at least 60 days prior to termination identifying the manner in which
such supervisor believes that the Employee has failed to perform and (Y) the Employee has thereafter failed to remedy such failure to perform. 

(c)   “Client” means any client with respect to whom the Employee provided services, on behalf of whom the
Employee transacted business, or with respect to whom the Employee possessed Confidential Information during the 12-month period preceding each of (i) the date the Employee engages in an act described in
Section 5(b)(ii)(B) and (ii) the date of the termination of the Employee’s employment with the Company for any reason. 

(d)   “Competitor” means an individual, business or any other entity or enterprise engaged or having publicly
announced its intent to engage in business that is substantially similar to the Company’s business. For purposes of this Agreement, the parties specifically agree that: the Company is engaged in the business of providing technology-enabled
solutions and services; that the Company’s capabilities include, but are not limited to, system design and integration, information technology and business process outsourcing, applications software development, Web and application hosting,
mission support and management consulting; and that the Company actively solicits business and services clients located throughout the United States and the world. A non-exhaustive list of the Company’s
Competitors includes AAR Corporation, Booz Allen Hamilton Holding Corporation, CACI International, Engility Holdings, Harris Corporation, L-3 Communications Holdings, Leidos Holdings, ManTech International,
Maximus, Rockwell Collins, SAIC, Unisys Corporation, or any subsidiary or affiliate thereof. 
 (e)   “Confidential
Information” means all Company trade secrets, patents, copyrights, confidential or proprietary business information and data, sales and financial data, pricing information, manufacturing and distribution methods, information relating to the
Company’s business plans and strategies including, but not limited to, customers and/or prospects, or lists thereof, marketing plans and procedures, research and development plans, methods of doing business, both technical and non-technical, information relating to the design, architecture, flowcharts, source or object code and documentation of any and all 

  
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computer software products which the Company has developed, acquired or licensed or is in the process of developing, acquiring or licensing or shall develop, acquire or license in the future,
hardware and database technologies or technological information, formulae, designs, process and systems information, intellectual property rights, and any other confidential or proprietary information which relates to the business of the Company or
to the business of any client or vendor of the Company or any other party with whom the Company agrees to hold information in confidence, whether patentable, copyrightable or protectable as trade secrets or not. Confidential Information does not
include information which is (i) already known by the Employee without an obligation of confidentiality, (ii) publicly known or becomes publicly known through no unauthorized act of the Employee, (iii) rightfully received from a third
party without an obligation of confidentiality, (iv) disclosed without similar restrictions by the Company to a third party (other than an affiliate or customer of the Company), or (v) approved by the Company, in writing, for disclosure.

 (f)   “Employer” shall mean the Employee’s employer. 

(g)   “Good Reason” shall mean an Employee’s separation of employment from the Company if it occurs within
six months of the following without the Employee’s express written consent: (i) a substantial change in the nature, or diminution in the status, of the Employee’s duties or position from those in effect immediately prior to the Change
in Control; (ii) a reduction by the Company in the Employee’s annual base salary or target total cash in effect on the date of a Change in Control or in effect thereafter if such compensation has been increased and such increase was
approved prior to the Change in Control; (iii) a failure to continue in effect any stock option or other equity based or non-equity based incentive compensation plan in effect immediately prior to the
Change in Control, or a reduction in the Employee’s participation in any such plan, unless the Employee is afforded the opportunity to participate in an alternative incentive compensation plan of reasonably equivalent value; (iv) a failure
to provide the Employee the same number of paid vacation days per year available prior to the Change in Control, or any material reduction or the elimination of any material benefit or perquisite enjoyed by the Employee immediately prior to the
Change in Control; (v) any material breach by the Company of any provision of this Agreement, the severance plans, or of any agreement entered into pursuant to the severance plans or any other stock or restricted stock agreement;
(vi) conduct by the Company, against the Employee’s volition, that would cause the Employee to commit fraudulent acts or would expose the Employee to criminal liability; and/or (vii) any failure by the Company to obtain the assumption
of the severance plans or any agreement entered into pursuant to the severance plans by any successor or assign of the Company. 
 (h)
  “Mutual Agreement” shall mean a termination (other than a resignation or a termination by the Employer for Cause) pursuant to a written contract entered into between Employer and Employee that provides the terms and
conditions under which Employee is separated from employment with the Company. 
 (i)   “Prospective Client”
means any individual or enterprise who is not a Client but with whom the Company was in active business discussions or negotiations at any time during either (i) the date the Employee engages in an act described in Section 5(b)(ii)(B) or
(ii) the 12-month period preceding the termination of the Employee’s employment with the Company for any reason and in each case whose identity became known to the Employee in connection with the
Employee’s relationship with or employment by the Company. 

  
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 (j)   “Scheduled Settlement Date” shall mean the applicable Vesting
Date with respect to a particular tranche of RSUs or as soon as practicable thereafter, but in no event later than March 15 of the calendar year following the calendar year that includes the applicable Vesting Date. 

(k)   “Settlement Date” shall mean, with respect to each RSU Share, the date upon which the RSU was settled by the
delivery of such RSU Share to the Employee or the date upon which such RSU Share was cancelled in payment of Taxes (as hereinafter defined). 

(l)   “Reduction in Force” shall mean the Employer’s termination of the Employee’s employment without
Cause, due to lack of funds, lack of work, redesign or elimination of position(s) or reorganization, with no likelihood or expectation that the Employee will be recalled because the position has been eliminated. 

(m)  “RSU Shares” shall mean the number of shares of Common Stock to be delivered upon settlement of the RSUs. 

  
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 Appendix B 

1.       Data Privacy. 

    (a) In order to implement, administer, manage and account for the Employee’s participation in the Plan, the
Company and/or the Employer may: 
 (i)         collect and use certain personal data
regarding the Employee, including, without limitation, the Employee’s name, home address and telephone number, work address and telephone number, work e-mail address, date of birth, social insurance or
other identification number, term of employment, employment status, nationality and tax residence, and details regarding the terms and conditions, grant, vesting, cancellation, termination and expiration of all restricted stock units and other stock
based incentives granted, awarded or sold to the Employee by the Company (collectively, the “Data”); 
 (ii)
      transfer the Data, in electronic or other form, to employees of the Company and its subsidiaries, and to third parties, who are involved in the implementation, administration and/or management of, and/or
accounting for, the Plan, which recipients may be located in the Employee’s country or in other countries that may have different data privacy laws and protections than the Employee’s country; 

(iii)     transfer the Data, in electronic or other form, to a broker or other third party with whom the
Employee has elected to deposit any RSU Shares issued in settlement of the RSUs; and 
 (iv)     retain
the Data for only as long as may be necessary in order to implement, administer, manage and account for the Employee’s participation in the Plan. 

    (b) The Employee hereby consents to the collection, use, transfer and retention of the Data, as described in this
Agreement, for the exclusive purpose of implementing, administering, managing and accounting for the Employee’s participation in the Plan. 

    (c) The Employee understands that by contacting his or her local human resources representative, the Employee may:

 (i)     view the Data; 

(ii)    correct any inaccurate information included within the Data; 

(iii)   request additional information regarding the storage and processing of the Data 

  
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 (iv)   request a list with the names and addresses of any potential
recipients of the Data; and 
 (v)    under certain circumstances and with certain consequences, prevent
further use, transfer, retention and/or processing of the Data. 

  
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