Document:

Exhibit 10.20

 

GEMSA
Loan Number: 01-0270927

Midland
Loan Number: 030288557

 

CONSENT AND MODIFICATION
AGREEMENT

REGARDING TRANSFER OF INTERESTS

 

THIS CONSENT
AND MODIFICATION AGREEMENT REGARDING TRANSFER OF INTERESTS (this “Agreement”)
is made effective as of the 2nd day of April, 2014 (the “Effective Date”),
by and among VILLAS PARTNERS, LLC, a Delaware limited liability company
("Borrower"), RYAN HANKS, an individual (“Guarantor”),
and U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF WELLS
FARGO COMMERCIAL MORTGAGE SECURITIES, INC., MULTIFAMILY MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2012-K709 (“Noteholder”).

 

RECITALS:

 

		A.	Original
                                         Lender (as defined in Schedule 1, attached hereto and incorporated herein), made
                                         a loan (the “Loan”) to
                                         Borrower in the original principal amount described in the definition of the term “Note”
                                         as set forth in Schedule 2, attached hereto and incorporated herein, under the
                                         terms and provisions set forth in the Loan Documents (as defined in said Schedule
                                         2);

 

		B.	In
                                         connection with the securitization of the Loan, the Note and each of the Loan Documents
                                         has been duly assigned or endorsed to Noteholder;

 

		C.	Borrower
                                         has requested that Noteholder acknowledge and consent to the Transactions (as defined
                                         in Schedule 1 hereto) ; and

 

		D.	Noteholder
                                         hereby acknowledges and consents to the Transactions as set forth herein, subject to
                                         the terms and conditions stated below.

 

AGREEMENT:

 

In consideration
of the foregoing and the mutual covenants and promises set forth in this Agreement and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each of the parties to this Agreement hereby agrees as follows:

 

1.          Incorporation
of Recitals; Defined Terms; Additional Loan Document. The foregoing recitals are incorporated herein as a substantive, contractual
part of this Agreement. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings ascribed
thereto in the Loan Documents. Additionally, the words “including” and “includes,” and words of similar
import, shall be deemed to be followed by the phrase “without limitation”, and the words “hereof” and
“hereunder,” and words of similar import, shall be deemed to refer to this Agreement as a whole and not to the specific
section or provision where such word appears. This Agreement shall be an additional Loan Document as such term is used herein
and in the other Loan Documents.

 

    	 

    	 

    

 

2.          Acknowledgment
and Consent; Reservation of Rights; No Novation.

 

(a)          Subject
to the terms and conditions of this Agreement, Noteholder hereby acknowledges and consents to each of the Transactions and waives
any right to declare an Event of Default under the Loan Documents solely because of the Transactions. The acknowledgment, consent,
and any waiver provided herein does not waive any other rights of the Noteholder under any federal, state, and local laws, orders,
ordinances, governmental rules and regulations, and court orders (collectively, “Legal Requirements”)
or under the Loan Documents and is limited to the Transactions, and nothing contained herein
shall be deemed to constitute the acknowledgment, consent, or waiver of Noteholder to any other transfer, transaction, condition,
circumstance, or event whatsoever for matters other than the Transactions. The acknowledgment, consent, and waiver provided herein
in no way obligates Noteholder or Subservicer (as defined in Schedule 1 hereto) (or any other holder or servicer of the
Loan) to provide any future acknowledgments, consents, or waivers, nor does it establish in any way a pattern or practice of dealing
that Borrower or any other person or entity may rely upon for any purpose whatsoever. Without limitation, Noteholder reserves
its rights under the terms of the Security Instrument (as defined in Schedule 2 hereto) and any other Loan Document to
exercise all rights and remedies (including to accelerate all principal and interest and other sums and amounts payable under
the Loan Documents) in the event of any subsequent sale, transfer, encumbrance or other conveyance of the Mortgaged Property or
of any interest in Borrower, except as may be expressly permitted by the Loan Documents, as expressly modified hereby, without
consent. No past or future delay or omission in the exercise of any right or remedy accruing to Noteholder under or in connection
with the Loan Documents is intended to constitute, or shall constitute, a waiver of any right or remedy accruing to Noteholder
as a result of any breach, default or Event of Default under or in connection with the Loan Documents.

 

(b)          Neither
the execution and delivery of this Agreement, the terms and provisions hereof, nor the undertaking of any of the Transactions
shall be construed to constitute a novation of the Note, any of the other Loan Documents, or the Loan.

 

3.          Guarantor
Ratification. Guarantor hereby ratifies, reaffirms, and confirms in all respects the Guaranty (as defined in Schedule 2)
and other Loan Documents executed by Guarantor, if any (collectively, the “Guaranty Documents”).
Guarantor further ratifies, reaffirms and confirms in all respects, and acknowledges and
agrees that it shall be bound by and liable for, all duties, obligations , responsibilities, liabilities, representations and
warranties of the “guarantor” under or in connection with the Guaranty Documents and all of the terms and provisions
of the Guaranty Documents , and each of the Guaranty Documents is and shall remain in full force and effect in accordance with
its terms, without any waiver, amendment or modification of any provision thereof. As used in this paragraph, the term “guarantor”
includes “guarantor”, “indemnitor”, and any and all other terms referring to Guarantor in the Loan Documents.

 

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4.          No
Impairment of Lien; No Release of Borrower or any other Person; Reaffirmation and Ratification.

 

(a)          Nothing
set forth herein shall affect the priority, validity, or extent of the liens, operation and effect of the Security Instrument
and the other Loan Documents, nor release or change the liability of any Person, whether now or hereafter in existence (and any
fiduciary acting in such capacity on behalf of any of the foregoing) who may now be or after the date of this Agreement may become
liable, primarily or secondarily, under the Loan Documents. Without limitation, in no event shall this Agreement, the acknowledgment,
consent, and any waiver given herein, or any of the Transactions or documents or agreements referenced or contemplated in this
Agreement release Borrower or Guarantor from, or impair or adversely affect, any duty, obligation, liability or responsibility
whatsoever under the Loan Documents, except as may be expressly set forth in this Agreement, and each of Borrower and Guarantor
shall be bound by and subject to, and shall perform, abide by, and comply with, the terms and provisions of the Loan Documents
applicable to such party. Except as and to the extent expressly modified by this Agreement, the Loan Documents and each of the
representations, warranties, duties, obligations, and covenants thereunder remain unchanged.

 

(b)          Each
of Borrower and Guarantor hereby ratifies, reaffirms, and confirms in all respects each of the Loan Documents, as and to the extent
expressly modified by this Agreement, and each of the Loan Documents, as and to the extent expressly modified by this Agreement,
is and shall remain in full force and effect in accordance with its terms, without any waiver, amendment or modification of any
provision thereof.

 

6.          Fees
and Expenses. Borrower shall pay or cause to be paid all reasonable processing, consent, transfer, and review fees of the
servicers of the Loan and Noteholder, including, without limitation, a Transfer of Interest fee in the amount of one percent (1%)
of the outstanding principal balance of the Loan, a Tax Administration Fee in the amount of $1,225.00, an Underwriting
Fee in the amount of $3,500.00 , and a Rush Inspection Fee in the amount of $338.00, and their reasonable out-of-pocket expenses
including, but not limited to, attorneys’ fees and expenses, rating agency review fees, special servicer fees, or other
fees or expenses incurred or payable in connection with the Transactions, this Agreement, and the review of all documentation
delivered pursuant to the terms and provisions of this Agreement or otherwise in connection with the Transactions and the acknowledgment
and consent set forth herein.

 

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7.          Release
and Indemnification.

 

(a)          Each
of Borrower and Guarantor hereby unconditionally and irrevocably releases and forever discharges Noteholder, Subservicer, Master
Servicer, and the other parties to the PSA and SSA (as such terms are defined in Schedule 1 hereto) and their respective
successors, assigns, agents, directors, officers, employees, and attorneys (each, individually, an “Indemnitee”
and, collectively, the “Indemnitees”), from any and all Claims (as hereafter defined) whatsoever,
known or unknown, at law or in equity, originating in whole or in part, on or before the date of this Agreement, which Borrower,
Guarantor, or any of their respective officers, directors, shareholders or other equity holders, agents or employees, may now
or hereafter have against the Indemnitees. This release and discharge is accepted by Noteholder and Subservicer pursuant to this
Agreement and shall not be construed as an admission of liability on the part of any party hereto. Each of Borrower and Guarantor
hereby represents and warrants that it is the current legal and beneficial owner of all Claims released by it hereby and that
it has not assigned, pledged or contracted to assign or pledge any such Claims to any Person. Further, and without limitation,
each of Borrower and Guarantor acknowledges and agrees that: (i) subsequent to the execution of this Agreement, it may discover
claims that are unknown or unanticipated at the time this Agreement was executed, including unknown or unanticipated claims that
arose from, are based upon, or relate to, matters for which the release is given with respect to the Indemnitees in this Section
7, and that, if known on the date it executed this Agreement, may have materially affected its decision to execute this Agreement;
(ii) it is assuming the risk of such unknown or unanticipated claims and that this Section 7 and this Agreement applies thereto
; and (iii) it hereby waives the benefits of any applicable statutory provision prohibiting, conditioning or restricting the release
of unknown or future claims or any of the Claims being released pursuant to this Agreement, but in each case only to the extent
permitted by applicable law.

 

(b)          Each
of Borrower and Guarantor agrees to indemnify Indemnitees and defend and hold them harmless from any and all claims, losses, causes
of action, costs and expenses of every kind or character incurred by or asserted against Indemnitees in connection with any one
or more of: (i) this Agreement or the Transactions, or (ii) without limitation, any Claims, if and to the extent that, notwithstanding
the release and discharge set forth in Section 7(a) above, any Claims are asserted against Indemnitees; provided, however, that
Borrower and Guarantor shall not hereby be obligated to indemnify any Indemnitee or defend and hold any Indemnitee harmless from
any such claims, losses, causes of action, costs or expenses to the extent arising out of the gross negligence, willful misconduct
or fraud on the part of such Indemnitee or any Indemnitee’s failure to fulfill its obligations under this Agreement. As
used in this Agreement, the term “Claims” shall mean any and all possible claims, demands, actions,
fees, costs, expenses and liabilities whatsoever, known or unknown, at law or in equity, originating or arising in whole or in
part on or before the date of this Agreement, which Borrower, Guarantor, or any of their respective partners, limited partners,
members, officers, directors, shareholders, agents or employees, may have against the Indemnitees or any of them, and irrespective
of whether any such Claims arise out of contract, tort, violation of laws, or regulations, or otherwise, arising out of or relating
to the Loan or any of the Loan Documents, including, without limitation, any contracting for, charging, taking, reserving, collecting
or receiving interest in excess of the highest permitted lawful rate and any loss, cost or damage, of any kind or character, arising
out of or in any way connected with or in any way resulting from the acts, actions, or conduct of Indemnitees, including any requirement
that the Loan Documents be modified as a condition to the Transactions, but in each case only to the extent permitted by applicable
law.

 

(c)          Each
of Borrower and Guarantor acknowledges and agrees that all waivers, discharges, releases and indemnities herein contained are
a material inducement for Noteholder to enter into this Agreement, and constitute an essential part of the consideration bargained
for and received by Noteholder under this Agreement.

 

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8.          No
Representations of Noteholder. Without limitation of any term or provision of the Loan Documents, the parties hereto agree
that (a) Noteholder has made no representations or warranties, either express or implied regarding the Loan, the Loan Documents,
the Mortgaged Property, or the Transactions, and, without limitation, has no responsibility whatsoever with respect to the Mortgaged
Property or its condition, use, occupancy or status, and (b) no claims relating to the Mortgaged Property or its condition, use,
occupancy or status, will be asserted against Noteholder, any servicer of the Loan, or their respective agents, employees, professional
consultants, affiliated entities, successors or assigns, either affirmatively or as a defense.

 

9.          Representations,
Warranties, and Covenants. To induce Noteholder to enter into this Agreement and to provide the acknowledgment and consent
set forth herein, and without limitation of any representations, warranties, and covenants set forth in the Loan Documents, each
of Borrower and Guarantor hereby makes the representations, warranties, and covenants set forth in Exhibit A, attached
hereto and incorporated herein. Each of Borrower and Guarantor understands and intends that Noteholder will rely upon the representations,
warranties and covenants set forth in Exhibit A.

 

10.         Additional
Representations, Warranties and Covenants .

 

(a)          Each
of Borrower and Guarantor hereby represents and warrants as of the Effective Date, and covenants to Noteholder that:

 

		(i)	each
                                         of the Transactions shall be effected and consummated in accordance with the applicable
                                         terms and provisions of the Loan Documents;

 

		(ii)	without
                                         limitation of any other terms or conditions set forth in the Loan Documents, (A) no Event
                                         of Default under the Loan Documents has occurred and is continuing, and (B) each of the
                                         conditions set forth in the Loan Documents and in that certain conditional approval letter
                                         issued by GEMSA on February 26, 2014, with respect to the Transactions and to which the
                                         Transactions are subject, has been satisfied and performed and continues to be satisfied
                                         and performed as of the Effective Date; and

 

		(iii)	any
                                         funds being paid or contributed in consideration of the Transactions are not secured
                                         directly by an interest in Borrower or Guarantor or in the Mortgaged Property; and

 

(b)          Each
of Borrower and Guarantor acknowledges and represents and warrants as of the Effective Date to Noteholder that it has no knowledge
that any of the representations or warranties set forth in Exhibit A is not true and correct.

 

Each of
Borrower and Guarantor understands and intends that Noteholder will rely upon its respective acknowledgments, representations,
warranties, and covenants contained in this Section 10.

 

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11.         Modifications
to Loan Documents. The Loan Documents are hereby modified and amended as and to the extent expressly set forth in Exhibit
B, attached hereto and incorporated herein.

 

12.         Multiple
Parties. If more than one person or entity has signed this Agreement as any of the parties hereto, then all references in
this Agreement to such party shall mean each and all of the persons so signing, as applicable. The liability of all persons and
entities signing for any party hereto shall be joint and several with all others similarly liable.

 

13.         Further
Assurances. Each of Borrower and Guarantor agrees to perform such other and further acts, and to execute such additional documents,
agreements, notices or financing statements (including any filing relating to the authority of any of the parties hereto), as
Noteholder reasonably deems necessary or desirable from time to time to create, preserve, continue, perfect, validate or carry
out any of Noteholder’s rights under this Agreement and/or the other Loan Documents, provided that the same does not increase
the liability or obligations of any such party or decrease any rights of any party under this Agreement or the other Loan Documents.

 

14.         Miscellaneous.

 

(a)          This
Agreement shall be construed according to and governed by the laws of the state where the Mortgaged Property is located, without
regard to its conflicts of law principles.

 

(b)          If
any provision of this Agreement is adjudicated to be invalid, illegal or unenforceable, in whole or in part, it will be deemed
omitted to that extent and all other provisions of this Agreement will remain in full force and effect.

 

(c)          No
change or modification of this Agreement shall be valid unless the same is in writing and signed by all parties hereto.

 

(d)          The
captions contained in this Agreement are for convenience of reference only and in no event define, describe or limit the scope
or intent of this Agreement or any of the provisions or terms hereof.

 

(e)          This
Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, legal representatives, successors
and permitted assigns.

 

(f)          This
Agreement may be executed in any number of counterparts with the same effect as if all parties hereto had signed the same document.
All such counterparts shall be construed together and shall constitute one instrument, but in making proof hereof it shall only
be necessary to produce one such counterpart.

 

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(g)          THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS HEREBY AMENDED, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

(h)          THIS
AGREEMENT CONTAINS INDEMNIFICATION PROVISIONS AS SET FORTH IN SECTION 7 HEREOF.

 

[remainder of page is blank; signature pages follow]

 

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IN WITNESS WHEREOF, the parties
have executed this Agreement as of the Effective Date, with the intent that this shall be deemed an instrument under seal.

 

	 	BORROWER:	 	 
	 	 	 	 
	 	VILLAS PARTNERS, LLC, a Delaware limited liability company
	 	 	 	 	 
	 	By:	Oak Crest  Villas  JV,  LLC,  a  Delaware  limited liability company, its sole
    member
	 	 	 	 	 
	 	       	By:  	Madison Oak Crest, LLC, a Delaware limited liability company, its manager
	 	 	 	 	 
	 	 	 	By:	/s/ Ryan L. Hanks
	 	 	 	Name:	Ryan L. Hanks
	 	 	 	Title:  	Manager
	 	 	 	 	 
	 	 	GUARANTOR: 
	 	 	 	 	 
	 	 	/s/ Ryan Hanks
	 	 	RYAN HANKS, an individual

 

[signatures continue on next page]

GEMSA Loan Number: 01-0270927 

Midland Loan Number: 030288557 

Consent and Modification Agreement 

Regarding Transfer of Interests

 

    	 

    	 

    

  

	 	NOTEHOLDER:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS
    OF WELLS FARGO COMMERCIAL MORTGAGE SECURITIES, INC., MULTIFAMILY MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2012-K709
	 	 	 
	 	By:	Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer
	 	 	 	 	 	 
	 	 	By:	CBRE Capital Markets of Texas, LP, a Texas limited partnership, as Subservicer
	 	 	 	 
	 	 	 	By:	GEMSA Loan Services, L.P., a Delaware limited partnership, as Subservicer
	 	 	 	 	 	 
	 	 	 	 	By:	/s/ David Haley
	 	 	 	 	Name:	David Haley
	 	 	 	 	Title:	Managing Director

 

GEMSA Loan Number: 01-0270927 

Midland Loan Number: 030288557 

Consent and Modification Agreement 

Regarding Transfer of Interests

 

    	 

    	 

    

  

SCHEDULE 1

 

CERTAIN DEFINED TERMS

 

“Master Servicer”
means and refers to Midland Loan Services, a Division of PNC Bank, National Association, and its successors and assigns.

 

“Original Lender”
means and refers to CBRE Capital Markets, Inc.

 

“Property Manager” means
and refers to Brookside Properties, Inc., a Tennessee corporation.

 

“PSA”
means and refers to that certain Pooling and Servicing Agreement dated June 1, 2012, entered into in connection with the securitization
of the Loan.

 

“SSA” means and
refers to that certain Subservicing Agreement dated June 1, 2012, entered into in connection with the securitization of the Loan.

 

“Subservicer” means and
refers to GEMSA Loan Services, L.P.

 

“REIT” means and
refers to Bluerock Residential Growth REIT, Inc., a Maryland corporation.

 

“Transaction Party” means
and refers to each of Transferor and Transferee.

 

“Transactions” means
and refers, collectively, to the transactions described below:

 

Transferor,
an indirect owner of Borrower, is transferring all of its 93.432% membership interests in BR Oak Crest Villas, LLC, a Delaware
limited liability company, the 71.9% member of Oak Crest Villas JV, LLC, a Delaware limited liability company, the sole member
of Borrower, to Transferee, which is wholly-owned by Bluerock Residential Holdings, L.P., a Delaware limited partnership, whose
general partner is the REIT. Following the Transactions, the organizational structure of Borrower shall be as set forth on the
Post-Transactions Organizational Chart in Schedule 3 hereto.

 

“Transferee”
means and refers to BRG Oak Crest, LLC, a Delaware limited liability company.

 

“Transferor”
means and refers to Bluerock Special Opportunity + Income Fund II, LLC, a Delaware limited liability company.

 

    	Schedule 1
Page 1

    	 

    

  

SCHEDULE 2

LOAN DOCUMENTS

 

		1.	Multifamily
                                         Note dated January 31, 2012, in the original principalamount of $12,380,000.00, executed,
                                         made, and delivered by Borrower to Original Lender (the “Note”);

 

		2.	Multifamily
                                         Loan and Security Agreement dated as of January 31, 2012, by and between Borrower and
                                         Original Lender (the “Loan Agreement”);

 

		3.	Multifamily
                                         Deed of Trust, Absolute Assignment of Leases and Rents, and Security Agreement (Including
                                         Fixture Filing), dated as of January 31, 2012, executed and delivered by Borrower to
                                         William David Jones, as trustee, for the benefit of Original Lender, recorded on January
                                         31, 2012, as Instrument No. 2012013100232 , in Book GI 9565, Page 352, in the Official
                                         Records of Hamilton County, Tennessee (the “Security Instrument”);

 

		4.	Guaranty
                                         dated as of January 31, 2012, executed by Guarantor for the benefit of Original Lender
                                         (the “Guaranty”);

 

		5.	Assignment
                                         of Management Agreement and Subordination of Management Fees dated as of January 31,
                                         2012, by and among Borrower, Original Lender and Property Manager (the “Assignment
                                         of Management Agreement ”);

 

		6.	UCC-1 Financing Statement
                                         filed with Delaware Secretary;

 

		7.	UCC-1
                                         Financing Statement (Fixture Filing) filed in the Official Records of Hamilton County,
                                         Tennessee ; and

 

		8.	All
                                         other agreements and documents evidencing, securing, or otherwise executed by, or assumed
                                         by , as the case may be, Borrower or Guarantor in connection with the Loan, including
                                         all "Loan Documents" as defined in the Loan Agreement (collectively, together
                                         with the loan documents listed and described in this Schedule 2, the “Loan
                                         Documents”).

  

    	Schedule 2
Page 1

    	 

    

  

SCHEDULE
3

POST-TRANSACTIONS
ORGANIZATIONAL CHART

 

 

    	Schedule 3
Page 1

    	 

    

 

Villas at Oak Crest

Chattanooga, Tennessee

 

[PRO FORMA ORG CHART]

 

NOTES AND COMMENTS

 

Notes/Comments:

 

 

		[1]	BRG Oak Crest,
                                         LLC is an SPE wholly owned by Bluerock Residential Holdings, L.P., of which the General
                                         Partner is Bluerock Residential Growth REIT, Inc, which is currently and shall advised
                                         by an affiliate majority-owned and controlled by Bluerock Real Estate, L.L.C.

		[2]	Bluerock Residential
                                         Growth REIT, Inc. (“REIT”) is undertaking an underwritten public offering
                                         (“IPO” which is (a) projected to raise approximately $100MM in new, tradable
                                         Class A common stock to new investors, (b) result in issuance by the REIT of approximately
                                         $20MM of restricted Class A common stock and issuance by the REIT’s operating partnership
                                         (Bluerock Residential REIT Holdings, L.P.) of approximately $5MM of restricted limited
                                         partnership units, and (c) convert the existing investors’ shares into approximately
                                         $15 MM of restricted Class B common stock of the REIT. The restricted Class A common
                                         stock referenced in (a) above is in consideration of the contribution by Bluerock affiliates
                                         [Bluerock Special Opportunity + Income Fund I, LLC (“SOIF I”), Bluerock Special
                                         Opportunity + Income Fund II, LLC (“SOIF II”) and Bluerock Special Opportunity
                                         + Income Fund III (“SOIF III”) of their fractional ownership interests in
                                         five properties. The “Contribution Transactions” mentioned in subsection
                                         (b) are described in greater detail in the REIT’s S-11 filed with SEC on January
                                         9, 2014.

		[3]	BRG Manager,
                                         LLC is the “external manager” of the REIT. At the IPO, it will receive long
                                         Term Incentive Plan Units (“LTIP Units”) from the REIT that will be convertible
                                         to Class A Common stock over three years, and, assuming the full capitalization as noted
                                         above, it is estimated that the LTIP Units will be an approximately 2% fully diluted
                                         interest in the REIT.

		[4]	Bluerock Real
                                         Estate, LLC and its owners and affiliates, in connection with the IPO, and assuming the
                                         full capitalization as noted above, will receive securities convertible into restricted
                                         Class A common stock in the REIT amounting to an approximately 2.75% fully diluted interest
                                         in the REIT.

		[5]	BR-NPT Springing
                                         Entity, LLC is managed by Bluerock Real Estate LLC and owned by certain current and former
                                         Bluerock executives. BR-NPT Springing Entity, LLC will be contributing its property to
                                         the REIT’s Operating Partnership in connection with the IPO, and will be receiving
                                         the limited partnership units noted in Section 1(c) above, equivalent to, assuming the
                                         full capital as noted above, an approximately 3.5% fully diluted interest in the REIT.

		[6]	Ryan Hanks
                                         (Continuing Guarantor) owns 25% of Oak Crest Investors, LLC and the remaining 75% owned
                                         by un-named, accredited investor, none with more than 25% ownership.

 

    	Schedule 3
Page 2

    	 

    

 

EXHIBIT A

REPRESENTATIONS, WARRANTIES, AND
COVENANTS

 

To induce
Noteholder to enter into this Agreement and to provide the acknowledgment and consent set forth herein, and without limitation
of any representations, warranties , and covenants set forth in the Loan Documents (in each case after giving effect to this Agreement):

 

A.           Borrower.
  Borrower hereby represents, warrants, and covenants to and with Noteholder as follows:

 

(i)          No
Event of Default; Representations and Warranties. No Event of Default exists and no event or circumstance which with the giving
of notice or lapse of time, or both, would constitute an Event of Default has occurred or exists and is continuing. The representations
and warranties set forth in the Loan Documents (including this Agreement) made by Borrower are true, complete and correct in all
material respects as of the date of this Agreement.

 

(ii)         Financial
Information. The most recent financial information and information regarding the operation, leasing, and financial performance
of the Mortgaged Property provided to Noteholder or Subservicer by or on behalf of Borrower were true and correct in all material
respects as of the date so provided and no material adverse change in the operation, leasing, and financial performance of the
Mortgaged Property has occurred since the date or expiration of the time periods to which such information relates.

 

(iii)
      Valid First Lien. The Security Instrument is a valid first lien on the Mortgaged Property
for the full unpaid principal amount of the Loan and all other amounts as stated in the Loan Documents , and each of the Loan
Documents is valid, in full force and effect and enforceable in accordance with its terms.

 

(iv)        Insurance.
The most recent insurance policies for Borrower and the Mortgaged Property provided to Noteholder or Subservicer remain in full
force and effect in accordance with their terms, without any amendment or modification of any provision thereof. The Transactions
do not and shall not impair or adversely affect any such insurance policies, and, following the consummation of the Transactions,
such insurance policies shall continue to remain in full force and effect in accordance with their terms, without any amendment
or modification of any provision thereof, un less approved by Noteholder in writing.

 

(v)         Property
Manager. Property Manager shall not be replaced in connection with the Transactions and shall remain as the property manager
with respect to the Mortgaged Property. Each of the Apartment Management Agreement dated as of March 27, 2012, between Borrower
and Property Manager, and that certain Assignment of Management Agreement and Subordination of Management Fees dated of even date
herewith, by Borrower and Property Manager for the benefit of Noteholder (the “New Assignment of Management Agreement”),
remains and, following the Transactions, shall remain in full force and effect and enforceable i n accordance with its terms,
without any amendment or modification of any provision thereof, unless approved by Noteholder in writing.

  

    	Exhibit A
Page 1

    	 

    

 

(vi)        Moisture
and Mold Control Plan. That certain Moisture and Mold Control Plan for the Mortgaged Property provided to Noteholder or Subservicer
in connection with the Loan remains in effect at the Mortgaged Property and is in compliance with the terms of the Loan Documents.

 

(vii)       
No Suits or Actions. There is no suit, judicial or administrative action, claim, investigation, inquiry, proceeding or
demand pending (or, to Borrower’s knowledge, threatened) against any Transaction Party or the REIT, or otherwise with respect
to the Transactions, that materially adversely affects, or may materially adversely affect, the validity, enforceability or priority
of this Agreement or any of the other Loan Documents.

 

(viii)      
Bankruptcy. There is no bankruptcy, receivership or insolvency proceeding pending or threatened any Transaction Party or
the REIT, and none of such parties has any intention of doing any of the following within the 180 day period immediately after
the Effective Date: (A) seek entry of any order for relief as debtor or under any proceeding under the Internal Revenue Code;
(B) seek consent to the appointment of a receiver or trustee for itself or for all or any part of its assets; (C) file a petition
seeking relief under any bankruptcy, insolvency, arrangement, reorganization or other debtor relief laws; or (D) make a general
assignment for the benefit of its creditors.

 

B.           Borrower
and Guarantor.     Each of Borrower and Guarantor hereby represents,
warrants, and covenants to and with Noteholder as follows:

 

(i)          Valid
and Binding Obligations; Enforceability; No Defenses, Offsets or Counterclaims. This Agreement constitutes the legal, valid
and binding obligation of each of Borrower and Guarantor and is enforceable in accordance with its terms. Each of Borrower and
Guarantor hereby represents and warrants to Noteholder that each of the Loan Documents to which it is a party or which it has
assumed, as the same may be modified by this Agreement, is valid, in full force and effect and enforceable in accordance with
its terms. As of the Effective Date, there are no defenses, offsets or counterclaims, legal or equitable, to, or with respect
to, any term or provision of the Loan Documents.

 

(ii)       
No Suits or Actions. There is no suit, judicial or administrative action, claim, investigation , inquiry, proceeding or
demand pending (or, to any such party 's knowledge, threatened) against Borrower, Guarantor, or the Mortgaged Property that materially
adversely affects, or may materially adversely affect, the validity, enforceability or priority of this Agreement or any of the
other Loan Documents.

 

(iii)      
Post-Transactions Organizational Chart.     The Post-Transactions Organizational
Chart attached hereto and incorporated herein as Schedule 3 accurately and completely sets forth the organizational structure
and the direct and indirect ownership interests in Borrower, and the holders thereof, as of the conclusion of the Transactions.

 

    	Exhibit A
Page 2

    	 

    

 

(iv)        Consents
and Approvals. Each of Borrower and Guarantor, as the case may be, has obtained the written consent or approval from any Person
(including, to the extent required under any applicable organizational documents, the members, partners, independent director
or manager or other Persons having a beneficial ownership interest in Borrower or Guarantor) from which consent or approval of
the Transactions is required or necessary under any judgment, decree, order, mortgage, indenture, contract, lease, or agreement
to which Borrower or Guarantor is a party or to which any of such parties or the Mortgaged Property is subject, including under
any lease, operating agreement, partnership agreement, articles of organization or formation (or similar filings), mortgage or
security instrument (other than the Loan Documents). All, if any, approvals, authorizations or other actions by, or filings with,
any governmental authority required to authorize the execution and delivery of, or performance under, this Agreement by Borrower
and Guarantor have been obtained, taken and/or filed, as the case may be, and the execution and delivery of, and performance under,
this Agreement by each of Borrower and Guarantor will not violate, breach or constitute a default under, (i) any statute, rule,
law or regulation to which any of Borrower and Guarantor are subject, (ii) any order, writ, injunction or decree of any governmental
authority or any arbitral award, or (iii) any agreement or instrument to which any of Borrower and Guarantor are a party or by
which they are subject.

 

(v)         Post-Transactions
Financial Condition. Since the date of the financial statements of Borrower and Guarantor most recently provided to Noteholder
or Subservicer through the Effective Date, there has been no material adverse change in the financial condition of either such
party from that set forth in such financial statements.

 

(vi)        Organization
and Existence; Authority. Borrower is a limited liability company, duly organized and validly existing and in good standing
under the laws of the state of Delaware and is qualified to do business and in good standing in the state in which the Mortgaged
Property is located. Each of Borrower and Guarantor has full power and authority to enter into and carry out the terms of this
Agreement and, as applicable, to effect the Transactions in accordance with the terms of this Agreement.

 

(vii)       
Bankruptcy. There is no bankruptcy , receivership or insolvency proceeding pending or threatened against Borrower or Guarantor,
and neither party has any intention of doing any of the following within the 180 day period immediately after the Effective Date:
(A) seek entry of any order for relief as debtor or under any proceeding under the Internal Revenue Code; (B) seek consent to
the appointment of a receiver or trustee for itself or for all or any part of its assets; (C) file a petition seeking relief under
any bankruptcy, insolvency, arrangement, reorganization or other debtor relief laws; or (D) make a general assignment for the
benefit of its creditors.

  

    	Exhibit A
Page 3

    	 

    

 

EXHIBIT B

MODIFICATIONS TO LOAN DOCUMENTS

 

1.          Loan
Document Modifications.   The Loan Documents are hereby modified and amended
as follows:

 

		(a)	Section
                                         7.03(c) of the Loan Agreement is hereby deleted m its entirety and replaced with the
                                         following:

 

		“(c)	Publicly-Held
                                         Fund or Real Estate Investment Trust. If a Designated Entity for Transfers is a publicly-held
                                         fund or real estate investment trust, the public issuance of common stock, convertible
                                         debt, equity or other similar securities (“Public Fund/REIT Securities”)
                                         and the subsequent Transfer of such Public Fund/REIT Securities; provided, however,
                                         that no Public Fund/REIT Securities holder may acquire an ownership percentage of 49%
                                         or more unless otherwise approved by Lender.”

 

		(b)	Article
                                         XII (Definitions) of the Loan Agreement is hereby modified so that the term "Assignment
                                         of Management Agreement" contained therein means and refers to the New Assignment
                                         of Management Agreement.

 

		(c)	Exhibit
                                         H of the Loan Agreement is hereby modified by deleting the words “AS OF THE CLOSING
                                         DATE” in the heading and by deleting the organizational chart set forth therein
                                         and replacing it with the organizational chart attached hereto as Schedule 3.

 

		(d)	Exhibit
                                         I of the Loan Agreement is hereby modified by deleting “Bluerock Special Opportunity
                                         + Income Fund II, LLC” as a Designated Entity
                                         for Transfers and adding “Bluerock Residential Growth REIT, Inc." and "BRG
                                         Oak Crest, LLC” as Designated Entities for Transfers.

 

		(e)	The
                                         Limited Partner or Non-Managing Member Transfer Rider to the Loan Agreement is hereby
                                         modified by deleting the opening paragraph of Section 7.03(d) therein and replacing it
                                         with the following:

 

“(d)
Limited Partner or Non-Managing Member Transfer. A direct or indirect Transfer that results in the cumulative Transfer
of more than 50% and up to 100% of the (i) membership interests in BRG Oak Crest, LLC or (ii) limited partnership interests in
Bluerock Residential Holdings, L.P. (“Investor Interests”) to Bluerock Residential Growth REIT, Inc. (“REIT”)
or any entity wholly owned and controlled by REIT (“Investor Interest Transfer”), provided that each of
the following conditions is satisfied:”

 

2.          Conflict
or Inconsistency.    In the event of any conflict or inconsistency between the terms and provisions
of the Loan Documents and terms and provisions of the modifications and amendments set forth in this Exhibit B, the
terms and provisions of the modifications and amendments set forth in this Exhibit B shall govern and control.

  

    	Exhibit B
Page 1Exhibit 10.21 

 

 

 

AMENDED AND
RESTATED

 

LIMITED LIABILITY
COMPANY

 

OF

 

BR-NPT SPRINGING
ENTITY, LLC

 

 

 

    	 

    	 

    

 

AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

BR-NPT SPRINGING
ENTITY, LLC

 

THIS
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of BR-NPT Springing
Entity, LLC, a Delaware limited liability company (the “Company”), is made and entered into as of April
30, 2013 (the “Effective Date”), by and among BR-North Park Towers, LLC, a Delaware limited liability
company (“BR Manager” or “Manager”), and the persons whose names are set forth on
Schedule A of this Agreement (the “Common Members”).

 

RECITALS:

 

WHEREAS,
the Company was formed on April 10, 2013 in connection with the potential contribution to the Company of the Property by
BR-North Park Towers, DST, a Delaware statutory trust (the “DST” or the “Trust”)
pursuant to that certain trust agreement of the DST (the “Trust Agreement”);

 

WHEREAS,
in connection with the dissolution of the Trust and pursuant to the terms of the Trust Agreement, the Common Members, with BR
Manager, are parties to an Operating Agreement of the Company, the form of which was attached to the Trust Agreement and approved
by the Common Members in connection with their initial investment in the DST (the “Original LLC Agreement”);

 

WHEREAS,
under the Original LLC Agreement, BR Manager is the manager of the Company, and the Common Members, formerly beneficial
owners of all of the beneficial interests of the Trust prior to consummation of a Voluntary Conversion (as defined in Section 9.02
of the Trust Agreement) through which the Trust will contribute the Property to the Company, will collectively own all of the
membership interests in the Company prior to entering into this Agreement which will serve to amend the Original LLC Agreement;

 

WHEREAS,
simultaneous with the Voluntary Conversion and execution of this Agreement, that certain mortgage loan in the original principal
amount of $15,000,000 secured by the Property (the “Previous Loan”), borrowed by the Trust from Bank of America,
NA and its successors and assigns (the “Previous Lender”), is being repaid with the proceeds of a mortgage
loan in the principal amount of $10,000,000.00 (together with any loan that refinances such loan, the “Mortgage Loan”)
from KeyBank National Association (together with its successors and assigns thereof, and any lender under any loan that refinances
the Mortgage Loan, the “Mortgage Lender”);

 

WHEREAS,
the Common Members have agreed, pursuant to a certain Proposed Action Notice dated April 11, 2013 (the “Action Notice”),
to (a) amend the Original LLC Agreement as provided herein, (b) approve the Mortgage Loan, and (c) contribute additional capital
(the “New Capital”) or, in the absence of such contribution by any such Common Member, to adjust their Common
Percentage Interest in the Company as described in the Action Notice.

 

    	 

    	 

    

 

WHEREAS,
the Master Lease between the Trust and BR-North Park Towers Leaseco, LLC (the “Master Tenant”) previously expired
(the “Master Lease Termination”), and (b) in connection with the Master Lease Termination, the Trust assumed,
by operation of law, all of the Master Tenant’s right, title and interest in and to all real, personal and intangible property
rights appurtenant to the Property and the liabilities of the Master Tenant.

 

WHEREAS,
the Company intends to engage Bluerock Property Management, LLC, a Michigan limited liability company (“BRPM”),
to act as property manager for the Property pursuant to a new property management agreement (the “Property Management
Agreement”);

 

WHEREAS,
pursuant to the Action Notice (a) the Common Members have adopted and agreed to the terms of, and are hereby bound by, the terms
of, this Agreement, and (b) the respective Common Percentage Interests held by the Common Members have been adjusted, as reflected
in Schedule A, based on such Common Members’ election to participate or not participate, as applicable, in the capital call
with respect to the New Capital;

 

WHEREAS,
the Manager and the Members now wish to provide for, among other things, (i)   the allocation of Profits, Losses, credits
and distribution of cash flow and other proceeds of the Company among the Members, (ii) the respective rights, obligations
and interests of the Members to each other and to the Company, (iii) the adjustment of the Common Members’ respective Common
Percentage Interest if and to the extent required by the Action Notice based on the Common Members’ election to contribute
or not contribute, as applicable, its share of the New Capital and including admitting new Common Members as applicable; (iv)
the engagement of BRPM as property manager for the Property, and (v) the amendment and restatement of the Original LLC Agreement
in its entirety, all as hereinafter provided.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein, the parties agree to amend and restate the Original
LLC Agreement in its entirety as of the Effective Date as follows:

 

ARTICLE
1

 

DEFINITIONS

 

Section
1.01.     Definitions. (a)  As used herein, the following
terms have the following meanings: 

 

“Action
Notice” has the meaning set forth in the Recitals.

 

“Affiliate”
means, with respect to any specified Person any other Person owning beneficially, directly or indirectly, any ownership interest
in such specified Person or directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For purposes of this definition, “control,” when used with respect to any specified Person,
shall mean the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” shall have
meanings correlative to the foregoing.

 

    	2

    	 

    

 

“Agreement”
has the meaning set forth in the Preamble hereto.

 

“Annual
Budget” means the operating budget, including all planned capital expenditures, for the Property prepared by the Company
for the applicable Fiscal Year or other period.

 

“Award”
means any compensation paid by any governmental authority in connection with a Condemnation in respect of all or any part of the
Property.

 

“Bankruptcy”
means, with respect to any Person, if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary
petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy
or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment,
liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing
to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or
acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its Property,
or (vii) if 120 days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition,
readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or
if within 90 days after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator
of such Person or of all or any substantial part of its Property, the appointment is not vacated or stayed, or within 90 days
after the expiration of any such stay, the appointment is not vacated. The foregoing definition of “Bankruptcy” is
intended to replace and shall supersede and replace the definition of “Bankruptcy” set forth in Sections 18-101(1)
and 18-304 of the Delaware Act.

 

“Bluerock”
means Bluerock Real Estate, L.L.C., a Delaware limited liability company.

 

“BRPM”
has the meaning set forth in the Recitals.

 

“Business
Day” means a day which is not a Saturday, Sunday or legal holiday on which commercial banking institutions in New York,
New York are authorized to close.

 

“Capital
Account” means an account maintained for each Member to which shall be credited the amount of money and fair market
value of any property (net of any liabilities to which such property is subject) contributed to the Company by such Member and
any Net Profit allocated to such Member pursuant to Article 5, and to which shall be debited the amount of money and fair
market value of any property (net of any liabilities to which such property is subject) distributed by the Company to such Member
and any Net Loss allocated to such Member pursuant to Article 5. Such Capital Account shall be maintained solely for purposes
of determining the allocations of Net Profit and Net Loss under Article 5 for income tax purposes and shall not have any
effect on the Members’ rights to distributions from the Company.

 

    	3

    	 

    

 

“Capital
Contribution” shall mean the gross amount invested in the Company by a Member, whether in cash, property or services.

 

“Casualty”
means any damage or destruction, in whole or in part, by fire or other casualty of all or any part of the Property.

 

“Closing
Date” means the Effective Date.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

“Commercial
Disposition Effort” has the meaning set forth in Section 10.03(b).

 

“Common
Member” means a Member who is a holder of Common Units, acting in its capacity as such.

 

“Common
Percentage Interest” means, with respect to any Common Member at any time, the percentage derived by dividing (i) the
aggregate number of Common Units held by such Common Member as of such time by (ii) the aggregate number of Common Units held
by all Common Members as of such time.

 

“Common
Units” has the meaning set forth in Section 3.01.

 

“Company”
has the meaning set forth in the Preamble hereto.

 

“Condemnation”
means a temporary or permanent taking by any governmental authority as the result or in lieu or in anticipation of the exercise
of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing
thereto, including any right of access thereto or any change of grade affecting the Property or any part thereof.

 

“Condemnation
Proceeds” means the proceeds arising out of any Condemnation action, whether paid in connection with a final ruling,
a deed in lieu or any other related proceeding, net of any costs of collection.

 

“Control”
(including the correlative terms “controlling”, “controlled by” and “under common
control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of management
and policies of the business and affairs of the entity in question by reason of the ownership of beneficial interests, by contract
or otherwise.

 

“Covered
Persons” has the meaning set forth in Section 11.01(a).

 

“Covered
Sale” has the meaning set forth in Section 4.03(b).

 

“Creditors’
Rights Laws” shall mean with respect to any Person, any existing or future law of any jurisdiction, domestic or foreign,
relating to bankruptcy, insolvency, reorganization, conservatorship, arrangement, adjustment, winding-up, liquidation, dissolution,
composition or other relief with respect to its debts or debtors.

 

    	4

    	 

    

 

“Delaware
Act” means the Delaware Limited Liability Company Act, 6 Del. Code Section 18-101, et seq.

 

“DST”
and the “Trust” have the meaning set forth in the Recitals hereto.

 

“Effective
Date” has the meaning set forth in the Preamble hereto.

 

“Fiscal
Year” has the meaning set forth in Section 8.01.

 

“GAAP”
means United States generally accepted accounting principles as in effect from time to time.

 

“Guarantor”
or “Guarantors” means, individually or collectively, as the context may require, Bluerock Special Opportunity
+ Income Fund II, LLC and Bluerock Special Opportunity + Income Fund III, LLC.

 

“Guaranty”
or “Guarantees” means, individually or collectively, as the context may require, the Guaranty Agreement and
Environmental and Hazardous Substances Indemnity Agreement and the other documents executed by Guarantors in connection with the
Mortgage Loan Documents.

 

“Indebtedness”
of any Person means, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred
purchase price of property or services, except trade accounts payable arising in the ordinary course of business, (iv) all obligations
of such Person as lessee which are capitalized in accordance with GAAP, (v) all Indebtedness of others secured by a Lien on any
asset of such Person, whether or not such Indebtedness is assumed by such Person, and (vi) all Indebtedness of others guaranteed
by such Person.

 

“Insurance
Proceeds” means any proceeds payable with respect to any insurance policies affecting the Property in connection with
any Casualty, net of any expenses of collection.

 

“Interest”
means, with respect to any Member, such Member’s limited liability company interest in the Company.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind (other than
restrictions under applicable securities laws).

 

“Manager”
has the meaning set forth in Section 7.01(a).

 

“Master
Lease” means the previously effective master lease agreement between the DST, as landlord, and BR-North Park Towers
Leaseco, LLC, as master tenant, relating to the Property, together with all amendments, supplements and modifications thereto,
which Master Lease has previously expired and is no longer effective.

 

“Master
Lease Termination” has the meaning set forth in the Recitals.

 

    	5

    	 

    

 

“Master
Tenant” has the meaning set forth in the Recitals.

 

“Material
Action” means (a) to file any bankruptcy, insolvency, or reorganization case or proceeding, (b) to institute proceedings
to have the Company be adjudicated bankrupt or insolvent, (c) to institute proceedings under any applicable insolvency law to
have the Company be adjudicated bankrupt or insolvent, (d) to seek any relief under any law relating to relief from debts or the
protection of debtors generally, (e) to consent to the filing or institution of bankruptcy, reorganization or insolvency proceedings
against the Company, (f) to file a petition seeking, or consent to, bankruptcy, insolvency, reorganization or relief with respect
to the Company under any applicable federal or state law relating to bankruptcy or insolvency, (g) to seek or consent to the appointment
of a receiver, liquidator, assignee, trustee, sequestrator, custodian, or any similar official of or for the Company or a substantial
part of its property, (h) to make any assignment for the benefit of creditors of the Company, (i) to admit in writing the Company’s
inability to pay its debts generally as they become due or (j) to take action in furtherance of any of the foregoing.

 

“Material
Adverse Effect” means any event or condition that has a material adverse effect on (i) the Property taken as a whole,
(ii) the use, operation, or value of the Property, (iii) the business, profits, operations or financial condition of the
Company, or (iv) the ability of the Company to satisfy any of the Company’s obligations under this Agreement.

 

“Member”
means any Person that holds a limited liability company interest in the Company and is admitted as a member of the Company pursuant
to the provisions of this Agreement and the Delaware Act.

 

“Mortgage
Debt” means the outstanding portion of the principal amount set forth in, and evidenced by, the Mortgage Loan Documents
together with all interest accrued and unpaid thereon and all other sums due to Mortgage Lender in respect of the Mortgage Loan.

 

“Mortgage
Lender” has the meaning set forth in the Recitals hereto.

 

“Mortgage
Loan” means (a) the loan in the original principal amount of Ten Million Dollars ($10,000,000.00), made by KeyBank National
Association to the Company and (b) any loan that refinances such loan.

 

“Mortgage
Loan Default” means an “Event of Default” under the Mortgage Loan Documents subject to all applicable notice,
grace and cure periods related thereto, but regardless of whether or not such Event of Default is or may have been waived by Mortgage
Lender.

 

“Mortgage
Loan Documents” means all documents or instruments evidencing, securing or guaranteeing any portion of the Mortgage
Debt, including, without limitation, any loan agreement, note, mortgage, pledge, security agreement, control agreement, deposit
agreement or other written agreement or document evidencing or securing the Mortgage Debt.

 

“Net
Profit” or “Net Loss” means, for each fiscal year or other period, an amount equal
to the Company’s taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for
this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1)
shall be included in taxable income or loss), with the following adjustments:

 

    	6

    	 

    

 

(i)          any
income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net Profit or Net
Loss shall be added to such taxable income or loss; and

 

(ii)         the
computation of Net Profit or Net Loss shall include any expenditures of the Company described in Code Section 705(b)(2)(B) or
treated as Code Section 705(b)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i) and not otherwise taken
into account in computing Net Profit or Net Loss shall be subtracted to such taxable income or loss.

 

The
Tax Matters Partner shall make further adjustments as the Tax Matters Partner shall deem necessary in its reasonable discretion.

 

“Net
Sales Proceeds” means the proceeds from the sale of the Property after deducting therefrom all expenses incurred in
connection with the sale, including any applicable commissions or sales fees.

 

“New
Capital” has the meaning set forth in the Recitals.

 

“OFAC
List” means the list of specially designated nationals and blocked persons subject to financial sanctions that is maintained
by the U.S. Treasury Department, Office of Foreign Assets Control and accessible through the internet website www.treas.gov/ofac/t11sdn.pdf.

 

“Original
LLC Agreement” means the Operating Agreement of the Company by and among the Common Members and BR-North Park Towers,
LLC, the form of which was attached to the Trust Agreement and approved by the Common Members in connection with their initial
investment in the DST.

 

“Permitted
Transfer” has the meaning set forth in Section 10.01(a).

 

“Person”
means an individual, corporation, partnership, association, trust, limited liability company or any other entity or organization,
including a government or political subdivision or an agency, unit or instrumentality thereof.

 

“Previous
Loan” has the meaning set forth in the Recitals hereto.

 

“Previous
Lender” has the meaning set forth in the Recitals hereto.

 

“Prohibited
Person” means any Person:

 

(a)          listed
in the Annex to, or otherwise subject to the provisions of, the Executive Order No. 13224 on Terrorist Financing, effective September
24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism (the “Executive Order”);

 

    	7

    	 

    

 

(b)          that
is owned or controlled by, or acting for or on behalf of, any Person that is listed on the Annex to, or is otherwise subject to
the provisions of, the Executive Order;

 

(c)          with
whom any Member is prohibited from dealing or otherwise engaging in any transaction by any terrorism or money laundering law,
including the Executive Order;

 

(d)          who
commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order;

 

(e)          that
is named as a “specially designated national and blocked person” on the most current OFAC List or other replacement
official publication of such list; or

 

(f)          who
is an Affiliate of a Person listed above.

 

“Property”
means the apartment condominium project consisting of two 19 story apartment buildings, including 328 residential condominium
units (some of which have been combined into single units), three commercial condominium units and ten retail/commercial rental
spaces which total approximately 468,670 rentable square feet (of which approximately 454,777 are residential) situated on an
approximately 8.8 acre site located at 16500 North Park Drive, Southfield, Michigan, the Improvements thereon and all personal
property owned by the Company, together with all rights pertaining to such property and Improvements, as more particularly described
in the Mortgage Loan Documents.

 

“Property
Manager” means (a) as of the Closing Date, BRPM (provided, that the Property Manager may sub-contract some or
all of its management responsibilities under the Property Management Agreement subject to any requirements of the Mortgage Loan
Documents), or (b) if the context requires, such successor Property Manager who is managing the Property.

 

“Property
Management Agreement” means (a) that certain Property Management Agreement to be entered into by and between the
Company and the Property Manager, pursuant to which the Property Manager is to provide management and other services with respect
to the Property, and (b) any replacement management agreement entered into by and between the Company and a successor Property
Manager.

 

“Regulations”
means the Treasury Regulations, including Temporary Regulations, promulgated under the Code, as such regulations are in effect
from time to time. References to specific provisions of the Regulations include references to corresponding provisions of successor
regulations.

 

“Schedule
A” means Schedule A to this Agreement, as amended from time to time in accordance with the terms of this Agreement.
The Manager shall amend Schedule A to reflect (i) any increase in the capital contribution made by the Members, (ii) admission
of New Members and (iii) any permitted Transfers of Units, in each case in accordance with the terms of this Agreement and shall
deliver copies of such revised Schedule A to all Members. The initial Schedule A to be attached hereto shall reflect any
adjustments to the Common Percentage Interests required under the Action Notice with respect to the Common Members’ election
to contribute or not contribute, as applicable, the New Capital.

 

    	8

    	 

    

 

“Special
Purpose Provisions” has the meaning set forth in Section 7.05(b).

 

“Subsidiary”
with respect to any Person, means any other Person of which (i) such first-mentioned Person, or its Subsidiary, is the general
partner or manager or (ii) such first-mentioned Person (either directly or through or together with another Subsidiary of
such first-mentioned Person) owns more than 50% of the voting stock (or its equivalent) or value.

 

“Tax
Matters Partner” has the meaning set forth in Section 8.03(a).

 

“Third
Party” means any Person who is not an Affiliate of any Member or of the Manager.

 

“Transfer”
means any direct or indirect, voluntary or involuntary, sale, transfer, exchange, pledge, hypothecation, encumbrance, assignment
or other disposition, by operation of law or otherwise, by any Member to any Person of all or any portion of such Member’s
Units (or any interest therein) and “Transfer”, used as a verb, has a corresponding meaning.

 

“Trust
Agreement” has the meaning set forth in the Recitals.

 

“Trigger
Event” has the meaning set forth in Section 10.02(a).

 

“UCC”
means the Uniform Commercial Code in effect in the state of Delaware from time to time.

 

“Units”
means units representing the limited liability company interests of the Company, denominated as Common Units and Preferred Units.

 

“Winding
Up Event” has the meaning set forth in Section 12.02.

 

(b)          The
words “hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections,
Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits
and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth
in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning
as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the
singular. Whenever the words “include”, “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by
those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing
and other means of reproducing words (including electronic media) in a visible form.

 

    	9

    	 

    

 

ARTICLE
2

 

GENERAL
PROVISIONS

 

Section
2.01.      Name. The name of the Company is “BR-NPT Springing
Entity, LLC”.

 

Section
2.02.    Filing Of Certificates. Christopher Vohs, as an “authorized
person” within the meaning of the Delaware Act, has executed, delivered and filed the Certificate of Formation of the Company
with the office of the Secretary of State of the State of Delaware. Upon the filing of such Certificate, his powers as an “authorized
person” ceased and the Manager became the designated “authorized person” within the meaning of the Delaware
Act. The Manager shall execute, deliver and file, or cause the execution, delivery and filing of, all other certificates required
or permitted by the Delaware Act to be filed in the Office of the Secretary of State of the State of Delaware and any other certificates,
notices or documents required or permitted by law for the Company to qualify to do business in any jurisdiction in which the Company
may wish to conduct business.

 

Section
2.03.    Purpose. The purpose of the Company is to engage in any
lawful act or activity for which limited liability companies may be formed under the Delaware Act. Notwithstanding the foregoing,
so long as the Mortgage Loan and/or any other loan secured by the Property are outstanding, the Company shall not engage in any
business other than owning, financing, managing, maintaining, operating, improving, developing, leasing, refinancing and selling
the Property and the other assets of the Company subject to the terms and conditions of this Agreement.

 

Section
2.04.    Powers. In furtherance of its purposes, but subject to
all of the provisions of this Agreement, the Company shall have and may exercise all the powers now or hereafter conferred by
Delaware law on limited liability companies formed under the Delaware Act. The Company shall have the power to do any and all
acts necessary, appropriate, proper, advisable, incidental or convenient to or for the protection and benefit of the Company,
and shall have, without limitation, any and all of the powers that may be exercised on behalf of the Company by a Member.

 

Section
2.05.     Principal Business Office. The principal business office of
the Company shall be at 712 Fifth Avenue, 9th Floor, New York, New York 10019, or at such other location as may hereafter
be determined by the Manager.

 

Section
2.06.    Limited Liability. Except as required by the Delaware
Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the
debts, obligations and liabilities of the Company, and the Members shall not be obligated personally for any such debt, obligation
or liability of the Company solely by reason of being a Member of the Company.

 

Section
2.07.    Title To Company Property. All property of the Company,
whether real or personal, tangible or intangible, shall be deemed to be owned by the Company as an entity, and no Member, individually,
shall have any direct ownership interest in such property.

 

    	10

    	 

    

 

Section
2.08.     No Right Of Partition. No Member shall have the right to seek
or obtain partition by court decree or operation of law of any Company property, or the right to own or use particular or individual
assets of the Company.

 

ARTICLE
3

 

UNITS;
CAPITAL CONTRIBUTIONS

 

Section
3.01.     Units. As of the Effective Date: (a)

 

(i)
in conjunction with the dissolution of the Trust, the Manager shall cause the Company to issue a total of one hundred (100) Common
Units to the Common Members that were owners of beneficial interests in the DST immediately prior to the Effective Date, such
issuance to be allocated proportionally to each of them in amounts equivalent to their prior percentage ownership interests in
the DST. For purposes of the Capital Accounts of such Common Members, those Common Units shall be ascribed a value of $2,555.56
per Common Unit; and

 

(ii)
in conjunction with the Manager’s call for additional Capital Contributions from Common Members under the terms and conditions
set forth in the Action Notice, the Manager shall cause the Company to issue an additional nine hundred (900) Common Units, in
exchange for receipt by the Company of consideration equal to $2,555.56 per Common Unit.

 

(b)          After
completion of the transactions described in subsection (a) above, the Company shall have issued a total of one thousand (1,000)
Common Units and, including the effect of issuance of all such Common Units, including issuances to and admission of new or additional
Common Members as provided in the Action Notice, the number of Common Units held by each Common Member are set forth opposite
each Common Member’s name on Schedule A. The Common Units reflected on Schedule A shall represent 100% of
Common Units outstanding as of the Effective Date.

 

Section
3.02.         Common Member Interest. In addition to the matters addressed
in Section 3.01 above, the Common Members may from time to time make additional capital contributions to the Company for use for
any purposes set forth in this Agreement if and only if such capital contributions are requested in writing by the Manager; provided
that such capital contributions represent consideration for the issuance of Common Units. The Common Members may participate
on a pro rata basis in proportion to each Common Member’s Common Units. The Common Members are not required to comply with
such request. The Manager shall amend Schedule A to reflect such additional Common Units set forth opposite the Common
Member’s name and any change in the Common Percentage Interest of each Common Member and shall deliver a copy of such revised
Schedule A to all Members.

 

    	11

    	 

    

 

ARTICLE
4

[INTENTIONALLY
OMITTED]

 

ARTICLE
5

 

ALLOCATIONS

 

Section
5.01.     Net Profit. Subject to Section 5.03, Net Profit for any fiscal
year or other period shall be allocated as of the last day of such fiscal year or other period in the following order and priority:

 

(a)       First,
if Net Loss has been allocated pursuant to Section 5.02(b) in respect of any prior fiscal years or other periods, Net Profit
shall be allocated to the Preferred Members in a manner that will reverse, on a cumulative basis, the effect of such prior Net
Loss allocations to such Members.

 

(b)      Second,
if Net Loss has been allocated pursuant to Section 5.02(a) in respect of any prior fiscal years or other periods, Net Profit
shall be allocated to the Common Members in a manner that will reverse, on a cumulative basis, the effect of such prior Net Loss
allocations to such Members.

 

(c)       Third,
any remaining Net Profit shall be allocated to the Common Members in accordance with their respective Common Percentage Interests.

 

Section
5.02.     Net Loss.

 

(a)      First,
subject to Section 5.03, Net Loss shall be allocated to the Common Members in accordance with, and to the extent of, their
respective positive Capital Account balances.

 

(b)      Second,
any remaining Net Loss shall be allocated to the Common Members in accordance with their respective Common Percentage Interests.

 

Section
5.03.     [INTENTIONALLY OMITTED]

 

Section
5.04.    Tax Allocations. (a)  Except as otherwise required
by the Code or the Regulations, all items of Company income, gain, loss, expense, deduction and any other items shall be allocated
among the Members for federal income tax purposes in the same proportions as they share the corresponding items pursuant to this
Article 5.

 

(b)      Any
elections or other decisions relating to allocations pursuant to this Section 5.04 shall be made by the Tax Matters Partner,
in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section 5.04
are solely for purposes of federal, state, and local taxes and shall not affect, or in any way be taken into account in computing,
any Member’s share of book income, gain, loss, expense, deduction, other items, or distributions pursuant to any provision
of this Agreement.

 

    	12

    	 

    

 

ARTICLE
6

 

DISTRIBUTIONS

 

Section
6.01.     Distributions. (a)   Distributions on the Common
Units may be paid by the Company, in the amounts and on the terms that the Manager shall determine, out of funds legally available
for any such distribution.

 

(b)      Notwithstanding
any provision of this Agreement to the contrary, the Company shall not make a distribution to any Member on account of its Interest
if such distribution would violate Section 18-607 of the Delaware Act or other applicable law.

 

Section
6.02.     Authority to Withhold; Treatment of Withheld Tax. Notwithstanding
any other provision of this Agreement, each Member hereby authorizes the Company to withhold and to pay over, or otherwise pay,
any withholding or other taxes payable by the Company or any of its Affiliates (pursuant to the Code or any provision of United
States federal, state or local or non-U.S. tax law) with respect to such Member or as a result of such Member’s participation
in the Company. If and to the extent that the Company shall be required to withhold or pay any such withholding or other taxes,
such Member shall be deemed for all purposes of this Agreement to have received a payment or distribution from the Company as
of the time such withholding or other tax is required to be paid. To the extent that the aggregate of such payments to a Member
for any period exceeds the distributions that such Member would have received for such period but for such withholding, the Manager
shall notify such Member as to the amount of such excess and such Member shall make a prompt payment to the Company of such amount
by wire transfer. Any withholdings by the Company referred to in this Section 6.02 shall be made at the maximum applicable
statutory rate under the applicable tax law unless the Manager shall have received an opinion of counsel or other evidence, satisfactory
to the Manager, to the effect that a lower rate is applicable, or that no withholding is applicable. Any and all payments under
this Section 6.02 shall be treated as a distribution for purposes of this Agreement.

 

Section
6.03.     Dissolution. Upon dissolution and winding up of the Company,
the Company shall make distributions in accordance with Section 12.04.

 

ARTICLE
7

 

MANAGEMENT
OF COMPANY

 

Section
7.01.     Management.

 

(a)
      Manager. The Company shall have one manager (the “Manager”)
within the meaning of the Delaware Act. Until replaced as provided herein, the Manager shall hold office until a successor is
elected and qualified or until its resignation or, subject to Section 7.01(e), removal. Subject to Section 7.05,
the business, property and affairs of the Company shall be managed solely by or under the direction of the Manager, as and to
the extent set forth in this Section 7.01. The initial Manager is BR-North Park Towers, LLC, a Delaware limited
liability company. The Manager is a “manager” within the meaning of Section 18-101(10) of the Delaware Act.

 

    	13

    	 

    

 

(b)      Powers.
The Manager shall have the power to do any and all acts necessary, convenient or incidental to or for the furtherance of the purposes
set forth in Section 2.03. The Manager has the authority to bind the Company.

 

(c)      Meetings
of the Company. The Company may hold meetings, both regular and special, within or outside the State of Delaware. Meetings
of the Company may be called by the Manager or any Member on not less than five (5) Business Days’ notice to the Company.
Any action required or permitted to be taken at any meeting of the Company may be taken without a meeting if the Manager and the
Members constituting a majority of the outstanding Units, consent to that action in writing, and the writing or writings are filed
with the minutes of proceedings of the Company.

 

(d)      Electronic
Communications. The Company may hold meetings by means of telephone conference or similar communications equipment that allows
all persons participating in the meeting to hear each other, and participation in a meeting in this fashion shall constitute presence
in person at the meeting. If all the participants are participating by telephone conference or similar communications equipment,
the meeting shall be deemed to be held at the principal place of business of the Company.

 

(e)      Removal
of Manager. The Manager may be removed at any time by Common Members holding at least seventy-five percent (75%) of the outstanding
Common Units, but only for the Manager’s fraud or gross negligence with respect to the Property, and any vacancy caused
by any such removal may be filled only by Common Members holding a majority of the outstanding Common Units; provided, however,
that so long as any obligation under the Mortgage Loan remains outstanding and not discharged in full, consent of the Mortgage
Lender shall also be required for removal of a Manager and appointment of a successor Manager..

 

(f)       Manager
as Agent. To the extent of its powers set forth in this Agreement, the Manager is an agent of the Company for the purpose
of the Company’s business, and any actions of the Manager that are taken in accordance with the provisions set forth in
this Agreement shall bind the Company.

 

Section
7.02.     [INTENTIONALLY OMITTED]. 

 

Section
7.03.    Officers. The Manager may, from time to time as it deems advisable,
select natural persons who are employees or agents of Bluerock or its Affiliates or of the Company and designate them as officers
of the Company and assign titles to any such person. Unless the Manager decides otherwise, if the title is one commonly used for
officers of a business corporation formed under the Delaware General Corporation Law, the assignment of such title shall constitute
the delegation to such person of the authorities and duties that are normally associated with that office. Any delegation pursuant
to this Section 7.03 may be revoked at any time by the Manager. Any officer of the Company may be removed with or without
cause by the Manager.

 

    	14

    	 

    

 

Section
7.04.     Lack of Authority. No Member in its capacity as such
has the authority or power to act for or on behalf of the Company in any manner, to do any act that would be (or could be construed
as) binding on the Company or to make any expenditures on behalf of the Company, unless such specific authority has been expressly
granted to such Member by the Manager.

 

Section
7.05.     Limitations on the Company’s Activities. (a) 
This Section 7.05 is being adopted in order to comply with certain provisions required in order to qualify the Company
as a “special purpose entity”.

 

(b)      Notwithstanding
anything to the contrary in this Agreement or in any other document governing the formation, management or operation of the Company,
neither the Manager nor the Company shall amend, alter or change any of Sections 2.03, 2.04, 2.08 and 3.04,
Article 4, Section 7.01(a), (e) and (f), Section 7.02, this Section 7.05, Section
9.01, Article 10, Section 11.01, Sections 12.01, 12.02, 12.03, 12.04, 13.02,
and 13.06 (the “Special Purpose Provisions”), without the written consent of the Mortgage Lender. Subject
to this Section 7.05 and Section 7.02, the Manager reserves the right to amend, alter, change or repeal any provisions
contained in this Agreement in accordance with Section 13.02. In the event of any conflict between any of the Special Purpose
Provisions and any other provision of this or any other document governing the formation, management or operation of the Company,
the Special Purpose Provisions shall control.

 

(c)       Notwithstanding
any other provision of this Agreement and any provision of law that otherwise so empowers the Company, any Common Member, the
Manager, any officer or any other Person, neither the Company nor the Common Members nor the Manager nor any other Person shall
be authorized or empowered, nor shall they permit the Company to, and the Company shall not, without the prior unanimous written
consent of the Manager and the Mortgage Lender, take any Material Action. Notwithstanding anything to the contrary in this Agreement
or in any other document governing the formation, management or operation of the Company, prior to taking any Material Action,
the Members and the Manager shall, to the fullest extent permitted by law, including Section 18-1101(c) of the Delaware Act, take
into account the interest of the Company’s creditors, as well as those of the Company.

 

(d)      The
Manager shall cause the Company to do or cause to be done all things necessary to preserve and keep in full force and effect its
existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required
to preserve any such right or franchise if the Manager shall determine that the preservation thereof is no longer desirable for
the conduct of its business and that the loss thereof is not disadvantageous in any material respect to the Company.

 

(e)      The
Manager also shall cause the Company to and the Company shall comply with all the requirements set forth in Section 9.01
hereof.

 

    	15

    	 

    

 

ARTICLE
8

 

TAX
AND ACCOUNTING MATTERS;

BOOKS
AND RECORDS

 

Section
8.01.     Fiscal Year. The fiscal year of the Company (the “Fiscal
Year”) shall begin on January 1 (except for the first Fiscal Year, which began on the Effective Date) and end on December
31 of each year.

 

Section
8.02.     Partnership for Tax Purposes. Unless otherwise required by applicable
law, the Members hereby agree that the Company shall be treated as a partnership for tax purposes under U.S. federal, state and
local income tax laws or other laws, and further agree not to take any position or any action or to make any election, in a tax
return or otherwise, inconsistent herewith.

 

Section
8.03.     Tax Matters. (a)  The tax matters partner (the
“Tax Matters Partner”) for purposes of Section 6231 of the Code shall be the Manager.

 

(b)      All
necessary tax information (including all tax returns of the Company, together with any schedules or other information which each
Member may require) shall be delivered to each Member as promptly as is practicable after the end of each Fiscal Year of the Company.

 

(c)       All
elections by the Company for income and franchise tax purposes and all determinations for tax purposes regarding the fair market
value of any Company assets, book basis, depreciation or amortization and all other matters relating to all tax returns (including
amended returns) filed by the Company, including tax audits and related matters and controversies, shall be made and conducted
by the Tax Matters Partner. The Tax Matters Partner shall, at the expense of the Company, cause to be prepared and filed all tax
returns (including amended returns) required to be filed by the Company. The Tax Matters Partner shall provide notice to the Members
of any audit or other administrative proceeding being conducted by a taxing authority.

 

Section
8.04.     Books and Records. The Company shall keep, or cause to be kept, appropriate
books and records with respect to the Company’s business.

 

Section
8.05.    Annual Budgets. For the partial year period commencing
on the date hereof, and for each Fiscal Year thereafter, the Company shall prepare and deliver to the Members an annual budget
not later than sixty (60) days prior to the commencement of such period or Fiscal Year (each such annual budget, an “Annual
Budget”).

 

ARTICLE
9

 

CERTAIN
COVENANTS

 

Section
9.01.     Single Purpose Entity. So long as any Mortgage Loan is outstanding
and except for any transaction contemplated in this Agreement and permitted by the Mortgage Loan Documents, the Manager shall
not cause the Company to, and the Company shall not:

 

    	16

    	 

    

 

(a)      engage
in any business or activity other than the ownership and management of the Property and business activities incidental thereto,
and entering into this Agreement and the Mortgage Loan Documents, and activities incidental thereto;

 

(b)      acquire
or own any material assets other than the Property;

 

(c)       merge
into or consolidate with any Person or, to the fullest extent permitted by applicable law, dissolve, terminate or, to the fullest
extent permitted by applicable law, liquidate in whole or in part, transfer or otherwise dispose of all or substantially all of
its assets, change its legal structure, or engage in any other business activity;

 

(d)      (i)
fail to observe its organizational formalities or preserve its existence as an entity duly organized, validly existing and in
good standing (if applicable) under the laws of the jurisdiction of its organization or formation, or (ii) amend, modify, terminate
or fail to comply with the Special Purpose Provisions of this Agreement, and/or of the Company’s certificate of formation,
or similar organizational documents, as the case may be (except as required by applicable law);

 

(e)       own
any other Subsidiary or make any investment in, any other Person without the prior written consent of the Mortgage Lender or the
Preferred Members, which consent shall not be unreasonably denied, withheld, conditioned or delayed;

 

(f)       other
than as may be permitted or required by the Mortgage Loan Documents, commingle its assets with the assets of any of its members,
managing members, general partners, Affiliates, principals or of any other Person, participate in a cash management system with
any other Person, or fail to use its own separate stationery, invoices and checks;

 

(g)      incur
any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (i) the Mortgage Debt;
and (ii) trade payables incurred in the ordinary course of its business, provided that such trade payable Indebtedness (A) is
not evidenced by a note, (B) is paid within sixty (60) days of the date an invoice is submitted for payment thereof or such
earlier date required for payment pursuant to such invoice (unless such invoice is being contested in good faith and in a commercially
reasonable manner, in which case such sum shall be paid promptly upon a determination that such sum is due) and (C) is payable
to trade creditors and in amounts as are normal and reasonable under the circumstances;

 

(h)      to
the extent of then available Property revenues, fail, at any time (i) to maintain adequate capital for the normal obligations
reasonably foreseeable in a business of its size and character and in light of its contemplated business operations and (ii) to
remain solvent and to pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from its
assets as the same have or shall become due, and to maintain adequate capital for the normal obligations reasonably foreseeable
in a business of its size and character and in light of its contemplated business operations;

 

    	17

    	 

    

 

(i)       (i)
fail to maintain its records (including financial statements), books of account and bank accounts separate and apart from those
of the members, managing members, general partners, principals and Affiliates of the Company, the Affiliates of a member, managing
member, general partner or principal of the Company and any other Person; (ii) permit its assets or liabilities to be listed as
assets or liabilities on the financial statement of any other Person; or (iii) include the assets or liabilities of any other
Person on its financial statements, provided, however, the Company’s assets may be included in a consolidated
financial statement of its Affiliates provided that appropriate notations shall be made on such consolidated financial statement
to indicate the separateness of the Company and its Affiliates and to indicate that none of any such Affiliate’s assets
and credit are available to satisfy the debts and other obligations of the Company;

 

(j)       other
than the Property Management Agreement, enter into any contract or agreement with any member, managing member, general partner,
principal or Affiliate of the Company, or any member, managing member, general partner, principal or Affiliate thereof, except
upon terms and conditions that are commercially reasonable, intrinsically fair and substantially similar to those that would be
available on an arm’s-length basis with Third Parties other than any member, managing member, general partner, principal
or Affiliate of the Company, or any member, managing member, general partner, principal or Affiliate thereof;

 

(k)       fail
to refrain, to the fullest extent permitted by applicable law, from seeking the dissolution or winding up in whole, or in part,
of the Company;

 

(l)        fail
to correct any known misunderstandings regarding the separate identity of the Company or any member, managing member, general
partner, principal or Affiliate thereof or any other Person;

 

(m)     guarantee
or become obligated for the debts of any other Person or hold itself out to be responsible for the debts of another Person;

 

(n)      make
any loans or advances to any Third Party, including any member, managing member, general partner, principal or Affiliate of the
Company or any member, managing member, general partner, principal or Affiliate thereof, and shall not acquire obligations or
securities of any member, managing member, general partner, principal or Affiliate of the Company or any member, managing member,
general partner, or Affiliate thereof;

 

(o)      fail
to file its own tax returns or be included on the tax returns of any other Person except as required or permitted by applicable
law;

 

(p)      fail
either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business
solely in its own name or a name franchised or licensed to it by an entity other than an Affiliate of the Company and not as a
division or part of any other entity in order not (i) to mislead others as to the identity with which such other party is transacting
business, or (ii) to suggest that the Company is responsible for the Indebtedness of any Third Party (including any member, managing
member, general partner, principal or Affiliate of the Company or any member, managing member, general partner, principal or Affiliate
thereof);

 

(q)      fail
to maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual
assets from those of any other Person;

 

    	18

    	 

    

 

(r)       share
any common logo with or hold itself out as or be considered as a department or division of (i) any general partner, principal,
managing member, member or Affiliate of the Company, (ii) any Affiliate of a general partner, principal, managing member or member
of the Company, or (iii) any other Person;

 

(s)      pledge
its assets for the benefit of any other Person;

 

(t)       fail
to maintain a sufficient number of employees in light of its contemplated business operations taking into account the services
to be provided by the Manager pursuant to this Agreement;

 

(u)      fail
to hold its assets in its own name;

 

(v)      except
with respect to any Guaranty provided under the Mortgage Loan Documents, have any of its obligations guaranteed by an Affiliate;
and

 

(w)     identify,
at any time, its partners, members or shareholders, or any Affiliate of any of them, as a division or part of it, and has not
identified itself, and shall not identify itself, as a division of any other Person.

 

ARTICLE
10

 

TRANSFERS

 

Section
10.01.  Transfers. (a)  Subject to compliance with the terms and conditions of
this Agreement (including, without limitation, Sections 4.02 and 4.03(b)) and the provisions of the Mortgage Loan
Documents, any Common Member may freely Transfer any or all of its Common Units, so long as such Transfer is not to a Prohibited
Person (each, a “Permitted Transfer”).

 

(b)      [INTENTIONALLY
OMITTED]

 

(c)       Any
Transfer of all or any portion of the Units which is not made in compliance with the provisions of this Agreement shall, to the
fullest extent permitted by law, be void, and the Company shall not recognize any such Transfer. Notwithstanding anything else
contained herein, no Transfer shall be made except in compliance with all applicable laws, including the Securities Act of 1933,
as amended. No transferee shall be admitted to the Company as a Member unless the Transfer was permitted under this Agreement.

 

(d)      If
(i) Units are Transferred in accordance with the terms of this Agreement and (ii) the transferee is to be admitted to the
Company as a Member, the following shall apply:

 

(A)     the
transferee shall execute and deliver to the Company such instruments (including a counterpart of this Agreement), in form and
substance reasonably satisfactory to the Manager, as the Manager shall reasonably deem necessary or desirable to confirm the agreement
of such transferee to be bound by all the terms and provisions of this Agreement (as it may be amended in connection with the
admission of such transferee as a Member);

 

    	19

    	 

    

 

(B)      upon
execution of such instruments, the transferee shall be admitted to the Company as a Member of the Company;

 

(C)      immediately
following the admission of the transferee to the Company as a Member of the Company, any Member who has thereby transferred all
of its Units shall cease to be a Member of the Company;

 

(D)     the
transferee, as a Member of the Company, and any other Members are hereby authorized to, and shall, continue the business of the
Company without dissolution; and

 

(E)      any
transferee who is admitted to the Company as a Member shall succeed to the rights and powers, and be subject to the restrictions
and liabilities, of the transferor Member to the extent of the Interest transferred.

 

(e)      If
a party ceases to own any Units in accordance with the terms of this Agreement, its rights and obligations hereunder shall terminate
except as provided in Section 11.01(b) or as otherwise expressly provided herein to survive such cessation of ownership.

 

(f)       Notwithstanding
anything to the contrary herein, no Member may Transfer any Units if such Transfer would result in the Company having more than
99 Members. Any Transfer of Units that would have the result prescribed in the preceding sentence shall be void, and the Company
shall not recognize any such Transfer.

 

ARTICLE
11

 

EXCULPATION
AND INDEMNIFICATION

 

Section
11.01.   Exculpation and Indemnification. (a)  No Member,
Manager or Tax Matters Partner, or any officer of the Company or any of their respective Affiliates or any of their respective
shareholders, partners, members, employees, representatives or agents (collectively, “Covered Persons”) shall
be liable to the Company or any other Covered Person for monetary damages for any breach of fiduciary duty relating to the Company
to the fullest extent permitted by the laws of the State of Delaware.

 

(b)      Each
Person (and the heirs, executors or administrators of such Person) who was or is a party or is threatened to be made a party to,
or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or
investigative, by reason of the fact that such Person is or was a Covered Person shall be indemnified and held harmless by the
Company to the fullest extent permitted by the laws of the State of Delaware. The right to indemnification conferred in this Section
11.01 shall also include the right to be advanced by the Company the expenses incurred in connection with any such proceeding
in advance of its final disposition to the fullest extent permitted by the laws of the State of Delaware; provided, that
any Covered Person shall promptly repay all such advances to the Company if it shall be ultimately determined by a court of competent
jurisdiction that such Covered Person was not entitled to be indemnified by the Company in connection with such proceeding; and
provided, further, that until such time as all of the obligations under the Mortgage Loan Documents have
been satisfied in full, no indemnity payment to any Covered Person (except to the Preferred Member) from funds of the Company
(as distinct from funds from other sources, such as insurance) of any indemnity under this Article 11 shall be payable
from amounts allocable to any other Person pursuant to this Agreement and the Mortgage Loan Documents. The right to indemnification
conferred in this Section 11.01 shall be a contract right.

 

    	20

    	 

    

 

(c)       The
Company may, by action of the Manager, provide indemnification to such other officers, employees and agents of the Company or
of any Covered Person or other persons who are or were serving at the request of the Company as a director, officer, employee
or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise to such extent
and to such effect as the Manager shall determine to be appropriate.

 

(d)      The
Company shall have the power to purchase and maintain insurance on behalf of any person who is or was a Covered Person or an officer,
employee or agent of the Company, or is or was serving at the request of the Company as a member, manager, director, officer,
employee or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise against
any expense, liability or loss incurred by such person in any such capacity or arising out of his status as such, whether or not
the Company would have the power to indemnify such entity or individual against such liability under the laws of the State of
Delaware.

 

(e)      [INTENTIONALLY
OMITTED]

 

(f)       The
rights and authority conferred in this Section 11.01 shall not be exclusive of any other right which any Person may otherwise
have or hereafter acquire.

 

(g)      Neither
the amendment of this Section 11.01, nor to the fullest extent permitted by the laws of the State of Delaware, any modification
of law, shall eliminate or reduce the effect of this Section 11.01 in respect of any acts or omissions occurring prior
to such amendment or modification.

 

Section
11.02.  Waiver of Corporate Opportunity. To the fullest extent
permitted by applicable law, the doctrine of corporate opportunity, or any other analogous doctrine, shall not apply with respect
to the Company, and no Member, Manager, Tax Matters Partner or Affiliate of a Member, Manager or Tax Matters Partner shall have
any obligation to refrain from (i) engaging in similar activities or lines of business as the Company or developing or marketing
any products or services that compete, directly or indirectly, with those of the Company, (ii) investing or owning any interest
publicly or privately in, serving as a director or officer of or developing a business relationship with, any Person engaged in
similar activities or lines of business as, or otherwise in competition with, the Company, (iii) doing business with any
client or customer of the Company or (iv) employing or otherwise engaging a former officer or employee of the Company; and
neither the Company nor any Member, Manager or Tax Matters Partner (or Affiliate of such Member, Manager or Tax Matters Partner)
shall have any right by virtue of this Agreement in or to, or to be offered any opportunity to participate or invest in, any venture
engaged or to be engaged in by the other Members, the Manager, the Tax Matters Partner or any Affiliate of the other Members,
the Manager or the Tax Matters Partner, or any right by virtue of this Agreement in or to any income or profits derived therefrom.

 

    	21

    	 

    

 

ARTICLE
12

 

TERMINATION,
DISSOLUTION 

AND
LIQUIDATION

 

Section
12.01. Term. The term of the Company shall continue until it is dissolved, wound up and terminated
pursuant to this Article 12. The existence of the Company as a separate legal entity shall continue until cancellation
of the Certificate of Formation as provided in the Delaware Act.

 

Section
12.02.  Winding Up Events. (a)  The Company shall dissolve and commence winding
up upon the first to occur of any of the following events (each a “Winding Up Event”):

 

(i)        the
termination of the legal existence of the last remaining Member of the Company or the occurrence of any other event which terminates
the continued membership of the last remaining Member of the Company in the Company unless the Company is continued without dissolution
in a manner permitted by this Agreement or the Delaware Act;

 

(ii)       subject
to Section 7.02, the written election of the Manager to dissolve, wind up and liquidate the Company; or

 

(iii)      the
entry of a decree of judicial dissolution pursuant to Section 18-802 of the Delaware Act.

 

(b)          Upon
the occurrence of any event that causes the last remaining Member of the Company to cease to be a member of the Company, to the
fullest extent permitted by law, the personal representative of such Member is hereby authorized to, and shall, within 90 days
after the occurrence of the event that terminated the continued membership of such Member in the Company, agree in writing (i)
to continue the Company and (ii) to the admission of the personal representative or its nominee or designee, as the case may be,
as a substitute Member of the Company, effective as of the occurrence of the event that terminated the continued membership of
the last remaining Member of the Company or the Member in the Company.

 

(c)          Notwithstanding
any other provision of this Agreement, the Bankruptcy of a Member shall not cause such Member to cease to be a member of the Company
and upon the occurrence of such an event, the Company shall continue without dissolution.

 

    	22

    	 

    

 

Section
12.03.  Winding Up. Upon the occurrence of a Winding Up Event, the Company shall continue
solely for the purposes of winding up its affairs in an orderly manner, liquidating its assets, and satisfying or making reasonable
provision for the satisfaction of the claims of its creditors and Members, and no Member shall take any action that is inconsistent
with, or not necessary to or appropriate for, the winding up of the Company’s business and affairs; provided that
all covenants contained in this Agreement and obligations provided for in this Agreement shall continue to be fully binding upon
the Members until such time as the assets or property or the proceeds from the sale thereof have been distributed pursuant to
this Article 12 and the Company has terminated by the filing of a Certificate of Cancellation of the Certificate of Formation
of the Company with the Secretary of State of the State of Delaware. The Manager shall be responsible for overseeing the winding
up and dissolution of the Company. The Manager shall take full account of the Company’s assets and liabilities, and the
Company’s affairs shall be wound up in an orderly manner. To the extent that the Manager determines that any or all of the
assets of the Company shall be sold, such assets shall be sold as promptly as possible, but in a business-like manner so as not
to involve undue sacrifice. Notwithstanding the foregoing, in the event of the winding up or dissolution of the Company as a result
of a Trigger Event, the Preferred Members shall be entitled to appoint a Third Party to act as an independent liquidating trustee
pursuant to the Delaware Act with responsibility for overseeing the winding up and dissolution of the Company.

 

Section
12.04.  Distribution Upon Dissolution of the Company. The Company’s assets or the proceeds
from the sale thereof pursuant to this Article 12 to the extent sufficient therefor shall be applied and distributed to
the maximum extent permitted by law, in the following order:

 

(a)        first,
to the satisfaction (whether by payment or by the making of reasonable provision for payment) of all of the Company’s debts
and liabilities to Third Party creditors; and

 

(b)      second,
the balance, if any, to the Common Members in accordance with their respective Common Interest Percentages.

 

Section
12.05.   Rights of Members; Resignation.

 

(a)       Except
as otherwise provided in this Agreement or in any agreement referred to in this Agreement, each Member shall look solely to the
assets of the Company for the return of its Capital Contributions and shall have no right or power to demand or receive property
other than cash from the Company.

 

(b)      No
Member shall resign from the Company prior to the dissolution and winding up of the Company in accordance with this Agreement
except as a consequence of a permitted Transfer of all of such Member’s Interest.

 

ARTICLE
13

 

MISCELLANEOUS

 

Section
13.01.  Notices. All notices, requests and other communications to any party or to the Company
shall be in writing (including facsimile or similar writing) and shall be given, in the case of any Member, to the address of
such Member as set forth in the books and records of the Company, and

 

	if to the Company or the Manager, to:	c/o Bluerock Real Estate,
        LLC

        712 Fifth Avenue, 9th
        Floor

        New York, NY 10019

        Attention: Jordan Ruddy
        and Michael Konig

        Facsimile: (212) 278-4220

 

    	23

    	 

    

 

	with a copy to:	Hirschler Fleischer

        Edgeworth Building

        2100 East Cary Street

        Richmond, Virginia 23223

        Attention: S. Edward Flanagan,
        Esq.

        Facsimile: (804) 644-0957

	 	 
	if to either Preferred Member, to:	c/o Bluerock Real Estate,
        LLC

        712 Fifth Avenue, 9th
        Floor

        New York, NY 10019

        Attention: Jordan Ruddy
        and Michael Konig

        Facsimile: (212) 278-4220

	 	 
	with a copy to:	Hirschler Fleischer

        Edgeworth Building

        2100 East Cary Street

        Richmond, Virginia 23223

        Attention: S. Edward Flanagan,
        Esq.

        Facsimile: (804) 644-0957

 

or, in each
case, to such other address or facsimile number as such party or the Company may hereafter specify for the purpose by notice to
the other parties and the Company. All such notices, requests and other communications shall be deemed received on the date of
receipt by the recipient thereof if received prior to 5 p.m. in the place of receipt and such day is a Business Day in the place
of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding
Business Day in the place of receipt.

 

Section
13.02.   Amendments; No Waivers. (a)  Any provision of this Agreement may be
amended or waived if, and only if, such amendment or waiver is in writing and agreed to, (i) in the case of an amendment,
by Common Members holding a majority of the outstanding Common Units or (ii) in the case of a waiver, by the party or parties
against whom the waiver is to be effective; provided that this Agreement shall, without any further action required, be
deemed amended from time to time to reflect admission of a new Member and the withdrawal or resignation of a Member, in each case
that is made in accordance with the provisions hereof.

 

(b)      Except
as expressly set forth herein, no failure or delay by any party in exercising any right, power or privilege hereunder shall operate
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. Except as otherwise provided herein, the rights and remedies herein provided shall be
cumulative and not exclusive of any rights or remedies provided by law.

 

Section
13.03.   Expenses. All costs and expenses incurred in connection
with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

 

    	24

    	 

    

 

Section
13.04.  Successors and Assigns. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns. This Agreement
is for the sole benefit of the parties hereto and, except as provided in Article 11, nothing herein expressed or implied
shall give or be construed to give any Person, other than the parties hereto, any legal or equitable rights hereunder.

 

Section
13.05.   Headings. Headings are for ease of reference only and shall
not form a part of this Agreement.

 

Section
13.06.  Governing Law. THIS AGREEMENT SHALL BE CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAWS
THEREOF. 

 

Section
13.07.  Counterparts; Effectiveness. This Agreement may be signed in any
number of counterparts, each of which shall be deemed an original. This Agreement shall become effective when each party shall
have received a counterpart hereof signed by each of the other parties.

 

Section
13.08.  Severability. In case any one or more of the provisions or part
of a provision contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable, such invalidity,
illegality or unenforceability shall be deemed not to affect any other provision or part of a provision of this Agreement, but
the Agreement shall be reformed and construed as if such provision or part of a provision held to be invalid, illegal or unenforceable
had never been contained herein and such provision or part reformed so that it would be valid, legal and enforceable to the maximum
extent possible.

 

Section
13.09.   Further Assurances. The parties hereto will execute
and deliver such further instruments and do such further acts and things as may be required to carry out the intent and purpose
of this Agreement.

 

Section
13.10.  Entire Agreement. This Agreement, including the exhibits
and schedules hereto and thereto, constitute the entire agreement among the parties hereto and thereto with respect to the subject
matter hereof and thereof, and supersede all other prior agreements or undertakings with respect thereto, both written and oral.
The parties acknowledge and agree that no representations, warranties, instruments, promises, understandings or conditions have
been made or relied upon by the parties or any of their Affiliates in connection with the transactions contemplated hereby except
as set forth herein or therein.

 

Section
13.11.  Venue and Waiver of Jury Trial. The Company and each Member agree
that any dispute among or between them concerning the Company or this Agreement will be litigated in the state or federal courts
sitting in the City of New York, State of New York. The Company and each Member irrevocably submit to the exclusive jurisdiction
of such courts in any such suit, action or proceeding. The Company and each Member irrevocably and unconditionally waive any objection
to the laying of venue of any suit, action or proceeding in such courts and irrevocably waive and agree not to plead or claim
in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
To the fullest extent permitted by applicable law, in any such suit, action or proceeding, the Company and each Member irrevocably
and unconditionally waive any right it may have to a trial by jury.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

    	25

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have entered into this Amended and Restated Limited Liability Company Agreement or have
caused this Amended and Restated Limited Liability Company Agreement to be duly executed by their respective authorized officers,
in each case as of the day and year first above written.

 

	 	BR-NORTH PARK TOWERS LLC,
	 	as Manager
	 	 	 
	 	By:	/s/ Jordan Ruddy
	 	 	Name: Jordan Ruddy
	 	 	Title:   Authorized Signatory

 

    	26

    	 

    

 

Schedule
A

 

Membership
Interests

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