Document:

EX-10.9

 Exhibit 10.9 
 TAX PROTECTION AGREEMENT 
 THIS TAX PROTECTION AGREEMENT (this
“Agreement”) is made and entered into as of July 1, 2013 by and among LANDMARK APARTMENT TRUST OF AMERICA, INC., a Maryland corporation (the “REIT”), LANDMARK APARTMENT TRUST OF AMERICA HOLDINGS, L.P., a Virginia limited
partnership (the “Partnership”), Elco LR OPT II REIT LP, a Delaware partnership (the “Contributor”) and Elco LR OPT II LP, a Delaware limited partnership (the “JV Entity”). 

WHEREAS, the Contributor, pursuant to that certain Master Contribution and Assignment Agreement, dated as of July 1, 2013, (the
“Contribution Agreement”), is contributing (the “Contribution”) its right, title and interest in and to, and all obligations under the Membership Interest Purchase Agreement, dated as of November 26, 2012, by and among Elco
Landmark Residential Holdings LLC, a Delaware limited liability company (“ELRH”), Hunt Commercial Realty Partners III, L.P., as successor in interest to TRECAP Commercial Realty Partners III, L.P., (“Hunt Partners III”) and ADMG
FairCave Partners LP, a Florida limited partnership (“ADMG FairCave”), as amended by the First Amendment to Membership Interest Purchase Agreement, Second Amendment to Membership Interest Purchase Agreement, Third Amendment to Membership
Interest Purchase Agreement and Fourth Amendment to Membership Interest Purchase Agreement (the “Purchase Agreement”), to the Partnership in exchange for common partnership units of limited partnership interest in the Partnership
(“Units”); 
 WHEREAS, it is intended for federal, state and local income tax purposes that the Contribution for Units
will be treated as a tax-deferred contribution of assets to the Partnership for Units under Section 721 of the Code; 

WHEREAS, the JV Entity owns all of the common units (the “Contributor Interests”) in the Contributor; 

WHEREAS, the Contributor is indirectly the sole owner of that certain residential apartment complex known as Lancaster Place and adjacent
vacant land located in Calera, Alabama (“Lancaster Place”); 
 WHEREAS, in consideration for the agreement of the
Contributor to make the Contribution, the parties desire to enter into this Agreement regarding certain tax matters as set forth herein; and 
 WHEREAS, the REIT and the Partnership desire to evidence their agreement regarding amounts that may be payable in the event of certain actions being taken by the Partnership regarding the disposition of
certain of the contributed assets and regarding certain minimum debt obligations of the Partnership and its subsidiaries. 

NOW, THEREFORE, in consideration of the promises and the mutual representations, warranties, covenants and agreements contained herein
and in the Contribution Agreement, the parties hereto hereby agree as follows: 

 ARTICLE 1 
 DEFINITIONS 
 To the extent not otherwise defined herein, capitalized terms
used in this Agreement have the meanings ascribed to them in the Partnership Agreement (as defined below). 

“AAA” has the meaning set forth in Section 3.2. 

“Accounting Firm” has the meaning set forth in Section 3.2. 

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

“Cash Consideration” has the meaning set forth in Section 2.1.1. 

“Closing Date” means the date on which the Contribution will be effective. 

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

“Consent” means the prior written consent to do the act or thing for which the consent is required or solicited, which
consent may be executed by a duly authorized officer or agent of the party granting such consent. 

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

“Contributed Property” means the Contributor’s right, title and interest in and to, and all obligations under the
Purchase Agreement of the Contributors and the properties to be acquired by the Partnership pursuant to the Purchase Agreement which properties are listed on Schedule 2.1(b) hereto and referred to herein individually as a “Contributed
Property” and collectively, as the “Contributed Properties”. 
 “Contribution Agreement” has the
meaning set forth in the Recitals. 
 “Contributor” has the meaning set forth in the Preamble. 

“Contributor Interests” has the meaning set forth in the Recitals. 

“Dispute” has the meaning set forth in Section 3.2. 

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

  
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 “Gain Limitation Property” means (i) the Purchase Agreement and any
property identified on Schedule 2.1(b) hereto as a Gain Limitation Property; (ii) any other property or asset hereafter acquired by the Partnership or any direct or indirect interest owned by the Partnership in any entity that owns an
interest in a Gain Limitation Property, if the disposition of that property or asset would result in the recognition of Protected Gain by a Protected Partner or an Indirect Owner; and (iii) any other property that the Partnership directly or
indirectly receives that is in whole or in part a “substituted basis property” as defined in Section 7701(a)(42) of the Code with respect to a Gain Limitation Property. 

“Indirect Owner” means, in the case of a Protected Partner that is an entity that is classified as a partnership,
disregarded entity, subchapter S corporation, or real estate investment trust for federal income tax purposes, any person owning an equity interest in such Protected Partner, and in the case of any Indirect Owner that itself is an entity that is
classified as a partnership, disregarded entity, subchapter S corporation, or real estate investment trust for federal income tax purposes, any person owning an equity interest in such entity. 

“Lancaster Place” has the meaning set forth in the Recitals. 

“New York Courts” has the meaning set forth in Section 3.3. 

“OPT” means 2034115 Ontario Inc. 
 “Partnership” has the meaning set forth in the Preamble. 

“Partnership Agreement” means the Agreement of Limited Partnership of Landmark Apartment Trust of America Holdings, L.P.
(f/k/a Apartment Trust of America Holdings, L.P., f/k/a Grubb & Ellis Apartment REIT Holdings, LP), dated December 27, 2005, as amended from time to time in accordance with the terms thereof. 

“Partnership Interest Consideration” has the meaning set forth in Section 2.1.1. 

“Protected Gain” shall mean the income or gain that would be allocable to and recognized by a Protected Partner or
Indirect Owner under Section 704(c) of the Code in the event of the sale of a Gain Limitation Property or any interests in Gain Limitation Property in a fully taxable transaction. The amount of Protected Gain with respect to the Contributor
shall be determined as if the Partnership sold each Gain Limitation Property in a fully taxable transaction on the Closing Date for consideration equal to the Section 704(c) Value of such Gain Limitation Property on the Closing Date. The
Protected Partner shall provide its determination as to the amount of Protected Gain within thirty (30) days of the Closing Date. If the Partnership disagrees with the Protected Partner’s determination of the amount of Protected Gain, the
Protected Partner and the Partnership shall use their best efforts to reach an agreement as to the Protected Gain. If such parties cannot reach an agreement, the Partnership shall retain an Accounting Firm as defined in Section 3.2(a) of this
Agreement, and such Accounting Firm’s conclusion shall be conclusive and binding as to the Protected Gain. Gain that would be allocated to a Protected Partner upon a sale of a Gain Limitation Property that is “book gain” (for example,
any gain attributable to appreciation in the actual value of the Gain Limitation Property following the Closing Date or any gain resulting from reductions in the “book value” of the Gain Limitation Property, as determined under
Section 704(b), following the Closing Date) shall not be considered Protected Gain. (As used in this definition, “book gain” is any gain that would not be required under Section 704(c) of the Code and the applicable regulations
to be specially 

  
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allocated to the Protected Partners, but rather would be allocated to all partners in the Partnership, including the REIT, in accordance with their respective economic interests in the
Partnership.) Notwithstanding the other terms of this definition other than this final sentence, in the case of a breach of Section 2.1, the term Protected Gain shall equal the amount of income or gain recognized by a Protected Partner
or Indirect Owner resulting from such breach (e.g., gain allocable under Section 731 or 465), but not to exceed the amount otherwise calculated under this definition (relating to Section 704(c) gain). The final determination of Protected
Gain shall be set forth on Schedule 2.1(b). 
 “Protected Partner” means the Contributor and any persons who
(i) acquire Units from a Protected Partner in a transaction in which gain or loss is not recognized in whole or in part and in which such transferee’s adjusted basis for federal income tax purposes is determined in whole or in part by
reference to the adjusted basis of the Protected Partner in such Units, (ii) has notified the Partnership of its status as a Protected Partner, and (iii) provides all documentation reasonably requested by the Partnership to verify such
status, but excludes any person that ceases to be a Protected Partner pursuant to this Agreement. The name of the initial Protected Partner is set forth on Schedule 2.1(a) hereto. 

“Protection Percentage” is the percentage shown in Schedule 2.1(c) applicable to the date the Partnership
recognizes the Protected Gain for tax purposes (e.g., a taxable sale occurring on or after the day following the first anniversary of the Closing Date and before the second anniversary of the Closing Date has an 85.71% Protection Percentage).

 “Put Closing Date” has the meaning set forth in Section 5.5. 

“Put Notice” has the meaning set forth in Section 5.1. 

“Put Right” has the meaning set forth in Section 5.1. 

“REIT” has the meaning set forth in the Preamble. 

“Rules” has the meaning set forth in Section 3.2. 

“Section 704(c) Value” means the fair market value of any Gain Limitation Property as of the Closing Date, as determined
pursuant to the Contribution Agreement and as set forth next to each Gain Limitation Property on Schedule 2.1(b) hereto. The Partnership shall initially carry the Gain Limitation Property on its books at a value equal to the
Section 704(c) Value as set forth in the preceding sentence. 
 “Subsidiary” means any entity in which the
Partnership owns a direct or indirect interest that owns a Gain Limitation Property on the Closing Date, after giving effect to the Contribution, or that thereafter is a successor to the Partnership’s direct or indirect interests in a Gain
Limitation Property. 
 “Successor Partnership” has the meaning set forth in Section 2.1.2.

  
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 “Tax Protection Period” means the period commencing on the Closing Date
and ending at 12:01 AM on July 2, 2020, provided, however, that the Tax Protection Period shall terminate at such time as (i) the Contributor (or one or more successor Protected Partners) has disposed of 50% or more of the
Units received, directly or indirectly, pursuant to the Contribution Agreement by the Contributor in one or more taxable transactions or (ii) there is a Final Determination that no portion of the Contribution qualified for tax-deferred
treatment under Section 721 of the Code. In determining whether a Protected Partner has disposed of 50% of more of the Units above, it is contemplated that the Contributor may distribute Units to its Indirect Owners and after such distribution
the 50% shall be measured solely against the specific quantity of Units held by each successor Protected Partner. 

“Tax Protection Provision” shall mean the provisions under Article 2 of this Agreement. 

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

ARTICLE 2 

RESTRICTIONS ON DISPOSITIONS OF 
 GAIN THRESHOLD PROPERTIES AND MINIMUM DEBT THRESHOLDS 
 2.1 Restrictions
on Disposition of Gain Limitation Properties. 
 2.1.1 The Partnership agrees for the benefit of each Protected Partner, for
the term of the Tax Protection Period, not to directly or indirectly sell, exchange, transfer, or otherwise dispose of a Gain Limitation Property or any interest therein, without regard to whether such disposition is voluntary or involuntary, in a
transaction that would cause the Protected Partners or the Indirect Owners to recognize any Protected Gain. 
 Without limiting
the foregoing, the term “sale, exchange, transfer or disposition” by the Partnership shall be deemed to include, and the prohibition shall extend to: 
  

	 	(i)	any direct or indirect disposition by any direct or indirect Subsidiary of any Gain Limitation Property or any interest therein; 

 

	 	(ii)	any direct or indirect disposition by the Partnership of any Gain Limitation Property (or any direct or indirect interest therein) that is subject to
Section 704(c)(1)(B) of the Code and the Treasury Regulations thereunder; and 

  

	 	(iii)	any distribution by the Partnership to a Protected Partner that is subject to Section 737 of the Code and the Treasury Regulations thereunder.

 Without limiting the foregoing, a disposition shall include any transfer, voluntary or involuntary, by the
Partnership or any Subsidiary in a foreclosure proceeding, pursuant to a deed in lieu of foreclosure, or in a bankruptcy proceeding. 
 Notwithstanding the foregoing, this Section 2.1 shall not apply to a voluntary, actual disposition by a Protected Partner of Units in connection with a merger or consolidation of the
Partnership pursuant to which (1) the Protected Partner is offered as consideration for the Units either cash or property treated as cash pursuant to Section 731 of the Code (“Cash

  
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Consideration”) or partnership interests that are substantially equivalent (including value and profit and loss sharing) to the Units disposed of, and the receipt of such partnership
interests would not result in the recognition of gain for federal, state, or local income tax purposes by the Protected Partner (“Partnership Interest Consideration”); (2) the Protected Partner has the right to elect to receive solely
Partnership Interest Consideration in exchange for his Units and the continuing partnership has agreed in writing to assume the obligations of the Partnership under this Agreement; (3) no Protected Gain is recognized by the Partnership as a
result of any partner of the Partnership receiving Cash Consideration; and (4) the Protected Partner elects or is deemed to elect to receive solely Cash Consideration. 
 2.1.2 Notwithstanding the restriction set forth in this Section 2.1, the Partnership and any Subsidiary may dispose of any Gain Limitation Property (or any interest therein) if such
disposition qualifies as a “like-kind exchange” under Section 1031 of the Code, or an involuntary conversion under Section 1033 of the Code, or other transaction (including, but not limited to, a contribution of property to any
entity that qualifies for the non-recognition of gain under Section 721 or Section 351 of the Code, or a merger or consolidation of the Partnership with or into another entity that qualifies for taxation as a “partnership” for
federal income tax purposes (a “Successor Partnership”)) that, as to each of the foregoing, does not result in the recognition of any taxable income or gain to any Protected Partner with respect to any of the Units (including no taxable
gain under Sections 465 or 731(a) of the Code); provided, however, that in the case of a “like-kind exchange” under Section 1031 of the Code, if such exchange is with a “related party” within the meaning of
Section 1031(f)(3) of the Code, any direct or indirect disposition by such related party of the Gain Limitation Property or any other transaction prior to the expiration of the two (2) year period following such exchange that would cause
Section 1031(f)(1) of the Code to apply with respect to such Gain Limitation Property (including by reason of the application of Section 1031(f)(4) of the Code) shall be considered a violation of this Section 2.1 by the
Partnership. 
 2.2 Consistent Reporting. Unless otherwise required (as determined by nationally recognized counsel
selected by the Partnership and reasonably acceptable to the Protected Partner) by modifications to, or enactment, promulgation, or adoption of any changes in the Code, the Treasury Regulations thereunder, or the judicial and administrative
interpretations thereof (to the extent such interpretations are binding on the Partnership), or the tax law of any state, local, or foreign jurisdiction, the Partnership and its affiliates shall not take any position on a tax return inconsistent
with the position that the Contributor’s contribution of assets to the Partnership for Units qualifies in its entirety for nonrecognition of gain under Section 721 of the Code. 

2.3 Section 704(c) Method. The Partnership shall report allocations of income, gain, loss and deduction (as computed for tax
purposes) with respect to the Contribution so as to take account of the Section 704(c) built-in gain of such properties under Code Section 704(c) or the principles set forth in Treasury Regulations section 1.704-3(a), as the case may be,
using the traditional method (as specifically provided in Treasury Regulations section 1.704-3(b)). 
 2.4 Adjusted Tax Basis
in Gain Limitation Property. Upon request from the Partnership, each Protected Partner shall notify the Partnership of its adjusted tax basis in the Gain Limitation Property as of the Closing Date. Each Protected Partner shall cooperate with all

  
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reasonable requests for documentation supporting the Protected Partner’s calculation of its adjusted tax basis in the Gain Limitation Property. If a Protected Partner fails to satisfy its
obligations under this Section 2.4, (i) such Protected Partner shall indemnify, defend and hold harmless the Partnership, the REIT and any person who controls the Partnership or the REIT from any and all loss, expense, liability,
damage or claim (including the reasonable cost of investigation), which, jointly or severally, the Partnership, the REIT or such controlling person may incur, insofar as such loss, expense, liability, damage or claim arises out of, is based on or
relates to federal, state or local tax compliance failures of the Partnership, but only to the extent such loss, expense, liability, damage or claim was caused by the failure of the Protected Partner to comply with this Section 2.4 and only to
the extent of any Final Determination against the Partnership or such controlling person, and (ii) to the extent such failure to comply directly resulted in a recognition of Protected Gain by the Protected Partner that otherwise would not have
occurred but for such failure, the Partnership and the REIT shall not be required to comply with or otherwise satisfy the other provisions of this Article 2 with respect to such recognized Protected Gain resulting from such failure by the
Contributing Partner. 
 ARTICLE 3 
 REMEDIES FOR BREACH 
 3.1 Monetary Damages. In the event that the
Partnership breaches its obligations set forth in Article 2 with respect to a Protected Partner, the Protected Partner’s sole right shall be to receive from the Partnership, and the Partnership shall pay to such Protected Partner as
damages, an amount equal to (i) the product of (x) the aggregate federal state, and local tax on income or Medicare taxes (including Section 1411 of the Code) incurred by the Protected Partner or an Indirect Owner with respect the
Protected Gain incurred with respect to the Gain Limitation Property that is allocable to (or borne by) such Protected Partner or Indirect Owner as a result of the Partnership’s breach of the obligations set forth in Article 2 and
(y) the Protection Percentage plus (ii) an amount equal to the aggregate federal, state, and local tax on income or Medicare taxes (including Section 1411 of the Code) payable by the Protected Partner or an Indirect
Owner as a result of the receipt of any payment required under this under this Section 3.1. The Partnership shall notify the Protected Partner and OPT in writing at least six months before the recognition of any Protected Gain if the
Protection Percentage that would be applicable under this paragraph to the recognition of such Protected Gain is less than 100%. If the Partnership fails to provide such timely notice, the Protection Percentage shall be changed to 100% with regard
to any such Protected Gain recognized from the Closing Date through the seventh anniversary of the Closing Date. 
 For purposes
of computing the amount of federal, state, and local income taxes required to be paid by a Protected Partner (or Indirect Owner), (i) any deduction for state income taxes payable as a result thereof actually allowed in computing federal income
taxes shall be taken into account (but assuming limitation on full deductibility due to adjusted gross income levels), and (ii) a Protected Partner’s (or Indirect Owner’s) tax liability shall be computed using the highest federal,
state and local marginal income tax rates (including any surtaxes or Medicare taxes under section 1411) that would be applicable to such Protected Partner’s (or Indirect Owner’s) taxable income (taking into account the character and type
of such income or gain) for the year with respect to which the taxes must be paid, without regard to any deductions, losses or credits that may be available to such Protected Partner (or Indirect Owner) that would reduce or

  
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offset its actual taxable income or actual tax liability if such deductions, losses or credits could be utilized by the Protected Partner (or Indirect Owner) to offset other income, gain or taxes
of the Protected Partner (or Indirect Owner), either in the current year, in earlier years, or in later years). 
 The Protected
Partners shall not be entitled to indemnification from the REIT or the Partnership for any tax liabilities incurred as a result of a Final Determination of the Contribution being treated for federal income tax purposes as a taxable exchange rather
than a tax-deferred transaction. 
 3.2 Process for Determining Damages. If the Partnership has breached or violated any
of the covenants set forth in Article 2 (or a Protected Partner asserts that the Partnership has breached or violated any of the covenants set forth in Article 2), the Partnership and the Protected Partner (or Indirect Owner) agree to
negotiate in good faith to resolve any disagreements regarding any such breach or violation and the amount of damages, if any, payable to such Protected Partner (or Indirect Owner) under Section 3.1. If any such disagreement cannot be
resolved by the Partnership and such Protected Partner (or Indirect Owner) within sixty (60) days after the receipt of notice from the Partnership of such breach and the amount of income to be recognized by reason thereof (or, if applicable,
receipt by the Partnership of an assertion by a Protected Partner that the Partnership has breached or violated the covenant set forth in Article 2), then 
 (a) with respect to computational points of disagreement, the Partnership and the Protected Partner shall jointly retain a nationally recognized independent public accounting firm (an “Accounting
Firm”) to act as an arbitrator to resolve as expeditiously as possible all computational points of any such disagreement. All determinations made by the Accounting Firm with respect to the resolution of any breach or violation of any of the
covenants set forth in Article 2 and the amount of damages payable to the Protected Partner under Section 3.1 shall be final, conclusive and binding on the Partnership and the Protected Partner. The fees and expenses of any
Accounting Firm incurred in connection with any such determination shall be shared equally by the Partnership and the Protected Partner, provided that if the amount determined by the Accounting Firm to be owed by the Partnership to the
Protected Partner is more than five percent (5%) higher than the amount proposed by the Partnership to be owed to such Protected Partner prior to the submission of the matter to the Accounting Firm, then all of the fees and expenses of any
Accounting Firm incurred in connection with any such determination shall be paid by the Partnership and if the amount determined by the Accounting Firm to be owed by the Partnership to the Protected Partner is more than five percent (5%) less
than the amount proposed by the Partnership to be owed to such Protected Partner prior to the submission of the matter to the Accounting Firm, then all of the fees and expenses of any Accounting Firm incurred in connection with any such
determination shall be paid by the Protected Partner. 
 (b) with respect to all other points of disagreement, any controversy,
dispute or claim under, arising out of, in connection with or in relation to this Agreement including without limitation the negotiation, execution, interpretation, construction, coverage, scope, performance, non-performance, breach, termination,
validity or enforceability of this Agreement (“Dispute”) will be finally settled, at the request of any party, by binding arbitration conducted in accordance 

  
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with this Section 3.2 and the Commercial Arbitration Rules of the American Arbitration Association (“AAA”) then in effect (the “Rules”). The arbitration shall be
held in New York, New York before a panel of three neutral and impartial arbitrators, one of whom will be selected by the Indemnitor, the second of whom will be selected by the Protected Partner, within thirty days of receipt by respondent(s) of the
demand for arbitration. The third arbitrator, who will chair the arbitral tribunal, will be selected by the other two arbitrators within thirty (30) days of the appointment of the second arbitrator. If any party fails to timely appoint an
arbitrator, or if the two party-appointed arbitrators fail to timely agree on a third arbitrator, on the request of any party such arbitrator shall be appointed by the AAA in accordance with the listing, ranking and striking procedure in the Rules.
Decisions of the tribunal will be made by not less than a majority of the arbitrators comprising such tribunal. The arbitration will be governed by the Federal Arbitration Act (9 U.S.C. §§ 1 et seq.). The award shall be final and
binding upon the parties to the maximum extent permitted by law and shall be the sole and exclusive remedy between the parties regarding any claims, counter-claims, issues or accounting submitted to the arbitral tribunal. Arbitration under this
Section 3.2 will be conducted in accordance with the following provisions: 
 (i) The arbitration
will be conducted in accordance with rules of procedure adopted by the arbitrators to allow the parties to the Dispute to present evidence and argument to the arbitrators; 

(ii) Except as may be otherwise provided in this Agreement, the statutes of limitations of the State of New York
applicable to the commencement of a lawsuit will apply to the commencement of an arbitration hereunder; 
 (iii)
Upon the request of any party, the arbitrators shall order such discovery (including third-party discovery) as the arbitrators determine to be reasonable under the circumstances. The arbitrators will, however, impose reasonable schedules and
deadlines to ensure that discovery is conducted and concluded on a timely basis and may impose sanctions on any party for abuse or delay of discovery; 
 (iv) The arbitrators will, in all cases, as promptly as possible hold hearings and reach a final determination with regard to the Dispute. A determination and award of damages (if any) of the majority of
the arbitrators, will be conclusive and binding upon the parties to the maximum extent permitted by law. Such award shall be in writing, and shall state the findings of fact and conclusions of law on which it is based. Judgment upon any award
rendered by the arbitrators shall be final and binding on the parties and may be enforced by any court having jurisdiction thereof; and 
 (v) By agreeing to arbitration, the parties do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration
proceedings and the enforcement of any award. Without prejudice to such provisional remedies as may be available under the jurisdiction of a court, the arbitral tribunal shall have 

  
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full authority to grant provisional remedies or order the parties to request that a court modify or vacate any temporary or preliminary relief issued by a such court, and to award damages for the
failure of any party to respect the arbitral tribunal’s orders to that effect. 
 3.3 Each party unconditionally and
irrevocably agrees to submit to the exclusive jurisdiction of the state and Federal courts located in the State of New York, County of New York (the “New York Courts”), for the purpose of any proceedings in aid of arbitration and for
pre-arbitral attachment or injunction, and to the non-exclusive jurisdiction of the New York Courts for proceedings arising out of or relating to the enforcement of any award or decision of the arbitrators duly appointed under this Agreement. Each
party unconditionally and irrevocably waives any objections which they may have now or in the future to such jurisdiction including without limitation objections by reason of lack of personal jurisdiction, improper venue, or inconvenient forum. Each
party further agrees that any service of process or summons in connection with any such dispute, litigation, action or proceeding may be served on it by mailing a copy of such process or summons to it by registered mail return receipt requested or
by receipted courier service at its address set forth and in the manner provided in Section 8 above, with such service deemed effective on proof of receipt. Each party to this Agreement irrevocably waives the right to a trial by jury in any
proceeding in relation to any Dispute, and agrees to take any and all action necessary or appropriate to affect such waiver. 

3.4 Required Notices; Time for Payment. In the event that there has been a breach of Article 2, the Partnership shall
provide to each affected Protected Partner notice of the transaction or event giving rise to such breach not later than thirty (30) days after occurrence of a breach. As soon as reasonably practicable after giving notice of breach, but in no
event more than sixty (60) days after occurrence of a breach, the Partnership shall be obligated to (i) provide each Protected Partner with a detailed calculation of the amount of such Protected Partner’s damage payment as determined
under this Article 3, and (ii) provide each such Protected Partner with such evidence or verification as such Protected Partner may reasonably require as to the items necessary to confirm the calculation of such amount. All payments
required under this Article 3 to any Protected Partner shall be made in immediately available funds to such Protected Partner on or before April 10 of the year following the year in which the gain recognition event giving rise to such
payment took place; provided that, if the Protected Partner is required to make estimated tax payments that would include such gain (taking into account all available safe harbors), the Partnership shall make a payment in immediately
available funds to the Protected Partner on or before 5 days before the due date for such estimated tax payment and such payment from the Partnership shall be in an amount that corresponds to the amount of the estimated tax being paid by such
Protected Partner at such time. In the event of a payment made after the date required pursuant to this Section 3.4, interest shall accrue on the aggregate amount required to be paid from such date to the date of actual payment at a rate
equal to the “prime rate” of interest plus 4%, with the prime rate as published in the Wall Street Journal (or if no longer published there, as announced by Citibank) effective as of the date the payment is required to be made. In
addition, if such late payment results in late tax payment penalties (excluding interest) for such Protected Partner or Indirect Owner, the payment shall include reimbursement for such penalties plus an amount equal to the aggregate federal,
state, and local tax on income or Medicare taxes (including Section 1411 of the Code) payable by the Protected Partner or an Indirect Owner as a result of the receipt of any payment under this sentence. 

  
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 ARTICLE 4 
 AMENDMENT OF THIS AGREEMENT; WAIVER OF CERTAIN PROVISIONS; 
 APPROVAL OF
CERTAIN TRANSACTIONS 
 4.1 Amendment. This Agreement may not be amended, directly or indirectly (including by reason
of a merger between either the Partnership or the REIT and another entity) except by a written instrument signed by the REIT, the Partnership, and each of the Protected Partners to be subject to such amendment, except that the Partnership may amend
Schedule 2.1(a) upon a person becoming a Protected Partner as a result of a transfer of Units. 
 4.2 Waiver.
Notwithstanding the foregoing, upon written request by the Partnership, each Protected Partner, in its sole discretion, may waive the payment of any damages that is otherwise payable to such Protected Partner pursuant to Article 3 hereof.
Such a waiver shall be effective only if obtained in writing from the affected Protected Partner. 
 ARTICLE 5 

PUT RIGHT 

5.1 Right to Sell. At any time during the term of the Tax Protection Period, the JV Entity shall, in accordance with the terms of
its limited partnership agreement, have the right and option (the “Put Right”), which may be exercised by delivering written notice (the “Put Notice”) to the REIT, to require the REIT to purchase from the JV Entity all, but not
less than all, of the Contributor Interests. If the Put Right is exercised, the JV Entity shall be obligated to sell, and the REIT shall be obligated to purchase, on the Put Closing Date (as defined below), all, but not less than all, of the
Contributor Interests, on the terms and conditions set forth in this Article 5. 
 5.2 Purchase Price. The aggregate
consideration for the Contributor Interests shall be the number of shares of common stock, $0.01 par value per share, of the REIT (the “Common Stock”) equal to the sum of: (i) the number of shares of Common Stock issuable as of the
Put Closing Date upon the redemption of the Units held by the Contributor in accordance with the provisions of the Partnership Agreement (for purposes hereof, notwithstanding any restrictions applicable to the redemption of such Units and assuming
that such Units would be redeemed in full for shares of Common Stock) plus (ii) an amount equal to the quotient of (A) the fair market value of Lancaster Place as of the date the Put Right Notice is delivered minus any indebtedness
secured by Lancaster Place (including any interest due thereon), divided by (B) the Share Price (as defined below), rounded up to the nearest whole number. For purposes of the previous sentence, the fair market value of Lancaster Place shall be
determined by a qualified, independent third party appraiser, having not less than ten (10) years’ experience appraising properties similar in size and character to Lancaster Place, which appraiser shall be mutually agreed upon by the JV
Entity and the REIT. For purposes hereof, “Share Price” means: (x) if the Put Closing Date occurs on or after the IPO (as defined below), the average (rounded to two decimal places) of the closing prices of the Common Stock as
reported on the New York Stock Exchange (or, if the Common Stock is then listed on a U.S. national securities exchange other than the New York Stock Exchange, such other exchange) for the twenty (20) trading days (or, if the Common Stock shall
have been listed on such exchange for fewer than twenty (20) trading days, such lesser number of trading days) ending on and including the second (2nd) trading day prior to the Put Closing Date; and (y) if the Put Closing Date occurs
prior to the IPO, a price per 

  
 11 

 
share equal to $8.15 (in each case, subject to appropriate adjustment for stock splits, combinations, dividends and the like with respect to the Common Stock). For purposes hereof,
“IPO” means the consummation of the initial closing (without regard for any closing of any associated “green shoe”) of the first underwritten public offering of shares of the Common Stock registered under the Securities Act of
1933, as amended, that occurs after the date hereof and in conjunction with which shares of the Common Stock are listed for trading on the New York Stock Exchange or other U.S. national securities exchange. 

5.3 Tax-Free Reorganization Treatment. To the extent possible, the acquisition by the REIT of the Contributor Interests pursuant
to this Article 5 shall be structured in a manner that will qualify as a reorganization within the meaning of Code section 368(a)(1) (e.g., by a merger of the Contributor, which is currently intended to be treated as a real estate investment trust
under Code section 856, into a wholly-owned subsidiary of the REIT) and that will permit the owners of the Contributor Interests to qualify for non-recognition of gain under Code section 354 and that will not (regardless of whether the acquisition
qualifies as a reorganization) result in a distribution or deemed distribution by the Contributor to its shareholders subject to Code section 897(h)(1). 
 5.4 Transfer Documents. The JV Entity and the REIT agree that they shall enter into a contribution agreement and other transaction documents (collectively, the “Transaction Documents”)
containing substantially similar terms, conditions, representations and warranties as those contained in the Contribution Agreement and the ancillary documents contemplated thereby in order to effect any transaction resulting from the JV Entity
exercising the Put Right, as adjusted to include customary representations, warranties and opinions to reflect that the Contributor is a real estate investment trust for federal income tax purposes and will be acquired by the REIT in a tax-deferred
“reorganization” (including, without limitation, representations and opinions regarding the Contributor’s qualification as a “domestically controlled qualified investment entity” under Code section 897(h) and the
qualification of the acquisition of the Contributor Interests as a “reorganization” under Code section 368(a)(1)). 
 5.5 Closing. The closing of the purchase and sale of the Put Securities (the “Put Closing”) shall take place at the offices of Davies Ward Phillips & Vineberg LLP, 900 Third
Avenue, 24th Floor, New York, New York 10022, or such
other mutually agreed upon location, upon a date to be mutually agreed, but in no event later than the date that is ninety (90) days after delivery of the Put Notice (the “Put Closing Date”). 

ARTICLE 6 

MISCELLANEOUS 
 6.1 Additional Actions and Documents. Each of the parties hereto hereby agrees to take or cause to be taken such further actions, to execute, deliver, and file or cause to be executed, delivered
and filed such further documents, and will obtain such consents, as may be necessary or as may be reasonably requested in order to fully effectuate the purposes, terms and conditions of this Agreement. 

6.2 Assignment. No party hereto shall assign its or his rights or obligations under this Agreement, in whole or in part, except by
operation of law, without the prior written consent of the other parties hereto, and any such assignment contrary to the terms hereof shall be null and void and of no force and effect. 

  
 12 

 6.3 Successors and Assigns. This Agreement shall be binding upon and shall inure to
the benefit of the Protected Partners and their respective successors and permitted assigns, whether so expressed or not. This Agreement shall be binding upon the REIT, the Partnership, and any entity that is a direct or indirect successor, whether
by merger, transfer, spin-off or otherwise, to all or substantially all of the assets of either the REIT or the Partnership (or any prior successor thereto as set forth in the preceding portion of this sentence), provided that none of the
foregoing shall result in the release of liability of the REIT and the Partnership hereunder. The REIT and the Partnership covenant with and for the benefit of the Protected Partners not to undertake any transfer of all or substantially all of the
assets of either entity (whether by merger, transfer, spin-off or otherwise) unless the transferee has acknowledged in writing and agreed in writing to be bound by this Agreement, provided that the foregoing shall not be deemed to permit any
transaction otherwise prohibited by this Agreement. 
 6.4 Modification; Waiver. No failure or delay on the part of any
party hereto in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude
any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder are cumulative and not exclusive of any rights or remedies which they would otherwise have. No modification or waiver
of any provision of this Agreement, nor consent to any departure by any party therefrom, shall in any event be effective unless the same shall be in writing, and then such waiver or consent shall be effective only in the specific instance and for
the purpose for which given. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 

6.5 Representations and Warranties Regarding Authority; Noncontravention. Each of the REIT and the Partnership has the requisite
corporate or other (as the case may be) power and authority to enter into this Agreement and to perform its respective obligations hereunder. The execution and delivery of this Agreement by each of the REIT and the Partnership and the performance of
each of its respective obligations hereunder have been duly authorized by all necessary corporate, partnership, or other (as the case may be) action on the part of each of the REIT and the Partnership. This Agreement has been duly executed and
delivered by each of the REIT and the Partnership and constitutes a valid and binding obligation of each of the REIT and the Partnership, enforceable against each of the REIT and the Partnership in accordance with its terms, except as such
enforcement may be limited by (i) applicable bankruptcy or insolvency laws (or other laws affecting creditors’ rights generally) or (ii) general principles of equity. The execution and delivery of this Agreement by each of the REIT
and the Partnership do not, and the performance by each of its respective obligations hereunder will not, conflict with, or result in any violation of (i) the Partnership Agreement or (ii) any other agreement applicable to the REIT and/or
the Partnership, other than, in the case of clause (ii), any such conflicts or violations that would not materially adversely affect the performance by the Partnership and the REIT of their obligations hereunder. 

  
 13 

 6.6 Captions. The Article and Section headings contained in this Agreement are
inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. 

6.7 Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have
been duly given or made as of the date delivered, mailed or transmitted, and shall be effective upon receipt, if delivered personally, mailed by registered or certified mail (postage prepaid, return receipt requested) to the parties at the following
addresses (or at such other address for a party as shall be specified by like changes of address) or sent by electronic transmission to the telecopier number specified below: 

 

	 	(i)	if to the Partnership or the REIT, to: 

 Landmark Apartment Trust of America, Inc. 
 4901 Dickens Road, Suite 101

 Richmond, Virginia 23230 
 Attn: Stanley J. Olander, Jr. 
 Fax: (804) 244-0199 

Email: jolander@atareit.com 
  

	 	(ii)	if to a Protected Partner, to the address on file with the Partnership and in all events to: 

Goulston & Storrs PC 
 Attn: Yaacov Gross 
 750 Third Avenue, 22nd Floor 

New York, New York 10017 
  

	 	(iii)	If to OPT, to 

 2304115 Ontario
Inc. 
 c/o OPTrust Realty Inc. 
 1 Adelaide Street East, Suite 1200 
 Toronto, Ontario, Canada M5C-3A7 

Each party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be so given, served or
sent. Each notice, demand, request, or communication which shall be hand delivered, sent, mailed, telecopied or telexed in the manner described above, or which shall be delivered to a telegraph company, shall be deemed sufficiently given, served,
sent, received or delivered for all purposes at such time as it is delivered to the addressee (with the return receipt, the delivery receipt, or (with respect to a telecopy or telex) the answerback being deemed conclusive, but not exclusive,
evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation. 

  
 14 

 6.8 Counterparts. This Agreement may be executed in two or more counterparts, all of
which shall be considered one and the same agreement and each of which shall be deemed an original. 
 6.9 Governing Law.
The interpretation and construction of this Agreement, and all matters relating thereto, shall be governed by the laws of New York, without regard to the choice of law provisions thereof. 

6.10 Consent to Jurisdiction; Enforceability. 
 (a) This Agreement and the duties and obligations of the parties hereunder shall be enforceable against any of the parties in the courts of New York, New York. For such purpose, each party hereto and the
Protected Partners hereby irrevocably submits to the nonexclusive jurisdiction of such courts and agrees that all claims in respect of this Agreement may be heard and determined in any of such courts. 

(b) Each party hereto hereby irrevocably agrees that a final judgment of any of the courts specified above in any action or proceeding
relating to this Agreement shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 6.11 Severability. If any part of any provision of this Agreement shall be invalid or unenforceable in any respect, such part shall be ineffective to the extent of such invalidity or
unenforceability only, without in any way affecting the remaining parts of such provision or the remaining provisions of this Agreement. 
 6.12 Costs of Disputes. Except as otherwise expressly set forth in this Agreement, the nonprevailing party in any dispute arising hereunder shall bear and pay the costs and expenses (including,
without threshold, reasonable attorneys’ fees and expenses) incurred by the prevailing party or parties in connection with resolving such dispute. 
 6.13 Enforcement by Protected Partners. The Protected Partners and their Indirect Owners are the beneficiaries of this Agreement and shall be able to enforce this Agreement as they were parties to
this Agreement. 
 6.14 Term. The term of this Agreement shall extend from the date hereof until such time as the
applicable statute of limitations bars a claim by the Internal Revenue Service or relevant state or local tax authority for a tax otherwise indemnifiable under this Agreement. 
 6.15 Other. When a reference is made in this Agreement to Sections, such reference shall be to a Section of this Agreement, unless otherwise indicated. The headings contained in this Agreement are
for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be
followed by the words “without limitation. 

  
 15 

 IN WITNESS WHEREOF, the REIT, the Partnership and the Contributor have caused this Agreement
to be signed by their respective officers, general partners, or delegates thereunto duly authorized all as of the date first written above. 
  

			
	LANDMARK APARTMENT TRUST OF AMERICA, INC., a Maryland corporation
		
	By:	 	/s/ Stanley J. Olander
	Name:	 	Stanley J. Olander
	Title:	 	Chief Executive Officer
	
	LANDMARK APARTMENT TRUST OF AMERICA HOLDINGS, L.P., a Virginia limited partnership
	
	By: Landmark Apartment Trust of America, Inc., a Maryland corporation, its General Partner
		
	By:	 	/s/ Stanley J. Olander
	Name:	 	Stanley J. Olander
	Title:	 	Chief Executive Officer

  
 Signature
to Tax Protection Agreement 

 
					
	ELCO LR OPT II REIT LP
		
		 	By: Elco LR OPT II REIT GP LLC,its general partner
			
		 	By:	 	/s/ Joseph Lubeck
		 	Name:	 	Joseph Lubeck
		 	 Title:
	 	Authorized Representative
	
	ELCO LR OPT II LP
		
		 	By: ELCO GP OPT II LLC, its general partner
			
		 	By:	 	/s/ Joseph Lubeck
		 	Name:	 	Joseph Lubeck
		 	Title:	 	Authorized Representative

  
 Signature
to Tax Protection Agreement 

 SCHEDULES TO THE TAX PROTECTION AGREEMENT 

 

			
	Schedule 2.1(a)	  	List of Protected Partners
	 Schedule 2.1(b)
 Schedule
2.1(c)
	  	 Gain Limitation Properties and Section 704(c) Value
 Protection Percentage

 Schedule 2.1(a) 

List of Protected Partners 

Elco LR OPT II REIT LP 

 Schedule 2.1(b) 

Gain Limitation Properties, Protected Gain and 
 Section 704(c) Value 
  

									
	 Name of Gain Limitation Property
	  	Protected Gain	 	  	Section 704(c) Value	 
	 Contract to buy Lexington on the Green
	  	$	3,153,544.70	  	  	$	3,153,544.70	  
	 Contract to buy Caveness Farms
	  	$	3,153,544.70	  	  	$	3,153,544.70	  

 Schedule 2.1(c) 

Protection Percentage 
  

					
	 Closing date through 1 year anniversary
	  	 	100	% 
	 day after 1 year anniversary through 2 year anniversary
	  	 	85.71	% 
	 day after 2 year anniversary through 3 year anniversary
	  	 	71.43	% 
	 day after 3 year anniversary through 4 year anniversary
	  	 	57.14	% 
	 day after 4 year anniversary through 5 year anniversary
	  	 	42.86	% 
	 day after 5 year anniversary through 6 year anniversary
	  	 	28.57	% 
	 day after 6 year anniversary through 7 year anniversary
	  	 	14.29	%EX-10.10

 Exhibit 10.10 
 COMMON STOCK PURCHASE AGREEMENT 
 BY AND AMONG 

LANDMARK APARTMENT TRUST OF AMERICA, INC., 
 2335887 LIMITED PARTNERSHIP 
 AND 

MB EQUITY HOLDINGS, INC. 
 AS THE PURCHASERS, 
 ELCO LANDMARK RESIDENTIAL HOLDINGS LLC

 AND 
 ELCO LANDMARK RESIDENTIAL HOLDINGS II LLC 
 Dated as of July 1, 2013

 TABLE OF CONTENTS 

 

							
		
	 ARTICLE I. Interpretation
	  	 	2	  
			
	 1.1
	 	 Certain Definitions
	  	 	2	  
	 1.2
	 	 Construction
	  	 	10	  
		
	 ARTICLE II. Purchase and Sale of Shares
	  	 	11	  
			
	 2.1
	 	 Purchase and Sale of Shares
	  	 	11	  
	 2.2
	 	 Purchase Price
	  	 	11	  
	 2.3
	 	 Closing
	  	 	11	  
	 2.4
	 	 Closing Procedures
	  	 	11	  
		
	 ARTICLE III. Representations and Warranties of the Corporation
	  	 	11	  
			
	 3.1
	 	 SEC Reports; Financial Statements
	  	 	11	  
	 3.2
	 	 No Material Adverse Change in Business
	  	 	12	  
	 3.3
	 	 Good Standing of the Corporation and the Operating Partnership
	  	 	12	  
	 3.4
	 	 Good Standing of Subsidiaries
	  	 	13	  
	 3.5
	 	 Authorization of Agreement
	  	 	13	  
	 3.6
	 	 Consents and Approvals
	  	 	14	  
	 3.7
	 	 No Conflicts; No Violations
	  	 	14	  
	 3.8
	 	 Capitalization
	  	 	14	  
	 3.9
	 	 Valid Issuance of Shares and OPUs
	  	 	15	  
	 3.10
	 	 Absence of Undisclosed Liabilities
	  	 	15	  
	 3.11
	 	 Absence of Proceedings
	  	 	16	  
	 3.12
	 	 Accuracy of Descriptions
	  	 	16	  
	 3.13
	 	 Possession of Intellectual Property
	  	 	16	  
	 3.14
	 	 Possession of Licenses and Permits
	  	 	16	  
	 3.15
	 	 Accounting Controls and Disclosure Controls
	  	 	17	  
	 3.16
	 	 Tax Returns and Payment of Taxes
	  	 	17	  
	 3.17
	 	 REIT Qualification
	  	 	18	  
	 3.18
	 	 ERISA
	  	 	18	  
	 3.19
	 	 Absence of Labor Dispute
	  	 	18	  
	 3.20
	 	 Foreign Corrupt Practices Act
	  	 	18	  
	 3.21
	 	 Money Laundering Laws
	  	 	18	  
	 3.22
	 	 OFAC
	  	 	19	  
	 3.23
	 	 Indebtedness
	  	 	19	  
	 3.24
	 	 FF&E
	  	 	19	  
	 3.25
	 	 Investment Company
	  	 	19	  
	 3.26
	 	 Compliance
	  	 	19	  
	 3.27
	 	 Insurance
	  	 	19	  
	 3.28
	 	 Solvency
	  	 	20	  
	 3.29
	 	 Private Placement
	  	 	20	  
	 3.30
	 	 Registration Rights
	  	 	20	  
	 3.31
	 	 Waiver of Ownership Limits
	  	 	20	  
	 3.32
	 	 Application of Takeover Protections
	  	 	20	  

  
 -i-

							
	 3.33
	 	 Certain Fees
	  	 	20	  
	 3.34
	 	 Acknowledgment Regarding Purchasers’ Purchase of Shares
	  	 	21	  
	 3.35
	 	 Title to Property
	  	 	21	  
	 3.36
	 	 Condition of Properties
	  	 	22	  
	 3.37
	 	 Access and Utilities
	  	 	22	  
	 3.38
	 	 No Condemnation
	  	 	22	  
	 3.39
	 	 Environmental Laws
	  	 	22	  
	 3.40
	 	 Matters Relating to Contributed Entities and Contributed Properties
	  	 	23	  
	 3.41
	 	 Incorporation of Representations and Warranties in Master Agreement and Contribution Agreements
	  	 	25	  
	 3.42
	 	 No Other Representations or Warranties
	  	 	25	  
		
	 ARTICLE IV. Representations and Warranties of the Purchasers
	  	 	25	  
			
	 4.1
	 	 Organization
	  	 	25	  
	 4.2
	 	 Authorization
	  	 	25	  
	 4.3
	 	 Consents and Approvals
	  	 	26	  
	 4.4
	 	 No Conflicts
	  	 	26	  
	 4.5
	 	 Brokers’ Fees
	  	 	26	  
	 4.6
	 	 Securities Law Matters
	  	 	26	  
	 4.7
	 	 Patriot Act
	  	 	27	  
	 4.8
	 	 Special Representation by OPTrust
	  	 	28	  
	 4.9
	 	 No Other Representations or Warranties
	  	 	28	  
		
	 ARTICLE V. Covenants During Restricted Period
	  	 	28	  
			
	 5.1
	 	 Conduct of the Business
	  	 	28	  
	 5.2
	 	 Master Agreement and Contribution Agreements
	  	 	28	  
	 5.3
	 	 Notification
	  	 	28	  
	 5.4
	 	 Lender Consents
	  	 	29	  
		
	 ARTICLE VI. Conditions Precedent to the Closing
	  	 	29	  
			
	 6.1
	 	 Conditions Precedent to the Corporation’s Obligations
	  	 	29	  
	 6.2
	 	 Conditions Precedent to the Purchasers’ Obligations
	  	 	30	  
		
	 ARTICLE VII. [Intentionally Omitted]
	  	 	31	  
		
	 ARTICLE VIII. Closing Deliveries
	  	 	31	  
	 8.1
	 	 Items to Be Delivered by the Corporation
	  	 	31	  
	 8.2
	 	 Items to Be Delivered by the Purchasers
	  	 	32	  
	 8.3
	 	 Officer’s Certificates to be Delivered by the EL Entities
	  	 	32	  
		
	 ARTICLE IX. Other Agreements of the Parties
	  	 	33	  
			
	 9.1
	 	 All Reasonable Efforts; Further Assurances
	  	 	33	  
	 9.2
	 	 Notification
	  	 	33	  
	 9.3
	 	 Public Announcements
	  	 	33	  
	 9.4
	 	 Confidentiality
	  	 	33	  
	 9.5
	 	 Title to Acquired Properties
	  	 	33	  
	 9.6
	 	 Transfer Taxes
	  	 	34	  
	 9.7
	 	 Transfer Restrictions
	  	 	34	  

  
 -ii-

							
	 9.8
	 	 Amendments to Transaction Documents
	  	 	36	  
	 9.9
	 	 Integration
	  	 	36	  
	 9.10
	 	 Use of Proceeds
	  	 	36	  
	 9.11
	 	 Other Reporting Obligations
	  	 	36	  
	 9.12
	 	 Future Covered Transactions
	  	 	37	  
		
	 ARTICLE X. Survival and Indemnification
	  	 	38	  
			
	 10.1
	 	 Survival of Representations, Warranties, and Covenants
	  	 	38	  
	 10.2
	 	 Indemnification
	  	 	38	  
	 10.3
	 	 Procedures for Third-Party Claims
	  	 	39	  
	 10.4
	 	 Direct Claims
	  	 	40	  
	 10.5
	 	 Certain Other Matters
	  	 	40	  
		
	 ARTICLE XI. Put Right
	  	 	41	  
			
	 11.1
	 	 Put Right
	  	 	41	  
		
	 ARTICLE XII. Miscellaneous
	  	 	42	  
			
	 12.1
	 	 Amendments
	  	 	42	  
	 12.2
	 	 Assignment
	  	 	42	  
	 12.3
	 	 Binding Effect
	  	 	42	  
	 12.4
	 	 Counterparts
	  	 	42	  
	 12.5
	 	 Entire Agreement
	  	 	42	  
	 12.6
	 	 Fees and Expenses
	  	 	43	  
	 12.7
	 	 Governing Law
	  	 	43	  
	 12.8
	 	 Headings
	  	 	43	  
	 12.9
	 	 Jurisdiction
	  	 	43	  
	 12.10
	 	 Notices
	  	 	43	  
	 12.11
	 	 No Recourse
	  	 	45	  
	 12.12
	 	 Severability
	  	 	45	  
	 12.13
	 	 Specific Performance
	  	 	45	  
	 12.14
	 	 Third-Party Beneficiaries
	  	 	45	  
	 12.15
	 	 Waiver
	  	 	46	  

  
 -iii-

 Index of Schedules 
  

			
	 Schedule A:
	  	Shares at the Closing
		
	 Schedule B:
	  	[Intentionally Omitted]
		
	 Schedule C:
	  	Existing Properties and Existing Indebtedness
		
	 Schedule D:
	  	Contributed Properties
		
	 Schedule 1.2(c)
	  	 Knowledge

		
	 Schedule 3.2:
	  	Changes
		
	 Schedule 3.6:
	  	Consents and Approvals
		
	 Schedule 3.7:
	  	No Conflicts; No Violations
		
	 Schedule 3.8(b):
	  	 Capitalization

		
	 Schedule 3.30:
	  	Registration Rights
		
	 Schedule 3.40(b):
	  	 Consents

 Index of Exhibits 
  

			
	 Exhibit A-1:
	  	Form of Opinion of Maryland Counsel to Corporation (Venable LLP)
		
	 Exhibit A-2:
	  	Form of Opinion of Tax Counsel to Corporation (Morris, Manning and Martin, LLP)
		
	 Exhibit A-3:
	  	Form of Opinion of Counsel to Corporation (Hunton & Williams LLP)
		
	 Exhibit B:
	  	Form of Registration Rights Agreement
		
	 Exhibit C:
	  	Form of REIT Ownership Limit Waiver

  
 -iv-

 COMMON STOCK PURCHASE AGREEMENT 

THIS COMMON STOCK PURCHASE AGREEMENT (this “Agreement”) is entered into as of July 1, 2013, by and among
LANDMARK APARTMENT TRUST OF AMERICA, INC., a Maryland corporation (the “Corporation”), 2335887 LIMITED PARTNERSHIP, an Ontario limited partnership (“OPTrust”) and MB Equity Holdings, Inc., a British Virgin Islands
corporation (“MBEH” and, together with OPTrust, the “Purchasers” and each a “Purchaser”), ELCO LANDMARK RESIDENTIAL HOLDINGS LLC, a Delaware limited liability company (“EL1”), and
ELCO LANDMARK RESIDENTIAL HOLDINGS II LLC, a Delaware limited liability company (“EL2” and, together with EL1, the “EL Entities”). 
 R E C I T A L S 
 WHEREAS, in connection with the transactions contemplated
hereby and by that certain Master Contribution Agreement, dated as of the date hereof, by and among the Corporation, Landmark Apartment Trust of America Holdings, L.P., a Virginia limited partnership (the “Operating Partnership”),
and the EL Entities (the “Master Agreement”), (i) the Corporation has entered into five separate Interest Contribution Agreements, dated as of the date hereof, by and among the Corporation, the Operating Partnership, EL1 and
its Affiliates, and the other parties thereto, if any (each, an “EL Contribution Agreement” and collectively, the “EL Contribution Agreements”), (ii) all of EL1’s right, title and interests as a buyer in
and to that certain Membership Interest Purchase Agreement, dated as of November 26, 2012, by and among EL1, Apartment Properties Income and Growth Fund I, LLC, a Delaware limited liability company (“APIGF”), and ADMG Partners
LP, a North Carolina limited partnership and an Affiliate of the EL Entities (the “Hunt JV#1 Contribution Agreement”), have been assigned, directly or indirectly through one or more assignment and assumption agreements
(collectively, the “Hunt #1 Assignment and Assumption Agreements”), to the Operating Partnership, (iii) all of EL1’s right, title and interests as a buyer in and to that certain Membership Interest Purchase Agreement,
dated as of November 26, 2012, by and among EL1, Hunt Commercial Realty Partners III, L.P., a Delaware limited liability company (“HCRP” and, together with APIGF, the “Hunt Parties”), and ADMG Faircave Partners
LP, a Florida limited partnership and an Affiliate of the EL Entities (the “Hunt JV#2 Contribution Agreement” and, together with the Hunt JV#1 Contribution Agreement, the “Hunt Contribution Agreements”), have been
assigned, directly or indirectly through one or more assignment and assumption agreements (collectively, the “Hunt #2 Assignment and Assumption Agreements” and, together with the Hunt #1 Assignment and Assumption Agreements, the
“Hunt Assignment and Assumption Agreements”), and (iv) all of the right, title and interests of ADMG 191 Partners, LP, a Florida limited partnership and an Affiliate of the EL Entities (“ADMG”), as a purchaser
under that certain Purchase and Sale Agreement, dated as of November 29, 2012, by and between ADMG and HVP Landmark Investor II, a Delaware limited liability company (“Heitman”) (the “Heitman Contribution
Agreement” and together with the EL Contribution Agreements and the Hunt Contribution Agreements, the “Contribution Agreements” and each a “Contribution Agreement”), have been assigned, directly or
indirectly through one or more assignment and assumption agreements (collectively, the “Heitman Assignment and Assumption Agreements” and, together with the Hunt Assignment and Assumption Agreements, the “Assignment and
Assumption Agreements” and each an “Assignment and Assumption Agreement”), relating to the contribution to the Operating Partnership of five properties owned by the Hunt Parties, Heitman, EL1 and their respective
Affiliates; 

  
 -1-

 WHEREAS, on the terms and subject to the conditions set forth herein, the Corporation
desires to issue and sell to the Purchasers, and the Purchasers desire to purchase and acquire from the Corporation, an aggregate of 2,055,215 shares of Common Stock (as defined below); 

WHEREAS, the Purchasers and the Corporation acknowledge and agree that the proceeds of the Shares (as defined below) sold pursuant to
this Agreement shall be used solely for the purposes set forth expressly herein. 
 NOW, THEREFORE, in consideration of the
foregoing recitals and the representations, warranties, covenants, and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 ARTICLE I. 
 Interpretation 
 1.1 Certain Definitions. The following terms shall
have the meanings set forth below: 
 “ADMG” has the meaning ascribed to such term in the recitals to this
Agreement. 
 “Affiliate” means, in respect of any Person, any other Person that is directly or
indirectly controlling, controlled by, or under common control with such Person, and the term “control” (including the terms “controlled by” and “under common control with”) means having, directly or indirectly, the
power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities or by contract or otherwise.  
 “APIGF” has the meaning ascribed to such term in the recitals to this Agreement. 
 “Assignment and Assumption Agreement” and “Assignment and Assumption Agreements” have the meanings ascribed to such terms in the recitals to this Agreement. 

“Avondale Closing” means the closing of the Transactions in respect of the Avondale Contributed Property. 

“Avondale Contributed Property” means the Contributed Property identified as Avondale by the Lakes in Schedule D
hereto. 
 “Avondale Outside Date” means the date that is sixty (60) days after the Closing Date, provided
that the Avondale Outside Date may be extended to a date subsequent to such sixtieth day upon written agreement between OPTrust and the Corporation and, in such case, the Avondale Outside Date shall be the date agreed upon in writing by OPTrust and
the Corporation. 
 “Avondale Put Right Ratio” means a ratio equal to (i) the equity value, as set forth
on Schedule D, of the Avondale Contributed Property, divided by (ii) the aggregate equity value, as set forth on Schedule D, of all Contributed Properties. 

  
 -2-

 “Business Day” means each day, other than a Saturday or a Sunday, that is
not a day on which banking institutions in New York are authorized or required by law, regulation or executive order to close. 

“Capital Stock” means all classes or series of stock of the Corporation, including Common Equity. 

“Charter” means the charter of the Corporation. 
 “Closing” has the meaning ascribed to it in Section 2.3. 

“Closing Date” has the meaning ascribed to it in Section 2.3. 

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

“Common Equity” means all shares now or hereafter authorized of any class of common stock of the Corporation, including
the Common Stock, and any other stock of the Corporation, howsoever designated, authorized after the date hereof, which has the right (subject always to prior rights of any class or series of preferred stock) to participate in the distribution of
the assets and earnings of the Corporation without limit as to per share amount. 
 “Common Stock” means the
common stock, $.01 par value per share, of the Corporation. 
 “Common Stock Put Securities” has the meaning
ascribed to it in Section 11.1(a). 
 “Conduct of Business Covenants” has the meaning ascribed to it in
Section 5.1. 
 “Contract” has the meaning ascribed thereto in the Master Agreement. 

“Contributed Entity” means an entity that wholly owns, directly or indirectly, a Contributed Property. 

“Contributed Property” means any property identified on Schedule D hereto that is hereafter acquired by, or
contributed to, the Corporation or any of its Subsidiaries pursuant to or as contemplated by the Master Agreement. 

“Contribution Agreement” and “Contribution Agreements” have the meanings ascribed to such terms in the
recitals to this Agreement. 
 “Corporation” has the meaning ascribed to it in the preamble to this Agreement.

 “Covered Transaction” has the meaning ascribed to it in Section 9.12(a). 

“Department” means the State Department of Assessments and Taxation of Maryland. 

“Developments and Improvements” has the meaning ascribed to it in Section 3.36. 

“Direct Claim” has the meaning ascribed to it in Section 10.4. 

  
 -3-

 “Domestically Controlled REIT” shall mean a REIT that is a
“domestically controlled qualified investment entity” meeting the ownership requirements of Code section 897(h)(4)(B). 
 “EL1” has the meaning ascribed to it in the preamble to this Agreement. 
 “EL2” has the meaning ascribed to it in the preamble to this Agreement. 
 “EL Contribution Agreement” and “EL Contribution Agreements” have the meanings ascribed to such terms in the recitals to this Agreement. 

“EL Entities” has the meaning ascribed to it in the preamble to this Agreement. 

“Environmental Law” and “Environmental Laws” have the respective meanings ascribed to them in
Section 3.39. 
 “Equity Interest” means (a) in the case of a corporation, shares of stock,
(b) in the case of a general or limited partnership, partnership interests, (c) in the case of a limited liability company, limited liability company interests, (d) in the case of a trust, beneficial interests therein, and (e) in
the case of any other Person that is not an individual, the comparable interests therein. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended. 
 “Executive Order” has the meaning ascribed to it in
Section 4.7(a). 
 “GAAP” means generally accepted accounting principles in the United States. 

“Governmental Entity” means (a) any body exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, including any governmental agency, department, board, commission or other instrumentality, whether national, territorial, federal, state, provincial, local, supranational or other authority, (b) any
organization of multiple nations, or (c) any tribunal, court or arbitrator of competent jurisdiction. 
 “Hazardous
Materials” means any chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials or mold. 

“HCRP” has the meaning ascribed to such term in the recitals to this Agreement. 

“Heitman” has the meaning ascribed to such term in the recitals to this Agreement. 

“Heitman Assignment and Assumption Agreements” has the meaning ascribed to such term in the recitals to this Agreement.

 “Heitman Contribution Agreement” has the meaning ascribed to such term in the recitals to this Agreement.

  
 -4-

 “Hunt #1 Assignment and Assumption Agreements,” “Hunt #2 Assignment
and Assumption Agreements” and “Hunt Assignment and Agreements” have the meanings ascribed to such terms in the recitals to this Agreement. 
 “Hunt JV#1 Contribution Agreement,” “Hunt JV#2 Contribution Agreement” and “Hunt Contribution Agreements” have the meanings ascribed to such terms in the
recitals to this Agreement. 
 “Hunt Parties” has the meaning ascribed to such term in the recitals to this
Agreement. 
 “IFRS” has the meaning ascribed to it in Section 9.11(b)(i). 

“Indebtedness” means, for any Person at the time of any determination, without duplication, all obligations,
contingent or otherwise, of such Person, that in accordance with GAAP, should be classified upon the balance sheet of such Person as indebtedness, but in any event including: (a) all obligations for borrowed money, (b) all obligations
arising from installment purchases or property or representing the deferred purchase price of property or services in respect of which such Person is liable, contingently or otherwise, as obligor or otherwise (other than trade payables, and other
current liabilities payable in less than one year, in each case incurred in the ordinary course of business on terms customary in the trade), (c) all obligations evidenced by notes, bonds, debentures, acceptances, or instruments, or arising out
of letters of credit or bankers’ acceptances issued for such Person’s account, (d) obligations, whether or not assumed, secured by any Lien or payable out of the proceeds or rent from any property or assets now or hereafter owned or
acquired by such Person, (e) all obligations for which such Person is obligated pursuant to a Guaranty, (f) obligations under leases required to be capitalized in accordance with GAAP, (g) all obligations for which such Person is
obligated pursuant to any interest rate swap, interest rate cap, interest rate collar, or other interest rate hedging agreement or arrangement or other derivative agreements or arrangements, and (h) all obligations of such Person upon which
interest charges are customarily paid or accrued. 
 “Indemnitee” means any Person entitled to
indemnification under this Agreement. 
 “Indemnitor” means any Person required to provide indemnification
under this Agreement. 
 “Indemnity Payment” means any amount of Losses required to be paid pursuant to this
Agreement. 
 “Law” means (a) any constitution applicable to, and any statute, treaty, rule, regulation,
ordinance, or requirement of any kind of, any Governmental Entity, (b) principles of common law, and (c) any Order. 

“Lender Approval” has the meaning ascribed thereto in the Master Agreement. 

“Lien” means any security interest, lien, pledge, charge, encumbrance, mortgage, indenture, security agreement or other
similar agreement, arrangement, contract, commitment, or obligation, whether or not relating in any way to credit or the borrowing of money. 

  
 -5-

 “Liquidation Preference” has the meaning ascribed thereto in the Charter.

 “Losses” means any and all direct and reasonable indirect damages (but excluding any consequential, special
or punitive damages, unless such damages are actually incurred by a party in connection with any Proceedings in respect of such party is entitled to be indemnified hereunder in which case such damages shall be included), fines, penalties,
deficiencies, liabilities, claims, losses (including loss of value), judgments, awards, settlements, taxes, actions, obligations and costs and expenses in connection therewith (including interest, court costs and fees and expenses of attorneys,
accountants and other experts, or any other expenses of litigation or other Proceedings or of any default or assessment). 

“Master Agreement” has the meaning ascribed to it in the recitals to this Agreement, and for purposes of this Agreement
(unless expressly stated otherwise) means the Master Agreement as executed and delivered by the parties thereto on the date hereof, without giving effect to any amendment, modification or waiver thereof. 

“Master Structuring Agreement” means the master structuring agreement, dated as of the date hereof, by and among Elco LR
OPT II REIT LP, MBEH, ADMG, ADMG FairCave Partners LP, ADMG Partners LP and EL. 
 “Material Adverse Effect”
means any result, occurrence, fact, change or event (whether or not known or foreseeable as of the date of this Agreement) that, individually, or in the aggregate with any such other results, occurrences, facts, changes, or events, has a material
adverse effect on (a) the earnings, business affairs, business prospects, management, assets, properties, condition (financial or otherwise) or results of operations of the Corporation and its Subsidiaries, taken as a whole, or (b) the
ability of the Corporation and its Affiliates to perform in a timely manner their obligations under this Agreement and the other Transaction Documents and to consummate the transactions contemplated hereby or thereby; provided that, without
limitation to the foregoing, it is understood and agreed that each of the following shall be deemed a Material Adverse Effect under this Agreement: (i) a “LATA Material Adverse Effect” (as defined in the Master Agreement); and
(ii) a “Portfolio Material Adverse Effect” (as defined in the Master Agreement). 
 “MBEH” has
the meaning ascribed to it in the preamble to this Agreement. 
 “MGCL” means the Maryland General Corporation
Law. 
 “Non-Avondale Contributed Property” means each of the Contributed Properties identified in Schedule
D hereto other than Avondale by the Lakes. 
 “Non-Avondale Final Closing” means the closing of the
Transactions in respect of the last Non-Avondale Contributed Property. 
 “Operating Partnership” has the
meaning ascribed to it in the recitals to this Agreement. 
 “OPTrust” has the meaning ascribed to it in the
preamble to this Agreement. 
 “OPU Put Securities” has the meaning ascribed to it in Section 11.1(a).

  
 -6-

 “OPUs” means limited partnership interests in the Operating Partnership
designated as “Common Partnership Units”. 
 “Order” means any decree, injunction, judgment, order,
ruling, writ, assessment or arbitration award of a Governmental Entity, arbitrator or arbitral body, commission or self-regulatory organization, whether arising from a Proceeding or applicable Law. 

“Ordinary Course” means, with respect to any Person, the ordinary course of business thereof, as the case may be,
consistent with past custom and practice (including as applicable, with respect to quantity and frequency). 

“Organizational Documents” means, with respect to a corporation, limited liability company, partnership, or other
legally authorized incorporated or unincorporated entity, (a) the articles of incorporation, certificate of incorporation, articles of organization, articles of association, articles supplementary, certificate of limited partnership or other
applicable organizational or charter documents relating to the creation or organization of such entity, together with any amendment or supplement to any of the foregoing and (b) the bylaws, operating agreement, partnership agreement, or other
applicable documents relating to the operation, governance or management of such entity, including any security holders’ agreement, voting agreement, voting trust agreement, joint venture agreement or registration rights agreement, together
with any amendment or supplement to any of the foregoing. 
 “Originating Proceedings” has the meaning ascribed
to it in Section 10.2(a)(iii). 
 “Outside Date” means the date that is thirty (30) days after the
Closing Date, provided that the Outside Date may be extended to a date subsequent to such thirtieth day upon written agreement between OPTrust and the Corporation and, in such case, the Outside Date shall be the date agreed upon in writing by
OPTrust and the Corporation. 
 “Patriot Act” has the meaning ascribed to it in Section 4.7(a).

 “Permitted Encumbrances” with respect to any Contributed Property or with respect to any other property, has
the meaning ascribed thereto in the Master Agreement. 
 “Person” means any individual, partnership, limited
partnership, corporation, limited liability company, association, joint stock company, trust, joint venture, unincorporated organization, or other entity. 
 “Proceeding” means any action, claim, audit or other inquiry, hearing, investigation, suit or other charge or proceeding (whether civil, criminal, administrative, investigative, formal or
informal) by or before any Governmental Entity or before an arbitrator or arbitral body or mediator. 
 “Prohibited
Person” has the meaning ascribed to it in Section 4.7(b). 
 “Purchaser” has the meaning ascribed
to it in the preamble to this Agreement. 
 “Purchaser Documents” has the meaning ascribed to it in
Section 4.2. 

  
 -7-

 “Put Closing” has the meaning ascribed to it in Section 11.1(c).

 “Put Closing Date” has the meaning ascribed to it in Section 11.1(c). 

“Put Notice” has the meaning ascribed to it in Section 11.1(a). 

“Put Price” has the meaning ascribed to it in Section 11.1(a). 

“Put Right” has the meaning ascribed to it in Section 11.1(a). 

“Put Right Ratio” means a ratio equal to (i) the aggregate equity value, as set forth on Schedule D, of the
Non-Avondale Contributed Properties that the Corporation and/or the Operating Partnership have not acquired, directly or indirectly, one hundred percent (100%) of the ownership interest on or prior to the Outside Date, divided by (ii) the
aggregate equity value, as set forth on Schedule D, of all Contributed Properties. 
 “Put Securities”
has the meaning ascribed to it in Section 11.1(a). 
 “Receiving Party” has the meaning ascribed to it in
Section 9.4. 
 “Registration Rights Agreement” has the meaning ascribed to it in Section 8.1(g).

 “Regulations” means the Treasury Regulations promulgated under the Code as such regulations may be amended
from time to time (including the corresponding provisions of succeeding regulations). 
 “REIT” means any real
estate investment trust complying with the requirements of Sections 856 through 860 of the Code and the Regulations related thereto. 
 “REIT Ownership Limit Waiver” has the meaning ascribed to it in Section 8.1(h). 
 “Related Person” means any employee, officer, or director of any of the Corporation and its Subsidiaries, any member of his or her immediate family, or any Person controlled by any of the
foregoing Persons. 
 “Representative” has the meaning ascribed to it in Section 10.2(a)(iii). 

“Restricted Period” means the period from the date hereof through the earlier to occur of the Final Closing (as
defined in the Master Agreement) and the termination of the Master Agreement.  
 “Rule 144” means Rule
144 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule. 

“SEC” means the U.S. Securities and Exchange Commission and any governmental body or agency succeeding to the functions
thereof. 

  
 -8-

 “SEC Reports” means, collectively, all reports, schedules, forms,
statements and other documents required by the Securities Act or the Exchange Act or the rules or regulations promulgated thereunder to be filed or furnished by the Corporation, including proxy information and solicitation materials, in each case,
in the form and with the substance prescribed by either such Act or such rules or regulations. 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “Series A Preferred Stock” means the 9.75%
Series A Cumulative Non-Convertible Preferred Stock, par value $0.01 per share, of the Corporation. 
 “Series A
Warrants” means the warrants reflecting 100% warrant coverage to acquire shares of Common Stock issued to holders of the Series A Preferred Stock. 
 “Series B Preferred Stock” means the 9.75% Series B Cumulative Non-Convertible Preferred Stock, par value $0.01 per share, of the Corporation. 

“Series B Warrants” means the warrants reflecting 100% warrant coverage to acquire shares of Common Stock issued to
holders of the Series B Preferred Stock. 
 “Series D Common Stock” means the Series D Common Stock, par value
$0.01 per share, of the Corporation. 
 “Series D Preferred Stock” means the 8.75% Series D Cumulative
Non-Convertible Preferred Stock, par value $0.01 per share, of the Corporation. 
 “Shares” has the meaning
ascribed to it in Section 2.1. 
 “Specified SEC Reports” means the Corporation’s Annual Report on
Form 10-K for the year ended December 31, 2012, and any and all Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, in each case, filed after December 31, 2012 and prior to the Closing Date (excluding disclosures in the
“Risk Factors” sections of any such SEC Reports). 
 “Subsidiary” means (a) in respect of the
Corporation, any “subsidiary” of the Corporation as such term is defined in Rule 1-02 of Regulation S-X, including the Operating Partnership, and (b) in respect of any other Person, any corporation, partnership, limited liability
company, joint venture or other legal entity of which such Person (either directly or through or together with another Subsidiary of such Person), (i) owns capital stock or other Equity Interest having ordinary voting power to elect a majority
of the board of directors (or equivalent) of such Person, (ii) controls the management of which, directly or indirectly, through one or more intermediaries, (iii) directly or indirectly through Subsidiaries owns more than 50% of the Equity
Interests or (iv) is a general partner. 
 “Tax” means any net income, capital gains, gross income, gross
receipts, sales, use, transfer (but expressly excluding any transfer tax), ad valorem, franchise, profits, license, capital, withholding, payroll, estimated, employment, excise, goods and services, severance, stamp, occupation, premium, real
property, personal property, unclaimed property, social security, environmental (including Code section 59A), alternative or add-on, value added, registration, 

  
 -9-

 
windfall profits or other tax or customs duties or amount imposed by any Governmental Entity, or any interest, any penalties, additions to tax or additional amounts incurred or accrued under
applicable tax law or properly assessed or charged by any Governmental Entity, whether disputed or not, but expressly excluding any reassessment of a Contributed Property for any post-closing tax year due to the closing of the transactions
contemplated herein, including the transfer of the Contributed Interests or Contract Rights (as defined in the Master Agreement), or any interest or penalties incurred in connection with such change of ownership. 

“Tax Return” shall mean any report, return, or other information required (including any attachments or schedules
required to be attached to a such report, return, or other information) required under applicable Law to be supplied (or actually supplied) to a Governmental Entity or a third party in connection with Taxes. 

“Third-Party Claim” means any claim, action, suit, or proceeding made or brought by any Person that is not a party to
this Agreement or an Affiliate of a party to this Agreement. 
 “Transaction Documents” means, collectively,
this Agreement, the Registration Rights Agreement, the Master Agreement, the Master Structuring Agreement, the Contribution Agreements, the Assignment and Assumption Agreements and each other document, instrument, certificate, or agreement to be
issued or executed by the parties pursuant to this Agreement or any other agreement referred to above to effect the transactions contemplated hereby or thereby. 
 1.2 Construction. 
 (a) All References to “Articles,”
“Sections,” “Schedules,” and “Exhibits” contained in this Agreement are, unless expressly stated otherwise herein, references to articles, sections, schedules, or exhibits of or to this Agreement.

 (b) In this Agreement, unless the context clearly requires otherwise, (i) words of any gender include each other gender,
(ii) words using the singular or plural number also include the plural or singular number, respectively, (iii) “day” means a calendar day; (ii) “U.S.” or “United States” means the
United States of America; (iv) “including” or “include” mean “including without limitation” or “include without limitation”; (v) “dollar” or “$” means
lawful currency of the United States; and (vi) references to specific Laws (such as the MGCL and the Code), or to specific sections or provisions of Laws, apply to the respective U.S. or state Laws that bear the names so specified and to any
succeeding Law, section, or provision corresponding thereto and the rules and regulations promulgated thereunder. 
 (c) As used
in this Agreement, the term “knowledge”, “known” or words of similar import mean, with respect to the Corporation, the actual knowledge of the Persons listed on Schedule 1.2(c) after reasonable investigation, including
reasonable inquiries of officers and management employees of the Corporation and its Subsidiaries having responsibility relating to the applicable matter. 

  
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 ARTICLE II. 
 Purchase and Sale of Shares 
 2.1 Purchase and Sale of Shares.
Subject to the terms and conditions set forth herein, at the Closing (as defined below), the Corporation shall issue, sell, and deliver to each Purchaser, and each Purchaser shall purchase and acquire from the Corporation, the number of shares of
Common Stock (the “Shares”) set forth opposite such Purchaser’s name on Schedule A hereto, as a part of, and simultaneously with the Initial Closing as defined in and under the Master Agreement. 

2.2 Purchase Price. On the terms and subject to the conditions set forth herein, the consideration to be paid to the Corporation
at the Closing by each Purchaser for the sale and purchase of the Shares as contemplated herein shall be $8.15 for each Share sold by the Corporation and purchased by such Purchaser on the Closing Date. Any purchase price paid to the Corporation as
set forth in this Section 2.2 shall be paid by wire transfer of immediately available funds to the Corporation’s account designated by the Corporation in writing at least two (2) Business Days prior to the Closing Date. 

2.3 Closing. The closing of the purchase and sale of the Shares as set forth in Section 2.1 (the
“Closing”) shall take place on the date hereof at the offices of Goulston & Storrs, 885 Third Avenue, 18th Floor, New York, New York 10022, or such other mutually agreed upon location, only as a part of, and simultaneously
with, the Initial Closing as defined and under the Master Agreement, provided that all of the conditions contained in Article VI have been satisfied or waived by such date (other than those conditions to be satisfied on the Closing Date, as defined
herein). The date of the Closing is referred to herein as the “Closing Date.” 
 2.4 Closing Procedures.
All actions to be taken and all documents to be executed and delivered by the parties in connection with the consummation of the transactions contemplated at the Closing shall be reasonably satisfactory in form and substance to the other parties and
their respective counsel. All actions to be taken and all documents to be executed and delivered by all parties hereto at the Closing shall be deemed to have been taken and executed and delivered simultaneously at the Closing, and no action shall be
deemed taken nor any document executed or delivered until all have been taken, executed, and delivered. 
 ARTICLE III.

 Representations and Warranties of the Corporation 

The Corporation hereby represents and warrants to each of the Purchasers that the statements contained in this Article III are
true and correct as of the date hereof. 
 3.1 SEC Reports; Financial Statements. 

(a) The Corporation has filed with or furnished to the SEC all reports, schedules, forms, statements and other documents required by the
Securities Act or the Exchange Act or the rules or regulations promulgated thereunder to be filed or furnished by the Corporation, including the SEC Reports. The Corporation has delivered or made available to EL and each Purchaser all SEC Reports to
the extent the same are not publicly available through the SEC’s EDGAR website. As of their respective filing dates, the SEC Reports complied in all 

  
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material respects with the requirements of the Securities Act or the Exchange Act, as the case may be, and the rules and regulations of the SEC promulgated thereunder and other federal, state and
local laws, rules and regulations applicable to the SEC Reports, and none of the SEC Reports (including any and all financial statements included therein) as of such dates contained any untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. 
 (b) The financial statements included in the SEC Reports, together with the related schedules and notes, including the audited financial statements included in the Corporation’s Annual Report on Form
10-K for the year ended December 31, 2012 (the “Annual Report”), and the unaudited interim financial statements included in the Corporation’s Quarterly Report on Form 10-Q for the three month period ended March 31,
2013 (the “Quarterly Report”), are accurate in all material respects and present fairly the financial position of the corporation and its consolidated Subsidiaries, taken as a whole, at the dates indicated; said financial statements
have been prepared in conformity with GAAP applied on a consistent basis throughout the periods involved. The supporting schedules, if any, present fairly in accordance with GAAP the information required to be stated therein. 

3.2 No Material Adverse Change in Business. Since December 31, 2012, (a) there has been no Material Adverse Effect,
(b) except for transactions contemplated under the Transaction Documents or as set forth in Schedule 3.2, there have been no transactions entered into by the Corporation or any Subsidiary thereof, other than those in the Ordinary Course,
which are material with respect to the Corporation and each Subsidiary taken as a whole, and (c) there has been no dividend or distribution of any kind declared, paid or made by the Corporation on any class of its shares of capital stock, other
than in the Ordinary Course. 
 3.3 Good Standing of the Corporation and the Operating Partnership. 

(a) The Corporation has been duly organized and is validly existing as a corporation in good standing with the Department and has the
corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Specified SEC Reports and to enter into and perform its obligations under this Agreement and the other Transaction Documents to
which it is a party; and the Corporation is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of
property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect. Complete and correct copies of the Organizational Documents of the Corporation and all amendments
thereto have been made available to the EL Entities and each Purchaser and no changes thereto will be made other than as contemplated by this Agreement and the other Transaction Documents. 

(b) The Operating Partnership has been duly organized and is validly existing as a limited partnership in good standing under the laws of
the Commonwealth of Virginia and has the limited partnership power and authority to own, lease and operate its properties and to conduct its business as described in the Specified SEC Reports and to enter into and perform its obligations under this
Agreement and the other Transaction Documents to which it is a party; 

  
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and the Operating Partnership is duly qualified as a foreign limited partnership to transact business and is in good standing in each other jurisdiction in which such qualification is required,
whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect. Complete and correct copies of the Organizational
Documents of the Operating Partnership and all amendments thereto have been made available to the EL Entities and each Purchaser and no changes thereto will be other than as contemplated by this Agreement and the other Transaction Documents.

 3.4 Good Standing of Subsidiaries. The only Subsidiaries of the Corporation are the entities listed in Exhibit 21.1 to
the Annual Report and those owning properties acquired since the Annual Report. Each Subsidiary of the Corporation (other than the Operating Partnership, which is addressed in Section 3.3(b)) (a) has been duly organized and is validly
existing as a partnership or a limited liability company in good standing under the laws of the jurisdiction of its organization, (b) has partnership or limited liability company power and authority, as applicable, to own, lease and operate its
properties and to conduct its business as described in the Specified SEC Reports and (c) is duly qualified as a foreign partnership or limited liability company, as the case may be, to transact business and is in good standing in each
jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except in the case of this clause (c) where the failure so to qualify or to be in good standing would
not result in a Material Adverse Effect; all of the issued and outstanding equity interests or capital stock, respectively, of each such Subsidiary has been duly authorized and validly issued, is fully paid and non-assessable and is owned by the
Corporation, directly or through a Subsidiary, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity; none of the outstanding equity interests or shares of capital stock, respectively, of any Subsidiary was
issued in violation of the preemptive or similar rights of any securityholder of such Subsidiary. Except for the equity interests and shares of capital stock, respectively, in its Subsidiaries, the Corporation does not own, directly or indirectly,
any shares of stock or any other equity or long term debt securities of any corporation or have any equity interest in any firm, partnership, joint venture, association or other entity. 

3.5 Authorization of Agreement. The Corporation has the requisite corporate power to execute and deliver this Agreement and each
other Transaction Document to be executed by it and to perform its obligations hereunder and thereunder. Each Subsidiary of the Corporation that is party to any Transaction Document has the requisite limited partnership (or equivalent) power to
execute and deliver each Transaction Document to be executed by it and to perform its obligations thereunder. The execution and delivery by the Corporation of this Agreement and each other Transaction Document to be executed by it and the
performance by it of its obligations hereunder and thereunder have been duly authorized by all necessary corporate action on the part of the Corporation. The execution and delivery by each Subsidiary of the Corporation that is party to any
Transaction Document of each Transaction Document to be executed by it and the performance by it of its obligations hereunder and thereunder have been duly authorized by all necessary limited partnership (or equivalent) action on the part of the
such Subsidiary. This Agreement has been, and each Transaction Document to be executed by the Corporation or any Subsidiary of the Corporation will be, duly executed and delivered by the Corporation (on its own behalf or indirectly on behalf of such
Subsidiary, as the case may be) and constitute valid and binding obligations of the Corporation or such Subsidiary, as the case 

  
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may be, enforceable against the Corporation or such Subsidiary, respectively, in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium, or other similar Laws affecting the enforcement of creditors’ rights in general and subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

3.6 Consents and Approvals. Except as set forth on Schedule 3.6, no consent, approval, waiver, order, or authorization of,
or registration, declaration, or filing with, or notice to, any Person or Governmental Entity (including any consent, approval, waiver, or authorization in respect of any contract, license or permit) is required to be obtained or made by or in
respect of the Corporation or any of its Subsidiaries in connection with the execution and delivery of this Agreement or any other Transaction Document by the Corporation or any of its Subsidiaries, the performance by the Corporation or any of its
Subsidiaries of its obligations hereunder and thereunder or the consummation of the transactions contemplated hereby or thereby, other than, if required, the filing of a Form D with the SEC and filings with any applicable state securities regulatory
authorities. With respect to the Contributed Properties, except as set forth on Schedule 3.6, all consents and approvals required to be obtained from any Person (including any lender) in connection with the execution and delivery of the
Transaction Documents and the consummation of the transactions thereunder have been obtained. 
 3.7 No Conflicts; No
Violations. The execution and delivery of this Agreement does not (and of each other Transaction Document will not), and neither will the performance by the Corporation or any of its Subsidiaries of their respective obligations hereunder and
thereunder, nor the consummation of the transactions contemplated hereby and thereby on the terms and conditions set forth herein and therein (a) conflict with the Organizational Documents of the Corporation or any of its Subsidiaries,
(b) except as set forth on Schedule 3.7, conflict with, result in any violation of, constitute a default (with or without notice, the passage of time or both) under, or give rise to a right of termination, cancellation, or acceleration
of, or any obligation or to loss of a benefit under, any contract to which the Corporation or any of its Subsidiaries is a party or by which any of its assets or properties may be bound, (c) violate, constitute a default (with or without
notice, the passage of time or both) under, or cause the forfeiture, impairment, non-renewal, revocation, or suspension of any license or permit necessary for the conduct of the business of the Corporation or any of its Subsidiaries in compliance
with all Laws, (d) violate any Order of any Governmental Entity applicable to the Corporation or any of its Subsidiaries, (e) violate any Law applicable to the Corporation or any of its Subsidiaries, or (f) result in the creation of
any Lien upon any of the assets or properties of the Corporation or any of its Subsidiaries, except, in the case of clauses (b) through (f), as could not reasonably be expected to have a Material Adverse Effect. 

3.8 Capitalization. 
 (a) The authorized Capital Stock consists of 300,000,000 shares of Common Stock, 5,000,000 shares of Series A Preferred Stock, 1,000,000 shares of Series B Preferred Stock, 21,900,000 shares of Series D
Preferred Stock and 21,900 shares of Series D Common Stock. At the close of business on June 28, 2013, (i) 21,786,559 shares of Common Stock were issued and outstanding, (ii) a maximum of 2,000,000 shares of Common Stock were reserved
for issuance under the Corporation’s 2006 Incentive Award Plan and the Corporation’s 2012 

  
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Incentive Award Plan, collectively (of which no shares of Common Stock were subject to outstanding options granted under such plans), (iii) 6,666,666 shares of Common Stock were reserved for
issuance upon exercise of the Series A Warrants and Series B Warrants, (iv) no shares of Series A Preferred Stock were issued or outstanding, (v) no shares of Series B Preferred Stock were issued or outstanding, (vi) 10,300,000 shares
of Series D Preferred Stock were issued and outstanding, (vii) 44,813,979 OPUs were issued and outstanding, each of which may be converted into one share of Common Stock in accordance with the terms thereof, (viii) 622,162 limited
partnership interests in the Operating Partnership designated as “LTIP Units” were issued and outstanding, (ix) 5,000,000 limited partnership interests in the Operating Partnership designated as 9.75% Series A Cumulative
Non-Convertible Preferred Partnership Units were issued and outstanding, all of which were held solely by the Corporation, and (x) 1,000,000 limited partnership interests in the Operating Partnership designated as 9.75% Series B Cumulative
Non-Convertible Preferred Partnership Units were issued and outstanding, all of which were held solely by the Corporation. The total number of OPUs that are to be issued by the Operating Partnership in connection with the transactions contemplated
by the Transaction Documents is an amount not to exceed 1,200,000. 
 (b) Except as set forth in Schedule 3.8(b), in the
Specified SEC Reports or in the Transaction Documents, there are (i) no authorized or outstanding securities, rights (preemptive or other), subscriptions, calls, commitments, warrants, options, or other agreements that give any Person the right
to purchase, subscribe for, or otherwise receive or be issued Capital Stock or any security convertible into or exchangeable or exercisable for Capital Stock, (ii) no outstanding debt or equity securities of the Corporation that upon the
conversion, exchange, or exercise thereof would require the issuance, sale, or transfer by the Corporation of any new or additional Capital Stock (or any other securities of the Corporation which, whether after notice, lapse of time, or payment of
monies, are or would be convertible into or exchangeable or exercisable for Capital Stock), (iii) no agreements or commitments obligating the Corporation to repurchase, redeem, or otherwise acquire Capital Stock or other securities of the
Corporation, and (iv) no outstanding or authorized stock appreciation rights, phantom stock, stock rights, or other equity-based interests in respect of the Corporation. The Corporation has not issued any voting indebtedness. 

3.9 Valid Issuance of Shares and OPUs. The Shares have been duly authorized for issuance and sale to the Purchasers and, when
issued and delivered in accordance with the terms of this Agreement against delivery of the purchase price therefor, the Shares will be, validly issued, fully paid and nonassessable, free and clear of all Liens. The OPUs contemplated to be issued to
Elco LR OPT II REIT LP under the Transaction Documents have been duly authorized for issuance and sale to Elco LR OPT II REIT LP and, when issued and delivered in accordance with the terms of the Transaction Documents, the OPUs will be, validly
issued, fully paid and nonassessable, free and clear of all Liens. 
 3.10 Absence of Undisclosed Liabilities. Neither the
Corporation nor any of its Subsidiaries has any material liabilities, whether currently due, accrued, absolute, contingent, unliquidated or otherwise, whether or not known, whether due or to become due and regardless of when asserted, other than the
following: (a) any Indebtedness set forth on Schedule C hereto; (b) liabilities in respect of uses of proceeds described in Section 9.10; (c) liabilities fully and adequately reflected or reserved against in the financial
statements included in the Specified SEC 

  
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Reports; (d) liabilities incurred in the ordinary course of business of the Corporation and its Subsidiaries since the date of the latest audited annual financial statements included in the
Specified SEC Reports, none of which would reasonably be expected to have a Material Adverse Effect; (e) liabilities between or among any two or more of the Corporation and its Subsidiaries; and (f) liabilities of the type expressly
covered by any other representations and warranties of the Corporation set forth in this Agreement. 
 3.11 Absence of
Proceedings. There is no Proceeding now pending, or, to the knowledge of the Corporation, threatened, against or affecting the Corporation or any Subsidiary thereof, which is required to be disclosed in the Specified SEC Reports which has not
been so disclosed, or which reasonably would be expected to result in a Material Adverse Effect, or which reasonably would be expected to materially and adversely affect the ability of the Corporation and the Operating Partnership to consummate the
transactions contemplated by this Agreement and the other the Transaction Documents or the performance by the Corporation or the Operating Partnership of their respective obligations hereunder or thereunder. 

3.12 Accuracy of Descriptions. The descriptions in the Specified SEC Reports of affiliate transactions, contracts required to be
described therein and other legal documents are true and correct in all material respects, and there are no affiliate transactions, contracts or other documents of a character required to be described in the Specified SEC Reports or to be filed as
exhibits to the Specified SEC Reports which are not described or filed as required. All agreements between the Corporation or any Subsidiary thereof, on the one hand, and any other party expressly referenced in the Specified SEC Reports are legal,
valid and binding obligations of the Corporation or one or more of its Subsidiaries, enforceable against the Corporation or its Subsidiaries in accordance with their respective terms, except to the extent that enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles. 
 3.13 Possession of Intellectual Property. The Corporation and each Subsidiary thereof owns or possesses, or can acquire on reasonable terms, adequate patents, patent rights, licenses, inventions,
copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively,
“Intellectual Property”) necessary to conduct its business as described in the Specified SEC Reports, and neither the Corporation nor any of its Subsidiaries has received any written notice, nor, to the Corporation’s knowledge,
is there any threatened claim of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property or of any facts or circumstances which reasonably would be expected to render any Intellectual Property invalid
or inadequate to protect the interest of the Corporation or any of its Subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy, singly or in the aggregate,
reasonably would be expected to result in a Material Adverse Effect. 
 3.14 Possession of Licenses and Permits. The
Corporation and its Subsidiaries possess such permits, licenses, approvals, consents and other authorizations issued by the appropriate Governmental Entities necessary to conduct their business as described in the Specified SEC Reports
(collectively, “Governmental Licenses”), except where the failure so to possess would not, singly or in the aggregate, result in a Material Adverse Effect; the Corporation and its 

  
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Subsidiaries are in compliance with the terms and conditions of all such Governmental Licenses, except where the failure so to comply would not, singly or in the aggregate, result in a Material
Adverse Effect; all of the Governmental Licenses are valid and in full force and effect, except where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not, singly or in
the aggregate, result in a Material Adverse Effect; and neither the Corporation nor any of its Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which, singly or in the
aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect. 
 3.15
Accounting Controls and Disclosure Controls. The Corporation and each of its Subsidiaries maintains a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance
with management’s general or specific authorization; (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (c) access to assets is
permitted only in accordance with management’s general or specific authorization; and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to
any differences. Since the date of the Corporation’s formation, there has been (i) no material weakness in the Corporation’s internal control over financial reporting (whether or not remediated) and (ii) no change in the
Corporation’s internal control over financial reporting that has materially affected, or would reasonably be likely to materially affect, the Corporation’s internal control over financial reporting. The Corporation and each of its
Subsidiaries maintain disclosure controls and procedures that, in all material respects, are effective to perform the functions for which they were established and are designed to ensure that information required to be disclosed by the Corporation
in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to the Corporation’s
management, including its principal executive officer or officers and principal financial officer or officers, as appropriate, to allow timely decisions regarding disclosure. 
 3.16 Tax Returns and Payment of Taxes. All United States federal income Tax Returns of the Corporation and its Subsidiaries required by Law to be filed have been filed and all Taxes shown by such
returns or otherwise assessed, which are due and payable, have been paid, except assessments against which appeals have been or will be promptly taken in good faith and as to which adequate reserves have been provided and will be maintained. The
Corporation and its Subsidiaries have filed all other material Tax Returns that are required to have been filed by them pursuant to applicable foreign, state, local or other Law and has paid all Taxes due pursuant to such returns or pursuant to any
assessment (including all real estate Taxes) received by the Corporation and its Subsidiaries, except for such Taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided and will be maintained and except
for Taxes the nonpayment of which would not result in a Material Adverse Effect. All such returns are true, correct and complete in all material respects. The charges, accruals and reserves on the books of the Corporation in respect of any income
and Tax liability for any years not finally determined are adequate to meet any assessments or re-assessments for additional income Tax for any years not finally determined. The Corporation has not engaged in any transaction that could affect its
income Tax liability for any taxable year not closed by the statute of limitations which is a “reportable transaction” within the meaning of Treasury Regulation section 1.6011-4(b) (irrespective of the effective date). 

  
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 3.17 REIT Qualification. Commencing with the Corporation’s taxable year ending
December 31, 2006, the Corporation has been organized and has operated, and upon consummation of the transactions contemplated hereby will continue to be organized and operated, in a manner so as to qualify as a REIT under Sections 856 through
860 of the Code. The proposed method of operation of the Corporation as described in the Specified SEC Reports will enable the Corporation to continue to meet the requirements for qualification and taxation as a REIT under the Code for its taxable
years ending December 31, 2012 and subsequent taxable years. 
 3.18 ERISA. The assets of the Corporation do not
constitute, and as of any Closing will not constitute, “plan assets” under the Employee Retirement Income Security Act of 1974, as amended. 
 3.19 Absence of Labor Dispute. (a) No labor dispute with the employees of the Corporation, the Operating Partnership or any Subsidiary thereof exists or, to the knowledge of the Corporation,
is imminent, and (b) the Corporation is not aware of any existing or imminent labor disturbance by the employees of any of its, the Operating Partnership’s or any of their Subsidiaries’ principal suppliers, manufacturers, customers or
contractors, which, in the case of (a) or (b), would result in a Material Adverse Effect. 
 3.20 Foreign Corrupt
Practices Act. Neither the Corporation nor, to the knowledge of the Corporation, any director, officer, agent, employee, Affiliate or other Person acting on behalf of the Corporation or any of its Subsidiaries has taken any action, directly or
indirectly, that would result in a violation by any of such Persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including making use of the mails or any means or
instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any
“foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA, and the Corporation and, to the knowledge of the
Corporation, its Affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance
therewith. 
 3.21 Money Laundering Laws. The operations of the Corporation and its Subsidiaries are and have been
conducted at all times in compliance, in all material respects, with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all
jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”), and no action,
suit or Proceeding by or before any Governmental Entity involving the Corporation or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Corporation, threatened. 

  
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 3.22 OFAC. Neither the Corporation nor, to the knowledge of the Corporation, any
trustee, officer, agent, employee, Affiliate or person acting on behalf of the Corporation or any of its Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department
(“OFAC”); and the Corporation will not directly or indirectly knowingly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, for
the purpose of financing the activities of any Person currently subject to any U.S. sanctions administered by OFAC. 
 3.23
Indebtedness. Schedule C hereto sets forth all Indebtedness of the Corporation and each of its Subsidiaries (including any Indebtedness secured by a mortgage on any real property) as of the date of this Agreement, listing separately
(a) each such Indebtedness (if any) that is secured by a mortgage on any specific real property, (b) each such Indebtedness that is a Permitted Additional Unsecured Debt (as defined in Exhibit A of the Charter as related to the Series A
Stock) and (c) any other material Indebtedness. Neither the Corporation nor any of its Subsidiaries has any Indebtedness or any liabilities in respect thereof, whether currently due, accrued, absolute, contingent, unliquidated or otherwise,
whether or not known, whether due or to become due and regardless of when asserted, except Indebtedness listed on Schedule C. 
 3.24 FF&E. There are no items owned or leased by a third party and used at any real property owned by the Corporation or its Subsidiaries by or on behalf of the owner of such real property in
connection with the ownership, operation or maintenance of such real property that would otherwise constitute FF&E (as defined in the Master Agreement), except as has not had and could not reasonably be expected to have a Material Adverse
Effect. 
 3.25 Investment Company. The Corporation is not, and after giving effect to the issuance of the Shares and the
application of the proceeds thereof will not be, an “investment company” within the meaning of Investment Company Act of 1940, as amended. 
 3.26 Compliance. None of the Corporation or any of its Subsidiaries is in violation of any Law or of any Order of any Governmental Entity which violation has had or could reasonably be expected to
have a Material Adverse Effect. The Corporation has at all times since January 1, 2012 been in compliance with its Organizational Documents. 
 3.27 Insurance. The Corporation and its Subsidiaries carry or are entitled to the benefits of insurance with financially sound and reputable insurers, in such amounts and covering such risks as are
generally maintained by companies of established reputation engaged in the business of ownership of multifamily residential properties, and all such insurance is in full force and effect. The Corporation has no reason to believe that any of the
Corporation and its Subsidiaries will not be able to (a) renew its existing insurance coverage as and when such policies expire or (b) obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its
business as now conducted and at a cost that would not reasonably be expected to result in a Material Adverse Effect. Since January 1, 2012, none of the Corporation and its Subsidiaries has been denied any material insurance coverage that it
has sought or for which it has applied. 

  
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 3.28 Solvency. The Corporation and its Subsidiaries are able to pay their respective
debts (including trade debts) as they mature. The fair saleable value of all the assets and properties (including goodwill minus disposition costs) of the Corporation and its Subsidiaries, taken as a whole, exceeds the fair value of their
liabilities and 101% of the Liquidation Preference of the outstanding shares of each series of preferred stock of the Corporation, both before and after giving effect to the consummation of the transactions contemplated by the Transaction Documents.
The Corporation will not be left with unreasonably small capital after consummation of any transaction contemplated by the Transaction Documents. 
 3.29 Private Placement. Assuming the accuracy of the representations and warranties of the Purchasers set forth in Section 4.6, the offer, sale, and issuance of the Shares as contemplated
hereby will be exempt from the registration requirements of the Securities Act and will have been registered or qualified (or are exempt from registration and qualification) under the registration or qualification requirements of all applicable
state securities Laws. Neither the Corporation nor any Person acting on its behalf will take any action that would cause the loss of any such exemption. Assuming the accuracy of the representations and warranties of the Purchasers set forth in
Section 4.6, the offer, sale, and issuance of the Shares as contemplated hereby will comply with all applicable federal and state Laws. 
 3.30 Registration Rights. Except as set forth on Schedule 3.30, as set forth in or as permitted by any of the Transaction Documents or the limited partnership agreement of the Operating
Partnership, the Corporation has not granted or agreed to grant to any Person any rights (including “piggy back” registration rights) to have any securities of the Corporation or any of its Subsidiaries registered with the SEC or any other
Governmental Entity that have not been satisfied. 
 3.31 Waiver of Ownership Limits. The Board of Directors of the
Corporation has waived, in the case of OPTrust, the Aggregate Stock Ownership Limit and the Common Stock Ownership Limit (each as defined in the Charter), in accordance with the Charter to permit OPTrust to acquire and hold ownership positions in
the Corporation exceeding such limit or limits, to the extent provided in the REIT Ownership Limit Waiver delivered to OPTrust at the Closing. 
 3.32 Application of Takeover Protections. The Corporation has taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill
(including any distribution under a rights agreement) or other similar provision under the Charter (or other Organizational Documents of the Corporation) or the MGCL that is or could become applicable to a Purchaser as a result of such Purchaser and
the Corporation fulfilling their obligations or exercising their rights under the Transaction Documents, including the Corporation’s issuance of the Shares and any Purchaser’s ownership of the Shares. To the extent that any acquisition of
Capital Stock by a Purchaser pursuant to this Agreement would constitute an acquisition of control shares, such acquisition has been exempted from Title 3, Subtitle 7 of the MGCL. 

3.33 Certain Fees. No brokerage or finder’s fees or commissions are or will be payable by the Corporation or any of its
Subsidiaries to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the 

  
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transactions contemplated by this Agreement or any of the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims (other than such
fees or commissions owed by a Purchaser pursuant to agreements made by such Purchaser which fees or commissions shall be the sole responsibility of such Purchaser) made by or on behalf of the Corporation or any of its Subsidiaries for fees of a type
contemplated in this Section 3.33 that may be due in connection with the transactions contemplated by this Agreement or any of the Transaction Documents. The Corporation shall indemnify and hold harmless each of the Purchasers, their employees,
officers, directors, agents, and partners, and their respective Affiliates, from and against all claims, losses, damages, costs (including the costs of preparation and attorneys’ fees) and expenses, as such fees and expenses are incurred, that
are suffered in respect of (a) any claimed or existing fees or commissions of the type contemplated by this Section 3.33 for which the Corporation or any of its Subsidiaries is responsible, other than those disclosed above, and
(b) any failure of the Corporation or any of its Subsidiaries to timely pay those fees and commissions disclosed above. 

3.34 Acknowledgment Regarding Purchasers’ Purchase of Shares. The Corporation acknowledges and agrees that each of the
Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to this Agreement and the transactions contemplated hereby. The Corporation further acknowledges that no Purchaser is acting as a financial advisor or
fiduciary of the Corporation (or in any similar capacity) with respect to this Agreement and any other Transaction Document to which such Purchaser is or will be a party and the transactions contemplated hereby and thereby and any advice given by
any Purchaser or any of their respective representatives or agents in connection with this Agreement and the transactions contemplated hereby is merely incidental to such Purchaser’s purchase of the Shares. The Corporation further represents to
each Purchaser that the Corporation’s decision to enter into this Agreement and each of the other Transaction Documents to which the Corporation is a party has been based solely on the independent evaluation of the Corporation and its
representatives. The Corporation further acknowledges that no Purchaser has made any promises or commitments other than as set forth in this Agreement, including any promises or commitments for any additional investment by any such Purchaser in the
Corporation, except to the extent that a Purchaser may be party to, and as provided in, any of the Transaction Documents or any other agreement executed and delivered in connection therewith. 

3.35 Title to Property. The Corporation and its Subsidiaries have good and marketable title in fee simple to all real property
owned by the Corporation and its Subsidiaries and good title to all other properties owned by them, in each case, free and clear of all mortgages, pledges, liens, security interests, claims, restrictions or encumbrances of any kind except
(a) first mortgages on the particular real properties and (b) such as do not, singly or in the aggregate, materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the
Corporation or any of its Subsidiaries; and all of the leases and subleases material to the business of the Corporation and its Subsidiaries, considered as one enterprise, and under which the Corporation or any of its Subsidiaries holds properties
described in the Specified SEC Reports, are in full force and effect, and neither the Corporation nor any Subsidiary thereof has any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Corporation
or any Subsidiary thereof under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Corporation or such Subsidiary to the continued possession of the leased or subleased premises under any such lease or
sublease. 

  
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 3.36 Condition of Properties. The Corporation, the Operating Partnership or their
Subsidiaries have received and reviewed property condition reports on all real property owned by the Corporation, the Operating Partnership and their Subsidiaries. Except as otherwise set forth in the Specified SEC Reports, to the Corporation’s
knowledge: (a) none of the real property owned by the Corporation, the Operating Partnership and their Subsidiaries is in violation of any applicable building code, zoning ordinance or other law or regulation, except where such violation of any
applicable building code, zoning ordinance or other law or regulation would not, singly or in the aggregate, have a Material Adverse Effect; (b) none of the Corporation, the Operating Partnership and their Subsidiaries has received written
notice of any proposed material special assessment or any proposed change in any property tax, zoning or land use laws or availability of water affecting any real property owned by the Corporation, the Operating Partnership and their Subsidiaries
that would, singly or in the aggregate, have a Material Adverse Effect; (c) there does not exist any violation of any declaration of covenants, conditions and restrictions with respect to any real property owned by the Corporation, the
Operating Partnership and their Subsidiaries that would, singly or in the aggregate, have a Material Adverse Effect, or any state of facts or circumstances or condition or event that could, with the giving of notice or passage of time, or both,
constitute such a violation; and (d) the developments or improvements comprising any portion of real property owned by the Corporation, the Operating Partnership and their Subsidiaries (the “Developments and Improvements”) are
free of any physical, mechanical, structural, design or construction defects that would, singly or in the aggregate, have a Material Adverse Effect and the mechanical, electrical and utility systems servicing the Developments and Improvements
(including all water, electric, sewer, plumbing, heating, ventilation, gas and air conditioning) are in good condition and proper working order, reasonable wear and tear and need for routine repair and maintenance excepted, and are free of defects,
except for such failures and defects that would not, singly or in the aggregate, have a Material Adverse Effect. 
 3.37
Access and Utilities. All of the real property owned by the Corporation, the Operating Partnership and their Subsidiaries has rights of access to public ways and is served by electric, water, sewer, sanitary sewer and storm drain facilities
adequate to service real property owned by the Corporation, the Operating Partnership and their Subsidiaries for its use as described in the Specified SEC Reports. 
 3.38 No Condemnation. No condemnation or other proceeding has been commenced that has not been completed, and, to the Corporation’s knowledge, no such proceeding is threatened, with respect to
all or any portion of the real property owned by the Corporation, the Operating Partnership and their Subsidiaries or for the relocation away from any such property of any roadway providing access to such property or any portion thereof. 

3.39 Environmental Laws. Except as would not, singly or in the aggregate, result in a Material Adverse Effect, (a) neither
the Corporation nor any of its Subsidiaries is in violation of any Environmental Law, (b) the Corporation and its Subsidiaries have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in
compliance with their requirements, (c) there are no pending or threatened administrative, regulatory or 

  
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judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against the Corporation or
any of its Subsidiaries and (d) there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private party or governmental body or
agency, against or affecting the Corporation or any of its Subsidiaries relating to Hazardous Materials or any Environmental Laws. 
 3.40 Matters Relating to Contributed Entities and Contributed Properties. As of the Closing Date: 
 (a) Insurance. The Contributed Entities and their respective Subsidiaries carry or are entitled to the benefits of insurance with financially sound and reputable insurers, in such amounts and
covering such risks as are generally maintained by companies of established reputation engaged in the business of ownership of multifamily residential properties, and all such insurance is in full force and effect. The Corporation has no reason to
believe that any of the Contributed Entities and their respective Subsidiaries will not be able to (i) renew its existing insurance coverage as and when such policies expire or (ii) obtain comparable coverage from similar institutions as
may be necessary or appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected to result in a Material Adverse Effect. Since January 1, 2012, none of the Contributed Entities and their respective
Subsidiaries has been denied any material insurance coverage that it has sought or for which it has applied. 
 (b) Other
Third Party Approvals and Consents. Except as set forth on Schedule 3.40(b), no consent, approval, waiver or authorization of, or registration, declaration, or filing with, or notice to, any Person (including any consent, approval,
waiver, or authorization in respect of any contract or permit) is required to be obtained or made by or in respect of the EL Entities or any of their Affiliates in connection with the execution and delivery of any of the Transaction Documents, the
performance of any of them of their respective obligations thereunder or the consummation of the transaction contemplated thereby, other than (i) those set forth in the related disclosure schedules incorporated by reference herein pursuant to
Section 3.41, (ii) any Lender Approval or Refinancing and (iii) those made or obtained prior to the Closing. 

(c) Environmental Matters. Except as would not, singly or in the aggregate, result in a Material Adverse Effect, (i) no owner
of any Contributed Property is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or
administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife,
including, without limitation, laws and regulations relating to the release or threatened release of Hazardous Materials or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous
Materials, (ii) each owner of each Contributed Property has all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their requirements, (iii) there are no pending or
threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, 

  
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investigation or proceedings relating to any Environmental Law against any Contributed Entity or any owner of a Contributed Property and (iv) there are no events or circumstances that would
reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting any Contributed Entity or owner or a Contributed Property
relating to Hazardous Materials or any Environmental Laws. 
 (d) FF&E. There are no items owned or leased by a third
party and used at any Contributed Property by or on behalf of the owner of such Contributed Property in connection with the ownership, operation or maintenance of such Contributed Property that would otherwise constitute FF&E, other than
(i) any leased or licensed item as set forth in the related disclosure schedules incorporated by reference herein pursuant to Section 3.41 and (ii) any other item that is not material to the ownership, operation or maintenance of such
Contributed Property. 
 (e) Contracts. 
 (i) No event has occurred that has not been waived that, with notice or lapse of time or both, would result in a material default by an owner of a Contributed Property of, or give rise to any Lien or
right of termination, prepayment or acceleration against any owner of a Contributed Property under, any material Contract. 

(ii) The material Contracts with respect to each Contributed Property to be contributed by the EL Entities or any Affiliate thereof are
in full force and effect, without material default by the EL Entities or any of their Affiliates that is a party thereto and, to the Corporation’s knowledge, without material default by any other party thereto. 

  
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 3.41 Incorporation of Representations and Warranties in Master Agreement and Contribution
Agreements. The Corporation hereby makes to each of the Purchasers each of the representations and warranties set forth in Articles IV and V of the Master Agreement, each of the representations and warranties set forth in Section 4.1 of
each of the Hunt Contribution Agreements, each of the representations and warranties set forth in Article V of the Heitman Contribution Agreement and each of the representations and warranties set forth in Article III of each of the EL Contribution
Agreements, all of which are hereby incorporated by reference (together with (i) any definitions therein necessary to give effect to such representations and warranties and (ii) any disclosure schedules thereto modifying or referenced by
such representations and warranties), mutatis mutandis, including to reflect that documents stated therein to have been furnished or made available to any of the Corporation, the EL Entities and their respective Affiliates shall have been furnished
or made available to the Purchasers; provided that any reference to any “LATA Material Adverse Effect” or any “Portfolio Material Adverse Effect” or any “Material Adverse Change” in any such representations and
warranties shall be deemed to include also any matter described in clause (ii) of the definition of “Material Adverse Effect” herein. For the avoidance of doubt, in the case of representations and warranties made in the Master
Agreement or the Contribution Agreements by any entity other than the Corporation or the Operating Partnership, the Corporation hereby makes to the Purchasers, for purposes of this Agreement, those same representations and warranties, verbatim, in
place of such other entities. 
 3.42 No Other Representations or Warranties. The Corporation does not make and has not
made any representations or warranties in this Agreement related to the subject matter hereof other than those specifically set forth in this Article III. 
 ARTICLE IV. 
 Representations and Warranties of the Purchasers 

Except as set forth in Section 4.8 below, each Purchaser, severally and not jointly, hereby makes the following representations and
warranties to the Corporation (references to “the Purchaser” in this Article IV refer to the Purchaser that is making the representation or warranty; for the avoidance of doubt, each Purchaser is making the following representations and
warranties with respect to itself only and not the other Purchaser): 
 4.1 Organization. The Purchaser is duly formed,
validly existing, and in good standing under the Laws of its jurisdiction of formation. 
 4.2 Authorization. The
Purchaser has the requisite limited partnership, limited liability company or equivalent power to execute and deliver this Agreement and each other Transaction Document to be executed by it in connection with the consummation of the transactions
contemplated hereby and thereby (the “Purchaser Documents”) and to perform its obligations hereunder and thereunder. The execution and delivery by the Purchaser of this Agreement and each Purchaser Document and the performance by it
of its obligations hereunder and thereunder have been (or at the time of execution will be) duly authorized by all necessary limited partnership, limited liability company or equivalent action on the part of the Purchaser. This Agreement has been,
and each Purchaser Document applicable to the Purchaser will be, duly executed and delivered by the Purchaser and, assuming the due execution and delivery of this Agreement and each Purchaser Document by the other party or parties hereto or thereto,

  
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constitutes a valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium, or other similar Laws affecting the enforcement of creditors’ rights in general and subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

4.3 Consents and Approvals. No consent, approval, waiver, order, or authorization of, or registration, declaration, or filing
with, or notice to, any Person or Governmental Entity is required to be obtained or made by or in respect of the Purchaser in connection with the execution and delivery of this Agreement or any Purchaser Document by the Purchaser, the performance by
the Purchaser of its obligations hereunder and thereunder, or the consummation of the transactions contemplated hereby or thereby. 
 4.4 No Conflicts. The execution and delivery of this Agreement does not (and each Purchaser Document will not), and neither will the performance by the Purchaser of its obligations hereunder and
thereunder, nor the consummation of the transactions contemplated hereby and thereby on the terms and conditions set forth herein and therein, (a) conflict with the Purchaser’s Organizational Documents, (b) conflict with, result in
any violation of, constitute a default (with or without notice, the passage of time or both) under, or give rise to a right of termination, cancellation, or acceleration of, or any obligation or to loss of a benefit under, any contract to which the
Purchaser is a party or by which any of its assets or properties may be bound or (c) violate any Order of any Governmental Entity or Law applicable to the Purchaser. 
 4.5 Brokers’ Fees. Neither the Purchaser nor any Person acting on the Purchaser’s behalf has agreed to pay any commission, finder’s or broker’s fee, or similar payment in
connection with the transactions contemplated by this Agreement or any matter related hereto (including those contemplated by the other Transaction Documents) to any Person for which any of the Corporation and its Subsidiaries will be liable. Each
Purchaser, severally and not jointly, shall indemnify and hold harmless the Corporation and its employees, officers, directors, agents, and partners, and their respective Affiliates, from and against all claims, losses, damages, costs (including the
costs of preparation and attorneys’ fees) and expenses, as such fees and expenses are incurred, that are suffered in respect of any claimed or existing fees or commissions of the type contemplated by this Section 4.5 for which such
Purchaser is responsible. 
 4.6 Securities Law Matters. The Purchaser is acquiring the Shares for investment for its own
account, and not with a view to, or for sale in connection with, any distribution thereof. The Purchaser is an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act and not a registered broker-dealer
under Section 15 of the Exchange Act. The Purchaser understands and acknowledges that none of the Shares has been registered under the Securities Act, or the securities Laws of any state or foreign jurisdiction and, unless so registered, may
not be offered, sold, transferred, or otherwise disposed of except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable securities Laws of any state or foreign
jurisdiction. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Shares, and has so evaluated the merits and risks of such investment. Each Purchaser is able to bear the economic risk of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment. 

  
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 4.7 Patriot Act. 

(a) Neither the Purchaser nor, to the Purchaser’s knowledge, any of its Affiliates, is in violation of 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”)
and/or, to the Purchaser’s knowledge, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “Patriot Act”). 

(b) Neither the Purchaser nor, to the Purchaser’s knowledge, any of its Affiliates, is a “Prohibited Person” which
is defined as follows: 
 (i) a person or entity that is listed in the Annex to, or is otherwise subject to the provisions of,
the Executive Order; 
 (ii) a person or entity owned or controlled by, or acting for or on behalf of, any person or entity
that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (iii) a person or entity
with whom the Corporation or its successor or assignee is prohibited from dealing or otherwise engaging in any transaction by the Executive Order or the Patriot Act; 
 (iv) a person or entity who commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; 

(v) a person or entity that is named as a “specially designated national and blocked person” on the most current list
published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or at any replacement website or other replacement official
publication of such list; and 
 (vi) a person or entity who is affiliated with a person or entity listed above. 

(c) Neither the Purchaser nor, to the Purchaser’s knowledge, any of its Affiliates, has: (i) conducted any business or engaged
in any transaction or dealing with any Prohibited Person, including the making or receiving any contribution of funds, goods or services to or for the benefit of any Prohibited Person; (ii) dealt in or otherwise engaged in any transaction
relating to, any property or interests in property blocked pursuant to the Executive Order; or (iii) engaged in or conspired to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate,
any of the prohibitions set forth in the Executive Order or the Patriot Act. 

  
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 4.8 Special Representation by OPTrust. OPTrust, and only OPTrust, hereby represents
and warrants to the Corporation that it is treated as a “foreign government” under Treasury Regulation Section 1.892-2T (and any successor provision thereto), and that it is not an entity described in Section 892(a)(2)(B) of the
Code. 
 4.9 No Other Representations or Warranties.The Purchaser does not make and has not made any representations or
warranties in this Agreement related to the subject matter hereof other than those specifically set forth in this Article IV. 

ARTICLE V. 

Covenants During Restricted Period 
 5.1 Conduct of the Business. Reference is made to the covenants set forth in Section 7.2 of the Master Agreement (collectively, the “Conduct of Business Covenants”). Except as
approved by OPTrust in writing (which approval will not be unreasonably conditioned, delayed, or withheld), during the Restricted Period, (a) the Corporation shall, and shall cause the Operating Partnership to, perform and comply with their
respective obligations under the Conduct of Business Covenants and (b) the Corporation shall not, and shall cause the Operating Partnership not to, amend, modify, waive or terminate, or agree to an amendment, modification, waiver or termination
of, any of their respective rights and obligations under the Conduct of Business Covenants, except in the case of any termination of the Master Agreement or any Contribution Agreement in accordance with its terms. 

5.2 Master Agreement and Contribution Agreements. During the Restricted Period, the Corporation shall, and shall cause the
Operating Partnership to, comply with the terms and conditions of, and perform its obligations under, each of the Master Agreement and the Contribution Agreements. Except as approved by OPTrust in writing (which approval will not be unreasonably
conditioned, delayed, or withheld), during the Restricted Period, the Corporation shall not, and shall cause the Operating Partnership not to, amend, modify, waive or terminate, or agree to an amendment, modification, waiver or termination of, any
of their respective rights, or any conditions precedent to their respective obligations, under the Master Agreement or any Contribution Agreement (other than with respect to the Conduct of Business Covenants, which are addressed exclusively by
Section 5.1 above), in each case, where such amendment, modification, waiver or termination is material or would adversely affect any rights of the Purchasers hereunder, except in the case of any termination of the Master Agreement or any
Contribution Agreement in accordance with its terms. 
 5.3 Notification. During the Restricted Period, the Corporation
will notify each of the Purchasers of any change, circumstance, condition, development, effect, event, fact, or result in respect of the business, operations, financial condition, results of operations, assets, liabilities, or prospects of any of
the Corporation and its Subsidiaries (including as a Subsidiary, for purposes of this Section 5.3, any entity that would become a Subsidiary of the Corporation upon consummation of the contribution of the Contributed Properties) that,
individually or in the aggregate, has resulted in or would reasonably be expected to result in a Material Adverse Effect, provided that such disclosure would not be in contravention of any federal or state securities laws. 

  
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 5.4 Lender Consents. During the Restricted Period, each of the EL Entities and the
Corporation shall, and shall cause each of their respective Affiliates to, (i) comply with their respective obligations under Section 7.4 of the Master Agreement and (ii) use their respective commercially reasonable efforts to cause
any and all Lender Approvals or Refinancings required to be obtained pursuant to the Master Agreement to be obtained on or prior to the Outside Date. During the Restricted Period, each of the EL Entities and the Corporation shall, and shall cause
each of their respective Affiliates to, comply with their respective obligations under Section 6.2(g) of each of the Hunt Contribution Agreements and Sections 3.01(a) and (b) of the Heitman Contribution Agreement. 

ARTICLE VI. 

Conditions Precedent to the Closing 
 6.1 Conditions Precedent to the Corporation’s Obligations. Subject to Section 2.3, the obligation of the Corporation to consummate the sale of Shares on the Closing Date is subject to the
satisfaction or waiver by the Corporation on the Closing Date of the following conditions: 
 (a) Accuracy of Representations
and Warranties. Each of the representations and warranties of the Purchasers contained in Article IV shall be true and correct on and as of the Closing Date with the same force and effect as though the same had been made on and as of the Closing
Date. 
 (b) Performance of Covenants. Each Purchaser shall have performed and complied with the covenants and provisions
of this Agreement required to be performed or complied with by it on the Closing Date. 
 (c) Closing Deliveries. Each
Purchaser shall have delivered to the Corporation the items set forth in Section 8.2 required to be delivered by the Purchasers on or before the Closing Date. 
 (d) Effectiveness of Master Agreement and Contribution Agreements. Each of the Master Agreement and the Contribution Agreements shall be in full force and effect and shall not have been terminated
for any reason. 
 (e) Simultaneous Closing under Master Agreement. The consummation of the transactions contemplated by
the Master Agreement to be consummated at the Initial Closing (as defined therein) shall have occurred simultaneously with the Closing hereunder. 
 (f) Registration Rights Agreement. The Registration Rights Agreement shall have been executed and delivered by all parties thereto (other than the Corporation). 

(g) No Order. No Governmental Entity with jurisdiction over such matters shall have enacted, issued, promulgated, enforced or
entered any Law or Order (whether temporary, preliminary or permanent) which is then in effect and has the effect of making the transactions contemplated hereby illegal or otherwise restricting, preventing or prohibiting consummation of the
transactions contemplated hereby. 

  
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 6.2 Conditions Precedent to the Purchasers’ Obligations. The obligation of each
of the Purchasers to consummate the purchase of Shares on the Closing Date is subject to the satisfaction on the Closing Date of the following conditions (except to the extent waived in writing by such Purchaser): 

(a) Accuracy of Representations and Warranties. Each of the representations and warranties of the Corporation contained herein
shall be true and correct on and as of the Closing Date with the same force and effect as though the same had been made on and as of the Closing Date other than such representations and warranties that expressly speak as of an earlier date (which
need only be true and correct as of such date). 
 (b) Performance of Covenants. Each of the Corporation and the EL
Entities shall have performed and complied with all of the covenants and provisions of any Transaction Document required to be performed or complied with by it on the Closing Date. 

(c) Closing Deliveries. The Corporation shall have delivered to each Purchaser each item set forth in Section 8.1 required to
be delivered by the Corporation on or before the Closing Date. The EL Entities shall have delivered to each Purchaser each item set forth in Section 8.3 required to be delivered by the EL Entities on or before the Closing Date. 

(d) Effectiveness of Transaction Documents. Each of the Transaction Documents shall be in full force and effect and shall not have
been terminated for any reason. 
 (e) Simultaneous Closing under Master Agreement. The consummation of the transactions
contemplated by the Master Agreement to be consummated at the Closing (as defined therein) shall have occurred simultaneously with the Closing hereunder. 
 (f) Registration Rights Agreement. The Registration Rights Agreement shall have been executed and delivered by all parties thereto (other than such Purchaser and its Affiliates). 

(g) No Order. No Governmental Entity with jurisdiction over such matters shall have enacted, issued, promulgated, enforced or
entered any Law or Order (whether temporary, preliminary or permanent) which is then in effect and has the effect of making the transactions contemplated hereby illegal or otherwise restricting, preventing or prohibiting consummation of the
transactions contemplated hereby. 
 (h) No Material Adverse Effect. Since December 31, 2012, there shall not have
occurred any event, circumstance, condition, fact, or other matter that has had or could reasonably be expected to have a Material Adverse Effect. 
 (i) Domestically Controlled REIT. The Corporation shall be qualified as a Domestically Controlled REIT. 
 (j) Consents and Waivers. All approvals, authorizations, consents, and waivers of any Person or Governmental Entity that are required to be obtained by or on behalf of the Corporation in connection
with the execution and delivery of this Agreement or any Transaction Document, the performance of the Corporation of its obligations hereunder or thereunder, and the consummation of the transactions contemplated hereby and thereby shall have been
duly obtained and effective, except for those approvals, authorizations, consents, and waivers contemplated by Section 5.4 to be obtained after the Closing Date. 

  
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 (k) Absence of Breach. No event shall have occurred that, with the giving of notice
or the passage of time or both, would constitute a default or breach by any party (other than the Purchasers and their respective Affiliates) of its covenants and agreements under the Transaction Documents. 

(l) Redemption of Preferred Stock. The Corporation shall have redeemed all of the outstanding shares of Series A Preferred Stock
and Series B Preferred Stock in accordance with the applicable provisions of the Charter, respectively. 
 ARTICLE VII.

 [Intentionally Omitted] 
 ARTICLE VIII. 
 Closing Deliveries 

8.1 Items to Be Delivered by the Corporation. At the Closing, the Corporation shall deliver to each of the Purchasers the
following items, in form and substance reasonably satisfactory to such Purchaser: 
 (a) Shares. The validly issued
Shares. 
 (b) Expense Reimbursement. The amount to be reimbursed by the Corporation pursuant to Section 12.6(a).

 (c) Certificate of Good Standing. A file-stamped copy, dated no later than three (3) Business Days prior to the
Closing Date, certified by the Department and showing the Corporation to be validly existing and in good standing in the State of Maryland. 
 (d) Officers’ Certificate. A certificate, dated as of the Closing Date, duly executed by the President and the Secretary of the Corporation certifying that (i) attached to such
certificate are true and complete copies of (A) all Organizational Documents of the Corporation, together with any and all amendments thereto, and (B) all resolutions adopted by the Corporation’s Board of Directors authorizing the
execution, delivery and performance by the Corporation of the Transaction Documents to which it is a party and including such elections and determinations, if any, as may be necessary to opt out of, or otherwise to render inapplicable, any
applicable control share, business combination or other anti-takeover Laws, and (ii) the same are in full force and effect and in accordance with all applicable Laws. 
 (e) Closing Certifications of the Corporation. A certificate duly executed by the President and the Secretary of the Corporation certifying that, as of the Closing Date, each of the conditions set
forth in Sections 6.2(a), 6.2(b) (solely with respect to the Corporation’s obligations thereunder), 6.2(d), 6.2(e) and 6.2(j) (solely with respect to the Corporation’s obligations thereunder) has been satisfied (except to the extent waived
in writing by such Purchaser). 

  
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 (f) Legal Opinions. An opinion of Venable LLP, Maryland counsel to the Corporation,
dated the Closing Date and addressed to the Purchasers, in substantially the form attached hereto as Exhibit A-1, an opinion of Morris, Manning and Martin, LLP, tax counsel to the Corporation, dated the Closing Date and addressed to the
Purchasers, in substantially the form attached hereto as Exhibit A-2 and an opinion of Hunton & Williams LLP, counsel to the Corporation, dated the Closing Date and addressed to the Purchasers, in substantially the form attached
hereto as Exhibit A-3. 
 (g) Registration Rights Agreement. The Registration Rights Agreement, duly executed by
the Corporation, in substantially the form attached hereto as Exhibit B (the “Registration Rights Agreement”). 
 (h) Ownership Limit Waiver. A duly executed REIT ownership limit waiver certificate in substantially the form attached hereto as Exhibit C (a “REIT Ownership Limit Waiver”).

 (i) Other Documents. Such other documents relating to the transactions contemplated hereby as the Purchasers or their
counsel may reasonably request. 
 8.2 Items to Be Delivered by the Purchasers. At the Closing, each Purchaser shall
deliver to the Corporation the following: 
 (a) Purchase Price. The purchase price in cash for the Shares being purchased
by such Purchaser at the Closing. 
 (b) Officer’s Certificates. A certificate, dated as of the Closing Date, duly
executed by authorized officers of the applicable Purchaser certifying that, as of the Closing Date, each of the conditions set forth in clauses (a) and (b) of Section 6.1 has been satisfied (except to the extent waived in writing by
the Corporation). 
 (c) Registration Rights Agreement. The Registration Rights Agreement, duly executed by such
Purchaser. 
 (d) Other Documents. Such other documents relating to the transactions contemplated hereby as the
Corporation or its counsel may reasonably request. 
 8.3 Officer’s Certificates to be Delivered by the EL Entities.
At the Closing, the EL Entities shall deliver to each of the Purchasers, as applicable, in form and substance reasonably satisfactory to such Purchaser a certificate, dated as of the Closing Date, duly executed by an authorized officer of each of
the EL Entities certifying that, as of the Closing Date, each of the conditions set forth in Section 6.2(b) has been satisfied with respect to each of the EL Entities’ respective obligations thereunder (except to the extent waived in
writing by such Purchaser). 

  
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 ARTICLE IX. 
 Other Agreements of the Parties 
 9.1 All Reasonable Efforts; Further
Assurances. Subject to the terms and conditions hereof, each of the parties hereto shall use all reasonable efforts to take, or cause to be taken, all action, and do, or cause to be done, as promptly as practicable, all things necessary, proper,
or advisable under applicable Law to consummate and make effective as promptly as practicable the transactions contemplated hereby. At and from time to time after the Closing, at the request of any party hereto, the other parties shall execute and
deliver such additional certificates, instruments, and other documents and take such other actions as such party may reasonably request in order to carry out the purposes of this Agreement. 

9.2 Notification. The Corporation shall promptly notify each of the Purchasers in writing of (a) any material adverse
development causing a breach of any of its representations, warranties, covenants or agreements contained in this Agreement or in any of the other Transaction Documents, or that will make it or its Subsidiaries incapable of or materially less likely
to be capable of performing any of its material obligations under any of the Transaction Documents, and (b) any notice given to or received by the Corporation or the Operating Partnership pursuant to Section 7.5 of the Master Agreement.

 9.3 Public Announcements. None of the parties may issue any press release, make any public filing with any
Governmental Entity or make any other public announcement relating to this Agreement or the transactions contemplated hereby without the prior written approval of the Corporation and each of the Purchasers. The foregoing shall not apply to the
extent necessary or advisable in order to satisfy a party’s or its Affiliate’s disclosure obligations or other obligations under applicable Law, as determined in good faith by such party, in which event such party shall first consult with
and reasonably consider any comments or suggestions of the other parties with respect thereto. 
 9.4 Confidentiality.
Subject to Section 9.3, each party hereto agrees that such party will hold, and will use all commercially reasonable efforts to cause its officers, directors, members, managers, partners, employees, accountants, counsel, consultants, advisors,
financial sources, financial institutions, representatives and agents to hold, in confidence all confidential information and documents received from or on behalf of any other party hereto (including any material nonpublic information received from
or on behalf of the Corporation), except to the extent such information (a) was previously known on a non-confidential basis to the party receiving such information or documents (the “Receiving Party”), (b) was in the
public domain through no fault of the Receiving Party, (c) was independently developed by the Receiving Party, (d) was later developed by the Receiving Party from sources other than the disclosing party not known by the Receiving Party to
be bound by any confidentiality obligation, or (e) is required to be disclosed by Law or by any Governmental Entity. 
 9.5
Title to Acquired Properties. With respect to each Contributed Property acquired by the Corporation and its Subsidiaries, the Corporation and its Subsidiaries (including as a Subsidiary, for purposes of this Section 9.5, any entity that
would become a Subsidiary of the Corporation upon consummation of the contribution of the Contributed Properties) shall acquire good and marketable title in fee simple to the real property with respect thereto, in each case, free and clear of all
mortgages, pledges, liens, security interests, claims, restrictions or encumbrances of any kind except (i) mortgages on such real property (to the extent permitted under the Organizational Documents of the Corporation), (ii) Permitted
Encumbrances and (iii) such mortgages, pledges, liens, security interests, claims, restrictions or encumbrances as do not, individually or in the aggregate, materially affect the value of such real property and do not interfere with the use
made and proposed to be made of such real property by the Corporation or any of its Subsidiaries. 

  
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 9.6 Transfer Taxes. The Corporation shall pay all sales, use, transfer, stamp,
conveyance, value added, or other similar taxes, duties, excises, or governmental charges imposed by any domestic or foreign taxing authority and all recording and filing fees, notarial fees, and other similar costs in connection with the issuance,
sale or delivery to any Purchaser of the Shares at the Closing pursuant to Article II, or otherwise on account of this Agreement or the transactions contemplated hereby or thereby, and shall indemnify and save harmless each Purchaser without
limitation as to time against any and all liabilities in respect thereof. 
 9.7 Transfer Restrictions. 

(a) The Shares may only be disposed of in accordance with the restrictions on transfer, if any, set forth in the Organizational Documents
of the Corporation, subject to such waivers as may be granted from time to time to a holder thereof, including the waiver granted as of the Closing as contemplated by Section 8.1(h) and any waiver that may be granted hereafter pursuant to
Section 9.7(e). 
 (b) The Shares may only be disposed of pursuant to an effective registration statement under the
Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act, and in compliance with any applicable state securities laws. In connection with any transfer of Shares other than pursuant to an effective
registration statement or to the Corporation or pursuant to the last sentence of Rule 144(b)(l)(i) under the Securities Act, except as otherwise set forth herein, the Corporation may require the transferor to provide to the Corporation an opinion of
counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to the Corporation, to the effect that such transfer does not require registration under the Securities Act. Notwithstanding the foregoing,
the Corporation hereby agrees that no such legal opinion shall be required in the case of any transfer of Shares by a Purchaser to an Affiliate of such Purchaser, provided that such Affiliate certifies to the Corporation that it is an
“accredited investor” as defined in Rule 501(a) under the Securities Act. As a condition of any transfer described in the immediately preceding sentence of any Shares, any such transferee shall agree in writing to be bound by the terms of
this Agreement (and any other applicable Purchaser Document) and shall have the rights of a Purchaser under this Agreement (and any other applicable Purchaser Document). 
 (c) The Purchasers agree to the imprinting on any certificate representing the Shares, except as otherwise permitted by Section 9.7(d), of a restrictive legend in substantially the form as follows,
together with any additional legend required by the MGCL, the Charter and any applicable state securities laws: 
 THESE
SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT 

  
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PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS. 
 (d) Any certificates representing
the Shares shall not be required to contain the legend set forth in Section 9.7(c): (i) if a registration statement under the Securities Act covering the resale of such Shares under the Securities Act is effective; (ii) following any
sale of such Shares in compliance with Rule 144; (iii) if such Shares are eligible for sale pursuant to the last sentence of Rule 144(b)(l)(i) under the Securities Act; or (iv) if such legend is not required under applicable requirements
of the Securities Act (including judicial interpretations and pronouncements issued by the Staff of the SEC). The Corporation shall cause its counsel to issue a legal opinion to the Corporation’s transfer agent in connection with any transfer
occurring after the effective date of any registration statement referred to in clause (i) above. Following such effective date or at such earlier time as such legend is no longer required for certain Shares, the Corporation will no later than
three (3) Business Days following the delivery by a Purchaser to the Corporation or the Corporation’s transfer agent of a legended certificate representing such Shares, deliver or cause to be delivered to such Purchaser a certificate
representing such Shares that is free from such legend. The Corporation may not make any notation on its records or give instructions to any transfer agent of the Corporation that enlarge the restrictions on transfer set forth in this
Section 9.7. 
 (e) In the event of a proposed transfer of Shares that, if consummated, would result in the intended
transferee beneficially owning shares of Capital Stock in excess of the ownership limit established under the Charter for REIT qualification purposes, then, to the extent permitted by the Charter and subject to the other terms and conditions of this
Section 9.7(e), the Corporation shall deliver a duly executed REIT Ownership Limit Waiver to such transferee effective upon such transfer. Any such intended transferee shall provide at least fifteen (15) calendar days written notice to the
Corporation of such proposed transfer and request for a REIT Ownership Limit Waiver. The grant of any such REIT Ownership Limit Waiver shall be subject to a determination by the Board of Directors of the Corporation that such waiver would not
adversely affect the Corporation’s ability to qualify as a REIT and shall also be subject to satisfaction of the conditions set forth in the immediately following sentences. As a condition to any such waiver, the proposed transferee shall
represent to the Corporation, and shall furnish such reasonable evidence as the Board of Directors of the Corporation may request, that no person or entity described in Section 542(a)(2) of the Code, including the application of the provisions
of Section 544 of the Code, as modified by Section 856(h)(1)(B) of the Code, owns more than the maximum ownership limit set forth in the Charter, as such may have been modified as provided therein. Any such waiver may be subject to
automatic revocation in the event the foregoing representation ceases to be true, as a result of a direct or indirect transfer of an interest or otherwise. In addition to the above, as a condition to the granting of any such waiver, the Corporation
may require an opinion of counsel or other evidence reasonably satisfactory to the Board of Directors of the Corporation in support of the grant of such waiver, in addition to such other customary conditions as the Board of Directors of the
Corporation may impose. 

  
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 9.8 Amendments to Transaction Documents. So long as any Shares are held by any of the
Purchasers and their respective Affiliates, the Corporation shall not, and shall not permit any of its Subsidiaries to, enter into, become or remain subject to any agreement or instrument, except for the Transaction Documents, that would prohibit or
require the consent of any Person to any amendment, modification or supplement to any of this Agreement, the Registration Rights Agreement, the Master Agreement or the Contribution Agreements. For avoidance of doubt, any and all approval
requirements of (a) shareholders of the Corporation or partners of the Operating Partnership under their respective Organizational Documents or under applicable Laws or (b) lenders to the Corporation or any of its Subsidiaries or with
respect to any of their respective properties (including for this purpose any Contributed Properties) shall be excluded from Section 9.8. 
 9.9 Integration. The Corporation shall not, and shall use its reasonable best efforts to ensure that no Affiliate of the Corporation shall, sell, offer for sale or solicit offers to buy or
otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares hereunder in a manner that would require the registration under the Securities Act of
the sale of any Shares hereunder to the Purchasers. 
 9.10 Use of Proceeds. The Corporation shall use the proceeds
received from the issuance and sale of the Shares at the Closing solely for the purpose of directly or indirectly acquiring the Contributed Properties and paying expenses incurred directly in relation thereto, including those expenses incurred in
connection with negotiating, executing and delivering the Transaction Documents and reimbursing the Purchasers for those expenses described in Section 12.6. In furtherance of the foregoing, no portion of the proceeds received from the issuance
and sale of the Shares at the Closing may be used for the payment of distributions or dividends to the Corporation’s stockholders or to limited partners of the Operating Partnership. 

9.11 Other Reporting Obligations. 
 (a) During any period in which the Corporation is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Corporation shall deliver to OPTrust by mail and without
cost to OPTrust the following reports in the form that the Corporation would have been required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act as if the Corporation were subject thereto as well as the
other documents listed herein: 
 (i) as soon as practicable, but in any event within the time frame prescribed for the filing
of an annual report pursuant to the Exchange Act after the end of each fiscal year, an annual report on Form 10-K, and to the extent not included in such Form 10-K, an income statement of the Corporation for such fiscal year, a balance sheet of the
Corporation and statement of stockholders’ equity as of the end of such fiscal year, and a statement of cash flows for such fiscal year, such year-end financial reports to be prepared on a consolidated basis, in reasonable detail, prepared in
accordance with GAAP, and audited and certified by independent public accountants of nationally recognized standing selected by the Corporation; and 

  
 -36-

 (ii) as soon as practicable, but in any event within the time frame prescribed for the
filing of a quarterly report pursuant to the Exchange Act for each fiscal quarter of each fiscal year of the Corporation, a quarterly report on Form 10-K, and to the extent not included in such Form 10-Q, an unaudited income statement and statement
of cash flows for such fiscal quarter and an unaudited balance sheet and a statement of stockholder’s equity as of the end of such fiscal quarter prepared on a consolidated basis. 

(b) The Corporation at its sole cost and expense shall furnish to OPTrust (in each case, for the avoidance of doubt, subject to the
provisions of Section 9.4): 
 (i) as soon as practicable, but in any event no later than 60 days after the end of each
calendar year, annual fair value statements, with a December 31 year-end, prepared in accordance with International Financial Reporting Standards (“IFRS”); and 

(ii) as soon as practicable, any additional reports as may be reasonably requested by OPTrust from time to time for its own internal
purposes. 
 (c) Termination. The provisions of this Section 9.11 shall terminate upon the earlier of the date on
which OPTrust, together with its Affiliates, holds less than 5% of the outstanding Shares. 
 9.12 Future Covered
Transactions. 
 (a) For a period of one year after the Closing Date, the Corporation shall provide OPTrust with true,
correct and complete copies of any purchase agreement (or other type of agreement) and all ancillary documents to be entered into in connection therewith, including any side letters or similar agreements, that provide for any capital raising
transaction whereby (i) the Corporation issues any shares of Common Stock, warrants to purchase Common Stock or options to purchase Common Stock, in each case directly or indirectly in consideration for cash or other securities, or enters into
any other arrangement that gives any Person the right to purchase, subscribe for, or otherwise receive or be issued shares of Common Stock directly or indirectly in consideration for cash or other securities or (ii) the Operating Partnership
issues any OPUs, warrants to purchase OPUs or options to purchase OPUs, in each case directly or indirectly in consideration for cash or other securities, or enters into any other arrangement that gives any Person the right to purchase, subscribe
for, or otherwise receive or be issued OPUs directly or indirectly in consideration for cash or other securities (each, a “Covered Transaction”), in each case at least five (5) Business Days prior to entering into a binding
agreement with respect to the applicable Covered Transaction; provided, however, that a Covered Transaction shall not be deemed to include (and the foregoing obligations shall not apply to) the closing (including any overallotment) of
the first underwritten public offering of shares of Common Stock registered under the Securities Act in conjunction with which such shares of Common Stock are listed for trading on the New York Stock Exchange and/or the Nasdaq Stock Market.

 (b) For a period of one year after the Closing Date, without OPTrust’s prior written consent (to be given or withheld in
OPTrust’s sole and absolute discretion) the Corporation shall not enter into a binding agreement with respect to, or consummate, a Covered Transaction having economic terms that, in the aggregate, are materially more favorable to the purchaser
under such Covered Transaction than the terms under which OPTrust and its Affiliates are purchasing shares of Common Stock under this Agreement and indirectly receiving OPUs under the Transaction Documents. 

  
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 ARTICLE X. 
 Survival and Indemnification 
 10.1 Survival of Representations,
Warranties, and Covenants. 
 (a) The representations and warranties of the parties contained in this Agreement shall
survive for a period of one year following the date of the Closing Date and shall be unaffected by any investigation heretofore or hereafter made by any party in favor of which any such representation and warranty has been made; except that the
representations and warranties contained in Section 3.5 (Authorization of Agreement), Section 3.9 (Valid Issuance of Shares and OPUs), Section 3.29 (Private Placement), Section 3.31 (Waiver of Ownership Limits), Section 3.33
(Certain Fees) and Section 3.34 (Acknowledgment Regarding Purchasers’ Purchase of Shares) shall survive indefinitely. Any claim for indemnification in respect of any representation or warranty that is not asserted by notice given as herein
provided relating thereto prior to the expiration of the specified period of survival shall not be pursued and is hereby irrevocably waived after the expiration of such period of survival. Any claim for a Loss in respect of such a breach asserted
within such period of survival as herein provided will be timely made for purposes hereof. 
 (b) Unless a specified period is
set forth in this Agreement (in which event such specified period will control), the covenants in this Agreement will survive and remain in effect indefinitely. 
 10.2 Indemnification. 
 (a) From and after the Closing, the Corporation
shall indemnify and hold harmless each Purchaser from and against any and all Losses incurred, arising out of or relating to: 

(i) any breach by the Corporation of any of the representations, warranties or covenants made by the Corporation in this Agreement;

 (ii) any claim or Proceedings against the Corporation or such Purchaser in relation to this Agreement or any other
Transaction Document or any of the transactions contemplated hereby or thereby commenced by (A) any Governmental Entity with jurisdiction over the Corporation or any of its Subsidiaries or (B) any stockholder, director, or officer of the
Corporation (other than such Purchaser and such Purchaser’s respective Affiliates and their respective representatives), or any representative thereof, including any allegation or claim that the transactions contemplated hereby or thereby are
invalid or illegal, except to the extent resulting from the bad faith or willful malfeasance of any of such Purchaser and such Purchaser’s respective Affiliates; and 

  
 -38-

 (iii) any claim or Proceedings against a Purchaser commenced by any director, officer,
employee or other representative of such Purchaser (a “Representative”) who, in his or her capacity as a Representative of the Purchaser, has been appointed as a director of the Corporation, and (A) as a result of, or in
connection with such Representative’s position as a director of the Corporation, is or becomes subject to any claim or Proceedings (the “Originating Proceedings”), and (B) such Representative makes a claim or commences
Proceedings against the Purchaser in respect of an indemnity claim or claim for loss resulting from the Originating Proceedings; provided, however, that the Corporation shall not be obligated to indemnify the Purchaser under this
clause (iii) to the extent that the Corporation is prohibited under applicable law from indemnifying such Representative in respect of such Originating Proceedings. 
 (b) From and after the Closing, the EL Entities, jointly and severally, shall indemnify and hold harmless each Purchaser from and against any and all Losses incurred, arising out of or relating to any
breach by either of the EL Entities of any of the covenants made by either of the EL Entities in this Agreement. 
 (c) From and
after the Closing, each Purchaser, severally and not jointly, shall indemnify and hold harmless the Corporation from and against any and all Losses incurred, arising out of or relating to any breach by such Purchaser of any of the representations,
warranties or covenants made by such Purchaser in this Agreement. 
 (d) Without limitation to Section 10.2(a), from and
after the Closing and for so long as any Shares are held by any of OPTrust and its Affiliates, the Corporation shall indemnify and hold harmless each of OPTrust and its Affiliates from and against any and all U.S. federal, state or local income or
withholding tax incurred or suffered by such Indemnitee as a holder of Shares with respect to any gain that is treated as recognized by such holder from a sale or exchange (or deemed sale or exchange) by any of the Corporation and its Subsidiaries
under Code section 897(h)(1) of a “United States real property interest” as defined in Code section 897(c)(1) and that results from any distribution made by the Corporation. 

(e) The conduct of any Proceedings for which indemnification is available under this Section 10.2 shall be governed by
Section 10.3. The indemnification obligations of any Indemnitor under this Section 10.2 shall be the exclusive remedy of the Purchasers hereunder for breaches of the representations, warranties and covenants set forth in this Agreement,
other than for fraud and equitable remedies, and shall be binding upon and inure to the benefit of any successors, permitted assigns, heirs and personal representatives of the Purchasers. 

10.3 Procedures for Third-Party Claims. 
 (a) If any Indemnitee receives notice of assertion or commencement of any Third-Party Claim against such Indemnitee in respect of which an Indemnitor may be obligated to provide indemnification under this
Agreement, the Indemnitee shall give such Indemnitor reasonably prompt written notice thereof; provided, however, that no delay on the part of the Indemnitee in notifying any Indemnitor shall relieve the Indemnitor from any obligation
hereunder unless (and then solely to the extent) the Indemnitor is actually prejudiced by such delay. 

  
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 (b) Any Indemnitor will have the right to defend the Indemnitee against the Third-Party
Claim with counsel of its choice reasonably satisfactory to the Indemnitee so long as (i) the Indemnitor notifies the Indemnitee in writing within ten (10) days after the Indemnitee has given notice of the Third-Party Claim that the Indemnitor
will indemnify the Indemnitee from and against any such Losses, (ii) the Indemnitor provides the Indemnitee with evidence reasonably acceptable to the Indemnitee that the Indemnitor will have the financial resources to defend against the
Third-Party Claim and fulfill its indemnification obligations hereunder, (iii) the Third-Party Claim involves only monetary damages and does not seek an injunction or other equitable relief, (iv) settlement of, or an adverse judgment in
respect of, the Third-Party Claim is not, in the good faith judgment of the Indemnitee, likely to establish a precedential custom or practice adverse to the continuing business interests of the Indemnitee, and (v) the Indemnitor conducts the
defense of the Third-Party Claim actively and diligently. 
 (c) So long as the Indemnitor is conducting the defense of the
Third-Party Claim in accordance with Section 10.3(b), (i) the Indemnitee may retain separate co-counsel at its sole cost and expense and participate in the defense of the Third-Party Claim, (ii) the Indemnitee will not consent to the
entry of any judgment or enter into any compromise or settlement in respect of the Third-Party Claim without the prior written consent of the Indemnitor (which consent will not be unreasonably conditioned, delayed, or withheld), and (iii) the
Indemnitor will not consent to the entry of any judgment or enter into any compromise or settlement in respect of the Third-Party Claim without the prior written consent of the Indemnitee (which consent will not be unreasonably conditioned, delayed,
or withheld); provided, however, that, in respect of clause (iii) above, the Indemnitee may condition such consent upon the delivery by the claimant or plaintiff to the Indemnitee of a duly executed unconditional release of the
Indemnitee from all liability in respect of such Third-Party Claim. 
 (d) In the event any condition set forth in
Section 10.3(b) is or becomes unsatisfied, however, (i) the Indemnitee may defend against, and consent to the entry of any judgment or enter into any settlement in respect of, the Third-Party Claim in any manner it reasonably may deem
appropriate, provided that the Indemnitee will consult with and obtain the consent of the Indemnitor in connection therewith which shall not be unreasonably conditioned, delayed, or withheld, (ii) the Indemnitor will reimburse the Indemnitee
promptly and periodically for the costs of defending against the Third-Party Claim (including reasonable attorneys’ fees and expenses), and (iii) the Indemnitor will remain responsible for any Losses the Indemnitee may suffer resulting
from, arising out of, relating to, in the nature of, or caused by, the Third-Party Claim to the fullest extent provided in this Section 10.3. 
 10.4 Direct Claims. The Indemnitor will have a period of thirty (30) days within which to respond in writing to any claim by an Indemnitee on account of a Loss that does not result from a
Third-Party Claim (a “Direct Claim”). If the Indemnitor does not so respond within such 30 day period, the Indemnitor will be deemed to have rejected such claim, in which event the Indemnitee will be entitled to pursue such remedies
as may be available to the Indemnitee. 
 10.5 Certain Other Matters. Upon making any Indemnity Payment Indemnitor will,
to the extent of such Indemnity Payment, be subrogated to all rights of Indemnitee against any third person (other than an insurance company) in respect of the Loss to which the Indemnity Payment related; provided, however, that
(a) Indemnitor shall then be in compliance with its obligations under this Agreement in respect of such Loss and (b) until Indemnitee fully recovers payment of its Loss, any and all claims of the Indemnitor against any such third person on
account of such 

  
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Indemnity Payment will be subrogated and subordinated in right of payment to Indemnitee’s rights against such third person. Without limiting the generality or effect of any other provision
hereof, each such Indemnitee and Indemnitor will duly execute upon request all instruments reasonably necessary to evidence and perfect the above-described subrogation and subordination rights. Any Indemnity Payment hereunder shall be treated as an
adjustment to the applicable purchase price. 
 ARTICLE XI. 

Put Right 

11.1 Put Right. 
 (a) In the event that, with respect to the Non-Avondale Contributed Properties, the Non-Avondale Final Closing has not occurred on or prior to the Outside Date, OPTrust shall have the right and option at
its sole discretion to exercise a put right (the “Put Right”), which right may be exercised by OPTrust by delivering written notice (the “Put Notice”) to the Corporation at any time after the Outside Date but prior
to the earlier of (i) consummation of the Non-Avondale Final Closing and (ii) 90 days following the Outside Date. Upon an exercise of the Put Right by OPTrust, the Corporation shall (A) purchase from OPTrust a number of shares of
Common Stock (the “Common Stock Put Securities”) equal to the Put Right Ratio multiplied by
1,840,4911 and (B) concurrently with any purchase
pursuant to the foregoing clause (A), purchase from Elco LR OPT II REIT LP a number of OPUs (the “OPU Put Securities” and, together with the Common Stock Put Securities, the “Put Securities”) equal to the Put Right
Ratio multiplied by 386,5032. The aggregate consideration
for the Put Securities shall be an amount equal to the number of Common Stock Put Securities to be acquired by the Corporation pursuant OPTrust’s exercise of its Put Right multiplied by $8.15 (the “Put Price”). The Put Price
shall be paid at the Put Closing by wire transfer of immediately available funds to the account or accounts designated by OPTrust in writing at least two (2) Business Days prior to the Put Closing Date. 

(b) In the event that, with respect to the Avondale Contributed Property, the Avondale Closing has not occurred on or prior to the
Avondale Outside Date, OPTrust shall have the right and option at its sole discretion to exercise its Put Right, which right may be exercised by OPTrust by delivering a Put Notice to the Corporation at any time after the Avondale Outside Date but
prior to the earlier of (i) consummation of the Avondale Closing and (ii) 90 days following the Avondale Outside Date. Upon an exercise of the Put Right by OPTrust, the Corporation shall (A) purchase from OPTrust a number of Common
Stock Put Securities equal to the Avondale Put Right Ratio multiplied by 1,840,491 and (B) concurrently with any purchase pursuant to the foregoing clause (A), purchase from Elco LR OPT II REIT LP a number of OPU Put Securities equal to the
Avondale Put Right Ratio multiplied by 386,503. The aggregate consideration for the Put Securities shall be the Put Price. The Put Price shall be paid at the Put Closing by wire transfer of immediately available funds to the account or accounts
designated by OPTrust in writing at least two (2) Business Days prior to the Put Closing Date. 
  

 

	1 	$15,000,000 divided by $8.15 equals 1,840,491. 

	2 	$3,150,000 divided by $8.15 equals 386,503. 

  
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 (c) Any closing of the purchase and sale of the Put Securities (the “Put
Closing”) shall take place at the offices of Davies Ward Phillips & Vineberg LLP, 900 Third Avenue, 24th Floor, New York, New York 10022, or at such other mutually agreed upon location, upon a date to be determined by OPTrust that
is no less than five (5) days and no more than forty-five (45) days after delivery of the Put Notice (the “Put Closing Date”). OPTrust shall provide the Corporation with written notice of its determination of the Put
Closing Date at least five (5) days prior to the Put Closing Date. 
 ARTICLE XII. 

Miscellaneous 
 12.1 Amendments. This Agreement may be amended, modified, or supplemented only pursuant to a written instrument making specific reference to this Agreement and signed by each of the Corporation,
the EL Entities and Purchasers acquiring (or obligated to acquire) at least two-thirds of the Shares at the Closing; provided, however, that any such amendment, modification or supplement that expressly relates specifically to OPTrust
and not to any other Purchasers shall not require the consent of the Purchasers other than OPTrust. 
 12.2 Assignment.
Except as expressly provided otherwise in this Agreement, this Agreement and the rights and obligations hereunder shall not be assigned, delegated, or otherwise transferred (whether by operation of law, by contract, or otherwise) without the prior
written consent of the Corporation, the EL Entities and Purchasers acquiring at least two-thirds of the Shares at the Closing, in each case, including the party proposing such assignment, delegation or transfer; provided, however, that
any Purchaser may, without obtaining the prior written consent of any other party hereto, assign, delegate, or otherwise transfer its rights and obligations hereunder to any of its Affiliates in connection with a transfer of Shares to such
Affiliate, provided that any such assignment, delegation or other transfer shall not relieve such Purchaser from its obligations hereunder. Each party shall execute such acknowledgements of such permitted assignments in such forms consistent with
the provisions hereof as the assigning party may from time to time reasonably request. Any attempted assignment, delegation, or transfer in violation of this Section 12.2 shall be void and of no force or effect. 

12.3 Binding Effect. Except as otherwise expressly provided herein, this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and permitted assigns. 
 12.4 Counterparts. This Agreement may be
executed in multiple counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. 

12.5 Entire Agreement. This Agreement (including the Schedules attached hereto) and the other Transaction Documents constitute the
entire agreement of the parties hereto in respect of the subject matter hereof and thereof, and supersede all prior agreements or understandings, among the parties hereto in respect of the subject matter hereof and thereof. 

  
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 12.6 Fees and Expenses. 

(a) At the Closing, the Corporation shall reimburse each Purchaser for reasonable out-of-pocket expenses (including fees and
disbursements of their counsel and accountants) incurred by or on behalf of the applicable Purchaser in connection with the preparation, negotiation, execution, delivery, and performance of this Agreement and each Transaction Document (without
duplication) through and including the Closing Date, including legal and financial diligence relating thereto. 
 (b) The
Corporation shall bear all of the expenses (including fees and disbursements of its counsel) incurred by or on behalf of the Corporation in connection with the preparation, negotiation, execution, delivery, and performance of this Agreement and each
Transaction Document and the consummation of the transactions contemplated hereby and thereby. 
 12.7 Governing Law.
This Agreement shall be enforced, governed, and construed in all respects in accordance with the laws of the State of New York applicable to contracts executed and performable solely in such state. 

12.8 Headings. The article and section headings of this Agreement are for convenience of reference only and shall not be deemed to
alter or affect the meaning or interpretation of any provision hereof. 
 12.9 Jurisdiction. Except as otherwise
expressly provided in this Agreement, the parties hereto agree that any action, suit, or proceeding seeking to enforce any provision of, or based on any matter arising out of or relating to, this Agreement or the transactions contemplated hereby can
only be brought in federal court sitting in the Eastern District of New York or, if such court does not have jurisdiction, any district court sitting in the Borough of Manhattan, New York County, New York, and each of the parties hereto hereby
consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such action, suit, or proceeding and irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have
to the laying of the venue of any such action, suit, or proceeding in any such court or that any such action, suit, or proceeding that is brought in any such court has been brought in an inconvenient forum. 

12.10 Notices. Any notice, demand, request, instruction, correspondence, or other document required or permitted to be given
hereunder by any party to the other shall be in writing and delivered (a) in person, (b) by a nationally recognized overnight courier service requiring acknowledgment of receipt of delivery, (c) by certified mail, postage prepaid and
return receipt requested, or (d) by facsimile, as follows: 
 If to the Corporation, to: 

4901 Dickens Road, Suite 101 
 Richmond, Virginia 23230 
 Attention: Stanley J. Olander, Jr., Chief Executive
Officer 
 Facsimile No.: (804) 237-1345 

  
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 with a copy to (which shall not constitute notice): 

Morris, Manning and Martin, LLP 
 1600 Atlanta Financial Center 
 3343 Peachtree Road, NE 

Atlanta, GA 30326 

Attention: Lauren B. Prevost, Esq. 
 Facsimile No.: (404) 365-9532 
 If to OPTrust, to: 

2335887 Ontario Inc. 
 1 Adelaide Street E. 
 Suite 1200 

Toronto, Ontario M5C 3A7 
 Canada 
 Attention: Robert A.S. Douglas 

Facsimile No.: (416) 681-2500 
 with a copy to (which shall not constitute notice): 
 Davies Ward
Phillips & Vineberg LLP 
 900 Third Avenue, 24th Floor 

New York, New York 10022 
 Attention: Jeffrey Nadler, Esq. 
 Facsimile No.: (212) 308-0132 

If to MBEH, to: 
 MB Equity Holdings, Inc. 
 2nd Floor, Coastal Building, Wickham’s Cay II 

P.O. Box 2221 

Road Town, Tortola 
 British Virgin Islands 
 Attention: Meir Boukris 

Facsimile No.:
[                            ] 

If to the EL Entities, to: 
 c/o Elco Landmark Residential Holdings LLC 
 825 Parkway Street 

Jupiter, Florida 33477 
 Attention: Joseph G. Lubeck, Chief Executive Officer 
 Facsimile No.:
(561) 745-8745 
 with a copy to (which shall not constitute notice): 

Goulston & Storrs P.C. 
 885 Third Avenue, 18th Floor 
 New York, New York 10022 

Attention: Yaacov M. Gross, Esq. 
 Facsimile No.: (212) 878-6911 

  
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 Notice shall be deemed given, received, and effective on: (i) if given by personal
delivery or courier service, the date of actual receipt by the receiving party, or if delivery is refused on the date delivery was first attempted; (ii) if given by certified mail, the third day after being so mailed if posted with the United
States Postal Service; and (iii) if given by facsimile, the date on which the facsimile is transmitted if confirmed by transmission report during the transmitter’s normal business hours, or at the beginning of the next business day after
transmission if confirmed at any time other than the transmitter’s normal business hours. Any person entitled to notice may change any address or facsimile number to which notice is to be given to it by giving notice of such change of address
or facsimile number as provided in this Section 12.10. The inability to deliver notice because of changed address or facsimile number of which no notice was given shall be deemed to be receipt of the notice as of the date such attempt was first
made. 
 12.11 No Recourse. Notwithstanding any provision of this Agreement to the contrary, the Corporation agrees that
neither it nor any Person acting on its behalf may assert any claim or cause of action against any officer, director, stockholder, controlling person, manager, member, partner, employer, agent, representative, or affiliate of any Purchaser in
connection with, arising out of, or relating to any Transaction Document or the transactions contemplated thereby, except to the extent that any such Person is or becomes a party to a Transaction Document. 

12.12 Severability. If any provision of this Agreement or the application of such provision to any person or circumstance shall be
held (by a court of competent jurisdiction) to be invalid, illegal, or unenforceable under the applicable Law of any jurisdiction, (a) the remainder of this Agreement or the application of such provision to other persons or circumstances or in
other jurisdictions shall not be affected thereby, and (b) such invalid, illegal, or unenforceable provision shall not affect the validity or enforceability of any other provision of this Agreement. 

12.13 Specific Performance. The parties hereby acknowledge and agree that if any party refuses to perform under this Agreement,
monetary damages alone will not be adequate to compensate the other parties for their injuries. Therefore, each party shall, in addition to any other remedy that may be available to it, be entitled to seek specific performance of this Agreement. If
any action, suit, or proceeding is instituted by any party to enforce this Agreement, each of the other party hereby waives the defense that there is an adequate remedy at law. In the event of a default by any party that results in the filing of an
action for damages, specific performance, or other remedies, the other parties shall be entitled to reimbursement by the defaulting party of all reasonable attorneys’ fees and expenses incurred by it. 

12.14 Third-Party Beneficiaries. Nothing express or implied in this Agreement is intended or shall be construed to confer upon or
give any Person other than the parties hereto and their respective permitted assigns any rights or remedies under or by reason of this Agreement or the transactions contemplated hereby. 

  
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 12.15 Waiver. The rights and remedies provided for herein are cumulative and not
exclusive of any right or remedy that may be available to any party whether at law, in equity, or otherwise. No delay, forbearance, or neglect by any party, whether in one or more instances, in the exercise or any right, power, privilege, or remedy
hereunder or in the enforcement of any term or condition of this Agreement shall constitute or be construed as a waiver thereof. With respect to any rights of the Purchasers collectively, or any obligations of any party other than OPTrust under this
Agreement, no waiver of any provision, consent required hereunder or departure from this Agreement shall be valid unless expressly and affirmatively made in writing and executed by OPTrust (such waivers or consents to be made or given in
OPTrust’s sole and absolute discretion), except as otherwise expressly provided herein. Any other waiver or consent shall be valid or binding only if expressly and affirmatively made in writing and duly executed by the party to be charged with
such waiver. No waiver shall constitute or be construed as a continuing waiver or a waiver in respect of any subsequent breach or default, either of similar or different nature, unless expressly so stated in such writing. 

[Remainder of page intentionally left blank. Signature page follows.] 

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

			
	LANDMARK APARTMENT TRUST OF AMERICA, INC.
		
	By:	 	/s/ Stanley J. Olander, Jr.
	Name:	 	Stanley J. Olander, Jr.
	Title:	 	Chief Executive Officer

 Signature to Common Stock Purchase Agreement 

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

			
	 2335887 LIMITED PARTNERSHIP,
 by its general partner, 2335887
 ONTARIO INC.

		
	By:	 	/s/ Robert A. S. Douglas
	Name:	 	Robert A. S. Douglas
	Title:	 	President

  

			
		
	By:	 	/s/ Joseph Lyn
	Name:	 	Joseph Lyn
	Title:	 	Vice-President and Secretary

 Signature to Common Stock Purchase Agreement 

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

			
	MB EQUITY HOLDINGS, INC.

 
			
		
	By:	 	 

 
			
		
	Name:	 	 

 
			
		
	Title:	 	 

 Signature to Common Stock Purchase Agreement 

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

			
	ELCO LANDMARK RESIDENTIAL HOLDINGS LLC
	
	By: JLCo, LLC, a Florida limited liability company, its manager
		
		 	By: /s/ Elizabeth
Truong                            
		 	Name: Elizabeth Truong
		 	Title: Authorized Representative

 Signature to Common Stock Purchase Agreement 

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

			
	ELCO LANDMARK RESIDENTIAL HOLDINGS II LLC
	
	By: JLCo, LLC, a Florida limited liability company, its manager
		
		 	By: /s/ Elizabeth
Truong                                
		 	Name: Elizabeth Truong
		 	Title: Authorized Representative

 Signature to Common Stock Purchase Agreement

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