Document:

exv10w4

Exhibit 10.4

GUARANTY

     THIS
GUARANTY is executed as of the 22nd day of December, 2010, by Steadfast Income REIT,
Inc., a Maryland corporation, with offices at 18100 Von Karman Avenue, Suite 500, Irvine,
California (“Guarantor”) for the benefit of Ames Community Bank, with offices at 925 Gateway Drive,
Grimes, Iowa 50111 (“Lender”).

W I T N E S S E T H:

     WHEREAS, Lender has committed to make a loan to SIR Park Place, LLC, an Iowa limited liability
company (“Borrower”) to be secured by certain Property as defined in the Loan Agreement and other
Loan Documents on the condition that Guarantor guarantees the payment of up to ONE MILLION DOLLARS
($1,000,000) of the Loan and Note.

     NOW, THEREFORE, as a material inducement to Lender to make the Loan to Borrower, Guarantor
hereby agrees as follows:

ARTICLE I

NATURE AND SCOPE OF GUARANTY

     Section 1.01. Guaranty of Obligation. Guarantor hereby irrevocably and
unconditionally guarantees to Lender the prompt payment when due of the “Guaranteed Debt”
(hereinafter defined). Guarantor acknowledges and agrees that Guarantor will receive, directly or
indirectly, great and material benefit from the making of this Guaranty. Notwithstanding the
foregoing or any other provision of this Guaranty, in no event shall Guarantor’s aggregate
liability under this Guaranty exceed the lesser of One Million Dollars or the Guaranteed Payment
(defined below).

     Section 1.02. Definition of Guaranteed Debt. As used herein, the term “Guaranteed
Debt” means:

     (a) All principal, interest, commitment fees, late fees, liabilities for costs and
expenses and other indebtedness, obligations and liabilities of Borrower to Lender arising
under that certain Promissory Note (the “Note”), of even date herewith, executed by Borrower
and payable to the order of Lender in the original principal amount of $5,000,000.00 and
under any renewals, modifications, increases and extensions of the Note (collectively, the
“Guaranteed Note”) and under any other documents or instruments securing payment of the
Guaranteed Note; and

     (b) All costs, expenses and fees, including but not limited to court costs and
attorneys’ fees, arising in connection with the collection of any or all amounts,
indebtedness, obligations and liabilities of Borrower to Lender described in item (a) of
this Section 1.02.

     Section 1.03. Payment by Guarantor. If all or any part of the Guaranteed
Debt shall not be paid when due, whether at maturity or earlier by acceleration or otherwise,
Guarantor shall, immediately upon demand by Lender, and without presentment, protest, notice of
protest, notice of non-payment, notice of intention to accelerate or acceleration or any other
notice whatsoever,

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pay in lawful money of the United States of America an amount not to exceed ONE MILLION
DOLLARS (the “Guaranteed Payment”) due on the Guaranteed Debt to Lender at Lender’s principal
office set forth in the preamble hereof. Notwithstanding the foregoing or any other provision of
this Guaranty or any of the other Loan Documents, (a) the amount of the Guaranteed Payment shall be
reduced one dollar for each dollar that the principal balance payable under the Note is reduced
below $5,000,000,00 and (b) this Guaranty shall automatically terminate and be of no further force
or effect if the principal balance payable under the Note is ever less than or equal to
$4,000,000.00.

     Section 1.04. No Duty to Pursue Others. It shall not be necessary for Lender
(and Guarantor hereby waives any rights which Guarantor may have to require Lender), in order to
enforce such payment by Guarantor, first to (i) institute suit or exhaust its remedies against
Borrower, (ii) enforce Lender’s rights against any security which shall ever have been given to
secure the Guaranteed Debt, (iii) join Borrower or any others liable on the Guaranteed Debt in any
action seeking to enforce this Guaranty, or (iv) resort to any other means of obtaining payment of
the Guaranteed Debt. Lender shall not be required to mitigate damages or take any other action to
reduce, collect or enforce the Guaranteed Debt.

     Section 1.05. Waiver of Notices, Etc. Guarantor agrees to the provisions of
the Guaranteed Note, and hereby waives notice of (i) any loans or advances made by Lender to
Borrower, (ii) acceptance of this Guaranty, (iii) any amendment or extension of the Guaranteed Note
or of any other instrument or document pertaining to all or any part of the Guaranteed Debt, or
(iv) any other action at any time taken or omitted by Lender, and, generally, all demands and
notices of every kind in connection with this Guaranty and any documents or agreements evidencing,
securing or relating to any of the Guaranteed Debt and the obligations hereby guaranteed.

     Section 1.06. Nature of Guaranty. This Guaranty is an irrevocable, absolute,
continuing guaranty of payment and not a guaranty of collection.

     Section 1.07. Payment of Expenses. In the event that Guarantor should breach
or fail timely to perform any provisions of this Guaranty, Guarantor shall, immediately upon demand
by Lender, pay Lender all costs and expenses (including internal administrative expenses and costs,
court costs and reasonable attorneys’ fees) incurred by Lender in the enforcement hereof or the
preservation of Lender’s rights hereunder.

     Section 1.08. Effect of Bankruptcy. In the event that, pursuant to any
insolvency, bankruptcy, reorganization, receivership or other debtor relief law, or any judgment,
order or decision thereunder, Lender must rescind or restore any payment, or any part thereof,
received by Lender in satisfaction of the Guaranteed Debt, any prior release or discharge from the
terms of this Guaranty given to Guarantor by Lender shall be without effect, and this Guaranty
shall remain in full force and effect. It is the intention of Borrower and Guarantor that
Guarantor’s obligations hereunder shall not be discharged except by Guarantor’s performance of such
obligations and then only to the extent of such performance

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ARTICLE II

EVENTS AND CIRCUMSTANCES NOT REDUCING OR DISCHARGING

GUARANTOR’S OBLIGATIONS

     Guarantor hereby consents and agrees to each of the following, and agrees that Guarantor’s
obligations under this Guaranty shall not be released, diminished, impaired, reduced or adversely
affected by any of the following, and Guarantor hereby waives any common law, equitable, statutory
or other rights (including without limitation rights to notice) which Guarantor might otherwise
have as a result of or in connection with any of the following:

     Section 2.01. Modifications, Etc. Any renewal, extension, increase,
modification, assumption, alteration or rearrangement of all or any part of the Guaranteed Debt, or
of the Guaranteed Note.

     Section 2.02. Adjustment, Etc. Any adjustment, indulgence, forbearance or
compromise that might be granted or given by Lender to Borrower.

     Section 2.03. Invalidity of Guaranteed Debt. The invalidity, illegality or
unenforceability of all or any part of the Guaranteed Debt, or any document or agreement executed
in connection with the Guaranteed Debt, for any reason whatsoever.

     Section 2.04. Release of Borrower. Any full or partial release of the
liability of Borrower.

     Section 2.05. Other Security. The taking or accepting of any other security,
collateral or guaranty, or other assurance of payment, for all or any part of the Guaranteed Debt.

     Section 2.06. Release or Sale of Collateral, Etc. Any release, surrender,
exchange, subordination, deterioration, waste, loss or impairment of any collateral at any time
securing payment of the Guaranteed Debt or any failure to sell the Property or any part of the
Property or any collateral in a commercially reasonable manner or as otherwise required by law.

     Section 2.07. Care and Diligence. The failure of Lender or any other person
or party to exercise diligence or reasonable care in the preservation, protection, enforcement,
sale or other handling or treatment of all or any part of the Property or any collateral at any
time securing payment of the Guaranteed Debt.

     Section 2.08. Status of Liens. The fact that any collateral, security,
security interest or lien contemplated or intended to be given, created or granted as security for
the repayment of the Guaranteed Debt shall not be properly perfected or created, or shall prove to
be unenforceable or subordinate to any other security interest or lien.

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     Section 2.09. Offset. Any existing or future right of offset, claim or
defense of Borrower against Lender, or any other party, or against payment of the Guaranteed Debt,
whether such right of offset, claim or defense arises in connection with the Guaranteed Debt (or
the transactions creating the Guaranteed Debt) or otherwise.

     Section 2.10. Merger. The reorganization, merger or consolidation of Borrower
into or with any other corporation or entity.

     Section 2.11. Legal Proceedings. The commencement, existence or completion
of any proceeding against the Borrower or otherwise related to the collection and enforcement of
the Guaranteed Debt.

     Section 2.12. Limitation of Liability. Any limitation on the full personal
liability of the Borrower for payment of the Guaranteed Debt or under any document or agreement
executed in connection with the Guaranteed Debt.

     Section 2.13. Bankruptcy Proceedings. The receivership, insolvency,
bankruptcy or other proceedings affecting Borrower or any its property, Guarantor or any other
person or entity.

     Section 2.14. Preference. Any payment by Borrower to Lender is held to
constitute a preference under bankruptcy laws, or for any reason Lender is required to refund such
payment or pay such amount to Borrowers or any Borrower Party or someone else.

     Section 2.15. Other Actions Taken or Omitted. Any other action taken or
omitted to be taken with respect to the Guaranteed Debt, or the security, or the Property, and/or
any collateral therefor, whether or not such action or omission prejudices Guarantor or increases
the likelihood that Guarantor will be required to pay the Guaranteed Debt pursuant to the terms
hereof; it is the unambiguous and unequivocal intention of Guarantor that, subject to the other
provisions of this Guaranty, including without limitation, the last sentence of section 1.01 above,
Guarantor shall be obligated to pay the Guaranteed Debt when due, notwithstanding any occurrence,
circumstance, event, action, or omission whatsoever, whether contemplated or not contemplated, and
whether or not otherwise or particularly described herein, except for the full and final payment
and satisfaction of the Guaranteed Debt.

ARTICLE III

SUBORDINATION OF CERTAIN INDEBTEDNESS:

WAIVER OF SUBROGATION

     Section 3.01. Subordination of All Guarantor Claims. As used herein, the term
“Guarantor Claims” shall mean all debts and liabilities of Borrower to Guarantor, whether now
existing or hereafter arising. During the occurrence and continuation of any Event of Default as
defined in the Loan Documents (or event or condition which with the giving of notice or passage of
time or both would become an Event of Default) under the Guaranteed Note or any of the documents or
instruments executed in connection therewith, Guarantor shall not receive or collect, directly or
indirectly, any amount upon the Guarantor Claims.

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     Section 3.02. Claims in Bankruptcy. In the event of receivership, bankruptcy,
reorganization, arrangement, debtor’s relief, or other insolvency proceedings involving Borrower as
debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish
its rights hereunder and receive directly from the receiver, trustee or other court custodian
dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor hereby
assigns such dividends and payments to Lender.

     Section 3.03. Liens Subordinate. Guarantor agrees that any liens, security
interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of
any claim by Guarantor shall be subordinate to the Guaranteed Debt.

     Section 3.04. Waiver of Subrogation. Guarantor hereby waives any right,
claim or action that it may now or hereafter have against Borrower arising out of, or in connection
with, Guarantor’s obligations under this Guaranty or the payment by Guarantor of all or any part of
the Guaranteed Debt including, without limitation, any right or claim for subrogation,
contribution, reimbursement, exoneration, or indemnity.

ARTICLE IV

MISCELLANEOUS

     Section 4.01. Waiver. No modification or waiver of any provision of this
Guaranty or consent to departure therefrom shall be effective unless in writing and no such consent
or waiver shall extend beyond the particular case and purpose involved.

     Section 4.02. Notices. Any notices or other communications required or
permitted to be given by this Guaranty must be given in writing and shall be deemed to have been
given when personally delivered or mailed by prepaid certified or registered mail, return receipt
requested, to the party to whom such notice or communication is directed, to the address of such
party set forth in the Loan Agreement (or at such other address as may have been designated by
written notice pursuant to this Section 4.02).

     Section 4.03. Waiver of Exemptions. By executing this Guaranty, Guarantor,
to the maximum extent allowed by law, waives any exemption it may have with respect to enforcement
hereof other than homestead exemption it might have with respect to real property owned and/or
occupied by Guarantor.

     Section 4.04. GOVERNING LAW/VENUE/JURISDICTION. THIS GUARANTY HAS BEEN
PREPARED, AND IS INTENDED TO BE PERFORMED, IN THE STATE OF IOWA AND THE SUBSTANTIVE LAWS OF IOWA
SHALL GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT AND INTERPRETATION OF THIS GUARANTY. EACH
PARTY IRREVOCABLY SUBMITS ITSELF TO THE JURISDICTION OF THE STATE OF IOWA AND THE IOWA DISTRICT
COURT WHERE THE PROPERTY IS LOCATED AND AGREES THAT SAID COURT SHALL BE THE APPROPRIATE VENUE FOR
ANY ACTION BROUGHT IN CONNECTION WITH THIS PERSONAL GUARANTY.

     Section 4.05. Invalid Provisions. If any provision of this Guaranty is held
to be illegal, invalid, or unenforceable under present or future laws effective during the term of
this Guaranty,

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such provision shall be fully severable and this Guaranty shall be construed and enforced as
if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty.

     Section 4.06. Entirety and Amendments. There are no unwritten oral agreements
between the parties. This Guaranty represents the final agreement between the parties with respect
to the matters contained herein and may not be contradicted by evidence of prior, contemporaneous
or subsequent oral agreements of the parties. This Guaranty may be amended only by an instrument
in writing executed by an authorized officer of the party against whom such amendment is sought to
be enforced.

     Section 4.07. Parties Bound; Assignment. This Guaranty shall be binding upon
and inure to the benefit of the parties hereto and their respective successors, assigns and legal
representatives; provided, however, that Guarantor may not, without the prior written consent of
Lender, assign any of its rights, powers, duties or obligations hereunder.

     Section 4.08. Headings. Section headings are for convenience of reference
only and shall in no way affect the interpretation of this Guaranty.

     Section 4.09. Financial Information. Guarantor agrees to deliver to Lender
all financial information required to be delivered pursuant to the Loan Agreement.

     Section 4.10. Waiver of Claims/Trial By Jury. GUARANTOR WAIVES ANY CLAIM IT
HAS AGAINST LENDER AS MORE FULLY SET FORTH IN THE LOAN AGREEMENT. EACH PARTY TO THIS AGREEMENT
HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION
(A) ARISING UNDER THE LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE
MODIFICATION THEREOF OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF
THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THE LOAN DOCUMENTS (AS NOW OR HEREAFTER MODIFIED)
OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE
TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE OF
ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE;
AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE
PARTIES HERETO TO THE WAIVER OF ANY RIGHT THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY.

     Section 4.11. Counterparts. This document may be executed in any number of
counterparts, each of which shall be an original, but all of which shall constitute one and the
same instrument.

IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY
THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT

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CONTAINED IN THIS WRITTEN CONTRACT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS
AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT.

     By signing below, the parties hereto acknowledge that each of them concurrently received of a
copy of the documents and each document referenced herein.

     EXECUTED as of the day and year first above written.

[Signature Page Follows]

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	 	GUARANTOR:

Steadfast Income REIT, Inc.

 	 
	 	By:  	/s/  Rodney
F. Emery	 
	 	 	Name: 	Rodney
F. Emery 	 
	 	 	Title: 	Chief
Executive Officer 	 
	 

	 	 	 	 	 

	STATE OF _____________

	 	)	 	 
	 

	 	) SS.

	COUNTY OF _________

	 	)	 	 

     This instrument was acknowledged before me on this ___ day of December, 2010 by
____________ as ____________ of Steadfast Income REIT, Inc.

[See
Attached Certificate]                

Notary Public in and for the State of ______

8exv10w5

Exhibit 10.5

ASSIGNMENT OF MANAGEMENT AGREEMENT

          THIS ASSIGNMENT OF MANAGEMENT AGREEMENT (“Assignment”) is made and entered into as of this
22nd day of December, 2010, by SIR Park Place, LLC, an Iowa limited liability company, with offices
at 18100 Von Karman Avenue, Suite 500, Irvine, California (“Borrower”) (“Borrower”), in favor of
Ames Community Bank, with offices at 925 Gateway Drive, Grimes, Iowa 50111 (“Lender”).

W I T N E S S E T H:

          WHEREAS, Borrower and Steadfast Management Company, Inc., a California corporation (the
“Manager”) are parties to that certain Property Management Agreement (“Management Agreement”) dated
as of December 22, 2010; and

          WHEREAS, Borrower has executed and delivered to Lender a certain Promissory Note dated of even
date herewith (the “Note”), payable to the order of Lender in the amount of $5,000,000.00, which
Note evidences a loan made by Lender to Borrower (the “Loan”); and

          WHEREAS, the Loan is secured in part by a Mortgage, Assignment of Leases and Rents, Security
Agreement, and Fixture Financing Statement (the “Mortgage”). The Mortgage encumbers all right,
title and interest in and to the certain tracts of property legally described therein (the
“Mortgaged Property”); and

          WHEREAS, as additional security for the Loan, Lender has required an assignment of the
interest of Borrower in, to and under the Management Agreement; and

          WHEREAS, Borrower is willing to assign its rights, privileges, powers and interests in, to and
under the Management Agreement to Lender upon the conditions herein imposed; and

          WHEREAS, Manager is willing to consent to this Assignment and to attorn to Lender upon a
default by Borrower under the documents evidencing and securing the Loan, and perform its
obligations under the Management Agreement for Lender, or its successors in interest, or to permit
Lender to terminate the Management Agreement without liability.

          NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Borrower agrees as follows:

     1. Borrower hereby transfers, assigns and sets over to Lender, its successors and assigns, all
right, title and interest of Borrower in and to the Management Agreement. Manager hereby consents
to the foregoing assignment. The foregoing assignment is being made by Borrower to Lender as
collateral security for the full payment and performance by Borrower of all of its obligations
under the loan documents evidencing and securing the Loan. However, until the occurrence of an
Event of Default (as such term is defined in the loan documents

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evidencing and securing the Loan) Borrower may exercise all rights as owner of the Mortgaged
Property under the Management Agreement, except as otherwise provided in this Assignment. The
foregoing assignment shall remain in effect as long as the Loan, or any part thereof, remains
unpaid, but shall automatically terminate upon the release of the Mortgage as a lien on the
Mortgaged Property.

     2. Borrower and Manager represent and warrant to Lender that (i) the Management Agreement is
unmodified and is in full force and effect, (ii) the Management Agreement is a valid and binding
agreement enforceable against the parties in accordance with its terms, and (iii) neither party is
in default in performing any of its obligations under the Management Agreement.

     3. Borrower hereby covenants with Lender that during the term of this Assignment: (a) Borrower
shall not transfer the responsibility for management of the Mortgaged Property from Manager to any
other person or entity without the prior written consent of Lender, which shall not be unreasonably
withheld; (b) Borrower shall not terminate or amend any of the terms or provisions of the
Management Agreement without the prior written consent of Lender, which shall not be unreasonably
withheld; and (c) Borrower shall give Lender written notice of any notice or information that
Borrower receives which indicates that Manager is terminating the Management Agreement or that
Manager is otherwise discontinuing its management of the Mortgaged Property.

     4. Upon receipt by Manager of written notice from Lender that an Event of Default (as that
term is defined in the loan documents evidencing and securing the Loan) has occurred and is
continuing, Lender shall have the right to exercise all rights as owner of the Mortgaged Property
under the Management Agreement.

     5. After the occurrence of an Event of Default, Lender (or its nominee) shall have the right
any time thereafter to terminate the Management Agreement, without cause and without liability, by
giving written notice to Manager of its election to do so. Lender’s notice shall specify the date
of termination, which shall not be less than 30 days after the date of such notice.

     6. On the effective date of termination of the Management Agreement, Manager shall turn over
to Lender all books and records relating to the Mortgaged Property (copies of which may be retained
by Manager, at Manager’s expense), together with such authorizations and letters of direction
addressed to tenants, suppliers, employees, banks and other parties as Lender may reasonably
require. Manager shall cooperate with Lender in the transfer of management responsibilities to
Lender or its designee. A final accounting of unpaid fees (if any) due to Manager under the
Management Agreement shall be made within 60 days after the effective date of termination, but
Lender shall not have any liability or obligation to Manager for unpaid fees or other amounts
payable under the Management Agreement which accrue before Lender (or its nominee) acquires title
to the Mortgaged Property, or Lender becomes a mortgagee in possession.

     7. Manager’s address for notice is 18100 Von Karman Avenue, Suite 500, Irvine, California.
All notices to be given by Lender to Manager shall be given in the same manner as notices to
Borrower pursuant to the notice provisions contained in the Mortgage.

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     8. This Assignment may be executed in any number of counterparts, each of which shall be
considered an original for all purposes; provided, however, that all such counterparts shall
constitute one and the same instrument.

     IN WITNESS WHEREOF, Borrower, Lender and Manager have executed this Assignment as of the day
and year first above written.

IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY
THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS
WRITTEN CONTRACT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS AGREEMENT ONLY BY
ANOTHER WRITTEN AGREEMENT.

(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)

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          EXECUTED as of the date first above written.

	 	 	 	 	 
	 	
BORROWER:

SIR Park Place, LLC, an Iowa limited liability company

by: Steadfast Income Advisor, LLC, its Manager

 	 
	 	By:  	/s/  James
Kasim	 
	 	 	Name:  	James
Kasim 	 
	 	 	Title:  	Chief
Financial Officer 	 
	 

	 	 	 	 	 	 

	STATE OF                         

	 	)	 	 	 
	 

	 	)	 	 	SS.
	COUNTY OF                     

	 	)	 	 	 

     This instrument was acknowledged before me on this ___ day of December, 2010 by                                          as
                                         of Steadfast Income Advisor, LLC, the Manager of SIR Park Place, LLC.

[See
Attached Certificate]                

Notary Public in and for the State of ______

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	 	LENDER:

Ames Community Bank

 	 
	 	By:  	/s/  Jeff
Harder	 
	 	 	Name:  	Jeff
Harder 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 	 	 

	STATE OF IOWA

	 	 	)	 	 	 
	 

	 	 	)	 	 	SS.
	COUNTY
OF POLK
	 	 	)	 	 	 

     This
instrument was acknowledged before me on this 20th day of
December, 2010 by Jeff
Harder as Vice President of Ames Community Bank.

/s/  Teri
Ruroden          
                     

Notary Public in and for the State of Iowa               

5

 

	 	 	 	 	 
	 	
MANAGER:

Steadfast Management Company, Inc., a California corporation

 	 
	 	By:  	./s/  Rodney
F. Emery	 
	 	 	Name:  	Rodney
F. Emery 	 
	 	 	Title:  	Chief
Executive Officer 	 
	 

	 	 	 	 	 	 	 

	STATE OF IOWA

	 	 	)	 	 	 
	 

	 	 	)	 	 	SS.
	COUNTY OF                     

	 	 	)	 	 	 

     This instrument was acknowledged before me on this ___ day of December, 2010 by
____________ as
____________ of ____________.

[See
Attached Certificate]                

Notary Public in and for the State of Iowa               

6

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