Document:

EX-10.1

 Exhibit 10.1 

Freddie Mac Component Loan Numbers: 503001112 & 503001120 

Freddie Mac Property-Level Loan Number: See Schedule 1 

Property Names: See Schedule 1 
 MASTER
MULTIFAMILY LOAN AND SECURITY AGREEMENT – 
 SENIORS HOUSING 

(Revised XX-XX-2018) 
  

			
	Borrower:            	  	Individually and collectively, each Individual Borrower (as defined in this Loan Agreement)
		
	Lender:	  	KEYBANK NATIONAL ASSOCIATION, a national banking association
		
	Date:	  	October 10, 2018
		
	Loan Amount:	  	$720,000,000

 Rate Cap Agreement 

(See Article III) 
  

					
	Rate Cap Agreement Required                	  	☒  Yes    ☐  No

 Reserve Fund Information 

(See Article IV) 
  

 
  

 
  

							
	Imposition Reserves	  	(fill in “Collect” or “Deferred” as appropriate for each item)
	 Deferred
	  	Insurance
	 Collect
	  	Taxes
	 Deferred
	  	Water/Sewer
	 Deferred
	  	Ground Rents
	 Deferred

 
	  	Assessments/Other Charges
	Repairs & Repair Reserve	  	Repairs required?	  	☒ Yes	  	☐  No
		  	If No, is radon testing required?	  	☐ Yes	  	☐  No
		  	If Yes, is a Reserve required?	  	☒ Yes	  	☐  No
		  	Green Improvements required?	  	☐  Yes	  	☒  No
		  	If Yes, is a Reserve required?	  	☐  Yes	  	☐  No
	 If Yes to Repairs and/or Green Improvements, is a Letter of Credit required?

 

	Replacement Reserve	  	 ☒  Yes

☐  No
	  	 If Yes:         ☒  Funded

                    ☐  
Deferred

							
	Rental Achievement Reserve	  	☐  Yes	  	If Yes:          Cash ______Letter of Credit
		  	☒  No
	Rate Cap Agreement Reserve	  	☒  Yes	  	☐  No	  	 
	Other Reserve(s)	  	☐  Yes	  	☒  No	  	
	
If Yes, specify:                     
                                         
                                         
                                         
                                         
                                      

 

	Lease-Up Transaction	  	☐  Yes	  	☒  No	  	
		  	If Yes, is a Reserve required?	  	☐  Yes	  	☐  No
		  	If Yes, is a Letter of Credit required?	  	☐  Yes	  	☐  No

 Attached Riders 

(See Article XIII) 

													
	 Name of Rider
	  	Date Revised	 	  	Applicable Property
Number(s)	 
	 Rider to Multifamily Loan and

Security Agreement –

Cooperation with Rating

Agencies and Investors
	  	 	8-1-2018	 	  	 	502796413,	 	  	 	502795409,	 
		  				  	 	502795417,	 	  	 	502795425,	 
		  				  	 	502795433,	 	  	 	502795441,	 
		  				  	 	502795468,	 	  	 	502795476,	 
		  				  	 	502795484,	 	  	 	502795492,	 
		  				  	 	502795506,	 	  	 	502795522,	 
		  				  	 	502795549,	 	  	 	502795557,	 
		  				  	 	502795611,	 	  	 	502795654,	 
		  				  	 	502796081,	 	  	 	502795735,	 
		  				  	 	502795786,	 	  	 	502795603,	 
		  				  	 	502795662,	 	  	 	502795697,	 
		  				  	 	502795751,	 	  	 	502795832,	 
		  				  	 	502795859,	 	  	 	502796103,	 
		  				  	 	502796006,	 	  	 	502796030,	 
		  				  	 	502796057,	 	  	 	502796073,	 
		  				  	 	502795824,	 	  	 	502795883,	 
		  				  	 	502795921,	 	  	 	502795956,	 
		  				  	 	502796049,	 	  	 	502795948,	 
		  				  	 	502795875,	 	  	 	502795808,	 
		  				  	 	502795778,	 	  	 	502795727,	 
		  				  	 	502795689,	 	  	 	502795638,	 
		  				  	 	502795913,	 	  	 	502795867,	 
		  				  	 	502795840,	 	  	 	502795794,	 
		  				  	 	502795743,	 	  	 	502795700,	 
		  				  	 	502795670,	 	  	 	502795646	 
	 Rider to Multifamily Loan and

Security Agreement –

Additional Provisions – Sale or

Securitization of Loan
	  	 	8-1-2018	 	  	 	502796413,	 	  	 	502795409,	 
		  				  	 	502795417,	 	  	 	502795425,	 
		  				  	 	502795433,	 	  	 	502795441,	 
		  				  	 	502795468,	 	  	 	502795476,	 
		  				  	 	502795484,	 	  	 	502795492,	 
		  				  	 	502795506,	 	  	 	502795522,	 
		  				  	 	502795549,	 	  	 	502795557,	 
		  				  	 	502795611,	 	  	 	502795654,	 
		  				  	 	502796081,	 	  	 	502795735,	 
		  				  	 	502795786,	 	  	 	502795603,	 
		  				  	 	502795662,	 	  	 	502795697,	 
		  				  	 	502795751,	 	  	 	502795832,	 

													
		  				  	 	502795859,	 	  	 	502796103,	 
		  				  	 	502796006,	 	  	 	502796030,	 
		  				  	 	502796057,	 	  	 	502796073,	 
		  				  	 	502795824,	 	  	 	502795883,	 
		  				  	 	502795921,	 	  	 	502795956,	 
		  				  	 	502796049,	 	  	 	502795948,	 
		  				  	 	502795875,	 	  	 	502795808,	 
		  				  	 	502795778,	 	  	 	502795727,	 
		  				  	 	502795689,	 	  	 	502795638,	 
		  				  	 	502795913,	 	  	 	502795867,	 
		  				  	 	502795840,	 	  	 	502795794,	 
		  				  	 	502795743,	 	  	 	502795700,	 
		  				  	 	502795670,	 	  	 	502795646	 
	 Rider to Multifamily Loan and

Security Agreement – Repair

Reserve Fund
	  	 	8-1-2018	 	  	 	502795492,	 	  	 	502795549,	 
		  				  	 	502796081,	 	  	 	502795735,	 
		  				  	 	502795662,	 	  	 	502795859,	 
		  				  	 	502795883,	 	  	 	502795840,	 
		  				  	 	502795794,	 	  	 	502795700	 
	 Rider to Multifamily Loan and

Security Agreement –

Replacement Reserve Fund –

Immediate Deposits
	  	 	8-1-2018	 	  	 	502796413,	 	  	 	502795409,	 
		  				  	 	502795417,	 	  	 	502795425,	 
		  				  	 	502795433,	 	  	 	502795441,	 
		  				  	 	502795468,	 	  	 	502795476,	 
		  				  	 	502795484,	 	  	 	502795492,	 
		  				  	 	502795506,	 	  	 	502795522,	 
		  				  	 	502795549,	 	  	 	502795557,	 
		  				  	 	502795611,	 	  	 	502795654,	 
		  				  	 	502796081,	 	  	 	502795735,	 
		  				  	 	502795786,	 	  	 	502795603,	 
		  				  	 	502795662,	 	  	 	502795697,	 
		  				  	 	502795751,	 	  	 	502795832,	 
		  				  	 	502795859,	 	  	 	502796103,	 
		  				  	 	502796006,	 	  	 	502796030,	 
		  				  	 	502796057,	 	  	 	502796073,	 
		  				  	 	502795824,	 	  	 	502795883,	 
		  				  	 	502795921,	 	  	 	502795956,	 
		  				  	 	502796049,	 	  	 	502795948,	 
		  				  	 	502795875,	 	  	 	502795808,	 
		  				  	 	502795778,	 	  	 	502795727,	 
		  				  	 	502795689,	 	  	 	502795638,	 
		  				  	 	502795913,	 	  	 	502795867,	 
		  				  	 	502795840,	 	  	 	502795794,	 
		  				  	 	502795743,	 	  	 	502795700,	 
		  				  	 	502795670,	 	  	 	502795646	 

													
	 Rider to Multifamily Loan and

Security Agreement –

Recycled Borrower
	  	 	4-19-2018	 	  	 	502795549,	 	  	 	502795832	 
		  				  				  			
		  				  				  			
	 Rider to Multifamily Loan and

Security Agreement –

Recycled SPE Equity Owner
	  	 	7-12-2016	 	  	 	502795549,	 	  	 	502795832	 
		  				  				  			
		  				  				  			
	 Rider to Multifamily Loan and

Security Agreement – Repair –

No Repair Established
	  	 	8-1-2018	 	  	 	502796413,	 	  	 	502795409,	 
		  				  	 	502795417,	 	  	 	502795425,	 
		  				  	 	502795433,	 	  	 	502795441,	 
		  				  	 	502795468,	 	  	 	502795476,	 
		  				  	 	502795484,	 	  	 	502795557,	 
		  				  	 	502795611,	 	  	 	502795654,	 
		  				  	 	502795786,	 	  	 	502795832,	 
		  				  	 	502796103,	 	  	 	502796030,	 
		  				  	 	502795824,	 	  	 	502795956,	 
		  				  	 	502796049,	 	  	 	502795948,	 
		  				  	 	502795875,	 	  	 	502795778,	 
		  				  	 	502795913,	 	  	 	502795867,	 
		  				  	 	502795743	 	  			
	 Rider to Multifamily Loan and

Security Agreement –

Recycled Borrower –

Converted Entity
	  	 	4-19-2018	 	  	 	502795549	 	  			
	 Rider to Multifamily Loan and

Security Agreement –

Recycled Borrower –

Converted Entity
	  	 	4-19-2018	 	  	 	502795832	 	  			
	 Rider to Multifamily Loan and

Security Agreement – Ground

Fault Interrupter Outlet

Replacements No

Disbursement from

Repair Reserve Fund
	  	 	3-1-2014	 	  	 	502796413,	 	  	 	502795786,	 
		  				  	 	502796103,	 	  	 	502795824,	 
		  				  	 	502795956,	 	  	 	502796049	 
		  				  				  			
		  				  				  			
		  				  				  			
	 Rider to Multifamily Loan and

Security Agreement – Ground

Lease Mortgage
	  	 	3-1-2014	 	  	 	502795859,	 	  	 	502795670	 
		  				  				  			
		  				  				  			
	 Rider to Multifamily Loan and

Security Agreement – Termite

or Wood Damaging Insect

Control
	  	 	3-1-2014	 	  	 	502795468,	 	  	 	502796081,	 
		  				  	 	502795662,	 	  	 	502795883,	 
		  				  	 	502795670,	 	  	 	502795743,	 
		  				  	 	502796103	 	  			
	 Rider to Multifamily Loan and

Security Agreement – Units
	  	 	2-16-2017	 	  	 	502796413,	 	  	 	502795409,	 
		  				  	 	502795417,	 	  	 	502795425,	 
		  				  	 	502795433,	 	  	 	502795468,	 

													
	 With Outstanding Occupancy

Authorization
	  				  	 	502795476,	 	  	 	502795484,	 
		  				  	 	502795611,	 	  	 	502795735,	 
		  				  	 	502795697,	 	  	 	502795832,	 
		  				  	 	502796030,	 	  	 	502796057,	 
		  				  	 	502796073,	 	  	 	502795727,	 
		  				  	 	502795638,	 	  	 	502795913,	 
		  				  	 	502795743	 	  			
	 Rider to Multifamily Loan and

Security Agreement –

Commingling of Accounts
	  	 	1-30-2018	 	  	 	502796413,	 	  	 	502795409,	 
		  				  	 	502795417,	 	  	 	502795425,	 
		  				  	 	502795433,	 	  	 	502795441,	 
		  				  	 	502795468,	 	  	 	502795476,	 
		  				  	 	502795484,	 	  	 	502795492,	 
		  				  	 	502795506,	 	  	 	502795522,	 
		  				  	 	502795549,	 	  	 	502795557,	 
		  				  	 	502795611,	 	  	 	502795654,	 
		  				  	 	502796081,	 	  	 	502795735,	 
		  				  	 	502795786,	 	  	 	502795603,	 
		  				  	 	502795662,	 	  	 	502795697,	 
		  				  	 	502795751,	 	  	 	502795832,	 
		  				  	 	502795859,	 	  	 	502796103,	 
		  				  	 	502796006,	 	  	 	502796030,	 
		  				  	 	502796057,	 	  	 	502796073,	 
		  				  	 	502795824,	 	  	 	502795883,	 
		  				  	 	502795921,	 	  	 	502795956,	 
		  				  	 	502796049,	 	  	 	502795948,	 
		  				  	 	502795875,	 	  	 	502795808,	 
		  				  	 	502795778,	 	  	 	502795727,	 
		  				  	 	502795689,	 	  	 	502795638,	 
		  				  	 	502795913,	 	  	 	502795867,	 
		  				  	 	502795840,	 	  	 	502795794,	 
		  				  	 	502795743,	 	  	 	502795700,	 
		  				  	 	502795670,	 	  	 	502795646	 
	 Rider to Multifamily Loan and

Security Agreement –

Guarantor Requirements
	  	 	2-13-2017	 	  	 	502796413,	 	  	 	502795409,	 
		  				  	 	502795417,	 	  	 	502795425,	 
		  				  	 	502795433,	 	  	 	502795441,	 
		  				  	 	502795468,	 	  	 	502795476,	 
		  				  	 	502795484,	 	  	 	502795492,	 
		  				  	 	502795506,	 	  	 	502795522,	 
		  				  	 	502795549,	 	  	 	502795557,	 
		  				  	 	502795611,	 	  	 	502795654,	 
		  				  	 	502796081,	 	  	 	502795735,	 
		  				  	 	502795786,	 	  	 	502795603,	 
		  				  	 	502795662,	 	  	 	502795697,	 
		  				  	 	502795751,	 	  	 	502795832,	 
		  				  	 	502795859,	 	  	 	502796103,	 
		  				  	 	502796006,	 	  	 	502796030,	 

													
		  				  	 	502796057,	 	  	 	502796073,	 
		  				  	 	502795824,	 	  	 	502795883,	 
		  				  	 	502795921,	 	  	 	502795956,	 
		  				  	 	502796049,	 	  	 	502795948,	 
		  				  	 	502795875,	 	  	 	502795808,	 
		  				  	 	502795778,	 	  	 	502795727,	 
		  				  	 	502795689,	 	  	 	502795638,	 
		  				  	 	502795913,	 	  	 	502795867,	 
		  				  	 	502795840,	 	  	 	502795794,	 
		  				  	 	502795743,	 	  	 	502795700,	 
		  				  	 	502795670,	 	  	 	502795646	 

 Exhibit B Modifications 

(See Article XIV) 
  

					
	Are any Exhibit B modifications attached?	  	☒  Yes	  	☐  No

  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINED TERMS; CONSTRUCTION
	  	 	1	 
			
	 1.01
	 	Defined Terms	  	 	1	 
	 1.02
	 	Construction	  	 	1	 
		
	 ARTICLE II LOAN.
	  	 	3	 
			
	 2.01
	 	Loan Terms	  	 	3	 
	 2.02
	 	Prepayment Premium	  	 	3	 
	 2.03
	 	Exculpation	  	 	4	 
	 2.04
	 	Application of Payments	  	 	4	 
	 2.05
	 	Usury Savings	  	 	4	 
	 2.06
	 	Floating Rate Mortgage—Cap Agreement	  	 	4	 
		
	 ARTICLE III LOAN SECURITY AND GUARANTY
	  	 	5	 
			
	 3.01
	 	Security Instrument	  	 	5	 
	 3.02
	 	Reserve Funds	  	 	5	 
	 3.03
	 	Uniform Commercial Code Security Agreement	  	 	5	 
	 3.04
	 	Cap Agreement and Cap Collateral Assignment	  	 	6	 
	 3.05
	 	Guaranty	  	 	7	 
	 3.06
	 	Assignment of Licenses, Certificates and Permits	  	 	7	 
	 3.07
	 	Reserved	  	 	7	 
	 3.08
	 	Reserved	  	 	7	 
	 3.09
	 	Reserved	  	 	7	 
		
	 ARTICLE IV RESERVE FUNDS AND REQUIREMENTS
	  	 	8	 
			
	 4.01
	 	Reserves Generally	  	 	8	 
	 4.02
	 	Reserves for Taxes, Insurance and Other Charges	  	 	8	 
	 4.03
	 	Repairs; Repair Reserve Fund	  	 	10	 
	 4.04
	 	Replacement Reserve Fund	  	 	10	 
	 4.05
	 	Rental Achievement Provisions	  	 	10	 
	 4.06
	 	Debt Service Reserve	  	 	10	 
	 4.07
	 	Rate Cap Agreement Reserve Fund	  	 	10	 
	 4.08
	 	through 4.20 are Reserved	  	 	11	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	11	 
			
	 5.01
	 	Review of Documents	  	 	11	 
	 5.02
	 	Condition of Mortgaged Property	  	 	11	 
	 5.03
	 	No Condemnation	  	 	11	 
	 5.04
	 	Actions; Suits; Proceedings	  	 	11	 
	 5.05
	 	Environmental	  	 	12	 
	 5.06
	 	Commencement of Work; No Labor or Materialmen’s Claims	  	 	13	 
	 5.07
	 	Compliance with Applicable Laws and Regulations	  	 	14	 
	 5.08
	 	Access; Utilities; Tax Parcels	  	 	15	 

  
 i 

							
	 5.09
	 	Licenses and Permits	  	 	15	 
	 5.10
	 	No Other Interests	  	 	16	 
	 5.11
	 	Term of Leases	  	 	16	 
	 5.12
	 	No Prior Assignment; Prepayment of Rents	  	 	16	 
	 5.13
	 	Illegal Activity	  	 	17	 
	 5.14
	 	Taxes Paid	  	 	17	 
	 5.15
	 	Title Exceptions	  	 	17	 
	 5.16
	 	No Change in Facts or Circumstances	  	 	17	 
	 5.17
	 	Financial Statements	  	 	17	 
	 5.18
	 	ERISA – Borrower Status	  	 	17	 
	 5.19
	 	No Fraudulent Transfer or Preference	  	 	18	 
	 5.20
	 	No Insolvency or Judgment	  	 	18	 
	 5.21
	 	Working Capital	  	 	18	 
	 5.22
	 	Cap Collateral	  	 	19	 
	 5.23
	 	Ground Lease	  	 	19	 
	 5.24
	 	Purpose of Loan	  	 	19	 
	 5.25
	 	Intended Use	  	 	20	 
	 5.26
	 	Furniture, Fixtures, Equipment, and Motor Vehicles	  	 	21	 
	 5.27
	 	Participant in Federal Programs	  	 	21	 
	 5.28
	 	Certificate of Need	  	 	21	 
	 5.29
	 	Contracts	  	 	21	 
	 5.30
	 	Material Contracts	  	 	21	 
	 5.31
	 	No Financing Statements	  	 	22	 
	 5.32
	 	Governmental Payor Programs	  	 	22	 
	 5.33
	 	Third-Party Payor Programs and Private Commercial Insurance Managed Care and Employee Assistance Programs	  	 	23	 
	 5.34
	 	No Transfer or Pledge of Licenses	  	 	23	 
	 5.35
	 	No Pledge of Receivables	  	 	24	 
	 5.36
	 	Patient and Resident Care Agreements	  	 	24	 
	 5.37
	 	Patient and Resident Records	  	 	24	 
	 5.38
	 	No Facility Deficiencies, Enforcement Actions or Violations	  	 	24	 
	 5.39
	 	Seniors Housing Operator	  	 	24	 
	 5.40
	 	Recycled SPE Borrower	  	 	24	 
	 5.41
	 	Recycled SPE Equity Owner	  	 	24	 
	 5.42
	 	through 5.50 are Reserved	  	 	24	 
	 5.51
	 	Survival	  	 	24	 
	 5.52
	 	through 5.57 are Reserved	  	 	24	 
	 5.58
	 	Prohibited Parties Lists	  	 	24	 
	 5.59
	 	AML Laws	  	 	25	 
	 5.60
	 	Internal Controls	  	 	25	 
	 5.61
	 	Crowdfunding	  	 	25	 
	 5.62
	 	through 5.65 are Reserved	  	 	25	 
		
	 ARTICLE VI BORROWER COVENANTS
	  	 	25	 
			
	 6.01
	 	Compliance with Laws	  	 	25	 
	 6.02
	 	Compliance with Organizational Documents	  	 	26	 

  
 ii 

							
	 6.03
	 	Use of Mortgaged Property	  	 	26	 
	 6.04
	 	Non-Residential Leases	  	 	27	 
	 6.05
	 	Prepayment of Rents	  	 	28	 
	 6.06
	 	Inspection	  	 	28	 
	 6.07
	 	Books and Records; Financial Reporting	  	 	29	 
	 6.08
	 	Taxes; Operating Expenses; Ground Rents	  	 	33	 
	 6.09
	 	Preservation, Management and Maintenance of Mortgaged Property	  	 	34	 
	 6.10
	 	Insurance	  	 	38	 
	 6.11
	 	Condemnation	  	 	44	 
	 6.12
	 	Environmental Hazards	  	 	47	 
	 6.13
	 	Single Purpose Entity Requirements	  	 	50	 
	 6.14
	 	Repairs and Capital Replacements	  	 	55	 
	 6.15
	 	Residential Leases Affecting the Mortgaged Property	  	 	56	 
	 6.16
	 	Litigation; Government Proceedings	  	 	57	 
	 6.17
	 	Further Assurances and Estoppel Certificates; Lender’s Expenses	  	 	57	 
	 6.18
	 	Cap Collateral	  	 	58	 
	 6.19
	 	Ground Lease	  	 	58	 
	 6.20
	 	ERISA Requirements	  	 	58	 
	 6.21
	 	Operation of the Facility	  	 	59	 
	 6.22
	 	Facility Reporting	  	 	59	 
	 6.23
	 	Covenants Regarding Material Contracts	  	 	61	 
	 6.24
	 	Pledge of Receivables	  	 	61	 
	 6.25
	 	Property Manager and Operator of the Facility	  	 	61	 
	 6.26
	 	Residential Leases and Agreements	  	 	62	 
	 6.27
	 	Performance Under Leases	  	 	62	 
	 6.28
	 	Governmental Payor Programs	  	 	62	 
	 6.29
	 	Additional Covenants Regarding Operator	  	 	64	 
	 6.30
	 	Lender’s Right To Use Trade Name	  	 	64	 
	 6.31
	 	through 6.52 are Reserved	  	 	64	 
	 6.53
	 	Economic Sanctions Laws; AML Laws	  	 	64	 
	 6.54
	 	Crowdfunding	  	 	65	 
	 6.55
	 	through 6.58 are Reserved	  	 	65	 
	 6.59
	 	Third-Party Payor Programs and Private Commercial Insurance Managed Care and Employee Assistance Programs	  	 	65	 
		
	 ARTICLE VII TRANSFERS OF THE MORTGAGED PROPERTY OR INTERESTS IN BORROWER
	  	 	65	 
			
	 7.01
	 	Permitted Transfers	  	 	65	 
	 7.02
	 	Prohibited Transfers	  	 	66	 
	 7.03
	 	Conditionally Permitted Transfers	  	 	67	 
	 7.04
	 	Preapproved Intrafamily Transfers	  	 	72	 
	 7.05
	 	Lender’s Consent to Prohibited Transfers	  	 	72	 
	 7.06
	 	SPE Equity Owner Requirement Following Transfer	  	 	76	 
	 7.07
	 	Additional Transfer Requirements—External Cap Agreement	  	 	77	 
	 7.08
	 	Reserved	  	 	77	 
	 7.09
	 	Reserved	  	 	77	 

  
 iii 

							
	 7.10
	 	Releases of Individual Properties	  	 	77	 
	 7.11
	 	Reserved	  	 	85	 
	 7.12
	 	Reserved	  	 	85	 
		
	 ARTICLE VIII SUBROGATION
	  	 	85	 
		
	 ARTICLE IX EVENTS OF DEFAULT AND REMEDIES
	  	 	85	 
			
	 9.01
	 	Events of Default	  	 	85	 
	 9.02
	 	Protection of Lender’s Security; Security Instrument Secures Future Advances	  	 	89	 
	 9.03
	 	Remedies	  	 	90	 
	 9.04
	 	Forbearance	  	 	91	 
	 9.05
	 	Waiver of Marshalling	  	 	92	 
	 9.06
	 	Cross-Default/Single Loan	  	 	92	 
		
	 ARTICLE X RELEASE; INDEMNITY
	  	 	92	 
			
	 10.01
	 	Release	  	 	92	 
	 10.02
	 	Indemnity	  	 	93	 
	 10.03
	 	Reserved	  	 	97	 
		
	 ARTICLE XI MISCELLANEOUS PROVISIONS
	  	 	97	 
			
	 11.01
	 	Waiver of Statute of Limitations, Offsets and Counterclaims	  	 	97	 
	 11.02
	 	Governing Law; Consent to Jurisdiction and Venue	  	 	98	 
	 11.03
	 	Notice	  	 	99	 
	 11.04
	 	Successors and Assigns Bound	  	 	100	 
	 11.05
	 	Joint and Several (and Solidary) Liability	  	 	100	 
	 11.06
	 	Relationship of Parties; No Third Party Beneficiary	  	 	100	 
	 11.07
	 	Severability; Amendments	  	 	100	 
	 11.08
	 	Disclosure of Information	  	 	101	 
	 11.09
	 	Determinations by Lender	  	 	101	 
	 11.10
	 	Sale of Note; Change in Servicer; Loan Servicing	  	 	101	 
	 11.11
	 	Supplemental Financing	  	 	102	 
	 11.12
	 	Defeasance	  	 	108	 
	 11.13
	 	Lender’s Rights to Sell or Securitize	  	 	114	 
	 11.14
	 	Cooperation with Rating Agencies and Investors	  	 	115	 
	 11.15
	 	Letter of Credit Requirements	  	 	115	 
	 11.16
	 	Reserved	  	 	116	 
	 11.17
	 	Reserved	  	 	116	 
	 11.18
	 	Reserved	  	 	116	 
	 11.19
	 	State Specific Provisions	  	 	116	 
	 11.20
	 	Time is of the Essence	  	 	117	 
	 11.21
	 	Electronic Signatures	  	 	117	 
	 11.22
	 	Lender’s Right to Sever Loan Agreement and Sever Note	  	 	118	 

  
 iv 

							
	 ARTICLE XII DEFINITIONS
	  	 	121	 
		
	 ARTICLE XIII INCORPORATION OF ATTACHED RIDERS
	  	 	147	 
		
	 ARTICLE XIV INCORPORATION OF ATTACHED SCHEDULES AND EXHIBITS
	  	 	147	 

  

  
 v 

 MASTER MULTIFAMILY LOAN AND SECURITY AGREEMENT – 

SENIORS HOUSING 
 THIS MASTER MULTIFAMILY
LOAN AND SECURITY AGREEMENT – Seniors Housing (“Loan Agreement”) is dated as of the 10th day of October, 2018 and is made by and between each entity on Schedule 1
attached hereto and incorporated into this Loan Agreement by reference (each, an “Individual Borrower”; each Individual Borrower, individually and collectively, jointly, and severally, “Borrower”), and KEYBANK
NATIONAL ASSOCIATION a national banking association (together with its successors and assigns, “Lender”). 
 RECITALS

  

	A.	 Lender has agreed to make and Borrower has agreed to accept a loan in the original principal amount of
$720,000,000.00 (“Loan”). Lender is willing to make the Loan to Borrower upon the terms and subject to the conditions set forth in this Loan Agreement. 

 

	B.	 Each Individual Borrower is an affiliate of each of the other Individual Borrowers and will receive a direct
and material benefit from the making of the Loan to the other Individual Borrowers. 

  

	C.	 Each Individual Borrower acknowledges Lender is willing to make the Loan only if each Individual Borrower
agrees to the terms and conditions of this Loan Agreement and the other Loan Documents, which provide, among other things, that each Individual Borrower will be primarily, jointly, and severally liable with each of the other Individual Borrowers for
the payment and performance of the Loan and the obligations under the Loan Documents, and that each Individual Property will serve as collateral for the Loan. 

 

	D.	 Each Individual Borrower further acknowledges that the benefits derived by such Individual Borrower agreeing to
be primarily, jointly, and severally liable are equivalent to the burdens imposed upon such Individual Borrower and the Mortgaged Property owned by such Individual Borrower by such agreement, notwithstanding that the Allocated Loan Amount with
respect to each Individual Property may be of differing amounts. 

 AGREEMENT 

NOW, THEREFORE, in consideration of these promises, the mutual covenants contained in this Loan Agreement and other good and valuable consideration, the
receipt and sufficiency of which are acknowledged, the parties agree as follows: 
 ARTICLE I DEFINED TERMS; CONSTRUCTION. 

 

	1.01	 Defined Terms. Each defined term in this Loan Agreement will have the meaning ascribed to that
term in Article XII unless otherwise defined in this Loan Agreement. 

  

	1.02	 Construction. 

 

	 	(a)	 The captions and headings of the Articles and Sections of this Loan Agreement are for convenience only and will
be disregarded in construing this Loan Agreement. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 1

	 	(b)	 Any reference in this Loan Agreement to an “Exhibit,” an “Article” or a “Section”
will, unless otherwise explicitly provided, be construed as referring, respectively, to an Exhibit attached to this Loan Agreement or to an Article or Section of this Loan Agreement. 

 

	 	(c)	 All Schedules, Exhibits and Riders attached to or referred to in this Loan Agreement are incorporated by
reference in this Loan Agreement. 

  

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

  

	 	(e)	 Use of the singular in this Loan Agreement includes the plural and use of the plural includes the singular.

  

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

  

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

 

	 	(h)	 Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or
other document in this Loan Agreement will be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth in this Loan Agreement), and (ii) any reference in this Loan Agreement to any Person will be construed to include such Person’s successors and assigns. 

 

	 	(i)	 Any reference in this Loan Agreement to “Lender’s requirements,” “as required by
Lender,” or similar references will be construed, after Securitization, to mean Lender’s requirements or standards as determined in accordance with Lender’s and Loan Servicer’s obligations under the terms of the Securitization
documents. 

  

	 	(j)	 Except as expressly set forth in this Loan Agreement: 

 

	 	(i)	 The defined term “Borrower” will refer both to each Individual Borrower and collectively to all
Individual Borrowers. It is the intent of the parties that in making any determination under this Loan Agreement, including, without limitation, in determining whether (A) a breach of a representation, warranty or a covenant has occurred,
(B) an Event of Default or a Transfer has occurred, or (C) an event has occurred which would create recourse obligations or indemnification obligations under the Loan Documents, that any such breach, occurrence or event with respect to any
Individual Borrower will be deemed to be such a breach, occurrence or event with respect to all Individual Borrowers and that all Individual Borrowers need not have been involved with such breach, occurrence or event in order for the same to be
deemed such a breach, occurrence or event with respect to every Individual Borrower. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 2

	 	(ii)	 The defined term “Mortgaged Property” will refer both to each Individual Property and collectively to
all Individual Properties. It is the intent of the parties in making any determinations under this Loan Agreement, including without limitation, in determining whether (A) a breach of a representation, warranty or a covenant has occurred,
(B) an Event of Default or a Transfer has occurred, or (C) an event has occurred which would create recourse obligations or indemnification obligations under the Loan Documents, that any such breach, occurrence or event with respect to any
Individual Property will be deemed to be such a breach, occurrence or event with respect to the Loan. 

  

	 	(iii)	 The defined term “Facility Operator” will refer both to each individual Facility Operator for any
Individual Facility and collectively to all Facility Operators for all Individual Facilities. It is the intent of the parties that in making any determination under this Loan Agreement, including, without limitation, in determining whether
(A) a breach of a representation, warranty or a covenant has occurred, (B) an Event of Default or a Transfer has occurred, or (C) an event has occurred which would create recourse obligations or indemnification obligations under the
Loan Documents, that any such breach, occurrence or event with respect to any individual Facility Operator will be deemed to be such a breach, occurrence or event with respect to all Facility Operators and that all individual Facility Operators need
not have been involved with such breach, occurrence or event in order for the same to be deemed such a breach, occurrence or event with respect to every Facility Operator. 

 

	 	(iv)	 The defined term “Facility” will refer both to each Individual Facility and collectively to all
Individual Facilities. It is the intent of the parties in making any determinations under this Loan Agreement, including without limitation, in determining whether (A) a breach of a representation, warranty or a covenant has occurred,
(B) an Event of Default or a Transfer has occurred, or (C) an event has occurred which would create recourse obligations or indemnification obligations under the Loan Documents, that any such breach, occurrence or event with respect to any
Individual Facility will be deemed to be such a breach, occurrence or event with respect to the Loan. 

 ARTICLE II LOAN. 

 

	2.01	 Loan Terms. The Loan will be evidenced by the Note and will bear interest and be paid in
accordance with the payment terms set forth in the Note. 

  

	2.02	 Prepayment Premium. Borrower will be required to pay a prepayment premium in connection with
certain prepayments of the Indebtedness, including a payment made after Lender’s exercise of any right of acceleration of the Indebtedness, as provided in the Note, and a prepayment in connection with releases pursuant to Section 7.10 of
this Loan Agreement. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 3

	2.03	 Exculpation. Borrower’s personal liability for payment of the Indebtedness and for
performance of the other obligations to be performed by it under this Loan Agreement is limited in the manner, and to the extent, provided in the Note. 

  

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

  

	2.05	 Usury Savings. If any applicable law limiting the amount of interest or other charges permitted
to be collected from Borrower is interpreted so that any charge provided for in any Loan Document, whether considered separately or together with other charges levied in connection with any other Loan Document, violates that law, and Borrower is
entitled to the benefit of that law, that charge is reduced to the extent necessary to eliminate that violation. The amounts, if any, previously paid to Lender in excess of the permitted amounts will be applied by Lender to reduce the principal
amount of the Indebtedness. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower has been violated, all Indebtedness which constitutes interest, as well as
all other charges levied in connection with the Indebtedness which constitute interest, will be deemed to be allocated and spread ratably over the stated term of the Note. Unless otherwise required by applicable law, such allocation and spreading
will be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Note. 

  

	2.06	 Floating Rate Mortgage - Cap Agreement. If (a) the Note does not provide for interest to
accrue at a floating or variable interest rate (other than during any Extension Period, if applicable) for any portion of the Indebtedness, and (b) a Cap Agreement is not required for any portion of the Indebtedness, then this Section 2.06
and Section 3.04 will be of no force or effect. 

  

	 	(a)	 So long as there is no Event of Default, Lender or Loan Servicer will remit to Borrower each Cap Payment
received by Lender or Loan Servicer with respect to any month for which Borrower has paid in full the monthly installment of principal and interest or interest only, as applicable, due under the Note. Alternatively, at Lender’s option, so long
as there is no Event of Default, Lender may apply a Cap Payment received by Lender or Loan Servicer with respect to any month to the applicable monthly payment of accrued interest due under the Note if Borrower has paid in full the remaining portion
of such monthly payment of principal and interest or interest only, as applicable. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 4

	 	(b)	 Neither the existence of a Cap Agreement nor anything in this Loan Agreement will relieve Borrower of its
primary obligation to timely pay in full all amounts due under the Note and otherwise due on account of the Indebtedness. 

 ARTICLE
III LOAN SECURITY AND GUARANTY. 
  

	3.01	 Security Instrument. Each Individual Borrower will execute the applicable Security Instrument
dated of even date with this Loan Agreement. Each Security Instrument will be recorded in the applicable land records in the Property Jurisdiction. 

  

	3.02	 Reserve Funds. 

 

	 	(a)	 Security Interest. To secure Borrower’s obligations under this Loan Agreement and to further secure
Borrower’s obligations under the Note and the other Loan Documents, Borrower conveys, pledges, transfers and grants to Lender a security interest pursuant to the Uniform Commercial Code or any other applicable law in and to all money in the
Reserve Funds, as the same may increase or decrease from time to time, all interest and dividends thereon and all proceeds thereof. 

  

	 	(b)	 Supplemental Loan. If this Loan Agreement is entered into in connection with a Supplemental Loan and if
the same Person is or becomes both Senior Lender and Supplemental Lender, then: 

  

	 	(i)	 Borrower assigns and grants to Supplemental Lender a security interest in the Reserve Funds established in
connection with the Senior Indebtedness as additional security for all of Borrower’s obligations under the Supplemental Note. 

  

	 	(ii)	 In addition, Borrower assigns and grants to Senior Lender a security interest in the Reserve Funds established
in connection with the Supplemental Indebtedness as additional security for all of Borrower’s obligations under the Senior Note. 

  

	 	(iii)	 It is the intention of Borrower that all amounts deposited by Borrower in connection with either the Senior
Loan Documents, the Supplemental Loan Documents, or both, constitute collateral for the Supplemental Indebtedness secured by the Supplemental Instrument and the Senior Indebtedness secured by the Senior Instrument, with the application of such
amounts to such Senior Indebtedness or Supplemental Indebtedness to be at the discretion of Senior Lender and Supplemental Lender. 

  

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

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 5

	3.04	 Cap Agreement and Cap Collateral Assignment. 

 

	 	(a)	 Cap Agreement. To protect against fluctuations in interest rates, Borrower must obtain and maintain a
Cap Agreement at all times so long as the Loan is outstanding. The initial Cap Agreement must be successfully bid no later than the Closing Date and be effective for an initial term ending not earlier than the third anniversary of the Closing Date.
Subject to Section 11.22, the initial Cap Agreement must be in a Notional Amount not less than the principal amount of the Loan on the Closing Date and have a Strike Rate that does not exceed the Original Strike Rate. The Cap Agreement,
including any Replacement Cap Agreement, must be from a Cap Provider, be in a form acceptable to Lender, and obligate the Cap Provider to make monthly payments directly to Lender or to Loan Servicer on behalf of Lender in an amount equal to the
excess of (i) the interest on the Notional Amount at the Rate Cap Index Rate over (ii) interest on the Notional Amount at the Strike Rate. 

  

	 	(b)	 Replacement Cap Agreement. At least 60 days prior to the date on which an existing Cap Agreement
terminates, Borrower must give Notice to and provide evidence satisfactory to Lender that Borrower will deliver a Replacement Cap Agreement. Borrower must ensure that the Replacement Cap Agreement is in full force and effect not later than the day
immediately following the expiration of the then-existing Cap Agreement. Any Replacement Cap Agreement must satisfy the requirements for a Cap Agreement in this Loan Agreement and (i) have a term expiring not earlier than one year from its
effective date, (ii) have a Strike Rate that does not exceed the Original Strike Rate, and (iii) subject to Section 11.22, be in a Notional Amount equal to the outstanding principal balance due under the Note on the effective date of
the Replacement Cap Agreement. 

  

	 	(c)	 Attorneys’ Fees and Costs. Borrower must pay or reimburse Lender, upon demand, for all costs and
expenses in connection with the initial Cap Agreement and any Replacement Cap Agreement, including, but not limited to, (i) all Attorneys’ Fees and Costs incurred by Lender, and (ii) the cost of the cap broker, if any.

  

	 	(d)	 Cap Collateral. To secure Borrower’s payment obligations under the Loan, Borrower grants to Lender
a first priority continuing security interest in the Cap Collateral, including any Replacement Cap Agreement. 

  

	 	(e)	 Allocation among Individual Borrowers. Each Individual Borrower must contribute its proportionate share
of the cost of each Cap Agreement required under this Loan Agreement, and all costs associated with the purchase of each Cap Agreement required under this Loan Agreement must be reasonably allocated among Individual Borrowers. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 6

	 	(f)	 Master Rate Cap. Borrower and Lender acknowledge and agree that Borrower’s obligation pursuant to
this Loan Agreement to obtain, maintain and collaterally assign to Lender a Cap Agreement (including any Replacement Cap Agreement) may be satisfied by the purchase of a rate cap (a “Master Rate Cap”) by an entity related to each
Individual Borrower which directly or indirectly holds a controlling interest in each Individual Borrower and is approved by Lender (“Cap Purchaser”), provided that such Master Rate Cap: (i) satisfies all of the requirements
for the Cap Agreement provided herein in Lender’s Discretion, and (ii) is collaterally assigned to Lender pursuant to a hedge assignment and security agreement satisfactory to Lender by and among Cap Purchaser, Lender, and Borrower.
Borrower acknowledges that upon termination of the Master Rate Cap without a replacement Master Rate Cap in place, or if the Master Rate Cap fails at any time to satisfy the requirements of this Loan Agreement relating to the Cap Agreement, such
termination or failure will be an Event of Default hereunder. 

  

	3.05	 Guaranty. Borrower will cause each Guarantor (if any) to execute a Guaranty of all or a portion
of Borrower’s obligations under the Loan Documents effective as of the date of this Loan Agreement. 

  

	3.06	 Assignment of Licenses, Certificates and Permits. 

 

	 	(a)	 Assignment of the Licenses. As additional security for the Loan, to the extent they are assignable,
Borrower hereby transfers, sets over and assigns to Lender, and hereby grants to Lender a security interest in, all of Borrower’s right, title and interest in and to the Licenses and any and all renewals or extensions of the Licenses, together
with all cash and non-cash proceeds thereof. 

  

	 	(b)	 Lender’s Right Upon Event of Default. Without limiting Lender’s rights described elsewhere, if
an Event of Default exists under any Loan Document, then to the extent permitted by applicable law, Lender will have the right to exercise all the rights under the Licenses that any Individual Borrower has. Lender does not assume any obligations or
duties of Borrower concerning the Licenses. 

  

	 	(c)	 Attorney-in-Fact. Each
Individual Borrower irrevocably constitutes and appoints Lender as such Individual Borrower’s attorney-in-fact to demand, receive and enforce such Individual
Borrower’s rights with respect to the Licenses and to do any and all acts in such Individual Borrower’s name or in the name of Lender with the same force and effect as such Individual Borrower could do if this Loan Agreement had not been
made. This appointment will be deemed to be coupled with an interest and irrevocable. 

  

	3.07	 Reserved. 

 

	3.08	 Reserved. 

 

	3.09	 Reserved. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 7

 ARTICLE IV RESERVE FUNDS AND REQUIREMENTS. 

 

	4.01	 Reserves Generally. 

 

	 	(a)	 Establishment of Reserve Funds; Investment of Deposits. Unless otherwise provided in Section 4.03
and/or Section 4.04, each Reserve Fund will be established on the date of this Loan Agreement and each of the following will apply: 

  

	 	(i)	 All Reserve Funds will be deposited in an Eligible Account at an Eligible Institution or invested in
“permitted investments” as then defined and required by the Rating Agencies. 

  

	 	(ii)	 Lender will not be obligated to open additional accounts or deposit Reserve Funds in additional institutions
when the amount of any Reserve Fund exceeds the maximum amount of the federal deposit insurance or guaranty. Borrower acknowledges and agrees that it will not have the right to direct Lender as to any specific investment of monies in any Reserve
Fund. Lender will not be responsible for any losses resulting from investment of monies in any Reserve Fund or for obtaining any specific level or percentage of earnings on such investment. 

 

	 	(b)	 Interest on Reserve Funds; Trust Funds. Unless applicable law requires, Lender will not be required to
pay Borrower any interest, earnings or profits on the Reserve Funds. Any amounts deposited with Lender under this Article IV will not be trust funds, nor will they operate to reduce the Indebtedness, unless applied by Lender for that purpose
pursuant to the terms of this Loan Agreement. 

  

	 	(c)	 ©Use of Reserve Funds. Each Reserve Fund will, except as otherwise provided in this Loan Agreement,
be used for the sole purpose of paying, or reimbursing Borrower for payment of, the item(s) for which the applicable Reserve Fund was established. Borrower acknowledges and agrees that, except as specified in this Loan Agreement, monies in one
Reserve Fund will not be used to pay, or reimburse Borrower for, matters for which another Reserve Fund has been established. 

  

	 	(d)	 Termination of Reserve Funds. Upon the payment in full of the Indebtedness, Lender will pay to Borrower
all funds remaining in any Reserve Funds. 

  

	 	(e)	 Reserved. 

  

	4.02	 Reserves for Taxes, Insurance and Other Charges. 

 

	 	(a)	 Deposits to Imposition Reserve Deposits. Borrower will deposit with Lender on the day monthly
installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to
pay, when due, the items marked “Collect” below. Except as provided in Section 4.02(e), Lender will not require Borrower to make Imposition Reserve Deposits with respect to the items marked “Deferred” below.

 [Deferred] Property Insurance premiums or premiums for other Insurance required by Lender under
Section 6.10 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 8

 [Collect] Taxes and payments in lieu of taxes 

[Deferred] water and sewer charges that could become a Lien on the Mortgaged Property 

[Deferred] Ground Rents 

[Deferred] assessments or other charges that could become a Lien on the Mortgaged Property, including home owner association dues 

The amounts deposited pursuant to this Section 4.02(a) are collectively referred to in this Loan Agreement as the “Imposition
Reserve Deposits.” The obligations of Borrower for which the Imposition Reserve Deposits are required are collectively referred to in this Loan Agreement as “Impositions.” The amount of the Imposition Reserve Deposits must
be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender will maintain records indicating how much of the monthly Imposition Reserve
Deposits and how much of the aggregate Imposition Reserve Deposits held by Lender are held for the purpose of paying Taxes, Insurance premiums, Ground Rent (if applicable) and each other Imposition. 

 

	 	(b)	 Disbursement of Imposition Reserve Deposits. Lender will apply the Imposition Reserve Deposits to pay
Impositions so long as no Event of Default has occurred and is continuing. Lender will pay all Impositions from the Imposition Reserve Deposits held by Lender upon Lender’s receipt of a bill or invoice for an Imposition. If Borrower holds a
ground lessee interest in the Mortgaged Property and Imposition Reserve Deposits are collected for Ground Rent, then Lender will pay the monthly or other periodic installments of Ground Rent from the Imposition Reserve Deposits, whether or not
Lender receives a bill or invoice for such installments. Lender will have no obligation to pay any Imposition to the extent it exceeds the amount of the Imposition Reserve Deposits then held by Lender. Lender may pay an Imposition according to any
bill, statement or estimate from the appropriate public office, Ground Lessor (if applicable) or insurance company without inquiring into the accuracy of the bill, statement or estimate or into the validity of the Imposition. 

 

	 	(c)	 ©Excess or Deficiency of Imposition Reserve Deposits. If at any time the amount of the
Imposition Reserve Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess will be credited against future installments of Imposition Reserve Deposits. If at any time the
amount of the Imposition Reserve Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower will pay to Lender the amount of the deficiency within 15 days after
Notice from Lender. 

  

	 	(d)	 Delivery of Invoices. Borrower will promptly deliver to Lender a copy of all notices of, and invoices
for, Impositions. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 9

	 	(e)	 Deferral of Collection of Any Imposition Reserve Deposits; Delivery of Receipts. If Lender does not
collect an Imposition Reserve Deposit with respect to an Imposition either marked “Deferred” in Section 4.02(a) or pursuant to a separate written deferral by Lender, then on or before the earlier of the date each such Imposition is
due, or the date this Loan Agreement requires each such Imposition to be paid, Borrower will provide Lender with proof of payment of each such Imposition. Upon Notice to Borrower, Lender may revoke its deferral and require Borrower to deposit with
Lender any or all of the Imposition Reserve Deposits listed in Section 4.02(a), regardless of whether any such item is marked “Deferred” (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to
provide timely proof to Lender of such payment, (iii) at any time during the existence of an Event of Default or (iv) upon placement of a Supplemental Loan in accordance with Section 11.11. 

 

	 	(f)	 through (i) are Reserved. 

 

	4.03	 Repairs; Repair Reserve Fund. Reserved. 

 

	4.04	 Replacement Reserve Fund. Reserved. 

 

	4.05	 Rental Achievement Provisions. Reserved. 

 

	4.06	 Debt Service Reserve. Reserved. 

 

	4.07	 Rate Cap Agreement Reserve Fund. As a condition to making the Loan, Lender has required Borrower
to establish the Rate Cap Agreement Reserve Fund to ensure that adequate funds are available for, among other things, the purchase, if applicable, of any Replacement Cap Agreement. 

 

	 	(a)	 Deposits to Rate Cap Agreement Reserve Fund. If the initial Cap Agreement terminates prior to the
Maturity Date, Lender will establish the Rate Cap Agreement Reserve Fund on the Closing Date. Commencing on the date the first installment of principal and/or interest is due under the Note and continuing on the same day for each successive month
until the purchase of the last Replacement Cap Agreement, Borrower must pay to Lender an amount equal to the Rate Cap Reserve Deposit. The delivery of a Master Rate Cap does not negate the Borrower’s obligation to make Rate Cap Reserve Deposit
payments. 

  

	 	(b)	 Adjustments to Rate Cap Reserve Deposit. Lender will re-compute
the amount of the Rate Cap Reserve Deposit every 6 months based on the prevailing cost of the Rate Cap at that time and the anticipated outstanding principal balance due under the Note immediately prior to termination of the then-existing Cap
Agreement. Lender will provide Notice to Borrower of any revised Rate Cap Reserve Deposit. 

  

	 	(c)	 Disbursements from Rate Cap Agreement Reserve Fund. Lender will apply the funds in the Rate Cap
Agreement Reserve Fund to the cost of the Replacement Cap Agreement, unless an Event of Default has occurred and is continuing, in which case Lender at its option may apply such funds to the Indebtedness in any amount

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 10

	 	
and in any order as Lender determines in Lender’s Discretion. To the extent there are funds in the Rate Cap Agreement Reserve Fund in excess of the cost of the Replacement Cap Agreement,
such funds may be applied to pay costs and expenses, including but not limited to, Attorneys’ Fees and Costs related to the Replacement Cap Agreement and to pay the cap broker, if any. In the event that, for any reason, there are insufficient
funds in the Rate Cap Agreement Reserve Fund to purchase a Replacement Cap Agreement, Borrower must fund the amount of any such deficiency, including all costs and expenses, including but not limited to, necessary to pay Attorneys’ Fees and
Costs and the cost of the cap broker, if any. 

  

	 	(d)	 Termination of Rate Cap Agreement Reserve Fund. Upon purchase by Borrower of a Replacement Cap Agreement
with an expiration date on or after the Maturity Date, Borrower will no longer be required to make Rate Cap Reserve Deposits. Any funds remaining in the Rate Cap Agreement Reserve Fund will be returned to Borrower upon the earlier to occur of
(i) purchase of a Replacement Cap Agreement acceptable to Lender, provided no Event of Default has occurred and is continuing, or (ii) payment in full of the Indebtedness. 

 

	4.08	 through 4.20 are Reserved. 

ARTICLE V REPRESENTATIONS AND WARRANTIES. 
 Borrower
represents and warrants to Lender, with respect to each Individual Borrower (both individually and collectively), with respect to each Individual Property (both individually and collectively), with respect to each Individual Facility (both
individually and collectively) and with respect to each Facility Operator (both individually and collectively), as follows as of the date of this Loan Agreement: 
  

	5.01	 Review of Documents. Borrower has reviewed: (a) the Note, (b) the Security Instrument,
(c) the Commitment Letter, and (d) all other Loan Documents. 

  

	5.02	 Condition of Mortgaged Property. Except as Borrower may have disclosed to Lender in writing in
connection with the issuance of the Commitment Letter, the Mortgaged Property has not been damaged by fire, water, wind or other cause of loss, or any previous damage to the Mortgaged Property has been fully restored. 

 

	5.03	 No Condemnation. No part of the Mortgaged Property has been taken in Condemnation or other like
proceeding, and, to the best of Borrower’s knowledge after due inquiry and investigation, no such proceeding is pending or threatened for the partial or total Condemnation or other taking of the Mortgaged Property. 

 

	5.04	 Actions; Suits; Proceedings. 

 

	 	(a)	 There are no judicial, administrative, mediation or arbitration actions, suits or proceedings pending or, to
the best of Borrower’s knowledge, threatened in writing against or affecting Borrower (and, if Borrower is a limited partnership, any of its general partners or if Borrower is a limited liability company, any member of Borrower) or the
Mortgaged Property which, if adversely determined, would have a Material Adverse Effect. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 11

	 	(b)	 Without limiting the generality of subsection (a) above, none of Borrower (and, if any Individual Borrower
is a limited partnership, any of its general partners or if any Individual Borrower is a limited liability company, any member of such Individual Borrower), any Facility Operator, or the Facility are subject to any proceeding, suit or investigation
by any Governmental Authority. Neither any Individual Borrower nor any Facility Operator has received any notice from any Governmental Authority which may, directly or indirectly, or with the passage of time, have a Material Adverse Effect or
otherwise result in any of the following: 

  

	 	(i)	 The imposition of a fine, interim sanction, or final sanction. 

 

	 	(ii)	 A lower reimbursement rate for services rendered to eligible residents. 

 

	 	(iii)	 The Downgrade, revocation, transfer, surrender or suspension, or
non-renewal or reissuance, or any other impairment of any License. 

  

	 	(iv)	 The appointment of a receiver or trustee. 

 

	 	(v)	 Impairment of any Individual Borrower’s or any Facility Operator’s ability to accept and retain
residents. 

  

	 	(vi)	 Impairment of any Individual Borrower’s or Facility Operator’s continued participation in any
Governmental Payor Program, or any successor programs thereto, at current rate certifications. 

  

	5.05	 Environmental. Except as previously disclosed by Borrower to Lender in writing (which written
disclosure may be in certain environmental assessments and other written reports accepted by Lender in connection with the funding of the Indebtedness and dated prior to the date of this Loan Agreement), each of the following is true:

  

	 	(a)	 Borrower has not at any time engaged in, caused or permitted any Prohibited Activities or Conditions on the
Mortgaged Property. 

  

	 	(b)	 To the best of Borrower’s knowledge after due inquiry and investigation, no Prohibited Activities or
Conditions exist or have existed on the Mortgaged Property. 

  

	 	(c)	 The Mortgaged Property does not now contain any underground storage tanks, and, to the best of Borrower’s
knowledge after due inquiry and investigation, the Mortgaged Property has not contained any underground storage tanks in the past. If there is an underground storage tank located on the Mortgaged Property that has been previously disclosed by
Borrower to Lender in writing, that tank complies with all requirements of Hazardous Materials Laws. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 12

	 	(d)	 To the best of Borrower’s knowledge after due inquiry and investigation, Borrower has complied with all
Hazardous Materials Laws, including all requirements for notification regarding releases of Hazardous Materials. Without limiting the generality of the foregoing, all Environmental Permits required for the operation of the Mortgaged Property in
accordance with Hazardous Materials Laws now in effect have been obtained and all such Environmental Permits are in full force and effect. 

  

	 	(e)	 To the best of Borrower’s knowledge after due inquiry and investigation, no event has occurred with
respect to the Mortgaged Property that constitutes, or with the passage of time or the giving of notice, or both, would constitute noncompliance with the terms of any Environmental Permit. 

 

	 	(f)	 There are no actions, suits, claims or proceedings pending or, to the best of Borrower’s knowledge after
due inquiry and investigation, threatened in writing that involve the Mortgaged Property and allege, arise out of, or relate to any Prohibited Activity or Condition. 

 

	 	(g)	 Borrower has received no actual or constructive notice of any written complaint, order, notice of violation or
other communication from any Governmental Authority with regard to air emissions, water discharges, noise emissions or Hazardous Materials, or any other environmental, health or safety matters affecting the Mortgaged Property or any property that is
adjacent to the Mortgaged Property. 

  

	5.06	 Commencement of Work; No Labor or Materialmen’s Claims. Except as set forth on
Exhibit E, prior to the recordation of the applicable Security Instrument, no work of any kind has been or will be commenced or performed upon the Mortgaged Property, and no materials or equipment have been or will be delivered to or upon the
Mortgaged Property, for which the contractor, subcontractor or vendor continues to have any rights including the existence of or right to assert or file a mechanic’s or materialmen’s Lien. If any such work of any kind has been commenced or
performed upon the Mortgaged Property, or if any such materials or equipment have been ordered or delivered to or upon the Mortgaged Property, then prior to the execution of the applicable Security Instrument, Borrower has satisfied each of the
following conditions: 

  

	 	(a)	 Borrower has fully disclosed in writing to both the Lender and the title company issuing the applicable Title
Policy that work has been commenced or performed on the Mortgaged Property, or materials or equipment have been ordered or delivered to or upon the Mortgaged Property. 

 

	 	(b)	 Borrower has obtained and delivered to Lender and the title company issuing the applicable Title Policy Lien
waivers from all contractors, subcontractors, suppliers or any other applicable party, pertaining to all work commenced or performed on the Mortgaged Property, or materials or equipment ordered or delivered to or upon the Mortgaged Property.

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 13

 Borrower represents and warrants that all parties furnishing labor and materials for which a
Lien or claim of Lien may be filed against the Mortgaged Property have been paid in full and, except for such Liens or claims insured against by the applicable Title Policy (which Borrower has disclosed pursuant to Section 5.06(a) and which are
identified on Exhibit E), there are no mechanics’, laborers’ or materialmen’s Liens or claims outstanding for work, labor or materials affecting the Mortgaged Property, whether prior to, equal with or subordinate to the Lien of
the Security Instrument. 
  

	5.07	 Compliance with Applicable Laws and Regulations. 

 

	 	(a)	 To the best of Borrower’s knowledge after due inquiry and investigation, each of the following is true:

  

	 	(i)	 All Improvements and the use of the Mortgaged Property comply with all applicable statutes, rules and
regulations, including all applicable statutes, rules and regulations pertaining to requirements for equal opportunity, anti-discrimination, fair housing, environmental protection, zoning and land use (“legal,
non-conforming” status with respect to uses or structures will be considered to comply with zoning and land use requirements for the purposes of this representation). 

 

	 	(ii)	 The Improvements comply with applicable health, fire, and building codes. 

 

	 	(iii)	 There is no evidence of any illegal activities relating to controlled substances on the Mortgaged Property.

  

	 	(b)	 Without limiting the generality of subsection (a) above, each Individual Borrower, each Facility Operator,
and each Individual Facility (and its operation) and all residential care agreements and residential Leases are in compliance with the applicable provisions of all laws, regulations, ordinances, orders or standards of any Governmental Authority
having jurisdiction over the operation of the applicable Individual Facility (including any Governmental Payor Program requirements and disclosure of ownership and related information requirements), including: 

 

	 	(i)	 Healthcare Laws, Privacy Laws, fire and safety codes and building codes (and no waivers of such requirements
exist at any Individual Facility). 

  

	 	(ii)	 Laws, rules, regulations and published interpretations thereof regulating the preparation and serving of food.

  

	 	(iii)	 Laws, rules, regulations and published interpretations thereof regulating the handling and disposal of medical
or biological waste. 

  

	 	(iv)	 The applicable provisions of all laws, rules, regulations and published interpretations thereof to which any
Individual Borrower or Individual Facility is subject by virtue of its Intended Use. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 14

	 	(v)	 All criteria established to classify the Facility as housing for older persons under the Fair Housing
Amendments Act of 1988. 

  

	 	(c)	 No Individual Borrower has received notice of, or is not aware of, any violation of applicable antitrust laws
or securities laws relating to any Individual Facility, any Individual Borrower, or any Facility Operator. 

  

	5.08	 Access; Utilities; Tax Parcels. The Mortgaged Property (a) has ingress and egress via a
publicly dedicated right of way or via an irrevocable easement permitting ingress and egress, (b) is served by public utilities and services generally available in the surrounding community or otherwise appropriate for the use in which the
Mortgaged Property is currently being utilized, and (c) constitutes one or more separate tax parcels. 

  

	5.09	 Licenses and Permits. 

 

	 	(a)	 With respect to each Individual Property, the applicable Individual Borrower, any applicable Facility Operator
and any applicable Property Manager, and to the best of Borrower’s knowledge, any commercial tenant of the applicable Individual Property, is in possession of all material licenses, permits and authorizations required for use of such Individual
Property, which are valid and in full force and effect as of the date of this Loan Agreement. 

  

	 	(b)	 Without limiting the generality of subsection (a) above, with respect to each Individual Property, each
Individual Borrower has obtained or has caused any applicable Facility Operator to obtain all Licenses necessary to use, occupy or operate such Individual Facility for its Intended Use (such Licenses being in the name of the applicable Individual
Borrower or in the name of a Facility Operator, if any, and in any event in the names of the Persons required by the applicable Governmental Authorities), and all such Licenses are in full force and effect. Borrower has provided Lender with complete
and accurate copies of all Licenses. The Intended Use of each Individual Facility is in conformity with all certificates of occupancy and Licenses and any other restrictions or covenants affecting such Individual Facility. Each Individual Facility
has all equipment, staff and supplies necessary to use and operate such Individual Facility for its Intended Use. 

  

	 	(c)	 Borrower has timely filed or has caused to be timely filed all reports and other information that the Licenses
require to be filed. 

  

	 	(d)	 Each License, and the name of the Person in whose name each License is issued is identified on Exhibit
K, and a true and complete copy of each License is attached as Exhibit K. 

  

	 	(e)	 As of the Closing Date, the Licenses attached as Exhibit K are current and no Individual Borrower has
been subject to or received notice of any pending inquiry, audit, investigative demand or violation that has not been brought to Lender’s attention in writing. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 15

	 	(f)	 Borrower is not aware of any deficiencies, actions or inactions that, in the aggregate, could result in a
suspension, Downgrade, revocation, termination, restriction, or conditioning of any License. 

  

	 	(g)	 There has been no previous assignment or encumbrance of any Licenses except assignments or encumbrances
terminated prior to Borrower entering into this Loan Agreement or collateral assignments or encumbrances terminated by any Facility Operator prior to Borrower entering into this Loan Agreement. 

 

	 	(h)	 Except as set forth on Exhibit K, other than the Licenses attached as Exhibit K, as of the
Closing Date, no other Licenses are required to operate the Facility as it is currently being operated and for its Intended Use. 

  

	 	(i)	 Neither the execution and delivery of the Note, this Loan Agreement, any Security Instrument nor any other Loan
Document, Borrower’s performance under the Loan Documents, nor the recordation of any Security Instrument, nor the exercise of any remedies by Lender pursuant to the Loan Documents, at law or in equity, will adversely affect the Licenses.

  

	5.10	 No Other Interests. To the best of Borrower’s knowledge after due inquiry and investigation,
no Person has (a) any possessory interest in the Mortgaged Property or right to occupy the Mortgaged Property except under and pursuant to the provisions of existing Leases by and between tenants and Borrower (a form of residential lease having
been previously provided to Lender together with the material terms of any and all Non-Residential Leases at the Mortgaged Property), or (b) an option to purchase all or a portion of the Mortgaged
Property or an interest in the Mortgaged Property, except as has been disclosed to and approved in writing by Lender. 

  

	5.11	 Term of Leases. All Leases for residential units with respect to the Mortgaged Property satisfy
each of the following conditions: 

  

	 	(a)	 They are on forms that are customary for similar senior housing facilities in the Property Jurisdiction.

  

	 	(b)	 They are for initial terms of at least 1 month and not more than 2 years (unless otherwise approved in writing
by Lender). 

  

	 	(c)	 They do not include any Corporate Leases (unless otherwise approved in writing by Lender).

  

	 	(d)	 They do not include options to purchase. 

 

	5.12	 No Prior Assignment; Prepayment of Rents. Borrower has (a) not executed any prior assignment
of Rents (other than an assignment of Rents securing any prior indebtedness that is being assigned to Lender, or that is being paid off and discharged with the proceeds of the Loan evidenced by the Note or, if this Loan Agreement is entered into in
connection with a Supplemental Loan, other than an assignment of Rents securing any Senior Indebtedness), and (b) not performed any acts and has not executed, and will not execute,

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 16

	 	
any instrument which would prevent Lender from exercising its rights under any Loan Document. At the time of execution of this Loan Agreement, unless otherwise approved by Lender in writing,
there has been no prepayment of any Rents for more than 2 months prior to the due dates of such Rents other than the last month’s rent, if collected at the time a tenant enters into a Lease. 

 

	5.13	 Illegal Activity. No portion of the Mortgaged Property has been or will be purchased with the
proceeds of any illegal activity. 

  

	5.14	 Taxes Paid. Borrower has filed all federal, state, county and municipal tax returns required to
have been filed by Borrower, and has paid all Taxes which have become due pursuant to such returns or to any notice of assessment received by Borrower, and Borrower has no knowledge of any basis for additional assessment with respect to such Taxes.
To the best of Borrower’s knowledge after due inquiry and investigation, there are not presently pending any special assessments against the Mortgaged Property or any part of the Mortgaged Property. 

 

	5.15	 Title Exceptions. To the best of Borrower’s knowledge after due inquiry and investigation,
none of the items shown in the schedule of exceptions to coverage in any Title Policy will have a Material Adverse Effect on the (a) ability of Borrower to pay the Loan in full, (b) ability of Borrower to use all or any part of the
Mortgaged Property in the manner in which the Mortgaged Property is being used on the Closing Date, except as set forth in Section 6.03, (c) operation of the Mortgaged Property, or (d) value of the Mortgaged Property.

  

	5.16	 No Change in Facts or Circumstances. 

 

	 	(a)	 All information in the application for the Loan submitted to Lender, including all financial statements for the
Mortgaged Property, Borrower, and any Borrower Principal, and all Rent Schedules, reports, certificates, and any other documents submitted in connection with the application (collectively, “Loan Application”) is complete and
accurate in all material respects as of the date such information was submitted to Lender. 

  

	 	(b)	 There has been no change in any fact or circumstance since the Loan Application was submitted to Lender that
would make any information submitted as part of the Loan Application materially incomplete or inaccurate. 

  

	 	(c)	 The organizational structure of Borrower is as set forth in Exhibit H. 

 

	5.17	 Financial Statements. The financial statements of Borrower and each Borrower Principal furnished
to Lender as part of the Loan Application reflect in each case a positive net worth as of the date of the applicable financial statement. 

  

	5.18	 ERISA – Borrower Status. Borrower represents as follows: 

 

	 	(a)	 Borrower is not an “investment company,” or a company under the Control of an “investment
company,” as such terms are defined in the Investment Company Act of 1940, as amended. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 17

	 	(b)	 Borrower is not an “employee benefit plan,” as defined in Section 3(3) of ERISA, which is
subject to Title I of ERISA or a “plan” to which Section 4975 of the Tax Code applies, and the assets of Borrower do not constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA. 

  

	 	(c)	 Borrower is not a “governmental plan” within the meaning of Section 3(32) of ERISA, and is not
subject to state statutes regulating investments or fiduciary obligations with respect to governmental plans. 

  

	5.19	 No Fraudulent Transfer or Preference. No Individual Borrower or Borrower Principal (a) has
made, or is making in connection with and as security for the Loan, a transfer of an interest in the property of Borrower or Borrower Principal to or for the benefit of Lender or otherwise as security for any of the obligations under the Loan
Documents which is or could constitute a voidable preference under federal bankruptcy, state insolvency or similar applicable creditors’ rights laws, or (b) has made, or is making in connection with the Loan, a transfer (including any
transfer to or for the benefit of an insider under an employment contract) of an interest of Borrower or any Borrower Principal in property which is or could constitute a voidable preference under federal bankruptcy, state insolvency or similar
applicable creditors’ rights laws, or (c) has incurred, or is incurring in connection with the Loan, any obligation (including any obligation to or for the benefit of an insider under an employment contract) which is or could constitute a
fraudulent transfer under federal bankruptcy, state insolvency, or similar applicable creditors’ rights laws. 

  

	5.20	 No Insolvency or Judgment. 

 

	 	(a)	 No Pending Proceedings or Judgments. No Individual Borrower or Borrower Principal is (i) the
subject of or a party to (other than as a creditor) any completed or pending bankruptcy, reorganization or insolvency proceeding, or (ii) the subject of any judgment unsatisfied of record or docketed in any court located in the United States.

  

	 	(b)	 Insolvency. Borrower is not presently insolvent, and the Loan will not render Borrower insolvent. As
used in this Section, the term “insolvent” means that the total of all of a Person’s liabilities (whether secured or unsecured, contingent or fixed, or liquidated or unliquidated) is in excess of the value of all of the assets of the
Person that are available to satisfy claims of creditors. 

  

	5.21	 Working Capital. After the Loan is made, Borrower intends to have sufficient working capital,
including cash flow from the Mortgaged Property or other sources, not only to adequately maintain the Mortgaged Property, but also to pay all of Borrower’s outstanding debts as they come due (other than any balloon payment due upon the maturity
of the Loan). Lender acknowledges that no members or partners of Borrower or any Borrower Principal will be obligated to contribute equity to Borrower for purposes of providing working capital to maintain the Mortgaged Property or to pay
Borrower’s outstanding debts except as may otherwise be required under their organizational documents. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 18

	5.22	 Cap Collateral. 

 

	 	(a)	 Borrower has instructed each Cap Provider and any guarantor of a Cap Provider’s obligations to make Cap
Payments directly to Lender or to Loan Servicer on behalf of Lender. 

  

	 	(b)	 Borrower (or Cap Purchaser) has complied with the applicable requirements of the Dodd-Frank Act in purchasing
the initial Cap Agreement. 

  

	5.23	 Ground Lease. Reserved. 

 

	5.24	 Purpose of Loan. The purpose of the Loan is as indicated by the checked boxes below and on
Exhibit Q: 

  

	 	[X]	 Refinance Loan: The Loan is a refinancing of existing indebtedness and, except to the extent
specifically required by Lender, there is to be no change in the ownership of either the Mortgaged Property or Borrower Principals. The intended use of any cash received by Borrower from Lender, to the extent applicable, in connection with the
refinancing has been fully disclosed to Lender. 

  

	 	[    ]	 Acquisition Loan – Mortgaged Property: All of the consideration given or received or to be given or
received in connection with the acquisition of the Mortgaged Property has been fully disclosed to Lender. The Mortgaged Property was or will be purchased from the applicable “Property Seller” identified on Exhibit Q.

 No Individual Borrower or Borrower Principal has or had, directly or indirectly (through a family member or otherwise),
any interest in any Property Seller and the acquisition of the Mortgaged Property is an arm’s-length transaction. To the best of Borrower’s knowledge after due inquiry and investigation, the purchase
price of the Mortgaged Property represents the fair market value of the Mortgaged Property and each Property Seller is not or will not be insolvent subsequent to the sale of the Mortgaged Property. 

 

	 	[    ]	 Acquisition Loan – Membership Interests: All of the consideration given or received or to be given
or received in connection with the acquisition of 100% of the direct or indirect membership interests of the Borrower (“Membership Interests”) has been fully disclosed to Lender. The Membership Interests were or will be purchased
from the applicable “Membership Interests Seller” identified on Exhibit Q. 

 No Borrower
Principal has or had, directly or indirectly (through a family member or otherwise), any interest in any Membership Interests Seller and the acquisition of the Membership Interests is an arm’s-length
transaction. To the best of Borrower’s knowledge after due inquiry and investigation, the purchase price of the Membership Interests represents the fair market value of the Membership Interests and each Membership Interest Seller is not or will
not be insolvent subsequent to the sale of the Membership Interest. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 19

	 	[    ]	 Supplemental Loan: The Loan is a Supplemental Loan and, except to the extent specifically required or
approved by Lender, there has been no change in the ownership of either the Mortgaged Property or Borrower Principals since the date of the Senior Note. The intended use of any cash received by Borrower from Lender, to the extent applicable, in
connection with the Supplemental Loan has been fully disclosed to Lender. 

  

	5.25	 Intended Use. 

 

	 	(a)	 With respect to each Individual Facility, the residential units in such Individual Facility are allocated as
set forth on Exhibit P (“Intended Use”). 

  

	 	(b)	 The number of units set aside as Assisted Living Residences and Independent Living Units may be increased or
decreased without Lender’s consent, subject to Section 5.25(c). 

  

	 	(c)	 For the purposes of this Section 5.25(c), an “Increase in Acuity Mix” means, with respect
to any Individual Facility, (A) the conversion of Independent Living Units to either Assisted Living Residences which are not devoted to Alzheimer’s care, dementia care and/or memory care, or Assisted Living Residences which are devoted to
Alzheimer’s care, dementia care and/or memory care, or (B) the conversion of Assisted Living Residences which are not devoted to Alzheimer’s care, dementia care and/or memory care to Assisted Living Residences which are devoted to
Alzheimer’s care, dementia care and/or memory care. A “Decrease in Acuity Mix” means, with respect to any Individual Facility, (A) the conversion of Assisted Living Residences which are not devoted to Alzheimer’s
care, dementia care and/or memory care to Independent Living Units, or (B) the conversion of Assisted Living Residences which are devoted to Alzheimer’s care, dementia care and/or memory care to either Independent Living Units or Assisted
Living Residences which are not devoted to Alzheimer’s care, dementia care and/or memory care. Without Lender’s prior consent, Borrower may not convert units at any Individual Facility if the accumulated change after giving effect to the
conversion, as a percentage of the total number of units in the applicable Individual Facility on the Closing Date, would be greater than: 

  

	 	(i)	 25% with respect to the accumulated Increase in Acuity Mix; or 

 

	 	(ii)	 10% with respect to the accumulated Decrease in Acuity Mix. 

 

	 	(d)	 The bed count identified in the Intended Use as “Assisted Living Residences devoted to Alzheimer’s
care, dementia care and/or memory care” may vary up to the limits allowed in the current licensing for the applicable Individual Facility, provided that no more than 40% of the beds at the applicable Independent Facility (including any beds
added by the construction of any additional units) may be dedicated to the care of residents with Alzheimer’s disease or other dementia. 

  

	 	(e)	 Reserved. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 20

	5.26	 Furniture, Fixtures, Equipment, and Motor Vehicles. As of the Closing Date, all furniture,
Fixtures, equipment, and motor vehicles located on or used in connection with the Mortgaged Property, and the name of the Person that owns and/or leases each item, if other than the applicable Individual Borrower, is listed on Exhibit L, and
such list is true and complete. 

  

	5.27	 Participant in Federal Programs. Neither Borrower nor any Facility Operator is a participant in
any federal program under which any Governmental Authority may have the right to recover funds by reason of the advance of federal funds. 

  

	5.28	 Certificate of Need. Under applicable laws and regulations as in effect on the date of this Loan
Agreement, if any existing management agreement or operating lease is terminated or Lender acquires any Individual Facility through foreclosure or otherwise, none of Borrower, Lender, any subsequent operator or management agent, or any subsequent
purchaser (through foreclosure or otherwise) must obtain a certificate of need from any Governmental Authority (other than giving of any notice required under the applicable state law or regulation) prior to applying for any License, so long as
neither the type of service nor any unit complement is changed. 

  

	5.29	 Contracts. 

 

	 	(a)	 Exhibit M lists all Contracts in effect as of the date of this Loan Agreement, the names of the parties
to such Contracts and the dates of such Contracts. 

  

	 	(b)	 With regard to each Contract listed in Exhibit M, (i) the Contract is in full force and effect in
accordance with its terms, and (ii) there is no default by any party under the Contract. 

  

	 	(c)	 Borrower has delivered to Lender a copy of each Contract, together with all amendments, modifications,
supplements and renewals thereto in effect as of the date of this Loan Agreement. 

  

	 	(d)	 Except as set forth on Exhibit M, each Contract listed in Exhibit M provides that it is
terminable by Borrower or any Facility Operator upon not more than 30 days’ notice without the necessity of establishing cause and without payment of a penalty or termination fee by Borrower or any Facility Operator or their respective
successors or assigns, except only Third Party Provider Agreements. 

  

	5.30	 Material Contracts. 

 

	 	(a)	 Exhibit N lists all Material Contracts in effect as of the date of this Loan Agreement.

  

	 	(b)	 With regard to each Material Contract listed in Exhibit N: (i) the Material Contract is assignable
by the applicable Individual Borrower, or if no Individual Borrower is a party thereto, by a Facility Operator, without the consent of the other party thereto (or the applicable Individual Borrower and any Facility Operator, as applicable, has
obtained express written consent to the assignment from the other party thereto), except only Third Party Provider Agreements; (ii) no previous 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 21

	 	
assignment of any Individual Borrower’s or any Facility Operator’s interest in the Material Contract has been made except such assignments that have been properly terminated prior to or
concurrently with the execution and delivery of this Loan Agreement; (iii) the Material Contract is in full force and effect in accordance with its terms; and (iv) there is no default by any party under the Material Contract.

  

	 	(c)	 Borrower has delivered to Lender a copy of each Material Contract, together with all amendments, modifications,
supplements and renewals thereto in effect as of the date of this Loan Agreement. 

  

	 	(d)	 Each Material Contract listed in Exhibit N provides that it is terminable upon not more than 30 days
notice without the necessity of establishing cause and without payment of a penalty or termination fee by Borrower or any Facility Operator or their respective successors or assigns, except only Third Party Provider Agreements.

  

	5.31	 No Financing Statements. Except for termination statements and continuation statements, during
the 45-day period prior to the date of this Loan Agreement, there have been no UCC financing statements filed with respect to any of the UCC Collateral listing as debtor any Individual Borrower, any Facility
Operator, or any Individual Facility’s common name. 

  

	5.32	 Governmental Payor Programs. If Borrower or any Facility Operator or Property Manager
participates in any Governmental Payor Program in connection with the operation of any Individual Facility, all of the following are true: 

  

	 	(a)	 The applicable Individual Facility is in compliance in all material respects with the requirements for
participation in the Governmental Payor Program, including the Medicare and Medicaid Patient Protection Act of 1987. 

  

	 	(b)	 The applicable Individual Facility conforms in all material respects to all insurance, reimbursement and cost
reporting requirements, and has a current provider agreement under Title XVIII and/or XIX of the Social Security Act or any other applicable laws for reimbursement necessary for its Intended Use. 

 

	 	(c)	 There is no action pending or threatened to terminate the applicable Individual Facility’s participation
in the Governmental Payor Program nor is there any decision not to renew any provider agreement related to such Individual Facility, nor is there any action pending or threatened to impose material intermediate or alternative sanctions with respect
to such Individual Facility. 

  

	 	(d)	 All Governmental Payor Program cost reports and financial reports submitted by Borrower, any Facility Operator,
or any Property Manager for the applicable Individual Facility are materially accurate and complete and have not been misleading in any material respects. 

  

	 	(e)	 No cost reports for the applicable Individual Facility remain “open” or unsettled, except as
otherwise disclosed in writing to Lender. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 22

	 	(f)	 The execution and delivery of the Note, this Loan Agreement, the Security Instrument, or any other Loan
Document, Borrower’s performance under the Loan Documents, the recordation of the Security Instrument, and the exercise of any remedies by Lender, will not do any of the following: 

 

	 	(i)	 Adversely affect the right by Borrower, a Facility Operator, or the applicable Individual Facility to receive
Governmental Payor Program payments and reimbursements with respect to the Facility. 

  

	 	(ii)	 Materially reduce the Governmental Payor Program payments and reimbursements which Borrower or a Facility
Operator is receiving as of the date of this Loan Agreement. 

  

	 	(g)	 If any existing management agreement or operating lease is terminated or Lender acquires the applicable
Individual Facility through foreclosure or otherwise, none of the Borrower, Lender, any subsequent management agent, any subsequent operator of the Facility, or any subsequent purchaser (through foreclosure or otherwise) will be required to obtain a
certificate of need from any Governmental Authority (other than giving of any notice required under the applicable state law or regulation) prior to receiving certification to receive Governmental Payor Program payments (or any successor programs)
for residents having coverage under any Governmental Payor Program so long as neither the type of service nor any unit complement is changed. 

  

	5.33	 Third-Party Payor Programs and Private Commercial Insurance Managed Care and Employee Assistance
Programs. 

  

	 	(a)	 The Facility conforms in all material respects with all insurance, reimbursement and cost reporting
requirements. 

  

	 	(b)	 There is no threatened or pending revocation, suspension, termination, probation, restriction, limitation or
nonrenewal affecting Borrower or any Facility Operator, of any private commercial insurance managed care or employee assistance program to which Borrower or any Facility Operator is subject. 

 

	 	(c)	 All private insurance cost reports and financial reports submitted by Borrower, any Facility Operator, or any
Property Manager for the Facility are materially accurate and complete and have not been misleading in any material respects. 

  

	 	(d)	 No cost reports for the Facility remain “open” or unsettled, except as otherwise disclosed in writing
to Lender. 

  

	5.34	 No Transfer or Pledge of Licenses. The Licenses, including the certificate of need, may not be,
and have not been, transferred to any location other than the applicable Individual Facility, have not been pledged as collateral security for any other loan or indebtedness, and are held free from restrictions or known conflicts that would
materially impair the use or operation of the applicable Individual Facility for its Intended Use, and are not provisional, probationary, or restricted in any way. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 23

	5.35	 No Pledge of Receivables. Neither Borrower nor any Facility Operator has pledged its receivables
as collateral security for any other loan or indebtedness. 

  

	5.36	 Patient and Resident Care Agreements. There are no patient or resident care agreements with
patients or residents or with any other Persons that deviate in any material adverse respect from the standard form customarily used at a comparable facility or which conflict with any statutory or regulatory requirements. 

 

	5.37	 Patient and Resident Records. All patient or resident records at each Individual Facility,
including patient or resident trust fund accounts, are true and correct in all material respects. 

  

	5.38	 No Facility Deficiencies, Enforcement Actions or Violations. 

 

	 	(a)	 No Individual Facility has received a “Level A” (or equivalent) violation, and no statement of
charges or deficiencies has been made or penalty enforcement action has been undertaken against any Individual Facility, any Property Manager, any Facility Operator or any Individual Borrower (or any officer, director or stockholder of any of the
foregoing) by any Governmental Authority during the last 3 calendar years, and there have been no violations over the past 3 calendar years which have threatened any certification of any Individual Facility, any Property Manager, any Facility
Operator or any Individual Borrower for participation in any Governmental Payor Program. 

  

	 	(b)	 Reserved. 

  

	5.39	 Seniors Housing Operator. Reserved. 

 

	5.40	 Recycled SPE Borrower. Reserved. 

 

	5.41	 Recycled SPE Equity Owner. Reserved. 

 

	5.42	 through 5.50 are Reserved. 

 

	5.51	 Survival. The representations and warranties set forth in this Loan Agreement will survive until the
Indebtedness is paid in full; however, the representations and warranties set forth in Section 5.05 will survive beyond repayment of the entire Indebtedness, to the extent provided in Section 10.02(i). 

 

	5.52	 through 5.57 are Reserved. 

 

	5.58	 Prohibited Parties Lists. 

 

	 	(a)	 Borrower is not identified and to the best of Borrower’s knowledge after due inquiry and investigation, no
Borrower Principal nor any Non-U.S. Equity Holder is identified on the OFAC Lists. 

  

	 	(b)	 Borrower is not listed and to the best of Borrower’s knowledge after due inquiry and investigation, no
Borrower Principal is listed on the FHFA SCP List. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 24

	5.59	 AML Laws. None of Borrower or to the best of Borrower’s knowledge after due inquiry and
investigation, any Borrower Principal or any Non-U.S. Equity Holder: 

  

	 	(a)	 Has been convicted of a violation of the AML Laws or been the subject of a final enforcement action relating to
the AML Laws. 

  

	 	(b)	 Is the subject of any pending proceedings for any violation of the AML Laws. 

 

	5.60	 Internal Controls. Borrower has in place and to the best of Borrower’s knowledge after due
inquiry and investigation, Borrower has determined that each Borrower Principal has in place, practices and procedures for the admission of investors which prevent the admission of: 

 

	 	(a)	 Any investor that is in violation of any criminal or civil law or regulation intended to prevent money
laundering or the funding of terrorist or illegal drug trafficking activities. 

  

	 	(b)	 Any Person that will have a 25% or more direct or indirect ownership (or other economic) interest in
(i) any Individual Borrower or (ii) the aggregate of all Individual Borrowers (any such interest, a “25% Equity Interest” and any such Person, a “25% Equity Holder”) that is on the Prohibited Parties
Lists. 

  

	 	(c)	 Any Non-U.S. Equity Holder that is on the OFAC Lists.

  

	5.61	 Crowdfunding. Except as has been disclosed in writing to and approved in writing by Lender, no
25% Equity Interest has been marketed or sold to investors through any form of Crowdfunding. 

  

	5.62	 through 5.65 are Reserved. 

ARTICLE VI BORROWER COVENANTS. 
 Borrower covenants and
agrees with Lender, with respect to each Individual Borrower (both individually and collectively), with respect to each Individual Property (both individually and collectively), with respect to each Individual Facility (both individually and
collectively) and with respect to each Facility Operator (both individually and collectively),, as follows: 
  

	6.01	 Compliance with Laws. Borrower will comply with all laws, ordinances, rules, regulations and
requirements of any Governmental Authority having jurisdiction over the Mortgaged Property and all licenses and permits and all recorded covenants and agreements relating to or affecting the Mortgaged Property, including all laws, ordinances,
regulations, requirements and covenants pertaining to health and safety, construction of improvements on the Mortgaged Property, Repairs, Capital Replacements, fair housing, disability accommodation, zoning and land use, applicable building codes,
special use permits and environmental regulations, Leases and the maintenance and disposition of tenant security deposits. Borrower will take appropriate measures to prevent, and will not engage in or knowingly permit, any illegal activities at the
Mortgaged Property, including those that could endanger tenants or visitors, result in damage to the Mortgaged Property, result in forfeiture of the Mortgaged Property, or otherwise materially impair the Lien created by the Security Instrument or
Lender’s interest in the Mortgaged Property. Borrower will at all times maintain records sufficient to demonstrate compliance with the provisions of this Section 6.01. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 25

	6.02	 Compliance with Organizational Documents. Borrower will at all times comply with all laws,
regulations and requirements of any Governmental Authority relating to Borrower’s formation, continued existence and good standing in its state of formation and, if different, in the Property Jurisdiction. Borrower will at all times comply with
its organizational documents, including its partnership agreement (if Borrower is a partnership), its by-laws (if Borrower is a corporation or housing cooperative corporation or association) or its operating
agreement (if Borrower is a limited liability company or tenancy-in-common). If Borrower is a housing cooperative corporation or association, Borrower will at all times
maintain its status as a “cooperative housing corporation” as such term is defined in Section 216(b) of the Internal Revenue Code of 1986, as amended, or any successor statute thereto. 

 

	6.03	 Use of Mortgaged Property. 

 

	 	(a)	 Unless required by applicable law, without the prior written consent of Lender, Borrower will not, and will not
permit any Facility Operator to, take any of the following actions: 

  

	 	(i)	 Allow changes in the use for which all or any part of the Mortgaged Property is being used at the time this
Loan Agreement is executed. 

  

	 	(ii)	 Convert any individual dwelling units or common areas to commercial use. 

 

	 	(iii)	 Initiate a change in the zoning classification of the Mortgaged Property or acquiesce to a change in the zoning
classification of the Mortgaged Property. 

  

	 	(iv)	 Establish any condominium or cooperative regime with respect to the Mortgaged Property beyond any which may be
in existence on the date of this Loan Agreement. 

  

	 	(v)	 Combine all or any part of the Mortgaged Property with all or any part of a tax parcel which is not part of the
Mortgaged Property. 

  

	 	(vi)	 Subdivide or otherwise split any tax parcel constituting all or any part of the Mortgaged Property.

  

	 	(vii)	 Add to or change any location at which any of the Mortgaged Property is stored, held or located unless Borrower
(A) gives Notice to Lender within 30 days after the occurrence of such addition or change, (B) executes and delivers to Lender any modifications of or supplements to this Loan Agreement that Lender may require, and (C) authorizes the
filing of any financing statement which may be filed in connection with this Loan Agreement, as Lender may require. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 26

	 	(viii)	 Convert, in whole or in part, any non-residential income producing
units to non-income producing units. 

  

	 	(b)	 Without the prior written consent of Lender, which may be granted or withheld in Lender’s discretion,
Borrower will not, and will not permit any Facility Operator to, provide or contract for skilled nursing care, assisted living care, Alzheimer’s care, memory care or dementia care for any of the residents other than that level of care which
both (i) is consistent with the Intended Use and (ii) is permissible for the applicable Individual Borrower or Facility Operator to provide at the applicable Individual Facility under (A) applicable Healthcare Laws, and
(B) applicable Licenses. 

  

	 	(c)	 Notwithstanding anything contained in this Section to the contrary, if Borrower is a housing cooperative
corporation or association, Lender acknowledges and consents to Borrower’s use of the Mortgaged Property as a housing cooperative. 

  

	6.04	 Non-Residential Leases. 

 

	 	(a)	 Prohibited New Non-Residential Leases or Modified Non-Residential Leases. Borrower will not enter into any New Non-Residential Lease, enter into any Modified Non-Residential Lease or
terminate any Non-Residential Lease (including any Non-Residential Lease in existence on the date of this Loan Agreement) without the prior written consent of Lender.

  

	 	(b)	 Reserved. 

  

	 	(c)	 Executed Copies of Non-Residential Leases. Borrower will, without
request by Lender, deliver a fully executed copy of each Non-Residential Lease to Lender promptly after such Non-Residential Lease is signed. 

 

	 	(d)	 Subordination and Attornment Requirements. All Non-Residential Leases
entered into after the date of this Loan Agreement, regardless of whether Lender’s consent or approval is required, will specifically include the following provisions: 

 

	 	(i)	 The tenant will attorn to Lender and any purchaser at a foreclosure sale, such attornment to be self-executing
and effective upon acquisition of title to the Mortgaged Property by any purchaser at a foreclosure sale or by Lender in any manner. 

  

	 	(ii)	 The tenant agrees to execute such further evidences of attornment as Lender or any purchaser at a foreclosure
sale may from time to time request. 

  

	 	(iii)	 The tenant will, upon receipt of a written request from Lender following the occurrence of and during the
continuance of an Event of Default, pay all Rents payable under the Lease to Lender. 

  

	 	(iv)	 If Lender or a purchaser at a foreclosure sale so elects, the Lease will not be terminated by foreclosure or
any other transfer of the Mortgaged Property. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 27

	 	(v)	 After a foreclosure sale of the Mortgaged Property, Lender or any other purchaser at such foreclosure sale may,
at Lender’s or such purchaser’s option, accept or terminate such Lease without payment of any fee or penalty. 

  

	6.05	 Prepayment of Rents. Borrower will not receive or accept Rent under any Lease (whether a
residential Lease or a Non-Residential Lease) for more than 2 months in advance. 

  

	6.06	 Inspection. 

 

	 	(a)	 Right of Entry. Subject to the rights of tenants under Leases, Borrower will permit Lender, its agents,
representatives and designees and any interested Governmental Authority to make or cause to be made entries upon and inspections of the Mortgaged Property to inspect, among other things: (i) Repairs, (ii) Capital Replacements,
(iii) Restorations, (iv) Property Improvement Alterations, and (v) any other Improvements, both in process and upon completion (including environmental inspections and tests performed by professional inspection engineers) during normal
business hours, or at any other reasonable time, upon reasonable Notice to Borrower if the inspection is to include occupied residential units (which Notice need not be in writing). During normal business hours, or at any other reasonable time,
Borrower will also permit Lender to examine all books and records and contracts and bills pertaining to the foregoing. Notice to Borrower will not be required in the case of an emergency, as determined in Lender’s Discretion, or when an Event
of Default has occurred and is continuing. 

  

	 	(b)	 Inspection of Mold. If Lender determines that Mold has or may have developed as a result of a water
intrusion event or leak, Lender, at Lender’s Discretion, may require that a professional inspector inspect the Mortgaged Property to confirm whether Mold has developed and, if so, thereafter as frequently as Lender determines is necessary until
any issue with Mold and its cause(s) are resolved to Lender’s satisfaction. Such inspection will be limited to a visual and olfactory inspection of the area that has experienced the Mold, water intrusion event or leak. Borrower will be
responsible for the cost of each such professional inspection and any remediation deemed to be necessary as a result of the professional inspection. After any issue with Mold is remedied to Lender’s satisfaction, Lender will not require a
professional inspection any more frequently than once every 3 years unless Lender otherwise becomes aware of Mold as a result of a subsequent water intrusion event or leak. 

 

	 	(c)	 Certification in Lieu of Inspection. If Lender or Loan Servicer determines not to conduct an annual
inspection of the Mortgaged Property, and in lieu thereof Lender requests a certification, Borrower will provide to Lender a factually correct certification, each year that the annual inspection is waived, to the following effect:

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 28

 Borrower has not received any written complaint, notice, letter or other written
communication from any tenant, Property Manager, Facility Operator or governmental authority regarding mold, fungus, microbial contamination or pathogenic organisms (“Mold”) or any activity, condition, event or omission that causes
or facilitates the growth of Mold on or in any part of the Mortgaged Property or, if Borrower has received any such written complaint, notice, letter or other written communication, that Borrower has investigated and determined that no Mold
activity, condition or event exists or alternatively has fully and properly remediated such activity, condition, event or omission in compliance with the Moisture Management Plan for the Mortgaged Property. 

If Borrower is unwilling or unable to provide such certification, Lender may require a professional inspection of the Mortgaged Property at
Borrower’s expense. 
  

	6.07	 Books and Records; Financial Reporting. 

 

	 	(a)	 Delivery of Books and Records. 

 

	 	(i)	 Borrower will keep and maintain at all times at the Mortgaged Property, Borrower’s main business office,
or the Property Manager’s or Facility Operator’s office, and upon Lender’s request will make available at the Mortgaged Property (or, at Borrower’s option, at the Property Manager’s or Facility Operator’s office),
complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property and copies of all written contracts, Leases, and other instruments which
affect the Mortgaged Property. The books, records, contracts, Leases and other instruments will be subject to examination and inspection by Lender at any reasonable time (“Books and Records”). 

 

	 	(ii)	 Borrower will keep the Books and Records in accordance with one of the following accounting methods,
consistently applied, and Borrower will promptly provide Lender Notice of any change in Borrower’s accounting methods: 

  

	 	(A)	 Generally accepted accounting principles (GAAP). 

 

	 	(B)	 Tax method of accounting, if under the tax method of accounting, the accrual basis is used for interest
expense, real estate taxes and insurance expense, and the cash basis is used for all other items, including income, prepaid rent, utilities and payroll expense. Financial statements may exclude depreciation and amortization. 

 

	 	(C)	 Such other method that is acceptable to Lender. 

 

	 	(b)	 Delivery of Statement of Income and Expenses; Rent Schedule and Other Statements. Borrower will furnish
to Lender each of the following: 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 29

	 	(i)	 Within 25 days after the end of each calendar quarter prior to Securitization and within 35 days after each
calendar quarter after Securitization, each of the following: 

  

	 	(A)	 A Rent Schedule for each Individual Property dated no earlier than the date that is 5 days prior to the end of
such quarter. 

  

	 	(B)	 A statement of income and expenses for Borrower (both on an individual and a consolidated basis) that is either
of the following: 

  

	 	(1)	 For the 12 month period ending on the last day of such quarter. 

 

	 	(2)	 If at the end of such quarter Borrower or any Affiliate of Borrower has owned the Mortgaged Property for less
than 12 months, for the period commencing with the acquisition of the Mortgaged Property by Borrower or its Affiliate, and ending on the last day of such quarter. 

 

	 	(C)	 When requested by Lender, a balance sheet showing all assets and liabilities of Borrower as of the end of that
fiscal quarter. 

  

	 	(ii)	 Within 90 days after the end of each fiscal year of Borrower, each of the following: 

 

	 	(A)	 An annual statement of income and expenses for Borrower for that fiscal year (both on an individual and a
consolidated basis). 

  

	 	(B)	 A balance sheet showing all assets and liabilities of Borrower as of the end of that fiscal year (for each
Individual Borrower on an individual basis and for all Individual Borrowers on a consolidated basis). 

  

	 	(C)	 An accounting for each Individual Property of all security deposits held pursuant to all Leases, including the
name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release
necessary for Lender to access information regarding such accounts. 

  

	 	(iii)	 Within 30 days after the date of filing, copies of all tax returns filed by Borrower. 

 

	 	(c)	 Additional Reporting Requirements Upon Request. Borrower will furnish to Lender each of the following:

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 30

	 	(i)	 Upon Lender’s request, in Lender’s sole and absolute discretion prior to a Securitization, and
thereafter upon Lender’s request in Lender’s Discretion, a monthly Rent Schedule for each Individual Property and a monthly statement of income and expenses for each Individual Borrower, in each case within 25 days after the end of each
month. 

  

	 	(ii)	 Upon Lender’s request in Lender’s sole and absolute discretion prior to a Securitization, and
thereafter upon Lender’s request in Lender’s Discretion, within 10 days after such a request from Lender, each of the following: 

  

	 	(A)	 A statement that identifies all Managers and owners of any direct interest in Borrower and any Designated
Entity for Transfers and the interest held by each (unless Borrower or any Designated Entity for Transfers is a publicly-traded entity, in which case such statement of ownership will not be required), and if Borrower or a Designated Entity for
Transfers is a corporation, then all officers and directors of Borrower and the Designated Entity for Transfers. 

  

	 	(B)	 To the extent not included in the statement provided under Section 6.07(c)(ii)(A), a statement that
identifies (1) all 25% Equity Holders, and (2) all Non-U.S. Equity Holders. 

  

	 	(iii)	 Upon Lender’s request in Lender’s Discretion, such other financial information or property management
information (including information on tenants under Leases to the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an
accounting of security deposits) as may be required by Lender from time to time, in each case within 30 days after such request. 

  

	 	(iv)	 Upon Lender’s request in Lender’s Discretion, a monthly property management report for each
Individual Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by Lender within 30 days after such request.
However, Lender will not require the foregoing more frequently than quarterly except when there has been an Event of Default and such Event of Default is continuing, in which case Lender may require Borrower to furnish the foregoing more frequently.

  

	 	(d)	 Form of Statements; Audited Financials. A natural person having authority to bind Borrower (or the SPE
Equity Owner or Guarantor, as applicable), acting in his or her capacity as a manager, general partner or an officer of Borrower, SPE Equity Owner, or Guarantor and not in his or her individual capacity, will certify each of the statements,
schedules and reports required by Sections 6.07(b), 6.07(c) and 6.07(f) to be complete and accurate. Each of the statements, schedules and reports required by Sections 6.07(b), 6.07(c) and 6.07(f) will be in such form and contain

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 31

	 	
such detail as Lender may reasonably require. Lender also may require that any of the statements, schedules or reports listed in Sections 6.07(b), 6.07(c) and 6.07(f) be audited at
Borrower’s expense by independent certified public accountants acceptable to Lender, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial
statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property. 

  

	 	(e)	 Failure to Timely Provide Financial Statements or Additional Reporting. If Borrower fails to provide in
a timely manner the statements, schedules and reports required by Sections 6.07(b), 6.07(c) and 6.07(f), Lender will give Notice to Borrower specifying the statements, schedules and reports required by Sections 6.07(b), 6.07(c) and 6.07(f) that
Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then (i) Borrower will pay a late fee of $500 per Individual Property for each late
statement, schedule or report, plus an additional $500 per Individual Property per month that any such statement, schedule or report continues to be late, and (ii) Lender will have the right to have Borrower’s books and records audited, at
Borrower’s expense, by independent certified public accountants selected by Lender in order to obtain such statements, schedules and reports, and all related costs and expenses of Lender will become immediately due and payable and will become
an additional part of the Indebtedness as provided in Section 9.02. Notice to Borrower of Lender’s exercise of its rights to require an audit will not be required in the case of an emergency, as determined in Lender’s Discretion, or
when an Event of Default has occurred and is continuing. 

  

	 	(f)	 Delivery of Guarantor and SPE Equity Owner Financial Statements. Borrower will cause Guarantor and/or
SPE Equity Owner to deliver each of the following to Lender within 10 Business Days following Lender’s request: 

  

	 	(i)	 Guarantor’s or SPE Equity Owner’s (as applicable) balance sheet and profit and loss statement (or if
such party is a natural person, such party’s personal financial statements) as of the end of (A) the quarter that ended at least 30 days prior to the due date of the requested items, and/or (B) the fiscal year that ended at least 90
days prior to the due date of the requested items. 

  

	 	(ii)	 Other Guarantor or SPE Equity Owner (as applicable) financial statements as Lender may reasonably require.

  

	 	(iii)	 Written updates on the status of all litigation proceedings that Guarantor or SPE Equity Owner (as applicable)
disclosed or should have disclosed to Lender as of the Closing Date. 

  

	 	(iv)	 If an Event of Default has occurred and is continuing, copies of Guarantor’s or SPE Equity Owner’s
(as applicable) most recent filed state and federal tax returns, including any current tax return extensions. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 32

	 	(g)	 Reporting Upon Event of Default. If an Event of Default has occurred and is continuing, Borrower will
deliver to Lender upon written demand all books and records relating to the Mortgaged Property or its operation. 

  

	 	(h)	 Credit Reports. Borrower authorizes Lender to obtain a credit report on Borrower at any time.

  

	 	(i)	 Reserved. 

  

	 	(j)	 Reserved. 

  

	6.08	 Taxes; Operating Expenses; Ground Rents. 

 

	 	(a)	 Payment of Taxes and Ground Rent. Subject to the provisions of Sections 6.08(c) and (d), Borrower will
pay or cause to be paid (i) all Taxes when due and before the addition of any interest, fine, penalty or cost for nonpayment, and (ii) if Borrower’s interest in the Mortgaged Property is as a Ground Lessee, then the monthly or other
periodic installments of Ground Rent before the last date upon which each such installment may be made without penalty or interest charges being added. 

  

	 	(b)	 Payment of Operating Expenses. Subject to the provisions of Section 6.08(c), Borrower will
(i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest
charge being added, and (ii) pay Insurance premiums prior to the expiration date of each policy of Insurance. 

  

	 	(c)	 Payment of Impositions and Reserve Funds. If Lender is collecting Imposition Reserve Deposits pursuant
to Article IV, then so long as no Event of Default exists, Borrower will not be obligated to pay any Imposition for which Imposition Reserve Deposits are being collected, whether Taxes, Insurance premiums, Ground Rent (if applicable) or any other
individual Impositions, but only to the extent that sufficient Imposition Reserve Deposits are held by Lender for the purpose of paying that specific Imposition and Borrower has timely delivered to Lender any bills or premium notices that it has
received with respect to that specific Imposition (other than Ground Rent). Lender will have no liability to Borrower for failing to pay any Impositions to the extent that: (i) any Event of Default has occurred and is continuing,
(ii) insufficient Imposition Reserve Deposits are held by Lender at the time an Imposition becomes due and payable, or (iii) Borrower has failed to provide Lender with bills and premium notices as provided in this Section.

  

	 	(d)	 Right to Contest. Borrower, at its own expense, may contest by appropriate legal proceedings, conducted
diligently and in good faith, the amount or validity of any Imposition other than Insurance premiums and Ground Rent (if applicable), if: (i) Borrower notifies Lender of the commencement or expected commencement of such proceedings,
(ii) the Mortgaged Property is not in danger of being sold or forfeited, (iii) if Borrower has not already paid the Imposition, Borrower deposits 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 33

	 	
with Lender reserves sufficient to pay the contested Imposition, if requested by Lender, and (iv) Borrower furnishes whatever additional security is required in the proceedings or is
reasonably requested by Lender, which may include the delivery to Lender of reserves established by Borrower to pay the contested Imposition. 

  

	6.09	 Preservation, Management and Maintenance of Mortgaged Property. 

 

	 	(a)	 Maintenance of Mortgaged Property; No Waste. Borrower will keep the Mortgaged Property in good repair,
including the replacement of Personalty and Fixtures with items of equal or better function and quality. Borrower will not commit waste or permit impairment or deterioration of the Mortgaged Property. 

 

	 	(b)	 Abandonment of Mortgaged Property. Borrower will not abandon the Mortgaged Property.

  

	 	(c)	 Preservation of Mortgaged Property. 

 

	 	(i)	 Borrower will restore or repair promptly, in a good and workmanlike manner, any damaged part of the Mortgaged
Property to the equivalent of its original condition, or such other condition as Lender may approve in writing, whether or not Insurance proceeds or Condemnation awards are available to cover any costs of such Restoration or repair; provided,
however, that Borrower will not be obligated to perform such Restoration or repair if (A) no Event of Default has occurred and is continuing, and (B) Lender has elected to apply any available Insurance proceeds and/or Condemnation awards
to the payment of Indebtedness pursuant to Section 6.10(l) or Section 6.11(d). 

  

	 	(ii)	 Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and
defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. 

  

	 	(d)	 Property Management. Borrower will provide for professional management of the Mortgaged Property by the
Property Manager at all times under a property management agreement approved by Lender in writing. Borrower will not surrender, terminate, cancel, modify, renew or extend its property management agreement, or enter into any other agreement relating
to the management or operation of the Mortgaged Property with Property Manager or any other Person, or consent to the assignment by the Property Manager of its interest under such property management agreement, in each case without the consent of
Lender, which consent will not be unreasonably withheld. 

  

	 	(i)	 If at any time Lender consents to the appointment of a new Property Manager, such new Property Manager and
Borrower will, as a condition of Lender’s consent, execute an Assignment of Management Agreement in a form acceptable to Lender. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 34

	 	(ii)	 If any such replacement Property Manager is an Affiliate of Borrower, and if a nonconsolidation opinion was
delivered on the Closing Date, Borrower will deliver to Lender an updated nonconsolidation opinion in form and substance satisfactory to Lender with regard to nonconsolidation. 

 

	 	(iii)	 Reserved. 

  

	 	(e)	 Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to)
remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the
following is permitted: 

  

	 	(i)	 Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.

  

	 	(ii)	 Any repairs or replacements made in connection with the replacement of tangible Personalty.

  

	 	(iii)	 If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent
permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement. 

  

	 	(iv)	 Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant
to Sections 6.09(a) and (c). 

  

	 	(v)	 Property Improvement Alterations, provided that each of the following conditions is satisfied:

  

	 	(A)	 At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to
Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information: 

  

	 	(1)	 The expected start date and completion date of the Property Improvement Alterations. 

 

	 	(2)	 A description of the anticipated Property Improvement Alterations to be made. 

 

	 	(3)	 The projected budget of the Property Improvement Alterations and the source of funding. 

If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall
scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms),
then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A). 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 35

	 	(B)	 The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without
prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date. 

  

	 	(C)	 Neither the performance nor completion of the Property Improvement Alterations may result in any of the
following: 

  

	 	(1)	 An adverse effect on any Major Building System. 

 

	 	(2)	 A change in residential unit configurations on a permanent basis. 

 

	 	(3)	 An increase or decrease in the total number of residential units. 

 

	 	(4)	 The demolition of any existing Improvements. 

 

	 	(5)	 A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to
units without a reasonable alternative access provided during the period of renovation which causes the obstruction. 

  

	 	(D)	 Reserved. 

  

	 	(E)	 The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the
following conditions: 

  

	 	(1)	 The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly
agreed by Lender in writing). 

  

	 	(2)	 The Leases are on arms’ length terms and conditions. 

 

	 	(3)	 The Leases otherwise satisfy the requirements of the Loan Documents. 

 

	 	(F)	 The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference
to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 36

	 	(G)	 Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following
to the Lender: 

  

	 	(1)	 Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit
O (“Certificate of Completion”). 

  

	 	(2)	 Any other certificates or approval, acceptance or compliance required by Lender, including certificates of
occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications. 

 

	 	(H)	 Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property
Improvement Alterations. 

  

	 	(I)	 While Property Improvement Alterations that result in individual residential units not being available for
leasing are ongoing, if a Rent Schedule shows that the occupancy of the applicable Individual Property being altered has decreased to less than the applicable Minimum Occupancy, Borrower must take each of the following actions:

  

	 	(1)	 Complete all pending Property Improvement Alterations to such individual residential units in a timely manner
until the applicable Individual Property satisfies the applicable Minimum Occupancy requirement. 

  

	 	(2)	 Suspend any additional Property Improvement Alterations on the applicable Individual Property which would cause
residential units to be unavailable for leasing until the applicable Individual Property satisfies the applicable Minimum Occupancy requirement. 

  

	 	(J)	 If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will
deliver to Lender, upon Lender’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request. 

 

	 	(K)	 At no time during the term of the Loan may any outstanding amounts expended by Borrower for services and/or
materials in connection with Property Improvement Alterations at an Individual Property that are then due and payable exceed 10% of the applicable Allocated Loan Amount. 

 

	 	(vi)	 Reserved. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 37

	 	(vii)	 Reserved. 

  

	 	(viii)	 Reserved. 

  

	 	(f)	 Establishment of MMP. If required by Lender, Borrower will have or will establish and will adhere to the
MMP. If Borrower is required to have an MMP, Borrower will keep all MMP documentation at the applicable Individual Property or at the Property Manager’s or Facility Operator’s office and available for review by Lender or the Loan Servicer
during any annual assessment or other inspection of the applicable Individual Property that is required by Lender. At a minimum, the MMP must contain a provision for: (i) staff training, (ii) information to be provided to tenants,
(iii) documentation of the plan, (iv) the appropriate protocol for incident response and remediation, and (v) routine, scheduled inspections of common space and unit interiors. 

 

	 	(g)	 No Reduction of Housing Cooperative Charges. If Borrower is a housing cooperative corporation or
association, until the Indebtedness is paid in full, Borrower will not reduce the maintenance fees, charges or assessments payable by shareholders or residents under proprietary leases or occupancy agreements below a level which is sufficient to pay
all expenses of such Individual Borrower, including all operating and other expenses for the applicable Individual Property and all payments due pursuant to the terms of the Note and any Loan Documents with respect to its Allocated Loan Amount.

  

	 	(h)	 through (l) are reserved. 

 

	6.10	 Insurance. At all times during the term of this Loan Agreement, Borrower will maintain at its
sole cost and expense, for the mutual benefit of Borrower and Lender, all of the Insurance specified in this Section 6.10 with respect to each Individual Property, as required by Lender and applicable law, and in such amounts and with such
maximum deductibles as Lender may require, as those requirements may change: 

  

	 	(a)	 Property Insurance. Borrower will keep the Improvements insured at all times against relevant physical
hazards that may cause damage to the Mortgaged Property as Lender may require (“Property Insurance”). Required Property Insurance coverage may include any or all of the following: 

 

	 	(i)	 All Risks of Physical Loss. Insurance against loss or damage from fire, wind, hail, and other related
perils within the scope of a “Special Causes of Loss” or “All Risk” policy, in an amount not less than the Replacement Cost of the Mortgaged Property. 

 

	 	(ii)	 Ordinance and Law. If any part of the Mortgaged Property is legal
non-conforming under current building, zoning or land use laws or ordinances, then “Ordinance and Law Coverage” in the amount required by Lender. 

 

	 	(iii)	 Flood. If any of the Improvements are located in an area identified by the Federal Emergency Management
Agency (or any successor to that agency) as a “Special Flood Hazard Area,” flood Insurance in the amount required by Lender. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 38

	 	(iv)	 Windstorm. If windstorm and/or windstorm related perils and/or “named storm” (collectively,
“Windstorm Coverage”), are excluded from the “Special Causes of Loss” policy required under Section 6.10(a)(i), then separate coverage for such risks, either through an endorsement or a separate policy. Windstorm
Coverage will be written in an amount not less than the Replacement Cost of the Mortgaged Property. 

  

	 	(v)	 Boiler and Machinery/Equipment Breakdown. If the Mortgaged Property contains a central heating,
ventilation and cooling system (“HVAC System”) where steam boilers and/or other pressurized systems are in operation and are regulated by the Property Jurisdiction, Insurance providing coverage in the amount required by Lender.

  

	 	(vi)	 Builder’s Risk. During any period of construction or Restoration, builder’s risk Insurance
(including fire and other perils within the scope of a policy known as “Causes of Loss – Special Form” or “All Risk” policy) in an amount not less than the sum of the related contractual arrangements. 

 

	 	(vii)	 Other. Insurance for other physical perils applicable to the Mortgaged Property as may be required by
Lender including earthquake, sinkhole, mine subsidence, avalanche, mudslides, and volcanic eruption. If Lender reasonably requires any updated reports or other documentation to determine whether additional Insurance is necessary or prudent, Borrower
will pay for the updated reports or other documentation at its sole cost and expense. 

  

	 	(viii)	 Professional Liability. Required if the Mortgaged Property has assisted living, Alzheimer’s care,
or skilled nursing units. The policy may be written on a “Claims Made Policy” form or an “Occurrence-based Policy” form. Minimum coverage of $1,000,000 per occurrence and $2,000,000 in the general aggregate is required. If the
professional liability policy covers multiple locations, aggregate limits apply per location. In addition, Borrower must maintain the following minimum umbrella or excess professional liability coverage: 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 39

					
	 Total number of licensed beds

covered by the policy
	  	Minimum
Umbrella/
Excess Coverage	 
	 Less than or equal to 100
	  	$	1 million	 
	 100 to 500
	  	$	5 million	 
	 501 to 1,000
	  	$	10 million	 
	 Greater than 1,000
	  	$	25 million	 

 The minimum coverage limits in this section may be satisfied with any combination of primary, umbrella and/or
excess coverage. 
  

	 	(ix)	 Reserved. 

  

	 	(x)	 Motor Vehicle. If any motor vehicle is used in connection with the operation of the Mortgaged Property,
vehicle liability Insurance of at least $1 million per accident. 

  

	 	(b)	 Business Income/Rental Value. Business income/rental value Insurance for all relevant perils to be
covered in the amount required by Lender, but in no case less than the effective gross income attributable to the Mortgaged Property for the preceding 12 months, as determined by Lender in Lender’s Discretion. 

 

	 	(c)	 Commercial General Liability Insurance. Commercial general liability Insurance against legal liability
claims for personal and bodily injury, property damage and contractual liability in such amounts and with such maximum deductibles as Lender may require, but not less than $1,000,000 per occurrence and $2,000,000 in the general aggregate on a per-location basis, plus excess and/or umbrella liability coverage in such amounts as Lender may require. 

  

	 	(d)	 Terrorism Insurance. Insurance required under Section 6.10(a), Section 6.10(b), and
Section 6.10(c) will provide coverage for acts of terrorism. Terrorism coverage may be provided through one or more separate policies, which will be on terms (including amounts) consistent with those required under Section 6.10(a)(i) and
(ii) and Section 6.10(b). If Insurance against acts of terrorism is not available at commercially reasonable rates and if the related hazards are not at the time commonly insured against for properties similar to the Mortgaged Property and
located in or around the region in which the Mortgaged Property is located, then Lender may opt to temporarily suspend, cap or otherwise limit the requirement to have such terrorism insurance for a period not to exceed one year, unless such
suspension or cap is renewed by Lender for additional one year increments. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 40

	 	(e)	 Payment of Premiums. All Property Insurance premiums and premiums for other Insurance required under
this Section 6.10 will be paid in the manner provided in Article IV, unless Lender has designated in writing another method of payment. 

  

	 	(f)	 Policy Requirements. The following requirements apply with respect to all Insurance required by this
Section 6.10: 

  

	 	(i)	 All Insurance policies will be in a form approved by Lender. 

 

	 	(ii)	 All Insurance policies will be issued by Insurance companies authorized to do business in the Property
Jurisdiction and/or acting as eligible surplus insurers in the Property Jurisdiction, which have a general policyholder’s rating satisfactory to Lender. 

  

	 	(iii)	 All Property Insurance policies will contain a standard mortgagee or mortgage holder’s clause and a loss
payable clause, in favor of, and in a form approved by, Lender. 

  

	 	(iv)	 If any Insurance policy contains a coinsurance clause, the coinsurance clause will be offset by an agreed
amount endorsement in an amount not less than the Replacement Cost. 

  

	 	(v)	 All commercial general liability and excess/umbrella liability policies will name Lender, its successors and/or
assigns, as additional insured. 

  

	 	(vi)	 Professional liability policies will not include Lender, its successors and/or assigns, as additional insured.

  

	 	(vii)	 All Insurance policies (with the exception of commercial general liability Insurance policies) will provide
that the insurer will notify Lender in writing of cancelation of policies at least 10 days before the cancelation of the policy by the insurer for nonpayment of the premium or nonrenewal and at least 30 days before cancelation by the insurer for any
other reason. 

  

	 	(g)	 Evidence of Insurance; Insurance Policy Renewals. Borrower will deliver to Lender a legible copy of each
Insurance policy, and Borrower will promptly deliver to Lender a copy of all renewal and other notices received by Borrower with respect to the policies. Borrower will ensure that the Mortgaged Property is continuously covered by the required
Insurance. Prior to the expiration date of each Insurance policy, Borrower will deliver to Lender evidence acceptable to Lender in Lender’s Discretion that each policy has been renewed. If the evidence of a renewal does not include a legible
copy of the renewal policy, Borrower will deliver a legible copy of such renewal no later than the earlier of the following: 

  

	 	(i)	 60 days after the expiration date of the original policy. 

 

	 	(ii)	 The date of any Notice of an insured loss given to Lender under Section 6.10(i). 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 41

	 	(h)	 Compliance With Insurance Requirements. Borrower will comply with all Insurance requirements and will
not permit any condition to exist on the Mortgaged Property that would invalidate any part of any Insurance coverage required under this Loan Agreement. 

  

	 	(i)	 Obligations Upon Casualty; Proof of Loss. 

 

	 	(i)	 If an insured loss occurs, then Borrower will give immediate written notice to the Insurance carrier and to
Lender. 

  

	 	(ii)	 Borrower authorizes and appoints Lender as attorney in fact for Borrower to make proof of loss, to adjust and
compromise any claims under policies of Property Insurance, to appear in and prosecute any action arising from such Property Insurance policies, to collect and receive the proceeds of Property Insurance, to hold the proceeds of Property Insurance,
and to deduct from such proceeds Lender’s expenses incurred in the collection of such proceeds. This power of attorney is coupled with an interest and therefore is irrevocable. However, nothing contained in this Section 6.10 will require
Lender to incur any expense or take any action. 

  

	 	(j)	 Lender’s Options Following a Casualty. Subject to Sections 6.10(k) and (l), Lender may, at
Lender’s option, take one of the following actions: 

  

	 	(i)	 Require a “repair or replacement” settlement, in which case the proceeds will be used to reimburse
Borrower for the cost of restoring and repairing the Mortgaged Property to the equivalent of its original condition or to a condition approved by Lender (“Restoration”). If Lender determines to require a repair or replacement
settlement and to apply Insurance proceeds to Restoration, Lender will apply the proceeds in accordance with Lender’s then-current policies relating to the Restoration of casualty damage on similar multifamily properties. If Lender, in
Lender’s Discretion, retains a professional inspection engineer or other qualified third party to inspect any Restoration items, Lender may charge Borrower an amount sufficient to pay all reasonable costs and expenses charged by such third
party inspector. 

  

	 	(ii)	 Require an “actual cash value” settlement in which case the proceeds may be applied to the payment of
the Indebtedness, whether or not then due. 

  

	 	(k)	 Borrower’s Options Following a Casualty. Subject to Section 6.10(l), Borrower may take the
following actions: 

  

	 	(i)	 If a casualty results in damage to an Individual Property for which the cost of Repairs will be less than the
applicable Borrower Proof of Loss Threshold, Borrower will have the sole right to make proof of loss, adjust and compromise the claim and collect and receive any proceeds directly without the approval or prior consent of Lender so long as the
Insurance proceeds are used solely for the Restoration of the applicable Individual Property. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 42

	 	(ii)	 If a casualty results in damage to an Individual Property for which the cost of Repairs will be more than the
applicable Borrower Proof of Loss Threshold, but less than the applicable Borrower Proof of Loss Maximum, Borrower is authorized to make proof of loss and adjust and compromise the claim without the prior consent of Lender, and Lender will hold the
applicable Insurance proceeds to be used to reimburse Borrower for the cost of Restoration of the applicable Individual Property and will not apply such proceeds to the payment of the Indebtedness. 

 

	 	(iii)	 If a casualty results in damage to an Individual Property for which the cost of Repairs will be more than the
applicable Borrower Proof of Loss Maximum, Borrower must obtain the consent of Lender prior to making any proof of loss or adjusting or compromising the claim, and Lender will hold the applicable Insurance proceeds to be used to reimburse Borrower
for the cost of Restoration of the applicable Individual Property and will not apply such proceeds to the payment of the Indebtedness. 

  

	 	(l)	 Lender’s Right to Apply Insurance Proceeds to Indebtedness. Lender will have the right to apply
Insurance proceeds to the payment of the Indebtedness if Lender determines, in Lender’s Discretion, that any of the following conditions exist: 

  

	 	(i)	 An Event of Default (or any event, which, with the giving of Notice or the passage of time, or both, would
constitute an Event of Default) has occurred and is continuing. 

  

	 	(ii)	 There will not be sufficient funds from Insurance proceeds, anticipated contributions of Borrower of its own
funds or other sources acceptable to Lender to complete the Restoration. 

  

	 	(iii)	 The rental income from the applicable Individual Property after completion of the Restoration will not be
sufficient to meet all operating costs and other expenses, deposits to Reserve Funds and Loan repayment obligations relating to the applicable Individual Property’s Allocated Loan Amount or the aggregate rental income from all Individual
Properties after completion of the Restoration will not be sufficient to meet all operating costs and other expenses, deposits to Reserve Funds and Loan repayment obligations relating to all Individual Properties under the Loan.

  

	 	(iv)	 The Restoration will be completed less than (A) 6 months prior to the Maturity Date if re-leasing will be completed prior to the Maturity Date, or (B) 12 months prior to the Maturity Date if re-leasing will not be completed prior to the Maturity Date.

  

	 	(v)	 The Restoration will not be completed within one year after the date of the loss or casualty.

  

	 	(vi)	 The casualty involved an actual or constructive loss of more than 30% of the fair market value of the
applicable Individual Property, and rendered untenantable more than 30% of the residential units of the applicable Individual Property. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 43

	 	(vii)	 After completion of the Restoration the fair market value of the applicable Individual Property is expected to
be less than the fair market value of the applicable Individual Property immediately prior to such casualty (assuming the affected portion of the applicable Individual Property is re-let within a reasonable
period after the date of such casualty). 

  

	 	(viii)	 Leases covering less than 35% of the residential units of the applicable Individual Property will remain in
full force and effect during and after the completion of Restoration. 

  

	 	(m)	 Lender’s Succession to Insurance Policies. If any Individual Property is sold at a foreclosure sale
or Lender acquires title to an Individual Property, Lender will automatically succeed to all rights of Borrower in and to any Insurance policies and unearned Insurance premiums and in and to the proceeds resulting from any damage to such Individual
Property prior to such sale or acquisition. 

  

	 	(n)	 Payment of Installments After Application of Insurance Proceeds. Unless Lender otherwise agrees in
writing, any application of any Insurance proceeds to the Indebtedness will not extend or postpone the due date of any monthly installments referred to in the Note, Article IV of this Loan Agreement or change the amount of such installments.

  

	 	(o)	 Assignment of Insurance Proceeds. Borrower agrees to execute such further evidence of assignment of any
Insurance proceeds as Lender may require. 

  

	 	(p)	 Borrower Acknowledgment of Lender’s Right to Change Insurance Requirements. Borrower acknowledges
and agrees that Lender’s Insurance requirements may change from time to time throughout the term of the Indebtedness to include coverage for the kind of risks customarily insured against and in such minimum coverage amounts and maximum
deductibles as are generally required by institutional lenders for properties comparable to the Mortgaged Property. 

  

	6.11	 Condemnation. 

 

	 	(a)	 Rights Generally. Borrower will promptly notify Lender in writing of any action or proceeding or notice
relating to any proposed or actual condemnation or other taking, or conveyance in lieu thereof, of all or any part of the Mortgaged Property, whether direct or indirect (“Condemnation”). Borrower will appear in and prosecute or
defend any action or proceeding relating to any Condemnation unless otherwise directed by Lender in writing. Borrower authorizes and appoints Lender as attorney in fact for Borrower to commence, appear in and prosecute, in Lender’s or
Borrower’s name, any action or proceeding relating to any Condemnation and to settle or compromise any claim in connection with any Condemnation, after consultation with Borrower and consistent with commercially reasonable standards of a
prudent lender. This power of attorney is coupled with an interest and therefore 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 44

	 	
is irrevocable. However, nothing contained in this Section 6.11(a) will require Lender to incur any expense or take any action. Borrower transfers and assigns to Lender all right, title and
interest of Borrower in and to any award or payment with respect to (i) any Condemnation, or any conveyance in lieu of Condemnation, and (ii) any damage to the Mortgaged Property caused by governmental action that does not result in a
Condemnation. 

  

	 	(b)	 Application of Award. Lender may hold such awards or proceeds and apply such awards or proceeds, after
the deduction of Lender’s expenses incurred in the collection of such amounts (including Attorneys’ Fees and Costs) at Lender’s option, to the Restoration or repair of the Mortgaged Property or to the payment of the Indebtedness, with
the balance, if any, to Borrower. Unless Lender otherwise agrees in writing, any application of any awards or proceeds to the Indebtedness will not extend or postpone the due date of any monthly installments referred to in the Note or Article IV of
this Loan Agreement, or change the amount of such installments. Borrower agrees to execute such further evidence of assignment of any Condemnation awards or proceeds as Lender may require. 

 

	 	(c)	 Borrower’s Right to Condemnation Proceeds. Notwithstanding any provision to the contrary in this
Section 6.11, but subject to Section 6.11(e), in the event of a partial Condemnation of an Individual Property, as long as no Event of Default, or any event which, with the giving of Notice or the passage of time, or both, would constitute
an Event of Default, has occurred and is continuing, in the event of a partial Condemnation resulting in proceeds or awards in the amount of less than $100,000, Borrower will have the sole right to make proof of loss, adjust and compromise the claim
and collect and receive any proceeds directly without the approval or prior consent of Lender so long as the proceeds or awards are used solely for the Restoration of the applicable Individual Property. 

 

	 	(d)	 Right to Apply Condemnation Proceeds to Indebtedness. In the event of a partial Condemnation of an
Individual Property resulting in proceeds or awards in the amount of $100,000 or more and subject to Section 6.11(e), Lender will have the right to apply Condemnation proceeds to the payment of the Indebtedness if Lender determines, in
Lender’s Discretion, that any of the following conditions exist: 

  

	 	(i)	 An Event of Default (or any event, which, with the giving of Notice or the passage of time, or both, would
constitute an Event of Default) has occurred and is continuing. 

  

	 	(ii)	 There will not be sufficient funds from Condemnation proceeds, anticipated contributions of Borrower of its own
funds or other sources acceptable to Lender to complete the Restoration. 

  

	 	(iii)	 The rental income from the applicable Individual Property after completion of the Restoration will not be
sufficient to meet all operating costs and other expenses, deposits to Reserve Funds and Loan repayment obligations relating to the applicable Individual Property and Allocated Loan Amount

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 45

	 	
or the rental income from all Individual Properties after completion of the Restoration will not be sufficient to meet all operating costs and other expenses, deposits to Reserve Funds and Loan
repayment obligations relating to all Individual Properties under the Loan. 

  

	 	(iv)	 The Restoration will not be completed at least one year before the Maturity Date (or 6 months before the
Maturity Date if re-leasing of the applicable Individual Property will be completed within such 6 month period). 

  

	 	(v)	 The Restoration will not be completed within one year after the date of the Condemnation.

  

	 	(vi)	 The Condemnation involved an actual or constructive loss of more than 15% of the fair market value of the
applicable Individual Property, and rendered untenantable more than 25% of the residential units of the applicable Individual Property. 

  

	 	(vii)	 After Restoration the fair market value of the applicable Individual Property is expected to be less than the
fair market value of the applicable Individual Property immediately prior to the Condemnation (assuming the affected portion of the applicable Individual Property is re-let within a reasonable period after the
date of the Condemnation). 

  

	 	(viii)	 Leases covering less than 35% of residential units of the applicable Individual Property will remain in full
force and effect during and after the completion of Restoration. 

  

	 	(e)	 Right to Apply Condemnation Proceeds in Connection with a Partial Release. Notwithstanding anything to
the contrary set forth in this Loan Agreement, including this Section 6.11, for so long as the Loan or any portion of the Loan is included in a Securitization in which the Note is assigned to a REMIC trust, then each of the following will
apply: 

  

	 	(i)	 If any portion of the Mortgaged Property is released from the Lien of the Loan in connection with a
Condemnation and if the ratio of (A) the unpaid principal balance of the Loan to (B) the value of all of the Mortgaged Properties in the aggregate (with the value of the Mortgaged Property first being reduced by the outstanding principal
balance of any Senior Indebtedness or any indebtedness secured by the Mortgaged Property that is at the same level of priority with the Indebtedness and taking into account only the related land and buildings and not any personal property or
going-concern value), as determined by Lender in its sole and absolute discretion based on a commercially reasonable valuation method permitted in connection with a Securitization, is greater than 125% immediately after such Condemnation and before
any Restoration or repair of the Mortgaged Property (but taking into account any planned Restoration or repair of the Mortgaged Property as if such planned Restoration or repair were

  

			
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completed), then Lender will apply any net proceeds or awards from such Condemnation, in full, to the payment of the principal of the Indebtedness whether or not then due and payable, unless
Lender has received an opinion of counsel (acceptable to Lender if such opinion is provided by Borrower) that a different application of the net proceeds or awards will not cause such Securitization to fail to meet applicable federal income tax
qualification requirements or subject such Securitization to any tax, and the net proceeds or awards are applied in the manner specified in such opinion. 

  

	 	(ii)	 If (A) neither Borrower nor Lender has the right to receive any or all net proceeds or awards as a result
of the provisions of any agreement affecting the Mortgaged Property (including any Ground Lease (if applicable), condominium document, or reciprocal easement agreement) and, therefore cannot apply the net proceeds or awards to the payment of the
principal of the Indebtedness as set forth above, or (B) Borrower receives any or all of the proceeds or awards described in Section 6.11(e)(ii)(A) and fails to apply the proceeds in accordance with Section 6.11(e)(i), then Borrower
will prepay the Indebtedness in an amount which Lender, in its sole and absolute discretion, deems necessary to ensure that the Securitization will not fail to meet applicable federal income tax qualification requirements or be subject to any tax as
a result of the Condemnation, unless Lender has received an opinion of counsel (acceptable to Lender if such opinion is provided by Borrower) that a different application of the net proceeds or awards will not cause such Securitization to fail to
meet applicable federal income tax qualification requirements or subject such Securitization to any tax, and the net proceeds or awards are applied in the manner specified in such opinion. 

 

	 	(f)	 Succession to Condemnation Proceeds. If any Individual Property is sold at a foreclosure sale or Lender
acquires title to any Individual Property, Lender will automatically succeed to all rights of Borrower in and to any Condemnation proceeds and awards prior to such sale or acquisition. 

 

	6.12	 Environmental Hazards. 

 

	 	(a)	 Prohibited Activities and Conditions. Except for matters described in this Section 6.12, Borrower
will not cause or permit Prohibited Activities or Conditions. Borrower will comply with all Hazardous Materials Laws applicable to the Mortgaged Property. Without limiting the generality of the previous sentence, Borrower will: (i) obtain and
maintain all Environmental Permits required by Hazardous Materials Laws and comply with all conditions of such Environmental Permits, (ii) cooperate with any inquiry by any Governmental Authority, and (iii) subject to Section 6.12(g),
comply with any governmental or judicial order that arises from any alleged Prohibited Activity or Condition. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 47

	 	(b)	 Employees, Tenants and Contractors. Borrower will take all commercially reasonable actions (including
the inclusion of appropriate provisions in any Leases executed after the date of this Loan Agreement) to prevent its employees, agents and contractors, and all tenants and other occupants from causing or permitting any Prohibited Activities or
Conditions. Borrower will not lease or allow the sublease or use of all or any portion of the Mortgaged Property to any tenant or subtenant for nonresidential use by any user that, in the ordinary course of its business, would cause or permit any
Prohibited Activity or Condition. 

  

	 	(c)	 O&M Programs. As required by Lender, Borrower will also have established a written operations and
maintenance program with respect to certain Hazardous Materials. Each such operations and maintenance program and any additional or revised operations and maintenance programs established for the Mortgaged Property pursuant to this Section 6.12
must be approved by Lender and will be referred to in this Loan Agreement as an “O&M Program.” Borrower will comply in a timely manner with, and cause all employees, agents, and contractors of Borrower and any other Persons
present on the Mortgaged Property to comply with each O&M Program. Borrower will pay all costs of performance of Borrower’s obligations under any O&M Program, and Lender’s out of pocket costs incurred in connection with the
monitoring and review of each O&M Program must be paid by Borrower upon demand by Lender. Any such out-of-pocket costs of Lender that Borrower fails to pay promptly
will become an additional part of the Indebtedness as provided in Section 9.02. 

  

	 	(d)	 Notice to Lender. Borrower will promptly give Notice to Lender upon the occurrence of any of the
following events: 

  

	 	(i)	 Borrower’s discovery of any Prohibited Activity or Condition. 

 

	 	(ii)	 Borrower’s receipt of or knowledge of any written complaint, order, notice of violation or other
communication from any tenant, Property Manager, Facility Operator, Governmental Authority or other Person with regard to present or future alleged Prohibited Activities or Conditions, or any other environmental, health or safety matters affecting
the Mortgaged Property. 

  

	 	(iii)	 Borrower’s breach of any of its obligations under this Section 6.12. 

Any such Notice given by Borrower will not relieve Borrower of, or result in a waiver of, any obligation under this Loan Agreement, the Note
or any other Loan Document. 
  

	 	(e)	 Environmental Inspections, Tests and Audits. Borrower will pay promptly the costs of any environmental
inspections, tests or audits, a purpose of which is to identify the extent or cause of or potential for a Prohibited Activity or Condition (“Environmental Inspections”), required by Lender in connection with any foreclosure or deed
in lieu of foreclosure, or as a condition of Lender’s consent to any Transfer under Article VII, or required by Lender following a reasonable determination by Lender that Prohibited Activities or Conditions may exist. Any such costs incurred by
Lender (including Attorneys’ Fees and Costs and the costs of technical consultants whether incurred in connection with any judicial or 

  

			
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administrative process or otherwise) that Borrower fails to pay promptly will become an additional part of the Indebtedness as provided in Section 9.02. As long as: (i) no Event of
Default has occurred and is continuing, (ii) Borrower has actually paid for or reimbursed Lender for all costs of any such Environmental Inspections performed or required by Lender, and (iii) Lender is not prohibited by law, contract or
otherwise from doing so, Lender will make available to Borrower, without representation of any kind, copies of Environmental Inspections prepared by third parties and delivered to Lender. Lender reserves the right, and Borrower expressly authorizes
Lender, to make available to any party, including any prospective bidder at a foreclosure sale of the Mortgaged Property, the results of any Environmental Inspections made by or for Lender with respect to the Mortgaged Property. Borrower consents to
Lender notifying any party (either as part of a notice of sale or otherwise) of the results of any Environmental Inspections made by or for Lender. Borrower acknowledges that Lender cannot control or otherwise ensure the truthfulness or accuracy of
the results of any Environmental Inspections and that the release of such results to prospective bidders at a foreclosure sale of the Mortgaged Property may have a material and adverse effect upon the amount that a party may bid at such sale.
Borrower agrees that Lender will have no liability whatsoever as a result of delivering the results of any Environmental Inspections made by or for Lender to any third party, and Borrower releases and forever discharges Lender from any and all
claims, damages or causes of action arising out of, connected with or incidental to the results of the delivery of any Environmental Inspections made by or for Lender. 

 

	 	(f)	 Remedial Work. If any investigation, site monitoring, containment,
clean-up, Restoration or other remedial work (“Remedial Work”) is necessary to comply with any Hazardous Materials Law or order of any Governmental Authority that has or acquires jurisdiction
over the Mortgaged Property or the use, operation or improvement of the Mortgaged Property, or is otherwise required by Lender as a consequence of any Prohibited Activity or Condition or to prevent the occurrence of a Prohibited Activity or
Condition, Borrower will, by the earlier of (i) the applicable deadline required by Hazardous Materials Law, or (ii) 30 days after Notice from Lender demanding such action, begin performing the Remedial Work, and thereafter diligently prosecute
it to completion, and must in any event complete the work by the time required by applicable Hazardous Materials Law. If Borrower fails to begin on a timely basis or diligently prosecute any required Remedial Work, Lender may, at its option, cause
the Remedial Work to be completed, in which case Borrower will reimburse Lender on demand for the cost of doing so. Any reimbursement due from Borrower to Lender will become part of the Indebtedness as provided in Section 9.02.

  

	 	(g)	 Borrower Contest of Order. Notwithstanding Section 6.12(f), Borrower may contest the order of any
Governmental Authority in good faith through appropriate proceedings, provided that (i) Borrower has demonstrated to Lender’s satisfaction that any delay in completing Remedial Work pending the outcome of such proceedings would not result
in damage to the Mortgaged Property or to persons who use or occupy the Improvements, or otherwise impair Lender’s interest under 

  

			
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this Loan Agreement, and (ii) if any delay in completing the Remedial Work results or may result in a Lien against the Mortgaged Property, Borrower must promptly furnish to Lender a bond or
other security satisfactory to Lender in an amount not less than 150% of the applicable claim. 

  

	6.13	 Single Purpose Entity Requirements. 

 

	 	(a)	 Single Purpose Entity Requirements. Until the Indebtedness is paid in full, each Individual Borrower and
any SPE Equity Owner will remain a “Single Purpose Entity,” which means at all times since its formation and thereafter it will satisfy each of the following conditions: 

 

	 	(i)	 It will not engage in any business or activity, other than the ownership, operation and maintenance of the
Mortgaged Property owned by it and activities incidental thereto. 

  

	 	(ii)	 It will not acquire, own, hold, lease, operate, manage, maintain, develop or improve any assets other than the
Mortgaged Property owned by it and such Personalty as may be necessary for the operation of the Mortgaged Property owned by it and will conduct and operate its business as presently conducted and operated. 

 

	 	(iii)	 It will preserve its existence as an entity duly organized, validly existing and in good standing (if
applicable) under the laws of the jurisdiction of its formation or organization and will do all things necessary to observe organizational formalities. 

  

	 	(iv)	 It will not merge or consolidate with any other Person. 

 

	 	(v)	 It will not take any action to dissolve, wind-up, terminate or
liquidate in whole or in part; to sell, transfer or otherwise dispose of all or substantially all of its assets; to change its legal structure; transfer or permit the direct or indirect transfer of any partnership, membership or other equity
interests, as applicable, other than Transfers permitted under this Loan Agreement; issue additional partnership, membership or other equity interests, as applicable, or seek to accomplish any of the foregoing. 

 

	 	(vi)	 It will not, without the prior unanimous written consent of all of its partners, members, or shareholders, as
applicable, and, if applicable, the prior unanimous written consent of 100% of the members of the board of directors or of the board of Managers of such Individual Borrower or the applicable SPE Equity Owner, take any of the following actions:

  

	 	(A)	 File any insolvency, or reorganization case or proceeding, to institute proceedings to have Borrower or any SPE
Equity Owner be adjudicated bankrupt or insolvent. 

  

	 	(B)	 Institute proceedings under any applicable insolvency law. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 50

	 	(C)	 Seek any relief under any law relating to relief from debts or the protection of debtors.

  

	 	(D)	 Consent to the filing or institution of bankruptcy or insolvency proceedings against Borrower or any SPE Equity
Owner. 

  

	 	(E)	 File a petition seeking, or consent to, reorganization or relief with respect to Borrower or any SPE Equity
Owner under any applicable federal or state law relating to bankruptcy or insolvency. 

  

	 	(F)	 Seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian, or
any similar official for Borrower or a substantial part of its property or for any SPE Equity Owner or a substantial part of its property. 

  

	 	(G)	 Make any assignment for the benefit of creditors of Borrower or any SPE Equity Owner. 

 

	 	(H)	 Admit in writing Borrower’s or any SPE Equity Owner’s inability to pay its debts generally as they
become due. 

  

	 	(I)	 Take action in furtherance of any of the foregoing. 

 

	 	(vii)	 It will not amend or restate its organizational documents if such change would cause the provisions set forth
in those organizational documents not to comply with the requirements set forth in this Section 6.13. 

  

	 	(viii)	 It will not own any subsidiary or make any investment in, any other Person. 

 

	 	(ix)	 It will not commingle its assets with the assets of any other Person and will hold all of its assets in its own
name. 

  

	 	(x)	 It will not incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation),
other than the following: 

  

	 	(A)	 The Indebtedness and any further indebtedness as described in Section 11.11 with regard to Supplemental
Instruments. 

  

	 	(B)	 Customary unsecured trade payables incurred in the ordinary course of owning and operating its Individual
Property provided the same are not evidenced by a promissory note, do not exceed, in the aggregate, at any time a maximum amount of 2% of the applicable Allocated Loan Amount as of the date of this Loan Agreement, and are paid within 60 days of the
date incurred. 

  

	 	(C)	 through (H) are reserved. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 51

	 	(I)	 Financing of motor vehicles owned by Borrower and used in the operation of the Mortgaged Property, provided
that the principal amount of such financing does not exceed, in the aggregate, at any time a maximum amount of $100,000 for any Individual Facility, and provided that all payments due under such financing are kept current. 

 

	 	(xi)	 It will maintain its records, books of account, bank accounts, financial statements, accounting records and
other entity documents separate and apart from those of any other Person and will not list its assets as assets on the financial statement of any other Person; provided, however, that Borrower’s assets may be included in a consolidated
financial statement of its Affiliate provided that (A) appropriate notation will be made on such consolidated financial statements to indicate the separateness of Borrower from such Affiliate and to indicate that, except as required by the Loan
Documents, Borrower’s assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any other Person, and (B) such assets will also be listed on Borrower’s own separate balance sheet.

  

	 	(xii)	 Except for capital contributions or capital distributions permitted under the terms and conditions of its
organizational documents, it will only enter into any contract or agreement with any general partner, member, shareholder, principal or Affiliate of Borrower or any Guarantor, or any general partner, member, principal or Affiliate thereof, upon
terms and conditions that are commercially reasonable and substantially similar to those that would be available on an arm’s-length basis with third parties. 

 

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

  

	 	(xiv)	 Except as required by the Loan Documents, it will not assume or guaranty (excluding any guaranty that has been
executed and delivered in connection with the Note) the debts or obligations of any other Person, hold itself out to be responsible for the debts of another Person, pledge its assets to secure the obligations of any other Person or otherwise pledge
its assets for the benefit of any other Person, or hold out its credit as being available to satisfy the obligations of any other Person. 

  

	 	(xv)	 It will not make or permit to remain outstanding any loans or advances to any other Person except for those
investments permitted under the Loan Documents and will not buy or hold evidence of indebtedness issued by any other Person (other than cash or investment-grade securities). 

 

	 	(xvi)	 It will file its own tax returns separate from those of any other Person, unless Borrower (A) is treated
as a “disregarded entity” for tax purposes and is not required to file tax returns under applicable law or (B) is required by applicable law to file consolidated tax returns, and will pay any taxes required to be paid under applicable
law. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 52

	 	(xvii)	 It will hold itself out to the public as a legal entity separate and distinct from any other Person and conduct
its business solely in its own name, will correct any known misunderstanding regarding its separate identity and will not identify itself or any of its Affiliates as a division or department of any other Person. 

 

	 	(xviii)	 It will maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size
and character and in light of its contemplated business operations and will pay its debts and liabilities from its own assets as the same become due; provided, however, that nothing in this Section 6.13(a)(xviii) will require any member or
partner of Borrower or any Borrower Principal to make any equity contribution to Borrower. 

  

	 	(xix)	 It will allocate fairly and reasonably shared expenses with Affiliates (including shared office space) and use
separate stationery, invoices and checks bearing its own name. 

  

	 	(xx)	 Except as required by the Loan Documents, it will pay (or cause the Property Manager or any Facility Operator
to pay on behalf of such Individual Borrower from such Individual Borrower’s funds) its own liabilities (including salaries of its own employees) from its own funds; provided, however, that nothing in this Section 6.13(a)(xx) will require
any member or partner of Borrower or any Borrower Principal to make any equity contribution to Borrower. 

  

	 	(xxi)	 It will not acquire obligations or securities of its partners, members, shareholders, or Affiliates, as
applicable. 

  

	 	(xxii)	 Except as contemplated or permitted by the property management agreement with respect to the Property Manager
or any operating lease or operating agreement with respect to any Facility Operator, it will not permit any Affiliate or constituent party independent access to its bank accounts. 

 

	 	(xxiii)	 It will maintain a sufficient number of employees (if any) in light of its contemplated business operations and
pay the salaries of its own employees, if any, only from its own funds; provided, however, that nothing in this Section 6.13(a)(xxiii) will require any member or partner of Borrower or any Borrower Principal to make any equity contribution to
Borrower. 

  

	 	(xxiv)	 If such entity is a single member limited liability company, such entity will satisfy each of the following
conditions: 

  

	 	(A)	 Be formed and organized under Delaware law. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 53

	 	(B)	 Have either one springing member that is a corporation or two springing members who are natural persons. If
there is more than one springing member, only one springing member will be the sole member of Borrower or SPE Equity Owner (as applicable) at any one time, and the second springing member will become the sole member only upon the first springing
member ceasing to be a member. 

  

	 	(C)	 Otherwise comply with all Rating Agencies’ criteria for single member limited liability companies
(including the delivery of Delaware single member limited liability company opinions acceptable in all respects to Lender). 

  

	 	(D)	 At all times Borrower or SPE Equity Owner (as applicable) will have one and only one member.

  

	 	(xxv)	 If such entity is a single member limited liability company that is board-managed, such entity will have a
board of Managers separate from that of Guarantor and any other Person and will cause its board of Managers to keep minutes of board meetings and actions and observe all other Delaware limited liability company required formalities.

  

	 	(xxvi)	 If an SPE Equity Owner is required pursuant to this Loan Agreement, if Borrower is (A) a limited liability
company with more than one member, then Borrower has and will have at least one member that is an SPE Equity Owner that has satisfied and will satisfy the requirements of Section 6.13(b) and such member is its managing member, or (B) a
limited partnership, then all of its general partners are SPE Equity Owners that have satisfied and will satisfy the requirements set forth in Section 6.13(b). 

 

	 	(xxvii)	 Reserved. 

  

	 	(xxviii)	 Reserved. 

  

	 	(b)	 SPE Equity Owner Requirements. Each SPE Equity Owner, if applicable, will at all times since its
formation and thereafter comply in its own right (subject to the modifications set forth below), and will cause the applicable Individual Borrower to comply, with each of the requirements of a Single Purpose Entity. Upon the withdrawal or the
disassociation of an SPE Equity Owner from an Individual Borrower, such Individual Borrower will immediately appoint a new SPE Equity Owner, whose organizational documents are substantially similar to those of the withdrawn or disassociated SPE
Equity Owner, and deliver a new nonconsolidation opinion to Lender in form and substance satisfactory to Lender with regard to nonconsolidation by a bankruptcy court of the assets of each of the applicable Individual Borrower and SPE Equity Owner
with those of its Affiliates. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 54

	 	(i)	 With respect to Section 6.13(a)(i), the SPE Equity Owner will not engage in any business or activity other
than being the managing member or general partner, as the case may be, of the applicable Individual Borrower and owning at least 0.5% equity interest in such Individual Borrower. 

 

	 	(ii)	 With respect to Section 6.13(a)(ii), the SPE Equity Owner has not and will not acquire or own any assets
other than its equity interest in the applicable Individual Borrower and personal property related thereto. 

  

	 	(iii)	 With respect to Section 6.13(a)(viii), the SPE Equity Owner will not own any subsidiary or make any
investment in any other Person, except for the applicable Individual Borrower. 

  

	 	(iv)	 With respect to Section 6.13(a)(x), the SPE Equity Owner has not and will not incur any debt, secured or
unsecured, direct or contingent (including guaranteeing any obligation), other than (A) customary unsecured payables incurred in the ordinary course of owning the applicable Individual Borrower provided the same are not evidenced by a
promissory note, do not exceed, in the aggregate, at any time a maximum amount of $10,000 and are paid within 60 days of the date incurred, and (B) in its capacity as general partner of such Individual Borrower (if applicable).

  

	 	(v)	 With respect to Section 6.13(a)(xiv), the SPE Equity Owner will not assume or guaranty the debts or
obligations of any other Person, hold itself out to be responsible for the debts of another Person, pledge its assets to secure the obligations of any other Person or otherwise pledge its assets for the benefit of any other Person, or hold out its
credit as being available to satisfy the obligations of any other Person, except for in its capacity as general partner of the applicable Individual Borrower (if applicable). 

 

	 	(c)	 Effect of Transfer on Single Purpose Entity Requirements. Notwithstanding anything to the contrary in
this Loan Agreement, no Transfer will be permitted under Article VII unless the provisions of this Section 6.13 are satisfied at all times. 

  

	6.14	 Repairs and Capital Replacements. 

 

	 	(a)	 Completion of Repairs. Borrower will commence any Repairs as soon as practicable after the date of this
Loan Agreement and will diligently proceed with and complete such Repairs on or before the Completion Date. All Repairs and Capital Replacements will be completed in a good and workmanlike manner, with suitable materials, and in accordance with good
building practices and all applicable laws, ordinances, rules, regulations, building setback lines and restrictions applicable to the Mortgaged Property. Borrower agrees to cause the replacement of any material or work that is defective,
unworkmanlike or that does not comply with the requirements of this Loan Agreement, as determined by Lender. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 55

	 	(b)	 Purchases. Without the prior written consent of Lender, no materials, machinery, equipment, fixtures or
any other part of the Repairs or Capital Replacements will be purchased or installed under conditional sale contracts or lease agreements, or any other arrangement wherein title to such Repairs or Capital Replacements is retained or subjected to a
purchase money security interest, or the right is reserved or accrues to anyone to remove or repossess any such Repairs or Capital Replacements, or to consider them as personal property. 

 

	 	(c)	 Lien Protection. Borrower will promptly pay or cause to be paid, when due, all costs, charges and
expenses incurred in connection with the construction and completion of the Repairs or Capital Replacements, and will keep the Mortgaged Property free and clear of any and all Liens other than the Lien of the Security Instrument and any other Lien
to which Lender has consented. 

  

	 	(d)	 Adverse Claims. Borrower will promptly advise Lender in writing of any litigation, Liens or claims
affecting the Mortgaged Property and of all complaints and charges made by any Governmental Authority that may delay or adversely affect the Repairs or Capital Replacements. 

 

	6.15	 Residential Leases Affecting the Mortgaged Property. 

 

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

  

	 	(b)	 All Leases for residential units will satisfy the following conditions: 

 

	 	(i)	 They will be on forms that are customary for similar seniors housing facilities in the Property Jurisdiction.

  

	 	(ii)	 They will be for initial terms of at least 1 month and not more than 2 years (unless otherwise approved in
writing by Lender). 

  

	 	(iii)	 They will not include any Corporate Leases (unless otherwise approved in writing by Lender).

  

	 	(iv)	 They will not include options to purchase. 

 

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

 

	 	(i)	 The execution of Leases for terms in excess of 2 years to a tenant shareholder of Borrower, so long as such
Leases, including proprietary Leases, are and will remain subordinate to the Lien of the Security Instrument. 

  

	 	(ii)	 The surrender or termination of such Leases where the surrendered or terminated Lease is immediately replaced
or where Borrower makes its best efforts to secure such immediate replacement by a newly-executed Lease of the same apartment to a tenant shareholder of Borrower. However, no 

  

			
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consent is given by Lender to any execution, surrender, termination or assignment of a Lease under terms that would waive or reduce the obligation of the resulting tenant shareholder under such
Lease to pay cooperative assessments in full when due or the obligation of the former tenant shareholder to pay any unpaid portion of such assessments. 

  

	 	(d)	 Reserved. 

  

	6.16	 Litigation; Government Proceedings. Borrower will give prompt Notice to Lender of any litigation
or governmental proceedings pending or, to the best of Borrower’s knowledge, threatened in writing against Borrower or any Borrower Principal, Facility Operator or Property Manager which might have a Material Adverse Effect. As and when
requested by Lender, Borrower will provide Lender with written updates on the status of all litigation proceedings affecting Borrower or any Borrower Principal, Facility Operator or Property Manager. 

 

	6.17	 Further Assurances and Estoppel Certificates; Lender’s Expenses. Within 10
days after a request from Lender, in Lender’s Discretion, Borrower will take each of the following actions: 

  

	 	(a)	 Deliver to Lender a written statement, signed and acknowledged by Borrower, certifying to Lender or any Person
designated by Lender, as of the date of such statement: (i) that the Loan Documents are unmodified and in full force and effect (or, if there have been modifications, that the Loan Documents are in full force and effect as modified and setting
forth such modifications), (ii) the unpaid principal balance of the Note and the Allocated Loan Amount for each Individual Property, (iii) the date to which interest under the Note has been paid, (iv) that Borrower is not in default in
paying the Indebtedness or in performing or observing any of the covenants or agreements contained in this Loan Agreement or any of the other Loan Documents (or, if Borrower is in default, describing such default in reasonable detail), (v) whether
there are any then-existing setoffs or defenses known to Borrower against the enforcement of any right or remedy of Lender under the Loan Documents, and (vi) any additional facts requested by Lender. 

 

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

Borrower acknowledges and agrees that, in connection with each request by Borrower under this Loan Agreement or any Loan Document, Borrower
will pay all reasonable Attorneys’ Fees and Costs and expenses incurred by Lender and Loan Servicer, including any fees charged by the Rating Agencies, if applicable, regardless of whether the matter is approved, denied or withdrawn. Any
amounts payable by Borrower under this Loan Agreement will be deemed a part of the Indebtedness, will be secured by the Security Instrument and will bear interest at the Default Rate if not fully paid within 10 days of written demand for payment.

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 57

	6.18	 Cap Collateral. 

 

	 	(a)	 Obligation to Make Payments. Borrower will instruct or cause Cap Purchaser to instruct each Cap Provider
and any guarantor of a Cap Provider’s obligations to make Cap Payments directly to Lender or to Loan Servicer on behalf of Lender. 

  

	 	(b)	 Dodd-Frank Act. Borrower will comply or cause Cap Purchaser to comply with the applicable requirements
of the Dodd-Frank Act in purchasing any Replacement Cap Agreement. 

  

	6.19	 Ground Lease. Reserved. 

 

	6.20	 ERISA Requirements. 

 

	 	(a)	 Borrower will not engage in any transaction which would cause an obligation, or action taken or to be taken
under this Loan Agreement (or the exercise by Lender of any of its rights under the Note, this Loan Agreement or any of the other Loan Documents) to be a non-exempt prohibited transaction under ERISA or
Section 4975 of the Tax Code. 

  

	 	(b)	 Borrower will deliver to Lender such certifications or other evidence from time to time throughout the term of
this Loan Agreement, as requested by Lender in Lender’s Discretion, confirming each of the following: 

  

	 	(i)	 Borrower is not an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject
to Title I of ERISA, a “plan” to which Section 4975 of the Tax Code applies, or an entity whose underlying assets constitute “plan assets” of one or more of such plans. 

 

	 	(ii)	 Borrower is not a “governmental plan” within the meaning of Section 3(32) of ERISA.

  

	 	(iii)	 Borrower is not subject to state statutes regulating investments or fiduciary obligations with respect to
governmental plans. 

  

	 	(iv)	 One or more of the following circumstances is true: 

 

	 	(A)	 Equity interests in Borrower are publicly offered securities within the meaning of 29 C.F.R. Section 2510.3-101(b)(2), as amended from time to time or any successor provision. 

  

	 	(B)	 No 25% Equity Interest is held by “benefit plan investors” within the meaning of Section 3(42)
of ERISA, as amended from time to time or any successor provision. 

  

			
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	 	(C)	 Borrower qualifies as either an “operating company” or a “real estate operating company”
within the meaning of 29 C.F.R. Section 2510.3-101© or (e), as either may be amended from time to time or any successor provisions, or is an
investment company registered under the Investment Company Act of 1940. 

  

	6.21	 Operation of the Facility. 

 

	 	(a)	 Without limiting the generality of Section 6.03, Borrower will, or will cause any Facility Operator to,
operate the Facility for its Intended Use and will, or will cause any Facility Operator to, provide, to Lender’s reasonable satisfaction, all of the facilities, services, staff, equipment and supplies required or normally associated with a
typical high quality property devoted to the Intended Use. 

  

	 	(b)	 Borrower will, or will cause any Facility Operator to, operate the Facility in a manner such that all
applicable Licenses now or hereafter in effect will remain in full force and effect. Borrower will not, and will not allow any Facility Operator to: (i) transfer any License (or any rights thereunder) to any location other than the Facility,
(ii) pledge any License (or any rights thereunder) as collateral security for any other loan or indebtedness, (iii) terminate any License or permit any License not to be renewed or reissued as applicable, (iv) rescind, withdraw,
revoke, amend, supplement, modify or otherwise alter the nature, tenor or scope of any License, or (v) permit any License to become the subject of any Downgrade, revocation, suspension, restriction, condition or probation (including any
restriction on new admissions or residents). 

  

	 	(c)	 Borrower will, or as applicable, Borrower will cause any Facility Operator to, maintain and implement all
compliance and procedures policies as may be required by any applicable Healthcare Laws or Governmental Authority. Upon request by Lender, Borrower will provide Lender with copies of Borrower’s, and if applicable, each Facility Operator’s,
compliance manuals which evidence such compliance. 

  

	6.22	 Facility Reporting. 

 

	 	(a)	 Borrower will, or will cause any Facility Operator to, furnish to Lender, within 10 days after receipt by
Borrower or any Facility Operator, any and all written notices from any Governmental Authority that: (i) any License is being Downgraded, revoked, terminated, suspended, restricted or conditioned or may not be renewed or reissued or that action
is pending or being considered to Downgrade, revoke, terminate, suspend, restrict or condition (or not renew or reissue) any such License, (ii) any violation, fine, finding, investigation or corrective action concerning any License is pending
or being considered, rendered or adopted, or (iii) any Healthcare Law or any health or safety code or building code violation or other deficiency at the Mortgaged Property has been identified, but in each case only if the subject matter of such
written notice (A) could materially impact the operation or value of any Individual Facility, or (B) requires additional formal or informal action by Borrower or Facility Operator that is more than development or implementation of a
routine plan of correction, including participation in hearings concerning continued licensing or Medicare or Medicaid participation, entering into consent orders affecting licensing affecting the Facility, or engaging in oversight management.

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 59

	 	(b)	 Borrower will, or will cause any Facility Operator to, furnish to Lender, within 10 days after receipt by
Borrower or any Facility Operator, a copy of any survey, report or statement of deficiencies by any Governmental Authority, but only if the subject matter of such survey, report or statement of deficiencies (i) could materially impact the
operation or value of any Individual Facility, or (ii) requires additional formal or informal action by Borrower or Facility Operator that is more than development or implementation of a routine plan of correction, including participation in
hearings concerning continued licensing or Medicare or Medicaid participation, entering into consent orders affecting licensing affecting the Facility, or engaging in oversight management. Within the time period specified by the Governmental
Authority for furnishing a plan of correction, Borrower, or if applicable, a Facility Operator, will do so and will furnish or will cause to be furnished to Lender a copy of the plan of correction concurrently therewith. Borrower will correct or
will cause to be corrected in a timely manner (and in all events by the date required by the Governmental Authority) any deficiency if the failure to do so could cause any License to be Downgraded, revoked, suspended, restricted, conditioned or not
renewed or reissued. 

  

	 	(c)	 Upon Lender’s request and subject to Privacy Laws, Borrower will, or will cause the Facility Operator to,
furnish to Lender true and correct rent rolls and copies of all Leases. 

  

	 	(d)	 Borrower will provide Lender with a copy of any License issued or renewed in the future by a Governmental
Authority within 30 days after its issuance or renewal. To the extent that any such License is assignable, Borrower will assign it to Lender as additional security for the Indebtedness, using a form of assignment acceptable to Lender in its
discretion. If any License is issued to a Facility Operator, to the extent such License is assignable, Borrower will cause such operator or management agent to assign the License to Lender as additional security for the Indebtedness, using a form of
assignment acceptable to Lender in its discretion. 

  

	 	(e)	 Subject to Privacy Laws, Borrower will furnish, and will cause any Facility Operator to furnish, to Lender at
Borrower’s expense all evidence, which Lender may from time to time reasonably request as to the continuing accuracy and validity of all representations and warranties made by Borrower in the Loan Documents and the continuing compliance with
and satisfaction of all covenants and conditions contained in the Loan Documents. 

  

			
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	6.23	 Covenants Regarding Material Contracts. 

 

	 	(a)	 Borrower will not, and will not permit any Facility Operator to, enter into any Material Contract, unless that
Material Contract provides that it is terminable upon not more than 30 days notice by Borrower, or if Borrower is not a party to the Material Contract, the Facility Operator, and their respective successors and assigns, without the necessity of
establishing cause and without payment of a penalty or termination fee or extra charge. 

  

	 	(b)	 Borrower will (or if Borrower is not a party thereto, will cause a Facility Operator to) fully perform all of
its obligations under each Contract, and Borrower will not (and Borrower will not permit a Facility Operator to) enter into, terminate or amend, modify, assign or otherwise encumber its interest in any Material Contract without the prior written
approval of Lender. If Borrower or a Facility Operator enters into any Material Contract in the future (with Lender’s consent thereto), Borrower will (or will cause the operator to), simultaneously with entering into the Material Contract, if
requested by Lender (i) assign its rights under and interest in the Material Contract to Lender as additional security for the Indebtedness, and (ii) obtain and provide to Lender a consent to that assignment by the other party(ies) to the
Material Contract. Both the assignment and the consent must be in a form acceptable to Lender in its discretion. 

  

	6.24	 Pledge of Receivables. Borrower will not, and will not allow any Facility Operator to, pledge any
receivables arising from the operation of the Facility (or any Leases or Contracts under which such receivables arise) as collateral security for any other loan or indebtedness. 

 

	6.25	 Property Manager and Operator of the Facility. Borrower will not surrender, terminate, cancel,
modify, renew or extend its property management agreement or any operating lease; permit the change of the Property Manager or any Facility Operator; enter into any other agreement relating to the management or operation of the Facility with
Property Manager, the Facility Operator, or any other Person; or consent to the assignment by the Property Manager or Facility Operator of its interest under such property management agreement, operating lease or similar agreement, as applicable, in
each case without the prior written approval of Lender, and in each such instance the approval by Lender of the property management agreement and/or operating lease (or similar) agreement, as applicable. If at any time Lender consents to the
appointment of a new Property Manager or Facility Operator, such new Property Manager or Facility Operator and Borrower (or if Borrower is not a party thereto, a Facility Operator) will, as a condition of Lender’s consent, execute an Assignment
of Management Agreement or assignment of operating agreement, as the case may be, in a form acceptable to Lender in its discretion. If any such replacement Property Manager or Facility Operator is an Affiliate of Borrower, and if a nonconsolidation
opinion was delivered at the origination of the Loan, Borrower will deliver to Lender an updated nonconsolidation opinion in form and substance satisfactory to Lender with regard to nonconsolidation. Without limiting the foregoing, Borrower will
not, and will not permit any Facility Operator to, enter into any New Non-Residential Lease, enter into any Modified Non-Residential Lease or terminate any Non-Residential Lease, or enter into, terminate, extend or amend any Contract to lease, manage or operate the Facility without in each instance Lender providing its prior written consent thereto, which may be
conditioned upon Lender receiving an assignment thereof in a form acceptable to Lender. 

  

			
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	6.26	 Residential Leases and Agreements. 

 

	 	(a)	 The form of residential Lease, occupancy agreement, and/or residential care agreement (“Residential
Leases and Agreements”) or similar resident agreement approved by Lender prior to the date of this Loan Agreement with respect to the Facility will not be revised in any material respect (except as may be required by applicable Healthcare
Laws) without Lender’s prior written consent. All Residential Leases and Agreements entered into after the date of this Loan Agreement will be on forms approved by Lender. 

 

	 	(b)	 Borrower or any Facility Operator will maintain all deposits by all residents of the Facility in accordance
with all applicable laws and regulations pertaining thereto, and in accordance with the terms of each such resident’s Residential Lease and Agreement, and otherwise in accordance with the other provisions of this Loan Agreement and the other
Loan Documents. 

  

	6.27	 Performance Under Leases. Borrower or a Facility Operator, as applicable, will timely perform all
of the obligations of such party under all Leases of the Facility or any Mortgaged Property. 

  

	6.28	 Governmental Payor Programs. 

 

	 	(a)	 No more than 5% of the total number of beds at any Individual Facility may be allocated to residents who
participate in a Governmental Payor Program. For purposes of determining whether the foregoing percentage has been exceeded, Lender will not include any then current resident who was originally admitted to an Individual Facility as a private pay
resident, and who had at the time of admission neither been a participant in, nor been eligible for, any Governmental Payor Program, but became eligible for, and a participant in, a Governmental Payor Program subsequent to such resident’s
admission to such Individual Facility. 

  

	 	(b)	 If Borrower violates the covenant in Section 6.28(a), then Borrower must immediately fund a transition
reserve with cash in an amount equal to the aggregate of 6 months of principal and interest payments due under the terms of the Note for the next 6 months. If the Note provides for interest to accrue at a floating or variable interest rate (other
than during the “Extension Period,” as defined in the Note, if applicable), then Lender will estimate the amount of the interest due during such 6-month period. Borrower must also enter into a
transition reserve agreement acceptable to Lender in form and content. 

  

	 	(c)	 Borrower will furnish to Lender, within 10 days after receipt by Borrower, any Facility Operator or any
Property Manager, any and all notices from any Governmental Authority which state that the Governmental Payor Program certification of any Individual Facility is being downgraded to a substandard category, revoked, or suspended, or that action is
pending or being considered to downgrade any such certification. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 62

	 	(d)	 Borrower will furnish to Lender, within 10 days after receipt by Borrower, any Facility Operator or any
Property Manager, a copy of any survey, report or statement of deficiencies by any Governmental Authority administering Governmental Payor Program funds or programs. Within the time period specified by any such Governmental Authority for furnishing
a plan of correction, Borrower will furnish to Lender a copy of the plan of correction. By the date required for cure by the Governmental Authority, Borrower will correct or will cause to be corrected any deficiency the curing of which is a
condition of continued eligibility for Governmental Payor Program payment or reimbursement, including full participation in the Governmental Payor Program for existing residents and for new residents to be admitted with Governmental Payor Program
coverage. 

  

	 	(e)	 Other than in the normal course of business, Borrower will not, and will not permit any Facility Operator or
any Property Manager to, change the terms of any of the Governmental Payor Program or its normal billing payment and reimbursement policies and procedures with respect to such Governmental Payor Program (including the amount and timing of finance
charges, fees and write-offs). 

  

	 	(f)	 All Governmental Payor Program cost reports and financial reports submitted by Borrower, any Facility Operator,
or any Property Manager for the Facility will be materially accurate and complete and will not be misleading in any material respects. Within 10 days of the required filing of cost reports of an Individual Facility with the Governmental Payor
Program agency or the date of actual filing of such cost report of the applicable Individual Facility with such agency, whichever is earlier, Borrower will provide Lender with a complete and accurate copy of the annual Governmental Payor Program
cost report of such Individual Facility, which will be prepared by an independent certified public accountant or by an experienced cost report preparer acceptable to Lender, and will promptly furnish Lender any amendments filed with respect to such
reports and all responses, audit reports or inquiries with respect to such reports. 

  

	 	(g)	 Borrower will permit and will cause any Property Manager or any Facility Operator to permit representatives
appointed by Lender, including independent accountants, agents, attorneys, appraisers and any other persons, to visit and inspect any of the Facility during its normal business hours and at any other reasonable times, and to take photographs of the
Facility, and to write down and record any information such representatives obtain, and will permit Lender or its representatives to investigate and verify the accuracy of the information furnished to Lender under or in connection with this Loan
Agreement or any of the other Loan Documents and to discuss all such matters with its officers, employees and representatives. 

  

	 	(h)	 Borrower will furnish and will cause any management agent for the Facility or any Facility Operator to furnish
to Lender, at Borrower’s expense, all evidence which Lender may from time to time reasonably request as to the accuracy and validity of or compliance with all representations and warranties made by Borrower in the Loan Documents and
satisfaction of all conditions contained in the Loan Documents. 

  

			
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	 	(i)	 Any inspection or audit of the Facility or the books and records of Borrower, any Property Manager or any
Facility Operator, or the procuring of documents and financial and other information, by or on behalf of Lender, will be for Lender’s protection only, and will not constitute any assumption of responsibility or liability by Lender to Borrower,
any Property Manager or any Facility Operator or anyone else with regard to the condition, construction, maintenance or operation of the Facility. Lender’s approval of any certification given to Lender will not relieve Borrower, Property
Manager, or a Facility Operator of any of their respective obligations. 

  

	 	(j)	 Within 120 days after the end of each fiscal quarter of Borrower, with respect to each Individual Facility,
Borrower will deliver or cause Property Manager or the Facility Operator to deliver to Lender information in sufficient detail, as determined by Lender, to show by patient mix (i.e., private and Governmental Payor Program, if applicable) the average
monthly census of such Individual Facility, occupancy rates and the amount of income attributed to reimbursements or payments from a Governmental Payor Program. 

 

	 	(k)	 After an Event of Default, Lender is authorized to give notice to all third party payors at Lender’s
option, instructing them to pay all third party payments, including Medicare, Medicaid or TRICARE, which would be otherwise paid to Borrower or to a Facility Operator to Lender, to the extent permitted by law. 

 

	 	(l)	 Borrower will not and will not permit any breach or violation by any Person of any Healthcare Laws pertaining
to the Facility or the operation of the Facility, including any Healthcare Laws pertaining to billing for goods or services by Borrower or any Facility Operator. Borrower will not and will not permit any circumstance to occur which would
(i) cause Borrower, a Facility Operator or the Facility to be disqualified for participation in any Governmental Payor Program or (ii) cause the non-renewal or termination of Borrower, a Facility
Operator or any Individual Facility’s participation in any such program, as applicable. 

  

	6.29	 Additional Covenants Regarding Operator. Reserved. 

 

	6.30	 Trade Name. Not applicable. 

 

	6.31	 through 6.52 are Reserved. 

 

	6.53	 Economic Sanctions Laws; AML Laws. 

 

	 	(a)	 Borrower will comply with the Economic Sanctions Laws and AML Laws, as applicable, and Borrower will take
reasonable measures to ensure that each Borrower Principal will comply with the Economic Sanctions Laws and AML Laws, as applicable. 

  

	 	(b)	 Borrower and each Borrower Principal will have in place practices and procedures for the admission of investors
which prevent the admission of: 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 64

	 	(i)	 Any Non-U.S. Equity Holder, or any 25% Equity Holder, and that has been
convicted of a violation of the AML Laws, or been the subject of a final enforcement action relating to the AML Laws. 

  

	 	(ii)	 Any 25% Equity Holder that is on the Prohibited Parties Lists. 

 

	 	(iii)	 Any Non-U.S. Equity Holder that is on the OFAC Lists.

  

	6.54	 Crowdfunding. Borrower and each Borrower Principal will not permit any 25% Equity Interest that
has been marketed or sold to investors through any form of Crowdfunding. 

  

	6.55	 through 6.58 are Reserved. 

 

	6.59	 Third-Party Payor Programs and Private Commercial Insurance Managed Care and Employee Assistance
Programs. All private insurance cost reports and related financial reports submitted by Borrower, any Facility Operator, or any Property Manager for the Facility will be materially accurate and complete and will not be misleading in any material
respects. 

 ARTICLE VII TRANSFERS OF THE MORTGAGED PROPERTY OR INTERESTS IN BORROWER. 

Upon the occurrence of a Transfer prohibited by or requiring Lender’s approval (if applicable) under this Article VII, Lender may, in Lender’s
Discretion, by Notice to Borrower and the proposed transferee(s), modify or render void, any or all of the negotiated modifications to the Loan Documents (and/or deferral of deposits to Reserve Funds) as a condition to Lender’s consent to the
proposed Transfer. 
  

	7.01	 Permitted Transfers. The occurrence of any of the following Transfers will not constitute an
Event of Default under this Loan Agreement: 

  

	 	(a)	 A Transfer to which Lender has consented. 

 

	 	(b)	 A Transfer that is not a prohibited Transfer pursuant to Section 7.02. 

 

	 	(c)	 A Transfer that is conditionally permitted pursuant to Section 7.03 upon the satisfaction of all
applicable conditions. 

  

	 	(d)	 The grant of a leasehold interest in an individual dwelling unit for a term of 2 years or less (or longer if
approved by Lender in writing) not containing an option to purchase. 

  

	 	(e)	 Entering into any New Non-Residential Lease, or modifying or
terminating any Non-Residential Lease, in each case in compliance with Section 6.04. 

  

	 	(f)	 A Condemnation with respect to which Borrower satisfies the requirements of Section 6.11.

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 65

	 	(g)	 A Transfer of obsolete or worn out Personalty or Fixtures that are contemporaneously replaced by items of equal
or better function and quality, which are free of Liens, encumbrances and security interests other than those created by the Loan Documents or consented to by Lender. 

 

	 	(h)	 The creation of a mechanic’s, materialmen’s, or judgment Lien against the Mortgaged Property, which
is released of record, bonded, or otherwise remedied to Lender’s satisfaction within 60 days of the date of creation, or is being contested as otherwise provided in this Loan Agreement; provided, however, if Borrower is diligently prosecuting
such release or other remedy and advises Lender that such release or remedy cannot be consummated within such 60-day period, Borrower will have an additional period of time (not exceeding 120 days from the
date of creation or such earlier time as may be required by applicable law in which the lienor must act to enforce the Lien) within which to obtain such release of record or consummate such other remedy. 

 

	 	(i)	 If Borrower is a housing cooperative corporation or association, the Transfer of the shares in the housing
cooperative or the assignment of the occupancy agreements or Leases relating thereto to tenant shareholders of the housing cooperative or association. 

  

	 	(j)	 A Supplemental Instrument that complies with Section 11.11(if applicable) or Defeasance that complies with
Section 11.12 (if applicable). 

  

	 	(k)	 Reserved. 

  

	 	(l)	 Reserved. 

  

	7.02	 Prohibited Transfers. The occurrence of any of the following Transfers will constitute an Event
of Default under this Loan Agreement: 

  

	 	(a)	 A Transfer of all or any part of the Mortgaged Property or any interest in the Mortgaged Property, including
the grant, creation or existence of any Lien on the Mortgaged Property (whether voluntary, involuntary or by operation of law, and whether or not such Lien has priority over the Lien of any Security Instrument), other than the Lien of the applicable
Security Instrument or, if this Loan Agreement is entered into in connection with a Supplemental Loan, the Lien of the Senior Instrument, or any other Lien to which Lender has consented. 

 

	 	(b)	 A Transfer or series of Transfers of any legal or equitable interest of any Guarantor which owns a direct or
indirect interest in an Individual Borrower that result(s) in such Guarantor no longer owning any direct or indirect interest in such Individual Borrower. 

  

	 	(c)	 A Transfer or series of Transfers of any legal or equitable interest since the Closing Date that result(s) in a
change of more than 50% of the ownership interests (or beneficial interests, if the applicable entity is a trust) in any Individual Borrower or any Designated Entity for Transfers. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 66

	 	(d)	 A Transfer of any general partnership interest in a partnership, or any manager interest (whether a member
manager or nonmember manager) in a limited liability company, or a change in the trustee of a trust other than as permitted in Section 7.04, if such partnership, limited liability company, or trust, as applicable, is a Borrower or a Designated
Entity for Transfers. However, up to 50% of the general partnership interests in a Individual Borrower partnership or Designated Entity for Transfers, or the manager interests in a limited liability company Individual Borrower or Designated Entity
for Transfers, which interests exist on the Closing Date, may be converted to limited partnership interests or non-managing membership interests, as applicable, and then transferred, subject to the provisions
of this Loan Agreement. 

  

	 	(e)	 If any Individual Borrower or any Designated Entity for Transfers is a corporation whose outstanding voting
stock is held by 100 or more shareholders, one or more Transfers by a single transferor within a 12-month period affecting an aggregate of 10% or more of that stock. 

 

	 	(f)	 The grant, creation or existence of any Lien, whether voluntary, involuntary or by operation of law, and
whether or not such Lien has priority over the Lien of a Security Instrument, on any ownership interest in any Individual Borrower or any Designated Entity for Transfers, if the foreclosure of such Lien would result in a Transfer prohibited under
Sections 7.02(b), (c), (d), or (e). 

  

	 	(g)	 If any Individual Borrower is a trust (i) the termination or revocation of the trust, or (ii) the
removal, appointment or substitution of a trustee of the trust. 

  

	 	(h)	 Reserved. 

  

	 	(i)	 Reserved. 

  

	 	(j)	 Reserved. 

  

	7.03	 Conditionally Permitted Transfers. The occurrence of any of the following Transfers will not
constitute a prohibited Transfer under Section 7.02, provided that Borrower has complied with all applicable specified conditions in this Section. 

  

	 	(a)	 Transfer by Devise, Descent or Operation of Law. Upon the death of a natural person, a Transfer which
occurs by devise, descent, or by operation of law to one or more Immediate Family Members of such natural person or to a trust or family conservatorship established for the benefit of such Immediate Family Members (each a
“Beneficiary”), provided that each of the following conditions is satisfied: 

  

	 	(i)	 The Property Manager or Facility Operator, as applicable, continues to be responsible for the management of the
Mortgaged Property, and such Transfer will not result in a change in the day-to-day operations of the Mortgaged Property. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 67

	 	(ii)	 Lender receives confirmation acceptable to Lender, in Lender’s Discretion, that Borrower continues to
satisfy the requirements of Section 6.13. 

  

	 	(iii)	 Each Guarantor executes such documents and agreements as Lender requires in Lender’s Discretion to
evidence and effect the ratification of each Guaranty, or in the event of the death of any Guarantor, Borrower causes one of the following to occur: 

  

	 	(A)	 One or more Persons acceptable to Lender, in Lender’s Discretion, execute(s) and deliver(s) to Lender a
guaranty in a form acceptable to Lender and in substantially the same form as the Guaranty executed on the Closing Date, without any cost or expense to Lender. 

 

	 	(B)	 The estate of the deceased Guarantor immediately ratifies the Guaranty in writing, and within 6 months after
the date of the death of the deceased Guarantor one or more Persons, acceptable to Lender in Lender’s Discretion, execute(s) and deliver(s) to Lender a guaranty in a form acceptable to Lender and in substantially the same form as the Guaranty
executed on the Closing Date, without any cost or expense to Lender. 

  

	 	(iv)	 Borrower gives Lender Notice of such Transfer together with copies of all documents effecting such Transfer not
more than 30 calendar days after the date of such Transfer, and contemporaneously with the Notice, takes each of the following additional actions: 

  

	 	(A)	 Borrower reaffirms the representations and warranties under Article V. 

 

	 	(B)	 Borrower satisfies Lender, in Lender’s Discretion, that the Beneficiary’s organization, credit and
experience in the management of similar properties are appropriate to the overall structure and documentation of the existing financing. 

  

	 	(v)	 Borrower or Beneficiary causes to be delivered to Lender such legal opinions as Lender deems necessary, in
Lender’s Discretion, including a nonconsolidation opinion (if a nonconsolidation opinion was delivered on the Closing Date and if required by Lender), an opinion that the ratification of the Loan Documents and Guaranty (if applicable) have been
duly authorized, executed, and delivered and that the ratification documents and Guaranty (if applicable) are enforceable as the obligations of Borrower, Beneficiary or Guarantor, as applicable. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 68

	 	(vi)	 Borrower (A) pays the Transfer Processing Fee to Lender, and (B) pays or reimburses Lender, upon
demand, for all costs and expenses including all Attorneys’ Fees and Costs, incurred by Lender in connection with such Transfer; provided, however, that Lender will not be entitled to collect a Transfer Fee. 

 

	 	(b)	 Easement, Restrictive Covenant or Other Encumbrance. The grant of an easement, restrictive covenant or
other encumbrance, provided that each of the following conditions is satisfied: 

  

	 	(i)	 Borrower provides Lender with at least 30 days prior Notice of the proposed grant. 

 

	 	(ii)	 Prior to the grant, Lender determines, in Lender’s Discretion, that the easement, restrictive covenant or
other encumbrance will not materially affect the operation or value of the Mortgaged Property or Lender’s interest in the Mortgaged Property. 

  

	 	(iii)	 Borrower pays or reimburses Lender, upon demand, for all costs and expenses, including all Attorneys’ Fees
and Costs, incurred by Lender in connection with reviewing Borrower’s request for Lender’s review of such grant of easement, restrictive covenant or other encumbrance; provided, however, that Lender will not be entitled to collect a
Transfer Fee. 

  

	 	(iv)	 If the Note is held by a REMIC trust, Lender may require an opinion of counsel which meets each of the
following requirements: 

  

	 	(A)	 The counsel providing the opinion is acceptable to Lender. 

 

	 	(B)	 The opinion is addressed to Lender. 

 

	 	(C)	 The opinion is paid for by Borrower. 

 

	 	(D)	 The opinion is in form and substance satisfactory to Lender in its sole and absolute discretion.

  

	 	(E)	 The opinion confirms each of the following: 

 

	 	(1)	 The grant of such easement has been effected in accordance with the requirements of Treasury Regulation Section 1.860G-2(a)(8) (as such regulation may be modified, amended or replaced from time to time). 

  

	 	(2)	 The qualification and status of the REMIC trust as a REMIC will not be adversely affected or impaired as a
result of such grant. 

  

	 	(3)	 That there will be no imposition of a tax under applicable REMIC provisions as a result of such grant.

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 69

	 	(c)	 Publicly-Held Fund or Publicly-Held Real Estate Investment Trust. If a Designated Entity for Transfers
is a publicly-held fund or a publicly-held real estate investment trust, either of the following: 

  

	 	(i)	 The public issuance of common stock, convertible debt, equity or other similar securities (“Public
Fund/REIT Securities”) and the subsequent Transfer of such Public Fund/REIT Securities. 

  

	 	(ii)	 The acquisition by a single Public Fund/REIT Securities holder of an ownership percentage of 10% or more in the
Designated Entity for Transfers, if within 30 days following the acquisition, Borrower does each of the following: 

  

	 	(A)	 Provides notice to Lender of that acquisition. 

 

	 	(B)	 Complies with each of the following conditions: 

 

	 	(1)	 Borrower certifies in writing to Lender that as of the date of the Transfer either (i) there will be no
25% Equity Holders or (ii) no Borrower Principal (A) is on any Prohibited Parties Lists, (B) has been convicted of any violation of the AML Laws, or (C) has been the subject of a final enforcement action relating to the AML Laws.

  

	 	(2)	 Borrower certifies in writing to Lender that as of the date of the Transfer either (i) there will not be
any Non-U.S. Equity Holders, or (ii) no Non-U.S. Equity Holder (A) is on the OFAC Lists, (B) has been convicted of any violation of the AML Laws, or
(C) has been the subject of a final enforcement action relating to the AML Laws. 

  

	 	(d)	 Transaction Specific Transfers. 

 

	 	(i)	 through (v) are reserved. 

 

	 	(vi)	 Limited Partner or Non-Managing Member Transfer. A Transfer that
results in the cumulative Transfer of more than 50% and up to 100% of the non-managing membership interests in or the limited partnership interests in any Individual Borrower or any Designated Entity for
Transfer (“Investor Interests”) to third party transferees (“Investor Interest Transfer”), provided that each of the following conditions is satisfied: 

 

	 	(A)	 Borrower provides Lender with at least 30 days prior Notice of the proposed Investor Interest Transfer.

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 70

	 	(B)	 At the time of the proposed Investor Interest Transfer, no Event of Default has occurred and is continuing and
no event or condition has occurred and is continuing that, with the giving of Notice or the passage of time, or both, would become an Event of Default. 

  

	 	(C)	 Following the Investor Interest Transfer, Control and management of the day-to-day operations of the applicable Individual Borrower continue to be held by the Person exercising such Control and management immediately prior to the Investor Interest Transfer and there is no change
in the Guarantor, if applicable. 

  

	 	(D)	 The Investor Interest Transfer does not result in a Transfer of the type described in Section 7.02(b).

  

	 	(E)	 At any time that one Person acquires 25% or more of the aggregate of direct or indirect Investor Interests as a
result of the Investor Interest Transfer, Borrower must meet the following additional requirements: 

  

	 	(1)	 Borrower pays to Lender the Transfer Processing Fee at the time the Borrower provides Lender with the Notice
set forth in Section 7.03(d)(vi)(A). 

  

	 	(2)	 Borrower pays or reimburses Lender, upon demand, for all costs and expenses, including all Attorneys’ Fees
and Costs, incurred by Lender in connection with the Investor Interest Transfer. 

  

	 	(3)	 Lender receives confirmation acceptable to Lender that (X) the requirements of Section 6.13 continue
to be satisfied, and (Y) the term of existence of the holder of 25% or more of the Investor Interests after the Investor Interest Transfer (exclusive of any unexercised extension options or rights) does not expire prior to the Maturity Date.

  

	 	(4)	 Lender receives organizational charts reflecting the structure of Borrower prior to and after the Investor
Interest Transfer and copies of the then-current organizational documents of Borrower and the entity in which Investor Interests were transferred, if different from Borrower, including any amendments. 

 

	 	(5)	 Each transferee with an interest of 25% or more delivers to Lender a certification that each of the following
is true: 

  

	 	(X)	 He/she/it has not been convicted of fraud or a crime involving moral turpitude (or if an entity, then no
principal of such entity has been convicted of fraud or a crime involving moral turpitude). 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 71

	 	(Y)	 He/she/it has not been involved in a bankruptcy or reorganization within the ten years preceding the date of
the Investor Interest Transfer. 

  

	 	(6)	 Borrower certifies in writing to Lender that as of the date of the Transfer either (i) there will be not
be any Person with a collective equity interest (whether direct or indirect) of 25% or more in any Individual Borrower, or (ii) no Borrower Principal (A) is on any Prohibited Parties Lists, (B) has been convicted of any violation of
the AML Laws, or (C) has been the subject of a final enforcement action relating to the AML Laws. 

  

	 	(7)	 Borrower certifies in writing to Lender that as of the date of the Transfer either (i) there will not be
any Non-U.S. Equity Holders, or (ii) no Non-U.S. Equity Holder (A) is on the OFAC Lists, (B) has been convicted of a violation of the AML Laws, or
(C) has been the subject of a final enforcement action relating to the AML Laws. 

  

	 	(8)	 If a nonconsolidation opinion was delivered on the Closing Date and if, after giving effect to the Investor
Interest Transfer and all prior Transfers, 50% or more in the aggregate of direct or indirect interests in any Individual Borrower are owned by any Person and its Affiliates that owned less than a 50% direct or indirect interest in such Individual
Borrower as of the Closing Date, Borrower delivers to Lender an opinion of counsel for Borrower, in form and substance satisfactory to Lender, with regard to nonconsolidation. 

 

	 	(vii)	 through (xi) are reserved. 

 

	 	(e)	 through (k) are reserved. 

 

	7.04	 Preapproved Intrafamily Transfers. Not applicable. 

 

	7.05	 Lender’s Consent to Prohibited Transfers. 

 

	 	(a)	 Conditions for Lender’s Consent. Subject to the terms and conditions set forth in Section 7.10
and this Section 7.05(a), with respect to a Transfer that would otherwise constitute an Event of Default under this Article VII, Lender will consent, without any adjustment to the rate at which the Indebtedness bears interest or to any other
economic terms of the Indebtedness set forth in the Note, provided that, prior to such Transfer, each of the following requirements is satisfied: 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 72

	 	(i)	 Borrower has submitted to Lender all information required by Lender to make the determination required by this
Section along with the Transfer Processing Fee. 

  

	 	(ii)	 No Event of Default has occurred and is continuing and no event or condition has occurred and is continuing
that, with the giving of Notice or the passage of time, or both, would become an Event of Default unless such Transfer would cure the Event of Default. 

  

	 	(iii)	 Lender in Lender’s Discretion has determined that the transferee meets Lender’s eligibility, credit,
management and other standards (including any standards with respect to previous relationships between Lender and the transferee). 

  

	 	(iv)	 Lender in Lender’s Discretion has determined that the transferee’s organization, credit and
experience in the ownership and management of similar senior housing facilities is adequate and appropriate to the overall structure and documentation of the Loan. 

 

	 	(v)	 Lender in Lender’s Discretion has determined that each applicable Individual Property will be managed by a
Property Manager meeting the requirements of Section 6.09(d), and, if applicable, an Operator whose organization, credit and experience in the operation of similar senior housing facilities is adequate and appropriate to the overall structure
and documentation of the Loan. Any new or replacement Operator approved by Lender must either (A) assume the Loan Documents executed by the prior Operator, if applicable, or (B) execute Lender’s then-standard documents governing
operators of senior housing facilities and transferee will execute any modifications to the Loan Documents required by Lender to document Operator’s role in the operation of the Facility and appropriately secure the Loan. 

 

	 	(vi)	 Lender in Lender’s Discretion has determined that the Mortgaged Property, at the time of the proposed
Transfer, meets all of Lender’s standards as to its physical condition, occupancy, net operating income and the accumulation of reserves. 

  

	 	(vii)	 Lender has determined that no proposed Borrower Principal (A) is on any Prohibited Parties Lists,
(B) has been convicted of a violation of the AML Law, or (C) has been the subject of a final enforcement action relating to the AML Laws. 

  

	 	(viii)	 Lender has determined that there will not be any Non-U.S. Equity
Holders, or has confirmed that no Non-U.S. Equity Holder (A) is on the OFAC Lists, (B) has been convicted of a violation of the AML Laws, or (C) has been the subject of a final enforcement
action relating to the AML Laws. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 73

	 	(ix)	 Lender in Lender’s Discretion has determined that the transferee and any SPE Equity Owner of such
transferee meet the requirements of Section 6.13. 

  

	 	(x)	 If any Supplemental Instrument is outstanding, Borrower has obtained the consent of each Supplemental Lender,
if different from Lender. 

  

	 	(xi)	 Borrower and Guarantor execute such additional documents as Lender may require to evidence the Transfer.

  

	 	(xii)	 In the case of a Transfer of all or any part of the Mortgaged Property, each of the following conditions is
satisfied: 

  

	 	(A)	 The transferee executes Lender’s then-standard assumption agreement that, among other things, requires the
transferee to perform all obligations of Borrower set forth in the Note, the Security Instrument, this Loan Agreement and any other Loan Document, and may require that the transferee comply with any provisions of this Loan Agreement or any other
Loan Document which previously may have been waived or modified by Lender. 

  

	 	(B)	 If Lender requires, the transferee causes one or more Persons acceptable to Lender, in Lender’s
Discretion, to execute and deliver to Lender a Guaranty in a form acceptable to Lender. 

  

	 	(C)	 The transferee executes such additional documentation (including filing financing statements, as applicable) as
Lender may require. 

  

	 	(xiii)	 In the case of a Transfer of any interest in Borrower or a Designated Entity for Transfers, if a Guarantor
requests that Lender release the Guarantor from its obligations under a Guaranty executed and delivered in connection with the Note, this Loan Agreement or any of the other Loan Documents, then Borrower causes one or more Persons acceptable to
Lender, in Lender’s Discretion, to execute and deliver to Lender a Guaranty in a form acceptable to Lender. 

  

	 	(xiv)	 Lender has received such legal opinions as Lender deems necessary, including a nonconsolidation opinion (if a
nonconsolidation opinion was delivered on the Closing Date and if required by Lender), an opinion that the assignment and assumption of the Loan Documents has been duly authorized, executed, and delivered and that the assignment documents and the
Loan Documents are enforceable as the obligations of Borrower, transferee and Guarantor, as applicable. 

  

	 	(xv)	 Lender collects all costs, including the cost of all title searches, title insurance and recording costs, and
all Attorneys’ Fees and Costs incurred in reviewing the Transfer request and any fees charged by the Rating Agencies, if applicable. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 74

	 	(xvi)	 At the time of the Transfer, Borrower pays the Transfer Fee to Lender. 

 

	 	(xvii)	 The Transfer will not occur during any Extension Period, if applicable. 

 

	 	(xviii)	 Reserved. 

  

	 	(xix)	 With respect to an assumption of the Loan (“Loan Assumption”) in connection with the
simultaneous Transfer of all of the Individual Properties (or a Transfer of direct or indirect interests in every Borrower) (“Whole Loan Assumption”): 

 

	 	(A)	 If after such Transfer there is more than one Assumption Borrower, each Assumption Borrower must be an
affiliate of each of the other Assumption Borrower, and all of the Assumption Borrowers must have identical ultimate ownership and control. 

  

	 	(B)	 Lender must have determined that immediately prior to the Whole Loan Assumption, the Loan satisfies a minimum
aggregate DSCR of 1.30:1 and a maximum aggregate LTV of 74%. 

  

	 	(C)	 Each Assumption Borrower must simultaneously assume any outstanding Supplemental Loan or Senior Indebtedness
secured by any Mortgaged Property. 

  

	 	(D)	 The Assumption Borrowers must enter into one or more of the modifications of the Loan Documents described
below, if required by Lender in its sole discretion: 

  

	 	(1)	 modifications to the provisions of Section 7.10 and 7.11 of this Loan Agreement, including, without
limitation, requiring an increased Additional Release Payment or modifying any other conditions to Release. 

  

	 	(2)	 modifications imposing additional conditions related to the credit enhancement, valuation or security for the
Loan as may be required by Lender in its sole discretion, including without limitation, one or more of the following: reserves, guaranties, valuation and/or performance covenants. 

 

	 	(xx)	 No Loan Assumption will be permitted other than in connection with a Whole Loan Assumption. A Transfer of less
than all of the Individual Properties in connection with an assumption of a portion of the Loan (“Partial Loan Assumption”) will not be permitted. 

 

	 	(b)	 Continuing Liability of Borrower. If Borrower requests a release of its liability under the Loan
Documents in connection with a Transfer of all of Borrower’s interest in the Mortgaged Property, and Lender approves the Transfer pursuant to Section 7.05(a), then one of the following will apply: 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 75

	 	(i)	 If Borrower delivers to Lender a current Site Assessment for an Individual Property which (A) is dated
within 90 days prior to the date of the proposed Transfer, and (B) evidences no presence of Hazardous Materials on the Mortgaged Property and no other Prohibited Activities or Conditions with respect to the Mortgaged Property (“Clean
Site Assessment”), then Lender will release Borrower from all of Borrower’s obligations under the Loan Documents with respect to such Individual Property except for any liability under Section 6.12 or Section 10.02(b) with
respect to any loss, liability, damage, claim, cost or expense which directly or indirectly arises from or relates to any Prohibited Activities or Conditions existing prior to the date of the Transfer. 

 

	 	(ii)	 If Borrower does not deliver a Clean Site Assessment as described in Section 7.05(b)(i) for any Individual
Property, then Lender will release Borrower from all of Borrower’s obligations under the Loan Documents with respect to such Individual Property except for liability under Section 6.12 or Section 10.02(b). 

 

	 	(c)	 Continuing Liability of Guarantor. If Guarantor requests a release of its liability under the Guaranty
in connection with a Transfer which is permitted, preapproved, or approved by Lender pursuant to this Article VII, and Borrower has provided a replacement Guarantor acceptable to Lender under the terms of Section 7.05(a)(xii)(B), then one of
the following will apply: 

  

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

 

	 	(ii)	 If Borrower does not deliver a Clean Site Assessment as described in Section 7.05(b)(i) for any Individual
Property, then Lender will release Guarantor from all of Guarantor’s obligations with respect to such Individual Property except for Guarantor’s obligation to guaranty Borrower’s liability under Section 6.12 or
Section 10.02(b). 

  

	7.06	 SPE Equity Owner Requirement Following Transfer. Following any Transfer pursuant to this Article
VII, Borrower must satisfy the applicable conditions regarding an SPE Equity Owner set forth in Section 6.13(a)(xxvi) of this Loan Agreement. 

  

			
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	7.07	 Additional Transfer Requirements - External Cap Agreement. 

 

	 	(a)	 Continuation of Cap Agreement. If a Transfer of all or part of the Mortgaged Property permitted by this
Loan Agreement occurs, Borrower will ensure that any third-party Cap Agreement is transferred to the applicable transferee or, if the Cap Agreement is not transferable, Borrower will replace the third-party Cap Agreement in accordance with
Lender’s then-current requirements. 

  

	 	(b)	 Establishment or Modification of Rate Cap Agreement Reserve Fund 

 

	 	(i)	 If the third-party Cap Agreement which will be in place immediately following the Transfer is scheduled to
expire prior to the Maturity Date, Lender may require Borrower to establish a Rate Cap Agreement Reserve Fund. 

  

	 	(ii)	 If Borrower has previously established a Rate Cap Agreement Reserve Fund, then Lender will determine whether
the balance of any existing Rate Cap Agreement Reserve Fund is sufficient under then-current market conditions to purchase a Replacement Cap Agreement, and may then take any of the following actions: 

 

	 	(A)	 Lender may require Borrower to make an additional deposit into the Rate Cap Agreement Reserve Fund.

  

	 	(B)	 If funding of the Rate Cap Agreement Reserve Fund has been deferred, Lender may require Borrower to begin
making monthly deposits into the Rate Cap Agreement Reserve Fund. 

  

	 	(C)	 Lender may require Borrower to increase the amount of monthly deposits to the Rate Cap Agreement Reserve Fund.

  

	7.08	 Reserved. 

 

	7.09	 Reserved. 

 

	7.10	 Releases of Individual Properties. 

 

	 	(a)	 Releases Generally. Notwithstanding anything to the contrary in this Loan Agreement or any of the other
Loan Documents, except as set forth in Section 7.10(b) and 11.12, no Individual Property may be subject to Defeasance (if applicable) or otherwise released from the lien of the applicable Security Instrument and/or this Loan Agreement (a
release from a Security Instrument and/or this Loan Agreement, a being a “Release”) except in connection with (i) the repayment in full of the Indebtedness and any outstanding Supplemental Loan or Senior Indebtedness secured by
any Individual Property, (ii) if applicable, the simultaneous Defeasance of the Loan and any outstanding Supplemental Loan or Senior Indebtedness secured by any Individual Property in accordance with the provisions of Section 11.12 of this
Loan Agreement, or (iii) the release of a portion of an Individual Property in connection with a Condemnation in accordance with Section 6.11. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 77

	 	(b)	 Conditions for Release of Individual Properties. Lender will permit the Release of an Individual
Property (each, a “Released Property”) provided each of the following conditions is satisfied: 

  

	 	(i)	 The Release does not occur during any of the following times: 

 

	 	(A)	 Before the date that is 12 months after the Closing Date unless such Release is a First 10% Release.

  

	 	(B)	 Before the Cut-Off Date, if applicable. 

 

	 	(C)	 During the Lockout Period, if applicable, unless such Release is a First 10% Release. 

 

	 	(D)	 During the 6-month period preceding the Maturity Date.

  

	 	(ii)	 Lender has received from Borrower at least 90 days’ prior written notice (“Release
Notice”) of the date of the proposed Release (the date of Release is the “Release Date”), together with each of the following: 

  

	 	(A)	 A non-refundable administrative fee (“Release Processing
Fee”) equal to $1,500 multiplied by the total number of Individual Properties that will remain as security for the remaining Indebtedness after such Release (“Remaining Properties”), subject, however, to a minimum Release
Processing Fee of $15,000. If more than one Individual Property will be released simultaneously, only one Release Processing Fee will be due. 

  

	 	(B)	 Written notice of Borrower’s selection of the Valuation Method to be used to determine the values of each
Released Property and each Remaining Property. 

  

	 	(iii)	 No Event of Default has occurred and no event or circumstance exists on the Release Date which with the giving
of notice or the passage of time or both could constitute an Event of Default. 

  

	 	(iv)	 The Loan has been prepaid and/or defeased (if applicable) in an amount equal to the sum of the Base Release
Payment and, if applicable, the Additional Release Payment (collectively, the “Total Release Payment”), in accordance with the following requirements: 

 

	 	(A)        (1)	 If the Note is not in the Defeasance Period (if applicable) and is permitted to be prepaid in full at the time
of such Release, then the Note must be prepaid in an aggregate amount equal to the Total Release Payment. 

  

	 	             (2)	 Reserved. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 78

	 	(B)	 Lender will apply the Base Release Payment to the Allocated Loan Amount for the Released Property. Lender will
apply the Additional Release Payment to reduce the Allocated Loan Amount of one or more of the Remaining Properties, as determined by Lender in Lender’s sole and absolute discretion. 

In addition, any outstanding Supplemental Loan or Senior Indebtedness secured by the Released Property (or any portion thereof that is
allocated to the Released Property and any other amounts required to be paid to release the Released Property from the loan documents evidencing such Supplemental Loan or Senior Indebtedness) has either been paid and/or defeased in full, as
applicable. 
  

	 	(v)	 Borrower has paid to Lender on or before the Release Date, the applicable prepayment premium (if any) that may
be due under the terms of the Note as a result of any prepayment of the Note pursuant to this Section 7.10 (including, without limitation, prepayment premiums resulting from the payment of the Additional Release Payment (collectively, the
“Prepayment Premiums”), all accrued and unpaid interest on the amount of the Total Release Payment, and any other sums required to be paid under the Note that are past due or that would become past due if not paid on the Release
Date (collectively, the “Interest and Outstanding Amounts”). 

  

	 	(vi)	 Borrower has paid to Lender all of Lender’s costs and expenses in connection with the Release, including
Attorneys’ Fees and Costs and all costs and expenses associated with all Valuation Methods used in accordance with this Section 7.10, including the cost of appraisals, if required by Lender (collectively, “Release Costs”).

  

	 	(vii)	 Subject to Section 7.10(b)(vii)(C), the Remaining Properties will satisfy the following loan-to-value and debt service coverage requirements (“LTV/DSCR Test”), immediately after the Release, taking into account the application of the Base Release
Payment, but not the Additional Release Payment if applicable, as determined by Lender in its sole and absolute discretion in accordance with Section 7.10(f), which determination will be binding and conclusive absent manifest error:

  

	 	(A)	 An aggregate debt service coverage ratio (“DSCR”) for the Remaining Properties as of the
Release Date of not less than the greater of (x) the Aggregate DSCR at Origination and (y) the aggregate DSCR of all the Individual Properties immediately prior to the Release, as determined by Lender. Borrower must provide to Lender such
financial statements and other information with respect to each of the Individual Properties as Lender may require to determine the DSCR, certified by an officer of the owner of each of the Remaining Properties as being true, correct and complete in
all material respects. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 79

	 	(B)	 An LTV of the Remaining Properties as of the Release Date that does not exceed the lesser of (x) the
Aggregate LTV at Origination, and (y) the aggregate LTV of all the Individual Properties immediately prior to the Release, in each case as determined by Lender based on the Valuation Method. 

A portion of the Indebtedness may be prepaid (together with any applicable prepayment premium) and/or defeased (if applicable) in accordance
with Section 11.12 below in the amount required to satisfy the LTV/DSCR Test (“Balancing Payment”), provided that any such prepayment and/or defeasance, as applicable, occurs simultaneously with a Release in accordance with the
terms of this Section 7.10. The amount of the Balancing Payment will be determined by Lender, and will be applied and allocated by Lender in the same manner as the Additional Release Payment in accordance with Section 7.10(b)(iv) above.

  

	 	(C)	 Notwithstanding anything herein to the contrary, provided that all other requirements of Section 7.10(b)
have been satisfied: 

  

	 	(1)	 First 10% Releases. The following terms apply with respect to each First 10% Release (collectively, the
“First 10% Release Requirements”): 

  

	 	(x)	 Borrower must pay to Lender (i) the Release Processing Fee, (ii) the Base Release Payment,
(iii) the Interest and Outstanding Amounts and (iv) Release Costs. 

  

	 	(y)	 Except as set forth in Section 7.10(b)(vii)(C)(3) and (4), (a) no Additional Release Payment will be due
and payable, (b) as set forth in the Note, no Prepayment Premium will be due and payable as a result of the payment of the Base Release Payment and (c) the LTV/DSCR Test will be waived. 

 

	 	(2)	 Releases after Prepayment in Full of First 10% Prepayment Amount. The following terms apply with respect
to each Release made after prepayment in full of the First 10% Prepayment Amount (collectively, the “Remaining Release Requirements”): 

  

	 	(x)        (i)	 Borrower must pay to Lender the (A) Release Processing Fee, (B) Base Release Payment, (C) except
as set forth in Sections 7.10(b)(vii)(C)(2)(y), Additional Release Payment, (D) Prepayment Premiums, (E) Interest and Outstanding Amounts, and (F) Release Costs. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 80

	 	            (ii)	 Except as set forth in Sections 7.10(b)(vii)(C)(2)(y), the LTV/DSCR Test must be satisfied.

  

	 	(y)	 Except as set forth in Section 7.10(b)(vii)(C)(4) and (5), (a) no Additional Release Payment will be due
and payable and (b) the LTV/DSCR Test will be waived with respect to any such Release if the following conditions are satisfied: 

  

	 	(a)	 Immediately after the Release there will be more than five (5) Remaining Properties and Lender has
determined that the Release Premium Pool Test has been satisfied. 

  

	 	(b)	 Immediately after the Release there will be five (5) or less Remaining Properties and Lender has
determined that (1) the Release Premium Pool Test has been satisfied, (2) the LTV of each of the Remaining Properties as of the Release Date does not exceed 75% and (3) the DSCR for each of the Remaining Properties as of the Release
Date is not less than 1.40:1, as determined by Lender in accordance with Section 7.10(f). 

 If the requirements set
forth in this Section 7.10(b)(vii)(C)(2)(y) are not satisfied with respect to any Release made after prepayment in full of the First 10% Prepayment Amount, all of the conditions to Release set forth in Section 7.10(b) will apply, including
without limitation, (i) payment of the Base Release Payment, the Additional Release Payment, all applicable Prepayment Premiums, Interest and Outstanding Amounts and Release Costs and (ii) satisfaction of the LTV/DSCR Test. 

 

	 	(3)	 Release of Simi Hills Notwithstanding the provisions of this Section 7.10(b)(vii)(C), all of the
conditions to Release set forth in Section 7.10(b), including without limitation, (i) payment of the Base Release Payment, the Additional Release Payment, all applicable Prepayment Premiums, Interest and Outstanding Amounts and Release
Costs and (ii) satisfaction of the LTV/DSCR Test, will apply to a Release of the Individual Property known as Simi Hills regardless of whether or not such Release is a First 10% Release or satisfies the conditions of
Section 7.10(b)(vii)(C)(2). 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 81

	 	(4)	 Affiliate Sales. Notwithstanding the provisions of this Section 7.10(b)(vii)(C), all of the
conditions to Release set forth in Section 7.10(b), including without limitation, (i) payment of the Base Release Payment, the Additional Release Payment, all applicable Prepayment Premiums, Interest and Outstanding Amounts and Release
Costs and (ii) satisfaction of the LTV/DSCR Test, will apply to any Release made in connection with an Affiliate Sale regardless of whether or not the required prepayment in connection with such Release is part of the First 10% Prepayment
Amount or such Release satisfies the conditions of Section 7.10(b)(vii)(C)(2). 

 Any waiver of the LTV/DSCR Test
permitted under this Section 7.10(b)(vii)(C) does not constitute a waiver of (i) the loan-to-value ratio test or any other requirements pursuant to
Section 7.10(b)(viii) or (ii) any other provision of this Loan Agreement. For the avoidance of doubt, the loan-to-value ratio test and any other requirements
pursuant to Section 7.10(b)(viii) will always be applicable. 
 For purposes of Releases, if a portion of the prepayment of the
applicable Base Release Payment in connection with a Release is in the First 10% Prepayment Amount and a portion exceeds the First 10% Prepayment Amount, the Remaining Release Requirements will apply. 

 

	 	(viii)	 If Securitization of the Loan has occurred: 

 

	 	(A)	 Immediately after the Release, the aggregate
loan-to-value ratio of the Loan and the Remaining Properties, as determined by Lender in its sole and absolute discretion based on the Valuation Method, will not exceed
125% (provided that, for purposes of this calculation, the value of the Remaining Properties will be reduced by the outstanding principal balance of any Senior Indebtedness and a proportionate amount of any indebtedness secured by such Remaining
Properties that is in parity with the Loan), or as otherwise may be required at such time by then-current REMIC Laws; and 

  

	 	(B)	 Unless waived by Lender, Lender has received an opinion of counsel that the Release will not cause such
Securitization to fail to meet applicable federal income tax qualification requirements, including under the REMIC Laws, or subject such Securitization to tax. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 82

 For the purposes of determining the loan-to-value ratio under this Section 7.10(b)(viii), the value will be based solely on the value of the real property collateral, and not any non-real property
assets or going-concern value of any business conducted using the real property collateral. 
  

	 	(ix)	 Unless waived by Lender, Lender has received an endorsement to each Title Policy applicable to each of the
Remaining Properties that re-dates the Title Policy to the date of the recording of the Release and confirms that notwithstanding the Release, the priority of the lien of the Security Instrument upon the
applicable Remaining Property is unchanged and subject only to the exceptions to insurance contained in the Title Policy on the date of this Loan Agreement and any additional matters previously approved in writing by Lender. 

 

	 	(x)	 To the extent that a Released Property is on the same campus and/or shares facilities or amenities with any
Remaining Property, such Remaining Property must meet the requirements for an Independent Property (as defined in the Freddie Mac Multifamily Seller/Servicer Guide). 

 

	 	(xi)	 Lender has received the following: 

 

	 	(A)	 An amendment to this Loan Agreement and, if requested by Lender, the Note executed by Borrower, to reflect the
Remaining Properties, the Allocated Loan Amount with respect to each of the Remaining Properties, and all related prepayments under this Section 7.10. 

  

	 	(B)	 A reaffirmation and ratification agreement executed by Guarantor and each Individual Borrower owning all or
part of any Remaining Property with respect to their respective obligations under the Note, the Guaranty, and the other Loan Documents, which modifications must be in form and substance acceptable to Lender. 

 

	 	(C)	 Such other modifications to the Loan Documents as may be required by Lender to evidence the Release of the
Released Property and the release of each Individual Borrower owning the Released Property from its obligations under the Note, this Loan Agreement, and the other Loan Documents (provided, however, that if such Individual Borrower owns all or part
of any Remaining Property it shall only be released from its obligations with respect to the Released Property). 

  

	 	(D)	 If required by Lender, such legal opinions as Lender deems necessary, including a nonconsolidation opinion (if
a nonconsolidation opinion was delivered on the Closing Date and if required by Lender), an opinion that the modifications of the Loan Documents and the reaffirmation and ratification agreement have been duly authorized, executed, and delivered and
are enforceable as the obligations of Borrower and Guarantor, as applicable, in accordance with their terms. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 83

	 	(xii)	 Reserved. 

  

	 	(c)	 Continuing Liability. Notwithstanding any Release, no Individual Borrower will be released from
liability pursuant to Section 6.12 and Section 10.02(b) of this Loan Agreement (and no Guarantor will be released from any related liability pursuant to Section 2(a)(ii) of the applicable Guaranty) with respect to any Released
Property unless Borrower delivers to Lender a Clean Site Assessment meeting the requirements of Section 7.05(b) of this Loan Agreement with respect to such Released Property, in which case Lender will release Borrower from liability pursuant to
Section 6.12 and Section 10.02(b) of this Loan Agreement and release Guarantor from its related liability pursuant to Section 2(a)(ii) of the Guaranty, in each case solely with respect to the Released Property except with respect to
any loss, liability, damage, claim, cost or expense which directly or indirectly arises from or relates to any Prohibited Activities or Conditions existing prior to the Release Date. 

 

	 	(d)	 Reserved. 

  

	 	(e)	 Releases and Loan Assumptions. A Release in connection with a Partial Loan Assumption will not be
permitted. 

  

	 	(f)	 Calculation of DSCR and LTV. Any determination by Lender of LTV and/or DSCR pursuant to this
Section 7.10 will be binding and conclusive absent manifest error and will be subject to the following provisions: 

  

	 	(i)	 Any calculation of LTV and/or DSCR for an Individual Property will include any outstanding Supplemental Loan
and any Senior Indebtedness secured by such Mortgaged Property. 

  

	 	(ii)	 In determining any LTV in connection with a Release, Lender will apply the same Valuation Method to the
Released Property (or each Released Property if more than one Individual Property will be released simultaneously) and to each of the Remaining Properties. Notwithstanding the foregoing, Borrower must obtain an appraisal for each Released Property,
and Lender may use the Appraisal Valuation Method with respect to the Released Property and the otherwise applicable Valuation Method with respect to the Remaining Properties. 

 

	 	(iii)	 When calculating DSCR, Lender will apply a 30-year amortization to such
calculation and an interest rate equal to the Assumed Interest Rate. 

  

	 	(iv)	 When calculating LTV, the value will be based on the value of the real property collateral, including any
going-concern value of any business conducted using the real property collateral. Notwithstanding this section (iv), nothing herein is meant to diminish or modify the requirements of Section 7.10(b)(viii). 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 84

	 	(g)	 Reserved. 

  

	 	(h)	 Reserved. 

  

	 	(i)	 No Waiver or Modification of Lockout Period or Defeasance Period. For the avoidance of doubt, nothing in
this Section 7.10 or any other Section of this Loan Agreement will be deemed to permit the prepayment of all or any portion of the Note during the Lockout Period (other than the prepayments made in connection with First 10% Releases in
accordance with the terms of the Note and Section 7.10(b)) or the Defeasance Period (if applicable), or to permit any Defeasance of all or any portion of the Note except during the Defeasance Period and otherwise in accordance with
Section 11.12 below. 

  

	 	(j)	 Releases During First Year. If the Release Date is before the first anniversary of the Closing Date, and so
long as the appraisals obtained by Lender in connection with the underwriting and origination of the Loan are no older than 18 months as of the Release Date, then notwithstanding anything to the contrary in this Loan Agreement, but subject to clause
(x) of the definition of Valuation Method: (i) the “Valuation Method” will mean the Appraisal Valuation Method, and (ii) the appraisals used to determine the value will be the appraisals obtained by Lender prior to
the Closing Date in connection with the underwriting and origination of the Loan. 

  

	7.11	 Reserved. 

 

	7.12	 Reserved. 

ARTICLE VIII SUBROGATION. 
 If, and to the extent that,
the proceeds of the Loan, or subsequent advances under Section 9.02, are used to pay, satisfy or discharge a Prior Lien, such Loan proceeds or advances will be deemed to have been advanced by Lender at Borrower’s request, and Lender will
automatically, and without further action on its part, be subrogated to the rights, including Lien priority, of the owner or holder of the obligation secured by the Prior Lien, whether or not the Prior Lien is released. 

ARTICLE IX EVENTS OF DEFAULT AND REMEDIES. 
  

	9.01	 Events of Default. The occurrence of any one or more of the following will constitute an Event of
Default under this Loan Agreement: 

  

	 	(a)	 Borrower fails to pay or deposit when due any amount required by the Note, this Loan Agreement or any other
Loan Document. 

  

	 	(b)	 Borrower fails to maintain the Insurance coverage required by Section 6.10. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 85

	 	(c)	 Borrower or any SPE Equity Owner fails to comply with the provisions of Section 6.13 or if any of the
assumptions contained in any nonconsolidation opinions delivered to Lender at any time is or becomes untrue in any material respect. 

  

	 	(d)	 Borrower or any SPE Equity Owner, any of its officers, directors, trustees, general partners or managers or any
Guarantor commits fraud or a material misrepresentation or material omission in connection with: (i) the application for or creation of the Indebtedness, (ii) any financial statement, Rent Schedule, or other report or information provided
to Lender during the term of the Indebtedness, or (iii) any request for Lender’s consent to any proposed action, including a request for disbursement of funds under this Loan Agreement. 

 

	 	(e)	 Borrower fails to comply with the Condemnation provisions of Section 6.11. 

 

	 	(f)	 A Transfer occurs that violates the provisions of Article VII, whether or not any actual impairment of
Lender’s security results from such Transfer. 

  

	 	(g)	 A forfeiture action or proceeding, whether civil or criminal, is commenced which could result in a forfeiture
of the Mortgaged Property or otherwise materially impair the Lien created by any Security Instrument or Lender’s interest in the Mortgaged Property. 

  

	 	(h)	 Borrower fails to perform any of its obligations under this Loan Agreement (other than those specified in
Section 9.01), as and when required, which failure continues for a period of 30 days after Notice of such failure by Lender to Borrower. However, if Borrower’s failure to perform its obligations as described in this Section 9.01(h) is
of the nature that it cannot be cured within the 30 day cure period after such Notice from Lender but reasonably could be cured within 90 days, then Borrower will have additional time as determined by Lender in Lender’s Discretion, not to
exceed an additional 60 days, in which to cure such default, provided that Borrower has diligently commenced to cure such default during the initial 30 day cure period and diligently pursues the cure of such default. However, no such Notice or cure
periods will apply in the case of any such failure which could, in Lender’s judgment, absent immediate exercise by Lender of a right or remedy under this Loan Agreement, result in harm to Lender, danger to tenants or third parties, or
impairment of the Note, any Security Instrument or this Loan Agreement or any other security given under any other Loan Document. 

  

	 	(i)	 Borrower fails to perform any of its obligations as and when required under any Loan Document other than this
Loan Agreement which failure continues beyond the applicable cure period, if any, specified in that Loan Document. 

  

	 	(j)	 The holder of any other debt instrument secured by a mortgage, deed of trust or deed to secure debt on the
Mortgaged Property exercises any right to declare all amounts due under that debt instrument immediately due and payable. 

  

	 	(k)	 Any of the following occurs: 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 86

	 	(i)	 Borrower or any SPE Equity Owner commences any case, Proceeding or other action under any existing or future
law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors (A) seeking to have an order for relief entered with respect to it, or seeking to adjudicate it bankrupt or
insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debt, or (B) seeking appointment of a receiver,
trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets. 

  

	 	(ii)	 Any party other than Lender commences any case, Proceeding, or other action of a nature referred to in
Section 9.01(k)(i) against Borrower or any SPE Equity Owner which (A) results in the entry of an order for relief or any such adjudication or appointment, or (B) has not been dismissed, discharged or bonded for a period of 90 days.

  

	 	(iii)	 Any case, Proceeding or other action is commenced against Borrower or any SPE Equity Owner seeking issuance of
a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of any order by a court of competent jurisdiction for any such relief which is not vacated, discharged, or
stayed or bonded pending appeal within 90 days from the entry thereof. 

  

	 	(iv)	 Borrower or any SPE Equity Owner takes any action in furtherance of, or indicating its consent to, approval of,
or acquiescence in, any of the acts set forth in Section 9.01(k)(i), (ii) or (iii). 

  

	 	(l)	 Borrower or any SPE Equity Owner has made any representation or warranty in Article V or any other Section of
this Loan Agreement that is false or misleading in any material respect. 

  

	 	(m)	 If the Loan is secured by an interest under a Ground Lease, Borrower fails to comply with the provisions of
Section 6.19. 

  

	 	(n)	 If the Loan is a Supplemental Loan, any Event of Default occurs under (i) the Senior Note, the Senior
Instrument or any other Senior Loan Document, or (ii) any loan document related to another loan in connection with the Mortgaged Property, regardless of whether Borrower has obtained Supplemental Lender’s approval of the placement of such
Lien on the Mortgaged Property. In addition, if the Loan is a Supplemental Loan, as Borrower under both the Supplemental Instrument and the Senior Instrument, Borrower acknowledges and agrees that if there is an Event of Default under the
Supplemental Note, the Supplemental Instrument or any other Supplemental Loan Document, such Event of Default will be an Event of Default under the terms of the Senior Instrument and will entitle Senior Lender to invoke any and all remedies
permitted to Senior Lender by applicable law, the Senior Note, the Senior Instrument or any of the other Senior Loan Documents. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 87

	 	(o)	 If the Mortgaged Property is subject to any covenants, conditions and/or restrictions, land use restriction
agreements or similar agreements, Borrower fails to perform any of its obligations under any such agreement as and when required, and such failure continues beyond any applicable cure period. 

 

	 	(p)	 A Guarantor files for bankruptcy protection under the Bankruptcy Code or a Guarantor voluntarily becomes
subject to any reorganization, receivership, insolvency proceeding or other similar proceeding pursuant to any other federal or state law affecting debtor and creditor rights, or any creditor (other than Lender) of a Guarantor commences any
involuntary case against a Guarantor pursuant to the Bankruptcy Code or other federal or state law affecting debtor and creditor rights, unless each of the following conditions is satisfied: 

 

	 	(i)	 Borrower or Guarantor provides Notice of such action to Lender within 30 days after the filing of such action.

  

	 	(ii)	 Either (A) the case is dismissed or discharged within 90 days after filing, or (B) within 90 days
following the date of such filing or commencement, the affected Guarantor is replaced with one or more other Persons acceptable to Lender, in Lender’s Discretion, each of whom executes and delivers to Lender a replacement Guaranty in form and
content acceptable to Lender, together with such legal opinions as Lender deems necessary. 

  

	 	(iii)	 If Borrower must provide a replacement Guarantor pursuant to Section 9.01(p)(ii), then Borrower pays the
Transfer Processing Fee to Lender. 

  

	 	(q)	 With respect to a Guarantor, either of the following occurs: 

 

	 	(i)	 The death of any Guarantor who is a natural person, unless within 30 days following the Guarantor’s death,
Borrower causes one of the following to occur: 

  

	 	(A)	 One or more Persons acceptable to Lender, in Lender’s Discretion, execute(s) and deliver(s) to Lender a
guaranty in a form acceptable to Lender and in substantially the same form as the Guaranty executed on the Closing Date, without any cost or expense to Lender. 

 

	 	(B)	 The estate of the deceased Guarantor immediately ratifies the Guaranty in writing, and within 6 months after
the date of the death of the deceased Guarantor one or more Persons, acceptable to Lender in Lender’s Discretion, execute(s) and deliver(s) to Lender a guaranty in a form acceptable to Lender and in substantially the same form as the Guaranty
executed on the Closing Date, without any cost or expense to Lender. 

  

	 	(ii)	 The dissolution of any Guarantor who is an entity, unless each of the following conditions is satisfied:

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 88

	 	(A)	 Within 30 days following the dissolution of the Guarantor, Borrower causes one or more Persons acceptable to
Lender, in Lender’s Discretion, to execute and deliver to Lender a guaranty in a form acceptable to Lender and in substantially the same form as the Guaranty executed on the Closing Date, without any cost or expense to Lender.

  

	 	(B)	 Borrower pays the Transfer Processing Fee to Lender. 

 

	 	(r)	 If a Cap Agreement is required, Borrower fails to provide Lender with a Replacement Cap Agreement prior to the
expiration of the then-existing Cap Agreement. 

  

	 	(s)	 Borrower or any Facility Operator fails, within the time deadlines set by any Governmental Authority, to
correct any deficiency, which failure could result in an action by such Governmental Authority with respect to any Individual Facility that could have a Material Adverse Effect. 

 

	 	(t)	 A default under any of the Material Contracts by Borrower or by any Facility Operator, which continues beyond
the expiration of any applicable cure period. 

  

	 	(u)	 Any Individual Facility is no longer classified as housing for older persons pursuant to the Fair Housing
Amendments Act of 1988. 

  

	 	(v)	 Any Individual Borrower, a Facility Operator, or any Individual Facility is assessed fines or penalties in
excess of $50,000.00 in the aggregate in any year by any state or any Medicare, Medicaid, TRICARE, health, reimbursement, or licensing agency having jurisdiction over such Individual Borrower, Facility Operator, or such Individual Facility.

  

	 	(w)	 through (mm) are Reserved. 

 

	 	(nn)	 If a Guarantor is an entity whose term of existence expires prior to the Maturity Date, and such Guarantor does
not comply with each of the requirements set forth in Section 22 of the Guaranty. 

  

	 	(oo)	 through (hhh) are Reserved. 

 

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

  

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

  

			
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Lender reasonably deems necessary to perform such obligations of Borrower and to protect Lender’s interest, including: (i) payment of Attorneys’ Fees and Costs, (ii) payment
of fees and out-of-pocket expenses of accountants, inspectors and consultants, (iii) entry upon the Mortgaged Property to make Repairs or secure the Mortgaged
Property, (iv) procurement of the Insurance required by Section 6.10, (v) payment of amounts which Borrower has failed to pay under Section 6.08, (vi) performance of Borrower’s obligations under Section 6.09, and
(vii) advances made by Lender to pay, satisfy or discharge any obligation of Borrower for the payment of money that is secured by a Prior Lien. 

  

	 	(b)	 Any amounts disbursed by Lender under this Section 9.02, or under any other provision of this Loan
Agreement that treats such disbursement as being made under this Section 9.02, will be secured by the Security Instrument, will be added to, and become part of, the principal component of the Indebtedness, will be immediately due and payable
and will bear interest from the date of disbursement until paid at the Default Rate. 

  

	 	(c)	 Nothing in this Section 9.02 will require Lender to incur any expense or take any action.

  

	9.03	 Remedies. 

 

	 	(a)	 Upon an Event of Default, Lender may exercise any or all of its rights and remedies provided under the Loan
Documents and Borrower will pay all costs associated therewith, including Attorneys’ Fees and Costs. 

  

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

 

	 	(c)	 Lender will have all remedies available to Lender under Revised Article 9 of the Uniform Commercial Code, the
Loan Documents and under applicable law. 

  

	 	(d)	 Lender may also retain (i) all money in the Reserve Funds, including interest, and (ii) any Cap
Payment, and in Lender’s sole and absolute discretion, may apply such amounts, without restriction and without any specific order of priority, to the payment of any and all Indebtedness. 

 

	 	(e)	 If a claim or adjudication is made that Lender has acted unreasonably or unreasonably delayed acting in any
case where, by law or under this Loan Agreement or the other Loan Documents, Lender has an obligation to act reasonably or promptly, then Lender will not be liable for any monetary damages, and Borrower’s sole remedy will be limited to
commencing an action seeking injunctive relief or declaratory judgment. Any action or proceeding to determine whether Lender has acted reasonably will be determined by an action seeking declaratory judgment. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 90

	 	(f)	 Reserved. 

  

	9.04	 Forbearance. 

 

	 	(a)	 Lender may (but will not be obligated to) agree with Borrower, from time to time, and without giving Notice to,
or obtaining the consent of, or having any effect upon the obligations of, any Guarantor or other third party obligor, to take any of the following actions: 

  

	 	(i)	 Extend the time for payment of all or any part of the Indebtedness. 

 

	 	(ii)	 Reduce the payments due under this Loan Agreement, the Note or any other Loan Document. 

 

	 	(iii)	 Release anyone liable for the payment of any amounts under this Loan Agreement, the Note or any other Loan
Document. 

  

	 	(iv)	 Accept a renewal of the Note. 

 

	 	(v)	 Modify the terms and time of payment of the Indebtedness. 

 

	 	(vi)	 Join in any extension or subordination agreement. 

 

	 	(vii)	 Release any portion of the Mortgaged Property. 

 

	 	(viii)	 Take or release other or additional security. 

 

	 	(ix)	 Modify the rate of interest or period of amortization of the Note or change the amount of the monthly
installments payable under the Note. 

  

	 	(x)	 Otherwise modify this Loan Agreement, the Note or any other Loan Document. 

 

	 	(b)	 Any forbearance by Lender in exercising any right or remedy under the Note, this Loan Agreement or any other
Loan Document or otherwise afforded by applicable law, will not be a waiver of or preclude the exercise of any other right or remedy, or the subsequent exercise of any right or remedy. The acceptance by Lender of payment of all or any part of the
Indebtedness after the due date of such payment, or in an amount which is less than the required payment, will not be a waiver of Lender’s right to require prompt payment when due of all other payments on account of the Indebtedness or to
exercise any remedies for any failure to make prompt payment. Enforcement by Lender of any security for the Indebtedness will not constitute an election by Lender of remedies so as to preclude the exercise of any other right available to Lender.
Lender’s receipt of any awards or proceeds under Sections 6.10 and 6.11 will not operate to cure or waive any Event of Default. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 91

	9.05	 Waiver of Marshalling. Notwithstanding the existence of any other security interests in the
Mortgaged Property held by Lender or by any other party, Lender will have the right to determine the order in which any or all of the Mortgaged Property will be subjected to the remedies provided in this Loan Agreement or any other Loan Document or
applicable law. Lender will have the right to determine the order in which any or all portions of the Indebtedness are satisfied from the proceeds realized upon the exercise of such remedies. Borrower and any party who now or in the future acquires
a security interest in the Mortgaged Property and who has actual or constructive notice of the Security Instrument waives any and all right to require the marshalling of assets or to require that any of the Mortgaged Property be sold in the inverse
order of alienation or that any of the Mortgaged Property be sold in parcels or as an entirety in connection with the exercise of any of the remedies permitted by applicable law or provided in this Loan Agreement. 

 

	9.06	 Cross-Default/Single Loan. Notwithstanding any Allocated Loan Amount as provided for herein or in
the Note, each Individual Borrower acknowledges the Loan is a single indebtedness and that Lender has made the Loan to Borrower upon the security of Borrower’s collective interest in all of the Mortgaged Property and in reliance upon the
aggregate of the Mortgaged Property taken together being of greater value as collateral security than the sum of each Individual Property taken separately. Borrower agrees that each Security Instrument is and will be cross-defaulted with each other
so that (i) an Event of Default under any Security Instrument will constitute an Event of Default under each other Security Instrument; (ii) an Event of Default under the Note, this Loan Agreement or any of the other Loan Documents will
constitute an Event of Default under each Security Instrument; (iii) each Security Instrument will constitute security for the Note as if a single blanket lien were placed on all of the Individual Properties as security for the Note; and
(iv) such lien will in no event be deemed to constitute a fraudulent conveyance. Each Individual Borrower, for itself and its successors and assigns, hereby waives in the event of any exercise of rights or remedies by Lender hereunder
(including without limitation in the event of foreclosure of any or all of the Security Instruments), any legal or equitable right otherwise available to any Individual Borrower which would require the separate sale of any of the Mortgaged Property
or require Lender to exhaust its remedies against any Individual Property or any combination of the Mortgaged Property before proceeding against any other Individual Property or combination of the Mortgaged Property; and further in the event of such
foreclosure or exercise of rights or remedies by Lender each Individual Borrower does hereby expressly consent to and authorize, at the option of Lender, the foreclosure and sale or other exercise of rights or remedies either separately or together
of any combination of the Mortgaged Property. 

 ARTICLE X RELEASE; INDEMNITY. 

 

	10.01	 Release. Borrower covenants and agrees that, in performing any of its duties under this Loan
Agreement, none of Lender, Loan Servicer or any of their respective agents or employees will be liable for any losses, claims, damages, liabilities and expenses that may be incurred by any of them as a result of such performance, except that no
party will be released from liability for any losses, claims, damages, liabilities or expenses arising out of the willful misconduct or gross negligence of such party. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 92

	10.02	 Indemnity. 

 

	 	(a)	 General Indemnity. Borrower agrees to indemnify, hold harmless and defend Lender, including any
custodian, trustee and other fiduciaries who hold or have held a full or partial interest in the Loan for the benefit of third parties, any prior owner or holder of the Note, the Loan Servicer, any prior Loan Servicer, the officers, directors,
shareholders, partners, employees and trustees of each of the foregoing, and the heirs, legal representatives, successors and assigns of each of the foregoing (collectively, “Indemnitees”) against any and all losses, claims,
damages, liabilities and expenses including Attorneys’ Fees and Costs, which may be imposed or incurred by any of them directly or indirectly arising out of, or in any way relating to, or as a result of: (i) any failure of the Mortgaged
Property to comply with the laws, regulations, ordinance, code or decree of any Governmental Authority, including those pertaining to the Americans with Disabilities Act, zoning, occupancy and subdivision of real property, (ii) any failure of
Borrower or any Borrower Principal to comply with the Economic Sanctions Laws or AML Laws, as applicable, (iii) any obligation of Borrower under any Lease, and (iv) any accident, injury or death to any natural person on the Mortgaged
Property or any damage to personal property located on the Mortgaged Property, except that no such party will be indemnified from liability for any losses, claims, damages, liabilities or expenses arising out of the willful misconduct or gross
negligence of such party. 

  

	 	(b)	 Environmental Indemnity. Borrower agrees to indemnify, hold harmless and defend Indemnitees from and
against all proceedings, claims, damages, penalties and costs (whether initiated or sought by Governmental Authorities or private parties), including Attorneys’ Fees and Costs and remediation costs, whether incurred in connection with any
judicial or administrative process or otherwise, arising directly or indirectly from any of the following: 

  

	 	(i)	 Any breach of any representation or warranty of Borrower in Section 5.05. 

 

	 	(ii)	 Any failure by Borrower to perform any of its obligations under Section 6.12. 

 

	 	(iii)	 The existence or alleged existence of any Prohibited Activity or Condition. 

 

	 	(iv)	 The presence or alleged presence of Hazardous Materials on or under the Mortgaged Property or in any of the
Improvements. 

  

	 	(v)	 The actual or alleged violation of any Hazardous Materials Law. 

 

	 	(c)	 Indemnification Regarding ERISA Covenants. BORROWER WILL INDEMNIFY LENDER AND DEFEND AND HOLD LENDER
HARMLESS FROM AND AGAINST ALL CIVIL PENALTIES, EXCISE TAXES, OR OTHER LOSS, COST, DAMAGE AND EXPENSE (INCLUDING REASONABLE ATTORNEYS’ FEES AND COSTS INCURRED IN THE INVESTIGATION, DEFENSE AND SETTLEMENT OF CLAIMS AND 

  

			
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LOSSES INCURRED IN CORRECTING ANY PROHIBITED TRANSACTION OR IN THE SALE OF A PROHIBITED LOAN, AND IN OBTAINING ANY INDIVIDUAL PROHIBITED TRANSACTION EXEMPTION UNDER ERISA THAT MAY BE REQUIRED, IN
LENDER’S SOLE AND ABSOLUTE DISCRETION) THAT LENDER MAY INCUR, DIRECTLY OR INDIRECTLY, AS A RESULT OF DEFAULT UNDER SECTION 6.20. THIS INDEMNITY WILL SURVIVE ANY TERMINATION, SATISFACTION OR FORECLOSURE OF THE SECURITY INSTRUMENT.

  

	 	(d)	 Securitization Indemnification. 

 

	 	(i)	 Borrower agrees to indemnify, hold harmless and defend the Indemnified Parties from and against any and all
proceedings, losses, claims, damages, liabilities, penalties, costs and expenses (whether initiated or sought by Governmental Authorities or private parties), including Attorneys’ Fees and Costs, which may be incurred by any Indemnified Party
(either directly or indirectly), which arise out of, are in any way related to, or are as a result of a claim that the Borrower Information contains an untrue statement of any material fact or the Borrower Information omits to state a material fact
necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading (collectively, the “Securitization Indemnification”). 

 

	 	(ii)	 Borrower will not be liable under the Securitization Indemnification if the claim is based on Borrower
Information which Lender has materially misstated or materially misrepresented in the Disclosure Document. 

  

	 	(iii)	 For purposes of this Section 10.02(d): 

 

	 	(A)	 “Borrower Information” includes any information provided at any time to Lender or Loan
Servicer by Borrower, any SPE Equity Owner, any Facility Operator, any Guarantor, any Property Manager or any Affiliates of the foregoing with respect to any of the following: 

 

	 	(1)	 Any Person listed in Section 10.02(d)(iii)(A). 

 

	 	(2)	 The Loan. 

  

	 	(3)	 The Mortgaged Property. 

Borrower Information includes: (i) representations and warranties made in the Loan Documents, (ii) financial statements of Borrower,
any SPE Equity Owner, any Designated Entity for Transfers or any Guarantor, and (iii) operating statements and rent rolls with respect to the Mortgaged Property. Borrower Information does not include any information provided directly to Lender
or Loan Servicer by a third party such as an appraiser or an environmental consultant. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 94

	 	(B)	 The term “Lender” includes its officers and directors. 

 

	 	(C)	 An “Issuer Person” includes all of the following: 

 

	 	(1)	 Any Person that has filed the registration statement, if any, relating to the Securitization, and any Affiliate
of such Person. 

  

	 	(2)	 Any Person acting as issuer, depositor, sponsor and/or in a similar capacity with respect to the
Securitization, and any Affiliate of such Person. 

  

	 	(D)	 The “Issuer Group” includes all of the following: 

 

	 	(1)	 Each director and officer of any Issuer Person. 

 

	 	(2)	 Each entity that Controls any Issuer Person within the meaning of Section 15 of the Securities Act or
Section 20 of the Securities Exchange Act. 

  

	 	(E)	 The “Underwriter Group” includes all of the following: 

 

	 	(1)	 Each entity which is acting as an underwriter, manager, placement agent, initial purchaser or in a similar
capacity with respect to the Securitization. 

  

	 	(2)	 Each entity that Controls any such entity described in Section 10.02(d)(iii)(E)(1) within the meaning of
Section 15 of the Securities Act or Section 20 of the Securities Exchange Act and is acting as an underwriter, manager, placement agent, initial purchaser or in a similar capacity with respect to the Securitization. 

 

	 	(3)	 The directors and officers of the entities described in Section 10.02(d)(iii)(E)(1) and
Section 10.02(d)(iii)(E)(2). 

  

	 	(F)	 “Indemnified Party” or “Indemnified Parties” means one or more of Lender,
Issuer Person, Issuer Group, and Underwriter Group. 

  

	 	(e)	 Selection and Direction of Counsel. Counsel selected by Borrower to defend Indemnitees will be subject
to the approval of those Indemnitees. In any circumstances in which the indemnity under this Article X applies, Lender may employ its own legal counsel and consultants to prosecute, defend or negotiate any claim or legal or administrative proceeding
and Lender, with the prior written consent of Borrower (which will not be unreasonably withheld, delayed or 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 95

	 	
conditioned) may settle or compromise any action or legal or administrative proceeding. However, unless an Event of Default has occurred and is continuing, or the interests of Borrower and Lender
are in conflict, as determined by Lender in Lender’s Discretion, Lender will permit Borrower to undertake the actions referenced in this Article X so long as Lender approves such action, which approval will not be unreasonably withheld or
delayed. Borrower will reimburse Lender upon demand for all costs and expenses incurred by Lender, including all costs of settlements entered into in good faith, consultants’ fees and Attorneys’ Fees and Costs. 

 

	 	(f)	 Settlement or Compromise of Claims. Borrower will not, without the prior written consent of those
Indemnitees who are named as parties to a claim or legal or administrative proceeding (“Claim”), settle or compromise the Claim if the settlement (i) results in the entry of any judgment that does not include as an
unconditional term the delivery by the claimant or plaintiff to Lender of a written release of those Indemnitees, satisfactory in form and substance to Lender, or (ii) may materially and adversely affect Lender, as determined by Lender in
Lender’s Discretion. 

  

	 	(g)	 Effect of Changes to Loan on Indemnification Obligations. Borrower’s obligation to indemnify the
Indemnitees will not be limited or impaired by any of the following, or by any failure of Borrower or any Guarantor to receive notice of or consideration for any of the following: 

 

	 	(i)	 Any amendment or modification of any Loan Document. 

 

	 	(ii)	 Any extensions of time for performance required by any Loan Document. 

 

	 	(iii)	 Any provision in any of the Loan Documents limiting Lender’s recourse to property securing the
Indebtedness, or limiting the personal liability of Borrower or any other party for payment of all or any part of the Indebtedness. 

  

	 	(iv)	 The accuracy or inaccuracy of any representations and warranties made by Borrower under this Loan Agreement or
any other Loan Document. 

  

	 	(v)	 The release of Borrower or any other Person, by Lender or by operation of law, from performance of any
obligation under any Loan Document. 

  

	 	(vi)	 The release or substitution in whole or in part of any security for the Indebtedness. 

 

	 	(vii)	 Lender’s failure to properly perfect any Lien or security interest given as security for the Indebtedness.

  

	 	(h)	 Payments by Borrower. Borrower will, at its own cost and expense, do all of the following:

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 96

	 	(i)	 Pay or satisfy any judgment or decree that may be entered against any Indemnitee or Indemnitees in any legal or
administrative proceeding incident to any matters against which Indemnitees are entitled to be indemnified under this Article X. 

  

	 	(ii)	 Reimburse Indemnitees for any expenses paid or incurred in connection with any matters against which
Indemnitees are entitled to be indemnified under this Article X. 

  

	 	(iii)	 Reimburse Indemnitees for any and all expenses, including Attorneys’ Fees and Costs, paid or incurred in
connection with the enforcement by Indemnitees of their rights under this Article X, or in monitoring and participating in any legal or administrative proceeding. 

 

	 	(iv)	 Other Obligations. The provisions of this Article X will be in addition to any and all other obligations
and liabilities that Borrower may have under applicable law or under other Loan Documents, and each Indemnitee will be entitled to indemnification under this Article X without regard to whether Lender or that Indemnitee has exercised any rights
against the Mortgaged Property or any other security, pursued any rights against any Guarantor, or pursued any other rights available under the Loan Documents or applicable law. If Borrower consists of more than one Person, the obligation of those
Persons to indemnify the Indemnitees under this Article X will be joint and several. The obligation of Borrower to indemnify the Indemnitees under this Article X will survive any repayment or discharge of the Indebtedness, any foreclosure
proceeding, any foreclosure sale, any delivery of any deed in lieu of foreclosure, and any release of record of the Lien of any Security Instrument. Notwithstanding the foregoing, if Lender has never been a mortgagee-in-possession of, or held title to, an Individual Property, Borrower will have no obligation to indemnify the Indemnitees with respect to such Individual Property under this Article X after the
earlier of (i) the date of the release of record of the Lien of the applicable Security Instrument by voluntary prepayment in full by Borrower of the applicable Allocated Loan Amount and all other amounts then due and payable pursuant to this
Loan Agreement and the other Loan Documents, as applicable, or (ii) payment in full of the Indebtedness on the Maturity Date. 

  

	 	(i)	 Reserved. 

  

	10.03	 Reserved. 

ARTICLE XI MISCELLANEOUS PROVISIONS. 
  

	11.01	 Waiver of Statute of Limitations, Offsets and Counterclaims. Borrower waives the right to assert
any statute of limitations as a bar to the enforcement of this Loan Agreement or the Lien of any Security Instrument or to any action brought to enforce any Loan Document. Borrower waives the right to assert a counterclaim, other than a compulsory

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 97

	 	
counterclaim, in any action or proceeding brought against it by Lender or otherwise to offset any obligations to make the payments required by the Loan Documents. No failure by Lender to perform
any of its obligations under the Loan Documents will be a valid defense to, or result in any offset against, any payments that Borrower is obligated to make under any of the Loan Documents. 

 

	11.02	 Governing Law; Consent to Jurisdiction and Venue. 

 

	 	(a)	 This Loan Agreement, and any Loan Document which does not itself expressly identify the law which is to apply
to it, will in all respects including, without limitation, as to matters of construction, validity and performance be governed by the laws of the Commonwealth of Virginia (without regard to choice of law principles), except that at all times the
provisions of this Loan Agreement relating solely to the creation, perfection, priority and enforcement of any security interest created pursuant to this Loan Agreement (collectively, “Security Interest Provisions”), that relate to
an individual Property Jurisdiction shall be governed by and construed according to the law of the applicable Property Jurisdiction. Notwithstanding the foregoing, for purposes of the application of the Uniform Commercial Code to any collateral held
in an account and not subject to another Loan Document specifying applicable law, including, without limitation, any Reserve Funds, the parties agree that such accounts shall be deemed located in the Commonwealth of Virginia. 

 

	 	(b)	 Borrower agrees that any controversy arising under or in relation to the Note, the Security Instrument, this
Loan Agreement (except for a controversy relating to Security Interest Provisions, which will be governed by and construed according to the law of the applicable Property Jurisdiction and litigated in the applicable Property Jurisdiction) or any
other Loan Document (other than any action in respect of the creation, perfection or enforcement of a lien or security interest created pursuant to any Loan Document not governed by the laws of the Commonwealth of Virginia) may be litigated in any
Federal or State court in the Commonwealth of Virginia (the “Virginia Courts”). The state and federal courts and authorities with jurisdiction in any applicable Property Jurisdiction will have jurisdiction over all controversies
that may arise in respect of the Security Interest Provisions and the creation, perfection or enforcement of a lien or security interest created pursuant to any Loan Document not governed by the laws of the Commonwealth of Virginia. Borrower
irrevocably consents to service, jurisdiction and venue of such courts for any such litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. Borrower also expressly and irrevocably
waives any other objection that Borrower may now or hereafter have to the venue of any suit, action or proceeding brought in connection with any such controversy in any of the Virginia Courts and any claim that any such suit, action, or proceeding
brought in any of the Virginia Courts has been brought in an inconvenient forum. However, nothing in this Section 11.02 is intended to limit Lender’s right to bring any suit, action or proceeding relating to matters under this Loan
Agreement in any court of any other jurisdiction including, without limitation, any suit, action or proceeding which may be brought in any Property Jurisdiction 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 98

	 	
in accordance with the terms of this Loan Agreement or the other Loan Documents. Final judgment in any of the Virginia Courts shall be conclusive and binding on Borrower and may be enforced in
any court in which Borrower is subject to jurisdiction by any method permitted by the law of such jurisdiction including, without limitation, a suit upon such judgment provided that service of process is effected as provided herein or as otherwise
permitted by applicable laws. 

  

	11.03	 Notice. 

 

	 	(a)	 All Notices under or concerning this Loan Agreement will be in writing. Each Notice will be deemed given on the
earliest to occur of: (i) the date when the Notice is received by the addressee, (ii) the first Business Day after the Notice is delivered to a recognized overnight courier service, with arrangements made for payment of charges for next
Business Day delivery, or (iii) the third Business Day after the Notice is deposited in the United States mail with postage prepaid, certified mail, return receipt requested. Any Notice properly given to an Individual Borrower will be deemed
given to all Individual Borrowers. Addresses for Notice are as follows: 

  

			
	If to Lender:            	  	 KeyBank National Association
 c/o KeyBank Real
Estate Capital – Servicing Dept.
 11501 Outlook Street, Suite #300

Overland Park, Kansas 66211
 Mailcode: KS-01-11-0501
 Attention: Servicing
Manger

		
	If to Borrower:	  	 c/o Fortress Investment Group LLC
 1345 Avenue
of the Americas, 45th Floor
 New York, New York 10105

Attention: General Counsel

 Lender will endeavor to provide a courtesy copy of any Notice given to Borrower by Lender to the Person
at the following address. However, the failure to provide such courtesy copy will not affect the validity or sufficiency of any Notice to Borrower, will not affect Lender’s rights and remedies under this Loan Agreement or any other Loan
Document, and will not subject Lender to any claims by or liability to Borrower or any other Person. No Person listed below will be a third-party beneficiary of any of the Loan Documents. 

 

			
	Courtesy Copy to:	  	 Skadden, Arps, Slate, Meagher & Flom LLP

4 Times Square
 New York, New York 10036

Attention: Vered Rabia

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 99

	 	(b)	 Any party to this Loan Agreement may change the address to which Notices intended for it are to be directed by
means of Notice given to the other party in accordance with this Section 11.03. Each party agrees that it will not refuse or reject delivery of any Notice given in accordance with this Section 11.03, that it will acknowledge, in writing,
the receipt of any Notice upon request by the other party and that any Notice rejected or refused by it will be deemed for purposes of this Section 11.03 to have been received by the rejecting party on the date so refused or rejected, as
conclusively established by the records of the U.S. Postal Service or the courier service. 

  

	 	(c)	 Any Notice under the Note and any other Loan Document that does not specify how Notices are to be given will be
given in accordance with this Section 11.03. 

  

	 	(d)	 Reserved. 

  

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

  

	11.05	 Joint and Several (and Solidary) Liability. If more than one Person signs this Loan Agreement as
Borrower, the obligations of such Persons will be joint and several. Without limiting the foregoing, each Individual Borrower will be jointly and severally liable for the entire amount of the Loan, without regard to any Allocated Loan Amount. For
any Individual Property located in Louisiana, if more than one Person signs this Loan Agreement as Borrower, the obligations of such Persons will be joint and several and solidary, and wherever the phrase “joint and several” appears in
this Loan Agreement, the phrase is amended to read “joint, several, and solidary.” 

  

	11.06	 Relationship of Parties; No Third Party Beneficiary. 

 

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

  

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

  

	11.07	 Severability; Amendments. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 100

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

  

	 	(b)	 This Loan Agreement may not be amended or modified except by a writing signed by the party against whom
enforcement is sought. 

  

	11.08	 Disclosure of Information. 

 

	 	(a)	 Borrower acknowledges that Lender may provide to third parties with an existing or prospective interest in the
servicing, enforcement, evaluation, performance, ownership, purchase, participation or Securitization of the Loan, including any of the Rating Agencies, any entity maintaining databases on the underwriting and performance of commercial mortgage
loans, as well as governmental regulatory agencies having regulatory authority over Lender, any and all information which Lender now has or may hereafter acquire relating to the Loan, the Mortgaged Property, Borrower, any SPE Equity Owner or any
Guarantor, as Lender determines necessary or desirable and that such information may be included in disclosure documents in connection with a Securitization or syndication of participation interests, including a prospectus, prospectus supplement,
offering memorandum, private placement memorandum or similar document (each, a “Disclosure Document”) and also may be included in any filing with the Securities and Exchange Commission pursuant to the Securities Act or the
Securities Exchange Act. To the fullest extent permitted under applicable law, Borrower irrevocably waives all rights, if any, to prohibit such disclosure, including any right of privacy. 

 

	 	(b)	 Borrower agrees that Lender may publicly use, at Lender’s discretion, the name of the Mortgaged Property,
photographs of the Mortgaged Property, and basic transaction information (for example, the number of units in the Mortgaged Property and the Loan Amount) relating to the Loan. 

 

	11.09	 Determinations by Lender. Unless otherwise provided in this Loan Agreement, in any instance where
the consent or approval of Lender may be given or is required, or where any determination, judgment or decision is to be rendered by Lender under this Loan Agreement, the granting, withholding or denial of such consent or approval and the rendering
of such determination, judgment or decision will be made or exercised by Lender (or its designated representative) at its sole and exclusive option and in its sole and absolute discretion. 

 

	11.10	 Sale of Note; Change in Servicer; Loan Servicing. The Note or a partial interest in the Note
(together with this Loan Agreement and the other Loan Documents) may be sold one or more times without prior Notice to Borrower. A sale may result in a change of the Loan Servicer. There also may be one or more changes of the Loan Servicer unrelated
to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given Notice of the 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 101

	 	
change. All actions regarding the servicing of the Loan evidenced by the Note, including the collection of payments, the giving and receipt of Notice, inspections of the Mortgaged Property,
inspections of books and records, and the granting of consents and approvals, may be taken by the Loan Servicer unless Borrower receives Notice to the contrary. If Borrower receives conflicting Notices regarding the identity of the Loan Servicer or
any other subject, any such Notice from Lender will govern. 

  

	11.11	 Supplemental Financing. 

 

	 	(a)	 This Section will apply only if at the time of any application referred to in Section 11.11(b), Freddie
Mac has in effect a product described in its Multifamily Seller/Servicer Guide under which it purchases supplemental mortgages on multifamily properties that meet specified criteria (“Supplemental Mortgage Product”). For purposes of
this Section 11.11 only, the term “Freddie Mac” will include any affiliate or subsidiary of Freddie Mac. 

  

	 	(b)	 After the first anniversary of the date of this Loan Agreement, or, if there are any Supplemental Loans
affecting the Mortgaged Property, after the first anniversary of the date of the Supplemental Note for the most recently-incurred Supplemental Loan, Freddie Mac will consider an application from an originating lender that is generally approved by
Freddie Mac to sell mortgages to Freddie Mac under the Supplemental Mortgage Product (“Approved Seller/Servicer”) for the purchase by Freddie Mac of a proposed indebtedness of Borrower to the Approved Seller/Servicer to be secured
by one or more Supplemental Instruments on the Mortgaged Property. Freddie Mac will purchase each Supplemental Loan secured by the Mortgaged Property if each of the following conditions is satisfied: 

 

	 	(i)	 At the time of the proposed Supplemental Loan, no Event of Default may have occurred and be continuing and no
event or condition may have occurred and be continuing that, with the giving of Notice or the passage of time, or both, would become an Event of Default. 

  

	 	(ii)	 Each Individual Borrower and each Individual Property must be acceptable to Freddie Mac under its Supplemental
Mortgage Product and have identical ultimate ownership. 

  

	 	(iii)	 New loan documents must be entered into to reflect each Supplemental Loan, such documents to be acceptable to
Freddie Mac in its discretion. 

  

	 	(iv)	 No Supplemental Loan may cause the combined debt service coverage ratio of any Individual Property after the
making of that Supplemental Loan to be less than the Minimum Property-Level DSCR. As used in the preceding sentence, the term “combined debt service coverage ratio” means, with respect to the applicable Individual Property, the
ratio of: 

  

	 	(A)	 the annual net operating income from the operations of the applicable Individual Property at the time of the
proposed Supplemental Loan, 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 102

 to 
  

	 	(B)	 the aggregate of the annual principal and interest payable on all of the following: 

 

	 	(I)	 the Allocated Loan Amount with respect to the Indebtedness corresponding to the applicable Individual Property
as provided in the Note (using a 30 year amortization schedule), 

  

	 	(II)	 any principal amount of “Indebtedness” (as defined in any security instruments recorded against the
applicable Individual Property) that is allocated to the applicable Individual Property (using a 30 year amortization schedule for any Supplemental Loans), and 

 

	 	(III)	 the proposed principal amount of “Indebtedness” for the Supplemental Loan that will be allocated to
the applicable Individual Property (using a 30 year amortization schedule). 

 In addition, no Supplemental Loan may cause
the aggregate combined debt service coverage ratio of the Mortgaged Property after the making of that Supplemental Loan to be less than the Minimum Pool-Level DSCR. As used in the preceding sentence, the term “aggregate combined debt service
coverage ratio” means, with respect to the Mortgaged Property, the ratio of: 
  

	 	(C)	 the aggregate annual net operating income from the operations of all the Individual Properties at the time of
the proposed Supplemental Loan, 

 to 
  

	 	(D)	 the aggregate of the annual principal and interest payable on all of the following: 

 

	 	(I)	 the Indebtedness under this Loan Agreement (using a 30 year amortization schedule), 

 

	 	(II)	 any “Indebtedness” as defined in any security instruments recorded against any Individual Property
(using a 30 year amortization schedule for any Supplemental Loans), and 

  

	 	(III)	 the proposed “Indebtedness” for the proposed Supplemental Loan (using a 30 year amortization
schedule). 

 As used in this Section 11.11(b)(iv), (i) “annual principal and interest” with respect to the
senior lien loan and any existing supplemental loans that bears interest at a fixed rate will be calculated by Freddie Mac using the actual note rate, (ii) “annual principal and interest” with respect to the senior lien

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 103

 
loan that bears interest at a fixed and floating rate will be calculated by Freddie Mac using the greater of (a) the actual fixed note rate, or (b) Freddie Mac’s calculation of
comparable fixed rate note at the time of the supplemental loan request, and (iii) “annual principal and interest” with respect to the senior lien loan and any existing supplemental loans that bears interest at a floating rate will be
calculated by Freddie Mac using the greater of (a) the applicable Strike Rate plus the Margin, or (b) if such supplemental loan has an internal interest rate cap, the Capped Interest Rate (as defined in the applicable Supplemental Note) or
(c) If such supplemental loan has no interest rate cap, the greater of (I) 7%, or (II) the then-current Index Rate plus the Margin plus 300 basis points (as such capitalized terms are defined in the Supplemental Loan Documents) 

The annual net operating income of the Individual Properties will be as determined by Freddie Mac in its discretion considering factors such
as income in place at the time of the proposed Supplemental Loan and income during the preceding 12 months, and actual, historical and anticipated operating expenses. Freddie Mac will determine the combined debt service coverage ratio of the
Mortgaged Property based on its underwriting. Borrower will provide Freddie Mac such financial statements and other information Freddie Mac may require to make these determinations. 

 

	 	(v)	 No Supplemental Loan may cause the combined loan to value ratio of any Individual Property after the making of
that Supplemental Loan to exceed the Maximum Property-Level LTV, as determined by Freddie Mac. As used in the preceding sentence, “combined loan to value ratio” means, with respect to the applicable Individual Property, the ratio,
expressed as a percentage, of: 

  

	 	(A)	 the aggregate outstanding principal balances of all of the following: 

 

	 	(I)	 the Allocated Loan Amount with respect to the Indebtedness corresponding to the applicable Individual Property,

  

	 	(II)	 any principal amount of “Indebtedness” (as defined in any security instruments recorded against the
applicable Individual Property) that is allocated to the applicable Individual Property (using a 30 year amortization schedule for any Supplemental Loans), and 

 

	 	(III)	 the proposed principal amount of “Indebtedness” for any Supplemental Loan that will be allocated to
the applicable Individual Property (using a 30 year amortization schedule), 

 to 

 

	 	(B)	 the value of the applicable Individual Property. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 104

 In addition, no Supplemental Loan may cause the aggregate combined loan to value ratio of
the Individual Properties after the making of that Supplemental Loan to exceed the Maximum Pool-Level LTV, as determined by Freddie Mac. As used in the preceding sentence, “aggregate combined loan to value ratio” means, with respect to the
Individual Properties, the ratio, expressed as a percentage, of: 
  

	 	(C)	 the aggregate outstanding principal balances of all of the following: 

 

	 	(I)	 the Indebtedness under this Loan Agreement, 

 

	 	(II)	 any “Indebtedness” as defined in any security instruments recorded against any Individual Property,
and 

  

	 	(III)	 the proposed “Indebtedness” for any Supplemental Loan, 

to 
  

	 	(D)	 the aggregate value of the Mortgaged Property. 

Freddie Mac will determine the aggregate combined loan to value ratio of the Mortgaged Property based on its underwriting. Borrower will
provide Freddie Mac such financial statements and other information Freddie Mac may require to make these determinations. In addition, Freddie Mac, at Borrower’s expense, may obtain MAI appraisals of the Individual Properties in order to assist
Freddie Mac in making the determinations under this Section 11.11. If Freddie Mac requires an appraisal, then the value of the Individual Properties that will be used to determine whether the Maximum Pool-Level LTV and the Maximum
Property-Level LTV has been met will be the lesser of the appraised value set forth in such appraisal or the value of the Individual Properties as determined by Freddie Mac. 
  

	 	(vi)	 Each Individual Borrower’s organizational documents are amended to permit such Individual Borrower to
incur additional debt in the form of Supplemental Loans (Lender will consent to such amendment(s)). 

  

	 	(vii)	 One or more Persons acceptable to Freddie Mac executes and delivers to the Approved Seller/Servicer a Guaranty
in a form acceptable to Freddie Mac with respect to the exceptions to non-recourse liability described in Freddie Mac’s form promissory note, unless Freddie Mac has elected to waive its requirement for a
Guaranty. 

  

	 	(viii)	 Solely for purposes of determining the amount of the Supplemental Loan, Lender will assume the loan term of the
Supplemental Loan will be coterminous with the Note. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 105

	 	(ix)	 The Prepayment Premium Period of each Supplemental Loan will be coterminous with the Prepayment Premium Period
or the combined Lockout Period and Defeasance Period, as applicable, of the Note. 

  

	 	(x)	 Each Supplemental Loan must be either a fixed rate loan that bears interest at a fixed interest rate or a
floating rate loan that bears interest at a floating interest rate. The applicable interest rate will be determined by Freddie Mac in its discretion. 

  

	 	(xi)	 Lender enters into an intercreditor agreement (“Intercreditor Agreement”) acceptable to
Freddie Mac and to Lender for each Supplemental Loan. 

  

	 	(xii)	 Borrower’s payment of fees and other expenses charged by Lender, Freddie Mac, the Approved
Seller/Servicer, and the Rating Agencies (including reasonable Attorneys’ Fees and Costs) in connection with reviewing and originating each Supplemental Loan. 

 

	 	(xiii)	 Commencing on the date that the first Supplemental Loan is originated and continuing for so long as any
Supplemental Loan is outstanding, the first lien Senior Lender will begin collection of any deferred Monthly Deposit or Revised Monthly Deposit for Capital Replacements in accordance with Section 4.04(e) (if applicable) as well as Imposition
Reserve Deposits for any of the following Impositions marked ‘Deferred’ in Section 4.02(a): 

  

	 	(A)	 Property Insurance premiums or premiums for other Insurance required by Lender under Section 6.10.

  

	 	(B)	 Taxes and payments in lieu of taxes 

 

	 	(C)	 Ground Rents 

Such deposits will be credited to the payment of any such required Imposition Reserve Deposits under any Supplemental Loan. 

 

	 	(xiv)	 If any covenants, conditions and restrictions affecting any Individual Property provide for a lien for any
assessments or other unpaid amounts, Borrower will provide satisfactory evidence that such lien will be subordinate to the lien of the Supplemental Instrument. 

 

	 	(xv)	 All other requirements of the Supplemental Mortgage Product must be met, unless Freddie Mac has elected to
waive one or more of its requirements. 

  

	 	(xvi)	 Reserved. 

  

	 	(xvii)	 Reserved. 

  

	 	(xviii)	 Reserved. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 106

	 	(c)	 No later than 5 Business Days after Lender’s receipt of a written request from Borrower, Lender will
provide the following information to an Approved Seller/Servicer: 

  

	 	(i)	 The then-current outstanding principal balance of the Senior Indebtedness and the Allocated Loan Amount for
each Individual Property. 

  

	 	(ii)	 Payment history of the Senior Indebtedness. 

 

	 	(iii)	 Whether any Reserve Funds are being collected on the Senior Indebtedness and the amount of each such Reserve
Fund deposit as of the date of the request. 

  

	 	(iv)	 Whether any Repairs, Capital Replacements or improvements or rental achievement or burn-off guaranty requirements are existing or outstanding under the terms of the Senior Indebtedness. 

  

	 	(v)	 A copy of the most recent inspection report for each Individual Property. 

 

	 	(vi)	 Whether any modifications or amendments have been made to the Loan Documents for the Senior Indebtedness since
origination of the Senior Indebtedness and, if applicable, a copy of such modifications and amendments. 

  

	 	(vii)	 Whether to Lender’s knowledge any Event of Default exists under the Senior Indebtedness.

 Lender will only be obligated to provide this information in connection with Borrower’s request for a Supplemental
Loan from an Approved Seller/Servicer. Notwithstanding anything in this Section to the contrary, if Freddie Mac is the owner of the Note, this Section 11.11(c) will not be applicable. 

 

	 	(d)	 Lender will have no obligation to consent to any mortgage or Lien on any Individual Property that secures any
indebtedness other than the Indebtedness, except as set forth in this Loan Agreement. 

  

	 	(e)	 If a Supplemental Loan is made to Borrower, each Individual Borrower agrees that the terms of the Intercreditor
Agreement will govern with respect to any distributions of excess proceeds by Lender to the Supplemental Lender, and each Individual Borrower agrees that Lender may distribute any excess proceeds received by Lender pursuant to the Loan Documents to
Supplemental Lender pursuant to the Intercreditor Agreement. 

  

	 	(f)	 For the avoidance of doubt, any Supplemental Loan must be a single loan made to all of the Individual Borrowers
pursuant to one or more master notes each of which must be signed by all of the Individual Borrowers and must be secured by all the Individual Properties; provided, however, that for Release purposes, the principal amount of any Supplemental Loan
may be allocated to one or more or all of the 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 107

	 	
Individual Properties, as determined by Supplemental Lender in its sole and absolute discretion. No individual Borrower will be entitled to a Supplemental Loan secured solely by the Individual
Property owned by such Individual Borrower. 

  

	 	(g)	 Supplemental Lender, in its sole and absolute discretion, may elect to waive certain underwriting and/or due
diligence requirements with respect to one or more of the Individual Properties regardless of whether the principal amount of a Supplemental Loan is allocated to such Individual Property or Properties. 

 

	11.12	 Defeasance. (Section applies if Loan is Assigned to REMIC Trust Prior to the Cut-off Date and if the Note provides for Defeasance). This Section 11.12 will apply only if the Note is assigned to a REMIC trust prior to the Cut-off Date, if the Note
provides for Defeasance and if the outstanding Floating Rate Indebtedness is less than the amount to be defeased or prepaid pursuant to any provision of this Loan Agreement or the other Loan Documents (the “Prepayment/Defeasance
Amount”). If all of these conditions are satisfied, then, subject to Section 11.12(a) and (c), Borrower will have the right to either (x) defease the Fixed Rate Indebtedness in whole pursuant to the terms of this
Section 11.12 (other than subsection 11.12(k)) (“Defeasance in Whole”) in connection with the simultaneous prepayment in full of the Floating Rate Indebtedness (if any) in accordance with the terms of the Note and in connection
with a Release of all of the Individual Properties, or (y) cause a Partial Defeasance (as defined below) in accordance with the provisions of Section 11.12(k) in connection with any Release of less than all of the Individual Properties
pursuant to Section 7.10 (both a permitted Defeasance in Whole or a permitted Partial Defeasance are referred to herein as a “Defeasance”), in each case upon the satisfaction of each of the following conditions:

  

	 	(a)	 Borrower will not have the right to obtain Defeasance of the Note at any of the following times:

  

	 	(i)	 If the Note is not assigned to a REMIC trust. 

 

	 	(ii)	 During the Fixed Rate Indebtedness Lockout Period. 

 

	 	(iii)	 After the expiration of the Defeasance Period. 

 

	 	(iv)	 After Lender has accelerated the maturity of the unpaid principal balance of, accrued interest on, and other
amounts payable under, the Note pursuant to Section 11 of the Note. 

  

	 	(v)	 If the outstanding Floating Rate Indebtedness is greater than the Prepayment/Defeasance Amount.

  

	 	(b)	 Borrower will give Lender Notice (“Defeasance Notice”) specifying a Business Day
(“Defeasance Closing Date”) on which Borrower desires to close the Defeasance. The Defeasance Closing Date specified by Borrower may not be more than 90 calendar days, nor less than 30 calendar days, after the date on which Lender
receives the Defeasance Notice. Lender will acknowledge receipt of the Defeasance Notice and will notify Borrower of the identity of the accommodation 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 108

	 	
borrower (“Successor Borrower”). In the case of a Defeasance in connection with a Release permitted under Section 7.10, the Defeasance Notice must be given simultaneously
with the Release Notice, and the Defeasance Closing Date must be the same as the Release Date, and must be a date on which a Release is permitted. 

  

	 	(c)	 The Defeasance Notice must be accompanied by a non-refundable fee of
$10,000 for the first Individual Property released, and $1,500 for each additional Individual Property being simultaneously released (“Defeasance Fee”) for Lender’s processing of the Defeasance. If Lender does not receive the
Defeasance Fee, then Borrower’s right to obtain Defeasance pursuant to that Defeasance Notice will terminate and Borrower will have no right to a Release under Section 7.10. 

 

	 	(d)        (i)	 If Borrower timely pays the Defeasance Fee, but Borrower fails to perform any of its other obligations under
this Section, Lender will have the right to retain the Defeasance Fee as liquidated damages for Borrower’s default and, except as provided in Section 11.12(d)(ii), Borrower will be released from all further obligations under this
Section 11.12. Borrower acknowledges that Lender will incur financing costs in arranging and preparing for the release of any Individual Property from the Lien of the applicable Security Instrument in reliance on the executed Defeasance Notice.
Borrower agrees that the Defeasance Fee represents a fair and reasonable estimate, taking into account all circumstances existing on the date of this Loan Agreement, of the damages Lender will incur by reason of Borrower’s default.

  

	 	(ii)	 If the Defeasance is not consummated on the Defeasance Closing Date for any reason, Borrower agrees to
reimburse Lender for all third party costs and expenses (other than financing costs covered by Section 11.12(d)(i)) incurred by Lender in reliance on the executed Defeasance Notice, within 5 Business Days after Borrower receives a written
demand for payment, accompanied by a statement, in reasonable detail, of Lender’s third party costs and expenses. 

  

	 	(iii)	 All payments required to be made by Borrower to Lender pursuant to this Section 11.12 will be made by wire
transfer of immediately available funds to the account(s) designated by Lender in its acknowledgement of the Defeasance Notice. 

  

	 	(e)	 No Event of Default has occurred and is continuing and no event or circumstance exists on the Release Date
which with the giving of notice or the passage of time or both could constitute an Event of Default. 

  

	 	(f)	 Borrower will deliver each of the following documents to Lender, in form and substance satisfactory to Lender,
on or prior to the Defeasance Closing Date, unless Lender has issued a written waiver of its right to receive any such document: 

  

	 	(i)	 One or more opinions of counsel for Borrower confirming each of the following: 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 109

	 	(A)	 Lender has a valid and perfected first Lien and first priority security interest in the Defeasance Collateral
and the proceeds of the Defeasance Collateral. 

  

	 	(B)	 The Pledge Agreement is duly authorized, executed, delivered and enforceable against Borrower in accordance
with its terms. 

  

	 	(C)	 If, as of the Defeasance Closing Date, the Note is held by a REMIC trust, then each of the following is
correct: 

  

	 	(1)	 The Defeasance has been effected in accordance with the requirements of Treasury Regulation Section 1.860G-2(a)(8) (as such regulation may be modified, amended or replaced from time to time). 

  

	 	(2)	 The qualification and status of the REMIC trust as a REMIC will not be adversely affected or impaired as a
result of the Defeasance. 

  

	 	(3)	 There will be no imposition of a tax under applicable REMIC provisions as a result of the Defeasance.

  

	 	(D)	 The Defeasance will not result in a “sale or exchange” of the Note within the meaning of
Section 1001(c) of the Tax Code and the temporary and final regulations promulgated thereunder. 

  

	 	(ii)	 A written certificate from an independent certified public accounting firm (reasonably acceptable to Lender),
confirming that the Defeasance Collateral will generate cash sufficient to make all Scheduled Debt Payments as they fall due under the Note, including full payment due on the Note on the Maturity Date. 

 

	 	(iii)	 Lender’s form of a pledge and security agreement (“Pledge Agreement”) and financing
statements which pledge and create a first priority security interest in the Defeasance Collateral in favor of Lender. 

  

	 	(iv)	 Lender’s form of a transfer and assumption agreement, pursuant to which Borrower and any Guarantor (in
each case, subject to satisfaction of all requirements under this Loan Agreement) will be relieved from liability in connection with the Note to the extent described in Sections 7.05(b) and 7.05(c) of this Loan Agreement, respectively, and Successor
Borrower will assume all remaining obligations. 

  

	 	(v)	 Forms of all documents necessary to release each applicable Individual Property from the Liens created by the
applicable Security Instrument, the related UCC financing statements, and this Loan Agreement (collectively, “Release Instruments”), each in appropriate form required by the Property Jurisdiction. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 110

	 	(vi)	 Any other opinions, certificates, documents or instruments that Lender may reasonably request.

  

	 	(g)	 Borrower will deliver to Lender, on or prior to the Defeasance Closing Date, each of the following:

  

	 	(i)	 The Defeasance Collateral, which meets all of the following requirements: 

 

	 	(A)	 It is owned by Borrower, free and clear of all Liens and claims of third-parties. 

 

	 	(B)	 It is in an amount sufficient to provide for (1) redemption payments to occur prior, but as close as
possible, to all successive Installment Due Dates occurring under the Note after the Defeasance Closing Date, and (2) delivery of redemption proceeds at least equal to the amount of principal and interest due on the Note on each Installment Due
Date including full payment due on the Note on the Maturity Date (“Scheduled Debt Payments”). 

  

	 	(C)	 All redemption payments received from the Defeasance Collateral will be paid directly to Lender to be applied
on account of the Scheduled Debt Payments occurring after the Defeasance Closing Date. 

  

	 	(D)	 The pledge of the Defeasance Collateral will be effected through the book-entry facilities of a qualified
securities intermediary designated by Lender in conformity with all applicable laws. 

  

	 	(ii)	 All sums due under the Note, this Loan Agreement and under the other Loan Documents, including all amounts due
under Section 11.12(i), up to the Defeasance Closing Date. 

  

	 	(h)	 Reserved. 

  

	 	(i)	 Borrower will pay in full all reasonable costs and expenses incurred by Lender in connection with the
Defeasance on or prior to the Defeasance Closing Date, which payment is required prior to Lender’s issuance of the Release Instruments and whether or not Defeasance is completed. Such expenses include all fees, costs and expenses incurred by
Lender and its agents in connection with the Defeasance (including Attorneys’ Fees and Costs for the review and preparation of the Pledge Agreement and of the other materials described in this Loan Agreement and any related documentation,
Rating Agencies’ fees, or other costs related to the Defeasance). 

 Lender reserves the right to require that
Borrower post a deposit to cover costs which Lender reasonably anticipates that Lender will incur in connection with the Defeasance. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 111

	 	(j)	 No Transfer Fee will be payable to Lender upon a Defeasance made in accordance with this Section 11.12.

  

	 	(k)	 If (i) a Release occurs pursuant to and in accordance with the requirements of Section 7.10, (ii) the
Released Property is released during the Defeasance Period, and (iii) the applicable Total Release Price, together with accrued and unpaid interest on such amount and all other amounts due in connection with the Release under Section 7.10
and under the Note (the “Partial Defeasance Amount”) is greater than the outstanding Floating Rate Indebtedness, the Loan must be partially defeased and partially prepaid pursuant to a Split Partial Defeasance or partially defeased
pursuant to an Allocated Amount Partial Defeasance (in each case, a “Partial Defeasance”) in accordance with the provisions of this Section 11.12(k). 

 

	 	(i)	 Split Partial Defeasance. If the outstanding Floating Rate Indebtedness is greater than $0 at the time
of the Release, the portion of the Partial Defeasance Amount in excess of the outstanding Floating Rate Indebtedness must be defeased (a “Split Partial Defeasance”) in full and the amount of the outstanding Floating Rate
Indebtedness must be prepaid in full, together with any prepayment premium and other amounts due and payable in connection with such prepayment in accordance with the terms of the Note and this Loan Agreement (“Split Prepayment
Amount”). 

  

	 	(ii)	 Allocated Amount Partial Defeasance. If the outstanding Floating Rate Indebtedness is $0 at the time of
the Release, the entire Partial Defeasance Amount must be defeased in full (an “Allocated Amount Partial Defeasance”). 

  

	 	(iii)	 Conditions of a Partial Defeasance. Any Partial Defeasance is subject to the following conditions:

  

	 	(A)	 Borrower must execute and deliver to Lender on or prior to the Defeasance Closing Date all documents necessary
to amend and restate the Note with two substitute notes as follows: (i) one note having a principal balance equal to the amount required to be defeased under the Partial Defeasance (the “Defeased Note”) and (ii) a second
note having a principal balance equal to the difference between the unpaid principal balance of the Loan (after application of the Split Prepayment Amount if the Partial Defeasance is a Split Partial Defeasance) and the amount of the Defeased Note
(the “Undefeased Note”). The Undefeased Note may be the subject of a further Defeasance in accordance with the terms of this Section 11.12. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 112

	 	(B)	 In connection with any such Partial Defeasance, Borrower must also comply with the provisions of Sections
11.12(a) through and including Section 11.12(j); provided, however, that solely for the purposes of any such Partial Defeasance, the requirements of such provisions will be deemed modified as follows: 

 

	 	(1)	 Notwithstanding anything to the contrary in this Section 11.12, in connection with a Partial Defeasance of
the Allocated Loan Amount corresponding to the Released Property, no portion of the other Individual Properties will be released from the Lien of the applicable Security Instruments, the applicable UCC financing statements or this Loan Agreement.

  

	 	(2)	 The Defeasance Closing Date with respect to such Partial Defeasance must be a permitted date for the Release
under Section 7.10 of this Loan Agreement. 

  

	 	(3)	 The requirements of Section 11.12(f)(ii) will be deemed modified as follows: 

 

	 	“(ii)	 unless waived by Lender, a written certificate from an independent certified public accounting firm (reasonably
acceptable to Lender), confirming that the Defeasance Collateral will generate cash sufficient to make all Scheduled Debt Payments as they fall due under the Defeased Note, including full payment due on the Defeased Note on the Maturity Date.”

  

	 	(4)	 The requirements of Section 11.12(f)(iv) will be deemed modified as follows: 

 

	 	“(iv)	 Lender’s form of a transfer and assumption agreement, pursuant to which Borrower and any Guarantor (in
each case, subject to satisfaction of all requirements under this Loan Agreement) will be relieved from liability in connection with the Defeased Note to the extent described in Sections 7.05(b)(i) and 7.05(c)(i), respectively, and Successor
Borrower will assume all remaining obligations in connection with the Defeased Note.” 

  

	 	(5)	 The requirements of Section 11.12(f)(v) will be deemed modified as follows: 

 

	 	“(v)	 Forms of all documents necessary to release the Released Property from the Liens created by the applicable
Security Instrument, related UCC financing statements and this Loan Agreement (collectively, “Release Instruments”), each in appropriate form required by the Property Jurisdiction. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 113

	 	(6)	 The requirements of Section 11.12(g)(i)(B) will be deemed modified as follows: 

 

	 	“(B)	 It is in an amount sufficient to provide for (1) redemption payments to occur prior, but as close as
possible, to all successive Installment Due Dates occurring under the Defeased Note after the Defeasance Closing Date, and (2) delivery of redemption proceeds at least equal to the amount of principal and interest due on the Defeased Note on
each Installment Due Date including full payment due on the Defeased Note on the Maturity Date (“Scheduled Debt Payments”).” 

  

	 	(7)	 All requirements of Section 7.10 must be satisfied in connection with any Defeasance.

  

	 	(l)	 Notwithstanding anything to the contrary in this Section 11.12, for any Defeasance that is not in
connection with a simultaneous prepayment or defeasance of the Indebtedness in full, none of the Individual Properties other than the applicable Released Property for a permitted Release under Section 7.10 will be released from the Lien of any
Security Instrument or UCC Financing statements in connection with such Defeasance. 

  

	11.13	 Lender’s Rights to Sell or Securitize. Borrower acknowledges that Lender, and
each successor to Lender’s interest, may (without prior Notice to Borrower or Borrower’s prior consent), sell or grant participations in the Loan (or any part of the Loan), sell or subcontract the servicing rights related to the Loan,
securitize the Loan or place the Loan in a trust. Borrower agrees to cooperate with all reasonable requests of Lender in connection with any of the foregoing including taking the following actions: 

 

	 	(a)	 Executing any financing statements or other documents deemed necessary by Lender or its transferee to create,
perfect or preserve the rights and interest to be acquired by such transferee. 

  

	 	(b)	 Delivering revised organizational documents, counsel opinions, and executed amendments to the Loan Documents
satisfactory to the Rating Agencies. 

  

	 	(c)	 Providing updated financial information with appropriate verification through auditors’ letters, if
required by Lender. (If Lender requires that Borrower’s updated financial information be accompanied by appropriate verification through auditors’ letters, then Lender will reimburse Borrower for the costs which Borrower reasonably incurs
in connection with obtaining such auditors’ letters.) 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 114

	 	(d)	 Providing updated information on all litigation proceedings affecting Borrower, any Borrower Principal, any
Facility Operator or Property Manager as required in Section 6.16. 

  

	 	(e)	 Reviewing information contained in any Disclosure Document, including with respect to the Loan, Borrower,
Guarantor, any Property Manager, and any Facility Operator, and providing a mortgagor estoppel certificate, written confirmation of Borrower’s indemnification obligations under this Loan Agreement, and such other information about Borrower, any
SPE Equity Owner, any Guarantor, any Property Manager, any Facility Operator, or the Mortgaged Property as Lender may require for Lender’s offering materials. 

Notwithstanding anything set forth above in this Section 11.13, Borrower will not be required to execute any document that changes the
interest rate, the stated maturity date or the amortization of principal set forth in the Note, or that modifies or amends any essential economic terms of the Loan. 
  

	11.14	 Cooperation with Rating Agencies and Investors. Borrower covenants and agrees that if Lender
decides to include the Loan as an asset of a Secondary Market Transaction, Borrower will do all of the following: 

  

	 	(a)	 At Lender’s request, meet with representatives of the Rating Agencies and/or investors to discuss the
business and operations of the Mortgaged Property. 

  

	 	(b)	 Permit Lender or its representatives to provide related information to the Rating Agencies and/or investors.

  

	 	(c)	 Cooperate with the reasonable requests of the Rating Agencies and/or investors in connection with all of the
foregoing. 

  

	11.15	 Letter of Credit Requirements. 

 

	 	(a)	 Any Letter of Credit required under this Loan Agreement must satisfy the following conditions:

  

	 	(i)	 It must be a clean, irrevocable, unconditional standby letter of credit. 

 

	 	(ii)	 It must name Lender as the sole beneficiary and permit Lender to assign the Letter of Credit without further
consent from Issuer. 

  

	 	(iii)	 It must have an initial term of not less than 12 months. 

 

	 	(iv)	 It must be in the form required by Lender. 

 

	 	(v)	 It must provide that it may be drawn on by Lender or Loan Servicer, in whole or in part, by presentation to
Issuer of a sight draft without any other restrictions on the right to draw. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 115

	 	(vi)	 It must be issued by an Issuer meeting Lender’s requirements, which Issuer (i) must be an Eligible
Institution, and (ii) may not, unless Lender agrees in writing, be an affiliate of Borrower or Lender. 

  

	 	(vii)	 It must be obtained on behalf of Borrower by a Person other than Borrower’s general partners or managing
members if Borrower is a general or limited partnership or limited liability company. Neither Borrower nor the general partners or managing members, if applicable, may have any liability or other obligations under any reimbursement agreement with
respect to the Letter of Credit. 

  

	 	(viii)	 It may not be secured by a lien on all or any part of the Mortgaged Property or related Personalty.

  

	 	(ix)	 When delivered to Lender, it must be accompanied by an opinion acceptable to Lender in Lender’s Discretion
issued by counsel to the Issuer that includes opinions as to Issuer’s power and authority to issue the Letter of Credit and the enforceability of the Letter of Credit against Issuer and an updated nonconsolidation opinion with regard to any
such Letter of Credit in form and substance satisfactory to Lender. 

  

	 	(b)	 If at any time the Issuer of a Letter of Credit held by Lender ceases to be an Eligible Institution, Lender
will have the right to immediately draw down the Letter of Credit in full and hold the Proceeds in an escrow account in accordance with the terms of this Loan Agreement. 

 

	 	(c)	 Each Letter of Credit held by Lender pursuant to this Loan Agreement provides additional collateral for the
Indebtedness in addition to the lien of the Security Instrument. 

  

	11.16	 Reserved. 

 

	11.17	 Reserved. 

 

	11.18	 Reserved. 

 

	11.19	 State Specific Provisions. 

No Oral Agreements. The following is included in this Loan Agreement pursuant to K.S.A.
Section 16-118(b): 
 [Remainder of Page Left Blank] 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 116

 This Loan Agreement and all the Loan Documents collectively constitute the written credit
agreement which is the final expression of the credit agreement between Borrower and Lender. 
 This Loan Agreement and all the Loan
Documents may not be contradicted by evidence of any prior oral credit agreement or of a contemporaneous oral credit agreement between Borrower and Lender. 

The following space (which Borrower and Lender agree is sufficient space) is provided for the placement of nonstandard terms, if any:

	
	  

                       
                                 None        
                                         
                   . 
 Borrower and Lender
affirm that there is no unwritten oral credit agreement between Borrower and Lender with respect to the subject matter of this Loan Agreement and the other Loan Documents. 

Lender’s Initials:
                    Borrower’s Initials:
                 
 Oral Agreements. Pursuant
to Mo.Rev.Stat. § 432.047, Borrower acknowledges receipt of the following notice. 
 Oral or unexecuted agreements or commitments to
loan money, extend credit or to forbear from enforcing repayment of a debt including promises to extend or renew such debt are not enforceable, regardless of the legal theory upon which it is based that is in any way related to the credit agreement.
To protect you (borrower(s)) and us (creditor) from misunderstanding or disappointment, any agreements we reach covering such matters are contained in this writing, which is the complete and exclusive statement of the agreement between us, except as
we may later agree in writing to modify it. 
  

	11.20	 Time is of the Essence. Time is of the essence with respect to each covenant of this Loan
Agreement. 

  

	11.21	 Electronic Signatures. With respect to any E-Signed
Document, the following provisions apply: 

  

	 	(a)	 Borrower represents and warrants that the intention of the natural Person signing on behalf of Borrower or
Borrower Principal on each E-Signed Document was to attribute its respective signature to such E-Signed Document, and that the
E-Signature represents the signer’s signature to the E-Signed document. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 117

	 	(b)	 Borrower understands and agrees that the E-Signatures on all E-Signed Documents are legally binding. 

  

	 	(c)	 Borrower waives all rights to repudiate the authenticity or validity of any
E-Signature on any E-Signed Document to the extent such repudiation is based in whole or in part on the fact that such signature is not in an original handwritten form.

  

	 	(d)	 Borrower agrees that the law governing E-Signatures will be the federal
Electronic Signatures in Global and National Commerce Act of 2000 (15 U.S. Code, Chapter 96) (E-SIGN) and/or the Uniform Electronic Transactions Act of 1999 as promulgated by the U.S. Uniform Law Commission
for consideration and enactment by the States (UETA), and that under no circumstances will E-Signatures be governed by the Uniform Computer Information Transactions Act (UCITA). 

 

	11.22	 Lender’s Right to Sever Loan Agreement and Sever Note. 

 

	 	(a)	 At any time and from time to time and for any reason, without the consent of Borrower, without incurring
liability to Borrower, and without impairing or releasing Borrower’s liability for all or any part of the Indebtedness, Lender has the right to take the following actions: 

 

	 	(i)	 Lender may elect to sever this Loan Agreement into two or more separate agreements (a “Loan Agreement
Severance”) (if this Loan Agreement is severed with respect to any Individual Property and replaced with a new loan agreement with respect to such Individual Property, such Individual Property will be referred to individually, as a
“Severed Property” and collectively, as the “Severed Properties”, and such new loan agreement will be referred to as a “New Loan Agreement”) and record among the applicable land records an amendment
to each applicable Security Instrument in connection with Lender’s election to sever this Loan Agreement with respect to the Severed Properties. 

  

	 	(ii)	 Lender may sever (“Note Severance”) the Note into two or more separate promissory notes, in
such denominations as Lender determines in its sole and absolute discretion, which promissory notes may be included in separate sales or Securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine the interest rate
and amortization schedule; provided however, each of the following will be true: 

  

	 	(A)	 If Lender elects to sever the Note during any period that any portion of the Indebtedness bears interest at a
fixed rate, and if Lender redefines the interest rate, then the weighted average of the interest rates contained in the severed promissory notes taken in the aggregate will equal the applicable fixed interest rate prior to the Note Severance.

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 118

	 	(B)	 If Lender elects to sever the Note during any period that any portion of the interest rate is floating, and if
Lender redefines the interest rate, then the weighted average of the margins contained in the severed promissory notes taken in the aggregate will equal the Margin. 

 

	 	(C)	 If Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the
aggregate will require no more amortization to be paid under the loan evidenced by the severed promissory note or the Loan than as was required under the Note at the time such action was taken by Lender and such redefined amortization will not
result in a change in the amount of the monthly payment due under the Note. 

  

	 	(D)	 No other material economic term of the Loan will be amended or modified. 

Notwithstanding the foregoing, if Lender requires a Note Severance and/or Loan Agreement Severance after the occurrence and during the
continuance of an Event of Default, Lender in its discretion may change the Allocated Loan Amounts among the Individual Properties provided that the sum of the Allocated Loan Amounts with respect to all Individual Properties remains the same. 

 

	 	(iii)	 In connection with any Loan Agreement Severance or Note Severance that results in a severed note that bears
interest at a floating interest rate (in whole or in part), Lender may require the applicable Individual Borrower or Individual Borrowers to obtain, maintain and collaterally assign to Lender a Cap Agreement with respect to the severed promissory
note in form and substance acceptable to Lender. Such Individual Borrower or Individual Borrowers may satisfy the requirements of this Section 11.22(a)(iii) by obtaining a separate new Cap Agreement or, so long as the Cap Provider of the Master
Rate Cap remains or is then a hedge counterparty approved by Lender, by causing a portion of the Master Rate Cap to be novated from the Cap Purchaser to such Individual Borrower or Individual Borrowers. The separate new or novated Cap Agreement must
be in a Notional Amount equal to the principal amount of the floating rate indebtedness evidenced by the severed note and the Lender acknowledges and agrees that in connection with obtaining a new or novated Cap Agreement pursuant to this
Section 11.22(a)(iii), the Cap Purchaser may reduce the Notional Amount of the existing Master Rate Cap by the Notional Amount of the new or novated Cap Agreement. 

 

	 	(b)	 Borrower agrees to cooperate with all requests of Lender to accomplish any Loan Agreement Severance and/or Note
Severance required under this Section 11.22. Without limiting the generality of the foregoing, (1) Borrower must, subject to the terms of this Section 11.22, execute and deliver to Lender, promptly after the

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 119

	 	
request of Lender, an agreement to sever this Loan Agreement, a New Loan Agreement, a severance or splitter agreement with respect to the Note, a severance or splitter agreement or other related
agreement with respect to any of the other Loan Documents, a reaffirmation or ratification of any Loan Document, and any other documents as Lender requires in Lender’s Discretion in order to effect the Loan Agreement Severance and/or Note
Severance, all in form and substance acceptable to Lender in Lender’s Discretion, (2) Borrower must cause Guarantor, any Facility Operator and/or any Property Manager to execute and deliver to Lender, promptly after the request of Lender,
a severance or splitter agreement or other related agreement with respect to any of the Loan Documents to which it is a party, a reaffirmation or ratification of any Loan Document to which it is a party, and/or any other documents as Lender requires
in Lender’s Discretion in order to effect the Loan Agreement Severance and/or Note Severance, all in form and substance acceptable to Lender in Lender’s Discretion (2) the applicable Individual Borrower or Individual Borrowers must
cooperate with the Cap Provider and Cap Purchaser to accomplish the requirements of Section 11.22(a)(iii), if and to the extent applicable. 

  

	 	(c)	 Each Individual Borrower hereby irrevocably appoints Lender its attorney in fact with full power of
substitution (which appointment will be deemed to be coupled with an interest and irrevocable until the Loan is paid in full and the applicable Security Instrument is discharged of record, with each Individual Borrower hereby ratifying all that its
said attorney may do by virtue of such power) to make and execute all documents necessary or desirable to effect the Loan Agreement Severance, the novation of a portion of the Cap Agreement if applicable, and/or Note Severance; provided, however,
Lender will not make or execute any such documents under such power until 10 Business Days after Lender has given Borrower Notice of Lender’s intent to exercise its rights under such power. 

 

	 	(d)	 Each severed promissory note, and the loan evidenced by each severed promissory note, will be upon all of the
terms and provisions contained in the applicable Loan Agreement or New Loan Agreement and the Loan Documents or applicable severed loan documents (collectively with the applicable Loan Agreement or New Loan Agreement, the “Applicable Loan
Documents”), which Applicable Loan Documents will continue in full force and effect with respect to such loan, except that (1) Lender may allocate specific collateral given for the Loan as security for performance of specific
promissory notes, in each case with or without cross-default or cross-collateralization provisions, all as determined by Lender in its sole and absolute discretion and (2) in the event of any Loan Agreement Severance, each Severed Property will
be the only Mortgaged Property securing the corresponding promissory note unless Lender elects to additionally secure such severed promissory note with other collateral then securing the Loan, in each case with or without cross-default or
cross-collateralization provisions, all as determined by Lender in its sole and absolute discretion. 

  

	 	(e)	 Following any Note Severance, the term “Lender” will be deemed to refer collectively to the holder(s)
of each of the severed promissory notes. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 120

	 	(f)	 Reserved. 

  

	 	(g)	 Except as set forth below, Borrower will not be obligated to pay any costs or expenses incurred in connection
with the preparation, execution, recording or filing of any documents in connection with any Loan Agreement Severance or Note Severance, and Lender will reimburse Borrower for all costs reasonably incurred by Borrower in connection with actions
taken by Borrower pursuant to Lender’s request under the terms of this Section. Notwithstanding, Borrower will be liable for all such costs and expenses and any other costs or expenses of Lender in connection with any Loan Agreement Severance
or Note Severance following the occurrence of an Event of Default or the occurrence of an event or condition that, with the giving of Notice or the passage of time, or both, would become an Event of Default. 

 

	 	(h)	 Borrower’s failure to deliver any of the documents requested by Lender under this Section within ten 10
Business Days after Notice of such request by Lender will, at Lender’s option, constitute an Event of Default under this Loan Agreement. 

ARTICLE XII DEFINITIONS. 
 The following terms, when used
in this Loan Agreement (including when used in the recitals), will have the following meanings: 
 “25% Equity Interest” is defined in
Section 5.60(b). 
 “25% Equity Holder” is defined in Section 5.60(b). 

“Activities of Daily Living” means personal care services that provide the frail elderly with assistance in eating, dressing, bathing,
incontinence care and assistance in moving from one place to another (such as from a bed to a wheelchair). 
 “Additional Release Payment”
means, with respect to each Released Property if and to the extent applicable, an amount equal to the greater of (i) 15% of the outstanding principal balance of the Allocated Loan Amount with respect to such Released Property immediately prior to
the payment required by Section 7.10(b)(iv), or (ii) the Balancing Payment, if and to the extent applicable, not to exceed the difference between the outstanding Indebtedness at the time of the applicable Release and the Base Release
Payment. 
 “Affiliate” of any Person means: 
  

	 	(i)	 Any other individual or entity that is, directly or indirectly, one of the following: 

 

	 	(A)	 In Control of the applicable Person. 

 

	 	(B)	 Under the Control of the applicable Person. 

 

	 	(C)	 Under common Control with the applicable Person. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 121

	 	(ii)	 Any individual that is a director or officer of the applicable Person. 

 

	 	(iii)	 Any individual that is a director or officer of any entity described in clause (i) of this definition.

 “Affiliate Sale” means the sale of an Individual Property to any Affiliate of any Individual Borrower or Guarantor.

 “Aggregate DSCR at Origination” 1.30:1 

“Aggregate LTV at Origination” means 74% 

“Allocated Amount Partial Defeasance” is defined in Section 11.12(k)(ii). 

“Allocated Loan Amount” means, with respect to each Individual Property, the initial “Allocated Loan Amount” as set forth on
Schedule 1 of the Note. Such initial amounts will be reduced from time to time for each principal payment made. Reduction of Allocated Loan Amounts due to regularly scheduled monthly payments of principal will be on a pro rata basis. Other
reductions of Allocated Loan Amounts including, without limitation, partial payments, allocation of condemnation or insurance proceeds, defeased amounts, release payments and other prepayments (whether permitted or not) shall be in amounts as may be
determined by Lender in Lender’s sole and absolute discretion. 
 “AML Laws” means applicable federal anti-money laundering laws and
regulations including 18 U.S.C. §§ 1956 and 1957, as amended. 
 “Appraisal Valuation Method” means Lender’s determination
of the value of each Individual Property comprising the Mortgaged Property and the Remaining Properties based on (i) current MAI appraisals, each performed by an independent appraiser, or (ii) MAI appraisals that were obtained in
connection with the origination of the Loan that have been updated for the passage of time and for any other changes that might affect the value of the interest in the real property, in each case in form and substance acceptable to Lender and
obtained by Lender at Borrower’s expense. 
 “Approved Seller/Servicer” is defined in Section 11.11(b). 

“Assignment of Management Agreement” means, individually and collectively, each Assignment of Management Agreement and Subordination of
Management Fees, dated the same date as this Loan Agreement, among Borrower, Lender and Property Manager, including all schedules, riders, allonges and addenda, as such Assignment of Management Agreement may be amended from time to time, and any
future Assignment of Management Agreement and Subordination of Management Fees executed in accordance with Section 6.09(d). 
 “Assisted Living
Residences” means residences that are designed to accommodate and provide 24-hour protective oversight and assistance for natural persons with functional limitations, including meals in a central
location and assistance with Activities of Daily Living and Alzheimer’s care. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 122

 “Assumed Interest Rate” will mean: 

 

	 	(1)	 with respect to any Loan that is a fixed rate loan, the Fixed Interest Rate (as defined in the Note);

  

	 	(2)	 with respect to any Loan that is a floating rate loan: 

 

	 	(A)	 If the loan has an internal interest rate cap, the Capped Interest Rate. 

 

	 	(B)	 If the loan has an external interest rate cap, the Strike Rate plus the Margin. (For the purposes of this
clause (B), a loan will be deemed to have an external interest rate cap if Borrower will be obligated under the terms of the Loan Documents to obtain an external interest rate cap at a future date upon a date certain or upon the occurrence of a
“Cap Requirement Trigger Event” (if applicable) or of certain other events). 

  

	 	(C)	 If the loan has no interest rate cap, the greater of (I) 7%, or (II) the then-current Index Rate plus the
Margin plus 300 basis points. 

 “Assumption Borrower” means, individually and collectively, the owner(s) of any
Individual Property that has been Transferred in connection with a Loan Assumption. 
 “Attorneys’ Fees and Costs” means:
(i) fees and out of pocket costs of Lender’s and Loan Servicer’s attorneys, as applicable, including costs of Lender’s and Loan Servicer’s in-house counsel, support staff costs, costs
of preparing for litigation, computerized research, telephone and facsimile transmission expenses, mileage, deposition costs, postage, duplicating, process service, videotaping and similar costs and expenses; (ii) costs and fees of expert
witnesses, including appraisers; (iii) investigatory fees; and (iv) costs for any opinion required by Lender pursuant to the terms of the Loan Documents. 

“Balancing Payment” is defined in Section 7.10(b)(vii). 

“Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. Section 101 et seq., as amended from time to time. 

“Base Release Payment” means, with respect to any Released Property, the Allocated Loan Amount allocated to such Released Property at the
time of the Release. 
 “Books and Records” is defined in Section 6.07(a). 

“Borrower” means, individually or collectively as the context may require, all Persons identified as “Borrower” in the first
paragraph of this Loan Agreement, together with their successors and assigns. 
 “Borrower Information” is defined in
Section 10.02(d). 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 123

 “Borrower Principal” means any of the following: 

 

	 	(i)	 Any general partner of Borrower (if Borrower is a partnership). 

 

	 	(ii)	 Any manager or managing member of Borrower (if Borrower is a limited liability company). 

 

	 	(iii)	 Any Person (limited partner, member or shareholder) who is a 25% Equity Holder. 

 

	 	(iv)	 Any Guarantor of all or any portion of the Loan or of any obligations of Borrower under the Loan Documents.

 “Borrower Proof of Loss Threshold” means the applicable amount set forth on Exhibit R. 

“Borrower Proof of Loss Maximum” means the applicable amount set forth on Exhibit R. 

“Business Day” means any day other than a Saturday, a Sunday, or any other day on which Lender or the national banking associations are not
open for business. 
 “Cap Agreement” means any interest rate cap agreement, interest rate swap agreement or other interest rate-hedging
contract or agreement, in a form acceptable to Lender, obtained by Borrower from a Cap Provider as a requirement of any Loan Document or as a condition of Lender’s making the Loan. 

“Cap Collateral” means all of the following: 
  

	 	(i)	 The Cap Agreement. 

  

	 	(ii)	 The Cap Payments. 

  

	 	(iii)	 All rights of Borrower under any Cap Agreement and all rights of Borrower to all Cap Payments, including
contract rights and general intangibles, whether existing now or arising after the date of this Loan Agreement. 

  

	 	(iv)	 All rights, liens and security interests or guaranties granted by a Cap Provider or any other Person to secure
or guaranty payment of any Cap Payments whether existing now or granted after the date of this Loan Agreement. 

  

	 	(v)	 All documents, writings, books, files, records and other documents arising from or relating to any of the
foregoing, whether existing now or created after the date of this Loan Agreement. 

  

	 	(vi)	 All cash and non-cash proceeds and products of (ii) through (v) of
this definition. 

 “Cap Payment(s)” means any and all monies payable pursuant to any Cap Agreement by a Cap Provider.

 “Cap Provider” means the third-party financial institution approved by Lender that is the counterparty under any Cap Agreement or
Replacement Cap Agreement. 
 “Cap Purchaser” is defined in Section 3.04(f). 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 124

 “Cap Rate Valuation Method” means Lender’s determination of the value of each
Individual Property comprising the Mortgaged Property and the Remaining Properties based on (i) Lender’s review of the four most recent quarterly financial statements (including income and expense statements and rent schedules) for each
Individual Property comprising the Mortgaged Property, certified by an officer of the applicable Individual Borrower, to determine the current net operating income of each such Individual Property as determined by Lender in Lender’s sole and
absolute discretion, and (ii) Lender’s application of the appropriate capitalization rate provided by Freddie Mac or, if Freddie Mac is unable or unwilling for any reason to provide a capitalization rate, provided by a
nationally-recognized multifamily lending or equity financial institution with experience in the financing of seniors housing facilities and acceptable to Lender in its sole and absolute discretion, based on such institution’s independent
appraisals, investments (debt or equity), and values. Borrower will be responsible for the costs of obtaining capitalization rates used to determine value under the Cap Rate Valuation Method. Freddie Mac will not be liable to any Individual Borrower
or any other party in connection with any capitalization rate provided by Freddie Mac or if Freddie Mac declines to provide a capitalization rate for any reason. 

“Capital Replacement” means the replacement of those items listed on Exhibit F. 

“Capped Interest Rate” is defined in the Note, if applicable. 

“Claim” is defined in Section 10.02(f). 

“Clean Site Assessment” is defined in Section 7.05(b)(i). 

“Closing Date” means the date on which Lender disburses the proceeds of the Loan to or for the account of Borrower. 

“Commitment Letter” means the fully executed commitment letter or early rate lock application between Lender and Borrower issued in
connection with the Loan, as such document may have been modified, amended or extended. 
 “Completion Date” means, with respect to any
Repair, the date specified for that Repair in the Repair Schedule of Work (Exhibit C), as such date may be extended by Lender in writing. 

“Condemnation” is defined in Section 6.11(a). 

“Continuing Care Retirement Community” or “CCRC” means a property designed to provide a continuum of care within a single
community. The living accommodations and care provided within a CCRC are a combination of the accommodations and services provided by Seniors Apartments, Independent Living Units, Assisted Living Residences and Skilled Nursing Beds. 

“Contract” means any present or future contract for the provision of goods or services (or with respect to payment therefore), together with
all modifications, extensions and renewals, in connection with the operation or management of the Facility (other than Leases), including (i) those with Borrower or a Facility Operator, and (ii) Third Party Provider Agreements, together
with all modifications, extensions or renewals. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 125

 “Control” means to possess, directly or indirectly, the power to direct or cause the
direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise, including the power to elect a majority of the directors or trustees of a corporation or trust, as the case may be.

 “Corporate Lease” means a Lease for one or more residential units under which one entity will rent all such units from Borrower and will
have the right to sublease such units to individual subtenants. 
 “Crowdfunding” means the practice of funding a project or venture by
raising capital by either of the following methods: 
  

	 	(i)	 Via general solicitation (i.e., marketing directed to the public at large, whether via the internet or
otherwise) that (A) names Freddie Mac, or (B) names or contains any information about the Mortgaged Property. 

  

	 	(ii)	 From unaccredited investors in a public offering (e.g., under the related exemptions of Title III or Title IV
of the Jumpstart Our Business Startups (JOBS) Act). 

 “Cut-off Date” is defined
in the Note, if applicable. 
 “Decrease in Acuity Mix” is defined in Section 5.25(c). 

“Default Rate” is defined in the Note. 

“Defeasance” is defined in Section 11.12. 

“Defeasance Closing Date” is defined in Section 11.12(b). 

“Defeasance Collateral” means: (i) a Freddie Mac Debt Security, (ii) a Fannie Mae Debt Security, (iii) U.S. Treasury
Obligations, or (iv) FHLB Obligations. 
 “Defeasance Fee” is defined in Section 11.12(c). 

“Defeasance in Whole” is defined in Section 11.12. 

“Defeasance Notice” is defined in Section 11.12(b). 

“Defeasance Period” is defined in the Note, if applicable. 

“Defeased Note” is defined in Section 11.12(k). 

“Designated Entity for Transfers” means each entity so identified in Exhibit I, and that entity’s successors and permitted
assigns. 
 “Disclosure Document” is defined in Section 11.08. 

“Dodd Frank Act” means the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 126

 “Downgrade” as it applies to a License, means a License is modified so as to permit a less
acute level of care (including elimination of skilled nursing or assisted living care or services included in the License) by the Governmental Authority responsible for issuing such License. 

“DSCR” is defined in Section 7.10(b)(vii)(A). 

“E-Signature” means any form of signature provided on behalf of a Borrower or a Borrower Principal
other than an original handwritten signature, including any type of image created in any manner (whether electronically or otherwise) which image could reasonably be interpreted as an indication of the signer’s intent to sign the document. 

“E-Signed Document” means any document received by Servicer or Lender in connection with the
underwriting, origination, transfer, Securitization, or servicing of the Loan, or the correction or amendment of any such document, to which an E-Signature is affixed, attached, or otherwise logically
associated. 
 “Economic Sanctions Laws” means the foreign assets control regulations, 31 C.F.R. Chapter V, as amended, and any amending
federal legislation or executive order relating thereto, as administered by OFAC. 
 “Eligible Account” means an identifiable account which
is separate from all other funds held by the holding institution that is either (i) an account or accounts maintained with the corporate trust department of a federal or state-chartered depository institution or trust company which complies
with the definition of Eligible Institution, or (ii) a segregated trust account or accounts maintained with the corporate trust department of a federal or state chartered depository institution or trust company acting in its fiduciary capacity
which, in the case of a state chartered depository institution or trust company is subject to regulations substantially similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus of at least $50,000,000 and subject to
supervision or examination by federal and state authority. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument. 

“Eligible Institution” means a federal or state chartered depository institution or trust company insured by the Federal Deposit Insurance
Corporation, the short term unsecured debt obligations or commercial paper of which are rated at least A-1 by Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., P-1 by Moody’s Investors Service, Inc. and F-3 by Fitch, Inc. in the case of accounts in which funds are held for 30 days or less or, in the case of letters of credit or
accounts in which funds are held for more than 30 days, the long term unsecured debt obligations of which are rated at least “A” by Fitch, Inc. and Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., and “A2” by Moody’s Investors Service, Inc. If at any time an Eligible Institution does not meet the required rating, the Loan Servicer must move the Eligible Account within 30 days of such event to an
appropriately rated Eligible Institution. 
 “Environmental Inspections” is defined in Section 6.12(e). 

“Environmental Permit” means any permit, license, or other authorization issued under any Hazardous Materials Law with respect to any
activities or businesses conducted on or in relation to the Mortgaged Property. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 127

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Event of Default” means the occurrence of any event listed in Section 9.01. 

“Extension Period” is defined in the Note, if applicable. 

“Facility” means, individually and collectively as the context may require, each and every senior housing facility located on the Land, and
including the Land and Improvements located on the Land. 
 “Facility Operator” means, individually and collectively as the context may
require, any tenant (individually and collectively as the context may require, any “Operating Tenant”) under a lease with any Individual Borrower (as landlord) of all or substantially all of an Individual Facility, as well as any
manager or Facility Operator pursuant to a Contract with any Individual Borrower or with an individual Operating Tenant. 
 “Fannie Mae Debt
Security” means any non-callable bond, debenture, note, or other similar debt obligation issued by the Federal National Mortgage Association. 

“FHFA” means the Federal Housing Finance Agency. 

“FHFA SCP List” means the Suspended Counterparty List maintained by the FHFA which is currently published at
https://www.fhfa.gov/SupervisionRegulation/LegalDocuments/suspendedcounterpartyprogram. 
 “FHLB Obligations” mean direct, non-callable and non-redeemable securities issued, or fully insured as to payment, by the Federal Home Loan Bank. 

“First 10% Prepayment Amount” means any principal prepayments resulting in an aggregate principal amount of Indebtedness prepaid of less than
or equal to $72,000,000.00. 
 “First 10% Release” means any Release for which the prepayment of the Base Release Payment in connection
with such Release, in its entirety, is part of the First 10% Prepayment Amount, provided that such Release is in connection with an arms-length sale of an Individual Property on market terms to a Person that is unaffiliated with any Individual
Borrower or Guarantor. For the avoidance of doubt, (i) in order for a Release to constitute a First 10% Release, the prepayment of the Base Release Payment in connection with such Release cannot exceed the First 10% Prepayment Amount and
(ii) a Release made in connection with an Affiliate Sale does not constitute a First 10% Release even if the required prepayment in connection with such Release is part of the First 10% Prepayment Amount. 

“First 10% Release Requirements” is defined in Section 7.10(b)(vii)(C)(1). 

“Fixtures” means, with respect to each Individual Property, all property owned by Borrower which is attached to the Land or the Improvements
so as to constitute a fixture under applicable law, including: machinery, equipment, engines, boilers, incinerators and installed building materials; systems and equipment for the purpose of supplying or distributing heating, cooling, electricity,
gas, water, air or light; antennas, cable, wiring and conduits used in connection with 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 128

 
radio, television, security, fire prevention or fire detection or otherwise used to carry electronic signals; telephone systems and equipment; elevators and related machinery and equipment; fire
detection, prevention and extinguishing systems and apparatus; security and access control systems and apparatus; plumbing systems; water heaters, ranges, stoves, microwave ovens, refrigerators, dishwashers, garbage disposers, washers, dryers and
other appliances; light fixtures, awnings, storm windows and storm doors; pictures, screens, blinds, shades, curtains and curtain rods; mirrors; cabinets, paneling, rugs and floor and wall coverings; fences, trees and plants; swimming pools; and
exercise equipment. 
 “Freddie Mac” means the Federal Home Loan Mortgage Corporation. 

“Freddie Mac Debt Security” means any non-callable bond, debenture, note, or other similar debt
obligation issued by Freddie Mac. 
 “Freddie Mac Web Site” means the web site of Freddie Mac, located at www.freddiemac.com. 

“GAAP” means generally accepted accounting principles. 

“Governmental Authority” means any board, commission, department, agency or body of any municipal, county, state or federal governmental
unit, or any subdivision of any of them, that has or acquires jurisdiction over the Mortgaged Property, or the use, operation or improvement of the Mortgaged Property, or over Borrower including all applicable licensing or accreditation bodies or
agencies (whether federal, state, county, district, municipal, city or otherwise, whether now or hereafter in existence, including applicable non-governmental organizations, such as the Joint Commission on the
Accreditation of Healthcare Organizations) that have or acquire jurisdiction over Borrower, a Facility Operator (as pertains to the Facility), the Facility or the use, operation, improvement, accreditation, licensing or permitting of the Facility or
the operations of the Facility. 
 “Governmental Payor Program” means any Medicare, Medicaid, TRICARE programs or similar federal, state,
local or any other third party payors’ programs or other similar provider payment programs, or any so-called “waiver program” associated therewith. 

“Guarantor” means the Person(s) required by Lender to guaranty all or a portion of Borrower’s obligations under the Loan Documents, as
set forth in the Guaranty. The required Guarantors as of the date of this Loan Agreement are set forth in Exhibit I. 
 “Guaranty”
means the Guaranty executed by Guarantor and/or any replacement or supplemental guaranty executed pursuant to the terms of this Loan Agreement. 

“Hazardous Materials” means petroleum and petroleum products and compounds containing them, including gasoline, diesel fuel and oil;
explosives; flammable materials; radioactive materials; polychlorinated biphenyls (PCBs) and compounds containing them; lead and lead-based paint; asbestos or asbestos containing materials in any form that is or could become friable; underground or
above-ground storage tanks, whether empty or containing any substance; any substance the presence of which on the Mortgaged Property is prohibited by any Governmental Authority; any medical products or devices, including, those materials defined as
“medical waste” or “biological waste” under relevant statutes, ordinances or regulations pertaining to Hazardous Materials Law; any substance that requires special handling and any other material or substance

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 129

 
now or in the future that (i) is defined as a “hazardous substance,” “hazardous material,” “hazardous waste,” “toxic substance,” “toxic
pollutant,” “contaminant,” or “pollutant” by or within the meaning of any Hazardous Materials Law, or (ii) is regulated in any way by or within the meaning of any Hazardous Materials Law. 

“Hazardous Materials Law” and “Hazardous Materials Laws” means any and all federal, state and local laws, ordinances,
regulations and standards, rules, policies and other governmental requirements, administrative rulings and court judgments and decrees in effect now or in the future, including all amendments, that relate to Hazardous Materials or the protection of
human health or the environment and apply to Borrower or to the Mortgaged Property. Hazardous Materials Laws include the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601, et seq., the Resource
Conservation and Recovery Act of 1976, 42 U.S.C. Section 6901, et seq., the Toxic Substance Control Act, 15 U.S.C. Section 2601, et seq., the Clean Water Act, 33 U.S.C. Section 1251, et seq., and the Hazardous Materials Transportation
Act, 49 U.S.C. Section 5101 et seq., and their state analogs. 
 “Healthcare Laws” means all federal, state, municipal or other
Governmental Authority laws, codes and statutes and all regulations and rules promulgated thereunder and all Governmental Authority interpretations thereof, applicable or pertaining to the ownership, leasing, operation or management of medical or
senior housing facilities (including Independent Living Units, adult care facilities, Assisted Living Residences, skilled nursing care, rehabilitation services, CCRC’s, and dementia and/or memory care facilities), including those pertaining to
Licenses necessary to operate or manage any such facility, those pertaining to billing any Governmental Payor Program, those pertaining to patient care and Privacy Laws, quality and safety standards, accepted professional standards, and principles
that apply to professionals providing services to the Facility, accreditation standards, and requirements of the applicable state department of health and all other Governmental Authorities including, those requirements relating to the
Facility’s physical structure and environment, licensing, quality and adequacy of medical care, distribution of pharmaceuticals, rate setting, equipment, personnel, operating policies, additions to facilities and services and fee splitting.

 “HIPAA” means the Health Insurance Portability and Accountability Act of 1996, as amended from time to time, together with all rules and
regulations promulgated thereunder from time to time. 
 “HVAC System” is defined in Section 6.10(a)(v). 

“Immediate Family Members” means a Person’s spouse, parent, child (including stepchild), grandchild (including step-grandchild) or
sibling. 
 “Imposition Reserve Deposits” is defined in Section 4.02(a). 

“Impositions” is defined in Section 4.02(a). 

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

  

			
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 “Increase in Acuity Mix” is defined in Section 5.25(c). 

“Indebtedness” means the principal of, interest at the fixed or variable rate set forth in the Note on, and all other amounts due at any time
under, the Note, this Loan Agreement or any other Loan Document, including prepayment premiums, late charges, default interest, and advances as provided in Section 9.02 to protect the security of the Security Instrument. 

“Indemnified Party/ies” is defined in Section 10.02(d). 

“Indemnitees” is defined in Section 10.02(a). 

“Independent Living Units” means residential units that are accompanied by optional services designed to aid the residents’
independence, including building security, optional meals, housekeeping, laundry, and at least some incidental services and activities not related to personal care, such as valet shopping, financial planning, unscheduled transportation, beautician
services, recreational and social activities and 24-hour staff presence. 
 “Index Rate” is defined
in the Note, if applicable. 
 “Individual Borrower” means each entity defined in Schedule 1. 

“Individual Facility” means each senior housing facility located on an Individual Property, and including the applicable Land and
Improvements located on such Land. 
 “Individual Property” means each property listed in Schedule 1. 

“Installment Due Date” is defined in the Note. 

“Insurance” means Property Insurance, liability insurance and all other insurance that Lender requires Borrower to maintain pursuant to this
Loan Agreement. 
 “Intended Use” is defined in Section 5.25. 

“Intercreditor Agreement” is defined in Section 11.11(b). 

“Interest and Outstanding Amounts” is defined in Section 7.10(b)(v). 

“Investor Interest Transfer” is defined in Section 7.03(d)(vi). 

“Investor Interests” is defined in Section 7.03(d)(vi). 

“Issuer” means the issuer of any Letter of Credit. 

“Issuer Group” is defined in Section 10.02(d). 

“Issuer Person” is defined in Section 10.02(d). 

“Land” means, with respect to each Individual Property, the land described in Exhibit A to the applicable Security Instrument. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 131

 “Leases” means all present and future leases, master leases, operating leases, subleases,
occupancy agreements pertaining to occupants of the Facility, including both residential and commercial agreements and patient admission or resident care agreements, licenses, concessions or grants or other possessory interests now or hereafter in
force, whether oral or written, covering or affecting the Mortgaged Property, or any portion of the Mortgaged Property (including proprietary leases or occupancy agreements if Borrower is a cooperative housing corporation), and all modifications,
extensions or renewals. 
 “Lender” means the entity identified as “Lender” in the first paragraph of this Loan Agreement, or any
subsequent holder of the Note. 
 “Lender’s Discretion” means Lender’s reasonable discretion unless otherwise set forth in this
Loan Agreement. 
 “Letter of Credit” means any letter of credit required under the terms of this Loan Agreement or any other Loan
Document. 
 “License” means any license, permit, regulatory agreement, certificate, approval, certificate of need or similar certificate,
authorization, accreditation, approved provider status in any approved provider payment program, or approval issued by an applicable state department of health (or any subdivision thereof) or state licensing agency, as applicable, in each instance
whether issued by a Governmental Authority or otherwise, used in connection with, or necessary or desirable to use, occupy or operate the Facility for its Intended Use, including the provision of all goods and services to be provided by Borrower or
the Facility Operator to the residents of the Facility. 
 “Lien” means any mortgage, deed of trust, deed to secure debt, security interest
or other lien or encumbrance on the Mortgaged Property. 
 “Loan” is defined on Page 1 of this Loan Agreement. 

“Loan Agreement” means this Master Multifamily Loan and Security Agreement. 

“Loan Agreement Severance” is defined in Section 11.22(a)(i). 

“Loan Application” is defined in Section 5.16(a). 

“Loan Assumption” is defined in Section 7.05(a)(xix). 

“Loan Documents” means the Note, the Security Instrument, this Loan Agreement, all guaranties, all indemnity agreements, all collateral
agreements, UCC filings, O&M Programs, the MMP and any other documents now or in the future executed by Borrower, any Guarantor or any other Person in connection with the Loan evidenced by the Note, as such documents may be amended from time to
time. 
 “Loan Servicer” means the entity that from time to time is designated by Lender to collect payments and deposits and receive
Notices under the Note, the Security Instrument, this Loan Agreement and any other Loan Document, and otherwise to service the Loan evidenced by the Note for the benefit of Lender. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 132

 “Lockout Period,” if applicable, is defined in the Note. 

“LTV” is defined in Section 7.10(b)(vii)(B). 

“LTV/DSCR Test” is defined in Section 7.10(b)(vii). 

“Major Building System” means one that is integral to the Improvements, providing basic services to the tenants and other occupants of the
Improvements including: 
  

	 	(i)	 Electrical (electrical lines or power upgrades, excluding fixture replacement). 

 

	 	(ii)	 HVAC (central and unit systems, excluding replacement of in kind unit systems). 

 

	 	(iii)	 Plumbing (supply and waste lines, excluding fixture replacement). 

 

	 	(iv)	 Structural (foundation, framing, and all building support elements). 

“Manager” or “Managers” means a Person who is named or designated as (i) a
non-member manager, manager, or managing member or otherwise acts in the capacity of a manager or managing member of a limited liability company in a limited liability company agreement or similar instrument
under which the limited liability company is formed or operated, or (ii) a general partner of a general or limited partnership in a partnership agreement or similar agreement under which the partnership is formed or operated. 

“Margin” is defined in the Note, if applicable. 

“Material Adverse Effect” means a significant detrimental effect on: (i) any Individual Property or one or more Individual Properties in
the aggregate (including any Individual Facility or one or more Individual Facilities), (ii) the business, prospects, profits, operations or condition (financial or otherwise) of any Individual Borrower or one or more Individual Borrowers in the
aggregate or any Facility Operator or one or more Facility Operators in the aggregate, (iii) the enforceability, validity, perfection or priority of the Lien of any Loan Document, (iv) the ability of any Individual Borrower or one or more
Individual Borrowers in the aggregate, or any Facility Operator or one or more Facility Operators in the aggregate, to perform any obligations under any Loan Document, or (v) any Individual Borrower’s interest in any Individual Facility or
one or more Individual Borrowers’ interest in the aggregate in one or more Individual Facilities, or any Facility Operator’s interest in any Individual Facility or one or more Facility Operators’ interest in the aggregate in one or
more Individual Facilities, including a Downgrade, termination, revocation or suspension of, or refusal to renew or reissue, any applicable License, or a ban on new resident admissions. 

“Material Contract” means Contracts: 
  

	 	(i)	 For preparing or serving food (but do not include food supply Contracts), regardless of annual consideration or
term. 

  

	 	(ii)	 For medical services or healthcare provider agreements, regardless of annual consideration or term.

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 133

	 	(iii)	 The average annual consideration of which, directly or indirectly, is at least $50,000. 

 

	 	(iv)	 Having a term of more than one year unless subject to termination by Borrower or if Borrower is not a party to
the Contract, any Facility Operator, and their respective successors and assigns, upon not more than 30 days notice, without cause and without payment of any termination fee, penalty or extra charge. 

“Maturity Date” means the Scheduled Maturity Date, as defined in the Note. 

“Maximum Pool-Level LTV” means the Aggregate LTV at Origination 

“Maximum Property-Level LTV” means the applicable LTV set forth on Exhibit S 

“Membership Interests” is defined in Section 5.24. 

“Membership Interests Seller” is defined in Section 5.24. 

“Minimum Occupancy” means, with respect to each Individual Property, the applicable percentage listed on Exhibit R of units with
leases that comply with Section 5.11, Section 6.09(e)(v)(E), and Section 6.15. 
 “Minimum Pool-Level DSCR” means,
(i) with respect to a Senior Indebtedness that bears interest at a fixed rate or fixed and floating based on a fixed rate, N/A:1 and (ii) with respect to a Senior Indebtedness that bears interest based on a floating rate, 1.30:1. 

“Minimum Property-Level DSCR” means, with respect to a Supplemental Loan: 

 

	 	(i)	 if the Senior Indebtedness bears interest at a fixed rate, then 

 

	 	(A)	 1.30:1 for Individual Properties classified by Lender as Independent Living, and 

 

	 	(B)	 1.40:1 for Individual Properties classified by Lender as Assisted Living, 

or 
  

	 	(ii)	 if the Senior Indebtedness bears interest at a floating rate, then 

 

	 	(A)	 1.15:1 for Individual Properties classified by Lender as Independent Living, and 

 

	 	(B)	 1.25:1 for Individual Properties classified by Lender as Assisted Living. 

 

	 	(iii)	 if the Senior Indebtedness bears interest at a fixed and floating rate, then 

 

	 	(A)	 1.30:1 for Individual Properties classified by Lender as Independent Living, and 

 

	 	(B)	 1.40:1 for Individual Properties classified by Lender as Assisted Living. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 134

 “MMP” means a moisture management plan to control water intrusion and prevent the
development of Mold or moisture at any Individual Property throughout the term of this Loan Agreement. As of the Closing Date, an MMP is required for the Individual Properties set forth on Exhibit R. 

“Modified Non-Residential Lease” means an extension or modification of any Non-Residential Lease, which Non-Residential Lease was in existence as of the date of this Loan Agreement. 

“Mold” means mold, fungus, microbial contamination or pathogenic organisms. 

“Mortgaged Property” means all of each Individual Borrower’s present and future right, title and interest in and to all of the following
(in each case as such relates to each Individual Property, as applicable): 
  

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

  

	 	(ii)	 The Improvements (including each Individual Facility). 

 

	 	(iii)	 The Fixtures. 

  

	 	(iv)	 The Personalty. 

  

	 	(v)	 All current and future rights, including air rights, development rights, zoning rights and other similar rights
or interests, easements, tenements, rights of way, strips and gores of land, streets, alleys, roads, sewer rights, waters, watercourses and appurtenances related to or benefiting the Land or the Improvements, or both, and all rights-of-way, streets, alleys and roads which may have been or may in the future be vacated. 

 

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

  

	 	(vii)	 All awards, payments and other compensation made or to be made by any municipal, state or federal authority
with respect to the Land or the Leasehold Estate, as applicable, the Improvements, the Fixtures, the Personalty or any other part of the Mortgaged Property, including any awards or settlements resulting from Condemnation proceedings or the total or
partial taking of the Land, the Improvements, the Fixtures, the Personalty or any other part of the Mortgaged Property under the power of eminent domain or otherwise and including any conveyance in lieu thereof. 

 

	 	(viii)	 All contracts, options and other agreements for the sale of the Land, or the Leasehold Estate, as applicable,
the Improvements, the Fixtures, the Personalty or any other part of the Mortgaged Property entered into by Borrower now or in the future, including cash or securities deposited to secure performance by parties of their obligations.

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 135

	 	(ix)	 All proceeds from the conversion, voluntary or involuntary, of any of the items described in items
(i) through (viii) of this definition, into cash or liquidated claims, and the right to collect such proceeds. 

  

	 	(x)	 All Rents and Leases. 

 

	 	(xi)	 All earnings, royalties, accounts receivable, issues and profits from the Land, the Improvements or any other
part of the Mortgaged Property, and all undisbursed proceeds of the Loan. 

  

	 	(xii)	 All Imposition Reserve Deposits. 

 

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

  

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

  

	 	(xv)	 All names under or by which any of the Mortgaged Property may be operated or known, and all trademarks, trade
names and goodwill relating to any of the Mortgaged Property. 

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

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

  

	 	(xvii)	 All payments received and all rights to receive payments from any source, which payments (or rights thereto)
arise from operation of or at the Facility, including entrance fees, application fees, processing fees, community fees and any other amounts or fees deposited or to be deposited by any resident or tenant, payments received and the right to receive
payments of second party charges added to base rental income, base and additional meal sales, payments received and rights to receive payments from commercial operations located at or on the Facility or provided as a service to the occupants of the
Facility, rental from guest suites, seasonal lease charges, rental payments under furniture leases, income from laundry service, and income and fees from any and all other services provided to residents of the Facility. 

 

	 	(xviii)	 All rights to payments from Governmental Payor Programs and rights to payment from private insurers, arising
from the operation of the Facility. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 136

	 	(xix)	 All Licenses. 

  

	 	(xx)	 All Contracts, including operating contracts, franchises, licensing agreements, healthcare services contracts,
food service contracts and other contracts for services related to the operation of the Facility. 

  

	 	(xxi)	 All utility deposits. 

 

	 	(xxii)	 Reserved. 

  

	 	(xxiii)	 Reserved. 

  

	 	(xxiv)	 Reserved. 

“New Loan Agreement” is defined in Section 11.22(a)(i). 

“New Non-Residential Lease” is any Non-Residential Lease not
in existence as of the date of this Loan Agreement. 
 “Non-Residential Lease” is a Lease of a
portion of an Individual Property to be used for non-residential purposes. 
 “Non-U.S. Equity Holder” means any Person with a collective equity interest (whether direct or indirect) of 10% or more in any Individual Borrower or in all the Individual Borrowers in the aggregate, and
which is either (a) an individual who is not a citizen of the United States, or (b) an entity formed outside the United States. 

“Note” means the Master Multifamily Note—Floating Rate (including any Amended and Restated Note(s), Consolidated, Amended and Restated
Note(s), or Extended and Restated Note(s)) executed by Borrower in favor of Lender and dated as of the date of this Loan Agreement, including all schedules, riders, allonges and addenda, as such Master Multifamily Note may be amended, modified
and/or restated from time to time.“Note Severance” is defined in Section 11.22(a)(ii). 
 “Notice” or
“Notices” means all notices, demands and other communication required under the Loan Documents, provided in accordance with the requirements of Section 11.03. 

“Notional Amount” means the dollar amount designated in the Cap Agreement as the “Notional Amount” which must be
(i) with respect to the initial Cap Agreement, an amount equal to the outstanding principal amount of the Loan on the Closing Date, and (ii) with respect to any Replacement Cap Agreement, an amount equal to the outstanding principal
balance due under the Note on the commencement date of the Replacement Cap Agreement. 
 “O&M Program” is defined in
Section 6.12(c) and consists of the applicable O&M programs set forth on Exhibit R. 
 “OFAC” means the U.S. Department of
the Treasury’s Office of Foreign Assets Control. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 137

 “OFAC Lists” means either one of the following: 

 

	 	(i)	 The OFAC Specially Designated Nationals and Blocked Persons List. 

 

	 	(ii)	 The OFAC Consolidated Sanctions List. 

“Original Strike Rate” means 3.68%. “Partial Defeasance” is defined in Section 11.12(k). 

“Partial Defeasance Amount” is defined in Section 11.12(k). 

“Partial Loan Assumption” is defined in Section 7.05(a)(xx). 

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

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

 

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

  

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

  

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

 

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

  

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

 

	 	(vii)	 Any rights of Borrower in or under any Letter of Credit. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 138

 “Pledge Agreement” is defined in Section 11.12(f)(iii). 

“Preapproved Intrafamily Transfer” is defined in Section 7.04. 

“Prepayment/Defeasance Amount” is defined in Section 11.12. 

“Prepayment Premiums” is defined in Section 7.10(b)(v). 

“Prepayment Premium Period” is defined in the Note. 

“Prior Lien” means a pre-existing mortgage, deed of trust or other Lien encumbering the Mortgaged
Property. 
 “Privacy Laws” means all federal, state, municipal or other Governmental Authority laws, codes and statutes and all
regulations and rules promulgated thereunder and all Governmental Authority interpretations thereof, applicable or pertaining to resident, tenant and patient privacy. Privacy Laws include HIPAA. 

“Proceeding” means, whether voluntary or involuntary, any case, proceeding or other action against Borrower or any SPE Equity Owner under any
existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors. 
 “Proceeds” means the
cash obtained by a draw on a Letter of Credit. 
 “Prohibited Activity or Condition” means each of the following: 

 

	 	(i)	 The presence, use, generation, release, treatment, processing, storage (including storage in above-ground and
underground storage tanks), handling or disposal of any Hazardous Materials on or under the Mortgaged Property. 

  

	 	(ii)	 The transportation of any Hazardous Materials to, from or across the Mortgaged Property. 

 

	 	(iii)	 Any occurrence or condition on the Mortgaged Property, which occurrence or condition is or may be in violation
of Hazardous Materials Laws. 

  

	 	(iv)	 Any violation of or noncompliance with the terms of any Environmental Permit with respect to the Mortgaged
Property. 

  

	 	(v)	 Any violation or noncompliance with the terms of any O&M Program. 

However, the term “Prohibited Activity or Condition” expressly excludes lawful conditions permitted by an O&M Program or the safe and lawful use
and storage of quantities of: (i) medical products or devices or medical waste, (ii) pre-packaged supplies, cleaning materials and petroleum products customarily used in the operation and maintenance
of comparable multifamily properties, (iii) cleaning materials, personal grooming items and other items sold in pre-packaged containers for consumer use and used by tenants and occupants of residential
units in the Mortgaged Property, and (iv) petroleum products used in the operation and maintenance of motor vehicles from time to time located on the Mortgaged Property’s parking areas, so long as all of the foregoing are used, stored,
handled, transported and disposed of in compliance with Hazardous Materials Laws. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 139

 “Prohibited Parties List” means any one or more of the following: 

 

	 	(i)	 The OFAC Lists. 

  

	 	(ii)	 FHFA SCP List. 

“Property Improvement Alterations” means alterations to the Improvements existing at or upon the Mortgaged Property as of the date of this
Loan Agreement, which are being made to renovate or upgrade the Mortgaged Property and are not otherwise permitted under Section 6.09(e). Repairs, Capital Replacements, Restoration or other work required to be performed at the Mortgaged
Property pursuant to Sections 6.10 or 6.11 will not constitute Property Improvement Alterations. 
 “Property Improvement Notice” means a
Notice to Lender that Borrower intends to begin the Property Improvement Alterations identified in the Property Improvement Notice. 
 “Property
Insurance” is defined in Section 6.10(a). 
 “Property Jurisdiction” means, with respect to each Individual Property, the
jurisdiction in which the Land is located. 
 “Property Manager” means the applicable entity identified on Exhibit I, or another
residential rental property manager which is approved by Lender in writing. 
 “Property Seller” is defined in Section 5.24. 

“Public Fund/REIT Securities” is defined in Section 7.03©. 

“Rate Cap Agreement Reserve Fund” means the account established pursuant to Section 4.07, if applicable, to pay for the cost of a
Replacement Cap Agreement. 
 “Rate Cap Index Rate” means the published variable rate index designated in the Cap Agreement as the
“Floating Rate Option,” which Rate Cap Index Rate must be 1-month LIBOR. 
 “Rate Cap
Reserve Deposit” means a monthly amount payable by Borrower sufficient to accumulate funds in an amount equal to 100% of the amount estimated by Lender to be sufficient to purchase, immediately prior to termination of the then-existing Cap
Agreement, a Replacement Cap Agreement (i) expiring on the earlier of the date that is two years after the termination date of the then existing Cap Agreement or the Maturity Date, (ii) having a Notional Amount equal to the outstanding
principal balance due under the Note on the commencement date of the Replacement Cap Agreement, and (iii) having a Strike Rate equal to the Original Strike Rate. 

“Rating Agencies” means Fitch, Inc., Moody’s Investors Service, Inc., or Standard & Poor’s Ratings Services, a division of
The McGraw-Hill Companies, Inc., or any successor entity of the foregoing, or any other nationally recognized statistical rating organization. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 140

 “Release” is defined in Section 7.10 (a). 

“Release Costs” is defined in Section 7.10(b)(vi). 

“Release Date” is defined in Section 7.10(b)(ii). 

“Release Instruments” is defined in Section 11.12(f). 

“Release Notice” is defined in Section 7.10(b)(ii). 

“Release Premium Pool Test” means: 
  

	 	(i)	 The aggregate LTV of the Remaining Properties as of the Release Date does not exceed 74%, as determined by
Lender in accordance with Section 7.10(f) based on the Valuation Method. 

  

	 	(ii)	 The aggregate DSCR for the Remaining Properties as of the Release Date is not less than 1.30:1, as determined
by Lender in accordance with Section 7.10(f). Borrower must provide to Lender such financial statements and other information with respect to each of the Remaining Properties as Lender may require to determine the DSCR, certified by an officer
of the owner of each of the Remaining Properties as being true, correct and complete in all material respects. 

 “Release
Processing Fee” is defined in Section 7.10(b)(ii)(A). 
 “Released Property” is defined in Section 7.10(b). 

“Remaining Properties” is defined in Section 7.10(b)(ii)(A). 

“Remaining Release Requirements” is defined in Section 7.10(b)(vii)(C)(2). 

“Remedial Work” is defined in Section 6.12(f). 

“Rent(s)” means all rents (whether from residential or non-residential space), revenues and other
income of the Land or the Improvements, parking fees, laundry and vending machine income and fees and charges for food, health care and other services provided at the Mortgaged Property, whether now due, past due or to become due, and deposits
forfeited by tenants, and, if Borrower is a cooperative housing corporation or association, maintenance fees, charges or assessments payable by shareholders or residents under proprietary leases or occupancy agreements, whether now due, past due or
to become due. 
 “Rent Schedule” means a written schedule for each Individual Property showing the name of each tenant, and for each
tenant, the space occupied, the lease expiration date, the rent payable for the current month, the date through which rent has been paid, and any related information requested by Lender. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 141

 “REMIC Laws” means (i) the provisions of the United States federal income tax law
relating to “real estate mortgage investment conduits,” which appear at Sections 860A through 860G of the Tax Code, and related provisions, (ii) temporary and final regulations and, to the extent not inconsistent with such
temporary and final regulations, proposed regulations, and (iii) published rulings, notices and announcements promulgated thereunder, as each of the foregoing may be in effect or amended from time to time. 

“Repairs” means the repairs to be made to each Individual Property, as described on the Repair Schedule of Work (Exhibit C) or as
otherwise required by Lender in accordance with this Loan Agreement. 
 “Replacement Cap Agreement” means any Cap Agreement satisfying the
provisions of this Loan Agreement, using documentation approved by Lender, and purchased by Borrower to replace any initial Cap Agreement or subsequent Cap Agreement. 

“Replacement Cost” means the estimated replacement cost of the Improvements, Fixtures, and Personalty (or, when used in reference to a
property that is not part of the Mortgaged Property, all improvements, fixtures, and personalty located on such property), excluding any deduction for depreciation, all as determined annually by Borrower using customary methodology and sources of
information acceptable to Lender in Lender’s Discretion. Replacement Cost will not include the cost to reconstruct foundations or site improvements, such as driveways, parking lots, sidewalks, and landscaping. 

“Reserve Fund” means each account established for Imposition Reserve Deposits, the Replacement Reserve Fund, the Repair Reserve Fund (if
any), the Rate Cap Agreement Reserve Fund (if any), the Rental Achievement Reserve Fund (if any), and any other account established pursuant to Article IV of this Loan Agreement. 

“Residential Leases and Agreements” is defined in 6.26(a). 

“Restoration” is defined in Section 6.10(j)(i). 

“Scheduled Debt Payments” is defined in Section 11.12(g)(i)(B). 

“Secondary Market Transaction” means: (i) any sale or assignment of this Loan Agreement, the Note and the other Loan Documents to one or
more investors as a whole loan, (ii) a participation of the Loan to one or more investors, (iii) any deposit of this Loan Agreement, the Note and the other Loan Documents with a trust or other entity which may sell certificates or other
instruments to investors evidencing an ownership interest in the assets of such trust or other entity, or (iv) any other sale, assignment or transfer of the Loan or any interest in the Loan to one or more investors. 

“Securitization” means when the Note or any portion of the Note is assigned to a REMIC or grantor trust. 

“Securitization Indemnification” is defined in Section 10.02(d). 

“Security Instrument” means, individually or collectively as the context may require, each mortgage, deed of trust, deed to secure debt or
other similar security instrument encumbering each respective Individual Property and collectively constituting the Mortgaged Property and securing Borrower’s performance of its Loan obligations, including Borrower’s obligations under the
Note 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 142

 
and this Loan Agreement (including any Amended and Restated Security Instrument, Consolidation, Modification and Extension Agreement, Extension and Modification Agreement or similar agreement or
instrument amending and restating existing security instruments). 
 “Senior Indebtedness” means, for a Supplemental Loan, if any, the
Indebtedness evidenced by each Senior Note and secured by each Senior Instrument for the benefit of each Senior Lender. 
 “Senior
Instrument” – Not applicable. 
 “Senior Lender” means each holder of a Senior Note. 

“Senior Loan Documents” means, for a Supplemental Loan, if any, all documents relating to each loan evidenced by a Senior Note. 

“Senior Note” means, for a Supplemental Loan, if any, each Multifamily Note secured by a Senior Instrument. 

“Seniors Apartments” means age-restricted apartments for senior residents who are able to function
independently. These residences are typically restricted to residents 55 and older (or 62 and older). Seniors Apartments do not provide healthcare services, medication assistance, meal services or other third-party contract services. 

“Servicing Arrangement” is defined in Section 11.06(b). 

“Severed Property(ies)” is defined in Section 11.22(a)(i). 

“Single Purpose Entity” is defined in Section 6.13(a). 

“Site Assessment” means an environmental assessment report for each Individual Property prepared at Borrower’s expense by a qualified
environmental consultant engaged by Borrower, or by Lender on behalf of Borrower, and approved by Lender, and in a manner reasonably satisfactory to Lender, based upon an investigation relating to and making appropriate inquiries to evaluate the
risks associated with Mold and any existence of Hazardous Materials on or about the Mortgaged Property, and the past or present discharge, disposal, release or escape of any such substances, all consistent with the most current version of the ASTM
1527 standard (or any successor standard published by ASTM) and good customary and commercial practice. 
 “Skilled Nursing Beds” means a
portion of a property that provides licensed skilled nursing care and related services for patients who require medical, nursing or rehabilitative services, including Alzheimer’s care. 

“SPE Equity Owner” means, with respect to each Individual Borrower, the applicable entity identified on Exhibit I. 

“Split Partial Defeasance” is defined in Section 11.12(k)(i). 

“Split Prepayment Amount” is defined in Section 11.12(k)(i). 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 143

 “Strike Rate” means a fixed rate of interest under the Cap Agreement that does not exceed
the Original Strike Rate. 
 “Successor Borrower” is defined in Section 11.12(b). 

“Supplemental Indebtedness” the Indebtedness evidenced by the Supplemental Note(s) and secured by the Supplemental Instrument(s) for the
benefit of Supplemental Lender(s), if any. 
 “Supplemental Instrument” means, for each Supplemental Loan (whether one or more), if any,
the Security Instrument executed to secure the Supplemental Note for that Supplemental Loan. 
 “Supplemental Lender” means, for each
Supplemental Loan (whether one or more), if any, the lender named in the Supplemental Instrument for that Supplemental Loan and its successors and/or assigns. 

“Supplemental Loan” means any loan that is subordinate to the Senior Indebtedness. 

“Supplemental Loan Documents” means, for each Supplemental Loan (whether one or more), if any, all documents relating to the loan evidenced
by the Supplemental Note for that Supplemental Loan. 
 “Supplemental Mortgage Product” is defined in Section 11.11(a). 

“Supplemental Note” means, for each Supplemental Loan (whether one or more), if any, the Multifamily Note secured by the Supplemental
Instrument for that Supplemental Loan. 
 “Tax Code” means the Internal Revenue Code of the United States, 26 U.S.C. Section 1 et
seq., as amended from time to time. 
 “Taxes” means all taxes, assessments, vault rentals and other charges, if any, whether general,
special or otherwise, including all assessments for schools, public betterments and general or local improvements, which are levied, assessed or imposed by any public authority or quasi-public authority, and which, if not paid, will become a Lien on
the Land or the Improvements. 
 “Third Party Provider Agreements” means any contract pursuant to which payments arising from operation of
or at any Individual Facility are to be made by or pursuant to Governmental Payor Programs or private insurers. 
 “Title Policy” means,
individually and collectively, each mortgagee title insurance policy 
 issued to and accepted by Lender contemporaneously with the execution of this Loan
Agreement that insures the Lien of each Security Instrument and Lender’s interest in the Mortgaged Property. 
 “Total Insurable
Value” means the sum of the Replacement Cost, business income/rental value Insurance and the value of any business personal property. 

“Total Release Payment” is defined in Section 7.10(b)(iv). The Total Release Payment will not exceed the Indebtedness. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 144

 “Transfer” means any of the following: 

 

	 	(i)	 A sale, assignment, transfer or other disposition or divestment of any interest in any Individual Borrower, a
Designated Entity for Transfers, or any portion of the Mortgaged Property (whether voluntary, involuntary or by operation of law). 

  

	 	(ii)	 The granting, creating or attachment of a Lien, encumbrance or security interest (whether voluntary,
involuntary or by operation of law). 

  

	 	(iii)	 The issuance or other creation of an ownership interest in a legal entity, including a partnership interest,
interest in a limited liability company or corporate stock. 

  

	 	(iv)	 The withdrawal, retirement, removal or involuntary resignation of a partner in a partnership or a member or
Manager in a limited liability company. 

  

	 	(v)	 The merger, dissolution, liquidation, or consolidation of a legal entity or the reconstitution of one type of
legal entity into another type of legal entity. 

  

	 	(vi)	 A change of the Guarantor. 

For purposes of defining the term “Transfer,” the term “partnership” means a general partnership, a limited partnership, a joint venture,
a limited liability partnership, or a limited liability limited partnership and the term “partner” means a general partner, a limited partner, or a joint venturer. 

“Transfer” does not include any of the following: 
  

	 	(i)	 A conveyance of the Mortgaged Property at a judicial or non-judicial
foreclosure sale under the applicable Security Instrument. 

  

	 	(ii)	 The Mortgaged Property becoming part of a bankruptcy estate by operation of law under the Bankruptcy Code.

  

	 	(iii)	 The filing or recording of a Lien against the Mortgaged Property for local taxes and/or assessments not then
due and payable. 

 “Transfer and Assumption Agreement” is defined in Section 11.12(f)(iv). 

“Transfer Fee” means, with respect to any applicable Transfer, a fee paid when the Transfer is completed. Unless otherwise specified, the
Transfer Fee will be equal to the lesser of the following, irrespective of the number of Individual Properties or Individual Borrowers affected by the particular Transfer: 
  

	 	(i)	 1% of the outstanding principal balance of the Indebtedness as of the date of the Transfer.

  

	 	(ii)	 $250,000, irrespective of the number of Individual Properties or Individual Borrowers affected by the
particular Transfer. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 145

 “Transfer Processing Fee” means, with respect to any applicable Transfer, a nonrefundable
fee for Lender’s review of the proposed or completed Transfer in the amount of $15,000; provided, however, if a single Transfer affects more than one Individual Property or Individual Borrower (as determined by Lender), the Transfer Processing
Fee will be $15,000 plus $2,500 for each additional Individual Property or Individual Borrower affected by such Transfer. For example, (a) if a single Transfer affects the ownership structure of eight Individual Borrowers, the Transfer
Processing Fee will be $32,500 and (b) if a Whole Loan Assumption occurs and there have been no Releases, the Transfer Processing Fee will be $137,500. 

“U.S. Treasury Obligations” means direct, non-callable and
non-redeemable securities issued, or fully insured as to payment, by the United States of America. 
 “UCC
Collateral” is defined in Section 3.03. 
 “Undefeased Note” is defined in Section 11.12(k)(iii). 

“Underwriter Group” is defined in Section 10.02(d). 

“Uniform Commercial Code” means the Uniform Commercial Code as promulgated in the applicable jurisdiction. 

“Valuation Method” means, subject to the remainder of this definition, one of the following methods of valuation, as selected by Borrower
pursuant to Section 7.10(b)(ii)(B) of this Loan Agreement: 
  

	 	(i)	 the Appraisal Valuation Method; 

 

	 	(ii)	 the Cap Rate Valuation Method; or 

 

	 	(iii)	 Reserved. 

Notwithstanding the foregoing: 
  

	 	(x)	 If at any time, (1) Lender determines in its sole and absolute discretion that a Valuation Method
(A) is not a commercially reasonable valuation method based on the facts, circumstances and conditions existing at the time that the Release is requested and consummated, and/or (B) if Securitization of the Loan has occurred, is not a
commercially reasonable valuation method permitted in connection with a Securitization under applicable REMIC Laws, or (2) Lender’s REMIC counsel advises Lender that another valuation method is necessary to comply with then-current REMIC
Laws, then “Valuation Method” will mean an alternate valuation method that complies with the applicable REMIC Laws, as determined by Lender in its sole and absolute discretion. 

 

	 	(y)	 If Borrower elects a Valuation Method other than the Appraisal Valuation Method but objects to Lender’s
determination of value based on such Valuation Method, the “Valuation Method” will mean the Appraisal Valuation Method (subject to clause (x) above). 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 146

	 	(z)	 Reserved. 

  

	 	(aa)	 If the Release Date is before the first anniversary of the Closing Date, and so long as the appraisals obtained
by Lender in connection with the underwriting and origination of the Loan are no older than 18 months as of the Release Date, then notwithstanding anything to the contrary in this Loan Agreement, but subject to clause (x) above: (i) the
“Valuation Method” will mean the Appraisal Valuation Method, and (ii) the appraisals used to determine the value will be the appraisals obtained by Lender prior to the Closing Date in connection with the underwriting and origination
of the Loan. 

 “Windstorm Coverage” is defined in Section 6.10(a)(iv). 

“Whole Loan Assumption” is defined in Section 7.05(a)(xix). 

ARTICLE XIII INCORPORATION OF ATTACHED RIDERS. 
 The
Riders listed on Page ii are attached to and incorporated into this Loan Agreement. 
 ARTICLE XIV INCORPORATION OF ATTACHED SCHEDULES AND EXHIBITS.

 The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: 

 

					
	☒	  	Schedule 1	  	Borrowers (required)
			
	☒	  	Schedule 2	  	Reserved
			
	☒	  	Schedule 3	  	None
			
	☒	  	Schedule 4	  	None
			
	☒	  	Schedule 5	  	None
			
	☒	  	Exhibit A	  	Reserved
			
	☒	  	Exhibit B	  	Modifications to Multifamily Loan and Security Agreement
			
	☒	  	Exhibit C	  	Repair Schedule of Work

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 147

					
	☒	  	Exhibit D	  	Repair Disbursement Request (required)
			
	☒	  	Exhibit E	  	Work Commenced at Mortgaged Property
			
	☒	  	Exhibit F	  	Capital Replacements (required)
			
	☒	  	Exhibit G	  	Description of Ground Lease
			
	☒	  	Exhibit H	  	Organizational Chart of Borrower as of the Closing Date (required)
			
	☒	  	Exhibit I	  	Designated Entities for Transfers, Guarantor(s), SPE Equity Owner, and Property Manager (required)
			
	☐	  	Exhibit J	  	Description of Release Parcel
			
	☒	  	Exhibit K	  	Licenses (required)
			
	☒	  	Exhibit L	  	Furniture, Fixtures, Equipment and Motor Vehicles (required)
			
	☒	  	Exhibit M	  	Contracts (required)
			
	☒	  	Exhibit N	  	Material Contracts (required)
			
	☒	  	Exhibit O	  	Borrower’s Certificate of Property Improvement Alterations Completion (required)
			
	☒	  	Exhibit P	  	Intended Use (required)
			
	☒	  	Exhibit Q	  	Purpose of Loan (required)
			
	☒	  	Exhibit R	  	Certain Property-Specific Information (required)
			
	☒	  	Exhibit S	  	Maximum Property-Level Description
			
	☒	  	Exhibit T	  	Outstanding Occupancy Authorization

 RESERVED.REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; 

SIGNATURES ON FOLLOWING PAGES 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page 148

 
					
	BORROWER:
	
	NIC 12 ARLINGTON PLAZA OWNER LLC
	NIC 13 THE BENTLEY OWNER LLC
	NIC 12 BLAIR HOUSE OWNER LLC
	NIC 12 BLUE WATER LODGE OWNER LLC
	NIC 12 BRIARCREST ESTATES OWNER LLC
	NIC 12 CHATEAU RIDGELAND OWNER LLC
	NIC 12 CHERRY LAUREL OWNER LLC
	NIC 12 COLONIAL HARBOR OWNER LLC
	NIC 12 COUNTRY SQUIRE OWNER LLC
	NIC 12 COURTYARD AT LAKEWOOD OWNER LLC
	NIC 12 DESOTO BEACH CLUB OWNER LLC
	NIC 13 DOGWOOD ESTATES OWNER LLC
	NIC 12 EL DORADO OWNER LLC
	NIC 12 ESSEX HOUSE OWNER LLC
	NIC 12 FLEMING POINT OWNER LLC
	NIC 13 FOUNTAINS AT HIDDEN LAKES OWNER LLC
	NIC 12 GRASSLANDS ESTATES OWNER LLC
	NIC 12 GREELEY PLACE OWNER LLC
	NIC 12 GRIZZLY PEAK OWNER LLC
	NIC 13 HIDDEN LAKES OWNER LLC
	NIC 13 ILLAHEE HILLS OWNER LLC
	NIC 12 JACKSON OAKS OWNER LLC
	NIC 13 LODGE AT COLD SPRING OWNER LLC
	NIC 13 MADISON ESTATES OWNER LLC
	NIC 13 MANOR AT OAKRIDGE OWNER LLC
	NIC 12 MAPLE DOWNS OWNER LLC
	NIC 13 OAKWOOD HILLS OWNER LLC
	NIC 13 ORCHID TERRACE OWNER LLC
	NIC 13 PALMER HILLS OWNER LLC
	NIC 12 PARKWOOD ESTATES OWNER LLC
	NIC 13 PINEWOOD HILLS OWNER LLC
	NIC 12 PIONEER VALLEY LODGE OWNER LLC
	NIC 13 PUEBLO REGENT OWNER LLC
	NIC 12 REGENCY RESIDENCE OWNER LLC 
	NIC 13 THE REGENT OWNER LLC
	NIC 13 ROCK CREEK OWNER LLC
	NIC 13 SHELDON OAKS OWNER LLC
	NIC 12 SIMI HILLS OWNER LLC
	NIC 13 SKY PEAKS OWNER LLC
	NIC 12 STONEYBROOK LODGE OWNER LLC
	NIC 13 THORNTON PLACE OWNER LLC
	NIC 13 UFFELMAN ESTATES OWNER LLC
	NIC 12 VENTURA PLACE OWNER LLC
	NIC 13 VILLAGE GATE OWNER LLC
	NIC 13 VISTA DE LA MONTANA OWNER LLC
	NIC 13 WALNUT WOODS OWNER LLC
	NIC 13 THE WESTMONT OWNER LLC
	NIC 13 WHITEROCK COURT OWNER LLC
		
		 	, each a Delaware limited liability company
		
	By:	 	 /s/ Ivy Hernandez

		 	Name:	 	Ivy Hernandez
		 	Title:	 	Vice-President
	
	NIC 13 DURHAM REGENT OWNER LP,
	a Delaware limited partnership
		
	By:	 	 NIC 13 Durham Regent Owner GP LLC,

a Delaware limited liability company,
 its general
partner

			
		 	By:	 	 /s/ Ivy Hernandez

		 	Name:	 	Ivy Hernandez
		 	Title:	 	Vice President
	
	NIC 13 JORDAN OAKS OWNER LP
	a Delaware limited partnership
		
	By:	 	 NIC 13 Jordan Oaks Owner GP LLC,
 a
Delaware limited liability company,
 its general partner

			
		 	By:	 	 /s/ Ivy Hernandez

		 	Name:	 	Ivy Hernandez
		 	Title:	 	Vice President

 SIGNATURES CONTINUE ON FOLLOWING PAGE 

  

			
	Master Multifamily Loan and Security Agreement 	  	

 
			
	LENDER:
	
	KEYBANK NATIONAL ASSOCIATION,
	a national banking association
		
	By:	 	 /s/ Mary Ann Gripka

	Name:	 	Mary Ann Gripka
	Title:	 	Vice President

  

			
	Master Multifamily Loan and Security Agreement 	  	

 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

COOPERATION WITH RATING AGENCIES AND INVESTORS 

(Revised 8-1-2018) 

 

	A.	 Section 11.14 is deleted and replaced with the following: 

 

	 	11.14	 Cooperation with Rating Agencies and Investors. At the request of Lender and, to the extent not already
required to be provided by Borrower under this Loan Agreement, Borrower must use reasonable efforts to satisfy the market standards to which Lender customarily adheres or which may be reasonably required in the marketplace or by the Rating Agencies
in connection with any Securities secured by or evidencing ownership interests in the Note and this Loan Agreement, including all of the following: 

  

	 	(a)	 Borrower will provide financial and other information with respect to the Mortgagedeach
Individual Property, the Borrower and theeach Property Manager. 

  

	 	(b)	 Borrower will perform or permit or cause to be performed or permitted such site inspections and other due
diligence investigations of the Mortgagedall or any portion of any Individual Property, as may be requested by Lender in Lender’s Discretion or may reasonably be requested by the Rating Agencies or as may be necessary or
appropriate in connection with the Secondary Market Transaction. Lender will reimburse Borrower for any third party costs which Borrower reasonably incurs in connection with any such due diligence investigation. 

 

	 	(c)	 Borrower will make such representations and warranties as of the closing date of the Secondary Market
Transaction with respect to the Mortgaged Property, Borrower and the Loan Documents as are customarily provided in securitization transactions and as may be requested by Lender in Lender’s Discretion or may reasonably be requested by the Rating
Agencies and consistent with the facts covered by such representations and warranties as they exist on the date of this Loan Agreement, including the representations and warranties made in the Loan Documents, together, if customary, with appropriate
verification of and/or consents to the Provided Information through letters of auditors or opinions of counsel of independent attorneys acceptable to Lender and to the Rating Agencies. Lender will reimburse Borrower for any third party costs which
Borrower reasonably incurs in connection with obtaining such auditors’ letters or opinions of counsel. 

  

			
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Cooperation with Rating Agencies and Investors
	  	Page 1

	 	(d)	 Borrower will cause its counsel to render opinions, which may be relied upon by Lender, the Rating Agencies and
their respective counsel, agents and representatives, as to nonconsolidation or any other opinion customary in securitization transactions with respect to the Mortgaged Property and Borrower and its Affiliates, which counsel and opinions must be
satisfactory to Lender in Lender’s Discretion and be reasonably satisfactory to the Rating Agencies. Lender will reimburse Borrower for any third party costs which Borrower reasonably incurs in connection with obtaining such opinions of
Borrower’s counsel. 

  

	 	(e)	 Borrower will execute such amendments to the Loan Documents and organizational documents, establish and fund
the Replacement Reserve Fund, if any, and complete any Repairs, if any, as may be requested by Lender or by the Rating Agencies or otherwise to effect the Secondary Market Transaction; provided, however, that the Borrower will not be required to
modify or amend any Loan Document if such modification or amendment would (i) change the interest rate, the stated maturity or the amortization of principal set forth in the Note, or (ii) modify or amend any other material economic term of
the Loan. 

  

	B.	 The following definitions are added to Article XII: 

“Provided Information” means the information provided by Borrower as required by Section 11.14 (a), (b) and (c). 

“Securities” means single or multi-class securities. 

  

			
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Cooperation with Rating Agencies and Investors
	  	Page 2

 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

ADDITIONAL PROVISIONS – SALE OR SECURITIZATION OF LOAN 

(Revised 8-1-2018) 

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

	A.	 Section 11.13 is deleted and replaced with the following: 

 

	 	11.13	 Lender’s Rights to Sell or Securitize. Borrower acknowledges that Lender, and each successor to
Lender’s interest, may (without prior Notice to Borrower or Borrower’s prior consent), sell or grant participations in the Loan (or any part of the Loan), sell or subcontract the servicing rights related to the Loan, securitize the Loan or
place the loan in a trust. Borrower agrees to cooperate with all reasonable requests of Lender in connection with any of the foregoing including taking the following actions and causing Guarantor to take the actions specified in Sections 11.13(c)
through (e): 

  

	 	(a)	 Executing any financing statements or other documents deemed necessary by Lender or its transferee to create,
perfect or preserve the rights and interest to be acquired by such transferee. 

  

	 	(b)	 Delivering revised organizational documents and executed amendments to the Loan Documents satisfactory
to required by the Rating Agencies (provided no such amendment shall revise any economic term of the Loan). 

  

	 	(c)	 Providing updated Borrower and Guarantor financial information. with appropriate verification through
auditors’ letters for Borrower’s financial information, if required. (If Lender requires that Borrower’s updated financial
information be accompanied by appropriate verification through auditors’ letters, then Lender will reimburse Borrower for the costs which Borrower reasonably incurs in connection with obtaining such
auditors’ letters.)  

  

	 	(d)	 Providing updated information on all litigation proceedings affecting any Individual Borrower or
any Borrower Principal, any Facility Operator, or any Property Manager, as to the extent required in Section 6.16. 

 

	 	(e)	 Reviewing all information that Lender may require for Lender’s Disclosure Documents, regarding any of the
following: 

  

	 	(i)	 Borrower. 

  

	 	(ii)	 SPE Equity Owner. 

  

	 	(iii)	 Guarantor. 

  

			
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Additional Provisions – Sale or Securitization of Loan
	  	Page 1

	 	(iv)	 Affiliates of any Borrower, SPE Equity Owner, or Guarantor. 

 

	 	(v)	 any Property Manager. 

 

	 	(vi)	 any Facility Operator. 

 

	 	(vii)	 Mortgaged any Individual Property. 

 

	 	(f)	 Providing a mortgagor estoppel regarding any information provided by Borrower, Borrower Principals, or
any Facility Operator in connection with the Loan, including the information specified in this Section. 

  

	 	(g)	 Entering into an indemnification agreement with Lender and any underwriters of any Securitization that includes
the Loan confirming Borrower’s indemnification obligations under this Loan Agreement and with respect to any additional information provided to Lender pursuant to this Section. 

Notwithstanding anything set forth above in this Section 11.13, Borrower will not be required to execute any document that changes the
interest rate, the stated maturity date or the amortization of principal set forth in the Note, or that modifies or amends any essential economic terms of the Loan. 

  

			
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Additional Provisions – Sale or Securitization of Loan
	  	Page 2

 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

REPAIR RESERVE FUND 

(Revised 8-1-2018 - modified) 

APPLIES TO THE FOLLOWING PROPERTIES ONLY: 
 THE
COURTYARD AT LAKEWOOD 
 DURHAM REGENT 
 THE
FOUNTAINS AT HIDDEN LAKES 
 GRASSLANDS ESTATES 

HIDDEN LAKES 
 LODGE AT COLD SPRING 

PARKWOOD ESTATES 
 VENTURA PLACE 

VILLAGE GATE 
 WALNUT WOODS 

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

	A.	 Section 4.03 is deleted and replaced with the following: 

 

	 	4.03	 Repair Reserve Fund. 

 

	 	(a)	 Deposits to Repair Reserve Fund. Lender and Borrower acknowledge that Borrower has established the
Repair Reserve Fund by depositing the Repair Reserve Deposit with Lender on the date of this Loan Agreement, and that Borrower must complete the Repairs required pursuant to Section 6.14.
Notwithstanding anything in this Section 4.03(a) to the contrary, if Borrower receives the UST Remediation Notice, Borrower will be required to deposit the UST Remediation Deposit as
set forth in Section 4.03(h). 

 Funds held in the Repair Reserve Fund may be specifically allocated by
Lender to one or more Individual Properties and/or specific projects at such Individual Properties as set forth in Exhibit C. Lender may, but shall not be obligated to, reallocate such funds in the Repair Reserve Fund between Individual Properties
and/or projects at such Individual Properties, as Lender may determine in its sole and absolute discretion. 
  

	 	(b)	 Costs Charged by Lender. 

 

	 	(i)	 If Lender, in Lender’s Discretion, retains a professional inspection engineer or other qualified third
party to inspect any Repairs pursuant to the terms of Section 6.06, Lender may charge Borrower an amount sufficient to pay all reasonable costs and expenses charged by such third party inspector. 

  

			
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Repair Reserve Fund
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	 	(ii)	 Lender will be entitled, but not obligated, to deduct from the Repair Reserve Fund the costs and expenses set
forth in Section 4.03(b)(i). Lender will be entitled to charge Borrower for such costs and expenses and Borrower will pay the amount of such item(s) to Lender immediately within five (5) Business Days
after Notice from Lender to Borrower of such charge(s). 

  

	 	(iii)	 If there are insufficient funds to pay for the costs and expenses set forth in Section 4.03(b)(i), then
Lender will be entitled to charge Borrower for the costs and expenses specified in Section 4.03(b)(i), and Borrower will pay the amount of such item(s) to Lender immediately within five (5) Business Days
after Notice from Lender to Borrower of such charge(s). 

  

	 	(c)	 Insufficient Amount in Repair Reserve Fund. If Lender determines, in Lender’s Discretion that the
money in the Repair Reserve Fund is insufficient to pay for the Repairs, Lender will provide Borrower with Notice of such insufficiency, and as soon as possible (but in no event later than 20 days after such Notice) Borrower will pay to Lender an
amount, in cash, equal to such deficiency, which Lender will deposit in the Repair Reserve Fund. 

  

	 	(d)	 Disbursements of Repair Reserve Fund. 

 

	 	(i)	 Disbursement. From time to time, as construction and completion of the Repairs progresses, upon
Borrower’s submission of a Repair Disbursement Request in the form attached to this Loan Agreement as Exhibit D, each of which Repair Disbursement Request must specify the applicable Individual Property to which it relates,
and provided that no Event of Default has occurred and no condition exists which but for the passage of time or giving of Notice, or both, would constitute an Event of Default, Lender will make disbursements from the Repair Reserve Fund for
payment or reimbursement of the actual costs of the Repairs. In connection with each disbursement, Borrower will take each of the following actions: 

  

	 	(A)	 Sign Borrower’s Repair Disbursement Request. 

 

	 	(B)	 Include with each Repair Disbursement Request a report setting out the progress of the Repairs and any other
reports or information relating to the construction of the Repairs that may be reasonably requested by Lender. 

  

	 	(C)	 Include with each Repair Disbursement Request copies of any applicable invoices and/or bills and appropriate
lien waivers for the prior period for which disbursement was made, executed by all contractors and suppliers supplying labor or materials for the Repairs. 

  

			
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	 	(D)	 Include with each Repair Disbursement Request, a report prepared by the professional engineer employed by
Lender as to the status of the Repairs, unless Lender has waived this requirement in writing. 

  

	 	(E)	 Include with each Repair Disbursement Request, Borrower’s written representation and warranty that the
Repairs as completed to the applicable stage do not violate any laws, ordinances, rules or regulations, or building setback lines or restrictions, applicable to the Mortgaged applicable Individual Property.

 Except for the final Repair Disbursement Request, no Repair Disbursement Request may be for an amount less than the
Minimum Repair Disbursement Request Amount. 
  

	 	(ii)	 Conditions Precedent. Lender will not be obligated to make any disbursement from the Repair Reserve Fund
to or for the benefit of Borrower unless at the time of such Repair Disbursement Request all of the following conditions exist: 

  

	 	(A)	 There exists no condition, event or act that would constitute a default (with or without Notice and/or lapse of
time) under this Loan Agreement or any other Loan Document. 

  

	 	(B)	 Borrower is in full compliance with the provisions of this Loan Agreement, the other Loan Documents and any
request or demand by Lender permitted by this Loan Agreement. 

  

	 	(C)	 No lien or claim based on furnishing labor or materials has been recorded, filed or asserted against
the Mortgagedany applicable Individual Property, unless Borrower has properly provided bond or other security against loss in accordance with applicable law. 

 

	 	(D)	 All licenses, permits, and approvals of any Governmental Authority required for the Repairs as completed to the
applicable stage have been obtained and submitted to Lender upon Lender’s request. 

  

	 	(iii)	 Reporting Requirements; Completion. Prior to the applicable Completion Date, Borrower will deliver to
Lender, in addition to the information required by Section 4.03(d)(i) above, all of the following: 

  

	 	(A)	 Contractor’s Certificate. If required by Lender, a certificate signed by each major contractor and
supplier of materials, as reasonably determined by Lender, engaged to provide labor or materials for the Repairs, specifying the Individual Property at which such Repairs were completed, to the effect that such contractor or supplier
has been paid in full for all work completed and that the portion of the Repairs provided by such contractor or supplier has 

  

			
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been fully completed in accordance with the plans and specifications (if any) provided to it by Borrower and that such portion of the Repairs is in compliance with all applicable building codes
and other rules and regulations promulgated by any applicable regulatory authority or Governmental Authority. 

  

	 	(B)	 Borrower’s Certificate. A certificate specifying the Individual Property at which the Repairs
were completed, signed by Borrower to the effect that the Repairs have been fully paid for and that all money disbursed from the Repair Reserve Fund has been used for the Repairs and no claim exists against Borrower or against the
Mortgagedapplicable Individual Property out of which a lien based on furnishing labor or material exists or might ripen. Borrower may except from the certificate described in the preceding sentence any claim(s) that
Borrower intends to contest, provided that any such claim is described in Borrower’s certificate and Borrower certifies to Lender that the money in the Repair Reserve Fund is sufficient to make payment of the full amount which might in any
event be payable in order to satisfy such claim(s). If required by Lender, Borrower also must certify to Lender that the Repairs are in compliance with all applicable building codes and zoning ordinances. 

 

	 	(C)	 Engineer’s Certificate. If required by Lender, a certificate specifying the Individual
Property at which the Repairs were completed, signed by the professional engineer employed by Lender to the effect that the Repairs have been completed in a good and workmanlike manner in compliance with the Repair Schedule of Work and all
applicable building codes, zoning ordinances and other rules and regulations promulgated by applicable regulatory or Governmental Authorities. 

  

	 	(D)	 Other Certificates. Any other certificates of approval, acceptance or compliance required by Lender from
any Governmental Authority having jurisdiction over the Mortgagedapplicable Individual Property and the Repairs. 

  

	 	(iv)	 Inspection. Prior to and as a condition of the final disbursement of funds from the Repair Reserve Fund,
Lender will have the right to inspect or cause the Repairs and Improvements to be inspected in accordance with the terms of Section 6.06(a), to determine whether all interior and exterior Repairs have been completed in a manner
acceptable to Lender accordance with this Section 4.03. 

  

			
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Repair Reserve Fund
	  	Page 4

	 	(v)	 Indirect and Excess Disbursements from Repair Reserve Fund. Lender, in its sole and absolute discretion,
is authorized to hold, use and disburse funds from the Repair Reserve Fund to pay any and all costs, charges and expenses whatsoever and howsoever incurred or required in connection with the construction and completion of the Repairs, or, if an
Event of Default has occurred and is continuing, in the payment or performance of any obligation of Borrower to Lender. If Lender, for purposes specified in this Section 4.03, elects to pay any portion of the money in the Repair Reserve Fund to
parties other than Borrower, then Lender may do so, at any time and from time to time, and the amount of advances to which Borrower will be entitled under this Loan Agreement will be correspondingly reduced. 

 

	 	(vi)	 Repair Schedule of Work. All disbursements from the Repair Reserve Fund will be limited to the costs of
those items set forth on the Repair Schedule of Work. Without the prior written consent of Lender, Borrower will not make any payments from the Repair Reserve Fund other than for the costs of those items set forth on the Repair Schedule of Work or
alter the Repair Schedule of Work. 

  

	 	(e)	 Termination of Repair Reserve Fund. The provisions of this Section 4.03 will cease to be effective
upon the completion of the Repairs in accordance with this Loan Agreement to Lender’s satisfaction the terms of this Section 4.03 and the full disbursement by Lender of the
Repair Reserve Fund. If there are funds remaining in the Repair Reserve Fund after the Repairs have been completed in accordance with this Loan Agreement, and provided no Event of Default has occurred and is continuing under this Loan Agreement or
under any of the other Loan Documents, and no condition exists which but for the passage of time or giving of Notice, or both, would constitute an Event of Default, such funds remaining in the Repair Reserve Fund will be refunded by Lender to
Borrower. 

  

	 	(f)	 Right to Complete Repairs. If Borrower abandons or fails to proceed diligently with the Repairs or
otherwise, or there exists an Event of Default under this Loan Agreement, Lender will have the right (but not the obligation) to enter upon the Mortgagedapplicable Individual Property and take over and cause the
completion of the Repairs. Any contracts entered into or indebtedness incurred upon the exercise of such right may be in the name of Borrower, and Lender is irrevocably appointed the attorney in fact of Borrower, such appointment being coupled with
an interest, to enter into such contracts, incur such obligations, enforce any contracts or agreements made by or on behalf of Borrower (including the prosecution and defense of all actions and proceedings in connection with the Repairs and the
payment, settlement, or compromise of all claims for materials and work performed in connection with the Repairs) and do any and all things necessary or proper to complete the Repairs including signing Borrower’s name to any contracts and
documents as may be deemed necessary by Lender. In no event will Lender be required to expend its own funds to complete the Repairs, but Lender may, in Lender’s sole and absolute discretion, advance such funds. Any funds advanced will be added
to the Indebtedness, secured by theeach 

  

			
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Security Instrument and payable to Lender by Borrower in accordance with the provisions of the Loan Documents pertaining to the protection of Lender’s security and advances made by Lender.
Borrower waives any and all claims it may have against Lender for materials used, work performed or resultant damage to the Mortgaged applicable Individual Property, except as the result of the gross negligence
or willful misconduct of Lender. 

  

	 	(g)	 Completion of Repairs. Lender’s disbursement of monies in the Repair Reserve Fund or other
acknowledgment of completion of any Repair in a manner satisfactory to Lender will not be deemed a certification by Lender that the Repair has been completed in accordance with applicable building, zoning or other codes, ordinances, statutes, laws,
regulations or requirements of any Governmental Authority. Borrower will at all times have the sole responsibility for insuring that all Repairs are completed in accordance with all such governmental requirements. 

 

	 	(h)	 .Tightness Testing Applicable to
Village Gate. 

  

	 	(i)	 Borrower must deliver the results of the Tightness
Testing to Lender for its review by the Tightness Testing Completion Date. 

  

	 	(ii)	 If Lender determines in Lender’s Discretion
that the Tightness Testing does not indicate the necessity for UST Remediation, Borrower’s obligations under this Section 4.03(h) will terminate. Such termination will not modify or diminish any other obligations of Borrower for any other
Repairs under this Section 4.03. 

  

	 	(iii)	 If Lender determines in Lender’s Discretion
that the Tightness Testing indicates that the UST is not structurally intact, Lender will provide Borrower with a UST Remediation Notice. 

  

	 	(iv)	 No later than 30 days after the date of the UST
Remediation Notice: 

  

	 	(A)	 Borrower must provide Lender with a signed, binding
fixed price UST remediation contract with a qualified service provider; and 

  

	 	(B)	 Borrower must pay the UST Remediation Deposit to
Lender. Lender will place the UST Remediation Deposit in the Repair Reserve Fund to be disbursed in accordance with the terms of this Section 4.03. 

 

	 	(v)	 Borrower must complete the UST Remediation by the
UST Remediation Completion Date. 

  

			
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	 	(vi)	 If UST Remediation is required, the Repair Schedule
of Work contained in Exhibit C will be deemed automatically amended to add the required UST Remediation and the UST Remediation Completion Date and such UST Remediation and UST Remediation Completion Date will be considered Repairs as if originally
part of the Repair Schedule of Work attached as an exhibit to this Loan Agreement. However, at Lender’s option, in Lender’s Discretion, Borrower will enter into a formal amendment to the Repair Schedule of Work to more fully set forth the
UST Remediation and the UST Remediation Completion Date. 

  

	 	(vii)	 When the UST Remediation is completed, Borrower must
provide a written certification from a qualified environmental consultant, as determined by Lender in Lender’s Discretion, that the UST Remediation has been satisfactorily completed. 

 

	 	(viii)	 Borrower acknowledges and agrees that, if the
Tightness Testing indicates that the UST is not structurally intact, does not achieve a passing result or is not considered “tight”, such condition shall constitute a Prohibited Activity or Condition, and that the UST Remediation
constitutes required Remedial Work under Section 6.12. 

  

	 	(i)	 Failure to Remove Existing Code Violations by Termination Date; Best Efforts

  

	 	(A)	 If Borrower has not removed all Existing Code Violations of record by the Termination Date, Borrower must
provide Lender with evidence of the following: 

  

	 	(i)	 All work associated with the Existing Code Violations has been fully completed in accordance with the
requirements of this Loan Agreement. 

  

	 	(ii)	 Borrower has diligently pursued having all Existing Code Violations removed of record.

  

	 	(iii)	 The failure to have the Existing Code Violations removed of record is solely due to inaction by the
municipality or other events beyond the control of Borrower and is not the result of Borrower’s failure to use its Best Efforts to have the Existing Code Violations removed of record. 

 

	 	(B)	 So long as Borrower quarterly provides Lender with evidence that it is using its Best Efforts to remove
all Existing Code Violations of record, it will not be an Event of Default and Borrower will not be required to obtain an extension of the Termination Date, whether written or otherwise if municipal processing delays prevent Borrower from removing
all Existing Code Violations of record. 

  

			
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	 	(j)	 Outstanding Food Permits. As of the Effective Date, Borrower has received confirmation of approval for,
but has not received or provided Lender with, the issued renewal food licenses (the “Renewal Food Licenses”) for Arlington Plaza, Cherry Laurel, Dogwood Estates, Pinewood Hills, Pioneer Valley Lodge and Uffelman Estates. The failure to
have the Renewal Food Licenses is solely due to inaction by the municipality or other events beyond the control of Borrower and is not the result of Borrower’s failure to use its Best Efforts to have the Renewal Food Licenses as of the
effective date. Borrower shall exercise Best Efforts to obtain and deliver to Lender copies of the Renewal Food Licenses on or before January 10, 2019. So long as Borrower quarterly provides Lender with evidence that it is using its Best
Efforts to obtain the Renewal Food Licenses, the failure to have the Renewal Food Licenses will not be an Event of Default hereunder. 

  

	 	B.	 The following definitions are added to Article XII: 

“Best Efforts” means that Borrower has provided Lender with evidence of written correspondence and a log of telephone contacts
including the date of the call and the person contacted within the applicable Government Authority. 
 “Existing Code
Violations” means the violations as set forth in the Repair Schedule of Work attached as Exhibit C. 
 “Minimum Repair
Disbursement Request Amount” means $5,000.00. 
 “Repair Disbursement Request” means Borrower’s
written requests to Lender in the form attached as Exhibit D for the disbursement of money from the Repair Reserve Fund pursuant to Article IV. 

“Repair Reserve Deposit” means $[____________]. See Exhibit R for a list of property specific Repair
Reserve Deposits. 
 “Repair Reserve Disbursement Period” means, with respect to each Individual
Property, the interval between disbursements from the Repair Reserve Fund, which interval will be no shorter than once a month during the term of this Loan Agreement. 

“Repair Reserve Fund” means the account which may be established by this Loan Agreement into which the Repair Reserve Deposit
is deposited. 

  

			
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 “Repair Schedule of Work” means the Repair Schedule of Work attached as
Exhibit C. 
 “Termination Date” means 180 days after the date of this Loan Agreement. 

“Tightness Testing” mans the testing of the underground storage tank
currently located at Village Gate to determine if such tank is structurally intact or “tight.” 

“Tightness Testing Completion Date” means the date that is 180 days after
the date of this Loan Agreement, or such other later date if extended by Lender in writing. 

“UST Remediation” means remediation that is necessary in order for the
underground storage tank currently located at Village Gate to be deemed structurally intact or “tight.” 

“UST Remediation Completion Date” means the date that is 180 days after
the date of the UST Remediation Notice, or such other later date if extended by Lender in writing. 

“UST Remediation Deposit” means an amount equal to the amount necessary
for the UST Remediation plus 50% of such amount. 
 “UST Remediation
Notice” means a Notice from Lender to Borrower that Lender has determined that UST Remediation is necessary. 

“UST Repairs” means collectively, Tightness Testing, and UST Remediation,
as applicable. 

  

			
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 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS 

(Revised 8-1-2018) 

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

	A.	 Section 4.04 is deleted and replaced with the following: 

 

	 	4.04	 Replacement Reserve Fund. 

 

	 	(a)	 Deposits to Replacement Reserve Fund. On the Closing Date, the parties will establish the Replacement
Reserve Fund and Borrower will pay the Initial Deposit to Lender for deposit into the Replacement Reserve Fund. Commencing on the date the first installment of principal and/or interest is due under the Note and continuing on the same day of each
successive month until the Loan is paid in full, Borrower will pay the Monthly Deposit to Lender for deposit into the Replacement Reserve Fund, together with its regular monthly payments of principal and/or interest as required by the Note. A
transfer of funds into the Replacement Reserve Fund from the Repair Reserve Fund, pursuant to the terms of Section 4.03(e), if applicable, will not alter or reduce the amount of any deposits to the Replacement Reserve Fund.

 Funds held in the Replacement Reserve Fund may be specifically allocated by Lender to one or more Individual
Properties and/or specific items at such Individual Properties as Lender may determine or require. Lender may, but shall not be obligated to, reallocate such funds in the Replacement Reserve Fund between Individual Properties and/or items at such
Individual Properties, as Lender may determine in its sole and absolute discretion. 
  

	 	(b)	 Costs Charged by Lender. 

 

	 	(i)	 If Lender, in Lender’s Discretion, retains a professional inspection engineer or other qualified third
party to inspect any Capital Replacements pursuant to the terms of Section 6.06, Lender may charge Borrower an amount sufficient to pay all reasonable costs and expenses charged by such third party inspector. 

 

	 	(ii)	 If there are sufficient funds in Replacement Reserve Fund, Lender will be entitled, but not obligated, to
deduct from the Replacement Reserve Fund the costs and expenses set forth in Section 4.04(b)(i). Lender will be entitled to charge Borrower for such costs and expenses and Borrower will pay the amount of such item(s) to Lender immediately after
Notice from Lender to Borrower of such charge(s). 

  

			
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	 	(iii)	 If there are insufficient funds in the Replacement Reserve Fund, then Lender will be entitled to charge
Borrower for the costs and expenses specified in Section 4.04(b)(i), and Borrower will pay the amount of such item(s) to Lender immediately after Notice from Lender to Borrower of such charge(s). 

 

	 	(c)	 Adjustments to Replacement Reserve Fund. If the initial term of the Loan is greater than 120 months,
then the following provisions will apply: 

  

	 	(i)	 Lender reserves the right to adjust the amount of the Monthly Deposit based on Lender’s assessment of the
physical condition of the Mortgagedany Individual Property, however, Lender will not make such an adjustment prior to the date that is 120 months after the first installment due date, nor more frequently than every 10
years thereafter during the term of the Loan. 

  

	 	(ii)	 Borrower will pay the cost of any assessment required by Lender pursuant to Section 4.04(c)(i) to Lender
immediately after Notice from Lender to Borrower of such charge. 

  

	 	(iii)	 Upon Notice from Lender or Loan Servicer, Borrower will begin paying the Revised Monthly Deposit on the first
monthly payment date that is at least 30 days after the date of Lender’s or Loan Servicer’s Notice. If Lender or Loan Servicer does not provide Borrower with Notice of a Revised Monthly Deposit, Borrower will continue to pay the Monthly
Deposit or the Revised Monthly Deposit then in effect. 

  

	 	(d)	 Insufficient Amount in Replacement Reserve Fund. If Borrower requests disbursement from the Replacement
Reserve Fund for a Capital Replacement in accordance with this Loan Agreement in an amount which exceeds the amount on deposit in the Replacement Reserve Fund, Lender will disburse to Borrower only the amount on deposit in the Replacement Reserve
Fund. Borrower will pay all additional amounts required in connection with any such Capital Replacement from Borrower’s own funds. 

  

	 	(e)	 Reserved. 

  

	 	(f)	 Reserved. 

  

	 	(g)	 Disbursements from Replacement Reserve Fund. 

  

			
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	 	(i)	 Requests for Disbursement. Lender will disburse funds from the Replacement Reserve Fund as follows:

  

	 	(A)	 Borrower’s Request. If Borrower determines, at any time or from time to time, that a Capital
Replacement is necessary or desirable, Borrower will perform such Capital Replacement and request from Lender, in writing, reimbursement for such Capital Replacement. Borrower’s request for reimbursement will include (1) a detailed
description of the Capital Replacement performed including the Individual Property at which such Capital Replacement was performed, together with evidence, satisfactory to Lender, that the cost of such Capital Replacement has been
paid, and (2) if required by Lender, lien waivers from each contractor and material supplier supplying labor or materials for such Capital Replacement. 

  

	 	(B)	 Lender’s Request. If Lender reasonably determines at any time or from time to time, that a Capital
Replacement is necessary for the proper maintenance of the Mortgagedany Individual Property, it will so notify Borrower, in writing, requesting that Borrower obtain and submit to Lender bids for all labor and materials
required in connection with such Capital Replacement. Borrower will submit such bids and a time schedule for completing each Capital Replacement to Lender within 30 days after Borrower’s receipt of Lender’s Notice. Borrower will perform
such Capital Replacement and request from Lender, in writing, reimbursement for such Capital Replacement. Borrower’s request for reimbursement will include (1) a detailed description of the Capital Replacement performed, including
the Individual Property at which such Capital Replacement was performed, together with evidence, satisfactory to Lender, that the cost of such Capital Replacement has been paid, and (2) if required by Lender, lien waivers from each
contractor and material supplier supplying labor or materials for such Capital Replacement. 

  

	 	(ii)	 Conditions Precedent. Disbursement from the Replacement Reserve Fund will be made no more frequently
than once every Replacement Reserve Disbursement Period and, except for the final disbursement, no disbursement will be made in an amount less than the Minimum Replacement Disbursement Request Amount. Disbursements will be made only if the following
conditions precedent have been satisfied, as determined by Lender in Lender’s Discretion: 

  

			
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	 	(A)	 Each Capital Replacement has been performed and/or installed on the applicable Individual Property in a good
and workmanlike manner with suitable materials (or in the case of a partial disbursement, performed and/or installed on the Mortgagedapplicable Individual Property to an acceptable stage), in accordance with good
building practices and all applicable laws, ordinances, rules and regulations, building setback lines and restrictions applicable to the Mortgagedapplicable Individual Property, and has been paid for by Borrower as
evidenced by copies of all applicable paid invoices or bills submitted to Lender by Borrower at the time Borrower requests disbursement from the Replacement Reserve Fund. 

 

	 	(B)	 There is no condition, event or act that would constitute a default (with or without Notice and/or lapse of
time). 

  

	 	(C)	 No Lien or claim based on furnishing labor or materials has been recorded, filed or asserted against the
Mortgagedapplicable Individual Property, unless Borrower has properly provided a bond or other security against loss in accordance with applicable law. 

 

	 	(D)	 All licenses, permits and approvals of any Governmental Authority required for the Capital Replacement as
completed to the applicable stage have been obtained and submitted to Lender upon Lender’s request. 

  

	 	(h)	 Right to Complete Capital Replacements. If Borrower abandons or fails to proceed diligently with any
Capital Replacement in a timely fashion or an Event of Default occurs and continues under this Loan Agreement for 30 days after Notice of such failure by Lender to Borrower, Lender will have the right (but not the obligation) to enter upon the
Mortgagedapplicable Individual Property and take over and cause the completion of such Capital Replacement. However, no such Notice or cure period will apply in the case of such failure which could, in Lender’s
sole and absolute discretion, absent immediate exercise by Lender of a right or remedy under this Loan Agreement, result in harm to Lender, tenants or third parties or impairment of the security given under this Loan Agreement,
theany Security Instrument or any other Loan Document. Any contracts entered into or indebtedness incurred upon the exercise of such right may be in the name of Borrower, and Lender is irrevocably appointed the
attorney in fact for Borrower, such appointment being coupled with an interest, to enter into such contracts, incur such obligations, enforce any contracts or agreements made by or on behalf of Borrower (including the prosecution and defense of all
actions and proceedings in connection with the Capital Replacement 

  

			
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and the payment, settlement or compromise of all bills and claims for materials and work performed in connection with the Capital Replacement) and do any and all things necessary or proper to
complete any Capital Replacement, including signing Borrower’s name to any contracts and documents as may be deemed necessary by Lender. In no event will Lender be required to expend its own funds to complete any Capital Replacement, but Lender
may, in Lender’s Discretion, advance such funds. Any funds advanced will be added to the Indebtedness, secured by theeach Security Instrument and payable to Lender by Borrower in accordance with the provisions of
the Note, this Loan Agreement, theeach Security Instrument and any other Loan Document pertaining to the protection of Lender’s security and advances made by Lender. 

 

	 	(i)	 Completion of Capital Replacements. Lender’s disbursement of monies from the Replacement Reserve
Fund or other acknowledgment of completion of any Capital Replacement in a manner satisfactory to Lender in Lender’s Discretion will not be deemed a certification by Lender that the Capital Replacement has been completed in accordance with
applicable building, zoning or other codes, ordinances, statutes, laws, regulations or requirements of any Governmental Authority. Borrower will at all times have the sole responsibility for ensuring that all Capital Replacements are completed in
accordance with all such requirements of any Governmental Authority. 

  

	 	(j)	 Reserved. 

  

	 	(k)	 Reserved. 

  

	B.	 The following definitions are added to Article XII: 

“Initial Deposit” means $0.00. 

“Minimum Replacement Disbursement Request Amount” means $7,500.00. 

“Monthly Deposit” means $[____________________]. See Exhibit R for the property specific Monthly
Deposit. 
 “Replacement Reserve Deposit” means the Initial Deposit, the Monthly Deposit and/or the Revised Monthly
Deposit, as appropriate. 
 “Replacement Reserve Disbursement Period” means, with respect to each Individual
Property, the interval between disbursements from the Replacement Reserve Fund, which interval will be no shorter than once a quarter. 

“Replacement Reserve Fund” means the account established pursuant to this Loan Agreement to defray the costs of Capital
Replacements. 

  

			
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 “Revised Monthly Deposit” means the adjusted amount per month that Lender
determines Borrower must deposit in the Replacement Reserve Fund following any adjustment determination by Lender pursuant to Section 4.04(c). 

  

			
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 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

RECYCLED BORROWER 

(Revised 4-19-2018) 

APPLIES TO ALL PROPERTIES EXCEPT THE FOLLOWING: 

DURHAM REGENT 
 JORDAN OAKS 

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

	A.	 Section 5.40 is replaced with the following: 

 

	 	5.40	 Recycled Borrower. 

 

	 	(a)	 Underwriting Representations. Borrower represents that as of the date of this Loan Agreement, each of
the following is true: 

  

	 	(i)	 Borrower is and always has been duly formed, validly existing, and in good standing in the state of its
formation and in all other jurisdictions where it is qualified to do business. 

  

	 	(ii)	 (a) Borrower is not now, nor has it ever been,
party to any lawsuit, arbitration, summons, or legal proceeding that is not covered by insurance (subject to applicable deductibles) and is still pending or that resulted in a judgment
against it that has not been paid in full, and (b) or that resulted in a judgment against it that has not been paid in full except those being contested in good faith by appropriate
proceedings in accordance with the terms of the Loan Agreement set forth in Schedule 3 attached to this Loan Agreement, and (c) there are no liens of any nature against Borrower except for tax liens not yet due
it except for (A) tax liens not yet due or (B) those liens which are being contested in good faith and by appropriate proceedings in accordance with the terms of this Loan Agreement
as set forth in Schedule 4 attached to this Loan Agreement; provided, however, that with respect to all matters disclosed on such Schedules 3 and 4, it has either (w) paid all amounts being contested in full subject to the outcome of the
applicable proceeding; (x) bonded over all amounts being contested; (y) set aside amounts in its cash reserves to pay all contested amounts in full if unsuccessful in such proceeding (including any insurance deductible); or (z) such
amounts are fully covered by insurance (items (w) through (z) are each hereinafter referred to as a “Liability Protection Act”) or the amounts contested are de minimis. 

  

			
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	 	(iii)	 Borrower is in compliance with all laws, regulations, and orders applicable to it and, except as otherwise
disclosed in this Loan Agreement, Borrower and/or any Operator has received all permits necessary for it to operate Licenses. 

 

	 	(iv)	 Borrower is not involved in any dispute with any taxing authority
(other than disputes which are being contested in good faith and by appropriate proceedings in accordance with the terms of this Loan Agreement as set forth in Schedule 4 attached to this Loan
Agreement). With respect to all matters disclosed in Schedule 4 to this Loan Agreement, it has taken a Liability Protection Act or the amount contested is de minimis. 

 

	 	(v)	 Borrower has paid all taxes which it owes except for
taxes (i) not yet due or (ii) which are being contested in good faith and by appropriate proceedings in accordance with the terms of this Loan Agreement as set forth in Schedule 5 attached to this Loan Agreement. With respect to all
matters disclosed in Schedule 5 to this Loan Agreement, it has taken a Liability Protection Act or the amount contested is de minimis. 

  

	 	(vi)	 Borrower has never owned any real property other than the Mortgaged Property and personal property necessary or
incidental to its ownership or operation of the Mortgaged Property and has never engaged in any business other than the leasing, ownership and,
management, operation and maintenance of the Mortgaged Property. 

 

	 	(vii)	 Borrower has provided Lender with complete
financialoperating statements that reflect a fair and accurate view of the entity’s financial condition. 

 

	 	(viii)	 If required by Lender, Lender has received a current Phase I environmental Site Assessment for the Mortgaged
Property and that Site Assessment has not identified any recognized environmental conditions that require further investigation or remediation other than as set forth on Schedule 5 attached to
this Loan Agreement all of which are required by the terms of the Loan Documents, all of which are (i) de minimis in cost and (ii) being remediated in accordance with the Loan Documents. 

 

	 	(ix)	 Borrower has no material contingent or actual obligations not related to the Mortgaged Property,
or the operation thereof except pursuant to the Loan AgreementDocuments.

  

			
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	 	(x)	 Each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance
with, and was permitted by, the relevant provisions of said documents prior to its amendment or restatement from time to time. 

  

	 	(b)	 Separateness Representations. Borrower represents, as of the date hereof, that from the
date of its formation, each of the following is true: 

  

	 	(i)	 Except for capital contributions or capital
distributions permitted under the terms and conditions of its organizational documents Borrower has not entered into any contract or agreement with any Related Party Affiliate, except upon terms and conditions that are commercially reasonable
and substantially similar to those available in an arm’s-length transaction with an unrelated party. 

  

	 	(ii)	 Borrower has paid all of its debts and liabilities from its assets, including any fair and reasonable allocated
portion of shared expenses with Affiliates. 

  

	 	(iii)	 Borrower has done or caused to be done all things necessary to observe all organizational formalities
applicable to it and to preserve its existence. 

  

	 	(iv)	 Borrower has maintained all of its books, records, financial statements and bank accounts separate from those
of any other Person. 

  

	 	(v)	 Borrower has not had its assets listed as assets on the financial statement of any other Person; provided,
however, Borrower’s assets may have been included in a consolidated financial statement of its Affiliate if each of the following conditions is met: 

  

	 	(A)	 Appropriate notation was made on such consolidated financial statements to indicate the separateness of
Borrower from such Affiliate and to indicate that Borrower’s assets and credit were not available to satisfy the debts and other obligations of such Affiliate or any other Person, except
with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise discharged as of the closing of the Loan... 

 

	 	(B)	 Such assets were also listed on Borrower’s own separate balance sheet. 

 

	 	(vi)	 Borrower has filed its own tax returns (except to the extent that it has been a
tax-disregarded entity not required to file tax returns under applicable law) and, if it is a corporation, has not filed a consolidated federal income tax return with any other Person. 

  

			
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	 	(vii)	 Borrower has been, and at all times has held itself out to the public as, a legal entity separate and distinct
from any other Person (including any Affiliate or other Related Party Affiliate). 

  

	 	(viii)	 Borrower has corrected any known misunderstanding regarding its status as a separate entity.

  

	 	(ix)	 Borrower has conducted all of its business and held all of its assets in its own name. 

 

	 	(x)	 Borrower has not identified itself or any of its affiliates as a division or part of the other.

  

	 	(xi)	 Borrower has maintained and used, to the extent
applicable, separate stationery, invoices and checks bearing its own name and not bearing the name of any other entity unless such entity is clearly designated as being Borrower’s
agent. 

  

	 	(xii)	 Borrower has not commingled its assets with those of any other Person and has held all of its assets in its own
name, except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise
discharged as of the closing of the Loan.. 

  

	 	(xiii)	 Borrower has not guaranteed or become obligated for the debts of any other
Person, except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise
discharged as of the closing of the Loan.. 

  

	 	(xiv)	 Borrower has not held itself out as being responsible for the debts or obligations of any other
Person, except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise
discharged as of the closing of the Loan.. 

  

	 	(xv)	 Borrower has allocated fairly and reasonably any overhead expenses that have been shared with an Affiliate,
including paying for office space and services performed by any employee of an Affiliate or Related Party Affiliate. 

  

	 	(xvi)	 Borrower has not pledged its assets to secure the obligations of any other
Person, except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise
discharged as of the closing of the Loan... 

  

			
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	 	(xvii)	 Borrower has maintained adequate capital in light of its contemplated business operations;
provided, however, the aforementioned shall not be deemed to require any direct or indirect member of Borrower to contribute additional capital to Borrower. 

 

	 	(xviii)	 Borrower has maintained a sufficient number of employees in light of its contemplated business operations and
has paid the salaries of its own employees from its own funds. 

  

	 	(xix)	 Borrower has not owned any subsidiary or any equity interest in any other entity. 

 

	 	(xx)	 Borrower has not incurred any indebtedness that is still outstanding other than Indebtedness that is permitted
under the Loan Documents(except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid
or otherwise discharged as of the closing of the Loan). 

  

	 	(xxi)	 Borrower has not had any of its obligations guaranteed by an Affiliate or other Related Party Affiliate, except
for guaranteeswith respect to co-borrowers under prior financings that have been either
releasedrepaid or otherwise discharged (or that will
be repaid or otherwise discharged as a result of the closing of the Loan, other than obligations under customary environmental
indemnities that survived the satisfaction of such prior financings (but, pursuant to the Phase I environmental Site Assessment referenced above, such indemnities are de minimis) or guarantees that are expressly contemplated by the Loan
Documents. 

  

	 	(xxii)	 None of the tenants holding leasehold interests with respect to the Mortgaged Property are an Affiliate of
Borrower or other Related Party Affiliate. 

  

	B.	 The following definition is added to Article XII: 

“Related Party Affiliate” means any of the Borrower’s Affiliates, constituents, or owners, or any guarantors of any of
the Borrower’s obligations or any Affiliate of any of the foregoing. 

  

			
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 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

RECYCLED SPE EQUITY OWNER 

(Revised 7-12-2016) 

APPLIES TO THE FOLLOWING PROPERTIES ONLY: 

DURHAM REGENT 
 JORDAN OAKS 

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

	A.	 Section 5.41 is replaced with the following: 

 

	 	5.41	 Recycled SPE Equity Owner. 

 

	 	(a)	 Underwriting Representations. Borrower represents that as of the date of this Loan Agreement, each of
the following is true: 

  

	 	(i)	 SPE Equity Owner is and always has been duly formed, validly existing, and in good standing in the state of its
formation and in all other jurisdictions where it is qualified to do business. 

  

	 	(ii)	 SPE Equity Owner is not now, nor has it ever been, party to any lawsuit, arbitration, summons, or legal
proceeding that is still pending or that resulted in a judgment against it that has not been paid in full, and there are no liens of any nature against SPE Equity Owner except for tax liens not yet due. 

 

	 	(iii)	 SPE Equity Owner is in compliance with all laws, regulations, and orders applicable to it and, except as
otherwise disclosed in this Loan Agreement, has received all permits necessary for it to operate. 

  

	 	(iv)	 SPE Equity Owner is not involved in any dispute with any taxing authority. 

 

	 	(v)	 SPE Equity Owner has paid all taxes which it owes. 

 

	 	(vi)	 SPE Equity Owner has never owned any real property or personal property other than its [managing
member][general partner] interest in the Borrower, and has never engaged in any business other than its ownership of the [managing member][general partner] interest in the Borrower. 

 

	 	(vii)	 SPE Equity Owner has provided Lender with complete financial statements that reflect a fair and accurate view
of the entity’s financial condition. 

  

			
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	 	(viii)	 If required by Lender, Lender has received a current Phase I environmental Site Assessment for the Mortgaged
Property and that Site Assessment has not identified any recognized environmental conditions that require further investigation or remediation. 

  

	 	(ix)	 SPE Equity Owner has no material contingent or actual obligations not related to its [managing member][general
partner] interest in the Borrower. 

  

	 	(x)	 Each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance
with, and was permitted by, the relevant provisions of said documents prior to its amendment or restatement from time to time. 

  

	 	(b)	 Separateness Representations. Borrower represents that, as of the date hereof, from the
date of SPE Equity Owner’s formation, each of the following is true: 

  

	 	(i)	 SPE Equity Owner has not entered into any contract or agreement with any Related Party Affiliate, except upon
terms and conditions that are commercially reasonable and substantially similar to those available in an arm’s-length transaction with an unrelated party. 

 

	 	(ii)	 SPE Equity Owner has paid all of its debts and liabilities from its assets. 

 

	 	(iii)	 SPE Equity Owner has done or caused to be done all things necessary to observe all organizational formalities
applicable to it and to preserve its existence. 

  

	 	(iv)	 SPE Equity Owner has maintained all of its books, records, financial statements and bank accounts separate from
those of any other Person. 

  

	 	(v)	 SPE Equity Owner has not had its assets listed as assets on the financial statement of any other Person;
provided, however, SPE Equity Owner’s assets may have been included in a consolidated financial statement of its Affiliate if each of the following conditions is met: 

 

	 	(A)	 Appropriate notation was made on such consolidated financial statements to indicate the separateness of SPE
Equity Owner from such Affiliate and to indicate that SPE Equity Owner’s assets and credit were not available to satisfy the debts and other obligations of such Affiliate or any other Person. 

  

			
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	 	(B)	 Such assets were also listed on SPE Equity Owner’s own separate balance sheet. 

 

	 	(vi)	 SPE Equity Owner has filed its own tax returns (except to the extent that it has been a tax-disregarded entity not required to file tax returns under applicable law) and, if it is a corporation, has not filed a consolidated federal income tax return with any other Person. 

 

	 	(vii)	 SPE Equity Owner has been, and at all times has held itself out to the public as, a legal entity separate and
distinct from any other Person (including any Affiliate or other Related Party Affiliate). 

  

	 	(viii)	 SPE Equity Owner has corrected any known misunderstanding regarding its status as a separate entity.

  

	 	(ix)	 SPE Equity Owner has conducted all of its business and held all of its assets in its own name.

  

	 	(x)	 SPE Equity Owner has not identified itself or any of its affiliates as a division or part of the other.

  

	 	(xi)	 SPE Equity Owner has maintained and utilized separate stationery, invoices and checks bearing its own name.

  

	 	(xii)	 SPE Equity Owner has not commingled its assets with those of any other Person and has held all of its assets in
its own name. 

  

	 	(xiii)	 SPE Equity Owner has not guaranteed or become obligated for the debts of any other Person.

  

	 	(xiv)	 SPE Equity Owner has not held itself out as being responsible for the debts or obligations of any other Person.

  

	 	(xv)	 SPE Equity Owner has allocated fairly and reasonably any overhead expenses that have been shared with an
Affiliate, including paying for office space and services performed by any employee of an Affiliate or Related Party Affiliate. 

  

	 	(xvi)	 SPE Equity Owner has not pledged its assets to secure the obligations of any other Person and no such pledge
remains outstanding except in connection with the Loan. 

 (xvii) SPE Equity Owner has maintained adequate capital in
light of its contemplated business operations, provided, however, the aforementioned shall not be deemed to require any direct or indirect member of SPE Equity Owner to contribute additional capital to SPE Equity Owner. 

  

			
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	 	(xviii)	 SPE Equity Owner has maintained a sufficient number of employees in light of its contemplated business
operations and has paid the salaries of its own employees from its own funds. 

  

	 	(xix)	 SPE Equity Owner has not owned any subsidiary or any equity interest in any entity other than Borrower.

  

	 	(xx)	 SPE Equity Owner has not incurred any indebtedness that is still outstanding other than indebtedness that is
permitted under the Loan Documents. 

  

	 	(xxi)	 SPE Equity Owner has not had any of its obligations guaranteed by an Affiliate or other Related Party
Affiliate, except for guarantees that have been either released or discharged (or that will be discharged as a result of the closing of the Loan) or guarantees that are expressly contemplated by the Loan Documents. 

 

	 	(xxii)	 None of the tenants holding leasehold interests with respect to the Mortgaged Property are an Affiliate of SPE
Equity Owner or other Related Party Affiliate. 

  

	B.	 Reserved. 

  

			
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 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

REPAIRS – NO REPAIR RESERVE ESTABLISHED 

[FOR USE WITH THE MASTER LOAN AGREEMENT] 

(Revised 8-1-2018) 

APPLIES TO THE FOLLOWING PROPERTIES ONLY: 

ARLINGTON PLAZA 
 THE BENTLEY 

BLAIR HOUSE 
 BLUE WATER LODGE 

BRIARCREST ESTATES 
 CHATEAU RIDGELAND 

CHERRY LAUREL 
 COLONIAL HARBOR 

COUNTRY SQUIRE 
 THE EL DORADO 

ESSEX HOUSE 
 FLEMING POINT 

GREELEY PLACE 
 JORDAN OAKS 

MADISON ESTATES 
 MAPLE DOWNS 

PALMER HILLS 
 PIONEER VALLEY LODGE 

PUEBLO REGENT 
 REGENCY RESIDENCE 

THE REGENT 
 SHELDON OAKS 

THORNTON PLACE 
 UFFELMAN ESTATES 

VISTA DE LA MONTANA 
 The following changes are made to
the Loan Agreement which precedes this Rider: 
  

	A.	 Section 4.08 is deleted and replaced with the following: 

 

	 	4.08	 Repairs – No Repair Reserve Fund Established. No Repair Reserve Fund has been established. Borrower
must commence and complete the Repairs as required pursuant to Section 6.14. 

  

	 	(a)	 Reporting Requirements; Completion. Prior to the applicable Completion Date, Borrower will deliver all
of the following to Lender: 

  

			
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	 	(i)	 Contractor’s Certificate. If required by Lender, a certificate signed by each major contractor and
supplier of materials, as reasonably determined by Lender, engaged to provide labor or materials for the Repairs, specifying the Individual Property at which such Repairs were completed, to the effect that such contractor or supplier
has been paid in full for all work completed and that the portion of the Repairs provided by such contractor or supplier has been fully completed in accordance with the plans and specifications (if any) provided to it by Borrower and that such
portion of the Repairs is in compliance with all applicable building codes and other rules and regulations promulgated by any applicable regulatory authority or Governmental Authority. 

 

	 	(ii)	 Borrower’s Certificate. A certificate specifying the Individual Property at which the Repairs
were completed, signed by Borrower to the effect that the Repairs have been fully paid for and no claim exists against Borrower or against the Mortgagedapplicable Individual Property out of which a lien based
on furnishing labor or material exists or might ripen. Borrower may except from the certificate described in the preceding sentence any claim(s) that Borrower intends to contest, provided that any such claim is described in Borrower’s
certificate. If required by Lender, Borrower also must certify to Lender that the Repairs are in compliance with all applicable building codes and zoning ordinances. 

 

	 	(iii)	 Engineer’s Certificate. If required by Lender, a certificate specifying the Individual
Property at which the Repairs were completed, signed by the professional engineer employed by Lender to the effect that the Repairs have been completed in a good and workmanlike manner in compliance with the Repair Schedule of Work and all
applicable building codes, zoning ordinances and other rules and regulations promulgated by applicable regulatory or Governmental Authority. 

  

	 	(iv)	 Other Certificates. Any other certificates of approval, acceptance or compliance required by Lender from
any Governmental Authority having jurisdiction over the Mortgagedapplicable Individual Property and the Repairs. 

  

	 	(b)	 Right to Complete Repairs. If Borrower abandons or fails to proceed diligently with the Repairs or
otherwise, or there exists an Event of Default under this Loan Agreement, Lender will have the right (but not the obligation) to enter upon the Mortgagedapplicable Individual Property and take over and cause the
completion of the Repairs. Any contracts entered 

  

			
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into or indebtedness incurred upon the exercise of such right may be in the name of Borrower, and Lender is irrevocably appointed the attorney in fact of Borrower, such appointment being coupled
with an interest, to enter into such contracts, incur such obligations, enforce any contracts or agreements made by or on behalf of Borrower (including the prosecution and defense of all actions and proceedings in connection with the Repairs and the
payment, settlement, or compromise of all claims for materials and work performed in connection with the Repairs) and do any and all things necessary or proper to complete the Repairs including signing Borrower’s name to any contracts and
documents as may be deemed necessary by Lender. In no event will Lender be required to expend its own funds to complete the Repairs, but Lender may, in Lender’s sole and absolute discretion, advance such funds. Any funds advanced will be added
to the Indebtedness, secured by theeach Security Instrument and payable to Lender by Borrower in accordance with the provisions of the Loan Documents pertaining to the protection of Lender’s security and advances
made by Lender. 

  

	 	(c)	 Completion of Repairs. Any acknowledgment by Lender of completion of any Repair in a manner satisfactory
to Lender will not be deemed a certification by Lender that the Repair has been completed in accordance with applicable building, zoning or other codes, ordinances, statutes, laws, regulations or requirements of any Governmental Authority. Borrower
will at all times have the sole responsibility for insuring that all Repairs are completed in accordance with all such governmental requirements. 

  

	 	(d)	 Costs Charged by Lender. If Lender, in Lender’s Discretion, retains a professional inspection
engineer or other qualified third party to inspect any Repairs pursuant to the terms of Section 6.06, Lender may charge Borrower an amount sufficient to pay all reasonable costs and expenses charged by such third party inspector. Borrower will
pay the amount of such item(s) to Lender immediately after Notice from Lender to Borrower of such charge(s). 

  

	 	(e)	 Failure to Remove Existing Code Violations by Termination Date; Best Efforts

  

	 	(A)	 If Borrower has not removed all Existing Code Violations of record by the Termination Date, Borrower must
provide Lender with evidence of the following: 

  

	 	(i)	 All work associated with the Existing Code Violations has been fully completed in accordance with the
requirements of this Loan Agreement. 

  

	 	(ii)	 Borrower has diligently pursued having all Existing Code Violations removed of record.

  

			
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	 	(iii)	 The failure to have the Existing Code Violations removed of record is solely due to inaction by the
municipality or other events beyond the control of Borrower and is not the result of Borrower’s failure to use its Best Efforts to have the Existing Code Violations removed of record. 

 

	 	(B)	 So long as Borrower quarterly provides Lender with evidence that it is using its Best Efforts to remove
all Existing Code Violations of record, it will not be an Event of Default and Borrower will not be required to obtain an extension of the Termination Date, whether written or otherwise if municipal processing delays prevent Borrower from removing
all Existing Code Violations of record. 

 (f) through (j) are Reserved. 

 

	B.	 The following definitions are added to Article XII: 

“Repair Schedule of Work” means the Repair Schedule of Work attached as Exhibit C. 

  

			
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 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

RECYCLED BORROWER – CONVERTED ENTITY 

(Revised 4-19-2018) 

APPLIES TO THE FOLLOWING PROPERTY ONLY: 
 DURHAM
REGENT 
 The following changes are made to the Loan Agreement which precedes this Rider: 

 

	A.	 Section 5.42 is deleted and replaced with the following: 

 

	 	5.42	 Recycled Borrower – Converted Entity. 

 

	 	(a)	 Underwriting Representations. Borrower represents that from the date of formation of NIC 13 Owner 4 LLC,
a Delaware limited liability company, which by virtue of an Amendment to Certificate of Formation, filed November 7, 2013, changed its name to NIC 13 Durham Regent Owner LLC, a Delaware limited liability company (“Original
Entity”), each of the following is true: 

  

	 	(i)	 (A) Original Entity was converted from a Delaware limited liability company to a Delaware limited partnership
as of December 21, 2017 (the “Conversion”). 

  

	 	(B)	 From the moment of its initial formation until the effective date of the Conversion, Original Entity was at all
times duly formed, validly existing and in good standing in the state of its formation and in all other jurisdictions where it was qualified to do business. 

  

	 	(C)	 Borrower is and always has been duly formed, validly existing, and in good standing in the State of Delaware
and in all other jurisdictions where it is qualified to do business. 

  

	 	(ii)	 (a) Borrower is not now, nor has it ever been,
party to any lawsuit, arbitration, summons, or legal proceeding that is not covered by insurance (subject to applicable deductibles) and is still pending or that resulted in a judgment
against it that has not been paid in full, and (b) or that resulted in a judgment against it that has not been paid in full except those being contested in good
faith by appropriate proceedings in accordance with the terms of the Loan Agreement set forth in Schedule 3 attached to this Loan Agreement, and (c) there are no
liens of any nature against Borrower except for tax liens not yet due it except for (A) tax liens

  

			
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not yet due or (B) those liens which are being contested in good faith and by appropriate proceedings in accordance with the terms of this
Loan Agreement as set forth in Schedule 4 attached to this Loan Agreement; provided, however, that with respect to all matters disclosed on such Schedules 3 and 4, it has either (w) paid all amounts being contested in full subject to the outcome of
the applicable proceeding; (x) bonded over all amounts being contested; (y) set aside amounts in its cash reserves to pay all contested amounts in full if unsuccessful in such proceeding (including any insurance deductible); or (z) such amounts are
fully covered by insurance (items (w) through (z) are each hereinafter referred to as a “Liability Protection Act”) or the amounts contested are de minimis. 

 

	 	(iii)	 Borrower is in compliance with all laws, regulations, and orders applicable to it and, except as otherwise
disclosed to Lender in writing, Borrower and/or any Operator has received all permits necessary for it to operate Licenses. 

 

	 	(iv)	 Borrower is not involved in any dispute with any taxing authority
(other than disputes which are being contested in good faith and by appropriate proceedings in accordance with the terms of this Loan Agreement as set forth in Schedule 4 attached to this Loan
Agreement). With respect to all matters disclosed in Schedule 4 to this Loan Agreement, it has taken a Liability Protection Act or the amount contested is de minimis. 

 

	 	(v)	 Borrower has paid all taxes which it
owes. except for taxes (i) not yet due or (ii) which are being contested in good faith and by appropriate proceedings in accordance with the terms of this Loan Agreement as set
forth in Schedule 5 attached to this Loan Agreement. With respect to all matters disclosed in Schedule 5 to this Loan Agreement, it has taken a Liability Protection Act or the amount contested is de minimis. 

 

	 	(vi)	 Borrower has never owned any real property other than the Mortgaged Property and personal property necessary or
incidental to its ownership or operation of the Mortgaged Property and has never engaged in any business other than the leasing, ownership
and, management, operation and maintenance of the Mortgaged Property. 

 

	 	(vii)	 Borrower has provided Lender with complete
financialoperating statements that reflect a fair and accurate view of the entity’s financial condition. 

  

			
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	 	(viii)	 If required by Lender, Lender has received a current Phase I environmental Site Assessment for the Mortgaged
Property and that Site Assessment has not identified any recognized environmental conditions that require further investigation or remediation other than as set forth on Schedule 5 attached to
this Loan Agreement all of which are required by the terms of the Loan Documents, all of which are (i) de minimis in cost and (ii) being remediated in accordance with the Loan Documents. 

 

	 	(ix)	 Borrower has no material contingent or actual obligations not related to the Mortgaged
Property, or the operation thereof except pursuant to the Loan
AgreementDocuments. 

  

	 	(x)	 Each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance
with, and was permitted by, the relevant provisions of said documents prior to its amendment or restatement from time to time. 

  

	 	(b)	 Separateness Representations. Borrower
represents, as of the date hereof, that from the date of formation of Original Entity, each of the following is true: 

 

	 	(i)	 Except for capital contributions or capital
distributions permitted under the terms and conditions of its organizational documents, Borrower has not entered into any contract or agreement with any Related Party Affiliate, except upon terms and conditions that are commercially reasonable
and substantially similar to those available in an arm’s-length transaction with an unrelated party. 

  

	 	(ii)	 Borrower has paid all of its debts and liabilities from its assets, including any fair and reasonable allocated
portion of shared expenses with Affiliates. 

  

	 	(iii)	 Borrower has done or caused to be done all things necessary to observe all organizational formalities
applicable to it and to preserve its existence. 

  

	 	(iv)	 Borrower has maintained all of its books, records, financial statements and bank accounts separate from those
of any other Person. 

  

	 	(v)	 Borrower has not had its assets listed as assets on the financial statement of any other Person; provided,
however, Borrower’s assets may have been included in a consolidated financial statement of its Affiliate if each of the following conditions is met: 

  

			
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	 	(A)	 Appropriate notation was made on such consolidated financial statements to indicate the separateness of
Borrower from such Affiliate and to indicate that Borrower’s assets and credit were not available to satisfy the debts and other obligations of such Affiliate or any other Person or
entity, except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise
discharged as of the closing of the Loan. 

  

	 	(B)	 Such assets were also listed on Borrower’s own separate balance sheet. 

 

	 	(vi)	 Borrower has filed its own tax returns (except to the extent that it has been a
tax-disregarded entity not required to file tax returns under applicable law) and, if it is a corporation, has not filed a consolidated federal income tax return with any other Person. 

 

	 	(vii)	 Borrower has been, and at all times has held itself out to the public as, a legal entity separate and distinct
from any other Person (including any Affiliate or other Related Party Affiliate). 

  

	 	(viii)	 Borrower has corrected any known misunderstanding regarding its status as a separate entity.

  

	 	(ix)	 Borrower has conducted all of its business and held all of its assets in its own name. 

 

	 	(x)	 Borrower has not identified itself or any of its affiliates as a division or part of the other.

  

	 	(xi)	 Borrower has maintained and used, to the extent
applicable, separate stationery, invoices and checks bearing its own name and not bearing the name of any other entity unless such entity is clearly designated as being
Borrower’s agent. 

  

	 	(xii)	 Borrower has not commingled its assets with those of any other Person and has held all of its assets in its own
name, except with respect to co-borrowers under prior financings that have been repaid or
otherwise discharged or that will be repaid or otherwise discharged as of the closing of the Loan. 

  

	 	(xiii)	 Borrower has not guaranteed or become obligated for the debts of any other
Person, except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise
discharged as of the closing of the Loan. 

  

			
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	 	(xiv)	 Borrower has not held itself out as being responsible for the debts or obligations of any other
Person, except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise
discharged as of the closing of the Loan. 

  

	 	(xv)	 Borrower has allocated fairly and reasonably any overhead expenses that have been shared with an Affiliate,
including paying for office space and services performed by any employee of an Affiliate or Related Party Affiliate. 

  

	 	(xvi)	 Borrower has not pledged its assets to secure the obligations of any other
Person, except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise
discharged as of the closing of the Loan. 

  

	 	(xvii)	 Borrower has maintained adequate capital in light of its contemplated business operations;
provided, however, the aforementioned shall not be deemed to require any direct or indirect [member] [partner] of Borrower to contribute additional capital to Borrower. 

 

	 	(xviii)	 Borrower has maintained a sufficient number of employees in light of its contemplated business operations and
has paid the salaries of its own employees from its own funds. 

  

	 	(xix)	 Borrower has not owned any subsidiary or any equity interest in any other entity. 

 

	 	(xx)	 Borrower has not incurred any indebtedness that is still outstanding other than Indebtedness that is permitted
under the Loan Documents (except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid
or otherwise discharged as of the closing of the Loan). 

  

	 	(xxi)	 Borrower has not had any of its obligations guaranteed by an Affiliate or other Related Affiliate Party, except
for guaranteeswith respect to co-borrowers under prior financings that have been either
releasedrepaid or otherwise discharged (or that will be
repaid or otherwise discharged as a result of the closing of the Loan, other than obligations under customary
environmental indemnities that survived the satisfaction of such prior financings (but, pursuant to the Phase I environmental Site Assessment referenced above, such indemnities are de minimis) or guarantees that are expressly contemplated by the
Loan Documents. 

  

			
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	 	(xxii)	 None of the tenants holding leasehold interests with respect to the Mortgaged Property are an Affiliate of
Borrower or other Related Party Affiliate. 

  

	 	(xxiii)	 Borrower has done or caused to be done all things necessary to convert from a Delaware limited liability
company to a Delaware limited partnership, in accordance with all applicable laws. 

  

	 	(c)	 All references to “Borrower” in this Rider, other than in subparagraphs (a)(i)(C) and (b)(xxiii)
above, shall mean both Original Entity and Borrower prior to the Conversion and as of the date hereof. 

  

	B.	 The following definition is added to Article XII: 

“Related Party Affiliate” means any of the Borrower’s Affiliates, constituents, or owners, or any guarantors of any of
the Borrower’s obligations or any Affiliate of any of the foregoing. 

  

			
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 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

RECYCLED BORROWER – CONVERTED ENTITY 

(Revised 4-19-2018) 

APPLIES TO THE FOLLOWING PROPERTY ONLY: 
 JORDAN
OAKS 
 The following changes are made to the Loan Agreement which precedes this Rider: 

 

	A.	 Section 5.43 is deleted and replaced with the following: 

 

	 	5.43	 Recycled Borrower – Converted Entity. 

 

	 	(a)	 Underwriting Representations. Borrower represents that from the date of formation of NIC 13 Owner 7 LLC,
a Delaware limited liability company, which by virtue of an Amendment to Certificate of Formation, filed November 7, 2013, changed its name to NIC 13 Jordan Oaks Owner LLC, a Delaware limited liability company (“Original
Entity”), each of the following is true: 

  

	 	(i)	 (A) Original Entity was converted from a Delaware limited liability company to a Delaware limited partnership
as of December 21, 2017 (the “Conversion”). 

  

	 	(B)	 From the moment of its initial formation until the effective date of the Conversion, Original Entity was at all
times duly formed, validly existing and in good standing in the state of its formation and in all other jurisdictions where it was qualified to do business. 

  

	 	(C)	 Borrower is and always has been duly formed, validly existing, and in good standing in the State of Delaware
and in all other jurisdictions where it is qualified to do business. 

  

	 	(ii)	 (a) Borrower is not now, nor has it ever been,
party to any lawsuit, arbitration, summons, or legal proceeding that is not covered by insurance (subject to applicable deductibles) and is still pending or that resulted in a judgment
against it that has not been paid in full, and (b) or that resulted in a judgment against it that has not been paid in full except those being contested in good faith by appropriate
proceedings in accordance with the terms of the Loan Agreement set forth in Schedule 3 attached to this Loan Agreement, and (c) there are no liens of any nature against
Borrower except for tax liens not yet due it except for (A) tax liens 

  

			
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not yet due or (B) those liens which are being contested in good faith and by appropriate proceedings in accordance with the
terms of this Loan Agreement as set forth in Schedule 4 attached to this Loan Agreement; provided, however, that with respect to all matters disclosed on such Schedules 3 and 4, it has either (w) paid all amounts being
contested in full subject to the outcome of the applicable proceeding; (x) bonded over all amounts being contested; (y) set aside amounts in its cash reserves to pay all contested amounts in full if unsuccessful in
such proceeding (including any insurance deductible); or (z) such amounts are fully covered by insurance (items (w) through (z) are each hereinafter referred to as a “Liability Protection Act”) or the amounts
contested are de minimis. 

  

	 	(iii)	 Borrower is in compliance with all laws, regulations, and orders applicable to it and, except as otherwise
disclosed to Lender in writing, Borrower and/or any Operator has received all permits necessary for it to operate Licenses. 

 

	 	(iv)	 Borrower is not involved in any dispute with any taxing authority
(other than disputes which are being contested in good faith and by appropriate proceedings in accordance with the terms of this Loan Agreement as set forth in Schedule 4 attached to this Loan
Agreement). With respect to all matters disclosed in Schedule 4 to this Loan Agreement, it has taken a Liability Protection Act or the amount contested is de minimis. 

 

	 	(v)	 Borrower has paid all taxes which it owes.
except for taxes (i) not yet due or (ii) which are being contested in good faith and by appropriate proceedings in accordance with the terms of this Loan Agreement as
set forth in Schedule 5 attached to this Loan Agreement. With respect to all matters disclosed in Schedule 5 to this Loan Agreement, it has taken a Liability Protection Act or the amount contested is de
minimis. 

  

	 	(vi)	 Borrower has never owned any real property other than the Mortgaged Property and personal property necessary or
incidental to its ownership or operation of the Mortgaged Property and has never engaged in any business other than the leasing, ownership
and, management, operation and maintenance of the Mortgaged Property. 

 

	 	(vii)	 Borrower has provided Lender with complete
financialoperating statements that reflect a fair and accurate view of the entity’s financial condition. 

  

			
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	 	(viii)	 If required by Lender, Lender has received a current Phase I environmental Site Assessment for the Mortgaged
Property and that Site Assessment has not identified any recognized environmental conditions that require further investigation or remediation other than as set forth on Schedule 5 attached to
this Loan Agreement all of which are required by the terms of the Loan Documents, all of which are (i) de minimis in cost and (ii) being remediated in accordance with the Loan Documents. 

 

	 	(ix)	 Borrower has no material contingent or actual obligations not related to the Mortgaged
Property, or the operation thereof except pursuant to the Loan
AgreementDocuments. 

  

	 	(x)	 Each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance
with, and was permitted by, the relevant provisions of said documents prior to its amendment or restatement from time to time. 

  

	 	(b)	 Separateness Representations. Borrower
represents, as of the date hereof, that from the date of formation of Original Entity, each of the following is true: 

 

	 	(i)	 Except for capital contributions or capital
distributions permitted under the terms and conditions of its organizational documents, Borrower has not entered into any contract or agreement with any Related Party Affiliate, except
upon terms and conditions that are commercially reasonable and substantially similar to those available in an arm’s-length transaction with an unrelated party. 

 

	 	(ii)	 Borrower has paid all of its debts and liabilities from its assets, including any fair and reasonable allocated
portion of shared expenses with Affiliates. 

  

	 	(iii)	 Borrower has done or caused to be done all things necessary to observe all organizational formalities
applicable to it and to preserve its existence. 

  

	 	(iv)	 Borrower has maintained all of its books, records, financial statements and bank accounts separate from those
of any other Person. 

  

	 	(v)	 Borrower has not had its assets listed as assets on the financial statement of any other Person; provided,
however, Borrower’s assets may have been included in a consolidated financial statement of its Affiliate if each of the following conditions is met: 

  

			
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	 	(A)	 Appropriate notation was made on such consolidated financial statements to indicate the separateness of
Borrower from such Affiliate and to indicate that Borrower’s assets and credit were not available to satisfy the debts and other obligations of such Affiliate or any other Person or
entity, except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise discharged as of the closing of the
Loan. 

  

	 	(B)	 Such assets were also listed on Borrower’s own separate balance sheet. 

 

	 	(vi)	 Borrower has filed its own tax returns (except to the extent that it has been a
tax-disregarded entity not required to file tax returns under applicable law) and, if it is a corporation, has not filed a consolidated federal income tax return with any other Person. 

 

	 	(vii)	 Borrower has been, and at all times has held itself out to the public as, a legal entity separate and distinct
from any other Person (including any Affiliate or other Related Party Affiliate). 

  

	 	(viii)	 Borrower has corrected any known misunderstanding regarding its status as a separate entity.

  

	 	(ix)	 Borrower has conducted all of its business and held all of its assets in its own name. 

 

	 	(x)	 Borrower has not identified itself or any of its affiliates as a division or part of the other.

  

	 	(xi)	 Borrower has maintained and used, to the extent
applicable, separate stationery, invoices and checks bearing its own name and not bearing the name of any other entity unless
such entity is clearly designated as being Borrower’s agent. 

  

	 	(xii)	 Borrower has not commingled its assets with those of any other Person and has held all of its assets in its own
name, except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise
discharged as of the closing of the Loan. 

  

	 	(xiii)	 Borrower has not guaranteed or become obligated for the debts of any other
Person, except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise
discharged as of the closing of the Loan. 

  

			
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	 	(xiv)	 Borrower has not held itself out as being responsible for the debts or obligations of any other
Person, except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise
discharged as of the closing of the Loan. 

  

	 	(xv)	 Borrower has allocated fairly and reasonably any overhead expenses that have been shared with an Affiliate,
including paying for office space and services performed by any employee of an Affiliate or Related Party Affiliate. 

  

	 	(xvi)	 Borrower has not pledged its assets to secure the obligations of any other
Person, except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid or otherwise
discharged as of the closing of the Loan. 

  

	 	(xvii)	 Borrower has maintained adequate capital in light of its contemplated business
operations; provided, however, the aforementioned shall not be deemed to require any direct or indirect [member] [partner] of Borrower to contribute additional capital to
Borrower. 

  

	 	(xviii)	 Borrower has maintained a sufficient number of employees in light of its contemplated business operations and
has paid the salaries of its own employees from its own funds. 

  

	 	(xix)	 Borrower has not owned any subsidiary or any equity interest in any other entity. 

 

	 	(xx)	 Borrower has not incurred any indebtedness that is still outstanding other than Indebtedness that is permitted
under the Loan Documents (except with respect to co-borrowers under prior financings that have been repaid or otherwise discharged or that will be repaid
or otherwise discharged as of the closing of the Loan). 

  

	 	(xxi)	 Borrower has not had any of its obligations guaranteed by an Affiliate or other Related Affiliate Party, except
for guaranteeswith respect to co-borrowers under prior financings that have been either
releasedrepaid or otherwise discharged (or that will be
repaid or otherwise discharged as a result of the closing of the Loan, other than obligations under customary
environmental indemnities that survived the satisfaction of such prior financings (but, pursuant to the Phase I environmental Site Assessment referenced above, such indemnities are de minimis) or guarantees that are expressly contemplated by the
Loan Documents. 

  

			
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	 	(xxii)	 None of the tenants holding leasehold interests with respect to the Mortgaged Property are an Affiliate of
Borrower or other Related Party Affiliate. 

  

	 	(xxiii)	 Borrower has done or caused to be done all things necessary to convert from a Delaware limited liability
company to a Delaware limited partnership, in accordance with all applicable laws. 

  

	 	(c)	 All references to “Borrower” in this Rider, other than in subparagraphs (a)(i)(C) and (b)(xxiii)
above, shall mean both Original Entity and Borrower prior to the Conversion and as of the date hereof. 

  

	B.	 The following definition is added to Article XII: 

“Related Party Affiliate” means any of the Borrower’s Affiliates, constituents, or owners, or any guarantors of any of
the Borrower’s obligations or any Affiliate of any of the foregoing. 

  

			
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 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

GROUND FAULT INTERRUPTER OUTLET REPLACEMENTS 

NO DISBURSEMENT FROM REPAIR RESERVE FUND 

(Revised 3-1-2014) 

APPLIES TO THE FOLLOWING PROPERTIES ONLY: 

ARLINGTON PLAZA 
 GREELEY PLACE 

MADISON ESTATES 
 PALMER HILLS 

PIONEER VALLEY LODGE 
 PUEBLO REGENT 

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

	A.	 Section 6.09(j) is deleted and replaced with the following: 

 

	 	(j)	 Ground Fault Interrupter Outlet Replacements; No Disbursement from Repair Reserve Fund. 

 

	 	(i)	 Borrower must complete the GFI Replacement for each of the units on the Property as the units turn over, but in
no event will the GFI Replacements be completed later than the GFI Replacement Completion Date. 

  

	 	(ii)	 The Repair Reserve Fund will not be used to reimburse Borrower for the GFI Replacements and Borrower’s
obligation to complete the GFI Replacements will continue until fully satisfied regardless of whether the Repair Reserve Fund has been depleted and/or any funds remaining in the Repair Reserve Fund have been returned to Borrower upon completion of
all other Repairs. 

  

	B.	 The following definitions are added to Article XII: 

“GFI Replacement Completion Date” means January 10, 2018. 

“GFI Outlet” means ground fault interrupter outlet. 

“GFI Replacement” means the replacement of all electrical outlets located in the kitchen and bathrooms with GFI Outlets. 

  

			
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Ground Fault Interrupters Replacements
 No Disbursement
from Repair Reserve Fund
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 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

GROUND LEASE MORTGAGE 

(Revised 3-1-2014) 

APPLIES TO THE FOLLOWING PROPERTIES ONLY: 

LODGE AT COLD SPRING 
 THE WESTMONT 

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

	A.	 Section 5.23 is deleted and replaced with the following: 

5.23 Ground Lease. Each of the following is true, it being understood that the no Individual Borrower shall be deemed to make a
representation or warranty in Section 5.23 or 6.19 hereof with respect to a Ground Lease that it is not a party to: 
  

	 	(a)	 The Ground Lease is in full force and effect in accordance with its terms. 

 

	 	(b)	 Borrower has not waived, canceled or surrendered any of its rights under the Ground Lease.

  

	 	(c)	 Borrower is the sole owner of, and has good and marketable title to, the Leasehold Estate.

  

	 	(d)	 TheTo Borrower’s knowledge without any duty of inquiry or investigation, the
Leased Premises and the Mortgaged Property are free and clear of all Liens, encumbrances and other matters affecting title, other than the Lien of the Security Instrument, or, if this Loan Agreement is entered into in connection
with a Supplemental Loan, the Lien of the Senior Instrument, and matters set forth in the schedule of exceptions to coverage in the title policy issued to and accepted by Lender contemporaneously with the execution of this Loan Agreement and
insuring Lender’s interest in the Mortgaged Property. 

  

	 	(e)	 There is no existing Ground Lessee Default and no event has occurred which, with the passage of time or the
giving of Notice, or both, would constitute a Ground Lessee Default. 

  

	 	(f)	 To the best of Borrower’s knowledge after due without any duty
of inquiry and or investigation, there is no existing Ground Lessor Default and no event has occurred which, with the passage of time or the giving of Notice, or both, would constitute a Ground Lessor Default.

  

			
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Ground Lease Mortgage
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	B.	 Section 6.19 is deleted and replaced with the following: 

 

	6.19	 Ground Lease. 

 

	 	(a)	 Notices Under Ground Lease. Borrower will deliver to Lender, within 10 days after Borrower’s
receipt, a true and correct copy of each notice, demand, complaint or request from Ground Lessor under, or with respect to, the Ground Lease. 

  

	 	(b)	 Borrower’s Obligations to Comply with Ground Lease. 

 

	 	(i)	 Subject to the terms of Section 6.08(c) and (d), Borrower will pay the Ground Rent and all other sums of
money due and payable at any time under the Ground Lease as and when such sums become due and payable, but in any event before the expiration of any grace period provided in the Ground Lease for the payment of any such sum. Borrower will deliver
evidence of any such payments to Lender within 10 days after receipt of a written request from Lender for evidence of such payments. 

  

	 	(ii)	 Borrower will at all times fully perform, observe and comply with all other terms, covenants and conditions of
the Ground Lease to be performed, observed or complied with by Borrower as Ground Lessee under the Ground Lease. 

  

	 	(c)	 Lender’s Right to Cure Ground Lessee Defaults. 

 

	 	(i)	 At any time after Lender receives notice of a Ground Lessee Default, Lender may (but will not be obligated to),
make any payment, perform any obligation, and take any other action Borrower would have the right to pay, perform or take under the Ground Lease which Lender deems necessary or desirable to cure the Ground Lessee Default. 

 

	 	(ii)	 After Lender receives notice of a Ground Lessee Default, Lender and its authorized agents will have the right
at any time to enter the Land and Improvements, or any part thereof, to such extent and as often as Lender, in Lender’s Discretion, deems necessary or desirable in order to cure the Ground Lessee Default, subject to the rights of the tenants
and occupants of the Mortgaged Property. 

  

	 	(iii)	 Lender may exercise its rights under this Section immediately after receipt of notice of a Ground Lessee
Default and without regard to any grace period provided to Borrower in the Ground Lease to cure the Ground Lessee Default. 

  

	 	(iv)	 For purposes of exercising its rights under this Section, Lender will not be liable to Borrower for any action
taken or omitted to be taken by Lender, in good faith, in reliance on any written notice from Ground Lessor stating that a Ground Lessee Default has occurred and is continuing even though Borrower may question or deny the existence or nature of the
Ground Lessee Default. 

  

			
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	 	(v)	 All expenditures made by Lender pursuant to this Section 6.19(c) to cure a Ground Lessee Default will
become an additional part of the Indebtedness as provided in Section 9.02. 

  

	 	(d)	 Covenants to Protect Leasehold Estate. 

 

	 	(i)	 Borrower will not, without the written consent of Lender (which may be given or withheld by Lender in
Lender’s Discretion), take any of the following actions: 

  

	 	(A)	 Surrender the Leasehold Estate to Ground Lessor or terminate or cancel the Ground Lease. 

 

	 	(B)	 Amend, modify or change the Ground Lease, either orally or in writing, or waive any of Borrower’s rights
under the Ground Lease. 

  

	 	(C)	 Subordinate the Ground Lease or the Leasehold Estate to any mortgage, deed of trust or other Lien on Ground
Lessor’s Fee Estate. 

  

	 	(D)	 Except as otherwise provided in Sections 6.19(e)(ii) through 6.19(e)(iv), reject or assume the Ground Lease or
assign the Leasehold Estate pursuant to Section 365(h) of the Bankruptcy Code. 

  

	 	(ii)	 Borrower absolutely and unconditionally transfers and assigns to Lender all of Borrower’s rights to
surrender, terminate, cancel, modify and change the Ground Lease, and any such surrender, termination, cancellation, modification, or change made without the prior written consent of Lender will be void ab initio and have no legal effect.

  

	 	(e)	 Ground Lessee’s Bankruptcy. 

 

	 	(i)	 Borrower assigns to Lender, as additional security for the Indebtedness, Borrower’s right to reject the
Ground Lease under Section 365(h) of the Bankruptcy Code after the occurrence of an Event of Ground Lessee Bankruptcy, subject to Sections 6.19(e)(ii) through 6.19(e)(iv). 

 

	 	(ii)	 If, after the occurrence of an Event of Ground Lessee Bankruptcy, Borrower decides to reject the Ground Lease,
Borrower will give Lender Notice, at least 10 days in advance, of the date on which Borrower intends to apply to the court with jurisdiction respecting 

  

			
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an Event of Ground Lessee Bankruptcy or an Event of Ground Lessor Bankruptcy for authority and permission to reject the Ground Lease. Lender will have the right, but not the obligation, within 10
days after receipt of Borrower’s notice, to deliver to Borrower a Notice (“Lender’s Assumption Notice”) in which (i) Lender demands that Borrower assume the Ground Lease and assign the Ground Lease to Lender, or its
designee, in accordance with the Bankruptcy Code, and (ii) Lender agrees to cure or provide adequate assurance of prompt cure of all Ground Lessee Defaults reasonably susceptible of being cured by Lender and of future performance under the
Ground Lease. 

  

	 	(iii)	 If Lender timely delivers Lender’s Assumption Notice to Borrower, Borrower may not reject the Ground Lease
and will, within 15 days after receipt of Lender’s Assumption Notice, comply with the demand contained in clause (i) of Lender’s Assumption Notice. 

 

	 	(iv)	 If Lender does not timely deliver Lender’s Assumption Notice to Borrower, Borrower will have the right to
reject the Ground Lease. 

  

	 	(f)	 Ground Lessor’s Bankruptcy. 

 

	 	(i)	 If, after the occurrence of an Event of Ground Lessor Bankruptcy, Ground Lessor rejects the Ground Lease
pursuant to Section 365(h) of the Bankruptcy Code, then each of the following requirements applies: 

  

	 	(A)	 Borrower, immediately after obtaining notice of the rejection, will deliver a copy of the notice to Lender.

  

	 	(B)	 Borrower will not, without Lender’s prior written consent (which may be given or withheld in Lender’s
sole and absolute discretion), elect to treat the Ground Lease as terminated pursuant to Section 365(h) or any other applicable provision of the Bankruptcy Code. 

 

	 	(C)	 The Security Instrument and the Lien created by the Security Instrument will extend to and encumber
Borrower’s retained rights under the Ground Lease that are appurtenant to the Leased Premises for the balance of the term of the Ground Lease and for any renewal or extension of those rights under the Ground Lease. 

 

	 	(D)	 Borrower will transfer and assign to Lender, as additional security for the Indebtedness, Borrower’s
rights, after Ground Lessor’s rejection of the Ground Lease, to treat the Ground Lease as terminated, and any termination of the Ground Lease made by Borrower without Lender’s prior written consent will be void ab initio and have no legal
effect. 

  

			
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	 	(ii)	 Borrower transfers and assigns to Lender, as additional security for the Indebtedness, all of Borrower’s
rights to damages caused by Ground Lessor’s rejection of the Ground Lease after the occurrence of an Event of Ground Lessor Bankruptcy and all of Borrower’s rights to offset such damages against rent payable under the Ground Lease. As long
as no Event of Default has occurred and is continuing, Lender agrees that it will not enforce its rights under the preceding sentence, but will permit Borrower to exercise such rights with Lender’s prior written consent. 

 

	 	(iii)	 Any amounts received by Lender as damages arising out of Ground Lessor’s rejection of the Ground Lease
will be applied in the manner set forth in Section 2.04. 

  

	 	(g)	 Option to Renew or Extend Ground Lease. Borrower will give Lender Notice of Borrower’s intention to
exercise each option to renew or extend the term of the Ground Lease at least 90 days, but not more than 150 days, before the last day on which the option may be timely exercised. If Borrower intends to renew or extend the term of the Ground Lease,
Borrower will deliver to Lender, together with the Notice of such decision, a copy of the notice of renewal or extension that Borrower delivers to Ground Lessor. If Borrower does not intend to renew or extend the term of the Ground Lease or, if
Borrower fails to deliver its Notice of exercise of its option to renew or extend the term of the Ground Lease at least 90 days before the last day on which the option may be timely exercised, Lender will have the right, but not the obligation, to
renew or extend the term of the Ground Lease for and on behalf of Borrower. 

  

	 	(h)	 No Merger of Estates. 

 

	 	(i)	 If Borrower acquires the Fee Estate, there will be no merger between the Fee Estate and the Leasehold Estate
unless all Persons, including Lender, having an interest in the Ground Lease consent in writing to the merger. 

  

	 	(ii)	 Simultaneously with Borrower’s acquisition of the Fee Estate, the Lien of the Security Instrument will
automatically, without the necessity of any further conveyance, be spread to cover the Fee Estate and as so spread will be prior to the Lien of any mortgage, deed of trust or other Lien placed on the Fee Estate after the date of the Security
Instrument. Promptly after Borrower’s acquisition of the Fee Estate, Borrower, at its sole cost and expense, including payment of Lender’s Attorneys’ Fees and Costs and
out-of-pocket disbursements, will execute and deliver all documents and 

  

			
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	Ground Lease Mortgage	  	

	 	
instruments necessary to subject the Fee Estate to the Lien of the Security Instrument, and will provide to Lender a title insurance policy insuring the priority of Lien of the Security
Instrument both on the Fee Estate and the Leasehold Estate is the same as the priority of the Lien of the Security Instrument on the Leasehold Estate as of the Closing Date. 

 

	 	(iii)	 If Lender acquires the Fee Estate and the Leasehold Estate (whether pursuant to the provisions of the Ground
Lease, by foreclosure of the Security Instrument, or otherwise), the Fee Estate and the Leasehold Estate will not merge as a result of such acquisition and will remain separate and distinct for all purposes after such acquisition unless and until
Lender elects to merge the Fee Estate and the Leasehold Estate. 

  

	 	(i)	 New Lease. If (i) the Ground Lease is canceled or terminated for any reason before the natural
expiration of its term, and (ii) Lender (or its designee) obtains from Ground Lessor a new lease in accordance with the term of the Ground Lease, then Borrower will have no right, title or interest in and to such new lease or the leasehold
estate created by such new lease. 

  

	 	(j)	 Appointment of Lender as Borrower’s
Attorney-In-Fact. 

  

	 	(i)	 Borrower makes, constitutes and appoints Lender as Borrower’s attorney-in-fact, in Borrower’s name, place and stead, with full power of substitution, to take all actions and to sign all documents and instruments which Lender, in Lender’s Discretion, considers
to be necessary or desirable to do each of the following: 

  

	 	(A)	 Prevent or cure a Ground Lessee Default pursuant to Section 6.19(c). 

 

	 	(B)	 Perform or carry out any of Borrower’s covenants under Section 6.19(e). 

 

	 	(C)	 Renew or extend the term of the Ground Lease pursuant to Section 6.19(g). 

 

	 	(D)	 Appoint arbitrators and conduct arbitration proceedings pursuant to the Ground Lease. 

 

	 	(E)	 Request and obtain estoppel certificates from Ground Lessor pursuant to the Ground Lease.

  

	 	(ii)	 Borrower gives and grants to Lender, as Borrower’s attorney-in-fact, full power and authority to do and perform every act and sign every document and instrument necessary and proper to be done in the exercise of the foregoing power as fully as Borrower might
or 

  

			
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	Ground Lease Mortgage	  	

	 	
could do, and Borrower ratifies and confirms all acts that Lender, as Borrower’s attorney-in-fact, will
lawfully do or cause to be done by virtue of this power of attorney. This power of attorney, being coupled with an interest, will be irrevocable as long as any of the Indebtedness remains unpaid. 

 

	C.	 The following definitions are added to Article XII: 

“Event of Ground Lessee Bankruptcy” means either of the following actions taken by or with respect to Borrower, if the Loan is
secured by an interest under a Ground Lease: 
  

	 	(i)	 Borrower pursuant to or within the meaning of the Bankruptcy Code (A) commences a voluntary case, or
(B) consents to the entry of an order for relief against it in an involuntary case. 

  

	 	(ii)	 A court of competent jurisdiction enters an order or decree under the Bankruptcy Code that is for relief
against Borrower in an involuntary case. 

 “Event of Ground Lessor Bankruptcy” means either of the
following actions taken by or with respect to Ground Lessor: 
  

	 	(i)	 Ground Lessor pursuant to or within the meaning of the Bankruptcy Code (A) commences a voluntary case, or
(B) consents to the entry of an order for relief against it in an involuntary case. 

  

	 	(ii)	 A court of competent jurisdiction enters an order or decree under the Bankruptcy Code that is for relief
against Ground Lessor in an involuntary case. 

 “Fee Estate” means the fee estate of Ground Lessor in the
Land. 
 “Ground Lease” means the lease described in Exhibit G pursuant to which Borrower leases the Land, as such
lease may be amended, modified, supplemented, renewed and extended. 
 “Ground Lessee” means the lessee under the Ground
Lease. 
 “Ground Lessee Default” means either of the following: 

 

	 	(i)	 A default by Borrower in making any payment of Ground Rent, additional rent or other sum of money payable by
Borrower to Ground Lessor under the Ground Lease on the date such payment is due and payable. 

  

	 	(ii)	 A default by Borrower in performing or observing any of the terms, covenants or conditions of the Ground Lease
other than the payments referred to in clause (i) required to be performed or observed by ground lessee. 

  

			
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 “Ground Lessor” means the lessor under the Ground Lease. 

“Ground Lessor Default” means a default by Ground Lessor in performing or observing any of the terms, covenants or conditions
of the Ground Lease required to be performed or observed by Ground Lessor. 
 “Ground Rent” means the base or minimum rent
payable in fixed monthly or other periodic installments under the Ground Lease. 
 “Leased Premises” means the Land and any
other real property leased by Borrower pursuant to the Ground Lease, if applicable. 
 “Leasehold Estate” means
Borrower’s interest in the Land and any other real property leased by Borrower pursuant to the Ground Lease, if applicable, including all of the following: 
  

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

 

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

 

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

  

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

 “Lender’s Assumption Notice” is defined in
Section 6.19(e)(ii). 
  

	D.	 Reserved 

  

			
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 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

TERMITE OR WOOD DAMAGING INSECT CONTROL 

(Revised 3-1-2014) 

APPLIES TO THE FOLLOWING PROPERTIES ONLY: 

CHERRY LAUREL 
 THE FOUNTAINS AT HIDDEN LAKES 

HIDDEN LAKES 
 PARKWOOD ESTATES 

THE WESTMONT 
 VISTA DE LA MONTANA 

MADISON ESTATES 
 The following changes are made to the
Loan Agreement which precedes this Rider: 
  

	A.	 Section 6.09(k) is deleted and replaced with the following: 

 

	 	(k)	 Termite or Wood Damaging Insect Control. Borrower will maintain a contract with a qualified service
provider for control of termites or other wood damaging insects at the Mortgaged Property for so long as the Indebtedness remains outstanding. 

  

			
	 Rider to Master Multifamily Loan and Security Agreement

Termite or Wood Damaging Insect Control
	  	Page 1

 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

UNITS WITHOUT CERTIFICATE OF OCCUPANCY WITH OUTSTANDING OCCUPANCY AUTHORIZATION 

(Revised 2-16-2017—modified) 

APPLIES TO THE FOLLOWING PROPERTIES ONLY: 

ARLINGTON PLAZA 
 THE BENTLEY 

BLAIR HOUSE 
 BLUE WATER LODGE 

BRIARCREST ESTATES 
 CHERRY LAUREL 

COLONIAL HARBOR 
 COUNTRY SQUIRE 

ESSEX HOUSE 
 GRASSLANDS ESTATES 

ILLAHEE HILLS 
 JORDAN OAKS 

MAPLE DOWNS 
 OAKWOOD HILLS 

ORCHID TERRACE 
 SIMI HILLS 

STONEYBROOK LODGE 
 THORNTON PLACE 

VISTA DE LA MONTANA 
 The following changes are made to
the Loan Agreement which precedes this Rider: 
  

	A.	 Section 5.07(a) is deleted and replaced with the following: 

 

	 	(a)	 Except for the residential use of the Non-Permitted Units prior to the Non-Permitted Unit Turnover Date, to the best of Borrower’s knowledge after due inquiry and investigation, each of the following is true: 

 

	 	(i)	 All Improvements and the use of the Mortgaged Property comply with all applicable statutes, rules and
regulations, including all applicable statutes, rules and regulations pertaining to requirements for equal opportunity, anti-discrimination, fair housing, environmental protection, zoning and land use (“legal,
non-conforming” status with respect to uses or structures will be considered to comply with zoning and land use requirements for the purposes of this representation). 

 

	 	(ii)	 The Improvements comply with applicable health, fire, and building codes. 

 

	 	(iii)	 There is no evidence of any illegal activities relating to controlled substances on the Mortgaged Property.

  

			
	 Rider to Master Multifamily Loan and Security Agreement

Units with Outstanding Occupancy Authorization
	  	Page 1

	B.	 Section 5.09(a) is deleted and replaced with the following: 

 

	 	(a)	 Except for the certificates of occupancy Outstanding Occupancy Authorization for
the Non-Permitted Units, Borrower, any commercial tenant of the Mortgaged Property and/or any operator of the Mortgaged Property is in possession of all material licenses, permits and authorizations required
for use of the Mortgaged Property, which are valid and in full force and effect as of the date of this Loan Agreement. 

  

	C.	 Section 6.41 is deleted and replaced with the following: 

 

	 	6.41	 Units Without Certificate of Occupancy Outstanding Occupancy
Authorization. 

  

	 	(a)	 On or before the Non-Permitted Unit Turnover Date, Borrower must
provide to Lender one of the following with respect to each Non-Permitted Unit: 

  

	 	(i)	 Evidence satisfactory to Lender that such Non-Permitted Unit is not
being used for residential purposes. 

  

	 	(ii)	 A certificate of occupancy Outstanding Occupancy Authorization for such Non-Permitted Unit. 

  

	 	(b)	 No Non-Permitted Unit may be used for residential purposes after the Non-Permitted Unit Turnover Date. 

  

	D.	 Section 9.01(oo) is deleted and replaced with the following: 

 

	 	(oo)	 Borrower fails to comply with the provisions of Section 6.41 (Units Without Certificate of Occupancy).

  

	E.	 The following definitions are added to Article XII: 

“Non-Permitted Unit” means each of the following units, unless and until
Lender has received a certificate of occupancy for such unit the number of units specified on Exhibit T attached hereto with respect to each Individual Property identified on Exhibit T attached hereto.  

  

			
	 Rider to Master Multifamily Loan and Security Agreement

Units with Outstanding Occupancy Authorization
	  	Page 2

 “Non-Permitted Unit Turnover Date”
means the date that is twelve (12) months after the date of this Loan Agreement. 
 “Outstanding Occupancy
Authorization” means, with respect to each Individual Property identified on Exhibit T attached hereto, the updated certificate of occupancy or amended zoning approval noted on Exhibit T attached hereto 

  

			
	 Rider to Master Multifamily Loan and Security Agreement

Units with Outstanding Occupancy Authorization
	  	Page 3

 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

COMMINGLING OF ACCOUNTS 

(Revised 1-30-2018) 

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

	A.	 Section 6.13(a)(ix) is deleted and replaced with the following: 

 

	 	(ix)	 It will not commingle its assets with the assets of any other Person and will hold all of its assets in its own
name except with respect to a custodial account maintained by the Property Manager on behalf of Borrower and certain other entities (“Custodial Account”). The Custodial Account must, so long as the Loan is outstanding, satisfy the
following conditions: 

  

	 	(A)	 Separately account, and continue to separately account, for each item of income and expense applicable to the
Mortgaged Property and the Borrower. 

  

	 	(B)	 Provide a full audit trail accounting and general ledger accounts codes for tracking all payments,
disbursements, or remittances such that each dollar from the Mortgaged Property is easily tracked and ascertained, and the audit trail and attendant general ledger accounting must be maintained at all times and be available for examination by any
parties to the Loan Agreement, their successors, assigns, accountants or attorneys. 

  

	 	(C)	 Prohibit the payment of any funds received with respect to the Mortgaged Property other than (I) the
payment of expenses incurred by the Borrower or the Property Manager, on behalf of the Borrower, directly in connection with the ownership or operation of the Mortgaged Property, or (II) for payment of the Borrower’s share of any contracts
entered into by an Affiliate of the Borrower for which a portion of the costs is (y) directly and solely attributable to the Mortgaged Property as evidenced by the billing statement provided with respect to such contract, and
(z) reasonably and fairly allocated to the Borrower by the Property Manager. 

  

	 	(D)	 Except for de minimis funds maintained after the payment each month of all properly allocable expenses
related to the Mortgaged Property, any funds received with respect to the Mortgaged Property must be fully disbursed directly to the Borrower for further distribution or retention by the Borrower in accordance with the Loan Documents and
Borrower’s organizational documents. 

  

			
	 Rider to Master Multifamily Loan and Security Agreement

Commingling of Accounts
	  	Page 1

	 	(E)	 No funds received with respect to the Mortgaged Property and deposited in the Custodial Account have ever been
loaned or advanced in any way to any Affiliate for use by such Affiliate nor has the Borrower borrowed or used any funds of any Affiliate deposited in the Custodial Account. 

 

	 	(F)	 The funds in this Custodial Account are not pledged for the benefit of any creditor. 

  

			
	 Rider to Master Multifamily Loan and Security Agreement

Commingling of Accounts
	  	Page 2

 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

GUARANTOR REQUIREMENTS 

(Revised 2-13-2017) 

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

	A.	 Section 9.01(dd) is deleted and replaced with the following: 

 

	 	(dd)	 Guarantor fails to comply with the provisions of the Section of the Guaranty entitled “Material Adverse
Change” or “Minimum Net Worth/Liquidity Requirements,” as applicable. 

  

			
	 Rider to Master Multifamily Loan and Security Agreement

Guarantor Requirements
	  	Page 1

 SCHEDULE 1 

Individual Borrowers & Individual Properties 
  

							
	
Assigned
Property
Number
	  	 Name of Individual Property
	  	 Individual Borrower(s) Owning the
Individual
Property
	  	 City and State
(and County)

	 502796413
	  	Arlington Plaza	  	NIC 12 Arlington Plaza Owner LLC	  	Arlington, TX
(Tarrant County)
	 502795409
	  	The Bentley	  	NIC 13 The Bentley Owner LLC	  	Dallas, TX
(Dallas County)
	 502795417
	  	Blair House	  	NIC 12 Blair House Owner LLC	  	Normal, IL
(Mclean County)
	 502795425
	  	Blue Water Lodge	  	NIC 12 Blue Water Lodge Owner LLC	  	Fort Gratiot, MI
(St. Clair County)
	 502795433
	  	Briarcrest Estates	  	NIC 12 Briarcrest Estates Owner LLC	  	Ballwin, MO
(St. Louis County)
	 502795441
	  	Chateau Ridgeland	  	NIC 12 Chateau Ridgeland Owner LLC	  	Ridgeland, MS
(Madison County)
	 502795468
	  	Cherry Laurel	  	NIC 12 Cherry Laurel Owner LLC	  	Tallahassee, FL
(Leon County)
	 502795476
	  	Colonial Harbor	  	NIC 12 Colonial Harbor Owner LLC	  	Yorktown, VA
(York County)
	 502795484
	  	Country Squire	  	NIC 12 Country Squire Owner LLC	  	St. Joseph, MO
(Buchanan County)
	 502795492
	  	The Courtyard at Lakewood	  	NIC 12 Courtyard at Lakewood Owner LLC	  	Lakewood, CO
(Jefferson County)
	 502795506
	  	Desoto Beach Club	  	NIC 12 Desoto Beach Club Owner LLC	  	Sarasota, FL
(Sarasota County)
	 502795522
	  	Dogwood Estates	  	NIC 13 Dogwood Estates Owner LLC	  	Denton, TX
(Denton County)
	 502795549
	  	Durham Regent	  	NIC 13 Durham Regent Owner LP	  	Durham, NC
(Durham County)
	 502795557
	  	The El Dorado	  	NIC 12 El Dorado Owner LLC	  	Richardson, TX
(Dallas County)
	 502795611
	  	Essex House	  	NIC 12 Essex House Owner LLC	  	Lemoyne, PA
(Cumberland County)
	 502795654
	  	Fleming Point	  	NIC 12 Fleming Point Owner LLC	  	Greece, NY
(Monroe County)
	 502796081
	  	The Fountains at Hidden Lakes	  	NIC 13 Fountains at Hidden Lakes Owner LLC	  	Salem, OR
(Marion County)
	 502795735
	  	Grasslands Estates	  	NIC 12 Grasslands Estates Owner LLC	  	Wichita, KS
(Sedgwick County)
	 502795786
	  	Greeley Place	  	NIC 12 Greeley Place Owner LLC	  	Greeley, CO
(Weld County)
	 502795603
	  	Grizzly Peak	  	NIC 12 Grizzly Peak Owner LLC	  	Missoula, MT
(Missoula County)

  

			
	Master Multifamily Loan and Security Agreement	  	Schedule 1, Page 1

							
	
Assigned
Property
Number
	  	 Name of Individual Property
	  	 Individual Borrower(s) Owning the
Individual
Property
	  	 City and State
(and County)

	 502795662
	  	Hidden Lakes	  	NIC 13 Hidden Lakes Owner LLC	  	Salem, OR
(Marion County)
	 502795697
	  	Illahee Hills	  	NIC 13 Illahee Hills Owner LLC	  	Urbandale, IA
(Polk County)
	 502795751
	  	Jackson Oaks	  	NIC 12 Jackson Oaks Owner LLC	  	Paducah, KY
(McCracken County)
	 502795832
	  	Jordan Oaks	  	NIC 13 Jordan Oaks Owner LP	  	Cary, NC
(Wake County)
	 502795859
	  	Lodge at Cold Spring	  	NIC 13 Lodge at Cold Spring Owner LLC	  	Rocky Hill, CT
(Hartford County)
	 502796103
	  	Madison Estates	  	NIC 13 Madison Estates Owner LLC	  	San Antonio, TX
(Bexar County)
	 502796006
	  	The Manor at Oakridge	  	NIC 13 Manor at Oakridge Owner LLC	  	Harrisburg, PA
(Dauphin County)
	 502796030
	  	Maple Downs	  	NIC 12 Maple Downs Owner LLC	  	Fayetteville, NY
(Onondaga County)
	 502796057
	  	Oakwood Hills	  	NIC 13 Oakwood Hills Owner LLC	  	Eau Claire, WI
(Eau Claire County)
	 502796073
	  	Orchid Terrace	  	NIC 13 Orchid Terrace Owner LLC	  	St. Louis, MO
(St. Louis County)
	 502795824
	  	Palmer Hills	  	NIC 13 Palmer Hills Owner LLC	  	Bettendorf, IA
(Scott County)
	 502795883
	  	Parkwood Estates	  	NIC 12 Parkwood Estates Owner LLC	  	Fort Collins, CO
(Larimer County)
	 502795921
	  	Pinewood Hills	  	NIC 13 Pinewood Hills Owner LLC	  	Flower Mound, TX
(Denton County)
	 502795956
	  	Pioneer Valley Lodge	  	NIC 12 Pioneer Valley Lodge Owner LLC	  	North Logan, UT
(Cache County)
	 502796049
	  	Pueblo Regent	  	NIC 13 Pueblo Regent Owner LLC	  	Pueblo, CO
(Pueblo County)
	 502795948
	  	Regency Residence	  	NIC 12 Regency Residence Owner LLC	  	Port Richey, FL
(Pasco County)
	 502795875
	  	The Regent	  	NIC 13 The Regent Owner LLC	  	Corvallis, OR
(Benton County)
	 502795808
	  	Rock Creek	  	NIC 13 Rock Creek Owner LLC	  	Hillsboro, OR
(Washington County)
	 502795778
	  	Sheldon Oaks	  	NIC 13 Sheldon Oaks Owner LLC	  	Eugene, OR
(Lane County)
	 502795727
	  	Simi Hills	  	NIC 12 Simi Hills Owner LLC	  	Simi Valley, CA
(Ventura County)
	 502795689
	  	Sky Peaks	  	NIC 13 Sky Peaks Owner LLC	  	Reno, NV
(Washoe County)
	 502795638
	  	Stoneybrook Lodge	  	NIC 12 Stoneybrook Lodge Owner LLC	  	Corvallis, OR
(Benton County)

  

			
	Master Multifamily Loan and Security Agreement	  	Schedule 1, Page 2

							
	
Assigned
Property
Number
	  	 Name of Individual Property
	  	 Individual Borrower(s) Owning the
Individual
Property
	  	 City and State
(and County)

	 502795913
	  	Thornton Place	  	NIC 13 Thornton Place Owner LLC	  	Topeka, KS
(Shawnee County)
	 502795867
	  	Uffelman Estates	  	NIC 13 Uffelman Estates Owner LLC	  	Clarksville, TN
(Montgomery County)
	 502795840
	  	Ventura Place	  	NIC 12 Ventura Place Owner LLC	  	Lubbock, TX
(Lubbock County)
	 502795794
	  	Village Gate	  	NIC 13 Village Gate Owner LLC	  	Farmington, CT
(Hartford County)
	 502795743
	  	Vista de la Montana	  	NIC 13 Vista De La Montana Owner LLC	  	Surprise, AZ
(Maricopa County)
	 502795700
	  	Walnut Woods	  	NIC 13 Walnut Woods Owner LLC	  	Boyertown, PA
(Berks County)
	 502795670
	  	The Westmont	  	NIC 13 The Westmont Owner LLC	  	Santa Clara, CA
(Santa Clara County)
	 502795646
	  	Whiterock Court	  	NIC 13 Whiterock Court Owner LLC	  	Dallas, TX
(Dallas County)

  

			
	Master Multifamily Loan and Security Agreement	  	Schedule 1, Page 3

 SCHEDULE 3 

None. 

  

			
	Master Multifamily Loan and Security Agreement	  	Schedule 1, Page 1

 SCHEDULE 4 

None. 

  

			
	Master Multifamily Loan and Security Agreement	  	Schedule 1, Page 1

 SCHEDULE 5 

None. 

  

			
	Master Multifamily Loan and Security Agreement	  	Schedule 1, Page 1

 EXHIBIT A 

RESERVED 

  

			
	Master Multifamily Loan and Security Agreement	  	Page A-1

 EXHIBIT B 

MODIFICATIONS TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

  

			
	Master Multifamily Loan and Security Agreement	  	Page B-1

 EXHIBIT C 

REPAIR SCHEDULE OF WORK 
  

					
	 Applicable Property
	  	 Description of Repair
	  	 Completion Date

	Arlington Plaza	  	Building power/wiring: Install GFCI outlets within 6’ of all sinks in resident room kitchen areas.	  	90 Days
			
	The Bentley	  	Site Fences: Repair settled brick site walls and cracks in brick.	  	180 Days
			
	Blair House	  	Parking: Stripe 3 additional parking spaces.	  	180 Days
			
	Blue Water Lodge	  	 Fire Suppression: Inspect and replace recalled heads Central (LF).
  

Carbon Monoxide Detectors: Install in cottages.
	  	90 Days
			
	Briarcrest Estates	  	 Fire Code Violation: Correct numerous fire code violations mentioned in the zoning report.

 
 Parking: Stripe 4 additional parking spaces
	  	180 Days
			
	Chateau Ridgeland	  	 Asphaltic Concrete: Overlay.
  

Exterior Walls/Roof (structural): Repoint.
  

Roof Coverings: Replace flat roof.
	  	180 Days
			
	Cherry Laurel	  	 Roof Covering: Repair leak.
  

Rooftop Packaged Units: Replace down unit and older unit.
  

Unit Ceiling Finish: Moisture condition Union 301.
  

Termite Damage: The inspector noted wood rot at the bottom of the exterior door for Unit 130.
	  	 90 Days
  

180 Days
  

90 Days
  

180 Days

			
	Colonial Harbor	  	 Water Damaged Interior Finishes: Water damaged drywall and vinyl flooring being replaced.

 
 Domestic Water Heaters: Once replacement ongoing.
	  	180 Days
			
	Country Squire	  	 Concrete Paving: Epoxy crack sealing.
  

Carbon Monoxide Detectors: Install in mechanical room, kitchen and adjacent to gas fire place in dining room.

 
 Pedestrian Paving/Hardscape: Replace trip hazards.
	  	 180 Days
  

90 Days
  

90 Days

			
	The Courtyard at Lakewood	  	 Garages: Structural deck (ceiling of parking garage/floor of courtyard) requires sealing to eliminate water infiltration into parking
structure.
  
 Windows and Frames: Replace units with failed seals.

 
 Fire Suppression: Investigation to confirm that installed Omega heads were recalled
– Investigate.
  
 Buzzer/Intercom (security): Door/entry intercom system
repair.
	  	 180 Days
  

180 Days
  

90 Days
  

180 Days

			
	Desoto Beach Club	  	None.	  	None
			
	Dogwood Estates	  	None.	  	None

  

			
	Master Multifamily Loan and Security Agreement 	  	Page C-1

					
	 Applicable Property
	  	 Description of Repair
	  	 Completion Date

	Durham Regent	  	 Concrete Paving: Seal lineal cracks.
  

Pedestrian Paving/Hardscape: Seal lineal cracks.
  

Trash Enclosures: Repair.
  

Retaining Walls: Repair.
  

HVAC/PTAC Unit Enclosure: Replace.
  

Fire Sprinkler Contractor – Survey: Survey for potentially recalled heads.
  

Elevators: Modernize.
	  	180 Days
			
	The El Dorado	  	 Foundation (structural): Repairs per Structural Report.
  

Exterior Slab Repair: Pressure grout to stabilize and address trip hazard.
	  	 180 Days
  

90 Days

			
	Essex House	  	Fire Suppression: Allowance to address fire sprinkler inspection deficiencies and re-inspect.	  	180 Days
			
	Fleming Point	  	 Asphaltic Concrete: Overlay.
  

Pedestrian Paving/Hardscape: Repair.
  

Retaining Walls: Replace.
	  	 180 Days
  

90 Days
  

180 Days

			
	The Fountains at Hidden Lakes	  	 Long Term Radon Testing: Radon testing was conducted in 8 units of the lowest livable level representative areas of the project, which
reveled elevated radon levels in four units. Long term radon testing was conducted and three samples were above the US EPA action level of 4.0 pCi/L (292, 302 and 342). Therefore, a radon mitigation plan is recommended.

 
 Termite Damage: The inspector noted damage caused by old infestation.

 
 Co-Detectors: add
co-detectors
	  	 180 Days
  

90 Days

			
	Grasslands Estates	  	 Exterior Walls/Roof (structural): Framing, expansion joint and drywall repairs per study.

 
 Building Power/Wiring: Repair damaged outlets due to recent storm.
	  	180 Days
			
	Greeley Place	  	 Unit Outlets – GFCI Protection: Install GFCI.
  

Condensate Leak: Repair source of HVAC condensate leak and any damage to ceiling
	  	 90 Days
  

180 Days

			
	Grizzly Peak	  	None.	  	None.
			
	Hidden Lakes	  	 Foundation (waterproofing): Allowance to evaluate and repair water infiltration in crawl spaces of cottages.

 
 Roof Drainage (gutters, drains, etc.): Repair gutters and install french drains at
downspouts.
	  	 90 Days
  

90 Days

  

  

			
	Master Multifamily Loan and Security Agreement 	  	Page C-2

					
	 Applicable Property
	  	 Description of Repair
	  	 Completion Date

		  	 Smoke and Fire Detection: Repair deficiencies identified by fire inspection.

 
 Termite Damage: The inspector noted damage caused by old infestation in units 252-Stair Area, 316, 336, 3601, 3607, 3611, 3619, 270, 290, 306, 300, 311-Garage.
	  	 90 Days
  

180 Days

			
	Illahee Hills	  	None.	  	None
			
	Jackson Oaks	  	None.	  	None
			
	Jordan Oaks	  	 Concrete Paving: Replace.
  

Roof Covering: Repair potential roof leak.
	  	 180 Days
  

90 Days

			
	Lodge at Cold Spring	  	 Emergency Lighting/Generator: Replace/repair to ensure proper and reliable function.

 
 Fire Code Violation: Correct numerous fire code violations mentioned in the zoning
report.
	  	180 Days
			
	Madison Estates	  	 Other Paving: Replace/reset at least three small brick paver areas at main entrance.

 
 Building Power/Wiring: Provide GFCI outlets in resident unit kitchens.

 
 Fire Suppression: Replace the painted fire sprinkler heads and re-inspect.
  
 Termites: Termite treatment.
	  	90 Days
			
	The Manor at Oakridge	  	None.	  	None
			
	Maple Downs	  	 Pond: Install barrier/fencing to discourage access at pond.
  

Site Fences: Repair.
  

Retaining Walls: Repair.
  

Trash Enclosures: Replace gates.
  

Roof Covering – Flat-Detached House: Repair roof leak.
  

Parking: Stripe 3 additional parking spaces.
	  	 180 Days
  

180 Days
  

180 Days
  

180 Days
  

90 Days
  

180 Days

			
	Oakwood Hills	  	Stretching carpet to remove wrinkles	  	180
			
	Orchid Terrace	  	None.	  	None.
			
	Palmer Hills	  	 Foundation (waterproofing): Waterproofing.
  

GFCI Outlet: Install.
  

Parking: Stripe 3 additional parking spaces.
	  	 180 Days
  

90 Days
  

180 Days

			
	Parkwood Estates	  	 Asphaltic Concrete: Repair cracks, mill and overlay.
  

ADA Sute Ramp: Replace due to safety hazard.
  

Timber Retaining Wall: Install guard railing.
  

Parapet Wall Capping: Repair parapet wall capping (holes and open seams).
  

Long Term Radon Testing: Radon testing was conducted in 7 ground floor units, which resulted in four units with
	  	 180 Days
  

90 Days
  

180 Days
  

90 Days
  

180 Days

  

			
	Master Multifamily Loan and Security Agreement 	  	Page C-3

					
	 Applicable Property
	  	 Description of Repair
	  	 Completion Date

		  	elevated radon levels. Long term radon testing was conducted and revealed three units with radon levels above the action level of 4.0 pCi/L (S189, S192 and S188). Therefore, mitigation of these three units is recommended.	  	
			
		  	 Kitchen Outlets – Standard: Add GFCI outlets.
  

Termite Damage: The inspector noted termites in landscape wood that is in contract with the structure. The inspector recommended termite bait station
treatment.
	  	 90 Days
  

180 Days

			
		  	Fire Suppression – Inspect for recalled central sprinkler heads	  	180 Days
			
	Pinewood Hills	  	None.	  	None
			
	Pioneer Valley Lodge	  	 Asphalt Full Depth Repair: Repair.
  

Asphalt Crack Repairs: Repair cracks.
  

Roof drainage (gutters, drains, etc.): Southeast corner of the porte cochere: replace damaged areas.

 
 GFCI: Replace non-compliant outlet in restroom
with GFCI unit.
  
 Seismic Straps: Install seismic straps on the 100 gallon natural gas
water heaters.
	  	 180 Days
  

180 Days
  

180 Days
  

90 Days
  

180 Days

			
	Pueblo Regent	  	 Asphaltic Concrete: Repair pothole at HCA parking in north parking lot, Overlay and seal coat a portion of the parking.

 
 Concrete Paving: Repair entrance apron to north parking lot, which is a trip
hazard.
	  	 180 Days
  

90 Days

			
		  	Electrical – Add GFCI outlets in wet locations: Install GFCIs as needed in approx. 1/3 of units (2 outlets per unit).	  	90 Days
			
		  	Buzzer/Intercom (security): Door entry intercom system is out of service.	  	180 Days
			
	Regency Residence	  	 Pedestrian Paving/Hardscape: Repair.
  

Common Domestic Water Storage Tank: Replace.
  

Parking: Stripe 11 additional parking spaces.
	  	180 Days
			
	The Regent	  	Sprinkler Head Inspection: Inspect for recalled heads.	  	90 Days
			
	Rock Creek	  	None.	  	None
			
	Sheldon Oaks	  	 EIFS Repair: Repair damaged EIFS.
  

Fire Suppression: Inspect for recalled heads.
  

Roof Drainage: Replace.
  

Fire Code Violation: Correct two outstanding fire code violations mentioned in zoning report (Emergency power generator and Fire Alarm)
	  	180 Days
			
	Simi Hills	  	None.	  	None

  

			
	Master Multifamily Loan and Security Agreement 	  	Page C-4

					
	 Applicable Property
	  	 Description of Repair
	  	 Completion Date

	Sky Peaks	  	None.	  	None
			
	Stoneybrook Lodge	  	None.	  	None
			
	Thornton Place	  	 Concrete Paving: Repair at service drive.
  

Water Softening Equipment: Return water softening equipment to service.
  

Carbon Monoxide Detectors: Install CO detectors in resident units with gas-appliances.
	  	 180 Days
  

180 Days
  

90 Days

			
	Uffelman Estates	  	Pedestrian Paving/Hardscape: repair trip hazards.	  	90 Days
			
	Ventura Place	  	 Asphaltic Concrete: Repair potholes.
  

Fire Alarm System Replacement Per Bid: Replace Panel and devices as required.
	  	180 Days
			
	Village Gate	  	 Asphaltic Concrete: Overlay.
  

Pedestrian Paving/Hardscape: Replace – trip hazards.
  

UST Test: the environmental consultant recommended conducting a tank tightness to ensure structural integrity of the tank.

 
 Pending the results of the tank tightness test, remediation and a UST Remediation
Deposit in the amount of $TBD may be required
	  	 180 Days
  

90 Days
  

180 Days
  

180 Days after notice of the required remediation

 

			
	Vista de la Montana	  	 Long Term Radon Testing: Radon testing was conducted in four ground of the lowest livable level apartment units of the project. One of the
units demonstrated elevated radon levels. Long term radon testing was conducted and revealed none of the remaining units indicated radon levels above the US EPA action level. Therefore, mitigation of the original elevated unit (121) is
recommended.
  
 Termite Testing: Termite Treatment required – Evidence of drill
holes from previous infestation.
	  	180 Days
			
	Walnut Woods	  	 Fire Suppression: Allowance to address inspection deficiencies.
  

Long Term Radon Testing: Radon testing was conducted in two ground floor units, Unit 130 and Unit 115, which resulted in radon levels of 4.4 and 12.7,
respectively. Long term radon testing was conducted and revealed radon levels for Unit 130 to be 3.4 (Unit 115 was missing). As a result, the consultant placed forty-four short-term radon devices, seven identified radon above 4.0pCi/L and three were
lost (107, 110, 1, 114, 117, 121, 123, 127, 129, Sales Floor). Therefore, radon mitigation is recommended.
	  	180 Days
			
	The Westmont	  	Fungus Removal: Remove the fungus infected and damaged component and replace with new material. Seal wood components with paint or other moisture sealant that is resistant to weather.	  	180 Days
			
	Whiterock Court	  	None.	  	None

  

			
	Master Multifamily Loan and Security Agreement 	  	Page C-5

 EXHIBIT D 

REPAIR DISBURSEMENT REQUEST 
 The undersigned
requests from                                  (“Lender”) the
disbursement of funds in the amount of $                 (“Disbursement Request”) from the Repair Reserve Fund established pursuant to the Master
Multifamily Loan and Security Agreement dated                 , 20 by and between Lender and the undersigned ( “Loan Agreement”) to pay for
repairs to the multifamily apartment project known as
                                 and located in
                                . 

The undersigned represents and warrants to Lender that the following information and certifications provided in connection with this Disbursement Request are
true and correct as of the date hereof: 
  

	1.	 Purpose for which disbursement is requested: 

 
  
  

	2.	 To whom the disbursement will be made (may be the undersigned in the case of reimbursement for advances and
payments made or cost incurred for work done by the
undersigned):                                       
                                         
                                         
                                         
               

  

	3.	 Estimated costs of completing the uncompleted Repairs as of the date of this Disbursement
Request:                                       
                                  

 

	4.	 The undersigned certifies that each of the following is true: 

 

	 	(a)	 The disbursement requested pursuant to this Disbursement Request will be used solely to pay a cost or costs
allowable under the Loan Agreement. 

  

	 	(b)	 None of the items for which disbursement is requested pursuant to this Disbursement Request has formed the
basis for any disbursement previously made from the Repair Reserve Fund. 

  

	 	(c)	 All labor and materials for which disbursements have been requested have been incorporated into the
Improvements or suitably stored upon the Mortgaged Property in accordance with reasonable and standard building practices, the Loan Agreement and all applicable laws, ordinances, rules and regulations of any governmental authority having
jurisdiction over the Mortgaged Property. 

  

	 	(d)	 The materials, supplies and equipment furnished or installed for the Repairs are not subject to any Lien or
security interest or that the funds to be disbursed pursuant to this Disbursement Request are to be used to satisfy any such Lien or security interest. 

  

	5.	 All capitalized terms used in this Disbursement Request without definition will have the meanings ascribed to
them in the Loan Agreement. 

  

			
	Master Multifamily Loan and Security Agreement	  	Page D-1

 IN WITNESS WHEREOF, the undersigned has executed this Disbursement Request as of the day and date first
above written. 
  

							
		 		 	BORROWER:
				
	Date: 	 		 		 	 
		 		 		 	 
		 		 		 	

  

			
	Master Multifamily Loan and Security Agreement	  	Page D-2

 EXHIBIT E 

WORK COMMENCED AT MORTGAGED PROPERTY 

Not applicable 

  

			
	Master Multifamily Loan and Security Agreement	  	Page E-1

 EXHIBIT F 

CAPITAL REPLACEMENTS 
  

	 	•	 	 Carpet/vinyl flooring 

  

	 	•	 	 Window treatments 

  

	 	•	 	 Roofs 

  

	 	•	 	 Furnaces/boilers 

  

	 	•	 	 Air conditioners 

  

	 	•	 	 Ovens/ranges 

  

	 	•	 	 Refrigerators 

  

	 	•	 	 Dishwashers 

  

	 	•	 	 Water heaters 

  

	 	•	 	 Garbage disposals 

  

	 	•	 	 Additional Items for each Individual Property as listed below: 

 

	 	•	 	 Other items that Lender may approve subject to any conditions that Lender may require, all in Lender’s sole
and absolute discretion. 

  

					
	 Name of Individual Property
	  	Assigned
Property
Number	  	 Additional Items

	Arlington Plaza	  	502796413	  	Exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods and commercial/house kitchen equipment.
	The Bentley	  	502795409	  	Exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods and commercial/house kitchen equipment, elevators and fire alarm panel.
	Blair House	  	502795417	  	Concrete paving, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment, elevators and firm alarm panel.
	Blue Water Lodge	  	502795425	  	Asphaltic concrete and seal coat, common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel
	Briarcrest Estates	  	502795433	  	Asphaltic concrete and seal coat, exterior walls (paint/finish), common are floors, common area hard goods and fire alarm panel.

  

			
	Master Multifamily Loan and Security Agreement	  	Page F-1

					
	 Name of Individual Property
	  	Assigned
Property
Number	  	 Additional Items

	Chateau Ridgeland	  	502795441	  	Seal coat, common area floors, common area hard goods, commercial/house kitchen equipment, elevators and fire alarm panel.
	Cherry Laurel	  	502795468	  	Seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment, and fire alarm panel.
	Colonial Harbor	  	502795476	  	Seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment, fire alarm panel and bathroom accessories.
	Country Squire	  	502795484	  	Exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment, elevators and fire alarm panel.
	The Courtyard at Lakewood	  	502795492	  	Asphaltic concrete and concrete paving, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and elevators.
	Desoto Beach Club	  	502795506	  	Seal coat; pool and/or spa plaster/liner, heating equipment and deck surface; exterior walls (paint/finish); common area floors; community washing machines and dryers; common area hard goods; commercial/house kitchen equipment; and
fire alarm panel.
	Dogwood Estates	  	502795522	  	Seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel.
	Durham Regent	  	502795549	  	Exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment, fire alarm panel and stacked clothes washer/dryer.

  

			
	Master Multifamily Loan and Security Agreement	  	Page F-2

					
	 Name of Individual Property
	  	Assigned
Property
Number	  	 Additional Items

	The El Dorado	  	502795557	  	Common area floors, community washing machines and dryers, common area hard goods, foundation repair, elevators and fire alarm panel.
	Essex House	  	502795611	  	Seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel.
	Fleming Point	  	502795654	  	Seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods and commercial/house kitchen equipment.
	The Fountains at Hidden Lakes	  	502796081	  	Asphaltic concrete and seal coat, exterior walls (paint/finish and washer and dryers.
	Grasslands Estates	  	502795735	  	Asphaltic concrete and seal coat, common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment, reserve framing and finish repairs and fire alarm panels.
	Greeley Place	  	502795786	  	Seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment, elevators and fire alarm panels.
	Grizzly Peak	  	502795603	  	Asphaltic concrete and seal coat, common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment, smoke and fire detection and elevators.
	Hidden Lakes	  	502795662	  	Seal coat, exterior walls (paint/finish), community washing machines and dryers, common area hard goods, commercial dryers, commercial/house kitchen equipment, elevators and stackable washer/dryer.
	Illahee Hills	  	502795697	  	Common area floors, community washing machines, common area hard goods, commercial/house kitchen equipment, emergency lighting/generator, elevators and fire alarm panel.

  

			
	Master Multifamily Loan and Security Agreement	  	Page F-3

					
	 Name of Individual Property
	  	Assigned
Property
Number	  	 Additional Items

	Jackson Oaks	  	502795751	  	Seal coat, common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel.
	Jordan Oaks	  	502795832	  	Exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel.
	Lodge at Cold Spring	  	502795859	  	Asphaltic concrete, seal coat and curb and gutter; balconies/handrails/guardrails; common area floors; community washing machines and dryers; common area hard goods; commercial/house kitchen equipment; and elevators.
	Madison Estates	  	502796103	  	Seal coat, exterior walls (paint/finish), common area floors, common area hard goods, commercial washers and dryers, commercial/house kitchen equipment, elevators and fire alarm panel.
	The Manor at Oakridge	  	502796006	  	Asphaltic concrete, site fences, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel.
	Maple Downs	  	502796030	  	Asphaltic concrete and seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment, overhead garage door and fire alarm
panel.
	Oakwood Hills	  	502796057	  	Seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment, packaged units and fire alarm panel.
	Orchid Terrace	  	502796073	  	Asphaltic concrete and seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel.

  

			
	Master Multifamily Loan and Security Agreement	  	Page F-4

					
	 Name of Individual Property
	  	Assigned
Property
Number	  	 Additional Items

	Palmer Hills	  	502795824	  	Concrete paving, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel.
	Parkwood Estates	  	502795883	  	Seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, commercial/house kitchen equipment, emergency lighting/generator, elevators and fire alarm panel.
	Pinewood Hills	  	502795921	  	Exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel.
	Pioneer Valley Lodge	  	502795956	  	Seal coat, common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel.
	Pueblo Regent	  	502796049	  	Asphaltic concrete and seal coat, exterior walls (paint/finish), common area floors, common area hard goods, commercial washers and dryers, commercial/house kitchen equipment, elevators and fire alarm panel.
	Regency Residence	  	502795948	  	Asphaltic concrete and seal coat; pool and /or spa plaster/liner, heating equipment and deck surface; exterior walls (paint/finish); common area floors; community washing machines and dryers; common area hard goods; commercial
washers and dryers; commercial/house kitchen equipment; emergency lighting/generator; and elevators.
	The Regent	  	502795875	  	Seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods and commercial/house kitchen equipment.

  

			
	Master Multifamily Loan and Security Agreement	  	Page F-5

					
	 Name of Individual Property
	  	Assigned
Property
Number	  	 Additional Items

	Rock Creek	  	502795808	  	Seal coat, site fences, common area floors, common area hard goods and commercial/house kitchen equipment, elevators and fire alarm panel.
	Sheldon Oaks	  	502795778	  	Asphaltic concrete and seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods commercial/house kitchen equipment and fire alarm panel.
	Simi Hills	  	502795727	  	Exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel.
	Sky Peaks	  	502795689	  	Seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel.
	Stoneybrook Lodge	  	502795638	  	Asphaltic concrete and seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods and fire alarm panel.
	Thornton Place	  	502795913	  	Asphaltic concrete and seal coat, common area floors, community washing machines and dryers, common area hard goods, elevators and fire alarm panel.
	Uffelman Estates	  	502795867	  	Asphaltic concrete and seal coat, common area floors, common area hard goods, emergency lighting/generator, elevators and fire alarm panel.
	Ventura Place	  	502795840	  	Seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and soft goods.
	Village Gate	  	502795794	  	Seal coat, common area floors, common area hard goods, commercial/house kitchen equipment, elevators and fire alarm panel.

  

			
	Master Multifamily Loan and Security Agreement	  	Page F-6

					
	 Name of Individual Property
	  	Assigned
Property
Number	  	 Additional Items

	Vista de la Montana	  	502795743	  	Seal coat; pool and/or spa plaster/liner, heating equipment and filtration equipment; exterior walls (paint/finish); common area floors; community washing machines and dryers; common area hard goods; and commercial/house kitchen
equipment.
	Walnut Woods	  	502795700	  	Asphaltic concrete and seal coat, common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment, emergency lighting/generator, elevators and fire alarm panel.
	The Westmont	  	502795670	  	Exterior walls (paint/finish), common area floors, community appliance, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel.
	Whiterock Court	  	502795646	  	Seal coat, exterior walls (paint/finish), common area floors, community washing machines and dryers, common area hard goods, commercial/house kitchen equipment and fire alarm panel.

  

			
	Master Multifamily Loan and Security Agreement	  	Page F-7

 EXHIBIT G 

DESCRIPTION OF GROUND LEASE 
 The following
description is applicable to Lodge at Cold Spring only: 
  

	1.	 Ground Lease dated as of November 17, 2013 by and between Rocky Hill Holdings LLC, as landlord, and Rocky
Hill Retirement Residence LLC (predecessor-in-interest to NIC 13 Lodge at Cold Spring Owner LLC), as tenant. 

 

	2.	 Memorandum of Lease dated as of December 23, 2013 and recorded on January 23, 2014 in the Rocky Hill
Land Evidence Records (the “Land Records”) in Volume 0631, Page 485. 

  

	3.	 Assignment and Assumption of Lease dated as of December 23, 2013 by and between Rocky Hill Retirement
Residence LLC and NIC 13 Lodge at Cold Spring Owner LLC and recorded on January 23, 2014 in the Land Records in Volume 0631, Page 490. 

The following description is applicable to The Westmont only: 
  

	1.	 Ground Lease dated as of April 19, 1988 by and between Masonic Hall Corporation of Santa Clara, as lessor
(“Masonic Hall”) and Matrix Properties, Inc., as lessee. 

  

	2.	 Memorandum of Ground Lease dated as of August 19, 1988 and recorded on September 14, 1988 in the Land
Records of the County of Santa Clara, California (the “Land Records”) as Instrument No. 9834742. 

  

	3.	 Amendment to Ground Lease and Sublease dated as of August 9, 1989 by and between Masonic Hall and Santa
Clara Retirement Residence Limited Partnership and recorded on August 15, 1989 in the Land Records as Instrument No. 10216870. 

  

	4.	 Second Amendment to Ground Lease dated as of April 28, 1995 by and between Masonic Hall and Santa Clara
Retirement Residence Limited Partnership and recorded on May 15, 1995 in the Land Records as Instrument No. 12889106. 

  

	5.	 Assignment and Assumption of Ground Lease dated as of February 28, 2007 by and between Santa Clara
Retirement Residence Limited Partnership and Harvest Westmont Retirement Residence LLC and recorded on May 1, 2007 in the Land Records as Instrument No. 19406859. 

 

	6.	 Assignment and Assumption of Lease dated as of December 23, 2013 by and between Harvest Westmont
Retirement Residence LLC and NIC 13 The Westmont Owner LLC and recorded on January 24, 2014 in the Land Records as Instrument No. 22503812. 

  

			
	Master Multifamily Loan and Security Agreement	  	Page G-1

 EXHIBIT H 

ORGANIZATIONAL CHART OF BORROWER AS OF THE CLOSING DATE 
  

 

  

			
	Master Multifamily Loan and Security Agreement	  	Page H-1

 

 

  

			
	Master Multifamily Loan and Security Agreement	  	Page H-2

 EXHIBIT I 

DESIGNATED ENTITIES FOR TRANSFERS, GUARANTOR(S), 

SPE EQUITY OWNER(S), AND PROPERTY MANAGER(S) 

Designated Entities for Transfer 
 Designated
Entities for Transfer for All Individual Properties 
 NEW SENIOR INVESTMENT GROUP INC. 

Property-Specific Designated Entities for Transfer 

See below for additional Designated Entities for Transfers that are specific to each Individual Property. 

Guarantor(s) 
 New Senior Investment Group Inc., a
Delaware corporation 
 Property Manager 
 See
below for the Property Master Manager for each Individual Property 
 Sub-Manager:
Holiday AL Management Sub LLC, a Delaware limited liability company 
 SPE Equity Owner 

See below for the SPE Equity Owner for each Individual Property. 
  

									
	 Name of Individual Property
	  	 Assigned
Property
Number
	  	SPE Equity Owner	  	 Designated Entity for
Transfer
	  	 Property Manager

	Arlington Plaza	  	502796413	  	N/A	  	 •  NIC 12 OWNER LLC
	  	NIC 12 Arlington Plaza Management LLC

  

			
	Master Multifamily Loan and Security Agreement	  	Page I-1

									
	 Name of Individual Property
	 	 Assigned
Property
Number
	 	SPE Equity Owner	 	 Designated Entity for
Transfer
	 	 Property Manager

		 		 		 	 •  PROPCO 12 LLC
	 	
					
	The Bentley	 	502795409	 	N/A	 	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	 	NIC 13 The Bentley Management LLC
					
	Blair House	 	502795417	 	N/A	 	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	 	NIC 12 Blair House Management LLC
					
	Blue Water Lodge	 	502795425	 	N/A	 	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	 	NIC 12 Blue Water Lodge Management LLC
					
	Briarcrest Estates	 	502795433	 	N/A	 	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	 	NIC 12 Briarcrest Estates Management LLC
					
	Chateau Ridgeland	 	502795441	 	N/A	 	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	 	NIC 12 Chateau Ridgeland Management LLC
					
	Cherry Laurel	 	502795468	 	N/A	 	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	 	NIC 12 Cherry Laurel Management LLC

  

			
	Master Multifamily Loan and Security Agreement	  	Page I-2

											
	 Name of Individual Property
	 	Assigned
Property
Number	 	 	 SPE Equity Owner
	 	 Designated Entity for
Transfer
	 	 Property Manager

	Colonial Harbor	 	 	502795476	 	 	N/A	 	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	 	NIC 12 Colonial Harbor Management LLC
					
	Country Squire	 	 	502795484	 	 	N/A	 	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	 	NIC 12 Country Squire Management LLC
					
	The Courtyard at Lakewood	 	 	502795492	 	 	N/A	 	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	 	NIC 12 Courtyard At Lakewood Management LLC
					
	 Desoto Beach Club
	 	 	502795506	 	 	N/A	 	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	 	NIC 12 Desoto Beach Club Management LLC
					
	 Dogwood Estates
	 	 	502795522	 	 	N/A	 	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	 	NIC 13 Dogwood Estates Management LLC
					
	 Durham Regent
	 	 	502795549	 	 	NIC 13 Durham Regent Owner GP LLC	 	 •  NIC 13 DURHAM REGENT OWNER GP LLC
	 	NIC 13 Durham Regent Management LLC

  

			
	Master Multifamily Loan and Security Agreement	  	Page I-3

									
	 Name of Individual Property
	  	Assigned
Property
Number	  	 SPE Equity Owner
	  	 Designated Entity for
Transfer
	  	 Property Manager

		  		  		  	 •  NIC 13 DURHAM REGENT INC.

•  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	
					
	The El Dorado	  	502795557	  	N/A	  	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	  	NIC 12 El Dorado Management LLC
					
	Essex House	  	502795611	  	N/A	  	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	  	NIC 12 Essex House Management LLC
					
	Fleming Point	  	502795654	  	N/A	  	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	  	NIC 12 Fleming Point Management LLC
					
	The Fountains at Hidden Lakes	  	502796081	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Fountains At Hidden Lakes Management LLC
					
	Grasslands Estates	  	502795735	  	N/A	  	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	  	NIC 12 Grasslands Estates Management LLC

  

			
	Master Multifamily Loan and Security Agreement	  	Page I-4

									
	 Name of Individual Property
	  	Assigned
Property
Number	  	 SPE Equity Owner
	  	 Designated Entity for
Transfer
	  	 Property Manager

					
	Greeley Place	  	502795786	  	N/A	  	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	  	NIC 12 Greeley Place Management LLC
					
	Grizzly Peak	  	502795603	  	N/A	  	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	  	NIC 12 Grizzly Peak Management LLC
					
	Hidden Lakes	  	502795662	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Hidden Lakes Management LLC
					
	Illahee Hills	  	502795697	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Illahee Hills Management LLC
					
	Jackson Oaks	  	502795751	  	N/A	  	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	  	NIC 12 Jackson Oaks Management LLC

  

			
	Master Multifamily Loan and Security Agreement	  	Page I-5

									
	 Name of Individual Property
	  	Assigned
Property
Number	  	 SPE Equity Owner
	  	 Designated Entity for
Transfer
	  	 Property Manager

					
	Jordan Oaks	  	502795832	  	NIC 13 Jordan Oaks Owner GP LLC	  	 •  NIC 13 JORDAN OAKS OWNER GP LLC

•  NIC 13 JORDAN OAKS INC.

•  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Jordan Oaks Management LLC
					
	Lodge at Cold Spring	  	502795859	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Lodge At Cold Spring Management LLC
					
	Madison Estates	  	502796103	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Madison Estates Management LLC
					
	The Manor at Oakridge	  	502796006	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Manor At Oakridge Management LLC
					
	Maple Downs	  	502796030	  	N/A	  	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	  	NIC 12 Maple Downs Management LLC
					
	Oakwood Hills	  	502796057	  	N/A	  	 •  NIC 13 OWNER LLC
	  	NIC 13 Oakwood Hills Management LLC

  

			
	Master Multifamily Loan and Security Agreement	  	Page I-6

									
	 Name of Individual Property
	  	Assigned
Property
Number	  	 SPE Equity Owner
	  	 Designated Entity for
Transfer
	  	 Property Manager

		  		  		  	 •  PROPCO 13 LLC
	  	
					
	Orchid Terrace	  	502796073	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Orchid Terrace Management LLC
					
	Palmer Hills	  	502795824	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Palmer Hills Management LLC
					
	Parkwood Estates	  	502795883	  	N/A	  	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	  	NIC 12 Parkwood Estates Management LLC
					
	Pinewood Hills	  	502795921	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Pinewood Hills Management LLC
					
	Pioneer Valley Lodge	  	502795956	  	N/A	  	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	  	NIC 12 Pioneer Valley Lodge Management LLC
					
	Pueblo Regent	  	502796049	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Pueblo Regent Management LLC
					
	Regency Residence	  	502795948	  	N/A	  	 •  NIC 12 OWNER LLC
	  	NIC 12 Regency Residence Management LLC

  

			
	Master Multifamily Loan and Security Agreement	  	Page I-7

									
	 Name of Individual Property
	  	Assigned
Property
Number	  	 SPE Equity Owner
	  	 Designated Entity for
Transfer
	  	 Property Manager

		  		  		  	 •  PROPCO 12 LLC
	  	
					
	The Regent	  	502795875	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 The Regent Management LLC
					
	Rock Creek	  	502795808	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Rock Creek Management LLC
					
	Sheldon Oaks	  	502795778	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Sheldon Oaks Management LLC
					
	Simi Hills	  	502795727	  	N/A	  	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	  	NIC 12 Simi Hills Management LLC
					
	Sky Peaks	  	502795689	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Sky Peaks Management LLC
					
	Stoneybrook Lodge	  	502795638	  	N/A	  	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	  	NIC 12 Stoneybrook Lodge Management LLC
					
	Thornton Place	  	502795913	  	N/A	  	 •  NIC 13 OWNER LLC
	  	NIC 13 Thornton Place Management LLC

  

			
	Master Multifamily Loan and Security Agreement	  	Page I-8

									
	 Name of Individual Property
	  	Assigned
Property
Number	  	 SPE Equity Owner
	  	 Designated Entity for
Transfer
	  	 Property Manager

		  		  		  	 •  PROPCO 13 LLC
	  	
					
	Uffelman Estates	  	502795867	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Uffelman Estates Management LLC
					
	Ventura Place	  	502795840	  	N/A	  	 •  NIC 12 OWNER LLC

•  PROPCO 12 LLC
	  	NIC 12 Ventura Place Management LLC
					
	Village Gate	  	502795794	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Village Gate Management LLC
					
	Vista de la Montana	  	502795743	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Vista De La Montana Management LLC
					
	Walnut Woods	  	502795700	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Walnut Woods Management LLC
					
	The Westmont	  	502795670	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 The Westmont Management LLC
					
	Whiterock Court	  	502795646	  	N/A	  	 •  NIC 13 OWNER LLC

•  PROPCO 13 LLC
	  	NIC 13 Whiterock Court Management LLC

  

			
	Master Multifamily Loan and Security Agreement	  	Page I-9

 EXHIBIT K 

LICENSES 
  

					
	 APPLICABLE

PROPERTY
	  	 LICENSE
	  	 HOLDER

	Grizzly Peak	  	 Residential Care Facility License,
 expires
June 30, 2018
	  	Grizzly Peak Retirement Residence
			
	Hidden Lakes	  	 Retirement Apartment License,
 expires
12/31/2018
	  	NIC 12 Hidden Lakes Owner LLC
			
	Pioneer Valley Lodge	  	 Group Home Permit to Operate No.
 7273, expires
1/28/2019
	  	NIC 12 Pioneer Valley Lodge LLC
			
	Regency Residence	  	 Nontransient Apartment License

No. NAP6101438, expires 2/1/2019
	  	NIC 12 Regency Residence Owner LLC

  

			
	Master Multifamily Loan and Security Agreement	  	Page K-1

 EXHIBIT L 

FURNITURE, FIXTURES, EQUIPMENT, AND MOTOR VEHICLES 
  

							
	 APPLICABLE

PROPERTY
	  	 FURNITURE,

FIXTURES,

EQUIPMENT,
 AND
MOTOR
 VEHICLES
	  	 OWNER
	  	 LESSEE

				
	Arlington Plaza	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Arlington Plaza Owner LLC	  	N/A
				
	Arlington Plaza	  		  		  	N/A
				
	Arlington Plaza	  	[Leased Property, if any]	  	NIC 12 Arlington Plaza Owner LLC	  	[Lessee]
				
	The Bentley	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 The Bentley Owner LLC	  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-259

							
	The Bentley	  		  		  	N/A
				
	The Bentley	  	[Leased Property, if any]	  	NIC 13 The Bentley Owner LLC	  	[Lessee]
				
	Blair House	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Blair House Owner LLC	  	N/A
				
	Blair House	  		  		  	N/A
				
	Blair House	  	[Leased Property, if any]	  	NIC 12 Blair House Owner LLC	  	[Lessee]
				
	Blue Water Lodge	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Blue Water Lodge Owner LLC	  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-260

							
	Blue Water Lodge	  		  		  	N/A
				
	Blue Water Lodge	  	[Leased Property, if any]	  	NIC 12 Blue Water Lodge Owner LLC	  	[Lessee]
				
	Briarcrest Estates	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Briarcrest Estates Owner LLC	  	N/A
				
	Briarcrest Estates	  		  		  	N/A
				
	Briarcrest Estates	  	[Leased Property, if any]	  	NIC 12 Briarcrest Estates Owner LLC	  	[Lessee]
				
	Chateau Ridgeland	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Chateau Ridgeland Owner LLC	  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-261

							
	Chateau Ridgeland	  		  		  	N/A
				
	Chateau Ridgeland	  	[Leased Property, if any]	  	NIC 12 Chateau Ridgeland Owner LLC	  	[Lessee]
				
	Cherry Laurel	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Cherry Laurel Owner LLC	  	N/A
				
	Cherry Laurel	  		  		  	N/A
				
	Cherry Laurel	  	[Leased Property, if any]	  	NIC 12 Cherry Laurel Owner LLC	  	[Lessee]
				
	Colonial Harbor	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Colonial Harbor Owner LLC	  	N/A
				
	Colonial Harbor	  		  		  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-262

							
	Colonial Harbor	  	[Leased Property, if any]	  	NIC 12 Colonial Harbor Owner LLC	  	[Lessee]
				
	Country Squire	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Country Squire Owner LLC	  	N/A
				
	Country Squire	  		  		  	N/A
				
	Country Squire	  	[Leased Property, if any]	  	NIC 12 Country Squire Owner LLC	  	[Lessee]
				
	The Courtyard At Lakewood	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Courtyard at Lakewood Owner LLC	  	N/A
				
	The Courtyard At Lakewood	  		  		  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-263

							
	The Courtyard At Lakewood	  	[Leased Property, if any]	  	NIC 12 Courtyard at Lakewood Owner LLC	  	[Lessee]
				
	Desoto Beach Club	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Desoto Beach Club Owner LLC	  	N/A
				
	Desoto Beach Club	  		  		  	N/A
				
	Desoto Beach Club	  	[Leased Property, if any]	  	NIC 12 Desoto Beach Club Owner LLC	  	[Lessee]
				
	Dogwood Estates	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Dogwood Estates Owner LLC	  	N/A
				
	Dogwood Estates	  		  		  	N/A
				
	Dogwood Estates	  	[Leased Property, if any]	  	NIC 13 Dogwood Estates Owner LLC	  	[Lessee]

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-264

							
	Durham Regent	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Durham Regent Owner LP	  	N/A
				
	Durham Regent	  		  		  	N/A
				
	Durham Regent	  	[Leased Property, if any]	  	NIC 13 Durham Regent Owner LP	  	[Lessee]
				
	The El Dorado	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 El Dorado Owner LLC	  	N/A
				
	The El Dorado	  		  		  	N/A
				
	The El Dorado	  	[Leased Property, if any]	  	NIC 12 El Dorado Owner LLC	  	[Lessee]

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-265

							
	Essex House	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Essex House Owner LLC	  	N/A
				
	Essex House	  		  		  	N/A
				
	Essex House	  	[Leased Property, if any]	  	NIC 12 Essex House Owner LLC	  	[Lessee]
				
	Fleming Point	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Fleming Point Owner LLC	  	N/A
				
	Fleming Point	  		  		  	N/A
				
	Fleming Point	  	[Leased Property, if any]	  	NIC 12 Fleming Point Owner LLC	  	[Lessee]

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-266

							
	Hidden Lakes	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Hidden Lakes Owner LLC	  	N/A
				
	Hidden Lakes	  		  		  	N/A
				
	Hidden Lakes	  	[Leased Property, if any]	  	NIC 13 Hidden Lakes Owner LLC	  	[Lessee]
				
	The Fountains At Hidden Lakes	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Fountains at Hidden Lakes Owner LLC	  	N/A
				
	The Fountains At Hidden Lakes	  	N/A	  	NIC 13 Fountains at Hidden Lakes Owner LLC	  	N/A
				
	The Fountains At Hidden Lakes	  	[Leased Property, if any]	  	NIC 13 Fountains at Hidden Lakes Owner LLC	  	[Lessee]

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-267

							
	Grasslands Estates	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Grasslands Estates Owner LLC	  	N/A
				
	Grasslands Estates	  		  		  	N/A
				
	Grasslands Estates	  	[Leased Property, if any]	  	NIC 12 Grasslands Estates Owner LLC	  	[Lessee]
				
	Greeley Place	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Greeley Place Owner LLC	  	N/A
				
	Greeley Place	  		  		  	N/A
				
	Greeley Place	  	[Leased Property, if any]	  	NIC 12 Greeley Place Owner LLC	  	[Lessee]

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-268

							
	Grizzly Peak	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Grizzly Peak Owner LLC	  	N/A
				
	Grizzly Peak	  		  		  	N/A
				
	Grizzly Peak	  	[Leased Property, if any]	  	NIC 12 Grizzly Peak Owner LLC	  	[Lessee]
				
	Illahee Hills	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Illahee Hills Owner LLC	  	N/A
				
	Illahee Hills	  		  		  	N/A
				
	Illahee Hills	  	[Leased Property, if any]	  	NIC 13 Illahee Hills Owner LLC	  	[Lessee]

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-269

							
	Jackson Oaks	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Jackson Oaks Owner LLC	  	N/A
				
	Jackson Oaks	  		  		  	N/A
				
	Jackson Oaks	  	[Leased Property, if any]	  	NIC 12 Jackson Oaks Owner LLC	  	[Lessee]
				
	Jordan Oaks	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Jordan Oaks Owner LP	  	N/A
				
	Jordan Oaks	  		  		  	N/A
				
	Jordan Oaks	  	[Leased Property, if any]	  	NIC 13 Jordan Oaks Owner LP	  	[Lessee]
				
	Lodge At Cold Spring	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Lodge at Cold Spring Owner LLC	  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-270

							
	Lodge At Cold Spring	  		  		  	N/A
				
	Lodge At Cold Spring	  	[Leased Property, if any]	  	NIC 13 Lodge at Cold Spring Owner LLC	  	[Lessee]
				
	Madison Estates	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Madison Estates Owner LLC	  	N/A
				
	Madison Estates	  		  		  	N/A
				
	Madison Estates	  	[Leased Property, if any]	  	NIC 13 Madison Estates Owner LLC	  	[Lessee]
				
	The Manor At Oakridge	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Manor at Oakridge Owner LLC	  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-271

							
	The Manor At Oakridge	  		  		  	N/A
				
	The Manor At Oakridge	  	[Leased Property, if any]	  	NIC 13 Manor at Oakridge Owner LLC	  	[Lessee]
				
	Maple Downs	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Maple Downs Owner LLC	  	N/A
				
	Maple Downs	  		  		  	N/A
				
	Maple Downs	  	[Leased Property, if any]	  	NIC 12 Maple Downs Owner LLC	  	[Lessee]
				
	Oakwood Hills	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Oakwood Hills Owner LLC	  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-272

							
	Oakwood Hills	  		  		  	N/A
				
	Oakwood Hills	  	[Leased Property, if any]	  	NIC 13 Oakwood Hills Owner LLC	  	[Lessee]
				
	Orchid Terrace	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Orchid Terrace Owner LLC	  	N/A
				
	Orchid Terrace	  		  		  	N/A
				
	Orchid Terrace	  	[Leased Property, if any]	  	NIC 13 Orchid Terrace Owner LLC	  	[Lessee]
				
	Palmer Hills	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Palmer Hills Owner LLC	  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-273

							
	Palmer Hills	  		  		  	N/A
				
	Palmer Hills	  	[Leased Property, if any]	  	NIC 13 Palmer Hills Owner LLC	  	[Lessee]
				
	Parkwood Estates	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Parkwood Estates Owner LLC	  	N/A
				
	Parkwood Estates	  		  		  	N/A
				
	Parkwood Estates	  	[Leased Property, if any]	  	NIC 12 Parkwood Estates Owner LLC	  	[Lessee]
				
	Pinewood Hills	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Pinewood Hills Owner LLC	  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-274

							
	Pinewood Hills	  		  		  	N/A
				
	Pinewood Hills	  	[Leased Property, if any]	  	NIC 13 Pinewood Hills Owner LLC	  	[Lessee]
				
	Pioneer Valley Lodge	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Pioneer Valley Lodge Owner LLC	  	N/A
				
	Pioneer Valley Lodge	  		  		  	N/A
				
	Pioneer Valley Lodge	  	[Leased Property, if any]	  	NIC 12 Pioneer Valley Lodge Owner LLC	  	[Lessee]
				
	Pueblo Regent	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Pueblo Regent Owner LLC	  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-275

							
	Pueblo Regent	  		  		  	N/A
				
	Pueblo Regent	  	[Leased Property, if any]	  	NIC 13 Pueblo Regent Owner LLC	  	[Lessee]
				
	Regency Residence	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Regency Residence Owner LLC	  	N/A
				
	Regency Residence	  		  		  	N/A
				
	Regency Residence	  	[Leased Property, if any]	  	NIC 12 Regency Residence Owner LLC	  	[Lessee]
				
	The Regent	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 The Regent Owner LLC	  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-276

							
	The Regent	  		  		  	N/A
				
	The Regent	  	[Leased Property, if any]	  	NIC 13 The Regent Owner LLC	  	[Lessee]
				
	Rock Creek	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Rock Creek Owner LLC	  	N/A
				
	Rock Creek	  		  		  	N/A
				
	Rock Creek	  	[Leased Property, if any]	  	NIC 13 Rock Creek Owner LLC	  	[Lessee]
				
	Sheldon Oaks	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Sheldon Oaks Owner LLC	  	N/A
				
	Sheldon Oaks	  		  		  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-277

							
	Sheldon Oaks	  	[Leased Property, if any]	  	NIC 13 Sheldon Oaks Owner LLC	  	[Lessee]
				
	Simi Hills	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Simi Hills Owner LLC	  	N/A
				
	Simi Hills	  		  		  	N/A
				
	Simi Hills	  	[Leased Property, if any]	  	NIC 12 Simi Hills Owner LLC	  	[Lessee]
				
	Sky Peaks	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Sky Peaks Owner LLC	  	N/A
				
	Sky Peaks	  		  		  	N/A
				
	Sky Peaks	  	[Leased Property, if any]	  	NIC 13 Sky Peaks Owner LLC	  	[Lessee]

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-278

							
	Stoneybrook Lodge	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Stoneybrook Lodge Owner LLC	  	N/A
				
	Stoneybrook Lodge	  		  		  	N/A
				
	Stoneybrook Lodge	  	[Leased Property, if any]	  	NIC 12 Stoneybrook Lodge Owner LLC	  	[Lessee]
				
	Thornton Place	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Thornton Place Owner LLC	  	N/A
				
	Thornton Place	  		  		  	N/A
				
	Thornton Place	  	[Leased Property, if any]	  	NIC 13 Thornton Place Owner LLC	  	[Lessee]

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-279

							
	Uffelman Estates	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Uffelman Estates Owner LLC	  	N/A
				
	Uffelman Estates	  		  		  	N/A
				
	Uffelman Estates	  	[Leased Property, if any]	  	NIC 13 Uffelman Estates Owner LLC	  	[Lessee]
				
	Ventura Place	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 12 Ventura Place Owner LLC	  	N/A
				
	Ventura Place	  		  		  	N/A
				
	Ventura Place	  	[Leased Property, if any]	  	NIC 12 Ventura Place Owner LLC	  	[Lessee]

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-280

							
	Village Gate	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Village Gate Owner LLC	  	N/A
				
	Village Gate	  		  		  	N/A
				
	Village Gate	  	[Leased Property, if any]	  	NIC 13 Village Gate Owner LLC	  	[Lessee]
				
	Vista De La Montana	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Vista De La Montana Owner LLC	  	N/A
				
	Vista De La Montana	  		  		  	N/A
				
	Vista De La Montana	  	[Leased Property, if any]	  	NIC 13 Vista De La Montana Owner LLC	  	[Lessee]

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-281

							
	Walnut Woods	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Walnut Woods Owner LLC	  	N/A
				
	Walnut Woods	  		  		  	N/A
				
	Walnut Woods	  	[Leased Property, if any]	  	NIC 13 Walnut Woods Owner LLC	  	[Lessee]
				
	The Westmont	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 The Westmont Owner LLC	  	N/A
				
	The Westmont	  		  		  	N/A
				
	The Westmont	  	[Leased Property, if any]	  	NIC 13 The Westmont Owner LLC	  	[Lessee]

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-282

							
	Whiterock Court	  	All tangible personal property, machinery, apparatus, appliances, equipment and supplies currently used in the operation, repair and maintenance of all or any portion of the Land and/or Improvements (excluding, however, any tangible
personal property and fixtures which are owned by residents	  	NIC 13 Whiterock Court Owner LLC	  	N/A
				
	Whiterock Court	  		  		  	N/A
				
	Whiterock Court	  	[Leased Property, if any]	  	NIC 13 Whiterock Court Owner LLC	  	[Lessee]

  

			
	Master Multifamily Loan and Security Agreement 	  	Page L-283

 EXHIBIT M 

CONTRACTS 
  

					
	 APPLICABLE
PROPERTY
	  	 CONTRACTS
	  	 PARTIES

	Arlington Plaza	  	 Cable Contract

9/30/2016
	  	Contract between TWC, Spectrum and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

10/24/2016
	  	Contract with Direct Supply
	  	Trash Contract	  	Contract with Republic Services #794—Arlington
	  	 Utility Contract

1/1/2018
	  	Contract between Reliant Energy Retail Services, LLC and Harvest Management Sub LLC
			
	The Bentley	  	 Cable Contract

9/30/2016
	  	Contract between TWC, Spectrum and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

4/11/2017
	  	Contract with Hoover Landscape, Inc.
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
	  	 Utility Contract

1/1/2018
	  	Contract between Reliant Energy Retail Services, LLC and Harvest Management Sub LLC
			
	Blair House	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Blue Water Lodge	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Briarcrest Estates	  	 Cable Contract

1/1/2016
	  	Contract between Character Communications and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

1/1/2016
	  	Contract with Loyet Landscape MTC, Inc.
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Chateau Ridgeland	  	 Landscaping Contract

3/1/2014
	  	Contract with Up Lawns
	  	Medical Waste Contract	  	Contract with Stericycle, Inc.—6575
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National

  

			
	Master Multifamily Loan and Security Agreement 	  	Page M-1

					
	 APPLICABLE
PROPERTY
	  	 CONTRACTS
	  	 PARTIES

	Cherry Laurel	  	 Landscaping Contract

5/13/2014
	  	Contract with P&T Landscaping and Lawn Maintenance Inc.
	  	Trash Contract	  	Contract with the City of Tallahassee, Florida
	  	Trash Contract	  	Contract with Marpan Supply Co., Inc.
			
	Colonial Harbor	  	 Cable Contract

1/1/2016
	  	Contract between Cox Communications and NIC Colonial Harbor Owner, LLC
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Country Squire	  	 Cable Contract

1/1/2017
	  	Contract between Suddenlink and NH Country Squire LLC
	  	 Landscaping Contract

3/1/2015
	  	Contract with Illusion Landscape LLC
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	The Courtyard at Lakewood	  	 Landscaping Contract

3/1/2014
	  	Contract with Green Meadow Landscaping LLC
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Desoto Beach Club	  	 Landscaping Contract

6/13/2014
	  	Contract with East County Lawn Care Inc.
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Dogwood Estates	  	 Cable Contract

1/1/2016
	  	Contract between Character Communications and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

5/1/2017
	  	Contract with Springer Lawn Care, LLC
	  	Recycle Contract	  	Contract with the City of Denton, Texas
	  	Trash Contract	  	Contract with the City of Denton, Texas
			
	Durham Regent	  	 Cable Contract

9/30/2016
	  	Contract between TWC, Spectrum and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

4/1/2014
	  	Contract with Ruppert Landscape
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National

  

			
	Master Multifamily Loan and Security Agreement 	  	Page M-2

					
	 APPLICABLE
PROPERTY
	  	 CONTRACTS
	  	 PARTIES

	The El Dorado	  	 Cable Contract

9/30/2016
	  	Contract between TWC, Spectrum and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

11/1/2016
	  	Contract with Direct Supply
	  	Trash Contract	  	Contract with the City of Richardson, Texas
	  	 Utility Contract

1/1/2018
	  	Contract between Reliant Energy Retail Services, LLC and Harvest Management Sub LLC
			
	Essex House	  	 Landscaping Contract

3/1/2014
	  	Contract with HCS Landscaping Inc.
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
	  	 Utility Contract

12/1/2017
	  	Contract between Constellation NewEnergy, Inc. and Harvest Management Sub LLC
			
	Fleming Point	  	 Cable Contract

9/30/2016
	  	Contract between TWC, Spectrum and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

4/1/2015
	  	Contract with GJ Romig Property Management, Inc.
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	The Fountains at Hidden Lakes	  	Trash Contract	  	Contract with D & O Garbage Services, Inc.
			
	Grasslands Estates	  	 Cable Contract

1/1/2006
	  	Contract between Cox Communications and NC 12 Grasslands Estates Owner LLC
	  	Landscaping Contract	  	Contract with Fierce Landscapes
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Greeley Place	  	 Landscaping Contract

3/15/2017
	  	Contract with Alpine Gardens
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Grizzly Peak	  	 Landscaping Contract

3/1/2016
	  	Contract with Clark Fork Maintenance LLC
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National

  

			
	Master Multifamily Loan and Security Agreement 	  	Page M-3

					
	 APPLICABLE
PROPERTY
	  	 CONTRACTS
	  	 PARTIES

	Hidden Lakes	  	 Landscaping Contract

3/1/2016
	  	Contract with Northwest Landscape Services
	  	Recycle Contract	  	Contract with D & O Garbage Services, Inc.
	  	Trash Contract	  	Contract with D & O Garbage Services, Inc.
			
	Illahee Hills	  	 Cable Contract

10/1/2016
	  	Contract between MediaCom and NC Illahee Hills LLC
	  	 Landscaping Contract

3/20/2017
	  	Contract with No Lawn Left Behind
	  	Trash Contract	  	Contract with Waste Connections Inc.—District 3071
			
	Jackson Oaks	  	 Landscaping Contract

4/1/2014
	  	Contract with Stone Haven Landscapes
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Jordan Oaks	  	 Cable Contract

9/30/2016
	  	Contract between TWC, Spectrum and Holiday AL Management Sub, LLC
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Lodge at Cold Spring	  	 Cable Contract

1/1/2016
	  	Contract between Cox Communications and NC 13 Lodge at Cold Spring
	  	 Landscaping Contract

4/1/2014
	  	Contract with Leprechaun Landscaping
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
	  	 Utility Contract

6/30/2017
	  	Contract between Direct Energy Business LLC and Holiday AL Management Sub, LLC
			
	Madison Estates	  	 Cable Contract

9/30/2016
	  	Contract between TWC, Spectrum and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

8/1/2014
	  	Contract with JMI Contractors LLC
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National

  

			
	Master Multifamily Loan and Security Agreement 	  	Page M-4

					
	 APPLICABLE
PROPERTY
	  	 CONTRACTS
	  	 PARTIES

	The Manor at Oakridge	  	 Landscaping Contract

10/1/2014
	  	Contract with HCS Landscaping Inc.
	  	Recycle Contract	  	Contract with Penn Waste, Inc.
	  	Trash Contract	  	Contract with Penn Waste, Inc.
	  	 Utility Contract

12/1/2017
	  	Contract between Constellation NewEnergy, Inc. and Harvest Management Sub LLC
			
	Maple Downs	  	 Cable Contract

9/30/2016
	  	Contract between TWC, Spectrum and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

4/1/2018
	  	Contract with Pro Scapes Inc.
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Oakwood Hills	  	 Cable Contract

1/1/2016
	  	Contract between Character Communications and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

3/15/2015
	  	Contract with From the Ground Up
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Orchid Terrace	  	 Cable Contract

1/1/2016
	  	Contract between Character Communications and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

1/1/2014
	  	Contract with Loyet Landscape MTC, Inc.
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Palmer Hills	  	 Cable Contract

2/1/1990
	  	Contract between MediaCom/Cox and Palmer Hills
	  	 Landscaping Contract

5/5/2017
	  	Contract with All Turf Survices
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Parkwood Estates	  	 Landscaping Contract

4/16/2014
	  	Contract with Pyramid Landscape Inc
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National

  

			
	Master Multifamily Loan and Security Agreement 	  	Page M-5

					
	 APPLICABLE
PROPERTY
	  	 CONTRACTS
	  	 PARTIES

	Pinewood Hills	  	 Cable Contract

9/30/2016
	  	Contract between TWC, Spectrum and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

5/1/2017
	  	Contract with Springer Lawn Care, LLC
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Pioneer Valley Lodge	  	 Landscaping Contract

7/28/2016
	  	Contract with Kimball Property Mainenance
	  	Trash Contract	  	Contract with the City of Logan, Utah
	Pueblo Regent	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Regency Residence	  	 Cable Contract

10/10/2015
	  	Contract between Bright House Networks and Regency Residence
	  	 Landscaping Contract

6/23/2014
	  	Contract with All Turf Lawn & Landscape Maintenance
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	The Regent	  	 Landscaping Contract

3/1/2016
	  	Contract with Northwest Landscape Services
	  	Recycle Contract	  	Contract with Republic Services #452
	  	Trash Contract	  	Contract with Republic Services #452
			
	Rock Creek	  	 Landscaping Contract

1/1/2016
	  	Contract with Land Care
	  	Recycle Contract	  	Contract with Garbarino Disposal & Recycling Services Inc.
	  	Trash Contract	  	Contract with Garbarino Disposal & Recycling Services Inc.
			
	Sheldon Oaks	  	 Landscaping Contract

5/30/2017
	  	Contract with Canvas Landscapes LLC
	  	Recycle Contract	  	Contract with Sanipac Inc.
	  	Trash Contract	  	Contract with Sanipac Inc.

  

			
	Master Multifamily Loan and Security Agreement 	  	Page M-6

					
	 APPLICABLE
PROPERTY
	  	 CONTRACTS
	  	 PARTIES

	Simi Hills	  	 Cable Contract

9/30/2016
	  	Contract between TWC, Spectrum and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

5/1/2014
	  	Contract with TruGreen Land Care
	  	Recycle Contract	  	Contract with GI Industries
	  	Trash Contract	  	Contract with GI Industries
			
	Sky Peaks	  	 Cable Contract

1/1/2016
	  	Contract between Character Communications and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

7/1/2014
	  	Contract with Clean Cut Lawns Inc.
	  	Trash Contract	  	Contract with Waste Management—541065
			
	Stoneybrook Lodge	  	 Landscaping Contract

3/1/2016
	  	Contract with Northwest Landscape Services
	  	Recycle Contract	  	Contract with Republic Services #452
	  	Trash Contract	  	Contract with Republic Services #452
			
	Thornton Place	  	 Cable Contract

1/1/2016
	  	Contract between Cox Communications and NIC 13 Thornton Place Owner LLC
	  	 Landscaping Contract

3/1/2014
	  	Contract with Lawn Brigade Inc.
	  	Recycle Contract	  	Contract with Shawnee County Refuse Department
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Uffelman Estates	  	 Cable Contract

1/1/2016
	  	Contract between Character Communications and Holiday AL Management Sub, LLC
	  	 Landscaping Contract

3/31/2017
	  	Contract with LandCare LLC
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Clarksville Department of Electricity
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Ventura Place	  	 Cable Contract

7/1/2016
	  	Contract between Suddenlink and NH Ventura Place LLC
	  	 Landscaping Contract

12/13/2016
	  	Contract with GM Landscaping
	  	Trash Contract	  	Contract with Waste Management, Inc.—National

  

			
	Master Multifamily Loan and Security Agreement 	  	Page M-7

					
	 APPLICABLE

PROPERTY
	  	 CONTRACTS
	  	 PARTIES

	Village Gate	  	 Landscaping Contract

4/25/2017
	  	Contract with Advanced Property Maintenance
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
	  	 Utility Contract

6/30/2017
	  	Contract between Direct Energy Business LLC and Holiday AL Management Sub, LLC
			
	Vista De La Montana	  	 Cable Contract

1/1/2016
	  	Contract between Cox Communications and NIC Vista de la Montana Owner LLC
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
			
	Walnut Woods	  	 Landscaping Contract

1/1/2015
	  	Contract with Brook Enterprises
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
	  	 Utility Contract

11/30/2017
	  	Contract between Constellation NewEnergy, Inc. and Harvest Management Sub LLC
			
	The Westmont	  	 Landscaping Contract

1/1/2015
	  	Contract with Dinsmore Landscaping Company
	  	Recycle Contract	  	Contract with Mission Trail Waste Systems
	  	Trash Contract	  	Contract with the City of Santa Clara, California
			
	Whiterock Court	  	 Landscaping Contract

10/1/2016
	  	Contract with Direct Supply
	  	Recycle Contract	  	Contract with Waste Management, Inc.—National
	  	Trash Contract	  	Contract with Waste Management, Inc.—National
	  	 Utility Contract

1/1/2018
	  	Contract between Reliant Energy Retail Services, LLC and Harvest Management Sub LLC

  

			
	Master Multifamily Loan and Security Agreement 	  	Page M-8

 EXHIBIT N 

MATERIAL CONTRACTS 
 NOT
APPLICABLE. 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page N-1

 EXHIBIT O 

BORROWER’S CERTIFICATE OF 

PROPERTY IMPROVEMENT ALTERATIONS COMPLETION 
 THIS
BORROWER’S CERTIFICATE OF PROPERTY IMPROVEMENT ALTERATIONS COMPLETION (“Certificate”) is made as of                     
        , 20    , by                     , a
                     (“Borrower”) for the benefit of
                    , a
                    , and it successors and assigns (collectively, “Lender”). 

In connection with Section 6.09(e)(v)(G) of the Loan Agreement, Borrower certifies to Lender as follows with respect to the Individual Property known as
                    : 
 [INSERT THE
APPLICABLE SECTION (a) AND DELETE THE OTHER:] 
 [USE THE FOLLOWING IF ALL PROPERTY IMPROVEMENT ALTERATIONS THAT WERE COMMENCED HAVE BEEN
COMPLETED] 
  

	(a)	 All Property Improvement Alterations described in the Property Improvement Notice that were commenced have been
completed. The completed Property Improvement Alterations and their completion dates are as follows: 

  

			
	Description of Property Improvement
Alteration Commenced	  	Completion Date
		  	
		  	

 [OR] 
 [USE THE
FOLLOWING IF MINIMUM OCCUPANCY HAS DECREASED BELOW THE MINIMUM OCCUPANCY REQUIREMENT AND NOT ALL THE PROPERTY IMPROVEMENT ALTERATIONS THAT WERE COMMENCED HAD BEEN COMPLETED AT SUCH TIME] 

 

	(a)	 All Property Improvement Alterations described in the Property Improvement Notice that resulted in individual
residential units not being available for leasing that were commenced have been or will be completed in a timely manner. Such Property Improvement Alterations that were commenced and their completion dates and/or, if applicable, anticipated
completion dates, are as follows: 

  

							
	Description of Property Improvement Alteration Commenced	  	Completion Date	  	Anticipated Completion Date	  	Comments
		  		  		  	
		  		  		  	

  

			
	Master Multifamily Loan and Security Agreement 	  	Page O-1

 [FOR ALL LOANS:] 
  

	(b)	 The completed Property Improvement Alterations were completed in a good and workmanlike manner and in
compliance with all laws (including, without limitation, any and all life safety laws, environmental laws, building codes, zoning ordinances and laws for the handicapped and/or disabled) 

 

	©	 Should Borrower intend to contest any claim or claims for labor, materials or other costs, Borrower agrees to
give Lender notice within 30 days of the existence of such claim or claims and certifies to Lender that payment of the full amount which might in any event be payable in order to satisfy such claim or claims will be made. 

[INSERT THE FOLLOWING IF MINIMUM OCCUPANCY HAS DECREASED BELOW THE MINIMUM OCCUPANCY REQUIREMENT] 

 

	(d)	 Any additional Property Improvement Alterations not yet commenced which would cause residential units to be
unavailable for leasing have been suspended. 

  

	
	[BORROWER SIGNATURE]

  

			
	Master Multifamily Loan and Security Agreement 	  	Page O-2

 EXHIBIT P 

INTENDED USE 
  

																																																			
	 Individual
Property
	  	Assisted
Living
Residences
%	 	 	 Independent
Living
Units
%
	  	No. of
Independent
Living Units	 	  	Assisted
Living
Residences
%	 	 	No. of
Assisted
Living
Units	 	  	No. of
Assisted
Living
Beds	 	  	Assisted
Living
Residences
devoted to
Alzheimer’s
care,
dementia
care and/or
memory
care %	 	 	No. of
Assisted
Living
Residences
devoted to
Alzheimer’s
care,
dementia
care and/or
memory
care	 	  	No. of beds
in Assisted
Living
Residences
devoted to
Alzheimer’s
care,
dementia
care and/or
memory
care	 	  	Skilled
Nursing
%	 	 	No. of
Skilled
Nursing
Units	 	  	No. of
Skilled
Nursing
Beds	 	  	Continuing
Care
Retirement
Community
(Y/N)	 
	 Arlington Plaza
	  	 	0	% 	 	100%	  	 	98	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 The Bentley
	  	 	0	% 	 	100%	  	 	119	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Blair House
	  	 	0	% 	 	100%	  	 	111	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Blue Water Lodge
	  	 	0	% 	 	100%	  	 	121	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Briarcrest Estates
	  	 	0	% 	 	100%	  	 	92	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Chateau Ridgeland
	  	 	0	% 	 	100%	  	 	94	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Cherry Laurel
	  	 	0	% 	 	100%	  	 	117	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Colonial Harbor
	  	 	0	% 	 	100%	  	 	120	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Country Squire
	  	 	0	% 	 	100%	  	 	111	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 The Courtyard At Lakewood
	  	 	0	% 	 	100%	  	 	124	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Desoto Beach Club
	  	 	0	% 	 	100%	  	 	117	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Dogwood Estates
	  	 	0	% 	 	100%	  	 	118	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page P-1

																																																			
	 Individual
Property
	  	Assisted
Living
Residences
%	 	 	 Independent
Living
Units
%
	  	No. of
Independent
Living Units	 	  	Assisted
Living
Residences
%	 	 	No. of
Assisted
Living
Units	 	  	No. of
Assisted
Living
Beds	 	  	Assisted
Living
Residences
devoted to
Alzheimer’s
care,
dementia
care and/or
memory
care %	 	 	No. of
Assisted
Living
Residences
devoted to
Alzheimer’s
care,
dementia
care and/or
memory
care	 	  	No. of beds
in Assisted
Living
Residences
devoted to
Alzheimer’s
care,
dementia
care and/or
memory
care	 	  	Skilled
Nursing
%	 	 	No. of
Skilled
Nursing
Units	 	  	No. of
Skilled
Nursing
Beds	 	  	Continuing
Care
Retirement
Community
(Y/N)	 
	 Durham Regent
	  	 	0	% 	 	100%	  	 	123	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 The El Dorado
	  	 	0	% 	 	100%	  	 	104	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Essex House
	  	 	0	% 	 	100%	  	 	118	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Fleming Point
	  	 	0	% 	 	100%	  	 	117	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 The Fountains At Hidden Lakes
	  	 	0	% 	 	100%	  	 	38	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Grasslands Estates
	  	 	0	% 	 	100%	  	 	117	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Greeley Place
	  	 	0	% 	 	100%	  	 	104	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Grizzly Peak
	  	 	0	% 	 	100%	  	 	115	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Hidden Lakes
	  	 	0	% 	 	100%	  	 	135	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Illahee Hills
	  	 	0	% 	 	100%	  	 	109	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Jackson Oaks
	  	 	0	% 	 	100%	  	 	117	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Jordan Oaks
	  	 	0	% 	 	100%	  	 	117	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Lodge At Cold Spring
	  	 	0	% 	 	100%	  	 	112	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Madison Estates
	  	 	0	% 	 	100%	  	 	161	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page P-2

																																																			
	 Individual
Property
	  	Assisted
Living
Residences
%	 	 	 Independent
Living
Units
%
	  	No. of
Independent
Living Units	 	  	Assisted
Living
Residences
%	 	 	No. of
Assisted
Living
Units	 	  	No. of
Assisted
Living
Beds	 	  	Assisted
Living
Residences
devoted to
Alzheimer’s
care,
dementia
care and/or
memory
care %	 	 	No. of
Assisted
Living
Residences
devoted to
Alzheimer’s
care,
dementia
care and/or
memory
care	 	  	No. of beds
in Assisted
Living
Residences
devoted to
Alzheimer’s
care,
dementia
care and/or
memory
care	 	  	Skilled
Nursing
%	 	 	No. of
Skilled
Nursing
Units	 	  	No. of
Skilled
Nursing
Beds	 	  	Continuing
Care
Retirement
Community
(Y/N)	 
	 The Manor At Oakridge
	  	 	0	% 	 	100%	  	 	115	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Maple Downs
	  	 	0	% 	 	100%	  	 	117	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Oakwood Hills
	  	 	0	% 	 	100%	  	 	116	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Orchid Terrace
	  	 	0	% 	 	100%	  	 	117	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Palmer Hills
	  	 	0	% 	 	100%	  	 	106	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Parkwood Estates
	  	 	0	% 	 	100%	  	 	112	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Pinewood Hills
	  	 	0	% 	 	100%	  	 	117	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Pioneer Valley Lodge
	  	 	0	% 	 	100%	  	 	117	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Pueblo Regent
	  	 	0	% 	 	100%	  	 	99	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Regency Residence
	  	 	0	% 	 	100%	  	 	136	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 The Regent
	  	 	0	% 	 	100%	  	 	84	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Rock Creek
	  	 	0	% 	 	100%	  	 	110	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Sheldon Oaks
	  	 	0	% 	 	100%	  	 	112	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Simi Hills
	  	 	0	% 	 	100%	  	 	98	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Sky Peaks
	  	 	0	% 	 	100%	  	 	121	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page P-3

																																																			
	 Individual
Property
	  	Assisted
Living
Residences
%	 	 	 Independent
Living
Units
%
	  	No. of
Independent
Living Units	 	  	Assisted
Living
Residences
%	 	 	No. of
Assisted
Living
Units	 	  	No. of
Assisted
Living
Beds	 	  	Assisted
Living
Residences
devoted to
Alzheimer’s
care,
dementia
care and/or
memory
care %	 	 	No. of
Assisted
Living
Residences
devoted to
Alzheimer’s
care,
dementia
care and/or
memory
care	 	  	No. of beds
in Assisted
Living
Residences
devoted to
Alzheimer’s
care,
dementia
care and/or
memory
care	 	  	Skilled
Nursing
%	 	 	No. of
Skilled
Nursing
Units	 	  	No. of
Skilled
Nursing
Beds	 	  	Continuing
Care
Retirement
Community
(Y/N)	 
	 Stoneybrook Lodge
	  	 	0	% 	 	100%	  	 	122	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Thornton Place
	  	 	0	% 	 	100%	  	 	121	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Uffelman Estates
	  	 	0	% 	 	100%	  	 	110	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Ventura Place
	  	 	0	% 	 	100%	  	 	138	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Village Gate
	  	 	0	% 	 	100%	  	 	165	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Vista De La Montana
	  	 	0	% 	 	100%	  	 	115	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Walnut Woods
	  	 	0	% 	 	100%	  	 	113	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 The Westmont
	  	 	0	% 	 	100%	  	 	137	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 
	 Whiterock Court
	  	 	0	% 	 	100%	  	 	117	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	0	% 	 	 	0	 	  	 	0	 	  	 	N	 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page P-4 

 EXHIBIT Q 

Purpose of Loan 
  

											
	 Name of Individual Property
	  	Assigned
Property
Number	 	  	 Loan Purpose
	  	 Property Seller
or
Membership
Interests Seller (if
Acquisition)
	  	 Entity in which
Membership
Interests are
being
purchased

	 Arlington Plaza
	  	 	502796413	 	  	Refinance	  	N/A	  	N/A
	 The Bentley
	  	 	502795409	 	  	Refinance	  	N/A	  	N/A
	 Blair House
	  	 	502795417	 	  	Refinance	  	N/A	  	N/A
	 Blue Water Lodge
	  	 	502795425	 	  	Refinance	  	N/A	  	N/A
	 Briarcrest Estates
	  	 	502795433	 	  	Refinance	  	N/A	  	N/A
	 Chateau Ridgeland
	  	 	502795441	 	  	Refinance	  	N/A	  	N/A
	 Cherry Laurel
	  	 	502795468	 	  	Refinance	  	N/A	  	N/A
	 Colonial Harbor
	  	 	502795476	 	  	Refinance	  	N/A	  	N/A
	 Country Squire
	  	 	502795484	 	  	Refinance	  	N/A	  	N/A
	 The Courtyard at Lakewood
	  	 	502795492	 	  	Refinance	  	N/A	  	N/A
	 Desoto Beach Club
	  	 	502795506	 	  	Refinance	  	N/A	  	N/A
	 Dogwood Estates
	  	 	502795522	 	  	Refinance	  	N/A	  	N/A
	 Durham Regent
	  	 	502795549	 	  	Refinance	  	N/A	  	N/A
	 The El Dorado
	  	 	502795557	 	  	Refinance	  	N/A	  	N/A
	 Essex House
	  	 	502795611	 	  	Refinance	  	N/A	  	N/A
	 Fleming Point
	  	 	502795654	 	  	Refinance	  	N/A	  	N/A
	 The Fountains at Hidden Lakes
	  	 	502796081	 	  	Refinance	  	N/A	  	N/A
	 Grasslands Estates
	  	 	502795735	 	  	Refinance	  	N/A	  	N/A
	 Greeley Place
	  	 	502795786	 	  	Refinance	  	N/A	  	N/A
	 Grizzly Peak
	  	 	502795603	 	  	Refinance	  	N/A	  	N/A
	 Hidden Lakes
	  	 	502795662	 	  	Refinance	  	N/A	  	N/A
	 Illahee Hills
	  	 	502795697	 	  	Refinance	  	N/A	  	N/A
	 Jackson Oaks
	  	 	502795751	 	  	Refinance	  	N/A	  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page Q-1

											
	 Name of Individual Property
	  	Assigned
Property
Number	 	  	 Loan Purpose
	  	 Property Seller
or
Membership
Interests Seller (if
Acquisition)
	  	 Entity in which
Membership
Interests are
being
purchased

	 Jordan Oaks
	  	 	502795832	 	  	Refinance	  	N/A	  	N/A
	 Lodge at Cold Spring
	  	 	502795859	 	  	Refinance	  	N/A	  	N/A
	 Madison Estates
	  	 	502796103	 	  	Refinance	  	N/A	  	N/A
	 The Manor at Oakridge
	  	 	502796006	 	  	Refinance	  	N/A	  	N/A
	 Maple Downs
	  	 	502796030	 	  	Refinance	  	N/A	  	N/A
	 Oakwood Hills
	  	 	502796057	 	  	Refinance	  	N/A	  	N/A
	 Orchid Terrace
	  	 	502796073	 	  	Refinance	  	N/A	  	N/A
	 Palmer Hills
	  	 	502795824	 	  	Refinance	  	N/A	  	N/A
	 Parkwood Estates
	  	 	502795883	 	  	Refinance	  	N/A	  	N/A
	 Pinewood Hills
	  	 	502795921	 	  	Refinance	  	N/A	  	N/A
	 Pioneer Valley Lodge
	  	 	502795956	 	  	Refinance	  	N/A	  	N/A
	 Pueblo Regent
	  	 	502796049	 	  	Refinance	  	N/A	  	N/A
	 Regency Residence
	  	 	502795948	 	  	Refinance	  	N/A	  	N/A
	 The Regent
	  	 	502795875	 	  	Refinance	  	N/A	  	N/A
	 Rock Creek
	  	 	502795808	 	  	Refinance	  	N/A	  	N/A
	 Sheldon Oaks
	  	 	502795778	 	  	Refinance	  	N/A	  	N/A
	 Simi Hills
	  	 	502795727	 	  	Refinance	  	N/A	  	N/A
	 Sky Peaks
	  	 	502795689	 	  	Refinance	  	N/A	  	N/A
	 Stoneybrook Lodge
	  	 	502795638	 	  	Refinance	  	N/A	  	N/A
	 Thornton Place
	  	 	502795913	 	  	Refinance	  	N/A	  	N/A
	 Uffelman Estates
	  	 	502795867	 	  	Refinance	  	N/A	  	N/A
	 Ventura Place
	  	 	502795840	 	  	Refinance	  	N/A	  	N/A
	 Village Gate
	  	 	502795794	 	  	Refinance	  	N/A	  	N/A
	 Vista de la Montana
	  	 	502795743	 	  	Refinance	  	N/A	  	N/A
	 Walnut Woods
	  	 	502795700	 	  	Refinance	  	N/A	  	N/A
	 The Westmont
	  	 	502795670	 	  	Refinance	  	N/A	  	N/A
	 Whiterock Court
	  	 	502795646	 	  	Refinance	  	N/A	  	N/A

  

			
	Master Multifamily Loan and Security Agreement 	  	Page Q-2 

 EXHIBIT R 

Certain Property-Specific Information 
  

																													
	 Name of

Individual

Property
	  	Assigned
Property
Number	 	  	Borrower
Proof of Loss
Threshold	 	  	Borrower
Proof of Loss
Maximum	 	  	Minimum
Occupancy
(%)	 	 	MMP
Required?
(Y/N)	  	Required
O&M’s
(List or
insert
“none” if
applicable)	  	Monthly
Replacement
Reserve
Deposits	 	  	Repair Reserve
Deposit	 
	 Arlington Plaza
	  	 	502796413	 	  	$	50,000.00	 	  	$	200,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,156	 	  			
	 The Bentley
	  	 	502795409	 	  	$	69,000.00	 	  	$	276,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,719	 	  			
	 Blair House
	  	 	502795417	 	  	$	60,000.00	 	  	$	240,000.00	 	  	 	85	% 	 	N	  	None	  	$	4,301	 	  			
	 Blue Water Lodge
	  	 	502795425	 	  	$	82,000.00	 	  	$	328,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,251	 	  			
	 Briarcrest Estates
	  	 	502795433	 	  	$	56,000.00	 	  	$	224,000.00	 	  	 	85	% 	 	Y	  	None	  	$	2,377	 	  			
	 Chateau Ridgeland
	  	 	502795441	 	  	$	50,000.00	 	  	$	200,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,682	 	  			
	 Cherry Laurel
	  	 	502795468	 	  	$	80,000.00	 	  	$	320,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,370	 	  			
	 Colonial Harbor
	  	 	502795476	 	  	$	82,000.00	 	  	$	328,000.00	 	  	 	85	% 	 	Y	  	AST	  	$	2,500	 	  			
	 Country Squire
	  	 	502795484	 	  	$	62,000.00	 	  	$	248,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,798	 	  			
	 The Courtyard at Lakewood
	  	 	502795492	 	  	$	69,000.00	 	  	$	276,000.00	 	  	 	85	% 	 	N	  	None	  	$	4,499	 	  	$	120,828	 
	 Desoto Beach Club
	  	 	502795506	 	  	$	112,000.00	 	  	$	448,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,773	 	  			
	 Dogwood Estates
	  	 	502795522	 	  	$	79,000.00	 	  	$	316,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,905	 	  			
	 Durham Regent
	  	 	502795549	 	  	$	82,000.00	 	  	$	328,000.00	 	  	 	85	% 	 	Y	  	None	  	$	3,083	 	  	$	71,625	 
	 The El Dorado
	  	 	502795557	 	  	$	50,000.00	 	  	$	200,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,670	 	  			
	 Essex House
	  	 	502795611	 	  	$	80,000.00	 	  	$	320,000.00	 	  	 	85	% 	 	N	  	AST	  	$	2,811	 	  			
	 Fleming Point
	  	 	502795654	 	  	$	112,000.00	 	  	$	448,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,733	 	  			
	 The Fountains at Hidden Lakes
	  	 	502796081	 	  	$	50,000.00	 	  	$	200,000.00	 	  	 	85	% 	 	Y	  	None	  	$	2,213	 	  	$	50,875	 
	 Grasslands Estates
	  	 	502795735	 	  	$	66,000.00	 	  	$	264,000.00	 	  	 	85	% 	 	N	  	None	  	$	4,153	 	  	$	31,250	 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page R-1

																													
	 Name of

Individual

Property
	  	Assigned
Property
Number	 	  	Borrower
Proof of Loss
Threshold	 	  	Borrower
Proof of Loss
Maximum	 	  	Minimum
Occupancy
(%)	 	 	MMP
Required?
(Y/N)	  	Required
O&M’s
(List or
insert
“none” if
applicable)	  	Monthly
Replacement
Reserve
Deposits	 	  	Repair Reserve
Deposit	 
	 Greeley Place
	  	 	502795786	 	  	$	50,000.00	 	  	$	200,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,799	 	  	 	N/A	 
	 Grizzly Peak
	  	 	502795603	 	  	$	84,000.00	 	  	$	336,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,681	 	  	 	N/A	 
	 Hidden Lakes
	  	 	502795662	 	  	$	87,000.00	 	  	$	348,000.00	 	  	 	85	% 	 	Y	  	None	  	$	6,024	 	  	$	35,000	 
	 Illahee Hills
	  	 	502795697	 	  	$	52,000.00	 	  	$	208,000.00	 	  	 	85	% 	 	Y	  	None	  	$	2,611	 	  	 	N/A	 
	 Jackson Oaks
	  	 	502795751	 	  	$	50,000.00	 	  	$	200,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,438	 	  	 	N/A	 
	 Jordan Oaks
	  	 	502795832	 	  	$	100,000.00	 	  	$	400,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,110	 	  	 	N/A	 
	 Lodge at Cold Spring
	  	 	502795859	 	  	$	70,000.00	 	  	$	280,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,780	 	  	$	46,875	 
	 Madison Estates
	  	 	502796103	 	  	$	50,000.00	 	  	$	200,000.00	 	  	 	85	% 	 	N	  	None	  	$	5,538	 	  	 	N/A	 
	 The Manor at Oakridge
	  	 	502796006	 	  	$	76,000.00	 	  	$	304,000.00	 	  	 	85	% 	 	Y	  	None	  	$	3,739	 	  	 	N/A	 
	 Maple Downs
	  	 	502796030	 	  	$	153,000.00	 	  	$	612,000.00	 	  	 	85	% 	 	Y	  	None	  	$	2,974	 	  	 	N/A	 
	 Oakwood Hills
	  	 	502796057	 	  	$	66,000.00	 	  	$	264,000.00	 	  	 	85	% 	 	N	  	None	  	$	4,034	 	  	 	N/A	 
	 Orchid Terrace
	  	 	502796073	 	  	$	120,000.00	 	  	$	480,000.00	 	  	 	85	% 	 	N	  	AST	  	$	3,146	 	  	 	N/A	 
	 Palmer Hills
	  	 	502795824	 	  	$	52,000.00	 	  	$	208,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,434	 	  	 	N/A	 
	 Parkwood Estates
	  	 	502795883	 	  	$	64,000.00	 	  	$	256,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,333	 	  	$	63,463	 
	 Pinewood Hills
	  	 	502795921	 	  	$	75,000.00	 	  	$	300,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,263	 	  	 	N/A	 
	 Pioneer Valley Lodge
	  	 	502795956	 	  	$	50,000.00	 	  	$	200,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,957	 	  	 	N/A	 
	 Pueblo Regent
	  	 	502796049	 	  	$	50,000.00	 	  	$	200,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,136	 	  	 	N/A	 
	 Regency Residence
	  	 	502795948	 	  	$	94,000.00	 	  	$	376,000.00	 	  	 	85	% 	 	N	  	AST	  	$	5,854	 	  	 	N/A	 
	 The Regent
	  	 	502795875	 	  	$	57,000.00	 	  	$	228,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,385	 	  	 	N/A	 
	 Rock Creek
	  	 	502795808	 	  	$	82,000.00	 	  	$	328,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,615	 	  	 	N/A	 
	 Sheldon Oaks
	  	 	502795778	 	  	$	72,000.00	 	  	$	288,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,064	 	  	 	N/A	 
	 Simi Hills
	  	 	502795727	 	  	$	130,000.00	 	  	$	520,000.00	 	  	 	85	% 	 	N	  	AST	  	$	2,042	 	  	 	N/A	 
	 Sky Peaks
	  	 	502795689	 	  	$	95,000.00	 	  	$	380,000.00	 	  	 	85	% 	 	N	  	None	  	$	5,379	 	  	 	N/A	 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page R-2 

																													
	 Name of

Individual

Property
	  	Assigned
Property
Number	 	  	Borrower
Proof of Loss
Threshold	 	  	Borrower
Proof of Loss
Maximum	 	  	Minimum
Occupancy
(%)	 	 	MMP
Required?
(Y/N)	  	Required
O&M’s
(List or
insert
“none” if
applicable)	  	Monthly
Replacement
Reserve
Deposits	 	  	Repair Reserve
Deposit	 
	 Stoneybrook Lodge
	  	 	502795638	 	  	$	129,000.00	 	  	$	516,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,457	 	  	 	N/A	 
	 Thornton Place
	  	 	502795913	 	  	$	56,000.00	 	  	$	224,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,993	 	  	 	N/A	 
	 Uffelman Estates
	  	 	502795867	 	  	$	50,000.00	 	  	$	200,000.00	 	  	 	85	% 	 	Y	  	None	  	$	2,686	 	  	 	N/A	 
	 Ventura Place
	  	 	502795840	 	  	$	71,000.00	 	  	$	284,000.00	 	  	 	85	% 	 	Y	  	None	  	$	3,634	 	  	$	122,500	 
	 Village Gate
	  	 	502795794	 	  	$	119,000.00	 	  	$	476,000.00	 	  	 	85	% 	 	N	  	UST	  	$	4,978	 	  	 

	UST
Remediation
Deposit (TBD
following
completion
of tank
testing)	 
 
 
 
 
 
 
	 Vista de la Montana
	  	 	502795743	 	  	$	62,000.00	 	  	$	248,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,220	 	  	 	N/A	 
	 Walnut Woods
	  	 	502795700	 	  	$	78,000.00	 	  	$	312,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,324	 	  	$	54,375	 
	 The Westmont
	  	 	502795670	 	  	$	129,000.00	 	  	$	516,000.00	 	  	 	85	% 	 	N	  	None	  	$	2,854	 	  	 	N/A	 
	 Whiterock Court
	  	 	502795646	 	  	$	51,000.00	 	  	$	204,000.00	 	  	 	85	% 	 	N	  	None	  	$	3,003	 	  	 	N/A	 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page R-3 

 EXHIBIT S 

Maximum Property Level-LTV 
  

									
	 Name of Individual Property
	  	Assigned
Property
Number	 	  	Maximum
Property-Level
LTV	 
	 Arlington Plaza
	  	 	502796413	 	  	 	72	% 
	 The Bentley
	  	 	502795409	 	  	 	75	% 
	 Blair House
	  	 	502795417	 	  	 	70	% 
	 Blue Water Lodge
	  	 	502795425	 	  	 	78	% 
	 Briarcrest Estates
	  	 	502795433	 	  	 	75	% 
	 Chateau Ridgeland
	  	 	502795441	 	  	 	75	% 
	 Cherry Laurel
	  	 	502795468	 	  	 	75	% 
	 Colonial Harbor
	  	 	502795476	 	  	 	75	% 
	 Country Squire
	  	 	502795484	 	  	 	74	% 
	 The Courtyard at Lakewood
	  	 	502795492	 	  	 	75	% 
	 Desoto Beach Club
	  	 	502795506	 	  	 	75	% 
	 Dogwood Estates
	  	 	502795522	 	  	 	65	% 
	 Durham Regent
	  	 	502795549	 	  	 	75	% 
	 The El Dorado
	  	 	502795557	 	  	 	75	% 
	 Essex House
	  	 	502795611	 	  	 	75	% 
	 Fleming Point
	  	 	502795654	 	  	 	75	% 
	 The Fountains at Hidden Lakes
	  	 	502796081	 	  	 	75	% 
	 Grasslands Estates
	  	 	502795735	 	  	 	75	% 
	 Greeley Place
	  	 	502795786	 	  	 	75	% 
	 Grizzly Peak
	  	 	502795603	 	  	 	73	% 
	 Hidden Lakes
	  	 	502795662	 	  	 	75	% 
	 Illahee Hills
	  	 	502795697	 	  	 	70	% 
	 Jackson Oaks
	  	 	502795751	 	  	 	64	% 
	 Jordan Oaks
	  	 	502795832	 	  	 	75	% 
	 Lodge at Cold Spring
	  	 	502795859	 	  	 	71	% 
	 Madison Estates
	  	 	502796103	 	  	 	75	% 
	 The Manor at Oakridge
	  	 	502796006	 	  	 	75	% 
	 Maple Downs
	  	 	502796030	 	  	 	75	% 
	 Oakwood Hills
	  	 	502796057	 	  	 	75	% 
	 Orchid Terrace
	  	 	502796073	 	  	 	78	% 
	 Palmer Hills
	  	 	502795824	 	  	 	72	% 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page S-1

									
	 Name of Individual Property
	  	Assigned
Property
Number	 	  	Maximum
Property-Level
LTV	 
	 Parkwood Estates
	  	 	502795883	 	  	 	75	% 
	 Pinewood Hills
	  	 	502795921	 	  	 	75	% 
	 Pioneer Valley Lodge
	  	 	502795956	 	  	 	63	% 
	 Pueblo Regent
	  	 	502796049	 	  	 	75	% 
	 Regency Residence
	  	 	502795948	 	  	 	75	% 
	 The Regent
	  	 	502795875	 	  	 	75	% 
	 Rock Creek
	  	 	502795808	 	  	 	71	% 
	 Sheldon Oaks
	  	 	502795778	 	  	 	75	% 
	 Simi Hills
	  	 	502795727	 	  	 	75	% 
	 Sky Peaks
	  	 	502795689	 	  	 	75	% 
	 Stoneybrook Lodge
	  	 	502795638	 	  	 	75	% 
	 Thornton Place
	  	 	502795913	 	  	 	72	% 
	 Uffelman Estates
	  	 	502795867	 	  	 	75	% 
	 Ventura Place
	  	 	502795840	 	  	 	75	% 
	 Village Gate
	  	 	502795794	 	  	 	75	% 
	 Vista de la Montana
	  	 	502795743	 	  	 	75	% 
	 Walnut Woods
	  	 	502795700	 	  	 	75	% 
	 The Westmont
	  	 	502795670	 	  	 	75	% 
	 Whiterock Court
	  	 	502795646	 	  	 	70	% 

  

			
	Master Multifamily Loan and Security Agreement 	  	Page S-2

 EXHIBIT T 

Outstanding Occupancy Authorization 
  

					
	 Name of Individual Property
	  	 Outstanding Occupancy Authorization
	  	Number of Non-Permitted Units
	 Arlington Plaza
	  	An amended planned development approval permitting a total of 98 units.	  	2
			
	 The Bentley
	  	An amended or new certificate of occupancy permitting a total of 119 units.	  	2
			
	 Blair House
	  	An amended planned development approval permitting a total of 111 units.	  	2
			
	 Blue Water Lodge
	  	An amended special land use approval permitting a total of 121 units.	  	2
			
	 Briarcrest Estates
	  	An amended conditional use permit authorizing a total of 92 units.	  	2
			
	 Cherry Laurel
	  	An amended or new certificate of occupancy permitting a total of 117 units.	  	2
			
	 Colonial Harbor
	  	An amended special use permitting a total of 120 units.	  	2
			
	 Country Squire
	  	An amended or new certificate of occupancy permitting a total of 111 units.	  	2
			
	 Essex House
	  	An amended or new certificate of occupancy permitting a total of 117 units.	  	2
			
	 Grasslands Estates
	  	An amended planned unit development approval permitting a total of 117 units.	  	2
			
	 Illahee Hills
	  	An amended planned unit development approval permitting a total of 109 units.	  	2
			
	 Jordan Oaks
	  	An amended zoning approval permitting a total of 117 units.	  	2
			
	 Maple Downs
	  	An amended zoning approval permitting a total of 117 units.	  	2
			
	 Oakwood Hills
	  	An amended zoning approval permitting a total of 116 units.	  	1

  

			
	Master Multifamily Loan and Security Agreement 	  	

					
			
	 Orchid Terrace
	  	An amended conditional use permit permitting a total of 117 units.	  	2
			
	 Simi Hills
	  	An amended conditional use permit permitting a total of 98 units.	  	2
			
	 Stoneybrook Lodge
	  	An amended or new certificate of occupancy permitting a total of 117 units.	  	2
			
	 Thornton Place
	  	An amended planned unit development approval permitting a total of 121 units.	  	2
			
	 Vista De La Montana
	  	An amended zoning approval permitting a total of 115 units.	  	2

  

			
	Master Multifamily Loan and Security AgreementEX-10.2

 Exhibit 10.2 

Freddie Mac Component Loan Numbers: 503001112 & 503001120 

Freddie Mac Loan Numbers - See Schedule 1 
 Property Names
- See Schedule 1 
 CONSOLIDATED, AMENDED AND RESTATED MASTER MULTIFAMILY NOTE 

FLOATING RATE 
 [FOR USE
WITH THE MASTER LOAN AGREEMENT] 
 (Revised 8-15-2018
- modified) 

 

 US $720,000,000.00

 Effective Date: October 10, 2018

 

  
 FOR VALUE RECEIVED, each of the parties set
forth on Schedule 2 attached to and made a part of this Note (each, together with such party’s successors and assigns, an “Individual Borrower”; each Individual Borrower, individually and collectively, jointly, and
severally, together with such party’s or parties’ successors and assigns, “Borrower”) jointly and severally, promises to pay to the order of KEYBANK NATIONAL ASSOCIATION, a national banking association, the
principal sum of $720,000,000.00, with interest on the unpaid principal balance, as hereinafter provided. 
 RECITALS 

 

	A.	 Lender is the owner and holder of those certain promissory notes described on Schedule 4 attached
hereto and made part hereof (the “Existing Notes”). 

  

	B.	 As of the date hereof, the aggregate unpaid principal balance of the Existing Notes is
$625,000,000.00. 

  

	C.	 In connection with the loan (“Loan”) evidenced by this Consolidated, Amended and
Restated Master Multifamily Note –Floating Rate (this “Note”), each Individual Borrower and Lender are entering into a Master Multifamily Loan and Security Agreement – Seniors Housing (as amended, modified or
supplemented from time to time, the “Loan Agreement”). 

  

	D.	 Borrower has requested and Lender has agreed to make certain amendments to the Existing Notes, including
changing the interest rate and the terms of payment and increasing the unpaid principal amount to $720,000,000.00 to evidence an additional advance in the amount of $95,000,000.00 made by Lender to Borrower on the date of this Note. The Existing
Notes are being consolidated, amended and restated in its entirety to reflect these amendments. 

  

			
	Multifamily Note	  	Page 1
	Floating Rate	  	

	E.	 The Loan is secured by multiple mortgages, deeds of trust, deeds to secure debt or other similar security
instruments (as amended, modified or supplemented from time to time, each, a “Security Instrument” and collectively, the “Security Instruments”), each made by one Individual Borrower for the benefit of Lender, and
encumbering the project owned by such Individual Borrower, as identified on Schedule 1 and the other real and personal property included within the definition of “Mortgaged Property” in that Security Instrument (each, an
“Individual Property” and collectively, the “Individual Properties” or “Mortgaged Property”). A percentage of the original principal amount of the Loan is allocated to each of the Individual
Properties as set forth in Schedule 1. 

  

	F.	 Pursuant to the terms and conditions set forth in the Loan Agreement, each Individual Property will serve as
collateral for the Loan and each Individual Borrower will be liable for the payment and performance of the Loan. 

  

	G.	 Each Individual Borrower is an affiliate of each other Individual Borrower and will receive a direct and
material benefit from the making of the Loan to each other Individual Borrower. 

  

	H.	 Each Individual Borrower further acknowledges that the benefits derived by such Individual Borrower by agreeing
to be primarily, jointly, and severally liable with each other Individual Borrower are equivalent to the burdens imposed upon such Individual Borrower and its Individual Property by such agreement, notwithstanding that the Allocated Loan Amount (as
defined below) with respect to each Individual Property may be of differing amounts. 

 AGREEMENT 

 

	1.	 Defined Terms. 

 

	 	(a)	 As used in this Note: 

“Adjustment Factor” means a factor calculated by Lender upon an Index Conversion Event that Lender determines will, when added
to the Alternate Index, cause the Alternate Index to be comparable to the Index being replaced as a result of the Index Conversion Event. In determining the Adjustment Factor, Lender will take into consideration the methods generally accepted by the
commercial real estate finance industry or ISDA for calculating an adjustment factor. The Adjustment Factor may be positive, negative or zero. 

“Adjustment Factor Notice” is defined in Section 3(o) of this Note. 

“Allocated Percentage Amount of Loan” means the percentage of the principal amount of this Note as of the date of this Note
that corresponds to the applicable Individual Properties as set forth on Schedule 1 attached to this Note, as such allocated percentages may be adjusted and as such Schedule 1 may be amended from time to time. 

  

			
	Master Multifamily Note	  	Page 2
	Floating Rate	  	

 “Allocated Loan Amount” means, as to the corresponding applicable
Individual Property set forth on Schedule 1, the portion of the then outstanding principal balance of this Note equal to the outstanding principal balance of this Note multiplied by the corresponding Allocated Percentage Amount of
Loan. 
 “Alternate Index” means an alternate, substitute or successor index to the then-current Index selected by Lender
taking into consideration any alternate, substitute or successor index to the then-current Index that has been selected, endorsed or recommended by the commercial real estate finance industry or ISDA. 

“Alternate Index Page” means the applicable page for the Alternate Index on the service selected by Lender which
electronically transmits or displays rates for the Alternate Index. 
 “Amortization Period” means a period of 360 full
consecutive calendar months. 
 “Applicable Loan Documents” is defined in Section 33(d). 

“Base Recourse” means a portion of the Indebtedness equal to 0% of the original principal balance of this Note. 

“Business Day” means any day other than a Saturday, a Sunday, or any other day on which Lender or the national banking
associations are not open for business. 
 “Capped Interest Rate” is not applicable, there is no Capped Interest Rate for
the Loan. 
 “Default Rate” means a variable annual interest rate equal to 4 percentage points above the Floating Interest
Rate in effect from time to time. However, at no time will the Default Rate exceed the Maximum Interest Rate. 
 “First 10%
Prepayment Amount” means any principal prepayments resulting in an aggregate principal amount of Indebtedness prepaid of less than or equal to $72,000,000.00. 

“First Installment Due Date” means December 1, 2018. 

“First Principal and Interest Installment Due Date” means December 1, 2021. 

“Floating Interest Rate” means the variable annual interest rate calculated for each Interest Adjustment Period so as to
equal the Index Rate for such Interest Adjustment Period (truncated at the 5th decimal place if necessary) plus the Margin. However, in no event will the Floating Interest Rate exceed the Capped
Interest Rate. 
 “Freddie Mac” means the Federal Home Loan Mortgage Corporation, its successors-in-interest and affiliates. 

  

			
	Master Multifamily Note	  	Page 3
	Floating Rate	  	

 “Freddie Mac Multifamily Approved Seller/Servicer” means an institution
approved to sell multifamily mortgages to Freddie Mac. 
 “ICE” means Intercontinental Exchange. 

“Index” means the LIBOR Index or the Alternate Index, as applicable. Until an Index Conversion Event occurs, the Index will
be the LIBOR Index. 
 “Index Conversion Date” is defined in Section 3(o) of this Note. 

“Index Conversion Event” means: 
  

	 	(a)	 the publication of the then-current Index has been either permanently or indefinitely suspended, or

  

	 	(b)	 regardless of the continued existence of the then-current Index, the use of an alternate, substitute or
successor index to the then-current Index in mortgages purchased and/or guaranteed by Freddie Mac is required by (i) any regulator of Freddie Mac, (ii) any governmental entity with authority to direct the actions of Freddie Mac, or
(iii) applicable law, or 

  

	 	(c)	 Lender has determined, in its sole discretion, that the then-current Index must be replaced with the Alternate
Index as a result of one or more of the following event(s): 

  

	 	(i)	 The supervisor of the administrator of the then-current Index has announced in a public statement that
(A) the publication of the then-current Index will be either permanently or indefinitely suspended, (B) there has been or will be a material change in the methodology of calculating the Index, or (C) it no longer recommends the use of
the Index as an index. 

  

	 	(ii)	 Lender has determined that the use of an alternate, substitute or successor index to the then-current Index has
become a generally acceptable market practice in the commercial real estate finance industry regardless of the continued existence of the then-current Index. 

  

	 	(iii)	 ISDA has announced that it will use an alternate, substitute or successor index to the then-current Index
regardless of the continued existence of the then-current Index. 

  

	 	(iv)	 Any (A) regulator of Freddie Mac or (B) governmental entity with authority to direct the actions of
Freddie Mac recommends the use of an alternate, substitute or successor index to the then-current Index in mortgages purchased and/or guaranteed by Freddie Mac regardless of the continued existence of the then-current Index. 

  

			
	Master Multifamily Note	  	Page 4
	Floating Rate	  	

 An Index Conversion Event may occur more than one time during the term of the Loan. Lender
may but is not required to rely on a statement of the supervisor of the administrator of the applicable Index to make its determination that an Index Conversion Event has occurred. 

“Index Conversion Notice” is defined in Section 3(o) of this Note. 

“Index Page” means the LIBOR Index Page or the Alternate Index Page, as applicable. 

“Index Rate” means, as applicable: 
  

	 	(i)	 For each Interest Adjustment Period beginning on the first Interest Adjustment Period until (but not including)
an Index Conversion Date, the rate for the LIBOR Index released most recently preceding the first day of the month in which the Interest Adjustment Period begins, as the LIBOR Index Rate is displayed on the LIBOR Index Page. 

 

	 	(ii)	 For each Interest Adjustment Period beginning on an Index Conversion Date until any subsequent Index Conversion
Date, the rate for the applicable Alternate Index released most recently preceding the first day of such Interest Adjustment Period, as such rate is displayed on the applicable Alternate Index Page, plus the applicable Adjustment Factor.

 If at any time the Index Rate is less than zero, the Index Rate will be deemed to be zero for all purposes of this Note
and the Loan Agreement. 
 “Individual Borrower” is defined in the Recitals. 

“Individual Property” is defined in the Recitals. 

“Installment Due Date” means, for any monthly installment of interest-only or principal and interest, the date on which such
monthly installment is due and payable pursuant to Section 3 of this Note. 
 “Interest Adjustment Period” means each
successive one calendar month period until the entire Indebtedness is paid in full, except that 
  

	 	(a)	 the first Interest Adjustment Period is the period from the date of this Note through October 31, 2018.
Therefore, the second Interest Adjustment Period will be the period from November 1, 2018 through November 30, 2018, and so on until the entire Indebtedness is paid in full. 

 

	 	(b)	 if an Index Conversion Event occurs, the then-current Interest Adjustment Period will end on the date
immediately preceding the Index Conversion Date so that a new Interest Adjustment Period will commence on the Index Conversion Date (whether the Interest Adjustment Period is a one-month period or a
three-month period). 

  

			
	Master Multifamily Note	  	Page 5
	Floating Rate	  	

 “ISDA” means the International Swaps and Derivatives Association. 

“Lender” means the holder from time to time of this Note. 

“LIBOR” means the London Interbank Offered Rate. 

“LIBOR Index” means ICE’s one month LIBOR for United States Dollar deposits, as such index is displayed on the LIBOR
Index Page used to establish the LIBOR Index Rate. 
 “LIBOR Index Rate” means ICE’s rate for the LIBOR Index. 

“LIBOR Index Page” means one of the following, as determined by Lender: 

 

	 	(i)	 Bloomberg L.P., page “BBAM”, or such other page for the LIBOR Index as may replace page BBAM on that
service. 

  

	 	(ii)	 The applicable page for the LIBOR Index on another service which electronically transmits or displays rates for
LIBOR. 

  

	 	(iii)	 Any publication of rates for LIBOR available from ICE. 

 

	 	(iv)	 If ICE ceases to set or publish a LIBOR rate/interest settlement rate, any other publication of rates for LIBOR
that Lender determines is appropriate for calculating the Floating Interest Rate. 

 “Loan” is defined in
the Recitals. 
 “Loan Agreement” is defined in the Recitals. 

“Loan Agreement Severance” is defined in Section 33(a)(i). 

“Lockout Period” means the period from the date of this Note through the day preceding the 6th Installment Due Date under this Note 
 “Margin” means 2.32 percentage
points (232 basis points). 
 “Maturity Date” means the earlier of (i) November 1, 2025
(“Scheduled Maturity Date”) and (ii) the date on which the unpaid principal balance of this Note becomes due and payable by acceleration or otherwise pursuant to the Loan Documents or the exercise by Lender of
any right or remedy under any Loan Document; provided, however, that if the unpaid principal balance of this Note becomes due and payable by acceleration but such acceleration is rendered null and void and of no further force and effect by operation
of law or agreement by Lender, such acceleration will have no effect on the Maturity Date.  
 “Maximum Interest
Rate” means the rate of interest which results in the maximum amount of interest allowed by applicable law. 

  

			
	Master Multifamily Note	  	Page 6
	Floating Rate	  	

 “New Loan Agreement” is defined in Section 33(a)(i). 

“Note Severance” is defined in Section 33(a)(ii). 

“Prepaid Amount” is defined in Section 32(c). 

“Prepayment Bucket” means the First 10% Prepayment Amount or the Second 90% Prepayment Amount. 

“Prepayment Premium Period” means the period during which, if a prepayment of principal occurs other than the First 10%
Prepayment Amount, a prepayment premium will be payable by Borrower to Lender. The Prepayment Premium Period is the period from and including the date of this Note until but not including the first day of the Window Period. 

“Released Property” is defined in Section 32(c). 

“Remaining Amortization Period” means, at any point in time, the number of consecutive calendar months equal to the number of
months in the Amortization Period minus the number of scheduled monthly installments of principal and interest that have elapsed since the date of this Note. 

“Second 90% Prepayment Amount” means any principal prepayments made after prepayment in full of the First 10% Prepayment
Amount. 
 “Security Instrument” is defined in the Recitals. 

“Severed Property” and “Severed Properties” are defined in Section 33(a)(i). 

“Window Period” means the 3 consecutive calendar month period prior to the Scheduled Maturity Date. If the first day of the
Window Period falls on a day which is not a Business Day, then with respect to payments made under Section 10 or Section 11, the “Window Period” will begin on the Business Day immediately preceding the scheduled first day of the
Window Period. 
  

	 	(b)	 Other capitalized terms used but not defined in this Note will have the meanings given to such terms in the
Loan Agreement. 

  

	2.	 Address for Payment. All payments due under this Note will be payable at 11501 Outlook Street,
Suite 300, Overland Park, Kansas 66211, Mailcode: KS-01-11-0501, or such other place as may be designated by Notice to Borrower
from or on behalf of Lender. 

  

	3.	 Payments. 

  

	 	(a)	 Interest will accrue on the outstanding principal balance of this Note at the Floating Interest Rate, subject
to the provisions of Section 8 of this Note. 

  

			
	Master Multifamily Note	  	Page 7
	Floating Rate	  	

	 	(b)	 Interest under this Note will be computed, payable and allocated on the basis of an actual/360 interest
calculation schedule (interest is payable for the actual number of days in each month, and each month’s interest is calculated by multiplying the unpaid principal amount of this Note as of the first day of the month for which interest is being
calculated by the applicable Floating Interest Rate, dividing the product by 360, and multiplying the quotient by the number of days in the month for which interest is being calculated). For convenience in determining the amount of a monthly
installment of principal and interest under this Note, Lender will use a 30/360 interest calculation payment schedule (each year is treated as consisting of twelve 30-day months). However, as provided above,
the portion of the monthly installment actually payable as and allocated to interest will be based upon an actual/360 interest calculation schedule, and the amount of each installment attributable to principal and the amount attributable to interest
will vary based upon the number of days in the month for which such installment is paid. Each monthly payment of principal and interest will first be applied to pay in full interest due, and the balance of the monthly payment paid by Borrower will
be credited to principal. 

  

	 	(c)	 Unless disbursement of principal is made by Lender to Borrower on the first day of a calendar month, interest
for the period beginning on the date of disbursement and ending on and including the last day of such calendar month will be payable by Borrower simultaneously with the execution of this Note. If disbursement of principal is made by Lender to
Borrower on the first day of a calendar month, then no payment will be due from Borrower at the time of the execution of this Note. The Installment Due Date for the first monthly installment payment under Section 3(d) of interest-only or
principal and interest, as applicable, will be the First Installment Due Date set forth in Section 1(a) of this Note. Except as provided in this Section 3(c) and Section 10, accrued interest will be payable in arrears.

  

					
	 (d)
	  	(i)	  	Beginning on the First Installment Due Date, and continuing until and including the Installment Due Date immediately prior to the First Principal and Interest Installment Due Date, accrued interest-only will be payable by Borrower
in consecutive monthly installments due and payable on the first day of each calendar month. The amount of the monthly installment of interest-only payable pursuant to this Section 3(d)(i) on an Installment Due Date will equal the product of
(A) annual interest on the unpaid principal balance of this Note as of the first day of the Interest Adjustment Period immediately preceding the Installment Due Date at the Floating Interest Rate in effect for such Interest Adjustment Period,
divided by 360, multiplied by (B) the number of days in such Interest Adjustment Period.
			
		  	(ii)	  	Beginning on the First Principal and Interest Installment Due Date, and continuing until and including the monthly installment due on the Maturity Date, principal and accrued interest will be payable by Borrower in consecutive
monthly installments due and payable on the first day of each calendar month. The amount of the monthly installment of principal and interest payable pursuant to this Section 3(d)(ii) on an Installment Due Date will be calculated so as to equal
the monthly payment amount which would

  

			
	Master Multifamily Note	  	Page 8
	Floating Rate	  	

	 	
be payable on the Installment Due Date as if the unpaid principal balance of this Note as of the first day of the Interest Adjustment Period immediately preceding the Installment Due Date was to
be fully amortized, together with interest thereon at the Floating Interest Rate in effect for such Interest Adjustment Period, in equal consecutive monthly payments paid on the first day of each calendar month over the Remaining Amortization
Period. 

  

	 	(d)	 Reserved. 

  

	 	(e)	 Reserved. 

  

	 	(f)	 Reserved. 

  

	 	(g)	 All remaining Indebtedness, including all principal and interest, will be due and payable by Borrower on the
Maturity Date. 

  

	 	(h)	 Lender will provide Borrower with Notice, given in the manner specified in the Loan Agreement, of the amount of
each monthly installment due under this Note. However, if Lender has not provided Borrower with prior Notice of the monthly payment due on any Installment Due Date, then Borrower will pay on that Installment Due Date an amount equal to the monthly
installment payment for which Borrower last received Notice. If Lender at any time determines that Borrower has paid one or more monthly installments in an incorrect amount because of the operation of the preceding sentence, or because Lender has
miscalculated the Floating Interest Rate or has otherwise miscalculated the amount of any monthly installment, then Lender will give Notice to Borrower of such determination. If such determination discloses that Borrower has paid less than the full
amount due for the period for which the determination was made, Borrower, within 30 calendar days after receipt of the Notice from Lender, will pay to Lender the full amount of the deficiency. If such determination discloses that Borrower has paid
more than the full amount due for the period for which the determination was made, then the amount of the overpayment will be credited to the next installment(s) of interest only or principal and interest, as applicable, due under this Note (or, if
an Event of Default has occurred and is continuing, such overpayment will be credited against any amount owing by Borrower to Lender). 

  

	 	(i)	 All payments under this Note must be made in immediately available U.S. funds. 

 

	 	(j)	 Any regularly scheduled monthly installment of interest only or principal and interest payable pursuant to this
Section 3 that is received by Lender before the date it is due will be deemed to have been received on the due date for the purpose of calculating interest due. 

 

	 	(k)	 Any accrued interest remaining past due for 30 days or more, at Lender’s discretion, may be added to and
become part of the unpaid principal balance of this Note and any reference to “accrued interest” will refer to accrued interest which has not become part of the unpaid principal balance. Any amount added to principal pursuant to the Loan
Documents will bear interest at the applicable rate or rates specified in this Note and will be payable with such interest upon demand by Lender and absent such demand, as provided in this Note for the payment of principal and interest.

  

			
	Master Multifamily Note	  	Page 9
	Floating Rate	  	

	 	(l)	 In accordance with Section 16, interest charged under this Note cannot exceed the Maximum Interest Rate.
If the Floating Interest Rate at any time exceeds the Maximum Interest Rate, resulting in the charging of interest hereunder to be limited to the Maximum Interest Rate, then any subsequent reduction in the Floating Interest Rate will not reduce the
rate at which interest under this Note accrues below the Maximum Interest Rate until the total amount of interest accrued hereunder equals the amount of interest which would have accrued had the Floating Interest Rate at all times been in effect.

  

	 	(m)	 Reserved. 

  

	 	(n)	 If an Index Conversion Event occurs: 

 

	 	(i)	 Lender will notify Borrower in writing of the Alternate Index, the Alternate Index Page, and the Index
Conversion Date (as defined below) (“Index Conversion Notice”) within 3 Business Days after an Index Conversion Event. Lender will notify Borrower in writing of the Adjustment Factor (“Adjustment Factor Notice”)
before the first Installment Due Date following the Index Conversion Date.  

  

	 	(ii)	 Beginning on the date specified in the Index Conversion Notice (“Index Conversion Date”),
interest will accrue at the Floating Interest Rate calculated using the Alternate Index, the Alternate Index Page and the Adjustment Factor specified in the applicable Index Conversion Notice and Adjustment Factor Notice, without the necessity of
any amendment or other modification of this Note. 

  

	 	(iii)	 The designation or determination by Lender of an Index Conversion Event, the Index Conversion Date, the
Alternate Index, the Alternate Index Page, and the Adjustment Factor will be conclusive. If Freddie Mac is the Lender, such designation or determination will be in Lender’s sole discretion. If Lender is not Freddie Mac, such designation or
determination will be made at, and in accordance with, the written direction of Freddie Mac which will be given in Freddie Mac’s sole discretion. 

  

	 	(iv)	 Lender will determine and designate the Alternate Index, the Alternate Index Page, and the Adjustment Factor
only if an Index Conversion Event occurs, and will not re-determine or re-designate another Alternate Index, the Alternate Index Page, or Adjustment Factor unless a
subsequent Index Conversion Event occurs. 

  

			
	Master Multifamily Note	  	Page 10
	Floating Rate	  	

	4.	 Application of Partial Payments. If at any time Lender receives, from Borrower or otherwise, any amount
applicable to the Indebtedness which is less than all amounts due and payable at such time, Lender may apply the amount received to amounts then due and payable in any manner and in any order determined by Lender, in Lender’s discretion.
Borrower agrees that neither Lender’s acceptance of a payment from Borrower in an amount that is less than all amounts then due and payable nor Lender’s application of such payment will constitute or be deemed to constitute either a waiver
of the unpaid amounts or an accord and satisfaction. 

  

	5.	 Security. The Indebtedness is secured by, among other things, the Security Instruments, and reference is
made to the Security Instruments and the Loan Agreement for other rights with respect to collateral for the Indebtedness. 

  

	6.	 Acceleration. If an Event of Default has occurred and is continuing, the entire unpaid principal
balance, any accrued interest, any prepayment premium payable under Section 10, and all other amounts payable under this Note and any other Loan Document, will at once become due and payable, at the option of Lender, without any prior Notice to
Borrower (except if notice is required by applicable law, then after such notice). Lender may exercise this option to accelerate regardless of any prior forbearance. For purposes of exercising such option, Lender will calculate the prepayment
premium as if prepayment occurred on the date of acceleration. If prepayment occurs thereafter, Lender will recalculate the prepayment premium as of the actual prepayment date. 

 

	7.	 Late Charge. 

  

	 	(a)	 If any monthly installment of interest or principal and interest or other amount payable under this Note or
under the Loan Agreement or any other Loan Document is not received in full by Lender within 10 days after the installment or other amount is due, counting from and including the date such installment or other amount is due (unless applicable law
requires a longer period of time before a late charge may be imposed, in which event such longer period will be substituted), Borrower must pay to Lender, immediately and without demand by Lender, a late charge equal to 5% of such installment or
other amount due (unless applicable law requires a lesser amount be charged, in which event such lesser amount will be substituted). If the Loan is not fully amortizing, the late charge will not be due on the final payment of principal owed on the
Maturity Date if such payment is not timely made. 

  

	 	(b)	 Borrower acknowledges that its failure to make timely payments will cause Lender to incur additional expenses
in servicing and processing the Loan and that it is extremely difficult and impractical to determine those additional expenses. Borrower agrees that the late charge payable pursuant to this Section represents a fair and reasonable estimate,
taking into account all circumstances existing on the date of this Note, of the additional expenses Lender will incur by reason of such late payment. The late charge is payable in addition to, and not in lieu of, any interest payable at the Default
Rate pursuant to Section 8. 

  

			
	Master Multifamily Note	  	Page 11
	Floating Rate	  	

	8.	 Default Rate. 

 

	 	(a)	 So long as (i) any monthly installment under this Note remains past due for 30 days or more or
(ii) any other Event of Default has occurred and is continuing, then notwithstanding anything in Section 3 of this Note to the contrary, interest under this Note will accrue on the unpaid principal balance from the Installment Due Date of
the first such unpaid monthly installment or the occurrence of such other Event of Default, as applicable, at the Default Rate. 

  

	 	(b)	 From and after the Maturity Date, the unpaid principal balance will continue to bear interest at the Default
Rate until and including the date on which the entire principal balance is paid in full. 

  

	 	(c)	 Borrower acknowledges that (i) its failure to make timely payments will cause Lender to incur additional
expenses in servicing and processing the Loan, (ii) during the time that any monthly installment under this Note is delinquent for 30 days or more, Lender will incur additional costs and expenses arising from its loss of the use of the money
due and from the adverse impact on Lender’s ability to meet its other obligations and to take advantage of other investment opportunities, and (iii) it is extremely difficult and impractical to determine those additional costs and
expenses. Borrower also acknowledges that, during the time that any monthly installment under this Note is delinquent for 30 days or more or any other Event of Default has occurred and is continuing, Lender’s risk of nonpayment of this Note
will be materially increased and Lender is entitled to be compensated for such increased risk. Borrower agrees that the increase in the rate of interest payable under this Note to the Default Rate represents a fair and reasonable estimate, taking
into account all circumstances existing on the date of this Note, of the additional costs and expenses Lender will incur by reason of the Borrower’s delinquent payment and the additional compensation Lender is entitled to receive for the
increased risks of nonpayment associated with a delinquent loan. 

  

	9.	 Limits on Personal Liability. 

 

	 	(a)	 Except as otherwise provided in this Section 9, none of Borrower, SPE Equity Owner, or any member or
limited partner of Borrower will have any personal liability under this Note, the Loan Agreement or any other Loan Document for the repayment of the Indebtedness or for the performance of or compliance with any other obligations of Borrower under
the Loan Documents and Lender’s only recourse for the satisfaction of the Indebtedness and the performance of such obligations will be Lender’s exercise of its rights and remedies with respect to the Mortgaged Property and to any other
collateral held by Lender as security for the Indebtedness. This limitation on Borrower’s liability will not limit or impair Lender’s enforcement of its rights against any Guarantor of the Indebtedness or any Guarantor of any other
obligations of Borrower. 

  

	 	(b)	 Borrower will be personally liable to Lender for the amount of the Base Recourse, plus any other amounts for
which Borrower has personal liability under this Section 9. 

  

			
	Master Multifamily Note	  	Page 12
	Floating Rate	  	

	 	(c)	 In addition to the Base Recourse, Borrower will be personally liable to Lender for the repayment of a further
portion of the Indebtedness equal to any loss or damage suffered by Lender as a result of the occurrence of any of the following events: 

  

	 	(i)	 Borrower fails to pay to Lender upon demand after an Event of Default all Rents to which Lender is entitled
under Section 3 of any Security Instrument and the amount of all security deposits collected by Borrower from tenants then in residence. However, Borrower will not be personally liable for any failure described in this Section 9(c)(i) if
Borrower is unable to pay to Lender all Rents and security deposits as required by any Security Instrument because of a valid order issued in, or an automatic stay applicable because of, a bankruptcy, receivership, or similar judicial proceeding.

  

	 	(ii)	 Borrower fails to apply all Insurance proceeds and Condemnation proceeds as required by the Loan Agreement.
However, Borrower will not be personally liable for any failure described in this Section 9(c)(ii) if Borrower is unable to apply Insurance or Condemnation proceeds as required by the Loan Agreement because of a valid order issued in, or an
automatic stay applicable because of, a bankruptcy, receivership, or similar judicial proceeding. 

  

	 	(iii)	 Either of the following occurs: 

 

	 	(A)	 Borrower fails to deliver the statements, schedules and reports required by Section 6.07 of the Loan
Agreement and Lender exercises its right to audit those statements, schedules and reports. 

  

	 	(B)	 If an Event of Default has occurred and is continuing, Borrower fails to deliver all books and records relating
to any Individual Property or its operation in accordance with the provisions of Section 6.07 of the Loan Agreement. 

  

	 	(iv)	 Borrower fails to pay when due in accordance with the terms of the Loan Agreement the amount of any item
below marked “Deferred”; provided however, that if no item is marked “Deferred”, this Section 9(c)(iv) will be of no force or effect. 

 

			
	[Deferred]	  	Property Insurance premiums or other Insurance premiums
	[Collect]	  	Taxes or payments in lieu of taxes (PILOT)
	[Deferred]	  	water and sewer charges (that could become a lien on the Mortgaged Property)
	[Deferred]	  	Ground Rents
	[Deferred]	  	assessments or other charges (that could become a lien on the Mortgaged Property), including home owner association dues

  

			
	Master Multifamily Note	  	Page 13
	Floating Rate	  	

	 	(v)	 Borrower engages in any willful act of material waste of the Mortgaged Property. 

 

	 	(vi)	 Borrower fails to comply with any provision of Section 6.13(a)(iii) through (xxvi) of the Loan
Agreement or any SPE Equity Owner fails to comply with any provision of Section 6.13(b)(iii) through (v) of the Loan Agreement (subject to possible full recourse liability as set forth in Section 9(f)(ii)). 

 

	 	(vii)	 Any of the following Transfers occurs: 

 

	 	(A)	 Any Person that is not an Affiliate creates a mechanic’s lien or other involuntary lien or encumbrance
against any Individual Property and Borrower has not complied with the provisions of the Loan Agreement. 

  

	 	(B)	 A Transfer of property by devise, descent or operation of law occurs upon the death of a natural person and
such Transfer does not meet the requirements set forth in the Loan Agreement. 

  

	 	(C)	 Borrower grants an easement that does not meet the requirements set forth in the Loan Agreement.

  

	 	(D)	 Borrower executes a Lease that does not meet the requirements set forth in the Loan Agreement.

  

	 	(viii)	 Reserved. 

  

	 	(ix)	 through (xviii) are Reserved. 

 

	 	(xix)	 Borrower fails to complete any Property Improvement Alterations that have been commenced in accordance with
Section 6.09(e)(v) of the Loan Agreement. 

  

	 	(xx)	 Reserved. 

  

	 	(xxi)	 Borrower or any officer, director, partner, member or employee of Borrower makes an unintentional written
material misrepresentation in connection with (1) the application for or creation of the Indebtedness, (2) on-going financial or other reporting requirements or information required by the Loan
Documents, or (3) any action or consent of Lender; provided that the assumption will be that any written material misrepresentation was intentional and the burden of proof will be on Borrower to prove that there was no intent.

  

	 	(xxii)	 through (xxvi) are Reserved. 

  

			
	Master Multifamily Note	  	Page 14
	Floating Rate	  	

	 	(d)	 In addition to the Base Recourse, Borrower will be personally liable to Lender for all of the following:

  

	 	(i)	 Borrower will be personally liable for the performance of all of Borrower’s obligations under
Sections 6.12 and 10.02(b) of the Loan Agreement (relating to environmental matters). 

  

	 	(ii)	 Borrower will be personally liable for the costs of any audit under Section 6.07 of the Loan Agreement.

  

	 	(iii)	 Borrower will be personally liable for any costs and expenses incurred by Lender in connection with the
collection of any amount for which Borrower is personally liable under this Section 9, including Attorneys’ Fees and Costs and the costs of conducting any independent audit of Borrower’s books and records to determine the amount for
which Borrower has personal liability. 

  

	 	(iv)	 through (viii) are Reserved. 

 

	 	(ix)	 Borrower will be personally liable for any fees, costs, or expenses incurred by Lender in connection with
Borrower’s termination of any agreement for the provision of services to or in connection with any Individual Property, including cable, internet, garbage collection, landscaping, security, and cleaning. 

 

	 	(x)	 Reserved. 

  

	 	(xi)	 Reserved. 

  

	 	(e)	 All payments made by Borrower with respect to the Indebtedness and all amounts received by Lender from the
enforcement of its rights under the Loan Agreement and the other Loan Documents will be applied first to the portion of the Indebtedness for which Borrower has no personal liability. 

 

	 	(f)	 Notwithstanding the Base Recourse, Borrower will become personally liable to Lender for the repayment of all of
the Indebtedness upon the occurrence of any of the following Events of Default: 

  

	 	(i)	 Borrower fails to comply with Section 6.13(a)(i) or (ii) of the Loan Agreement or any SPE Equity
Owner fails to comply with Section 6.13(b)(i) or (ii) of the Loan Agreement. 

  

	 	(ii)	 Borrower fails to comply with any provision of Section 6.13(a)(iii) through (xxvi) of the Loan
Agreement or any SPE Equity Owner fails to comply with any provision of Section 6.13(b)(iii) through (v) of the Loan Agreement and a court of competent jurisdiction holds or determines that such failure or combination of failures is the
basis, in whole or in part, for the substantive consolidation of the assets and liabilities of Borrower or any SPE Equity Owner with the assets and liabilities of a debtor pursuant to Title 11 of the Bankruptcy Code. 

  

			
	Master Multifamily Note	  	Page 15
	Floating Rate	  	

	 	(iii)	 A Transfer that is an Event of Default under Section 7.02 of the Loan Agreement occurs other than a
Transfer set forth in Section 9(c)(vii) above (for which Borrower will have personal liability for Lender’s loss or damage); provided, however, that Borrower will not have any personal liability for a Transfer consisting solely of the
involuntary removal or involuntary withdrawal of a general partner in a limited partnership or a manager in a limited liability company. 

  

	 	(iv)	 There was fraud or intentional written material misrepresentation by Borrower or any officer, director,
partner, member, or employee of Borrower in connection with (1) the application for or creation of the Indebtedness, (2) on-going financial or other reporting requirements or information required by
the Loan Documents, or (3) any action or consent of Lender. 

  

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

  

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

  

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

 

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

  

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

 

	 	(x)	 through (xiii) are Reserved. 

  

			
	Master Multifamily Note	  	Page 16
	Floating Rate	  	

	 	(xiv)	 Borrower, any Guarantor, or any SPE Equity Owner fails to comply with any request of Lender in connection with
any Loan Agreement Severance or Note Severance with respect to any Individual Property under Section 33 of this Note or Section 11.22 of the Loan Agreement, in each case in accordance with the terms thereof. 

 

	 	(g)	 For purposes of Sections 9(f) and (h), the term “Related Party” will include all of the
following: 

  

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

 

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

  

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

  

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

  

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

  

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

  

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

  

	 	(h)	 If Borrower, any Guarantor, any SPE Equity Owner, or any Related Party has solicited creditors to initiate or
participate in any proceeding referred to in Section 9(f), regardless of whether any of the creditors solicited actually initiates or participates in the proceeding, then such proceeding will be considered as having been initiated by a Related
Party. 

  

	 	(i)	 To the extent that Borrower has personal liability under this Section 9, Lender may, to the fullest extent
permitted by applicable law, exercise its rights against Borrower personally without regard to whether Lender has exercised any rights against any Individual Property or any other security, or pursued any rights against any Guarantor, or pursued any
other rights available to Lender under this Note, the Loan Agreement, any other Loan Document, or applicable law. To the fullest extent permitted by applicable law, in any action to enforce Borrower’s personal liability under this
Section 9, Borrower waives any right to set off the value of any Individual Property against such personal liability. 

  

			
	Master Multifamily Note	  	Page 17
	Floating Rate	  	

	10.	 Voluntary and Involuntary Prepayments. 

 

	 	(a)	 Any receipt by Lender of principal due under this Note prior to the Maturity Date, other than principal
required to be paid in monthly installments pursuant to Section 3, constitutes a prepayment of principal under this Note. Without limiting the foregoing, any application by Lender, prior to the Maturity Date, of any proceeds of collateral or
other security to the repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment under this Note. 

  

	 	(b)	 Borrower may not voluntarily prepay any portion of the principal balance of this Note during the Lockout
Period; provided, however, any prepayment that is a part of the First 10% Prepayment Amount and any prepayment occurring as a result of the application of any Insurance proceeds or Condemnation award under the Loan Agreement will be permitted during
the Lockout Period. However, if any portion of the principal balance of this Note is prepaid during the Lockout Period by reason of the application by Lender of any proceeds of collateral or other security to any portion of the unpaid principal
balance of this Note or following a determination that the prohibition on voluntary prepayments during the Lockout Period is in contravention of applicable law, then Borrower must also pay to Lender upon demand by Lender, a prepayment premium equal
to 5% of the amount of principal being prepaid. 

  

	 	(c)	 Following the end of the Lockout Period, Borrower may voluntarily prepay all or any portion (solely in
connection with a release of an Individual Property permitted under the Loan Documents) of the unpaid principal balance of this Note on an Installment Due Date so long as Borrower designates the date for such prepayment in a Notice
from Borrower to Lender given at least 30 days prior to the date of such prepayment. If an Installment Due Date (as defined in Section 1(a)) falls on a day which is not a Business Day, then with respect to payments made under this
Section 10 only, (A) the term “Installment Due Date” will mean the Business Day immediately preceding the scheduled Installment Due Date and (B) the calculation of any required prepayment premium will be made as if the
prepayment had actually been made on the scheduled Installment Due Date. 

  

	 	(d)	 Following the end of the Lockout Period, notwithstanding Section 10(c), if a voluntary prepayment is
permitted, Borrower may voluntarily prepay all or any portion (solely in connection with a release of an Individual Property permitted under the Loan Documents) of the unpaid principal balance of this Note on a Business Day other than an Installment
Due Date if Borrower provides Lender with the Notice set forth in Section 10(c) and meets the other requirements set forth in this Section 10(d). Borrower acknowledges that Lender has agreed that Borrower may prepay principal on a Business
Day other than an Installment Due Date only because Lender will deem any prepayment received by Lender on any day other than an Installment Due Date to have been received on the Installment Due Date

  

			
	Master Multifamily Note	  	Page 18
	Floating Rate	  	

	 	
immediately following such prepayment and Borrower must pay to Lender all interest and any required prepayment premium that would have been due if the prepayment had actually been made on the
Installment Due Date immediately following such prepayment. 

  

	 	(e)	 Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less than all of
the unpaid principal balance of this Note. In order to voluntarily prepay all or any part of the principal of this Note, Borrower must also pay to Lender, together with the amount of principal being prepaid, (i) all accrued and unpaid interest
due under this Note, plus (ii) all other sums due to Lender at the time of such prepayment pursuant to the Loan Agreement and the other Loan Documents, plus (iii) any applicable prepayment premium calculated pursuant to Section 10(f).

  

	 	(f)	 Except as provided in Section 10(g), a prepayment premium will be due and payable by Borrower in
connection with any prepayment of principal under this Note during the Prepayment Premium Period. The prepayment premium will be calculated as follows: 

  

	 	(i)	 First 10% Prepayment Amount. No prepayment premium will be due in connection with any prepayment of the
First 10% Prepayment Amount, which prepayments of the First 10% Prepayment Amount may be made during the Lockout Period. 

  

	 	(ii)	 Second 90% Prepayment Amount. The prepayment premium will be 1.0% of the amount of principal being
prepaid for any prepayment of the Second 90% Prepayment Amount occurring after the Lockout Period and during the Prepayment Premium Period. 

For the avoidance of doubt, if a portion of a prepayment is in one Prepayment Bucket and the remaining portion is in another Prepayment Bucket,
Lender will apply the applicable prepayment premium to each portion in accordance with the applicable Prepayment Bucket. (For example, if Borrower makes a prepayment of principal in the amount of $10,000,000 and $6,000,000 is part of the First 10%
Prepayment Amount and $4,000,000 is part of the Second 90% Prepayment Amount, no prepayment premium will be due and payable with respect to $6,000,000 and a 1% prepayment premium will be due and payable with respect to $4,000,000.) 

 

	 	(g)	 Notwithstanding any other provision of this Section 10, no prepayment premium will be payable with respect
to any of the following: 

  

	 	(i)	 Any prepayment made during the Window Period. 

 

	 	(ii)	 Any prepayment occurring as a result of the application of any Insurance proceeds or Condemnation award.

  

			
	Master Multifamily Note	  	Page 19
	Floating Rate	  	

	 	(iii)	 Any prepayment required under the terms of the Loan Agreement in connection with a Condemnation proceeding.

  

	 	(iv)	 Any prepayment of the entire principal balance of this Note that occurs on or after the 12th Installment Due Date under this Note with the proceeds of a fixed interest rate mortgage loan to the existing Borrower, which will be used to refinance this Loan and that is the
subject of a binding commitment for purchase between Freddie Mac and a Freddie Mac Multifamily Approved Seller/Servicer.  

  

	 	(v)	 Any prepayment of the First 10% Prepayment Amount. 

 

	 	(h)	 Unless Lender agrees otherwise in writing, a permitted or required prepayment of less than the unpaid principal
balance of this Note (other than a prepayment in connection with a release of an Individual Property permitted under the Loan Documents) will not extend or postpone the due date of any subsequent monthly installments or change the amount of such
installments. Notwithstanding the foregoing, in the event that an Individual Property listed on Schedule 1 is released pursuant to the Loan Agreement, at the time of such release, Borrower and Lender will execute an amendment to this
Note to update Schedule 1 to reflect the new Allocated Percentage Amount of Loan and Allocated Loan Amount for each Remaining Property (as defined in the Loan Agreement). Such amendment must be acknowledged by all Guarantors.

  

	 	(i)	 Borrower recognizes that any prepayment of any of the unpaid principal balance of this Note, whether voluntary
or involuntary or resulting from an Event of Default by Borrower, will result in Lender’s incurring loss, including reinvestment loss, additional expense and frustration or impairment of Lender’s ability to meet its commitments to third
parties. Borrower agrees to pay to Lender upon demand damages for the detriment caused by any prepayment, and agrees that it is extremely difficult and impractical to ascertain the extent of such damages. Borrower therefore acknowledges and agrees
that the formula for calculating prepayment premiums set forth in this Note represents a reasonable estimate of the damages Lender will incur because of a prepayment. Borrower further acknowledges that any lockout and prepayment premium provisions
of this Note are a material part of the consideration for the Loan, and that the terms of this Note are in other respects more favorable to Borrower as a result of the Borrower’s voluntary agreement to the lockout and prepayment premium
provisions. 

  

	 	(j)	 Reserved. 

  

	 	(k)	 Reserved. 

  

	 	(l)	 Reserved. 

  

	11.	 Reserved. 

  

	12.	 Reserved. 

  

			
	Master Multifamily Note	  	Page 20
	Floating Rate	  	

	13.	 Costs and Expenses. To the fullest extent allowed by applicable law, Borrower must pay all expenses and
costs, including Attorneys’ Fees and Costs incurred by Lender as a result of any default under this Note or in connection with efforts to collect any amount due under this Note, or to enforce the provisions of any of the other Loan Documents,
including those incurred in post-judgment collection efforts and in any bankruptcy proceeding (including any action for relief from the automatic stay of any bankruptcy proceeding) or judicial or non-judicial
foreclosure proceeding. Borrower acknowledges and agrees that, in connection with each request by Borrower under this Note or any Loan Document, Borrower must pay all reasonable Attorneys’ Fees and Costs and expenses incurred by Lender,
including any fees charged by the Rating Agencies (if applicable), regardless of whether the matter is approved, denied or withdrawn. 

  

	14.	 Forbearance. Any forbearance by Lender in exercising any right or remedy under this Note, the Loan
Agreement, or any other Loan Document, or otherwise afforded by applicable law, will not be a waiver of or preclude the exercise of that or any other right or remedy. The acceptance by Lender of any payment after the due date of such payment, or in
an amount which is less than the required payment, will not be a waiver of Lender’s right to require prompt payment when due of all other payments or to exercise any right or remedy with respect to any failure to make prompt payment.
Enforcement by Lender of any security for Borrower’s obligations under this Note will not constitute an election by Lender of remedies so as to preclude the exercise of any other right or remedy available to Lender. 

 

	15.	 Waivers. Borrower and all endorsers and Guarantors of this Note and all other third party obligors waive
presentment, demand, notice of dishonor, protest, notice of acceleration, notice of intent to demand or accelerate payment or maturity, presentment for payment, notice of nonpayment, grace, and diligence in collecting the Indebtedness.

  

	16.	 Loan Charges. Neither this Note nor any of the other Loan Documents will be construed to create a
contract for the use, forbearance, or detention of money requiring payment of interest at a rate greater than the Maximum Interest Rate. If any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower
in connection with the Loan is interpreted so that any interest or other charge provided for in any Loan Document, whether considered separately or together with other charges provided for in any other Loan Document, violates that law, and Borrower
is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The amounts, if any, previously paid to Lender in excess of the permitted amounts will be applied by Lender to
reduce the unpaid principal balance of this Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower has been violated, all Indebtedness that constitutes
interest, as well as all other charges made in connection with the Indebtedness that constitute interest, will be deemed to be allocated and spread ratably over the stated term of this Note. Unless otherwise required by applicable law, such
allocation and spreading will be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of this Note. 

  

			
	Master Multifamily Note	  	Page 21
	Floating Rate	  	

	17.	 Commercial Purpose. Borrower represents that Borrower is incurring the Indebtedness solely for the
purpose of carrying on a business or commercial enterprise, and not for personal, family, household, or agricultural purposes. 

  

	18.	 Counting of Days. Any reference in this Note to a period of “days” means calendar days, not
Business Days, except where otherwise specifically provided. 

  

	19.	 Governing Law. This Note will be governed by the laws of the Commonwealth of Virginia.

  

	20.	 Captions. The captions of the Sections of this Note are for convenience only and will be
disregarded in construing this Note. 

  

	21.	 Notices; Written Modifications.  

 

	 	(a)	 All Notices, demands, and other communications required or permitted to be given pursuant to this Note will be
given in accordance with Section 11.03 of the Loan Agreement. 

  

	 	(b)	 Any modification or amendment to this Note will be ineffective unless in writing and signed by the party sought
to be charged with such modification or amendment; provided, however, in the event of a Transfer under the terms of the Loan Agreement that requires Lender’s consent, any or some or all of the Modifications to Multifamily Note set forth in
Exhibit A to this Note may be modified or rendered void by Lender at Lender’s option, by Notice to Borrower and the transferee, as a condition of Lender’s consent. 

 

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

 

	23.	 WAIVER OF TRIAL BY JURY. BORROWER AND LENDER EACH (a) AGREES NOT TO ELECT A TRIAL BY
JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER THAT IS TRIABLE OF RIGHT BY A JURY AND (b) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT
ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 

 

	24.	 State-Specific Provisions. None. 

  

			
	Master Multifamily Note	  	Page 22
	Floating Rate	  	

	25.	 Attached Riders. The following Riders are attached to this Note: 

Rider to the Multifamily Note – Recycled Borrower and/or Recycled SPE Equity Owner 

Rider to the Multifamily Note – Seniors Housing 

Rider to the Multifamily Note – Primary Access By Easement or Private Road 

Rider to the Multifamily Note – Shared Amenities, Management Office, or Other Shared Facilities 

Rider to the Multifamily Note – Legal Non-Conforming Property 

Rider to the Multifamily Note – Ground Lease Mortgage 

Rider to the Multifamily Note – Units without Certificate of Occupancy With Outstanding Occupancy Authorization

  

	26.	 Attached Schedules and Exhibits. The following Schedules and Exhibits, if marked with an “X”
in the space provided, are attached to this Note: 

  

	 	|X|	 Schedule 1      Loan Allocation Information 

 

	 	|X|	 Schedule 2      Individual Borrowers and Individual Properties

  

	 	|X|	 Schedule 3     Primary Access Easement and Shared Amenities

  

	 	|X|	 Schedule 4     The Existing Notes 

 

	 	|X|	 Exhibit A Modifications to Multifamily Note  

 

	27.	 Reserved. 

  

	28.	 Reserved. 

  

	29.	 Reserved. 

  

	30.	 Reserved. 

  

	31.	 Reserved. 

  

	32.	 Partial Prepayments in Connection with a Release. 

 

	 	(a)	 Pursuant to the terms of the Security Instruments and the Loan Agreement, the Mortgaged Property secures the
Loan. 

  

	 	(b)	 Reserved. 

  

			
	Master Multifamily Note	  	Page 23
	Floating Rate	  	

	 	(c)	 If (X) a release occurs with respect to an Individual Property securing this Loan, (the “Released
Property”) pursuant to Section 7.10 of the Loan Agreement, (Y) the Released Property is released during the Prepayment Premium Period set forth in this Note, and (Z) the applicable Allocated Loan Amount with respect to such
Released Property, together with accrued and unpaid interest on such Allocated Loan Amount or portion thereof (the “Prepaid Amount”) and any prepayment premium payable on such Prepaid Amount pursuant to this Note is paid in full,
then the following provisions will apply. 

  

	 	(i)	 Reserved. 

  

	 	(ii)	 Reserved. 

  

	 	(iii)	 Reserved. 

  

	 	(iv)	 Following any release described in this Section 32, to the extent applicable, Borrower and Lender will
execute an amendment to this Note to update Schedule 1 to reflect, with respect to each Remaining Property, the new Allocated Percentage Amount of Loan and Allocated Loan Amount. 

 

	 	(v)	 Reserved. 

  

	33.	 Lender’s Rights of Severance. 

 

	 	(a)	 At any time and from time to time and for any reason, without the consent of Borrower, without incurring
liability to Borrower, and without impairing or releasing Borrower’s liability for all or any part of the Indebtedness, Lender has the right to take the following actions: 

 

	 	(i)	 Lender may elect to sever the Loan Agreement into two or more separate agreements (a “Loan Agreement
Severance”) (if the Loan Agreement is severed with respect to any Individual Property and replaced with a new loan agreement with respect to such Individual Property, such Individual Property will be referred to individually, as a
“Severed Property” and collectively, as the “Severed Properties”, and such new loan agreement will be referred to as a “New Loan Agreement”) and record among the applicable land records an amendment
to each applicable Security Instrument in connection with Lender’s election to sever the Loan Agreement with respect to the Severed Properties. 

  

	 	(ii)	 Lender may sever (“Note Severance”) this Note into two or more separate promissory
notes, in such denominations as Lender shall determine in its sole and absolute discretion, which promissory notes may be included in separate sales or Securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine
the interest rate and amortization schedule; provided however, each of the following will be true: 

 (A) Reserved. 

  

			
	Master Multifamily Note	  	Page 24
	Floating Rate	  	

	 	(B)	 If Lender elects to sever this Note and Lender redefines the interest rate, then the weighted average of the
margins contained in the severed promissory notes taken in the aggregate will equal the Margin. 

  

	 	(C)	 If Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the
aggregate will require no more amortization to be paid under the loans evidenced by the severed promissory notes or the Loan than as was required under this Note at the time such action was taken by Lender and such redefined amortization will not
result in a change in the amount of the monthly payment due under this Note. 

  

	 	(D)	 No other material economic term of the Loan will be amended or modified. 

Notwithstanding the foregoing, if Lender requires a Note Severance and/or Loan Agreement Severance after the occurrence and during the
continuance of an Event of Default, Lender in its discretion may change the Allocated Loan Amount among the Individual Properties provided that the sum of the Allocated Loan Amount with respect to all Individual Properties remains the same. 

 

	 	(b)	 Borrower agrees to cooperate with all requests of Lender to accomplish any Loan Agreement Severance and/or Note
Severance required under this Section 33. Without limiting the generality of the foregoing, Borrower must, subject to the terms of this Section, execute and deliver to Lender, promptly after the request of Lender, an agreement to sever the Loan
Agreement, a New Loan Agreement, a severance or splitter agreement with respect to this Note, any other associated severed/split documents for the Severed Property and such other documents as Lender requires in Lender’s Discretion in order to
effect the Loan Agreement Severance and/or Note Severance, all in form and substance acceptable to Lender in Lender’s Discretion. 

  

	 	(c)	 Borrower hereby irrevocably appoints Lender its
attorney-in-fact with full power of substitution (which appointment will be deemed to be coupled with an interest and irrevocable until the Loan is paid in full and the
applicable Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney may do by virtue of such power) to make and execute all documents necessary or desirable to effect the Loan Agreement Severance and/or
Note Severance; provided, however, Lender will not make or execute any such documents under such power until 10 Business Days after Lender has given Borrower Notice of Lender’s intent to exercise its rights under such power.

  

			
	Master Multifamily Note	  	Page 25
	Floating Rate	  	

	 	(d)	 Each severed promissory note, and the loan evidenced by each severed promissory note, will be upon all of the
terms and provisions contained in the applicable Loan Agreement or New Loan Agreement and the Loan Documents or applicable severed loan documents (collectively with the applicable Loan Agreement or New Loan Agreement, the “Applicable Loan
Documents”), which Applicable Loan Documents will continue in full force and effect with respect to such loan, except that (1) Lender may allocate specific collateral given for the Loan as security for performance of specific
promissory notes, in each case with or without cross-default or cross-collateralization provisions, all as determined by Lender in its sole and absolute discretion and (2) in the event of any Loan Agreement Severance, the Severed Property will
be the only Individual Property securing the corresponding severed promissory note unless Lender elects to additionally secure such severed promissory note with other collateral then currently securing the Loan, in each case with or without
cross-default or cross-collateralization provisions, all as determined by Lender in its sole and absolute discretion. 

  

	 	(e)	 Following any Note Severance, the term “Lender” will be deemed to refer collectively to the holder(s)
of each of the severed promissory notes. 

  

	 	(f)	 Reserved. 

  

	 	(g)	 Except as set forth below, Borrower will not be obligated to pay any costs or expenses incurred in connection
with the preparation, execution, recording or filing of any documents in connection with any Loan Agreement Severance or Note Severance, and Lender will reimburse Borrower for all costs reasonably incurred by Borrower in connection with actions
taken by Borrower pursuant to Lender’s request under the terms of this Section. Notwithstanding the foregoing, Borrower will be liable for all such costs and expenses and any other costs or expenses of Lender in connection with any Loan
Agreement Severance or Note Severance upon the occurrence of an Event of Default or an event or condition that, with the giving of Notice or the passage of time, or both, would become an Event of Default. 

 

	 	(h)	 Borrower’s failure to deliver any of the documents requested by Lender under this Section within
10 Business Days after Notice of such request by Lender will, at Lender’s option, constitute an Event of Default. 

 IN WITNESS
WHEREOF, and in consideration of the Lender’s agreement to lend Borrower the principal amount set forth above, Borrower has signed and delivered this Note under seal or has caused this Note to be signed and delivered under seal by its duly
authorized representative. Borrower intends that this Note will be deemed to be signed and delivered as a sealed instrument. 
  

					
	BORROWER:
	
	NIC 12 ARLINGTON PLAZA OWNER LLC
	NIC 13 THE BENTLEY OWNER LLC
	NIC 12 BLAIR HOUSE OWNER LLC
	NIC 12 BLUE WATER LODGE OWNER LLC
	NIC 12 BRIARCREST ESTATES OWNER LLC
	NIC 12 CHATEAU RIDGELAND OWNER LLC
	NIC 12 CHERRY LAUREL OWNER LLC
	NIC 12 COLONIAL HARBOR OWNER LLC
	NIC 12 COUNTRY SQUIRE OWNER LLC
	NIC 12 COURTYARD AT LAKEWOOD OWNER LLC
	NIC 12 DESOTO BEACH CLUB OWNER LLC
	NIC 13 DOGWOOD ESTATES OWNER LLC
	NIC 12 EL DORADO OWNER LLC
	NIC 12 ESSEX HOUSE OWNER LLC
	NIC 12 FLEMING POINT OWNER LLC
	NIC 13 FOUNTAINS AT HIDDEN LAKES OWNER LLC
	NIC 12 GRASSLANDS ESTATES OWNER LLC
	NIC 12 GREELEY PLACE OWNER LLC
	NIC 12 GRIZZLY PEAK OWNER LLC
	NIC 13 HIDDEN LAKES OWNER LLC
	NIC 13 ILLAHEE HILLS OWNER LLC
	NIC 12 JACKSON OAKS OWNER LLC
	NIC 13 LODGE AT COLD SPRING OWNER LLC
	NIC 13 MADISON ESTATES OWNER LLC
	NIC 13 MANOR AT OAKRIDGE OWNER LLC
	NIC 12 MAPLE DOWNS OWNER LLC
	NIC 13 OAKWOOD HILLS OWNER LLC
	NIC 13 ORCHID TERRACE OWNER LLC
	NIC 13 PALMER HILLS OWNER LLC
	NIC 12 PARKWOOD ESTATES OWNER LLC
	NIC 13 PINEWOOD HILLS OWNER LLC
	NIC 12 PIONEER VALLEY LODGE OWNER LLC
	NIC 13 PUEBLO REGENT OWNER LLC
	NIC 12 REGENCY RESIDENCE OWNER LLC 
	NIC 13 THE REGENT OWNER LLC
	NIC 13 ROCK CREEK OWNER LLC
	NIC 13 SHELDON OAKS OWNER LLC
	NIC 12 SIMI HILLS OWNER LLC
	NIC 13 SKY PEAKS OWNER LLC
	NIC 12 STONEYBROOK LODGE OWNER LLC
	NIC 13 THORNTON PLACE OWNER LLC
	NIC 13 UFFELMAN ESTATES OWNER LLC
	NIC 12 VENTURA PLACE OWNER LLC
	NIC 13 VILLAGE GATE OWNER LLC
	NIC 13 VISTA DE LA MONTANA OWNER LLC
	NIC 13 WALNUT WOODS OWNER LLC
	NIC 13 THE WESTMONT OWNER LLC
	NIC 13 WHITEROCK COURT OWNER LLC
		
		 	, each a Delaware limited liability company
		
	By:	 	 /s/ Ivy Hernandez

		 	Name:	 	Ivy Hernandez
		 	Title:	 	Vice-President

  
  

							
	 NIC 13 DURHAM REGENT OWNER LP,

a Delaware limited partnership

		
	By:	 	 NIC 13 Durham Regent Owner GP LLC, a Delaware limited liability company,

its general partner

			
		 	By:	 	/s/ Ivy Hernandez
		 	Name:	 	Ivy Hernandez
		 	Title:	 	Vice President

  
  

					
	 NIC 13 JORDAN OAKS OWNER LP

a Delaware limited partnership

		
	By:	 	 NIC 13 Jordan Oaks Owner GP LLC, a Delaware limited liability company,

its general partner

			
		 	By:	 	/s/ Ivy Hernandez
		 	Name:	 	Ivy Hernandez
		 	Title:	 	Vice President

  

			
	Master Multifamily Note	  	Page 26
	Floating Rate	  	

 RIDER TO MULTIFAMILY NOTE 

RECYCLED BORROWER AND/OR RECYCLED SPE EQUITY OWNER 

(Revised 3-1-2014) 

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

 

	A.	 Section 9(c)(ix) is restated as follows: 

 

	 	(ix)	 Any of the Underwriting Representations or Separateness Representations set forth in Sections 5.40(a) and
(b) or, Sections 5.41(a) and (b), Sections 5.42(a) and (b) or Sections 5.43(a) and
(b) of the Loan Agreement are false or misleading in any material respect. 

  

			
	Rider to Master Multifamily Note	  	Page 1
	Recycled Borrower and/or Recycled SPE Equity Owner	  	

 RIDER TO MULTIFAMILY NOTE 

PRIMARY ACCESS BY EASEMENT OR PRIVATE ROAD 

[FOR USE WITH THE MASTER LOAN AGREEMENT] 

(Revised 8-1-2018) 

This rider applies solely to the following Individual Property or Individual Properties: 

LODGE AT COLD SPRING 
 MADISON ESTATES 

ROCK CREEK 
 SIMI HILLS 

VISTA DE LA MONTANA 
 WHITEROCK COURT 

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

	A.	 Section 9(c)(xi) is restated as follows: 

 

	 	(xi)	 Either of the following occurs: 

 

	 	(A)	 Any party takes, or threatens to take, any action to deny ingress to or egress from the Land, from or to the
publicly dedicated and maintained rights-of-way known as described on Schedule 3 attached hereto through the easements established under the easement
agreements dated _______________and recorded at Book______, Page _______ in the records of_______ County, _________, as amended described on Schedule 3 attached hereto (whether one or more,
the “Access Easement”). 

  

	 	(B)	 Any dispute or controversy arises under or with respect to the Access Easement. 

  

			
	Rider to Master Multifamily Note	  	Page 1
	Primary Access by Easement or Private Road	  	

 RIDER TO MULTIFAMILY NOTE 

SHARED AMENITIES, MANAGEMENT OFFICE, OR OTHER SHARED FACILITIES 

[FOR USE WITH THE MASTER LOAN AGREEMENT] 

(Revised 8-1-2018) 

This rider applies solely to the following Individual Property or Individual Properties: 

HIDDEN LAKES 
 FOUNTAINS AT HIDDEN LAKES 

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

	A.	 Section 9(c)(xii) is restated as follows: 

 

	 	(xii)	 Either of the following occurs: 

 

	 	(A)	 The Mortgaged Property ceases to have full access to and/or the use of any of the Shared Facilities, which
Shared Facilities (listed below) are shared pursuant to the ____________________ dated _______________and recorded at Book______, Page _______ in the records of_______ County, _________, as amended the agreements more
particularly described on Schedule 3 attached hereto (whether one or more, the “Shared Facilities Agreement”). 

 

	 	(B)	 Any dispute or controversy arises under or with respect to the Shared Facilities Agreement. The “Shared
Facilities” consist of the following: the amenities more particularly described on Schedule 3 attached hereto. 

  

			
	Rider to Master Multifamily Note	  	Page 1
	Shared Amenities, Management Office, or Other Shared Facilities	  	

 RIDER TO MULTIFAMILY NOTE 

LEGAL NON-CONFORMING PROPERTY 

(Revised 9-4-2015) 

This rider applies solely to the following Individual Property or Individual Properties: 

ARLINGTON PLAZA 
 BLAIR HOUSE 

BRIARCREST ESTATES 
 CHATEAU RIDGELAND 

THE COURTYARD AT LAKEWOOD 
 DOGWOOD ESTATES 

DURHAM REGENT 
 ESSEX HOUSE 

THE FOUNTAINS AT HIDDEN LAKES 
 GREELEY PLACE 

HIDDEN LAKES 
 JACKSON OAKS 

LODGE AT COLD SPRING 
 MADISON ESTATES 

THE MANOR AT OAKRIDGE 
 MAPLE DOWNS 

OAKWOOD HILLS 
 PALMER HILLS 

PUEBLO REGENT 
 REGENCY RESIDENCE 

THE REGENT 
 SHELDON OAKS 

SKY PEAKS 
 STONEYBROOK LODGE 

UFFELMAN ESTATES 
 VILLAGE GATE 

WALNUT WOODS 
 The following changes are made to the Note
which precedes this Rider: 
  

	A.	 Section 9(c)(x) is deleted and replaced with the following: 

 

	 	(x)	 A casualty occurs affecting the Mortgaged Property and which results in loss or damage to Lender because of
either of the following: 

  

			
	Rider to Master Multifamily Note	  	Page 1
	Legal Non-Conforming Property	  	

	 	(A)	 (1) the Mortgaged Property is legally non-conforming under the
applicable zoning laws, ordinances and/or regulations in the Property Jurisdiction (“Zoning Code”), (2) the affected Improvements cannot be rebuilt to their pre-casualty condition under the
terms of the Zoning Code, and (3) the Property Insurance proceeds available to Lender under the terms of the Loan Agreement are insufficient to repay the Indebtedness in full. 

 

	 	(B)	 Borrower fails to commence and diligently pursue completion of any Restoration within the time frame required
by the Zoning Code and any permits issued pursuant to the Zoning Code which are necessary to allow the Restoration to the pre-casualty condition described in Section 9(c)(x)(A)(2). 

  

			
	Rider to Master Multifamily Note	  	Page 2
	Legal Non-Conforming Property	  	

 RIDER TO MULTIFAMILY NOTE 

SENIORS HOUSING 
 [FOR
USE WITH THE SENIORS HOUSING MASTER LOAN AGREEMENT] 
 (Revised
8-1-2018) 
 The following changes are made to the Note
which precedes this Rider: 
  

	A.	 Sections 9(c)(xvi) and (xvii) are deleted and replaced with the following: 

 

	 	(xvi)	 Borrower fails to cause the renewal, continuation, extension or maintenance of all
(a) Licenses required to legally operate the Mortgaged each Individual Property as a seniors housing Facility, and (b) except as provided in
Section 4.03(j) of the Loan Agreement, any and all other licenses, permits, certificates, approvals and authorizations necessary to use and operate each Individual Property for its Intended Use (as defined in the
Loan Agreement). 

  

	 	(xvii)	 Borrower fails upon an Event of Default to cooperate, or Borrower otherwise intentional interferes with,
hinders or delays Lender (or its nominee or designee), in connection with the timely and orderly transfer of any and all Licenses. 

  

			
	Rider to Master Multifamily Note	  	Page 1
	Seniors Housing	  	

 RIDER TO MULTIFAMILY NOTE 

GROUND LEASE MORTGAGE 

(Revised 3-1-2014) 

This rider applies solely to the following Individual Property or Individual Properties: 

THE WESTMONT 
 LODGE AT COLD SPRING 

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

	A.	 Section 9(f)(x) 9(c)(xxiv)is deleted and replaced with the following:

  

	 	(x xxiv)	 Borrower fails to comply with the provisions of any of the following Sections of the Loan Agreement:

  

	 	(I A)	 Section 6.19(d) [Covenants to Protect Leasehold Estate]. 

 

	 	(ii)	 Section 6.19(e)(ii) and (iii) [Ground Lessee’s Bankruptcy]. 

 

	 	(iii)	 Section 6.19(f)(i) [Ground Lessor’s Bankruptcy].

  

	 	(iv)	 Section 6.19(g) [Option to Renew or Extend Ground
Lease]. 

  

	B.	 Reserved. 

  

	C.	 Section 9(d)(iv) is deleted and replaced with the following: 

 

	 	(iv)	 Borrower will be personally liable for any payments made by Lender to cure a Ground Lessee Default pursuant to
the Loan Agreement. 

  

			
	Rider to Multifamily Note	  	Page 1
	Ground Lease Mortgage	  	

 RIDER TO MULTIFAMILY NOTE 

UNITS WITHOUT CERTIFICATE OF OCCUPANCY WITH OUTSTANDING OCCUPANCY AUTHORIZATION 

(Revised 3-1-2014) 

This rider applies solely to the following Individual Property or Individual Properties: 

ARLINGTON PLAZA 
 THE BENTLEY 

BLAIR HOUSE 
 BLUE WATER LODGE 

BRIARCREST ESTATES 
 CHERRY LAUREL 

COLONIAL HARBOR 
 COUNTRY SQUIRE 

ESSEX HOUSE 
 GRASSLANDS ESTATES 

ILLAHEE HILLS 
 JORDAN OAKS 

MAPLE DOWNS 
 OAKWOOD HILLS 

ORCHID TERRACE 
 SIMI HILLS 

STONEYBROOK LODGE 
 THORNTON PLACE 

VISTA DE LA MONTANA 
 The following changes are made to
the Note which precedes this Rider: 
  

	A.	 Section 9(d)(iv) is restated as follows: 

 

	 	(iv)	 Borrower will be personally liable for any loss, damage, cost, or expense incurred by Lender arising from or
relating to any residential use of a Non-Permitted Unit, whether occurring before or after the Non-Permitted Unit Turnover Date. 

  

			
	Rider to Multifamily Note	  	Page 1
	Units Without Certificate of Outstanding Occupancy Authorization	  	

 SCHEDULE 1 

LOAN ALLOCATION INFORMATION 
  

													
	 Property
	  	Allocated Loan
Amount	 	  	Allocated
Percentage
Amount of Loan	 	 	Property-Level
Loan Number	 
	 Arlington Plaza
	  	$	7,135,000.00	 	  	 	0.99	% 	 	 	502796413	 
	 The Bentley
	  	$	13,725,000.00	 	  	 	1.91	% 	 	 	502795409	 
	 Blair House
	  	$	11,914,000.00	 	  	 	1.65	% 	 	 	502795417	 
	 Blue Water Lodge
	  	$	16,400,000.00	 	  	 	2.28	% 	 	 	502795417	 
	 Briarcrest Estates
	  	$	11,287,000.00	 	  	 	1.57	% 	 	 	502795433	 
	 Chateau Ridgeland
	  	$	7,492,000.00	 	  	 	1.04	% 	 	 	502795441	 
	 Cherry Laurel
	  	$	12,750,000.00	 	  	 	1.77	% 	 	 	502795468	 
	 Colonial Harbor
	  	$	16,389,000.00	 	  	 	2.28	% 	 	 	502795476	 
	 Country Squire
	  	$	12,467,000.00	 	  	 	1.73	% 	 	 	502795484	 
	 The Courtyard at Lakewood
	  	$	13,875,000.00	 	  	 	1.93	% 	 	 	502795492	 
	 Desoto Beach Club
	  	$	17,925,000.00	 	  	 	2.49	% 	 	 	502795506	 
	 Dogwood Estates
	  	$	15,779,000.00	 	  	 	2.19	% 	 	 	502795522	 
	 Durham Regent
	  	$	16,425,000.00	 	  	 	2.28	% 	 	 	502795549	 
	 The El Dorado
	  	$	7,350,000.00	 	  	 	1.02	% 	 	 	502795557	 
	 Essex House
	  	$	16,050,000.00	 	  	 	2.23	% 	 	 	502795611	 
	 Fleming Point
	  	$	19,875,000.00	 	  	 	2.76	% 	 	 	502795654	 
	 The Fountains at Hidden Lakes
	  	$	9,750,000.00	 	  	 	1.35	% 	 	 	502796081	 
	 Grasslands Estates
	  	$	13,237,000.00	 	  	 	1.84	% 	 	 	502795735	 
	 Greeley Place
	  	$	9,000,000.00	 	  	 	1.25	% 	 	 	502795786	 
	 Grizzly Peak
	  	$	16,717,000.00	 	  	 	2.32	% 	 	 	502795603	 
	 Hidden Lakes
	  	$	17,325,000.00	 	  	 	2.41	% 	 	 	502795662	 
	 Illahee Hills
	  	$	10,464,000.00	 	  	 	1.45	% 	 	 	502795697	 
	 Jackson Oaks
	  	$	6,450,000.00	 	  	 	0.90	% 	 	 	502795751	 
	 Jordan Oaks
	  	$	19,950,000.00	 	  	 	2.77	% 	 	 	502795832	 
	 Lodge at Cold Spring
	  	$	14,039,000.00	 	  	 	1.95	% 	 	 	502795859	 
	 Madison Estates
	  	$	9,262,000.00	 	  	 	1.29	% 	 	 	502796103	 
	 The Manor at Oakridge
	  	$	15,150,000.00	 	  	 	2.10	% 	 	 	502796006	 
	 Maple Downs
	  	$	20,850,000.00	 	  	 	2.90	% 	 	 	502796030	 
	 Oakwood Hills
	  	$	13,275,000.00	 	  	 	1.84	% 	 	 	502796057	 
	 Orchid Terrace
	  	$	23,929,000.00	 	  	 	3.32	% 	 	 	502796073	 
	 Palmer Hills
	  	$	10,367,000.00	 	  	 	1.44	% 	 	 	502795824	 
	 Parkwood Estates
	  	$	12,787,000.00	 	  	 	1.78	% 	 	 	502795883	 
	 Pinewood Hills
	  	$	15,000,000.00	 	  	 	2.08	% 	 	 	502795921	 
	 Pioneer Valley Lodge
	  	$	5,908,000.00	 	  	 	0.82	% 	 	 	502795956	 
	 Pueblo Regent
	  	$	9,225,000.00	 	  	 	1.28	% 	 	 	502796049	 
	 Regency Residence
	  	$	15,075,000.00	 	  	 	2.09	% 	 	 	502795948	 
	 The Regent
	  	$	11,325,000.00	 	  	 	1.57	% 	 	 	502795875	 

  

			
	Master Multifamily Note	  	Schedule 1, Page 1
	Floating Rate	  	

													
	 Property
	  	Allocated Loan
Amount	 	  	Allocated
Percentage
Amount of Loan	 	 	Property-Level
Loan Number	 
	 Rock Creek
	  	$	16,427,000.00	 	  	 	2.28	% 	 	 	502795808	 
	 Sheldon Oaks
	  	$	14,325,000.00	 	  	 	1.99	% 	 	 	502795778	 
	 Simi Hills
	  	$	26,025,000.00	 	  	 	3.61	% 	 	 	502795727	 
	 Sky Peaks
	  	$	18,900,000.00	 	  	 	2.63	% 	 	 	502795689	 
	 Stoneybrook Lodge
	  	$	25,875,000.00	 	  	 	3.59	% 	 	 	502795638	 
	 Thornton Place
	  	$	11,111,000.00	 	  	 	1.54	% 	 	 	502795913	 
	 Uffelman Estates
	  	$	9,600,000.00	 	  	 	1.33	% 	 	 	502795913	 
	 Ventura Place
	  	$	14,100,000.00	 	  	 	1.96	% 	 	 	502795840	 
	 Village Gate
	  	$	23,700,000.00	 	  	 	3.29	% 	 	 	502795794	 
	 Vista de la Montana
	  	$	12,450,000.00	 	  	 	1.73	% 	 	 	502795743	 
	 Walnut Woods
	  	$	15,600,000.00	 	  	 	2.17	% 	 	 	502795700	 
	 The Westmont
	  	$	25,725,000.00	 	  	 	3.57	% 	 	 	502795670	 
	 Whiterock Court
	  	$	10,239,000.00	 	  	 	1.42	% 	 	 	502795646	 

 As of October 10, 2018 

  

			
	Master Multifamily Note	  	Schedule 1, Page 2
	Floating Rate	  	

 SCHEDULE 2 

INDIVIDUAL BORROWERS AND INDIVIDUAL PROPERTIES 
  

			
	 Individual Borrowers
	  	 Name of Individual Property

	NIC 12 Arlington Plaza Owner LLC	  	Arlington Plaza
		
	NIC 13 The Bentley Owner LLC	  	The Bentley
		
	NIC 12 Blair House Owner LLC	  	Blair House
		
	NIC 12 Blue Water Lodge Owner LLC	  	Blue Water Lodge
		
	NIC 12 Briarcrest Estates Owner LLC	  	Briarcrest Estates
		
	NIC 12 Chateau Ridgeland Owner LLC	  	Chateau Ridgeland
		
	NIC 12 Cherry Laurel Owner LLC	  	Cherry Laurel
		
	NIC 12 Colonial Harbor Owner LLC	  	Colonial Harbor
		
	NIC 12 Country Squire Owner LLC	  	Country Squire
		
	NIC 12 Courtyard at Lakewood Owner LLC	  	The Courtyard at Lakewood
		
	NIC 12 Desoto Beach Club Owner LLC	  	Desoto Beach Club
		
	NIC 13 Dogwood Estates Owner LLC	  	Dogwood Estates
		
	NIC 13 Durham Regent Owner LP	  	Durham Regent
		
	NIC 12 El Dorado Owner LLC	  	The El Dorado
		
	NIC 12 Essex House Owner LLC	  	Essex House
		
	NIC 12 Fleming Point Owner LLC	  	Fleming Point
		
	NIC 13 Fountains at Hidden Lakes Owner LLC	  	The Fountains at Hidden Lakes
		
	NIC 12 Grasslands Estates Owner LLC	  	Grasslands Estates
		
	NIC 12 Greeley Place Owner LLC	  	Greeley Place
		
	NIC 12 Grizzly Peak Owner LLC	  	Grizzly Peak
		
	NIC 13 Hidden Lakes Owner LLC	  	Hidden Lakes
		
	NIC 13 Illahee Hills Owner LLC	  	Illahee Hills
		
	NIC 12 Jackson Oaks Owner LLC	  	Jackson Oaks
		
	NIC 13 Jordan Oaks Owner LP	  	Jordan Oaks
		
	NIC 13 Lodge at Cold Spring Owner LLC	  	Lodge at Cold Spring
		
	NIC 13 Madison Estates Owner LLC	  	Madison Estates
		
	NIC 13 Manor at Oakridge Owner LLC	  	The Manor at Oakridge

  

			
	Master Multifamily Note	  	Schedule 2, Page 1
	Floating Rate	  	

			
	 Individual Borrowers
	  	 Name of Individual Property

	NIC 12 Maple Downs Owner LLC	  	Maple Downs
		
	NIC 13 Oakwood Hills Owner LLC	  	Oakwood Hills
		
	NIC 13 Orchid Terrace Owner LLC	  	Orchid Terrace
		
	NIC 13 Palmer Hills Owner LLC	  	Palmer Hills
		
	NIC 12 Parkwood Estates Owner LLC	  	Parkwood Estates
		
	NIC 13 Pinewood Hills Owner LLC	  	Pinewood Hills
		
	NIC 12 Pioneer Valley Lodge Owner LLC	  	Pioneer Valley Lodge
		
	NIC 13 Pueblo Regent Owner LLC	  	Pueblo Regent
		
	NIC 12 Regency Residence Owner LLC	  	Regency Residence
		
	NIC 13 The Regent Owner LLC	  	The Regent
		
	NIC 13 Rock Creek Owner LLC	  	Rock Creek
		
	NIC 13 Sheldon Oaks Owner LLC	  	Sheldon Oaks
		
	NIC 12 Simi Hills Owner LLC	  	Simi Hills
		
	NIC 13 Sky Peaks Owner LLC	  	Sky Peaks
		
	NIC 12 Stoneybrook Lodge Owner LLC	  	Stoneybrook Lodge
		
	NIC 13 Thornton Place Owner LLC	  	Thornton Place
		
	NIC 13 Uffelman Estates Owner LLC	  	Uffelman Estates
		
	NIC 12 Ventura Place Owner LLC	  	Ventura Place
		
	NIC 13 Village Gate Owner LLC	  	Village Gate
		
	NIC 13 Vista De La Montana Owner LLC	  	Vista de la Montana
		
	NIC 13 Walnut Woods Owner LLC	  	Walnut Woods
		
	NIC 13 The Westmont Owner LLC	  	The Westmont
		
	NIC 13 Whiterock Court Owner LLC	  	Whiterock Court

  

			
	Master Multifamily Note	  	Schedule 2, Page 2
	Floating Rate	  	

 SCHEDULE 3 

Primary Access Easement and Shared Amenities 
  

					
	 Property
	  	 Primary Access

Easement
	  	 Shared Amenities

	The Lodge at Cold Spring	  	right of way known as Cold Spring Road through the easements established under the easement agreement dated April 26, 1996 and recorded at Book 301, Page 220 in the records of Hartford County, Connecticut, as amended	  	N/A
			
	Madison Estates	  	right of way known as Hamilton-Wolfe Road through the easements established under the easement agreement dated September 8, 1983 and recorded at Volume 2918, Page 506 in the records of Bexar County, Texas, as
amended	  	N/A
			
	Rock Creek	  	right of way known as Stucki Road through the easement established under the easement agreement dated December 18, 1988 and recorded at Book as Fee Number 98145815, re-recorded as Fee
Number 99019768 in the records of Dallas County, Oregon, as amended	  	N/A
			
	Simi Hills	  	right of way known as Madera Road through the easement established under the easement agreements dated February 25, 2000 and recorded as Instrument No. 00-50229 in the records
of Ventura County, California, as amended	  	N/A

  

			
	Master Multifamily Note	  	Schedule 3, Page 1
	Floating Rate	  	

					
	Vista de la Montana	  	right of way known as Mountain View Blvd. through the easements established under the easement agreements dated February 15, 2007 and recorded as Instrument No. 2007-201200 in the land records of Maricopa
County, AZ, as amended	  	N/A
			
	Whiterock Court	  	right of way known as White Rock Trail through the easements established under the easement agreement dated September 18, 1998 and recorded as Volume 98210, Page 1419 in the records of Dallas County, Texas, as amended	  	N/A
			
	Hidden Lakes	  	N/A	  	 - shared pursuant to the Agreement dated October 09, 1991 and recorded at Reel 891 and Page 0117 in the records of Marion County, Oregon, as
amended
  
 Shared Facilities include: Bus Transportation, Laundry Rooms, Multipurpose
Room, Pool Tables, Library, Emergency Call System, Beautician and Barber Service, Common Areas Deck and Patios, Facility Management, and Maid and Linen Service

  

			
	Master Multifamily Note	  	Schedule 3, Page 2
	Floating Rate	  	

					
		  		  	 shared pursuant to the unrecorded License and Use Agreement dated March 8, 2017, as amended

 
 Shared Facilities include: clubhouse and pool

			
	Fountains at Hidden Lakes	  	N/A	  	 shared pursuant to the unrecorded License and Use Agreement dated March 8, 2017, as amended

 
 Shared Facilities include: clubhouse and pool

  

			
	Master Multifamily Note	  	Schedule 3, Page 3
	Floating Rate	  	

 SCHEDULE 4 

The Existing Notes 
  

	1.	 The certain Consolidated, Amended and Restated Promissory Note, dated as of May 14, 2018, in the original
principal amount of $625,000,000.00 made by the entities identified as Borrower therein and payable to Assignor. 

  

			
	Master Multifamily Note	  	Schedule 4, Page 1
	Floating Rate	  	

 EXHIBIT A 

MODIFICATIONS TO MULTIFAMILY NOTE 

The following modifications are made to the text of the Note that precedes this Exhibit. 

 

	1.	 The definition of First 10% Prepayment Amount is amended to read in its entirety as follows:

 “First 10% Prepayment Amount” means any principal prepayments resulting in an aggregate principal
amount of Indebtedness prepaid of less than or equal up to $72,000,000.00. 
  

	2.	 Section 9(a) is amended to read in its entirety as follows: 

 

	 	(a)	 Except as otherwise provided in this Section 9, none of Borrower, SPE Equity Owner, or any member or
limited partner of Borrower will have any personal liability under this Note, the Loan Agreement or any other Loan Document for the repayment of the Indebtedness or for the performance of or compliance with any other obligations of Borrower under
the Loan Documents and Lender’s only recourse for the satisfaction of the Indebtedness and the performance of such obligations will be Lender’s exercise of its rights and remedies with respect to the Mortgaged Property and to any other
collateral held by Lender as security for the Indebtedness. This limitation on Borrower’s liability will not limit or impair Lender’s enforcement of its rights against any Guarantor of the Indebtedness or any Guarantor of any other
obligations of Borrower pursuant to the terms of the Guaranty. 

  

	3.	 Section 9(c)(i) is amended in its entirety as follows: 

 

	 	(i)	 Borrower fails to pay to Lender upon promptly following demand after
during the continuance of an Event of Default all Rents and security deposits collected by Borrower to which Lender is entitled under Section 3 of any Security Instrument and the amount of all security
deposits collected by Borrower from tenants then in residence. However, Borrower will not be personally liable for any failure described in this Section 9(c)(i) if Borrower is unable to pay to Lender all Rents and security deposits as
required by any Security Instrument because of a valid order issued in, or an automatic stay applicable because of, a bankruptcy, receivership, or similar judicial proceeding. 

 

	4.	 The lead-in paragraph to Section 9(c)(iv) is amended to read in
its entirety as follows: 

  

	 	(iv)	 Borrower fails to pay when due in accordance with the terms of the Loan Agreement the amount of any item
below marked “Deferred” provided net proceeds of operations after payment of debt service and reserves are sufficient to pay such amounts and Lender permits such amounts to be applied for such purpose; provided
further however, that if no item is marked “Deferred”, this Section 9(c)(iv) will be of no force or effect. 

  

			
	Master Multifamily Note	  	Page A-1
	Floating Rate	  	

	5.	 Section 9(c)(xxi) is deleted in its entirety as follows: 

 

	 	(xxi)	 Borrower or any officer, director, partner, member or employee of Borrower makes (x) an
unintentional written material misrepresentation in connection with (1) the application for or creation of the Indebtedness, (2) on-going financial or other
reporting requirements or information required by the Loan Documents, or (3) or (2) any action or consent of Lender; provided that the assumption will be that any written material misrepresentation was intentional and the
burden of proof will be on Borrower to prove that there was no intent or (y) any written material misrepresentation (whether intentional or unintentional) in connection with
on-going financial or other reporting requirements or information required by the Loan Documents. 

  

	6.	 Section 9(c)(xxiii) is amended in its entirety as follows: 

 

	 	(xxiii)	 the avoidance, in whole or in part, of the transfer creating the lien of the Security Instrument,
or a court order providing an alternative remedy to that avoidance, because of the occurrence on or before the date that the Security Instrument was recorded of a fraudulent transfer or a preference under federal bankruptcy, state insolvency, or
similar creditors’ rights laws. 

  

	7.	 Section 9(d)(iii) is amended in its entirety as follows: 

 

	 	(iii)	 Borrower will be personally liable for any out-of-pocket costs and expenses incurred by Lender in connection with the collection of any amount for which Borrower is personally liable under this Section 9, including Attorneys’
Fees and Costs and the costs of conducting any independent audit of Borrower’s books and records to determine the amount for which Borrower has personal liability. 

 

	8.	 Section 9(d) is amended to include the following subsection (xii): 

 

	 	(xii)	
Borrower
 will be personally liable for the amount of any costs and expenses incurred by Lender as a result of Borrower’s failure to fully and timely pay, all mortgage registry, intangible, documentary stamp, recordation, transfer, or similar taxes, if
any, imposed in connection with the Loan or any advances thereof, the Original Note, this Amended and Restated Note, the existing mortgage being assigned to Lender, the Amended and Restated Security Instrument, or any other transaction relating to
or arising out of the Loan, plus all interest, penalties and fines that may be or may become due by reason of any such failure. 

  

	9.	 Section 9(f)(iv) is deleted in its entirety as follows: 

 

	 	(iv)	 There was fraud or intentional written material misrepresentation by Borrower or any officer, director,
partner, member, or employee of Borrower in connection with (1) the application for or creation of the Indebtedness, (2) on-going financial or other
reporting requirements or information required by the Loan Documents, or (3) or (2) any action or consent of Lender. 

  

			
	Master Multifamily Note	  	Page A-2
	Floating Rate	  	

	10.	 The lead-in paragraph to Section 9(g) is amended in its entirety
as follows: 

  

	 	(g)	 For purposes of Sections 9(f) and (h), the term “Related Party” will include all of the following
(provided Related Party shall not include any direct or indirect holder of any interest of less than 15% in a public company): 

  

	11.	 Section 10(a) is amended in its entirety as follows: 

 

	 	(a)	 Any receipt by Lender of principal due under this Note prior to the Maturity Date, other than principal
required to be paid in monthly installments pursuant to Section 3, constitutes a prepayment of principal under this Note. Without limiting the foregoing, any application by Lender, prior to the Maturity Date, of any proceeds of collateral or
other security to the repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment under this Note. Upon payment of the principal due under this Note in full when permitted or required hereunder, Lender shall
execute instruments prepared by Borrower and reasonably satisfactory to Lender which, at Borrower’s election and at Borrower’s sole cost and expense, either: (i) release and discharge all Liens on the
applicable Borrower and all collateral securing payment of such amounts, including all balances in any collateral accounts; or (ii) assign such Liens (and the Loan Documents) to a new lender designated by Borrower.
Any release or assignment provided by Lender pursuant to this Section shall be without recourse, representation or warranty of any kind. 

  

	12.	 Section 13 is amended in its entirety as follows: 

 

	 	13.	 Costs and Expenses. To the fullest extent allowed by applicable law, Borrower must pay all expenses and
costs, including Attorneys’ Fees and Costs incurred by Lender as a result of any default under this Note Event of Default or in connection with efforts to collect any amount due under this Note, or to enforce the
provisions of any of the other Loan Documents, including those incurred in post-judgment collection efforts and in any bankruptcy proceeding (including any action for relief from the automatic stay of any bankruptcy proceeding) or judicial or non-judicial foreclosure proceeding. Borrower acknowledges and agrees that, in connection with each request by Borrower under this Note or any Loan Document, Borrower must pay all reasonable Attorneys’ Fees and
Costs and expenses incurred by Lender, including any fees charged by the Rating Agencies (if applicable), regardless of whether the matter is approved, denied or withdrawn. 

 

	13.	 Section 18 is amended to read in its entirety as follows: 

 

	 	18.	 Counting of Days. Any reference in this Note to a period of “days” means calendar days, not
Business Days, except where otherwise specifically provided. Unless otherwise specifically required in any Loan Document, where a performance deadline falls on a holiday or weekend, such deadline will be extended to the following Business
Day. 

  

			
	Master Multifamily Note	  	Page A-3
	Floating Rate	  	

	14.	 Section 22 is amended to read in its entirety as follows: 

 

	 	22.	 Consent to Jurisdiction and Venue. Each of Lender and Borrower agrees that any
controversy arising under or in relation to this Note may be litigated in the Commonwealth of Virginia. The state and federal courts and authorities with jurisdiction in the Commonwealth of Virginia will have jurisdiction over all controversies that
will arise under or in relation to this Note. Each of Lender and Borrower irrevocably consents to service, jurisdiction, and venue of such courts for any such litigation and waives any other venue to which it might be entitled
by virtue of domicile, habitual residence, or otherwise. However, nothing in this Note is intended to limit any right that Lender any party may have to bring any suit, action, or proceeding relating to matters arising
under this Note in any court of any other jurisdiction. 

  

	15.	 Section 23 is amended to read in its entirety as follows: 

 

	 	23.	 WAIVER OF TRIAL BY JURY. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW,
BORROWER AND LENDER EACH (a) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER THAT IS TRIABLE OF RIGHT BY A JURY AND (b) WAIVES ANY
RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL
COUNSEL. 

  

			
	Master Multifamily Note	  	Page A-4
	Floating Rate

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