Document:

EX-10.20

 Exhibit 10.20 

MULTIFAMILY DEED OF TRUST, 

ASSIGNMENT OF RENTS 
 AND
SECURITY AGREEMENT 
 UTAH 

(Revised 3-1-2014) 

THIS MULTIFAMILY DEED OF TRUST, ASSIGNMENT OF RENTS AND SECURITY AGREEMENT (“Instrument”) is made as of this 23rd day of February, 2018, by
SSSHT PROPCO 1245 E MURRAY HOLLADAY ROAD, LLC, a limited liability company organized and existing under the laws of Delaware, whose address is 10 Terrace Road, Ladera Ranch, California 92694, as grantor (“Borrower”), to FOUNDERS
TITLE COMPANY, as trustee (“Trustee”), for the benefit of KEYBANK NATIONAL ASSOCIATION, a national banking association, whose address is 127 Public Square, 8th Floor, Cleveland,
Ohio 44114, as beneficiary (“Lender”). Borrower’s organizational identification number, if applicable, is 6605566. 

RECITAL 
 Borrower, in consideration of
the Indebtedness and the trust created by this Instrument, irrevocably grants, assigns, conveys and warrants to Trustee, in trust, with power of sale, the Mortgaged Property, including the Land located in Salt Lake County, State of Utah and
described in Exhibit A attached to this Instrument. 
 AGREEMENT 

TO SECURE TO LENDER the repayment of the Indebtedness, and the repayment of the Total Indebtedness (as defined in the Cross-Collateralization Agreement) in
the amount of $46,905,000.00 (of which the Indebtedness is a part) evidenced by Borrower’s Multifamily Note payable to Lender dated as of the date of this Instrument, and maturing on March 1, 2028 (“Maturity Date”), in the
principal amount of $9,337,000.00, and all renewals, extensions and modifications of the Indebtedness, and the performance of the covenants and agreements of Borrower contained in the Loan Agreement or any other Loan Document. 

Borrower represents and warrants that Borrower is lawfully seized of the Mortgaged Property and has the right, power and authority to grant, convey and assign
the Mortgaged Property, and that the Mortgaged Property is unencumbered except as shown on the schedule of exceptions to coverage in the title policy issued to and accepted by Lender contemporaneously with the execution and recordation of this
Instrument and insuring Lender’s interest in the Mortgaged Property (“Schedule of Title Exceptions”). Borrower covenants that Borrower will warrant and defend generally the title to the Mortgaged Property against all claims and
demands, subject to any easements and restrictions listed in the Schedule of Title Exceptions. 

  

			
	 Utah
 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	

 UNIFORM COVENANTS 

(Revised 5-5-2017) 

Covenants. In consideration of the mutual promises set forth in this Instrument, Borrower and Lender covenant and agree as follows: 

 

	1.	Definitions. The following terms, when used in this Instrument (including when used in the above recitals), will have the following meanings and any capitalized term not specifically defined in this Instrument
will have the meaning ascribed to that term in the Loan Agreement: 

 “Attorneys’ Fees and Costs” means
(a) 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; (b) costs and fees of expert witnesses, including appraisers; (c) investigatory fees; and (d) the costs for any opinion required by Lender pursuant to the terms of the Loan Documents. 

“Borrower” means all Persons identified as “Borrower” in the first paragraph of this Instrument, together with their
successors and assigns. 
 “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. 
 “Event of Default” means the occurrence of any
event described in Section 8. 
 “Fixtures” means 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 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. 

  

			
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 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
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 “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. 

“Ground Lease” means the lease described in the Loan Agreement pursuant to which Borrower leases the Land, as such lease may
from time to time be amended, modified, supplemented, renewed and extended. 
 “Improvements” means the buildings,
structures, improvements now constructed or at any time in the future constructed or placed upon the Land, including any future alterations, replacements and additions. 

“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 Instrument or any other Loan Document, including prepayment premiums, late charges, default interest, and advances as provided in Section 7 to protect the security of this Instrument. 

“Land” means the land described in Exhibit A. 

“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: 
  

	 	(a)	All rights of Borrower to renew or extend the term of the Ground Lease. 

  

	 	(b)	All amounts deposited by Borrower with Ground Lessor under the Ground Lease. 

  

	 	(c)	Borrower’s right or privilege to terminate, cancel, surrender, modify or amend the Ground Lease. 

  

	 	(d)	All other options, privileges and rights granted and demised to Borrower under the Ground Lease and all appurtenances with respect to the Ground Lease. 

“Leases” means all present and future leases, subleases, 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. 

  

			
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 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
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 “Lender” means the entity identified as “Lender” in the first
paragraph of this Instrument, or any subsequent holder of the Note. 
 “Loan Agreement” means the Multifamily Loan and
Security Agreement executed by Borrower in favor of Lender and dated as of the date of this Instrument, as such agreement may be amended from time to time. 

“Loan Documents” means the Note, this Instrument, the 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 or its designee to collect payments
and deposits and receive Notices under the Note, this Instrument and any other Loan Document, and otherwise to service the loan evidenced by the Note for the benefit of Lender. Unless Borrower receives Notice to the contrary, the Loan Servicer is
the entity identified as “Lender” in the first paragraph of this Instrument. 
 “Mortgaged Property” means all of
Borrower’s present and future right, title and interest in and to all of the following: 
  

	 	(a)	The Land, or, if Borrower’s interest in the Land is pursuant to a Ground Lease, the Ground Lease and the Leasehold Estate. 

  

	 	(b)	The Improvements. 

  

	 	(c)	The Fixtures. 

  

	 	(d)	The Personalty. 

  

	 	(e)	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. 

  

	 	(f)	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. 

  

	 	(g)	 All awards, payments and other compensation made or to be made by any municipal, state or federal authority with
respect to the Land, the 

  

			
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 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
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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. 

 

	 	(h)	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. 

  

	 	(i)	All proceeds from the conversion, voluntary or involuntary, of any of the items described in subsections (a) through (h) inclusive into cash or liquidated claims, and the right to collect such proceeds.

  

	 	(j)	All Rents and Leases. 

  

	 	(k)	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 secured by this Instrument.

  

	 	(l)	All Imposition Reserve Deposits. 

  

	 	(m)	All refunds or rebates of Impositions by Governmental Authority or insurance company (other than refunds applicable to periods before the real property tax year in which this Instrument is dated). 

 

	 	(n)	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. 

 

	 	(o)	All names under or by which any of the above Mortgaged Property may be operated or known, and all trademarks, trade names, and goodwill relating to any of the Mortgaged Property. 

 

	 	(p)	If required by the terms of Section 4.05 of the Loan Agreement, all rights under the Letter of Credit and the Proceeds, as such Proceeds may increase or decrease from time to time. 

 

	 	(q)	If the Note provides for interest to accrue at a floating or variable rate and there is a Cap Agreement, the Cap Collateral. 

“Note” means the Multifamily Note or Notes (including any Amended and Restated Note(s), Consolidated, Amended and Restated
Note(s), or Extended and Restated 

  

			
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 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
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Note(s)) executed by Borrower in favor of Lender and dated as of the date of this Instrument, including all schedules, riders, allonges and addenda, as such Multifamily Note(s) may be amended,
modified and/or restated from time to time. 
 “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 of the Loan Agreement. 

“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 all of the
following: 
  

	 	(a)	Accounts (including deposit accounts) of Borrower related to the Mortgaged Property. 

  

	 	(b)	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, machinery, building materials, goods, supplies, tools, books, records (whether in written or electronic form) and computer equipment (hardware and software). 

 

	 	(c)	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). 

 

	 	(d)	Any operating agreements relating to the Land or the Improvements. 

  

	 	(e)	Any surveys, plans and specifications and contracts for architectural, engineering and construction services relating to the Land or the Improvements. 

 

	 	(f)	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. 

  

	 	(g)	Any rights of Borrower in or under letters of credit. 

  

			
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 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
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 “Property Jurisdiction” means the jurisdiction in which the Land is located.

 “Rents” 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. 
 “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. 
  

	2.	Uniform Commercial Code Security Agreement. 

  

	 	(a)	This Instrument 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 Instrument and to further secure Borrower’s obligations under the Note, this 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 Instrument, Borrower grants to Lender a security interest in the UCC Collateral.
To the extent necessary under applicable law, Borrower hereby authorizes Lender to prepare and file financing statements, continuation statements and financing statement amendments in such form as Lender may require to perfect or continue the
perfection of this security interest. 

  

	 	(b)	Unless Borrower gives Notice to Lender within 30 days after the occurrence of any of the following, and executes and delivers to Lender modifications or supplements of this Instrument (and any financing statement which
may be filed in connection with this Instrument) as Lender may require, Borrower will not (i) change its name, identity, structure or jurisdiction of organization; (ii) change the location of its place of business (or chief executive
office if more than one place of business); or (iii) add to or change any location at which any of the Mortgaged Property is stored, held or located. 

  

	 	(c)	 If an Event of Default has occurred and is continuing, Lender will have the remedies of a secured party under the
Uniform Commercial Code, in addition to all remedies provided by this Instrument or existing under applicable law. In 

  

			
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 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	Page 7

	 	
exercising any remedies, Lender may exercise its remedies against the UCC Collateral separately or together, and in any order, without in any way affecting the availability of Lender’s other
remedies. 

  

	 	(d)	This Instrument also constitutes a financing statement with respect to any part of the Mortgaged Property that is or may become a Fixture, if permitted by applicable law. 

 

	3.	Assignment of Rents; Appointment of Receiver; Lender in Possession. 

  

	 	(a)	As part of the consideration for the Indebtedness, Borrower absolutely and unconditionally assigns and transfers to Lender all Rents. 

 

	 	(i)	It is the intention of Borrower to establish a present, absolute and irrevocable transfer and assignment to Lender of all Rents and to authorize and empower Lender to collect and receive all Rents without the necessity
of further action on the part of Borrower. 

  

	 	(ii)	Promptly upon request by Lender, Borrower agrees to execute and deliver such further assignments as Lender may from time to time require. Borrower and Lender intend this assignment of Rents to be immediately effective
and to constitute an absolute present assignment and not an assignment for additional security only. 

  

	 	(iii)	For purposes of giving effect to this absolute assignment of Rents, and for no other purpose, Rents will not be deemed to be a part of the Mortgaged Property. However, if this present, absolute and unconditional
assignment of Rents is not enforceable by its terms under the laws of the Property Jurisdiction, then the Rents will be included as a part of the Mortgaged Property and it is the intention of Borrower that in this circumstance this Instrument create
and perfect a Lien on Rents in favor of Lender, which Lien will be effective as of the date of this Instrument. 

  

	 	(b)	(i)     Until the occurrence of an Event of Default, Lender hereby grants to Borrower a revocable license to collect and receive all Rents, to hold all Rents in trust for the benefit of Lender and to
apply all Rents to pay the installments of interest and principal then due and payable under the Note and the other amounts then due and payable under the other Loan Documents, including Imposition Reserve Deposits, and to pay the current costs and
expenses of managing, operating and maintaining the Mortgaged Property, including utilities, Taxes and insurance premiums (to the extent not included in Imposition Reserve Deposits), tenant improvements and other capital expenditures.

  

			
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 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	Page 8

	 	(ii)	So long as no Event of Default has occurred and is continuing, the Rents remaining after application pursuant to the preceding sentence may be retained by Borrower free and clear of, and released from, Lender’s
rights with respect to Rents under this Instrument. 

  

	 	(iii)	After the occurrence of an Event of Default, and during the continuance of such Event of Default, Borrower authorizes Lender to collect, sue for and compromise Rents and directs each tenant of the Mortgaged Property to
pay all Rents to, or as directed by, Lender. From and after the occurrence of an Event of Default, and during the continuance of such Event of Default, and without the necessity of Lender entering upon and taking and maintaining control of the
Mortgaged Property directly, or by a receiver, Borrower’s license to collect Rents will automatically terminate and Lender will without Notice be entitled to all Rents as they become due and payable, including Rents then due and unpaid.
Borrower will pay to Lender upon demand all Rents to which Lender is entitled. 

  

	 	(iv)	At any time on or after the date of Lender’s demand for Rents, Lender may give, and Borrower hereby irrevocably authorizes Lender to give, notice to all tenants of the Mortgaged Property instructing them to pay all
Rents to Lender. No tenant will be obligated to inquire further as to the occurrence or continuance of an Event of Default. No tenant will be obligated to pay to Borrower any amounts which are actually paid to Lender in response to such a notice.
Any such notice by Lender will be delivered to each tenant personally, by mail or by delivering such demand to each rental unit. Borrower will not interfere with and will cooperate with Lender’s collection of such Rents. 

 

	 	(c)	If an Event of Default has occurred and is continuing, then Lender will have each of the following rights and may take any of the following actions: 

 

	 	(i)	Lender may, regardless of the adequacy of Lender’s security or the solvency of Borrower and even in the absence of waste, enter upon and take and maintain full control of the Mortgaged Property in order to perform
all acts that Lender in its discretion determines to be necessary or desirable for the operation and maintenance of the Mortgaged Property, including the execution, cancellation or modification of Leases, the collection of all Rents, the making of
Repairs to the Mortgaged Property and the execution or termination of contracts providing for the management, operation or maintenance of the Mortgaged Property, for the purposes of enforcing the assignment of Rents pursuant to Section 3(a),
protecting the Mortgaged Property or the security of this Instrument, or for such other purposes as Lender in its discretion may deem necessary or desirable. 

  

			
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 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	Page 9

	 	(ii)	Alternatively, if an Event of Default has occurred and is continuing, regardless of the adequacy of Lender’s security, without regard to Borrower’s solvency and without the necessity of giving prior notice
(oral or written) to Borrower, Lender may apply to any court having jurisdiction for the appointment of a receiver for the Mortgaged Property to take any or all of the actions set forth in the preceding sentence. If Lender elects to seek the
appointment of a receiver for the Mortgaged Property at any time after an Event of Default has occurred and is continuing, Borrower, by its execution of this Instrument, expressly consents to the appointment of such receiver, including the
appointment of a receiver ex parte if permitted by applicable law. 

  

	 	(iii)	If Borrower is a housing cooperative corporation or association, Borrower hereby agrees that if a receiver is appointed, the order appointing the receiver may contain a provision requiring the receiver to pay the
installments of interest and principal then due and payable under the Note and the other amounts then due and payable under the other Loan Documents, including Imposition Reserve Deposits, it being acknowledged and agreed that the Indebtedness is an
obligation of Borrower and must be paid out of maintenance charges payable by Borrower’s tenant shareholders under their proprietary leases or occupancy agreements. 

 

	 	(iv)	Lender or the receiver, as the case may be, will be entitled to receive a reasonable fee for managing the Mortgaged Property. 

  

	 	(v)	Immediately upon appointment of a receiver or immediately upon Lender’s entering upon and taking possession and control of the Mortgaged Property, Borrower will surrender possession of the Mortgaged Property to
Lender or the receiver, as the case may be, and will deliver to Lender or the receiver, as the case may be, all documents, records (including records on electronic or magnetic media), accounts, surveys, plans, and specifications relating to the
Mortgaged Property and all security deposits and prepaid Rents. 

  

	 	(vi)	If Lender takes possession and control of the Mortgaged Property, then Lender may exclude Borrower and its representatives from the Mortgaged Property. 

Borrower acknowledges and agrees that the exercise by Lender of any of the rights conferred under this Section 3 will not be construed to
make Lender a mortgagee-in-possession of the Mortgaged Property so long as Lender has not itself entered into actual possession of the Land and Improvements. 

  

			
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 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
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	 	(d)	If Lender enters the Mortgaged Property, Lender will be liable to account only to Borrower and only for those Rents actually received. Except to the extent of Lender’s gross negligence or willful misconduct, Lender
will not be liable to Borrower, anyone claiming under or through Borrower or anyone having an interest in the Mortgaged Property, by reason of any act or omission of Lender under Section 3(c), and Borrower hereby releases and discharges Lender
from any such liability to the fullest extent permitted by law. 

  

	 	(e)	If the Rents are not sufficient to meet the costs of taking control of and managing the Mortgaged Property and collecting the Rents, any funds expended by Lender for such purposes will become an additional part of the
Indebtedness as provided in Section 7. 

  

	 	(f)	Any entering upon and taking of control of the Mortgaged Property by Lender or the receiver, as the case may be, and any application of Rents as provided in this Instrument will not cure or waive any Event of Default or
invalidate any other right or remedy of Lender under applicable law or provided for in this Instrument. 

  

	4.	Assignment of Leases; Leases Affecting the Mortgaged Property. 

  

	 	(a)	As part of the consideration for the Indebtedness, Borrower absolutely and unconditionally assigns and transfers to Lender all of Borrower’s right, title and interest in, to and under the Leases, including
Borrower’s right, power and authority to modify the terms of any such Lease, or extend or terminate any such Lease. 

  

	 	(i)	It is the intention of Borrower to establish a present, absolute and irrevocable transfer and assignment to Lender of all of Borrower’s right, title and interest in, to and under the Leases. Borrower and Lender
intend this assignment of the Leases to be immediately effective and to constitute an absolute present assignment and not an assignment for additional security only. 

 

	 	(ii)	For purposes of giving effect to this absolute assignment of the Leases, and for no other purpose, the Leases will not be deemed to be a part of the Mortgaged Property. 

 

	 	(iii)	However, if this present, absolute and unconditional assignment of the Leases is not enforceable by its terms under the laws of the Property Jurisdiction, then the Leases will be included as a part of the Mortgaged
Property and it is the intention of Borrower that in this circumstance this Instrument create and perfect a Lien on the Leases in favor of Lender, which Lien will be effective as of the date of this Instrument. 

  

			
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 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
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	 	(b)	Until Lender gives Notice to Borrower of Lender’s exercise of its rights under this Section 4, Borrower will have all rights, power and authority granted to Borrower under any Lease (except as otherwise
limited by this Section or any other provision of this Instrument), including the right, power and authority to modify the terms of any Lease or extend or terminate any Lease. Upon the occurrence of an Event of Default, and during the continuance of
such Event of Default, the permission given to Borrower pursuant to the preceding sentence to exercise all rights, power and authority under Leases will automatically terminate. Borrower will comply with and observe Borrower’s obligations under
all Leases, including Borrower’s obligations pertaining to the maintenance and disposition of tenant security deposits. 

  

	 	(c)	(i)     Borrower acknowledges and agrees that the exercise by Lender, either directly or by a receiver, of any of the rights conferred under this Section 4 will not be construed to make Lender a
mortgagee-in-possession of the Mortgaged Property so long as Lender has not itself entered into actual possession of the Land and the Improvements. 

 

	 	(ii)	The acceptance by Lender of the assignment of the Leases pursuant to Section 4(a) will not at any time or in any event obligate Lender to take any action under this Instrument or to expend any money or to incur any
expenses. 

  

	 	(iii)	Except to the extent of Lender’s gross negligence or willful misconduct, Lender will not be liable in any way for any injury or damage to person or property sustained by any Person or Persons in or about the
Mortgaged Property. 

  

	 	(iv)	Prior to Lender’s actual entry into and taking possession of the Mortgaged Property, Lender will not be obligated for any of the following: 

 

	 	(A)	Lender will not be obligated to perform any of the terms, covenants and conditions contained in any Lease (or otherwise have any obligation with respect to any Lease). 

 

	 	(B)	Lender will not be obligated to appear in or defend any action or proceeding relating to the Lease or the Mortgaged Property. 

  

	 	(C)	Lender will not be responsible for the operation, control, care, management or repair of the Mortgaged Property or any portion of the Mortgaged Property. The execution of this Instrument by Borrower will constitute
conclusive evidence that all responsibility for the operation, control, care, management and repair of the Mortgaged Property is and will be that of Borrower, prior to such actual entry and taking of possession. 

  

			
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 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
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	 	(d)	Upon delivery of Notice by Lender to Borrower of Lender’s exercise of Lender’s rights under this Section 4 at any time after the occurrence of an Event of Default, and during the continuance of such Event
of Default, and without the necessity of Lender entering upon and taking and maintaining control of the Mortgaged Property directly, by a receiver, or by any other manner or proceeding permitted by the laws of the Property Jurisdiction, Lender
immediately will have all rights, powers and authority granted to Borrower under any Lease, including the right, power and authority to modify the terms of any such Lease, or extend or terminate any such Lease. 

 

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

  

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

  

	 	(i)	Borrower may execute leases of apartments for a term 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 this
Instrument. 

  

	 	(ii)	Borrower may surrender or terminate such leases of apartments 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 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. 

 

	5.	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. 

  

	6.	 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, in Lender’s discretion. Neither
Lender’s acceptance of an amount that is less than all amounts then due and payable nor 

  

			
	 Utah
 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	Page 13

	 	
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 Instrument, the Note and all other Loan Documents will remain unchanged. 

 

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

  

	 	(a)	If Borrower fails to perform any of its obligations under this Instrument 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 Instrument, 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 at Lender’s option may make such appearances, file such documents, disburse such sums and take such actions as Lender reasonably deems necessary to perform such obligations of Borrower and to protect
Lender’s interest, including all of the following: 

  

	 	(i)	Lender may pay Attorneys’ Fees and Costs. 

  

	 	(ii)	Lender may pay fees and out-of-pocket expenses of accountants, inspectors and consultants. 

 

	 	(iii)	Lender may enter upon the Mortgaged Property to make Repairs or secure the Mortgaged Property. 

  

	 	(iv)	Lender may procure the Insurance required by the Loan Agreement. 

  

	 	(v)	Lender may pay any amounts which Borrower has failed to pay under the Loan Agreement. 

  

	 	(vi)	Lender may perform any of Borrower’s obligations under the Loan Agreement. 

  

	 	(vii)	Lender may make advances 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 7, or under any other provision of this Instrument that treats such disbursement as being made under this Section 7, will be secured by this 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. 

  

			
	 Utah
 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	Page 14

	 	(c)	Nothing in this Section 7 will require Lender to incur any expense or take any action. 

  

	8.	Events of Default. An Event of Default under the Loan Agreement will constitute an Event of Default under this Instrument. 

  

	9.	Remedies Cumulative. Each right and remedy provided in this Instrument is distinct from all other rights or remedies under this Instrument, the 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. 

  

	10.	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 the Lien of this Instrument or to any action brought to
enforce any Loan Document. Borrower hereby waives the right to assert a counterclaim, other than a compulsory 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 this Instrument 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.	Waiver of Marshalling. 

  

	 	(a)	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 Instrument, the Note, the 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. 

  

	 	(b)	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 this 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 Instrument. 

  

			
	 Utah
 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	Page 15

	12.	Further Assurances; Lender’s Expenses. 

  

	 	(a)	Borrower will 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 Instrument and the Loan Documents or in connection with Lender’s consent rights under Article VII of the
Loan Agreement. 

  

	 	(b)	Borrower acknowledges and agrees that, in connection with each request by Borrower under this Instrument or any Loan Document, Borrower will pay all reasonable Attorneys’ Fees and Costs and expenses incurred by
Lender, including any fees payable in accordance with any request for further assurances or an estoppel certificate pursuant to the Loan Agreement, regardless of whether the matter is approved, denied or withdrawn. Any amounts payable by Borrower
under this Instrument or under any other Loan Document will be deemed a part of the Indebtedness, will be secured by this Instrument and will bear interest at the Default Rate if not fully paid within 10 days of written demand for payment.

  

	13.	Governing Law; Consent to Jurisdiction and Venue. This Instrument, and any Loan Document which does not itself expressly identify the law that is to apply to it, will be governed by the laws of the Property
Jurisdiction. Borrower agrees that any controversy arising under or in relation to the Note, this Instrument or any other Loan Document may be litigated in the Property Jurisdiction. The state and federal courts and authorities with jurisdiction in
the Property Jurisdiction will have jurisdiction over all controversies that may arise under or in relation to the Note, any security for the Indebtedness or any other Loan Document. 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 Section 13 is intended to limit Lender’s right to bring any
suit, action or proceeding relating to matters under this Instrument in any court of any other jurisdiction. 

  

	14.	Notice. All Notices, demands and other communications under or concerning this Instrument will be governed by the terms set forth in the Loan Agreement. 

 

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

  

	16.	Joint and Several Liability. If more than one Person signs this Instrument as Borrower, the obligations of such Persons will be joint and several. 

 

	17.	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 Instrument will create any 

  

			
	 Utah
 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	Page 16

	 	
other relationship between Lender and Borrower. Nothing contained in this Instrument 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 Instrument and no other Person will be a third party beneficiary of this Instrument 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. 

  

	18.	Severability; Amendments. 

  

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

  

	 	(b)	This Instrument may not be amended or modified except by a writing signed by the party against whom enforcement is sought; provided, however, that in the event of a Transfer prohibited by or requiring Lender’s
approval under Article VII of the Loan Agreement, some or all of the modifications to the Loan Documents (if any) may be modified or rendered void by Lender at Lender’s option by Notice to Borrower and the transferee(s). 

 

	19.	Construction. 

  

	 	(a)	The captions and headings of the Sections of this Instrument are for convenience only and will be disregarded in construing this Instrument. Any reference in this Instrument to a “Section” will, unless
otherwise explicitly provided, be construed as referring to a Section of this Instrument. 

  

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

 

	 	(c)	Use of the singular in this Instrument includes the plural and use of the plural includes the singular. 

  

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

  

			
	 Utah
 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	Page 17

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

  

	 	(f)	Unless the context requires otherwise any definition of or reference to any agreement, instrument or other document in this Instrument 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 Instrument). 

 

	 	(g)	Any reference in this Instrument to any person will be construed to include such person’s successors and assigns. 

  

	20.	Subrogation. If, and to the extent that, the proceeds of the loan evidenced by the Note, or subsequent advances under Section 7, 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. 

 END OF UNIFORM COVENANTS; STATE-SPECIFIC PROVISIONS
FOLLOW 
  

	21-30.	Reserved. 

  

	31.	Acceleration; Remedies. 

  

	 	(a)	At any time during the existence of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand and may invoke the power of sale and any
other remedies permitted by applicable law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial
hearing. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. Lender will be entitled to collect all costs and
expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reports. 

  

	 	(b)	 If the power of sale is invoked, Trustee will execute a written notice of the occurrence of an Event of Default
and of Lender’s election to cause the Mortgaged Property to be sold and will record such notice in each county in which the Mortgaged Property is located. Lender or Trustee will mail notice of default in the manner provided by the laws of Utah
to Borrower and to such other persons as the laws of Utah prescribe. Trustee will give public notice of sale and will sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under
the terms designated in 

  

			
	 Utah
 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	Page 18

	 	
the notice of sale in one or more parcels. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale.
Lender or Lender’s designee may purchase the Mortgaged Property at any sale. 

  

	 	(c)	Within a reasonable time after the sale, Trustee will deliver to the purchaser at the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in
Trustee’s deed will be prima facie evidence of the truth of the statements made therein. Trustee will apply the proceeds of the sale in the following order: (i) to all costs and expenses of the sale, including Trustee’s fees not to
exceed 5% of the gross sales price, Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons
legally entitled thereto or to the county clerk of the county in which the sale took place. 

  

	32.	Reconveyance. Upon payment of the Indebtedness, Lender will request Trustee to reconvey the Mortgaged Property and will surrender this Instrument and the Note to Trustee. Trustee will reconvey the Mortgaged
Property without warranty to the person or persons legally entitled thereto. Such person or persons will pay Trustee’s reasonable costs incurred in so reconveying the Mortgaged Property. 

 

	33.	Substitute Trustee. Lender, at Lender’s option, may from time to time remove Trustee and appoint a successor trustee to any Trustee appointed under this Instrument. Without conveyance of the Mortgaged
Property, the successor trustee will succeed to all the title, power and duties conferred upon the Trustee in this Instrument and by applicable law. 

  

	34.	Request for Notices. Borrower requests that copies of the notice of default and notice of sale be sent to him at Borrower’s address stated in the first paragraph on page one of this Instrument.

  

	35.	WAIVER OF TRIAL BY JURY. 

  

	 	(a)	BORROWER AND LENDER EACH COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS INSTRUMENT OR THE RELATIONSHIP BETWEEN THE PARTIES AS BORROWER AND LENDER THAT IS TRIABLE OF
RIGHT BY A JURY.  

  

	 	(b)	BORROWER AND LENDER EACH 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.  

  

			
	 Utah
 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	Page 19

	36.	Attached Riders. The following Riders are attached to this Instrument: 

 Additional
Mortgaged Property – Seniors Housing 
 Cross-Collateralized Transaction 

 

	37.	Attached Exhibits. The following Exhibits, if marked with an “X” in the space provided, are attached to this Instrument: 

 

					
	☒	    	 Exhibit A
	    	 Description of the Land with Tax Parcel ID Included (required)

	☐	    	 Exhibit B
	    	 Modifications to Instrument

	☐	    	 Exhibit C
	    	 Ground Lease Description (if applicable)

 REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

  

			
	 Utah
 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	Page 20

 IN WITNESS WHEREOF, Borrower has signed and delivered this Instrument or has caused this Instrument to be signed
and delivered by its duly authorized representative. 
  

					
	SSSHT PROPCO 1245 E MURRAY HOLLADAY ROAD, LLC, a Delaware limited liability company
		
	By:	 	Strategic Student & Senior Housing Trust, Inc., a Maryland corporation, as Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Its:	 	Chief Executive Officer

 STATE OF CALIFORNIA 

COUNTY OF ORANGE 
 The foregoing instrument was acknowledged
before me this      day of February, 2018, by H. Michael Schwartz, as Chief Executive Officer of Strategic Student & Senior Housing Trust, Inc., a Maryland corporation, as Manager of SSSHT PROPCO 1245 E MURRAY HOLLADAY
ROAD, LLC, a Delaware limited liability company. 
  

	
	 (Seal)

	
	
                   
                                         
                    

	
	 Notary Public

	
	
Printed Name:                
                                         

	
	 My Commission Expires:

	
	
                   
                                         

  

			
	 Utah
 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	Page 21

 RIDER TO SECURITY INSTRUMENT 

ADDITIONAL MORTGAGED PROPERTY – SENIORS HOUSING 

(Revised 5-1-2015) 

The following changes are made to the Instrument which precedes this Rider: 
  

	A.	The following definitions are added to Section 1: 

 “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. 

“Facility” means the seniors housing facility located on the Land, and including the Land and Improvements located on the
Land. 
 “Governmental Payor Program” means any Medicare, Medicaid, and/or 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. 

“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. 
 “Third Party Provider Agreements” means any contract pursuant to
which payments arising from operation of or at the Facility are to be made by or pursuant to Governmental Payor Programs or private insurers. 
  

	B.	The definitions of both Governmental Authority and Leases in Section 1 are deleted and replaced with the following: 

“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, 

  

			
	 Rider to Security Instrument

Additional Mortgaged Property – Seniors Housing
	  	Page 1

 
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. 
 “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. 
  

	C.	Subsection (b) of the definition of Mortgaged Property in Section 1 is deleted and replaced with the following: 

  

	 	(b)	The Improvements (including the Facility). 

  

	D.	Subsections (r) through (v) of the definition of Mortgaged Property in Section 1 are deleted and replaced with the following: 

 

	 	(r)	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, without limitation, 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. 

  

	 	(s)	All rights to payments from Governmental Payor Programs and rights to payment from private insurers, arising from the operation of the Facility. 

 

	 	(t)	All Licenses. 

  

	 	(u)	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.

  

	 	(v)	All utility deposits. 

  

			
	 Rider to Security Instrument

Additional Mortgaged Property – Seniors Housing
	  	Page 2

	E.	Subsection (b) of the definition of Personalty in Section 1 is deleted and replaced with the following: 

  

	 	(b)	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).

  

			
	 Rider to Security Instrument

Additional Mortgaged Property – Seniors Housing
	  	Page 3

 RIDER TO MULTIFAMILY SECURITY INSTRUMENT 

CROSS-COLLATERALIZED TRANSACTION 

(Revised 3-1-2014) 

The following changes are made to the Instrument which precedes this Rider: 
  

	A.	The following definitions are added to Section 1: 

 “Cross-Collateralization
Agreement” means the Master Cross-Collateralization Agreement dated as of the date of this Instrument by and among Borrower, Lender, and the Related Borrowers, as amended from time to time. 

“Related Borrower” is defined in the Cross-Collateralization Agreement. 

“Related Indebtedness” is defined in the Cross-Collateralization Agreement. 

“Related Loan Documents” is defined in the Cross-Collateralization Agreement. 

“Related Security Instruments” is defined in the Cross-Collateralization Agreement. 

 

	B.	The following are added as new Sections: 

  

	 	38.	Cross-Collateralization. The Instrument also secures the obligations of Borrower and the Related Borrowers to pay the Related Indebtedness as well as the obligation of Borrower and the Related Borrowers to pay
the Indebtedness. Borrower hereby irrevocably grants, conveys and assigns to Trustee, in trust, with power of sale, the Mortgaged Property, to secure to Lender payment of the Related Indebtedness and performance of the covenants and agreements
contained in the Cross-Collateralization Agreement and in the Related Loan Documents, as well as to secure to Lender payment of the Indebtedness and performance of the covenants and agreements contained in the Loan Documents. 

 

	 	39.	Cross-Default. The occurrence of an “Event of Default” under the Cross-Collateralization Agreement will constitute an Event of Default under this Instrument. 

  
 Rider to Multifamily Security
Instrument 
 Cross-Collateralized Transaction 
  

 EXHIBIT B 

MODIFICATIONS TO INSTRUMENT 
 The following
modifications are made to the text of the Instrument that precedes this Exhibit: 
 None 

  

			
	 Utah
 Multifamily Deed of Trust,
Assignment of Rents
 and Security Agreement
	  	Page B-1EX-10.21

 Exhibit 10.21 

Freddie Mac Loan Number: 502336021 
 Property Name: Cottonwood
Creek 
 GUARANTY 

MULTISTATE 
 (Revised 10-11-2017) 
 THIS GUARANTY (“Guaranty”) is entered into to
be effective as of February 23, 2018, by STRATEGIC STUDENT & SENIOR HOUSING TRUST, INC., a Maryland corporation (“Guarantor”, collectively if more than one), for the benefit of KEYBANK NATIONAL ASSOCIATION, a national
banking association (“Lender”). 
 RECITALS 

 

	A.	Pursuant to the terms of a Multifamily Loan and Security Agreement dated the same date as this Guaranty (as amended, modified or supplemented from time to time, the “Loan Agreement”), SSSHT PROPCO 1245
E MURRAY HOLLADAY ROAD, LLC, a Delaware limited liability company (“Borrower”) has requested that Lender make a loan to Borrower in the amount of $9,337,000.00 (“Loan”). The Loan will be evidenced by one or more
Multifamily Note(s) from Borrower to Lender dated effective as of the effective date of this Guaranty (as amended, modified or supplemented from time to time, and collectively if applicable, the “Note”). The Note will be secured by
a Multifamily Mortgage, Deed of Trust, or Deed to Secure Debt dated effective as of the effective date of the Note (as amended, modified or supplemented from time to time, the “Security Instrument”), encumbering the Mortgaged
Property described in the Loan Agreement. 

  

	B.	As a condition to making the Loan to Borrower, Lender requires that Guarantor execute this Guaranty. 

  

	C.	Guarantor has a direct or indirect ownership or other financial interest in Borrower and/or will otherwise derive a material benefit from the making of the Loan. 

AGREEMENT 
 NOW, THEREFORE, in order to
induce Lender to make the Loan to Borrower, and in consideration thereof and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor agrees as follows: 

 

	1.	Defined Terms. The terms “Indebtedness,” “Loan Documents,” and “Property Jurisdiction,” and other capitalized terms used but not defined in this Guaranty, will have the
meanings assigned to them in the Loan Agreement. 

  

			
	Guaranty - Multistate	  	Page 1

	2.	Scope of Guaranty. 

  

	 	(a)	Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender each of the following: 

  

	 	(i)	Guarantor guarantees the full and prompt payment when due, whether at the Maturity Date or earlier, by reason of acceleration or otherwise, and at all times thereafter, of each of the following: 

 

	 	(A)	Guarantor guarantees a portion of the Indebtedness (including interest at the Note rate) equal to 0% of the original principal balance of the Note (“Base Guaranty”). 

 

	 	(B)	In addition to the Base Guaranty, Guarantor guarantees all other amounts for which Borrower is personally liable under Sections 9(c), 9(d) and 9(f) of the Note (provided, however, that Guarantor will have no liability
for failure of Borrower or SPE Equity Owner to comply with (I) Section 6.13(a)(xviii) of the Loan Agreement, and (II) the requirement in Section 6.13(a)(x)(B) of the Loan Agreement as to payment of trade payables within 60 days
of the date incurred). 

  

	 	(C)	Guarantor guarantees all costs and expenses, including reasonable Attorneys’ Fees and Costs incurred by Lender in enforcing its rights under this Guaranty. 

 

	 	(ii)	Guarantor guarantees the full and prompt payment and performance of, and compliance with, all of Borrower’s obligations under Sections 6.12, 10.02(b) and 10.02(d) of the Loan Agreement when due and the accuracy of
Borrower’s representations and warranties under Section 5.05 of the Loan Agreement. 

  

	 	(iii)	Guarantor guarantees the full and prompt payment and performance of, and compliance with, Borrower’s obligations under Section 6.09(e)(v) of the Loan Agreement to the extent Property Improvement Alterations
have commenced and remain uncompleted. 

  

	 	(iv)	through (vi) Reserved. 

  

	 	(b)	If the Base Guaranty stated in Section 2(a)(i)(A) is 100% of the original principal balance of the Note, then the following will be applicable: 

 

	 	(i)	 The Base Guaranty will mean and include, and Guarantor hereby absolutely, unconditionally and irrevocably
guarantees to Lender, the full and complete prompt payment of the entire Indebtedness, the performance 

  

			
	Guaranty - Multistate	  	Page 2

	 	
of and/or compliance with all of Borrower’s obligations under the Loan Documents when due, and the accuracy of Borrower’s representations and warranties contained in the Loan Documents.

  

	 	(ii)	For so long as the Base Guaranty remains in effect (there being no limit to the duration of the Base Guaranty unless otherwise expressly provided in this Guaranty), the obligations guaranteed pursuant to Sections
2(a)(i)(B) and 2(a)(i)(C) will be part of, and not in addition to or in limitation of, the Base Guaranty. 

  

	 	(c)	If the Base Guaranty stated in Section 2(a)(i)(A) is less than 100% of the original principal balance of the Note, then Section 2(b) will be completely inapplicable. 

 

	 	(d)	If Guarantor is not liable for the entire Indebtedness, then 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 (except this Guaranty) will be applied first to the portion of the Indebtedness for which neither Borrower nor Guarantor has personal liability. 

 

	3.	Additional Guaranty Relating to Bankruptcy. 

  

	 	(a)	Notwithstanding any limitation on liability provided for elsewhere in this Guaranty, Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and prompt payment when due, whether at the
Maturity Date or earlier, by reason of acceleration or otherwise, and at all times thereafter, the entire Indebtedness, in the event that: 

  

	 	(i)	Borrower or any SPE Equity Owner voluntarily files for bankruptcy protection under the Bankruptcy Code. 

  

	 	(ii)	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. 

  

	 	(iii)	The Mortgaged Property or any part of the Mortgaged 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. 

  

	 	(iv)	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. 

  

			
	Guaranty - Multistate	  	Page 3

	 	(v)	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. 

  

	 	(b)	For purposes of Section 3(a) 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.

  

	 	(c)	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 3(a), 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. 

  

	4.	 Guarantor’s Obligations Survive Foreclosure. The obligations of Guarantor under this Guaranty will
survive any foreclosure proceeding, any foreclosure sale, any delivery of any deed in lieu of foreclosure, and any release of record of the Security Instrument, and, in addition, the obligations of Guarantor relating to Borrower’s
representations and 

  

			
	Guaranty - Multistate	  	Page 4

	 	
warranties under Section 5.05 of the Loan Agreement, and Borrower’s obligations under Sections 6.12 and 10.02(b) of the Loan Agreement will survive any repayment or
discharge of the Indebtedness. Notwithstanding the foregoing, if Lender has never been a mortgagee-in-possession of or held title to the Mortgaged Property, Guarantor
will have no obligation under this Guaranty relating to Borrower’s representations and warranties under Section 5.05 of the Loan Agreement or Borrower’s obligations relating to environmental matters under Sections 6.12 and 10.02(b) of
the Loan Agreement after the date of the release of record of the lien of the Security Instrument as a result of the payment in full of the Indebtedness on the Maturity Date or by voluntary prepayment in full. 

 

	5.	Guaranty of Payment and Performance. Guarantor’s obligations under this Guaranty constitute an unconditional guaranty of payment and performance and not merely a guaranty of collection. 

 

	6.	No Demand by Lender Necessary; Waivers by Guarantor. The obligations of Guarantor under this Guaranty must be performed without demand by Lender and will be unconditional regardless of the genuineness, validity,
regularity or enforceability of the Note, the Loan Agreement, or any other Loan Document, and without regard to any other circumstance which might otherwise constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a
mortgagor. Guarantor hereby waives, to the fullest extent permitted by applicable law, all of the following: 

  

	 	(a)	The benefit of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Guaranty and agrees that Guarantor’s obligations will not be affected by any
circumstances, whether or not referred to in this Guaranty, which might otherwise constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a mortgagor. 

 

	 	(b)	The benefits of any right of discharge under any and all statutes or other laws relating to a guarantor, a surety, a borrower or a mortgagor, and any other rights of a surety, a guarantor, a borrower or a mortgagor
under such statutes or laws. 

  

	 	(c)	Diligence in collecting the Indebtedness, presentment, demand for payment, protest, all notices with respect to the Note and this Guaranty which may be required by statute, rule of law or otherwise to preserve
Lender’s rights against Guarantor under this Guaranty, including notice of acceptance, notice of any amendment of the Loan Documents, notice of the occurrence of any default or Event of Default, notice of intent to accelerate, notice of
acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the incurring by Borrower of any obligation or indebtedness. 

  

			
	Guaranty - Multistate	  	Page 5

	 	(d)	All rights to cause a marshalling of the Borrower’s assets or to require Lender to do any of the following: 

  

	 	(i)	Proceed against Borrower or any other guarantor of Borrower’s payment or performance under the Loan Documents (an “Other Guarantor”). 

 

	 	(ii)	Proceed against any general partner of Borrower or any Other Guarantor if Borrower or any Other Guarantor is a partnership. 

  

	 	(iii)	Proceed against or exhaust any collateral held by Lender to secure the repayment of the Indebtedness. 

  

	 	(iv)	Pursue any other remedy it may now or hereafter have against Borrower, or, if Borrower is a partnership, any general partner of Borrower. 

 

	 	(e)	Any right to object to the timing, manner or conduct of Lender’s enforcement of its rights under any of the Loan Documents. 

  

	 	(f)	Any right to revoke this Guaranty as to any future advances by Lender under the terms of the Loan Agreement to protect Lender’s interest in the Mortgaged Property. 

 

	7.	Modification of Loan Documents. At any time or from time to time and any number of times, without notice to Guarantor and without affecting the liability of Guarantor, all of the following will apply:

  

	 	(a)	Lender may extend the time for payment of the principal of or interest on the Indebtedness or renew the Indebtedness in whole or in part. 

 

	 	(b)	Lender may extend the time for Borrower’s performance of or compliance with any covenant or agreement contained in the Note, the Loan Agreement or any other Loan Document, whether presently existing or entered into
after the date of this Guaranty, or waive such performance or compliance. 

  

	 	(c)	Lender may accelerate the Maturity Date of the Indebtedness as provided in the Note, the Loan Agreement, or any other Loan Document. 

 

	 	(d)	Lender and Borrower may modify or amend the Note, the Loan Agreement, or any other Loan Document in any respect, including an increase in the principal amount. 

 

	 	(e)	Lender may modify, exchange, surrender or otherwise deal with any security for the Indebtedness or accept additional security that is pledged or mortgaged for the Indebtedness. 

  

			
	Guaranty - Multistate	  	Page 6

	8.	Joint and Several Liability. The obligations of Guarantor (and each party named as a Guarantor in this Guaranty) and any Other Guarantor will be joint and several. Lender, in its sole and absolute discretion, may
take any of the following actions: 

  

	 	(a)	Lender may bring suit against Guarantor, or any one or more of the parties named as a Guarantor in this Guaranty, and any Other Guarantor, jointly and severally, or against any one or more of them. 

 

	 	(b)	Lender may compromise or settle with Guarantor, any one or more of the parties named as a Guarantor in this Guaranty, or any Other Guarantor, for such consideration as Lender may deem proper. 

 

	 	(c)	Lender may release one or more of the parties named as a Guarantor in this Guaranty, or any Other Guarantor, from liability. 

  

	 	(d)	Lender may otherwise deal with Guarantor and any Other Guarantor, or any one or more of them, in any manner. 

No action of Lender described in this Section 8 will affect or impair the rights of Lender to collect from any one or more of the parties
named as a Guarantor under this Guaranty any amount guaranteed by Guarantor under this Guaranty. 
  

	9.	Limited Release of Guarantor Upon Transfer of Mortgaged Property. If Guarantor requests a release of its liability under this Guaranty in connection with a Transfer which Lender has approved pursuant to
Section 7.05(a) of the Loan Agreement, and Borrower has provided a replacement Guarantor acceptable to Lender, then one of the following will apply: 

  

	 	(a)	If Borrower delivers to Lender a Clean Site Assessment, then Lender will release Guarantor from all of Guarantor’s obligations except Guarantor’s obligation to guaranty Borrower’s liability under
Section 6.12 (Environmental Hazards) or Section 10.02(b) (Environmental Indemnification) of the Loan Agreement 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. 

  

	 	(b)	If Borrower does not deliver a Clean Site Assessment as described in Section 7.05(b)(i) of the Loan Agreement, then Lender will release Guarantor from all of Guarantor’s obligations except for Guarantor’s
obligation to guaranty Borrower’s liability under Section 6.12 (Environmental Hazards) or Section 10.02(b) (Environmental Indemnification) of the Loan Agreement. 

 

	10.	Subordination of Borrower’s Indebtedness to Guarantor. Any indebtedness of Borrower held by Guarantor now or in the future is and will be subordinated to the Indebtedness and Guarantor will collect, enforce
and receive any such indebtedness of Borrower as trustee for Lender, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty. 

 

	11.	 Waiver of Subrogation. Guarantor will have no right of, and hereby waives any claim for, subrogation or
reimbursement against Borrower or any general partner of Borrower 

  

			
	Guaranty - Multistate	  	Page 7

	 	
by reason of any payment by Guarantor under this Guaranty, whether such right or claim arises at law or in equity or under any contract or statute, until the Indebtedness has been paid in full
and there has expired the maximum possible period thereafter during which any payment made by Borrower to Lender with respect to the Indebtedness could be deemed a preference under the United States Bankruptcy Code. 

 

	12.	Preference. If any payment by Borrower is held to constitute a preference under any applicable bankruptcy, insolvency, or similar laws, or if for any other reason Lender is required to refund any sums to
Borrower, such refund will not constitute a release of any liability of Guarantor under this Guaranty. It is the intention of Lender and Guarantor that Guarantor’s obligations under this Guaranty will not be discharged except by
Guarantor’s performance of such obligations and then only to the extent of such performance. 

  

	13.	Financial Information and Litigation. Guarantor will deliver each of the following to Lender within 10 Business Days following a Notice from Lender requesting such information: 

 

	 	(a)	Guarantor’s balance sheet and profit and loss statement 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. 

  

	 	(b)	Other Guarantor financial statements as Lender may reasonably require. 

  

	 	(c)	Written updates on the status of all litigation proceedings that Guarantor disclosed or should have disclosed to Lender as of the date of this Guaranty. 

 

	 	(d)	If an Event of Default has occurred and is continuing, copies of Guarantor’s most recent filed state and federal tax returns, including any current tax return extensions. 

 

	14.	Assignment. Lender may assign its rights under this Guaranty in whole or in part and upon any such assignment, all the terms and provisions of this Guaranty will inure to the benefit of such assignee to the
extent so assigned. The terms used to designate any of the parties in this Guaranty will be deemed to include the heirs, legal representatives, successors and assigns of such parties, and the term “Lender” will also include any lawful
owner, holder or pledgee of the Note. 

  

	15.	Complete and Final Agreement. This Guaranty and the other Loan Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral
agreements. There are no unwritten oral agreements between the parties. All prior or contemporaneous agreements, understandings, representations, and statements, oral or written, are merged into this Guaranty and the other Loan Documents. Guarantor
acknowledges that Guarantor has received a copy of the Note and all other Loan Documents. Neither this Guaranty nor any of its provisions may be waived, modified, amended, discharged, or terminated except by a writing signed by the party against
which the enforcement of the waiver, modification, amendment, discharge, or termination is sought, and then only to the extent set forth in that writing. 

  

			
	Guaranty - Multistate	  	Page 8

	16.	Governing Law. This Guaranty will be governed by and enforced in accordance with the laws of the Property Jurisdiction, without giving effect to the choice of law principles of the Property Jurisdiction that
would require the application of the laws of a jurisdiction other than the Property Jurisdiction. 

  

	17.	Jurisdiction; Venue. Guarantor agrees that any controversy arising under or in relation to this Guaranty may be litigated in the Property Jurisdiction, and that the state and federal courts and authorities with
jurisdiction in the Property Jurisdiction will have jurisdiction over all controversies which may arise under or in relation to this Guaranty. Guarantor 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 Guaranty is intended to limit Lender’s right to bring any suit, action or proceeding relating to matters
arising under this Guaranty against Guarantor or any of Guarantor’s assets in any court of any other jurisdiction. 

  

	18.	Guarantor’s Interest in Borrower. Guarantor represents to Lender that Guarantor has a direct or indirect ownership or other financial interest in Borrower and/or will otherwise derive a material financial
benefit from the making of the Loan. 

  

	19.	Reserved. 

  

	20.	Reserved. 

  

	21.	Reserved. 

  

	22.	Term of Existence. 

  

	 	(a)	This Section 22 will only apply to any Guarantor(s) that is an entity whose term of existence expires prior to the Maturity Date. 

 

	 	(b)	At least 6 months prior to the expiration of its term of existence (“Term”), each entity Guarantor must take one of the following actions (“Guarantor Expiration Alternatives”):

  

	 	(i)	Extend its Term to a date that is at least 6 months after the Maturity Date (“Extension”) and provide Lender with Notice of the Extension. 

 

	 	(ii)	Cause one or more natural persons or entities who individually or collectively, as applicable, is/are acceptable to Lender, to execute and deliver to Lender a guaranty in the same form as this Guaranty, without any cost
or expense to Lender. 

  

			
	Guaranty - Multistate	  	Page 9

	 	(iii)	Deliver to Lender a letter of credit (“Term Extension Letter of Credit”) or other collateral acceptable to Lender as collateral security for the Loan. The Term Extension Letter of Credit must meet all
of the following conditions: 

  

	 	(A)	Satisfy the requirements for Letters of Credit in Section 11.15 of the Loan Agreement. 

  

	 	(B)	Be in an amount equal to 10% of the outstanding principal balance of the Note. 

  

	 	(C)	Include an automatic renewal provision or have a term that extends six months beyond the Maturity Date of the Loan. 

  

	 	(c)	Guarantor must ensure the Term Extension Letter of Credit remains in force until the Loan is paid in full. If Lender receives any Notice from the Term Extension Letter of Credit Issuer that Issuer will not renew the
Term Extension Letter of Credit, then Lender may immediately draw upon the Term Extension Letter of Credit in full and hold the proceeds in an escrow account. 

  

	 	(d)	Lender will hold the Term Extension Letter of Credit or, if Lender has previously drawn on the Term Existence Letter of Credit pursuant to Section 22(c), the proceeds of the Term Extension Letter of Credit, until
the first to occur of the following: 

  

	 	(i)	Lender has a claim against the Guarantor under the terms of this Guaranty, in which case Lender may take either of the following actions: 

 

	 	(A)	Draw on the Term Extension Letter of Credit in an amount equal to the claim and apply the proceeds to fully or partially satisfy the claim. 

 

	 	(B)	If Lender has previously drawn on the Term Extension Letter of Credit pursuant to Section 22(c), then Lender may apply the proceeds of such draw to fully or partially satisfy the claim. 

If the amount of the claim exceeds the amount of the Term Extension Letter of Credit, Guarantor will remain liable to Lender for the remainder
of the claim. 
  

	 	(ii)	The Loan is paid in full. 

  

	 	(e)	The requirement to provide a Term Extension Letter of Credit is in addition to, and not in substitution for, any requirement to provide a Letter of Credit pursuant to the Minimum Net Worth/Liquidity Rider to Guaranty
(if applicable) or any other Letter of Credit required under the terms of the Loan Documents. 

  

			
	Guaranty - Multistate	  	Page 10

	 	(f)	If Guarantor fails to exercise one of the Guarantor Expiration Alternatives at least 6 months prior to the expiration of the Term (“Term Expiration Date”), Guarantor must deliver to Lender monthly
financial statements (each a “Guarantor Financial Statement”) in the form required under Section 6.07(f) of the Loan Agreement. 

  

	 	(i)	Guarantor must begin delivering the Guarantor Financial Statement on the first day of the month which is 6 months prior to the Term Expiration Date and continue delivering the Guarantor Financial Statement on the first
day of every month thereafter until Guarantor exercises one of the Guarantor Expiration Alternatives. The Guarantor Financial Statement must demonstrate a net worth and liquidity that are acceptable to Lender. If a Guarantor Financial Statement
indicates that Guarantor’s net worth or liquidity is unacceptable to Lender, upon Notice from Lender, Guarantor must immediately exercise one of the Guarantor Expiration Alternatives. 

 

	 	(ii)	Guarantor must exercise one of the Guarantor Expiration Alternatives prior to the Term Expiration Date. 

  

	 	(iii)	Guarantor’s requirements to deliver the Guarantor Financial Statements are in addition to any other requirements set forth in the Loan Documents requiring Guarantor to deliver any financial information (including
the Guarantor’s requirements regarding financial covenants set forth in Section 20). 

  

	23.	Reserved. 

  

	24.	Reserved. 

  

	25.	State-Specific Provisions. State-specific provisions, if any, are included on Schedule 1 to this Guaranty. 

  

	26.	Community Property. If Guarantor (or any Guarantor, if more than one) is a married person, and the state of residence of Guarantor or his or her spouse (“Guarantor Spouse”) is a community
property jurisdiction, then each of the following apply: 

  

	 	(a)	Guarantor (or each such married Guarantor, if more than one) agrees that Lender may satisfy Guarantor’s obligations under this Guaranty to the extent of all of Guarantor’s separate property and against the
marital community property of Guarantor and Guarantor Spouse. 

  

	 	(b)	If Guarantor Spouse is not also a Guarantor of the Loan, Guarantor certifies that none of the assets shown on his or her financial statements submitted to Lender for purposes of underwriting the Loan were either
(i) Guarantor Spouse’s individual property, or (ii) community property under the sole management, control, and disposition of Guarantor Spouse. 

  

			
	Guaranty - Multistate	  	Page 11

	 	(c)	If Guarantor or Guarantor Spouse resides in Alaska, Arizona, Idaho, Louisiana, Nevada, New Mexico, Washington or Wisconsin, Guarantor has caused Guarantor Spouse to acknowledge this Guaranty as required on the signature
page of this Guaranty. 

  

	27.	WAIVER OF TRIAL BY JURY. 

  

	 	(a)	GUARANTOR AND LENDER EACH COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS GUARANTY OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF
RIGHT BY A JURY.  

  

	 	(b)	GUARANTOR AND LENDER EACH 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. 

  

	28.	Notices. All Notices required under this Guaranty will be provided in accordance with the requirements of Section 11.03 of the Loan Agreement. Guarantor’s address for Notices is as set forth on the
signature page of this Guaranty unless changed in accordance with this Section 28. 

  

	29.	Attached Schedules and Riders. The following Schedules and Riders, if marked with an “X” in the space provided, are attached to this Guaranty: 

☒    Schedule 1 – State Specific Provisions 

☐    Material Adverse Change Rider 

☒    Minimum Net Worth/Liquidity Rider 

☒    Other: Cross-Collateralized Transaction 

 

	30.	Attached Exhibit. The following Exhibit, if marked with an “X” in the space provided, is attached to this Guaranty: 

☐    Exhibit A Modifications to Guaranty 

(Remainder of page intentionally left blank; signature pages follow.) 

  

			
	Guaranty - Multistate	  	Page 12

 IN WITNESS WHEREOF, Guarantor has signed and delivered this Guaranty under seal or has caused this Guaranty to be
signed and delivered under seal by its duly authorized representative. Where applicable law provides, Guarantor intends that this Guaranty will be deemed to be signed and delivered as a sealed instrument. 

 

			
	STRATEGIC STUDENT & SENIOR HOUSING TRUST, INC., a Maryland corporation
		
	By:	 	 /s/ H. Michael Schwartz

	Name:	 	H. Michael Schwartz
	Title:	 	Chief Executive Officer

 STATE OF CALIFORNIA 

COUNTY OF ORANGE 
 The foregoing instrument was acknowledged
before me this      day of February, 2018, by H. Michael Schwartz, as Chief Executive Officer of STRATEGIC STUDENT & SENIOR HOUSING TRUST, INC., a Maryland corporation. 

 

	
	 (Seal)

	
                   
                                         
                    

	
	 Notary Public

	
	
Printed Name:                
                                         

	
	 My Commission Expires:

  

                          
                       

  

			
	Guaranty - Multistate	  	Page 13

	(a)	Guarantor’s Notice Address: 

Name:         Strategic Student & Senior Housing Trust, Inc. 

Address:      2405 York Road, Suite 201 

            Lutherville Timonium, Maryland 21093-2264 

 

	(b)	Guarantor represents and warrants that Guarantor is: 

 ☐ married 

☐ single 
 ☒ an entity

  

	(c)	If Guarantor is married, then Guarantor represents and warrants that Guarantor’s state of residence is N/A and Guarantor Spouse’s state of residence is N/A. 

Note: If Guarantor is an entity or an unmarried person, insert “N/A” in each blank. 

 

	(d)	If Guarantor (i) is married, and (ii) Guarantor Spouse is not also a Guarantor of this Loan, and (iii) Guarantor or Guarantor Spouse’s state of residence is Alaska, Arizona, Idaho, Louisiana, Nevada,
New Mexico, Washington, or Wisconsin, then Guarantor must cause Guarantor Spouse to sign below in accordance with Section 26 of this Guaranty. 

Any person signing this Guaranty solely as a Guarantor Spouse will bind only Guarantor Spouse’s marital community property and will not
bind Guarantor Spouse’s separate property to the payment and performance of the Guarantor’s obligations under this Guaranty. 

Note: If Guarantor is an entity or an unmarried person, insert “N/A” in each blank. 

Guarantor Spouse’s Signature:           N/A 

Guarantor Spouse’s Printed Name:    N/A 

Guarantor Spouse’s Address:             N/A 

 

	(e)	If Guarantor is an entity, Guarantor represents and warrants that Guarantor’s term of existence, excluding any renewal or extension options: 

☒ does not expire during the term of the Loan. 

☐ expires during the term of the Loan, and that the expiration date is
                    . 

  

			
	Guaranty - Multistate	  	Page 14

 SCHEDULE 1 

STATE SPECIFIC PROVISIONS 
  

			
	 Utah
	  	None

  

			
	Guaranty - Multistate	  	Schedule 1 - Page 1

 RIDER TO GUARANTY 

MINIMUM NET WORTH/LIQUIDITY 

(Revised 5-5-2017) 

The following changes are made to the Guaranty which precedes this Rider: 

A.    Section 20 is deleted and replaced with the following: 

20.    Minimum Net Worth/Liquidity Requirements. 

 

	 	(a)	Guarantor must maintain a minimum net worth of $15,000,000 with liquid assets of (i) at least $4,810,000 while that certain loan, not to exceed $25,000,000, from KeyBank National Association to
SSSHT Operating Partnership, L.P., a Delaware limited liability partnership, H. Michael Schwartz and Noble PPS, LLC, a Nevada limited liability company (collectively, “Bridge Loan Borrowers”) made on or about the date hereof to fund in
part the cost of the acquisition of the Mortgaged Property (“Bridge Loan”), remains outstanding and guaranteed by Guarantor, or, (ii) at least $3,000,000 if the Bridge Loan is no longer outstanding and
guaranteed by Guarantor (collectively, “Minimum Net Worth Requirement”). To demonstrate the Bridge Loan is no longer outstanding, Borrower or Guarantor must provide Lender with certified Guarantor financial statements
which do not reflect the Bridge Loan as indebtedness or as a contingent liability. 

  

	 	(b)	In addition to the financial information that Guarantor is required to provide pursuant to Section 13 of this Guaranty, annually within 90 days after the end of each fiscal year of Guarantor (or at the end of each
calendar year with respect to any Guarantor that is an individual), Guarantor must provide Lender with a written certification (“Guarantor Certification”) of the net worth and liquid assets of Guarantor, derived in accordance with
customarily acceptable accounting practices. The Guarantor must certify the Guarantor Certification under penalty of perjury as true and complete. 

  

	 	(c)	Within 30 days of receipt of Notice from Lender that Guarantor has failed to maintain the Minimum Net Worth Requirement, Guarantor must either: 

 

	 	(i)	cause one or more natural persons or entities who individually or collectively, as applicable, meet the Minimum Net Worth Requirement and is/are acceptable to Lender, in its sole discretion, to execute and deliver to
Lender a guaranty in the same form as this Guaranty, without any cost or expense to Lender; or 

  

			
	 Rider To Guaranty
 Minimum Net
Worth/Liquidity
	  	

	 	(ii)	deliver to Lender a letter of credit or other collateral acceptable to Lender in its discretion meeting the following conditions, as applicable: 

 

	 	(A)	If Guarantor supplies a letter of credit, the letter of credit must be in the form required by Lender and satisfy the requirements for Letters of Credit set forth in Section 11.15 of the Loan Agreement, except that
an updated nonconsolidation opinion will not be required. 

  

	 	(B)	The letter of credit or other collateral must be in an amount equal to the greatest of: 

  

	 	(X)	the positive difference, if any, obtained by subtracting the net worth identified in the Guarantor Certification from the minimum net worth required under the Minimum Net Worth Requirement, 

 

	 	(Y)	the positive difference, if any, obtained by subtracting the liquid assets identified in the Guarantor Certification from the minimum liquid assets required under the Minimum Net Worth Requirement, and

  

	 	(Z)	$100,000. 

  

	 	(d)	Lender will hold the letter of credit or other collateral until one of the following occurs: 

  

	 	(i)	Lender has a claim against the Guarantor, in which case Lender will be entitled to draw on the letter of credit and apply the proceeds or the other collateral to such claim(s), in Lender’s sole discretion.

  

	 	(ii)	Lender returns the letter of credit or other collateral to Guarantor pursuant to Section 20(e). 

  

	 	(e)	Provided no Event of Default then exists, Guarantor will be entitled to request a return of the unused portion, if any, of the letter of credit or other collateral in the event it delivers to Lender evidence in form and
substance satisfactory to Lender, including a Guarantor Certification, that Guarantor has satisfied the Minimum Net Worth Requirement. 

  

			
	 Rider To Guaranty
 Minimum Net
Worth/Liquidity
	  	

	 	(f)	If there is more than one Guarantor, Lender will determine compliance with the Minimum Net Worth Requirement based on the aggregate net worth and liquid assets of all Guarantors of the Indebtedness. However, each
Guarantor will otherwise satisfy all other requirements of this Section 20 on an individual basis at all times. 

  

			
	 Rider To Guaranty
 Minimum Net
Worth/Liquidity
	  	

 RIDER TO GUARANTY 

CROSS-COLLATERALIZED TRANSACTION 

(Revised 5-1-2015) 

The following changes are made to the Guaranty which precedes this Rider: 
  

	A.	Section 19 is deleted and replaced with the following: 

  

	 	19.	Cross-Collateralized Transaction. The obligations of Guarantor will not be impaired or in any way limited by (i) any action taken by Lender to enforce its rights under or realize upon collateral for any of
the Related Loans, (ii) the fact that Lender may be seeking to realize upon some but not all of the collateral for the Loan and the Related Loans, or (iii) the exercise or deferral, concurrently, consecutively or otherwise, of any of the
rights or remedies available to Lender under the Cross-Collateralization Agreement or applicable law. 

  

			
	 Rider To Guaranty

Cross-Collateralized Transaction
	  	

 EXHIBIT A 

MODIFICATIONS TO GUARANTY 
 The following
modifications are made to the text of the Guaranty that precedes this Exhibit: 
 None 

  

			
	Guaranty - Multistate	  	Exhibit A - 1

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