Document:

Amended and Restated Advisory Agreement

 Exhibit 10.2 
 AMENDED AND RESTATED ADVISORY AGREEMENT 
 BY AND AMONG 

INDEPENDENCE REALTY TRUST, INC., 
 INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, 
 AND 

INDEPENDENCE REALTY ADVISORS, LLC 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	1.	 	DEFINITIONS	  	 	1	  
	2.	 	APPOINTMENT	  	 	5	  
	3.	 	DUTIES OF THE ADVISOR	  	 	6	  
	4.	 	AUTHORITY OF ADVISOR	  	 	7	  
	5.	 	FIDUCIARY RELATIONSHIP	  	 	8	  
	6.	 	NO PARTNERSHIP OR JOINT VENTURE	  	 	8	  
	7.	 	BANK ACCOUNTS	  	 	8	  
	8.	 	RECORDS; ACCESS	  	 	8	  
	9.	 	LIMITATIONS ON ACTIVITIES	  	 	8	  
	10.	 	FEES	  	 	8	  
	11.	 	EXPENSES	  	 	9	  
	12.	 	OTHER SERVICES	  	 	10	  
	13.	 	REIMBURSEMENT TO THE ADVISOR	  	 	10	  
	14.	 	OTHER ACTIVITIES OF THE ADVISOR	  	 	11	  
	15.	 	TERM OF AGREEMENT	  	 	11	  
	16.	 	TERMINATION BY THE PARTIES	  	 	11	  
	17.	 	ASSIGNMENT TO AN AFFILIATE	  	 	12	  
	18.	 	PAYMENTS AND DUTIES UPON TERMINATION	  	 	12	  
	19.	 	INCORPORATION OF THE ARTICLES OF INCORPORATION AND THE OPERATING PARTNERSHIP AGREEMENT	  	 	12	  
	20.	 	INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP	  	 	12	  
	21.	 	INDEMNIFICATION BY ADVISOR	  	 	13	  
	22.	 	NOTICES	  	 	14	  
	23.	 	MODIFICATION	  	 	14	  
	24.	 	SEVERABILITY	  	 	14	  
	25.	 	GOVERNING LAW	  	 	15	  
	26.	 	ENTIRE AGREEMENT	  	 	15	  
	27.	 	NO WAIVER	  	 	15	  
	28.	 	PRONOUNS AND PLURALS	  	 	15	  
	29.	 	HEADINGS	  	 	15	  
	30.	 	EXECUTION IN COUNTERPARTS	  	 	15	  
	31.	 	THIRD PARTY BENEFICIARY	  	 	15	  

 AMENDED AND RESTATED ADVISORY AGREEMENT 

THIS AMENDED AND RESTATED ADVISORY AGREEMENT (this “Agreement”), dated as of April 7, 2011, is entered into by and
among Independence Realty Trust, Inc., a Maryland corporation (the “Company”), Independence Realty Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), and Independence Realty
Advisors, LLC, a Delaware limited liability company. 
 WITNESSETH 

WHEREAS, the Company is a Maryland corporation created in accordance with Maryland General Corporation Law and intends to qualify as a
REIT; 
 WHEREAS, the Company is the general partner of the Operating Partnership; 

WHEREAS, the Company and the Operating Partnership desire to avail themselves of the experience, sources of information, advice,
assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of the Board of Directors of the Company, all as provided herein;

 WHEREAS, the Advisor is willing to render such services, subject to the supervision of the Board of Directors of the Company,
on the terms and conditions hereinafter set forth; and 
 WHEREAS, the parties entered into that certain Advisory Agreement
dated May 27, 2010 and now desire to amend and restate such agreement pursuant to the terms hereof. 
 NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. DEFINITIONS. As used in this Agreement, the following terms have the definitions set forth below: 
 “Acquisition Expenses” means any and all expenses, exclusive of Acquisition Fees, incurred by the Company, the Operating Partnership, the Advisor, or any of their Affiliates in
connection with the selection, evaluation, acquisition, origination, making or development of any Investments, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, brokerage fees, costs
of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance premiums, and the costs of performing due diligence. 
 “Acquisition Fee” means the fees payable to the Advisor pursuant to Section 10(a). 
 “Advisor” means Independence Realty Advisors, LLC, a Delaware limited liability company, any successor advisor to the Company, the Operating Partnership or any Person to which
Independence Realty Advisors, LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the foregoing, a Person hired or retained by Independence Realty Advisors, LLC to perform property management and
related services for the Company or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Independence Realty Advisors, LLC with respect to the Company or the Operating Partnership as a whole shall
not be deemed to be an Advisor. 
 “Affiliate” or “Affiliated” means with
respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent
(10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common
control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general
partner. For purposes of this definition, the terms “controls,” “is controlled by,” or “is under common control with” shall mean the possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of an entity, whether through ownership or voting rights, by contract or otherwise. 

 “Articles of Incorporation” means the Articles of Incorporation of
the Company, as amended from time to time. 
 “Asset Management Fee” means the fees payable to the
Advisor pursuant to Section 10(d). 
 “Average Invested Assets” means, for a specified
period, the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Investments before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the
end of each month during such period. For an equity interest owned in a Joint Venture, the calculation of Average Invested Assets shall take into consideration the underlying Joint Venture’s aggregate book value for the equity interest.

 “Board of Directors” or “Board” means the Board of Directors of the Company.

 “Bylaws” means the bylaws of the Company, as amended and as the same are in effect from time to time.

 “Cause” means (x) fraud, criminal conduct, willful misconduct or illegal or negligent breach of
fiduciary duty by the Advisor or a breach of this Agreement by the Advisor; or (y) if any of the following events occur: (i) the Advisor shall violate any material provision of this Agreement, and after written notice of such violation,
shall not cure such default within thirty (30) days or have begun action within thirty (30) days to cure the default which shall be completed with reasonable diligence, (ii) the Advisor shall be adjudged bankrupt or insolvent by a
court of competent jurisdiction, or an order shall be made by a court of competent jurisdiction for the appointment of a receiver, liquidator, or trustee of the Advisor, for all or substantially all of its property by reason of the foregoing, or if
a court of competent jurisdiction approves any petition filed against the Advisor for reorganization, and such adjudication or order shall remain in force or unstayed for a period of thirty (30) days, or (iii) the Advisor shall institute
proceedings for voluntary bankruptcy or shall file a petition seeking reorganization under the federal bankruptcy laws, or for relief under any law for relief of debtors, or shall consent to the appointment of a receiver for itself or for all or
substantially all of its property, or shall make a general assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts, generally, as they become due. 

“Change of Control” means a change of control of the Company of a nature that would be required to be reported in
response to the disclosure requirements of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as enacted and in force on the date hereof, whether or not the Company
is then subject to such reporting requirements; provided, however, that, without limitation, a Change of Control shall be deemed to have occurred if: (i) any “person” (within the meaning of Section 13(d) of the Exchange
Act, as enacted and in force on the date hereof) is or becomes the “beneficial owner” (as that term is defined in Rule 13d-3, as enacted and in force on the date hereof, under the Exchange Act) of securities of the Company representing
9.8% or more of the combined voting power of the Company’s securities then outstanding; (ii) there occurs a merger, consolidation or other reorganization of the Company which is not approved by the Board of Directors; (iii) there
occurs a sale, exchange, transfer or other disposition of substantially all of the assets of the Company to another entity, which disposition is not approved by the Board of Directors; or (iv) there occurs a contested proxy solicitation of the
Stockholders that results in the contesting party electing candidates to a majority of the Board of Directors’ positions next up for election. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such
provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

  
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 “Competitive Real Estate Commission” means a real estate or
brokerage commission for the purchase or sale of an asset which is reasonable, customary, and competitive in light of the size, type, and location of the asset. 
 “Contract Sales Price” means the total consideration received by the Company for the sale of an Investment. 

“Dealer Manager” means Independence Realty Securities, LLC, or such other Person or entity selected by the Board
of Directors to act as the dealer manager for the Offering. 
 “Dealer Manager Fee” means three percent
(3.0%) of Gross Proceeds from the sale of Shares in the Primary Offering, payable to the Dealer Manager for serving as the dealer manager of such Offering. 
 “Director” means a member of the Board of Directors. 

“Distributions” means any distributions of money or other property by the Company to Stockholders, including
distributions that may constitute a return of capital for U.S. federal income tax purposes. 
 “Effective
Date” means             , 2011. 

“Excess Amount” has the meaning set forth in Section 13. 

“Expense Year” has the meaning set forth in Section 13. 

“Financing Coordination Fee” means the fees payable to the Advisor pursuant to Section 10(e).

 “GAAP” means United States generally accepted accounting principals, consistently applied.

 “Good Reason” means (x) any failure to obtain a satisfactory agreement from any successor to the
Company or the Operating Partnership to assume and agree to perform obligations under this Agreement; or (y) any material breach of this Agreement of any nature whatsoever by the Company or the Operating Partnership. 

“Gross Proceeds” means the aggregate purchase price of all Shares sold for the account of the Company through all
Offerings, without deduction for Selling Commissions, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any
Share for which reduced Selling Commissions are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Company are not reduced) shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus
for such Offering without reduction. 
 “Indemnitee” has the meaning set forth in
Section 21. 
 “Independent Director” has the meaning set forth in the Articles of
Incorporation. 
 “Investments” means any investments by the Company or the Operating Partnership in
Real Estate Assets or any other asset. 
 “Joint Ventures” means the joint venture or partnership
arrangements (other than between the Company and the Operating Partnership) in which the Company or the Operating Partnership or any of their subsidiaries is a co-venturer or general partner which are established to own Investments. 

  
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 “Listing” means (i) the listing of the Shares on a
national securities exchange or (ii) the receipt by the Stockholders of securities that are listed on a national securities exchange in exchange for the Shares in a merger or any other type of transaction. 

“Loans” means any indebtedness or obligations in respect of borrowed money or evidenced by bonds, notes,
debentures, deeds of trust, letters of credit or similar instruments, including mortgages and mezzanine loans. 

“NASAA REIT Guidelines” means the Statement of Policy Regarding Real Estate Investment Trusts published by the
North American Securities Administrators Association on May 7, 2007, as may be amended from time to time. 

“Net Income” means, for any period, the Company’s total revenues applicable to such period, less the total
expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets. 

“Offering” means the public offering of Shares pursuant to a Prospectus. 

“Operating Partnership Agreement” means the Agreement of Limited Partnership of the Operating Partnership, among
the Company, the Operating Partnership and RAIT NTR Holdings, LLC, a Delaware limited liability company, as amended from time to time. 
 “OP Units” means units of limited partnership interest in the Operating Partnership. 
 “Organization and Offering Expenses” means all expenses (other than the Selling Commission and the Dealer Manager Fee) to be paid by the Company in connection with the Offering,
including legal, accounting, printing, mailing and filing fees, charges of the escrow holder and transfer agent, charges of the Advisor for administrative services related to the issuance of Shares in the Offering, reimbursement of the Advisor for
costs in connection with preparing supplemental sales materials, the cost of bona fide training and education meetings held by the Company (primarily the travel, meal and lodging costs of the registered representatives of broker-dealers), attendance
and sponsorship fees and cost reimbursement for employees of the Company’s Affiliates to attend retail seminars conducted by broker-dealers and, in special cases, reimbursement to soliciting broker-dealers for technology costs associated with
the Offering, costs and expenses related to such technology costs, and costs and expenses associated with facilitation of the marketing of the Shares and the ownership of Shares by such broker-dealer’s customers. 

“Person” means an individual, corporation, partnership, joint venture, association, company (whether of limited
liability or otherwise), trust, bank or other entity, or government or any agency or political subdivision of a government. 

“Primary Offering” means the portion of an Offering other than the Shares offered pursuant to the Company’s
distribution reinvestment program. 
 “Property Disposition Fee” means the fees payable to the Advisor
pursuant to Section 10(c). 
 “Prospectus” means the final prospectus of the Company filed
pursuant to Rule 424(b) of the Securities Act, as may be amended or supplemented from time to time. 
 “Real Estate
Assets” means any investment by the Company or the Operating Partnership in unimproved and improved Real Property (including, without limitation, fee or leasehold interests, options and leases) either directly or through a Joint
Venture. 
 “Real Property” means real property owned from time to time by the Company or the Operating
Partnership, either directly or through a Joint Venture, which consists of (i) land only, (ii) land, including the buildings located thereon, (iii) buildings only or (iv) such investments the Board or the Advisor designate as
Real Property to the extent such investments could be classified as Real Property. 

  
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 “REIT” means a “real estate investment trust” under
Sections 856 through 860 of the Code. 
 “Sale” means any transaction or series of transactions
whereby: (A) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Estate Assets, Loan or other
Investment or portion thereof, including the lease of any Real Estate Assets consisting of a building only, and including any event with respect to any Real Estate Assets which gives rise to a significant amount of insurance proceeds or condemnation
awards; (B) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the
interest of the Company or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Company
or the Operating Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Real Estate Assets or portion thereof, including any event with respect to any Real Estate Assets which gives rise to
insurance claims or condemnation awards; or (D) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of
any other asset not previously described in this definition or any portion thereof, but not including any transaction or series of transactions specified in clauses (A) through (D) above in which the proceeds of such transaction or series
of transactions are reinvested by the Company in one or more assets within 180 days thereafter. 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “Selling Commission” means seven
percent (7.0%) of Gross Proceeds from the sale of Shares in the Primary Offering payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them. 

“Shares” means the shares of the Company’s capital stock, par value $0.01 per share. 

“Soliciting Dealers” means broker-dealers who are members of the Financial Industry Regulatory Authority Inc., or
that are exempt from broker-dealer registration, and who, in either case, have executed soliciting dealer or other agreements with the Dealer Manager to sell Shares. 
 “Sponsor” means RAIT Financial Trust, a Maryland real estate investment trust. 
 “Stockholders” means the registered holders of the Shares. 

“Termination Date” means the date of termination of this Agreement. 

“Total Operating Expenses” of a Person means the aggregate of all costs and expenses paid or incurred by such
Person, but excluding Organization and Offering Expenses, interest payments, taxes, non-cash expenditures, any Acquisitions Fees or Acquisition Expenses. The definition of “Total Operating Expenses” set forth above is intended to
encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total
Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 
 “2%/25% Guidelines” has the meaning set forth in Section 13. 
 2. APPOINTMENT. The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor to perform the services set forth herein on the terms and conditions set forth in this
Agreement, and the Advisor hereby accepts such appointment. 

  
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 3. DUTIES OF THE ADVISOR. As of the Effective Date, the Advisor will use its best
efforts to present to the Company and the Operating Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and
adopted from time to time by the Board. In performance of this undertaking, subject to the supervision of the Board and consistent with the provisions of the Articles of Incorporation, Bylaws and the Operating Partnership Agreement, the
Advisor, directly or indirectly, shall: 
 (a) serve as the Company’s and the Operating Partnership’s investment and
financial advisor; 
 (b) provide the daily management for the Company and the Operating Partnership and perform and supervise
the various administrative functions necessary for the day-to-day management of the operations of the Company and the Operating Partnership; 
 (c) investigate, select, and, on behalf of the Company and the Operating Partnership, engage and conduct business with and supervise the performance of such Persons as the Advisor deems necessary to the
proper performance of its obligations hereunder, including, but not limited to, consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians,
agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, the registrar and the transfer agent and
any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including, but not limited
to, entering into contracts in the name of the Company and the Operating Partnership with any of the foregoing; 
 (d) consult
with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company’s financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making
of investments consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company or the Operating Partnership; 

(e) subject to the provisions of Section 4 hereof, (i) participate in formulating an investment strategy and asset
allocation framework, (ii) locate, analyze and select potential Investments, (iii) structure and negotiate the terms and conditions of transactions pursuant to which acquisitions and dispositions of Investments will be made;
(iv) research, identify, review and recommend acquisitions and dispositions of Investments to the Board and make Investments on behalf of the Company and the Operating Partnership in compliance with the investment objectives and policies of the
Company; (v) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with, Investments; (vi) enter into leases and service
contracts for Real Estate Assets and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Real Estate Assets; (vii) actively oversee and manage Investments for purposes of meeting the
Company’s investment objectives and reviewing and analyzing financial information for each of the Investments and the overall portfolio; (viii) select Joint Venture partners, structure corresponding agreements and oversee and monitor these
relationships; (ix) oversee, supervise and evaluate Affiliated and non-Affiliated property managers who perform services for the Company or the Operating Partnership; (x) oversee Affiliated and non-Affiliated Persons with whom the Advisor
contracts to perform certain of the services required to be performed under this Agreement; (xi) manage accounting and other record-keeping functions for the Company and the Operating Partnership, including reviewing and analyzing the capital
and operating budgets for the Real Estate Assets and generating an annual budget for the Company; and (xii) recommend various liquidity events to the Board when appropriate; 

(f) upon request, provide the Board with periodic reports regarding prospective investments; 

  
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 (g) make investments in, and dispositions of, Investments within the discretionary limits
and authority as granted by the Board; 
 (h) negotiate on behalf of the Company and the Operating Partnership with banks or
other lenders for Loans to be made to the Company and the Operating Partnership, and negotiate on behalf of the Company and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Shares or obtain
Loans for the Company and the Operating Partnership, but in no event in such a manner so that the Advisor shall be acting as broker-dealer or underwriter; provided, further, that any fees and costs payable to third parties incurred by the
Advisor in connection with the foregoing shall be the responsibility of the Company or the Operating Partnership; 
 (i) obtain
reports (which may, but are not required to, be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of Investments or contemplated investments of the Company and the Operating Partnership; 

(j) from time to time, or at any time reasonably requested by the Board, make reports to the Board of its performance of services to the
Company and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its Affiliates; 
 (k) provide the Company and the Operating Partnership with all necessary cash management services; 
 (l) deliver to, or maintain on behalf of, the Company copies of all appraisals obtained in connection with the investments in any Real Estate Assets as may be required to be obtained by the Board;

 (m) notify the Board of all proposed transactions outside of the Advisor’s delegated authority before they are
completed; 
 (n) effect any private placement of OP Units, tenancy-in-common (TIC) or other interests in Investments as
may be approved by the Board; 
 (o) perform investor-relations and Stockholder communications functions for the Company;

 (p) render such services as may be reasonably determined by the Board of Directors consistent with the terms and conditions
herein; 
 (q) maintain the Company’s accounting and other records and assist the Company in filing all reports required to
be filed by it with the Securities and Exchange Commission, the Internal Revenue Service and other regulatory agencies; and 

(r) do all things necessary to assure its ability to render the services described in this Agreement. 

Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to any Person so long as the Advisor or its Affiliate
remains responsible for the performance of the duties set forth in this Section 3. 
 4. AUTHORITY OF ADVISOR.

 (a) Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in
Section 9), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Company, acting on the authority of the Board of Directors, hereby delegates to the Advisor the authority to perform
the services described in Section 3. 
 (b) Notwithstanding anything herein to the contrary, any Investment with a
purchase price of $15,000,000 or more, including any financing thereof, or any investment in a property type other than multifamily will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the
Board, as the case may be. 

  
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 (c) If a transaction requires approval by the Independent Directors, the Advisor will
deliver to the Independent Directors all documents and other information required by them to properly evaluate the proposed transaction. 
 (d) The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Section 4; provided, however, that such modification or
revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company or the Operating Partnership prior to the date of receipt by the Advisor of such
notification. 
 5. FIDUCIARY RELATIONSHIP. The Advisor, as a result of its relationship with the Company and the
Operating Partnership pursuant to this Agreement, stands in a fiduciary relationship with the Stockholders and the partners of the Operating Partnership.
 6. NO PARTNERSHIP OR JOINT VENTURE. The parties to this Agreement are not partners or joint venturers with each other and nothing herein shall be construed to make them partners or joint venturers
or impose any liability as such on either of them. 
 7. BANK ACCOUNTS. The Advisor may establish and maintain one or
more bank accounts in its own name for the account of the Company or the Operating Partnership or in the name of the Company and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from any such
account or accounts, any money on behalf of the Company or the Operating Partnership, under such terms and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall upon
request render appropriate accountings of such collections and payments to the Board and to the auditors of the Company. 

8. RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available
for inspection by the Directors and by counsel, auditors and authorized agents of the Company, at any time and from time to time. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating
Partnership. 
 9. LIMITATIONS ON ACTIVITIES. Notwithstanding anything herein to the contrary, the Advisor shall refrain
from taking any action which, in its sole judgment, or in the sole judgment of the Company, made in good faith, would (a) adversely affect the status of the Company as a REIT, unless the Board has determined that REIT qualification is not in
the best interests of the Company and its Stockholders, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any governmental body or
agency having jurisdiction over the Company or its Shares, or otherwise not be permitted by the Articles of Incorporation or Bylaws, except if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of
the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the Advisor shall have no liability for acting
in accordance with the specific instructions of the Board so given. 
 10. FEES. 

(a) Acquisition Fees. The Company shall not pay an Acquisition Fee to the Advisor as compensation for services rendered
in connection with the investigation, selection and acquisition (by purchase, investment or exchange) of Investments. 

  
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 (b) Limitation on Total Acquisition Fees, Financing Coordination Fees and Acquisition
Expenses. Pursuant to the NASAA REIT Guidelines, the total of all Acquisition Fees, Financing Coordination Fees and Acquisition Expenses payable in connection with any Investment shall not exceed six percent (6.0%) of the
“contract purchase price,” as defined in the Articles of Incorporation, of the Investment acquired. 
 (c)
Property Disposition Fee. In connection with a Sale of an Investment (except for such Investments that are traded on a national securities exchange) in which the Advisor or any Affiliate of the Advisor provides a substantial
amount of services, as determined by the Independent Directors, the Company shall pay to the Advisor or its Affiliate a Property Disposition Fee equal to the lesser of (i) one-half of a Competitive Real Estate Commission or (ii) one
percent (1.0%) of the Contract Sales Price of such Investment. Any Property Disposition Fee payable under this Section 10(c) may be paid in addition to commissions paid to non-Affiliates, provided that the total commissions
(including such Property Disposition Fee) paid to all Persons by the Company for the Sale of each Investment shall not exceed six percent (6.0%) of the Contract Sales Price. 

(d) Asset Management Fee. The Company shall pay an Asset Management Fee to the Advisor as compensation for services
rendered in connection with the management of the Company’s assets in an amount equal to seventy five basis points (0.75%) per annum of Average Invested Assets. The Asset Management Fee is payable quarterly, in arrears at the end of each
calendar quarter, in the amount of 0.1875% of Average Invested Assets in the immediately preceding quarter. 
 (e)
Financing Coordination Fee. The Company shall pay a Financing Coordination Fee to the Advisor in connection with the refinancing of any Loan in an amount equal to one percent (1.0%) of the amount made available and/or
outstanding under any such Loan. The Advisor may reallow some or all of this Financing Coordination Fee to reimburse third parties with whom it may subcontract to procure any such Loan. The Company shall not pay a Financing Coordination Fee in
connection with debt provided by the Sponsor or its affiliates. 
 (f) Exclusion of Certain Transactions. In
the event the Company or the Operating Partnership shall propose to enter into any transaction in which the Advisor, any Affiliate of the Advisor or any of the Advisor’s directors or officers has a direct or indirect interest, then such
transaction shall be approved by a majority of the Board not otherwise interested in such transaction, including a majority of the Independent Directors. 
 11. EXPENSES. 
 (a) In addition to the compensation paid to the Advisor
pursuant to Section 10, the Company or the Operating Partnership shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates in connection with the services it provides to the
Company and the Operating Partnership pursuant to this Agreement, including, but not limited to: 
 (i) Organization and
Offering Expenses; provided, however, that the Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount of Organization and Offering Expenses (including the Dealer Manager Fee and Selling
Commissions) paid by the Company and the Operating Partnership to exceed fifteen percent (15.0%) of the Gross Proceeds raised in the Primary Offering; 
 (ii) Acquisition Expenses incurred in connection with the selection and acquisition of Investments subject to the aggregate six percent (6.0%) cap on Acquisition Fees, Financing Coordination Fees and
Acquisition Expenses set forth in Section 10(b); 
 (iii) the actual cost of goods and services used by the Company
and obtained from entities not Affiliated with the Advisor; 

  
 - 9 -

 (iv) interest and other costs for Loans, including discounts, points and other similar fees;

 (v) taxes and assessments on income of the Company or Investments; 

(vi) costs associated with insurance required in connection with the business of the Company or by the Board; 

(vii) expenses of managing and operating Investments owned by the Company, whether payable to an Affiliate of the Company or a
non-affiliated Person; 
 (viii) all expenses in connection with payments to the Directors for attending meetings of the Board
and Stockholders; 
 (ix) expenses associated with a Listing, if applicable, or with the issuance and distribution of Shares,
such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees, and other Organization and Offering Expenses; 
 (x) expenses connected with payments of Distributions; 
 (xi) expenses of
organizing, revising, amending, converting, modifying, or terminating the Company or any subsidiary thereof or the Articles of Incorporation, Bylaws or governing documents of any subsidiary; 

(xii) expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports
and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii) administrative
service expenses, including all costs and expenses incurred by Advisor or its Affiliates in fulfilling its duties hereunder, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the
performance of such services; provided, that no reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives a separate fee; and

 (xiv) audit, accounting and legal fees. 
 (b) Expenses incurred by the Advisor on behalf of the Company and the Operating Partnership and payable pursuant to this Section 11 shall be reimbursed no less than monthly to the Advisor.

 12. OTHER SERVICES. Should the Board request that the Advisor or any director, officer or employee thereof render
services for the Company and the Operating Partnership other than set forth in Section 3, such services shall be separately compensated at such customary rates and in such customary amounts as are agreed upon by the Advisor and the
Board, including a majority of the Independent Directors, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 

13. REIMBURSEMENT TO THE ADVISOR. Commencing on the fourth fiscal quarter after the Company or the Operating Partnership makes its
first Investment, the Company shall not reimburse the Advisor at the end of any fiscal quarter in which Total Operating Expenses for the four (4) consecutive fiscal quarters then ended (the “Expense Year”) exceed (the
“Excess Amount”) the greater of two percent (2%) of Average Invested Assets or twenty-five percent (25%) of Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor
during a fiscal quarter shall be repaid to the Company or, at the option of the Company, subtracted from the Total Operating Expenses reimbursed during the subsequent fiscal quarter. If there is an Excess Amount in any Expense Year and the
Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then the Excess Amount may be carried over and included in Total Operating Expenses in subsequent Expense Years and
reimbursed to the Advisor in one or more of such years, provided that there shall be sent to the Stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining that
such excess expenses were justified. Such determination shall be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent
basis. 

  
 - 10 -

 14. OTHER ACTIVITIES OF THE ADVISOR. Except as set forth in this Section 14,
nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of
other programs advised, sponsored or organized by the Sponsor or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, member, partner, employee, or stockholder of the Advisor or its Affiliates to engage in
or earn fees from any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association and earn fees for rendering such services; provided, however, that the Advisor must devote
sufficient resources to the Company’s business to discharge its obligations to the Company under this Agreement. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each
and every other participant therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company may enter into Joint Ventures or other similar co-investment arrangements with certain Persons, and
pursuant to the agreements governing such Joint Ventures or arrangements, the Advisor may be engaged to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and service. Before the Advisor of
its Affiliates may take advantage of an investment opportunity for its own account or recommend it to others, the Advisor is obligated to present such opportunity to the Company if (a) such opportunity is a fee simple interest in a multifamily
property and compatible with the Company’s investment objectives and policies, (b) such opportunity is of a character which could be taken by the Company, and (c) the Company has financial resources to take advantage of such
opportunity. In the event that an investment opportunity becomes available that is suitable for both the Company and a public or private entity with which the Advisor or its Affiliate is affiliated for which both entities have sufficient uninvested
funds, and the requirements of the preceding sentence have been satisfied, then the entity that has had the longest period of time elapse since it was offered an investment opportunity will first be offered the investment opportunity. 

The Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge,
which creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other partnership, corporation, firm, individual, trust or association. If the Advisor,
Director or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment funds available at the same time as the Company, the Advisor shall inform the Board of the method to be applied by the
Advisor in allocating investment opportunities among the Company and competing investment entities and shall provide annual updates to the Board of the investment opportunities provided by the Advisor to competing programs in order for the Board
(including the Independent Directors) to fulfill its duty to ensure that the Advisor and its Affiliates use their best efforts to apply such method fairly to the Company. 
 15. TERM OF AGREEMENT. This Agreement shall continue in force for a period of one year from the Effective Date, and thereafter it may be renewed for an unlimited number of successive one-year terms
upon mutual consent of the parties. 
 16. TERMINATION BY THE PARTIES. This Agreement may be terminated upon sixty
(60) days written notice (i) by the Independent Directors of the Company or the Advisor, without Cause and without penalty, (ii) by the Advisor for Good Reason or (iii) by the Advisor upon a Change of Control. The provisions
of Sections 18 through 31 of this Agreement shall survive termination of this Agreement. 

  
 - 11 -

 17. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an
Affiliate with the approval of a majority of the Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the
approval of the Directors. This Agreement shall not be assigned by the Company or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation,
limited partnership or other organization which is a successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said
assignment in the same manner as the Company and the Operating Partnership are bound by this Agreement. 
 18. PAYMENTS AND
DUTIES UPON TERMINATION. 
 (a) Amounts Owed. After the Termination Date, the Advisor shall be entitled to
receive from the Company or the Operating Partnership within thirty (30) days after the effective date of such termination all amounts then accrued and owing to the Advisor including all of its interest in the Company’s income, losses,
distributions, and capital by payment of an amount equal to the then-present fair market value of the Advisor’s interest, subject to the 2%/25% Guidelines to the extent applicable. 

(b) Advisor’s Duties. The Advisor shall promptly upon termination of this Agreement: 

(i) pay over to the Company and the Operating Partnership all money collected and held for the account of the Company and the Operating
Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last
accounting furnished to the Board; 
 (iii) deliver to the Board all assets, including all Investments, and documents of the
Company and the Operating Partnership then in the custody of the Advisor; and 
 (iv) cooperate with the Company and the
Operating Partnership to provide an orderly management transition. 
 19. INCORPORATION OF THE ARTICLES OF INCORPORATION AND
THE OPERATING PARTNERSHIP AGREEMENT. To the extent that the Articles of Incorporation or the Operating Partnership Agreement impose obligations or restrictions on the Advisor or grant the Advisor certain rights which are not set forth in this
Agreement, the Advisor shall abide by such obligations or restrictions and such rights shall inure to the benefit of the Advisor with the same force and effect as if they were set forth herein. 

20. INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. The Company and the Operating Partnership shall indemnify and
hold harmless the Advisor and its Affiliates, including their respective directors (collectively, the “Indemnitees,” and each, an “Indemnitee”), from all liability, claims, damages or losses arising in the
performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, and to the extent that such
indemnification would not be inconsistent with the laws of the State of New York, the Articles of Incorporation or the provisions of Section II.G of the NASAA REIT Guidelines. Notwithstanding the foregoing, the Company and the Operating
Partnership shall not provide for indemnification of an Indemnitee for any loss or liability suffered by such Indemnitee, nor shall they provide that an Indemnitee be held harmless for any loss or liability suffered by the Company and the Operating
Partnership, unless all of the following conditions are met: 
 (a) the Indemnitee has determined, in good faith, that the
course of conduct that caused the loss or liability was in the best interest of the Company and the Operating Partnership; 

  
 - 12 -

 (b) the Indemnitee was acting on behalf of, or performing services for, the Company or the
Operating Partnership; 
 (c) such liability or loss was not the result of negligence or willful misconduct by the Indemnitee;
and 
 (d) such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not
from the Stockholders. 
 Notwithstanding the foregoing, an Indemnitee shall not be indemnified by the Company and the Operating
Partnership for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee unless one or more of the following conditions are met: 

(a) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the
Indemnitee; 
 (b) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the
Indemnitee; or 
 (c) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds
that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any
state securities regulatory authority in which securities of the Company or the Operating Partnership were offered or sold as to indemnification for violation of securities laws. 

In addition, the advancement of the Company’s or the Operating Partnership’s funds to an Indemnitee for legal expenses and
other costs incurred as a result of any legal action for which indemnification is being sought is permissible only if all of the following conditions are satisfied: 
 (a) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or the Operating Partnership; 

(b) the legal action is initiated by a third party who is not a Stockholder or the legal action is initiated by a Stockholder acting in
such Stockholder’s capacity as such and a court of competent jurisdiction specifically approves such advancement; and 

(c) the Indemnitee undertakes to repay the advanced funds to the Company or the Operating Partnership, together with the applicable legal
rate of interest thereon, in cases in which such Indemnitee is found not to be entitled to indemnification. 
 21.
INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including reasonable attorneys’
fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, intentional misconduct,
gross negligence or reckless disregard of its duties; provided, however, that the Advisor shall not be held responsible for any action of the Board in following or declining to follow any advice or recommendation given by the Advisor.

  
 - 13 -

 22. NOTICES. Any notice, report or other communication required or permitted to be
given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given by being
delivered by hand, by courier or overnight carrier or by registered or certified mail to the addresses set forth below:  
  

			
	To the Company:	  	Independence Realty Trust, Inc.
		  	Cira Centre
		  	2929 Arch Street
		  	Philadelphia, Pennsylvania 19104
		  	Attention: President
		  	  
 with a copy to:

 

		  	Alston & Bird LLP
		  	1201 West Peachtree Street
		  	Atlanta, Georgia 30309-3424
		  	 Attention: Jason W. Goode, Esq.

 

	To the Operating Partnership:	  	Independence Realty Operating Partnership, LP
		  	Cira Centre
		  	2929 Arch Street
		  	Philadelphia, Pennsylvania 19104
		  	 Attention: President, Independence Realty Trust, Inc.
  

		  	 with a copy to:
  

		  	Alston & Bird LLP
		  	1201 West Peachtree Street
		  	Atlanta, Georgia 30309-3424
		  	 Attention: Jason W. Goode, Esq.

 

	To the Advisor:	  	Independence Realty Advisors, LLC
		  	Cira Centre
		  	2929 Arch Street
		  	Philadelphia, Pennsylvania 19104
		  	 Attention: President
  

		  	 with a copy to:
  

		  	Alston & Bird LLP
		  	1201 West Peachtree Street
		  	Atlanta, Georgia 30309-3424
		  	Attention: Jason W. Goode, Esq.

 Any party
may at any time give notice in writing to the other parties of a change in its address for the purposes of this Section 22. 
 23. MODIFICATION. This Agreement shall not be amended, supplemented, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or
their respective successors or assignees. 
 24. SEVERABILITY. The provisions of this Agreement are independent of and
severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

  
 - 14 -

 25. GOVERNING LAW. The provisions of this Agreement shall be
construed and interpreted in accordance with the laws of the State of New York as at the time in effect, without regard to the principles of conflicts of laws thereof. 
 26. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous
agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance or usage
of the trade inconsistent with any of the terms hereof. 
 27. NO WAIVER. Neither the failure nor any delay on the part
of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same
or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 28. PRONOUNS AND PLURALS. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of
nouns, pronouns and verbs shall include the plural and vice versa. 
 29. HEADINGS. The titles of Sections and
Subsections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

30. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be
an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together,
shall bear the signatures of all of the parties reflected hereon as the signatories. 
 [Remainder of page intentionally left
blank] 

  
 - 15 -

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

							
	INDEPENDENCE REALTY TRUST, INC.
		
	By:	 	 /s/ JACK E. SALMON

		 	Jack E. Salmon
		 	President
	
	INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP
			
		 	By:	 	Independence Realty Trust, Inc.,
		 		 	its General Partner
				
		 		 	By:	 	 /s/ JACK E. SALMON

		 		 		 	Jack E. Salmon
		 		 		 	President
	
	INDEPENDENCE REALTY ADVISORS, LLC
		
	By:	 	 /s/ R. MARTEL DAY

		 	R. Martel Day
		 	President

  
 - 16 -Form of Management Agreement

 Exhibit 10.3 
 FORM OF PROPERTY MANAGEMENT AGREEMENT 
 FOR
[                    ] 
 Between 

[                    ], as
Owner 
 And 
 Jupiter Communities, LLC, as Manager 

 FORM OF PROPERTY MANAGEMENT AGREEMENT 

This PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is made and entered into as of
[                    ], 2011 (the “Effective Date”) by and between
[                        ], a [            ] (the
“Owner”), and Jupiter Communities, LLC, a Delaware limited liability company (“Manager”). Certain defined terms used in this Agreement have the meanings ascribed to such terms in Article 1 of this Agreement.

 RECITALS: 
 WHEREAS, Owner owns that certain real property commonly known as
[                        ], and as further described in Appendix A attached hereto and incorporated herein (the
“Project”); and 
 WHEREAS, Owner desires to retain the Manager to manage, operate, lease and maintain the
Project, and the Manager desires to be so retained, all under the terms and conditions set forth in this Agreement. 

AGREEMENT: 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and other good and valuable consideration, the receipt and adequacy being hereby expressly acknowledged, the Owner and the
Manager agree as follows: 
 ARTICLE ONE 
 DEFINITIONS 
 Section 1.1 Definitions.

 As used in this Agreement, the following terms shall have the meanings specified below: 

“Affiliate” means with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding,
with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled
or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of
such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. For purposes of this definition, the terms “controls,” “is controlled by,” or “is
under common control with” shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether through ownership or voting rights, by contract or otherwise.

 “Articles of Incorporation” means the Articles of Incorporation of the Company, as amended from time to
time. 
 “Company” means Independence Realty Trust, Inc. 

“Gross Revenues” means all revenues actually collected from the operation of the Project, including, without limitation,
all rental and/or reimbursement income of any kind collected from all tenants in the course of the normal operations of the Project, inclusive of revenues from coin operated vending, laundry and other machines located at the Project which are
retained by Owner, but excluding any payments received by the Owner (i) as an “upfront” fee relating to any laundry, vending, or similar lease (unless approved in writing by Owner); (ii) in connection with the purchase, sale or
financing of the Project; (iii) sales, excise, use or similar taxes collected by Owner levied or assessed on such rental payments; (iv) refundable deposits made pursuant to tenant leases, except to the extent forfeited by a tenant;
(v) litigation proceeds unless the same include past-due rent; (vi) tax refunds; (vii) hazard or liability insurance proceeds (with the exception of those insurance proceeds collected for loss of rents or business interruption, which
shall be included in such calculation); and (viii) title insurance proceeds. 

  
 1 

 “Government Regulations” has the meaning set forth in Section 4.1(h)
hereof. 
 “Independent Director” has the meaning set forth in the Articles of Incorporation. 

“Lender” means any bank or other lender whose mortgage or other financing encumbers the Project at any time during the
Term. 
 “Management Fee” has the meaning set forth in Section 5.1(a) hereof. 

“Marketing Plan” has the meaning set forth in Section 3.1(a) hereof. 

“Operating Account” has the meaning set forth in Section 6.1 hereof. 

“Operating Budget” has the meaning set forth in Section 3.1(a) hereof. 

“Operating Partnership” means Independence Realty Operating Partnership, LP. 

“Owner” has the meaning set forth in the preamble to this Agreement. 

“Ownership Agreements” has the meaning set forth in Section 4.1(u) hereof. 

“Person” means any natural person, partnership, corporation, association, trust, limited liability company or other
legal entity. 
 “Project” has the meaning set forth in the recitals to this Agreement. 

“Restrictions” has the meaning set forth in Section 4.1(s) hereof. 

“State” has the meaning set forth in Section 2.3 hereof. 

“Term” has the meaning set forth in Section 7.1 hereof. 

ARTICLE TWO 

EMPLOYMENT OF MANAGER 
 Section 2.1 Engagement of Manager. 
 Owner hereby engages
Manager, as an independent contractor, to manage, operate and lease the Project and authorizes Manager to exercise such powers as may be necessary for the performance of Manager’s obligations under this Agreement. Manager accepts such
engagement on the terms and conditions hereinafter set forth. Manager shall have no right or authority, express or implied, to commit or obligate Owner in any manner whatsoever except to the extent specifically provided herein. 

  
 2 

 Section 2.2 No Partnership. 

Nothing in this Agreement shall be construed as creating a partnership, joint venture or any other relationship between the parties hereto
except that of an independent contractor. Anything contained herein to the contrary notwithstanding, however, in performing its duties hereunder, Manager shall act in the best interests of the Owner and shall fully and faithfully discharge its
duties hereunder, shall not engage in any self-dealing and shall not engage in any dealings having the appearance of impropriety. 
 Section 2.3 Qualification to do Business. Manager represents and warrants that it has full power and authority to enter into this Agreement and, if required by applicable law,
that it is authorized to do business in the state in which the Project is located (the “State”), is properly licensed by the State to perform its duties under this Agreement and, to the extent applicable, Manager will maintain all
such licenses during the term of this Agreement. 
 ARTICLE THREE 

ANNUAL OPERATING BUDGET 
 Section 3.1 Preparation of Operating Budget. 

(a) Submission of Budget. Manager shall cause to be prepared and submitted to Owner, not later than
November 1 of each year during the term hereof (or, if this Agreement is entered into after first (1st) of November, within 45 days after the Effective Date), (i) a proposed operating budget (the “Operating Budget”) for the operation of the Project for the immediately succeeding
calendar year and (ii) a marketing plan for the Project for the immediately succeeding calendar year (“Marketing Plan”), which Operating Budget and Marketing Plan shall be subject to the approval of Owner as set forth in
Section 3.2 below. In addition, with respect to the year during which Manager is initially engaged, Manager shall deliver the Operating Budget and Marketing Plan for such (partial) initial year within sixty (60) days after the
Effective Date. 
 (b) Elements of Operating Budget. The Operating Budget shall be prepared using the modified accrual
basis of accounting with all income, real estate taxes, property insurance and contracted amounts such as landscaping and contract services accounted for on an accrual basis and all other matters accounted for on a cash basis. To the extent
reasonably required by any Lender, Owner may change this basis during the Term by providing written notice thereof to Manager. The Operating Budget shall include Manager’s standard chart of accounts, a proposed leasing program (the
“Leasing Guidelines”) and the following information with respect to the Project for each month during the period covered by the Operating Budget: (i) Manager’s projection of income based upon the Leasing Guidelines and, in
reasonable detail, all miscellaneous income items; (ii) Manager’s projection of the on-site personnel cost, including a listing of employees, salaries, FICA taxes, unemployment taxes, bonuses, fringe and other benefits to be paid with
respect to such personnel; (iii) Manager’s projection of repairs, maintenance, unit turnover costs and contract services, including a projection of the number of monthly units being vacated and a listing of vendors providing any
third-party contract services; (iv) Manager’s projection of the utility costs, including water, sewer, gas, electric and trash pickup; (v) Manager’s projection of the on-site administrative costs, advertising and other
promotional costs, and third-party professional services; (vi) such other matters as Manager or Owner reasonably determines are appropriate to allow Owner to accurately review the current or anticipated operations of the Project for such period
and to allow Manager to properly perform its duties under this Agreement; (vii) commencing with the second full year of the Term hereof, a schedule that compares the previous year’s actual operating results to the original budgeted
amounts for that year and the projected year’s budgeted amounts to the previous year’s actual operating results; and (viii) the amount and nature of interior and exterior capital improvements, unit replacements or other extraordinary
expenditures which Manager or Owner reasonably anticipates will be required during such period and the anticipated date of such expenditures. 

  
 3 

 (c) Elements of Marketing Plan. The Marketing Plan shall include (i) a
marketing analysis covering the metropolitan statistical area and sub-market of the Project, including apartment supply and rental demand factors, comparable apartment communities along with their rental rates and terms, and population and income
demographics within the sub-market in which the Project is located, and (ii) a marketing plan setting forth in narrative the plans for marketing the Project and the projected costs thereof.  

Section 3.2 Acceptance or Rejection by Owner of Operating Budget and Marketing Plan. 

Owner will either accept or reject the implementation of the Operating Budget and Marketing Plan or any proposed modifications thereto by
notifying Manager in writing of such acceptance or rejection within twenty-one (21) days following receipt thereof. If Owner fails in writing to affirmatively accept or reject the proposed Operating Budget or Marketing Plan or modification
thereto within such time period, the Operating Budget or Marketing Plan shall be deemed accepted by Owner. If Owner timely rejects the proposed Operating Budget or Marketing Plan, Manager shall (a) continue to manage the Project in accordance
with the Operating Budget or Marketing Plan, as applicable, in effect for the immediately preceding period subject to increases in uncontrollable expenses such as real estate taxes, utilities and insurance or, in the event of the rejection of any
proposed modifications, in accordance with the current Operating Budget or Marketing Plan, as applicable, and (b) endeavor to promptly formulate an Operating Budget or Marketing Plan, as applicable, reasonably acceptable to the Owner.

 Section 3.3 Modification of Operating Budget and Marketing Plan. 

Owner shall have the right to modify the Operating Budget or Marketing Plan by written notice to Manager, and Manager shall thereafter
perform its obligations hereunder in accordance with the modified Operating Budget or Marketing Plan. Owner also reserves the right to modify the format and the information contained in the Operating Budget and monthly reports as necessary to
satisfy the reasonable requirements of Owner or any Lender. 
 Section 3.4 Monthly Operating Budget Updates and
Monthly Reports. 
 By the fifteenth (15th) day of each calendar month during the Term, Manager shall submit to Owner
with respect to the Project: (i) a statement of actual receipts and expenses (e.g., profit and loss statement) for the preceding calendar month and for the current year to date, comparing each item contained in such statement with the Operating
Budget; (ii) a rent roll; (iii) a copy of the reconciled bank statements for all accounts maintained by Manager hereunder for the immediately preceding calendar month; (iv) a statement of cash flow for the preceding calendar month;
(v) a market comparable survey contrasting the Project’s rental rates, terms, and amenities with its most comparable competition; (vi) a balance sheet; (vii) a monthly and year-to-date status report detailing the rental and
leasing traffic activity; (viii) a unit status report detailing all unit types, the unit type square footage, the unit type rental rates and the status of each unit type; (ix) a general ledger for the preceding calendar month; (x) a
lease expiration summary report by month; (xi) a check register for the preceding calendar month; and (xii) an aged delinquency report and accounts payable. 

  
 4 

 ARTICLE FOUR 
 SCOPE OF SERVICE 
 Section 4.1 Scope and Provision of
Services. 
 Subject to the terms of this Agreement and to sufficient funds being available in the Operating Account or
otherwise made available by Owner, Manager shall perform the following services in accordance with the Operating Budget, where applicable: 
 (a) Standard of Care; Maintenance. Subject to the terms of this Agreement and to sufficient funds being available in the Operating Account, Manager shall use its professional skill and attention to
manage, operate and maintain the Project in good faith and with diligence in accordance with sound, reasonable property management practices equal to the standard of care provided by management companies for other similar projects of similar quality
in the market area in which the Project is located. Manager shall deal at arm’s length with all third parties. Subject to the provisions of the Operating Budget and sufficient funds being available in the Operating Account or otherwise provided
by Owner, Manager shall maintain the Project, appurtenances and grounds in good operating condition, and perform or cause to be performed such normal and routine maintenance and repair work as may be necessary for the Project. 

(b) Tenant Service Requests. Manager shall maintain businesslike relations with the tenants of the Project, whose service requests
shall be received, considered and recorded promptly and in a systematic fashion to show the action taken with respect to each. Complaints of a serious nature shall, after reasonable investigation, be reported to Owner with appropriate
recommendations. 
 (c) Collections, Legal Proceedings and Cooperation. Manager shall collect and receive for and on
behalf of Owner all monthly rental and other charges, payments, deposits and amounts due Owner in connection with the Project. All amounts collected shall be deposited and disbursed by Manager in accordance with Article Six of this Agreement.

 (d) Legal Proceedings. Manager shall also institute legal proceedings, in the name of Owner, to collect rent or other
income from the Project, to dispossess tenants or other persons from the Project, and to enforce the rules and regulations of the Project. In connection with such legal action, the Manager may engage legal counsel approved in writing in advance by
Owner. All legal proceedings shall be brought in the name of Owner and shall be handled as Owner directs. All legal expenses incurred in bringing legal proceedings shall be paid (i) from the Operating Account, to the extent provided in the
Operating Budget, (ii) as may otherwise be approved by Owner in writing or (iii) by Owner, and Manager shall not be responsible for such costs. 
 (e) Assistance in Defending Lawsuit. If any claim, demand, suit or other legal proceeding is instituted against the Owner in connection with and during the term of this Agreement (other than a suit
by Manager against Owner), Manager shall give Owner all pertinent information and reasonable assistance in the defense or other disposition thereof. 
 (f) Maintaining Operating Expenses. Manager shall use reasonable diligence to ensure that (i) the costs of maintaining and operating the Project shall not exceed the approved Operating Budget
either in total or in any one accounting category and (ii) the Project obtains services, supplies and purchases at market prices. All expenses shall be charged to the proper account as specified in the Operating Budget and no expense shall be
classified, reclassified or transferred to another line item for the purpose of avoiding an excess in the monthly or annual budgeted amount of an accounting category. Manager shall secure Owner’s prior written approval for any expenditure
(except for utilities charges) that will result in an excess of [            ] percent
([            ]%) or more in any one accounting category of the approved Operating Budget, subject to Section 4.1(g). 

  
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 (g) Owner Approval for Excess Expenditures. Manager shall obtain Owner’s prior
written consent for any single expenditure not included in the approved Operating Budget that exceeds [            ] Dollars
($[            ]). Manager may make expenditures which exceed the aforementioned amount without Owner’s prior written approval if Manager deems such expenditure to be
necessary to prevent imminent damage to property or injury to persons or to avoid the suspension of any necessary service to the Project. Manager will inform Owner of any such emergency expenditures before the end of the next business day.

 (h) Compliance with Government Regulations. Manager shall comply with all federal, state, county or municipal laws,
orders, rules, regulations or requirements affecting or applicable to the Project (collectively “Government Regulations”). Manager shall promptly notify Owner of any violation of which it has knowledge and shall remedy the violation
or cause the violation to be remedied in a manner approved by Owner (subject, however, to Section 4.1(g) above). Notwithstanding anything to the contrary contained herein, Owner shall be responsible for the cost of complying with all
Government Regulations and nothing herein contained shall impose upon Manager, or its employees, any liability for the failure of Manager or the Project to comply with any Government Regulations, unless such failure is caused by the willful
misconduct or gross negligence of Manager or its employees. Neither Manager nor any managerial personnel shall take any action under this Section so long as Owner is contesting or has affirmed its intention to contest any such Government
Regulations. Manager or its employees shall promptly, but in no event later than seventy-two (72) hours from the time of its receipt, notify Owner in writing of all such orders and notices or requirements received by Manager. Furthermore,
Manager shall not knowingly commit any act of default under the terms and conditions contained in any lease, mortgage or other security instrument, restrictions or covenants affecting the Project as long as Owner has previously provided Manager an
accurate copy or an abstract thereof. Manager shall promptly notify Owner of any such default of which Manager has knowledge, but Manager shall not be required to incur any liability on account thereof unless due to Manager’s willful misconduct
or gross negligence. 
 (i) Leasing Guidelines and Marketing Plan. In accordance with the Leasing Guidelines and the
Marketing Plan, Manager shall use reasonable diligence to lease all of the vacant, leasable apartment units or other space within the Project to qualified tenants and to renew all lease agreements in effect as of the Effective Date. All applications
for the rental of apartment units or other space at the Project are to be referred to Manager. Manager shall negotiate, prepare, approve, execute and act in accordance with all leases and rental agreements for the Project as well as all renewals or
extensions thereof, and all such leases executed by Manager shall be binding on the Owner; provided, however, Manager will use only the form of lease approved by Owner and, if applicable, Lender. Manager must obtain the prior written approval of
Owner to execute any lease or rental agreement (i) providing for a term in excess of thirteen (13) months or less than three (3) months, or having renewal options exceeding one (1) year, (ii) covering space to be occupied by
a tenant or group of tenants in excess of [fifteen (15)] apartment units at one Project, or (iii) providing for a rental rate which (taking into account any rent concessions) is less than 90% of the rental rate for the lease as set forth in the
rental schedule approved by Owner as part of the Operating Budget. Owner acknowledges and agrees that Manager: (i) is authorized to pay commissions to its leasing staff and leasing bonuses to its management staff with respect to leases executed
during the term of this Agreement, and such payments shall be operating expenses payable by Manager from the Operating Account; [and (ii) is authorized to lease up to
[            ] apartment units in the Project to Manager’s employees at a rental rate no less than 80% of the rental rate for the lease as set forth in the rental
schedule approved by Owner as part of the Operating Budget, and that such rental rate paid by such employees shall be included in Gross Revenues for purposes of this Agreement.] Owner and Manager hereby acknowledge and agree that it is illegal for
either Owner or Manager to refuse to display, sell or lease to any person because of one’s membership in a protected class, e.g., race, color, religion, national origin, sex, ancestry, age, marital status, physical or mental handicap, familiar
status, or any other class protected by any law, rule or regulation promulgated by any applicable federal, state, county or local governmental body, and Owner and Manager hereby covenant and agree to act at all times in accordance with such laws,
rules and regulations. 

  
 6 

 (j) Employees of Manager. Manager shall employ, discharge and supervise all employees
necessary, in Manager’s reasonable discretion, for the performance of Manager’s duties hereunder. Within the guidelines established in the Operating Budget, Manager shall determine the compensation and fringe and other benefits to be
provided each employee. All personnel hired by Manager shall be employees of Manager and all compensation and other employment expenses related thereto shall be paid from the Operating Account or otherwise at the expense of Owner. Manager shall be
responsible to Owner for the conduct of such employees, so long as such employees are acting within the scope of their employment. Manager shall fully comply with and shall have sole responsibility for (subject to the right of Manager to use funds
from the Operating Account to the extent provided in the approved Operating Budget) all Governmental Regulations having to do with workmen’s compensation, social security, unemployment insurance, hours of labor, wages, working conditions, the
hiring and termination of employees and other related matters. Manager shall be responsible for the preparation of and shall timely file all payroll tax reports and timely make payments of all withholding and other payroll taxes with respect to each
employee. Manager represents that it is and will continue to be an equal opportunity employer and will advertise (to the extent Manager elects to advertise) as such. To the extent not already included in the Operating Budget, Manager shall provide
to Owner a schedule of employees to be employed “on-site” in the direct management of the Project. This schedule shall list the number of employees, their title and salary, the employees who are bonded or covered under Manager’s
fidelity and fraud bond, and any additional employees whose salaries may from time to time be charged pro rata to the Project for direct services rendered to the Project, such additional employees being subject to the approval of Owner, which
approval shall not be unreasonably withheld. Manager shall cause all personnel who handle or are responsible for the safekeeping of monies of Owner to be covered by a fidelity bond in an amount equal to but not less than two (2) months’
gross potential income from the Project with a company approved by Owner, in its reasonable discretion. 
 (k) Capital
Expenditure Programs. If Owner adopts a capital expenditure program, Owner and Manager shall enter into a supplemental agreement reasonably acceptable to Manager and Owner specifically delineating responsibilities and services to be performed by
Manager and the supplemental fees payable to Manager in respect of such work as more fully provided in Section 5.3 below. Manager shall administer and implement the capital expenditure program pursuant to such supplemental agreement. Such
administration shall include soliciting bids, contracting for services, overseeing the work and making payments. If Owner directly contracts any such capital programs with a third-party vendor, Manager shall cooperate fully with the vendor and shall
administer such services as if the vendor had been contracted by Manager. 
 (l) Payment of Debt Service and Escrows.
Manager shall pay, on or before the due date thereof, all debt service payments owed to Lender, including any tax, insurance and other reserves. If sufficient funds are not available to make such payments, together with all operating expenses then
due (including the Management Fee), Manager shall notify Owner, who will instruct Manager as to the payments and amounts to be made, and Owner shall be solely responsible for any deficiencies. 

(m) Service Contracts. Any service or supply contract (“Service Contracts”) for the Project that exceeds Five
Thousand Dollars ($5,000.00) shall be awarded by competitive bidding with at least three (3) written bids. If requested by Owner, Manager shall submit all bids to Owner for approval with Manager’s recommendation. Manager may, without the
prior written consent of Owner, execute any Service Contracts that are, as applicable, in compliance with the competitive bidding procedures set forth in this Section or otherwise within the guidelines set forth in the current Operating Budget;
provided, however, Manager shall not, without the prior written consent of Owner, execute any Service Contract for all or any portion of the Project which (1) does not permit Owner, without cause and without payment of any penalty or premium,
to terminate same (a) upon no more than thirty (30) days prior written notice, or (b) upon the sale of all or any portion of the Project; and/or (2) requires the payment or expenditure of any amount in excess of the respective
amount set forth in the Operating Budget. Manager shall not enter into any contract with a related party for cleaning, maintaining, repairing or servicing the Project or any of the constituent parts of the Project without the prior written consent
of Owner, which consent shall not be unreasonably withheld if the terms of such contract are market. As a condition to obtaining such consent, Manager shall supply Owner with a copy of the proposed contract that states the relationship, if any,
between Manager (or the person or persons in control of Manager) and the party proposed to supply such goods or services, or both. If approved by Owner, the following clause must appear in any such related party contract: “upon request of Owner
and its lenders, [name of contractor or supplier] will make available to Owner and its lenders, at a reasonable time and place, the records which relate to goods or services provided by [name of contractor or supplier] to the Project.”

  
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 (n) Contract Administration. All Service Contracts shall: (1) be in the name of
Owner, (2) identify the Project to which they relate and be assignable by Owner, (3) include a provision for cancellation by Owner or Manager effective upon 30 days’ written notice, except if waived by Owner, (4) require that all
contractors provide evidence of sufficient insurance, (5) be executed by Manager on behalf of Owner if the term of the contract is one (1) year or less (and Owner hereby authorizes Manager to so execute those Service Contracts on its
behalf) or by Owner if the term of the contract is greater than one (1) year. If this Agreement is terminated pursuant to any provision hereof, Manager shall, at Owner’s option, assign to Owner or Owner’s designee all contracts
pertaining to the Project in Manager’s name and Owner or Owner’s nominee shall assume (on behalf of Owner) all Manager’s obligations thereunder. Notwithstanding any contrary provision hereof, under no circumstances shall Manager be
liable for any contractual liability to third parties for expending or failing to expend any of its own monies in the performance of its services hereunder. 
 (o) Maintaining Licenses and Permits. Manager shall, at Owner’s expense, apply for, obtain and maintain, in the name of Owner, all licenses and permits required by any federal, state, county
or municipal governmental authority in connection with the management or operation of the Project. Owner shall cooperate with Manager in obtaining such licenses and permits. 
 (p) Lien Waivers. When disbursing any funds to any contractor or vendor who is entitled under the laws of any State to file a lien against the Project in the event of nonpayment, Manager shall
obtain an appropriate lien waiver or other document to ensure the lien-free status of the Project. 
 (q) Sale or Refinance
of Project. When requested by Owner in connection with a contemplated sale or refinancing of the Project, Manager shall provide Owner with a rent roll for the Project certified to Owner, to the best knowledge of Manager, with the following
information: a current and complete list of all apartment units, including the names of all tenant and the monthly rental, any concessions, any delinquencies, and the term and expiration date of all leases. In addition, upon request by Owner in
connection with a contemplated sale or refinancing of the Project, Manager shall provide Owner with copies of all existing leases for the Project, a list of defaults known to Manager on the part of landlord or any tenant thereunder, the amounts of
each tenant’s damage, escrow, pet and security deposits, a list of all vacancies, and a list of all written modifications, alterations or amendments of or to said leases. If Owner executes a listing agreement with a broker to sell the Project,
the Manager shall cooperate in all reasonable respects with such broker and will permit the broker to exhibit the Project during reasonable business hours if the broker has secured the Manager’s permission in advance. 

  
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 (r) Hazardous Materials; Toxic Wastes and Asbestos. If, during the Term, Manager
becomes aware of the existence of hazardous materials or wastes, toxic substances or wastes, asbestos or asbestos-bearing materials or the like at, in, on or under the Project, Manager shall immediately notify Owner of the condition. Owner shall
exclusively determine any further course of action with respect to such hazardous condition, but in any event Owner shall comply with all applicable environmental laws with respect to such hazardous condition. Manager shall not supervise or oversee
any work involving remediation of any hazardous or potentially hazardous wastes or conditions unless specifically hired by Owner to do so pursuant to a separate agreement between Owner and Manager. 

(s) Compliance With Restrictions. If applicable, Manager shall comply with all land use restriction agreements, regulatory
agreements or other similar agreements (collectively, the “Restrictions”) affecting the portions of the Project encumbered by mortgages securing low income housing bonds, provided that Owner has given a copy of such Restrictions to
Manager, and shall use reasonable diligence to obtain the required tenant certifications and/or verifications to maintain the tax-exempt status of the bonds issued in respect of the Project. If applicable and upon the request of Owner, Manager shall
also deliver a certificate to Owner stating, to the extent true, that, to its actual knowledge, the Project is in compliance with the Restrictions. 
 (t) Damage Claims. Manager shall promptly investigate and make a full report as to all claims for accidents, or claims for damage or casualty relating to the ownership, management, operation and
maintenance of the Project, shall estimate the cost of repairs, and shall cooperate and make any and all reports required by the insurance company in connection therewith. 
 (u) Ownership Agreements. The Manager has received copies of the Agreement of Limited Partnership of the Operating Partnership, the Articles of Incorporation and the other constitutive documents of
the Owner (collectively, the “Ownership Agreements”) and is familiar with the terms thereof. The Manager shall use reasonable care to avoid any act or omission which, in the performance of its duties hereunder, shall in any way
conflict with the terms of the Ownership Agreements. 
 (v) Signs. The Manager shall place and remove, or cause to be
placed and removed, such signs upon the Project as the Manager deems appropriate, subject, however, to the terms and conditions of the leases and to any applicable ordinances and regulations. 

ARTICLE FIVE 

COMPENSATION OF MANAGER 
 Section 5.1 Fees Payable to Manager. 
 (a) Management
Fee. As compensation for the services performed hereunder, Manager shall be paid, in the manner provided below, a fee per month in an amount equal to four percent (4.0%) of the Gross Revenues of the Project (the “Management
Fee”). Notwithstanding the foregoing, the Manager may be entitled to receive a higher Management Fee in the event the Manager can demonstrate to the satisfaction of the board of directors of the Company (including a majority of the
Independent Directors) through empirical data that a higher fee is justified for the services rendered and the types of property managed. 
 (b) Leasing-Up Fee. The Manager may charge a separate fee for the one-time initial rent-up or leasing-up of the Project in an amount not to exceed the fee customarily charged in arm’s length
transactions by others rendering similar services in the same geographic area for similar properties. 

  
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 (c) Additional Fees. If the Manager provides services other than those specified
herein, the Owner shall pay to the Manager a monthly fee equal to no more than that which the Owner would pay to a third party that is not an Affiliate of the Owner or the Manager to provide such services. Unless otherwise agreed by the Owner and
Manager, Manager will be authorized to make payment of such additional fees from the Operating Account. 
 (d) Audit
Adjustment. If any audit of the records, books or accounts relating to the Project discloses an overpayment or underpayment of the Management Fee or any other fee payable to Manager pursuant to this Agreement, the Owner or the Manager shall
promptly pay to the other party the amount of such overpayment or underpayment, as the case may be. If such audit discloses an overpayment of the Management Fee or any other fee payable to Manager pursuant to this Agreement for any fiscal year of
more than the correct Management Fees or other fees for such fiscal year, the Manager shall bear the cost of such audit. 

Section 5.2 Payment of Management Fee. The Management Fee shall be paid in arrears on the last day of each and every month
during the Term and shall be computed on the estimated Gross Revenues of the Project for that month. Manager is hereby authorized to make payment of the Management Fee from the Operating Account. If this Agreement is terminated and the effective
date of such termination is a day other than the first day of any month, the Management Fee earned by Manager with respect to such partial month shall be prorated and adjusted based on the number of days in such month which elapsed prior to such
termination, subject to the terms of Section 7.2. In the event the Operating Account does not contain sufficient funds to pay the Management Fee, the Owner shall fund all sums necessary to pay the Management Fee. 

Section 5.3 Construction/Renovation Supervision Fee. The obligations of Manager hereunder do not include any
obligations related to the supervision, coordination or management of construction and/or renovation. However, if requested to do so by Owner, Owner and Manager shall enter into a supplemental agreement pursuant to which Manager shall (i) act
as Owner’s representative and supervise and otherwise coordinate construction and renovation work hereafter performed on all or any portion of the Project, (ii) make, on behalf of Owner from Owner’s funds, all disbursements required
to be made to the contractors therefor, (iii) act as liaison between the contractor and Owner, (iv) perform such other services with respect to such construction or renovations as Owner may from time to time reasonably request, and
(v) supervise and coordinate any capital improvements made to the Project. As compensation for such services, Manager shall receive a fee approved by the board of directors of the Company (including a majority of the Independent Directors).

 ARTICLE SIX 
 DEPOSIT AND DISTRIBUTION OF COLLECTIONS 
 Section 6.1
Operating Account. 
 All monies collected by Manager from the operation of the Project shall be deposited in a special
account or accounts (“Operating Account”) in the name of Owner (or, if required by law, in the name of Manager as trustee for Owner) with a financial institution approved by Owner. Owner may direct Manager to change the depository
bank or to make reasonable changes to the depository arrangements at any time. All funds in the Operating Account shall at all times be and remain the property of Owner and shall be indicated as such on the records of such financial institution.
Owner’s name shall appear on the signature cards and Manager shall inform the financial institution that the funds are being held in trust for Owner. Manager shall not commingle the funds in the Operating Account with Manager’s own funds.
On the last business day of each calendar month during the Term, Manager shall have the right to withdraw (and Owner hereby authorizes and directs Manager to withdraw) the Management Fee from the Operating Account. Manager shall advise Owner of all
withdrawals and disbursements made from the Operating Account in the next monthly report made in accordance with Section 3.4. If required by a Lender, Manager shall deposit all rent or other receipts from the Project in a lockbox account
pursuant to the Lender’s written instructions, which shall be reasonably acceptable to Manager. 

  
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 Section 6.2 Disbursements. 

Owner hereby authorizes and directs Manager to disburse from the Operating Account all reasonable costs, fees and expenses incurred by, or
owed to, Manager in accordance with the approved Operating Budget or this Agreement or as otherwise approved in writing by Owner prior to any such expenditure. Except as specifically approved in the Operating Budget or expressly set forth in this
Agreement, Manager shall not pay from the Operating Account or be entitled to any reimbursement from Owner for any expenses related to Manager’s general overhead and administrative expenses (other than those which are sufficiently discrete so
as to enable Manager to determine the specific amount which is directly related to the Project, such as postage and long distance telephone charges to the extent they are included in the Operating Budget), personnel expenses of employees located at
Manager’s home office, travel and hotel costs (except when approved in advance by Owner), and costs attributable to losses arising from criminal acts, gross negligence, willful misconduct or fraud by Manager’s employees. Notwithstanding
anything to the contrary contained in this Agreement, (i) Owner hereby authorizes and directs Manager to, at any time and from time to time, disburse, setoff and deduct from the Operating Account any and all amounts due or owing to Manager (or
any party claiming by or through Manager, including, without limitation, any of Manager’s employees, venders, representatives or contractees (on behalf of Owner)) under this Agreement or any other similar agreements by and between Manager, on
the one hand, and Owner or any persons or entities affiliated with Owner, on the other hand; and (ii) Owner, on behalf of all entities affiliated with Owner (or any of Owner’s principals), hereby authorizes and directs Manager to, at any
time and from time to time, disburse, setoff and deduct from any other operating accounts of said other entities affiliated with Owner (or any of Owner’s principals) any and all amounts due or owing to Manager (or any party claiming by or
through Manager, including, without limitation, any of Manager’s employees, venders, representatives or contractees) under this Agreement or any similar agreements by and between Manager, on the one hand, and Owner or any persons or entities
affiliated with Owner, on the other hand. 
 Section 6.3 Authorized Signatures. 

Manager is hereby authorized to sign all checks and initiate wire transfers to payees not exceeding Fifty Thousand Dollars ($50,000) for
payment for approved and authorized expenses. Any approved and authorized expenditure of more than Fifty Thousand Dollars ($50,000) will require the check signature or wire transfer approval of Owner or an agent of Owner. Additionally, Owner’s
signature alone will always be sufficient regardless of the dollar amount. 
 Section 6.4 Security Deposits.

 Manager shall maintain all security deposits it receives from tenants in accordance with applicable laws with a financial
institution acceptable to Owner and, if applicable, Lender, and shall keep detailed records of such security deposits, which will be open for inspection by Owner and, if applicable, Lender. If required by law, the account shall be held in the name
of Owner, separate from all other funds from the Project. Any interest earned on the security deposits must accrue to the benefit of Owner or, if required by law, to the applicable tenants. 

  
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 Section 6.5 Access to Accounts. 

Through the use of signature cards, authorized representatives of Owner shall be permitted access to any and all funds in the bank
accounts described in this Article Six: provided, however, that Owner agrees not to withdraw any funds from the Operating Account that would result in such Operating Account at any time having a balance insufficient to cover
(a) Operating Expenses for the month in question plus (b) an operating reserve in the amount of $[            ]. Manager’s authority to draw against such
accounts may be terminated at any time by Owner upon notice to Manager and the depository bank. In the event of such a termination, Owner will assume full liability for, and shall hold harmless and indemnify Manager from, all existing financial
obligations of the Project which were handled by Manager in accordance with this Agreement prior to such termination. 

Section 6.6 Records Maintenance and Additional Reporting. 

Manager shall maintain all original accounting records for the Project (including, but not limited to, all documents relating to the
operations and performance of the Project, leases, rent rolls, vendor invoices, Service Contracts, accounts and any other books, records and reports maintained pursuant to this Agreement), all of which shall be deemed to be the property of Owner.
Manager shall make such records available to Owner, Lender and their designated representatives at all reasonable times. In addition, Manager shall prepare and deliver to Owner (in addition to the requirements stipulated under
Section 3.4) any reports relating to the operation of the Project reasonably requested by Lender, and such other financial reports that Owner or Lender may reasonably request. The services provided by Manager hereunder shall not include
the preparation and/or filing of any tax returns required to be filed by Owner. 
 Section 6.7 Audits.

 Owner and Lender, at their expense and upon reasonable advance notice, may examine or cause to be examined all the books and
records (including computer records) maintained for Owner by Manager. Owner and Lender, at their expense, may perform any and all additional audit tests relating to Manager’s activities, either at the Project, or at any office of the Manager,
provided such audit tests are related to those activities performed by Manager for Owner with respect to the Project. 
 ARTICLE
SEVEN 
 TERM AND TERMINATION 
 Section 7.1 Initial Term. 
 Subject to the provisions of
Section 7.2 hereof, the initial term of this Agreement (the “Initial Term”) shall commence on the Effective Date and shall continue for one (1) year (as the same may be extended, the “Term”). The
Term shall be automatically renewed for successive one (1) year periods thereafter unless either party delivers written notice of termination to the other at least thirty (30) days prior to the commencement of the next succeeding renewal
period. 
 Section 7.2 Termination by Owner. 

Owner may terminate this Agreement (i) at any time upon delivery of written notice to Manager not less than thirty (30) days
prior to the effective date of termination, in the event of the Manager’s willful misconduct, gross negligence or deliberate malfeasance in the performance of Manager’s duties under this Agreement and (ii) immediately upon the
occurrence of any of the following: 
 (a) A decree or order is rendered by a court having jurisdiction (i) adjudging
Manager as bankrupt or insolvent, or (ii) approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for Manager under the federal bankruptcy laws or any similar applicable law or
practice, or (iii) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of Manager or a substantial part of the property of Manager, or for the winding up or liquidating of its affairs; or 

  
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 (b) Manager (i) institutes proceedings to be adjudicated a voluntary bankrupt or an
insolvent, (ii) consents to the filing of a bankruptcy proceeding against it, (iii) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or relief under any similar applicable law or
practice, (iv) consents to the filing of any such petition, or to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its property, (v) makes an assignment for
the benefit of creditors, (vi) is unable to or admits in writing its inability to pay its debts generally as they become due unless such inability shall be the fault of the other party, or (iv) takes corporate or other action in
furtherance of any of the aforesaid purposes. 
 Section 7.3 Termination by Manager. 

In the event that (i) Owner fails to make any payment when due under this Agreement and such default is not cured within five
(5) days after notice thereof or (ii) Owner otherwise fails to observe any other term, covenant or condition set forth in this Agreement and such failure continues for a period of fifteen (15) days after written notice thereof, then
(in either such case) Manager may immediately terminate this Agreement upon written notice thereof to Owner. 

Section 7.4 Effect of Termination. 
 (a) In the event of any early termination of this Agreement as set forth in this Article Seven, Manager shall be entitled to the payment of its reimbursable expenses (including all accrued and other
employment expenses) and accrued but unpaid Management Fees and other compensation and reimbursement to which Manager is entitled under this Agreement through the effective date of any such termination, but not otherwise; and all such amounts shall
be due and payable upon the effective date of termination and which, in the case of the sale of the Project or the ownership interests in Owner, shall be paid by Owner at the closing of such transaction from the proceeds thereof or from other funds
of Owner. 
 (b) In addition to the foregoing, in the event that Owner terminates this Agreement for any reason within 180 days
following the Effective Date, Owner shall pay to Manager, on the effective date of such early termination and in addition to the compensation and other amounts described above, a cancellation fee equal the largest (in dollar value) Management Fee
payable to Manager under this Agreement for any month during the previous six (6) month period (or such shorter period as the Management Agreement was in effect). 
 (c) Upon the expiration or earlier termination of this Agreement, (i) Owner shall assume and Manager shall assign all future obligations under contracts entered into by Manager on behalf of Owner
pursuant to this Agreement, (ii) Owner shall pay for the costs of all services, materials and/or supplies, if any, which have been ordered by Manager as a result of its obligations hereunder, (iii) Manager shall relinquish control and
assign to Owner all of its rights in and to the Operating Account and any other bank accounts established, held or maintained by Manager in the name of or for the benefit of Owner, (iv) Manager shall cooperate with the Owner to provide an
orderly transition of the Manager’s duties hereunder and (v) except as otherwise expressly set forth in this Agreement and subject to Owner’s timely payment to Manager of all earned but unpaid portions of the Management Fee and other
compensation and reimbursement to which Manager is entitled under this Agreement, all of the obligations and responsibilities of each of the parties hereto shall thereupon cease and terminate (except for any obligations and responsibilities that
expressly survive the termination of this Agreement). Provided Owner has made timely payment to Manager of all earned but unpaid portions of the Management Fee and other compensation and reimbursement to which Manager is entitled under this
Agreement, Manager shall deliver to Owner the following: 
 (1) within five (5) business days following the
termination date, all books and records pertaining to the Project, all monies of Owner on hand or in any bank account under the control of Manager, together with all keys, supplies, documents, accounts, papers, records, reports, leases, contracts,
tenant lease applications, tenant certifications, and other documents, items and matters relating to the management and operation of the Project; and 

  
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 (2) within thirty (30) days following the termination date, an
up-to-date accounting reflecting the balance sheet and the gross revenues and expenses, conforming to the requirements of Section 3.4, as of the date of the termination. 

ARTICLE EIGHT 

ASSIGNMENTS 
 Section 8.1 Assignment. 
 Except as provided in
Section 8.2, Manager may not assign this Agreement or any rights hereunder without the prior written consent of the Owner. Any assignment not permitted by this Section shall be of no force or effect. 

Section 8.2 Subcontract Right. 
 Notwithstanding the provisions of Section 8.1 above, Manager shall have the right, subject to the prior written approval of Owner, which approval shall not be unreasonably withheld, to
subcontract to a third-party property manager, some or all of the management responsibilities of Manager hereunder for a fee that may be less than the Management Fee paid hereunder. No such subcontract shall relieve Manager of any of its obligations
hereunder. Manager acknowledges that the right to subcontract may be conditioned upon the receipt of approval from Lender (if applicable), which approval Owner shall use commercially reasonable efforts to obtain, upon Manager’s request. In the
event that the Manager does so subcontract any of its duties hereunder to a third party property manager, any fees payable to such third party property manager may, at the instruction of the Manager, be deducted from the Management Fee and paid
directly by the Owner to such third party, or paid directly by the Manager to such third party, in the Manager’s discretion. 
 ARTICLE NINE 
 INSURANCE AND INDEMNIFICATION 

Section 9.1 Insurance Coverage to be Maintained by Owner. 

Owner shall procure and maintain policies of insurance at all times during the Term, at its own cost and expense, insuring: 

(a) The improvements at any time situated upon or constituting the Project against loss or damage by fire, lightning, wind storm, hail
storm, aircraft, vehicles, smoke, explosion, riot or civil commotion as provided by the Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Perils Form (“all risk”
coverage). The insurance coverage shall be for not less than 90% of the full replacement cost of such improvements with agreed amount endorsement. Manager shall be named as an additional insured but all proceeds of insurance shall be payable to
Owner (or its mortgagee). 

  
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 (b) Owner, Lender, if any, and Manager from all claims, demands or actions made by or on
behalf of any person or persons, firm or corporation and arising from, related to or connected with the Project, for bodily injury to or personal injury to or death of any person, or more than one (1) person, or for damage to property in an
amount of not less than the amount set forth on Exhibit A hereto for Commercial General Liability. Said Commercial General Liability insurance to be maintained by Owner shall be written on an “occurrence” basis and not on a
“claims made” basis, shall name Manager as an additional insured, and the coverage afforded thereunder shall be primary to any like coverages maintained by Manager. Owner shall cause its liability insurance to include contractual liability
coverage fully covering the indemnities made by Owner as set forth herein. Owner shall supply Manager with copies of endorsements confirming additional insured status and a certificate of insurance evidencing the coverages required hereunder upon
execution of this Agreement and updated certificates evidencing renewed coverage not later than ten (10) days prior to the expiration date of any policies. 
 (c) All contents and trade fixtures, machinery, equipment, furniture and furnishings owned or leased by Owner at the Project to the extent of at least ninety percent (90%) of their replacement cost
under Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Form (“all risk” coverage). 
 (d) Owner and Manager against breakage of all plate glass utilized in the improvements on the Project. 
 Section 9.2 Insurance Coverage to be Maintained by Manager. 

Manager shall procure and maintain policies of insurance, at Owner’s expense, which expense shall be a part of the Operating Budget,
at all times during the Term, insuring: 
 (a) Manager from worker’s compensation and employer’s liability claims.

 (b) Manager, Owner and Lender, if any, for bodily injury to or personal injury to or death of any person, or more than one
(1) person, or for damage to property arising from a hired or owned automobile in an amount of not less than the amount set forth on Exhibit A hereto for Hired Autos and Non Owned Autos. Said insurance shall be written on an
“occurrence” basis and not on a “claims made” basis. 
 (c) Manager and Owner (and Lender, if any) from
excess (umbrella) liability in amounts not less than the amount set forth on Exhibit A hereto for Excess (umbrella) Liability. 
 (d) Fidelity of all employees of Manager. 
 Section 9.3 Form of
Insurance. 
 All of the aforesaid insurance shall be purchased from responsible and financially sound companies. As to
Manager’s insurance, the insurer and the form, substance and amount (where not stated above) shall be reasonably satisfactory to Owner and Lender, if applicable, and shall provide that the insurer shall endeavor to provide at least thirty
(30) days prior written notice to Owner and Lender prior to the cancellation or non-renewal of the policy. Certificates of Manager’s insurance policy and evidence of payment of the premiums, each reasonably satisfactory to Owner, shall be
deposited with Owner at the commencement of the Term and within ten (10) business days after renewal thereof or payment therefore during the Term. 

  
 15 

 Section 9.4 Mutual Waiver of Subrogation Rights. 

Whenever (a) any loss, cost, damage or expense resulting from fire, explosion or any other casualty or occurrence is incurred by any
of the parties to this Agreement, or anyone claiming by, through, or under it in connection with the Project, and (b) such party is then covered in whole or in part by insurance with respect to such loss, cost, damage or expense or is required
under this Agreement to be so insured, then the party so insured (or so required) hereby releases the other party from any liability for such loss, cost, damage or expense to the extent of any amount recovered by reason of such insurance (or which
costs would have been recovered had such insurance been carried as so required) and waives any right of subrogation which might otherwise exist in or accrue to any person on account thereof. The insurance which each party is required under this
Agreement to maintain shall contain an endorsement waiving the insurer’s right of subrogation against the other party, and each party represents and warrants to the other party as of the date hereof that the insurance each party is required to
maintain under this Agreement presently contains an endorsement whereby the insurer waives subrogation rights. 

Section 9.5 Indemnity by Owner. 
 The Owner agrees to indemnify, defend and hold Manager and its officers, employees, agents and representatives harmless from and against any and all claims, losses, damages, costs and expenses, including
reasonable attorneys’ fees through all appeals, (i) arising from or related to the Manager’s entering into and/or performing its duties under this Agreement, including, without limitation, any claims, liabilities, costs and/or
expenses incurred by Manager as a result of, related to or arising out of (a) the form of lease agreement used to lease units or other available space at the Project or (b) any claim, incident, injury, loss or damage at, on or related to
the Project (whether or not covered by insurance); provided, that such claims, losses, damages, costs or expenses are not directly attributable to the gross negligence, the willful or wanton misconduct or bad faith of Manager; and/or
(ii) arising from or related to any action or inaction on the part of the Owner or its employees, agents, or representatives either prior to or after the date of this Agreement. 

Section 9.6 Indemnity by Manager. 
 Manager agrees to indemnify, defend and hold Owner and its Affiliates and their respective officers, employees, agents and representatives harmless from and against any and all claims, losses, damages,
costs and expenses, including reasonable attorneys’ fees through all appeals, arising from or attributable to (i) the gross negligence or the willful or wanton misconduct or bad faith of Manager or its Affiliates, employees, agents, or
representatives or (ii) any material breach of this Agreement by Manager. Furthermore, Manager shall not pay out of the Operating Account or be entitled to be reimbursed for, and shall indemnify Owner against, all expenses incurred by Owner,
including, but not limited to, reasonable attorneys’ fees, and any liability, fines, penalties or the like, in connection with any claim, proceeding or suit involving a violation by Manager, its agents or employees, of any law pertaining to
fair employment, fair credit reporting, rent control, payment of employment or other taxes which are the responsibility of Manager, or fair housing, including, but not limited, any law prohibiting or making illegal discrimination on the basis of
race, age, sex, creed, family status, color, religion, national origin or mental or physical handicap, provided, however, Manager shall be required to pay such expenses if, and only if, Manager is finally adjudged to have personally and not in a
representative capacity violated any such law. 

  
 16 

 Section 9.7 Survival. 

The indemnities contained in this Article Nine shall survive the termination of this Agreement for a period commensurate with
the applicable statute of limitations with respect to breaches of written contracts calculated from the date of termination. 

ARTICLE TEN 

NOTICES 
 Section 10.1 Notices. 
 All notices necessary or desired to be
given by one party to the other shall be in writing and shall be personally delivered, delivered by certified mail return receipt requested, delivered by a nationally-recognized overnight courier service, or by facsimile transmission, addressed to
the respective party at its address or facsimile number specified below, or at such other address or facsimile number as either party may subsequently specify by giving written notice of such change to the other party hereto as hereinbefore
provided. Notices sent by certified mail shall be deemed received on the third business day following deposit in the United States mail postage prepaid; notices sent by courier service or by facsimile shall be deemed received upon actual receipt by
the recipient, provided that any facsimile received either after 5:00 p.m. local recipient time on a business day or anytime on a non-business day, shall be deemed to have been received on the next following business day. Notices shall be addressed:

  

			
	 If to Owner:
	  	
[                         
                           ]
 c/o Independence Realty Trust, Inc.

		  	Cira Centre
		  	2929 Arch Street
		  	Philadelphia, Pennsylvania 19104
		  	Attention: President
		  	Facsimile:
		
	 with a copy to:
	  	Alston & Bird LLP
		  	1201 West Peachtree Street
		  	Atlanta, Georgia 30309
		  	(404) 881-7000
		  	Attention: Jason W. Goode
		  	Facsimile: (404) 253-8393
		
	 If to Manager:
	  	Jupiter Communities, LLC
		  	401 North Michigan Avenue
		  	Suite 1300
		  	Chicago, Illinois 60611
		  	Attention: Kellie DeVilbiss
		  	Facsimile: (312) 924-1602
		
	 with a copy to:
	  	RAIT Financial Trust
		  	2929 Arch Street, 17th Floor
		  	Philadelphia, PA 19104
		  	Attention: Jamie Reyle, Esq., Corporate Counsel
		  	Facsimile: (215) 243-9039

  
 17 

 Section 10.2 Estoppel Letters. 

Upon request of the other party from time to time by notice, each party shall furnish to the other party a written statement of the status
of any matter pertaining to the Agreement to the best knowledge and belief of the party making such statement, including, without limitation, whether default exists under this Agreement. The written statement shall be sent by notice within ten
(10) days after the notice requesting it. 
 ARTICLE ELEVEN 

MISCELLANEOUS 
 Section 11.1 Integration Clause. 
 This Agreement constitutes
the entire agreement between the parties hereto with respect to the matters herein contained, and all prior discussions and agreements with respect thereto, except to the extent set forth herein, shall be of no further force and effect. 

Section 11.2 Amendments in Writing. 
 This Agreement may be modified or amended only by written agreement signed by the party against whom the amendment is asserted. 
 Section 11.3 Successors Bound. 
 Subject to the terms and
conditions of this Agreement, including the restrictions on assignment, the same shall be binding upon and inure to the benefit of the respective representatives, successors and permitted assigns of the parties hereto. 

Section 11.4 Governing Law. 
 The construction, interpretation and performance of this Agreement shall be governed by the internal laws of the State of
[                    ]. 
 Section 11.5 Captions. 
 The captions in this Agreement are
inserted for convenience of reference and in no way define, describe or limit the scope or intent of this Agreement or any of the provisions hereof. 
 Section 11.6 No Third Party Beneficiary. 
 The parties hereto
agree that there are no intended third party beneficiaries of this Agreement. 
 Section 11.7 Counterparts.

 This Agreement may be executed in counterparts, each of which shall for all purposes be deemed an original and all such
counterparts shall together constitute but one and the same agreement. 
 Section 11.8 No Waiver. 

The failure of either party to insist upon the strict performance of any covenant, agreement, provision or section of this Agreement shall
not constitute a waiver thereof. 

  
 18 

 Section 11.9 Severability. 

If any provision of this Agreement or the application thereof to any party or circumstance shall be invalid or unenforceable to any
extent, the remainder of this Agreement shall not be affected thereby. 
 Section 11.10 Time of the Essence.

 Time is of the essence of this Agreement. 
 Section 11.11 Prevailing Party. 
 In the event of litigation
between the parties in connection with this Agreement, the reasonable attorneys’ fees and court cost incurred by the party prevailing in such litigation shall be borne by the non-prevailing party. 

Section 11.12 Pronouns and Plurals. Whenever the context may require, any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
 [SIGNATURE PAGE FOLLOWS] 

  
 19 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
above written. 
  

									
	 JUPITER COMMUNITIES, LLC,
 a Delaware limited liability company

		
	By:	 	  

	Name:	 	  

	Its:	 	  

	
	OWNER:
	
	[                           
         ]
		
	By:	 	INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, its sole member
			
		 	By:	 	INDEPENDENCE REALTY TRUST, INC., its general partner
					
		 		 	By:	 		 	  

		 		 	Name:	 		 	  

		 		 	Its:	 		 	  

  
 20 

 EXHIBIT A 

SCHEDULE OF INSURANCE REQUIREMENTS 
  

			
	 Type of Coverage
	 	 Minimum Amount

	 Commercial General Liability
	 	 $2,000,000 aggregate

$1,000,000 per occurrence

	 Hired Autos and Non-Owned Autos
	 	$1,000,000 combined single limit
	 Excess (umbrella) Liability
	 	$5,000,000
	 Worker’s Compensation and Employer’s Liability
	 	$1,000,000
	 Fidelity
	 	$500,000

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