Document:

INTELLECTUAL PROPERTY ASSIGNMENT AND
LICENSE AGREEMENT

 

This Intellectual Property
Assignment and License Agreement (this "Agreement") is made and entered into this 14th day of March, 2012 (the
"Effective Date") by and between Preferred Apartment Advisors, LLC
("Licensor") and Preferred Apartment Communities, Inc. ("Licensee").

 

W I T N
E S S E T H:

 

WHEREAS, the
parties acknowledge that they are affiliated and related companies that are entering into this Agreement to memorialize an arrangement
and agreement between them in existence as of the Effective Date with respect to the chain of title, ownership and licensing of
certain intellectual property;

 

WHEREAS, the
parties acknowledge that part of the Intellectual Property (later defined) was owned by the Licensee prior to the Effective Date
and was assigned to the Licensor, and all other Intellectual Property created or owned thereafter by Licensee was and is hereby
assigned to Licensor; and

 

WHEREAS, Licensor
now desires to memorialize its grant to Licensee, of a right and license to use the Intellectual Property, subject to the limitations
provided herein.

 

NOW, THEREFORE,
in consideration of the mutual promises and agreements contained herein, and in order for the parties to perform their respective
obligations and enjoy their rights under the Management Agreement (as defined below) and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.                 
ASSIGNMENT OF INTELLECTUAL PROPERTY. Licensee does hereby, unconditionally and irrevocably assign, transfer
and convey unto the Licensor, and confirms its past assignment, transfer and conveyance of, all Intellectual Property, effective
as of the Effective Date . Any Intellectual Property created by Licensee in the future, shall be automatically assigned to Licensor
and be licensed back to Licensee in accordance with this Agreement. The Licensee will upon request of the Licensor, at no extra
cost to Licensor, do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such further
acts, deeds, assignments, transfers, conveyances, powers of attorney and assurances as may be requested by the Licensor to carry
out the intent of this Agreement or to otherwise perfect, record, confirm, or enforce Licensor’s rights in and to the Intellectual
Property.

 

2.                 
LICENSE OF INTELLECTUAL PROPERTY.

 

2.1             
Licensor hereby grants to Licensee, as of the Effective Date and subject to the terms and conditions hereinafter
contained, a worldwide, fully-paid, royalty-free, non-exclusive right and license to use all (i) copyrightable materials (including
relevant logos and marketing materials) (the "Copyrights") and (ii) Trade Secrets, owned by Licensor, regardless
of when such rights were created (collectively, the "Intellectual Property") for the internal operation of Licensee’s
business and to enable Licensee to perform its obligations and enjoy its rights under the Management Agreement (as hereinafter
defined). As used herein "Trade Secrets" shall include all technical or non-technical data, a formula, a pattern,
a compilation, a program, a method, a technique, a process, financial data, product plans, software programs (including the object
and source code thereto) or a list (whether in written form or otherwise) of actual or potential customers, which is not commonly
known by or available to the public and which information (A) derives economic value, actual or potential, from not being generally
known to and not being readily ascertainable by proper means by other persons who can obtain economic value from its disclosure
or use and (B) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.

 

    	 

    	 

    
 

 

2.2             
The Intellectual Property contemplated hereunder, shall include (i) any amendments, modifications and supplements
thereto (ii) any new Intellectual Property developed by the Licensee during the term of this Agreement and (iii) any new Intellectual
Property developed by the Licensor during the term of this Agreement, to which Licensor provides Licensee with use or access.

 

2.3             
The parties hereby specifically acknowledge the exclusion of Licensee’s trademarks from the Intellectual Property
license granted hereunder, as such rights are addressed in a separate written agreement between the parties.

 

3.                 
TERM AND TERMINATION.

 

3.1             
This Agreement shall be deemed to begin on the Effective Date and automatically terminate upon termination of that certain
Management Agreement by and among Licensor, Licensee and PAC Operating Partnership, LLP, dated November 19, 2010 (the "Management
Agreement").

 

3.2             
Either party shall have the right to terminate this Agreement upon the material breach of this Agreement by the other party,
which remains uncured more than thirty (30) days after receipt of written notice of such breach.

 

3.3             
Either party shall have the right to terminate this Agreement at any time upon thirty (30) days prior written notice to
the other party.

 

3.4             
The parties may mutually agree in writing to terminate this Agreement.

 

3.5             
The exercise of any right of termination under this Section shall not affect any rights which have accrued prior to termination,
and shall be without prejudice to any other legal or equitable remedies to which the terminating party may be entitled.

 

4.                 
OWNERSHIP AND RESTRICTIONS.

 

4.1             
Licensee acknowledges that this Agreement conveys only the license expressly set forth herein, and that it acquires no ownership
rights in or to the Intellectual Property.

 

4.2             
While this Agreement is still in effect, Licensee agrees to use the Intellectual Property only in the form and manner and
with appropriate proprietary legends as prescribed from time to time by Licensor, and will not use any other copyrighted material
or other intellectual property in combination with the Intellectual Property without the prior consent of Licensor.

 

4.3             
Licensee hereby acknowledges Licensor’s right, title and interest in and to the Intellectual Property and Licensor’s
exclusive right to use, register and license the use of the Intellectual Property and agrees not to claim or assert any (i) title
to nor attempt to register the Intellectual Property anywhere in world or (ii) right to use the Intellectual Property, except
to the extent expressly permitted by this Agreement.

 

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4.4             
Any and all goodwill arising from Licensee’s use or sublicensing of the Intellectual Property shall inure solely to
the benefit of Licensor, and Licensee shall not, nor permit any one else, to take any action that could be detrimental to the goodwill
associated with the Intellectual Property.

 

4.5             
Notwithstanding any other provision herein, Licensee shall not, without the consent of the Licensor, (i) distribute or share
any of the Intellectual Property with a third party; or (ii) modify, edit, or otherwise alter the Intellectual Property, including
any of the Copyrights.

 

5.                 
INFRINGEMENT OR OTHER CLAIMS AGAINST THIRD PARTIES. While the Agreement is still in effect, Licensee shall
notify Licensor promptly of any unauthorized use of the Intellectual Property by others of which Licensee becomes aware. Licensor
shall thereafter, have the sole right, at Licensee’s expense, to make any demand or bring any action on account of any such
unauthorized use. Licensee shall cooperate fully with Licensor, as Licensor may reasonably request, in connection with any such
action or demand brought by Licensor in accordance with this Agreement. Licensee shall directly pay all costs and expenses associated
with such action or demand.

 

6.                 
MUTUAL REPRESENTATIONS AND WARRANTIES. Each party hereby represents, warrants and covenants to the other that:

 

6.1             
It is a business entity duly organized and validly existing under the laws of its jurisdiction of incorporation and that
it has the power to execute, deliver, and perform its obligations under this Agreement.

 

6.2             
It has all applicable powers and all material governmental licenses, authorizations, permits, consents and approvals required
to carry on its business as now conducted.

 

6.3             
The execution, delivery and performance of this Agreement by it has been authorized by all necessary corporate action; and

 

6.4             
To each party’s knowledge, the execution, delivery and performance of this Agreement by it does not and will not (i)
violate its organizational documents, (ii) violate any applicable law, judgment, injunction, order or decree, or (iii) require
any notice or consent or other action by any person under, constitute a default under, or give rise to any right of termination,
cancellation or acceleration of any right or obligation of it or to a loss of any benefit to which it is entitled under any agreement
or other instrument binding upon it or any license, franchise, permit or other similar authorization held by it.

 

7.                 
INDEMNIFICATION.

 

7.1             
Each party shall indemnify, defend and hold the other party, its affiliates and their officers, directors, employees, agents,
independent contractors and representatives harmless from and against all damages, costs, expenses, and liabilities, including,
without limitation, reasonable attorneys fees and expenses, (collectively "Losses") arising from claims, allegations
or actions of third parties resulting from the Indemnifying Party’s (i) breach of any representations, warranties or obligations
of this Agreement (ii) alleged negligence, recklessness or willful misconduct or (iii) alleged violation of law.

 

7.2             
Licensee shall indemnify, defend and hold Licensor harmless from and against any allegation, claim or action by a third
party based on the operation of Licensee’s business or use of the Intellectual Property.

 

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8.                 
LIABILITY LIMITATIONS. NEITHER PARTY SHALL BE RESPONSIBLE TO THE OTHER PARTY WHETHER IN CONTRACT, TORT (INCLUDING
NEGLIGENCE) OR OTHERWISE FOR INCIDENTAL, SPECIAL, INDIRECT, OR CONSEQUENTIAL LOSS OR DAMAGE.

 

9.                 
CONFIDENTIALITY. The Licensee covenants and agrees that:

 

9.1             
Licensee shall hold in confidence and not directly or indirectly use, copy, reveal, report, publish, disclose or transfer
any of the Proprietary Information (defined below) to any person or entity except as necessary for Licensee to carry out its obligations
or exercise its rights under this Agreement, or the Management Agreement, or utilize any of the Proprietary Information for any
purpose not explicitly authorized hereunder, except that Licensee may disclose the Proprietary Information to its employees, consultants,
agents, and financial and legal advisors (hereinafter "Consultants"), provided such Consultants have a need to
know and have agreed to keep the Proprietary Information confidential. The limitations contained in this Section 9
shall continue (i) with regard to Confidential Information (defined below), for the duration of this Agreement and for three
(3) years thereafter, and (ii) with regard to the Trade Secrets, for so long as such information retains its status as a trade
secret.

 

9.2             
In the event Licensee becomes legally compelled to disclose any of the Proprietary Information, Licensee will provide to
Licensor prompt notice so that Licensor may seek a protective order or other appropriate remedy and/or waive compliance with the
provisions of this Agreement. In the event that such protective order or other remedy is not obtained, or compliance with the provisions
of this Agreement is waived, Licensee will furnish only that portion of the Proprietary Information which is legally required.

 

9.3             
The covenants and agreements contained in this Section 9 shall inure to the benefit of, and may be enforced by, the
successors and assigns of each party and shall survive any termination of this Agreement, whether such termination is at the instance
of either party, and regardless of the reasons therefore. The protection afforded hereunder is in addition to and does not replace
any prior confidentiality or nondisclosure obligation of one party to the other.

 

As used herein "Confidential
Information" shall mean any data or information other than the Trade Secrets, without regard to form, that is
of value to Licensor and is not generally known to competitors of Licensor, which may include information relating to its customers.
Confidential Information also includes any information contemplated hereunder which Licensor obtains from another party which Licensor
treats as proprietary or designates as confidential information, whether or not owned or developed by Licensor.

 

As used herein "Proprietary
Information" shall mean the Trade Secrets and Confidential Information collectively; provided that Proprietary
Information shall not include any materials or information that: (A) are or become publicly known or generally utilized by others
engaged in the same business or activities in which Licensor utilized, developed or otherwise acquired such information; or (B)
are known to Licensee prior to Licensor’s disclosure pursuant to this Agreement, not having been obtained from Licensor,
and are evidenced by Licensee’s written records prepared prior to the date of this Agreement; (C) are furnished to others
by Licensor with no restriction on disclosure or (D) are independently developed. Failure to mark any of the Proprietary Information
as confidential shall not affect its status as Proprietary Information under this Agreement.

 

10.             
SUB-CONTRACTOR CONFIDENTIALITY. Subject to the applicable provisions of Section 3.5 herein, If Licensee shall
appoint any sub-contractor then Licensee may, to the extent necessary, disclose the Proprietary Information to such sub-contractor
subject to such sub-contractor giving Licensee an undertaking in similar terms to the provisions of Section 9.

 

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11.             
REASONABLENESS; REMEDIES. In the event either party is in breach, or threatens to breach any covenants of
this Agreement, the parties acknowledge and agree that the other party would be greatly damaged and such damage(s) will be irreparable
and difficult to quantify; therefore, such aggrieved party may apply for injunctive or other equitable relief to restrain such
breach or threat of breach, without impairing, invalidating, negating or voiding such party’s rights to relief in either
law or equity. In the event that any or all of the covenants hereunder are determined by the court of competent jurisdiction to
be invalid or unenforceable, by reason that the breadth of restrictions is too great, or for any other reason, these covenants
shall be modified and interpreted to the maximum extent to which they may be enforceable.

 

12.             
MISCELLANEOUS.

 

12.1         
This Agreement may not be transferred or assigned by either party, without the prior written consent of the other party,
which consent shall not be unreasonably withheld.

 

12.2         
The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions of
this Agreement, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted.
No waiver by any party of any breach of any provision hereof shall constitute a waiver of any other breach of that or any other
provision hereof.

 

12.3         
The parties acknowledge and agree that during the term of the Agreement, Licensor shall be deemed to be an intended and
named third party beneficiary of any permitted sublicense agreements between Licensee and any sublicensees.

 

12.4         
 The parties invoke the laws of the State of Georgia, USA, regarding the protection of their rights and enforcement of their
obligations hereunder, and they mutually stipulate and agree that this Agreement is in all respects (including but not limited
to, all matters of interpretation, validity, performance and the consequences of breach and termination) to be exclusively construed,
governed and enforced in accordance with the internal laws of the State of Georgia, USA, excluding all conflict of laws rules,
as from time to time amended and in effect. Any action related to or arising out of this Agreement shall be brought solely in a
court of competent jurisdiction in the state of Georgia, Cobb County, and the parties irrevocably commit to the jurisdiction of
said courts.

 

12.5         
The headings and captions used in this Agreement are for convenience of reference only and shall in no way define, limit,
expand or otherwise affect the meaning or construction of any provision of this Agreement.

 

12.6         
All notices under this Agreement required to be given hereunder shall be given in writing and shall be delivered either
by hand, by nationally recognized overnight courier, fees pre-paid by sender, or by facsimile or email (with confirmation copy
sent by U.S. Mail) addressed to the receiving party. Any such notice shall be deemed delivered upon the earlier of actual receipt
or three (3) days after deposit of such notice, properly addressed and delivery fees paid, with the overnight courier, or at the
time of delivery by facsimile or email if such delivery is made by 5:00 o’clock p.m. and, if not, as of 8:00 o’clock
a.m. (local time of the receiving party) on the next following business day.

 

12.7         
Neither party shall be responsible for any delay or failure in performing any part of this Agreement when it is caused by
fire, flood, explosion, war, strike, embargo, government requirement, civil or military authority, act of God, act or omission
of carriers or other similar causes beyond its control.

 

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12.8         
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which
together shall be deemed for all purposes to constitute one and the same instrument.

 

12.9         
The parties hereto acknowledge and agree that any Sections which by their nature are intended to survive the termination
of this Agreement shall so survive, including Sections 3.5, 4, 7, 8, 9, 10, 11 and 11.

 

12.10     
Each party is responsible for complying with all laws applicable to their performance under this Agreement, including any
restrictions under import and export laws.

 

12.11     
This Agreement, including the recitals hereto, constitutes the entire agreement between the parties with respect to the
subject matter of this Agreement, and supersedes any prior agreements or understandings, whether oral or written, between the parties
with respect to such subject matter.

 

12.12     
No amendment or waiver of this Agreement or any provision hereof shall be effective unless in a writing signed by
both of the parties.

 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the Effective
Date.

 

 

	 	 	 
	 	LICENSOR: PREFERRED APARTMENT ADVISORS, LLC	 
	 	 	 
	 	/s/ John A. Williams	 
	 	By: John A. Williams	 
	 	Its: President and Chief Executive Officer	 
	 	 	 
	 	 	 
	 	LICENSEE: PREFERRED APARTMENT COMMUNITIES, INC.	 
	 	 	 
	 	/s/ John A. Williams	 
	 	By: John A. Williams	 
	 	Its: President and Chief Executive Officer	 

 

    	6trademark
LICENSE AGREEMENT

 

THIS TRADEMARK LICENSE
AGREEMENT (the "Agreement") is made and entered into this 14th day of March, 2012 (the "Effective
Date") by and between Preferred Apartment Advisors, LLC ("Licensor") and Preferred Apartment Communities,
Inc., ("Licensee").

 

In consideration of
the mutual covenants and agreements contained herein, and other valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

 

1. Background.
The parties acknowledge that they are affiliated and related companies that are entering into this Agreement to memorialize an
arrangement and agreement between them governing the ownership and licensing of the service marks, trade names and logos, and any
corresponding applications or registrations set forth in Exhibit A, which is annexed hereto and incorporated herein, and
any other rights pertaining thereto (collectively, the "Marks").

 

2. License.
Licensor hereby grants to Licensee a non-exclusive, worldwide, fully-paid, royalty-free, non-assignable and non-sublicensable license
to use the Marks in connection with the services related to Licensee’s business, including but not limited to those set forth
in Exhibit A (the "License"), which License shall be effective as of the Effective Date.

 

3.Term.
This Agreement and the License granted hereunder shall commence on the Effective Date and shall continue until terminated in accordance
with the provisions of this Agreement.

 

4.Ownership
and Restrictions.

 

(a)               
Licensee agrees to use the Marks only in the form and manner and with appropriate proprietary legends as prescribed from
time to time by Licensor, and will not use any other trademark or service mark in combination with the Marks without the prior
consent of Licensor.

 

(b)              
Licensee hereby acknowledges Licensor’s right, title and interest in and to the Marks and Licensor’s exclusive
right to use, register and license the use of the Marks and agrees not to claim or assert any (i) title to nor attempt to
register the Marks anywhere in world or (ii) right to use the Marks, except to the extent expressly permitted by this Agreement.

 

(c)               
Licensee shall not attempt to adopt, use or register without Licensor’s prior consent, any variation of the Marks,
including translations, or any mark which is similar to or likely to be confusing with the Marks. If Licensor consents to the use
of such a mark, this Agreement will be deemed to be amended to include such mark as part of the definition of the Marks, which
shall then be subject to all of the terms of this Agreement.

 

(d)              
Licensee shall not contest or deny the validity or enforceability of the Marks or Licensor’s interest or rights in
the Marks, nor oppose, object to, or seek to cancel any registration thereof by Licensor, nor aid or abet others in doing so, either
during the term of this Agreement or at any time thereafter.

 

    	 

    	 	

    
 

 

(e)               
Any and all goodwill arising from Licensee’s use or sublicensing of the Marks shall inure solely to the benefit of
Licensor and neither during nor after the termination of this Agreement and the license granted hereunder shall Licensee assert
any claim to the Marks or such goodwill. Licensee shall not, nor permit any one else, to take any action that could be detrimental
to the good will associated with the Marks.

 

(f)The parties
shall, during the term of this Agreement and after termination hereof, execute such documents, or perform such other and further
acts, as the other may reasonably request from time to time to ensure that all right, title and interest in and to the Marks reside
with the appropriate party or to otherwise transfer, assign, perfect, record, confirm, defend or enforce the other party’s
rights in and to the Marks in accordance with this Agreement.

 

5.Infringement
or Other Claims Against Third Parties. Licensee shall notify Licensor promptly of any unauthorized use of the Marks by
others (or marks which may be confusingly similar to the Marks) of which Licensee becomes aware. Licensor shall thereafter have
the sole right to make any demand or bring any action on account of any such unauthorized use, whether such claims are grounded
in trademark infringement, dilution, unfair competition, false designation of origin or other legal theory. Licensee shall cooperate
fully with Licensor, as Licensor may reasonably request, in connection with any such action or demand brought by Licensor in accordance
with this Agreement. Licensee shall directly pay the costs and expenses associated with such action or demand.

 

6.Quality
Control.

 

(a)General.
Licensee recognizes that the valuable reputation and goodwill that is or will be attaching to the Marks is dependent for its preservation
on the high quality standards prescribed and established by Licensor. Accordingly, Licensee is willing to comply with Licensor’s
standards in order to maintain such quality and to cooperate with Licensor in preserving the reputation and goodwill attaching
to the Marks while the License is in effect.

 

(b)Quality of
the Services. Licensee agrees that during the term of the License, the services provided under the Marks and the Collateral
Materials (as hereinafter defined) created by Licensee and its sublicensees, shall not fall below the level of quality (i) that
is at all times generally customary within Licensee’s and sublicensees’ applicable industries, for other businesses
similarly situated; and (ii) that is at all times required to remain in compliance with any applicable laws or regulations.

 

(c)Monitoring
the Quality of the Services. Given the special relationship between the Licensor and Licensee as an affiliated group of companies
with overlapping ownership, control and management, each party acknowledges (i) its own interest in maintaining the quality standards
required under this Agreement, (ii) the unique ability of Licensor to monitor the activities of Licensee, and (iii) that the failure
to maintain the quality standards or otherwise comply with this Agreement, could under certain circumstances, potentially result
in a diminution or loss of trademark rights, to the detriment of Licensor and Licensee. Accordingly, the allocation of responsibilities
for quality control as provided herein are inherently reasonable measures which should ensure adherence to quality standards and
prevent any resultant harm to the parties involved as well as to the general public. Among other measures (i) except as otherwise
provided, Licensee shall have the obligation and responsibility to police its own compliance with quality standards, (ii) Licensee
shall act as Licensor’s agent for the purposes of monitoring sublicensees’ compliance with quality standards, and (iii)
Licensor reserves the right to directly police the compliance of Licensee and sublicensees itself.

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(d)Quality of
the Collateral Materials. During the term of the License, Licensee shall furnish to Licensor prior to any use, publication,
dissemination, distribution, disclosure or public display, for the approval of Licensor, copies of all advertising, marketing,
websites and promotional material, in any form or media (including electronic or digital media) on which the Marks appear (the
"Collateral Materials"). Licensor shall have the right to approve or disapprove any or all Collateral Materials in accordance
with Licensor’s quality standards. Any Collateral Materials submitted to Licensor shall be deemed approved unless Licensor
notifies Licensee to the contrary within ten (10) days after receipt of such Collateral Materials. If Licensor does not approve
Collateral Materials, its rejection notice shall set forth the reasons for such rejection, and to the extent it is reasonable to
do so, will also set forth the remedial measures required to be taken to bring the rejected Collateral Materials into compliance
with Licensor’s quality control standards. Licensee shall not use, publish, disseminate, distribute, disclose or publicly
display any Collateral Materials unless and until they have been approved by Licensor pursuant to this Section. All copies of the
Collateral Materials that are distributed by Licensee shall be identical to the Collateral Materials approved by Licensor.

 

(e)Records,
Audit and Inspection. Licensee will maintain adequate books, records and back-up documentation to allow Licensor to verify
Licensee’s and sublicensees’ compliance with this Agreement. Such records must be maintained for a period of at least
five (5) years after each such record is created, unless a longer period of time is required by applicable law or regulation. Upon
five (5) days prior written notice, Licensor shall have the right, not more than four (4) times per year, by itself or through
its designated agents/contractors who are not reasonably objectionable to Licensee and which may include Licensee, to conduct an
audit and inspection of any or all of Licensee’s or sublicensees’ books, records, documentation, facilities, plants
and equipment (including but not limited to computer hardware, software, servers, and data in any form or media) as are reasonably
necessary to verify compliance with the terms of this Agreement. All individuals participating in the audit or inspection shall
be under an obligation to maintain the confidentiality of any confidential information or trade secrets of Licensee or sublicensee
that are disclosed in the course of the audit or inspection. The costs of such audits shall be paid for by Licensee.

 

7.Termination.

 

(a)Either party
shall have the right to terminate this Agreement upon the material breach of this Agreement by the other party, which remains uncured
more than thirty (30) days after receipt of written notice of such breach.

 

(b)Licensee shall
have the right to terminate this Agreement at any time upon thirty (30) days prior written notice to Licensor.

 

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(c)The parties
may mutually agree in writing to terminate this Agreement.

 

(d)The exercise
of any right of termination under this Section shall not affect any rights which have accrued prior to termination, and shall be
without prejudice to any other legal or equitable remedies to which the terminating party may be entitled.

 

8.Effects
of Termination.

 

(a)Upon termination
of this Agreement: (i) all rights of Licensee under the License granted hereunder shall terminate and automatically revert to Licensor;
(ii) Licensee shall immediately discontinue the use of the Marks and thereafter shall no longer use or have the right to use
the Marks or any variation or simulation thereof; (iii) Licensee shall destroy all printed materials bearing the Marks and
(iv) Licensor shall have the right to terminate any and all sublicenses or assume any and all sublicenses and enter into a
direct licensing relationship with sublicensees (if applicable).

 

(b)Licensee acknowledges
that Licensee’s failure to cease the use of the Marks upon termination of this Agreement shall result in immediate and irreparable
damage to Licensor and to the consuming public generally. Licensee acknowledges and admits that there is no adequate remedy at
law for such failure, and agrees that in the event of such failure, Licensor shall be entitled to equitable relief by way of temporary
and permanent injunction, without being required to post a bond, and such other and further relief as any court with jurisdiction
may deem just and proper.

 

9.Indemnification.

 

(a)Licensee will,
and will cause its sublicensees to agree to, indemnify, defend and hold harmless Licensor, its subsidiaries and affiliates, and
any of their successors, assigns, employees, officers, directors, agents and contractors from and against any and all losses, liabilities,
damages costs and expenses (including without limitation reasonable attorneys’ fees) in connection with any claim, demand,
allegation, accusation or action (individually, a "Claim") based upon, resulting from or related to Licensee’s
or sublicensee’s: (i) goods or services provided under or in connection with the Marks; (ii) allegedly intentional or negligent
act, omission or misrepresentation; (iii) alleged breach of any warranties, representations or obligations under this Agreement
or any sublicense or (iv) use of the Marks.

 

(b)The indemnification
obligations as set forth in this Section are expressly conditioned upon the following: (i) the indemnifying party shall be notified
of any Claim promptly in writing by the indemnitee; (ii) the indemnifying party shall have sole control of the defense or settlement
of any Claim; and (iii) the indemnified party shall cooperate with the indemnifying party in a reasonable way to facilitate the
settlement or defense of any Claim. The provisions of this Section shall survive the termination of this Agreement.

 

10.Reasonableness;
Remedies. In the event either party is in breach, or threatens to breach any covenants of this Agreement, the parties acknowledge
and agree that the other party would be greatly damaged and such damage(s) will be irreparable and difficult to quantify; therefore,
such aggrieved party may apply for injunctive or other equitable relief to restrain such breach or threat of breach, without impairing,
invalidating, negating or voiding such party’s rights to relief in either law or equity. In the event that any or all of
the covenants hereunder are determined by the court of competent jurisdiction to be invalid or unenforceable, by reason that the
breadth of restrictions is too great, or for any other reason, these covenants shall be modified and interpreted to the maximum
extent to which they may be enforceable.

 

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11.Miscellaneous.

 

(a) This Agreement
may not be transferred, sublicensed or assigned by either party, without the prior written consent of the other party.

 

(b)The invalidity
or unenforceability of any particular provision of this Agreement shall not affect the other provisions of this Agreement, and
this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted. No waiver by any
party of any breach of any provision hereof shall constitute a waiver of any other breach of that or any other provision hereof.

 

(c)The parties
acknowledge and agree that during the term of the License, Licensor shall be deemed to be an intended and named third party beneficiary
of any sublicense agreements between Licensee and sublicensees.

 

(d) Although
Licensor shall have the right and authority to set and enforce general quality standards for Licensee’s and sublicensees’
use of the Marks during the term of the License, Licensor shall not have the right to, and shall not otherwise control, direct
or manage the specific means or manner in which services are provided by Licensee or sublicensees under the Marks, or to control,
direct or manage Licensee’s or sublicensees’ daily operations.

 

(e)The parties
invoke the laws of the State of Georgia, USA, regarding the protection of their rights and enforcement of their obligations hereunder,
and they mutually stipulate and agree that this Agreement is in all respects (including but not limited to, all matters of interpretation,
validity, performance and the consequences of breach and termination) to be exclusively construed, governed and enforced in accordance
with the internal laws of the State of Georgia, USA, excluding all conflict of laws rules, as from time to time amended and in
effect. Any action related to or arising out of this Agreement shall be brought solely in a court of competent jurisdiction in
the state of Georgia, Cobb County, and the parties irrevocably commit to the jurisdiction of said courts.

 

(f)The headings
and captions used in this Agreement are for convenience of reference only and shall in no way define, limit, expand or otherwise
affect the meaning or construction of any provision of this Agreement.

 

(g)All notices
under this Agreement required to be given hereunder shall be given in writing and shall be delivered either by hand, by nationally
recognized overnight courier, fees pre-paid by sender, or by facsimile or email (with confirmation copy sent by U.S. Mail) addressed
to the receiving party. Any such notice shall be deemed delivered upon the earlier of actual receipt or three (3) days after deposit
of such notice, properly addressed and delivery fees paid, with the overnight courier, or at the time of delivery by facsimile
or email if such delivery is made by 5:00 o’clock p.m. and, if not, as of 8:00 o’clock a.m. (local time of the receiving
party) on the next following business day.

 

    	5

    	 

    
 

 

(h)              
Neither party shall be responsible for any delay or failure in performing any part of this Agreement when it is caused by
fire, flood, explosion, war, strike, embargo, government requirement, civil or military authority, act of God, act or omission
of carriers or other similar causes beyond its control.

 

(i)                
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which
together shall be deemed for all purposes to constitute one and the same instrument.

 

(j)                
The parties hereto acknowledge and agree that any Sections which by their nature are intended to survive the termination
of this Agreement shall so survive, including Sections 1, 5, 6, 8, 9, 10 and 11.

 

(k)              
Each party is responsible for complying with all laws applicable to their performance under this Agreement, including any
restrictions under import and export laws.

 

(l)                
This Agreement together with the Exhibits hereto, if any, constitutes the entire agreement between the parties with respect
to the subject matter of this Agreement, and supersedes any prior agreements or understandings, whether oral or written, between
the parties with respect to such subject matter. No amendment or waiver of this Agreement or any provision hereof shall be effective
unless in a writing signed by both of the parties.

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the Effective Date.

 

	Preferred Apartment Communities, Inc.	President and Chief Executive Officer
	 	 	 	 
	By:	/s/ John A. Williams	By:	/s/ John A. Williams
	 	 	 	 
	 	John A. Williams	 	John A. Williams
	 	President and Chief Executive Officer	 	President and Chief Executive Officer       

 

 

    	6

    	 

    

 

Exhibit A

 

 

	Serial No.	Reg. No.	 
	 	 	 
	77894777	 	A PREFERRED APARTMENT COMMUNITY
	 	 	 
	77894742		PREFERRED APARTMmENT COMMUNITIES 
	 	 	 
	77894738		PREFERRED APARTMENT 
	 	 	 
	77895741	4032206	PREFERRED APARTMENT
	 	 	 
	77895736	4032205	PREFERRED APARTMENT COMMUNITIES
	 	 	 
	77895730	4029389	A PREFERRED APARTMENT COMMUNITY
	 	 	 
	77895649	4029388	A PREFERRED APARTMENT COMMUNITY

 

 

    	7

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