Document:

Limited Liability Company Agreement

 EXHIBIT 10.16 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 

GGT CRESCENT CROSSTOWN FL VENTURE, LLC 

 LIMITED LIABILITY 

COMPANY AGREEMENT OF 
 GGT CRESCENT CROSSTOWN FL VENTURE, LLC 
 A DELAWARE LIMITED LIABILITY
COMPANY 
 TABLE OF CONTENTS 
  

									
	 	 	 	  	 	  	Page	 
		
	 ARTICLE 1. DEFINITIONS
	  	 	2	  
		 	1.1	  	 Definitions
	  	 	2	  
		 	1.2	  	 Other Defined Terms
	  	 	9	  
		 	1.3	  	 Exhibits
	  	 	9	  
		
	 ARTICLE 2. THE COMPANY
	  	 	9	  
		 	2.1	  	 Organization
	  	 	9	  
		 	2.2	  	 Name of Company
	  	 	9	  
		 	2.3	  	 Purpose of Company
	  	 	9	  
		 	2.4	  	 Principal and Registered Office
	  	 	10	  
		 	2.5	  	 Further Assurances
	  	 	10	  
		 	2.6	  	 Expenses of Formation and Syndication
	  	 	10	  
		 	2.7	  	 No Individual Authority
	  	 	10	  
		 	2.8	  	 Business Opportunities
	  	 	10	  
		 	2.9	  	 Neither Responsible for Other’s Commitments
	  	 	11	  
		 	2.10	  	 Affiliates
	  	 	11	  
		 	2.11	  	 Operations in Accordance With the Act: Ownership
	  	 	11	  
		
	 ARTICLE 3. TERM
	  	 	11	  
		 	3.1	  	 Term
	  	 	11	  
		
	 ARTICLE 4. CAPITAL CONTRIBUTIONS OF THE MEMBERS
	  	 	12	  
		 	4.1	  	 Capital Contributions of the Members
	  	 	12	  
		 	4.2	  	 No Other Contributions
	  	 	13	  
		 	4.3	  	 No Interest Payable
	  	 	13	  
		 	4.4	  	 No Withdrawals
	  	 	13	  
		 	4.5	  	 Additional Capital Contributions
	  	 	13	  
		
	 ARTICLE 5. MEMBER LOANS
	  	 	15	  
		 	5.1	  	 Member Loans
	  	 	15	  
		 	5.2	  	 Payment of Member Loans
	  	 	15	  
		
	 ARTICLE 6. MANAGEMENT OF THE COMPANY
	  	 	16	  
		 	6.1	  	 Management
	  	 	16	  
		 	6.2	  	 Major Decisions
	  	 	18	  
		 	6.3	  	 Bank Accounts
	  	 	22	  
		 	6.4	  	 Annual Budgets
	  	 	22	  
		 	6.5	  	 Insurance
	  	 	23	  
		 	6.6	  	 Consultation Regarding the Project
	  	 	23	  

  
 i 

									
		 	6.7	  	 Termination of Delegation of Authority to Crescent as Operating Member
	  	 	24	  
		 	6.8	  	 Development
	  	 	25	  
		 	6.9	  	 Management Agreement
	  	 	25	  
		 	6.10	  	 Contracts with Affiliates
	  	 	26	  
		 	6.11	  	 Indemnification of Managing Member and Operating Member
	  	 	26	  
		 	6.12	  	 Leasing Guidelines
	  	 	26	  
		
	 ARTICLE 7. BOOKS AND RECORDS, AUDITS, TAXES, ETC.
	  	 	26	  
		 	7.1	  	 Books; Statements
	  	 	26	  
		 	7.2	  	 Where Maintained
	  	 	28	  
		 	7.3	  	 Audits
	  	 	28	  
		 	7.4	  	 Objections to Statements
	  	 	28	  
		 	7.5	  	 Tax Returns
	  	 	28	  
		 	7.6	  	 Tax Matters Partner
	  	 	29	  
		 	7.7	  	 Tax Policy
	  	 	29	  
		 	7.8	  	 Section 754 Election
	  	 	29	  
		 	7.9	  	 Capital Accounts
	  	 	29	  
		
	 ARTICLE 8. ALLOCATIONS
	  	 	30	  
		 	8.1	  	 Allocation of Net Income and Net Loss
	  	 	30	  
		 	8.2	  	 Loss Limitation
	  	 	30	  
		 	8.3	  	 Minimum Gain Chargebacks and Nonrecourse Deductions
	  	 	30	  
		 	8.4	  	 Qualified Income Offset
	  	 	31	  
		 	8.5	  	 Code Section 704(b) Allocations
	  	 	31	  
		 	8.6	  	 Other Allocation Provisions
	  	 	31	  
		 	8.7	  	 Distributions of Nonrecourse Liability Proceeds
	  	 	32	  
		 	8.8	  	 Information as to Allocation of Debt
	  	 	32	  
		 	8.9	  	 Taxable Year; Fiscal Year
	  	 	32	  
		
	 ARTICLE 9. DISTRIBUTIONS AND ALLOCATIONS
	  	 	32	  
		 	9.1	  	 Percentage Interests in Company
	  	 	32	  
		 	9.2	  	 Certain Definitions
	  	 	32	  
		 	9.3	  	 Operating Cash Flow Distributions
	  	 	34	  
		 	9.4	  	 Extraordinary Cash Flow Distributions
	  	 	34	  
		 	9.5	  	 Loss of Promoted Interest
	  	 	35	  
		 	9.6	  	 Distributions Upon Liquidation
	  	 	36	  
		
	 ARTICLE 10. ASSIGNMENT AND OFFER TO PURCHASE
	  	 	36	  
		 	10.1	  	 Transfers
	  	 	36	  
		 	10.2	  	 Intentionally Omitted
	  	 	37	  
		 	10.3	  	 Assumption by Assignee
	  	 	37	  
		 	10.4	  	 Amendment of Certificate of Formation
	  	 	37	  
		 	10.5	  	 Other Assignments Void
	  	 	37	  
		 	10.6	  	 Intentionally Omitted
	  	 	38	  
		 	10.7	  	 Buy-Sell
	  	 	38	  
		 	10.8	  	 Provisions Generally Applicable to Sales
	  	 	39	  
		 	10.9	  	 Compliance with ERISA and State Statutes on Governmental Plans
	  	 	41	  

  
 ii 

									
	 ARTICLE 11. DISSOLUTION OR BANKRUPTCY OF A MEMBER
	  	 	43	  
		 	11.1	  	 Dissolution or Merger
	  	 	43	  
		 	11.2	  	 Bankruptcy, etc.
	  	 	44	  
		 	11.3	  	 Reconstitution
	  	 	44	  
		
	 ARTICLE 12. CROSS-DEFAULT
	  	 	45	  
	 ARTICLE 13. DISSOLUTION
	  	 	45	  
		 	13.1	  	 Winding Up by Members
	  	 	45	  
		 	13.2	  	 Winding Up by Liquidating Member
	  	 	45	  
		 	13.3	  	 Offset for Damages
	  	 	46	  
		 	13.4	  	 Distributions of Operating Cash Flow
	  	 	47	  
		 	13.5	  	 Distributions of Proceeds of Liquidation
	  	 	47	  
		 	13.6	  	 Orderly Liquidation
	  	 	47	  
		 	13.7	  	 Financial Statements
	  	 	47	  
		 	13.8	  	 Restoration of Deficit Capital Accounts
	  	 	48	  
		
	 ARTICLE 14. MEMBERS
	  	 	48	  
		 	14.1	  	 Liability
	  	 	48	  
		
	 ARTICLE 15. NOTICES
	  	 	48	  
		 	15.1	  	 In Writing; Address
	  	 	48	  
		 	15.2	  	 Copies
	  	 	49	  
		
	 ARTICLE 16. MISCELLANEOUS
	  	 	49	  
		 	16.1	  	 Additional Documents and Acts
	  	 	49	  
		 	16.2	  	 Interpretation
	  	 	49	  
		 	16.3	  	 Entire Agreement
	  	 	50	  
		 	16.4	  	 References to this Agreement
	  	 	50	  
		 	16.5	  	 Headings
	  	 	50	  
		 	16.6	  	 Binding Effect
	  	 	50	  
		 	16.7	  	 Counterparts
	  	 	50	  
		 	16.8	  	 Confidentiality
	  	 	50	  
		 	16.9	  	 Amendments
	  	 	51	  
		 	16.10	  	 Exhibits
	  	 	51	  
		 	16.11	  	 Severability
	  	 	51	  
		 	16.12	  	 Qualification in Other States
	  	 	51	  
		 	16.13	  	 Forum
	  	 	51	  
		 	16.14	  	 No Brokerage
	  	 	52	  
		 	16.15	  	 Tax Compliance
	  	 	52	  

  
 iii

 Exhibits 
  

			
	 Exhibit A
	  	 Members’ Percentage Interests

		
	 Exhibit B
	  	 Description of Land

		
	 Exhibit C
	  	 Development Agreement

		
	 Exhibit D
	  	 Insurance Certificates

		
	 Exhibit E
	  	 Member’s ERISA Certificate

		
	 Exhibit F
	  	 CNL’s ERISA Certificate

		
	 Exhibit G
	  	 Project Budget

		
	 Exhibit H
	  	 Pre-Development Costs

  
 iv 

 LIMITED LIABILITY COMPANY AGREEMENT 

OF 

GGT CRESCENT CROSSTOWN FL VENTURE, LLC 

This Limited Liability Company Agreement of GGT CRESCENT CROSSTOWN FL VENTURE, LLC (this
“Agreement”) is entered into and shall be effective as of the 27th day of March, 2012, by and between CRESCENT CROSSTOWN II, LLC, a Delaware limited liability company (“Crescent”), and GGT CRESCENT CROSSTOWN HOLDINGS, LLC, a Delaware limited liability
company (“CNL”), pursuant to the provisions of the Delaware Limited Liability Company Act (the “Act”). Crescent and CNL are sometimes referred to herein, collectively, as the Members and individually as a Member.

 R E C I T A L S 
 WHEREAS, GGT Crescent Crosstown FL Venture, LLC (the “Company”) was formed on February 28, 2012, pursuant to the Delaware Limited Liability Company Act by filing a Certificate of
Formation filed with the Secretary of State of the State of Delaware (the “Certificate of Formation”). 
 WHEREAS, reference is hereby made to that certain Purchase and Sale Agreement with an effective date of March 24, 2011, by and between Crescent Resources, LLC, a Georgia limited liability company, as
purchaser (“Purchaser”), and Crosstown Owner LLC, a Florida limited liability company, as seller (“Property Seller”) (as the same may have been amended, modified or supplemented, the “Land
Contract”), whereby Purchaser has agreed to purchase from Property Seller, and Property Seller has agreed to sell to Purchaser, inter alia, the real property comprising approximately 25.344 acres, located on the south side of Delaney
Lake Drive, being a portion of Lot 2, Block B, Crosstown Center, Plat Book 88, Pages 23-1 through 23-7, in Hillsborough County, Florida (together with all personal property, fixtures, rights and intangibles associated therewith, the
“Property”), as more particularly described in Exhibit B hereto. 
 WHEREAS, the Members
desire to form the Company for the purposes of acquiring the Property and constructing a Class A rental apartment community on the Property with 344 units, together with all amenities and related improvements (the “Project”),
and leasing and managing the Project, but in any case the Property is intended to be held by the Company for investment and/or held for appreciation and subsequent sale. 

WHEREAS, contemporaneously with the execution of this Agreement, Purchaser has assigned its interest under the Land
Contract with regard to the acquisition of the Property under the Land Contract to the Company. 

  
 1 

 NOW, THEREFORE, in order to carry out their intent as expressed above and in
consideration of the mutual agreements and covenants hereinafter contained, the receipt and sufficiency of which are hereby acknowledged, the Members hereby covenant and agree as follows: 

ARTICLE 1. DEFINITIONS 
 1.1 Definitions. The following terms shall have the following meanings when used herein: 
 10.7 Offer. As defined in Section 10.8(a). 

Acceptable Person. Any person who or which is not (i) a tax exempt organization as defined in
Section 501(c) of the Code, (ii) a person whose direct or indirect participation in the Company would result in a Plan Violation or (iii) in default or in breach, beyond any applicable grace period, of its obligations under any
material written agreement with CNL or any of its Affiliates. 
 Act. The Delaware Limited Liability
Company Act, 6 Delaware Code, Section 18-101 et. seq. (or any corresponding provisions of succeeding law), as in effect at the time of the initial filing of the Certificate, and as thereafter amended from time to time. 

Additional Capital. For a Member, except as otherwise provided in this Agreement, the sum of all capital
contributions made by such Member under this Agreement other than Crescent’s Initial Capital and CNL’s Initial Capital. “Additional Capital” shall not include any Member Loan. 

Additional Capital Request Date. As described in Section 4.5(b). 

Additional Funding Notice. As defined in Section 4.5(b). 

Additional Initial Capital. As described in Section 4.5(a). 

Additional Initial Capital Funding Notice. As described in Section 4.5(a). 

Additional Initial Capital Request Date. As described in Section 4.5(a). 

Adjusted Capital Account. As defined in Section 8.2. 

Affiliate. An “Affiliate” of a person is (a) any officer, director, general partner, shareholder,
member, manager or trustee of such person, (b) any person directly or indirectly controlling, controlled by, or under common control with such person, and (c) any officer, director, general partner, shareholder, member, manager, trustee or
holder of fifty percent (50%) or more of the voting interest of any person described in clause (a) or (b) of this sentence. For the purpose of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any person, means any of the following: (i) having, directly or indirectly, the power to direct or cause the direction of the
management and policies of such person, whether through the ownership of voting securities, by contract or otherwise; (ii) holding fifty percent (50%) or more of the outstanding voting securities of such person, (iii) having the right
to receive fifty percent (50%) or more of the profits of such person; (iv) having the right to receive fifty percent (50%) or more of the assets of such person upon dissolution; or (v) having the contractual power to designate
fifty percent (50%) or more of the directors of such person or individuals exercising similar functions. 

  
 2 

 Agreement. This Limited Liability Company Agreement, including all
Exhibits and Schedules attached hereto, as it may be amended from time to time. 
 Appraisal Notice. As
described in Section 13.2(b)(i). 
 Business Day. Any weekday that is not an official holiday in
Tampa, Florida. 
 Capital Account. As described in Section 7.9. 

Capital Budget. As described in Section 6.4. 

Capital Contribution. For each Member, the aggregate of sums contributed to the Company by such Member pursuant to
Article IV hereof. 
 Cash Flow. As described in Section 9.2(h). 

Cause. As defined in Section 6.7. 

Certificate of Formation. As described in the Recitals above. 

CFG. As defined in Section 10.1. 

CNL. As described in the first paragraph above. 

CNL Consent. The written consent of CNL. 

CNL Entities. As defined in Section 2.8(b). 

CNL Maximum Initial Capital. As defined in Section 4.1. 

CNL Property Manager. CNL Global Growth Sub-Managers, LLC, a Florida limited liability company. 

CNL’s Initial Capital. As described in Section 4.1. 

Code. The Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. 

Company. GGT Crescent Crosstown FL Venture, LLC, a Delaware limited liability company. 

Company Financing. Financing that is provided to the Company.

  
 3 

 Company Minimum Gain. As described in Section 8.3(a).

 Completion. As defined in the Development Agreement. 

Construction Contract. As defined in the Development Agreement. 

Construction Loan. As defined in the Development Agreement. 

Crescent. As described in the first paragraph to this Agreement. 

Crescent Parent. Crescent Multifamily Holdings, LLC, a Delaware limited liability company. 

Developer. Crescent Development, LLC, a Delaware limited liability company, acting in such capacity pursuant to
Section 6.8. 
 Development Agreement. That certain Development Agreement dated of even date
herewith by and between the Company and Developer providing for the development of the Project on the Property, a copy of which is attached hereto as Exhibit C and incorporated herein by reference. 

Development Fee. As described in Section 6.8. 

Economic Capital Account. With respect to any Member, such Member’s Capital Account as of the date of
determination, increased by any amounts that the Member is actually obligated to contribute to the Company and/or deemed obligated to restore under Treasury Regulations Section 1.704-2. 

Effective Date. The date this Agreement shall be signed by all the Members. 

Electing Member. As described in Section 13.2(b)(i). 

Entire Interest. Means, for each Member, such Member’s entire equity interest in the Company (which shall
include any and all interests in the Company held by persons that acquired their interests from such Member) and all unpaid Member Loans made by such Member. 
 ERISA. The Employee Income Security Act of 1974, as amended. 
 Extraordinary Cash Flow. As described in Section 9.2(b). 
 Failing Member. As described in Section 4.5(d). 

Failing Member Loan. As described in Section 4.5(d). 

Fair Market Value. As described in Section 13.2(b)(ii). 

GAAP. United States generally accepted accounting principles applied on a consistent basis. 

  
 4 

 Governmental Plan. As defined in Section 3(32) of ERISA.

 Initial Capital Contributions. As defined in Section 4.1. 

IRR. With respect to all Capital Contributions of a Member, the internal rate of return or discount factor that,
when applied to the cash flow stream consisting of all distributions by the Company to such Member, makes the present value of such distributions equal the present value (determined using the same discount factor) of all Capital Contributions of
such Member to the Company. The IRR shall be determined taking into account the exact dates any applicable Capital Contributions are made to the Company by the Member and the exact dates any applicable distributions are made by the Company to such
Member. The IRR to a Member shall be computed using the XIRR function in Microsoft Excel or a functional equivalent using actual dates of cash flows and based on annual compounding. 

Land Contract. As defined in the Recitals above. 

Leasing Guidelines. The leasing guidelines for the Project as approved (and amended) by the Members in accordance
with Section 6.12. 
 LIBOR. The average rate (rounded upward to the nearest
1/16th) at which deposits in U.S. dollars of comparable
amounts and for a period of one month are offered in the London Interbank Market at approximately 11:00 am (London time) on the day that the capital contribution or loan is made, as reasonably determined by Member Consent, or if London Interbank
Market is no longer published, LIBOR shall be a rate as published in a publication of national circulation approved by Member Consent. 
 Liquidating Member. The Member in sole charge of winding up the Company and having the powers described in Section 13.2. 

List. As described in Section 13.2(b)(ii). 

Loan Closing. The closing of the Construction Loan. 

Major Capital Event. One or more of the following: (i) sale of all or any part of, or any interest in,
Company property (including the Project and the Property), exclusive of sales or other dispositions of tangible personal property in the ordinary course of business; (ii) placement and funding of any indebtedness of the Company secured by some
or all of its assets with respect to borrowed money, excluding short term borrowing in the ordinary course of business; (iii) condemnation of all or any material part of, or any interest in, the Property through the exercise of the power of
eminent domain; or (iv) any unrestored material loss of Company property or any part thereof or interest therein by casualty, failure of title or otherwise. 

Major Decision. As defined in Section 6.2(a). 

Management Agreement. As set forth in Section 6.9. 

Managing Member. CNL. 

  
 5 

 Member Consent. The written consent of each of CNL and Crescent.

 Member Loan. Any loan made by any Member or any Affiliate of a Member to the Company pursuant to
Article V. 
 Member Nonrecourse Debt. As described in Section 8.3(c). 

Member Nonrecourse Debt Minimum Gain. As described in Section 8.3(c). 

Members. The parties to this Agreement, any Person to whom the parties to this Agreement may convey an interest in
the Company pursuant to Article 10, and any Person subsequently admitted to the Company as a substitute or additional Member in accordance with the terms of this Agreement, and “Member” means any of the Members; provided, however,
that for purposes of calculating cumulative contributions by, or allocations or distributions to, a Member, references to such Member shall be deemed to include all predecessors-in-interest with respect to such Member’s interest(s) in the
Company. The initial Members are CNL and Crescent. 
 Membership Interest. The entire ownership interest
of a Member in the Company, including the Member’s Capital Account, interest in profits and losses, the right to receive distributions from the Company and the rights, if any, to participate in the management of the Company or consent to any
actions by the Company as set forth in this Agreement. 
 Minor Field Changes. As defined in the
Development Agreement. 
 Non-Failing Member. As described in Section 4.5(d). 

Nonrecourse Deductions. As described in Section 8.3(b) 

Notice Date. As described in Section 10.8(b). 

Notice of Intention. As described in Section 4.5(d). 

Offering Party. As defined in Section 10.8(a) 

Operating Budget. As described in Section 6.4. 

Operating Cash Flow. As described in Section 9.2(a). 

Operating Member. Crescent, subject to CNL’s right to terminate Crescent’s authority as Operating Member
in accordance with Section 6.7. 
 Operating Return. As described in Section 9.2(c).

 Operating Shortfall. For any given period after Completion of the Project, if the operating expenses
of the Company in the normal course of business of the Company (including debt service under any Company Financing) exceed or are expected to exceed the gross receipts of the Company plus cash reserves for such period, and the Company therefore is
expected to suffer, or has suffered, a cash flow deficit. 

  
 6 

 Opportunity. As defined in Section 2.8(b). 

Out-of-Pocket Costs. Any costs or expenses incurred by the Managing Member, Operating Member or other Member or
their Affiliates acting within the scope of their respective authority under this Agreement (including travel costs and FedEx/mail charges), provided that such costs or expenses are necessary or beneficial for the Company’s business as
described in Section 2.3. 
 Percentage Interest. As described in Section 9.1. 

Permitted Leases. Leases of apartment units within the Project entered into pursuant to the approved Leasing
Guidelines in the ordinary course of operations as an apartment community. 
 Person. The term
“person” includes individuals, partnerships, limited liability companies, corporations, trusts, and other associations. 
 Plan Violation. A transaction, condition or event that would constitute a nonexempt prohibited transaction under ERISA. 

Plans and Specifications. Plans and specifications for the Project approved by Member Consent. 

Pre-Development Costs. Those certain costs and expenses incurred by Crescent or Developer for the benefit of the
Company as set forth on Exhibit H attached hereto and incorporated herein by reference, which shall be reimbursed to Crescent or Developer, as applicable, in accordance with Section 4.1. 

Project. As described in the third paragraph of the Recitals. 

Project Budget. The budget approved by Member Consent for the acquisition, construction, development, marketing
and financing of the Project. The initial Project Budget is attached hereto as Exhibit G. 

Property. As described in the second paragraph of the Recitals. 

Property Closing. The closing of the Company’s acquisition of the Property pursuant to the Land Contract.

 Property Manager. The sub property manager or managers selected by Member Consent to be proposed to
enter into an sub property management agreement with CNL Property Manager to manage the Property following Completion, and any successor thereto. 
 Proposer. As described in Section 10.7(a). 
 Reply
Price. As described in Section 10.8(a). 

  
 7 

 Requirements. All state, federal and local laws, ordinances, rules,
regulations, codes, requirements of governmental authorities, permits, licenses, approvals, the terms of all restrictions, easements and other arrangements of record affecting all or any portion of the Property, and all contractual obligations of
Developer and the Company (including obligations related to the Construction Loan and any other third-party financing). 
 Responding Member. As described in Section 10.7(a). 

REIT. A real estate investment trust as defined pursuant to Sections 856 through 860 of the Code and the Treasury
Regulations promulgated thereunder. 
 REIT Property Manager. CNL Global Growth Managers, LLC, a Delaware
limited liability company. 
 Responding Member’s Buy-Sell Deposit. As described in
Section 10.7(b)(ii). 
 Sale Proposal. As defined in Section 10.7(a). 

Target Balance. With respect to any Member as of the close of any period for which allocations are made under
Article 8, the amount such Member would receive (or be required to contribute) in a hypothetical liquidation of the Company as of the close of such period, assuming for purposes of such hypothetical liquidation: (i) a sale of all of the
assets of the Company at prices equal (subject to the proviso at the end of this sentence) to their then book values (as maintained by the Company for purposes of, and as maintained pursuant to, the capital account maintenance provisions of Treasury
Regulations Sections 1.704-1(b)(2)(iv)); and (ii) the distribution of the net proceeds computed under clause (i) above to the Members pursuant to Section 9.4, as such Section has been adjusted by other provisions hereof (after the
payment of all actual Company indebtedness, and any other liabilities related to the Company’s assets; provided, however, that when (x) the aggregate book value of assets of the Company to which the rights of obligees of liabilities of the
Company are limited (including all assets of the Company if such rights are not limited to particular assets of the Company, and without regard to assets of persons other than the Company that may be available to such obligees) is exceeded by
(y) the aggregate amount of such liabilities, such assets shall be considered as having been sold for cash equal to the aggregate amount of such liabilities (without double-counting). 

Tax Matters Partner. As described in Section 7.6. 

Treasury Regulations. The Income Tax Regulations, including Temporary Regulations, promulgated under the Code, as
such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 Unreturned Additional Capital. As described in Section 9.2(d). 
 Unreturned Initial Capital. As described in Section 9.2(f). 
 Unreturned Operating Return. As described in Section 9.2(e). 
 Value. As described in Section 10.8(a)(i). 

  
 8 

 The definitions in this Section 1.1 shall apply equally to both the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “,without limitation,”. 
 1.2 Other Defined Terms. Capitalized terms not defined in Section 1.1 shall have the meanings set forth in the other sections of this Agreement. 

1.3 Exhibits. The exhibits to this Agreement are incorporated herein by reference as if fully set forth herein.

 ARTICLE 2. THE COMPANY 
 2.1 Organization. The Members shall operate the Company pursuant to the provisions of the Act. The terms and provisions hereof will be construed and interpreted in accordance with the Act.

 2.2 Name of Company. The name of the Company will be “GGT Crescent Crosstown FL Venture,
LLC”, and the Company’s business will be conducted under the name “Circle Crosstown Apartments”. The Managing Member may change the name of the Company or the name under which the Company’s business is conducted at any time,
provided that Crescent shall have the right to approve the use of any name that includes the word “Crescent” or “Circle” or any variation of either name. The Company and CNL acknowledge and agree that the word “Circle, the
name “Circle Crosstown Apartments” and the Circle logo are owned by and proprietary to Crescent and its Affiliates, and that after such time as Crescent is no longer a Member of the Company or the Company no longer owns the Project, the
names “Circle”, “Circle Crosstown Apartments” and the Circle logo will no longer be used by the Company or in connection with the Project. 
 2.3 Purpose of Company. The purpose of the Company is to directly or indirectly carry on the business of acquiring, owning, operating, managing, improving, repairing, renting, mortgaging,
refinancing, selling, conveying and otherwise dealing with the Property and all activities reasonably related thereto. In furtherance of such purpose, the Company shall have all such powers as may be exercised by a limited liability company under
the laws of the State of Delaware. Except as permitted by this Section 2.3, the Company shall not engage in any other business. In furtherance of the foregoing purposes, but expressly subject to the other provisions of this Agreement, the
Company is empowered to enter into contracts containing agreements to arbitrate disputes to the extent such contracts are approved by Member Consent. The Company is authorized to take any legal measures which will assist it in accomplishing its
purpose or benefit the Company. 

  
 9 

 2.4 Principal and Registered Office. The principal office of the
Company shall be 227 W. Trade Street, Suite 1000, Charlotte, North Carolina 28202 or such other place as the Managing Member may from time to time determine. Notification of any change in the Company’s principal place of business or principal
office shall be given to the other Members. The Company may change its principal office and or may maintain additional offices and places of business in other locations selected by the Managing Member and, to the extent required by law and/or deemed
necessary or desirable by the Managing Member, the Company shall qualify as a foreign limited liability company in any other jurisdiction in which it conducts business. The name and address of the registered agent of the Company for service of
process in the State of Delaware is National Registered Agents, Inc., 160 Greentree Drive, Suite 101, Dover, Delaware 19904. The Company’s registered agent and the Company’s registered and principal offices may be changed by the Managing
Member in compliance with the relevant requirements of the Act. 
 2.5 Further Assurances. The parties
hereto will execute whatever certificates and documents, and will file, record and publish such certificates and documents, which are required to operate a limited liability company under the Act. The parties hereto will also execute and file,
record and publish, as required, such certificates and documents as they, upon advice of counsel, may deem necessary or appropriate to comply with other applicable laws governing the operation of a limited liability company. 

2.6 Expenses of Formation and Syndication. The expenses incurred by each Member in connection with its
consideration of an investment in the Company and its acquisition of a membership interest in the Company, including the fees of any attorney, financial advisor or other consultant, shall be paid and/or reimbursed by the Company as set forth in the
Project Budget and approved by Member Consent. 
 2.7 No Individual Authority. Except as otherwise
expressly provided in this Agreement, no Member, acting alone, shall have any authority to act for, undertake or assume any obligations or responsibility on behalf of any other Member or the Company. 

2.8 Business Opportunities. 

(a) Subject to the provisions of, and except as set forth in, subsection (b) of this Section 2.8, nothing
contained in this Agreement shall be construed so as to prohibit any Member or any firm or corporation controlled by or controlling such Member or any other Affiliate of a Member from owning, operating, or investing in any real estate or real estate
development not owned or operated by the Company, wherever located. Each Member agrees that any other Member, any Affiliate or any director, officer, employee, partner or other person or entity related to either thereof may engage in or possess an
interest in another business venture or ventures of any nature and description, independently or with others, including the ownership, financing, leasing, operation, management, syndication, brokerage and development of real property, whether or not
such activities are in direct competition with the Company, and neither the Company nor the Members shall have any rights by virtue of this Agreement in and to such independent ventures or to the income or profits derived therefrom. To the fullest
extent permitted by applicable law, the Members hereby waive any obligation or duty which might otherwise be imposed or implied under any so-called “business opportunity doctrine” or similar theory. 

  
 10 

 (b) Crescent covenants and agrees that for so long as it is a Member, in the
event it proposes to undertake any additional apartment development opportunities within a three mile radius of the Property (each an “Opportunity”) other than developments existing as of the Effective Date, CNL and Affiliates of
CNL Financial Group, LLC (collectively, “CNL Entities”) shall have the right of first offer to participate in any such Opportunity, and to the extent that the CNL Entities decline or fail to respond to such Opportunity within thirty
(30) days after such Opportunity is offered, Crescent shall not be required to continue to offer any CNL Entity the right to participate to any extent in such Opportunity. 

2.9 Neither Responsible for Other’s Commitments. Neither the Members nor the Company shall be responsible or
liable for any indebtedness or obligation of a particular Member incurred either before or after the execution of this Agreement, except (i) as to those joint responsibilities, liabilities, debts or obligations incurred pursuant to the terms of
this Agreement, and each Member indemnifies and agrees to hold the other Member and the Company harmless from such personal obligations and debts, except as aforesaid; and (ii) as to the obligation of CNL to pay off and/or indemnify Crescent
pursuant to Section 6.7 (c) of this Agreement, or as otherwise set forth in this Agreement. 
 2.10
Affiliates. Any and all activities to be performed by CNL hereunder may be performed by officers or employees of one or more Affiliates of CNL, provided that all actions taken by such persons on behalf of CNL in connection with this Agreement
shall be binding upon CNL. Any and all activities to be performed by Crescent hereunder may be performed by officers or employees of one or more Affiliates of Crescent, provided that all actions taken by such persons on behalf of Crescent in
connection with this Agreement shall be binding upon Crescent. 
 2.11 Operations in Accordance With the Act:
Ownership. Except as expressly set forth in this Agreement to the contrary, the rights and obligations of the Members and the administration, operation and termination of the Company shall be governed by the Act, as it may be amended. The
interest of each Member in the Company shall be personal property for all purposes. All real and other property owned by the Company shall be deemed owned by the Company as a company, and no Member, individually, shall have any ownership interest in
such property. 

  
 11 

 ARTICLE 3. TERM 

3.1 Term. Unless extended by Member Consent, the term of the Company shall continue until the first to occur of
the following: 
 (a) December 31, 2061; 

(b) The sale or other disposition of all or substantially all of the Property, other than to a nominee or trustee of the
Company for financial or other business purposes; 
 (c) Dissolution of the Company pursuant to the express
provisions of Section 4.5(d)(iii) or Articles 10, 11 or 13; or 
 (d) The occurrence of any event or
circumstance that would cause the entry of a decree of judicial dissolution of the Company under the Act unless, following a Member Consent to cure such events, the events giving rise to such judicial dissolution are cured within the time, if any,
set for such cure, and the Company is reinstated under the Act. 
 ARTICLE 4. CAPITAL CONTRIBUTIONS OF THE MEMBERS

 4.1 Capital Contributions of the Members. No later than the execution of this Agreement, CNL
and Crescent shall contribute their pro rata shares (based upon their respective Percentage Interests) of all amounts payable by the Company at the Property Closing and the Loan Closing, including amounts necessary to reimburse Crescent or Developer
for its Pre-Development Costs. Such initial capital contribution by CNL shall constitute a portion of “CNL’s Initial Capital”. Such initial capital contribution by Crescent (against which Crescent may credit any portion of the
Development Fee that is assigned by Developer to Crescent in accordance with the Development Agreement) shall constitute a portion of “Crescent’s Initial Capital”. Crescent’s Initial Capital and CNL’s Initial Capital
shall collectively be called the “Initial Capital Contributions”. Such contributions are reflected on Exhibit A attached hereto and shall be updated from time to time to reflect modifications to the Initial Capital Contributions and any
additional capital contributions, including contributions of Additional Initial Capital as required pursuant to Section 4.5(a). The amount of cash and the fair market value, as agreed to by Member Consent, of other property contributed by a
Member shall be credited to such Member’s Capital Account. In no event shall the aggregate amount of CNL’s Initial Capital exceed $6,238,503.00 without the express written approval of CNL (the “CNL Maximum Initial
Capital”), and in no event shall Crescent’s Initial Capital exceed $4,159,002.00 without the express written approval of Crescent (the “Crescent Maximum Initial Capital”). The Members expressly agree that, to the
extent the amount of the final Project Budget is hereafter reduced due to savings in the Construction Contract’s guaranteed maximum price, the Initial Capital Contributions of CNL and Crescent shall be reduced on a pro rata basis. Any
Construction Cost Overruns (as defined in the Development Agreement) funded by Developer shall not be treated as a contribution by Developer or Crescent to the Company or in any manner construed so as to increase Crescent’s Capital Account or
Crescent’s Initial Capital under this Agreement, shall not be treated as Additional Capital of Crescent under this Agreement, shall not be treated as a Member Loan by Crescent to the Company, and shall not entitle Developer or Crescent to any
interest on or refund of any amounts so advanced or to any other rights or remedies against the Company or any Member. 

  
 12 

 4.2 No Other Contributions. Except as expressly required by this
Article 4, neither Member shall have any obligation to make any capital contribution to the Company nor to advance any funds thereto. 
 4.3 No Interest Payable. No Member shall receive any interest on any of its Capital Contributions except for such Member’s Operating Return. 

4.4 No Withdrawals. No Capital Contribution shall be withdrawn except as hereinafter expressly stipulated.

 4.5 Additional Capital Contributions. 

(a) When the Operating Member determines in its good faith business judgment that capital is needed by the Company to pay
for (A) costs provided in the Project Budget that have not been previously paid by the Members and that are not being paid for out of Company Financing or (B) costs of development or construction of the Project in excess of the Project
Budget which costs have been approved by Member Consent (collectively, the “Additional Initial Capital”), then the Operating Member shall cause notice to be delivered to the Members setting forth the purposes and amounts of such
Additional Initial Capital. Each such notice delivered to the Members shall constitute an “Additional Initial Capital Funding Notice” pursuant to this Section 4.5(a). All amounts funded by Crescent pursuant to this
Section 4.5(a) shall constitute a portion of Crescent’s Initial Capital. All amounts funded by CNL pursuant to this Section 4.5(a) shall constitute a portion of CNL’s Initial Capital. Within ten (10) Business Days following
the date of delivery of an Additional Initial Capital Funding Notice (in each case, the “Additional Initial Capital Request Date”), CNL and Crescent shall contribute to the Company, in proportion to their Percentage Interests, as
Additional Initial Capital, the amount so required, up to the CNL Maximum Initial Capital Contribution, in the case of CNL, and up to the Crescent Maximum Initial Capital Contribution, in the case of Crescent. 

(b) If the Operating Member determines in its good faith business judgment that additional funds (other than amounts
required to be funded under Section 4.5(a) above) are needed by the Company to fund any Operating Shortfall or to reimburse the Members or their Affiliates for Out-of-Pocket Costs incurred on behalf of the Company (other than Out-of-Pocket
Costs related to or arising out of the development and construction of the Project to the extent Crescent is responsible for such Out-of-Pocket Costs under the Development Agreement), then Operating Member shall cause notice to be delivered to the
Members setting forth the purposes and amounts of such additional funds. Each such notice delivered to the Members shall constitute an “Additional Funding Notice”. All amounts funded by CNL pursuant to this Section 4.5(b) shall
constitute a portion of CNL’s Additional Capital, and all amounts funded by Crescent pursuant to this Section 4.5(b) shall constitute a portion of Crescent’s Additional Capital. Within ten (10) Business Days following the date of
delivery of an Additional Funding Notice (in each case, the “Additional Capital Request Date”), CNL and Crescent shall contribute to the Company, in proportion to their respective Percentage Interests, as Additional Capital, the
amount so required. 

  
 13 

 (c) Any and all funds contributed by the Members pursuant to this
Section 4.5 shall be credited to their Capital Accounts in the Company and shall constitute Additional Capital (in the case of contribution of Additional Capital) or Additional Initial Capital (in the case of contribution of Additional Initial
Capital), as the case may be, for all purposes of this Agreement. 
 (d) If a Member (the “Failing
Member”) fails to contribute an amount equal to the entire amount required to be contributed by it pursuant to Section 4.5(a) or 4.5(b) within the applicable period after the Additional Initial Capital Request Date or the Additional
Capital Request Date, as applicable, and if any other Member (the “Non-Failing Member”) makes its required contribution within such applicable time period pursuant to Section 4.5(a) or 4.5(b) and so notifies any Failing Member
(the “Notice of Intention”), and such Failing Member fails to fully remedy its failure to contribute such required capital within ten (10) days after the giving of such Notice of Intention, then one or more of the following may
occur, at the option and election of the Non Failing Member, which election shall be specified prospectively in the Notice of Intention: (i) the Non-Failing Member may require the Company to repay immediately to the Non-Failing Member the
Capital Contribution(s), if any, it made pursuant to Section 4.5(a) or 4.5(b); (ii) the Non-Failing Member may, but need not, make an additional Capital Contribution to the Company not in excess of the amount such Failing Member failed to
contribute pursuant to Section 4.5(a) or 4.5(b), in which case (y) the balance of the Non Failing Member’s Capital Account shall be increased by $1.15 for each $1.00 not funded by such Failing Member in accordance with the terms of
this Section 4.5 in response to the applicable Additional Capital Funding Notice or Additional Initial Capital Funding Notice (which adjustment shall be treated as Additional Capital contributed by such Non-Failing Member), as applicable and
(z) each of such Failing Member’s distribution percentages pursuant to Sections 9.4(f), 9.4(g) and 9.4(h) shall be reduced by one percent (1%) for every $20,000 of Additional Capital or Additional Initial Capital such Failing Member
failed to contribute to the Company pursuant to this Section 4.5 and in turn, each of the Non-Failing Member’s Percentage Interest and the Non-Failing Member’s distribution percentages under Sections 9.4(f), 9.4(g) and 9.4(h),
respectively, shall be increased by the equivalent percentage, and any such adjustments to the Members’ Capital Account balances to give effect to the foregoing shall be treated as liquidated damages for tax purposes; (iii) the Non-Failing
Member may cause the Company to be dissolved, in which case such Non-Failing Member will be the Liquidating Member and will have the right to cause the Property and other Company assets to be sold or otherwise liquidated in accordance with
Section 13.2; or (iv) the Non Failing Member may elect to loan to such Failing Member (“Failing Member Loan”), which Failing Member Loan shall be disbursed to the Company and treated as an additional Capital Contribution
to the Company made by such Failing Member, an amount equal to the amount such Failing Member failed to contribute pursuant to Section 4.5(a) or 4.5(b), which Failing Member Loan made by the Non-Failing Member to the Failing Member shall bear
interest at an annual rate (compounded annually) of one thousand basis points (1,000 bps) above one month LIBOR from the date of the advance until such Failing Member Loan is paid to the Non-Failing Member in full. Payments with respect to such
Failing Member Loan shall be made to the Non-Failing Member out of distributions that would otherwise have been payable to such Failing Member under this Agreement until fully repaid (which payments will be applied first to accrued interest on the
outstanding principal balance and then to the outstanding principal balance of such Failing Member Loan). Any such Failing Member Loan shall be nonrecourse to such Failing Member, secured by such Failing Member’s entire interest in the Company,
and shall be satisfied only out of distributions as provided above in this Section 4.5(d). Such Failing Member Loan may be prepayable at any time or from time to time and, if not sooner paid in full, shall mature upon the earlier of
(A) the liquidation of the Company and (B) the fifth anniversary thereof. Each Non-Failing Member shall have the right, but not the obligation, to make a portion of any additional Capital Contribution (as contemplated by
Section 4.5(d)(ii)) or Failing Member Loan (as contemplated by Section 4.5(d)(iv)) in an amount proportionate to its respective Percentage Interest. 

  
 14 

 (e) Intentionally Omitted. 

ARTICLE 5. MEMBER LOANS 
 5.1 Member Loans. No Member shall be obligated to lend any money to the Company. If the Operating Member determines that it is necessary or appropriate for the Company to borrow money from any of
the Members, then the Operating Member shall cause notice (a “Loan Request Notice”) to be sent to each of the Members, setting forth the amount proposed to be borrowed from the Members and the purpose of the proposed Member Loan.
Each of the Members shall have the right, but not the obligation, to lend to the Company the amount to be borrowed as set forth in such Loan Request Notice, multiplied by its respective Percentage Interest, which shall be exercisable by notice given
to the Company and the other Members within 45 days of receipt of the Loan Request Notice from the Operating Member or by such earlier date as shall have been determined to be appropriate by the Operating Member, as set forth in the Loan Request
Notice. If any of the Members does not lend the full amount set forth for it in the Loan Request Notice, the other Members shall have the option to lend the balance. If any Member(s) shall lend any money to the Company, such Member Loan shall not
constitute a Capital Contribution by such Member(s) or entitle it to any increase in its share of the distributions of the Company. Each Member Loan shall be an obligation of the Company, provided that no Member shall be personally obligated to
repay the Member Loan and the Member Loan shall be payable or collectible only out of the assets of the Company. All such Member Loans shall be on commercially reasonable terms as determined by Member Consent and shall bear interest at a rate of
2% per annum above the prime rate (or the average thereof if published as a range) (in each case as published from time to time in The Wall Street Journal (or if The Wall Street Journal is no longer published, the prime rate as
published in a publication of national circulation selected by Member Consent)), compounded annually, adjusted as of the date of each prime rate change published, but in no event shall the rate of interest exceed the highest rate permitted by law
for the obligor which, if exceeded, could subject the lending Member to penalties or forfeiture of all or any part of the interest or principal associated with such Member Loan. 

5.2 Payment of Member Loans. Member Loans shall be repaid in accordance with the terms as agreed to by Member
Consent. 

  
 15 

 ARTICLE 6. MANAGEMENT OF THE COMPANY 

6.1 Management. 
 (a) The day-to-day ordinary and customary business and affairs of the Company shall be managed by Managing Member in its capacity as manager of the Company, subject to and in accordance with the terms
hereof. The Members hereby appoint CNL as the initial Managing Member of the Company. 
 (b) Subject to approval
by Member Consent of Major Decisions under Section 6.2(a) and other matters requiring Member Consent hereunder, and the other restrictions on authority and express approval rights of CNL otherwise provided in this Agreement, the Managing Member
shall have full and complete authority, power and discretion to manage and control the day-to-day affairs and business of the Company and shall have such power as is necessary, convenient or appropriate to carry out the purposes of the Company and
to conduct the day-to-day business of the Company consistent with the terms of this Agreement. Except as otherwise expressly provided in this Agreement, the Members (other than Managing Member acting in its capacity as manager of the Company in
accordance with and subject to the terms of this Agreement or Operating Member acting in accordance with the authority delegated by Managing Member to Operating Member subject to the terms of this Agreement) shall have no right, power or authority
to act for or on behalf of, or otherwise bind, the Company. Managing Member agrees to devote to the Company’s business such time as reasonably shall be necessary in connection with its duties and responsibilities hereunder. Managing Member
shall at all times conduct the business and affairs of the Company (i) in accordance with the then effective Project Budget or Operating Budget and Capital Budget, as the case may be, (ii) following Completion, in a first-class and prudent
manner, and (iii) in compliance in all material respects with all Company Financing, all material agreements affecting the Property or the Company, all applicable Requirements and any court orders. Subject to Section 6.2 and other
provisions of this Agreement requiring Member Consent, the Managing Member shall have the rights and authority to act on behalf of the Company with respect to: 

(i) managing the Company’s operations so as to preserve the REIT status of the CNL owner and/or prevent the
imposition of a prohibited transaction tax; 
 (ii) the continuation of the Company’s valid existence as a
limited liability company under the laws of State of Delaware; 
 (iii) the acquisition, development,
maintenance, preservation and operation of the Project in accordance with the provisions of the approved Plans and Specifications, this Agreement and applicable Requirements; 

(iv) procurement of such insurance as may be appropriate or necessary for the prudent development and operation and
management of the Property as set forth in this Agreement; 

  
 16 

 (v) formation of subsidiaries as may be necessary for the prudent
development of the Project and the operation and management of the Company’s business and affairs; 
 (vi)
collection of revenues generated by the Company and payment of all expenses of the Company; 
 (vii)
establishment, maintenance and drawing upon checking, savings and other accounts in the name of the Company; 

(viii) oversight and management of litigation filed on behalf of or against the Company as set forth in this Agreement;
including providing to the other Members any notices received by the Managing Member or its Affiliates regarding any violations of Requirements and any notices received with respect to the Construction Loan or any other third party loan; 

(ix) maintenance of all accounting and tax records for the Company as set forth in this Agreement, including maintaining
all tax books, tax records and all other financial statements and records in accordance with GAAP and as may be required for REIT purposes; 
 (x) preparation or oversight of the Company’s independent accountants in the preparation of all federal, state and local tax returns of the Company; 

(xi) the delivery of the Company financial statements as set forth in this Agreement, prepared in accordance with GAAP
and performance or causing performance of the Company’s financial reporting requirements as set forth in this Agreement; 
 (xii) delivery of, or causing delivery of, to the Company and the members of the Company of all documentation and calculations necessary for the Company’s independent accountants to prepare the
Company’s federal tax return and K-1’s; 
 (xiii) monitoring of compliance with all loan and lender
requirements and performing loan covenant testing and loan compliance reporting with respect to the Construction Loan and other loans made to the Company; 
 (xiv) monitoring and oversight of the REIT Property Manager, the CNL Property Manager and the Property Manager, and delivery to the Members such reports and information as are required of the Property
Manager pursuant to the Management Agreement; 
 (xv) monitoring and management of Company’s debt
compliance, cash management functions and annual independent audit, including maintenance of a system of cash management to comply with lender cash management requirements (this obligation shall include payment of vendors, maintenance of bank
accounts, performance of bank reconciliations, the making of intercompany rents payments and the making of debt service payments); 
 (xvi) maintenance of Capital Accounts for the Members of the Company in accordance with the terms of this Agreement; 

  
 17 

 (xvii) implementation of Major Decisions as approved and on the terms set
forth by Member Consent; 
 (xviii) making all distributions of Operating Cash Flow and Extraordinary Cash Flow
in accordance with the terms of this Agreement; 
 (xix) maintaining a system of internal controls necessary to
enable CNL to complete CNL’s Sarbanes-Oxley certifications, including delivering or causing to be delivered a SAS 70 Type II report for the Property, to the extent prepared by Operating Member in the ordinary course of its business, as
requested by CNL, or such other documentation and testing of internal controls as is deemed necessary by CNL; provided, however, that to the extent the testing of the Company’s internal controls or the implementation of additional or
alternative internal controls as a result of any such testing causes the Company to incur non de minimus expenses, CNL shall bear responsibility for such expenses; and 

(xx) any other action that the Managing Member or the Operating Member is expressly authorized to perform under the
other provisions of this Agreement. 
 (c) The Managing Member shall have the right to delegate any of the above
responsibilities and authority to any other Member of the Company as the Operating Member, subject to the acceptance by such Member of such delegation. The Managing Member hereby designates Crescent as Operating Member and delegates to Crescent,
subject to the right of the Managing Member to terminate such delegation in accordance with Section 6.7, the foregoing responsibilities, duties and authority of the Managing Member described in subparagraphs (ii) through (xx) of
Section 6.1(b). Crescent hereby accepts such delegation by CNL as Managing Member and agrees that it shall perform as Operating Member the responsibilities and obligations delegated as part of such delegation in accordance with the standard of
care required under Section 6.1(b) of this Agreement as if it was the Managing Member of the Company and had all duties, responsibilities, authority and rights related to the Company and its Members associated with such office of Managing
Member. CNL acknowledges that Crescent shall have no responsibilities or obligations to perform the duties of Managing Member of the Company except to the extent set forth herein. 

6.2 Major Decisions. 
 (a) Notwithstanding anything to the contrary, without prior written Member Consent in each instance (each, a “Major Decision”), the Company and Managing Member shall not, and the Managing
Member shall not authorize the Operating Member to: 
 (i) Adopt, modify or supplement the Plans and
Specifications, except for Minor Field Changes as permitted under the Development Agreement; 
 (ii) Enter into
any contract or transaction with, or pay any amount to, a Member or any Affiliate of a Member, except for Out-of-Pocket Costs incurred on behalf of the Company or as expressly provided in this Agreement, the Project Budget, an Operating Budget or a
Capital Budget; 

  
 18 

 (iii) Authorize or enter into any agreement, transaction or action on
behalf of the Company that is unrelated to its purpose set forth in Section 2.3, including acquiring any additional real property; 
 (iv) Subject to the terms of Article 10, sell, lease, encumber, assign, convey, exchange or otherwise dispose of, in each case directly or indirectly, any interest in any asset of the Company, except in
the case of (i) the sale of personal property which is not necessary for the operation of the Property (or if necessary, which is replaced by sufficient substitute property) for a sales price of not more than $25,000, or (ii) Permitted
Leases; 
 (v) Modify the Project Budget, other than to reallocate demonstrated line item savings to
demonstrated line item overruns, so long as each Member shall be given notice thereof promptly following such reallocation or allocation of amounts from the contingency line item. Notwithstanding the foregoing, it shall be a Major Decision to
reallocate any savings in the Project Budget line item for Crescent’s legal and third party costs and expenses or for loan interest; 
 (vi) Voluntarily dissolve or liquidate the Company; 
 (vii)
Authorize or effect a merger or consolidation of the Company with or into one or more entities; 
 (viii) Make
any call for capital contributions from the Members, except as expressly authorized pursuant to Article IV; 

(ix) Select any Property Manager to propose to the CNL Property Manager for a sub property management agreement for the
management of the Property, it being acknowledged that the Company shall enter into a property management agreement with the REIT Property Manager which has entered into a sub property management agreement with the CNL Property Manager, as set forth
in Section 6.9; 
 (x) Except for the Construction Loan, cause the Company to incur any Company Financing
or modify, supplement or refinance any Company Financing, provided that when the Construction Loan matures (whether at its stated maturity, upon acceleration or otherwise), the Operating Member with Member Consent shall have the authority to
affirmatively cause the Company to obtain or attempt to obtain replacement financing in at least the amount of the outstanding balance of the Construction Loan; provided, however that upon the maturity of the Construction Loan or any other
then-existing Company Financing that has been guaranteed in whole or in part by Crescent or any Crescent Affiliate, if new Company Financing, the proceeds of which will be used to repay the Construction Loan or such other guaranteed matured Company
Financing in full, has been presented, in good faith, by the Operating Member and is not approved by Member Consent, then the Operating Member shall be authorized, without Member Consent, to pursue, obtain and close and consummate from a third-party
lender such replacement Company Financing, in an amount equal to the then-outstanding principal of the Construction Loan or other matured Company Financing, on commercially reasonable prevailing market terms so long as the replacement Company
Financing (a) is non-recourse financing which does not require prepayment penalty in excess of the greater of yield maintenance or one percent (1%) of the principal amount outstanding and (b) in respect of which if guaranties are
required, such guaranties are provided by Crescent or a Crescent Affiliate. 

  
 19 

 (xi) Confess a judgment against the Company in excess of $50,000, file or
fail to contest any bankruptcy, seek or permit a receivership, make an assignment for the benefit of creditors or take any similar action for the benefit of creditors; 

(xii) Possess any Company property or assign the rights of the Company in specific Company property for other than a
Company purpose; 
 (xiii) Cause the Company to loan funds to any Person or issue any guaranty or indemnity,
except pursuant to Company Financing; 
 (xiv) Commingle Company funds with the funds of any other Person;

 (xv) Modify the Development Fee or otherwise modify or amend the Development Agreement; 

(xvi) Amend this Agreement or the Certificate of Formation, except that the Certificate of Formation may be amended by
the Managing Member to the extent required by law or to effect changes solely of a ministerial nature which do not adversely affect the rights or increase the obligations of a Member; 

(xvii) Issue any interest in the Company or admit any Person as an additional member in the Company, provided, that CNL
and/or Crescent may effectuate any sale, assignment, gift, pledge, hypothecation, encumbrance or other transfer of its interest in the Company as set forth in Section 10.1; 

(xviii) Determine whether and to what extent the Property should be repaired or restored following casualty or
condemnation, other than as required by Company Financing; 
 (xix) Appoint any substitute Managing Member or
delegate any responsibilities of Managing Member other than as set forth in Section 6.1(b); 
 (xx) Fail
to carry insurance required by this Agreement or modify any such insurance; 
 (xxi) Threaten, file or settle
any claim involving the Company, other than eviction proceedings in the ordinary course of business, insured tort claims and claims involving amounts less than $25,000, individually or in the aggregate for related claims; 

(xxii) Remove or appoint accountants in connection with any Company business; 

(xxiii) Determine any actions to be taken to cure any material default under or material violation of any Requirement
other than a default under this Agreement; or 

  
 20 

 (xxiv) Designate a bank for the deposit of funds of the Company.

 (xxv) Adopt an Operating Budget or a Capital Budget or, except for the reimbursement of Out-of-Pocket Costs
or as expressly provided below in items (ii) and (iii) immediately below, cause the Company to incur any expense not provided for in the Project Budget, an Operating Budget or a Capital Budget; 

(xxvi) Modify any Operating Budget, except to allow annual variances in line items that do not exceed in the aggregate
in any Fiscal Year the greater of (i) $50,000, and (ii) ten percent (10%) of the line item and that, when taken together with all other variances in any Operating Budget in such Fiscal Year, do not increase the total amount provided
in the applicable Operating Budget by more than one hundred ten percent (110%) in the aggregate; 

(xxvii) Modify any Capital Budget, except to allow an annual aggregate variance not in excess of $50,000 after taking
all line item variances into account; and 
 (xxviii) Enter into any contract or agreement that obligates the
Company to pay more than $50,000 or that is not terminable on no more than thirty (30) days’ notice without penalty or charge; provided, however, that subject to the other provisions of Section 6.2(a), such restriction shall not
restrict the authority of the Managing Member or the Operating Member to enter into such contracts or agreements only with non-Affiliate third parties in the ordinary course of business of operating the Project as an apartment community on such
terms as are commercially reasonable in the context of a “Class A” garden apartment community in the Tampa, Florida market. 
 (b) The Operating Member shall use good faith efforts to provide each other Member with not less than thirty (30) days’ advance notice of any proposed Major Decision, provided, however, in the
event of an emergency or other circumstance that does not reasonably permit such advance notice, the Operating Member may call upon the Members to respond within a shorter, reasonable period of time (but in no event less than two (2) Business
Days’ advance notice). Member Consent may be by written consent or may occur pursuant to a meeting by conference call with the results confirmed in writing, and such written consent or written confirmation may be delivered in the form of
facsimile, electronic mail, telex, telecopy or telegraph. An agenda for each meeting shall be prepared in advance by the Members in consultation with each other. Approval by Member Consent of the matter being considered shall be binding on the
Company and the Members for all matters. Upon the request of any of the Members, the Operating Member shall cause written minutes to be prepared of all actions taken by such members at meetings and shall deliver a copy thereof to each of the Members
within seven (7) days after the date of the meeting. 
 (c) To the extent that the Operating Member shall
have the authority to cause any Major Decisions to occur and be implemented without the consent of any other Member, such authority shall be limited as follows: 

(i) With respect to Section 6.2(a)(xx), the Operating Member shall have the authority to modify the insurance
carried by the Company but shall not have the authority to cause the Company to fail to carry any insurance required by this Agreement, applicable law or any Company Financing, loan document or other agreement to which the Company is a party.

  
 21 

 (ii) With respect to Section 6.2(a)(xxi), neither the Managing Member
nor the Operating Member shall have the authority without the consent of the other Member to threaten, file or settle any claim involving the other Member, but each shall have the authority, subject to the provisions of Section 6.2(a)(xxi), to
threaten, file or settle any claim involving such Member that does not involve the other Member. 
 (iii) With
respect to Section 6.2(a)(xxiv), the Operating Member’s authority to designate a bank for the deposit of Company funds shall be subject to Section 6.3 below. 

6.3 Bank Accounts. For so long as the Construction Loan remains outstanding, the Company will maintain a separate
bank account or accounts with the bank making the Construction Loan for the deposit and disbursement of all funds of the Company. Subject to the foregoing, the Company may thereafter maintain separate bank accounts in such banks as the Members by
Member Consent may designate or any Lender of the Company may require exclusively for the deposit and disbursement of all funds of the Company. All funds of the Company shall be promptly deposited in such accounts. The Operating Member may designate
representatives of Operating Member to be authorized signatories for such accounts from time to time, provided that a representative of Crescent shall at all times be an authorized signatory on all Company bank accounts without the requirement of
any co-signatory for such accounts and all such signatories shall be insured by fidelity bonds on terms reasonably acceptable to CNL and shall not authorize any expenditures from such accounts with respect to the Project that are not in accordance
with the Project Budget. 
 6.4 Annual Budgets. No later than sixty (60) days
before Completion, the Operating Member shall prepare or cause to be prepared by the Property Manager for the Property, for the Members review, a proposed operating budget and a proposed capital budget, each for the following fiscal year of the
Company (or portion thereof if Completion does not occur on January 1) in a form reasonably satisfactory to the Members. The Operating Member shall consult with the Members with respect to such proposed operating budget and proposed capital
budget. Once approved as required pursuant to the provisions of Section 6.2(a), the applicable final proposed operating budget shall become the “Operating Budget” hereunder, and, once approved pursuant to the provisions of
Section 6.2(a), the applicable final proposed capital budget shall become the “Capital Budget” hereunder. Thereafter, no later than November 1st of each year, the Operating Member shall prepare or cause to be prepared by the Property Manager for the Property, for
the Members review, a proposed operating budget and a proposed capital budget for the upcoming calendar year. The Operating Member shall consult with the Members with respect to such proposed operating budget and proposed capital budget with the
goal that CNL and Crescent agree on each such proposed budget on or before December 1st of each year. If approved pursuant to the provisions of Section 6.2(a), the final proposed operating budget for such subsequent year shall become the then operative “Operating Budget”
hereunder. If approved by pursuant to the provisions of Section 6.2(a), the final proposed capital budget for such subsequent year shall become the then operative “Capital Budget” hereunder. If, as of the commencement of any Fiscal
Year, all or any portion of a proposed Operating Budget has not been approved as required by the provisions of Section 6.2(a), the Operating Member shall be authorized to operate the Company in accordance with those portions of the prior Fiscal
Year’s Operating Budget that pertain to the portions of the proposed Operating Budget that have not been so approved. Notwithstanding the foregoing, until a new Operating Budget for a Fiscal Year is approved as required by the provisions of
Section 6.2(a), the Operating Member may make expenditures for real estate taxes, scheduled debt service payments, insurance premiums for insurance maintained in accordance with the terms of this Agreement, common area expenses, fulfillment of
obligations to tenants under Permitted Leases and utilities, regardless of the amounts permitted therefore in the prior Fiscal Year’s Operating Budget. 

  
 22 

 6.5 Insurance. Certificates for all insurance maintained by the
Company shall be attached hereto collectively as Exhibit D. The Operating Member shall cause the Company to obtain and maintain all such insurance as and when described on Exhibit D, and the Operating Member shall attach such
additional certificates of insurance to Exhibit D upon issuance. At no time shall insurance maintained by the Company be less than the applicable amount required under applicable law. 

6.6 Consultation Regarding the Project. CNL, as Managing Member, directly or through its agents or Affiliates,
notwithstanding the delegation of authority granted to the Operating Member, shall have the right to consult with and provide comments to the Operating Member on significant issues relating to the management and business of the Company and
development of the Project, and, if requested by CNL, each of the Company and the Operating Member will make available its officers and representatives of its accountants to meet with CNL or its agents or Affiliates from time to time during each
year at mutually agreeable times for such consultation, to review the management, progress and conditions (financial and otherwise) of the Project and the management of the Company. Notwithstanding anything to the contrary in this Agreement, the
rights of CNL to provide such consultation shall include: (a) the right to discuss, and provide advice with respect to, the Company’s business (including the management of the Project) with the Operating Member and the Company’s
officers, employees, managers and agents and the right to consult with and advise the Operating Member on matters materially affecting the Company (including the Project); (b) the right to submit business proposals or suggestions relating to
the Company (including the Project) to the Operating Member and the Company’s management from time to time with the requirement that one or more members of the Operating Member’s management discuss such proposals or suggestions with CNL or
its agent or Affiliate, as applicable, within a reasonable period after such submission and the right to call a meeting with the Operating Member’s management in order to discuss such proposals or suggestions; and (c) the right (i) to
visit the Company’s business premises and the Project during normal business hours, (ii) to receive financial statements, operating reports, budgets or other financial reports of the Company (including those relating to the Project) on a
regular basis describing the financial performance, significant proposals and other material aspects of the Company (including the Project), (iii) to examine the books and records of the Company (including those relating to the Project) and
(iv) to request such other information relating to the Company (including the Project) at reasonable times and intervals in light of the Company’s normal business operations concerning the general status of the Company’s business,
financial condition and operations (including the Project) but only to the extent such information is reasonably available to the Company and in a format consistent with how the Company maintains such information. 

  
 23 

 6.7 Termination of Delegation of Authority to Crescent as Operating
Member. 
 (a) CNL shall have the right, without the concurrence of Crescent, to terminate the delegation of
authority of, and remove Crescent as, Operating Member at any time with or without Cause. Solely in the event of termination by CNL and removal of Crescent as Operating Member for Cause, Crescent shall cease to have any rights to approve or consent
to any matters under this Agreement. For the avoidance of doubt, any termination by CNL and removal of Crescent as Operating Member without Cause shall not affect Crescent’s right to approve Major Decisions or any other matters requiring Member
Consent under this Agreement or affect in any manner Crescent’s economic interest as a member of the Company pursuant to this Agreement, or the right of Crescent Development to receive the Development Fee provided in the Development Agreement.

 (b) For purposes of this Agreement, termination of Crescent as Operating Member for “Cause” shall
mean termination due to any one or more of the following: 
 (i) any material breach or default by Crescent in
its obligations as Operating Member as delegated by the Managing Member under this Agreement, which breach, default or misrepresentation, if the same may be cured by the payment of money, has not been cured within ten (10) days after written
notice to Crescent, or if the same may not be cured by the payment of money, has not been cured within thirty (30) days after written notice to Crescent (provided, however, that (i) if the breach or default has a material adverse effect on
the Company, the Property or CNL, Crescent shall have an additional thirty (30) days to cure such breach if such breach is not curable within such initial thirty (30) day period, so long as Crescent has commenced cure within such initial
thirty (30) day period and continues to prosecute to completion with diligence and continuity the curing thereof within such additional thirty (30) day period, and (ii) if the breach or default does not have a material adverse effect
on the Company, the Project or CNL and if Crescent has commenced and continues to prosecute to completion with diligence and continuity the cure thereof within such initial twenty thirty (30) day period, then Crescent shall have as much time as
is commercially reasonable for curing such breach or default, provided, however, that in no event shall Crescent have greater than one hundred twenty (120) days in the aggregate from such written notice to so cure) 

(ii) any act by Crescent beyond the scope of its authority under this Agreement; or 

(iii) in the event of any fraud, gross negligence or willful misconduct by Crescent against CNL or the Company;
provided, however, that prior to Completion, CNL shall also have the sole and exclusive right, without the concurrence of Crescent, to terminate the delegation of authority of, and remove Crescent as, Operating Member if Developer is terminated as
developer pursuant to the terms of the Development Agreement, which shall constitute additional grounds for termination for Cause. 

  
 24 

 Such removal and termination of authority shall be effective upon delivery of written notice
thereof to Crescent, and CNL shall have the right to become, directly or through an Affiliate, or to appoint and delegate authority to, a substitute Operating Member who shall have such rights and obligations of the Operating Member as may be
delegated by the Managing Member. Following removal of Crescent as Operating Member for Cause, Crescent shall cease to have any rights to approve or consent to any matters under this Agreement. 

(c) As a condition to terminating the delegation of authority of, and removing Crescent as, Operating Member without
Cause, (i) CNL must cause the Construction Loan and any other Company Financing for which Crescent or any Crescent Affiliate has any personal liability to be paid in full and satisfied; and (ii) such removal shall in no form or fashion
affect Crescent’s economic interest as a Member of the Company pursuant to this Agreement or the right of Crescent Development to receive the Development Fee provided in the Development Agreement. Furthermore, in the event of removal of
Crescent as Operating Member for Cause, such removal shall not in any form or fashion affect Crescent’s economic interest as a member of the Company pursuant to this Agreement, unless such removal for cause is a result of one of the matters
specified in Section 9.5 of this Agreement, and then the economic interest of Crescent as a Member of the Company shall be affected by such removal, only to the extent provided in Section 9.5 below. 

6.8 Development. The Company shall retain Developer as the developer for the Project, to act as the Company’s
sole and exclusive agent to coordinate and supervise the management and administration of the development of the Project and the construction of the improvements comprising the Project. The Company and Developer shall enter into a Development
Agreement in substantially the form set forth as Exhibit C attached hereto. The Developer will cause Completion of the Project for a price equal to the lesser of (i) the aggregate cost in the Project Budget or (ii) the actual and
independently audited cost for development and Completion of the Project. The Developer or another Crescent Affiliate shall provide all guaranties required in connection with the Construction Loan including a completion guaranty, cost guaranty
and/or construction warranty as required by the lender for the Construction Loan. As compensation for the Developer’s property development services, Company agrees to pay the Developer a total development fee (the “Development
Fee”) equal to three percent (3%) of the aggregate costs in the Project Budget. 
 6.9
Management Agreement. Upon Completion, the Company will enter into a property management agreement (“Master Management Agreement”) with the REIT Property Manager to manage the Property. The REIT Property Manager has entered
into a sub property management agreement with the CNL Property Manager, and the Company will request that the CNL Property Manager enter into a sub property management agreement with a Property Manager selected by Member Consent as a Major Decision
(the “Management Agreement”). Should the CNL Property Manager not agree to the proposed Property Manager, or should the Management Agreement terminate for any reason, the Company will request that the CNL Property Manager enter into
an agreement or agreements for management of the Property in accordance with the terms of Section 6.2. 

  
 25 

 6.10 Contracts with Affiliates. Notwithstanding anything to the
contrary, CNL shall have the sole and exclusive authority to enforce and/or exercise the rights of the Company, including consent and approval rights of the Company, under any contract with an Affiliate of Crescent, including the Company’s
engagement of the Developer pursuant to Section 6.8. Notwithstanding anything to the contrary, Crescent shall have the sole and exclusive authority to enforce and/or exercise the rights of the Company, including consent and approval rights of
the Company, under any contract with an Affiliate of CNL other than the Master Management Agreement, as to which CNL shall have the sole and exclusive authority to enforce and/or exercise the rights of the Company. 

6.11 Indemnification of Managing Member and Operating Member. The Company shall hold harmless, indemnify and
defend each of the Managing Member and the Operating Member and their respective Affiliates from and against any and all claims arising out of or relating to any action taken, omitted or suffered by the Managing Member or the Operating Member in the
performance of their respective duties as Managing Member or Operating Member hereunder, or otherwise in their capacity as the Managing Member or Operating Member, provided that such claim results from a decision or action which (i) was taken,
omitted or suffered by the Managing Member or Operating Member, as applicable, in the reasonable and good faith belief that such decision or action was in the best interest of the Company and within the authority of the Managing Member or Operating
Member, as applicable, under this Agreement and (ii) did not involve (A) fraud, bad faith, gross negligence or willful misconduct on the part of the Managing Member or the Operating Member, as applicable, or the breach of the fiduciary
duties of the Managing Member or Operating Member or of any covenant, agreement or obligation of the Managing Member or Operating Member contained in this Agreement or in any other instrument contemplated by this Agreement as applicable or
(B) the knowing breach of any representation or warranty made by the Managing Member or Operating Member in this Agreement as applicable. 
 6.12 Leasing Guidelines. The Members shall negotiate in good faith to develop and agree upon initial Leasing Guidelines for the lease up of the Project as an apartment community following the
execution of this Agreement and prior to the execution of any lease within the Project. The Members shall negotiate in good faith to amend the Leasing Guidelines as may be necessary from time to time. All Leasing Guidelines shall be approved by
Member Consent. 
 ARTICLE 7. BOOKS AND RECORDS, AUDITS, TAXES, ETC. 

7.1 Books; Statements. In addition to the establishment and maintenance of Capital Accounts pursuant to
Section 7.9, the Company shall keep all books and records required under the Act and such other books and records as shall be determined by the Managing Member. All financial statements of the Company shall be prepared in accordance with GAAP,
consistently applied. 

  
 26 

 Following the Effective Date: 

(a) Following the commencement of at least one lease for any portion of the Project, Operating Member shall prepare or
cause to be prepared a statement setting forth the calculation of Operating Cash Flow for each period of time, but not less often than monthly, at the end of which period the Company is to make periodic distributions of Operating Cash Flow as
provided in Section 9.3, and the Company shall furnish a copy of such cash flow statement to each Member within twenty-one (21) days after the end of such period; 

(b) Operating Member shall use commercially reasonable efforts to prepare and submit or cause to be
prepared and submitted to each Member as soon as possible after each month-end, but in no event later than the seventh
(7th) Business Day after each month-end during the
term of this Agreement, an unaudited balance sheet of the Company dated as of the end of the preceding month, together with a profit and loss statement and statement of cash flows as of the end of such month and for the portion of the fiscal year
then ended and a statement of change in each Member’s capital for the month. 
 (c) Operating Member shall
use commercially reasonable efforts to prepare and submit or cause to be prepared and submitted to each Member as soon as possible after each quarter-end, but in no event later than the seventh (7th) Business Day of each January, April, July
and October during the term of this Agreement, an unaudited balance sheet of the Company dated as of the end of the preceding month, together with a profit and loss statement for the three calendar month period next preceding with a cumulative
calendar year accrual basis profit and loss statement to date, and a statement of change in each Member’s capital for the quarter and year to date; and 
 (d) As soon as practicable following the end of each fiscal year of the Company, an annual audit shall be conducted by independent certified public accountants of recognized standing, selected by CNL in
accordance with Section 7.6 and retained by the Company, which accounting and/or audit shall cover the assets, properties, liabilities and net worth of the Company, and its dealings, transactions and operations during such fiscal year, and all
matters and things customarily included in such accountings and audits, and a full, detailed certified statement shall be furnished to each Member within sixty (60) days after the end of such fiscal year, showing on an accrual basis the assets,
liabilities, properties, net worth, profits, losses, net income, Operating Cash Flow, changes in the financial condition of the Company for such fiscal year and each Member’s capital in the Company, and, if applicable, a full and complete
report of the audit scope and audit findings in the form of a management audit report with an internal control memorandum. 
 (e) In its preparation of the financial statements set forth in this Section 7.1, the Operating Member shall maintain a system of internal controls necessary to enable CNL to complete CNL’s
Sarbanes-Oxley certifications, and shall deliver or cause to be delivered a SAS 70 Type II report for the Property, to the extent prepared by Operating Member in the ordinary course of its business, as requested by CNL, or shall provide such other
certification and documentation and testing of internal controls as is deemed necessary by CNL; provided, however, that to the extent the testing of the Company’s internal controls or the implementation of additional or alternative internal
controls as a result of any such testing causes the Company to incur non de minimus expenses, CNL shall bear responsibility for such expenses. 

  
 27 

 7.2 Where Maintained. The books, accounts and records of the Company
shall be at all times maintained at the offices of Crescent or as otherwise specified in the Management Agreement or any successor management agreement in effect with respect to the Property from time to time, and available to the other Members for
review and copying. 
 7.3 Audits. In addition to the annual audit of the Company as required under
Section 7.1(d), any Member may, at its option and at its own expense, conduct internal audits of the books, records and accounts of the Company. Audits may be on either a continuous or a periodic basis or both and may be conducted by employees
of any Member, or an Affiliate of any Member, or by independent auditors retained by any Member. 
 7.4
Objections to Statements. Following Completion, any Member shall have the right to object to the statements described in Sections 7.1(a), 7.1(b) and 7.1(c) by giving notice to the other Members within 45 days after such statement is received
by each Member indicating in reasonable detail the objections of such Member and the basis for such objections. If any Member shall fail to give such notice within said 45-day period, such statement and the contents thereof shall, in the absence of
fraud or willful misconduct by the other Members or the independent certified public accountants preparing the statements, be deemed conclusive and binding upon such party so failing to give such notice subject, in the case of the statements
provided for in Sections 7.1(a) and 7.1(b), to the audit provided for in Section 7.1(c). Objections to any statement and any disputes concerning the findings of, and questions raised as the result of, audits of the Company’s books shall be
settled by Member Consent. 
 7.5 Tax Returns. The Company shall elect to be treated and shall file its
tax returns as a partnership for Federal, state, municipal and other governmental income tax and other tax purposes. The Company shall prepare or cause to be prepared, on an accrual basis, all Federal, state and municipal partnership tax returns
required to be filed. Unless otherwise determined by Member Consent, such tax returns shall be prepared by independent certified public accountants selected pursuant to Section 7.6, who shall sign such returns as preparers. The Company shall
submit the returns to each Member for review and approval no later than thirty (30) days prior to the due date of the returns, but in no event later than ninety (90) days after the close of the Company’s taxable year. Each Member
shall notify the other Member(s) upon receipt of any notice of tax examination of the Company by Federal, state or local authorities. 

  
 28 

 7.6 Tax Matters Partner. CNL is hereby appointed the “Tax
Matters Partner” of the Company for all purposes pursuant to Sections 6221-6231 of the Code, with respect to operations conducted by the Company during the period that CNL is a Member. The Tax Matters Partner shall comply with the
requirements of Section 6221 through 6232 of the Code. The Tax Matters Partner shall have the authority, in its reasonable discretion, to select and appoint, from time to time, independent certified public accountants to prepare tax returns and
annual audited financial statements for the Company, the expense of which shall be borne by the Company. Notwithstanding the foregoing, the Tax Matters Partner shall have no authority to bind the Company or any other Member. 

7.7 Tax Policy. The Company shall make any and all tax accounting and reporting elections and adopt such
procedures as shall be approved by Member Consent. A Member shall be deemed to have consented to any tax election made by the Tax Matters Partner if (a) such election is described in reasonable detail in a written notice to such Member and
(b) such Member shall not have objected in writing to such election within fifteen (15) days following such Member’s receipt of such notice, indicating in reasonable detail the objection of such Member and the basis for such
objection. Any disputes over tax elections shall be resolved by Member Consent. 
 7.8 Section 754
Election. At the request of a Member, the Company shall make and file a timely election under Section 754 of the Code (and a corresponding election under applicable state or local law) in the event of a transfer of an interest in the
Company permitted hereunder or the distribution of property to a Member to the extent that such election results in a positive basis adjustment to the Company’s property. Any Member or transferee first requesting an election hereunder shall
reimburse to the Company the reasonable out-of-pocket expenses incurred by the Company in connection with such election including any legal or accountants’ fees. Thereafter, each transferee shall reimburse such expenses with respect to
adjustments under Section 743 of the Code in the proportion which the interest of each transferee bears to the sum of the interests of all transferees. 
 7.9 Capital Accounts. A separate capital account (each, a “Capital Account”) shall be maintained for each Member in accordance with the rules of Treasury Regulations
Section 1.704-1(b)(2)(iv), and this Section 7.9 shall be interpreted and applied in a manner consistent therewith. Whenever the Company would be permitted to adjust the Capital Accounts of the Members pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(f) to reflect revaluations of Company property, the Company shall (unless otherwise determined by Member Consent) so adjust the Capital Accounts of the Members and the Company shall so adjust the Capital
Accounts of the Members to the extent necessary to comply with the requirements of Code Section 704(b) and the Treasury Regulations thereunder. In the event that the Capital Accounts of the Members are adjusted pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(f) to reflect revaluations of Company property, (i) the Capital Accounts of the Members shall be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of
depreciation, depletion, amortization and gain or loss, as computed for book purposes, with respect to such property, (ii) the Members’ distributive shares of depreciation, depletion, amortization and gain or loss, as computed for tax
purposes, with respect to such property shall be determined so as to take account of the variation between the adjusted tax basis and book value of such property in the same manner as under Code Section 704(c) and (iii) the amount of
upward and/or downward adjustments to the book value of the Company property shall be treated as income, gain, deduction and/or loss for purposes of applying the allocation provisions of Article 8. In the event that Code Section 704(c) applies
to Company property, the Capital Accounts of the Members shall be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain and loss, as computed for
book purposes, with respect to such property. 

  
 29 

 ARTICLE 8. ALLOCATIONS 

8.1 Allocation of Net Income and Net Loss. After application of Section 8.3 and Section 8.4, and subject
to Section 8.2, any remaining net income or net loss (or items thereof) for the fiscal year or portion thereof shall be allocated among the Members and to their Capital Accounts in such ratio or ratios as may be required to cause the balances
of the Members’ Economic Capital Accounts to be as nearly equal to their Target Balances as possible, consistent with the provisions of Section 8.5. 
 8.2 Loss Limitation. Net loss allocated pursuant to Section 8.1 shall not exceed the maximum amount of net loss that can be allocated without causing or increasing a deficit balance in a
Member’s Adjusted Capital Account. A Member’s “Adjusted Capital Account” balance shall mean such Member’s Capital Account balance increased by such Member’s obligation to restore a deficit balance in its Capital
Account, including any deemed obligation pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), and decreased by the amounts described in Treasury Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6). In the event that one but not all of the Members would have a deficit balance in its Adjusted Capital Account as a consequence of an allocation of net loss pursuant
to Section 8.1 in excess of the amount, if any, permitted under the first sentence of this Section 8.2, the limitation set forth in this Section 8.2 shall be applied by allocating 100% of the remaining net loss to the other Members,
in proportion to such positive balances, until the Adjusted Capital Account of such other Member or Members is zero. 
 8.3 Minimum Gain Chargebacks and Nonrecourse Deductions. Notwithstanding any other provision of this Agreement: 

(a) Company Minimum Gain Chargeback. In the event there is a net decrease in Company Minimum Gain during a fiscal
year, the Members shall be allocated items of income and gain in accordance with Treasury Regulations Section 1.704-2(f). For purposes of this Agreement, the term “Company Minimum Gain” shall have the meaning for
“partnership minimum gain” set forth in Treasury Regulations Section 1.704-2(b)(2), and any Member’s share of Company Minimum Gain shall be determined in accordance with Treasury Regulations Section 1.704-2(g)(1). This
Section 8.3(a) is intended to comply with the minimum gain chargeback requirement of Treasury Regulations Section 1.704-2(f) and shall be interpreted and applied in a manner consistent therewith. 

  
 30 

 (b) Nonrecourse Deductions. Nonrecourse Deductions shall be allocated
to the Members to reflect properly their shares of the Company’s non-recourse debt (as determined under Section 8.8). For purposes of this Agreement, the term “Nonrecourse Deductions” shall have the meaning set forth in
Treasury Regulations Section 1.704-2(b)(1). This Section 8.3(b) is intended to comply with Treasury Regulations Section 1.704-2(e) and shall be interpreted and applied in a manner consistent therewith. 

(c) Member Nonrecourse Debt. To the extent required by Treasury Regulations Section 1.704-2(i), any items of
income, gain, loss or deduction of the Company that are attributable to a nonrecourse debt of the Company that constitutes Member Nonrecourse Debt (including chargebacks of Member Nonrecourse Debt Minimum Gain) shall be allocated in accordance with
the provisions of Treasury Regulations Section 1.704-2(i). For purposes of this Agreement, the term “Member Nonrecourse Debt” shall have the meaning for partner nonrecourse debt set forth in Treasury Regulations
Section 1.704-2(b)(4), and the term “Member Nonrecourse Debt Minimum Gain” shall have the meaning for partner nonrecourse debt minimum gain set forth in Treasury Regulations Section 1.704-2(i)(2). This Section 8.3(c)
is intended to satisfy the requirements of Treasury Regulations Section 1.704-2(i) (including the partner nonrecourse debt minimum gain chargeback requirement) and shall be interpreted and applied in a manner consistent therewith. 

8.4 Qualified Income Offset. Any Member who unexpectedly receives an adjustment, allocation or distribution
described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) that causes or increases a deficit balance in its Capital Account in excess of any obligation to restore a deficit balance in
its Capital Account (including any deemed deficit restoration obligation pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and (i)(5), and adjusted as provided in Treasury Regulations
Section 1.704-1(b)(2)(ii)(d)) shall be allocated items of income and gain in an amount and a manner sufficient to eliminate, to the extent required by the Treasury Regulations, such deficit balance as quickly as possible. This
Section 8.4 is intended to comply with the alternate test for economic effect set forth in Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted and applied in a manner consistent therewith. 

8.5 Code Section 704(b) Allocations. The allocation provisions contained in this Article 8 are intended to
comply with Code Section 704(b) and the Treasury Regulations promulgated thereunder. 
 8.6 Other
Allocation Provisions. Any elections or decisions relating to the allocations of Company items of income, gain, loss, deduction or credit shall be made by Member Consent. 

  
 31 

 8.7 Distributions of Nonrecourse Liability Proceeds. If the Company
makes a distribution to any Member that may be allocable to an increase in Company Minimum Gain pursuant to Treasury Regulations Section 1.704-2(h), then the Company shall, to the extent permitted by Treasury Regulations
Section 1.704-2(h), minimize the amount of such distribution that is allocable to an increase in Company Minimum Gain. 
 8.8 Information as to Allocation of Debt. Crescent agrees that indebtedness of the Company shall be allocated among the Members under Code Section 752 so that as much debt as possible is
allocated first to Members other than CNL such that the maximum amount that can be allocated in a manner consistent with the provisions of Code Section 752 is so allocated. Managing Member also agrees to provide CNL with all other information,
including taxable income and loss of the Company, the basis of property of the Company, and the highest amount of acquisition indebtedness in the twelve month period preceding any sale or disposition of property of the Company, which CNL may
reasonably require for purposes of this Article 8. 
 8.9 Taxable Year; Fiscal Year. The taxable year of
the Company shall be the calendar year, unless otherwise required by the Code or, subject to obtaining consent of the Internal Revenue Service, the Members determine otherwise by Member Consent. The fiscal year of the Company shall be the same as
its taxable year. 
 ARTICLE 9. DISTRIBUTIONS AND ALLOCATIONS 

9.1 Percentage Interests in Company. The percentage interest of the respective Members in the Company shall be:

  

			
	 CNL:
	  	 60%

		
	 Crescent:
	  	 40%

 The percentage interest of each Member, which is subject to the preferred and priority
rights provided for herein and adjustment pursuant to the terms of Section 4.5(d), is hereinafter called such Members’ “Percentage Interest.” 

9.2 Certain Definitions. The following terms shall have the following meanings when used herein: 

(a) “Operating Cash Flow” shall mean, for any period, the net income or loss of the Company for such
period (excluding Extraordinary Cash Flow), as determined in accordance with GAAP, consistently applied and adjusted as provided in items (i) and (ii) below or as otherwise determined by Member Consent: 

(i) Additions. There shall be added to such net income or subtracted from such loss (1) the amount charged
for depreciation, amortization or any other deduction not involving a cash expenditure, (2) the amount of Capital Contributions to the Company, to the extent applied to pay items deducted in determining Operating Cash Flow, (3) the
proceeds of short-term borrowings of the Company in the ordinary course of business (including Member Loans), to the extent applied to pay items deducted in determining Operating Cash Flow and interest received on non-cash consideration received by
the Company pursuant to a Major Capital Event, (4) any amount by which cash reserves, which were previously established pursuant to the Operating Cash Budget prior to the accounting period in order to retain sufficient working capital in the
Company or to properly reserve for actual or contingent obligations of the Company or improvements to the Property, have been reduced and (5) the proceeds of business interruption insurance. 

  
 32 

 (ii) Deductions. There shall be subtracted from such net income or
added to such loss (1) the amount of payments made on account of principal upon mortgage loans secured by Company property and the amount of current interest (to the extent not otherwise taken into account as a deduction in determining
Operating Cash Flow) and principal then due and payable with respect to any other loans made to the Company, including Member Loans, (2) funds disbursed for capital expenditures, leasing commissions, tenant finish or any other similar expenses
that are required to be capitalized and (3) any amount to establish or increase cash reserves pursuant to a determination by Member Consent that such reserve and the amount thereof is necessary or appropriate in order to retain sufficient
working capital in the Company or to properly reserve for other actual or contingent obligations of the Company or improvements to the Property. 
 (b) “Extraordinary Cash Flow” shall mean the cash receipts of the Company from a Major Capital Event as reduced by (A) the costs and expenses incurred by the Company in connection
with such Major Capital Event, including title, survey, appraisal, recording, escrow, transfer tax and similar costs, brokerage expense and attorneys, and other professional fees, and amounts spent on reconstruction or repair, (B) funds
deposited in reserves pursuant to a determination by Member Consent that each such reserve and the amount thereof is required or appropriate to provide for actual or contingent obligations of the Company, amounts expected therefrom for capital
improvements to the Property, and (C) funds applied to pay or prepay any indebtedness of the Company (including Member Loans) in connection with such Major Capital Event. To the extent that any amount received pursuant to a Major Capital Event
has been set aside as a reserve pursuant to item (B) above in this definition and the Members thereafter determine by Member Consent that all or a portion of such amount is not required for such purposes, such amount shall be included in
Extraordinary Cash Flow when the Members determine by Member Consent that it is no longer necessary or appropriate to retain such amount as a reserve. Any principal payments on non-cash consideration received pursuant to a Major Capital Event,
including promissory notes or deferred payment obligations, shall be deemed to be included in Extraordinary Cash Flow when received in cash by the Company; provided, however, that, notwithstanding the terms of Section 9.2(a)(i)(3) as determined
by Member Consent, such noncash assets may be distributed in accordance with Percentage Interest in kind to the Members, in lieu of cash, treating the total fair market value of such non-cash assets at the date of distribution as Extraordinary Cash
Flow. 

  
 33 

 (c) “Operating Return” shall mean a cumulative return,
compounded monthly, equal to ten percent (10%) per annum on each Member’s Unreturned Additional Capital and/or Unreturned Initial Capital, as the case may be. 

(d) “Unreturned Additional Capital” shall mean, for each Member, its Additional Capital, reduced by any
distributions of Extraordinary Cash Flow made to such Member pursuant to Section 9.4(e) hereof. 
 (e)
“Unreturned Operating Return” shall mean, for each Member, its Operating Return computed with respect to Unreturned Initial Capital or Unreturned Additional Capital, as the case may be, reduced, in the case of the Operating Return
computed with respect to Unreturned Initial Capital by distributions of Operating Return made to such Member pursuant to Sections 9.3(a) and 9.4(b) hereof and reduced, in the case of the Operating Return computed with respect to Unreturned
Additional Capital, by distributions of Operating Return pursuant to Sections 9.3(b) and 9.4(c) hereof. 
 (f)
“Unreturned Initial Capital” shall mean, for each Member, its Initial Capital, reduced by any distributions of Extraordinary Cash Flow made to such Member pursuant to Section 9.4(d) hereof. 

(g) “Cash Flow” shall mean, collectively, Operating Cash Flow and Extraordinary Cash Flow. 

9.3 Operating Cash Flow Distributions. Subject to the terms of Section 4.5(d) hereof, the Company shall
distribute Operating Cash Flow for each month during the term of the Company in which there is Operating Cash Flow (such distribution to be made monthly, within twenty-one (21) days after the end of each such month) to the Members, as follows:

 (a) First, to the Members, pari passu, in accordance with the outstanding balances of the Members’
respective Unreturned Operating Return on Unreturned Initial Capital, until each Member’s Unreturned Operating Return balance on Unreturned Initial Capital has been reduced to zero; 

(b) Second, to the Members, pari passu, in accordance with the outstanding balances of the Members’ respective
Unreturned Operating Return on Unreturned Additional Capital, until each Member’s Unreturned Operating Return balance on Unreturned Additional Capital has been reduced to zero; and 

(c) Thereafter, to the Members pro rata in accordance with their respective Percentage Interests. 

9.4 Extraordinary Cash Flow Distributions. Subject to the terms of Section 4.5(d) hereof, the Company shall
distribute Extraordinary Cash Flow (within five (5) Business Days following a Major Capital Event generating Extraordinary Cash Flow) to the Members, as follows: 

(a) First, to the Members, in amounts necessary to repay (A) compound and current interest, and thereafter
(B) the outstanding principal balance payable, on Member Loans made by a Member to the Company, which distributions shall be made pro rata to the Members if more than one of the Members have outstanding Member Loans in accordance
with the total principal and interest amounts of Member Loans then outstanding. Without limiting the foregoing, all Member Loans made by a particular Member shall be repaid in the chronological order in which they were made; 

  
 34 

 (b) Second, to the Members, pari passu, in accordance with the outstanding
balances of the Members’ respective Unreturned Operating Return on Unreturned Initial Capital, until each Member’s Unreturned Operating Return balance on Unreturned Initial Capital has been reduced to zero; 

(c) Third, to the Members, pari passu, in accordance with the outstanding balances of the Members’ respective
Unreturned Operating Return on Unreturned Additional Capital, until each Member’s Unreturned Operating Return balance on Unreturned Additional Capital has been reduced to zero; 

(d) Fourth, to the Members, pari passu, in proportion to their respective Unreturned Initial Capital, until each
Member’s Unreturned Initial Capital has been reduced to zero; 
 (e) Fifth, to the Members, pari passu, in
proportion to their respective Unreturned Additional Capital, until each Member’s Unreturned Additional Capital has been reduced to zero; 
 (f) Sixth, eight-five percent (85%) to the Members, pari passu, in proportion to their respective Percentage Interests, and fifteen percent (15%) to Crescent, until CNL achieves a fifteen
percent (15%) IRR on its aggregate Capital Contributions; 
 (g) Seventh, seventy-five percent
(75%) to the Members, pari passu, in proportion to their respective Percentage Interests, and twenty-five percent (25%) to Crescent, until CNL achieves a twenty percent (20%) IRR on its aggregate Capital Contributions; and 

(h) Eighth, fifty-five percent (55%) to the Members, pari passu, in proportion to their respective Percentage
Interests, and forty-five percent (45%) to Crescent. 
 9.5 Loss of Promoted Interest.
Notwithstanding the provisions of Section 9.4, Crescent shall no longer have the right to distributions with respect to its so-called “promoted interest” as such distributions are set forth in Sections 9.4(f), 9.4(g) and 9.4(h) (and
Crescent shall instead receive distributions of Extraordinary Cash Flow under such Sections based on its Percentage Interest) upon the occurrence of any of the following prior to Completion of the Project: 

(a) Upon violation by Crescent of any of the restrictions on transfer as set forth in Section 10.1 (but subject to
the permitted transfers as set forth in Section 10.2); provided that Crescent shall have the same notice and cure rights with respect to such violation as described in Section 6.7(a); or 

  
 35 

 (b) In the event that Developer is terminated as developer pursuant to the
terms of the Development Agreement. 
 Upon the loss of Crescent’s promoted interests set forth in Sections
9.4(f), 9.4(g), and 9.4(h), such Sections shall be deemed revised to provide that all distributions thereunder shall be made to the Members pro rata in accordance with their Percentage Interests, and Crescent shall no longer be entitled to
any distributions under Section 9.4(f), 9.4(g) or 9.4(h) in excess of a distribution based on its Percentage Interest. Without limiting the foregoing, if CNL terminates and removes Crescent as the Operating Member without Cause in accordance
with Section 6.7, such termination and removal shall not cause Crescent to lose the promoted interests set forth in Sections 9.4(f), 9.4(g), and 9.4(h). 
 9.6 Distributions Upon Liquidation. In the event any Member’s interest in the Company is “liquidated” within the meaning of Treasury Regulations
Section 1.704-1(b)(2)(ii)(g), then distributions shall be made to such Member in accordance with his, her or its positive Capital Account balance in compliance with Treasury Regulations Section 1.704-1(b)(2)(ii)(b)(2). 

ARTICLE 10. ASSIGNMENT AND OFFER TO PURCHASE 

10.1 Transfers. Except as expressly provided in this Article 10, no Member, or any assignee or successor in
interest of a Member, may sell, assign, give, pledge, hypothecate, encumber or otherwise transfer, or permit the transfer of, all or any portion of its interest in the Company, or in any Member Loans made by it, or in all or any part of the assets
of the Company, directly or indirectly, whether by operation of law or otherwise. Any purported sale, assignment, gift, pledge, hypothecation, encumbrance or other transfer of all or any portion of a Member’s interest in the Company or any
Member Loans made by it not otherwise expressly permitted by this Article 10 shall be null and void and of no force or effect whatsoever. A sale, assignment, gift, pledge, hypothecation, encumbrance or other transfer by CNL of all or a portion of
its Entire Interest in the Company to an Affiliate of CNL Financial Group, LLC (“CFG”) from time to time, or in connection with any corporate merger, acquisition or other combination or the sale or transfer of all or substantially
all of its assets shall be a transfer permitted under this Article 10, and CNL shall not be required to obtain the consent of, nor offer all or any portion of its Entire Interest to be so sold, assigned, given, pledged, hypothecated, encumbered or
transferred to any other Member. No transfers of any direct or indirect interest in CNL, or of CNL’s interest in the Company among funds sponsored or advised by CFG or its Affiliates, shall be restricted in any way. Similarly, a sale,
assignment, gift, pledge, hypothecation, encumbrance or other transfer by Crescent of all or a portion of its Entire Interest in the Company to an Affiliate of Crescent, from time to time, or in connection with any corporate merger, acquisition or
other combination or the sale or transfer of all or substantially all of its assets shall be a transfer permitted under this Article 10, and Crescent shall not be required to obtain the consent of, nor offer all or any portion of its Entire Interest
to be so sold, assigned, given, pledged, hypothecated, encumbered or transferred to any other Member. 

  
 36 

 10.2 Intentionally Omitted. 

10.3 Assumption by Assignee. Any assignment of all or any portion of an Entire Interest in the Company permitted
under this Article 10 shall be in writing, and shall be an assignment and transfer of all of the assignor’s rights and obligations hereunder with respect to the portion of the Entire Interest transferred, and the assignee shall expressly agree
in writing to be bound by all of the terms of this Agreement and assume and agree to perform all of the assignor’s agreements and obligations existing or arising at the time of and subsequent to such assignment. Upon any such permitted
assignment of all or any portion of an Entire Interest, and after such assumption, the assignor shall be relieved of its agreements and obligations hereunder arising after such assignment with respect to the interest transferred, and, in the case of
a transfer of an Entire Interest, the assignee shall become a Member in place of the assignor. An executed counterpart of each such assignment of all or any portion of an Entire Interest in the Company and assumption of a Member’s obligations
shall be delivered to each Member and to the Company. The assignee shall pay all expenses incurred by the Company in admitting the assignee as a Member. Except as otherwise expressly provided herein, no permitted assignment shall terminate the
Company. 
 As a condition to any assignment of all or any portion of an Entire Interest, the selling Member
shall obtain such consents as may be required from third parties, if any, or waivers thereof. The other Members shall use reasonable efforts to cooperate with the selling Member in obtaining such consents or waivers. 

10.4 Amendment of Certificate of Formation. If an assignment of an Entire Interest in the Company shall take place
pursuant to the provisions of this Article 10, then unless the Company is dissolved by such assignment, the continuing Members promptly thereafter shall cause to be filed, to the extent necessary, an amendment to the Company’s Certificate of
Formation with all applicable state authorities, together with any necessary amendments to the fictitious or assumed name(s) of the Company in order to reflect such change or take such similar action as may be required. 

10.5 Other Assignments Void. 

(a) Without limiting the terms of Section 10.1, any Member, other than CNL, that is an incorporated or
unincorporated business entity and any permitted assignee of all or any portion of the Entire Interest of such business entity, shall not permit, without prior CNL Consent, which consent may be withheld in the sole and uncontrolled discretion of
CNL, the direct or indirect admission of any new equity or other beneficial interest holder in such entity, or the issuance or assignment to any person or entity, who is not now an equity or other beneficial interest holder, or an Affiliate of such
an equity interest holder, in such entity, of any kind of interest whatsoever in such entity. If a transfer is permitted under this subsection, such assignee shall pay all expenses incurred by the Company in connection with the transfer. The
foregoing shall not, in any form or fashion, restrict transfers of ownership interests in Crescent Holdings, LLC, a Delaware limited liability company. 

  
 37 

 (b) Further without limiting the terms of Section 10.1, any Member,
other than CNL, that is an incorporated or unincorporated business entity and any permitted assignee of all or any portion of the Entire Interest of such business entity, shall not permit, without prior CNL Consent, which consent may be withheld in
the sole and uncontrolled discretion of CNL, the issuance, sale, assignment, gift, pledge, hypothecation or encumbrance of any interest in such entity or in any equity or other beneficial interest holder in such entity or any such assignee or any
instruments convertible into any interest in such entity or in any equity or other beneficial interest holder in such entity or any such assignee or the transfer of any right to vote any equity or other beneficial interest in such entity or any such
assignee. The foregoing shall not, in any form or fashion, restrict transfers of ownership interests in Crescent Holdings, LLC, a Delaware limited liability company 

10.6 Intentionally Omitted (a). 

10.7 Buy-Sell. 
 (a) Any time after the date that is twenty-four (24) months after Completion of the Project, either Crescent or CNL may make an offer to purchase the other’s Entire Interest or sell its Entire
Interest for such purchase price (which shall be payable in cash at the closing of any such transaction) and on such terms as such Member (the “Proposer”) may propose in a notice (the “Sale Proposal”) to the other
Member (the “Responding Member”). The Sale Proposal shall include a statement as to the total purchase price for the Property that formed the basis for the stated purchase price for each Entire Interest. 

(b) Within forty-five (45) days after receiving a copy of the Sale Proposal, the Responding Member shall notify the
Proposer: 
 (i) that the Responding Member is agreeable to the sale of its Entire Interest to the Proposer in
accordance with the terms set forth in the Sale Proposal; or 
 (ii) that the Responding Member elects to
purchase the Entire Interest of the Proposer at the Reply Price (as defined below) determined in accordance with Section 10.8 and otherwise in accordance with the terms set forth in the Sale Proposal, as modified in accordance with
Section 10.8(a). Such notification shall be accompanied by a deposit in an amount equal to five percent (5%) of the amount payable to the Proposer pursuant to this Section 10.7(b)(ii) (such amount, together with any interest earned
thereon, being hereinafter called the “Responding Member’s Buy-Sell Deposit”), which amount shall be non-refundable unless the purchase and sale pursuant to this Section 10.7(b)(ii) does not close due to the default of the
Proposer. Notice of election to purchase shall be addressed to the Proposer and shall set forth the time and place of closing which, unless otherwise agreed, shall be at the office of the Company, during usual business hours within sixty
(60) days after the date of the giving of the notice of election under this Section 10.7(b)(ii) to the Proposer. The Responding Member’s Buy-Sell Deposit shall be credited against the total purchase price for the Entire Interest being
purchased pursuant to this Section 10.7(b)(ii); provided, however, that, if the closing shall fail to occur because of a default by the Responding Member, subject to the provisions of Section 10.7(b)(ii) above concerning
refundability of the deposit, the Proposer shall have the right to retain the Responding Member’s Buy-Sell Deposit as liquidated damages, it being agreed that in such instance the Proposer’s actual damages would be difficult, if not
impossible, to ascertain. 

  
 38 

 (c) The purchase and sale pursuant to Section 10.7(b)(i) or
(ii) shall take place within forty-five (45) days following the Responding Member’s election pursuant to Section 10.7(b). The closing shall take place during normal business hours at the office of the Company. Failure of the
Responding Member to respond to the Sale Proposal within the forty-five (45) day period referenced in Section 10.7(b) shall be deemed an election to sell its Entire Interest under Section 10.7(b)(i). Each Member shall pay a portion of
any transfer or similar taxes due in connection with the sale of an Entire Interest under this Section 10.7 in proportion to their respective Percentage Interest. 

(d) Intentionally Omitted. 
 10.8 Provisions Generally Applicable to Sales. The following provisions shall be applicable to sales under Sections 10.7 and/or 13.2, as indicated: 

(a) If, under the provisions of Section 10.7, either party (the “Offering Party”) makes an offer
(the “10.7 Offer”) to the other party (the “Other Party”) to purchase its Entire Interest, the purchase price (the “Reply Price”) payable by the Other Party to the Offering Party, if the Other Party
exercises its election to purchase the Entire Interest of the Offering Party shall be determined as follows: 

(i) In the event this Section 10.8(a) is triggered in the context of Section 10.7, there shall be determined
the “Value” of the Company, after payment of debts, liabilities and expenses, based upon the amount of the 10.7 Offer. The Value shall equal the total amount which would have been available for distribution and payment by the
Company to all of the Members under Section 9.4, after payment of debts, liabilities and expenses under Sections 13.5(a) and 13.5(b), if the Property were sold for the price set forth in the 10.7 Offer. 

(ii) After determining the Value, there shall then be determined the amount which would have been distributable and
payable to the Offering Party under Section 9.4 if all of the Company’s Property had been sold for an amount equal to the Value, plus all debts, liabilities and expenses of the Company referenced above. Such amount which would have been
distributable to the Offering Party equals the Reply Price. 
 (b) For purposes of any sale of an Entire
Interest of a Member, the purchase price associated with such sale shall be adjusted to reflect assets and liabilities of the Company not reflected in the Company’s financial statements available to all Members at the time of the notice of
election (the “Notice Date”). The purchase price, as so adjusted, shall be determined ten (10) Business Days prior to closing and shall be subject to such post-closing adjustments as the circumstances may require. The purchase
price, as so adjusted, shall be paid, at the selling Member’s option, in cash, by certified check drawn to the order of the selling Member, or by wire transfer of immediately available funds to the seller’s account. All prorations of real
estate taxes, rents and other items to be prorated shall be made as of the date of sale. All transfer taxes, title insurance policies, surveys and recording fees shall be paid for by the party usually charged with such payment under local custom.

  
 39 

 (c) On payment of the purchase price for an Entire Interest, the purchasing
Member shall, at its option, either (i) deliver a release of the selling Members from all liability, direct or contingent, by all holders of all Company debts, obligations or claims against the Company for which any Member is or may be
personally liable, except for any debts, obligations or claims which are fully insured by public liability insurer(s) acceptable to the selling Members, or (ii) cause all such debts, obligations or claims to be paid in full at the closing, or
(iii) deliver to the selling Members an agreement in form and substance satisfactory to the selling Members to defend, indemnify and save the selling Members harmless from any actions, claims or loss arising from any debt, obligation or claim
of the Company arising prior to or after the date of sale. The foregoing notwithstanding, in the event that Crescent is not the purchasing Member, the selling Member must cause the Construction Loan and any other Company Financing respecting which
Crescent or a Crescent Affiliate has any guaranty liability to be paid in full at the closing. The Company shall provide the Members such tax information and reporting as may be required by the Members in connection with such sale within a
reasonable period following such sale. 
 (d) All Members (including the selling Members) shall be entitled to
any distributions of Operating Cash Flow from the Company made prior to the closing. 
 (e) If the Property is
damaged by fire or other casualty, or if any entity possessing the right of eminent domain shall give notice of an intention to take or acquire a substantial part of the Property, and such damage occurs, or such notice is given, between the Notice
Date and the closing date of the purchase of an Entire Interest in the Company, the following shall apply: 

(i) If the Property is damaged by an insured casualty not to exceed five hundred thousand dollars ($500,000) (or an
uninsured casualty not resulting in damage in excess of fifty thousand dollars ($50,000)) or if the taking or acquisition shall not result in a substantial (in excess of two percent (2%)) reduction in the income producing capacity of the
Property, then the purchasing Member shall be required to complete the transaction and accept an assignment of the insurance or condemnation proceeds. 
 (ii) If the Property is damaged by an uninsured casualty resulting in damage in excess of fifty thousand dollars ($50,000), or if the taking or acquisition shall result in a substantial (in excess of two
percent (2%)) reduction in the income producing capacity of the Property, or if there is an insured casualty in excess of $500,000, then the purchasing Member shall have the option (to be exercised within 30 days from the date of the occurrence
of the casualty or receipt of the notice of condemnation) to either (x) accept the Property in an “as is” condition together with any insurance proceeds, settlements and awards, or (y) cancel the purchase and have its
deposit returned. 

  
 40 

 In the event that the taking or acquisition shall result in a substantial
reduction in the income producing capacity of the Property, notwithstanding the election of the purchasing Member pursuant to subparagraph (ii) above, CNL or Crescent, in its capacity as selling Member, as applicable, shall also have the right
to cancel the purchase within fifteen (15) days from the date of the receipt of the notice of condemnation. In the event that the purchase is canceled by either Member pursuant to the above provisions, the terms of this Agreement shall remain
in effect and continue to be binding on the parties. 
 (f) At the closing of the sale of the Entire Interest of
a Member, the selling Members shall execute an assignment of its interest in the Company, free and clear of all liens, encumbrances and adverse claims, which assignment shall be in form and substance reasonably satisfactory to the purchasing Member,
and such other instruments as the purchasing Member shall reasonably require to assign the Entire Interest of the selling Members to such person or entity as the purchasing Member may designate. For any sale or transfer under this Article 10, the
purchasing Member may designate the assignee of the Entire Interest, which assignee need not be an Affiliate of the purchasing Member, subject to the other Members’ reasonable consent. 

(g) In the event of a purchase and sale pursuant to Section 13.2, the Company shall be dissolved and terminated as
of the closing date of the sale, and on the closing date the Members shall execute and file a Certificate of Cancellation of the Company’s Certificate of Formation. The Members shall cooperate in taking all steps necessary in connection with
the dissolution and termination of the Company. 
 (h) It is the intent of the parties to this Agreement that
the requirements or obligations, if any, of one Member to sell its Entire Interest to another Member shall be enforceable by an action for specific performance of a contract relating to the purchase of real property or an interest therein. In the
event that the selling Member(s) shall have created or suffered any unauthorized liens, encumbrances or other adverse interests against either the Property or the selling Member’s interest in the Company, the purchasing Member shall be entitled
either to an action for specific performance to compel the selling Member(s) to have such defects removed, in which case the closing shall be adjourned for such purpose, or, at the purchasing Member’s option, to an appropriate offset against
the purchase price, which offset shall include all reasonable costs associated with enforcement of this Section. 
 (i) Each Member agrees that it will negotiate in good faith a purchase and sale agreement in the event of an election by a Member to purchase the other Member’s Entire Interest within ten
(10) business days following the Notice Date. 
 (j) For purposes of this Section 10.8, all references
to a “Member” shall mean Crescent or CNL as the context permits and all references to “the Members” shall mean Crescent, and/or CNL as the context permits. 

10.9 Compliance with ERISA and State Statutes on Governmental Plans. 

(a) Not less than five (5) Business Days before each transfer of a direct or indirect interest in any Member (other
than CNL or Crescent Parent), such Member shall cause the proposed transferee to deliver to CNL a certification in substantially the form of Exhibit E attached hereto and made a part hereof. 

  
 41 

 (b) On the closing or consummation of a Member Loan: 

(i) Crescent shall deliver to CNL a certification in substantially the form of Exhibit E; and 

(ii) CNL shall deliver to Crescent a certification in substantially the form of Exhibit F. 

(c) Intentionally Omitted. 

(d) Anything else in this Agreement contained to the contrary notwithstanding, CNL shall have up to
fifteen (15) days following the receipt by it of a certification by a Member or a proposed transferee provided for in this Section 10.9 to notify such Member that it has determined that a proposed transfer by such Member of its Entire
Interest or a proposed transfer of the Property would result in a transfer to a person other than an Acceptable Person and/or in a Plan Violation. If CNL notifies such Member that any such proposed transaction would constitute a Plan Violation, then
the proposed transaction shall not be consummated and any attempt to do so shall be void. If, within such fifteen (15) day period, CNL notifies such Member that it has determined that no Plan Violation will result from the proposed transaction,
then the proposed transaction may be consummated; provided, however, that such transaction must be consummated no later than the twentieth (20th) day after the delivery to such Member by CNL of a notice that it has determined the proposed transaction will
not result in a Plan Violation or after the expiration of the fifteen (15) day period referred to in this Section 10.9(d), as the case may be. Additionally, in the event that any certification by CNL or a Member or a proposed transferee
contains a material misrepresentation or omission, then, in such event, notwithstanding CNL’s or such Member’s lack of objection or deemed lack of objection thereto, the proposed transaction shall not be consummated and, if it is
consummated, such transaction shall be void. Each (i) breach of representation or warranty given in connection with this Section 10.9, and (ii) violation of this Section 10.9, or of any other provision of this Agreement or the
Purchase Agreement relating to ERISA or Plan Violations will constitute a default entitling any Member not in such violation to cause the dissolution of the Company. 

(e) Each Member shall indemnify CNL and defend and hold CNL harmless from and against all loss, cost, damage and expense
that CNL may incur, directly or indirectly, as a result of a (i) default by such Member under this Section 10.9, (ii) a breach of a representation or warranty given by such Member under this Section 10.9, or (iii) any
material misstatement or omission in a certification by such Member or proposed transferee of such Member which is given to CNL pursuant to this Section 10.9. The liability, excise taxes, penalties, interest, loss, cost, damage and expense will
include attorney’s fees and costs incurred in the investigation, defense and settlement of claims and losses incurred in 
 (i) correcting any Plan Violation, 
 (ii) the sale of a
prohibited Company interest, or 

  
 42 

 (iii) obtaining any individual exemption for a Plan Violation that may be
required, in CNL’s sole discretion. This indemnity shall survive (x) the sale of the Property or of the indemnifying Member’s Entire Interest and (y) termination of this Agreement. 

(f) The Company will not enter into any agreements, or suffer any conditions, that CNL determines, in its reasonable
judgment, would result in a Plan Violation. At any Member’s request, CNL shall deliver a written notice of each such determination to such Member together with an explanation of the reasons for the determination. 

(g) Upon any Member’s reasonable request, the Members agree to cooperate with each other’s efforts to discover
and correct Plan Violations. 
 ARTICLE 11. DISSOLUTION OR BANKRUPTCY OF A MEMBER 

11.1 Dissolution or Merger. If Crescent shall be dissolved, or merged with or consolidated into another
corporation or other entity, or if all or substantially all of its assets shall be sold, or transferred, then unless such dissolution, merger, consolidation, sale or transfer is expressly permitted under Article 10, such dissolution, merger,
consolidation, sale or transfer shall, at CNL’s election, be a dissolution of the Company, and CNL shall be the “Liquidating Member” in the dissolution of the Company. If CNL shall be dissolved, or merged with or consolidated into
another corporation or other entity, or if all or substantially all of its assets shall be sold, or transferred, then unless such dissolution, merger, consolidation, sale or transfer is expressly permitted under Article 10, such dissolution, merger,
consolidation, sale or transfer shall, at Crescent’s election, be a dissolution of the Company, and Crescent shall be the “Liquidating Member” in the dissolution of the Company. 

  
 43 

 11.2 Bankruptcy, etc. In the event: 

(a) any Member shall file a voluntary petition in bankruptcy or shall be adjudicated a bankrupt or seek any
reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief for itself under the present or any future Federal bankruptcy code or any other present or future applicable Federal, state, or other statute or law
relative to bankruptcy, insolvency, or other relief for debtors, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver, conservator or liquidator of said Member or its interest in the Company (the term
“acquiesce” includes but is not limited to the failure to file a petition or motion to vacate or discharge any order, judgment or decree providing for such appointment within sixty (60) days after the appointment); or

 (b) a court of competent jurisdiction shall enter an order, judgment or decree approving a petition filed
against any Member seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or any future Federal bankruptcy code or any other present or future applicable Federal, state or
other statute or law relating to bankruptcy, insolvency, or other relief for debtors, and said Member shall acquiesce in the entry for such order, judgment or decree (the term “acquiesce” includes but is not limited to the failure
to file a petition or motion to vacate or discharge such order, judgment or decree within ten (10) days after the entry of the order, judgment or decree) or such order, judgment or decree shall remain unvacated and unstayed for an aggregate of
ninety (90) days (whether or not consecutive) from the date of entry thereof, or any trustee, receiver, conservator or liquidator of said Member or of all or any substantial part of said Member’s property or its interest in the Company
shall be appointed without the consent or acquiescence of said Member and such appointment shall remain unvacated and unstayed for an aggregate of ninety (90) days (whether or not consecutive); or 

(c) any Member shall admit in writing its inability to pay its debts as they mature; or 

(d) any Member shall give notice to any governmental body of insolvency, or pending insolvency, or suspension or pending
suspension of operations; or 
 (e) any Member shall make an assignment for the benefit of creditors or take any
other similar action for the protection or benefit of creditors; 
 then such event shall, at the election of
any other Member, cause the dissolution of the Company and such electing Member shall be the Liquidating Member. 
 11.3 Reconstitution. Notwithstanding the provisions of Section 11.1 and 11.2, the remaining Member may, within ninety (90) days of any event described in this Article 11, elect to
(a) continue the Company or (b) transfer the assets of the Company to a newly organized entity and accept ownership interests in such entity in exact proportion to its interests in the Company at the time of dissolution. An appropriate
amendment to or cancellation of the Certificate of Formation and all other filings required by law shall be made in accordance with any action taken pursuant to this Section 11.3. 

  
 44 

 ARTICLE 12. CROSS-DEFAULT 

Any termination for Cause by the Managing Member of the delegation of authority given to Crescent as the Operating Member
in accordance with Section 6.7 of this Agreement shall give CNL, in its sole and absolute discretion, the right to terminate the Developer as developer under the Development Agreement, and any termination of Developer as developer pursuant to
the terms of the Development Agreement shall give CNL the right to terminate the delegation of authority given to Crescent as Operating Member in accordance with Section 6.7 of this Agreement. 

ARTICLE 13. DISSOLUTION 
 13.1 Winding Up by Members. Upon dissolution of the Company by expiration of the term hereof, by operation of law, by any provision of this Agreement or by agreement between the Members, the
Company’s business shall be wound up and all its assets distributed in liquidation. In such dissolution, except as otherwise expressly provided in Articles 10 or 11, the Members shall be co-liquidating Members and shall continue to act by
Member Consent. In such event the Members shall have rights acting by Member Consent to wind up the Company and shall proceed to cause the Company’s property to be sold and to distribute the proceeds of sale as provided in Section 13.5.
Except in respect of (i) all assets on which a single, non-severable mortgage or other lien will be in effect after such distribution, and (ii) any assets which the Members shall determine are not readily severable or distributable in
kind, the Members, to the extent that liquidation of such assets is not required to fulfill the payments, if any, under subsections (a) and (b) of Section 13.5 and Section 9.4(a) shall, if they agree, have the right to
distribute, in kind, all or a portion of the assets of the Company to the Members. 
 13.2 Winding Up by
Liquidating Member. 
 (a) In a dissolution pursuant to either Section 4.5(d)(iii) or Articles 10 and
11, the Liquidating Member shall be as therein provided and such Liquidating Member shall have the right to: 

(i) Wind up the Company and cause the Company’s assets to be sold and the proceeds of sale distributed as provided
in Section 13.5; or 
 (ii) Notwithstanding anything to the contrary contained in this Agreement, cause
the assets of the Company to be appraised in accordance with Section 13.2(b) and at its option, purchase the Entire Interests of the other Members in accordance with Section 13.2(b). 

  
 45 

 (b) (i) The Liquidating Member, within 30 days after the commencement of the
dissolution of the Company, or the Non-Failing Member at any time during the period set forth in Section 4.5 (such Member giving the notice being referred to herein as the “Electing Member”) may give notice (the
“Appraisal Notice”) to the other Members electing to have the “Fair Market Value” of the Company’s assets determined by appraisal pursuant to Section 13.2(b)(ii). The fees and expenses of such appraisers shall be
borne by the Company. The Electing Member shall have the option, by notice given to the other Members within 30 days after receipt of the determination of “Fair Market Value” pursuant to Section 13.2(b)(ii), to purchase each other
Member’s Entire Interest at a price equal to the amount which would have been distributable and payable to the other Member in accordance with the provisions of Section 9.4 if all of the Company’s assets had been sold for an amount
equal to such appraised value and any debts, liabilities and expenses which would have been payable by the Company pursuant to Sections 13.5(a), (b) and Section 9.4 out of the proceeds of such sale were deducted from the appraised value.
Such option may be exercised by the Electing Member within forty-five (45) days after receipt of the determination of “Fair Market Value” pursuant to Section 13.2(b)(ii) by notice to the other Members. If after the receipt of the
determination of “Fair Market Value” pursuant to Section 13.2(b)(ii), the Electing Member elects not to exercise the option to purchase the other Members’ Entire Interests pursuant to this Section, then the Electing Member shall
have all of its rights under Section 4.5 or this Section 13.2, as applicable, as if the Appraisal Notice had not been given. All of the provisions of Section 10.8 shall apply to a purchase under this Section 13.2(b), except that
for the purposes of this Section 13.2(b), any adjustments required pursuant to Section 10.8 shall be applicable to any events and/or liabilities or income which were not included in determining the Fair Market Value. 

(ii) If the fair market value (the “Fair Market Value”) of the assets of the Company is required for
purposes of Section 13.2(b)(i), such Fair Market Value, if not otherwise agreed upon by the Members, shall be determined as set forth in this Section 13.2(b)(ii). All appraisers referred to herein shall be real estate appraisers which are
members of the Chapter of the American Institute of Real Estate Appraisers for the state in which the Property is located for at least seven (7) years. As used herein, Fair Market Value is the fair market value of all the assets of the Company.
Each of CNL and Crescent shall select one (1) appraiser. In the event that either party fails to select an appraiser within thirty (30) days after notice of the exercise of an option or election requiring a valuation, then such
party’s appraiser shall be selected by the other party from a list of no fewer than five (5) appraisers compiled and approved by Member Consent (the “List”). After the selection, each appraiser shall independently
determine the gross fair market value of the assets of the Company. If the separate appraisals differ, the Members shall have a period of ten (10) days after receipt of the appraisals to agree on the Fair Market Value. In the event the Members
cannot agree on the Fair Market Value in accordance with the preceding sentence, the two appraisers referred to therein shall within ten (10) days after the expiration of the ten day period described in the preceding sentence select a third
appraiser. In the absence of such a selection, the third appraiser shall be selected by the Chapter of the American Institute of Real Estate Appraisers for the state in which the Property is located. The third appraiser shall decide which of the two
appraisals established by the appraisers in accordance with this Section constitutes the Fair Market Value, and such decision shall be conclusive and binding on all Members. 

13.3 Offset for Damages. In the event of dissolution resulting from an event described in Article 11, the
Liquidating Member shall be entitled to deduct from the amount payable to the other Member pursuant to Section 13.2(a) or (b), Section 13.4 or Section 13.5, the amount of damages, including reasonable attorneys’ fees and
disbursements, incurred by the Liquidating Member proximately resulting from any such event, only if and as established by a court order. 

  
 46 

 13.4 Distributions of Operating Cash Flow. Subject to
Section 13.5 hereof as to proceeds of liquidation, upon the dissolution of the Company for any reason during the period of liquidation and until termination of the Company, the Members shall continue to receive the Operating Cash Flow and to
share profits and losses for all tax and other purposes as provided elsewhere in this Agreement. 
 13.5
Distributions of Proceeds of Liquidation. For purposes of this Section 13.5, “proceeds of liquidation” shall equal cash available for distribution, net of debts secured by liens on the Property, provided that neither the
Company nor the Members shall be personally liable on, or they shall be released from, such debts. The proceeds of liquidation shall be applied in the following order of priority: 

(a) First. To the payment of: 

(i) debts and liabilities of the Company, except Member Loans, and 

(ii) expenses of liquidation. 
 (b) Second. To the setting up of any reserves which the Liquidating Member or Members, as the case may be, may deem necessary for any contingent or unforeseen liabilities or obligations of the
Company or of the Members arising out of or in connection with the Company. Such reserves may be deposited by the Company in a bank or trust company acceptable to the Liquidating Member or Members, as the case may be, to be held by it for the
purpose of disbursing such reserves in payment of any of the aforementioned liabilities or obligations, and at the expiration of such period as the Liquidating Member or Members, as the case may be, shall deem advisable, distributing the balance, if
any, thereafter remaining, in a manner hereinafter provided. 
 (c) Third. Any balance remaining shall be
paid and distributed as provided in Section 9.4, as the provisions in Section 9.4 have been adjusted by other provisions of this Agreement. 
 13.6 Orderly Liquidation. A reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities to creditors so as to enable the Members to
minimize the losses normally attendant upon a liquidation. 
 13.7 Financial Statements. During the
period of winding up, the Company’s then independent certified public accountants shall prepare and furnish to each of the Members, until complete liquidation is accomplished, all the financial statements provided for in Section 7.1.

  
 47 

 13.8 Restoration of Deficit Capital Accounts. At no time during the
term of the Company shall a Member with a deficit balance in its Capital Account have any obligation to the Company or to another Member or to any other person to restore such deficit balance. 

ARTICLE 14. MEMBERS 
 14.1 Liability. A Member shall not be personally liable for the debts, liabilities or obligations of the Company, except to the extent provided in the Act, including for distributions received in
violation of the Act or which are otherwise required to be returned pursuant to the terms of the Act. 
 ARTICLE 15.
NOTICES 
 15.1 In Writing; Address. All notices, elections, offers, acceptances, demands,
consents, waivers of condition and reports (collectively “notices”) provided for in, permitted under, required under or to be effective under, this Agreement shall be in writing and shall be given to the Company, CNL or Crescent at
the address set forth below or at such other address as the Company or any of the parties hereto may hereafter specify in writing. 
  

			
	 CNL:
	 	 GGT Crescent Crosstown Holdings, LLC
 CNL Center at City Commons
 450 South Orange Avenue

Orlando, Florida 32801
 Attention: Steven D. Shackelford, Chief Financial Officer

		
	 with a copy to:
	 	 GGT Crescent Crosstown Holdings, LLC
 CNL Center at City Commons
 450 South Orange Avenue

Orlando, Florida 32801
 Attention: Holly J. Greer, Esq., General Counsel

		
	 with a copy to:
	 	 Lowndes, Drosdick, Doster, Kantor & Reed, P.A.

450 South Orange Avenue, Suite 800
 Orlando, Florida 32801
 Attention: Joaquin E. Martinez,
Esq.

  
 48 

			
		
	 Crescent:
	 	 c/o Crescent Resources, LLC
 227 W. Trade Street
 Suite 1000

Charlotte, NC 28202
 Attention: Brian J. Natwick, President Multifamily Division

		
	 with a copy to:
	 	 Holt Ney Zatcoff & Wasserman, LLP
 100 Galleria Parkway, Suite 1800
 Atlanta, GA 30339

Attention: Sanford H. Zatcoff, Esq.

 All notices hereunder shall be in writing to be deemed effective and shall be deemed
sufficiently given or served for all purposes when delivered (i) by personal service or courier service, and shall be deemed given on the date when signed for or, if refused, when refused by the person designated as an agent for receipt of
notices, (ii) by nationally-recognized overnight courier that produces a receipt of delivery and shall be deemed given when placed into the hands of such courier for delivery on the next business day, or (iii) mailed by United States
registered or certified mail, return receipt requested, postage prepaid, deposited in a United States post office or a depository for the receipt of mail regularly maintained by the post office and if so mailed, then such notice or other
communication shall be deemed to have been received by the addressee on the third business day following the date of such mailing. For purposes hereof, notices may be given by the parties hereto or by their attorneys identified above. 

A copy of any notice or any written communication from the Internal Revenue Service to the Company shall be given to each
Member at the addresses provided for above. 
 15.2 Copies. A copy of any notice, service of process, or
other document in the nature thereof, received by either Member from anyone other than the other Member and pertaining to the Company or the Property, shall be delivered by the receiving Member to the other Member as soon as practicable. 

ARTICLE 16. MISCELLANEOUS 
 16.1 Additional Documents and Acts. In connection with this Agreement, as well as all transactions contemplated by this Agreement, each Member agrees to execute and deliver such additional
documents and instruments, and to perform such additional acts, as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions. All approvals of either
party hereunder shall be in writing. 
 16.2 Interpretation. This Agreement and the rights and
obligations of the Members hereunder shall be interpreted in accordance with the laws of the State of Delaware. 

  
 49 

 16.3 Entire Agreement. This instrument contains all of the
understandings and agreements of whatsoever kind and nature existing between the parties hereto with respect to this Agreement and the rights, interests, understandings, agreements and obligations of the respective parties pertaining to the Company.

 16.4 References to this Agreement. Numbered or lettered articles, sections and subsections herein
contained refer to articles, sections and subsections of this Agreement unless otherwise expressly stated. 

16.5 Headings. All headings herein are inserted only for convenience and ease of reference and are not to be
considered in the construction or interpretation of any provision of this Agreement. 
 16.6 Binding
Effect. Except as herein otherwise expressly stipulated to the contrary, this Agreement shall be binding upon and inure to the benefit of the parties signatory hereto, and their respective distributees, successors and assigns. 

16.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall for all
purposes constitute one agreement which is binding on all of the parties hereto. 
 16.8 Confidentiality.
The terms and provisions of this Agreement shall be kept confidential and shall not, without the other Member’s prior written consent (which shall not be unreasonably withheld), be disclosed in writing by a Member or by a Member’s agents,
managers, members, representatives and employees to any person or entity, except to the extent required by law, and to existing or prospective construction lenders, contractors, tenants, or investors in a Member, accountants of a Member or CNL
therein and other advisors to a Member, in each case to the extent each of such parties is bound by a confidentiality obligation substantially on the terms set forth in this Section, and except to the extent reasonably necessary to accomplish the
transaction contemplated hereby. No publicity, media communications, press releases or other public announcements concerning the terms and provisions of this Agreement or the transactions contemplated hereby shall be issued or made by any Member
without the prior written consent of the other Members, which consent shall not be unreasonably withheld, conditioned or delayed, except if a Member is required to make a public announcement or disclosure under applicable law, in which case such
Member shall provide the other Members with the form and content of such disclosure within a reasonable amount of time prior to its release (to the extent possible under the circumstances) and shall consider in good faith all comments provided by
the other Members; provided, however, that CNL shall not be required to provide copies of disclosures to be made or proposed to be made by CNL in periodic reports and other filings required by the applicable federal securities laws. 

  
 50 

 16.9 Amendments. This Agreement may not be amended, altered or
modified except by a written instrument signed by all parties, provided, however, that Crescent and CNL shall agree to any amendments of this Agreement reasonably required by CNL in order to comply with ERISA or related provisions of the Code which
do not adversely affect the economic or voting interests of the other Members hereunder and any amendments reasonably required by CNL in order to comply with REIT requirements; provided, that CNL will pay for all reasonable costs and expenses
(including reasonable attorneys’ fees) of the other Members related to any such amendments. 
 16.10
Exhibits. All exhibits and schedules annexed hereto are expressly made a part of this Agreement, as fully as though completely set forth herein, and all references to this Agreement herein or in any of such exhibits or schedules shall be
deemed to refer to and include all such exhibits or schedules. 
 16.11 Severability. Each provision
hereof is intended to be severable and the invalidity or illegality of any portion of this Agreement shall not affect the validity or legality of the remainder. 

16.12 Qualification in Other States. In the event the business of the Company is carried on or conducted in any
locations in addition to the state in which the Property is located, then the Members agree that the Company shall exist under the laws of each state or district in which business is actually conducted by the Company, and they severally agree to
execute such other and further documents as may be required or requested in order that the Members legally may qualify the Company in such states and districts to the extent possible. A Company office or principal place of business in any state or
district may be designated from time to time by Member Consent. 
 16.13 Forum. Any action by one or more
Members against the Company or by the Company against one or more Members which arises under or in any way relates to this Agreement, actions taken or failed to be taken or determinations made or failed to be made by the Members or relating to the
Company including transactions permitted hereunder or otherwise related in any way to the Company, may be brought only in the state courts of the State of Florida or the United States District Court for the Middle District of Florida. Each Member
hereby consents to the jurisdiction of such courts to decide any and all such actions and to such venue. 

  
 51 

 16.14 No Brokerage. The Members represent and warrant to each other
that they have not dealt with any brokers, investment bankers, consultants or other third parties in the negotiation of this Agreement and the transactions contemplated herein. Each Members further agrees to indemnify, defend and hold the other
harmless from and against any liability, claim, damage, cost or expense (including reasonable attorney’s fees) arising out of or in connection with the claims for commissions or any other fees due in connection with this Agreement and the
transactions contemplated herein arising from the indemnifying Member’s actions. 
 16.15 Tax
Compliance. Crescent represents and warrants that (i) Crescent is wholly-owned by Crescent Multifamily Holdings, LLC, a Delaware limited liability company, the only manager and voting member is Crescent Multifamily Holdings, LLC;
(ii) Crescent is a disregarded entity for Federal income tax purposes, and (iii) Crescent’s U.S. employer identification number is 37-1666450. Except with respect to permitted transfers under Section 10.1, Crescent covenants that
it will not take or allow any action (or fail to take any action, as the case may be) that would cause the representations in this Section 16.15 to fail to be true throughout the term of this Agreement. 

(Remainder of page intentionally left blank) 

  
 52 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the date first above written. 
  

											
		 	 CRESCENT:

			
		 		 	 CRESCENT CROSSTOWN II, LLC, a Delaware limited liability company

				
	 .
	 		 	 By:
	 	 Crescent Multifamily Holdings, LLC, a Delaware limited liability company, its sole member and manager

					
		 		 		 	 By:
	 	 Crescent Resources, LLC, a Georgia limited liability company, its sole member and manager

						
		 		 		 		 	 By:
	 	 /s/ Brian J. Natwick

		 		 		 		 	 Name:
	 	 Brian J. Natwick

		 		 		 		 	 Title:
	 	 President Multifamily
Division

  
 53 

											
		 	 CNL:

			
		 		 	GGT CRESCENT CROSSTOWN HOLDINGS, LLC, a Delaware limited liability company
				
		 		 	 By:
	 	 /s/ Robert A. Bourne

		 		 	 Name:
	 	 Robert A. Bourne

		 		 	 Title:
	 	 President

  
 54 

 EXHIBIT A 

 

													
	 Names and Interests of Members
	  	Percentage
Interest	 	 	Initial
Capital
Contributions	 	  	Maximum
Contributions*	 
				
	 GGT Crescent Crosstown Holdings, LLC
	  	 	60	% 	 	$	6,238,503.00	  	  	$	6,238,503.00	  
				
	 Crescent Crosstown II, LLC
	  	 	40	% 	 	$	4,159,002.00	  	  	$	4,159,002.00	  
				
	 TOTALS:
	  	 	100	% 	 	$	10,397,505.00	  	  	$	10,397,505.00	  

  

	*	 The Members agree that to the extent that the amount of the final Project Budget is reduced from that of the Project’s “concept
budget” due to savings in the Construction Contract’s guaranteed maximum price, the aggregate initial capital contribution of each of CNL and Crescent will be adjusted downward on a pro-rata basis to reflect such reduction.

  
 A-1

 EXHIBIT B 

Description of Land 
 [Omitted as not necessary for an understanding of the agreement] 
 EXHIBIT C

 Development Agreement 
 [Omitted as not necessary for an understanding of the agreement] 
 EXHIBIT D

 Insurance Certificates 
 [Omitted as not necessary for an understanding of the agreement] 
 EXHIBIT E

 Member ERISA Certificate 
 [Omitted as not necessary for an understanding of the agreement] 
 EXHIBIT F

 CNL ERISA Certificate 
 [Omitted as not necessary for an understanding of the agreement] 
 EXHIBIT G

 PROJECT BUDGET 
 [Omitted as not necessary for an understanding of the agreement] 
 EXHIBIT H

 PRE-DEVELOPMENT COSTS 
 [Omitted as not necessary for an understanding of the agreement]Sales Contract

 EXHIBIT 10.17 
 SALES CONTRACT 
 BY AND BETWEEN 

CROSSTOWN OWNER LLC, 
 a Florida limited liability company 
 as Seller 

and 
 CRESCENT
RESOURCES, LLC, 
 a Georgia limited liability company, 

as Purchaser 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I — PROPERTY TO BE CONVEYED
	  	 	1	  
		
	 ARTICLE II — PURCHASE PRICE
	  	 	3	  
		
	 ARTICLE III — TITLE AND SURVEY OBJECTIONS
	  	 	5	  
		
	
ARTICLE IV — ITEMS TO BE DELIVERED BY SELLER AT CLOSING
	  	 	7	  
		
	
ARTICLE V — ITEMS TO BE DELIVERED BY PURCHASER AT CLOSING
	  	 	8	  
		
	 ARTICLE VI — SELLER’S DELIVERY OF DOCUMENTS
	  	 	8	  
		
	 ARTICLE VII — APPORTIONMENTS
	  	 	9	  
		
	
ARTICLE VIII — TIME AND PLACE OF CLOSING AND CLOSING COSTS
	  	 	9	  
		
	 ARTICLE IX — CONDITIONS PRECEDENT
	  	 	10	  
		
	 ARTICLE X — EMINENT DOMAIN
	  	 	12	  
		
	 ARTICLE XI — LIQUIDATED DAMAGES
	  	 	13	  
		
	 ARTICLE XII — SELLER’S REPRESENTATIONS,
	  	 	14	  
		
	 ARTICLE XIII — PURCHASER’S REPRESENTATIONS,
	  	 	16	  
		
	 ARTICLE XIV — NOTICES
	  	 	18	  
		
	 ARTICLE XV — SETTLEMENT ITEMS
	  	 	19	  
		
	 ARTICLE XVI — ACCESS
	  	 	19	  
		
	 ARTICLE XVII — BROKER
	  	 	20	  
		
	 ARTICLE XVIII — DISCLAIMER OF WARRANTIES
	  	 	20	  
		
	 ARTICLE XIX — MISCELLANEOUS
	  	 	23	  
		
	 EXHIBIT A
	  	 	31	  
		
	 SCHEDULE XII E
	  	 	31	  

 SALES CONTRACT 

This Agreement (the “Agreement”) is made and entered into this 24th day of March, 2011 (the “Effective
Date”) by and between CROSSTOWN OWNER LLC, a Florida limited liability company (hereinafter referred to as the “Seller”) and CRESCENT RESOURCES, LLC, a Georgia limited liability company (hereinafter referred
to as the “Purchaser”). 
 ARTICLE I — PROPERTY TO BE CONVEYED 

A. Seller shall sell to Purchaser, and Purchaser shall purchase from Seller, upon the terms and conditions hereinafter set forth,
(i) that certain parcel of land comprising approximately twenty-three (23) acres, on the south side of Delaney Lake Drive, being a portion of Lot 2, Block B, Crosstown Center, Plat Book 88, Pages 23-1 through 23-7 (hereinafter referred to
as the “Land”) as generally shown on the preliminary site plan attached hereto as Exhibit A and by this reference incorporated herein, (ii) any improvements on the Land (hereinafter referred to as the
“Improvements”); (iii) all permits and licenses exclusively serving the Land; (iv) all right, title and interest, if any, of Seller in and to any land lying in the bed of any street, road, highway or avenue, open or
proposed, in front of or adjoining all or any part of the Land, any and all strips, gores or rights-of-way, riparian rights and easements, (v) all right, title and interest of Seller, if any, in and to any award or payment made or to be made
(a) for any taking in condemnation or eminent domain of land lying in the bed of any street, road, highway or avenue, open or proposed, in front of or adjoining all or any part of the Land, (b) for damage to the Land or any part thereof by
reason of any change of grade or closing of any such street, road, highway or avenue, and (c) for any taking in condemnation or eminent domain of any part of the Land (all of the foregoing property is hereinafter collectively referred to as the
“Property”). The legal description for the Property shall be determined by the survey described in Article III A below, and at the request of either party, the parties will amend this Agreement to incorporate said legal description.

 B. Purchaser’s intended use for the Property is to construct a multifamily residential community with a maximum number
of three hundred forty-four (344) multi-family residential units on the Property together with clubhouse, swimming pool, rental office, residents’ business office, tennis courts and related amenities (the “Intended Use”).
Other uses shall not be permitted on the Property without Seller’s written consent which may be withheld in Seller’s sole and absolute discretion until the first to occur of (i) the date that Seller no longer owns any undeveloped
property for sale or development in Crosstown Center, or (ii) twenty (20) years after Closing. Purchaser acknowledges that the Property is included in the Crosstown Center development of regional impact (“DRI”) and is
subject to the development order, as amended, for such DRI (the “DRI Development Order”). Purchaser shall be responsible during the Inspection Period (as hereinafter defined) for determining that the Property can be legally used for
the Intended Use in accordance with applicable zoning, DRI Development Order and recorded covenants and restrictions; provided, however, that notwithstanding the foregoing, the parties acknowledge that pursuant to Section IX B herein Seller shall
use commercially reasonable efforts to complete, at its cost and expense, (i) a major modification to the existing zoning (“Rezoning”), and (ii) a notice of proposed change (“NOPC”) to the DRI Development
Order, to allow the Intended Use on the Property, both as more particularly required as a condition precedent to Purchaser’s obligation to close as set forth in Section IX B herein. The Rezoning and NOPC may be collectively referred to herein
as the “Land Use Approvals.” At Closing, Seller shall allocate to the Property and transfer to Purchaser DRI development entitlements sufficient for Purchaser’s Intended Use of the Property at no additional cost to Purchaser.
Such development entitlements shall be appurtenant to the Property and shall be re-conveyed to Seller with the Property should Seller exercise its repurchase option as described in Section XIX L below. 

 C. In connection with Purchaser’s development of the Property, Purchaser acknowledges
that it will be required by Hillsborough County to pay certain transportation impact fees. Seller has previously obtained from Hillsborough County certain impact fee offsets (“Impact Fee Offsets”) which can be utilized as credits
against transportation impact fees due to Hillsborough County. At the time Purchaser is required to pay any transportation impact fees associated with any development of the Property, Purchaser shall notify Seller in writing when Purchaser is ready
to purchase Impact Fee Offsets and, if applicable, shall also notify Seller as to the best offer Purchaser has received in writing from others having Impact Fee Offsets available for purchase by Purchaser (such notice to Seller shall contain the
written offer from such third party, if any). Seller shall notify Purchaser in writing within ten (10) days after receipt of Purchaser’s written notice whether or not Seller has such Impact Fee Offsets available and whether or not Seller
desires to sell them to Purchaser on a dollar for dollar basis for a sales price equal to or less than the price which Purchaser has notified Seller has been offered to Purchaser from another seller of Impact Fee Offsets. If Seller has such Impact
Fee Offsets and is willing to sell them to Purchaser for an amount not in excess of the amount specified in Purchaser’s notice to Seller as being available for purchase by Purchaser from another seller of Impact Fee Offsets, Seller shall sell
to Purchaser and Purchaser shall purchase from Seller, such Impact Fee Offsets at the agreed price. Seller shall provide Purchaser with evidence from Hillsborough County, reasonably acceptable to Purchaser, that such Impact Fee Offsets are available
and transferrable, and such sale shall promptly occur and the assignment of such Impact Fee Offsets in the form required by or acceptable to Hillsborough County shall be made upon Purchaser’s payment to Seller of the purchase price for such
Impact Fee Offsets. This obligation shall survive Closing. 

  
 -2-

 ARTICLE II — PURCHASE PRICE 

The purchase price (hereinafter referred to as the “Purchase Price”) for the Property shall be Four Million Two Hundred
Thousand and No/100 Dollars ($4,200,000.00). Subject to all prorations and adjustments provided herein, the Purchase Price shall be paid as follows: 
 A. Within three (3) business days after the full execution of this Agreement, Purchaser shall pay to First American Title Insurance Company (the “Escrow Agent”) One Hundred Thousand
and No/100 Dollars ($100,000.00) by wire-transfer, such amount to be deposited in an interest-bearing account (such $100,000.00, together with all interest earned thereon, is hereinafter referred to as the “Initial Deposit”).
Subject to satisfaction of the condition precedent set forth in Section IX A below, within three (3) business days after Purchaser sends the Notice to Proceed, Purchaser shall pay to the Escrow Agent an additional One Hundred Thousand and
No/100 Dollars ($100,000.00) by wire-transfer, such amount to be deposited in the same interest-bearing account as was deposited the Initial Deposit (such $100,000.00, together with all interest earned thereon, is hereinafter referred to as the
“Subsequent Deposit”). The Initial Deposit and the Subsequent Deposit are hereinafter collectively referred to as the “Deposit”). The Deposit shall be applied toward the Purchase Price due at Closing (hereinafter
defined) or otherwise shall be applied as elsewhere provided in this Agreement. 
 B. At the Closing, Escrow Agent shall pay the
Deposit to Seller as a part of the Purchase Price, and the balance of the Purchase Price shall be paid by Purchaser to Seller by wire-transfer of funds immediately available to Seller. 

C. (i) The Escrow Agent joins in the execution of this Agreement solely for the purpose of acknowledging and agreeing to the provisions
of this Section II C. 
 (ii) The duties of the Escrow Agent shall be as follows: 

(a) During the term of this Agreement, the Escrow Agent shall hold and disburse the Deposit in accordance with the terms
and provisions of this Agreement. 
 (b) The Escrow Agent shall pay the Deposit in accordance with the joint
written instructions of the Seller and Purchaser in any of the following events: if this Agreement shall be terminated by the mutual written agreement of Seller and Purchaser, or if the Escrow Agent shall be unable to determine at any time to whom
the Deposit should be paid, or if a dispute shall develop between Seller and Purchaser concerning to whom the Deposit should be paid. In the event that such written instructions shall not be received by the Escrow Agent within ten (10) days
after the Escrow Agent has served a written request for instructions upon Seller and Purchaser, then the Escrow Agent shall have the right to pay the Deposit into any court of competent jurisdiction and interplead Seller and Purchaser in respect
thereof, and thereupon the Escrow Agent shall be discharged of any obligations in connection with this Agreement. 

  
 -3-

 (c) Subject to Section II C (ii) (k) hereof, if costs or expenses
are incurred by the Escrow Agent in its capacity as Escrow Agent because of litigation or a dispute between the Seller and Purchaser arising out of the holding of the Deposit in escrow, Seller and Purchaser shall each pay the Escrow Agent one-half
of such reasonable costs and expenses. Except for such costs or expenses, no fee or charge shall be due or payable to the Escrow Agent for its services as escrow holder only. 

(d) By joining herein, the Escrow Agent undertakes only to perform the duties and obligations imposed upon the Escrow
Agent under the terms of this Agreement and expressly does not undertake to perform any of the other covenants, terms and provisions incumbent upon the Seller and the Purchaser hereunder. 

(e) Purchaser and Seller hereby agree and acknowledge that the Escrow Agent assumes no liability in connection herewith
except for negligence or willful misconduct; that the Escrow Agent shall never be responsible for the validity, correctness or genuineness of any document or notice referred to under this Agreement; and that in the event of any dispute under this
Agreement, the Escrow Agent may seek advice from its own counsel and shall be fully protected in any action taken by it in good faith in accordance with the opinion of its counsel. 

(f) All investments by Escrow Agent will be made in the regular course of business. To be entitled to same day investment
(assuming good funds are provided), the Deposit must be received by noon; otherwise, such funds will be deposited on the next business day. All investments shall be subject to the rules, regulations, policies and procedures of the bank depository in
which such monies are deposited. 
 (g) Purchaser hereby certifies to Escrow Agent that Purchaser’s federal
tax identification number is 57-0443582. 
 (h) The Deposit may be processed for collection in the normal course
of business by Escrow Agent, which may commingle funds received by it with escrow funds of others in its regular escrow account at a bank of Escrow Agent’s choosing (the “Depository”). Escrow Agent shall not be accountable for
any incidental benefit which may be attributable to the funds so deposited. Escrow Agent shall not be liable for any loss caused by the failure, suspension, bankruptcy or dissolution of the Depository. 

(i) Escrow Agent shall not be liable for loss or damage resulting from: 

(i) any good faith act or forbearance of Escrow Agent; 

  
 -4-

 (ii) any default, error, action or omission of any party, other than Escrow
Agent; 
 (iii) any defect in the title to any property unless such loss is covered under a policy of title
insurance issued by the Escrow Agent; 
 (iv) the expiration of any time limit or other delay which is not
solely caused by the failure of Escrow Agent to proceed in its ordinary course of business, and in no event where such time limit is not disclosed in writing to the Escrow Agent; 

(v) the lack of authenticity of any writing delivered to Escrow Agent or of any signature thereto, or the lack of
authority of the signatory to sign such writing; 
 (vi) Escrow Agent’s compliance with all attachments,
writs, orders, judgments, or other legal process issued out of any court; 
 (vii) Escrow Agent’s assertion
or failure to assert any cause of action or defense in any judicial or administrative proceedings; or 
 (viii)
any loss or damage which arises after the Deposit has been disbursed in accordance with the terms of this Agreement. 
 (j) Escrow Agent shall be fully indemnified by the parties hereto for all of its expenses, costs, and reasonable attorney’s fees incurred in connection with any interpleader action which Escrow Agent
may file to resolve any dispute as to the Deposit, or which may be filed against the Escrow Agent. 
 (k) If
Escrow Agent is made a party to any judicial, non-judicial or administrative action, hearing or process based on acts of any of the other parties hereto and not on the malfeasance and/or negligence of Escrow Agent in performing its duties hereunder,
the expenses, costs and reasonable attorney’s fees incurred by Escrow Agent in responding to such action, hearing or process shall be paid by, and the party/parties whose alleged acts are a basis for such proceedings, shall indemnify, save and
hold Escrow Agent harmless from said expenses, costs and fees so incurred. 

ARTICLE III — TITLE AND SURVEY OBJECTIONS 

A. Prior to the execution of this Agreement, Seller has delivered to Purchaser Seller’s existing surveys that include the Land
entitled Crosstown Center, prepared by Professional Engineering Consultants, Inc., dated May 6, 2009, and last revised June 10, 2009 (the “Existing Survey”). On or before forty-five (45) days after the Effective Date,
Purchaser shall, at Purchaser’s sole cost and expense, obtain a survey of the Property sufficient for the deletion of the “survey exception” from the title insurance policy and otherwise acceptable to Purchaser (the
“Survey”). The costs of the Survey shall be paid by Purchaser. If the survey shows any gaps, encroachments, overlaps, easements, or other defects, or matters that impair title for the Property or prevents or impedes Purchaser’s
development of the Property for Purchaser’s Intended Use as reasonably determined by Purchaser, then Purchaser may so notify Seller in the same manner as this Agreement prescribes for Title Defects (as hereinafter defined). 

  
 -5-

 B. Purchaser shall, at Purchaser’s expense, obtain from First American Title Insurance
Company (herein in this capacity referred to as the “Title Company”), an owner’s title insurance commitment (the “Commitment”) and on or before forty-five (45) days after the Effective Date, Purchaser
shall deliver to Seller a written statement of any objections to Seller’s title to the Property and any objections as to matters disclosed by the Survey (the “Notice of Defect”) describing in reasonable detail the existence and
nature of any such objections (collectively, the “Title Defects”). Any title exception listed in the commitment or survey matter disclosed by the Survey that is not listed in such Notice of Defect (other than a Mandatory Removal
Lien) shall be deemed a permitted title exception, subject to which the Property shall be conveyed to Purchaser. Within ten (10) days after receipt of the Notice of Defect, Seller shall provide notice to Purchaser of which Title Defects it
elects to cure and Seller shall have until Closing to cure said Title Defects. Seller agrees to take commercially reasonable actions to satisfy all B-1 requirements in the Commitment within its control and Seller shall satisfy, pay or bond-off at
Closing from the sales proceeds, amounts secured by consensual liens or mortgages; mechanics’ and materialmen’s liens, unless caused by Purchaser’s actions; real estate taxes and assessments which are due and payable (subject to
proration adjustments as provided herein); and any liquidated final non-appealable liens or judgments affecting all or any portion of the Property, unless caused by Purchaser’s actions (collectively, the “Mandatory Removal
Liens”). If Seller elects not to cure any or all Title Defects, Purchaser shall elect, by written notice to Seller within ten (10) days after notice or deemed notice from Seller, to either (i) terminate this Agreement and receive
a full refund of so much of the Deposit as is then held by Escrow Agent, and thereafter this Agreement shall be null and void and of no further force or effect, and neither Purchaser nor Seller shall have any further rights, duties, liabilities or
obligations to the other by reason hereof except for the Inspection Indemnity (hereinafter defined), or (ii) waive such objections and consummate the transaction contemplated herein without reduction of the Purchase Price. The foregoing part of
this Section III B to the contrary notwithstanding, as Seller is obligated to cure and satisfy by Closing all Mandatory Removal Liens and all Title Defects which Seller agreed to cure prior to or at Closing in response to the Notice of Defect,
Seller shall have until the Closing to so satisfy all such matters, and Purchaser need not make the election specified above with respect to such matters, and if Seller fails to cure and satisfy by Closing all such matters, Purchaser shall have the
election specified in the last sentence of Section III C below. 
 C. Purchaser shall have the right to have its title
examination and Survey updated until the Closing Date (hereinafter defined), and if any such update discloses any new title exceptions or survey matters as to which Purchaser has an objection as a new Title Defect, and (i) which were not listed
in the Commitment, as to title matters, (ii) which were not shown on the Survey, as to survey matters, or (iii) were not contemplated in this Agreement as being created as a part of this transaction, or (iv) were not otherwise
consented to or caused by Purchaser (any such new matter being referred to as a “new objection”), Purchaser shall deliver to Seller a statement of any such new objections and Seller shall have until the Closing Date to cure all such
new objections. In the event that Seller fails to cure such new objections on or before the Closing Date (i) Purchaser may terminate this Agreement by written notice to Seller given on or before the Closing Date, whereupon Purchaser shall
receive a full refund of so much of the Deposit held by Escrow Agent, and thereafter this Agreement shall be null and void and of no further force or effect, and neither Purchaser nor Seller shall have any further rights, duties, liabilities or
obligations to the other by reason hereof except for the Inspection Indemnity, or (ii) Purchaser may cure such new objections created by Seller and deduct the reasonable cost thereof from the Purchase Price otherwise payable by Purchaser at
Closing, or (iii) waive such objections and consummate the transaction contemplated herein without reduction of the Purchase Price. 

  
 -6-

ARTICLE IV — ITEMS TO BE DELIVERED BY SELLER AT CLOSING 

At Closing Seller agrees to deliver the following items to Purchaser. Drafts of all documents to be delivered at Closing as specified in
this Agreement shall be prepared by Seller’s counsel and submitted to Purchaser for review and approval at least five (5) days prior to the Closing Date. 
 A. A duly executed Special Warranty Deed in forms acceptable for recording, of the types customarily used for commercial real estate transactions in the State of Florida, conveying to Purchaser or its
assignee, fee simple title to the Property subject to laws, ordinances and governmental regulations (including but not limited to building, zoning, land use and any subdivision ordinances and regulations) affecting the occupancy, use or enjoyment of
the Property, but this Section IV A shall not vary or affect Purchaser’s condition precedent with respect to receiving Land Use Approvals and Site Plan Approval (as hereinafter defined in Article IX); all matters shown on Schedule B-2 of
the Commitment which are not Title Defects or are otherwise waived by Purchaser; real estate taxes and assessments for the year of Closing and subsequent years, subject to the proration provisions set forth in Article VII; and those matters
disclosed by or depicted on the Survey, which are not Title Defects or are otherwise waived by Purchaser. 
 B. A duly executed
affidavit in a form customarily used for commercial real estate transactions in the State of Florida and which is acceptable to the Title Company showing among other things that all debts for labor and materials in respect of the Property incurred
by or on behalf of Seller have been paid in full and that there are no rights of occupancy with respect to the Property. 
 C. A
properly executed memorandum evidencing the repurchase option described in Section XIX L herein. 

  
 -7-

 D. An allocation of development rights under the DRI Development Order for a maximum of 344
multifamily residential units. 
 E. A duly executed Certification of Non-Foreign Status that pursuant to Section 1445 of
the Internal Revenue Code, certifies Seller is not a foreign person, foreign corporation, foreign partnership, foreign trust or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations). 

F. Such evidence as is reasonably required by the Title Company and the Purchaser evidencing the authority of Seller and those acting on
behalf of Seller to enter into this Agreement and consummate the transaction contemplated herein. 
 G. A closing statement
evidencing the prorations between Seller and Purchaser and payment of closing costs specified herein. 
 H. Any other documents
referred to or specified in this Agreement or reasonably required by the Title Company, and any other documents or agreements deemed necessary or reasonably appropriate by Purchaser’s and Seller’s respective counsel. 

ARTICLE V — ITEMS TO BE DELIVERED BY PURCHASER AT CLOSING 

At Closing, Purchaser agrees to deliver the following items to Seller: 

A. The Purchase Price as required by and in the manner specified in Section II B hereof. 

B. Any other documents referred to or specified in this Agreement or required by the Title Company, and any other documents or agreements
deemed necessary or reasonably appropriate by Purchaser’s and Seller’s respective counsel. 

ARTICLE VI — SELLER’S DELIVERY OF DOCUMENTS 

Seller has delivered or will make available to Purchaser within three (3) business days after the full execution hereof the
following due diligence materials (the “Due Diligence Materials”): 
 A. A copy of the most recent
environmental report in respect of the Land in Seller’s possession. 
 B. The Existing Survey and a copy of Seller’s
latest dated owner’s title insurance policy in respect of the Land. 

  
 -8-

 C. A copy of any soils reports and geotechnical reports concerning the Land in Seller’s
possession. 
 D. A copy of the latest ad valorem tax bill in Seller’s possession. 

E. All traffic reports, all engineering reports and agreements with respect to the provision of utilities to the Land, permits, plans,
maps, topographic and tree surveys, zoning information, traffic studies and wetlands reports in Seller’s possession with respect to all or any part of the Land. 
 Purchaser acknowledges that the Due Diligence Materials have been prepared by third parties. PURCHASER HEREBY ACKNOWLEDGES THAT SELLER HAS NOT MADE AND DOES NOT MAKE ANY REPRESENTATION OR WARRANTY
REGARDING THE TRUTH, ACCURACY OR COMPLETENESS OF THE DUE DILIGENCE MATERIALS OR THE SOURCES THEREOF EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH IN THIS AGREEMENT. SELLER HAS NOT UNDERTAKEN ANY INDEPENDENT INVESTIGATION AS TO THE TRUTH, ACCURACY OR
COMPLETENESS OF THE DUE DILIGENCE MATERIALS AND IS PROVIDING THE DUE DILIGENCE MATERIALS SOLELY AS AN ACCOMMODATION TO PURCHASER. 
 ARTICLE VII — APPORTIONMENTS 
 The following
items shall be apportioned at Closing and as of the Closing Date: 
 A. All real property taxes including the current
installment for any assessment (special, bond, or otherwise) based on the most discounted amount. In the event that the current year’s taxes are not available as of the Closing Date, the proration shall be based upon such taxes for the
preceding year, but such taxes shall be reprorated between Purchaser and Seller as soon as the current year’s taxes are available, immediately upon demand being made therefor by either Purchaser or Seller. Seller shall be entitled to receive
any income in respect of the Property and shall be obligated to pay all expenses in respect of the Property for all time periods prior to and including the day prior to the Closing Date. Purchaser shall be entitled to receive all such income and
shall be obligated to pay all such expenses for all time periods commencing with the Closing Date. In the event that any income or any expense item relating to the period prior to the Closing Date is received or appears after the Closing, such
item(s) shall be adjusted between the Seller and the Purchaser within ten (10) days after such is discovered. This Section VII A shall survive the Closing of the transaction contemplated herein. 

ARTICLE VIII — TIME AND PLACE OF CLOSING AND CLOSING COSTS

 A. The consummation of the transaction contemplated herein shall take place by means of an escrow closing conducted
by the Escrow Agent commencing at 10:00 A.M. on any business day specified by Purchaser in a notice given to Seller not less than five (5) days prior to the specified business day, which specified business day is the earlier to occur of
the following: (i) two hundred forty (240) days after Seller has obtained the Land Use Approvals or (ii) not more than thirty days after Purchaser has obtained Site Plan Approval, as hereinafter specified. Seller and Purchaser each
agrees to deposit with the Escrow Agent all documents and instruments specified herein to be delivered by each of them, respectively, at the Closing, and Purchaser agrees to deposit with the Escrow Agent the amount of the Purchase Price and closing
costs required to be paid by Purchaser, net of any credit to Purchaser arising from the proration of income and expenses as provided herein, all sufficiently in time so as to allow the Escrow Agent to conduct the Closing on the Closing Date. The
consummation of the transaction contemplated herein is herein referred to as the “Closing”, and the day the Closing occurs is herein referred to as the “Closing Date”. 

  
 -9-

 B. At Closing, Seller shall pay the Florida documentary stamp tax incident to the Special
Warranty Deed. At Closing, Purchaser shall pay the cost of the title examination and owner’s title insurance premium, the cost of the Survey, and all recording fees. Purchaser shall also pay for all of Purchaser’s due diligence costs.
Seller and Purchaser will each pay their own attorneys’ fees and any other costs herein specified to be paid by either of them. 
 C. Possession of the Property will be delivered by Seller to Purchaser on the Closing Date. 
 ARTICLE IX — CONDITIONS PRECEDENT 

Purchaser shall not be required to purchase the Property unless the following conditions precedent have been satisfied: 

A. On or before the date which is seventy-five (75) days after the Effective Date (the “Inspection Period”),
Purchaser may, but shall have no obligation to, obtain soil borings, engineering reports, topographical surveys, and evidence of availability of water, telephone, natural gas, and electrical utilities all in sufficient capacities to as to permit the
development of the Property for Purchaser’s Intended Use, and confirmation from Purchaser’s engineers that the topography, soil and subsurface conditions of the Property are suitable for Purchaser’s Intended Use without
Purchaser’s incurring site work costs which are, in Purchaser’s estimation, unreasonably high. Seller shall permit Purchaser to make the foregoing investigations. Subsequent to such inspection, Purchaser shall determine on or before the
expiration of the Inspection Period, in its sole discretion, whether or not the condition of the Property is satisfactory. If Purchaser determines the Property is satisfactory, Purchaser shall, on or before the end of the Inspection Period so notify
Seller and Escrow Agent by sending a notice to proceed (the “Notice to Proceed”) stating that the condition precedent set forth in this Section IX A has been satisfied and contemporaneously with the transmittal of the Notice to
Proceed, Purchaser shall pay the Subsequent Deposit to Escrow Agent. If Purchaser, in its sole discretion, does not send the Notice to Proceed on or before the end of the Inspection Period, the condition precedent set forth in this Section IX A
shall have failed and Escrow Agent shall return the Deposit to Purchaser (less $100.00 which shall be paid to Seller in consideration of Seller’s having held the Property off the market) and thereafter this Agreement shall terminate and be null
and void and of no further force and effect, and neither Purchaser nor Seller shall have any further rights, duties, liabilities or obligations to the other by reason hereof except for the Inspection Indemnity. 

  
 -10-

 B. After the Effective Date, Seller shall use commercially reasonable efforts to obtain the
Land Use Approvals in a manner sufficient to allow Purchaser’s Intended Use of the Property; provided, however, in no event shall Seller be required to (i) expend funds and/or incur expenses or obligations in excess of the aggregate amount
of Two Hundred Thirty-Five Thousand Dollars ($235,000.00) in pursuing the Land Use Approvals (the “Seller Cap”) or (ii) file an appeal, challenge a denial, or re-file a revised application in the event of a denial or an approval with
unacceptable conditions as set forth below. Seller shall file for the NOPC and Rezoning within thirty (30) days of the Effective Date. In the event that Seller has not obtained the Land Use Approvals on or before the day which is two hundred
ten (210) days after the Effective Date, the condition precedent set forth in this Section IX B shall have failed and Escrow Agent shall return the Deposit to Purchaser (less $100.00 which shall be paid to Seller in consideration of
Seller’s having held the Property off the market) and thereafter this Agreement shall terminate and be null and void and of no further force and effect, and neither Purchaser nor Seller shall have any further rights, duties, liabilities or
obligations to the other by reason hereof except for the Inspection Indemnity. In the event that (i) Seller is denied all or any of the Land Use Approvals, or (ii) the appropriate governmental or quasi-governmental entity imposes
conditions in order to issue such approvals which (x) require Seller to incur additional expense that would cause Seller to exceed the Seller Cap when such expenses are aggregated with expenses that Seller has incurred and reasonably would
incur to finalize the Land Use Approvals, or (y) are otherwise unacceptable to Seller in its commercially reasonable discretion, Seller may elect to abandon the applications for such Land Use Approvals and terminate this Agreement, upon which
termination the condition precedent set forth in this Section IX B shall have failed and Escrow Agent shall return the Deposit to Purchaser (less $100.00 which shall be paid to Seller in consideration of Seller’s having held the Property
off the market) and thereafter this Agreement shall terminate and be null and void and of no further force and effect, and neither Purchaser nor Seller shall have any further rights, duties, liabilities or obligations to the other by reason hereof
except for the Inspection Indemnity. In the event that Seller elects to terminate this Agreement due to the fact that Seller is likely to exceed the Seller Cap, within five (5) business days of receipt of such notice, Purchaser may elect in
writing to pay all amounts incurred by Seller in excess of the Seller Cap; and, upon Seller’s receipt of such notice and a mutually acceptable agreement for Purchaser to fund such excess costs, the Agreement will automatically be reinstated,
and Seller will continue its pursuit of the Land Use Approvals subject to the terms and conditions of this Agreement, including, without limitation, the timing requirements set forth above. 

C. All of Seller’s representations and warranties contained in this Agreement shall be true and correct on the Closing Date and
Seller shall have performed all of its covenants specified in this Agreement through the Closing Date and shall have executed and delivered all documents and instruments required of Seller. 

  
 -11-

 D. On the Closing Date, the Title Company shall issue to Purchaser an owner’s title
insurance policy, or a “marked-up” Title Commitment obligating the Title Company to so issue an owner’s title insurance policy to Purchaser, insuring fee simple title to the Land in Purchaser’s subject only to the title and
survey exceptions approved by Purchaser in accordance with Article III hereof. 
 E. After Seller and Purchaser have agreed to
the Preliminary Plans and Seller has obtained the Land Use Approvals, Purchaser shall be responsible, at its expense, to promptly submit the Preliminary Plans for approval by the Hillsborough County, Florida (“Site Plan Approval”).
Seller agrees to cooperate with Purchaser in the process of attempting to obtain Site Plan Approval, and Seller, as the owner of the Property shall sign any documents reasonably required in connection with attempting to obtain Site Plan Approval.
Purchaser agrees to use its good faith commercially reasonable efforts to attempt to obtain Site Plan Approval. Purchaser will be responsible for and will engage the legal and design professionals to develop the Preliminary Plans and to process Site
Plan Approval. In the event that Hillsborough County requires changes to the Preliminary Plans which Purchaser and Seller had agreed to, Seller and Purchaser shall have the right to approve any such changes; provided that Seller and Purchaser agree
to continue using their good faith commercially reasonable efforts to address the concerns and requirements raised by Hillsborough County in attempt to accommodate such concerns and requirements so as to achieve Site Plan Approval; provided further,
however, the parties agree that Seller will be acting in good faith and in a commercially reasonable manner if Seller withholds its consent based on failure of the Site Plan Approval to conform with the existing design standards of Crosstown Center.

 In the event that any of the conditions precedent set forth in Sections IX C, D or E are not satisfied as of the Closing Date, Purchaser
shall have the right to notify Seller and the Escrow Agent that one or more of such conditions precedent shall have failed and Escrow Agent shall return so much of the Deposit as is then held by Escrow Agent to Purchaser (less $100.00 which shall be
paid to Seller in consideration of Seller’s having held the Property off the market) and thereafter this Agreement shall terminate and be null and void and of no further force or effect, and neither Purchaser nor Seller shall have any further
rights, duties, liabilities or obligations to the other by reason hereof except for the Inspection Indemnity. 

ARTICLE X — EMINENT DOMAIN 

A. If, prior to the Closing Date, there shall be any condemnation or eminent domain proceedings instituted or pending against any part of
the Land that materially and adversely affects Purchaser’s Intended Use of the Property, in Purchaser’s commercially reasonable discretion, then Purchaser may elect to terminate this Agreement by written notice given to Seller and Escrow
Agent within ten (10) days after Purchaser has received notice from Seller of such proceedings, which notice Seller agrees to give to Purchaser promptly upon receiving such information. Upon such notice to Seller and Escrow Agent, so much of
the Deposit as is then held by the Escrow Agent shall be returned by Escrow Agent to Purchaser, and upon such return, this Agreement shall terminate and be null and void and of no further force or effect, and neither Purchaser nor Seller shall have
any further rights, duties, liabilities or obligations to the other by reason hereof except for the Inspection Indemnity. Failure of Purchaser to so notify Seller and Escrow Agent within said ten (10) days that Purchaser has elected to
terminate this Agreement, shall be deemed to mean that Purchaser has elected not to terminate this Agreement. If Purchaser does not so elect to terminate this Agreement, then the Closing shall take place as provided herein without abatement of the
Purchase Price, and there shall be paid or assigned to Purchaser at Closing all interest of Seller in and to any condemnation awards which have been or may be payable to Seller on account of such occurrence. 

  
 -12-

 B. If, prior to the Closing Date, there is any material casualty damage to the Land, whether
or not insured against by Seller, Seller shall promptly give Purchaser notice of such fact, and Purchaser may elect to terminate this Agreement by written notice given to Seller and Escrow Agent within ten (10) days after Purchaser has received
notice from Seller of such casualty damage, which notice Seller agrees to give to Purchaser promptly after such material casualty damage has occurred. Upon such notice to Seller and Escrow Agent, so much of the Deposit as is then held by the Escrow
Agent shall be returned by Escrow Agent to Purchaser, and upon such return, this Agreement shall terminate and be null and void and of no further force or effect, and neither Purchaser nor Seller shall have any further rights, duties, liabilities or
obligations to the other by reason hereof except for the Inspection Indemnity. Failure of Purchaser to so notify Seller and Escrow Agent within said ten (10) days that Purchaser has elected to terminate this Agreement, shall be deemed to mean
that Purchaser has elected not to terminate this Agreement. If Purchaser does not so elect to terminate this Agreement, then the Closing shall take place as provided herein without abatement of the Purchase Price. 

ARTICLE XI — LIQUIDATED DAMAGES 

A. Seller’s only remedy for Purchaser’s breach of this Agreement shall be to obtain the Deposit from the Escrow Agent, the
amount of which shall be and constitute Seller’s liquidated damages, it being otherwise difficult or impossible to estimate Seller’s actual damages. Seller hereby waives any right to specific performance, injunctive relief or other relief
to cause Purchaser to perform its obligations under this Agreement, and Seller hereby waives any right to damages in excess of said liquidated damages occasioned by Purchaser’s breach of this Agreement. Seller and Purchaser acknowledge that it
is impossible to estimate or determine the actual damages Seller would suffer because of Purchaser’s breach hereof, but that the liquidated damages provided herein represent a reasonable estimate of such actual damages and Seller and Purchaser
therefore intend to provide for liquidated damages as herein provided, and that the agreed upon liquidated damages are not punitive or a penalty and are just, fair and reasonable. Seller’s right to receive the specified liquidated damages is in
lieu of any other right or remedy, all other rights and remedies being waived by Seller. Nothing contained in this Section XI A shall affect or limit the Inspection Indemnity. 

  
 -13-

 ARTICLE XII — SELLER’S REPRESENTATIONS,

 WARRANTIES AND COVENANTS 
 Seller represents and warrants to Purchaser, and covenants with Purchaser, with the understanding that each such representation, warranty and covenant (i) is material and being relied upon by the
Purchaser, (ii) is made as an inducement to Purchaser to enter into this Agreement and consummate the transaction contemplated hereby, (iii) is true in all respects as of the date of this Agreement, and (iv) shall be true in all
respects on the Closing Date unless rendered untrue by Purchaser or its affiliates, that: 
 A. Seller is the record title owner
of the Property. While this Agreement is in effect and prior to the Closing, Seller will not convey, transfer or encumber the Property or any part thereof or any interest therein. Seller has all requisite power and authority to execute this
Agreement, the closing documents listed in Article IV hereof, and any other documents required to be delivered by Seller. 
 B.
To Seller’s actual knowledge, as of the date of full execution hereof, there is no administrative agency action, litigation, condemnation or other governmental proceeding of any kind pending against Seller or the Property which after the
Closing would materially, adversely affect the value of the Property or the ability of Purchaser to develop the Property for Purchaser’s Intended Use. 
 C. No later than the Closing, Seller will pay off and have cancelled of record all Mandatory Removal Liens. 
 D. Seller has not received any written notice of violation of any zoning, land-use, building, fire, health, labor and safety laws, ordinances, rules and regulations applicable to the Property. 

E. There exists no management, maintenance, operating, service, commission or similar contracts affecting the Land that will survive
Closing, except matters of public record or other agreements referenced in Schedule XII E of this Agreement. 
 F. To
Seller’s actual knowledge, there is no litigation pending which does or will materially or adversely affect the Property. 

G. Seller warrants that Seller is not a foreign person, foreign corporation, foreign partnership, foreign trust or foreign estate as such
terms are defined in Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended. 
 H. To Seller’s actual
knowledge, except as set forth in the environmental reports set forth on Schedule XII.H (the “Environmental Reports”), the Land does not contain, no activity upon the Land has produced, and the Land has not been used in any
manner for the storage of, any hazardous or toxic waste, materials, discharge, deposit, dumping or contamination, whether of soil, ground water or otherwise, which violates any law, ordinance, rule or regulation of, or requires any reporting to, any
governmental authority. To Seller’s actual knowledge, except as set forth in the Environmental Reports, the Land does not contain underground tanks of any type or any materials containing or producing any polychlorinated biphenyls or any
asbestos. 

  
 -14-

 I. Seller, and all beneficial owners of Seller, are in compliance with all laws, statutes,
rules and regulations applicable to such Persons (as hereinafter defined) pursuant to the requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (September 25, 2001) (the “Order”) and other similar requirements contained
in the rules and regulations of the Office of Foreign Asset Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders in respect thereof (the Order and such other rules, regulations,
legislation, or orders are collectively called the “Orders”). For purposes of this subsection, “Person” shall mean any corporation, partnership, limited liability company, joint venture, individual, trust, real estate investment
trust, banking association, federal or state savings and loan institution and any other legal entity, whether or not a party hereto. Neither Seller nor any of the beneficial owners of Seller: 

1. is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to
the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant of any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as the
“Lists”); 
 2. has been arrested or indicted for money laundering or for predicate
crimes to money laundering, convicted or pled nolo contendere to charges involving money laundering or predicate crimes to money laundering; 
 3. has been determined by competent authority to be subject to the prohibitions contained in the Orders; 

4. is owned or controlled by, nor acts for or on behalf of, any Person on the Lists or any other Person
who has been determined by competent authority to be subject to the prohibitions contained in the Orders; or 
 5. shall transfer or permit the transfer of any interest in Seller or such parties to any Person who is, or whose beneficial owners are, listed on the Lists. 

If Seller or any beneficial owner of Seller becomes listed on the Lists or are indicted, arraigned, or custodially detained on charges
involving money laundering or predicate crimes to money laundering (each, a “Triggering Event”), Seller shall immediately notify Purchaser, but in no event later than five (5) business days after the occurrence of the Triggering
Event. In the event of a Triggering Event, Purchaser may terminate this Agreement upon written notice to the Seller, whereupon the Deposit, subject to compliance with applicable governmental regulations, shall be returned to Purchaser, and neither
party shall have any further obligation hereunder except for the Inspection Indemnity. Seller shall have ten (10) business days after receipt of Purchaser’s notice to remove such party from any interest in Seller. 

  
 -15-

 All of the representations, warranties, and covenants of the Seller contained in this
Article XII shall be true and correct in all material respects and not in default at the time of Closing and Seller shall execute at Closing in favor of Purchaser a Certification with respect thereto. Whenever any statement, warranty, or
representation of Seller set forth in this Agreement is qualified by a “to Seller’s actual knowledge” limitation or by words of similar import, it is intended, understood and agreed that said statement, warranty, or representation
means the actual (and not constructive or imputed) knowledge, without independent investigation or inquiry, of Kyle Burd. The foregoing representations and warranties shall survive Closing for a period of twelve months (12) months; provided,
however, that Seller shall have no liability with respect to any of Seller’s representations and warranties contained herein if, prior to the Closing, Purchaser has actual knowledge of any breach of a representation or warranty of Seller
herein, and Purchaser nevertheless consummates the transaction contemplated by this Agreement. Subject to the preceding sentence, in the event that any representation or warranty made by Seller in Article XII is first discovered by Purchaser during
the twelve month (12) month period after Closing to be inaccurate, untrue or breached, as the case may be, in any material respect, Purchaser shall have the right for a period of thirteen (13) months after Closing, to seek any available
remedy at law or in equity against Seller, including the recovery of reasonable attorneys’ fees incurred by Purchaser in connection therewith; provided, however, that Purchaser must commence a legal action or proceeding seeking such damages
within said thirteen (13) month period, or its claims shall thereafter be barred. This provision shall survive the Closing of this Agreement. 
 ARTICLE XIII — PURCHASER’S REPRESENTATIONS, 
 WARRANTIES AND COVENANTS 
 Purchaser represents and warrants to
Seller, and covenants with Seller, with the understanding that each such representation, warranty and covenant (i) is material and being relied upon by the Seller, (ii) is made as an inducement to Seller to enter into this Agreement and
consummate the transaction contemplated hereby, (iii) is true in all respects as of the date of this Agreement, and (iv) shall be true in all respects on the Closing Date, that: 

A. Purchaser has all requisite power and authority to execute this Agreement as of the Effective Date, and subject to receiving approval
of Purchaser’s Investment Committee and Board, the closing documents listed in Article V hereof, and any other documents required to be delivered by Purchaser. Purchaser does represent to Seller that has obtained approval to enter into this
Agreement and deposit the $100,000 Initial Deposit into escrow with Escrow Agent. 

  
 -16-

 B. Purchaser, and all beneficial owners of Purchaser, are in compliance with all laws,
statutes, rules and regulations applicable to such Persons (as hereinafter defined) pursuant to the requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (September 25, 2001) (the “Order”) and other similar requirements
contained in the rules and regulations of the Office of Foreign Asset Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders in respect thereof (the Order and such other rules, regulations,
legislation, or orders are collectively called the “Orders”). For purposes of this subsection, “Person” shall mean any corporation, partnership, limited liability company, joint venture, individual, trust, real estate investment
trust, banking association, federal or state savings and loan institution and any other legal entity, whether or not a party hereto. Neither Purchaser nor any of the beneficial owners of Purchaser: 

1. is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to
the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant of any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as the
“Lists”); 
 2. has been arrested or indicted for money laundering or for predicate
crimes to money laundering, convicted or pled nolo contendere to charges involving money laundering or predicate crimes to money laundering; 
 3. has been determined by competent authority to be subject to the prohibitions contained in the Orders; 

4. is owned or controlled by, nor acts for or on behalf of, any Person on the Lists or any other Person
who has been determined by competent authority to be subject to the prohibitions contained in the Orders; or 
 5. shall transfer or permit the transfer of any interest in Purchaser or such parties to any Person who is, or whose beneficial owners are, listed on the Lists. 

If Purchaser or any beneficial owner of Purchaser becomes listed on the Lists or are indicted, arraigned, or custodially detained on
charges involving money laundering or predicate crimes to money laundering (each, a “Triggering Event”), Purchaser shall immediately notify Seller, but in no event later than five (5) business days after the occurrence of the
Triggering Event. In the event of a Triggering Event, Seller may terminate this Agreement upon written notice to the Purchaser, whereupon the Deposit, subject to compliance with applicable governmental regulations, shall be delivered to Seller, and
neither party shall have any further obligation hereunder except for the Inspection Indemnity. Purchaser shall have ten (10) business days after receipt of Seller’s notice to remove such party from any interest in Purchaser. 

  
 -17-

 ARTICLE XIV — NOTICES 

Whenever any notice, demand or request is required or permitted hereunder, such notice, demand or request shall be in writing and
(i) shall be hand-delivered in person or sent by FedEx or similar overnight delivery service, to the addresses set forth below or (ii) shall be transmitted by facsimile to the numbers set forth below provided that a copy of such notice,
demand or request being transmitted by facsimile is also deposited with FedEx or similar overnight delivery service the same day in the manner set forth in item (i) above: 

To Purchaser: 
 Crescent Resources, LLC 
 3500 SW Corporate Parkway 

Suite 201 
 Palm City, FL 34990-8185 
 Attention: Mr. Richard A. Buck

 Facsimile number: (772) 220-4582 

With a copy to: 
 Mr. Todd M. Farrell 
 Crescent Resources, LLC 

227 W. Trade Street 
 Suite 1000 
 Charlotte, NC 28202 

Facsimile number: (980) 321-6240 

With a copy to: 

Sanford H. Zatcoff, Esq. 
 Holt Ney Zatcoff & Wasserman, LLP 
 100 Galleria Parkway

 Suite 600 
 Atlanta, Georgia 30339 
 Facsimile number: (770) 988-8580

 To Seller: 

Crosstown Owner LLC 
 c/o Eola Capital LLC 
 390 N. Orange Ave. Suite 2400

 Orlando, Florida 32801 

Attention: Jim Heistand 
 Facsimile number: (727) 866-9861 
 With a copy to:

 Matthew S. McAfee, Esq. 

Driver, McAfee, Peek & Hawthorne, P.L. 

One Independent Drive 
 Suite 1200 
 Jacksonville, FL 32202 

Facsimile number: (904) 301-1279 

  
 -18-

 To Escrow Agent: 

First American Title Insurance Company 

Six Concourse Parkway 
 Suite 2000 
 Atlanta, GA 30328 

Attention: Mr. Terry Wilson 
 Facsimile number: (866) 735-3071 
 Any notice, demand, or request which shall be served upon
any of the parties in the manner aforesaid shall be deemed sufficiently given for all purposes hereunder (i) at the time such notice, demand or request is hand-delivered in person, or (ii) on the day such notices, demands or requests are
deposited with FedEx or similar expedited delivery service in accordance with the preceding portion of this Article XIV, or (iii) at the time such notice, demand or request is transmitted by facsimile provided same is followed by a hard copy
deposited the same day with FedEx or similar overnight delivery service in accordance with the preceding portion of this Article XIV. Any party hereto shall have the right from time to time to designate by written notice to the others such other
person or persons and at such other places in the United States as such party desires written notices, demands, or requests to be delivered or sent in accordance herewith; provided, however, at no time shall either party be required to send more
than an original and two (2) copies of any such notice, demand or request required or permitted hereunder. Anything contained in this Article XIV to the contrary notwithstanding, all notices from Seller and Purchaser may be executed and sent by
their respective counsel. 
 ARTICLE XV — SETTLEMENT ITEMS 

In addition to the items specifically mentioned in this Agreement to be delivered at the Closing, Seller shall deliver the following
items to Purchaser at the Closing: any sewer, water and other utility bills and tax and assessment bills any part of which is to be paid by Purchaser, and a complete and accurate statement setting forth the necessary information upon which any
adjustment or proration shall be made at the Closing. 
 ARTICLE XVI — ACCESS 

Purchaser and its agents and representatives shall have the right to enter upon the Property at any reasonable time prior to the Closing
Date for any lawful purpose, including, without limitation, to conduct the due diligence tests; provided, however, Purchaser shall pay for all such work performed on the Property and shall not permit the creation of any lien in favor of any
contractor, subcontractor, materialman, mechanic, surveyor, architect or laborer. Purchaser hereby expressly agrees to indemnify, defend and hold Seller harmless against any claim, lien, damage or injury to either persons or property, and all costs
and expenses related thereto (including without limitation reasonable attorney’s fees and costs), arising out of Purchaser’s or its agent’s or representative’s actions under this Article XVI. Purchaser shall not conduct or allow
any analytical or physical testing of, on or under the Property, including, without limitation, groundwater, soil or vapor testing, without first providing Seller advance notice in each instance as to timing and scope of the work to be performed.
Before any such entry, Purchaser shall provide Seller with a certificate of insurance naming Seller as an additional insured and with an insurer and insurance limits and coverage reasonably satisfactory to Seller. Seller or Seller’s agent shall
have the right to accompany Purchaser and Purchaser’s Inspectors during any activities performed on the Property. At Seller’s request, Purchaser shall provide Seller with a copy of the results of any tests and inspections made by
Purchaser. Purchaser agrees that any inspection, test or other study or analysis of the Property shall be performed in strict accordance with all applicable laws, ordinances, codes and other governmental requirements. If any inspection or test
materially disturbs the Property, and this Agreement is terminated for any reason other than Seller’s default, Purchaser will restore the Property to substantially the same condition as existed before the inspection or test. Purchaser shall not
contact any governmental agency or instrumentality regarding the Property without first notifying Seller and affording Seller a reasonable opportunity to participate in any discussions or conversations. This Article XVI shall survive the Closing of
the transaction contemplated herein or any termination of this Agreement. The indemnity and hold harmless provisions and restoration obligations of this Article XVI are herein referred to as the “Inspection Indemnity”.

  
 -19-

 ARTICLE XVII — BROKER 

A. Purchaser and Seller hereby represent to each other that no real estate broker or agent was involved in negotiating the transaction
contemplated herein. In the event any claim(s) for real estate commissions, fees or compensation arise in connection with this Agreement and the transaction contemplated herein, Purchaser and Seller further covenant and agree that the party so
incurring or causing such claim(s) shall indemnify, defend and hold harmless the other party from any loss, claim or damage which the other party suffers because of said claim(s). 

ARTICLE XVIII — DISCLAIMER OF WARRANTIES 

A. ACKNOWLEDGING PURCHASER’S OPPORTUNITY TO INSPECT THE PROPERTY, EXCEPT AS SET FORTH IN THIS AGREEMENT AND THE DOCUMENTS TO BE
DELIVERED AT CLOSING, PURCHASER AGREES TO TAKE THE PROPERTY “AS IS”, “WHERE IS”, WITH ALL FAULTS AND CONDITIONS THEREON. ANY INFORMATION, REPORTS, STATEMENTS, DOCUMENTS OR RECORDS (“DISCLOSURES”) PROVIDED OR MADE TO
PURCHASER BY SELLER, ITS AGENTS OR EMPLOYEES CONCERNING THE CONDITION (INCLUDING, BUT NOT LIMITED TO, THE ENVIRONMENTAL CONDITION) OF THE PROPERTY SHALL NOT BE REPRESENTATIONS OR WARRANTIES, UNLESS SPECIFICALLY SET FORTH IN THIS AGREEMENT, OR IN ANY
DOCUMENTS DELIVERED AT CLOSING. EXCEPT AS MAY OTHERWISE BE SPECIFICALLY SET FORTH IN THIS AGREEMENT OR IN ANY DOCUMENT DELIVERED AT CLOSING, PURCHASER SHALL NOT RELY ON SUCH DISCLOSURES, BUT RATHER, PURCHASER SHALL RELY ONLY ON ITS OWN INSPECTION OF
THE PROPERTY. PURCHASER ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS AND TAKES INTO ACCOUNT THAT THE PROPERTY IS BEING SOLD “AS IS”. 

  
 -20-

 B. PURCHASER ACKNOWLEDGES AND AGREES THAT EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT
OR IN ANY DOCUMENTS DELIVERED AT CLOSING SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED,
ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO (1) THE NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY, (2) THE INCOME TO BE DERIVED FROM THE
PROPERTY, (3) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREON, (4) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY
APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, (5) THE HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, OR (6) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY, AND, EXCEPT AS SET FORTH IN THE AGREEMENT,
SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS REGARDING TERMITES OR WASTES, AS DEFINED BY THE U.S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS AT 40 C.F.R., ANY HAZARDOUS SUBSTANCE, AS DEFINED BY THE COMPREHENSIVE ENVIRONMENTAL RESPONSE COMPENSATION
AND LIABILITY ACT OF 1980 (“CERCLA”), AS AMENDED, AND REGULATIONS PROMULGATED THEREUNDER. PURCHASER, ITS SUCCESSORS AND ASSIGNS, HEREBY WAIVE, RELEASE AND AGREE NOT TO MAKE ANY CLAIM OR BRING ANY COST RECOVERY ACTION OR CLAIM FOR
CONTRIBUTION OR OTHER ACTION OR CLAIM AGAINST SELLER OR ITS AFFILIATES, MEMBERS, PARTNERS, ATTORNEYS, SUBSIDIARIES, PARENT ENTITIES OR ASSIGNS OR ANY DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS OF ANY OF THE FOREGOING (COLLECTIVELY, “SELLER AND
ITS AFFILIATES”) BASED ON (A) ANY FEDERAL, STATE, OR LOCAL ENVIRONMENTAL OR HEALTH AND SAFETY LAW OR REGULATION, INCLUDING CERCLA OR ANY STATE EQUIVALENT, OR ANY SIMILAR LAW NOW EXISTING OR HEREAFTER ENACTED, (B) ANY DISCHARGE,
DISPOSAL, RELEASE, OR ESCAPE OF ANY CHEMICAL, OR ANY MATERIAL WHATSOEVER, ON, AT, TO, OR FROM THE PROPERTY; OR (C) ANY ENVIRONMENTAL CONDITIONS WHATSOEVER ON, UNDER, OR IN THE VICINITY OF THE PROPERTY. NOTHING CONTAINED HEREIN SHALL BE DEEMED
TO CONSTITUTE A WAIVER OF ANY RIGHTS PURCHASER MAY HAVE UNDER APPLICABLE LAW TO BRING AN ACTION AGAINST ANY THIRD PARTY THAT MAY HAVE BEEN RESPONSIBLE FOR THE INTRODUCTION OF ANY HAZARDOUS SUBSTANCE ONTO THE PROPERTY OTHER THAN SELLER AND ITS
AFFILIATES. 

  
 -21-

 C. PURCHASER REPRESENTS THAT IT IS A KNOWLEDGEABLE, EXPERIENCED AND SOPHISTICATED PURCHASER
OF REAL ESTATE, AND THAT, EXCEPT FOR THE REPRESENTATIONS CONTAINED IN THIS AGREEMENT AND IN THE DOCUMENTS TO BE DELIVERED AT CLOSING, IT IS RELYING SOLELY ON ITS OWN EXPERTISE AND THAT OF PURCHASER’S CONSULTANTS IN PURCHASING THE PROPERTY.
PURCHASER REPRESENTS TO SELLER THAT PURCHASER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS OF THE PROPERTY AS PURCHASER DEEMS NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTY. 

D. THE PROVISIONS OF THIS ARTICLE XVIII SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS AGREEMENT. 

  
 -22-

 ARTICLE XIX — MISCELLANEOUS 

A. This Agreement constitutes the entire agreement between the parties hereto and cannot be changed or modified other than by a written
agreement executed by both Purchaser and Seller. This Agreement supersedes all previous agreements and understanding between the parties hereto with respect to the subject matter hereof. 

B. Irrespective of the place of execution or performance, this Agreement shall be governed by and construed in accordance with the laws
of the State of Florida. This Agreement shall be construed without regard to any presumption or other rule requiring construction against the party causing this Agreement to be drafted. If any words or phrases in this Agreement shall have been
stricken out or otherwise eliminated, whether or not any other words or phrases have been added, this Agreement shall be construed as if the words or phrases so stricken out or otherwise eliminated were never included in this Agreement and no
implication or inference shall be drawn from the fact that said words or phrases were so stricken out or otherwise eliminated. All terms and words used in this Agreement regardless of the number or gender in which they are used, shall be deemed to
include any other number and any other gender as the context may require. All exhibits and schedules referred to in this Agreement are incorporated herein by such reference and made a part of this Agreement. Any matter disclosed in any schedule to
this Agreement shall be deemed to be incorporated in all other schedules to this Agreement. 
 C. This Agreement may be executed
in more than one counterpart, each of which shall be deemed an original. 
 D. Time is of the essence of this Agreement and each
term and provision hereof. In the event that the last day for performance of any matter herein falls on a Saturday, Sunday or legal holiday, the time for performance shall automatically be extended to the next business day. 

E. If any term, covenant or condition of this Agreement or the application thereof to any person or circumstance shall, to any extent, be
invalid or unenforceable, the remainder of this Agreement and the application of such terms, covenants and conditions to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and
each term, covenant and condition of this Agreement shall be valid and be enforced to the fullest extent permitted by law. 
 F.
All rights, powers and privileges conferred hereunder upon the parties unless otherwise provided shall be cumulative and not restricted to those given by law. 
 G. No failure of any party to exercise any power given such party hereunder or to insist upon strict compliance by any other party to its obligations hereunder, and no custom or practice of the parties in
variance with the terms hereof, shall constitute a waiver of any party’s right to demand exact compliance with the terms hereof. 

  
 -23-

 H. Purchaser and Seller both reserve the right to waive, in whole or in part, any condition
or contingency herein which is for such respective party’s benefit. 
 I. The provisions of this Agreement shall extend to,
bind and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, assigns and the legal representatives of their estates. The foregoing sentence notwithstanding, unless Purchaser obtains
Seller’s prior written consent, Purchaser may not assign this Agreement to any entity except one in which Purchaser or its affiliate is a manager, member or partner; provided, however, no such assignment shall relieve or discharge Purchaser
from its covenants, duties, liabilities, obligations, representations, and warranties set forth in this Agreement. 
 J. Seller
and Purchaser each shall have the right to consummate the transaction contemplated in this Agreement as part of an exchange of like-kind property pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended, and the Regulations
promulgated thereunder. Seller and Purchaser agree to cooperate with each other to effect such an exchange for Seller, Purchaser or both of them provided, however, (i) the ability of a party to effect an exchange shall not be a condition
precedent to that party’s obligations under this Agreement, (ii) an exchange being effected by a party shall not result in any additional cost (other than a nominal cost) to the other party; (iii) neither party shall be obligated to
take title to any other real property in order to effect such an exchange for the other party; (iv) no exchange shall delay the Closing Date; and (iv) any exchange being effected by a party shall be effected by means of that party’s
use of a qualified intermediary. 
 K. Purchaser acknowledges that the design and development of improvements on the Property is
subject to design and development guidelines for Crosstown Center (the “Design and Development Guidelines”) established pursuant to the Declaration of Covenants, conditions and Restrictions of Crosstown Center (as modified, the
“Declaration”), and to review and approval by the design review committee (“DRC”) as established by the Declaration. In addition to the requirements established by the Declaration, Seller shall have the right to
review and approve the exterior architectural elevations, conceptual site plan and exterior building materials used in the construction of improvements on the Property. In addition to requirements set forth in the Declaration, if any, Purchaser
shall submit preliminary conceptual site plan, exterior architectural elevations and exterior building materials (the “Preliminary Plans”) to the DRC and Seller during the Inspection Period in order to confirm that Purchaser’s
proposed development will be acceptable. Such approval shall not be unreasonably withheld, conditioned or delayed by Seller provided that the Preliminary Plans are compatible with the quality and design of Crosstown Center. Seller shall review and
respond to Purchaser’s Preliminary Plans within fifteen (15) days after receipt thereof. If the Seller timely notifies Purchaser of its comments, clarifications or rejection of the Preliminary Plans, it being agreed that the failure of or
Seller to timely notify Purchaser of any comments shall be deemed approval, then the Inspection Period shall be extended for up to thirty (30) days to allow Purchaser time to submit revised Preliminary Plans for approval by the DRC and Seller,
and to allow time for the DRC and Seller to review and approve the revised Preliminary Plans. Seller and Purchaser agree to use their good faith commercially reasonable efforts to work together to agree upon satisfactory Preliminary Plans.

  
 -24-

 After the Preliminary Plans have been approved by the DRC and Seller, prior to the Closing
and, to the extent necessary, in coordination with obtaining the Site Plan Approval contemplated in Section IX E above, Purchaser will submit to Seller and the DRC, a final site plan, exterior architectural elevations and exterior building materials
for approval by the DRC and Seller, such approval by Seller not to be unreasonably withheld, conditioned or delayed, and which approval must be given by Seller provided that such final site plan, exterior architectural elevations and exterior
building materials are substantially similar to the approved Preliminary Plans. 
 L. Purchaser acknowledges that Seller is
selling the Property to Purchaser in anticipation that Purchaser will develop the Property for the Intended Use. If, within twenty-four months (24) from the date of the closing (the “Construction Commencement Date”), the
Purchaser has not closed on a construction loan and obtained commitments for all required equity for the construction of improvements on the Property for the Intended Use, then Seller shall have the right to repurchase the Property as described
herein. Seller shall have the right to exercise this repurchase option at any time after the Construction Commencement Date and continuing until Purchaser has actually commenced construction of improvements on the Property. Within thirty
(30) days after receipt of a written request from Seller, Purchaser shall execute and deliver to Seller a special warranty deed which reconveys the Property to Seller, free and clear of all liens and encumbrances other than those in existence
at the time of the Closing. Purchaser shall also execute an assignment and any other documents necessary to transfer to Seller any item previously transferred from Seller to Purchaser at the closing, including allocated development entitlements.
Upon execution and delivery of such special warranty deed and assignment, Seller shall pay Purchaser ninety-five percent (95%) of the original Purchase Price paid by Purchaser for the Property and the purchase price of all Impact Fee Offsets
purchase from Seller, less all amounts necessary to satisfy any liens, mortgages and encumbrances affecting or encumbering the Property. A memorandum of repurchase option shall be executed by the parties hereto and recorded at Closing
(“Memorandum of Repurchase Option”). The Construction Commencement Date shall be extended for the period of delay in Purchaser’s commencement of construction that is caused by catastrophe, strikes, civil commotion, acts of God,
or delays attributable to the permitting and approval processes with local governments and agencies that are beyond Purchasers’ reasonable control, but such extension shall be no longer than six (6) months. The Construction Commencement
Date shall also be extended for the period of delay in Purchaser’s commencement of construction caused by the general unavailability in the marketplace of materials, such as concrete or steel, comprising a major component of Purchaser’s
improvements provided that Purchaser is otherwise diligently pursuing construction of improvements on the Property. 
 M. Seller
and Purchaser acknowledge that post-Closing the existing dirt piles and mounds must be removed from the Property to the extent that the existing dirt located on the Property will not be made available to Purchaser to achieve a balanced graded site
for Purchaser’s Intended Use of the Property. During the Inspection Period, Seller and Purchaser will use their good faith commercially reasonable efforts to determine (i) the amount of existing dirt which may be used by Purchaser to
balance the site, (ii) the amount of existing dirt which must be removed from the Property (the “Surplus Dirt”) and (iii) the cost of the removal thereof (the “Dirt Removal Cost”). During the Inspection Period
the parties shall use commercially reasonable efforts to agree on the mechanism to remove any Surplus Dirt and an allocation between the parties of the Dirt Removal Cost. If the parties fail to reach agreement as to any of the above decisions prior
to expiration of the Inspection Period, either party, as its sole and exclusive remedy for such failure, may elect to terminate this Agreement, in which case, the Escrow Agent shall pay the Earnest Money to Purchaser, and Seller and Purchaser shall
have no further rights or obligations under this Agreement, except those which expressly survive such termination. 

  
 -25-

 N. Seller and Purchaser agree that in order to develop the Property for Purchaser's Intended
Use, it will be necessary to construct on the Property storm water drainage retention and drainage lines, and Purchaser shall have the right to connect into the storm water drainage and retention system serving Crosstown Center. The parties
acknowledge that it may be necessary for Purchaser must cross other property owned by Seller in Crosstown Center to connect to such storm water and drainage and retention system. The parties also acknowledge that it may be necessary for Seller to
provide storm water drainage and other utility lines across the Property in order to serve other property owned by Seller in Crosstown Center. During the Inspection Period, Seller and Purchaser agree to use their good faith commercially reasonable
efforts to agree upon (i) the storm water drainage and retention facilities to be constructed on the Property and/or connected into the storm water drainage and retention system located on other land owned by Seller which is a part of Crosstown
Center, to service both the Property and other land owned by Seller in Crosstown Center and (ii) any easements necessary to effectuate such drainage In the event that any water drainage or other utility lines to be constructed on the Property
are also to service other land owned by Seller in Crosstown Center, and/or the size and capacity of such systems and utilities to be located on the Property must be increased in order to service Seller's other land, Seller and Purchaser will use
commercially reasonable efforts to agree during the Inspection Period as to the additional cost of construction (the “Utility Cost”). At Closing, there will be withheld and placed into escrow (the “Utility Cost
Escrow”) with the Escrow Agent, the amount of the Utility Cost, if any. At Closing, Seller, Purchaser and the Escrow Agent will enter into an escrow agreement satisfactory to them which will allow Purchaser to draw out of the Utility Cost
Escrow the Utility Cost as the storm water drainage and retention and other utility lines are constructed by Purchaser after Closing. . If the parties fail to reach agreement as to any of the above decisions prior to expiration of the Inspection
Period, either party, as its sole and exclusive remedy for such failure, may elect to terminate this Agreement, in which case, the Escrow Agent shall pay the Earnest Money to Purchaser, and Seller and Purchaser shall have no further rights or
obligations under this Agreement, except those which expressly survive such termination. 

  
 -26-

 O. If any litigation or other court action, arbitration or similar adjudicatory proceeding
is sought, taken, instituted or brought by Seller or Purchaser to enforce its rights under this Agreement, all fees, costs and expenses, including, without limitation, reasonable attorneys fees and court costs, of the prevailing party in such
action, suit or proceeding shall be borne by the party against whose interest the judgment or decision is rendered. Any litigation or other court proceeding with respect to any matter arising from or in connection with this Agreement shall be
conducted in the courts of record in Hillsborough County, Florida, or the United States District Court for the Middle District of Florida, and Seller and Purchaser hereby submit to jurisdiction and consent to venue in such courts. 

[Remainder of page intentionally left blank] 

  
 -27-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed,
sealed and delivered the day and year first above written. 
  

							
	SELLER:
	
	CROSSTOWN OWNER LLC, a Florida limited liability company
			
	By:	 	 /s/ Kyle S. Byrd
	 	(SEAL)
		 	Name:	 	 Kyle S. Byrd

		 	Title:	 	 Authorized Signatory

 [Executions continued on next page] 

  
 -28-

 
							
	PURCHASER:
	
	CRESCENT RESOURCES, LLC, a Georgia limited liability company
			
	By:	 	/s/ Todd M. Farrell	 	(SEAL)
		 	Name:	 	 Todd M. Farrell

		 	Title:	 	 President Multifamily Division

 [Executions continued on next page] 

  
 -29-

 First American Title Insurance Company joins in the execution of this Agreement under seal for the purpose
of acknowledging the agreement as to the holding of the Deposit in escrow, as of the day and year first above written. 
  

					
	ESCROW AGENT:
	
	FIRST AMERICAN TITLE INSURANCE COMPANY
		
	By:	 	 /s/ Deborah L. Goodman

		 	Name:	 	 Deborah L. Goodman

		 	Title:	 	 Vice President

			
		 		 	(CORPORATE SEAL)

  
 -30-

 EXHIBIT A 

(Preliminary Site Plan) 
 [Omitted as not necessary for an understanding of the agreement] 
 SCHEDULE
XII H 
 [Omitted as not necessary for an understanding of the agreement] 

 FIRST AMENDMENT TO SALES CONTRACT 

THIS FIRST AMENDMENT TO SALES CONTRACT ( the “Amendment”) is made and entered into this 5th day of May, 2011, by and between CROSSTOWN OWNER LLC, a
Florida limited liability company (hereinafter referred to as the “Seller”), and CRESCENT RESOURCES, LLC, a Georgia limited liability company (hereinafter referred to as the “Purchaser”). 

W I T N E S S E T H    T H
A T: 
 WHEREAS, Seller and Purchaser entered into that certain Sales Contract having an Effective Date of
March 24, 2011 (hereinafter referred to as the “Sales Contract”) with respect to the sale by the Seller to the Purchaser of certain property located in Hillsborough County, Florida; and 

WHEREAS, Seller and Purchaser are mutually desirous of entering into this Amendment to amend certain terms and provisions of the Sales
Contract only as hereinafter specifically set forth; 
 NOW, THEREFORE, for and in consideration of the premises, Ten Dollars
($10.00) in hand paid by Purchaser to Seller, and other good and valuable consideration, the receipt, adequacy and sufficiency of which is hereby acknowledged by the parties hereto prior to the execution, sealing and delivery of this Amendment, the
parties hereto, intending to be legally bound, hereby agree as follows: 
 1. The foregoing recital of facts is hereby
incorporated herein to the same extent as if hereinafter fully set forth. All capitalized words and phrases used in this Amendment shall have the meanings ascribed to them in the Sales Contract, unless specified herein to the contrary. 

2. The Sales Contract is hereby amended by deleting the words and number “seventy-five (75)” contained in Section IX A of the
Sales Contract and by inserting in lieu thereof the words and number “one hundred (100)” so that the last day of the Inspection Period shall be the date which is 100 days after the Effective Date. 

3. This Amendment may be executed in multiple counterparts, each of which shall be an original and all of which together shall constitute
one and the same agreement. It shall not be necessary that each party execute each counterpart, or that any one counterpart be executed by more than one party, so long as each party executes at least one counterpart. 

4. Except as herein amended, the Sales Contract shall remain in full force and effect and unamended. This Amendment shall be binding upon
Seller and Purchaser and their respective successors and assigns. 

 IN WITNESS WHEREOF, Seller and Purchaser have caused this Amendment to be duly executed and
delivered the day and year first above written. 
  

							
	SELLER:
	
	CROSSTOWN OWNER LLC, a Florida limited liability company
			
	By:	 	 /s/ Kyle S. Byrd
	 	(SEAL)
		 	Name:	 	 Kyle S. Byrd
	 	
		 	Title:	 	 Authorized Signatory
	 	

 
					
	PURCHASER:
	
	CRESCENT RESOURCES, LLC, a Georgia limited liability company
			
	By:	 	 /s/ Richard A. Buck
	 	(SEAL)
		 	Richard A. Buck,
		 	Vice President, Multifamily Division

 SECOND AMENDMENT TO SALES CONTRACT 

THIS SECOND AMENDMENT TO SALES CONTRACT ( the “Amendment”) is made and entered into this 6th day of July, 2011, by and between CROSSTOWN OWNER LLC, a
Florida limited liability company (hereinafter referred to as the “Seller”), and CRESCENT RESOURCES, LLC, a Georgia limited liability company (hereinafter referred to as the “Purchaser”). 

W I T N E S S E T H    T H
A T: 
 WHEREAS, Seller and Purchaser entered into that certain Sales Contract having an Effective Date of
March 24, 2011 with respect to the sale by the Seller to the Purchaser of certain property located in Hillsborough County, Florida, which was amended by that certain First Amendment to Sales Contract dated May 5, 2011 between Seller and
Purchaser (hereinafter collectively referred to as the “Sales Contract”); and 
 WHEREAS, Seller and Purchaser
are mutually desirous of entering into this Amendment to amend certain terms and provisions of the Sales Contract only as hereinafter specifically set forth; 
 NOW, THEREFORE, for and in consideration of the premises, Ten Dollars ($10.00) in hand paid by Purchaser to Seller, and other good and valuable consideration, the receipt, adequacy and sufficiency of
which is hereby acknowledged by the parties hereto prior to the execution, sealing and delivery of this Amendment, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. The foregoing recital of facts is hereby incorporated herein to the same extent as if hereinafter fully set forth. All capitalized
words and phrases used in this Amendment shall have the meanings ascribed to them in the Sales Contract, unless specified herein to the contrary. 
 2. The Sales Contract is hereby amended by changing the last day of the Inspection Period from July 5, 2011 to July 6, 2011. Seller and Purchaser acknowledge and agree that by the execution of
this Amendment, Purchaser shall be deemed to have given to Seller the Notice to Proceed. 
 3. This Amendment may be executed in
multiple counterparts, each of which shall be an original and all of which together shall constitute one and the same agreement. It shall not be necessary that each party execute each counterpart, or that any one counterpart be executed by
more than one party, so long as each party executes at least one counterpart. 
 4. Except as herein amended, the Sales
Contract shall remain in full force and effect and unamended. This Amendment shall be binding upon Seller and Purchaser and their respective successors and assigns. 

 IN WITNESS WHEREOF, Seller and Purchaser have caused this Amendment to be duly executed and
delivered the day and year first above written. 
  

							
	SELLER:
	
	CROSSTOWN OWNER LLC, a Florida limited liability company
			
	By:	 	 /s/ Kyle S. Byrd
	 	(SEAL)
		 	Name:	 	 Kyle S. Byrd
	 	
		 	Title:	 	 Authorized Signatory
	 	

 
							
	PURCHASER:
	
	CRESCENT RESOURCES, LLC, a Georgia limited liability company
			
	By:	 	 /s/ Richard A. Buck
	 	(SEAL)
		 	Name:	 	 Richard A. Buck,
	 	
		 	Title:	 	 Vice President,
 Multifamily Division
	 	

 THIRD AMENDMENT TO SALES CONTRACT 

THIS THIRD AMENDMENT TO SALES CONTRACT ( the “Amendment”) is made and entered into this 13th day of July, 2011, by and between CROSSTOWN OWNER LLC, a
Florida limited liability company (hereinafter referred to as the “Seller”), and CRESCENT RESOURCES, LLC, a Georgia limited liability company (hereinafter referred to as the “Purchaser”). 

W I T N E S S E T H    T H
A T: 
 WHEREAS, Seller and Purchaser entered into that certain Sales Contract having an Effective Date of
March 24, 2011 with respect to the sale by the Seller to the Purchaser of certain property located in Hillsborough County, Florida, which was amended by that certain First Amendment to Sales Contract dated May 5, 2011 between Seller and
Purchaser and by that certain Second Amendment to Sales Contract dated July 6, 2011 between Seller and Purchaser (hereinafter collectively referred to as the “Sales Contract”); and 

WHEREAS, Seller and Purchaser are mutually desirous of entering into this Amendment to amend certain terms and provisions of the Sales
Contract only as hereinafter specifically set forth; 
 NOW, THEREFORE, for and in consideration of the premises, Ten Dollars
($10.00) in hand paid by Purchaser to Seller, and other good and valuable consideration, the receipt, adequacy and sufficiency of which is hereby acknowledged by the parties hereto prior to the execution, sealing and delivery of this Amendment, the
parties hereto, intending to be legally bound, hereby agree as follows: 
 1. The foregoing recital of facts is hereby
incorporated herein to the same extent as if hereinafter fully set forth. All capitalized words and phrases used in this Amendment shall have the meanings ascribed to them in the Sales Contract, unless specified herein to the contrary.

 2. Respecting Section XIX M of the Sales Contract, Seller and Purchaser have agreed that Purchaser will be allowed to use as
much of the existing dirt piles and mounds located on the Property as Purchaser determines to use in connection with Purchaser’s Intended Use of the Property and that the Surplus Dirt will be moved by Purchaser by bulldozing or front-end
loading such excess dirt from the Property, at Seller’s sole cost and expense, to other real property owned by Seller located adjacent to the Property. Purchaser shall provide an invoice to Seller for the cost of moving the Surplus Dirt and
Seller agrees to pay Purchaser such cost within thirty (30) days after receipt of the invoice, failing which Purchaser shall have all rights and remedies at law and in equity. 

3. Respecting Section XIX N of the Sales Contract, Seller and Purchaser have determined and agree that the storm water drainage and other
utility lines to be constructed across and under the Property in connection with Purchaser’s Intended Use of the Property will not serve other land owned by Seller in Crosstown Center. 

 4. This Amendment may be executed in multiple counterparts, each of which shall be an
original and all of which together shall constitute one and the same agreement. It shall not be necessary that each party execute each counterpart, or that any one counterpart be executed by more than one party, so long as each party executes
at least one counterpart. 
 5. Except as herein amended, the Sales Contract shall remain in full force and effect and
unamended. This Amendment shall be binding upon Seller and Purchaser and their respective successors and assigns. 
 IN
WITNESS WHEREOF, Seller and Purchaser have caused this Amendment to be duly executed and delivered the day and year first above written. 
  

							
	SELLER:
	
	CROSSTOWN OWNER LLC, a Florida limited liability company
			
	By:	 	 /s/ Kyle S. Byrd
	 	(SEAL)
		 	Name:	 	 Kyle S. Byrd
	 	
		 	Title:	 	 Authorized Signatory
	 	

 
							
	PURCHASER:
	
	CRESCENT RESOURCES, LLC, a Georgia limited liability company
			
	By:	 	 /s/ Brian J. Natwick
	 	(SEAL)
		 	Name:	 	 Brian J. Natwick,
	 	
		 	Title:	 	 President, Multifamily Division
	 	

 FOURTH AMENDMENT TO SALES CONTRACT 

THIS FOURTH AMENDMENT TO SALES CONTRACT ( the “Amendment”) is made and entered into as of the
30th day of January, 2012, by and between CROSSTOWN
OWNER LLC, a Florida limited liability company (hereinafter referred to as the “Seller”), and CRESCENT RESOURCES, LLC, a Georgia limited liability company (hereinafter referred to as the
“Purchaser”). 
 W I T N E S S E T
H    T H A T: 
 WHEREAS, Seller and Purchaser entered into that certain
Sales Contract having an Effective Date of March 24, 2011 with respect to the sale by the Seller to the Purchaser of certain property located in Hillsborough County, Florida, which was amended by that certain First Amendment to Sales Contract
dated May 5, 2011 between Seller and Purchaser and by that certain Second Amendment to Sales Contract dated July 6, 2011 between Seller and Purchaser and by that certain Third Amendment to Sales Contract dated July 13, 2011
between Seller and Purchaser (hereinafter collectively referred to as the “Sales Contract”); and 
 WHEREAS,
Seller and Purchaser are mutually desirous of entering into this Amendment to amend certain terms and provisions of the Sales Contract only as hereinafter specifically set forth; 

NOW, THEREFORE, for and in consideration of the premises, Ten Dollars ($10.00) in hand paid by Purchaser to Seller, and other good and
valuable consideration, the receipt, adequacy and sufficiency of which is hereby acknowledged by the parties hereto prior to the execution, sealing and delivery of this Amendment, the parties hereto, intending to be legally bound, hereby agree as
follows: 
 1. The foregoing recital of facts is hereby incorporated herein to the same extent as if hereinafter fully set
forth. All capitalized words and phrases used in this Amendment shall have the meanings ascribed to them in the Sales Contract, unless specified herein to the contrary. 
 2. Promptly after the execution of this Amendment, the Deposit shall be released by Escrow Agent to Seller and Escrow Agent is hereby authorized and directed to release the Deposit to Seller by
wire-transfer in accordance with instructions to be provided by Seller to Escrow Agent. The Deposit released by Escrow Agent to Seller shall be applied toward the Purchase Price due at Closing or otherwise applied as provided in Section
III C and the last paragraph of Article IX of the Sales Contract but only as respects Sections IX C and D of the Sales Contract. Purchaser agrees that the conditions precedent to Purchaser’s obligation to close as set forth in Sections IX
A, B and E of the Sales Contract have been completed to Purchaser’s satisfaction and are of no further force and effect. The parties agree that the Deposit is no longer refundable to Purchaser under Article X of the Sales Contract.

 3. Within three (3) business days after the full execution of this Amendment, Purchaser
shall pay to Seller the sum of $75,000.00 in consideration of Seller’s past efforts in getting the Property entitled for the development by Purchaser of the Property for Purchaser’s Intended Use. Such amount shall not be credited against
the Purchase Price otherwise due at Closing and shall be earned by Seller upon payment thereof by Purchaser to Seller and shall not be refundable to Purchaser except as provided with respect to the Deposit in Section III C and the last paragraph of
Article IX of the Sales Contract but only as respects Sections IX C and D of the Sales Contract. 
 4. Section VIII A of
the Sales Contract is hereby amended to provide that the February 3, 2012 Closing Date may be extended by Purchaser to on or before March 5, 2012 by Purchaser so notifying Seller on or before January 31, 2012 provided that together
with such notice to Seller, Purchaser pays to Seller a $25,000.00 extension fee (the “First Extension Fee”), and such extended Closing Date may be further extended by Purchaser to March 30, 2012 by Purchaser so notifying Seller
on or before February 29, 2012 provided that together with such notice to Seller, Purchaser pays another $25,000.00 extension fee (the “Second Extension Fee”) (the First Extension Fee and the Second Extension Fee are
hereinafter collectively referred to as the “Extension Fees”). Neither of the Extension Fees paid by Purchaser to Seller shall be applicable to the Purchase Price otherwise payable at Closing and shall be earned by Seller upon
payment thereof by Purchaser to Seller and shall not be refundable to Purchaser except as provided with respect to the Deposit in Section III C and the last paragraph of Article IX of the Sales Contract but only as respects Sections IX C and D
of the Sales Contract. 
 5. Article XIV of the Sales Contract is hereby amended by deleting the addresses for notice to
Purchaser and by substituting in lieu thereof the following addresses for notice to Purchaser: 
  

			
	To Purchaser:	 	 Crescent Resources, LLC
 227
West Trade Street
 Suite 1000

Charlotte, NC 28202
 Attention:
Mr. Brian J. Natwick
 Fax: (980) 321-6240

		
	With a copy to:	 	
		 	 Mr. Tim A. Dison

Crescent Resources, LLC
 227 West Trade
Street
 Suite 1000
 Charlotte, NC
28202
 Fax: (980) 321-6240

			
	With a copy to:	 	
		 	 Sanford H. Zatcoff. Esq.
 Holt
Ney Zatcoff & Wasserman, LLP
 100 Galleria Parkway
 Suite 1800
 Atlanta, GA 30339
 Fax: (770) 956-1490

 6. Section XII B of the Sales Contract is hereby deleted and of no further force and effect. 
 7. The parties agree that the termination rights in Section XIX M and N are of no further force and effect. 
 8. This Amendment may be executed in multiple counterparts, each of which shall be an original and all of which together shall constitute one and the same agreement. It shall not be necessary that each
party execute each counterpart, or that any one counterpart be executed by more than one party, so long as each party executes at least one counterpart. 
 9. Except as herein amended, the Sales Contract shall remain in full force and effect and unamended. This Amendment shall be binding upon Seller and Purchaser and their respective successors and assigns.

 IN WITNESS WHEREOF, Seller and Purchaser have caused this Amendment to be duly executed and delivered the day and year first
above written. 
  

							
	SELLER:
	
	CROSSTOWN OWNER LLC, a Florida limited liability company
			
	By:	 	 /s/ Kyle S. Byrd
	 	(SEAL)
		 	Name:	 	 Kyle S. Byrd
	 	
		 	Title:	 	 Authorized Signatory
	 	

 
							
	PURCHASER:
	
	CRESCENT RESOURCES, LLC, a Georgia limited liability company
			
	By:	 	 /s/ Brian J. Natwick
	 	(SEAL)
		 	Name:	 	 Brian J. Natwick,
	 	
		 	Title:	 	 President, Multifamily Division

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}]]