Document:

Exhibit 10.3

 

NOTE

 

	$50,000,000.00	October 4, 2017

 

FOR VALUE RECEIVED,
the undersigned (collectively, “Maker”), hereby promises to pay, without offset or counterclaim, to KEYBANK NATIONAL
ASSOCIATION (“Payee”), or order, in accordance with the terms of that certain Credit Agreement, dated as of October
4, 2017, as from time to time in effect, among BLUEROCK RESIDENTIAL HOLDINGS, L.P., the Other Borrowers, KeyBank National Association,
for itself and as Agent, and such other Lenders as may be from time to time named therein (the “Credit Agreement”),
to the extent not sooner paid, on or before the Maturity Date, the lesser of the principal sum of FIFTY MILLION AND NO/100 DOLLARS
($50,000,000.00), or such amount as may be advanced by the Payee under the Credit Agreement as one or more Loans with daily interest
from the date thereof, computed as provided in the Credit Agreement, on the principal amount hereof from time to time unpaid, at
a rate per annum on each portion of the principal amount which shall at all times be equal to the rate of interest applicable to
such portion in accordance with the Credit Agreement, and with interest on overdue principal and, to the extent permitted by applicable
law, on overdue installments of interest and late charges at the rates provided in the Credit Agreement. Interest shall be payable
on the dates specified in the Credit Agreement, except that all accrued interest shall be paid at the stated or accelerated maturity
hereof or upon the prepayment in full hereof. Capitalized terms used herein and not otherwise defined herein shall have the meanings
set forth in the Credit Agreement.

 

Payments hereunder
shall be made to the Agent for the Payee at 127 Public Square, Cleveland, Ohio 44114-1306, or at such other address as Agent may
designate from time to time, or made by wire transfer in accordance with wiring instructions provided by the Agent.

 

This Note is one of
one or more Notes evidencing borrowings under and is entitled to the benefits and subject to the provisions of the Credit Agreement.
The principal of this Note may be due and payable in whole or in part prior to the Maturity Date and is subject to mandatory prepayment
in the amounts and under the circumstances set forth in the Credit Agreement, and may be prepaid in whole or from time to time
in part, all as set forth in the Credit Agreement.

 

Notwithstanding anything
in this Note to the contrary, all agreements between the undersigned Maker and the Lenders and the Agent, whether now existing
or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of acceleration
of the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed
the maximum amount permissible under Applicable Law. If, from any circumstance whatsoever, interest would otherwise be payable
to the Lenders in excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount
permitted under Applicable Law; and if from any circumstance the Lenders shall ever receive anything of value deemed interest by
Applicable Law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction
of the principal balance of the Obligations of the undersigned Maker and to the payment of interest or, if such excessive interest
exceeds the unpaid balance of principal of the Obligations of the undersigned Maker, such excess shall be refunded to the undersigned
Maker. All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by Applicable Law, be amortized, prorated,
allocated and spread throughout the full period until payment in full of the principal of the Obligations of the undersigned Maker
(including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the
maximum amount permitted by Applicable Law. This paragraph shall control all agreements between the undersigned Maker and the Lenders
and the Agent.

 

In case an Event of
Default shall occur, the entire principal amount of this Note may become or be declared due and payable in the manner and with
the effect provided in said Credit Agreement.

 

     

     

    

 

This Note shall be
governed by the laws of the State of New York, including, without limitation, New York General Obligations Law Section 5-1401.

 

The undersigned Maker
and all guarantors and endorsers, to the extent permitted by Applicable Law, hereby waive presentment, demand, notice, protest,
notice of intention to accelerate the indebtedness evidenced hereby, notice of acceleration of the indebtedness evidenced hereby
and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note, except
as specifically otherwise provided in the Credit Agreement, and assent to extensions of time of payment or forbearance or other
indulgence without notice.

 

 

[Remainder of Page Intentionally Left Blank]

 

 

     

     

    

 

IN WITNESS WHEREOF,
the undersigned has by its duly authorized officer executed this Note on the day and year first above written.

 

	 	BLUEROCK RESIDENTIAL HOLDINGS, L.P., a Delaware limited partnership, by its general partner, Bluerock Residential Growth REIT, Inc., a Maryland corporation
	 	 	 
	 	By: 	/s/ Michael L. Konig
	 	Name:  	Michael L. Konig
	 	Title: 	Chief Operating Officer, General Counsel, and Secretary

 

 

    [Signature Page to Note (KeyBank)]Exhibit 10.4

 

NOTE

 

	$50,000,000.00	October 4, 2017

 

FOR VALUE RECEIVED,
the undersigned (collectively, “Maker”), hereby promises to pay, without offset or counterclaim, to JPMORGAN CHASE
BANK, N.A. (“Payee”), or order, in accordance with the terms of that certain Credit Agreement, dated as of October
4, 2017, as from time to time in effect, among BLUEROCK RESIDENTIAL HOLDINGS, L.P., the Other Borrowers, KeyBank National Association,
for itself and as Agent, and such other Lenders as may be from time to time named therein (the “Credit Agreement”),
to the extent not sooner paid, on or before the Maturity Date, the lesser of the principal sum of FIFTY MILLION AND NO/100 DOLLARS
($50,000,000.00), or such amount as may be advanced by the Payee under the Credit Agreement as one or more Loans with daily interest
from the date thereof, computed as provided in the Credit Agreement, on the principal amount hereof from time to time unpaid, at
a rate per annum on each portion of the principal amount which shall at all times be equal to the rate of interest applicable to
such portion in accordance with the Credit Agreement, and with interest on overdue principal and, to the extent permitted by applicable
law, on overdue installments of interest and late charges at the rates provided in the Credit Agreement. Interest shall be payable
on the dates specified in the Credit Agreement, except that all accrued interest shall be paid at the stated or accelerated maturity
hereof or upon the prepayment in full hereof. Capitalized terms used herein and not otherwise defined herein shall have the meanings
set forth in the Credit Agreement.

 

Payments hereunder
shall be made to the Agent for the Payee at 127 Public Square, Cleveland, Ohio 44114-1306, or at such other address as Agent may
designate from time to time, or made by wire transfer in accordance with wiring instructions provided by the Agent.

 

This Note is one of
one or more Notes evidencing borrowings under and is entitled to the benefits and subject to the provisions of the Credit Agreement.
The principal of this Note may be due and payable in whole or in part prior to the Maturity Date and is subject to mandatory prepayment
in the amounts and under the circumstances set forth in the Credit Agreement, and may be prepaid in whole or from time to time
in part, all as set forth in the Credit Agreement.

 

Notwithstanding anything
in this Note to the contrary, all agreements between the undersigned Maker and the Lenders and the Agent, whether now existing
or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of acceleration
of the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed
the maximum amount permissible under Applicable Law. If, from any circumstance whatsoever, interest would otherwise be payable
to the Lenders in excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount
permitted under Applicable Law; and if from any circumstance the Lenders shall ever receive anything of value deemed interest by
Applicable Law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction
of the principal balance of the Obligations of the undersigned Maker and to the payment of interest or, if such excessive interest
exceeds the unpaid balance of principal of the Obligations of the undersigned Maker, such excess shall be refunded to the undersigned
Maker. All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by Applicable Law, be amortized, prorated,
allocated and spread throughout the full period until payment in full of the principal of the Obligations of the undersigned Maker
(including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the
maximum amount permitted by Applicable Law. This paragraph shall control all agreements between the undersigned Maker and the Lenders
and the Agent.

 

In case an Event of
Default shall occur, the entire principal amount of this Note may become or be declared due and payable in the manner and with
the effect provided in said Credit Agreement.

 

     

     

    

 

This Note shall be
governed by the laws of the State of New York, including, without limitation, New York General Obligations Law Section 5-1401.

 

The undersigned Maker
and all guarantors and endorsers, to the extent permitted by Applicable Law, hereby waive presentment, demand, notice, protest,
notice of intention to accelerate the indebtedness evidenced hereby, notice of acceleration of the indebtedness evidenced hereby
and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note, except
as specifically otherwise provided in the Credit Agreement, and assent to extensions of time of payment or forbearance or other
indulgence without notice.

 

 

[Remainder of Page Intentionally Left Blank]

 

 

     

     

    

 

IN WITNESS WHEREOF,
the undersigned has by its duly authorized officer executed this Note on the day and year first above written.

 

	 	BLUEROCK RESIDENTIAL HOLDINGS, L.P., a Delaware limited partnership, by its general partner, Bluerock Residential Growth REIT, Inc., a Maryland corporation
	 	 	 
	 	By: 	/s/ Michael L. Konig
	 	Name:  	Michael L. Konig
	 	Title: 	Chief Operating Officer, General Counsel, and Secretary

 

    [Signature Page to Note (JPMorgan)]

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