Document:

EX-10.2

 Exhibit 10.2 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE “ACT”) OR UNDER THE SECURITIES LAWS OF ANY
STATE. THIS NOTE MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, MORTGAGED, HYPOTHECATED, ENCUMBERED, GIFTED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND UNDER ANY APPLICABLE STATE SECURITIES
LAWS, OR AN EXEMPTION THEREFROM. THIS NOTE MAY NOT BE TRANSFERRED WITHOUT THE CONSENT OF THE MAKER TO THE EXTENT REQUIRED UNDER THE TERMS OF SECTION 7 HEREOF. ANY ATTEMPT TO TRANSFER THIS SECURITY IN VIOLATION OF THESE RESTRICTIONS SHALL BE
VOID. 
 NON-NEGOTIABLE PROMISSORY NOTE 

 

			
	$20,000,000.00	  	
		  	Issue Date: May 4, 2020

 FOR VALUE RECEIVED, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED BY EACH OF THE UNDERSIGNED,
EACH OF THE UNDERSIGNED HEREBY AGREES THAT, FRONT YARD RESIDENTIAL CORPORATION, a Maryland corporation (with its successors, the “Maker”), promises to pay to AMHERST SFRP VI REIT, LLC, a Delaware limited liability
company (with its successors and registered permitted assigns, the “Noteholder”), the sum of Twenty Million U.S. Dollars (U.S.$20,000,000), or such lesser principal amount as may be outstanding on the Maturity Date (as defined
below), together with interest accrued on the outstanding principal balance from time to time as provided herein, at a rate per annum as hereinafter set forth. Interest on the principal balance outstanding hereunder shall be computed on the basis of
a year of 360 days, for the actual number of days elapsed, (a) from the “Issue Date” of this Non-Negotiable Promissory Note (this “Note”) set forth above (the “Issue
Date”) or (b) if later, the day such principal was advanced, and paid for the actual number of days elapsed (including the first day but excluding the last day). 

This Note has been executed and delivered pursuant to and in accordance with the terms and conditions of the Termination and Settlement
Agreement, dated May 4, 2020 (as amended, restated, modified, waived or supplemented from time to time, the “Termination and Settlement Agreement”), by and among Maker, BAF Holdings, LLC, a Delaware limited liability company,
BAF Sub, LLC, a Maryland limited liability company, and Amherst Single Family Residential Partners VI, LP, a Delaware limited partnership. 

All payments of the principal of, and interest on, this Note and all other obligations evidenced hereby shall be made to the Noteholder not
later than 3:00 p.m. (New York time) on the date when due, by wire transfer to the Noteholder’s account (details of which are provided by the Noteholder to the Maker) or in such other manner as the Maker and the Noteholder shall mutually agree,
in lawful money of the United States of America in same day funds. 
 1. Accrual and Imposition of Interest. The outstanding principal
amount of this Note shall bear interest (computed daily until paid) at the Benchmark Rate (as defined below) from time to time plus five percent (5.00%) per annum, which shall be due and payable in arrears on the first Business Day (as
defined below) of each calendar quarter and, in the case of accrued and unpaid interest on any principal amount hereof prepaid or repaid, on the date of such prepayment or repayment. Notwithstanding the foregoing, while any Event of Default exists
and for so long as it continues, upon and following written notice of the same from the Noteholder (or automatically in the case of an Event of Default described in Section 6(e) hereof), the outstanding principal amount of
this Note shall bear interest at a rate that is two percent (2.00%) in excess of the rate of interest otherwise payable thereon under this Note. All interest shall be payable in arrears on the first Business Day of each calendar quarter. 

 As used herein: 

“Benchmark Rate” means, with respect to advances of principal under this Note, for any calendar month (a) an interest
rate per annum equal to the Published LIBO Rate for such calendar month or (b) if such rate referred to in clause (a) is not available as of the commencement of any calendar month for any reason (the “LIBO Termination
Date”), the Replacement Benchmark Rate for such calendar month; provided that, at any time the rate applicable pursuant to clause (a) or (b) above shall be less than 0.30% per annum, such rate shall be deemed to be
0.30% per annum. 
 “Published LIBO Rate” means, with respect to any calendar month, the rate of interest for a one
(1) month interest period appearing on the applicable Bloomberg page (or on any successor or substitute page of such service, or any successor to such service as determined by the Maker) as the London interbank offered rate for deposits in U.S.
Dollars for a term comparable to such one (1) month interest period, at approximately 11:00 a.m. (London time) on the date which is two (2) Business Days prior to the commencement of such calendar month (but if more than one rate is
specified on such page, the rate will be an arithmetic average of all such rates). 
 “Replacement Benchmark Rate” means an
alternate benchmark rate, together with applicable spread or other adjustments (if any) to such benchmark, reasonably determined by the Maker, in consultation with the Noteholder, and notified to the Noteholder in writing by the Maker, which shall
represent an alternative benchmark rate, and related adjustments, as applicable, then prevailing for U.S. dollar-denominated credit facilities as a replacement for 1-month LIBOR, it being agreed in any event
that the Maker and the Noteholder will negotiate promptly and in good faith to establish the Replacement Benchmark Rate, together with related administrative, technical and conforming changes to the provisions of this Note, by mutual agreement, upon
the reasonable request of either the Maker or the Noteholder, in advance of any date when the Published LIBO Rate would be unavailable or cease to represent a prevailing benchmark interest rate under U.S. dollar-denominated credit facilities;
provided, that on and from the date that the Published LIBO Rate is no longer available until such time as the Maker and Noteholder have agreed an alternate benchmark rate as set forth above, the “Replacement Benchmark Rate” shall
be the sum of the Published LIBO Rate for each of the months in the six (6) month period immediately preceding the LIBO Termination Date, divided by six (6) (as determined in good faith by the Maker). 

2. Advances and Payments. 

(a) Advances. This Note evidences advances made by the Noteholder to the Maker from time to time in accordance with this
Section 2. The aggregate outstanding principal balance of this Note at any time shall be the total of all outstanding advances less the amount of all payments of principal made on this Note from time to time by or for the
account of the Maker. As of the Issue Date, after giving effect to the advance made on the Issue Date, the aggregate outstanding principal amount of this Note is Zero U.S. Dollars (U.S.$0). The Maker may pay down and reborrow amounts advanced and
subsequently repaid under this Note. 
 (b) Advance Requests. At any time and from time to time prior to the Maturity Date, the Maker
may request advances of principal under this Note from the Noteholder in an aggregate principal amount at any one time outstanding not to exceed Twenty Million U.S. Dollars (U.S.$20,000,000) (the “Commitment Amount”). Each such
request for an advance of principal under this Note shall be in a minimum principal amount of Five Hundred Thousand U.S. Dollars (U.S.$500,000). Each request for an advance shall be made by delivering to the Noteholder the Request for Loan Advance
in the form attached hereto as Exhibit A (a “Request for Advance” and, together with this Note, collectively, the “Note Documents”) by 11:00 a.m. (New York time) at least eleven (11) Business Days (or
such shorter period as may be agreed to by the Noteholder in its sole discretion) in advance. Within eleven (11) Business Days 

  
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after receipt of the Request for Advance, the Noteholder shall advance such amounts requested to the Maker in such Request for Advance by wire transfer of immediately available funds to the
account specified in the Request for Advance. The Noteholder hereby commits to make the advances to the Maker requested by the Maker in accordance with the terms of, and subject to the conditions contained in, this
Section 2; provided, that the aggregate principal amount of the advances at any one time outstanding shall not exceed the Commitment Amount. 

(c) Funding Conditions. Before each advance made on or following the date hereof, the following conditions must be satisfied: 

(i) (A) no Event of Default (as defined below) shall have occurred and be continuing and (B) no failure by the Maker to pay accrued
interest under this Note when due as described in Section 6(b) hereof which failure would, with the passage of time, become an Event of Default, shall have occurred and be continuing; 

(ii) the representations and warranties of the Maker contained in Section 4 of this Note shall be true and correct
in all material respects (in each case without duplication of any materiality qualifier contained therein), on and as of the date of such advance, except to the extent that any such representation or warranty relates to an earlier date in which case
such representation or warranty shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier date; and 

(iii) the Maker shall have delivered a Request for Advance to the Noteholder in accordance with Section 2(b) above.

 Each request for an advance shall be deemed to be a representation and warranty by the Maker on the date 

of such advance as to the facts specified in Sections 2(c)(i) and (ii) above. 

(d) Payments. To the extent not sooner due and payable in accordance with the terms hereof, the aggregate outstanding principal balance
of this Note, plus any and all accrued and unpaid interest thereon, shall be due and payable in full on May 4, 2022 (the “Maturity Date”). If a payment under this Note otherwise would become due and payable on a day that is not
a Business Day, the due date thereof shall be extended to the immediately succeeding Business Day, and interest shall be payable thereon during such extension. As used herein, “Business Day” shall mean any day that is not a
Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed and, in respect of matters related to the Published LIBO Rate, a day on which dealings are carried on in the London interbank
eurodollar market. Payments by the Maker on this Note shall be made to the Noteholder by wire transfer to the account of the Noteholder specified in writing by the Noteholder to the Maker from time to time in accordance with the terms hereof. 

(e) Voluntary Prepayments; Commitment Reductions. The Maker shall have the right at any time, and from time to time, in its sole
discretion, to (i) prepay, without premium or penalty, the obligations outstanding under this Note in whole or in part without notice to the Noteholder and/or (ii) reduce the Commitment Amount under this Note in whole or in part upon prior
written notice to the Noteholder, in each case, in a minimum principal amount of Five Hundred Thousand U.S. Dollars (U.S.$500,000), with the proceeds of any such prepayment contemplated by the foregoing clause (i) to be applied in
accordance with Section 2(f) below, it being expressly understood and agreed that (A) any such prepayment contemplated by the foregoing clause (i) shall not reduce the Commitment Amount and (B) any
reduction of the Commitment Amount pursuant to the foregoing clause (ii) may, at the election of the 

  
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Maker, be made conditional on the consummation of any transaction specified by the Maker in its notice of such reduction. 

(f) Application of Payments. All payments and prepayments made pursuant to the terms of this Note shall be applied to amounts then due
and payable in the following order: first to the then unpaid interest accrued on the outstanding principal balance of this Note; and second to the then outstanding principal balance of the Note. 

3. General Provisions Regarding Payments. The Maker will pay all amounts due hereunder at the place for payment specified above in
lawful money of the United States of America in same day funds. The Maker hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever. The Maker shall be entitled to deduct and withhold from any amounts payable or
otherwise deliverable pursuant to this Note such amounts as may be required to be deducted or withheld therefrom under any provision of applicable law, and to request and be provided any necessary tax forms and information in connection therewith.
To the extent such amounts are so deducted or withheld and paid over to the appropriate taxing authority, such amounts shall be treated for all purposes under this Note as having been paid to the person to whom such amounts otherwise would have been
paid. 
 4. Representations and Warranties. The Maker represents and warrants to the Noteholder as of each of the Issue Date and as of
the date of each advance evidenced by this Note, that: 
 (a) the Maker is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization, and has the requisite organizational power and authority to own its properties and to transact the businesses in which it is now engaged; 

(b) the Maker has taken all necessary organizational action to authorize the execution, delivery and performance of this Note and is duly
authorized to enter into, deliver and perform its obligations under this Note; 
 (c) this Note constitutes a legal, valid and binding
obligation of the Maker, enforceable against the Maker in accordance with its terms; 
 (d) none of the making of this Note or the
performance by the Maker of its obligations hereunder will (i) violate any provision of the Maker’s certificate of incorporation or bylaws, (ii) violate any provisions of any applicable statute or any applicable order, rule or
regulation of any governmental authority having jurisdiction over the Maker or any of its properties or assets, (iii) conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any material
indenture, mortgage, deed of trust, security agreement, credit agreement or other agreement or instrument to which the Maker is a party, or to which any of the Maker’s property or assets is subject and (iv) will not result in or require
the creation or imposition of any lien upon or with respect to any of the assets of the Maker, except, in the case of each of the foregoing clauses (ii), (iii) and (iv), as would not reasonably be expected to have a Material
Adverse Effect (as defined below); and 
 (e) no material consent, approval, authorization, order, registration or qualification of or with
any governmental authority is required for the execution, delivery and performance by the Maker of its obligations under this Note except for those that have been obtained or made and are in full force and effect or those the failure of which to
obtain or make would not reasonably be expected to have a Material Adverse Effect. 
 As used herein, “Material Adverse
Effect” shall mean a material adverse effect on (a) the business operations, properties, assets or financial condition of the Maker and is subsidiaries, taken as a 

  
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whole, (b) the ability of the Maker to pay and perform its obligations under this Note when due or (c) the legality or validity or binding effect or enforceability against the Maker, of
this Note. 
 5. Covenants. For so long as any advances shall remain outstanding or the Commitment Amount shall be greater than zero:

 (a) The Maker will deliver to the Noteholder, within five (5) Business Days of the Chief Executive Officer, the Chief Financial
Officer or Treasurer of the Maker (each, a “Responsible Officer”) obtaining actual knowledge that an Event of Default has occurred and is continuing, notification in reasonable detail of such Event of Default. 

(b) Except as would not reasonably be expected to have a Material Adverse Effect, the Maker will: 

(i) except in connection with a transaction described in Section 5(d) below, (A) preserve and maintain its
legal existence, (B) preserve all of its material rights, privileges and franchises; and (C) remain in good standing under the laws of each state in which it conducts business and its jurisdiction of organization; 

(ii) comply with the requirements of, and conduct its business in compliance with, all applicable laws, rules, regulations and orders of
governmental authorities (including, without limitation, truth in lending, real estate settlement procedures and environmental laws); and 

(iii) pay and discharge all taxes and governmental charges or levies imposed on it or on its income or profits or on any of its property prior
to the date on which penalties attach thereto, except for any such tax, charge or levy the payment of which is being contested in good faith and against which adequate reserves are being maintained (as determined in good faith by the Maker). 

(c) The Maker shall use the proceeds of all advances under this Note for general corporate purposes; provided, that no portion of the
proceeds of any advance shall be used by the Maker in any manner that is in violation in any material respect of any law applicable to the Maker. 

(d) The Maker shall not consummate any merger, consolidation or amalgamation to which it is a party or liquidate, wind up or dissolve itself
(or consent to any liquidation, winding up or dissolution of itself), or dispose or permit the disposition of all or substantially all of the assets of the Maker (each of the foregoing, a “Fundamental Change Transaction”) unless
prior to or substantially concurrently with the consummation of such Fundamental Change Transaction either (i) the surviving, resulting or successor entity of such merger consolidation or amalgamation, recipient of the assets distributed in
such liquidation, winding up or dissolution, or purchaser of such assets, as the case may be, in such Fundamental Change Transaction shall expressly assume the obligations of the Maker hereunder or (ii) the Commitment Amount is reduced to zero
and all outstanding principal and all accrued and unpaid interest under this Note are repaid in full. 
 6. Events of Default. If any
of the following events (“Events of Default”) shall occur and be continuing: 
  

	 	(a)	 the Maker shall fail to make payment on the Maturity Date of the outstanding principal amount of this Note;

  
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	 	(b)	 the Maker shall fail to make payment when due of any interest accrued on any obligations outstanding under this
Note and such failure continues for a period of ten (10) Business Days following the failure of the Maker to make such payment; 

  

	 	(c)	 the Maker shall fail to observe or perform, as required by the relevant provision, any covenant contained in
Section 5 of this Note and (other than in the case of the covenant contained in Section 5(d)) such failure to observe or perform shall continue unremedied for a period of thirty (30) days
after the earlier of a Responsible Officer of the Maker obtaining actual knowledge of such failure or delivery of written notice of such failure by the Noteholder to the Maker; 

 

	 	(d)	 any representation or warranty made or expressly deemed made by the Maker in this Note being untrue in any
material respect as of the date made or expressly deemed made; 

  

	 	(e)	 (i) the Maker shall admit in writing its inability to pay its debts generally, or shall make a general
assignment for the benefit of creditors; or (ii) any proceeding shall be instituted by or against the Maker seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up or reorganization of it or its debts under any law
relating to bankruptcy, insolvency or reorganization or relief of debtors, or an order for relief shall be entered by a court of competent jurisdiction in respect of the Maker in any such proceeding, or an order for the appointment of a receiver,
trustee, custodian or other official having similar powers over the Maker shall be entered by any such court in respect of the Maker, or any substantial part of its property, in any such proceeding, which, in each case under this clause (ii)
(other than in the case of a proceeding instituted by the Maker with respect to itself) shall remain undismissed, unstayed, unvacated and unbonded for a period of one hundred and twenty (120) consecutive days; or 

 

	 	(f)	 default shall occur under the documentation for any indebtedness for borrowed money of the Maker or any of its
subsidiaries with an aggregate outstanding principal amount in excess of $30,000,000 if such default (i) constitutes the failure to pay the outstanding principal amount of such indebtedness at the scheduled final maturity date thereof,
determined after giving effect to any applicable periods of grace or (ii) has resulted in the acceleration of the entire outstanding principal amount of such indebtedness prior to its scheduled final maturity date, and in the case of each of
(i) and (ii) such indebtedness is not otherwise repaid or refinanced; 

 then, in the case of any of the Events
of Default specified above, the Noteholder may, by written notice to the Maker, terminate the Commitment Amount and declare the entire outstanding principal amount of this Note and all accrued and unpaid interest thereon forthwith due and payable,
whereupon the Commitment Amount shall be reduced to zero and such outstanding principal amount and interest shall become immediately due and payable, without demand, protest, presentment, notice of dishonor or any other notice or demand whatsoever,
all of which are hereby waived by the Maker, and exercise all rights and remedies available to it under applicable law; provided that in the case of an Event of Default specified in clause (e) above, the Commitment Amount shall
immediately and automatically be terminated and reduced to zero and the entire principal amount of this Note and all accrued and unpaid interest thereon shall become immediately and automatically due and payable without any notice to the Maker. 

7. Assignments. This Note shall be binding upon and inure to the benefit of each of the Maker and the Noteholder and their respective
legal successors and registered permitted assigns; provided, this 

  
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Note shall not be assigned by operation of law or otherwise without the prior written consent of each of the other parties hereto, and any assignment without such consent shall be null and void.
Notwithstanding the foregoing, the Noteholder shall not be restricted in its right to assign all or any portion of its rights and obligations in respect of this Note (a) to any entity that is not a competitor or a known or identified affiliate
of a competitor of the Maker or any of its subsidiaries while any Event of Default referred to in Section 5(a) or 5(e) above has occurred and is continuing or (b) to any subsidiary of the Noteholder if the Maker
fails to remain a “publicly offered REIT” within the meaning of Section 856(c)(5)(L) of the Internal Revenue Code of 1986, as amended and the Noteholder reasonably determines that its continued ownership of an interest in this Note is
likely to result in adverse tax consequences for the Noteholder or its direct or indirect owners; provided, that with respect to clause (b) above, (i) any such assignment shall not relieve the Noteholder of its obligation to fund
advances to the Maker in accordance with Section 2 hereof in the event that such assignee subsidiary fails to fund the same in accordance with Section 2 hereof and (ii) the Noteholder shall be
responsible for any breach by any such assignee subsidiary of the obligations hereunder that are applicable to the Noteholder. The initial Noteholder, acting solely for this purpose as an agent of the Maker, shall maintain at one of its offices a
register for the recordation of the names and addresses of the Noteholders and the principal amounts (and stated interest) of the advances evidenced by this Note owing to each Noteholder pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive absent manifest error, and the Maker and the Noteholders shall treat each person whose name is recorded in the Register pursuant to the terms hereof as a Noteholder
hereunder for all purposes of this Note unless the assignment to such person of an interest herein was not permitted by the terms of this Note. The Register shall be available for inspection by the Maker and any Noteholder, at any reasonable time
and from time to time upon reasonable prior notice. 
 8. Savings Clause. Notwithstanding anything to the contrary contained herein,
in no event will the Maker be required to pay a rate of interest in excess of the maximum interest rate permitted under law applicable to the Maker. In the event that the Noteholder ever receives from the Maker, as interest, any amount in excess of
the maximum rate permitted by law applicable to the Maker, all amounts so received shall be deemed partial prepayments of principal by the Maker and applied as of the date received or, if the principal amount of this Note has been paid, refunded to
the Maker. 
 9. Severability. The provisions of this Note shall be deemed severable and the invalidity or unenforceability of any
provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Note, or the application thereof to any person or entity or any circumstance, is invalid or unenforceable, (a) a suitable and
equitable provision negotiated in good faith by the parties hereto shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the
remainder of this Note and the application of such provision to other persons or entities or circumstances shall not, subject to clause (a) above, be affected by such invalidity or unenforceability, except as a result of such
substitution, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 

10. Notices. Notices, requests, instructions or other documents to be given under this Note shall be in writing and shall be deemed
given, (a) when delivered, if delivered personally to the intended recipient, (b) upon transmission, if sent by email (provided no “bounceback” or notice of non-delivery is received) and
(c) one (1) Business Day later, if sent by overnight delivery via a national courier service (providing proof of delivery), and in each case, addressed to a party at the address set forth on each party’s signature page hereto or to such
other persons or addresses as may be designated in writing to the other party by the party to receive such notice as provided on the respective signature pages hereto. 

11. No Guarantees or Third Party Liability. No recourse shall be had for the payment of the principal or interest of this Note, or for
any premium or other claim based hereon, or otherwise in respect 

  
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hereof, against any incorporator, stockholder, employee, agent, officer or director, past, present or future of Maker, or by the enforcement of any assessment or penalty, or otherwise, all such
liability being expressly waived and released by Noteholder’s acceptance of this Note. 
 12. Counterparts; Effectiveness. This
Note may be executed in any number of counterparts (including by attachment to electronic mail in portable document format (PDF)), each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute
the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties hereto. 

13. Modification or Amendment. This Note may only be amended, modified or supplemented in writing by the parties hereto, by action of
the boards of directors (or equivalent managers) of the respective parties. 
 14. Waiver. Any provision of this Note may be waived
if, and only if, such waiver is in writing and signed by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Except as otherwise herein provided, the rights and remedies herein provided shall be cumulative and not
exclusive of any rights or remedies provided by law. 
 15. Entire Agreement. This Note (including any exhibits hereto) constitutes
the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties both written and oral, among the parties, with respect to the subject matter hereof. 

16. Expenses. Except as otherwise expressly provided herein or in the Termination and Settlement Agreement, all costs and expenses,
including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Note shall be paid by the party incurring such costs and expenses. 

17. No Third-Party Beneficiaries. This Note is not intended to, and does not, confer upon any person other than the parties hereto any
rights or remedies hereunder. 
 18. GOVERNING LAW; JURISDICTION. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAW OF THE STATE OF NEW YORK. THE PARTIES HERETO HEREBY SUBMIT TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE CITY NEW YORK FOR PURPOSES OF
ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS NOTE. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH
PROCEEDING BROUGHT IN SUCH COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

19. WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH OF THE PARTIES HERETO HEREBY WAIVES
AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS NOTE OR THE SUBJECT MATTER

  
 8 

 
THEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THIS NOTE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. 

[signature pages follow] 

  
 9 

 IN WITNESS WHEREOF, the Maker and the Noteholder have caused this Note to be duly executed
as of the day and year first above written. 
  

			
	 FRONT YARD RESIDENTIAL CORPORATION,

as the Maker

		
	By:	 	 /s/ Robin N. Lowe

	Name:	 	Robin N. Lowe
	Title:	 	Chief Financial Officer
	
	Address for Notices:
	 Front Yard Residential Corporation

5100 Tamarind Reef

	Christiansted, United States Virgin Islands 00820
	Attention: Michael Lubin
	 Email: frontyardresidential@altisourceamc.com
  

with a copy to (which shall not constitute notice):

	
	 Weil, Gotshal & Manges LLP

767 Fifth Avenue

	New York, NY 10153
	Attention: Michael J. Aiello
	Sachin Kohli
	Email: michael.aiello@weil.com sachin.kohli@weil.com

 [Signature Page to Non-Negotiable Promissory Note] 

 
			
	 AMHERST SFRP VI REIT, LLC,
 as
Noteholder

		
	By:	 	 /s/ Joseph Gatti

	Name:	 	Joseph Gatti
	Title:	 	Vice President and Secretary
	
	Address for Notices:
	 c/o Amherst Residential, LLC
 5001
Plaza on the Lake, Suite 200

	Austin, TX 78746
	Attention: Joseph Gatti
	 Email: jgatti@amherst.com
  

with a copy to (which shall not constitute notice):

	
	 Gibson, Dunn & Crutcher LLP

200 Park Avenue

	New York, NY 10166
	Attention: Eduardo Gallardo
	Email: egallardo@gibsondunn.com

 [Signature Page to Non-Negotiable Promissory Note] 

 EXHIBIT A 

REQUEST FOR ADVANCE 
  

					
	  
	  		  	Date: ________________________
	  
	  		  	
		  		  	Draw No.: ____________________

 Re: Non-Negotiable Promissory Note, dated May 4, 2020 (the
“Note”), made by FRONT YARD RESIDENTIAL CORPORATION, a Maryland corporation (with its successors, the “Maker”), in favor of AMHERST SFRP VI REIT, LLC, a Delaware limited liability company (the
“Noteholder”). 
  

	 	1.	 Pursuant to the Note, the Maker hereby requests from the Noteholder an advance (the “Advance”)
in the amount of [•] U.S. Dollars (U.S.$[________________]) on [date]. 

  

	 	2.	 The Maker hereby requests that the Advance be made by wire transfer of immediately available funds at the
following account: [•]; 

  

	 	3.	 The principal amount outstanding under the Note, after giving effect to the Advance is [______________] U.S.
Dollars (U.S.$[______________]); and 

  

	 	4.	 The Maker hereby certifies that it has duly caused this Request for Loan Advance to be signed on its behalf by
the undersigned, thereto duly authorized. 

 [signature page follows] 

 IN WITNESS WHEREOF, the Maker has executed and delivered this Request for Advance to the Noteholder as of
this ______ day of ___________, 20__. 
  

			
	FRONT YARD RESIDENTIAL CORPORATION,
	as the Maker
		
	By:	 	
                 

	Name:	 	
	Title:	 	

 [Signature Page to Request for Advance]EX-10.3

 Exhibit 10.3 

Execution Version 

TERMINATION AND SETTLEMENT AGREEMENT 

TERMINATION AND SETTLEMENT AGREEMENT, dated as of May 4, 2020 (this “Agreement”), among Front Yard Residential
Corporation, a Maryland corporation (the “Company”), BAF Holdings, LLC, a Delaware limited liability company (“Parent”), BAF Sub, LLC, a Maryland limited liability company and a direct wholly owned Subsidiary of
Parent (“Merger Sub”), and Amherst Single Family Residential Partners VI, LP (“Purchaser”). 
 WHEREAS,
Parent, Merger Sub and the Company entered into an Agreement and Plan of Merger, dated as of February 17, 2020 (the “Merger Agreement”), pursuant to which the Company was to be merged with and into Merger Sub on the terms and
subject to the conditions set forth in the Merger Agreement (the “Merger”); and 
 WHEREAS, the Company, on the one hand,
and Parent and Merger Sub, on the other hand, have agreed that the Merger Agreement is to be terminated and the Merger abandoned pursuant to Section 8.1 of the Merger Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained in this Agreement, the receipt
and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1.
Definitions. Unless otherwise specifically defined in this Agreement, each capitalized term used but not defined in this Agreement shall have the meaning assigned to such term in the Merger Agreement. 

ARTICLE II 
 SETTLEMENT 

Section 2.1. Settlement. 

(a) Simultaneously with the execution and delivery of this Agreement and in consideration of the agreements made herein, Purchaser and the
Company each shall execute and deliver to each other that certain Investment Agreement, dated of even date herewith (the “Investment Agreement”), pursuant to which Purchaser shall purchase, and the Company shall sell, 4,400,000
shares of common stock, par value $0.01 per share, of the Company (the “Shares” and each, a “Share”) for a purchase price of $12.50 per Share. 

(b) Simultaneously with the execution and delivery of this Agreement and in consideration of the agreements made herein, Amherst SFRP VI REIT,
LLC and the Company each shall execute and deliver to each other that certain Non-Negotiable Promissory Note, dated of even date herewith (the “Promissory Note”), pursuant to which on the
terms set forth therein, 

 
Amherst SFRP VI REIT, LLC shall provide a committed credit facility of Twenty Million Dollars ($20,000,000) to the Company. 

(c) Promptly following the execution of this Agreement, and in no event later than the close of business on May 5, 2020, Parent shall pay, or
cause to be paid, Twenty-Five Million Dollars ($25,000,000) in cash to the Company (the “Settlement Payment”); provided, that Purchaser specifically guarantees the obligation of Parent to pay the Settlement Payment. The
Settlement Payment shall be paid by wire transfer in immediately available U.S. federal funds, to the account designated by the Company in writing on Exhibit A hereto. The Settlement Payment shall not be repayable or refundable under any
circumstances, including the termination or expiration of the Investment Agreement. 
 ARTICLE III 

TERMINATION 
 Section 3.1.
Termination of Merger Agreement. Effective upon the receipt by the Company of the full amount of the Settlement Payment, pursuant to Section 8.1 of the Merger Agreement, and without further action of any party hereto, the Merger
Agreement is hereby terminated in its entirety, is null and void, and is of no further force and effect with no liability on the part of any party to this Agreement (or any Company Related Party or Parent Related Party); provided, that
(i) notwithstanding anything to the contrary in the Merger Agreement, the second sentence of Section 9.1 of the Merger Agreement shall also be terminated in its entirety, and none of the provisions specified therein shall survive
termination of the Merger Agreement hereunder, (ii) the Confidentiality Agreement, dated August 31, 2019, between the Company and Amherst Residential, LLC (the “Company Confidentiality Agreement”) shall survive the
termination of the Merger Agreement and will remain in full force and effect for one year following the date hereof and (iii) the letter agreement regarding confidentiality, dated December 6, 2019, between the Company and an affiliate of
Parent (the “Amherst Confidentiality Agreement” and together with the Company Confidentiality Agreement, the “Confidentiality Agreements”) shall survive the termination of the Merger Agreement and will remain in
full force and effect for one year following the date hereof. The termination of the Merger Agreement, once effective in accordance with the terms hereof, shall be irrevocable. The parties hereto acknowledge that by virtue of the termination of the
Merger Agreement, the Equity Commitment Letter, the Limited Guarantee, the Debt Commitment Letter and the Voting Agreements shall terminate in accordance with their terms. 

ARTICLE IV 
 REPRESENTATIONS AND
WARRANTIES 
 Section 4.1. Representations and Warranties of the Company. The Company hereby represents and warrants that
(a) it has all requisite corporate power and authority to enter into this Agreement and to take the actions contemplated hereby, (b) this Agreement has been duly authorized, executed and delivered by the Company and, assuming this
Agreement constitutes the valid and binding agreement of Parent and Merger Sub, is the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms and (c) no consent 

  
 2 

 
of any third party is required for the execution, delivery and performance of this Agreement by the Company. 

Section 4.2. Representations and Warranties of Parent, Merger Sub and Purchaser. Each of Parent, Merger Sub and Purchaser hereby
represents and warrants that: (a) it has all requisite power and authority to enter into this Agreement and to take the actions contemplated hereby, (b) this Agreement has been duly authorized, executed and delivered by Parent, Merger Sub
and Purchaser (as applicable) and, assuming this Agreement constitutes the valid and binding agreement of the Company, this Agreement is the valid and binding obligation of Parent, Merger Sub and Purchaser (as applicable), enforceable against
Parent, Merger Sub and Purchaser (as applicable) in accordance with its terms and (c) no consent of any third party is required for the execution, delivery and performance of this Agreement by Parent, Merger Sub and Purchaser (as applicable).

 ARTICLE V 
 RELEASES AND
COVENANT NOT TO SUE 
 Section 5.1. Purchaser Release. Effective upon the receipt by the Company of the full amount of the
Settlement Payment, each of Parent and Merger Sub, for itself and, to the maximum extent permitted by law, on behalf of its former, current or future officers, directors, employees, agents, representatives, parents, Subsidiaries, Affiliates,
shareholders, managers, vendors and any predecessor entities, heirs, executors, administrators, successors and assigns of any said person or entity, and any other person claiming (now or in the future) through or on behalf of any of said person or
entities (“Purchaser Releasing Parties”), hereby unequivocally, fully and irrevocably releases and discharges the Company, the Company Related Parties and their respective former, current or future directors, officers, employees,
members, managers, partners, shareholders, agents or Representatives, advisors, attorneys, accountants, insurers, predecessor entities, heirs, executors, administrators, successors and assigns of any said person or entity (collectively,
“Company Released Persons”), from any and all past, present, direct, indirect and/or derivative liabilities, claims, rights, actions, causes of action, counts, obligations, sums of money due, attorneys’ fees, suits, debts,
covenants, agreements, promises, demands, damages and charges of whatever kind or nature, known or unknown, in law or in equity, asserted or that could have been asserted, under federal or state statute, or common law or the laws of any other
relevant jurisdiction, arising from or out of, based upon, in connection with or otherwise relating in any way to the Merger Agreement (including, for the avoidance of doubt, the negotiation thereof and all due diligence activities and other actions
or activities undertaken in connection therewith, collectively, the “Transaction Matters”), the Equity Commitment Letter, the Limited Guarantee, the Debt Commitment Letter, the Voting Agreements or the transactions or payments
contemplated by any of the foregoing, including any claim relating to the termination of the Merger Agreement (the “Purchaser Released Claims”); provided, that, for the avoidance of doubt, nothing contained in this Agreement
shall be deemed to release any party hereto from its obligations under (x) this Agreement, the Investment Agreement, the Promissory Note or the transactions contemplated hereby or thereby or (y) the Confidentiality Agreements. 

Section 5.2. Company Release. Effective upon the receipt by the Company of the full amount of the Settlement Payment, the Company,
for itself and, to the maximum extent 

  
 3 

 
permitted by law, on behalf of its former, current or future officers, directors, employees, agents, representatives, parents, Subsidiaries, Affiliates, shareholders, managers, vendors and any
predecessor entities, heirs, executors, administrators, successors and assigns of any said person or entity, and any other person claiming (now or in the future) through or on behalf of any of said person or entities (“Company Releasing
Parties” and together with the Purchaser Releasing Parties, the “Releasing Parties”), hereby unequivocally, fully and irrevocably releases and discharges each of Parent, Purchaser, Merger Sub, the Parent Related Parties and
their respective former, current or future directors, officers, employees, members, managers, partners, shareholders, agents or Representatives, advisors, attorneys, accountants, insurers, predecessor entities, heirs, executors, administrators,
successors and assigns of any said person or entity (collectively, “Purchaser Released Persons” and together with the Company Released Persons, the “Released Persons”), from any and all past, present, direct,
indirect and/or derivative liabilities, claims, rights, actions, causes of action, counts, obligations, sums of money due, attorneys’ fees, suits, debts, covenants, agreements, promises, demands, damages and charges of whatever kind or nature,
known or unknown, in law or in equity, asserted or that could have been asserted, under federal or state statute, or common law or the laws of any other relevant jurisdiction, arising from or out of, based upon, in connection with or otherwise
relating in any way to the Merger Agreement (including, for the avoidance of doubt, the Transaction Matters), the Equity Commitment Letter, the Limited Guarantee, the Debt Commitment Letter, the Voting Agreements or the transactions or payments
contemplated by any of the foregoing, including any claim relating to the termination of the Merger Agreement (the “Company Released Claims,” and, together with the Purchaser Released Claims, the “Released Claims”);
provided, that, for the avoidance of doubt, nothing contained in this Agreement shall be deemed to release any party hereto from its obligations under (x) this Agreement, the Investment Agreement, the Promissory Note or the transactions
contemplated hereby or thereby or (y) the Confidentiality Agreements. 
 Section 5.3. Scope of Release and Discharge. 

(a) The parties, on behalf of the respective Releasing Parties, acknowledge and agree that they may be unaware of or may discover facts in
addition to or different from those which they now know, anticipate or believe to be true related to or concerning the Released Claims. The parties know that such presently unknown or unappreciated facts could materially affect the claims or
defenses of a party or parties. It is nonetheless the intent of the parties to give a full, complete and final release and discharge of the Released Claims. In furtherance of this intention, the releases herein given shall be and remain in effect as
full and complete releases with regard to the Released Claims notwithstanding the discovery or existence of any such additional or different claim or fact. To that end, with respect to the Released Claims only, the parties expressly waive and
relinquish any and all provisions, rights and benefits conferred by any law of the United States or of any state or territory of the United States or of any other relevant jurisdiction, or principle of common law, under which a general release does
not extend to claims which the parties do not know or suspect to exist in their favor at the time of executing the release, which if known by the parties might have affected the parties’ settlement. With respect to the Released Claims only, the
parties expressly waive and relinquish, to the fullest extent permitted by law, the provisions, rights, and benefits of §1542 of the California Civil Code (or any similar, comparable or equivalent provisions), which provides: 

  
 4 

 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT
KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY. 

(b) The parties acknowledge and agree that the inclusion of this Section 5.3 was separately bargained for and is a key element of this
Agreement. 
 Section 5.4. Covenant Not to Sue. Each of (a) the Company, on behalf of itself and the Company Releasing
Parties, and (b) Parent and Merger Sub, on behalf of itself and the Purchaser Releasing Parties, covenants not to bring any Released Claim before any court, arbitrator, or other tribunal in any jurisdiction, whether as a claim, a cross claim,
or counterclaim. Any Released Person may plead this Agreement as a complete bar to any Released Claim brought in derogation of this covenant not to sue. The covenants contained in this Section 5.4 shall become effective on the date hereof and
shall survive this Agreement indefinitely regardless of any statute of limitations, but the covenants contained in this Section 5.4 shall terminate automatically if the Company does not receive the full amount of the Settlement Payment by the
close of business on May 5, 2020. 
 Section 5.5. Accord and Satisfaction. This Agreement and the releases reflected herein
shall be effective as a full, final and irrevocable accord and satisfaction and release of all of the Released Claims. 
 Section 5.6.
Non-Disparagement. Other than as a party may determine (based on the advice of counsel) is necessary or appropriate to respond to any legal or regulatory process or proceeding or to give appropriate
testimony or file any necessary documents in any legal or regulatory proceeding, or deliberations of the board of directors of the Company or Parent, no party to this Agreement shall make any public statements or any private statements that
disparage, denigrate or malign the other parties or the Released Persons concerning the subject matter of this Agreement and the Merger Agreement or the business or practices of the other parties hereto. Nothing contained in this Section 5.6
shall prohibit a party from making any public or private statement that is factually accurate. 
 ARTICLE VI 

MISCELLANEOUS 
 Section 6.1.
Admission. This Agreement constitutes the settlement of disputed and possible future claims; it does not and shall not constitute an admission of liability by any of the parties. 

Section 6.2. Modification or Amendment. This Agreement may only be amended, modified or supplemented in writing by the parties
hereto, by action of the boards of directors (or similar bodies) of the respective parties. 
 Section 6.3. Waiver. Any
provision of this Agreement may be waived if, and only if, such waiver is in writing and signed by the party against whom the waiver is to be effective. No 

  
 5 

 
failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or privilege. Except as otherwise herein provided, the rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 

Section 6.4. Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts (including by attachment to
electronic mail in portable document format (PDF)), each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement, and shall become effective when one or more counterparts
have been signed by each of the parties hereto and delivered to the other parties hereto. 
 Section 6.5. Governing Law and Venue;
Waiver of Jury Trial. 
 (a) THIS AGREEMENT AND ANY DISPUTES ARISING UNDER OR RELATING TO THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN
AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF. Notwithstanding the foregoing, all matters relating to the duties
of the board of directors of the Company shall be governed by and construed in accordance with the Laws of the State of Maryland without regard to the conflicts of law principles thereof to the extent that such principles would direct a matter to
another jurisdiction. 
 (b) Each of the parties (i) irrevocably submits exclusively to the jurisdiction of the Chancery Courts of the
State of Delaware (the “Chancery Court”) or, if the Chancery Court declines jurisdiction, any other Delaware state court, and the federal courts of the United States of America, in each case, located in New Castle County in the
State of Delaware (collectively, “Chosen Courts”) in the event any dispute arises out of this Agreement or any of the transactions contemplated hereby, (ii) agrees that it will not attempt to deny or defeat such personal
jurisdiction by motion or other request for leave from any such court, (iii) agrees that it will not bring any Proceeding by or before any Governmental Entity relating to this Agreement or any of the transactions contemplated hereby in any
court other than the Chosen Courts, (iv) waives any objection that it may now or hereafter have to the venue of any such Proceeding in the Chosen Courts or that such Proceeding was brought in an inconvenient court and agrees not to plead or
claim the same and (v) consents to service being made through the notice procedures set forth in Section 6.6. Each of the Company and the Purchaser hereby agrees that service of any process, summons, notice or document
by U.S. registered mail to the respective addresses set forth in Section 6.6 shall be effective service of process for any Proceeding in connection with this Agreement or the transactions contemplated hereby. 

(c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION 

  
 6 

 
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (iii) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (iv) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.5. 

Section 6.6. Notices. Notices, requests, instructions or other documents to be given under this Agreement shall be in writing and shall
be deemed given, (a) when delivered, if delivered personally to the intended recipient, (b) upon transmission, if sent by email (provided no “bounceback” or notice of non-delivery is
received) and (c) one Business Day later, if sent by overnight delivery via a national courier service (providing proof of delivery), and in each case, addressed to a party at the following address for such party: 

if to the Company 

Front Yard Residential Corporation 

5100 Tamarind Reef 

Christiansted, United States Virgin Islands 00820 

Attention: Michael Lubin 

Email: frontyardresidential@altisourceamc.com 

with copies to (which shall not constitute notice): 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 

New York, NY 10153 

Attention: Michael J. Aiello 

    Sachin Kohli 

Email:     michael.aiello@weil.com 

    sachin.kohli@weil.com 

if to Parent or Merger Sub: 

c/o Amherst Residential, LLC 

5001 Plaza on the Lake, Suite 200 

Austin, TX 78746 

Attention: Joseph Gatti 

Email: jgatti@amherst.com 

  
 7 

 with copies to (which shall not constitute notice): 

Gibson, Dunn & Crutcher LLP 

200 Park Avenue 

New York, NY 10166 

Attention: Eduardo Gallardo 

Email: egallardo@gibsondunn.com 

or to such other persons or addresses as may be designated in writing by the party to receive such notice as provided above. 

Section 6.7. Entire Agreement. This Agreement, the Investment Agreement, the letter agreement regarding confidentiality, dated
August 31, 2019, between the Company and an affiliate of Purchaser (as amended on the date hereof), the letter agreement regarding confidentiality, dated December 6, 2019, between the Company and an affiliate of Purchaser, the waiver
letter agreement regarding ownership of Shares dated as of the date hereof, by and between the Company and Purchaser, and the Promissory Note (including any exhibits to the foregoing agreements) constitute the entire agreement, and supersede all
other prior agreements, understandings, representations and warranties both written and oral, among the parties, with respect to the subject matter hereof. 

Section 6.8. No Third-Party Beneficiaries. This Agreement is not intended to, and does not, confer upon any Person other than the
parties hereto any rights or remedies hereunder. 
 Section 6.9. Severability. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is
invalid or unenforceable, (a) a suitable and equitable provision negotiated in good faith by the parties hereto shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid
or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not, subject to clause (a) above, be affected by such invalidity or unenforceability, except
as a result of such substitution, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 

Section 6.10. Interpretation. The Article, Section and paragraph headings or captions herein are for convenience of reference
only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof. Where a reference in this Agreement is made to a Section or Exhibit, such reference shall be to a Section of or Exhibit
to this Agreement unless otherwise indicated. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”. The
words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “or”
when used in this Agreement is not exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if”. All terms
defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are applicable to the singular
as well as the plural forms of such terms and to the 

  
 8 

 
masculine as well as to the feminine and neuter genders of such term. Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to
herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor
statutes and references to all attachments thereto and instruments incorporated therein. The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 

Section 6.11. Assignment. This Agreement shall not be assigned by operation of law or otherwise without the prior written consent
of each of the other parties hereto, and any assignment without such consent shall be null and void. 
 Section 6.12. Specific
Performance. The parties hereto acknowledge and agree that irreparable damage would occur and that the parties would not have any adequate remedy at Law in the event that any of the obligations, undertakings, covenants or agreements of the
parties to this Agreement were not performed in accordance with their specific terms or were otherwise breached, and that monetary damages, even if available, would not be an adequate remedy therefor. It is accordingly agreed that parties hereto
shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement by the other party, and to enforce specifically the terms and provisions of this Agreement by a decree of specific performance, in accordance with
Section 6.5 of this Agreement, without the necessity of proving actual harm or damages or posting a bond or other security therefor, this being in addition to any other remedy to which such party is entitled at law or in
equity, and each party agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief on the basis that any other party has an adequate remedy at law or that any award of specific performance or other
equitable remedy is not an appropriate remedy for any reason at law or in equity. 
 [Remainder of page intentionally left blank] 

  
 9 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly
authorized officers of the parties hereto as of the date first written above. 
  

			
	FRONT YARD RESIDENTIAL CORPORATION
		
	By:	 	 /s/ George G. Ellison

		 	Name: George G. Ellison
		 	Title: Chief Executive Officer

 [Signature Page to Termination and Settlement Agreement] 

 
			
	BAF HOLDINGS, LLC
		
	By:	 	 /s/ Paul Cuccurullo

		 	Name: Paul Cuccurullo
		 	Title: President and Secretary
	
	BAF SUB, LLC
		
	By:	 	 /s/ Paul Cuccurullo

		 	Name: Paul Cuccurullo
		 	Title: President and Secretary
	
	AMHERST SINGLE FAMILY RESIDENTIAL PARTNERS VI, LP
		
	By:	 	Amherst SFRP VI GP, LLC, its general partner
		
	By:	 	 /s/ Joseph Gatti

		 	Name: Joseph Gatti
		 	Title: Vice President and Secretary

 [Signature Page to Termination and Settlement Agreement]

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