Document:

Exhibit 10.10

 

Freddie Mac Loan Number: 708060749

Property Name: Village Green of
Ann Arbor

 

GUARANTY

(CME AND PORTFOLIO) 

 

MULTISTATE

 

(Revised 7-20-2012)

 

THIS GUARANTY ("Guaranty'') is
entered into to be effective as of September 12, 2012, by JONATHAN HOLTZMAN, BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND
II, LLC, a Delaware limited liability company, and BLUEROCK SPECIAL
OPPORTUNITY+ INCOME FUND III, LLC, a Delaware limited liability company ("Guarantor'', collectively
if more than one), for the benefit of KEYCORP REAL ESTATE CAPITAL MARKETS, INC., an
Ohio corporation ("Lender").

 

RECITALS

 

		A.	Pursuant to the terms of a Multifamily Loan and Security Agreement dated the same date as this Guaranty (as amended, modified
or supplemented from time to time, the "Loan Agreement"), VILLAGE GREEN OF ANN
ARBOR ASSOCIATES, LLC, a Michigan limited liability company ("Borrower")
has requested that Lender make a loan to Borrower in the amount of $43,200,000.00 ("Loan").
The Loan will be evidenced by a Multifamily Note from Borrower to Lender dated effective as of the effective date of this
Guaranty (as amended, modified or supplemented from time to time, the "Note"). The
Note will be secured by a Multifamily Mortgage, Deed of Trust, or Deed to Secure Debt dated effective as of the effective date
of the Note (as amended, modified or supplemented from time to time, the "Security Instrument"),
encumbering the

Mortgaged
Property described in the Loan Agreement.

 

		B.	As a condition to making the Loan to Borrower, Lender requires that Guarantor execute this Guaranty.

 

		C.	Guarantor has a direct or indirect ownership or other financial interest in Borrower and/or will otherwise derive a material
benefit from the making of the Loan.

 

AGREEMENT

 

NOW, THEREFORE, in order to induce
Lender to make the Loan to Borrower, and in consideration thereof and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Guarantor agrees as follows:

 

    	Guaranty - Multistate (CME and Portfolio)

    	 

    

  

		1.	Defined Terms. The terms "Indebtedness", "Loan Documents",
and "Property Jurisdiction", and other capitalized terms used but not defined in this Guaranty, will have the meanings
assigned to them in the Loan Agreement.

 

		2.	Scope of Guaranty.

 

		(a)	Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender each of the following:

 

		(i)	Guarantor guarantees the full and prompt payment when due, whether at the Maturity Date or earlier, by reason of acceleration
or otherwise, and at all times thereafter, of each of the following:

 

		(A)	Guarantor guarantees a portion of the Indebtedness equal to 0% of the original principal balance of the Note ("Base
Guaranty").

 

		(B)	In addition to the Base Guaranty, Guarantor guarantees all other amounts for which Borrower is personally liable under

Sections 9(c),
9(d) and 9(f) of the Note (provided, however, that Guarantor will have no liability for failure of Borrower or SPE Equity Owner
to comply with (I) Section 6. l 3(a)(xviii) of the Loan Agreement,
and (II) the requirement in Section 6.13(a)(x)(B) of the Loan Agreement as to payment of trade payables within 60 days of the date
incurred). (CME loans only)

 

		(C)	Guarantor guarantees all costs and expenses, including reasonable Attorneys' Fees and Costs incurred by Lender in enforcing
its rights under this Guaranty.

 

		(ii)	Guarantor guarantees the full and prompt payment and performance of and/or compliance with all of Borrower's obligations under
Sections 6.12, 10.02(b) and 10.02(d) of the Loan Agreement when due and the accuracy of Borrower's representations and warranties
under Section 5.05 of the Loan Agreement.

 

		(b)	If the Base Guaranty stated in Section 2(a)(i)(A) is 100% of the original principal balance of the Note, then the following
will be applicable:

 

		(i)	The Base Guaranty will mean and include, and Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender,
the full and complete prompt payment of the entire Indebtedness, the performance of and/or compliance with all of Borrower's obligations
under the Loan Documents when due, and the accuracy of Borrower's representations and warranties contained in the Loan Documents.

 

    	Guaranty - Multistate (CME and Portfolio)	Page 2

    	 

    

  

		(ii)	For so long as the Base Guaranty remains in effect (there being no limit to the duration of the Base Guaranty unless otherwise
expressly provided in this Guaranty), the obligations guaranteed pursuant to Sections 2(a)(i)(B) and 2(a)(i)(C) will be part of,
and not in addition to or in limitation of, the Base Guaranty.

 

		(c)	If the Base Guaranty stated in Section 2(a)(i)(A) is less than 100% of the original principal balance of the Note, then Section
2(b) will be completely inapplicable.

 

		(d)	If Guarantor is not liable for the entire Indebtedness, then all payments made by Borrower with respect to the Indebtedness
and all amounts received by Lender from the enforcement of its rights under the Loan Agreement and the other Loan Documents (except
this Guaranty) will be applied first to the portion of the Indebtedness for which neither Borrower nor Guarantor has personal liability.

 

		3.	Guarantor’s Obligations Survive Foreclosure. The obligations of Guarantor under this Guaranty will survive any
foreclosure proceeding, any foreclosure sale, any delivery of any deed in lieu of foreclosure, and any release of record of the
Security Instrument, and, in addition, the obligations of Guarantor relating to Borrower's representations and warranties under
Section 5.05 of the Loan Agreement, and Borrower's obligations under Sections 6.12 and 10.02(b) of the Loan Agreement will survive
any repayment or discharge of the Indebtedness. Notwithstanding the foregoing, if Lender has never been a mortgagee-in-possession
of or held title to the Mortgaged Property, Guarantor will have no obligation under this Guaranty relating to Borrower's representations
and warranties under Section 5.05 of the Loan Agreement or Borrower's obligations relating to environmental matters under Sections
6.12 and 10.02(b) of the Loan Agreement after the date of the release of record of the lien of the Security Instrument as a result
of the payment in full of the Indebtedness on the Maturity Date or by voluntary prepayment in full.

 

		4.	Guaranty of Payment and Performance. Guarantor’s obligations under this Guaranty constitute an unconditional guaranty
of payment and performance and not merely a guaranty of collection.

 

		5.	No Demand by Lender Necessary; Waivers by Guarantor -All States Except California. The obligations of Guarantor under
this Guaranty must be performed without demand by Lender and will be unconditional regardless of the genuineness, validity, regularity
or enforceability of the Note, the Loan Agreement, or any other Loan Document, and without regard to any other circumstance which
might otherwise constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a mortgagor. Guarantor hereby
waives, to the fullest extent permitted by applicable law, all of the following:

 

		(a)	The benefit of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms
of this Guaranty and agrees that Guarantor's obligations will not
be affected by any circumstances, whether or not referred to in this Guaranty, which might otherwise constitute a legal or equitable
discharge of a surety, a guarantor, a borrower or a mortgagor.

 

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		(b)	The benefits of any right of discharge under any and all statutes or other laws relating to a guarantor, a surety, a borrower
or a mortgagor, and any other rights of a surety, a guarantor, a borrower or a mortgagor under such statutes or laws.

 

		(c)	Diligence in collecting the Indebtedness, presentment, demand for payment, protest, all notices with respect to the Note and
this Guaranty which may be required by statute, rule of law or otherwise to preserve Lender's rights against Guarantor under this
Guaranty, including notice of acceptance, notice of any amendment of the Loan Documents, notice of the occurrence of any default
or Event of Default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice
of protest, and notice of the incurring by Borrower of any obligation or indebtedness.

 

		(d)	All rights to cause a marshalling of the Borrower's assets or to require Lender to do any of the following:

 

		(i)	Proceed against Borrower or any other guarantor of Borrower's payment or performance under the Loan Documents (an "Other
Guarantor").

 

		(ii)	Proceed against any general partner of Borrower or any Other Guarantor if Borrower or any Other Guarantor is a partnership.

 

		(iii)	Proceed against or exhaust any collateral held by Lender to secure the repayment of the Indebtedness.

 

		(iv)	Pursue any other remedy it may now or hereafter have against Borrower, or, if Borrower is a partnership, any general partner
of Borrower.

 

		(e)	Any right to object to the timing, manner or conduct of Lender's enforcement of its rights under any of the Loan Documents.

 

		(f)	Any right to revoke this Guaranty as to any future advances by Lender under the terms of the Loan
Agreement to protect Lender's interest in the Mortgaged Property.

 

		6.	Modification of Loan Documents. At any time or from time to time and any number
of times, without notice to Guarantor and without affecting the liability of Guarantor, all of the following will apply:

 

		(a)	Lender may extend the time for payment of the principal of or interest on the Indebtedness or renew the Indebtedness in whole
or in part.

 

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		(b)	Lender may extend the time for Borrower's performance of or compliance with any covenant or agreement contained in the Note,
the Loan Agreement or any other Loan Document, whether presently existing or entered into after the date of this Guaranty, or waive
such performance or compliance.

 

		(c)	Lender may accelerate the Maturity Date of the Indebtedness as provided in the Note, the Loan Agreement, or any other Loan
Document.

 

		(d)	Lender and Borrower may modify or amend the Note, the Loan Agreement, or any other Loan Document in any respect, including
an increase in the principal amount.

 

		(e)	Lender may modify, exchange, surrender or otherwise deal with any security for the Indebtedness or accept additional security
that is pledged or mortgaged for the Indebtedness.

 

		7.	Joint and Several Liability. The obligations
of Guarantor (and each party named as a Guarantor in this Guaranty) and any Other Guarantor will be joint and several. Lender,
in its sole and absolute discretion, may take any of the following actions:

 

		(a)	Lender may bring suit against Guarantor, or any one or more of the parties named as a Guarantor in this Guaranty, and any Other
Guarantor, jointly and severally, or against any one or more of them.

 

		(b)	Lender may compromise or settle with Guarantor, any one or more of the parties named as a Guarantor in this Guaranty, or any
Other Guarantor, for such consideration as Lender may deem proper.

 

		(c)	Lender may release one or more of the parties named as a Guarantor in this Guaranty, or any Other Guarantor, from liability.

 

		(d)	Lender may otherwise deal with Guarantor and any Other Guarantor, or any one or more of them, in any manner.

 

No
action of Lender described in this Section 7 will affect or impair the rights of Lender to collect from any one or more of the
parties named as a Guarantor under this Guaranty any amount guaranteed by Guarantor under this Guaranty.

 

		8.	Limited Release of Guarantor Upon Transfer of Mortgaged Property.
If Guarantor requests a release of its liability under this Guaranty in connection with a Transfer which Lender has approved
pursuant to Section 7.05(a) of the Loan Agreement, and Borrower has provided a replacement Guarantor acceptable to Lender, then
one of the following will apply:

 

		(a)	If Borrower delivers to Lender a Clean Site Assessment, then Lender will release Guarantor from Guarantor's obligation to guaranty
Borrower's liability under Section 6.12
(Environmental Hazards) or Section 10.02(b) (Environmental Indemnification) of the Loan Agreement with respect to any indemnified
matters created or arising solely from any Prohibited Activities or Conditions first existing after the date of the Transfer, provided
such loss, liability, damage, claim, cost or expense does not directly or indirectly arise from or relate to any Prohibited Activities
or Conditions existing prior to the date of the Transfer.

 

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		(b)	If Borrower does not deliver a Clean Site Assessment as described in Section 7.05(b)(i),
then Lender will release Guarantor from all of Guarantor's obligations except for Guarantor's obligation to guaranty Borrower's
liability under Section 6.12 (Environmental Hazards) or Section 10.02(b) (Environmental Indemnification) of the Loan Agreement.

 

		9.	Subordination of Borrower’s Indebtedness to Guarantor. Any indebtedness of Borrower held by Guarantor now or in
the future is and will be subordinated to the Indebtedness and Guarantor will collect, enforce and receive any such indebtedness
of Borrower as trustee for Lender, but without reducing or affecting in any manner the liability of Guarantor under the other provisions
of this Guaranty.

 

		10.	Waiver of Subrogation. Guarantor will have no right of, and hereby waives any claim for, subrogation or reimbursement
against Borrower or any general partner of Borrower by reason of any payment by Guarantor under this Guaranty, whether such right
or claim arises at law or in equity or under any contract or statute, until the Indebtedness has been paid in full and there has
expired the maximum possible period thereafter during which any payment made by Borrower to Lender with respect to the Indebtedness
could be deemed a preference under the United States Bankruptcy Code.

 

		11.	Preference. If any payment by Borrower is held to constitute a preference under any applicable bankruptcy, insolvency,
or similar laws, or if for any other reason Lender is required to refund any sums to Borrower, such refund will not constitute
a release of any liability of Guarantor under this Guaranty. It is the intention of Lender and Guarantor that Guarantor's obligations
under this Guaranty will not be discharged except by Guarantor's performance of such obligations and then only to the extent of
such performance.

 

		12.	Financial Information. Guarantor, from time to time upon written request by Lender, will deliver to Lender such financial
statements as Lender may reasonably require. If an Event of Default has occurred and is continuing, Guarantor will deliver to Lender
upon written request copies of its state and federal tax returns.

 

		13.	Assignment. Lender may assign its rights under this Guaranty in whole or in part and upon any such assignment, all the
terms and provisions of this Guaranty will inure to the benefit of such assignee to the extent so assigned. The terms used to designate
any of the parties in this Guaranty will be deemed to include the heirs, legal representatives, successors and assigns of such
parties, and the term "Lender" will also include any lawful owner, holder or pledgee of the Note.

 

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		14.	Complete and Final Agreement. This Guaranty and the other Loan Documents represent
the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements.
There are no unwritten oral agreements between the parties. All prior or contemporaneous agreements, understandings, representations,
and statements, oral or written, are merged into this Guaranty and the other Loan Documents. Guarantor acknowledges that Guarantor
has received a copy of the Note and all other Loan Documents. Neither this Guaranty nor any of its provisions may be waived, modified,
amended, discharged, or terminated except by a writing signed by the party against which the enforcement of the waiver, modification,
amendment, discharge, or termination is sought, and then only to the extent set forth in that writing.

 

		15.	Governing Law. This Guaranty will be governed by and enforced in accordance with
the laws of the Property Jurisdiction, without giving effect to the choice of law principles of the Property Jurisdiction that
would require the application of the laws of a jurisdiction other than the Property Jurisdiction.

 

		16.	Jurisdiction; Venue. Guarantor agrees that any controversy arising under or in
relation to this Guaranty may be litigated in the Property Jurisdiction, and that the state and federal courts and authorities
with jurisdiction in the Property Jurisdiction will have jurisdiction over all controversies which will arise under or in relation
to this Guaranty. Guarantor irrevocably consents to service, jurisdiction and venue of such courts for any such litigation and
waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing in
this Guaranty is intended to limit Lender's right to bring any suit, action or proceeding relating to matters arising under this
Guaranty against Guarantor or any of Guarantor's assets in any court of any other jurisdiction.

 

		17.	Guarantor's Interest in Borrower.
Guarantor represents to Lender that Guarantor has a direct or indirect ownership or other financial interest in Borrower
and/or will otherwise derive a material financial benefit from the making of the Loan.

 

		18.	State-Specific Provisions. N/A.

 

		19.	Community Property Provision.

 

Not applicable.

 

		20.	WAIVER OF TRIAL BY JURY.

 

		(a)	GUARANTOR AND LENDER EACH COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO
ANY ISSUE ARISING OUT OF THIS GUARANTY OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF RIGHT
BY A JURY.

 

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		(b)	GUARANTOR AND LENDER EACH WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE
EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY,
KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

 

		21.	Attached Riders. The following Riders, if marked with an
"X" in the space provided, are attached to this Guaranty:

 

		x	None

 

		 ̈	Material Adverse Change Rider

 

		 ̈	Minimum Net Worth/Liquidity Requirements Rider

 

		 ̈	Other__________________________

 

		22.	Attached Exhibit. The following Exhibit, if marked with
an "X" in the space provided, is attached to this Guaranty:

 

		 ̈	Exhibit AModifications to Guaranty

 

(Remainder of page intentionally
left blank; signature pages follow.)

 

    	Guaranty - Multistate (CME and Portfolio)	Page 8

    	 

    

  

IN WITNESS WHEREOF,
Guarantor has signed and delivered this Guaranty under seal or has caused this Guaranty to be signed and delivered under seal by
its duly authorized representative.

 

GUARANTOR:

 

	 	By:	/s/ Jonathan Holtzman
	 	 	Jonathan Holtzman

 

Acknowledgment

 

	STATE OF Michigan 	)
	 	) ss:
	COUNTY OF Oakland 	)

 

The foregoing
instrument was acknowledged before me this__________day of September, 2012 by Jonathan Holtzman and acknowledged the foregoing
instrument to be his voluntary act and deed.

 

	/s/ Cheryl L. Imrick	 
	Notary Public	 
	Printed Name: Cheryl L. Imrick                	CHERYL L. IMRICK
	My Commission Expires: 	Notary Public, State of Michigan
	11/21/2012	County of Macomb
	 	My Commission Expires Nov. 21, 2012
	 	Acting in the County of Oakland

 

		(a)	Name and Address of Guarantor

 

	Name:	Jonathan Holtzman
	Address:	30833 Northwestern Highways, Suite 300 .
	 	Farmington Hills, Michigan 48334

 

		(b)	Guarantor represents and warrants that Guarantor is:

		 ̈	single

		x	married

		 ̈	an
entity

 

		(c)	Guarantor represents and warrants that Guarantor's state
of residence is Michigan.

 

[DOCUMENT EXECUTION CONTINUES ON THE
FOLLOWING PAGES]

 

    	Guaranty - Multistate (CME and Portfolio)	Page 9

    	 

    

  

	 	GUARANTOR:
	 	 
	 	BLUEROCK SPECIAL OPPORTUNITY + INCOME 

FUND II, LLC,
	 	a Delaware limited liability company,
	 	 
	 	By:	BR SOIF II Manager, LLC,
	 	 	a Delaware limited liability company, Manager
	 	 	 
	 	 	By:	/s/ Christopher J. Vohs
	 	 	Name:	Christopher J. Vohs
	 	 	Title:	Authorized Signatory

 

ACKNOWLEDGMENT

 

	STATE OF Michigan 	)
	 	) ss:
	COUNTY OF Oakland 	)
	 	 

The
foregoing instrument was acknowledged before me this
6th day of September, 2012 by Christopher J. Vohs, the Authorized Signatory on behalf of BR SOIF II Manager, LLC, a
Delaware limited liability company, as Manager on behalf
of Bluerock Special Opportunity + Income Fund II, LLC,
a Delaware limited liability company, on behalf of said limited liability company.

 

	Notary Public	NANCY CRICHTON
	 	Notary Public, Oakland County, Ml
	Printed Name:__________	My Commission Expires Feb. 21, 2013
	My Commission Expire	Acting In the County of OAKLAND

_______________

  

		(a)	Name and Address of Guarantor

 

	Name:	Bluerock Special Opportunity + Income Fund II, LLC 
	Address:	
        c/o Bluerock Real Estate, L.L.C.

        70 East Fifth Street, 9th Floor

        New York, New York 10022

 

		(b)	Guarantor represents and warrants that Guarantor is:

 

		 ̈	single

		 ̈	married

		x	an
entity

 

		(c)	Guarantor represents and warrants that Guarantor's state of residence is N/A.

 

    	Guaranty - Multistate (CME and Portfolio)	Page 10

    	 

    

  

	 	GUARANTOR:
	 	BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND ID, LLC,
	 	a Delaware limited liability company,

 

	 	By:	BR SOIF III Manager, LLC,
	 	 	a Delaware limited liability company,
	 	 	Manager

 

	 	By:	/s/ Christopher J. Vohs
	 	Name:	Christopher J. Vohs
	 	Title:	Authorized Signatory

 

ACKNOWLEDGMENT

 

	STATE OF Michigan 	)
	 	) ss:
	COUNTY OF Oakland 	)

 

The foregoing
instrument was acknowledged before me this 6th day of September, 2012 by Christopher
J. Vohs, the Authorized Signatory on behalf of BR SOIF III Manager, LLC, a Delaware limited
liability company, as Manager on behalf of Bluerock Special Opportunity + Income Fund III,
LLC, a Delaware limited liability company, on behalf of said limited liability company.

 

	Notary Public	NANCY CRICHTON
	 	Notary Public, Oakland County, Ml
	Printed Name:_______	My Co1111l1lsslon Expires Feb. 21, 2013
	My Commission Expire	Acting In the County of OAKLAND

 

 

		(a)	Name and Address of Guarantor

 

	Name:	Bluerock Special Opportunity + Income Fund III, LLC 
	Address:	c/o Bluerock Real Estate, L.L.C.
	 	
        70 East Fifth Street, 9th Floor

        New York, New York 10022

 

		(b)	Guarantor represents and warrants that Guarantor is:

 ̈
single 

 ̈
married 

x
an entity

 

		(c)	Guarantor represents and warrants that Guarantor's state of residence is N/A.

 

    	Guaranty - Multistate (CME and Portfolio)	Page 11

    	 

    

  

EXHIBIT
A

 

MODIFICATIONS
TO GUARANTY

 

The following modifications are made to the
text of the Guaranty that precedes this Exhibit:

 

NONE

 

    	Guaranty - Multistate (CME and Portfolio)Exhibit 10.11

 

PREPARED BY AND

AFTER RECORDING RETURN TO:

Sameer Upadhya, Esq.

Krooth
& Altman LLP

1850 M Street, NW, Suite 400

Washington, DC 20036

 

Freddie Mac Loan No. 708060749

 

ASSIGNMENT OF SECURITY
INSTRUMENT

(Revision Date 11-01-2000)

 

FOR VALUABLE CONSIDERATION, KEYCORP
REAL ESTATE CAPITAL MARKETS, INC., a
corporation, organized and existing under the laws of Ohio (the "Assignor"), having its principal office at c/o
KeyBank Real Estate Capital - Servicing Department, 11501 Outlook Street, Suite #300,0verland Park, Kansas 66211, Mailcode:
KS-01-11-0501, Attn: Servicing Manager, hereby assigns, grants, sells and transfers to the FEDERAL
HOME LOAN MORTGAGE CORPORATION, a corporation organized and existing under the laws of the United States (the
"Assignee"), having its principal place of business at 8200 Jones Branch Drive, McLean, Virginia 22102, and the
Assignee's successors, transferees and assigns forever, all of the right, title and interest of the Assignor in and to the
Multifamily Mortgage dated as of September 12, 2012, entered into by VILLAGE
GREEN OF ANN ARBOR ASSOCIATES, LLC, a Michigan
limited liability company (the "Borrower") for the benefit of the
Assignor, securing an indebtedness of the Borrower to the Assignor in the principal
amount of $43,200,000.00, and recorded in the land records of Washtenaw County, Michigan immediately prior hereto (the
"Instrument"), which indebtedness is secured by the property described in Exhibit A, attached to this
Assignment and incorporated into it by this
reference.

 

Together with the note
or other obligation described in the Instrument and all obligations secured by the Instrument now or in the future.

 

[DOCUMENT EXECUTION AND
ACKNOWLEDGMENT OCCUR ON THE FOLLOWING PAGES]

 

    	PAGE 1

    	 

    

 

IN WITNESS WHEREOF, the Assignor has executed
this Assignment as of the 12th day of September, 2012.

 

	 	ASSIGNOR:
	 	 
	 	KEYCORP REAL ESTATE CAPITAL MARKETS, INC.
	 	an Ohio corporation
	 	 	 	 
	 	By:	/s/ Randall W. Conley 	 
	 	 	Randall W. Conley	 
	 	 	Vice President	 

 

ACKNOWLEDGMENT

 

	STATE OF TEXAS	)
	 	) ss:
	COUNTY OF DALLAS	)

 

The
foregoing instrument was acknowledged before me this _______ day of September, 2012
by Randall W. Conley as Vice President of KeyCorp Real Estate Capital Markets, Inc., an Ohio corporation, on behalf of
the corporation.

 

	/s/ Carolyn A. Foster 	 	 
	Notary Public	 	CAROLYN A. FOSTER
	Printed Name: 	Carolyn A. Foster 	 	Notary Public, State of Texas
	My Commission Expires:	 	My Commission Expires
	 	 	July 11, 2016
	7/11/2016	 	 

 

    	PAGE 2

    	 

    

 

EXHIBIT A

Legal Description

 

Land
Situated in the Township of Ann Arbor in the County of Washtenaw in the State of Michigan:

 

Parcel A:

 

Part
of the Southwest 114 of Section 25, Town 2 South, Range 6 East, Township of Ann Arbor, Washtenaw County, Michigan, described as:
Commencing at the South 114 corner of said Section 25; thence North 00 degrees 58 minutes 22 seconds West 294.86 feet along the
North and South 1/4 line of said Section and the centerline of Dixboro Road for a place of beginning; thence North 87 degrees 43
minutes 42 seconds West 72.60 feet along the centerline of Geddes Road; thence North 02 degrees 16 minutes 07 seconds East 70.00
feet; thence North 87 degrees 43 minutes 42 seconds West 439.97 feet along the North line of Geddes Road; thence along the Easterly
Right of Way line of Highway US-23 along the following 7 courses: North 42 degrees 48 minutes 11 seconds West 211.54 feet, North
02 degrees 18 minutes 16 seconds East 220.02 feet, North 45 degrees 29 minutes 34 seconds West 136.39 feet, North 18 degrees 43
minutes 54 seconds West 102.70 feet, South 88 degrees 43 minutes 45 seconds West 64.53 feet, North 45 degrees 29 minutes 34 seconds
West 312.88 feet, and North 24 degrees 09 minutes 47 seconds West 206.14 feet; thence North 78 degrees 44 minutes 23 seconds East
272.46 feet; thence North 05 degrees 54 minutes 59 seconds West 87.46 feet; thence South 83 degrees 34 minutes 44 seconds West
44.78 feet; thence North 07 degrees 50 minutes 22 seconds West 121.13 feet; thence North 73 degrees 08 minutes 45 seconds East
56.94 feet; thence North 21 degrees 13 minutes 42 seconds West 136.77 feet; thence North 42 degrees 15 minutes 48 seconds East
29.73 feet; thence South 46 degrees 24 minutes 27 seconds East 141.50 feet; thence North 38 degrees 20 minutes 03 seconds East
189.45 feet; thence South 72 degrees 39 minutes 23 seconds East 67.05 feet; thence North 17 degrees 40 minutes 39 seconds East
282.08 feet; thence South 17 degrees 56 minutes 12 seconds East 91.96 feet; thence South 85 degrees 51 minutes 19 seconds East
69.18 feet; thence North 72 degrees 31 minutes 31 seconds East 56.61 feet; thence South 44 degrees 46 minutes 31 seconds East 59.00
feet; thence South 71 degrees 31 minutes 09 seconds East 48.84 feet; thence North 45 degrees 13 minutes 29 seconds East 225.00
feet; thence North 89 degrees 02 minutes 10 seconds East 125.09 feet to the North and South 1/4 line of Section 25; thence along
said line, also being the centerline of Dixboro Road, South 00 degrees 58 minutes 22 seconds East 1813.15 feet to the place of
beginning.

 

    	PAGE A-1

    	 

    

 

Parcel B:

 

Part of
the Southwest 1/4 of Section 25, Town 2 South, Range 6 East, Township of Ann Arbor, Washtenaw County, Michigan, described as:
Commencing at the South 1/4 corner of said Section 25; thence North 00 degrees 58 minutes 22 seconds West 2108.01 feet along
the North and South 1/4 line of said Section and the centerline of Dixboro Road; thence South 89 degrees 02 minutes 10
seconds West 125.09 feet; thence South 45 degrees 13 minutes 29 seconds West 225.00 feet; thence
North 71 degrees 31 minutes 09 seconds West 48.84 feet; thence North 44 degrees 46 minutes 31 seconds West 59.00 feet; thence
South 72 degrees 31 minutes 31 seconds West 56.61 feet; thence North 85 degrees 51 minutes 19 seconds West 69.18 feet; thence
North 17 degrees 56 minutes 12 seconds West 91.96 feet to a place of beginning; thence South 17 degrees 40 minutes 39 seconds
West 282.08 feet; thence North 72 degrees 39 minutes 23 seconds West 67.05 feet; thence South 38 degrees 20 minutes 03
seconds West 189.45 feet; thence North 46 degrees 24 minutes 27 seconds West 141.50 feet; thence South 42 degrees 15 minutes
48 seconds West 29.73 feet; thence South 21 degrees 13 minutes 42 seconds East 136.77 feet; thence South 73 degrees 08
minutes 45 seconds West 56.94 feet; thence South 07 degrees 50 minutes 22 seconds East 121.13 feet; thence North 83 degrees
34 minutes 44 seconds East 44.78 feet; thence South 05 degrees 54 minutes 59 seconds East 87.46 feet; thence South 78 degrees
44 minutes 23 seconds West 272.46 feet; thence along the East line of Highway US-23, 300 feet wide, North 24 degrees 09
minutes 47 seconds West 105.13 feet; thence North 01 degrees 05 minutes 26 seconds West 991.33 feet; thence South 72 degrees
13 minutes 31 seconds East 234.21 feet; thence South 85 degrees 31 minutes 30 seconds East 115.35 feet; thence South 24
degrees 16 minutes 13 seconds East 245.72 feet; thence North 85 degrees 01 minutes 49 seconds East 138.52 feet; thence North
65 degrees 54 minutes 20 seconds East 50.61 feet; thence South 17 degrees 56 minutes 12 seconds East 98.98 feet to the place
of beginning.

 

EASEMENT PARCEL:

 

TOGETHER
WITH those certain perpetual, reciprocal, non-exclusive easements for storm drainage, water supply, sanitary sewer, fire lane,
utilities, and landscaping as set forth in that certain Easement Agreement dated September 22, 1987 by and between Village Green
of Ann Arbor Associates Limited Partnership and HSF Associates II Limited Partnership, recorded
October 30, 1987 in Liber 2185, Page 893 of the Records of Washtenaw County, Michigan, as amended by First Amendment of Easement
Agreement recorded January 4, 1995 in Liber 3065, Page 683 of the Records of Washtenaw County, Michigan.

 

Informational Note for
Recordation Purposes:

Tax Identification Numbers
09-25-325-003 (as to Parcel A) and 09-25-325-005 (as to Parcel B)

 

    	PAGE A-2

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