Document:

Exhibit 10.8

 

Freddie Mac Loan
Number: 708060749

Property Name: Village
Green of Ann Arbor

 

MULTIFAMILY
NOTE

(CME)

 

MULTISTATE
- FIXED RATE

DEFEASANCE

 

(Revised
2-2-2012)

 

	US $43,200,000.00	Effective Date: as of September 12,
    2012 

 

FOR VALUE RECEIVED,
VILLAGE GREEN OF ANN ARBOR ASSOCIATES, LLC, a Michigan limited liability Company (together with such party’s or parties’
successors and assigns, “Borrower” jointly and severally (if more than
one) promises to pay to the order of KEYCORP REAL ESTATE CAPITAL MARKETS, INC., an Ohio corporation, the principal sum
of $43,200,000.00, with interest on the unpaid principal balance, as hereinafter provided.

 

1.            Defined
Terms.

 

(a)           As
used in this Note:

 

"Base
Recourse" means a portion of the Indebtedness equal to 0% of the original principal
balance of this Note.

 

"Business
Day" means any day other than a Saturday, a Sunday or any other day on which Lender
or the national banking associations are not open for business.

 

"Cut-off
Date" means the 12th Installment Due
Date.

 

"Defeasance
Date" means the 2nd
anniversary of the "startup date" of the last REMIC within the meaning of Section 860G(a)(9) of the Tax
Code which holds all or any portion of the Loan.

 

"Default
Rate" means an annual interest rate equal to
4 percentage points above the Fixed Interest Rate. However, at no time will the Default Rate exceed the Maximum Interest Rate.

 

"Defeasance
Period" is the period beginning the day after the Defeasance Date until but not including
the first day of the Window Period. The Defeasance Period only applies if this Note is assigned to a REMIC trust prior to the
Cut-off Date.

 

"Fixed
Interest Rate"
means the annual interest rate of 3.92%.

 

    	 

    	 

    

 

"Installment
Due Date" means, for any monthly installment of interest-only or principal and interest,
the date on which such monthly installment is due and payable pursuant to Section 3 of this
Note. The "First Installment Due Date" under this Note is November 1,
2012.

 

"Lender"
means the holder from time to time of this Note.

 

"Loan"
means the loan evidenced by this Note.

 

"Loan
Agreement" means the Multifamily Loan and Security Agreement entered into by and between
Borrower and Lender, effective as of the effective date of this Note, as amended, modified or supplemented from time to time.

 

"Lockout
Period" means the period beginning on the day that this Note is assigned to a REMIC
trust until and including the Defeasance Date. The Lockout Period only applies if this Note is assigned to a REMIC trust prior
to the Cut-off Date.

 

"Maturity
Date" means the earlier of (i) October 1, 2022 ("Scheduled
Maturity Date"), or (ii) the date on which the unpaid principal balance of
this Note becomes due and payable by acceleration or otherwise pursuant to the Loan Documents or the exercise by Lender of any
right or remedy under any Loan Document; provided, however, that if the unpaid principal balance of this Note becomes due and
payable by acceleration but such acceleration is rendered null and void and of no further force and effect by operation of law
or agreement by Lender, such acceleration will have no effect on the Maturity Date.

 

"Maximum
Interest Rate" means the rate of interest which results in the maximum amount of interest
allowed by applicable law.

 

"Prepayment
Premium Period" means the period during which, if a prepayment of principal occurs,
a prepayment premium will be payable by Borrower to Lender. The Prepayment Premium Period is the period from and including the
date of this Note until but not including (i) the day that this Note is assigned to a REMIC trust, if this Note is assigned to
a REMIC trust prior to the Cut-off Date, or (ii) the first day of the Window Period, if this Note is not assigned to a REMIC trust
or if this Note is assigned to a REMIC trust on or after the Cut-off Date.

 

"Security
Instrument" means the multifamily mortgage, deed to secure debt or deed of trust effective
as of the effective date of this Note, from Borrower to or for the benefit of Lender and securing this Note, as amended, modified
or supplemented from time to time.

 

"Window
Period" means the 3 consecutive calendar month
period prior to the Scheduled Maturity Date.

 

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"Yield
Maintenance Expiration Date" means April 1, 2022.

 

"Yield
Maintenance Period" means the period from and including the date of this Note until
but not including (i) the day that this Note is assigned to a REMIC trust, if this Note is assigned to a REMIC trust prior to
the Cut-off Date, or (ii) the Yield Maintenance Expiration Date, if this Note is not assigned to a REMIC trust or if this Note
is assigned to a REMIC trust on or after the Cut-off Date.

 

(b)          Other
capitalized terms used but not defined in this Note will have the meanings given to such terms in the Loan Agreement.

 

2.            Address
for Payment. All payments due under this Note will be payable at KeyBank Real Estate Capital,
P.O. Box 145404, Cincinnati, Ohio, 45250, or such other
place as may be designated by Notice to Borrower from or on behalf of Lender.

 

3.            Payments.

 

(a)          Interest
will accrue on the outstanding principal balance of this Note at the Fixed Interest Rate, subject to the provisions of Section
8 of this Note.

 

(b)          Interest
under this Note will be computed, payable and allocated on the basis of an actual/360 interest calculation schedule (interest
is payable for the actual number of days in each month, and each month's interest is calculated by multiplying the unpaid principal
amount of this Note as of the first day of the month for which interest is being calculated by the Fixed Interest Rate, dividing
the product by 360, and multiplying the quotient by the number of days in the month for which interest is being calculated). The
portion of the monthly installment of principal and interest under this Note attributable to principal and the portion attributable
to interest will vary based upon the number of days in the month for which such installment is paid. Each monthly payment of principal
and interest will first be applied to pay in full interest due, and the balance of the monthly installment payment paid by Borrower
will be credited to principal.

 

(c)          Unless
disbursement of principal is made by Lender to Borrower on the first day of a calendar month, interest for the period beginning
on the date of disbursement and ending on and including the last day of such calendar month will be payable by Borrower simultaneously
with the execution of this Note. If disbursement of principal is made by Lender to Borrower on the first day of a calendar month,
then no payment will be due from Borrower at the time of the execution of this Note. The Installment Due Date for the first monthly
installment payment under Section 3(d) of interest-only or principal and interest, as applicable, will be the First Installment
Due Date set forth in Section l (a) of this Note. Except as provided in this Section 3(c), Section 10 and in Section 11, accrued
interest will be payable in arrears.

 

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(d)           (i)          Beginning
on the First Installment Due Date, and continuing until and including the monthly installment due on October 1, 2014, accrued
interest-only will be payable by Borrower in consecutive monthly installments due and payable on the first day of each calendar
month. The amount of each monthly installment of interest-only payable pursuant to this Section 3(d)(i) on an Installment Due
Date will vary, and will equal $4,704.00000 multiplied by the number of days in the month prior to the Installment Due Date.

 

(ii)          Beginning
on November I , 2014, and continuing until and including the monthly installment due on the Maturity Date, principal and accrued
interest will be payable by Borrower in consecutive monthly installments due and payable on the first day of each calendar month.
The amount of the monthly installment of principal and interest payable pursuant to this Section 3(d)(ii) on an Installment Due
Date will be $204,255,96.

 

(e)          All
remaining Indebtedness, including all principal and interest, will be due and payable by Borrower on the Maturity Date.

 

(f)           All
payments under this Note must be made in immediately available U.S. funds.

 

(g)          Any
regularly scheduled monthly installment of interest-only or principal and interest payable pursuant to this Section 3 that is
received by Lender before the date it is due will be deemed to have been received on the due date for the purpose of calculating
interest due.

 

(h)          Any
accrued interest remaining past due for 30 days or more, at Lender's discretion, may be added to and become part of the unpaid
principal balance of this Note and any reference to "accrued interest" will refer to accrued interest which has not
become part of the unpaid principal balance. Any amount added to principal pursuant to the Loan Documents will bear interest at
the applicable rate or rates specified in this Note and will be payable with such interest upon demand by Lender and absent such
demand, as provided in this Note for the payment of principal and interest.

 

4.            Application
of Partial Payments. If at any time Lender receives, from Borrower or otherwise, any amount applicable to the Indebtedness
which is less than all amounts due and payable at such time, Lender may apply the amount received to amounts then due and payable
in any manner and in any order determined by Lender, in Lender's discretion. Borrower agrees that neither Lender's acceptance
of a payment from Borrower in an amount that is less than all amounts then due and payable nor Lender's application of such payment
will constitute or be deemed to constitute either a waiver of the unpaid amounts or an accord and satisfaction.

 

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5.           Security.
The Indebtedness is secured by, among other things, the Security Instrument and reference is made to the Security Instrument
and Loan Agreement for other rights of Lender as to collateral for the Indebtedness.

 

6.          Acceleration.
If an Event of Default has occurred and is continuing, the entire unpaid principal balance, any accrued interest, any prepayment
premium payable under Section 10 and Section 11, and all other amounts payable under this Note and any other Loan Document, will
at once become due and payable, at the option of Lender, without any prior Notice to Borrower (except if notice is required by
applicable law, then after such notice). Lender may exercise this option to accelerate regardless of any prior forbearance. For
purposes of exercising such option, Lender will calculate the prepayment premium as if prepayment occurred on the date of acceleration.
If prepayment occurs thereafter, Lender will recalculate the prepayment
premium as of the actual prepayment date.

 

7.           Late
Charge.

 

(a)          If
any monthly installment of interest or principal and interest or other amount payable under this Note or under the Loan Agreement
or any other Loan Document is not received in full by Lender within 10 days after the installment or other amount is due, counting
from and including the date such installment or other amount is due (unless applicable law requires a longer period of time before
a late charge may be imposed, in which event such longer period will be substituted), Borrower must pay to Lender, immediately
and without demand by Lender, a late charge equal to 5% of such installment or other amount due (unless applicable law requires
a lesser amount be charged, in which event such lesser amount will be substituted). If the Loan is not fully amortizing, the late
charge will not be due on the final payment of principal owed on the Maturity Date if such payment is not timely made.

 

(b)          Borrower
acknowledges that its failure to make timely payments will cause Lender to incur additional expenses in servicing and processing
the Loan and that it is extremely difficult and impractical to determine those additional expenses. Borrower agrees that the late
charge payable pursuant to this Section represents a fair and reasonable estimate, taking into account all circumstances existing
on the date of this Note, of the additional expenses Lender will incur by reason of such late payment. The late charge is payable
in addition to, and not in lieu of, any interest payable at the Default Rate pursuant to Section 8.

 

8            Default
Rate.

 

(a)          So
long as (i) any monthly installment under this Note remains past due for 30 days or more or (ii) any other Event of Default has
occurred and is continuing, then notwithstanding anything in Section 3 of this Note to the contrary, interest under this Note
will accrue on the unpaid principal balance from the Installment Due Date of the first such unpaid monthly installment or the
occurrence of such other Event of Default, as applicable, at the Default Rate.

 

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(b)          From
and after the Maturity Date, the unpaid principal balance will continue to bear interest at the Default Rate until and including
the date on which the entire principal balance is paid in full.

 

(c)          Borrower
acknowledges that (i) its failure to make timely payments will cause Lender to incur additional expenses in servicing and processing
the Loan, (ii) during the time that any monthly installment under this Note is delinquent for 30 days or more, Lender will incur
additional costs and expenses arising from its loss of the use of the money due and from the adverse impact on Lender's ability
to meet its other obligations and to take advantage of other investment opportunities, and (iii) it is extremely difficult and
impractical to determine those additional costs and expenses. Borrower also acknowledges that, during the time that any monthly
installment under this Note is delinquent for 30 days or more or any other Event of Default has occurred and is continuing, Lender's
risk of nonpayment of this Note will be materially increased and Lender is entitled to be compensated for such increased risk.
Borrower agrees that the increase in the rate of interest payable under this Note to the Default Rate represents a fair and reasonable
estimate, taking into account all circumstances existing on the date of this Note, of the additional costs and expenses Lender
will incur by reason of the Borrower's delinquent payment and the additional compensation Lender is entitled to receive for the
increased risks of nonpayment associated with a delinquent loan.

 

9.            Limits
on Personal Liability.

 

(a)          Except
as otherwise provided in this Section 9, Borrower will have no personal liability under this Note, the Loan Agreement or any other
Loan Document for the repayment of the Indebtedness or for the performance of or compliance with any other obligations of Borrower
under the Loan Documents and Lender's only recourse for the satisfaction of the Indebtedness and the performance of such obligations
will be Lender's exercise of its rights and remedies with respect to the Mortgaged Property and to any other collateral held by
Lender as security for the Indebtedness. This limitation on Borrower's liability will not limit or impair Lender's enforcement
of its rights against any Guarantor of the Indebtedness or any Guarantor of any other obligations of Borrower.

 

(b)          Borrower
will be personally liable to Lender for the amount of the Base Recourse, plus any other amounts for which Borrower has personal
liability under this Section 9.

 

(c)          In
addition to the Base Recourse, Borrower will be personally liable to Lender for the repayment of a further portion of the Indebtedness
equal to any loss or damage suffered by Lender as a result of the occurrence of any of the following events:

 

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(i)           Borrower
fails to pay to Lender upon demand after an Event of Default all Rents to which Lender is entitled under Section 3 of the Security
Instrument and the amount of all security deposits collected by Borrower from tenants then in residence. However, Borrower will
not be personally liable for any failure described in this Section 9(c)(i) if Borrower is unable to pay to Lender all Rents and
security deposits as required by the Security Instrument because of a valid order issued in a bankruptcy, receivership,

or
similar judicial proceeding.

 

(ii)          Borrower
fails to apply all Insurance proceeds and Condemnation proceeds as required by the Loan Agreement. However, Borrower will not
be personally liable for any failure described in this Section 9(c)(ii) if Borrower is unable to apply Insurance or Condemnation
proceeds as required by the Loan Agreement because of a valid order issued in a bankruptcy, receivership, or similar judicial
proceeding.

 

(iii)         Either
of the following occurs:

 

(A)         Borrower
fails to deliver the statements, schedules and reports required by Section 6.07 of the Loan Agreement and Lender exercises its
right to audit those statements, schedules and reports.

 

(B)          If
an Event of Default has occurred and is continuing, Borrower fails to deliver all books and records relating to the Mortgaged
Property or its operation in accordance with the provisions of Section 6.07 of the Loan Agreement.

 

(iv)         Borrower
fails to pay when due in accordance with the terms of the Loan Agreement the amount of any item below marked "Deferred";
provided however, that if no item is marked "Deferred", this Section 9(c)(iv) will be of no force or effect.

 

	[Collect]	Hazard Insurance premiums or other Insurance premiums
	[Collect]	Taxes or payments in lieu of truces (PILOT)
	[Deferred]	water and sewer charges (that could become a lien on the Mortgaged Property)
	[N/A]	Ground Rents
	[Deferred]	assessments or other charges (that could become a lien on the Mortgaged Property)

 

(v)          Borrower
engages in any willful act of material waste of the Mortgaged Property.

 

(vi)         Borrower
fails to comply with any provision of Section 6. l 3(a)(iii) through (xxvi) of the Loan Agreement or any SPE Equity Owner fails
to comply with any provision of Section 6.13(b)(iii) through (v) of the Loan Agreement (subject to possible full recourse liability
as set forth in Section 9(f)(ii)).

 

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(vii)         Any
of the following Transfers occurs:

 

(A)         Any
Person that is not an Affiliate creates a mechanic's lien or other involuntary lien or encumbrance against the Mortgaged Property
and Borrower has not complied with the provisions of the Loan Agreement.

 

(B)         A
Transfer of property by devise, descent or operation of law occurs upon the death of a natural person and such Transfer does not
meet the requirements set forth in the Loan Agreement.

 

(C)         Borrower
grants an easement that does not meet the requirements set forth in the Loan Agreement.

 

(D)          Borrower
executes a Lease that does not meet the requirements set forth
in the Loan Agreement.

 

(d)           In
addition to the Base Recourse, Borrower will be personally liable to Lender for all of the
following:

 

(i)           Borrower
will be personally liable for the performance of and compliance with all of Borrower's obligations
under Sections 6.12 and 10.02(b) of the Loan Agreement (relating to environmental matters).

 

(ii)          Borrower
will be personally liable for the costs of any audit under Section 6.07 of the Loan Agreement.

 

(iii)         Borrower
will be personally liable for any costs and expenses incurred by Lender in connection with the collection of any amount for which
Borrower is personally liable under this Section 9, including Attorneys' Fees and Costs and
the costs of conducting any independent audit of Borrower's books and records to determine the amount for which Borrower has personal
liability.

 

(e)          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 will be applied first to the portion of the Indebtedness for which Borrower
has no personal liability.

 

(f)           Notwithstanding
the Base Recourse, Borrower will become personally liable to Lender for the repayment of all of the Indebtedness upon the occurrence
of any of the following Events of Default:

 

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(i)           Borrower
fails to comply with Section 6.13(a)(i) or (ii) of the Loan Agreement or any SPE Equity Owner
fails to comply with Section 6.13(b)(i) or (ii) of the Loan Agreement.

 

(ii)          Borrower
fails to comply with any provision of Section 6. l 3(a)(iii) through (xxvi) of the Loan Agreement or any SPE Equity Owner fails
to comply with any provision of Section 6.13(b)(iii) through (v) of the Loan Agreement and a court of competent jurisdiction holds
or determines that such failure or combination of failures is the basis, in whole or in part, for the substantive consolidation
of the assets and liabilities of Borrower or any SPE Equity Owner with the assets and liabilities of a debtor pursuant to Title
11 of the Bankruptcy Code.

 

(iii)         A
Transfer that is an Event of Default under Section 7.02 of the Loan Agreement occurs other than a Transfer set forth in Section
9(c)(vii) above (for which Borrower will have personal liability for Lender's loss or damage);
provided, however, that Borrower will not have any personal liability for a Transfer consisting solely of the involuntary removal
or involuntary withdrawal of a general partner in a limited partnership or a manager in a limited liability company).

 

(iv)         There
was fraud or written material misrepresentation by Borrower or any officer, director, partner, member or employee of Borrower
in connection with the application for or creation of the Indebtedness or there is fraud in connection with any request for any
action or consent by Lender.

 

(v)          Borrower
or any SPE Equity Owner voluntarily files for bankruptcy protection under the Bankruptcy
Code.

 

(vi)         Borrower
or any SPE Equity Owner voluntarily becomes subject to any reorganization, receivership, insolvency proceeding, or other similar
proceeding pursuant to any other federal or state law affecting debtor and creditor rights.

 

(vii)        The
Mortgaged Property or any part of the Mortgaged Property becomes an asset in a voluntary bankruptcy or becomes subject to any
voluntary reorganization, receivership, insolvency proceeding, or other similar voluntary proceeding pursuant to any other federal
or state law affecting debtor and creditor rights.

 

(viii)       An
order of relief is entered against Borrower or any SPE Equity Owner pursuant to the Bankruptcy Code or other federal or state
law affecting debtor and creditor rights in any involuntary bankruptcy proceeding initiated
or joined in by a Related Party.

 

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(ix)         An
involuntary bankruptcy or other involuntary insolvency proceeding is commenced against Borrower or any SPE Equity Owner (by a
party other than Lender) but only if Borrower or such SPE Equity Owner has failed to use commercially reasonable efforts to dismiss
such proceeding or has consented to such proceeding. "Commercially reasonable efforts" will not require any direct or
indirect interest holders in Borrower or any SPE Equity Owner to contribute or cause the contribution of additional capital to
Borrower or any SPE Equity Owner.

 

(g)          For
purposes of Section 9(f) the term "Related Party" will include all of the
following:

 

(i)           Borrower,
any Guarantor or any SPE Equity Owner.

 

(ii)          Any
Person that holds, directly or indirectly, any ownership interest (including any shareholder, member or partner) in Borrower,
any Guarantor or any SPE Equity Owner or any Person that has a right to manage Borrower, any Guarantor or any SPE Equity Owner.

 

(iii)         Any
Person in which Borrower, any Guarantor or any SPE Equity Owner has any ownership interest (direct or indirect) or right to manage.

 

(iv)         Any
Person in which any partner, shareholder or member of Borrower, any Guarantor or any SPE equity Owner has an ownership interest
or right to manage.

 

(v)          Any
Person in which any Person holding an interest in Borrower, any Guarantor or any SPE Equity Owner also has any ownership interest.

 

(vi)         Any
creditor of Borrower that is related by blood, marriage or adoption to Borrower, any Guarantor or any SPE Equity Owner.

 

(vii)        Any
creditor of Borrower that is related to any partner, shareholder or member of, or any other Person holding an interest in, Borrower,
any Guarantor or any SPE Equity Owner.

 

(h)          If
Borrower, any Guarantor, any SPE Equity Owner or any Related Party has solicited creditors to initiate or participate in any proceeding
referred to in Section 9(f), regardless of whether any of the creditors solicited actually initiates or participates in the proceeding,
then such proceeding will be considered as having been initiated by a Related Party.

 

(i)           To
the extent that Borrower has personal liability under this Section 9, Lender may, to the fullest extent permitted by applicable
law, exercise its rights against Borrower personally without regard to whether Lender has exercised any rights against the Mortgaged
Property or any other security, or pursued any rights against any Guarantor, or pursued any other
rights available to Lender under this Note, the Loan Agreement, any other Loan Document or applicable law. To the fullest extent
permitted by applicable law, in any action to enforce Borrower's personal liability under this Section 9, Borrower waives any
right to set off the value of the Mortgaged Property against such personal liability.

 

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10.         Voluntary
and Involuntary Prepayments During the Prepayment Premium Period (Section Applies unless and until Loan is Assigned to REMIC Trust
Prior to the Cut-off Date).

 

(a)         This
Section 10 will apply unless and until this Note is assigned to a REMIC trust prior to the Cut-off Date.

 

(b)         Any
receipt by Lender of principal due under this Note prior to the Maturity Date, other than principal required to be paid in monthly
installments pursuant to Section 3, constitutes a prepayment of principal under this Note. Without limiting the foregoing, any
application by Lender, prior to the Maturity Date, of any proceeds of collateral or other security to the repayment of any portion
of the unpaid principal balance of this Note constitutes a prepayment under this Note.

 

(c)          During
the Prepayment Premium Period, Borrower may voluntarily prepay all of the unpaid principal balance of this Note on an Installment
Due Date so long as Borrower designates the date for such prepayment in a Notice from Borrower to Lender given at least 30 days
prior to the date of such prepayment. Unless Lender has previously notified Borrower of the expiration of the Prepayment Premium
Period, upon receipt of such Notice from Borrower, Lender will notify Borrower if the Note has been assigned to a REMIC trust
prior to the Cut-off Date and the Prepayment Premium Period has expired. If an Installment Due Date (as defined in Section l (a))
falls on a day which is not a Business Day, then with respect to payments made under this Section 10 only, the term "Installment
Due Date" will mean the Business Day immediately preceding the scheduled Installment Due Date.

 

(d)          Notwithstanding
Section l O(c), Borrower may voluntarily prepay all of the unpaid principal balance of this Note on a Business Day other than
an Installment Due Date if Borrower provides Lender with the Notice set forth in Section l O(c) above and meets the other requirements
set forth in this Section 10(d). Borrower acknowledges that Lender has agreed that Borrower may prepay principal on a Business
Day other than an Installment Due Date only because Lender will deem any prepayment received by Lender on any day other than an
Installment Due Date to have been received on the Installment Due Date immediately following such prepayment and Borrower will
be responsible for all interest that would have been due if the prepayment had actually been made on the Installment Due Date
immediately following such prepayment.

 

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(e)          Unless
otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less than all of the unpaid principal
balance of this Note. In order to voluntarily prepay all of the
principal of this Note, Borrower must pay to Lender, together with the amount of principal being prepaid, (i)
all accrued and unpaid interest due under this Note, plus (ii) all other sums due to Lender at the time of such prepayment,
plus (iii) any prepayment premium calculated pursuant to Section 10(f).

 

(f)           Except
as provided in Section 10(g), a prepayment premium will be due and payable by Borrower in connection
with any prepayment of principal under this Note during the Prepayment Premium Period. The prepayment premium will be computed
as follows:

 

(i)           For
any prepayment made during the Yield Maintenance Period, the prepayment premium will be whichever is the greater of subsections
(A) and (B) below:

 

(A)         1.0%
of the amount of principal being prepaid; or

 

(B)     
   the product obtained by multiplying:

 

(1)          the
amount of principal being prepaid or accelerated, 

by

(2)          the
excess (if any) of the Monthly Note Rate over the Assumed Reinvestment Rate, 

by

(3)          the
Present Value Factor.

 

For purposes
of Section 10(f)(i)(B), the following definitions will apply:

 

Monthly
Note Rate: 1/12 of the Fixed Interest Rate, expressed as a decimal calculated to 5 digits.

 

Prepayment
Date: in the case of a voluntary prepayment, the date on which the prepayment is made; in the case of the application by Lender
of collateral or security to a portion of the principal balance, the date of such application.

 

Assumed
Reinvestment Rate: 1/12 of the yield rate expressed as a decimal to 2 digits, as of the close of the trading session which
is 5 Business Days before the Prepayment Date, found among the Daily Treasury Yield Curve Rates, commonly known as Constant Maturity
Treasury ("CMT") rates, with a maturity equal to the remaining Yield Maintenance Period, as reported on the U.S.
Department of the Treasury website.

 

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If no
published CMT maturity matches the remaining Yield Maintenance Period, Lender will interpolate as a decimal to 2 digits the yield
rate between (a) the CMT with a maturity closest to, but shorter than, the remaining Yield Maintenance Period, and (b) the CMT
with a maturity closest to, but longer than, the remaining Yield Maintenance Period, as follows:

 

 

		A =	yield
                                         rate for the CMT with a maturity shorter than the remaining Yield Maintenance Period
		B=	yield rate for the CMT with a maturity
                                         longer than the remaining Yield Maintenance Period
		C
                              =	number
                                         of months to maturity for the CMT maturity shorter than the remaining Yield Maintenance
                                         Period
		D =	number
                                         of months to maturity for the CMT maturity longer than the remaining Yield Maintenance
                                         Period
		E =	number
                                         of months remaining in the Yield Maintenance Period

 

In the
event the U.S. Department of the Treasury ceases publication of the CMT rates, the Assumed Reinvestment Rate will equal the yield
rate on the first U.S. Treasury security which is not callable or indexed to inflation and which matures after the expiration
of the Yield Maintenance Period.

 

The Assumed
Reinvestment Rate may be a positive number, a negative number or zero.

 

If the
Assumed Reinvestment Rate is a positive number or a negative number, Lender will calculate the prepayment premium using such positive
number or negative number, as appropriate, as the Assumed Reinvestment Rate in 10(t)(i)(B)(2) and in the calculation of the Present
Value Factor.

 

If the
Assumed Reinvestment Rate is zero, Lender will calculate the prepayment premium twice as set forth in (I) and (II) below and will
average the results to determine the actual prepayment premium.

 

(I)           Lender
will calculate the prepayment premium using an Assumed Reinvestment Rate of one basis point (+0.01%) in Section 10(t)(i)(B)(2)
and in the calculation of the Present Value Factor.

 

(II)          Lender
will calculate the prepayment premium using an Assumed Reinvestment Rate of negative one basis point (-0.01%) in Section 10(t)(i)(B)(2)
and in the calculation of the Present Value Factor.

 

    	Multifamily Multistate Fixed Rate Note (CME)
Defeasance	Page 13

    	 

    

 

Present
Value Factor: the factor that discounts to present value the costs resulting to Lender from the difference in interest rates during
the months remaining in the Yield Maintenance Period, using the Assumed Reinvestment Rate as the discount rate, with monthly compounding,
expressed numerically as follows:

 

 

n =
the number of months remaining in Yield Maintenance Period; provided, however, if a prepayment occurs on an Installment
Due Date, then the number of months remaining in the Yield Maintenance Period will be calculated beginning with the month in which
such prepayment occurs and if such prepayment occurs on a Business Day other than an Installment Due Date, then the number of
months remaining in the Yield Maintenance Period will be calculated beginning with the month immediately following the date of
such prepayment.

 

ARR =
Assumed Reinvestment Rate

 

(ii)          For
any prepayment made after the expiration of the Yield Maintenance Period but during the remainder of the Prepayment Premium Period,
the prepayment premium will be 1.0% of the amount of principal being prepaid.

 

(g)          Notwithstanding
any other provision of this Section 10, no prepayment premium will be payable with respect to (i) any prepayment made during the
Window Period, or (ii) any prepayment occurring as a result of the application of any Insurance proceeds or Condemnation award
under the Loan Agreement.

 

(h)          Unless
Lender agrees otherwise in writing, a permitted or required prepayment of less than the unpaid principal balance of this Note
will not extend or postpone the due date of any subsequent monthly installments or change the amount of such installments.

 

(i)           Borrower
recognizes that any prepayment of any of the unpaid principal balance of this Note, whether voluntary or involuntary or resulting
from an Event of Default by Borrower, will result in Lender's incurring loss, including reinvestment loss, additional expense
and frustration or impairment of Lender's ability to meet its commitments to third parties. Borrower agrees to pay to Lender upon
demand damages for the detriment caused by any prepayment, and agrees that it is extremely difficult and impractica1 to ascertain
the extent of such damages. Borrower therefore acknowledges and agrees that the formula for calculating prepayment premiums set
forth in this Note represents a reasonable estimate of the damages Lender will incur because of a prepayment. Borrower further
acknowledges that the prepayment premium provisions of this Note are a material part of the consideration for the Loan, and that
the terms of this Note are in other respects more favorable to Borrower as a result of the Borrower's voluntary agreement to the
prepayment premium provisions.

 

    	Multifamily Multistate Fixed Rate Note (CME)
Defeasance	Page 14

    	 

    

 

11.          Voluntary
and Involuntary Prepayments During the Lockout Period and During the Defeasance Period (Section Applies if Loan is Assigned to
REMIC Trust Prior to the Cut-off Date).

 

(a)          This
Section 11 will apply in the event this Note is assigned to a REMIC trust prior to the Cut-off Date. This Section 11 will be of
no effect if this Note is assigned to a REMIC trust on or after the Cut-off Date or if this Note is not assigned to a REMIC trust.

 

(b)          Any
receipt by Lender of principal due under this Note prior to the Maturity Date, other than principal required to be paid in monthly
installments pursuant to Section 3, constitutes a prepayment of principal under this Note. Without limiting the foregoing, any
application by Lender, prior to the Maturity Date, of any proceeds of collateral or other security to the repayment of any portion
of the unpaid principal balance of this Note constitutes a prepayment under this Note.

 

(c)          Borrower
may not voluntarily prepay any portion of the principal balance of this Note during the Lockout Period or during the Defeasance
Period; provided, however, any prepayment occurring as a result of the application of any Insurance proceeds or Condemnation award
under the Loan Agreement will be permitted during the Lockout Period and during the Defeasance Period. If any portion of the principal
balance of this Note is prepaid during the Lockout Period or during the Defeasance Period by reason of the application by Lender
of any proceeds of collateral or other security to any portion of the unpaid principal balance of this Note or following a determination
that the prohibition on voluntary prepayments during the Lockout Period or during the Defeasance Period is in contravention of
applicable law, then Borrower must also pay to Lender upon demand by Lender, a prepayment premium equal to 5.0% of the amount
of principal being prepaid.

 

(d)          Notwithstanding
any other provision of this Section 11, no prepayment premium will be payable with respect to (i) any prepayment made during the
Window Period, or (ii) any prepayment occurring as a result of the application of any Insurance proceeds or Condemnation award
under the Loan Agreement.

 

(e)          After
the expiration of the Lockout Period and the Defeasance Period, Borrower may voluntarily prepay all of the unpaid principal balance
of this Note on an Installment Due Date so long as Borrower designates the date for such prepayment in a Notice from Borrower
to Lender given at least 30 days prior to the date of such prepayment. If an Installment Due Date (as defined in Section l (a))
falls on a day which is not a Business Day, then with respect to payments made under this Section 11 only, the term "Installment
Due Date" will mean the Business Day immediately preceding the scheduled Installment Due Date.

 

    	Multifamily Multistate Fixed Rate Note (CME)
Defeasance	Page 15

    	 

    

 

(f)           Notwithstanding
Section 11 (e) above, following the end of the Lockout Period and the Defeasance Period, Borrower may voluntarily prepay all of
the unpaid principal balance of this Note on a Business Day other than an Installment Due Date if Borrower provides Lender with
the Notice set forth in Section 1l (e) and meets the other requirements set forth in this Section 11 (f). Borrower acknowledges
that Lender has agreed that Borrower may prepay principal on a Business Day other than an Installment Due Date only because Lender
will deem any prepayment received by Lender on any day other than an Installment Due Date to have been received on the Installment
Due Date immediately following such prepayment and Borrower will be responsible for all interest that would have been due if the
prepayment had actually been made on the Installment Due Date immediately following such prepayment.

 

(g)          Unless
otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less than all of the unpaid principal
balance of this Note. In order to voluntarily prepay all of the principal of this Note, Borrower must also pay to Lender, together
with the amount of principal being prepaid, (i) all accrued and unpaid interest due under this Note, plus (ii) all other sums
due to Lender at the time of such prepayment.

 

(h)          Unless
Lender agrees otherwise in writing, a permitted or required prepayment of less than the unpaid principal balance of this Note
will not extend or postpone the due date of any subsequent monthly installments or change the amount of such installments.

 

(i)           Borrower
recognizes that any prepayment of any of the unpaid principal balance of this Note, whether voluntary or involuntary or resulting
from an Event of Default by Borrower, will result in Lender's incurring loss, including reinvestment loss, additional expense
and frustration or impairment of Lender's ability to meet its commitments to third parties. Borrower agrees to pay to Lender upon
demand damages for the detriment caused by any prepayment, and agrees that it is extremely difficult and impractical to ascertain
the extent of such damages. Borrower therefore acknowledges and agrees that the formula for calculating prepayment premiums set
forth in Section 1l(c) of this Note represents a reasonable estimate of the damages Lender will incur because of a prepayment.
Borrower further acknowledges that the lockout and prepayment premium provisions of this Note are a material part of the consideration
for the Loan, and that the terms of this Note are in other respects more favorable to Borrower as a result of the Borrower's voluntary
agreement to the prepayment

premium
provisions.

 

    	Multifamily Multistate Fixed Rate Note (CME)
Defeasance	Page 16

    	 

    

 

(j)           If,
after the expiration of the Lockout Period, Borrower defeases the Loan as described in Section 11.12 of the Loan Agreement during
the Defeasance Period, Borrower will not have the right to voluntarily prepay any of the principal of this Note at any time.

 

12.          Defeasance
(Section Applies if Loan is Assigned to REMIC Trust Prior to the Cut-off
Date).

 

(a)          This
Section 12 will apply in the event this Note is assigned to a REMIC trust prior to the Cut-off Date. This Section 12 will be of
no effect if this Note is assigned to a REMIC trust on or after the Cut-off Date or if this Note is not assigned to a REMIC trust.

 

(b)          Section
5 of this Note is amended by adding a new paragraph at the end of the Section as follows:

 

If Borrower
obtains a release of the Mortgaged Property from the lien of the Security Instrument pursuant to Section 11.12 of the Loan Agreement,
the Indebtedness will be secured by the Pledge Agreement and reference will be made to the Pledge Agreement for other rights of
Lender as to collateral for the Indebtedness.

 

(c)          Section
9 of this Note is amended by adding a new paragraph at the end thereof as follows:

 

If Borrower
obtains a release of the Mortgaged Property from the lien of the Security Instrument pursuant to Section 11.12 of the Loan Agreement,
Borrower will have no personal liability under this Note or the Pledge Agreement for the repayment of the Indebtedness or for
the performance of any other obligations of Borrower under this Note or the Pledge Agreement (other than any liability under Section
6. 12 or Section 10.02 of the Loan Agreement for events that occur prior to the Defeasance Closing Date, whether discovered before
or after the Defeasance Closing Date), and Lender's only recourse for the satisfaction of the Indebtedness and the performance
of such obligations will be Lender's exercise of its rights and remedies with respect to the collateral held by Lender under the
Pledge Agreement as security for the Indebtedness.

 

(d)          Section
21(a) of this Note is amended by adding a new paragraph at the end of that subsection as follows:

 

If Borrower
obtains a release of the Mortgaged Property from the lien of the Security Instrument pursuant to Section 11.12 of the Loan Agreement,
all Notices, demands and other communications required or permitted to be given pursuant to this Note will be given in accordance
with the Pledge Agreement.

 

    	Multifamily Multistate Fixed Rate Note (CME)
Defeasance	Page 17

    	 

    

 

13.         Costs
and Expenses. To the fullest extent allowed by applicable law, Borrower must pay all expenses and costs, including Attorneys'
Fees and Costs incurred by Lender as a result of any default under this Note or in connection with efforts to collect any amount
due under this Note, or to enforce the provisions of any of the other Loan Documents, including those incurred in post-judgment
collection efforts and in any bankruptcy proceeding (including any action for relief from the automatic stay of any bankruptcy
proceeding) or judicial or non-judicial foreclosure proceeding. Borrower acknowledges and agrees that, in connection with each
request by Borrower under this Note or any Loan Document, Borrower must pay all reasonable Attorneys' Fees and Costs and expenses
incurred by Lender, including any fees charged by the Rating Agencies, regardless of whether the matter is approved, denied or
withdrawn.

 

14.          Forbearance.
Any forbearance by Lender in exercising any right or remedy under this Note, the Loan Agreement, or any other Loan Document
or otherwise afforded by applicable law, will not be a waiver of or preclude the exercise of that or any other
right or remedy. The acceptance by Lender of any payment after the due date of such payment, or in an amount which is less than
the required payment, will not be a waiver of Lender's right to require prompt payment when due of all other payments or to exercise
any right or remedy with respect to any failure to make prompt payment. Enforcement by Lender of any security for Borrower's obligations
under this Note will not constitute an election by Lender of remedies so as to preclude
the exercise of any other right or remedy available to Lender.

 

15.          Waivers.
Borrower and all endorsers and Guarantors of this Note and all other
third party obligors waive presentment, demand, notice of dishonor, protest, notice of acceleration, notice of intent to demand
or accelerate payment or maturity, presentment for payment, notice of nonpayment, grace,
and diligence in collecting the Indebtedness.

 

16.          Loan
Charges. Neither this Note nor any of the other Loan Documents will be construed to create a contract for the use, forbearance
or detention of money requiring payment of interest at a rate greater than
the Maximum Interest Rate. If any applicable law limiting the amount of interest or other charges permitted to be collected from
Borrower in connection with the Loan is interpreted so that any interest or other charge provided for in any Loan Document, whether
considered separately or together with other charges provided for in any other Loan Document, violates that law, and Borrower
is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation.
The amounts, if any, previously paid to Lender in excess of the permitted amounts will be applied by Lender to reduce the unpaid
principal balance of this Note. For the purpose of determining whether any applicable law limiting the amount of interest or other
charges permitted to be collected from Borrower has been violated, all Indebtedness that constitutes
interest, as well as all other charges made in connection with the Indebtedness that constitute interest, will be deemed to be
allocated and spread ratably over the stated term of this Note. Unless otherwise required by applicable law, such allocation and
spreading will be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of this
Note.

 

    	Multifamily Multistate Fixed Rate Note (CME)
Defeasance	Page 18

    	 

    

 

17.          Commercial
Purpose. Borrower represents that Borrower is incurring the Indebtedness
solely for the purpose of carrying on a business or commercial enterprise, and not for personal, family, household, or agricultural
purposes.

 

18.          Counting
of Days. Any reference in this Note to a period of "days" means calendar days, not Business Days except where otherwise
specifically provided.

 

19.          Governing
Law. This Note will be governed by the law of the Property Jurisdiction.

 

20.          Captions.
The captions of the Sections of this Note are for convenience only and
will be disregarded in construing this Note.

 

21.          Notices;
Written Modifications.

 

(a)          All
Notices, demands and other communications required or permitted to be given pursuant to this
Note will be given in accordance with Section 11.03 of the Loan Agreement.

 

(b)          Any
modification or amendment to this Note will be ineffective unless in writing and signed by the party sought to be charged with
such modification or amendment; provided, however, in the event of a Transfer under the terms of the Loan Agreement that requires
Lender's consent, any or some or all of the Modifications to Multifamily Note set forth in Exhibit A to this Note may be
modified or rendered void by Lender at Lender's option, by Notice to Borrower and the transferee, as a condition of Lender's consent.

 

22.          Consent
to Jurisdiction and Venue. Borrower agrees that any controversy arising under or in relation to this Note may be litigated
in the Property Jurisdiction. The state and federal courts and authorities with jurisdiction in the Property Jurisdiction will
have jurisdiction over all controversies that will arise under or in relation to this Note. Borrower 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 Note is intended to limit any right that Lender may have
to bring any suit, action or proceeding relating to matters arising under this Note in any court of any other jurisdiction.

 

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

 

    	Multifamily Multistate Fixed Rate Note (CME)
Defeasance	Page 19

    	 

    

 

24.          State-Specific
Provisions. N/A.

 

25.          Attached
Riders. The following Riders are attached to this Note:

 

		•	Rider to Multifamily Note
                                         (CME) Recycled Borrower and/or Recycled SPE Equity Owner

		•	Rider to Multifamily Note
                                         (CME and Portfolio) Recourse for Non- conforming Property

 

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

 

[__]   Exhibit
A      Modifications to Multifamily Note

 

[DOCUMENT
EXECUTION OCCURS ON THE FOLLOWING PAGE]

 

    	Multifamily Multistate Fixed Rate Note (CME)
Defeasance	Page 20

    	 

    

 

IN WITNESS WHEREOF,
and in consideration of the Lender's agreement to lend Borrower the principal amount set forth above, Borrower has signed and
delivered this Note under seal or has caused this Note to be signed and delivered under seal by its duly authorized representative.

 

	 	VILLAGE GREEN OF ANN ARBOR ASSOCIATES, LLC,
	 	a Michigan limited liability company
	 	 	 
	 	By:	JH VILLAGE GREEN LLC,
	 	 	a Delaware limited liability company 
	 	 	Co-Manager

 

	 	 	By:	/s/
    Jonathan Holtzman
	 	 	 	Jonathan Holtzman 
	 	 	 	Sole Member 

 

Borrower’s
Employer ID Number: 38-2740759

 

    	Multifamily Multistate Fixed Rate Note (CME)
Defeasance	Page 21

    	 

    

 

RIDER
TO MULTIFAMILY NOTE

(CME)

 

RECYCLED
BORROWER AND/OR RECYCLED SPE EQUITY OWNER

 

(Revised
1-11-2012)

 

The
following changes are made to the Note which precedes this Rider:

 

A.           The
following is added as a new subsection to Section 9(c):

 

Any of
the Underwriting Representations set forth in Section 5.26 (a) of the Loan Agreement or any of the Separateness Representations
set forth in Section 5.26(b) of the Loan Agreement are false or misleading in any material respect.

 

    	Rider to Multifamily Note (CME and Portfolio)
Recourse for Non-Conforming Property	 

    	 

    

 

RIDER
TO MULTIFAMILY NOTE

(CME
AND PORTFOLIO)

 

RECOURSE
FOR NON-CONFORMING PROPERTY

 

(Revised
9-1-2011)

 

The
following changes are made to the Note which precedes this Rider:

 

A.           The
following is added as a new subsection to Section 9(c):

 

A casualty occurs affecting
the Mortgaged Property, which results in loss or damage to Lender because of either of the following:

 

(A)          (1)
the Mortgaged Property is legally non-conforming under the applicable zoning laws, ordinances and/or regulations in the
Property Jurisdiction ("Zoning Code"), (2) the affected Improvements cannot be rebuilt to their pre-casualty
condition under the terms of the Zoning Code, and (3) the Hazard Insurance proceeds available to Lender under the terms of the
Loan Agreement are insufficient to repay the Indebtedness in full.

 

(B)           Borrower
fails to commence and diligently pursue completion of any Restoration within the time frame required by the Zoning Code and any
permits issued pursuant thereto as necessary to allow the Restoration to the pre-casualty condition described in (A)(2) above.

 

    	Rider to Multifamily Note (CME and Portfolio)
Recourse for Non-Conforming Property	 

    	 

    

 

EXHIBIT
A

 

MODIFICATIONS
TO MULTIFAMILY NOTE

 

The
following modifications are made to the text of the Note that precedes this Exhibit.

 

NONE

 

    	Multifamily Multistate Fixed Rate Note (CME)
Defeasance	Page A-1

    	 

    

 

FHLMC
Loan No. 708060749

 

ENDORSEMENT

 

TO
MULTIFAMILY NOTE (CME)

 

dated
as of September 12, 2012,

 

given
by

 

VILLAGE
GREEN OF ANN ARBOR ASSOCIATES, LLC,

a
Michigan limited liability company,

 

to

 

KEYCORP
REAL ESTATE CAPITAL MARKETS, INC.,

an
Ohio corporation,

 

in
the original principal amount of $43,200,000.00

 

 

 

Pay
to the order of FEDERAL HOME LOAN MORTGAGE CORPORATION, without recourse.

 

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

 

Date:
as of September 12 , 2012Exhibit 10.9

 

MULTIFAMILY
MORTGAGE 

 

MICHIGAN

 

(CME
AND PORTFOLIO)

 

(Revised
1-11-2012)

 

Freddie
Mac Loan No. 708060749

 

Prepared
by, and after recording

return to:

Sameer
Upadhya, Esq.

Krooth
& Altman LLP

1850 M Street,
N.W., Suite 400

Washington,
DC 20036

 

    	 

    	 

    

 

MULTIFAMILY
MORTGAGE 

 

MICHIGAN

 

(CME
AND PORTFOLIO)

 

(Revised
1-11-2012)

 

THIS
MULTIFAMILY MORTGAGE, which includes an assignment of rents and security agreement ("Instrument")
is made to be effective as of the 12th day of September, 2012, between VILLAGE
GREEN OF ANN ARBOR ASSOCIATES, LLC, a limited liability company organized and existing under the laws of Michigan,
whose address is at 30833 Northwestern Highway, Suite 300, Farmington Hills, Michigan 48334, as mortgagor ("Borrower"),
and KEYCORP REAL ESTATE CAPITAL MARKETS, INC., a
corporation organized and existing under the laws of Ohio, whose address is c/o KeyBank Real Estate Capital - Servicing Department,
11501 Outlook Street, Suite #300, Overland Park, Kansas 66211, Mailcode: KS-01-11-0501, Attn: Servicing Manager, as mortgagee
("Lender"). Borrower's organizational identification number, if applicable,
is D0484P.

 

RECITAL

 

Borrower is indebted
to Lender in the principal amount of $43,200,000.00, as evidenced by Borrower's Multifamily Note payable to Lender dated as of
the date of this Instrument, and maturing on October 1, 2022 ("Maturity Date").

 

AGREEMENT

 

TO SECURE TO LENDER
the repayment of the Indebtedness, and all renewals, extensions and modifications of the Indebtedness, and the performance of
the covenants and agreements of Borrower contained in the Loan Documents, INCLUDING BORROWER'S COVENANT TO REPAY ALL FUTURE ADVANCES
WITH INTEREST THEREON, Borrower mortgages, warrants, grants, conveys and assigns to Lender, with power of sale, the Mortgaged
Property, including the Land located in Washtenaw County, State of Michigan and described in Exhibit A attached to this
Instrument.

 

Borrower represents
and warrants that Borrower is lawfully seized of the Mortgaged Property and has the right, power and authority to mortgage, grant,
convey and assign the Mortgaged Property, and that the Mortgaged Property is unencumbered, except as shown on the schedule of
exceptions to coverage in the title policy issued to and accepted by Lender contemporaneously with the execution and recordation
of this Instrument and insuring Lender's interest in the Mortgaged Property ("Schedule of
Title Exceptions"). Borrower covenants that Borrower will warrant and defend generally the title to the Mortgaged
Property against all claims and demands, subject to any easements and restrictions listed in the Schedule of Title Exceptions.

 

    	Michigan
Multifamily Mortgage (CME and Portfolio)	  

    	 

    

 

UNIFORM
COVENANTS

(CME
AND PORTFOLIO)

 

(Revised
9-1-2011)

 

Covenants.
In consideration of the mutual promises set forth in this Instrument, Borrower and Lender
covenant and agree as follows:

 

		l,	Definitions.
                                         The following terms, when used in this Instrument
                                         (including when used in the above recitals), will have the following meanings and any
                                         capitalized term not specifically defined in this Instrument will have the meaning ascribed
                                         to that term in the Loan Agreement:

 

"Attorneys'
Fees and Costs" means (a) fees and out-of-pocket costs of Lender's and Loan Servicer's
attorneys, as applicable, including costs of Lender's and Loan Servicer's in-house counsel, support staff costs, costs of preparing
for litigation, computerized research, telephone and facsimile transmission expenses, mileage, deposition costs, postage, duplicating,
process service, videotaping and similar costs and expenses; (b) costs and fees of expert witnesses, including appraisers; (c)
investigatory fees; and (d) the costs for any opinion required by Lender pursuant to the terms of the Loan Documents.

 

"Borrower"
means all Persons identified as "Borrower" in the first paragraph of this Instrument,
together with their successors and assigns.

 

"Business
Day" means any day other than a Saturday, a Sunday or any other day on which Lender
or the national banking associations are not open for business.

 

"Event
of Default" means the occurrence of any event described in Section 8.

 

"Fixtures"
means all property owned by Borrower which is attached to the Land or the Improvements so as
to constitute a fixture under applicable law, including: machinery, equipment, engines, boilers, incinerators and installed building
materials; systems and equipment for the purpose of supplying or distributing heating, cooling, electricity, gas, water, air or
light; antennas, cable, wiring and conduits used in connection with radio, television, security, fire prevention or fire detection
or otherwise used to carry electronic signals; telephone systems and equipment; elevators and related machinery and equipment;
fire detection, prevention and extinguishing systems and apparatus; security and access control systems and apparatus; plumbing
systems; water heaters, ranges, stoves, microwave ovens, refrigerators, dishwashers, garbage disposers, washers, dryers and other
appliances; light fixtures, awnings, storm windows and storm doors; pictures, screens, blinds, shades, curtains and curtain rods;
mirrors; cabinets, paneling, rugs and floor and wall coverings; fences, trees and plants; swimming pools; and exercise equipment.

 

    	Michigan
Multifamily Mortgage (CME and Portfolio)	Page 2

    	 

    

 

"Governmental
Authority" means any board, commission, department, agency or body of any municipal, county, state or federal governmental
unit, or any subdivision of any of them, that has or acquires jurisdiction over the Mortgaged Property, or the use, operation
or improvement of the Mortgaged Property, or over Borrower.

 

"Ground
Lease" means the lease described in the Loan Agreement pursuant to which Borrower leases the Land, as such lease may
from time to time be amended, modified, supplemented, renewed and extended.

 

"Improvements"
means the buildings, structures, improvements now constructed or at any time in the future constructed or placed upon the Land,
including any future alterations, replacements and additions.

 

"Indebtedness"
means the principal of, interest at the fixed or variable rate set forth in the Note on, and all other amounts due at any time
under, the Note, this Instrument or any other Loan Document, including prepayment premiums, late charges, default interest, and
advances as provided in Section 7 to protect the security of this Instrument.

 

"Land"
means the land described in Exhibit A.

 

"Leasehold
Estate" means Borrower's interest in the Land and any other real property leased by
Borrower pursuant to the Ground Lease, if applicable, including all of the following:

 

		(a)	All
                                         rights of Borrower to renew or extend the term of the Ground Lease.

 

		(b)	All
                                         amounts deposited by Borrower
                                         with Ground Lessor under the Ground Lease.

 

		(c)	Borrower's
                                         right or privilege to terminate, cancel, surrender, modify or amend the Ground Lease.

 

		(d)	All
                                         other options, privileges and rights granted and demised to Borrower under the Ground
                                         Lease and all appurtenances with respect to the Ground Lease.

 

"Leases"
means all present and future leases, subleases, licenses, concessions or grants or other possessory interests now or hereafter
in force, whether oral or written, covering or affecting the Mortgaged Property, or any portion of the Mortgaged Property (including
proprietary leases or occupancy agreements if Borrower is a cooperative housing corporation), and all modifications, extensions
or renewals.

 

"Lender"
means the entity identified as "Lender" in the first paragraph of this Instrument, or any subsequent holder of the Note.

 

    	Michigan
Multifamily Mortgage (CME and Portfolio)	Page 3

    	 

    

 

"Loan
Agreement" means the Multifamily Loan and Security Agreement executed by Borrower in
favor of Lender and dated as of the date of this Instrument, as such agreement may be amended from time to time.

 

"Loan
Documents" means the Note, this Instrument, the Loan Agreement, all guaranties, all
indemnity agreements, all collateral agreements, UCC filings, O&M Programs, the MMP and any other documents now or in the
future executed by Borrower, any guarantor or any other Person in connection with the loan evidenced by the Note, as such documents
may be amended from time to time.

 

"Loan
Servicer" means the entity that from time to time is designated by Lender or its designee
to collect payments and deposits and receive Notices under the Note, this Instrument and any other Loan Document, and otherwise
to service the loan evidenced by the Note for the benefit of Lender. Unless Borrower receives Notice to the contrary, the Loan
Servicer is the entity identified as "Lender" in the first paragraph of this Instrument.

 

"Mortgaged
Property" means all of Borrower's present and future right, title and interest in and
to all of the following:

 

		(a)	The
                                         Land, or, if Borrower's interest in the Land is pursuant to a Ground Lease, the Ground
                                         Lease and the Leasehold Estate.

 

		(b)	The
                                         Improvements.

 

		(c)	The
                                         Fixtures.

 

		(d)	The
                                         Personalty.

 

		(e)	All
                                         current and future rights, including air rights, development rights, zoning rights and
                                         other similar rights or interests, easements, tenements, rights of way, strips and gores
                                         of land, streets, alleys, roads, sewer rights, waters, watercourses and appurtenances
                                         related to or benefiting the Land or the Improvements, or both, and all rights-of-way,
                                         streets, alleys and roads which may have been or may in the future be vacated.

 

		(f)	All
                                         proceeds paid or to be paid by any insurer of the Land, the Improvements, the Fixtures,
                                         the Personalty or any other part of the Mortgaged Property, whether or not Borrower obtained
                                         the insurance pursuant to Lender's requirement.

 

		(g)	All
                                         awards, payments and other compensation made or to be made by any municipal, state or
                                         federal authority with respect to the Land, the Improvements, the Fixtures, the Personalty
                                         or any other part of the Mortgaged Property, including any awards or settlements resulting
                                         from condemnation proceedings or the total or partial taking of the Land, the Improvements,
                                         the Fixtures, the Personalty or any other part of the Mortgaged Property under the power
                                         of eminent domain or otherwise and including any conveyance in lieu thereof.

 

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		(h)	All
                                         contracts, options and other agreements for the sale of the Land, or the Leasehold Estate,
                                         as applicable, the Improvements, the Fixtures, the Personalty or any other part of the
                                         Mortgaged Property entered into by Borrower now or in the future, including cash or securities
                                         deposited to secure performance by parties of their obligations.

 

		(i)	All
                                         proceeds from the conversion, voluntary or involuntary, of any of the items described
                                         in subsections (a) through (h) inclusive into cash or liquidated claims, and the right
                                         to collect such proceeds.

 

		(g)	All
                                         Rents and Leases.

 

		(k)	All
                                         earnings, royalties, accounts receivable, issues and profits from the Land, the Improvements
                                         or any other part of the Mortgaged Property, and all undisbursed proceeds of the loan
                                         secured by this Instrument.

 

		(l)	All
                                         Imposition Reserve Deposits.

 

		(m)	All
                                         refunds or rebates of Impositions by Governmental Authority or insurance company (other
                                         than refunds applicable to periods before the real property tax year in which this Instrument
                                         is dated).

 

		(n)	All
                                         tenant security deposits which have not been forfeited by any tenant under any Lease
                                         and any bond or other security in lieu of such deposits.

 

		(o)	All
                                         names under or by which any of the above Mortgaged Property may be operated or known,
                                         and all trademarks, trade names, and goodwill relating to any of the Mortgaged Property.

 

"Note"
means the Multifamily Note (including any Amended and Restated Note, Consolidated, Amended and Restated Note, or Extended and
Restated Note) executed by Borrower in favor of Lender and dated as of the date of this Instrument, including all schedules, riders,
allonges and addenda, as such Multifamily Note may be amended, modified and/or restated from time to time.

 

"Notice"
or "Notices" means all notices, demands and other communication required under the Loan Documents, provided in
accordance with the requirements of Section 11.03 of the Loan Agreement.

 

"Person"
means any natural person, sole proprietorship, corporation, general partnership, limited partnership, limited liability company,
limited liability partnership, limited liability limited partnership, joint venture, association, joint stock company, bank, trust,
estate, unincorporated organization, any federal, state, county or municipal government (or any agency or political subdivision
thereof), endowment fund or any other form of entity.

 

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"Personalty"
means all of the following:

 

		(a)	Accounts
                                         (including deposit accounts) of Borrower related to the Mortgaged Property.

 

		(b)	Equipment
                                         and inventory owned by Borrower, which are used now or in the future in connection with
                                         the ownership, management or operation of the Land or Improvements or are located on
                                         the Land or Improvements, including furniture, furnishings, machinery, building materials,
                                         goods, supplies, tools, books, records (whether in written or electronic form) and computer
                                         equipment (hardware and software).

 

		(c)	Other
                                         tangible personal property owned by Borrower which is used now or in the future in connection
                                         with the ownership, management or operation of the Land or Improvements or is located
                                         on the Land or in the Improvements, including ranges, stoves, microwave ovens, refrigerators,
                                         dishwashers, garbage disposers, washers, dryers and other appliances (other than Fixtures).

 

		(d)	Any
                                         operating agreements relating to the Land or the Improvements.

 

		(e)	Any
                                         surveys, plans and specifications and contracts for architectural, engineering and construction
                                         services relating to the Land or the Improvements.

 

		(f)	All
                                         other intangible property, general intangibles and rights relating to the operation of,
                                         or used in connection with, the Land or the Improvements, including all governmental
                                         permits relating to any activities on the Land and including subsidy or similar payments
                                         received from any sources, including a Governmental Authority.

 

		(g)	Any
                                         rights of Borrower in or under letters of credit.

 

"Property
Jurisdiction" means the jurisdiction in which the Land is located.

 

"Rents"
means all rents (whether from residential or non-residential space), revenues and other income of the Land or the Improvements,
parking fees, laundry and vending machine income and fees and charges for food, health care and other services provided at the
Mortgaged Property, whether now due, past due or to become due, and deposits forfeited by tenants, and, if Borrower is a cooperative
housing corporation or association, maintenance fees, charges or assessments payable by shareholders or residents under proprietary
leases or occupancy agreements, whether now due, past due, or to become due.

 

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"Taxes"
means all taxes, assessments, vault rentals and other charges, if any, whether general, special or otherwise, including all assessments
for schools, public betterments and general or local improvements, which are levied, assessed or imposed by any public authority
or quasi-public authority, and which, if not paid, will become a Lien on the Land or the Improvements.

 

		2.	Uniform
                                         Commercial Code Security Agreement.

 

		(a)	This
                                         Instrument is also a security agreement under the Uniform Commercial Code for any of
                                         the Mortgaged Property which, under applicable law, may be subjected to a security interest
                                         under the Uniform Commercial Code, for the purpose of securing Borrower's obligations
                                         under this Instrument and to further secure Borrower's obligations under the Note, this
                                         Instrument and other Loan Documents, whether such Mortgaged Property is owned now or
                                         acquired in the future, and all products and cash and non-cash proceeds thereof (collectively,
                                         "UCC Collateral"), and by this Instrument, Borrower grants to Lender
                                         a security interest in the UCC Collateral. To the extent necessary under applicable law,
                                         Borrower hereby authorizes Lender to prepare and file financing statements, continuation
                                         statements and financing statement amendments in such form as Lender may require to perfect
                                         or continue the perfection of this security interest.

 

		(b)	Unless
                                         Borrower gives Notice to Lender
                                         within 30 days after the occurrence of any of the following, and executes and delivers
                                         to Lender modifications or supplements of this Instrument (and any financing statement
                                         which may be filed in connection with this Instrument) as Lender may require, Borrower
                                         will not (i) change its name, identity, structure or jurisdiction of organization; (ii)
                                         change the location of its place of business (or chief
                                         executive office if more than one place of business); or (iii) add
                                         to or change any location at which any of the Mortgaged Property is stored,
                                         held or located.

 

		(c)	If
                                         an Event of Default has occurred and is continuing, Lender
                                         will have the remedies of a secured party under the Uniform Commercial Code, in addition
                                         to all remedies provided by this Instrument or existing under applicable law. In
                                         exercising any remedies, Lender may exercise its remedies
                                         against the UCC Collateral separately or together, and in any order, without in any way
                                         affecting the availability of Lender's other remedies.

 

		(d)	This
                                         Instrument also constitutes a financing statement with respect to any part of the Mortgaged
                                         Property that is or may become a Fixture, if permitted by applicable law.

 

		3.	Assignment
                                         of Rents; Appointment of Receiver; Lender in Possession.

 

		(a)	As
                                         part of the consideration for the Indebtedness, Borrower absolutely and unconditionally
                                         assigns and transfers to Lender all Rents.

 

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		(i)	It
                                         is the intention of Borrower to establish a present, absolute and irrevocable transfer
                                         and assignment to Lender of all Rents and to authorize and empower Lender to collect
                                         and receive all Rents without the necessity of further action on the part of Borrower.

 

			

		(ii)	Promptly
                                         upon request by Lender, Borrower agrees to execute and deliver such further assignments
                                         as Lender may from time to time require. Borrower and Lender intend this assignment of
                                         Rents to be immediately effective and to constitute an absolute present assignment and
                                         not an assignment for additional security only.

 

		(iii)	For
                                         purposes of giving effect to this absolute assignment of Rents, and for no other purpose,
                                         Rents will not be deemed to be a part of the Mortgaged Property. However, if this present,
                                         absolute and unconditional assignment of Rents is not enforceable by its terms under
                                         the laws of the Property Jurisdiction, then the Rents will be included as a part of the
                                         Mortgaged Property and it is the intention of Borrower that in this circumstance this
                                         Instrument create and perfect a Lien on Rents in favor of Lender, which Lien will be
                                         effective as of the date of this Instrument.

 

		(b)	(i)          Until
                                         the occurrence of an Event of Default, Lender hereby grants to Borrower a revocable
                                         license to collect and receive all Rents, to hold all Rents in trust for the benefit
                                         of Lender and to apply all Rents to pay the installments of interest and principal then
                                         due and payable under the Note and the other amounts then due and payable under the other
                                         Loan Documents, including Imposition Reserve Deposits, and to pay the current costs and
                                         expenses of managing, operating and maintaining the Mortgaged Property, including utilities,
                                         Taxes and insurance premiums (to the extent not included in Imposition Reserve Deposits),
                                         tenant improvements and other capital expenditures.

 

		(ii)	So
                                         long as no Event of Default has occurred and is continuing, the Rents remaining after
                                         application pursuant to the preceding sentence may be retained by Borrower free and clear
                                         of, and released from, Lender's rights with respect to Rents under this Instrument.

 

		(iii)	After
                                         the occurrence of an Event of Default, and during the continuance of such Event of Default,
                                         Borrower authorizes Lender to collect, sue for and compromise Rents and directs each
                                         tenant of the Mortgaged Property to pay all Rents to, or as directed by, Lender. From
                                         and after the occurrence of an Event of Default, and during the continuance of such Event
                                         of Default, and without the necessity of Lender entering upon and taking and maintaining
                                         control of the Mortgaged Property directly, or by a receiver, Borrower's license to collect
                                         Rents will automatically terminate and Lender will without Notice be entitled to all
                                         Rents as they become due and payable, including Rents
                                         then due and unpaid. Borrower will pay to Lender upon demand all Rents to which Lender
                                         is entitled.

 

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		(iv)	At
                                         any time on or after the date of Lender's demand for Rents, Lender may give, and Borrower
                                         hereby irrevocably authorizes Lender to give, notice to all tenants of the Mortgaged
                                         Property instructing them to pay all Rents to Lender. No tenant will be obligated to
                                         inquire further as to the occurrence or continuance of an Event of Default. No tenant
                                         will be obligated to pay to Borrower any amounts which are actually paid to Lender in
                                         response to such a notice. Any such notice by Lender will be delivered to each tenant
                                         personally, by mail or by delivering such demand to each rental unit. Borrower will not
                                         interfere with and will cooperate with Lender's collection of such Rents.

 

		(c)	Borrower
                                         represents and warrants to Lender that it
                                         has not executed any prior assignment of Rents (other than an assignment of Rents
                                         securing any prior indebtedness that is being assigned to Lender, or paid off and discharged
                                         with the proceeds of the Loan evidenced by the Note or, if this Instrument is entered
                                         into in connection with a Supplemental Loan, other than an assignment of Rents securing
                                         any Senior Indebtedness), that Borrower has not performed any acts and has not executed,
                                         and will not execute, any instrument which would prevent Lender from exercising its rights
                                         under any Loan Document, and that at the time of execution of this Instrument there has
                                         been no prepayment of any Rents for more than 2 months prior to the due dates of such
                                         Rents.

 

		(d)	If
                                         an Event of Default has occurred and is continuing, then Lender will have each of the
                                         following rights and may take any of the following actions:

 

		(i)	Lender
                                         may, regardless of the adequacy of Lender's security or the solvency of Borrower and
                                         even in the absence of waste, enter upon and take and maintain full control of the Mortgaged
                                         Property in order to perform all acts that Lender in its discretion determines to be
                                         necessary or desirable for the operation and maintenance of the Mortgaged Property, including
                                         the execution, cancellation or modification of Leases, the collection of all Rents, the
                                         making of Repairs to the Mortgaged Property and the execution or termination of contracts
                                         providing for the management, operation or maintenance of the Mortgaged Property, for
                                         the purposes of enforcing the assignment of Rents pursuant to Section 3(a), protecting
                                         the Mortgaged Property or the security of this Instrument, or for such other purposes
                                         as Lender in its discretion may deem necessary or desirable.

 

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		(ii)	Alternatively,
                                         if an Event of Default has occurred and is continuing, regardless of the adequacy of
                                         Lender's security, without regard to Borrower's solvency and without the necessity of
                                         giving prior notice (oral or written) to Borrower, Lender may apply to any court having
                                         jurisdiction for the appointment of a receiver for the Mortgaged Property to take any
                                         or all of the actions set forth in the preceding sentence. If Lender elects to seek the
                                         appointment of a receiver for the Mortgaged Property at any time after an Event of Default
                                         has occurred and is continuing, Borrower, by its execution of this Instrument, expressly
                                         consents to the appointment of such receiver, including the appointment of a receiver
                                         exparte if permitted by applicable law.

 

		(iii)	If
                                         Borrower is a housing cooperative corporation or association, Borrower hereby agrees
                                         that if a receiver is appointed, the order appointing the receiver may contain a provision
                                         requiring the receiver to pay the installments of interest and principal then due and
                                         payable under the Note and the other amounts then due and payable under the other Loan
                                         Documents, including Imposition Reserve Deposits, it being acknowledged and agreed that
                                         the Indebtedness is an obligation of Borrower and must be paid out of maintenance charges
                                         payable by Borrower's tenant shareholders under their proprietary leases or occupancy
                                         agreements.

 

		(iv)	Lender
                                         or the receiver, as the case may be, will be entitled to receive a reasonable fee for
                                         managing the Mortgaged Property.

 

		(v)	Immediately
                                         upon appointment of a receiver or immediately upon Lender's entering upon and taking
                                         possession and control of the Mortgaged Property, Borrower will surrender possession
                                         of the Mortgaged Property to Lender or the receiver, as the case may be, and will deliver
                                         to Lender or the receiver, as the case may be, all documents, records (including records
                                         on electronic or magnetic media), accounts, surveys, plans, and specifications relating
                                         to the Mortgaged Property and all security deposits and prepaid Rents.

 

		(vi)	If
                                         Lender takes possession and control of the Mortgaged Property, then Lender may exclude
                                         Borrower and its representatives from the Mortgaged Property.

 

Borrower
acknowledges and agrees that the exercise by Lender of any of the rights conferred under this Section 3 will not be construed
to make Lender a mortgagee-in-possession of the Mortgaged Property so long as Lender has not itself entered into actual possession
of the Land and Improvements.

 

		(e)	If
                                         Lender enters the Mortgaged Property, Lender will be liable to account only to Borrower
                                         and only for those Rents actually received. Except to the extent of Lender's gross negligence
                                         or willful misconduct, Lender will not be liable to Borrower, anyone claiming under or
                                         through Borrower or anyone having an interest in the Mortgaged Property, by reason of
                                         any act or omission of Lender under Section 3(d), and Borrower hereby releases and discharges
                                         Lender from any such liability to the fullest extent permitted by law.

 

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		(f)	If
                                         the Rents are not sufficient to meet the costs of taking control of and managing the
                                         Mortgaged Property and collecting the Rents, any funds expended by Lender for such purposes
                                         will become an additional part of the Indebtedness as provided in Section 7.

 

		(g)	Any
                                         entering upon and taking of control of the Mortgaged Property by Lender or the receiver,
                                         as the case may be, and any application of Rents as provided in this Instrument will
                                         not cure or waive any Event of Default or invalidate any other right or remedy of Lender
                                         under applicable law or provided for in this Instrument.

 

		4.	Assignment
                                         of Leases; Leases Affecting the Mortgaged Property.

 

		(a)	As
                                         part of the consideration for the Indebtedness, Borrower absolutely and unconditionally
                                         assigns and transfers to Lender all of Borrower's right, title and interest in, to and
                                         under the Leases, including Borrower's right, power and authority to modify the terms
                                         of any such Lease, or extend or terminate any such Lease.

 

		(i)	It
                                         is the intention of Borrower to establish a present,
                                         absolute and irrevocable transfer and assignment to Lender of all of Borrower's right,
                                         title and interest in, to and under the Leases. Borrower and Lender intend this assignment
                                         of the Leases to be immediately effective and to constitute an absolute present assignment
                                         and not an assignment for additional security only.

 

		(ii)	For
                                         purposes of giving effect to this absolute assignment of the Leases, and for no other
                                         purpose, the Leases will not be deemed to be a part of the Mortgaged Property.

 

		(iii)	However,
                                         if this present, absolute and unconditional assignment of the Leases is not enforceable
                                         by its terms under the laws of the Property Jurisdiction, then the Leases will be included
                                         as a part of the Mortgaged Property and it is the intention of Borrower that in this
                                         circumstance this Instrument create and perfect a Lien on the Leases in favor of Lender,
                                         which Lien will be effective as of the date of this Instrument.

 

		(b)	Until
                                         Lender gives Notice to Borrower of Lender's exercise of its rights under this Section
                                         4, Borrower will have all rights, power and authority granted to Borrower under any Lease
                                         (except as otherwise limited by this Section or any other provision of this Instrument),
                                         including the right, power and authority to modify the terms of any Lease or extend or
                                         terminate any Lease. Upon the occurrence of an Event of Default, and during the continuance
                                         of such Event of Default, the permission given to Borrower pursuant to the preceding
                                         sentence to exercise all rights, power and authority under Leases will automatically
                                         terminate. Borrower will comply with and observe Borrower's obligations under all Leases,
                                         including Borrower's obligations pertaining to the maintenance and disposition of tenant
                                         security deposits.

 

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		(c)	(i)          Borrower
                                         acknowledges and agrees that the exercise by Lender, either directly or by a receiver,
                                         of any of the rights conferred under this Section 4 will not be construed to make Lender
                                         a mortgagee-in-possession of the Mortgaged Property so long as Lender has not itself
                                         entered into actual possession of the Land and the Improvements.

 

		(ii)	The
                                         acceptance by Lender of the assignment of the Leases pursuant to Section 4(a) will not
                                         at any time or in any event obligate Lender to take any action under this Instrument
                                         or to expend any money or to incur any expenses.

 

		(iii)	Except
                                         to the extent of Lender's gross negligence or willful misconduct, Lender will not be
                                         liable in any way for any injury or damage to person or property sustained by any Person
                                         or Persons in or about the Mortgaged Property.

 

		(iv)	Prior
                                         to Lender's actual entry into and taking possession of the Mortgaged Property, Lender
                                         will not be obligated for any of the following:

 

		(A)	Lender
                                         will not be obligated to perform any of the terms, covenants and conditions contained
                                         in any Lease (or otherwise have any obligation with respect to any Lease).

 

		(B)	Lender
                                         will not be obligated to appear in or defend any action or proceeding relating to the
                                         Lease or the Mortgaged Property.

 

		(C)	Lender
                                         will not be responsible for the operation, control, care, management or repair of the
                                         Mortgaged Property or any portion of the Mortgaged Property. The execution of this Instrument
                                         by Borrower will constitute conclusive evidence that all responsibility for the operation,
                                         control, care, management and repair of the Mortgaged Property is and will be that of
                                         Borrower, prior to such actual entry and taking of possession.

 

		(d)	Upon
                                         delivery of Notice by Lender to Borrower of Lender's exercise of Lender's rights under
                                         this Section 4 at any time after the occurrence of an Event of Default, and during the
                                         continuance of such Event of Default, and without the necessity of Lender entering upon
                                         and taking and maintaining control of the Mortgaged Property directly, by a receiver,
                                         or by any other manner or proceeding permitted by the laws of the Property Jurisdiction,
                                         Lender immediately will have all rights, powers and authority granted to Borrower under
                                         any Lease, including the right, power and authority to modify the terms of any such Lease,
                                         or extend or terminate any such Lease.

 

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		(e)	Borrower
                                         will, promptly upon Lender's request, deliver to Lender an executed copy of each residential
                                         Lease then in effect.

 

		(f)	If
                                         Borrower is a cooperative housing corporation or association, notwithstanding anything
                                         to the contrary contained in this Instrument, so long as Borrower remains a cooperative
                                         housing corporation or association and is not in breach of any covenant of this Instrument,
                                         Lender consents to the following:

 

		(i)	Borrower
                                         may execute leases of apartments for a term in excess of 2 years to a tenant shareholder
                                         of Borrower, so long as such leases, including proprietary leases, are and will remain
                                         subordinate to the Lien of this Instrument.

 

		(ii)	Borrower
                                         may surrender or terminate such leases of apartments where the surrendered or terminated
                                         lease is immediately replaced or where Borrower makes its best efforts to secure such
                                         immediate replacement by a newly-executed lease of the same apartment to a tenant shareholder
                                         of Borrower. However, no consent is given by Lender to any execution, surrender, termination
                                         or assignment of a lease under terms that would waive or reduce the obligation of the
                                         resulting tenant shareholder under such lease to pay cooperative assessments in full
                                         when due or the obligation of the former tenant shareholder to pay any unpaid portion
                                         of such assessments.

 

		5.	Prepayment
                                         Premium. Borrower will be required to pay a prepayment premium in connection with
                                         certain prepayments of the Indebtedness, including a payment made after Lender's exercise
                                         of any right of acceleration of the Indebtedness, as provided in the Note.

 

		6.	Application
                                         of Payments. If at any time Lender receives, from Borrower or otherwise, any amount
                                         applicable to the Indebtedness which is less than all amounts due and payable at such
                                         time, then Lender may apply that payment to amounts then due and payable in any manner
                                         and in any order determined by Lender, in Lender's discretion. Neither Lender's acceptance
                                         of an amount that is less than all amounts then due and payable nor Lender's application
                                         of such payment in the manner authorized will constitute or be deemed to constitute either
                                         a waiver of the unpaid amounts or an accord and satisfaction. Notwithstanding the application
                                         of any such amount to the Indebtedness, Borrower's obligations under this Instrument,
                                         the Note and all other Loan Documents will remain unchanged.

 

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		7.	Protection
                                         of Lender's Security; Instrument Secures Future Advances.

 

		(a)	If
                                         Borrower fails to perform any of its obligations under this Instrument or any other Loan
                                         Document, or if any action or proceeding is commenced which purports to affect the Mortgaged
                                         Property, Lender's security or Lender's rights under this Instrument, including eminent
                                         domain, insolvency, code enforcement, civil or criminal forfeiture, enforcement of Hazardous
                                         Materials Laws, fraudulent conveyance or reorganizations or proceedings involving a bankrupt
                                         or decedent, then Lender at Lender's option may make such appearances, file such documents,
                                         disburse such sums and take such actions as Lender reasonably deems necessary to perform
                                         such obligations of Borrower and to protect Lender's interest, including all of the following:

 

		(i)	Lender
                                         may pay Attorneys' Fees and Costs.

 

		(ii)	Lender
                                         may pay fees and out-of-pocket expenses of accountants, inspectors and consultants.

 

		(iii)	Lender
                                         may enter upon the Mortgaged Property to make Repairs or secure the Mortgaged Property.

 

		(iv)	Lender
                                         may procure the Insurance required by the Loan Agreement.

 

		(v)	Lender
                                         may pay any amounts which Borrower has failed to pay under the Loan Agreement.

 

		(vi)	Lender
                                         may perform any of Borrower's obligations under the Loan Agreement.

 

		(vii)	Lender
                                         may make advances to pay, satisfy or discharge any obligation of Borrower for the payment
                                         of money that is secured by a Prior Lien.

 

		(b)	Any
                                         amounts disbursed by Lender under this Section 7, or under any other provision of this
                                         Instrument that treats such disbursement as being made under this Section 7, will be
                                         secured by this Instrument, will be added to, and become part of, the principal component
                                         of the Indebtedness, will be immediately due and payable and will bear interest from
                                         the date of disbursement until paid at the Default Rate.

 

		(c)	Nothing
                                         in this Section 7 will require Lender to incur any expense or take any action.

 

		8.	Events
                                         of Default. An Event of Default under the Loan
                                         Agreement will constitute an Event of Default under this Instrument.

 

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		9.	Remedies
                                         Cumulative. Each right and remedy provided in thls
                                         Instrument is distinct from all other rights or remedies under this Instrument, the Loan
                                         Agreement or any other Loan Document or afforded by applicable law or equity, and each
                                         will be cumulative and may be exercised concurrently, independently or successively,
                                         in any order. Lender's exercise of any particular right or remedy will not in any way
                                         prevent Lender from exercising any other right or remedy available to Lender. Lender
                                         may exercise any such remedies from time to time and as often as Lender chooses.

 

		10.	Waiver
                                         of Statute of Limitations, Offsets, and Counterclaims. Borrower
                                         waives the right to assert any statute of limitations as a bar to the enforcement of
                                         the Lien of this Instrument or to any action brought to enforce any Loan Document. Borrower
                                         hereby waives the right to assert a counterclaim, other than a compulsory counterclaim,
                                         in any action or proceeding brought against it by Lender or otherwise to offset any obligations
                                         to make the payments required by the Loan Documents. No failure by Lender to perform
                                         any of its obligations under this Instrument will be a valid defense to, or result in
                                         any offset against, any payments that Borrower is obligated to make under any of the
                                         Loan Documents.

 

		11.	Waiver
                                         of Marshalling.

 

		(a)	Notwithstanding
                                         the existence of any other security interests in the Mortgaged Property held by Lender
                                         or by any other party, Lender will have the right to determine the order in which any
                                         or all of the Mortgaged Property will be subjected to the remedies provided in this Instrument,
                                         the Note, the Loan Agreement or any other Loan Document or applicable law. Lender will
                                         have the right to determine the order in which any or all portions of the Indebtedness
                                         are satisfied from the proceeds realized upon the exercise of such remedies.

 

		(b)	Borrower
                                         and any party who now or in the future acquires a security interest in ' the Mortgaged
                                         Property and who has actual or constructive notice of this Instrument waives any and
                                         all right to require the marshalling of assets or to require that any of the Mortgaged
                                         Property be sold in the inverse order of alienation or that any of the Mortgaged Property
                                         be sold in parcels or as an entirety in connection with the exercise of any of the remedies
                                         permitted by applicable law or provided in this Instrument.

 

		12.	Further
                                         Assurances; Lender's Expenses.

 

		(a)	Borrower
                                         will deliver, at its sole cost and expense, all further acts, deeds, conveyances, assignments,
                                         estoppel certificates, financing statements or amendments, transfers and assurances as
                                         Lender may require from time to time in order to better assure, grant and convey to Lender
                                         the rights intended to be granted, now or in the future, to Lender under this Instrument
                                         and the Loan Documents or in connection with Lender's consent rights under Article VII
                                         of the Loan Agreement.

 

    	Michigan
Multifamily Mortgage (CME and Portfolio)	Page 15

    	 

    

 

		(b)	Borrower
                                         acknowledges and agrees that, in connection with each request by Borrower under this
                                         Instrument or any Loan Document, Borrower will pay all reasonable Attorneys' Fees and
                                         Costs and expenses incurred by Lender, including any fees payable in accordance with
                                         any request for further assurances or an estoppel certificate pursuant to the Loan Agreement,
                                         regardless of whether the matter is approved, denied or withdrawn. Any amounts payable
                                         by Borrower under this Instrument or under any other Loan Document will be deemed a part
                                         of the Indebtedness, will be secured by this Instrument and will bear interest at the
                                         Default Rate if not fully paid within 10 days of written demand for payment.

 

		13.	Governing
                                         Law; Consent to Jurisdiction and Venue. This Instrument,
                                         and any Loan Document which does not itself expressly identify the law that is to apply
                                         to it, will be governed by the laws of the Property Jurisdiction. Borrower agrees that
                                         any controversy arising under or in relation to the Note, this Instrument or any other
                                         Loan Document may be litigated in the Property Jurisdiction. The state and federal courts
                                         and authorities with jurisdiction in the Property Jurisdiction will have jurisdiction
                                         over all controversies that may arise under or in relation to the Note, any security
                                         for the Indebtedness or any other Loan Document. Borrower 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 Section 13 is intended to limit Lender's right to bring any
                                         suit, action or proceeding relating to matters under this Instrument in any court of
                                         any other jurisdiction.

 

		14.	Notice.
                                         All Notices, demands and other communications under
                                         or concerning this Instrument will be governed by the terms set forth in the Loan Agreement.

 

		15.	Successors
                                         and Assigns Bound. This Instrument will bind the
                                         respective successors and assigns of Borrower and Lender, and the rights granted by this
                                         Instrument will inure to Lender's successors and assigns.

 

		16.	Joint
                                         and Several Liability. If more than one Person
                                         signs this Instrument as Borrower, the obligations of such Persons will be joint and
                                         several.

 

		17.	Relationship
                                         of Parties; No Third Party Beneficiary.

 

		(a)	The
                                         relationship between Lender and Borrower will be solely that of creditor and debtor,
                                         respectively, and nothing contained in this Instrument will create any other relationship
                                         between Lender and Borrower. Nothing contained in this Instrument will constitute Lender
                                         as a joint venturer, partner or agent of Borrower, or render Lender liable for any debts,
                                         obligations, acts, omissions, representations or contracts of Borrower.

 

    	Michigan
Multifamily Mortgage (CME and Portfolio)	Page 16

    	 

    

 

		(b)	No
                                         creditor of any party to this Instrument and no other Person will be a third party beneficiary
                                         of this Instrument or any other Loan Document. Without limiting the generality of the
                                         preceding sentence, (i) any arrangement ("Servicing
                                         Arrangement") between Lender and any Loan Servicer for loss sharing or interim
                                         advancement of funds will constitute a contractual obligation of such Loan Servicer that
                                         is independent of the obligation of Borrower for the payment of the Indebtedness, (ii)
                                         Borrower will not be a third party beneficiary of any Servicing Arrangement, and (iii)
                                         no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount
                                         of the Indebtedness.

 

		18.	Severability;
                                         Amendments.

 

		(a)	The
                                         invalidity or unenforceability of any provision of this Instrument will not affect the
                                         validity or enforceability of any other provision, and all other provisions will remain
                                         in full force and effect. This Instrument contains the entire agreement among the parties
                                         as to the rights granted and the obligations assumed in this Instrument.

 

		(b)	This
                                         Instrument may not be amended or modified except by a writing signed by the party against
                                         whom enforcement is sought; provided, however, that in the event of a Transfer prohibited
                                         by or requiring Lender's approval under Article VII of the Loan Agreement, some or all
                                         of the modifications to the Loan Documents (if any) may be modified or rendered void
                                         by Lender at Lender's option by Notice to Borrower and the transferee(s).

 

		19.	Construction.

 

		(a)	The
                                         captions and headings of the Sections of this Instrument are for convenience only and
                                         will be disregarded in construing this Instrument. Any reference in this Instrument to
                                         a "Section" will, unless otherwise explicitly provided, be construed as referring
                                         to a Section of this Instrument.

 

		(b)	Any
                                         reference in this Instrument to a statute or regulation will be construed as referring
                                         to that statute or regulation as amended from time to time.

 

		(c)	Use
                                         of the singular in this Instrument includes the plural and use of the plural includes
                                         the singular.

 

		(d)	As
                                         used in this Instrument, the term "including" means "including, but not
                                         limited to" and the term "includes" means "includes without limitation."

 

		(e)	The
                                         use of one gender includes the other gender, as the context may require.

 

		(f)	Unless
                                         the context requires otherwise any definition of or reference to any agreement, instrument
                                         or other document in this Instrument will be construed as referring to such agreement,
                                         instrument or other document as from time to time amended, supplemented or otherwise
                                         modified (subject to any restrictions on such amendments, supplements or modifications
                                         set forth in this Instrument).

 

    	Michigan
Multifamily Mortgage (CME and Portfolio)	Page 17

    	 

    

 

		(g)	Any
                                         reference in this Instrument to any person will be construed to include such person's
                                         successors and assigns.

 

		20.	Subrogation.
                                         If, and to the extent that, the proceeds of the loan evidenced by the Note, or subsequent
                                         advances under Section 7, are used to pay, satisfy or discharge a Prior Lien, such loan
                                         proceeds or advances will be deemed to have been advanced by Lender at Borrower's request,
                                         and Lender will automatically, and without further action on its part, be subrogated
                                         to the rights, including Lien priority, of the owner or holder of the obligation secured
                                         by the Prior Lien, whether or not the Prior Lien is released.

 

		END	OF
                                         UNIFORM COVENANTS; STATE-SPECIFIC PROVISIONS FOLLOW

 

21-30.
Reserved.

 

		31.	Acceleration;
                                         Remedies.

 

		(a)	At
                                         any time during the existence of an Event of Default, Lender, at Lender's option, may
                                         declare the Indebtedness to be immediately due and payable without further demand, and
                                         may invoke the power of sale and any other remedies permitted by applicable law or provided
                                         in this Instrument or in any other Loan Document. Borrower hereby grants power to Lender,
                                         upon the occurrence of an Event of Default, to grant, bargain, sell, release and convey
                                         the Mortgaged Property at public auction or vendue, and upon such sale to execute and
                                         deliver to the purchaser(s) instruments of conveyance pursuant to the terms of this Instrument
                                         and applicable laws. Borrower acknowledges that the preceding sentence confers a power
                                         of sale upon Lender and that upon the occurrence of an Event of Default this Instrument
                                         may be foreclosed by advertisement as described below and in the applicable Michigan
                                         statutes. Borrower understands that upon the occurrence of an Event of Default, Lender
                                         is authorized and empowered to sell the Mortgaged Property, or cause the same to be sold,
                                         and to convey the same to the purchaser in any lawful manner, including that provided
                                         by Chapter 32 of the Revised Judicature Act of Michigan, entitled "Foreclosure of
                                         Mortgages by Advertisement," which permits Lender to sell the Mortgaged Property
                                         without affording Borrower a hearing or giving Borrower actual personal notice. The only
                                         notice required under such Chapter 32 is to publish notice in a local newspaper and to
                                         post a copy of the notice at the Improvements.

 

		(b)	If
                                         Lender invokes the power of sale, Lender will mail a copy of a notice of sale to Borrower
                                         in the manner provided in Section 11.03 of the Loan Agreement. Lender will give notice
                                         of sale and will sell the Mortgaged Property according to the laws of Michigan. Lender
                                         may, at Lender's option, sell the Mortgaged Property in one or more parcels and in such
                                         order as Lender may determine. Lender or Lender's designee may purchase the Mortgaged
                                         Property at any sale. The proceeds of sale will be applied in the following order: (i)
                                         to all costs and expenses of the sale, including Attorneys' Fees and Costs of title evidence;
                                         (ii) to the Indebtedness in such order as Lender, in Lender's
                                         discretion directs; and (iii) the excess, if any, to the person or persons legally entitled
                                         to it.

 

    	Michigan
Multifamily Mortgage (CME and Portfolio)	Page 18

    	 

    

 

		32.	Lender's
                                         Statutory Rights With Respect to Leases and Rents. In addition to Sections 3 and
                                         4, Lender will be entitled to all of the rights and benefits conferred by Act 210 of
                                         the Michigan Public Acts of 1953 as amended (MCL 554.231, et seq.). To the extent
                                         that this Instrument is inconsistent with, or confers rights upon Lender in excess of
                                         these conferred by MCLA § 554.231, this Instrument will be read and interpreted
                                         consistently with, and to confer upon Lender only those rights conferred by, MCLA §
                                         554.231.

 

		33.	Construction
                                         Liens. All references in this Instrument to "mechanic's liens" and "materialmen's
                                         liens" will be deemed to include "construction liens" as defined in MCL
                                         570.1103(3).

 

		34.	Waste.
                                         Nonpayment of Taxes and cancellation of insurance required by Section 19 will each
                                         constitute waste as provided by MCL 600.2927. Borrower consents to the appointment of
                                         a receiver under MCL 600.2927 if Lender elects to seek such relief

 

		35.	Release.
                                         Upon payment of the Indebtedness, Lender will prepare and file a discharge of this Instrument.

 

		36.	WAIVER
                                         OF TRIAL BY JURY.

 

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

 

		(b)	BORROWER
                                         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.

 

		37.	Attached
                                         Riders. The following Riders are attached to this Instrument: NONE.

 

    	Michigan
Multifamily Mortgage (CME and Portfolio)	Page 19

    	 

    

 

		38.	Attached
                                         Exhibits. The
                                         following Exhibits, if marked with an "X" in
                                         the space provided, are attached to this Instrument:

 

	x
    Exhibit A	Description of the Land (required)
	 ̈Exhibit
    B 	Modifications to Instrument
	 ̈Exhibit
    C	Ground Lease Description (if applicable)

 

REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

 

    	Michigan
Multifamily Mortgage (CME and Portfolio)	Page 20

    	 

    

 

IN WITNESS
WHEREOF, Borrower has signed and delivered this Instrument or has caused this Instrument to be signed and delivered by its duly
authorized representative.

 

	 	VILLAGE GREEN OF ANN ARBOR
	 	ASSOCIATES, LLC,
	 	a Michigan limited liability company
	 	 
	 	 By:	JH VILLAGE GREEN LLC,
	 	 	A Delaware limited Liability Company,
	 	 	Co-Manager
	 	 	 
	 	 	By:	/s/
    Jonathan Holtzman
	 	 	 	Jonathan Holtzman
	 	 	 	Sole Member

 

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 on behalf of JH Village Green LLC, a Delaware limited liability company,
as Co-Manager of Village Green of Ann Arbor Associates, LLC, a Michigan limited liability company, on behalf of said limited liability
company.

 

	 /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
	 	 	 	 	 

 

Prepared
by, and after recording

return
to:

Sameer
Upadhya, Esq. 

Krooth & Altman LLP

1850
M Street, N.W., Suite 400

Washington,
DC 20036

 

    	Michigan
Multifamily Mortgage (CME and Portfolio)	Page 21

    	 

    

 

EXHIBIT
A

 

DESCRIPTION
OF THE LAND

 

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

 

Parcel
A:

 

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 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 114 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-1

    	 

    

 

 

EXHIBIT
B

 

MODIFICATIONS
TO INSTRUMENT

 

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

 

NONE.

 

    	Page B-1

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