Document:

Exhibit 10.30

 

The mailing address to which this Deed of Trust

should be returned after recordation is:

 

Jackson Walker L.L.P.

901 Main Street, Suite 6000

Dallas, TX 75202

Attention: Debbie Robinowitz

 

LEASEHOLD
DEED OF TRUST, ASSIGNMENT OF RENTS AND LEASES,

SECURITY AGREEMENT, FIXTURE FILING AND FINANCING STATEMENT

 

(This Document Serves as a Fixture Filing
under Section 9.502 of the Texas Business and

Commerce Code)

Grantor’s Organizational Identification Number: 5660862

 

THIS LEASEHOLD DEED
OF TRUST, ASSIGNMENT OF RENTS AND LEASES, SECURITY AGREEMENT, FIXTURE FILING AND FINANCING STATEMENT (this “Deed of
Trust”) is made this ___ day of April, 2015, by Grantor, in favor of Trustee for the benefit of Administrative Agent,
as agent for the benefit of itself and the Lenders.

 

ARTICLE
1

Definitions; Granting Clauses; Secured Indebtedness

 

Section
1.1           Secured Indebtedness. This Deed of Trust secures
the Secured Indebtedness, as defined in Section 1.5 below, which includes the indebtedness evidenced by the Promissory Notes
(defined below) in the aggregate principal amount of up to THIRTY-ONE MILLION EIGHT HUNDRED THOUSAND AND NO/100 DOLLARS ($31,800,000.00),
together with interest thereon.

 

Section
1.2           Definitions.

 

(a)          In
addition to other terms defined herein, each of the following terms shall have the meaning assigned to it, such definitions to
be applicable equally to the singular and the plural forms of such terms and to all genders:

 

“Administrative
Agent”: BANK OF AMERICA, N.A., a national banking association, as Administrative Agent for the benefit of itself and
the Lenders pursuant to the Construction Loan Agreement, or any subsequent Administrative Agent pursuant to the Construction Loan
Agreement.

 

“Completion”:
The issuance of a temporary or permanent certificate of occupancy (or its equivalent) for the occupancy of the Improvements.

 

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“Construction
Loan Agreement”: The Construction Loan Agreement dated of even date herewith among Grantor, Administrative Agent and
the Lenders, contemplating the construction of certain improvements on and with respect to the Land, which is incorporated herein
by reference for all purposes.

 

“Demolition”:
The demolition of the improvements existing on the Land as of the date hereof.

 

“Grantor”:
BR BELLAIRE BLVD, LLC, a Delaware limited liability company, whose mailing address is 3819 Maple Avenue, Dallas, Texas 75219, Attention:
Tim Hogan, and its permitted successors and assigns.

 

“Ground
Lease”: That certain Ground Lease dated April 1, 2015, between Grantor, as tenant, and Lessor, as landlord.

 

“Lenders”:
The Lenders from time to time a party to the Construction Loan Agreement or any subsequent holders of the Notes (as defined herein)
at the time in question.

 

“Lessor”:
Prokop Industries BH, L.P., a Texas limited partnership, as landlord under the Ground Lease.

 

“Promissory
Notes”: One or more Deed of Trust Notes made by Grantor, each payable to the order of a Lender, in the aggregate principal
face amount not to exceed $31,800,000.00, bearing interest as therein provided, and containing a provision for, among other things,
the payment of a reasonable additional amount as attorneys’ fees. Additionally, such Deed of Trust Notes provide that the
principal balance evidenced thereby shall bear interest at a floating rate of interest subject to change from time to time.

 

“Trustee”:
PRLAP, Inc., a Texas corporation.

 

“UCC”:
Title 1 of the Texas Business and Commerce Code, as amended from time to time.

 

(b)          Any
term used or defined in the UCC, as in effect from time to time, and not defined in this Deed of Trust has the meaning given to
the term in the UCC, as in effect from time to time, when used in this Deed of Trust. However, if a term is defined in Chapter 9
of the UCC differently than in another title of the UCC, the term has the meaning specified in Chapter 9.

 

(c)          Unless
otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the Construction Loan
Agreement.

 

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Section
1.3           Granting Clause. In consideration of the provisions
of this Deed of Trust and the sum of TEN AND NO/100 DOLLARS ($10.00) cash in hand paid and other good and valuable consideration
the receipt and sufficiency of which are acknowledged by Grantor, Grantor does hereby GRANT, BARGAIN, SELL, CONVEY, TRANSFER, ASSIGN
and SET OVER to Trustee, IN TRUST with the power of sale for the benefit and security of Administrative Agent on behalf of all
Lenders, with SPECIAL WARRANTY, the following: (a) Grantor’s ground leasehold interest, under the Ground Lease, in the real
property described in Exhibit A which is attached hereto and incorporated herein by reference (the “Land”)
together with: (i) any and all buildings, structures, improvements, alterations or appurtenances now or hereafter situated
or to be situated on the Land (collectively the “Improvements”); and (ii) all right, title and interest
of Grantor, now owned or hereafter acquired, in and to (1) streets, roads, alleys, easements, rights-of-way, licenses, rights
of ingress and egress, vehicle parking rights and public places, existing or proposed, abutting, adjacent, used in connection with
or pertaining to the Land or the Improvements; (2) any strips or gores between the Land and abutting or adjacent properties;
(3) all options to purchase the Land or the Improvements or any portion thereof or interest therein, and any greater estate
in the Land or the Improvements; (4) all water and water rights, ditches and ditch rights, reservoirs, reservoir rights and
storage rights, wells and well rights, well permits, springs and spring rights, groundwater rights (whether tributary, nontributary
or not-nontributary), water contracts, water allotments, water taps, stock certificates or shares in ditch or reservoir or water
companies, and all other rights of any kind or nature in or to the use of water, whether or not adjudicated, which are appurtenant
to, historically used on or in connection with, or located on or under the Land, (collectively, “Water Rights”),
together with any and all associated structures and facilities for the diversion, carriage, transmission, conveyance, measurement,
storage or use of said Water Rights, and any and all easements, rights of way, fixtures, personal property, contract rights, licenses,
permits or decrees associated with or used in connection with any such Water Rights or which may be necessary for the development,
operation or maintenance of such Water Rights; and (5) timber, crops and mineral interests on or pertaining to the Land (the
Land, Improvements and other rights, titles and interests referred to in this clause (a) being herein sometimes collectively called
the “Premises”); (b) all fixtures, equipment, systems, machinery, furniture, furnishings, appliances, inventory,
goods, building and construction materials, supplies, and articles of personal property, of every kind and character, tangible
and intangible (including software embedded therein), now owned or hereafter acquired by Grantor, which are now or hereafter attached
to or situated in, on or about the Land or the Improvements, or used in or necessary to the complete and proper planning, development,
use, occupancy or operation thereof, or acquired (whether delivered to the Land or stored elsewhere) for use or installation in
or on the Land or the Improvements, and all renewals and replacements of, substitutions for and additions to the foregoing (the
properties referred to in this clause (b) being herein sometimes collectively called the “Accessories,” all
of which to the extent attached to the Land or the Improvements are hereby declared to be permanent accessions to the Premises);
(c) Grantor’s rights, but not liability for any breach by Grantor, under all (i) plans and specifications for the
Improvements and all proceeds and other amounts paid or owing to Grantor under or pursuant to any and all contracts and bonds relating
to the construction or renovation of the Property; (ii) commitments (including any commitments for financing to pay any of
the Secured Indebtedness, as defined below), insurance policies to the extent transferable (or proceeds thereof to the extent not
transferable) or additional or supplemental coverage related thereto (including from an insurance provider meeting the requirements
of the Loan Documents or from or through any state or federal government sponsored program or entity), Swap Transactions (as hereinafter
defined), contracts and agreements for the design, construction, operation or inspection of the Improvements and other contracts
and general intangibles (including but not limited to payment intangibles, trademarks, trade names, goodwill, software [to the
extent Grantor may allow use of the same by others] and symbols) related to the Premises or the Accessories or the operation thereof;
(iii) deposits and deposit accounts arising from or related to any transactions related to the Premises or the Accessories
(including but not limited to Grantor’s rights in tenants’ security deposits, deposits with respect to utility services
to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents (hereinafter defined)
for taxes, insurance or otherwise), rebates or refunds of impact fees or other taxes, assessments or charges, money, accounts (including
deposit accounts), instruments, documents, promissory notes and chattel paper (whether tangible or electronic) arising from or
by virtue of any transactions related to the Premises or the Accessories, and any account or deposit account from which Grantor
may from time to time authorize Administrative Agent or a Lender to debit and/or credit payments due with respect to the Loan or
any Swap Transaction, all rights to the payment of money from Administrative Agent or a Lender under any Swap Transaction, and
all accounts, deposit accounts and general intangibles, including payment intangibles, described in any Swap Transaction; (iv) permits,
licenses, franchises, certificates, development rights, commitments and rights for utilities, and other rights and privileges obtained
in connection with the Premises or the Accessories; (v) leases, rents, royalties, bonuses, issues, profits, revenues and other
benefits of the Premises and the Accessories (without derogation of Article 3 hereof); (vi) as-extracted collateral
produced from or allocated to the Land including, without limitation, oil, gas and other hydrocarbons and other minerals and all
products processed or obtained therefrom, and the proceeds thereof; and (vii) engineering, accounting, title, legal, and other
technical or business data concerning the Premises which are in the possession of Grantor or in which Grantor can otherwise grant
a security interest; and (d) other than insurance, condemnation and other proceeds to which Lessor has a right (if any) under
the terms of the Ground Lease, all (i) accounts and proceeds (cash or non-cash and including payment intangibles) of or arising
from the properties, rights, titles and interests referred to above in this Section 1.3, including but not limited
to proceeds of any sale, lease or other disposition thereof, proceeds of each policy of insurance (or additional or supplemental
coverage related thereto, including from an insurance provider meeting the requirements of the Loan Documents or from or through
any state or federal government sponsored program or entity) relating thereto (including premium refunds), proceeds of the taking
thereof or of any rights appurtenant thereto, including change of grade of streets, curb cuts or other rights of access, by condemnation,
eminent domain or transfer in lieu thereof for public or quasi-public use under any Law, and proceeds arising out of any damage
thereto; (ii) all letter-of-credit rights (whether or not the letter of credit is evidenced by a writing) Grantor now has
or hereafter acquires relating to the properties, rights, titles and interests referred to in this Section 1.3; (iii) all
commercial tort claims Grantor now has or hereafter acquires relating to the properties, rights, titles and interests referred
to in this Section 1.3; and (iv) other interests of every kind and character which Grantor now has or hereafter
acquires in, to or for the benefit of the properties, rights, titles and interests referred to above in this Section 1.3
and all property used or useful in connection therewith, including but not limited to rights of ingress and egress and remainders,
reversions and reversionary rights or interests; and if the estate of Grantor in any of the property referred to above in this
Section 1.3 is a leasehold estate, this conveyance shall include, and the lien and security interest created hereby
shall encumber and extend to, all other or additional title, estates, interests or rights which are now owned or may hereafter
be acquired by Grantor in or to the property demised under the lease creating the leasehold estate; but excluding in all respects
any item of tangible personal property owned by Borrower that is not a fixture or otherwise affixed or to become affixed to the
Real Property, including, but not in limitation, desks, chairs and other furniture, curtains, portable dishwashers and portable
microwave ovens, clothes washers and dryers and other portable equipment, and inventory; TO HAVE AND TO HOLD the foregoing rights,
interests and properties, and all rights, estates, powers and privileges appurtenant thereto (herein collectively called the “Property”),
unto Trustee, and his or its successors or substitutes in this trust, and to his or its successors and assigns, in trust, forever,
subject to the terms, provisions and conditions herein set forth, to secure the obligations of Grantor under the Notes and Loan
Documents (as hereinafter defined) and all other indebtedness and matters defined as “Secured Indebtedness” in Section 1.5
of this Deed of Trust. Notwithstanding any of the above, the lien of this Deed of Trust does not extend to the names “Trammell
Crow Residential”, “Alexan” and “TCR” or any variant thereof or the “TCR” logo or to
any written or printed material that contains any of such names or such logo, and if Administrative Agent forecloses against the
Premises, or Administrative Agent or any Lender or any of their affiliates acquires the Premises (whether through foreclosure,
deed in lieu of foreclosure or other means), or if Administrative Agent or any Lender or any of their affiliates takes possession
of the Premises, or if a receiver is appointed for the Premises, then Administrative Agent or any Lender will not use, and any
person acquiring the Premises through foreclosure, deed in lieu of foreclosure or other means, shall not use, in connection with
the Premises any of the names “Trammell Crow Residential”, “Alexan” or “TCR” or any variant
thereof or the “TCR” logo. The limitation of names listed in this Section 1.3 does not imply a license
or right to use any other name, service mark, trademark or logo that is proprietary to Grantor or any of its affiliates.

 

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Section
1.4           Security Interest. Grantor hereby grants to
Administrative Agent for the benefit of itself and the Lenders a security interest in all of the Property which constitutes personal
property or fixtures, all proceeds and products thereof, and all supporting obligations ancillary to or arising in any way in connection
therewith (herein sometimes collectively called the “Collateral”) to secure the obligations of Grantor under
the Notes and Loan Documents and all other indebtedness and matters defined as Secured Indebtedness in Section 1.5
of this Deed of Trust. In addition to its rights hereunder or otherwise, Administrative Agent shall have all of the rights of a
secured party under the UCC, as in effect from time to time, or under the Uniform Commercial Code in force, from time to time,
in any other state to the extent the same is applicable Law.

 

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Section
1.5           Secured Indebtedness, Notes, Loan Documents, Other
Obligations. This Deed of Trust is made to secure and enforce the payment and performance of the following promissory notes,
obligations, indebtedness, duties and liabilities and all renewals, extensions, supplements, increases, and modifications thereof
in whole or in part from time to time (collectively the “Secured Indebtedness”): (a) the Promissory Notes
and all other promissory notes given in substitution therefor or in modification, supplement, increase, renewal or extension thereof,
in whole or in part (such promissory note or promissory notes, whether one or more, as from time to time renewed, extended, supplemented,
increased or modified and all other notes given in substitution therefor, or in modification, renewal or extension thereof, in
whole or in part, being hereinafter called the “Notes”; (b) all indebtedness, liabilities, duties, covenants,
promises and other obligations whether joint or several, direct or indirect, fixed or contingent, liquidated or unliquidated, and
the cost of collection of all such amounts, owed by Grantor to Administrative Agent or Lenders or any Swap Bank now or hereafter
incurred or arising pursuant to or permitted by the provisions of the Notes, this Deed of Trust, any Swap Transaction or any other
document now or hereafter evidencing, governing, guaranteeing, securing or otherwise executed by Grantor or any Guarantor (as defined
in the Construction Loan Agreement) and delivered to Administrative Agent or any Lender in connection with the loan evidenced by
the Notes, including but not limited to any loan or credit agreement, letter of credit or reimbursement agreement, tri-party financing
agreement, Swap Contract (as defined below) relating to any Swap Transactions or other agreement between Grantor and Administrative
Agent or Lenders, or among Grantor, Administrative Agent and Lenders and any other party or parties, pertaining to the repayment
or use of the proceeds of the loan evidenced by the Notes (the Notes, this Deed of Trust, any Swap Contract relating to any Swap
Transactions and such other documents, as they or any of them may have been or may be from time to time renewed, extended, supplemented,
increased or modified, being herein sometimes collectively called the “Loan Documents”); and (c) all future
advances made by Administrative Agent or Lenders to Grantor and all other debts, obligations and liabilities of Grantor of every
kind and character now or hereafter existing in favor of Administrative Agent on behalf of Lenders, whether direct or indirect,
primary or secondary, joint or several, fixed or contingent, secured or unsecured, and whether originally payable to Administrative
Agent or Lenders or to a third party and subsequently acquired by Administrative Agent, it being contemplated that Grantor may
hereafter become indebted to Administrative Agent for such further debts, obligations and liabilities (Grantor and Lenders agreeing
and acknowledging that Lenders may elect (without any obligation to do so) to make additional advances under the terms of the Notes
or otherwise, and that any such future advances shall be subject to, and secured by, this Deed of Trust); provided, however,
and notwithstanding the foregoing provisions of this clause (c), this Deed of Trust shall not secure any such other loan, advance,
debt, obligation or liability with respect to which Administrative Agent or Lenders are by applicable Law prohibited from obtaining
a lien on real estate nor shall this clause (c) operate or be effective to constitute or require any assumption or payment by any
person, in any way, of any debt of any other person to the extent that the same would violate or exceed the limit provided in any
applicable usury or other Law. Should the Secured Indebtedness decrease or increase pursuant to the terms of the Notes or otherwise,
at any time or from time to time, this Deed of Trust shall retain its priority position of record until (i) the termination
of Lenders’ obligations to make advances under the Loan Documents and all obligations under any Swap Contract, and the full,
final and complete payment of all the Secured Indebtedness then outstanding, or (ii) the full release and termination of the
liens and security interests created by this Deed of Trust. As used herein, the term “Swap Transaction” means
any agreement, whether or not in writing, relating to any transaction that is a rate swap, basis swap, forward rate transaction,
commodity swap, commodity option, equity or equity index swap or option, bond, note or bill option, interest rate option, forward
foreign exchange transaction, cap, collar or floor transaction, currency swap, cross-currency rate swap, swap option, currency
option or any other, similar transaction (including any option to enter into any of the foregoing) or any combination of the foregoing
entered into between one or more Lenders (or their affiliates) and Grantor with respect to the loan evidenced by the Notes, and,
unless the context otherwise clearly requires, any form of master agreement (the “Swap Contract”) (Grantor’s
counterparty to any such Swap Contract herein called a “Swap Bank”) published by the International Swaps and
Derivatives Association, Inc., or any other master agreement, entered into between one or more Lenders (or their affiliates) and
Grantor, together with any related schedules, as amended, supplemented, superseded or replaced from time to time, relating to or
governing any or all of the foregoing.

 

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ARTICLE
2

Representations, Warranties and Covenants

 

Section
2.1           Grantor represents, warrants, and covenants as follows:

 

(a)          Payment
and Performance. Grantor will make due and punctual payment of the Secured Indebtedness. Grantor will timely and properly perform
and comply with all of the covenants, agreements, and conditions imposed upon it by this Deed of Trust and the other Loan Documents
and will not permit a default to occur hereunder or thereunder. Time shall be of the essence in this Deed of Trust.

 

(b)          Title
and Permitted Encumbrances. Grantor has, in Grantor’s own right, and Grantor covenants to maintain, lawful, good and
marketable leasehold estate to the Land and lawful, good and marketable title to the rest of the Property, is lawfully seized and
possessed of the Property and every part thereof, and has the right to convey the same, free and clear of all liens, charges, claims,
security interests, and encumbrances except for (i) the matters, if any, set forth in Exhibit B hereto, which
are Permitted Encumbrances only to the extent the same are valid and subsisting and affect the Property, (ii) the liens and
security interests evidenced by this Deed of Trust, (iii) statutory liens for real estate taxes, assessments and other governmental
charges on the Property which are not yet delinquent or are being contested in accordance with Section 2.1(c) and/or Section
2.1(j), (iv) rights of tenants under Approved Leases (as defined in the Construction Loan Agreement), (v) the rights
of Lessor under the Ground Lease, (vi) other liens and security interests (if any) in favor of Administrative Agent for the ratable
benefit of Lenders or otherwise approved by Administrative Agent, (vii) customary utility easements entered into in connection
with development of the Project to which Administrative Agent is not required to subordinate its lien; (viii) mechanics’
liens being contested in accordance with Section 2.1(c); and (ix) rights of lessors under leases to Grantor of certain furniture
and accessories for display in the model units on the Property, certain furniture and equipment for the clubhouse and management
offices and cable, television, telephone, internet access, laundry and security equipment (the matters described in the foregoing
clauses (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) being herein called the “Permitted Encumbrances”).
Grantor, and Grantor’s successors and assigns, will warrant specially and forever defend title to the Property, subject as
aforesaid, to Administrative Agent and Trustee against the claims and demands of all persons claiming or to claim the same or any
part thereof. Except as permitted in the Loan Documents , Grantor will punctually pay, perform, observe and keep all covenants,
obligations and conditions in or pursuant to any Permitted Encumbrance and will not modify or permit modification of any Permitted
Encumbrance without the prior written consent of Administrative Agent. Inclusion of any matter as a Permitted Encumbrance does
not constitute approval or waiver by Administrative Agent of any existing or future violation or other breach thereof by Grantor,
by the Property or otherwise. No part of the Property constitutes all or any part of the homestead of Grantor. If any right or
interest of Administrative Agent and Lenders in the Property or any part thereof shall be endangered or questioned or shall be
attacked directly or indirectly, Trustee and Administrative Agent, or either of them (whether or not named as parties to legal
proceedings with respect thereto), are hereby authorized and empowered to take such steps as in their discretion may be proper
for the defense of any such legal proceedings or the protection of such right or interest of Administrative Agent and Lenders,
including the employment of independent counsel, the prosecution or defense of litigation, and the compromise or discharge of adverse
claims. All reasonable expenditures so made of every kind and character shall be a demand obligation (which obligation Grantor
hereby promises to pay) owing by Grantor to Administrative Agent or Trustee (as the case may be) with interest as provided in the
Notes, and the party (Administrative Agent or Trustee, as the case may be) making such expenditures shall be subrogated to all
rights of the person receiving such payment.

 

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(c)          Taxes
and Other Impositions. Grantor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon
or against or with respect to the Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility
service thereto, as the same become due and payable, including but not limited to all ad valorem taxes assessed against the Property
or any part thereof, and shall deliver promptly to Administrative Agent such evidence of the payment thereof as Administrative
Agent may require; provided, however, that Grantor may contest the payment of any such tax or other imposition to
the extent and in the manner permitted by Law if and so long as the following conditions are satisfied: (i) Grantor shall
have notified Administrative Agent of Grantor’s contest; (ii) Grantor shall diligently and in good faith contest the
same by appropriate legal proceedings which shall operate to prevent the enforcement or collection of the same and the sale of
the Property, or any part thereof, to satisfy the same; (iii) Grantor shall have furnished to Administrative Agent for the
benefit of Lenders a cash deposit reasonably satisfactory to Administrative Agent, or an indemnity bond reasonably satisfactory
to Administrative Agent with a surety reasonably satisfactory to Administrative Agent, in the amount of the tax or other imposition
plus a reasonable additional sum to pay all costs, interest and penalties that may be imposed or incurred in connection therewith
(or in the statutory amount, in the case of a bond authorized by statute), to assure payment of the matters under contest and to
prevent any sale or forfeiture of the Property or any part thereof; (iv) Grantor shall promptly upon final determination thereof
pay the amount of any such tax or other imposition so determined, together with all costs, interest and penalties which may be
payable in connection therewith; and (v) the failure to pay the tax or other imposition does not constitute a default under
any other deed of trust, mortgage or security interest covering or affecting any part of the Property and does not subject Administrative
Agent or Lenders to any civil or criminal liability or to any damages or expense not reimbursed by Grantor. Notwithstanding the
foregoing, Grantor shall immediately upon request of Administrative Agent pay (and if Grantor shall fail so to do, Administrative
Agent may, but shall not be required to, pay or cause to be discharged or bonded against) any such tax or other imposition notwithstanding
such contest if in the reasonable opinion of Administrative Agent, the Property shall be in jeopardy or in danger of being forfeited
or foreclosed. Administrative Agent may pay over any such cash deposit or part thereof to the claimant entitled thereto at any
time when, in the judgment of Administrative Agent, the entitlement of such claimant is established.

 

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(d)          Insurance.
Grantor shall obtain and maintain or cause to be obtained and maintained at no expense to Administrative Agent, Trustee or Lenders:
(1) mortgagee title insurance issued to Administrative Agent for the benefit of Lenders covering the Premises as required
by the Construction Loan Agreement; (2) property insurance with respect to all insurable Property (including the portion thereof
stored on the Land but not yet incorporated into the Improvements), against loss or damage by fire, lightning, windstorm, explosion,
hail, tornado and such additional hazards as are presently included in Special Form (also known as “all-risk”) coverage
and against any and all acts of terrorism (where such coverage is commercially available) and such other insurable hazards as Administrative
Agent may reasonably require, in an amount not less than 100% of the full replacement cost (excluding foundations, footings, paving,
underground utilities and sitework), including the cost of debris removal, without deduction for depreciation and sufficient to
prevent Grantor, Administrative Agent and/or Lenders from becoming a coinsurer, such insurance to be in “builder’s
risk” completed value (non-reporting) form during and with respect to any construction on the Premises; (3) if and to
the extent any portion of the buildings that are part of the Improvements is, under the Flood Disaster Protection Act of 1973 (“FDPA”),
as it may be amended from time to time, in a Special Flood Hazard Area, within a Flood Zone designated A or V in a participating
community, a flood insurance policy in an amount reasonably required by Administrative Agent, but in no event less than the amount
sufficient to meet the requirements of applicable Law and the FDPA, as such requirements may from time to time be in effect; provided,
that if the Secured Indebtedness relates to construction of the Improvements, then the flood insurance policy on Grantor’s
contents shall be required upon completion of the Improvements or any unit or component thereof, or as soon thereafter as a flood
insurance policy on contents may be obtained; (4) general liability insurance, on an “occurrence” basis against
claims for “personal injury” liability, including bodily injury, death or property damage liability, for the benefit
of Grantor as named insured and Administrative Agent for the benefit of Lenders as additional insured; (5) statutory workers’
compensation insurance with respect to any work on or about the Premises (including employer’s liability insurance, if required
by Administrative Agent), covering all employees of Grantor and any contractor; (6) if there is a general contractor, commercial
general liability insurance, including products and completed operations coverage, and in other respects similar to that described
in clause (4) above, for the benefit of the general contractor as named insured and Grantor and Administrative Agent for the benefit
of Lenders as additional insureds, in addition to statutory workers’ compensation insurance with respect to any work on or
about the Premises (including employer’s liability insurance, if required by Administrative Agent), covering all employees
of the general contractor and any contractor; and (7) such other insurance on the Property and endorsements as may from time
to time be reasonably required by Administrative Agent (including but not limited to soft cost coverage, automobile liability insurance,
business interruption insurance or delayed rental insurance, boiler and machinery insurance, earthquake insurance, wind insurance,
sinkhole coverage, and/or permit to occupy endorsement)) and against other insurable hazards or casualties which at the time are
commonly insured against in the case of premises similarly situated, due regard being given to the height, type, construction,
location, use and occupancy of buildings and improvements. All insurance policies shall be issued and maintained by insurers, in
amounts, with deductibles, limits and retentions, and in forms reasonably satisfactory to Administrative Agent, and shall require
not less than ten (10) days’ prior written notice to Administrative Agent of any cancellation for nonpayment of premiums,
and not less than thirty (30) days’ prior written notice to Administrative Agent of any other cancellation or any change
of coverage. All insurance companies must be legally permitted to provide coverage in the state in which the Property is located
and must have an A. M. Best Company financial and performance ratings of A-:IX or better. All insurance policies maintained, or
caused to be maintained, by Grantor with respect to the Property, except for general liability insurance, shall provide that each
such policy shall be primary without right of contribution from any other insurance that may be carried by Grantor or Administrative
Agent for the benefit of Lenders and that all of the provisions thereof, except the limits of liability, shall operate in the same
manner as if there were a separate policy covering each insured. If any insurer which has issued a policy of title, hazard, liability
or other insurance required pursuant to this Deed of Trust or any other Loan Document becomes insolvent or the subject of any petition,
case, proceeding or other action pursuant to any Debtor Relief Law, or if such insurer’s financial condition deteriorates
so that it no longer receives an A.M. Best Company classification as required hereby, Grantor shall, in each instance promptly
upon its discovery thereof or upon the request of Administrative Agent therefor, and at no expense to Administrative Agent, Trustee
or Lenders, promptly obtain and deliver to Administrative Agent a like policy (or, if and to the extent permitted by Administrative
Agent, acceptable evidence of insurance) issued by another insurer, which insurer and policy meet the requirements of this Deed
of Trust or such other Loan Document, as the case may be. Without limiting the discretion of Administrative Agent with respect
to required endorsements to insurance policies, all such policies for loss of or damage to the Property shall contain a standard
mortgagee clause (without contribution) naming Administrative Agent for the benefit of Lenders as mortgagee with loss proceeds
payable to Administrative Agent for the benefit of Lenders notwithstanding (i) any act, failure to act or negligence of or
violation of any warranty, declaration or condition contained in any such policy by any named or additional insured; (ii) the
occupation or use of the Property for purposes more hazardous than permitted by the terms of any such policy; (iii) any foreclosure
or other action by Administrative Agent for the benefit of Lenders under the Loan Documents; or (iv) any change in title to
or ownership of the Property or any portion thereof, such proceeds to be held for application as provided in the Loan Documents.
The originals of each initial insurance policy (or to the extent permitted by Administrative Agent, a copy of the original policy
and such evidence of insurance acceptable to Administrative Agent) shall be delivered to Administrative Agent upon request, with
all premiums fully paid current, and each renewal or substitute policy (or evidence of insurance) shall be delivered to Administrative
Agent, with all premiums fully paid current, at least ten (10) days before the termination of the policy it renews or replaces.
Grantor shall cause all premiums on policies required hereunder to be paid as they become due and payable and promptly deliver
to Administrative Agent evidence reasonably satisfactory to Administrative Agent of the timely payment thereof. If any loss occurs
at any time when Grantor has failed to perform Grantor’s covenants and agreements in this paragraph with respect to any insurance
payable because of loss sustained to any part of the Property, whether or not such insurance is required by Administrative Agent,
Administrative Agent shall nevertheless be entitled to the benefit of all insurance covering the loss and held by or for Grantor,
to the same extent as if it had been made payable to Administrative Agent for the benefit of Lenders. Upon any foreclosure hereof
or transfer of title to the Property in extinguishment of the whole or any part of the Secured Indebtedness, all of Grantor’s
right, title and interest in and to the insurance policies (to the extent transferable and to the extent applicable to the Property)
referred to in this Section (including unearned premiums) and all proceeds payable thereunder shall, subject to the terms of the
Ground Lease, thereupon vest in the purchaser at foreclosure or other such transferee, to the extent permissible under such policies.
Subject to Lessor’s right to receive insurance proceeds under the Ground Lease, including but not limited to Section 15.6
and Section 17 thereof, Administrative Agent shall have the right (but not the obligation) to receive the proceeds
of, all insurance for loss of or damage to the Property, and if a Default exists (after taking into consideration applicable notice,
grace and cure periods) to make proof of loss for, settle and adjust any claim under such insurance, regardless of whether or not
such insurance policies are required by Administrative Agent, and the reasonable expenses incurred by Administrative Agent in the
adjustment and collection of insurance proceeds shall be a part of the Secured Indebtedness and shall be due and payable to Administrative
Agent for the benefit of Lenders on demand. Neither Administrative Agent nor Lenders shall be, under any circumstances, liable
or responsible for failure to collect or exercise diligence in the collection of any of such proceeds or for the obtaining, maintaining
or adequacy of any insurance or for failure to see to the proper application of any amount paid over to Grantor or to any third
party. Any such proceeds received by Administrative Agent shall, after deduction therefrom of all reasonable expenses actually
incurred by Administrative Agent, including attorneys’ fees, at Administrative Agent’s option, except as otherwise
provided in this Section 2.1(d), be (A) released to Grantor, or (B) applied (upon compliance with the terms and
conditions below) to repair or restoration, either partly or entirely, of the Property so damaged, or (C) applied to the payment
of the Secured Indebtedness in such order and manner as Administrative Agent, in its sole discretion, may elect, whether or not
due. In any event, the unpaid portion of the Secured Indebtedness shall remain in full force and effect and the payment thereof
shall not be excused. Grantor shall at all times comply with the requirements of the insurance policies required hereunder and
of the issuers of such policies and of any board of fire underwriters or similar body as applicable to or affecting the Property.
Notwithstanding the foregoing provision regarding application of such proceeds, in the event of any casualty in which the total
cost of repairs required to reconstruct the Property to its value, character and condition immediately prior to such casualty (the
“Restoration”) is less than 25% of the original aggregate principal amount of the Notes, the proceeds of any
insurance shall be made available to carry out such Restoration, provided that all of the following conditions are
satisfied in full:

 

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(1)         There
exists no Potential Default that is not attributable to the casualty or Default that has not been waived by Administrative Agent;

 

(2)         Administrative
Agent has received evidence reasonably satisfactory to Administrative Agent that the Restoration can be completed before the Maturity
Date (as defined in the Construction Loan Agreement) or if the Maturity Date has been extended, completed prior to the extended
Maturity Date; provided, however, that if the total cost of repairs required to construct the Property to its value,
character and condition immediately prior to such casualty does not exceed $1,000,000.00, then the condition in this subparagraph
(2) shall not apply;

 

(3)         Grantor
delivers or causes to be delivered to Administrative Agent complete final plans and specifications (the “Work Plans and
Specs”) for the work to be performed in connection with the Restoration (hereinafter called the “Work”)
prepared and sealed by the architect named in the Construction Loan Agreement or another architect reasonably satisfactory to Administrative
Agent (the “Supervising Architect”) with evidence reasonably satisfactory to Administrative Agent of the approval
of the Work Plans and Specs by all governmental authorities whose approval is required;

 

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(4)         Grantor
delivers or causes to be delivered to Administrative Agent a signed estimate approved in writing by the Supervising Architect,
bearing the Supervising Architect’s seal stating the entire cost of completing the Work;

 

(5)         Administrative
Agent determines, in its sole and absolute discretion, that the insurance proceeds are sufficient to pay in full the cost of the
Restoration or, if Administrative Agent determines, in its sole and absolute discretion, that the insurance proceeds are not sufficient
to pay in full the costs of the Restoration, Grantor has deposited or has caused to be deposited with Administrative Agent for
the benefit of Lenders sufficient funds, such that together with the available insurance proceeds and amounts, if any, remaining
to be disbursed under the Notes for construction of the Improvements under the Construction Loan Agreement (in the aggregate, the
“Proceeds”), sufficient funds shall be readily available for the Restoration;

 

(6)         Grantor
delivers or causes to be delivered to Administrative Agent true copies certified by the Supervising Architect or Grantor’s
general contractor or if available, the governmental agency having jurisdiction thereof, of all permits and approvals required
by Law in connection with the commencement and conduct of the Work; and

 

(7)         Neither
Administrative Agent nor Lenders will incur any liability to any other person as a result of such use or release of insurance proceeds.

 

If the conditions of paragraphs
(1) through (7) above are not satisfied within ninety (90) days of the casualty loss, then Administrative Agent may, at its option,
apply any insurance proceeds to the outstanding balance of the Secured Indebtedness in such order and manner as Administrative
Agent elects.

 

If the insurance proceeds
are made available for the Restoration of the Property pursuant to the terms hereof, the reasonable cost, if any, to Administrative
Agent of recovering or paying out the Proceeds (including reasonable attorneys’ fees and reasonable costs incurred by Administrative
Agent in having the Work inspected and the Work Plans and Specs reviewed by the Construction Inspector named in the Construction
Loan Agreement or another construction consultant chosen by Administrative Agent) shall be promptly paid to Administrative Agent
on demand. Provided the terms and conditions above have been satisfied, such Proceeds shall be applied by Administrative Agent
to the payment of the cost of the Work on the same terms and conditions as contemplated for advances as set forth in the Construction
Loan Agreement. Insurance proceeds shall be applied first, followed by amounts deposited by Grantor, followed by amounts to be
disbursed under the Notes for construction of the Improvements as set forth in the Construction Loan Agreement.

 

During the continuance
of a Default, Administrative Agent may apply all or any portion of such insurance proceeds in its possession to the payment of
the Secured Indebtedness in such order and manner as Administrative Agent elects, or to the cure of any default under this Deed
of Trust. Upon completion of the Work and the reimbursement of Grantor in full for the payment of the Work, any balance of the
insurance proceeds which are not required for the Restoration, shall be retained by Administrative Agent and applied to the payment
of the Secured Indebtedness in such order and manner as Administrative Agent elects and any additional amounts deposited with Administrative
Agent by Grantor to insure the adequacy of funds for the Restoration shall be returned to Grantor.

 

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TEXAS FINANCE CODE
§307.052 COLLATERAL PROTECTION INSURANCE NOTICE. GRANTOR IS REQUIRED TO: (I) KEEP THE PROPERTY INSURED AGAINST DAMAGE IN THE
AMOUNT EQUAL TO THE FULL REPLACEMENT COST OF THE PROPERTY; (II) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO
BUSINESS IN THE STATE OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (III) NAME ADMINISTRATIVE AGENT AS THE PERSON TO BE PAID
UNDER THE POLICY IN THE EVENT OF LOSS. GRANTOR MUST, IF REQUIRED BY ADMINISTRATIVE AGENT, DELIVER TO ADMINISTRATIVE AGENT A COPY
OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS. IF GRANTOR FAILS TO MEET ANY REQUIREMENT LISTED IN THE FIRST TWO SENTENCES
OF THIS PARAGRAPH, ADMINISTRATIVE AGENT MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF GRANTOR AT GRANTOR’S EXPENSE.

 

(e)          Reserve
for Insurance, Taxes and Assessments. During the continuance of a Default (after taking into consideration applicable notice,
grace and cure periods), in order to secure the performance and discharge of Grantor’s obligations referred to below, but
not in lieu of such payment and performance, Grantor will deposit with Administrative Agent for the benefit of Lenders a sum equal
to real estate taxes, assessments and charges (which charges for the purposes of this paragraph shall include without limitation
any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums
for such policies of insurance for the current year (to the extent such premiums have not been paid), all as estimated by Administrative
Agent and prorated to the end of the calendar month following the month during which Administrative Agent’s request is made,
and thereafter, during the continuation of the Default, will deposit with Administrative Agent for the benefit of Lenders, on each
date when an installment of principal and/or interest is due on the Notes, sufficient funds (as estimated from time to time by
Administrative Agent) to permit Administrative Agent to pay at least fifteen (15) days prior to the due date thereof, the next
maturing real estate taxes, assessments and charges and premiums for such policies of insurance. All such funds shall be deposited
into an interest bearing account and, provided that no Default or Potential Default has occurred and is then continuing, Grantor
shall, upon written request to Administrative Agent, be entitled to receive the interest accrued on such account. Administrative
Agent shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes
or assessments and shall have no obligation to make any protest of any such taxes or assessments. To the extent permitted by Law,
any excess over the amounts required for such purposes shall be held by Administrative Agent for the benefit of Lenders for future
credit against amounts due under this paragraph or refunded to Grantor, at Administrative Agent’s option, and any deficiency
in such funds so deposited shall be made up by Grantor upon demand of Administrative Agent. All such funds so deposited (including
any interest to which Grantor is not entitled under the provisions above) shall be applied by Administrative Agent toward the payment
of such taxes, assessments, charges and premiums when statements therefor are presented to Administrative Agent by Grantor (which
statements shall be presented by Grantor to Administrative Agent a reasonable time before the applicable amount is due); provided,
however, that, if a Default shall then exist hereunder (after taking into consideration applicable notice, grace and cure periods),
such funds shall be applied first to past or currently due taxes, assessments, charges or premiums, together with any penalties
or late charges with respect thereto, and the balance may be applied at Administrative Agent’s option to the Secured Indebtedness
in the order determined by Administrative Agent in its sole discretion. The conveyance or transfer of Grantor’s interest
in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer
by operation of Law) shall constitute an assignment or transfer of Grantor’s interest in and rights to such funds held by
Administrative Agent under this paragraph but subject to the rights of Administrative Agent hereunder.

 

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(f)          Condemnation.
Immediately upon obtaining knowledge thereof, Grantor shall notify Administrative Agent of any threatened (in writing) or pending
proceeding for condemnation affecting the Property or arising out of damage to the Property, and Grantor shall, at Grantor’s
expense, diligently prosecute any such proceedings, and shall consult with Administrative Agent and its attorneys and experts,
and cooperate with them in the carrying on the defense of any such proceedings. Administrative Agent on behalf of Lenders shall
have the right (but not the obligation) to participate in any such proceeding and to be represented by counsel of its own choice.
Subject to Lessor’s rights to such sums under the Ground Lease, Administrative Agent on behalf of Lenders shall be entitled
to receive all sums which may be awarded or become payable to Grantor for the condemnation of the Property, or any part thereof,
for public or quasi-public use, or by virtue of private sale in lieu thereof, and any sums which may be awarded or become payable
to Grantor for injury or damage to the Property. Grantor shall, promptly upon request of Administrative Agent, execute such additional
assignments and other documents as may be necessary from time to time to permit such participation and to enable Administrative
Agent to collect and receipt for any such sums. All such sums are hereby assigned to Administrative Agent for the benefit of Lenders,
and shall, after deduction therefrom of all reasonable expenses actually incurred by Administrative Agent, including reasonable
attorneys’ fees, at Administrative Agent’s option, except as otherwise provided in this Section 2.1(f), be (1) released
to Grantor, or (2) applied (upon compliance with the terms and conditions below) to repair or restoration of the Property
so affected, or (3) applied to the payment of the Secured Indebtedness in such order and manner as Administrative Agent, in
its sole discretion, may elect, whether or not due. In any event the unpaid portion of the Secured Indebtedness shall remain in
full force and effect and the payment thereof shall not be excused. Neither Administrative Agent nor Lenders shall be, under any
circumstances, liable or responsible for failure to collect or to exercise diligence in the collection of any such sum or for failure
to see to the proper application of any amount paid over to Grantor. Administrative Agent is hereby authorized, in the name of
Grantor, to execute and deliver valid acquittances for, and to appeal from, any such award, judgment or decree. All reasonable
costs and expenses (including but not limited to reasonable attorneys’ fees) incurred by Administrative Agent in connection
with any condemnation shall be a demand obligation owing by Grantor (which Grantor hereby promises to pay) to Administrative Agent
for the benefit of Lenders pursuant to this Deed of Trust. Notwithstanding the foregoing provision regarding application of such
proceeds, in the event of any condemnation in which the total cost of repairs required to stabilize such portion of the Property
so that it is functional in accordance with its character immediately prior to the condemnation (the “Stabilization”)
is less than 25% of the original aggregate principal amount of the Notes, the proceeds of any condemnation shall be made available
to carry out such Stabilization, provided that all of the following conditions are satisfied in full:

 

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(1)         There
exists no Default that has not been waived by Administrative Agent or Potential Default that is not solely attributable to such
condemnation;

 

(2)         Administrative
Agent has received evidence reasonably satisfactory to Administrative Agent that the Stabilization can be completed before the
Maturity Date (as defined in the Construction Loan Agreement) or if the Maturity Date has been extended, completed prior to the
extended Maturity Date; provided, however, that if the total cost of repairs required to complete the work required
in connection with the Stabilization does not exceed $1,000,000.00, then the condition in this subparagraph (2) shall not apply;

 

(3)         Grantor
delivers or causes to be delivered to Administrative Agent complete final plans and specifications (the “Work Plans and
Specs”) for the work to be performed in connection with the Stabilization (hereinafter called the “Work”)
prepared and sealed by the architect named in the Construction Loan Agreement or another architect reasonably satisfactory to Administrative
Agent (the “Supervising Architect”) with evidence reasonably satisfactory to Administrative Agent of the approval
of the Work Plans and Specs by all governmental authorities whose approval is required;

 

(4)         Grantor
delivers or causes to be delivered to Administrative Agent a signed estimate approved in writing by the Supervising Architect,
bearing the Supervising Architect’s seal stating the entire cost of completing the Work;

 

(5)         Administrative
Agent determines, in its sole and absolute discretion, that the condemnation proceeds are sufficient to pay in full the cost of
the Stabilization or, if Administrative Agent determines, in its sole and absolute discretion, that the condemnation proceeds are
not sufficient to pay in full the costs of the Stabilization, Grantor has deposited or has caused to be deposited with Administrative
Agent for the benefit of Lenders sufficient funds, such that together with the available condemnation proceeds and amounts, if
any, remaining to be disbursed under the Notes for the construction of the Improvements under the Construction Loan Agreement (in
the aggregate, the “Stabilization Proceeds”), sufficient funds shall be readily available for the Stabilization;

 

(6)         Grantor
delivers or causes to be delivered to Administrative Agent true copies certified by the Supervising Architect or Grantor’s
general contractor or, if available, the governmental agency having jurisdiction thereof, of all permits and approvals required
by Law in connection with the commencement and conduct of the Work; and

 

(7)         Neither
Administrative Agent nor Lenders will incur any liability to any other person as a result of such use or release of condemnation
proceeds.

 

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If the conditions of
paragraphs (1) through (7) above are not satisfied within ninety (90) days of receipt of the condemnation proceeds by Administrative
Agent, then Administrative Agent may, at its option, apply any condemnation proceeds to the outstanding balance of the Secured
Indebtedness in such order and manner as Administrative Agent elects.

 

If the condemnation
proceeds are made available for the Stabilization of the Property pursuant to the terms hereof, the reasonable cost, if any, to
Administrative Agent of recovering or paying out such proceeds (including reasonable attorneys’ fees and reasonable costs
incurred by Administrative Agent in having the Work inspected and the Work Plans and Specs reviewed by the Construction Inspector
named in the Construction Loan Agreement or another construction consultant chosen by Administrative Agent) shall be promptly paid
to Administrative Agent on demand. Provided the terms and conditions above have been satisfied, such Stabilization Proceeds shall
be applied by Administrative Agent to the payment of the cost of the Work on the same terms and conditions as contemplated for
advances as set forth in the Construction Loan Agreement. Condemnation proceeds shall be applied first, followed by amounts deposited
by Grantor, followed by amounts to be disbursed under the Notes for construction of the Improvements as set forth in the Construction
Loan Agreement:

 

During the continuance
of a Default, Administrative Agent may apply all or any portion of such condemnation proceeds in its possession to the payment
of the Secured Indebtedness in such order and manner as Administrative Agent elects, or to the cure of any default under this Deed
of Trust. Upon completion of the Work and the reimbursement of Grantor in full for the payment of the Work, any balance of the
condemnation proceeds which are not required for the Stabilization shall be retained by Administrative Agent and applied to the
payment of the Secured Indebtedness in such order and manner as Administrative Agent elects and any additional amounts deposited
with Administrative Agent by Grantor to insure the adequacy of funds for the Stabilization shall be returned to Grantor.

 

(g)          Compliance
with Legal Requirements. Grantor, and, upon completion of the Demolition, the Property and the use, operation and maintenance
thereof and all activities thereon do and shall comply in all material respects with all applicable Legal Requirements (hereinafter
defined). Except as provided in or contemplated by the Permitted Encumbrances, the Property is not, and shall not be, dependent
on any other property or premises or any interest therein other than the Property to fulfill any requirement of any Legal Requirement.
Grantor shall not, by act or omission, permit any building or other improvement not subject to the lien of this Deed of Trust to
rely on the Property or any interest therein to fulfill any requirement of any Legal Requirement. No Improvement upon or use of
any part of the Property contemplated by the Construction Loan Agreement will constitute a nonconforming use under any zoning Law
or similar Law. The Property will contain within its boundaries a sufficient number of parking spaces to satisfy all Laws. There
are no written or oral agreements with any third parties regarding parking, ingress and egress, use or maintenance of common areas
or otherwise except as provided in the Permitted Encumbrances. Grantor has obtained or will obtain when required and shall preserve
and keep in full force and effect, all requisite zoning, utility, building, health, environmental and operating permits from the
governmental authorities having jurisdiction over the Property. If Grantor receives a notice or claim from any person that the
Property, or any use, activity, operation or maintenance thereof or thereon, is not in compliance with any Legal Requirement, Grantor
will promptly furnish a copy of such notice or claim to Administrative Agent. Without limiting the foregoing, Grantor hereby agrees
that upon receipt of any notice of noncompliance with restrictive covenants affecting the Property because of the encroachment
of the Improvements over the building line, Grantor shall immediately (x) provide Administrative Agent with written notice
thereof and (y) commence to cure such noncompliance and pursue such cure to completion. Grantor has received no notice and
has no knowledge of any such noncompliance. As used in this Deed of Trust: (i) the term “Legal Requirement”
means any Law (hereinafter defined), agreement, covenant, restriction, easement or condition (including, without limitation of
the foregoing, any condition or requirement imposed by any insurance or surety company) that is binding on Grantor or the Property,
as any of the same now exists or may be changed or amended or come into effect in the future; and (ii) the term “Law”
means any federal, state or local law, statute, ordinance, code, rule, regulation, license, permit, authorization, decision, order,
injunction or decree, domestic or foreign.

 

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(h)          Condition
of Property. Upon payment of applicable connection fees and following the completion of infrastructure improvements contemplated
by the Plans, the Property will be separately served by electric, gas, storm and sanitary sewers, sanitary water supply, telephone
and other utilities required for the use thereof as represented by Grantor at or within the boundary lines of the Property or at
points from which extensions of facilities contemplated by the Construction Loan Agreement will originate. All streets, alleys
and easements necessary to serve the Property for the use represented by Grantor have been completed (or will be completed as part
of construction of the Improvements) and are (or on completion will be) serviceable and (i) such streets have been (or on
completion will be) dedicated and accepted by applicable governmental entities, (ii) such streets benefit (or on completion
will benefit) the Property pursuant to valid and binding easement agreements which permit Grantor and its successors, assigns and
mortgagees, the uninterrupted use of the same for ingress and egress to and from the Property or (iii) the right-of-way for
such streets have been established and such streets will be constructed as part of the improvements provided for in the Construction
Loan Agreement. To Grantor’s knowledge, design conditions of the Property are such that no drainage or surface or other water
will, in any actionable way, drain across or rest upon either the Property or land of others. No portion of any of the buildings
that are or are to be part of the Property is within a flood plain except as shown on a survey delivered to Administrative Agent,
and none of the Improvements (other than any improvements to be demolished by Grantor) creates (or when constructed will create)
an encroachment over, across or upon any of the Property boundary lines, rights of way or easements, and no building or other improvement
on adjoining land creates such an encroachment onto the Property except as shown on a survey delivered to Administrative Agent.

 

DEED OF TRUST (Alexan Southside)

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(i)          Maintenance,
Repair and Restoration. After Demolition and upon Completion of the Improvements, Grantor will keep the Property in first class
order, repair, operating condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements
to be promptly made, and will not allow any of the Property to be misused, abused or physically wasted or to deteriorate. Notwithstanding
the foregoing, Grantor will not, without the prior written consent of Administrative Agent, (i) except in connection with
the Demolition, remove from the Property any fixtures or personal property covered by this Deed of Trust except such as is replaced
by Grantor by an article of equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except
Permitted Encumbrances and the liens and security interests created by this Deed of Trust and the other Loan Documents), or (ii) except
in connection with the Demolition or as contemplated in connection with the Plans, make any structural alteration to the Property
or any other alteration thereto which impairs the value thereof, or (iii) except in connection with the Demolition or as contemplated
in connection with the Plans or in connection with fit out of retail space pursuant to an Approved Lease, make any alteration to
the Property involving any single estimated expenditure exceeding $50,000 or estimate aggregate expenditures exceeding $200,000,
except pursuant to plans and specifications approved in writing by Administrative Agent. Upon request of Administrative Agent but
no more often than once in any twelve month period (unless Administrative Agent determines in its good faith business judgment,
that it needs a current inventory more frequently), Grantor will deliver to Administrative Agent an inventory describing and showing
the make, model, and location of all fixtures and personal property used in the management, maintenance and operation of the Property
owned by Grantor with a certification by Grantor that said inventory is a true and complete schedule of all such fixtures and personal
property owned by Grantor used in the management, maintenance and operation of the Property, that such items specified in the inventory
constitute all of the fixtures and personal property required in the management, maintenance and operation of the Property except
for items identified or leased by Grantor in accordance with this Deed of Trust and other items owned by service providers and
that all such items are owned by Grantor free and clear of any lien or security interest (except Permitted Encumbrances and the
liens and security interests created by this Deed of Trust and the other Loan Documents). If any act or occurrence of any kind
or nature (including any condemnation or any casualty for which insurance has not been obtained or is not obtainable) shall result
in damage to or loss or destruction of the Property in excess of $75,000.00, Grantor shall give prompt notice thereof to Administrative
Agent and, unless Administrative Agent agrees otherwise, Grantor shall promptly, at Grantor’s sole cost and expense and regardless
of whether insurance or condemnation proceeds (if any) shall be available or sufficient for the purpose, secure the Property as
necessary and commence and continue diligently to completion to restore, repair, replace and rebuild the Property as nearly as
possible to its value, condition and character immediately prior to the damage, loss or destruction.

 

(j)          No
Other Liens. Grantor will not, without the prior written consent of Administrative Agent, create, place or permit to be created
or placed, or through any act or failure to act, acquiesce in the placing of, or allow to remain, any deed of trust, mortgage,
voluntary or involuntary lien, whether statutory, constitutional or contractual, security interest, encumbrance or charge, or conditional
sale or other title retention document, against or covering the Property, or any part thereof, other than the Permitted Encumbrances,
regardless of whether the same are expressly or otherwise subordinate to the lien or security interest created in this Deed of
Trust, and should any of the foregoing become attached hereafter in any manner to any part of the Property without the prior written
consent of Administrative Agent, Grantor will cause the same to be promptly discharged and released; provided, however, that Grantor
may contest involuntary mechanics’ and materialmen’s liens to the extent and in the manner permitted by Law if and
so long as Grantor shall have satisfied all of the conditions of Section 2.1(c) (regarding contest by Grantor of taxes or
other impositions), which conditions shall also apply in all respects to Grantor’s privilege to contest involuntary mechanics’
or materialmen’s liens under this paragraph. Grantor will own (or have a leasehold interest in) all parts of the Property
and will not acquire any fixtures, equipment or other property (including software embedded therein) forming a part of the Property
pursuant to a lease, license, security agreement or similar agreement, whereby any party has or may obtain the right to repossess
or remove same, without the prior written consent of Administrative Agent, except that Grantor may lease certain furniture and
accessories for display in the model units on the Property, certain furniture and equipment for the clubhouse and management offices
and cable, television, telephone, internet access, laundry and security equipment. If Administrative Agent consents to the voluntary
grant by Grantor of any deed of trust or mortgage, lien, security interest, or other encumbrance (hereinafter called “Subordinate
Deed of Trust”) covering any of the Property or if the foregoing prohibition is determined by a court of competent jurisdiction
to be unenforceable as to a Subordinate Deed of Trust, any such Subordinate Deed of Trust shall contain express covenants to the
effect that:

 

DEED OF TRUST (Alexan Southside)

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(1)         the
Subordinate Deed of Trust is unconditionally subordinate to this Deed of Trust;

 

(2)         if
any action (whether judicial or pursuant to a power of sale) shall be instituted to foreclose or otherwise enforce the Subordinate
Deed of Trust, no tenant of any of the Leases (hereinafter defined) shall be named as a party defendant, and no action shall be
taken that would terminate any occupancy or tenancy without the prior written consent of Administrative Agent;

 

(3)         Rents
(hereinafter defined), if collected by or for the holder of the Subordinate Deed of Trust, shall be applied first to the payment
of the Secured Indebtedness then due and expenses incurred in the ownership, operation and maintenance of the Property in such
order as Administrative Agent may determine, prior to being applied to any indebtedness secured by the Subordinate Deed of Trust;

 

(4)         written
notice of default under the Subordinate Deed of Trust and written notice of the commencement of any action (whether judicial or
pursuant to a power of sale) to foreclose or otherwise enforce the Subordinate Deed of Trust or to seek the appointment of a receiver
for all or any part of the Property shall be given to Administrative Agent with or immediately after the occurrence of any such
default or commencement; and

 

(5)         neither
the holder of the Subordinate Deed of Trust, nor any purchaser at foreclosure thereunder, nor anyone claiming by, through or under
any of them shall succeed to any of Grantor’s rights hereunder without the prior written consent of Administrative Agent.

 

DEED OF TRUST (Alexan Southside)

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(k)          Operation
of Property. Grantor will operate the Property in a good and workmanlike manner following Completion and, at all times, in
accordance with all Legal Requirements and will pay all fees or charges of any kind in connection therewith (except for fees and
charges that Grantor is contesting in good faith in accordance with the provisions of this Deed of Trust). Grantor will not use
or occupy, or conduct any activity on, or allow the use or occupancy of or the conduct of any activity on, the Property in any
manner which violates any Legal Requirement or which constitutes a public or private nuisance or which makes void, voidable or
cancelable, or increases the premium of, any insurance then in force with respect thereto. Grantor will not initiate or permit
any zoning reclassification of the Property or seek any variance under existing zoning ordinances applicable to the Property or
use or permit the use of the Property in such a manner which would result in such use becoming a nonconforming use under applicable
zoning ordinances or any other Legal Requirement. Grantor will not impose any easement, restrictive covenant or encumbrance upon
the Property, except Permitted Encumbrances, execute or file any subdivision plat affecting the Property or consent to the annexation
of the Property to any municipality, without the prior written consent of Administrative Agent. Grantor will not do or suffer to
be done any intentional act whereby the value of any part of the Property may be lessened; provided, however, this sentence is
not intended and shall not be construed, to prohibit Grantor from making adjustments to the rental rates for apartment units in
the Property that are necessary to meet market rental rates for apartment projects of similar quality located in the general vicinity
of the Property. Grantor will preserve, protect, renew, extend and retain all material rights and privileges granted for or applicable
to the Property. Without the prior written consent of Administrative Agent, there shall be no drilling or exploration for or extraction,
removal or production of any mineral, hydrocarbon, gas, natural element, compound or substance (including sand and gravel) from
the surface or subsurface of the Land regardless of the depth thereof or the method of mining or extraction thereof.

 

(l)          Debts
for Construction, Etc. Grantor will cause all debts and liabilities of any character (including without limitation all debts
and liabilities for labor, material and equipment (including software embedded therein) and all debts and charges for utilities
servicing the Property) incurred in the construction, maintenance, operation and development of the Property to be promptly paid,
subject to Grantor’s right to contest the validity or amounts thereof pursuant to Section 2.1(c) or Section 2.1(j).

 

(m)          Financial
Matters. Grantor is solvent after giving effect to all borrowings contemplated by the Loan Documents and no proceeding under
any Debtor Relief Law (hereinafter defined) is pending (or, to Grantor’s knowledge, threatened) by or against Grantor, as
a debtor. All reports, statements of Grantor, plans, budgets, applications, agreements and other data and information heretofore
furnished or hereafter to be furnished by or on behalf of Grantor to Administrative Agent in connection with the loan or loans
evidenced by the Loan Documents (including, without limitation, all financial statements and financial information) are and will
be true, correct and complete in all material respects as of their respective dates and do not and will not omit to state any fact
or circumstance necessary to make the statements contained therein not misleading.

 

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(n)          Status
of Grantor; Suits and Claims; Loan Documents. If Grantor is a corporation, partnership, limited liability company, or other
legal entity, Grantor is and will continue to be (i) duly organized, validly existing and in good standing under the laws
of its state of organization, (ii) authorized to do business in, and in good standing in, each state in which the Property
is located, and (iii) possessed of all requisite power and authority to carry on its business and to own and operate the Property.
Each Loan Document executed by Grantor has been duly authorized, executed and delivered by Grantor, and the obligations thereunder
and the performance thereof by Grantor in accordance with their terms are and will continue to be within Grantor’s power
and authority (without the necessity of joinder or consent of any other person), are not and will not be in contravention of any
Legal Requirement or any other document or agreement to which Grantor or the Property is subject, and do not and will not result
in the creation of any encumbrance against any assets or properties of Grantor, except as expressly contemplated by the Loan Documents.
There is no suit, action, claim, investigation, inquiry, proceeding or demand pending (or, to Grantor’s knowledge, threatened)
against Grantor or which affects the Property (including, without limitation, any which challenges or otherwise pertains to Grantor’s
title to the Property) or the validity, enforceability or priority of any of the Loan Documents, except as has been disclosed in
writing to Administrative Agent in connection with the loan evidenced by the Notes. There is no judicial or administrative action,
suit or proceeding pending (or, to Grantor’s knowledge, threatened) against Grantor, except as has been disclosed in writing
to Administrative Agent in connection with the loan evidenced by the Notes. The Loan Documents to which Grantor is a party constitute
legal, valid and binding obligations of Grantor enforceable in accordance with their terms, except as the enforceability thereof
may be limited by Debtor Relief Laws (hereinafter defined) and except as the availability of certain remedies may be limited by
general principles of equity. Grantor is not a “foreign person” within the meaning of the Internal Revenue
Code of 1986, as amended, Sections 1445 and 7701 (i.e. Grantor is not a non-resident alien, foreign corporation, foreign partnership,
foreign trust or foreign estate as those terms are defined therein and in any regulations promulgated thereunder). The loan evidenced
by the Notes is solely for business and/or investment purposes, and is not intended for personal, family, household or agricultural
purposes. Grantor further warrants that the proceeds of the Notes shall be used for commercial purposes and stipulates that the
loan evidenced by the Notes shall be construed for all purposes as a commercial loan. Grantor’s exact legal name is correctly
set forth at the end of this Deed of Trust. If Grantor is not an individual, Grantor is an organization of the type and (if not
an unregistered entity) is incorporated in or organized under the laws of the state specified in the definition of “Grantor”
in Section 1.2 of this Deed of Trust. If Grantor is an unregistered entity (including, without limitation, a general partnership)
it is organized under the laws of the state specified in the introductory paragraph of this Deed of Trust. Grantor will not cause
or permit any change to be made in its name (including its trade name or names), identity, or corporate or partnership structure
(except as permitted by the Loan Agreement), unless Grantor shall have notified Administrative Agent in writing of such change
at least 30 days prior to the effective date of such change, and shall have first taken all action reasonably required by Administrative
Agent for the purpose of further perfecting or protecting the lien and security interest of Administrative Agent in the Property.
In addition, Grantor shall not convert to another form of legal entity without first obtaining the prior written consent of Administrative
Agent. Grantor’s principal place of business and chief executive office, and the place where Grantor keeps its books and
records, including recorded data of any kind or nature, regardless of the medium of recording including, without limitation, software,
writings, plans, specifications and schematics concerning the Property, will be (unless Grantor notifies Administrative Agent of
any change in writing at least thirty (30) days prior to the date of such change) the address of Grantor set forth at the end of
this Deed of Trust and such other additional addresses within the United States of which Grantor has notified Administrative Agent.
Grantor’s organizational identification number, if any, assigned by the state of incorporation or organization is correctly
set forth on the first page of this Deed of Trust. Grantor shall promptly notify Administrative Agent (i) of any change of
its organizational identification number, or (ii) if Grantor does not now have an organization identification number and later
obtains one, of such organizational identification number.

 

(o)          Intentionally
Omitted.

 

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(p)          Further
Assurances. Grantor will, promptly on request of Administrative Agent, (i) correct any defect, error or omission which
may be discovered in the contents, execution or acknowledgment of this Deed of Trust or any other Loan Document; (ii) execute,
acknowledge, deliver, procure and record and/or file such further documents (including, without limitation, further deeds of trust,
security agreements, and assignments of rents or leases) and do such further acts as are, in Administrative Agent’s reasonable
judgment, necessary, desirable or proper to carry out more effectively the purposes of this Deed of Trust and the other Loan Documents,
to more fully identify and subject to the liens and security interests hereof any property intended to be covered hereby (including
specifically, but without limitation, any renewals, additions, substitutions, replacements, or appurtenances to the Property) or
as deemed advisable by Administrative Agent to protect the lien or the security interest hereunder against the rights or interests
of third persons; and (iii) provide such certificates, documents, reports, information, affidavits and other instruments and
do such further acts as may be necessary, desirable or proper in the reasonable determination of Administrative Agent to enable
Administrative Agent and Lenders to comply with the requirements or requests of any agency having jurisdiction over Administrative
Agent or Lenders or any examiners of such agencies with respect to the Secured Indebtedness, Grantor or the Property; provided,
however, such further acts shall be consistent with the terms contained in the Loan Documents and shall not unreasonably alter
the rights and obligations of Grantor under the Loan Documents. Grantor shall pay all costs connected with any of the foregoing,
which shall be a demand obligation owing by Grantor (which Grantor hereby promises to pay) to Administrative Agent pursuant to
this Deed of Trust.

 

(q)          Fees
and Expenses. Without limitation of any other provision of this Deed of Trust or of any other Loan Document (but subject to
the limits of Section 6.10 of the Construction Loan Agreement) and to the extent not prohibited by applicable Law, Grantor
will pay, and will reimburse to Administrative Agent and/or Trustee on demand to the extent paid by Administrative Agent on behalf
of Lenders and/or Trustee all appraisal fees (subject to the limits of Section 2.13 of the Construction Loan Agreement),
filing, registration and recording fees, recordation, transfer and other taxes, brokerage fees and commissions (except any such
fees and commissions due as a result of commitments made by Administrative Agent or a Lender or any of their respective affiliates),
abstract fees, title search or examination fees, title policy and endorsement premiums and fees, Uniform Commercial Code search
fees, judgment and tax lien search fees, escrow fees, reasonable attorneys’ fees, architect fees, engineer fees, construction
consultant fees, environmental inspection fees, survey fees, and all other reasonable third party costs and expenses of every character
incurred by Grantor or Administrative Agent and/or Trustee in connection with the preparation of the Loan Documents, the evaluation,
closing and funding of the loan evidenced by the Loan Documents and any and all amendments, supplements or modifications to this
Deed of Trust, the Notes or any other Loan Documents or any approval, consent, waiver, release or other matter requested or required
hereunder or thereunder, or otherwise attributable or chargeable to Grantor as owner of a leasehold interest in the Land, and owner
of the rest of the Property, and (ii) during the continuance of a Default, all costs and expenses, including reasonable attorneys’
fees and expenses, incurred or expended in connection with the exercise of any right or remedy, or the defense of any right or
remedy or the enforcement of any obligation of Grantor, hereunder or under any other Loan Document.

 

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(r)          Indemnification.

 

(i)          Grantor
will indemnify and hold harmless Administrative Agent, Lenders and/or Trustee from and against, and reimburse them on demand for,
any and all Indemnified Matters (hereinafter defined). For purposes of this paragraph (r), the terms “Administrative Agent”,
“Lender”, “Trustee” shall include Administrative Agent, Lenders and Trustee respectively,
and any persons owned or controlled by, owning or controlling, or under common control or affiliated with Administrative Agent,
Lender or Trustee respectively and the directors, officers, partners, employees, attorneys, agents and representatives of each
of them. WITHOUT LIMITATION, THE FOREGOING INDEMNITIES SHALL APPLY TO EACH INDEMNIFIED PERSON WITH RESPECT TO MATTERS WHICH
IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF, OR ARE CLAIMED TO BE CAUSED BY OR ARISE OUT OF, THE NEGLIGENCE (WHETHER SOLE,
COMPARATIVE OR CONTRIBUTORY) OR STRICT LIABILITY OF SUCH (AND/OR ANY OTHER) INDEMNIFIED PERSON. HOWEVER, SUCH INDEMNITIES SHALL
NOT APPLY TO A PARTICULAR INDEMNIFIED PERSON TO THE EXTENT THAT THE SUBJECT OF THE INDEMNIFICATION IS CAUSED BY OR ARISES OUT OF
THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THAT INDEMNIFIED PERSON OR THE VIOLATION BY THAT INDEMNIFIED PERSON OF ANY LAW APPLICABLE
TO IT AS A NATIONAL BANK, INSURANCE COMPANY OR OTHER REGULATED INSTITUTION OR ANY HOLDING COMPANY OR AFFILIATE THEREOF. Any
amount to be paid under this paragraph (r) by Grantor to Administrative Agent, Lenders and/or Trustee shall be a demand obligation
owing by Grantor (which Grantor hereby promises to pay) to Administrative Agent and Lenders pursuant to this Deed of Trust. Upon
demand by Administrative Agent and/or Trustee, Grantor shall diligently defend any Indemnified Matter which affects the Property
or is made or commenced against Administrative Agent, Lenders and/or Trustee, whether alone or together with Grantor or any other
person, all at no cost and expense to Administrative Agent, Lenders and/or Trustee and by counsel to be approved by Administrative
Agent in the exercise of its reasonable judgment. In the alternative, at any time Administrative Agent and/or Lenders may elect
to conduct its own defense through counsel selected by Administrative Agent and at the cost and expense of Grantor. Nothing in
this paragraph, elsewhere in this Deed of Trust or in any other Loan Document shall limit or impair any rights or remedies of Administrative
Agent, Lenders and/or Trustee (including without limitation any rights of contribution or indemnification) against Grantor or any
other person under any other provision of this Deed of Trust, any other Loan Document, any other agreement or any applicable Legal
Requirement.

 

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(ii)         As
used herein, the term “Indemnified Matters” means any and all claims, demands, liabilities (including strict
liability), losses, damages (including consequential damages), causes of action, judgments, penalties, fines, costs and expenses
(including without limitation, reasonable fees and expenses of attorneys and other professional consultants and experts, and of
the investigation and defense of any claim, whether or not such claim is ultimately defeated, and the settlement of any claim or
judgment including all value paid or given in settlement) of every kind, known or unknown, foreseeable or unforeseeable, which
may be imposed upon, asserted against or incurred or paid by Administrative Agent, Trustee and/or any Lender at any time and from
time to time, whenever imposed, asserted or incurred, because of, resulting from, in connection with, or arising out of any transaction,
act, omission, event or circumstance in any way connected with the Property or with this Deed of Trust or any other Loan Document,
including but not limited to any bodily injury or death or property damage occurring in or upon or in the vicinity of the Property
through any cause whatsoever at any time on or before the Release Date (hereinafter defined) any act performed or omitted to be
performed hereunder or under any other Loan Document, any breach by Grantor of any representation, warranty, covenant, agreement
or condition contained in this Deed of Trust or in any other Loan Document, any Default as defined herein, any claim under or with
respect to any Lease (hereinafter defined). The term “Release Date” as used herein means the earliest of the
following dates: (i) the date on which the Secured Indebtedness has been paid and performed in full and this Deed of Trust
has been released, (ii) the date on which the lien of this Deed of Trust is fully and finally foreclosed (unless the Property
is subsequently redeemed in accordance with applicable statutory rights) or a conveyance by deed in lieu of such foreclosure is
fully and finally effective, and possession of the Property has been given to and accepted by the purchaser or grantee free of
occupancy and claims to occupancy by Grantor, any Guarantor and their heirs, devisees, representatives, successors and assigns,
except for tenants under leases permitted by the Loan Documents and the rights of Lessor under the Ground Lease, or (iii) the date
on which possession of the Property is accepted by a receiver appointed for the Property at the request of Administrative Agent;
provided that, if such payment, performance, release, foreclosure or conveyance is challenged in bankruptcy proceedings or otherwise,
the Release Date shall be deemed not to have occurred until such challenge is validly released, dismissed with prejudice or otherwise
barred by Law from further assertion. The indemnities in this paragraph (r) shall not terminate upon the Release Date or upon the
release, foreclosure or other termination of this Deed of Trust but will survive the Release Date, foreclosure of this Deed of
Trust or conveyance in lieu of foreclosure, the repayment of the Secured Indebtedness the termination of any and all Swap Transactions,
the discharge and release of this Deed of Trust and the other Loan Documents, any bankruptcy or other debtor relief proceeding,
and any other event whatsoever.

 

(s)          Records
and Financial Reports. Grantor will keep accurate books and records in accordance with sound accounting principles in which
full, true and correct entries shall be promptly made with respect to the Property and the operation thereof, and will permit all
such books and records, and all recorded data of any kind or nature, regardless of the medium of recording, including, without
limitation, all software, writings, plans, specifications and schematics, to be inspected and copied, and the Property to be inspected
and photographed, by Administrative Agent and its representatives during normal business hours upon reasonable prior notice (Grantor
agreeing hereby that no less than 48 hours shall be deemed reasonable prior notice) and at any other reasonable times. Without
limitation of other or additional requirements in any of the other Loan Documents, Grantor will furnish to Administrative Agent
(i) following Completion, current operating statements itemizing all income and expenses of the Property, for each month (and
for the fiscal year through the end of such month) as soon as reasonably practicable but in any event within twenty (20) days after
the end of such month and (ii) for each fiscal year of Grantor within one hundred twenty (120) days after the end thereof
current operating statements itemizing all income and expenses of the Property and, a projection of such operations for the next
fiscal year. Each statement submitted pursuant to this paragraph shall be prepared in accordance with accounting principles consistently
applied, and be certified in writing as true and correct by Grantor. Any inspection or audit of the Property or the books and records,
including recorded data of any kind or nature, regardless of the medium of recording, including, without limitation, software,
writings, plans, specifications and schematics of Grantor, or the procuring of documents and financial and other information, by
or on behalf of Administrative Agent shall be for Administrative Agent’s and Lenders’ protection only, and shall not
constitute any assumption of responsibility to Grantor or anyone else with regard to the condition, construction, maintenance or
operation of the Property nor Administrative Agent’s or Lenders’ approval of any certification given to Administrative
Agent nor relieve Grantor of any of Grantor’s obligations.

 

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(t)          Taxes
on Notes or Deed of Trust. Grantor will promptly pay all income, franchise and other taxes owing by Grantor and any stamp documentary,
recordation and transfer taxes or, subject to Section 6.11 of the Construction Loan Agreement, other taxes (unless such
payment by Grantor is prohibited by Law) which may be required to be paid with respect to the Notes, this Deed of Trust or any
other instrument evidencing or securing any of the Secured Indebtedness other than income, franchise or similar taxes levied on
Administrative Agent or Lenders. In the event of the enactment after this date of any Law of any governmental entity applicable
to Administrative Agent or Lenders, the Notes, the Property or this Deed of Trust deducting from the value of property for the
purpose of taxation any lien or security interest thereon, or imposing upon Administrative Agent or Lenders the payment of the
whole or any part of the taxes or assessments or charges or liens herein required to be paid by Grantor, or changing in any way
the Laws relating to the taxation of deeds of trust or mortgages or security agreements or debts secured by deeds of trust or mortgages
or security agreements or the interest of the mortgagee or secured party in the property covered thereby, or the manner of collection
of such taxes, so as to affect this Deed of Trust or the Secured Indebtedness or Administrative Agent or Lenders, then, and in
any such event, Grantor, upon demand by Administrative Agent, shall pay such taxes, assessments, charges or liens, or reimburse
Administrative Agent and Lenders therefor; provided, however, that if in the opinion of counsel for Administrative Agent (i) it
might be unlawful to require Grantor to make such payment or (ii) the making of such payment might result in the imposition
of interest beyond the maximum amount permitted by Law, then and in such event, Administrative Agent on behalf of Lenders may elect,
by notice in writing given to Grantor, to declare all of the Secured Indebtedness to be and become due and payable sixty (60) days
from the giving of such notice.

 

(u)          Statement
Concerning Notes or Deed of Trust. Grantor shall at any time and from time to time furnish within seven (7) days of request
by Administrative Agent a written statement in such form as may be reasonably required by Administrative Agent stating that (i) the
Notes, this Deed of Trust and the other Loan Documents are valid and binding obligations of Grantor, enforceable against Grantor
in accordance with their terms except as enforceability thereof may be limited by Debtor Relief Laws and except as the availability
of certain remedies may be limited by general principles of equity; (ii) the unpaid principal balance of each Note; (iii) the
date to which interest on the Notes is paid; (iv) the Notes, this Deed of Trust and the other Loan Documents have not been
released, subordinated or modified; and (v) there are no offsets or defenses against the enforcement of the Notes, this Deed
of Trust or any other Loan Document. If any of the foregoing statements in clauses (i), (iv) and (v) are untrue, Grantor shall,
alternatively, specify the reasons therefor.

 

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Section
2.2           Performance by Administrative Agent on Grantor’s
Behalf. Grantor agrees that, if Grantor fails to perform any act or to take any action which under any Loan Document Grantor
is required to perform or take, or to pay any money which under any Loan Document Grantor is required to pay, and if such failure
then constitutes a Default hereunder or under any other Loan Document (whether or not the Secured Indebtedness has been accelerated),
then Administrative Agent, in Grantor’s name or its own name on behalf of Lenders, may, but shall not be obligated to, perform
or cause to be performed such act or take such action or pay such money, and any expenses so incurred by Administrative Agent and
any money so paid by Administrative Agent, shall be a demand obligation owing by Grantor to Administrative Agent (which obligation
Grantor hereby promises to pay) and shall be a part of the Secured Indebtedness and Administrative Agent, upon making such payment,
shall be subrogated to all of the rights of the person, entity or body politic receiving such payment. After the occurrence and
during the continuance of a Default, Administrative Agent shall have the right to enter upon the Property at any time and from
time to time for any such purposes. No such payment or performance by Administrative Agent shall waive or cure any Default or waive
any right, remedy or recourse of Administrative Agent. Any such payment may be made by Administrative Agent in reliance on any
statement, invoice or claim without inquiry into the validity or accuracy thereof. Each amount due and owing by Grantor to Administrative
Agent pursuant to this Deed of Trust shall bear interest, from the date such amount becomes due until paid, whether before or after
a sale as described in Section 5.2, at the rate per annum provided in the Notes for interest on past due principal
owed on the Notes but never in excess of the maximum nonusurious amount permitted by applicable Law, which interest shall be payable
to Administrative Agent on demand; and all such amounts, together with such interest thereon, shall automatically and without notice
be a part of the Secured Indebtedness. The amount and nature of any expense by Administrative Agent hereunder and the time when
paid shall be fully established by the certificate of Administrative Agent or any of Administrative Agent’s officers or agents.

 

Section
2.3           Absence of Obligations of Administrative Agent with
Respect to Property. Notwithstanding anything in this Deed of Trust to the contrary, including, without limitation, the definition
of “Property” and/or the provisions of Article 3 hereof, (i) to the extent permitted by applicable
Law, the Property is composed of Grantor’s rights, title and interests therein but not Grantor’s obligations, duties
or liabilities pertaining thereto, (ii) neither Administrative Agent nor any Lender assumes or shall have any obligations,
duties or liabilities in connection with any portion of the items described in the definition of “Property” herein,
either prior to or after obtaining title to such Property, whether by foreclosure sale, the granting of a deed in lieu of foreclosure
or otherwise, and (iii) Administrative Agent may, at any time prior to or after the acquisition of title to any portion of
the Property as above described, advise any party in writing as to the extent of Administrative Agent’s interest therein
and/or expressly disaffirm in writing any rights, interests, obligations, duties and/or liabilities with respect to such Property
or matters related thereto. Without limiting the generality of the foregoing, it is understood and agreed that neither Administrative
Agent nor any Lender shall have any obligations, duties or liabilities prior to or after acquisition of title to any portion of
the Property, as lessee under any lease or purchaser or seller under any contract or option unless Administrative Agent elects
otherwise by written notification.

 

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Section
2.4           Authorization to File Financing Statements; Power
of Attorney. Grantor hereby authorizes Administrative Agent at any time and from time to time to file any initial financing
statements, amendments thereto and continuation statements as authorized by applicable Law, required by Administrative Agent to
establish or maintain the validity, perfection and priority of the security interests granted in this Deed of Trust. Grantor also
ratifies its authorization for Administrative Agent to have filed any like initial financing statements, amendments thereto or
continuation statements if filed prior to the date of this Deed of Trust. Grantor hereby irrevocably constitutes and appoints Administrative
Agent and any officer or agent of Administrative Agent, with full power of substitution, as its true and lawful attorneys-in-fact
with full irrevocable power and authority in the place and stead of Grantor or in Grantor’s own name to execute in Grantor’s
name any such documents and to otherwise carry out the purposes of this Section 2.4, to the extent that Grantor’s
authorization above is not sufficient. To the extent permitted by law, Grantor hereby ratifies all acts said attorneys-in-fact
shall lawfully do, have done in the past or cause to be done in the future by virtue hereof. This power of attorney is a power
coupled with an interest and shall be irrevocable.

 

ARTICLE
3

Assignment of Rents and Leases

 

Section
3.1           Assignment. To secure the Obligations of Grantor
under the Loan Documents and the Secured Indebtedness, Grantor hereby assigns to Administrative Agent, for the benefit of all Lenders,
all Rents (hereinafter defined) and all of Grantor’s rights in and under all Leases (hereinafter defined). During the continuance
of a Default hereunder, Administrative Agent shall have the right, power and privilege (but shall be under no duty) to demand possession
of the Rents, which demand shall to the fullest extent permitted by applicable law be sufficient action by Administrative Agent
to entitle Administrative Agent to immediate and direct payment of the Rents (including delivery to Administrative Agent of Rents
collected for the period in which the demand occurs and for any subsequent period), for application as provided in this Deed of
Trust, all without the necessity of any further action by Administrative Agent, including, without limitation, any action to obtain
possession of the Land, Improvements or any other portion of the Property or any action for the appointment of a receiver. Grantor
hereby authorizes and directs the tenants under the Leases to pay Rents to Administrative Agent upon written demand by Administrative
Agent, without further consent of Grantor, without any obligation of such tenants to determine whether a Default has in fact occurred
and regardless of whether Administrative Agent has taken possession of any portion of the Property, and the tenants may rely upon
any written statement delivered by Administrative Agent to the tenants. Any such payments to Administrative Agent shall constitute
payments to Grantor under the Leases, and Grantor hereby irrevocably appoints Administrative Agent as its attorney-in-fact to do
all things, during the continuance of a Default, which Grantor might otherwise do with respect to the Property and the Leases thereon,
including, without limitation, (i) collecting Rents with or without suit and applying the same, less expenses of collection,
to any of the Obligations secured hereunder or under the Loan Documents or to expenses of operating and maintaining the Property,
at the option of the Administrative Agent, all in such manner as may be determined by Administrative Agent, (ii) leasing,
in the name of Grantor, the whole or any part of the Property which may become vacant, and (iii) employing agents therefor
and paying such agents reasonable compensation for their services. The powers and rights granted in this paragraph shall be in
addition to (i) the other remedies herein provided for during the continuance of a Default and may be exercised independently of
or concurrently with any of said remedies, and (ii) the powers, rights and remedies afforded an “Assignee” under and
as defined in Chapter 64 of the Texas Property Code. Nothing in the foregoing shall be construed to impose any obligation upon
Administrative Agent to exercise any power or right granted in this paragraph or to assume any liability under any Lease of any
part of the Property and no liability shall attach to Administrative Agent for failure or inability to collect any Rents under
any such Lease. The assignment contained in this Section shall become null and void upon the release of this Deed of Trust. As
used herein: (i) “Lease” means each existing or future lease, sublease (to the extent of Grantor’s rights
thereunder) or other agreement under the terms of which any person has or acquires any right to occupy or use the Property, or
any part thereof, or interest therein, and each existing or future guaranty of payment or performance thereunder, and all extensions,
renewals, modifications and replacements of each such lease, sublease, agreement or guaranty; and (ii) “Rents”
means all of the rents, revenue, income, profits and proceeds derived and to be derived from the Property or arising from the use
or enjoyment of any portion thereof or from any Lease, including but not limited to the proceeds from any negotiated lease termination
or buyout of such Lease, liquidated damages following default under any such Lease, all proceeds payable under any policy of insurance
covering loss of rents resulting from untenantability caused by damage to any part of the Property, all of Grantor’s rights
to recover monetary amounts from any tenant in bankruptcy, including, without limitation, rights of recovery for use and occupancy
and damage claims arising out of Lease defaults, including rejections, under any applicable Debtor Relief Law (hereinafter defined),
together with any sums of money that may now or at any time hereafter be or become due and payable to Grantor by virtue of any
and all royalties, overriding royalties, bonuses, delay rentals and any other amount of any kind or character arising under any
and all present and all future oil, gas, mineral and mining leases covering the Property or any part thereof.

 

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Section
3.2           Covenants, Representations and Warranties Concerning
Leases and Rents. Grantor covenants, represents and warrants that: (a) Grantor has (or will have upon the execution thereof)
good title to, and is the owner of the entire landlord’s interest in, the Leases and Rents hereby assigned and Grantor has
(or will have) authority to assign them; (b) upon execution thereof, all Leases will to the best of Grantor’s knowledge
and belief be valid and enforceable, and in full force and effect, and unmodified except as stated therein; (c) unless otherwise
stated in a Permitted Encumbrance, no Rents or Leases have been or will be assigned, mortgaged, pledged or otherwise encumbered
and no other person has or will acquire any right, title or interest in such Rents or Leases; (d) no Rents have been or will
be waived, released, discounted, set off or compromised except in the ordinary course of business, in the exercise of Grantor’s
sound business judgment; (e) except as stated in the Leases, Grantor has not received any funds or deposits from any tenant
for which credit has not already been made on account of accrued Rents; (f) following execution thereof, Grantor shall perform
all of its obligations under the Leases and enforce the tenants’ obligations under the Leases to the extent enforcement is
commercially reasonable under the circumstances; (g) Grantor will not without the prior written consent of Administrative
Agent, enter into any Lease after the date hereof other than an Approved Lease, or waive, release, discount, set off, compromise,
reduce or defer any Rent (except in the ordinary course of business, in the exercise of Grantor’s sound business judgment),
receive or collect Rents more than three (3) months in advance, grant any rent-free period to any tenant greater than one quarter
(1/4) of the lease term (e.g. three (3) months for a twelve (12) month lease), reduce any Lease term or waive, release or otherwise
modify any other material obligation under any Lease (except in the ordinary course of business, in the exercise of Grantor’s
sound business judgment), renew or extend any Lease except on then current market lease terms or in accordance with a right of
the tenant thereto in such Lease, approve or consent to an assignment of a Lease or a subletting of any part of the premises covered
by a Lease (except in the ordinary course of business and exercising sound business judgment), or settle or compromise any claim
against a tenant under a Lease in bankruptcy or otherwise (except in the ordinary course of business and exercising sound business
judgment); (h) Grantor will not, except in good faith where the tenant is in material default thereunder, or otherwise in
the exercise of sound business judgment in the ordinary course of business, terminate or consent to the cancellation or surrender
of any Lease unless promptly after the cancellation or surrender a new Lease of such premises is made with a new tenant, on substantially
the same or better terms as the terminated or canceled Lease; (i) Grantor will not execute any Lease except in accordance
with the Loan Documents and for actual occupancy by the tenant thereunder (except for the periodic occupancy by corporate business
employees or, for up to ten percent (10%) of the total number of units or such greater number as Administrative Agent approves,
as “corporate units” allowing for re-leasing to others on a short-term basis); (j) Grantor shall give prompt notice
to Administrative Agent, as soon as Grantor first obtains notice, of any material claim, or the commencement of any material action,
by any tenant or subtenant under or with respect to a Lease regarding any claimed damage, default, diminution of or offset against
Rent, cancellation of the Lease, or constructive eviction, excluding, however, notices of default under residential Leases and
cancellations in the ordinary course of business, and Grantor shall defend, at Grantor’s expense, any proceeding pertaining
to any Lease, including, if Administrative Agent so requests, any such proceeding to which Administrative Agent is a party; (k) following
Completion, monthly (on or before the 20th day of each month), Grantor shall deliver to Administrative Agent a complete rent roll
of the Property in such detail as Administrative Agent may reasonably require in accordance with the requirements of the Construction
Loan Agreement; (l) promptly upon request by Administrative Agent, Grantor shall deliver to Administrative Agent certified
copies of executed originals of all then-existing Leases and copies of all records relating thereto; (m) there shall be no
merger of the leasehold estates, created by the Leases, with the fee estate of the Land without the prior written consent of Administrative
Agent; and (n) Administrative Agent may at any time and from time to time by specific written instrument intended for the
purpose, unilaterally subordinate the lien of this Deed of Trust to any Lease, without joinder or consent of, or notice to, Grantor,
any tenant or any other person, and notice is hereby given to each tenant under a Lease of such right to subordinate. No such subordination
shall constitute a subordination to any lien or other encumbrance, whenever arising, or improve the right of any junior lienholder;
and nothing herein shall be construed as subordinating this Deed of Trust to any Lease.

 

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Section
3.3           No Liability of Administrative Agent or Lenders.
Administrative Agent’s acceptance of this assignment on behalf of all Lenders shall not be deemed to constitute Administrative
Agent or Lenders a “mortgagee in possession,” nor obligate Administrative Agent or Lenders to appear in or defend any
proceeding relating to any Lease or to the Property, or to take any action hereunder, expend any money, incur any expenses, or
perform any obligation or liability under any Lease, or assume any obligation for any deposit delivered to Grantor by any tenant
and not as such delivered to and accepted by Administrative Agent. Neither Administrative Agent nor any Lender shall be liable
for any injury or damage to person or property in or about the Property, or for Administrative Agent’s failure to collect
or to exercise diligence in collecting Rents, but shall be accountable only for Rents that it shall actually receive. Neither the
assignment of Leases and Rents nor enforcement of Administrative Agent’s rights regarding Leases and Rents (including collection
of Rents) nor possession of the Property by Administrative Agent nor Administrative Agent’s consent to or approval of any
Lease (nor all of the same), shall render Administrative Agent or any Lender liable on any obligation under or with respect to
any Lease or constitute affirmation of, or any subordination to, any Lease, occupancy, use or option. If Administrative Agent seeks
or obtains any judicial relief regarding Rents or Leases, the same shall in no way prevent the concurrent or subsequent employment
of any other appropriate rights or remedies nor shall same constitute an election of judicial relief for any foreclosure or any
other purpose. Administrative Agent and Lenders neither have nor assume any obligations as lessor or landlord with respect to any
Lease. The rights of Administrative Agent under this Article 3 shall be cumulative of all other rights of Administrative
Agent and Lenders under the Loan Documents or otherwise.

 

ARTICLE
4

Default

 

Section
4.1           Events of Default. The occurrence of any one
of the following shall be a default under this Deed of Trust (“Default”):

 

(a)          Failure
to Pay Secured Indebtedness. Any of the principal or interest due on the Notes is not paid when due, whether on the scheduled
due date or upon acceleration at maturity or otherwise, or any of the other Secured Indebtedness is not paid within ten (10) days
after notice from Administrative Agent that it is due. Notwithstanding the foregoing, Grantor shall have the limited right, exercisable
no more than three (3) times in any calendar year, to pay any principal or interest due on the Notes within five (5) days after
the same became due and payable thereunder, before the same shall constitute a Default.

 

(b)          Nonperformance
of Covenants. Any covenant, agreement or condition herein or in any other Loan Document (other than covenants otherwise addressed
in another paragraph of this Section, such as covenants to pay the Secured Indebtedness) is not fully and timely performed, observed
or kept, and such failure is not cured within the applicable notice and cure period (if any) provided for herein or in such other
Loan Document, or, if this Deed of Trust or such other Loan Document does not provide for such a notice or grace period, within
thirty (30) days after written notice and demand by Administrative Agent for the performance of such covenant, agreement or condition
(or if such failure cannot be cured within that original thirty (30) day period and Grantor delivers written notice to Administrative
Agent promptly within that original thirty (30) day period of Grantor’s intention and proposed steps to cure the failure
with due diligence, promptly institutes curative action within that original thirty (30) day period and diligently pursues same,
Grantor shall have such additional period of time, not exceeding forty-five (45) days next following the end of the original thirty
(30) day period, as shall be necessary to effect the cure); provided, however, that (i) there shall be no obligation of Administrative
Agent to give any such notice and no right of Grantor to cure under this paragraph if the event or condition is addressed in any
other paragraph of this Section 4.1 or is intentionally caused by Grantor, including but not limited to the failure
of Grantor to keep the Property and the Rents free and clear of consensual liens, security interests and assignments not approved
in writing in advance by Administrative Agent, and (ii) if the breach or failure which causes a Default hereunder is solely related
to a default under a Guaranty, such breach or failure shall be deemed cured if, within twenty (20) days after the occurrence of
such Default, Grantor causes a Substitute Guaranty to be delivered by a Replacement Guarantor.

 

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(c)          Default
under other Loan Documents. The occurrence of a Default (after taking into consideration applicable notice, grace and cure
periods) under any other Loan Document, including an Event of Default as defined in any Swap Contract relating to any Swap Transaction.

 

(d)          Representations.
Any statement, representation or warranty in any of the Loan Documents, or in any financial statement or any other writing heretofore
or hereafter delivered to Administrative Agent in connection with the Secured Indebtedness is, to the best of Grantor’s knowledge,
false, misleading or erroneous in any material respect on the date hereof or on the date as of which such statement, representation
or warranty is made (except as a result of Changes in Facts and Circumstances) and Grantor fails to take curative action necessary
to make such statement, representation or warranty true within the applicable notice or grace period, or, if such notice or grace
period is not provided for, within thirty (30) days after written notice and demand by Administrative Agent to Grantor objecting
to such statement, representation or warranty not being true and correct (or if such failure cannot be cured within that original
thirty (30) day period and Grantor delivers written notice to Administrative Agent promptly within that original thirty (30) day
period of Grantor’s intention and proposed steps to cure the failure with due diligence, promptly institutes curative action
within that original thirty (30) day period and diligently pursues same, Grantor shall have such additional period of time, not
exceeding forty-five (45) days next following the end of the original thirty (30) day period, as shall be necessary to effect the
cure).

 

(e)          Bankruptcy
or Insolvency. Grantor or a Guarantor (or any general partner or member of Grantor or a Guarantor) (unless, with respect to
any Guarantor, or any general partner of a Guarantor, (i) the remaining Guarantors collectively are in compliance with the requirements
of Section 29 of the Guaranties, after affording Guarantors and Grantor the right to correct deficiencies provided in Section 29(b)
of the Guaranties), or (ii) within twenty (20) days after the occurrence of such Default, Grantor causes a Substitute Guaranty
to be delivered by a Replacement Guarantor):

 

(i)          (A) Executes
a general assignment for the benefit of creditors, or takes any action in furtherance thereof; or (B) admits in a legal proceeding
its inability to pay, or fails to pay, its debts generally as they become due; or (C) as a debtor, files a petition, case,
proceeding or other action pursuant to, or voluntarily seeks the benefit or benefits of, Title 11 of the United States Code
as now or hereafter in effect or any other federal, state or local law, domestic or foreign, as now or hereafter in effect, relating
to bankruptcy, insolvency, liquidation, receivership, reorganization, arrangement, composition, extension or adjustment of debts,
or similar laws affecting the rights of creditors (Title 11 of the United States Code and such other laws being herein called
“Debtor Relief Laws”), or takes any action in furtherance thereof; or (D) seeks the appointment of a receiver,
trustee, custodian or liquidator of the Property or any part thereof or of any significant portion of its other property; or

 

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(ii)         Suffers
the filing of a petition, case, proceeding or other action against it as a debtor under any Debtor Relief Law or seeking appointment
of a receiver, trustee, custodian or liquidator of the Property or any part thereof or of any significant portion of its other
property, and (A) admits, acquiesces in or fails to contest diligently the material allegations thereof, or (B) the petition,
case, proceeding or other action results in entry of any order for relief or order granting relief sought against it, or (C) in
a proceeding under Debtor Relief Laws, the case is converted from one chapter to another, or (D) fails to have the petition,
case, proceeding or other action permanently dismissed or discharged on or before the earlier of trial thereon or sixty (60) days
next following the date of its filing; or

 

(iii)        In
the case of Grantor only, conceals, removes, or permits to be concealed or removed, any part of its property, with intent to hinder,
delay or defraud its creditors or any of them, or makes or suffers a transfer of any of its property which may be fraudulent under
any bankruptcy, fraudulent conveyance or similar law; or makes any transfer of its property to or for the benefit of a creditor
at a time when other creditors similarly situated have not been paid; or suffers or permits, while insolvent, any creditor to obtain
a lien (other than as described in subparagraph (iv) below) upon any of its property through legal proceedings which are not vacated
and such lien discharged prior to enforcement thereof and in any event within sixty (60) days from the date thereof; or

 

(iv)        In
the case of Grantor only, fails to have discharged within a period of thirty (30) days any attachment, sequestration, or similar
writ levied upon any of its property (except liens being contested in accordance with this Deed of Trust); or

 

(v)         In
the case of Grantor only, fails to pay within thirty (30) days after the date a money judgment in excess of $500,000 becomes final
and non-appealable.

 

(f)          Transfer
of the Property. Any sale, lease, conveyance, assignment, pledge, encumbrance, or transfer of all or any part of the Property
or any interest therein, voluntarily or involuntarily, whether by operation of law or otherwise (except through theft or condemnation,
which is subject to subsection (l) below), except: (i) sales or transfers of items of the Accessories which have been damaged
or become obsolete or worn beyond practical use and which have been replaced by adequate substitutes, owned by Grantor, having
a value equal to or greater than the replaced items; (ii) the grant, in the ordinary course of business, of a leasehold interest
in a part of the Improvements to a tenant, not containing a right or option to purchase and not in contravention of any provision
of this Deed of Trust or of any other Loan Document; and (iii) creation of a Permitted Encumbrance. Administrative Agent may, in
its sole discretion, waive a default under this paragraph, but it shall have no obligation to do so, and any waiver may be conditioned
upon such one or more of the following (if any) which Administrative Agent may require: the grantee’s integrity, reputation,
character, creditworthiness and management ability being satisfactory to Administrative Agent in its sole judgment and grantee
executing, prior to such sale or transfer, a written assumption agreement containing such terms as Administrative Agent may require,
a principal paydown on the Notes, an increase in the rate of interest payable under the Notes, a transfer fee, a modification of
the term of the Notes, and any other modification of the Loan Documents which Administrative Agent may require. NOTICE - THE
DEBT SECURED HEREBY IS SUBJECT TO CALL IN FULL AND ANY AND ALL SWAP TRANSACTIONS ARE SUBJECT TO TERMINATION, OR THE TERMS THEREOF
BEING MODIFIED IN THE EVENT OF SALE OR CONVEYANCE OF THE PROPERTY CONVEYED.

 

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(g)          Transfer
of Ownership of Grantor. Other than a Permitted Transfer, the sale, pledge, encumbrance, assignment or transfer, voluntarily
or involuntarily, whether by operation of law or otherwise, of any interest in Grantor (if Grantor is not a natural person but
is a corporation, partnership, limited liability company, trust or other legal entity), without the prior written consent of Administrative
Agent (including, without limitation, if Grantor is a partnership, the withdrawal from or admission into it of any general partner).

 

(h)          Grant
of Easement, Etc. Without the prior written consent of Administrative Agent, Grantor grants any easement or dedication, files
any plat, condominium declaration, or restriction, or otherwise encumbers the Property (except through Permitted Encumbrances),
or seeks or permits any zoning reclassification or variance, unless such action is expressly permitted by the Loan Documents or
does not affect the Property.

 

(i)          Abandonment.
The owner of the Property abandons any of the Property except Accessories which have been damaged or become obsolete or worn beyond
practical use and which have been replaced by adequate substitutes, owned by Grantor having a value equal to or greater than the
replaced item.

 

(j)          Default
Under Other Lien. A default or event of default (after taking into consideration applicable notice, grace and cure periods)
occurs under any lien, security interest or assignment covering the Property or any part thereof (whether or not Administrative
Agent has consented, and without hereby implying Administrative Agent’s consent, to any such lien, security interest or assignment
not created hereunder), or the holder of any such lien, security interest or assignment institutes foreclosure or other proceedings
for the enforcement of its remedies thereunder which are not dismissed or stayed within thirty (30) days.

 

(k)          Destruction.
Other than in connection with the Demolition, the Property is so demolished, destroyed or damaged that, in the reasonable opinion
of Administrative Agent in accordance with the terms of Section 2.1(d) of this Deed of Trust, it cannot be restored or rebuilt
with available funds to a profitable condition within a reasonable period of time and in any event, prior to the final maturity
date of the Notes.

 

(l)          Intentionally
Deleted.

 

(m)        Liquidation,
Etc. The liquidation, termination, dissolution, merger, consolidation or failure to maintain good standing in the state of
incorporation or organization and, if required, the state where the Property is located of the Grantor (unless such failure to
maintain good standing is corrected within five (5) days of Grantor’s receipt of notice thereof), any owner of the Property
or any person obligated to pay any part of the Secured Indebtedness (unless, with respect to a Guarantor, the remaining Guarantors
(including any person who succeeds to the obligations of a Guarantor through any such merger or consolidation) continue to satisfy
the financial covenants applicable to the Guarantors as a group pursuant to Section 29 of the Guaranties) or Grantor causes
a Substitute Guaranty to be delivered by a Replacement Guarantor.

 

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(n)          Enforceability;
Priority. Any Loan Document executed by Grantor or a Guarantor shall for any reason without Administrative Agent’s specific
written consent cease to be in full force and effect, or shall be declared null and void or unenforceable in whole or in part,
or the validity or enforceability thereof, in whole or in part, shall be challenged or denied by any party thereto other than Trustee,
Administrative Agent or a Lender; or the liens, mortgages or security interests of Administrative Agent on behalf of the Lenders
in any of the Property become unenforceable in whole or in part, or cease to be of the priority herein required, or the validity
or enforceability thereof, in whole or in part, shall be challenged or denied by Grantor or any person obligated to pay any part
of the Secured Indebtedness.

 

(o)          Other
Indebtedness. A default or event of default (after taking into consideration applicable notice, grace and cure periods) occurs
under any document executed and delivered in connection with any other indebtedness of Grantor to Lenders.

 

(p)          Ground
Lease. A default or event of default by Grantor under the Ground Lease, subject to applicable notice and cure periods of Grantor
therein.

 

Section
4.2           Notice and Cure. If any provision of this Deed
of Trust or any other Loan Document provides for Administrative Agent to give to Grantor any notice regarding a default or incipient
default, then if Administrative Agent shall fail to give such notice to Grantor as provided, the sole and exclusive remedy of Grantor
for such failure shall be to seek appropriate equitable relief to enforce the agreement to give such notice and to have any acceleration
of the maturity of the Notes and the Secured Indebtedness postponed or revoked and foreclosure proceedings in connection therewith
delayed or terminated pending or upon the curing of such default in the manner and during the period of time permitted by such
agreement, if any, and Grantor shall have no right to damages or any other type of relief not herein specifically set out against
Administrative Agent or Lenders, all of which damages or other relief are hereby waived by Grantor. Nothing in this Section shall
limit Grantor’s remedies (including its rights to damages) for any failure of Administrative Agent or Lenders to advance
funds under the Loan in accordance with the Construction Loan Agreement. Nothing herein or in any other Loan Document shall operate
or be construed to add on or make cumulative any cure or grace periods specified in any of the Loan Documents.

 

ARTICLE
5

Remedies

 

Section
5.1           Certain Remedies. If a Default shall occur and
not be waived by Administrative Agent and/or Lenders as applicable, Administrative Agent may (but shall have no obligation to)
exercise any one or more of the following remedies, without notice (unless notice is required by applicable Law):

 

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(a)          Acceleration;
Termination. Administrative Agent may at any time and from time to time declare any or all of the Secured Indebtedness immediately
due and payable and Swap Bank may terminate any and all Swap Transactions. Upon any such declaration, such Secured Indebtedness
shall thereupon be immediately due and payable, and such Swap Transactions shall immediately terminate, without presentment, demand,
protest, notice of protest, notice of acceleration or of intention to accelerate or any other notice or declaration of any kind,
all of which are hereby expressly waived by Grantor. Without limitation of the foregoing, upon the occurrence of a Default described
in clauses (A), (C) or (D) of subparagraph (i) of paragraph (e) of Section 4.1, hereof, all of the Secured Indebtedness
shall thereupon be immediately due and payable, without presentment, demand, protest, notice of protest, declaration or notice
of acceleration or intention to accelerate, or any other notice, declaration or act of any kind, all of which are hereby expressly
waived by Grantor.

 

(b)          Enforcement
of Assignment of Rents. In addition to the rights of Administrative Agent under Article 3 hereof, prior or subsequent
to taking possession of any portion of the Property or taking any action with respect to such possession, Administrative Agent
may: (1) collect and/or sue for the Rents in Administrative Agent’s own name, give receipts and releases therefor, and
after deducting all reasonable expenses of collection, including reasonable attorneys’ fees and expenses, apply the net proceeds
thereof to the Secured Indebtedness in such manner and order as Administrative Agent may elect and/or to the operation and management
of the Property, including the payment of reasonable management, brokerage and attorney’s fees and expenses; and (2) require
Grantor to transfer all security deposits and records thereof to Administrative Agent together with original counterparts of the
Leases, upon which transfer Administrative Agent shall be responsible for returning such deposits to tenants.

 

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(c)          Foreclosure.
Upon the occurrence of a Default, Trustee, or its successor or substitute, is authorized and empowered and it shall be his special
duty at the request of Administrative Agent to sell the Property or any part thereof situated in the State of Texas, at the courthouse
of any county (whether or not the counties in which the Property is located are contiguous, if the Property is located in more
than one county) in the State of Texas in which any part of the Property is situated, at public venue to the highest bidder for
cash between the hours of ten o’clock a.m. and four o’clock p.m. on the first Tuesday in any month or at such other
place, time and date as provided by the statutes of the State of Texas then in force governing sales of real estate under powers
of sale conferred by deed of trust, after having given notice of such sale in accordance with such statutes. Any sale made by Trustee
hereunder may be as an entirety or in such parcels as Administrative Agent may request. To the extent permitted by applicable Law,
any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be
required by Law. The sale by Trustee of less than the whole of the Property shall not exhaust the power of sale herein granted,
and Trustee is specifically empowered to make successive sales under such power until the whole of the Property shall be sold;
and, if the proceeds of such sale of less than the whole of the Property shall be less than the aggregate of the Secured Indebtedness
and the expense of executing this trust as provided herein, this Deed of Trust and the lien hereof shall remain in full force and
effect as to the unsold portion of the Property just as though no sale had been made; provided, however, that Grantor shall never
have any right to require the sale of less than the whole of the Property but Administrative Agent shall have the right, at its
sole election, to request Trustee to sell less than the whole of the Property. Trustee may, after any request or direction by Administrative
Agent, sell not only the real property but also the Collateral and other interests which are a part of the Property, or any part
thereof, as a unit and as a part of a single sale, or may sell any part of the Property separately from the remainder of the Property.
It shall not be necessary for Trustee to have taken possession of any part of the Property or to have present or to exhibit at
any sale any of the Collateral. After each sale, Trustee shall make to the purchaser or purchasers at such sale good and sufficient
conveyances in the name of Grantor, conveying the property so sold to the purchaser or purchasers with general warranty of title
by Grantor, subject to the Permitted Encumbrances (and to such Leases and other matters, if any, as Trustee may elect upon request
of Administrative Agent), and shall receive the proceeds of said sale or sales and apply the same as herein provided. Payment of
the purchase price to the Trustee shall satisfy the obligation of purchaser at such sale therefor, and such purchaser shall not
be responsible for the application thereof. The power of sale granted herein shall not be exhausted by any sale held hereunder
by Trustee or his substitute or successor, and such power of sale may be exercised from time to time and as many times as Administrative
Agent may deem necessary until all of the Property has been duly sold and all Secured Indebtedness has been fully paid. In the
event any sale hereunder is not completed or is defective in the opinion of Administrative Agent, such sale shall not exhaust the
power of sale hereunder and Administrative Agent shall have the right to cause a subsequent sale or sales to be made hereunder.
Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given, by Trustee or any successor
or substitute appointed hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any Default, or as to
Administrative Agent’s having declared all of said Secured Indebtedness to be due and payable, or as to the request to sell,
or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to the refusal, failure
or inability to act of Trustee or any substitute or successor trustee, or as to the appointment of any substitute or successor
trustee, or as to any other act or thing having been duly done by Administrative Agent or by such Trustee, substitute or successor,
shall be taken as prima facie evidence of the truth of the facts so stated and recited. The Trustee or his successor or substitute
may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Trustee,
including the posting of notices and the conducting of sales, but in the name and on behalf of Trustee, its successor or substitute.
If Trustee or its successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter
appointed may complete the sale and the conveyance of the property pursuant thereto as if such notice had been given by the successor
or substitute Trustee conducting the sale.

 

(i)          Expenses
of Trustee’s Sale or Foreclosure. All reasonable fees, costs and expenses of any kind incurred by Administrative Agent
on behalf of the Lenders in connection with foreclosure of this Deed of Trust, including, without limitation, insurance, repairs,
appraisals, maintenance, inspection and testing fees, receivers’ and management fees, leasing and sales commissions, advertising
costs and expenses, taxes, impositions, charges and assessments, environmental audits, environmental studies and reports, environmental
tests and remediation costs, surveys, engineering studies and reports, engineering fees and expenses, soils tests, space planning
costs and expenses, contractors’ fees, expert witness fees and expenses, copying charges, costs for title searches, commitments
and examinations, title insurance premiums and expenses, filing and recording fees, all reasonable costs, fees, or expenses incurred
by Administrative Agent to maintain, preserve, and protect the Property, and any other costs or fees authorized in any Loan Document,
and all costs of any receivership for the Property as advanced by Administrative Agent and the other Lenders, and all reasonable
attorneys’ and consultants’ fees incurred by Administrative Agent, costs and expenses related to documentary and expert
evidence, stenographers’ charges, all costs related to any bankruptcy proceeding initiated by or against Grantor, or which
otherwise affects the Property or any interests or rights related thereto, as Trustee or Administrative Agent may deem necessary
either to prosecute such suit or to evidence to bidders at the sales that may be had pursuant to such proceedings or the true conditions
of the title to or the value of the Property, shall constitute a part of the Secured Indebtedness and may be included as part of
the amount owing from Grantor to Administrative Agent and the other Lenders at any foreclosure sale.

 

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(ii)         Insurance
Upon Foreclosure. In case of an insured loss after judicial foreclosure or Trustee’s sale proceedings have been instituted,
the proceeds of any insurance policy or policies, if not applied to rebuilding or restoring the buildings or improvements, shall
be used to pay the amount due upon the Secured Indebtedness.

 

(iii)        No
Conflict. Nothing in this Section 5.1(c) dealing with foreclosure procedures or specifying particular actions to be
taken by Administrative Agent or by Trustee or any similar officer shall be deemed to contradict or add to the requirements and
procedures now or hereafter specified by Texas law, and any such inconsistency shall be resolved in favor of Texas law applicable
at the time of foreclosure.

 

(d)          Uniform
Commercial Code. Without limitation of Administrative Agent’s rights of enforcement with respect to the Collateral or
any part thereof in accordance with the procedures for foreclosure of real estate, Administrative Agent on behalf of Lenders may
exercise its rights of enforcement with respect to the Collateral or any part thereof under the UCC, as in effect from time to
time, as amended (or under the Uniform Commercial Code in force, from time to time in any other state to the extent the same is
applicable Law) and in conjunction with, in addition to or in substitution for those rights and remedies:

 

(1)         Administrative
Agent may enter upon Grantor’s premises to take possession of, assemble and collect the Collateral or, to the extent and
for those items of the Collateral permitted under applicable Law, to render it unusable;

 

(2)         Administrative
Agent may require Grantor to assemble the Collateral and make it available at a place Administrative Agent designates which is
mutually convenient to allow Administrative Agent to take possession or dispose of the Collateral;

 

(3)         written
notice mailed to Grantor as provided herein at least ten (10) days prior to the date of public sale of the Collateral or prior
to the date after which private sale of the Collateral will be made shall constitute reasonable notice; provided that, if Administrative
Agent fails to comply with this clause (3) in any respect, its liability for such failure shall be limited to the liability (if
any) imposed on it as a matter of law under the UCC, as in effect from time to time (or under the Uniform Commercial Code, in force
from time to time, in any other state to the extent the same is applicable Law);

 

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(4)         any
sale made pursuant to the provisions of this paragraph shall be deemed to have been a public sale conducted in a commercially reasonable
manner if held contemporaneously with and upon the same notice as required for the sale of the Property under power of sale as
provided in paragraph (c) above in this Section 5.1;

 

(5)         in
the event of a foreclosure sale, whether made by Trustee under the terms hereof or under judgment of a court, the Collateral and
the other Property may, at the option of Administrative Agent, be sold as a whole;

 

(6)         it
shall not be necessary that Administrative Agent take possession of the Collateral or any part thereof prior to the time that any
sale pursuant to the provisions of this Section 5.1(c) is conducted and it shall not be necessary that the Collateral or
any part thereof be present at the location of such sale;

 

(7)         with
respect to application of proceeds from disposition of the Collateral under this Section 5.1 hereof, the costs and
expenses incident to disposition shall include the reasonable expenses of retaking, holding, preparing for sale or lease, selling,
leasing and the like and the reasonable attorneys’ fees and legal expenses (including, without limitation, the allocated
costs for in-house legal services) incurred by Administrative Agent;

 

(8)         any
and all statements of fact or other recitals made in any bill of sale or assignment or other instrument evidencing any foreclosure
sale hereunder as to nonpayment of the Secured Indebtedness or as to the occurrence of any Default, or as to Administrative Agent
having declared all of such Secured Indebtedness to be due and payable, or as to notice of time, place and terms of sale and of
the properties to be sold having been duly given, or as to any other act or thing having been duly done by Administrative Agent
or Lenders, shall be taken as prima facie evidence of the truth of the facts so stated and recited;

 

(9)         Administrative
Agent may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held
by Administrative Agent, including the sending of notices and the conduct of the sale, but in the name and on behalf of Administrative
Agent;

 

(10)        Administrative
Agent may comply with any applicable Laws in connection with a disposition of the Collateral, and such compliance will not be considered
to affect adversely the commercial reasonableness of any sale of the Collateral;

 

(11)        Administrative
Agent may sell the Collateral without giving any warranties as to the Collateral, and specifically disclaim all warranties including,
without limitation, warranties relating to title, possession, quiet enjoyment and the like, and all warranties of quality, merchantability
and fitness for a specific purpose, and this procedure will not be considered to affect adversely the commercial reasonableness
of any sale of the Collateral;

 

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(12)        Grantor
acknowledges that a private sale of the Collateral may result in less proceeds than a public sale (but such acknowledgement does
not authorize a private sale except when allowed by the UCC); and

 

(13)        Grantor
acknowledges that the Collateral may be sold at a loss to Grantor, and that, in such event, Administrative Agent shall have no
liability or responsibility to Grantor for such loss so long as Administrative Agent has acted as allowed by this Deed of Trust,
the UCC and other applicable Laws.

 

(e)          Lawsuits.
Administrative Agent may proceed by a suit or suits in equity or at law, whether for collection of the Secured Indebtedness, the
specific performance of any covenant or agreement herein contained or in aid of the execution of any power herein granted, or for
any foreclosure hereunder or for the sale of the Property under the judgment or decree of any court or courts of competent jurisdiction.

 

(f)          Entry
on Property. Administrative Agent is authorized, prior or subsequent to the institution of any foreclosure proceedings, to
the fullest extent permitted by applicable Law, to enter upon the Property, or any part thereof, and to take possession of the
Property and all books and records, and all recorded data of any kind or nature, regardless of the medium of recording including,
without limitation, all software, writings, plans, specifications and schematics relating thereto, and to exercise without interference
from Grantor any and all rights which Grantor has with respect to the management, possession, operation, protection or preservation
of the Property. Administrative Agent shall not be deemed to have taken possession of the Property or any part thereof except upon
the exercise of its right to do so, and then only to the extent evidenced by its demand and overt act specifically for such purpose.
All reasonable costs, expenses and liabilities of every character incurred by Administrative Agent in managing, operating, maintaining,
protecting or preserving the Property shall constitute a demand obligation of Grantor (which obligation Grantor hereby promises
to pay) to Administrative Agent pursuant to this Deed of Trust. If necessary to obtain the possession provided for above, Administrative
Agent may invoke any and all legal remedies to dispossess Grantor. In connection with any action taken by Administrative Agent
pursuant to this Section 5.1(f), neither Administrative Agent nor any Lender shall be liable for any loss sustained by Grantor
resulting from any failure to let the Property or any part thereof, or from any act or omission of Administrative Agent in managing
the Property unless such loss is caused by the gross negligence or willful misconduct of Administrative Agent, nor shall Administrative
Agent or any Lender be obligated to perform or discharge any obligation, duty or liability of Grantor arising under any Lease or
other agreement relating to the Property or arising under any Permitted Encumbrance or otherwise arising. Grantor hereby assents
to, ratifies and confirms any and all actions of Administrative Agent with respect to the Property taken under this Section unless
by the gross negligence or willful misconduct of Administrative Agent.

 

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(g)          Receiver.
Administrative Agent shall as a matter of right be entitled to the appointment of a receiver or receivers for all or any part of
the Property, whether such receivership be incident to a proposed sale (or sales) of such property or otherwise, and without regard
to the value of the Property or the solvency of any person or persons liable for the payment of the Secured Indebtedness, and Grantor
does hereby irrevocably consent to the appointment of such receiver or receivers, waives notice of such appointment, of any request
therefor or hearing in connection therewith, and any and all defenses to such appointment, agrees not to oppose any application
therefor by Administrative Agent, and agrees that such appointment shall in no manner impair, prejudice or otherwise affect the
rights of Administrative Agent to application of Rents as provided in this Deed of Trust. Nothing herein is to be construed to
deprive Administrative Agent on behalf of Lenders of any other right, remedy or privilege it may have under the Law to have a receiver
appointed. Any money advanced by Administrative Agent on behalf of Lenders in connection with any such receivership shall be a
demand obligation (which obligation Grantor hereby promises to pay) owing by Grantor to Administrative Agent on behalf of Lenders
pursuant to this Deed of Trust.

 

(h)          Termination
of Commitment to Lend. Administrative Agent may terminate any commitment or obligation to lend or disburse funds under any
Loan Document or enter into any other credit arrangement to or for the benefit of Grantor.

 

(i)          Other
Rights and Remedies. Administrative Agent may exercise any and all other rights and remedies which Administrative Agent may
have under the Loan Documents, or at Law or in equity or otherwise.

 

Section
5.2           Proceeds of Power of Sale or Foreclosure. The
proceeds of any sale held by Trustee or Administrative Agent or any receiver or public officer in foreclosure of the liens and
security interests evidenced hereby shall be applied in accordance with the requirements of applicable Laws and to the extent consistent
therewith, FIRST, to the payment of all necessary costs and expenses incident to such foreclosure sale, including but not
limited to all reasonable attorneys’ fees and legal expenses, advertising costs, auctioneer’s fees, costs of title
rundowns and lien searches, inspection fees, appraisal costs, fees for professional services, environmental assessment and remediation
fees, insurance fees, costs of repairs, maintenance, inspection and testing fees, receivers and management fees, leasing and sales
commissions, advertising costs and expenses, taxes and assessments, surveys, engineering studies and reports, engineering fees
and expenses, soils tests, space planning costs and expenses, contractors fees, all other costs incurred by Administrative Agent
to maintain, preserve and protect the Property, all court costs and charges of every character, and to the payment of the other
Secured Indebtedness, including specifically without limitation the principal, accrued interest and reasonable attorneys’
fees due and unpaid on the Notes and the amounts due and unpaid and owed to Administrative Agent and/or Lenders under the Construction
Loan Agreement, this Deed of Trust, any Swap Transaction, or any other Loan Document (all with interest at the rate per annum provided
in the Notes for interest on past due principal owed on the Notes, but never in excess of the maximum nonusurious amount permitted
by applicable Law, which interest shall be payable to Administrative Agent for the benefit of all Lenders on demand; and all such
amounts, together with such interest thereon, shall automatically and without notice be a part of the Secured Indebtedness), the
order and manner of application to the items in this clause FIRST to be in the sole discretion of Administrative Agent;
and SECOND, the remainder, if any there shall be, shall be paid to Grantor, or to Grantor’s heirs, devisees, representatives,
successors or assigns, or such other persons (including the holder or beneficiary of any inferior lien) as may be entitled thereto
by Law; provided, however, that if Administrative Agent is uncertain which person or persons are so entitled, Administrative
Agent may interplead such remainder in any court of competent jurisdiction, and the amount of any reasonable attorneys’ fees,
court costs and expenses incurred in such action shall be a part of the Secured Indebtedness and shall be reimbursable (without
limitation) from such remainder.

 

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Section
5.3           Administrative Agent as Purchaser. Administrative
Agent for the ratable benefit of Lenders shall have the right to become the purchaser at any sale held by Trustee or substitute
or successor or by any receiver or public officer or at any public sale, and Administrative Agent for the ratable benefit of Lenders
shall have the right to credit upon the amount of Administrative Agent’s successful bid, to the extent necessary to satisfy
such bid, all or any part of the Secured Indebtedness in such manner and order as Administrative Agent may elect.

 

Section
5.4           Foreclosure as to Matured Debt. Upon the occurrence
of a Default, Administrative Agent, subject to the rights of Required Lenders (as defined in the Construction Loan Agreement) shall
have the right to proceed with foreclosure (judicial or nonjudicial) of the liens and security interests hereunder without declaring
the entire Secured Indebtedness due, and in such event any such foreclosure sale may be made subject to the unmatured part of the
Secured Indebtedness; and any such sale shall not in any manner affect the unmatured part of the Secured Indebtedness, but as to
such unmatured part this Deed of Trust shall remain in full force and effect just as though no sale had been made. The proceeds
of such sale shall be applied as provided in Section 5.2 hereof except that the amount paid under clause FIRST thereof
shall be only the matured portion of the Secured Indebtedness the remainder, if any, shall be applied as provided in clause SECOND
of Section 5.2 hereof. Several sales may be made hereunder without exhausting the right of sale for any unmatured part
of the Secured Indebtedness.

 

Section
5.5           Remedies Cumulative. All rights and remedies
provided for herein and in any other Loan Document are cumulative of each other and of any and all other rights and remedies existing
at law or in equity, and Trustee and Administrative Agent and Lenders shall, in addition to the rights and remedies provided herein
or in any other Loan Document, be entitled to avail themselves of all such other rights and remedies as may now or hereafter exist
at law or in equity for the collection of the Secured Indebtedness and the enforcement of the covenants herein and the foreclosure
of the liens and security interests evidenced hereby, and the resort to any right or remedy provided for hereunder or under any
such other Loan Document or provided for by law or in equity shall not prevent the concurrent or subsequent employment of any other
appropriate right or rights or remedy or remedies.

 

Section
5.6           Discretion as to Security. Administrative Agent
on behalf of Lenders may resort to any security given by this Deed of Trust or to any other security now existing or hereafter
given to secure the payment of the Secured Indebtedness, in whole or in part, and in such portions and in such order as may seem
best to Administrative Agent in its sole and uncontrolled discretion (but subject to any agreements between Administrative Agent
and the Lenders applicable thereto in the Construction Loan Agreement), and any such action shall not in anywise be considered
as a waiver of any of the rights, benefits, liens or security interests evidenced by this Deed of Trust.

 

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Section
5.7           Grantor’s Waiver of Certain Rights. To
the full extent Grantor may do so, Grantor agrees that Grantor will not at any time insist upon, plead, claim or take the benefit
or advantage of any Law now or hereafter in force providing for any appraisement, valuation, stay, extension or redemption, homestead,
moratorium, reinstatement, marshaling or forbearance, and Grantor, for Grantor, Grantor’s heirs, devisees, representatives,
successors and assigns, and for any and all persons ever claiming any interest in the Property, to the extent permitted by applicable
Law, hereby waives and releases all rights of redemption, valuation, appraisement, stay of execution, notice of intention to mature
or declare due the whole of the Secured Indebtedness, notice of election to mature or declare due the whole of the Secured Indebtedness
and all rights to a marshaling of assets of Grantor, including the Property, or to a sale in inverse order of alienation in the
event of foreclosure of the liens and/or security interests hereby created. Grantor shall not have or assert any right under any
statute or rule of Law, pertaining to the marshaling of assets, sale in inverse order of alienation, the exemption of homestead,
the administration of estates of decedents, or other matters whatsoever to defeat, reduce or affect the right of Administrative
Agent and Lenders under the terms of this Deed of Trust to a sale of the Property for the collection of the Secured Indebtedness
without any prior or different resort for collection, or the right of Administrative Agent and Lenders under the terms of this
Deed of Trust to the payment of the Secured Indebtedness out of the proceeds of sale of the Property in preference to every other
claimant whatsoever. Grantor waives any right or remedy which Grantor may have or be able to assert pursuant to any provision of
any statute or rule of law, including Chapter 43 of the Texas Civil Practice and Remedies Code, pertaining to the rights and remedies
of sureties. If any Law referred to in this Section and now in force, of which Grantor or Grantor’s heirs, devisees, representatives,
successors or assigns or any other persons claiming any interest in the Property might take advantage despite this Section, shall
hereafter be repealed or cease to be in force, such Law shall not thereafter be deemed to preclude the application of this Section.

 

Section
5.8           Delivery of Possession After Foreclosure. In
the event there is a foreclosure sale hereunder and at the time of such sale, Grantor or Grantor’s heirs, devisees, representatives,
or successors as owners of the Property are occupying or using the Property, or any part thereof, each and all shall immediately
become the tenant of the purchaser at such sale, which tenancy shall be a tenancy from day to day, terminable at the will of purchaser,
at a reasonable rental per day based upon the value of the property occupied, such rental to be due daily to the purchaser; and
to the extent permitted by applicable Law, the purchaser at such sale shall, notwithstanding any language herein apparently to
the contrary, have the sole option to demand immediate possession following the sale or to permit the occupants to remain as tenants
at will. After such foreclosure, any Leases to tenants or subtenants that are subject to this Deed of Trust (either by their date,
their express terms, or by agreement of the tenant or subtenant) shall, at the sole option of Administrative Agent or any purchaser
at such sale, either (i) continue in full force and effect, and the tenant(s) or subtenant(s) thereunder will, upon request, attorn
to and acknowledge in writing to the purchaser or purchasers at such sale or sales as landlord thereunder, or (ii) upon notice
to such effect from Administrative Agent, the Trustee or any purchaser or purchasers, terminate within thirty (30) days from the
date of sale. In the event the tenant fails to surrender possession of said property upon demand, the purchaser shall be entitled
to institute and maintain a summary action for possession of the Property (such as an action for forcible detainer) in any court
having jurisdiction.

 

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Section
5.9           Effective as Deed of Trust. This Deed of Trust
shall be effective as a mortgage as well as a deed of trust and upon the occurrence of a default may be foreclosed as to any of
the Property in any manner permitted by applicable Law, and any foreclosure suit may be brought by Trustee or by Administrative
Agent; and to the extent, if any, required to cause this instrument to be so effective as a mortgage as well as a Deed of Trust,
Grantor hereby mortgages the Property to Administrative Agent, on behalf of the Lenders. In the event a foreclosure hereunder shall
be commenced by Trustee, or his substitute or successor, Administrative Agent may at any time before the sale of the Property direct
Trustee to abandon the sale, and may then institute suit for the collection of the Notes and/or any other secured indebtedness,
and for the foreclosure of this Deed of Trust. It is agreed that if Administrative Agent should institute a suit for the collection
of the Notes or any other secured indebtedness and for the foreclosure of this Deed of Trust, Administrative Agent may at any time
before the entry of a final judgment in said suit dismiss the same, and require Trustee, his substitute or successor to sell the
Property in accordance with the provisions of this Deed of Trust.

 

ARTICLE
6

Miscellaneous

 

Section
6.1           Scope of Deed of Trust. This Deed of Trust is
a deed of trust and mortgage of both real and personal property, a security agreement, an assignment of rents and leases, a financing
statement and fixture filing and a collateral assignment, and also covers proceeds and fixtures.

 

Section
6.2           Effective as a Financing Statement. This Deed
of Trust shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the
Property and is to be filed for record in the real estate records of each county where any part of the Property (including said
fixtures) is situated. This Deed of Trust shall also be effective as a financing statement covering as-extracted collateral (including
oil and gas), accounts and general intangibles (under the UCC, as, in effect from time to time, and the Uniform Commercial Code,
as in effect from time to time, in any other state where the Property is situated) which will be financed at the wellhead or minehead
of the wells or mines located on the Property and is to be filed for record in the real estate records of each county where any
part of the Property is situated. This Deed of Trust shall also be effective as a financing statement covering any other Property
and may be filed in any other appropriate filing or recording office. The mailing address of Grantor is the address of Grantor
set forth at the end of this Deed of Trust and the address of Administrative Agent from which information concerning the security
interests hereunder may be obtained is the address of Administrative Agent set forth at the end of this Deed of Trust. A carbon,
photographic or other reproduction of this Deed of Trust or of any financing statement relating to this Deed of Trust shall be
sufficient as a financing statement for any of the purposes referred to in this Section.

 

Section
6.3           Notice to Account Debtors. In addition to the
rights granted elsewhere in this Deed of Trust, Administrative Agent may, from and after the occurrence of a Default, so long as
such Default remains uncured hereunder, notify the account debtors or obligors of any accounts, chattel paper, general intangibles,
negotiable instruments or other evidences of indebtedness included in the Collateral to pay Administrative Agent for the ratable
benefit of Lenders directly.

 

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Section
6.4           Waiver by Administrative Agent. Administrative
Agent may at any time and from time to time by a specific writing intended for the purpose: (a) waive compliance by Grantor
with any covenant herein made by Grantor to the extent and in the manner specified in such writing; (b) consent to Grantor’s
doing any act which hereunder Grantor is prohibited from doing, or to Grantor’s failing to do any act which hereunder Grantor
is required to do, to the extent and in the manner specified in such writing; (c) release any part of the Property or any
interest therein from the lien and security interest of this Deed of Trust, without the joinder of Trustee; or (d) release
any party liable, either directly or indirectly, for the Secured Indebtedness or for any covenant herein or in any other Loan Document,
without impairing or releasing the liability of any other party. No such act shall in any way affect the rights or powers of Administrative
Agent or Trustee hereunder except to the extent specifically agreed to by Administrative Agent in such writing.

 

Section
6.5           No Impairment of Security. The lien, security
interest and other security rights of Administrative Agent and Lenders hereunder or under any other Loan Document shall not be
impaired by any indulgence, moratorium or release granted by Administrative Agent or Lenders including, but not limited to, any
renewal, extension or modification which Administrative Agent or Lenders may grant with respect to any Secured Indebtedness, or
any surrender, compromise, release, renewal, extension, exchange or substitution which Administrative Agent or Lenders may grant
in respect of the Property, or any part thereof or any interest therein, or any release or indulgence granted to any endorser,
guarantor or surety of any Secured Indebtedness. The taking of additional security by Administrative Agent or Lenders shall not
release or impair the lien, security interest or other security rights of Administrative Agent and Lenders hereunder or affect
the liability of Grantor or of any endorser, guarantor or surety, or improve the right of any junior lienholder in the Property
(without implying hereby Administrative Agent’s and Lenders’ consent to any junior lien).

 

Section
6.6           Acts Not Constituting Waiver by Administrative Agent.
Administrative Agent may waive any Default without waiving any other prior or subsequent Default. Administrative Agent may remedy
any Default without waiving the Default remedied. Neither failure by Administrative Agent to exercise, nor delay by Administrative
Agent in exercising, nor discontinuance of the exercise of any right, power or remedy (including but not limited to the right to
accelerate the maturity of the Secured Indebtedness or any part thereof) upon or after any Default shall be construed as a waiver
of such Default or as a waiver of the right to exercise any such right, power or remedy at a later date. No single or partial exercise
by Administrative Agent of any right, power or remedy hereunder shall exhaust the same or shall preclude any other or further exercise
thereof, and every such right, power or remedy hereunder may be exercised at any time and from time to time. No modification or
waiver of any provision hereof nor consent to any departure by Grantor therefrom shall in any event be effective unless the same
shall be in writing and signed by Administrative Agent and then such waiver or consent shall be effective only in the specific
instance, for the purpose for which given and to the extent therein specified. No notice to nor demand on Grantor in any case shall
of itself entitle Grantor to any other or further notice or demand in similar or other circumstances. Remittances in payment of
any part of the Secured Indebtedness other than in the required amount in immediately available U.S. funds shall not, regardless
of any receipt or credit issued therefor, constitute payment until the required amount is actually received by Administrative Agent
in immediately available U.S. funds and shall be made and accepted subject to the condition that any check or draft may be handled
for collection in accordance with the practice of the collecting bank or banks. Acceptance by Administrative Agent of any payment
in an amount less than the amount then due on any Secured Indebtedness shall be deemed an acceptance on account only and shall
not in any way excuse the existence of a Default hereunder notwithstanding any notation on or accompanying such partial payment
to the contrary.

 

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Section
6.7           Grantor’s Successors. If the ownership
of the Property or any part thereof becomes vested in a person other than Grantor, Administrative Agent may, without notice to
Grantor, deal with such successor or successors in interest with reference to this Deed of Trust and to the Secured Indebtedness
in the same manner as with Grantor, without in any way vitiating or discharging Grantor’s liability hereunder or for the
payment of the indebtedness or performance of the Obligations secured hereby. No transfer of the Property, no forbearance on the
part of Administrative Agent and Lenders, and no extension of the time for the payment of the Secured Indebtedness given by Administrative
Agent or any Lender shall operate to release, discharge, modify, change or affect, in whole or in part, the liability of Grantor
hereunder for the payment of the indebtedness or performance of the Obligations secured hereby or the liability of any other person
hereunder for the payment of the Secured Indebtedness. Grantor agrees that it shall be bound by any modification of this Deed of
Trust or any of the other Loan Documents made by Administrative Agent and any subsequent owner of the Property, with or without
notice to Grantor, and no such modifications shall impair the obligations of Grantor under this Deed of Trust or any other Loan
Document. Nothing in this Section or elsewhere in this Deed of Trust shall be construed to imply Administrative Agent’s and
Lenders’ consent to any transfer of the Property.

 

Section
6.8           Place of Payment; Forum; Waiver of Jury Trial.
All Secured Indebtedness which may be owing hereunder at any time by Grantor shall be payable at the place designated in the Notes
(or if no such designation is made, at the address of Administrative Agent indicated at the end of this Deed of Trust). Each party
hereby irrevocably submits generally and unconditionally for itself and in respect of its property to the non-exclusive jurisdiction
of any State court, or any United States federal court, sitting in the City of Dallas, State of Texas, and in the county in which
the Land is located to the extent of actions required to be maintained where the Land is located, over any suit, action or proceeding
arising out of or relating to this Deed of Trust or the Secured Indebtedness. Each party hereby irrevocably waives, to the fullest
extent permitted by Law, any objection that the party may now or hereafter have to the laying of venue in any such court and any
claim that any such court is an inconvenient forum. Each party hereby agrees and consents that, in addition to any methods of service
of process provided for under applicable law, all service of process in any such suit, action or proceeding in any such court may
be made by certified or registered mail, return receipt requested, directed to the other party at its address stated at the end
of this Deed of Trust, or at a subsequent address of which the other parties received actual notice in accordance with this Deed
of Trust. Nothing herein shall affect the right of a party to serve process in any manner permitted by Law. TO THE FULLEST EXTENT
PERMITTED BY LAW, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY ACTION, SUIT OR OTHER PROCEEDING ARISING
OUT OF OR RELATING TO THIS DEED OF TRUST OR ANY OTHER LOAN DOCUMENT.

 

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Section
6.9           Subrogation to Existing Liens; Vendor’s Lien.
To the extent that proceeds of the Notes are used to pay indebtedness secured by any outstanding lien, security interest, charge
or prior encumbrance against the Property, such proceeds have been advanced by Lenders at Grantor’s request, and Administrative
Agent for the ratable benefit of Lenders shall be subrogated to any and all rights, security interests, and liens and charges or
encumbrances owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, however remote,
irrespective of whether said liens, security interests, charges or encumbrances are released, and all of the same are recognized
as valid and subsisting and are renewed and continued and merged herein to secure the Secured Indebtedness, but the terms and provisions
of this Deed of Trust shall govern and control the manner and terms of enforcement of the liens, security interests, charges and
encumbrances to which Administrative Agent is subrogated hereunder. It is expressly understood that, in consideration of the payment
of such indebtedness by Administrative Agent for the ratable benefit of Lenders, Grantor hereby waives and releases all demands
and causes of action for offsets and payments in connection with the said indebtedness. If all or any portion of the proceeds of
the Loan evidenced by the Notes or of any other Secured Indebtedness has been advanced for the purpose of paying the purchase price
for all or a part of the Property, no vendor’s lien is waived; and Administrative Agent shall have, and is hereby granted,
a vendor’s lien on the Property as cumulative additional security for the Secured Indebtedness. Administrative Agent may
foreclose under this Deed of Trust or under the vendor’s lien without waiving the other or may foreclose under both.

 

Section
6.10         Application of Payments to Certain Indebtedness. If any
part of the Secured Indebtedness cannot be lawfully secured by this Deed of Trust or if any part of the Property cannot be lawfully
subject to the lien and security interest hereof to the full extent of such indebtedness, then all payments made shall be applied
on said indebtedness first in discharge of that portion thereof which is not secured by this Deed of Trust.

 

Section
6.11         Nature of Loan; Compliance with Usury Laws. The Loan evidenced
by the Notes is being made solely for the purpose of carrying on or acquiring a business or commercial enterprise. It is the intent
of Grantor, Administrative Agent and Lenders and all other parties to the Loan Documents to conform to and contract in strict compliance
with applicable usury Law from time to time in effect. All agreements between Administrative Agent, Lenders and Grantor (or any
other party liable with respect to any Secured Indebtedness under the Loan Documents) are hereby limited by the provisions of this
Section which shall override and control all such agreements, whether now existing or hereafter arising. In no way, nor in any
event or contingency (including but not limited to prepayment, default, demand for payment, or acceleration of the maturity of
any Obligation), shall the interest taken, reserved, contracted for, charged, chargeable, or received under this Deed of Trust,
the Notes or any other Loan Document or otherwise, exceed the maximum nonusurious amount permitted by applicable law (the “Maximum
Amount”). If, from any possible construction of any document, interest would otherwise be payable in excess of the Maximum
Amount, any such construction shall be subject to the provisions of this Section and such document shall ipso facto be automatically
reformed and the interest payable shall be automatically reduced to the Maximum Amount, without the necessity of execution of any
amendment or new document. If Administrative Agent or Lenders shall ever receive anything of value which is characterized as interest
under applicable law and which would apart from this provision be in excess of the Maximum Amount, an amount equal to the amount
which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the
Secured Indebtedness in the inverse order of its maturity and not to the payment of interest, or refunded to Grantor or the other
payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal. The right to accelerate
maturity of the Notes or any other Secured Indebtedness does not include the right to accelerate any interest which has not otherwise
accrued on the date of such acceleration, and neither Administrative Agent nor Lenders intend to charge or receive any unearned
interest in the event of acceleration. All interest paid or agreed to be paid to Administrative Agent or Lenders shall, to the
extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full stated term (including any
renewal or extension) of such Secured Indebtedness so that the amount of interest on account of such indebtedness does not exceed
the Maximum Amount. As used in this Section, the term “applicable law” shall mean the Laws of the State where
the Property is located or where the Secured Indebtedness is payable, or the federal laws of the United States applicable to this
transaction, whichever Laws allow the greatest interest, as such Laws now exist or may be changed or amended or come into effect
in the future.

 

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Section
6.12         Substitute Trustee. The Trustee may resign by an instrument
in writing addressed to Administrative Agent, or Trustee may be removed at any time with or without cause by an instrument in writing
executed by Administrative Agent. In case of the death, resignation, removal, or disqualification of Trustee, or if for any reason
Administrative Agent shall deem it desirable to appoint a substitute or successor Trustee to act instead of the herein named Trustee
or any substitute or successor Trustee, then Administrative Agent shall have the right and is hereby authorized and empowered to
appoint a successor Trustee, or a substitute Trustee, without other formality than appointment and designation in writing executed
by Administrative Agent and, to the extent required by the Law, recordation of such designation in the manner prescribed by the
Law. The authority hereby conferred shall extend to the appointment of other successor and substitute Trustees successively until
the Secured Indebtedness has been paid in full, or until the Property is fully and finally sold hereunder. If Administrative Agent
is a corporation or association and such appointment is executed on its behalf by an officer of such corporation or association,
such appointment shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of
any action by the board of directors or any superior officer of the corporation or association. Upon the making of any such appointment
and designation, all of the estate and title of Trustee in the Property, without the necessity of conveyance from the predecessor
Trustee, shall vest in the named successor or substitute Trustee(s) and he shall thereupon succeed to, and shall hold, possess
and execute, all the rights, powers, privileges, immunities and, duties herein conferred upon Trustee. All references herein to
“Trustee” shall be deemed to refer to Trustee (including any successor(s) or substitute(s) appointed and designated
as herein provided) from time to time acting hereunder.

 

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Section
6.13         No Liability of Trustee. The Trustee shall not be liable
for any error of judgment or act done by Trustee in good faith, or be otherwise responsible or accountable under any circumstances
whatsoever, except for Trustee’s gross negligence or willful misconduct. The Trustee shall have the right to rely on any
instrument, document or signature authorizing or supporting any action taken or proposed to be taken by him hereunder, believed
by him in good faith to be genuine. All moneys received by Trustee shall, until used or applied as herein provided, be held in
trust for the purposes for which they were received, but need not be segregated in any manner from any other moneys (except to
the extent required by Law), and Trustee shall be under no liability for interest on any moneys received by him hereunder. Grantor
hereby ratifies and confirms any and all acts which the herein named Trustee or his successor or successors, substitute or substitutes,
in this trust, shall do lawfully by virtue hereof. Grantor will reimburse Trustee for, and save him harmless against, any and all
liability and expenses which may be incurred by him in the performance of his duties, except those resulting from Trustee’s
gross negligence or willful misconduct. The foregoing indemnity shall not terminate upon discharge of the Secured Indebtedness
or foreclosure, or release or other termination, of this Deed of Trust.

 

Section
6.14         Releases. If all of the Secured Indebtedness be paid and
all Swap Transactions and all other Obligations, if any, of Administrative Agent for the benefit of Lenders for further advances
have been terminated, then, and in that event only, all rights under this Deed of Trust shall terminate (except to the extent expressly
provided herein with respect to indemnifications, representations and warranties and other rights which are to continue following
the release hereof) and the Property shall become wholly clear of the liens, security interests, conveyances and assignments evidenced
hereby, and such liens and security interests shall be released by Administrative Agent in due form at Grantor’s cost. Without
limitation, all provisions herein for indemnity of Administrative Agent, Lenders or Trustee shall survive discharge of the Secured
Indebtedness, the termination of any and all Swap Transactions and any foreclosure, release or termination of this Deed of Trust.

 

Section
6.15         Notices. All notices, requests, consents, demands and other
communications required or which any party desires to give hereunder shall be in writing and, unless otherwise specifically provided
herein, shall be deemed sufficiently given or furnished if delivered by personal delivery, by nationally recognized overnight courier
service, or by registered or certified United States mail, postage prepaid, addressed to the party to whom directed at the addresses
specified in this Deed of Trust (unless changed by similar notice in writing given by the particular party whose address is to
be changed) or by facsimile. Any such notice or communication shall be deemed to have been given either at the time of personal
delivery or, in the case of courier or mail, as of the date of first attempted delivery at the address and in the manner provided
herein, or, in the case of facsimile, upon receipt; provided that, service of a notice required by Texas Property Code Section
51.002, as amended, shall be considered complete when the requirements of that statute are met. Notwithstanding the foregoing,
no notice of change of address shall be effective except upon receipt. This Section shall not be construed in any way to affect
or impair any waiver of notice or demand provided in any Loan Document or to require giving of notice or demand to or upon any
person in any situation or for any reason.

 

Section
6.16         Invalidity of Certain Provisions. A determination that
any provision of any Loan Document is unenforceable or invalid shall not affect the enforceability or validity of any other provision
and the determination that the application of any provision of any Loan Document to any person or circumstance is illegal or unenforceable
shall not affect the enforceability or validity of such provision as it may apply to other persons or circumstances.

 

DEED OF TRUST (Alexan Southside)

    	Page 45

    	 

    

 

Section
6.17         Gender; Titles; Construction. Within this Deed of Trust,
words of any gender shall be held and construed to include any other gender, and words in the singular number shall be held and
construed to include the plural, unless the context otherwise requires. Titles appearing at the beginning of any subdivisions hereof
are for convenience only, do not constitute any part of such subdivisions, and shall be disregarded in construing the language
contained in such subdivisions. The use of the words “herein,” “hereof,” “hereunder”
and other similar compounds of the word “here” shall refer to this entire Deed of Trust and not to any particular
Article, Section, paragraph or provision. The term “person” and words importing persons as used in this Deed
of Trust shall include firms, associations, partnerships (including limited partnerships), joint ventures, trusts, corporations,
limited liability companies and other legal entities, including public or governmental bodies, agencies or instrumentalities, as
well as natural persons.

 

Section
6.18         Reporting Compliance. Grantor agrees to comply with any
and all reporting requirements applicable to the transaction evidenced by the Notes and secured by this Deed of Trust which are
imposed upon it by Law, including but not limited to The International Investment Survey Act of 1976, The Agricultural Foreign
Investment Disclosure Act of 1978, The Foreign Investment in Real Property Tax Act of 1980 and the Tax Reform Act of 1984 and further
agrees upon request of Administrative Agent to furnish Administrative Agent with evidence of such compliance.

 

Section
6.19         Administrative Agent’s Consent. Except where otherwise
expressly provided herein, in any instance hereunder where the approval, consent or the exercise of judgment of Administrative
Agent is required or requested, (a) the granting or denial of such approval or consent and the exercise of such judgment shall
be within the sole discretion of Administrative Agent, and Administrative Agent shall not, for any reason or to any extent, be
required to grant such approval or consent or exercise such judgment in any particular manner, regardless of the reasonableness
of either the request or Administrative Agent’s judgment, and (b) no approval or consent of Administrative Agent shall
be deemed to have been given except by a specific writing intended for the purpose and executed by an authorized representative
of Administrative Agent.

 

Section
6.20         Grantor. Grantor represents and warrants to Administrative
Agent and Lenders that this instrument is executed, acknowledged and delivered by Grantor’s duly authorized representatives.

 

Section
6.21         Execution; Recording. This Deed of Trust has been executed
in several counterparts, all of which are identical, and all of which counterparts together shall constitute one and the same instrument.
The date or dates reflected in the acknowledgments hereto indicate the date or dates of actual execution of this Deed of Trust,
but such execution is as of the date shown on the first page hereof, and for purposes of identification and reference the date
of this Deed of Trust shall be deemed to be the date reflected on the first page hereof. Grantor will cause this Deed of Trust
and all amendments and supplements thereto and substitutions therefor and all financing statements and continuation statements
relating thereto to be recorded, filed, re-recorded and refiled in such manner and in such places as Trustee or Administrative
Agent shall reasonably request and will pay all such recording, filing, re-recording and refiling taxes, fees and other charges.

 

DEED OF TRUST (Alexan Southside)

    	Page 46

    	 

    

 

Section
6.22         Successors and Assigns. The terms, provisions, covenants
and conditions hereof shall be binding upon Grantor, and the successors and assigns of Grantor, and, to the extent applicable,
Trustee, Administrative Agent and Lenders, and shall inure to the benefit of Trustee and Administrative Agent for the benefit of
the Lenders, and, to the extent applicable, Grantor and its successors and assigns, and shall constitute covenants running with
the Land. All references in this Deed of Trust to Grantor shall be deemed to include all such successors and assigns of Grantor.

 

Section
6.23         Modification or Termination. The Loan Documents may only
be modified or terminated by a written instrument or instruments intended for that purpose and executed by the party against which
enforcement of the modification or termination is asserted. Any alleged modification or termination which is not so documented
shall not be effective as to any party.

 

Section
6.24         No Partnership, Etc./Administrative Agent as Lender. The
relationship between Administrative Agent, Lenders and Grantor is solely that of lender and borrower. Neither Administrative Agent
nor any Lender has a fiduciary or other special relationship with Grantor. Nothing contained in the Loan Documents is intended
to create any partnership, joint venture, association or special relationship between Grantor and Administrative Agent or Lenders
or in any way make Administrative Agent or Lenders a co-principal with Grantor with reference to the Property. All agreed contractual
duties between or among Administrative Agent, Lenders, Trustee and Grantor are set forth herein and in the other Loan Documents
and any additional implied covenants or duties are hereby disclaimed. Any inferences to the contrary of any of the foregoing are
hereby expressly negated. All persons dealing with the Property (other than Grantor) shall be entitled to assume that Administrative
Agent is the only representative of the Lenders, and may deal with Administrative Agent (including without limitation accepting
from or relying upon full or partial releases hereof executed by Administrative Agent only) without further inquiry as to the existence
of the Lenders, until given actual notice of facts to the contrary or until this Deed of Trust is supplemented or amended of record
to show the existence of the Lenders. Administrative Agent is acting on behalf of the Lenders, as such term is defined in, and
in accordance with, the Construction Loan Agreement. The names and addresses of the Lenders may be obtained by contacting Administrative
Agent at the address set forth herein.

 

Section
6.25         Applicable Law. THIS DEED OF TRUST, AND ITS VALIDITY,
ENFORCEMENT AND INTERPRETATION, SHALL BE GOVERNED BY AND CONSTRUED, INTERPRETED AND ENFORCED IN ACCORDANCE WITH AND PURSUANT TO
THE LAWS OF THE STATE OF TEXAS (WITHOUT REGARD TO ANY CONFLICT OF LAWS PRINCIPLES) AND APPLICABLE UNITED STATES FEDERAL LAW.

 

Section
6.26         Construction Mortgage. This Deed of Trust constitutes a
“construction mortgage” as defined in Section 9.334 of the UCC to the extent that it secures an obligation incurred
for the construction of the Improvements, including the acquisition cost of the Land.

 

Section
6.27         Entire Agreement. The Loan Documents constitute the entire
understanding and agreement between Grantor, Administrative Agent and Lenders with respect to the transactions arising in connection
with the Secured Indebtedness and supersede all prior written or oral understandings and agreements between Grantor, Administrative
Agent and Lenders with respect to the matters addressed in the Loan Documents. Grantor hereby acknowledges that, except as incorporated
in writing in the Loan Documents, there are not, and were not, and no persons are or were authorized by Administrative Agent or
Lenders to make, any representations, understandings, stipulations, agreements or promises, oral or written, with respect to the
matters addressed in the Loan Documents.

 

DEED OF TRUST (Alexan Southside)

    	Page 47

    	 

    

 

THE WRITTEN LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES.

 

THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

DEED OF TRUST (Alexan Southside)

    	Page 48

    	 

    

 

IN WITNESS WHEREOF,
Grantor has executed this instrument under seal as of the date first written on page 1 hereof.

 

	The Address of Grantor is:	 	GRANTOR:
	 	 	 
	BR Bellaire Blvd, LLC	 	BR BELLAIRE BLVD, LLC,
	820 Gessner Road, Suite 760	 	a Delaware limited liability company
	Houston, Texas 77024	 	 
	Attention:  Sean Rae	 	By:	Blaire House, LLC, a Delaware limited liability
	Telephone: (713) 706-1512	 	 	company, a manager
	Email:  srae@tcresidential.com	 	 	 
	 	 	 	By:	HCH 114 Southside, L.P., a Delaware limited
	With copies to:	 	 	 	partnership, its managing member
	 	 	 	 	 
	Michael K. Ording, Esq.	 	 	 	By:	Maple Multi-Family Development,
	Jones Day	 	 	 	 	L.L.C., a Texas limited liability company,
	325 John H. McConnell Blvd.	 	 	 	 	its general partner
	Columbus, Ohio  43215	 	 	 	 	 
	 	 	 	 	 	By:	/s/ Donna C. Kruger
	BR Southside Member, LLC	 	 	 	 	Name: 	Donna C. Kruger 
	c/o  Bluerock Real Estate, L.L.C.	 	 	 	 	Title:	Vice President
	712 Fifth Avenue, 9th Floor	 	 	 	 	 
	New York, NY 10019	 	 	 	 	 
	Attention: Ryan MacDonald and 	 	 	 	 	 
	Michael Konig, Esq.	 	 	 	 	 
	Telephone: (646) 278-4230	 	 	 	 	 
	Facsimile: (646) 278-4220	 	 	 	 	 
	 	 	 	 	 	 
	Hirschler Fleischer	 	 	 	 	 
	2100 East Cary Street	 	 	 	 	 
	Richmond, VA 23223-7078	 	 	 	 	 
	Attention: S. Edward Flanagan	 	 	 	 	 
	Telephone: (804) 771-9592	 	 	 	 	 
	Facsimile: (804) 644-0957	 	 	 	 	 
	 	 	 	 	 	 
	The federal tax identification no. of 	 	 	 	 	 
	Grantor is: 47-2611789	 	 	 	 	 
	 	 	 	 	 	 
	The address of Administrative Agent is:	 	 	 	 	 
	 	 	 	 	 	 
	Bank of America, N.A.	 	 	 	 	 
	700 Louisiana Street, 5th Floor	 	 	 	 	 
	Houston, Texas 77002	 	 	 	 	 
	Attention:  Real Estate Administration	 	 	 	 	 

DEED OF TRUST (Alexan Southside)

    	Signature Page

    	 

    

 

 

	With a copy to:	 	 
	 	 	 
	Bank of America, N.A.	 	 
	300 Convent, 3rd Floor	 	 
	TX7-060-03-03	 	 
	San Antonio, Texas  78205	 	 
	Attention:  Johanna A. Christiansen	 	 

 

	STATE OF TEXAS	§
	 	§
	COUNTY OF DALLAS	§

 

This instrument was
acknowledged before me on April 7, 2015, by Donna C. Kruger, in his/her capacity as Vice President of Maple Multi-Family
Development, L.L.C., a Texas limited liability company, in its capacity as general partner on behalf of HCH 114 Southside, L.P.,
a Delaware limited partnership, in its capacity as managing member on behalf of Blaire House, LLC, a Delaware limited liability
company, in its capacity as a manager on behalf of BR Bellaire Blvd, LLC, a Delaware limited liability company.

 

	 	 
	 	Printed Name:	 
	 	Notary Public, State of 	 
	 	 	 	 

 

DEED OF TRUST (Alexan Southside)

    	Signature Page

    	 

    

 

EXHIBIT
A

 

METES AND BOUNDS DESCRIPTION

4.222 ACRES (183,928 SQUARE FEET)

A.C. REYNOLDS SURVEY, ABSTRACT NUMBER
61

HARRIS COUNTY, TEXAS

 

Being a tract or parcel containing 4.222
acres (183,928 square feet) of land situated in the A.C. Reynolds Survey, Abstract Number 61, Harris County, Texas, being all of
Unrestricted Reserve “A”, Block 1 of Blair House Replat, a subdivision of record at Film Code Number 672125 of the
Map records of Harris County, Texas, and being all of a called 41,179 square foot tract known as Tract 1, all of a called 75,664
square foot tract known as Tract 2 and all of a called 67,002 square foot tract known as tract 3, as conveyed to Prokop Industries
BH LP under Harris County Clerk’s File Number 20070414341, said 4.222 acre tract being more particularly described by metes
and bounds as follows (bearings are based on the recorded plat of said Blair House Replat);

 

BEGINNING at a 5/8-inch iron rod
with cap found in the west right-of-way line of Academy Street (60 feet wide), as recorded in Volume 22, Page 29 of the Map Records
of Harris County, Texas, marking the northeast corner of Block 1 of Ayrshire Addition, a subdivision of record in Volume 22, Page
29 of the Map Records of Harris County, Texas, same being the southeast corner of said Unrestricted Reserve “A”, the
southeast corner of said Tract 1 and the southeast corner of the herein described tract, from which a 5/8-inch iron rod with cap
found marking the intersection of the west right-of-way line of said Academy Street and the north right-of-way line of Gramercy
Street bears South 02°13’18” East, 133.98 feet;

 

THENCE South 87°25’42”
West, along the north line of said Block 1, a distance of 472.00 feet to a 5/8-inch iron rod with cap found marking the southeast
corner of a called 2.793 acre tract, as described in deed to Tropicana, Inc. under Harris County Clerk’s File Number F680795,
the southwest corner of said Tract 2 and the southwest corner of the herein described tract;

 

THENCE North 02°13’18”
West, along the east line of said called 2.793 acre tract, a distance of 430.49 feet to a 5/8-inch iron rod with cap stamped “Terra
Surveying” set in the south right-of-way line of Bellaire Boulevard (120 feet wide), as recorded in Volume 4, Page 55 of
the Map Records of Harris County, Texas, same being the northeast corner of said called 2.793 acre tract, the northwest corner
of said Tract 2 and the northwest corner of the herein described tract;

 

THENCE North 87°36’52”
East, along the south right-of-way line of said Bellaire Boulevard, a distance of 332.00 feet to a 5/8-inch iron rod with cap found
marking the northwest corner of a tract of land conveyed to Big Diamond Number 1, Inc. under Harris County Clerk’s File Number
20100055641, same being the northeast corner of said Tract 3 and the most northerly northeast corner of the herein described tract;

 

THENCE South
02°13’18” East, along the east line of said Tract 3, a distance of 135.00 feet to a 5/8-inch iron rod found marking
the southwest corner of said Big Diamond Number 1, Inc. tract, the northwest corner of said Tract 1 and an interior corner of the
herein described tract;

 

	DEED OF TRUST (Alexan Southside)	Exhibit A

 

    	 

    	 

    

 

THENCE North 87°36’52”
East, along the north line of said Tract 1 and the south line of said Big Diamond Number 1, Inc. tract, a distance of 140.00 feet
to a 5/8-inch iron rod with cap found in the west right-of-way line of said Academy Street, marking the southeast corner of said
Big Diamond Number 1, Inc. tract, the northeast corner of said Tract 1 and the most easterly northeast corner of the herein described
tract;

 

THENCE South 02°13’18”
East, along the west right-of-way line of said Academy Street, a distance of 293.96 feet to the POINT OF BEGINNING and containing
4.222 acres (183,928 square feet) of land. This description is based on an ALTA/ACSM Land Title Survey made by Terra Surveying
Company, Inc., dated September 27, 2014, TSC Project Number 1617-1441-S, last updated April 6, 2015.

 

Compiled by: Michael Sissenwein

Checked by: George Collison, RPLS

Terra Surveying Company, Inc.

3000 Wilcrest Drive, Suite 210

Houston, Texas 77042

1617-1441-4.222ac mb.docx

 

	DEED OF TRUST (Alexan Southside)	Exhibit A

 

    	 

    	 

    

 

EXHIBIT
B

 

PERMITTED ENCUMBRANCES

 

1.          Restrictions
regarding drainage and septic tanks as noted on the plat of Unrestricted Reserve A of Blair House Replat a subdivision of 4.2224
acres filed under Film Code No. 672125 of the Map Records of Harris County, Texas.

 

2.          An
easement ten 10 feet wide along the south property line, and an aerial easement five 5 feet wide from a plane 30 feet above the
ground upward located adjacent thereto, and an aerial easement across the north 5 feet of the south 20 feet, as granted to Houston
Lighting & Power Company by instrument recorded in Volume 5121, Page 162 (B690124) of the Deed Records of Harris County, Texas,
as shown or noted on Survey issued September 27, 2014, last updated April 6, 2015, prepared by George Collison, R.P.L.S. No. 4461,
of Terra Surveying Co., Inc., Project No. 1617-1441.

 

3.          Easements,
rights of way and setback lines as noted on the plat of Unrestricted Reserve A of Blair House Replat a subdivision of 4.2224 acres
filed under Film Code No. 672125 of the Map Records of Harris County, Texas, as shown or noted on Survey issued September 27, 2014,
last updated April 6, 2015, prepared by George Collison, R.P.L.S. No. 4461, of Terra Surveying Co., Inc., Project No. 1617-1441.

 

	DEED OF TRUST (Alexan Southside)	Exhibit B

 

    	 

    	 

    

 

EXHIBIT
C

 

LEASEHOLD DEED OF TRUST ADDENDUM

 

The following terms
and conditions are included as additional provisions to the Deed of Trust to which it is attached:

 

1.          Grantor
will pay or cause to be paid all rent and other charges required under the Ground Lease as and when the same are due and Grantor
will keep, observe and perform, or cause to be kept, observed and performed, all of the other terms, covenants, provisions and
agreements of the Ground Lease on the part of the lessee thereunder to be kept, observed and performed, and will not in any manner,
cancel, terminate or surrender, or permit any cancellation, termination or surrender of the Ground Lease, in whole or in part,
or, without the written consent of Administrative Agent, either orally or in writing, modify, amend or permit any modification
or amendment of any of the terms thereof in any respect that would adversely affect Administrative Agent or any Lender, and any
attempt on the part of Grantor to exercise any such right without such written consent of Administrative Agent shall be null and
void and of no effect.

 

2.          Subject
to any express rights Grantor may have under the Ground Lease or otherwise to contest any payment or the performance of any action
(or to require the performance of any action), Grantor will do, or cause to be done, all things necessary to preserve and keep
unimpaired the rights of Grantor as lessee under the Ground Lease, and to prevent any default by Grantor under the Ground Lease,
or any termination, surrender, cancellation, forfeiture or impairment thereof, and in the event of the failure of Grantor to make
any payment required to be made by Grantor pursuant to the provisions of the Ground Lease or to keep, observe or perform, or cause
to be kept, observed or performed, any of the terms, covenants, provisions or agreements of the Ground Lease, Grantor agrees that
Administrative Agent may (but shall not be obligated to), after notice to Grantor (provided, however, that no such notice shall
be required to be given after the occurrence of a Default hereunder or under any of the other Loan Documents) take any action on
behalf of Grantor, to make or cause to be kept, observed or performed any such terms, covenants, provisions or agreements and to
enter upon the Property and take all such action thereof as may be necessary therefor, to the end that the rights of Grantor in
and to the leasehold estate created by the Ground Lease shall be kept unimpaired and free from default, and all money so expended
by Administrative Agent, with interest thereon at the default rate from the date of each such expenditure, shall be paid by Grantor
to Administrative Agent promptly upon demand by Administrative Agent and shall be added to the Secured Indebtedness and secured
by the Deed of Trust.

 

3.          Grantor
will enforce the obligations of the Lessor under the Ground Lease to the end that Grantor may enjoy all of the rights granted to
it under the Ground Lease, and will promptly after becoming aware notify Administrative Agent in writing of any default by the
Lessor or by Grantor in the performance or observance of any of the terms, covenants and conditions on the part of the Lessor or
Grantor, as the case may be, to be performed or observed under the Ground Lease and Grantor will promptly after becoming aware
advise Administrative Agent in writing of the occurrences of any of the events of default enumerated in the Ground Lease and of
the giving of any notice by the Lessor to Grantor of any default by Grantor in performance or observance of any of the terms, covenants
or conditions of the Ground Lease on the part of the Grantor to be performed or observed and will deliver to Administrative Agent
a true copy of each such notice. If, pursuant to the Ground Lease, the Lessor shall deliver to Administrative Agent a copy of any
notice of default given to Grantor, such notice shall constitute full authority and protection to Administrative Agent for any
action taken or omitted to be taken by Administrative Agent in good faith in reliance thereon to cure such default.

 

	DEED OF TRUST (Alexan Southside)	Exhibit C

 

    	 

    	 

    

 

4.          If
any action or proceeding shall be instituted to evict Grantor or to recover possession of the Property or for any other purpose
affecting the Ground Lease or this Deed of Trust, Grantor will, immediately upon service thereof on or to Grantor, deliver to Administrative
Agent a true copy of each petition, summons, complaint, notice of motion, order to show cause and of all other provisions, pleadings,
and papers, however designated, served in any such action or proceeding.

 

5.          Grantor
hereby represents, covenants and warrants that: (a) the Ground Lease is in full force and effect and unmodified (other than any
modification approved by or not required to be approved by Administrative Agent); (b) all rents, including additional rents and
other charges due under the Ground Lease, have been paid to the extent they were due and payable prior to the date hereof; (c)
Grantor shall warrant and defend the leasehold estate created under the Ground Lease for the entire remainder of the original term
set forth therein and any extensions of the term elected by Grantor, against all and every person or persons lawfully claiming,
or who may claim the same or any part thereof, subject to the payment of the rents reserved in the Ground Lease and to the performance
and observance of all of the terms, covenants and warranties thereof; and (d) to Grantor’s knowledge, there are no existing
defaults in the performance of any of the terms, covenants and conditions or warranties of the Ground Lease on the part of Grantor
therein to be observed or performed.

 

6.          Grantor
covenants and agrees that unless Administrative Agent shall otherwise expressly consent in writing, the fee title to the property
demised by the Ground Lease and the leasehold estate shall not merge but shall always remain separate and distinct, notwithstanding
the union of said estates either in the Lessor, Grantor, or a third party by purchase or otherwise; and in case Grantor acquires
the fee title or any other estate, title or interest in the Property, this Deed of Trust shall attach to and cover and be a lien
upon the fee title or such other estate so acquired, and such fee title or other estate shall, without further assignment, mortgage
or conveyance, become and be subject to the lien of and covered by this Deed of Trust.

 

7.          No
release or forbearance of any of Grantor’s obligations under the Ground Lease, pursuant to the Ground Lease, or otherwise,
shall release Grantor from any of its obligations under this Deed of Trust, other than any requirement under this Deed of Trust
to perform the specific obligations covered by the release or forbearance.

 

8.          Upon
the occurrence of a Default, Grantor shall not make any election or give any consent or approval (other than the exercise of a
renewal right or extension right pursuant to Paragraph 10 below) for which a right to do so is conferred upon Grantor as lessee
under the Ground Lease without Administrative Agent’s prior written consent. In case of any Default under this Deed of Trust,
all such rights, together with the right of termination, cancellation, modification, change, supplement, alteration or amendment
of the Ground Lease, all of which have been assigned for collateral purpose to Administrative Agent on behalf of Lenders, shall
vest in and be exercisable solely by Administrative Agent.

	DEED OF TRUST (Alexan Southside)	Exhibit C

 

    	 

    	 

    

 

9.          Grantor
will give Administrative Agent prompt written notice of the commencement of any arbitration or appraisal proceeding under and pursuant
to the provisions of the Ground Lease. Administrative Agent shall have the right to intervene and participate in any such proceeding
and Grantor shall confer with Administrative Agent to the extent which Administrative Agent deems necessary for the protection
of Administrative Agent or any Lender. Upon the written request of Administrative Agent, if a default under the Ground Lease exists,
Grantor will exercise all rights of arbitration conferred upon it by the Ground Lease. Grantor shall select an arbitrator who is
approved in writing by Administrative Agent, provided, however, that if at the time any such proceeding shall be commenced, Grantor
shall be in default past applicable cure periods in the performance or observance of any covenant, condition or other requirement
of the Ground Lease, or of this Deed of Trust, on the part of Grantor to be performed or observed, Administrative Agent shall have,
and is hereby granted, the sole and exclusive right to designate and appoint on behalf of Grantor the arbitrator or arbitrators,
or appraiser, in such proceeding.

 

10.         If
a Default exists, Grantor may not exercise any option or right to renew or extend the term of the Ground Lease or exercise any
option to acquire the fee simple interest in the Property covered by the Ground Lease without the prior written consent of Administrative
Agent. Grantor shall give Administrative Agent simultaneous written notice of the exercise of any such option or right to renew
or extend (regardless of whether a Default exists), together with a copy of the instrument given to the Lessor under the Ground
Lease exercising such option or right, and, thereafter, shall promptly deliver to Administrative Agent a copy of any acknowledgment
by the Lessor under the Ground Lease with respect to the exercise of such option or right. If such option or right has not been
exercised as aforesaid, and Grantor does not intend to exercise such right, then not more than two hundred seventy (270) and not
less than one hundred twenty (120) days before the right of Grantor to exercise any option or right to renew or extend the term
of the Ground Lease shall expire, Grantor shall give Administrative Agent written notice specifying the date, term and manner for
which such option or renewal is to be exercised. Within fifteen (15) business days of written demand by Administrative Agent, Grantor
shall exercise any such option or renewal which is necessary to extend the term of the Ground Lease beyond the term of this Deed
of Trust or to comply with any law affecting Grantor or Administrative Agent or which is necessary, in Administrative Agent’s
reasonable judgment, to preserve the value of the security intended to be afforded by this Deed of Trust. Grantor shall promptly
provide evidence of such exercise of such option or right to Administrative Agent’s reasonable satisfaction. In the event
that Grantor fails to so exercise any such option or right or in the event of any Default hereunder which is continuing beyond
the applicable cure periods, Grantor hereby agrees and grants to Administrative Agent all right and authority to exercise such
option in the name of Grantor or in its own name. Nothing contained herein shall affect or limit any rights of Administrative Agent
granted under the Ground Lease.

 

11.         The
lien of this Deed of Trust shall attach to all of Grantor’s rights and remedies at any time arising under or pursuant to
Subsection 365(h) of the Bankruptcy Code, 11 U.S.C. § 365(h), including, without limitation, all of Grantor’s rights
to remain in possession of the Property.

 

	DEED OF TRUST (Alexan Southside)	Exhibit C

 

    	 

    	 

    

 

12.         Grantor
shall not, without Administrative Agent’s prior written consent, elect to treat the Ground Lease as terminated under Subsection
365(h)(1) of the Bankruptcy Code, 11 U.S.C. § 365(h)(1). Any such election made without Administrative Agent’s
consent shall be void.

 

13.         Grantor
hereby unconditionally assigns, transfers and sets over to Administrative Agent on behalf of Lenders all of Grantor’s claims
and rights to the payment of damages arising from any rejection of the Ground Lease by Lessor or any other fee owner of the Property
under the Bankruptcy Code. Administrative Agent shall have the right to proceed in its own name or in the name of Grantor in respect
of any claim, suit, action or proceeding relating to the rejection of the Ground Lease, including, without limitation, the right
to file and prosecute, either in its own name or in the name of Grantor, any proofs of claim, complaints, motions, applications,
notices and other documents, in any case in respect to the Lessor or any fee owner under the Bankruptcy Code. This assignment constitutes
a present, irrevocable and unconditional assignment of the foregoing claims, rights and remedies, and shall continue in effect
until all of the obligations secured by this Deed of Trust shall have been satisfied and discharged in full. Any amounts received
by Administrative Agent as damages arising out of the rejection of the Ground Lease as aforesaid shall be applied first to all
costs and expenses of Administrative Agent (including, without limitation, reasonable out-of-pocket attorneys fees) incurred in
connection with the exercise of any of its rights or remedies under this Section and then in accordance with the provisions of
this Deed of Trust. Grantor shall promptly make, execute, acknowledge and deliver, in form and substance satisfactory to Administrative
Agent, a UCC Financing Statement (Form UCC-1) and all such additional instruments, agreements and other documents, as may at any
time hereafter be required by Administrative Agent to effectuate and carry out the assignment made pursuant to this Section.

 

14.         If
pursuant to Subsection 365(h)(2) of the Bankruptcy Code, 11 U.S.C. § 365(h)(2), Grantor shall seek to offset against
the rent reserved in the Ground Lease the amount of any damages caused by the nonperformance by the Lessor or any fee owner of
any of their obligations under the Ground Lease after the rejection by the Lessor or any fee owner of the Ground Lease under the
Bankruptcy Code, Grantor shall, prior to effecting such offset, notify Administrative Agent of its intent to do so, setting forth
the amounts proposed to be so offset and the basis therefor. Administrative Agent shall have the right to object to all or any
part of such offset that, in the reasonable judgment of Administrative Agent, would constitute a breach of the Ground Lease, and
in the event of such objection, Grantor shall not effect any offset of the amounts so objected to by Administrative Agent. Neither
Administrative Agent’s failure to object as aforesaid nor any objection relating to such offset shall constitute an approval
of any such offset by Administrative Agent.

 

	DEED OF TRUST (Alexan Southside)	Exhibit C

 

    	 

    	 

    

 

15.         If
any action, proceeding, motion or notice shall be commenced or filed in respect of the Lessor or any fee owner, the Property or
the Ground Lease in connection with any case under the Bankruptcy Code, Administrative Agent shall have the option, exercisable
upon notice from Administrative Agent to Grantor, to conduct and control any such litigation with counsel of Administrative Agent’s
choice. Administrative Agent may proceed in its own name or in the name of Grantor in connection with any such litigation, and
Grantor agrees to execute any and all powers, authorizations, consents or other documents reasonably required by Administrative
Agent in connection therewith. Grantor shall, upon demand, pay to Administrative Agent all costs and expenses (including reasonable
out-of-pocket attorneys’ fees) paid or incurred by Administrative Agent in connection with the prosecution or conduct of
any such proceedings. Any such costs or expenses not paid by Grantor as aforesaid shall be secured by the lien of this Deed of
Trust and shall be added to the principal amount of the indebtedness secured hereby. Grantor shall not commence any action, suit,
proceeding or case, or file any application or make any motion (unless such motion is for the purpose of protecting the Ground
Lease and its value as security for the obligations secured by this Deed of Trust), in respect of the Ground Lease in any such
case under the Bankruptcy Code without the prior written consent of Administrative Agent, which consent shall not be unreasonably
withheld, conditioned or delayed.

 

16.         Grantor
shall, after obtaining knowledge thereof, promptly notify Administrative Agent of any filing by or against the Lessor or other
fee owner of a petition under the Bankruptcy Code. Grantor shall promptly deliver to Administrative Agent, following receipt, copies
of any and all notices, summonses, pleadings, applications and other documents received by Grantor in connection with any such
petition and any proceedings relating thereto.

 

17.         If
there shall be filed by or against Grantor a petition under the Bankruptcy Code and Grantor, as lessee under the Ground Lease,
shall determine to reject the Ground Lease pursuant to Section 365(a) of the Bankruptcy Code, Grantor shall give Administrative
Agent not less than thirty (30) days’ prior notice of the date on which Grantor shall apply to the Bankruptcy Court for authority
to reject the Ground Lease. Administrative Agent shall have the right, but not the obligation, to serve upon Grantor within such
thirty (30) day period a notice stating that Administrative Agent demands that Grantor assume and assign the Ground Lease to Administrative
Agent pursuant to Section 365 of the Bankruptcy Code. If Administrative Agent shall serve upon Grantor the notice described in
the preceding sentence, Grantor shall not seek to reject the Ground Lease and shall comply with the demand provided for in the
preceding sentence.

 

Notwithstanding anything to the contrary
contained herein, this Deed of Trust shall not constitute an assignment of the Ground Lease and Administrative Agent shall have
no liability or obligation thereunder by reason of its acceptance of this Deed of Trust.

 

	DEED OF TRUST (Alexan Southside)	Exhibit CExhibit 10.31

 

Construction Loan Agreement

 

among

 

BR Bellaire Blvd, LLC,

a Delaware limited liability company

 

and

 

Bank of America, NA., a national banking association

as Administrative Agent and Lender

 

and

 

The Other Financial Institutions

Party Hereto

 

Dated as of April 7, 2015

 

Merrill Lynch, Pierce, Fenner & Smith Incorporated

as

Sole Lead Arranger and Sole Book Manager

 

    	 

    	 

    

 

TABLE OF
CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1 - LOAN	1
	1.1	General Information and Exhibits	1
	1.2	Purpose	1
	1.3	Commitment to Lend	2
	1.4	Budget	2
	1.5	Borrower’s Deposit	3
	1.6	Evidence of Debt	3
	1.7	Interest Rates	3
	1.8	Prepayment	7
	1.9	Compensation for Losses	7
	1.10	Late Charge	8
	1.11	Taxes	8
	1.12	Payment Schedule, Maturity Date and Extension Option	9
	1.13	Advances and Payment	11
	1.14	Administrative Agent Advances	14
	1.15	Defaulting Lender	15
	1.16	Several Obligations; No Liability, No Release	17
	1.17	Replacement of Lenders	17
	1.18	Borrower’s Rights	18
	1.19	No Plan Assets	18
	 	 
	ARTICLE 2 - ADDITIONAL COVENANTS AND AGREEMENTS	18
	2.1	Construction of the Improvements	18
	2.2	Plans and Changes	18
	2.3	Contracts	19
	2.4	Assignment of Contracts and Plans	19
	2.5	Storage of Materials	20
	2.6	Construction Inspector	20
	2.7	Inspection	20
	2.8	Notice to Lenders	21
	2.9	Financial Statements	21
	2.10	Other Information	21
	2.11	Reports and Testing	22
	2.12	Advertising by Lenders	22
	2.13	Appraisal	22
	2.14	Payment of Withholding Taxes	22
	2.15	ERISA and Prohibited Transaction Taxes	22
	2.16	Environmental Matters	23
	2.17	Electronic Delivery	25
	2.18	Management Agreement	26
	2.19	Debt Service Coverage Ratio	26
	 	 	 
	ARTICLE 3 - REPRESENTATIONS AND WARRANTIES	27

 

    	i

    	 

    

 

	ARTICLE 4 - DEFAULT AND REMEDIES	29
	4.1	Events of Default	29
	4.2	Remedies	32
	 	 	 
	ARTICLE 5 - ADMINISTRATIVE AGENT	34
	5.1	Appointment and Authorization of Administrative Agent	34
	5.2	Delegation of Duties	35
	5.3	Liability of Administrative Agent	36
	5.4	Reliance by Administrative Agent	36
	5.5	Notice of Default	36
	5.6	Credit Decision; Disclosure of Information by Administrative Agent	37
	5.7	Indemnification of Administrative Agent	38
	5.8	Administrative Agent in Individual Capacity	38
	5.9	Successor Administrative Agent	39
	5.10	Releases; Acquisition and Transfers of Collateral	39
	5.11	Application of Payments	41
	5.12	Benefit	41
	5.13	Lead Arranger; Book Manager	42
	 	 	 
	ARTICLE 6 - GENERAL TERMS AND CONDITIONS	42
	6.1	Consents; Borrower’s Indemnity	42
	6.2	Miscellaneous	43
	6.3	Notices	43
	6.4	Payments Set Aside	44
	6.5	Successors and Assigns	45
	6.6	Confidentiality	48
	6.7	Set-off	49
	6.8	Sharing of Payments	49
	6.9	Amendments; Survival	50
	6.10	Costs and Expenses	52
	6.11	Tax Forms	53
	6.12	Further Assurances	55
	6.13	Inducement to Lenders	55
	6.14	Forum	56
	6.15	Interpretation	56
	6.16	No Partnership, etc	56
	6.17	Records	56
	6.18	Commercial Purpose	56
	6.19	US Patriot Act Notice	57
	6.20	Service of Process	57
	6.21	Entire Agreement	57
	6.22	Dispute Resolution	57
	6.23	WAIVER OF JURY TRIAL	60

 

    	ii

    	 

    

 

	EXHIBITS:	 	 
	 	 	 
	EXHIBIT “A”	-	Legal Description of Land
	EXHIBIT “B”	-	Definitions and Financial Statements
	EXHIBIT “C”	-	Conditions Precedent to the Initial Advance at Closing
	EXHIBIT “C-1”	-	Conditions Precedent to First Advance Following Initial Advance
	EXHIBIT “D”	-	Budget
	EXHIBIT “E”	-	Schedule of Plans and Specifications
	EXHIBIT “F”	-	Advances
	EXHIBIT “F-1”	-	Draw Request
	EXHIBIT “G”	-	Survey Requirements
	EXHIBIT “H”	-	Intentionally Omitted
	EXHIBIT “I”	-	Leasing and Tenant Matters
	EXHIBIT “J”	-	Lease Form
	EXHIBIT “K”	-	Intentionally Omitted
	EXHIBIT “L”	-	Assignment and Assumption
	EXHIBIT “M”	-	Deed of Trust Note
	EXHIBIT “N”	-	Intentionally Omitted
	EXHIBIT “O”	-	Compliance Certificate
	EXHIBIT “P”	-	Schedule of Lenders

 

    	iii

    	 

    

 

CONSTRUCTION
LOAN AGREEMENT

 

THIS CONSTRUCTION LOAN
AGREEMENT (“Agreement”) is made by and among each lender from time to time a party hereto (individually,
a “Lender” and collectively, the “Lenders”), and BANK OF AMERICA, N.A., a national
banking association, as Administrative Agent and Lender, and BR BELLAIRE BLVD, LLC, a Delaware limited liability company
(“Borrower”), who agree as follows:

 

ARTICLE
1 - LOAN

 

1.1          General
Information and Exhibits. This Agreement includes the Exhibits listed below which are marked by an “X”, all of
which Exhibits are attached hereto and made a part hereof for all purposes. Borrower and Lenders agree that if any Exhibit to be
attached to this Agreement contains blanks, the same shall be completed correctly and in accordance with this Agreement prior to
or at the time of the execution and delivery thereof.

 

	X	Exhibit “A”	–	Legal Description of the Land
	X	Exhibit “B”	–	Definitions and Financial Statements
	X	Exhibit “C”	–	Conditions Precedent to the Initial Advance at Closing
	X	Exhibit “C-1”	-	Conditions Precedent to First Advance Following Initial Advance
	X	Exhibit “D”	–	Budget
	X	Exhibit “E”	–	Schedule of Plans and Specifications
	X	Exhibit “F”	–	Advances
	X	Exhibit “F-1”	–	Draw Request
	X	Exhibit “G”	–	Survey Requirements
	X	Exhibit “H”	–	Intentionally Omitted
	X	Exhibit “I”	–	Leasing and Tenant Matters
	X	Exhibit “J”	–	Lease Form
	X	Exhibit “K”	–	Intentionally Omitted
	X	Exhibit “L”	–	Assignment and Assumption
	X	Exhibit “M”	-	Deed of Trust Note
	X	Exhibit “N”	-	Intentionally Omitted
	X	Exhibit “O”	-	Compliance Certificate
	X	Exhibit “P”	–	Schedule of Lenders

 

The Exhibits contain other terms, provisions
and conditions applicable to the Loan. Capitalized terms used in this Agreement shall have the meanings assigned to them in Exhibit “B”.
This Agreement and the other Loan Documents, which must be in form, detail and substance satisfactory to Lenders, evidence the
agreements of Borrower and Lenders with respect to the Loan. Borrower shall comply with all of the Loan Documents,

 

1.2          Purpose.
The proceeds of the Loan shall be used by Borrower to pay (i) the cost of acquiring a ground leasehold estate in the Land and the
construction of the Improvements on the Land and (ii) other fees, costs and expenses relating to the Property if and to the extent
that such costs are specifically provided for in the Budget.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 1

    	 

    

 

1.3          Commitment
to Lend. Each Lender severally agrees to make advances of its Pro Rata Share of the Loan proceeds to Borrower in amounts at
any one time outstanding not to exceed such Lender’s Pro Rata Share of the Loan and (except for Administrative Agent with
respect to Administrative Agent Advances) on the terms and subject to the conditions set forth in this Agreement and Exhibit “C”,
Exhibit “C-1” and Exhibit “F” attached to this Agreement. Each Lender’s commitment
to lend shall expire and terminate automatically (a) if the Loan is prepaid in full, and (b) on the Maturity Date. The Loan is
not revolving. Any amount repaid may not be reborrowed.

 

1.4          Budget.
The Budget is attached to this Agreement as Exhibit “D”. The amounts listed in the Budget (a) in the column
headed “Total” are the maximum costs anticipated by Borrower for each item specified, and (b) as the “Total
Project Cost” is the maximum cost anticipated by Borrower for the Project. Proceeds of the Loan shall be advanced subject
to the terms, covenants, conditions and provisions of this Agreement. Prior to the first advance of the Loan (the nominal “priming”
advance made following the execution of this Agreement is not deemed to be the first advance), Borrower will cause all of Borrower’s
Equity to pay costs of the Project. Borrower shall not amend the Budget, or otherwise reallocate Loan funds from one Budget line
item to another, except (i) to reallocate Budget line item savings (as established by Borrower to the reasonable satisfaction of
Administrative Agent) from “soft” cost items to other “soft” cost items, “soft” cost items
to “hard” cost items, completed “hard” cost items to other “hard” cost items and, following
the completion of punchlist items and the release of all retainage, from “hard” cost items to “soft” cost
items, or (ii) with the prior written approval of Administrative Agent, which approval will not be withheld, delayed or conditioned
unreasonably; provided, however, the Required Lenders must also consent to any amendment or reallocation under subsections (i)
or (ii) above that would (1) reduce any hard cost line item below the Construction Inspector’s reasonable estimate of the
cost for such line item, (2) be a reallocation of funds from the “Interest Reserve” line item of the Budget, or (3)
be a reallocation of funds to the “Developer Overhead” line item of the Budget. The Budget has been prepared by Borrower,
and Borrower represents to Administrative Agent and Lenders that the Budget includes all anticipated costs incident to the Loan
and the Project through the Maturity Date of the Loan (collectively, the “Aggregate Cost”) after taking into
account the requirements of this Agreement, including “hard” and “soft” costs, fees and expenses and offset
for amounts reasonably expected to be collected from operation of the Property during such period. Unless approved by Administrative
Agent in its sole discretion, no advance shall be made (a) for any cost not set forth in the Budget, (b) from any line item
in the Budget that, when added to all prior advances from that line item, would exceed the lesser of (i) the actual cost incurred
by Borrower for such line item, or (ii) after giving effect to reallocations permitted or approved hereunder, the sum shown
in the Budget for such line item (after taking into account any adjustment permitted by this Agreement), (c) from any contingency
line item, in a percentage amount in excess of, as applicable, (i) fifty percent (50%) until the Improvements are fifty percent
(50%) complete, (ii) seventy-five percent (75%) until the Improvements are seventy-five percent (75%) complete, (iii) ninety percent
(90%) until the Improvements are ninety percent (90%) complete, and (iv) subject to paragraph 2(a) of Exhibit “F” attached
hereto, on a percentage completion basis until the Improvements are fully complete, or (d) to pay interest on the Loan after commencement
of operations in the Improvements if and to the extent that, subject to the provisions of Exhibit “I”,
there is sufficient net operating income from the Property to pay such interest. Subject to Borrower’s right to adjust the
Budget, (including the use of contingency funds as expressly provided above) and Required Lender’s right to consent to amendments
and reallocations (all as provided in this Section 1.4), advances from any line item in the Budget for purposes other
than those for which amounts are initially allocated to such line item, or changes in the relative amounts allocated to particular
line items in the Budget, may only be made by Borrower with approval of Administrative Agent as Administrative Agent in its sole
discretion deems necessary or advisable.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 2

    	 

    

 

1.5          Borrower’s
Deposit. If at any time following the completion of Borrower’s contribution of Borrower’s Equity to pay the initial
costs of the Project, Administrative Agent reasonably determines that the sum of: (a) any unadvanced portion of the Loan, plus
(b) the portions of the Aggregate Cost that are to be paid by Borrower from other funds that, to Administrative Agent’s
reasonable satisfaction, are available, set aside and committed, plus (c) amounts reasonably expected to be realized from
operation of the Property is or will be insufficient to pay the actual unpaid Aggregate Cost, Borrower shall, within seven (7)
days after written notice from Administrative Agent, deposit with Administrative Agent the amount of the deficiency (“Borrower’s
Deposit”) in an interest-bearing account of Administrative Agent’s selection with interest earned thereon to be
part of Borrower’s Deposit. Such Borrower’s Deposit is hereby pledged to Administrative Agent for the ratable benefit
of Administrative Agent and Lenders as additional security for the Loan, and Borrower hereby grants and conveys to Administrative
Agent for the ratable benefit of Administrative Agent and Lenders a security interest in all such funds so deposited with Administrative
Agent, as additional security for the Loan. Administrative Agent may advance all or a portion of the Borrower’s Deposit prior
to the Loan proceeds. Administrative Agent may (but shall have no obligation to) apply all or any part of Borrower’s Deposit
against the unpaid Indebtedness in such order as Administrative Agent determines at any time a Default exists. With the final advance
for Improvements made pursuant to Paragraph 5 of Exhibit F of this Agreement, Administrative Agent will (i) release
to Borrower any unexpended Borrower’s Deposit then held by Administrative Agent and (ii) if requested by Borrower, make an
advance on the Loan equal to the lesser of the undisbursed amount of the Loan (excluding any amount of the interest reserve line
item) or the aggregate amount disbursed from Borrower’s Deposit.

 

1.6          Evidence
of Debt. Amounts of the Loan made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender
and by Administrative Agent in the ordinary course of business. The accounts or records maintained by Administrative Agent and
each Lender shall be conclusive absent manifest error of the amount of the Loan made by the Lenders to Borrower and the interest
and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation
of Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts
and records maintained by any Lender and the accounts and records of Administrative Agent in respect of such matters, the accounts
and records of Administrative Agent shall control in the absence of manifest error. Each Lender may attach schedules to its Note(s)
and endorse thereon the date, amount and maturity of the applicable Note and payments with respect thereto.

 

1.7          Interest
Rates.

 

(a)          The
Principal Debt from day to day outstanding which is not past due shall bear interest at a rate per annum equal to the lesser of
(i) the maximum non-usurious rate of interest allowed by applicable law or (ii) the following (computed as provided in Section
1.7(d) hereof) as applicable.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 3

    	 

    

 

(i)          On
Base Rate Principal, on any day, the Base Rate; and

 

(ii)         On
LIBOR Rate Principal, for the applicable Interest Period, the applicable LIBOR Rate; and

 

(iii)        Provided
that, if Administrative Agent has agreed, in its sole discretion, that such rate shall be applicable for such day, on LIBOR Daily
Floating Rate Principal, on any date, the LIBOR Daily Rate.

 

(b)          Interest
Rate Elections.

 

(i)          Subject
to the conditions and limitations in this Agreement, Borrower may by providing a Rollover/Conversion Notice to Administrative Agent:

 

(A)         Elect,
for a new advance of funds, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, the LIBOR Daily Floating
Rate Principal or a combination thereof;

 

(B)         Elect
to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Floating Rate
Principal;

 

(C)         Elect
to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal
or LIBOR Daily Floating Rate Principal;

 

(D)         Elect
to convert, on any date, all or a part of any LIBOR Daily Floating Rate Principal into Base Rate Principal or LIBOR Rate Principal;
or

 

(E)         Elect
to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal.

 

If, for any reason, an
effective election is not made in accordance with the terms and conditions hereof for any principal advance or for any LIBOR Rate
Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or
LIBOR Daily Floating Rate Principal, then the sums in question will be LIBOR Daily Floating Rate Principal until an effective LIBOR
Rate Election is thereafter made for such sums. Any one of M. Scot Davis, Donna C. Kruger, Sean D. Rae, and Jordan Ruddy may execute
a Rollover/Conversion Notice on behalf of Borrower. The authority of each of them to give Rollover/Conversion Notices shall continue
until Administrative Agent receives written notice of the revocation or cancellation of such authority and has a reasonable opportunity
to act thereon.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 4

    	 

    

 

(ii)         Each
Rollover/Conversion Notice must be received by Administrative Agent not later than 10:00 a.m., Administrative Agent’s Time
on the applicable date as follows:

 

(A)         With
respect to an advance of or conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance or conversion;
and

 

(B)         With
respect to an advance of, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed
date of advance, conversion or continuation.

 

Unless otherwise specified
herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rollover/Conversion
Notice shall stipulate: (A) the amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of
the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily
Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be
converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest
Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by
Administrative Agent in writing in the form of the Rollover/Conversion Notice specified by this Agreement.

 

(iii)        Administrative
Agent shall promptly notify Borrower and Lenders of the interest rate applicable to each portion of the Principal Debt other than
a Base Rate Principal upon determination of same.

 

(c)          General
Conditions Precedent to LIBOR Rate Election. In addition to any other conditions herein, a LIBOR Rate Election shall not be
permitted if:

 

(i)          A
Default has occurred and has not been waived by Administrative Agent or a Potential Default has occurred and is continuing; or

 

(ii)         After
giving effect to the requested LIBOR Rate Election, the sum of all LIBOR Rate Principal plus all LIBOR Daily Floating Rate Principal
plus all Base Rate Principal would exceed the combined Aggregate Commitment; or

 

(iii)        The
requested LIBOR Rate Election would cause more than four (4) LIBOR Rate Elections by Borrower to be in effect at any one time;
or

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 5

    	 

    

 

(iv)        The
amount of LIBOR Rate Principal requested in the LIBOR Rate Election is less than $500,000.00; or

 

(v)         The
requested interest period does not conform to the definition of Interest Period herein; or

 

(vi)        Any
of the circumstances referred to in Section 1.7(e) hereof shall apply with respect to the requested LIBOR Rate Election
or the Required Lenders determine there is not adequate and reasonable means for determining LIBOR, the requested LIBOR Daily Floating
Rate Principal or the requested LIBOR Rate Principal.

 

(d)          Computations
and Determinations. All interest shall be computed on the basis of a year of 360 days and paid for the actual number of days,
elapsed (including the first day but excluding the last day). Administrative Agent shall determine each interest rate applicable
to the Principal Debt in accordance with this Agreement and its determination thereof shall be conclusive in the absence of manifest
error. The books and records of Administrative Agent shall be prima facie evidence
of all sums owing to Lenders from time to time under this Loan, but the failure to record any such information shall not limit
or affect the obligations of Borrower under the Loan Documents.

 

(e)          Increased
Cost and Reduced Return. If at any time after the date hereof, any Lender (which shall include, for purposes of this Section,
any corporation controlling any Lender) determines that any Change in Law regarding Taxes (other than Taxes imposed on all or any
portion of the overall net income or receipts of Lender), such Lender’s required levels of reserves, deposits, insurance
or capital (including any allocation of capital requirements or conditions), or similar requirements, or any interpretation or
administration thereof by any Tribunal or compliance by such Lender with any of such requirements, has or would have the effect
of (a) increasing such Lender’s costs relating to the Indebtedness, or (b) reducing the yield or rate of return of such Lender
on the Indebtedness to a level below that which such Lender could have achieved but for such Change in Law, Borrower shall, within
fifteen (15) days of any request by such Lender, pay to Lender such additional amounts as (in such Lender’s sole judgment,
after good faith and reasonable computation) will compensate such Lender for such increase in costs or reduction in yield or rate
of return of such Lender. No failure by such Lender to immediately demand payment of any additional amounts payable hereunder shall
constitute a waiver of such Lender’s right to demand payment of such amounts at any subsequent time. Nothing herein contained
shall be construed or so operate as to require Borrower to pay any interest, fees, costs or charges greater than is permitted by
applicable Law. A Lender’s method of determining any amount payable under this subsection (e) shall be substantially similar
to the method used by other federally regulated financial institutions similarly situated to Administrative Agent.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 6

    	 

    

 

(f)          Past
Due Rate. So long as any Default shall have occurred and not been waived by Administrative Agent, Administrative Agent, in
the Administrative Agent’s sole discretion and without notice or demand, may raise the rate of interest accruing on the outstanding
principal balance of a Note by the lesser of (i) the maximum non-usurious rate of interest allowed by applicable law or (ii) three
hundred (300) basis points above the rate of interest otherwise applicable (the “Past Due Rate”), independent
of whether the Administrative Agent elects to accelerate the outstanding principal balance of such Note.

 

1.8          Prepayment.
Borrower may prepay the principal balance of this Loan, in full at any time or in part from time to time, provided that: (i) Administrative
Agent shall have actually received from Borrower prior written notice of Borrower’s intent to prepay, the amount of principal
which will be prepaid (the “Prepaid Principal”), and the date on which the prepayment will be made; (ii) each
prepayment shall be in the amount of $1,000.00 or more (unless the prepayment retires the outstanding balance of this Loan in full);
(iii) each prepayment shall be in the amount of 100% of the Prepaid Principal, plus accrued unpaid interest thereon to the date
of prepayment, plus any other sums which have become due to Administrative Agent and Lenders under the Loan Documents on or before
the date of prepayment but have not been paid; and (iv) no portion of LIBOR Rate Principal may be prepaid except on the last day
of the Interest Period applicable thereto, unless Borrower pays any Consequential Loss as a result thereof. If this Loan is prepaid
in full, any commitment of Lenders for further advances shall automatically terminate.

 

1.9          Compensation
for Losses. Within fifteen (15) days of demand by any Lender (with a copy to Administrative Agent), Borrower shall compensate
such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

 

(a)          any
continuation, conversion, payment or prepayment of any LIBOR Rate Principal on a day other than the last day of the Interest Period
for such LIBOR Rate Principal (whether by voluntary act of Borrower or by reason of acceleration, including, but not limited to,
acceleration upon any transfer or conveyance of any right, title or interest in the Property giving Administrative Agent on behalf
of Lenders the right to accelerate the maturity of the Loan), other than as may arise out of any action of Lender unrelated to
its exercise of its remedies against Borrower; or

 

(b)          any
failure by Borrower (for a reason other than the failure of such Lender to make a LIBOR Rate Advance) to borrow, continue or convert
any LIBOR Rate Principal on the date or in the amount notified by Borrower in any LIBOR Rate Election or otherwise;

 

including any loss or expense
arising from the liquidation or reemployment of funds obtained by it to maintain such LIBOR Rate Advance or from fees payable to
terminate the deposits from which such funds were obtained but excluding any loss attributable to the LIBOR Margin (collectively,
“Consequential Loss”).

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 7

    	 

    

 

For purposes of calculating
the Consequential Loss payable by Borrower to Lenders under this Section, each Lender shall be deemed to have funded each LIBOR
Rate Advance made by it at the London Interbank Offered Rate for such advance by a matching deposit or other borrowing in the London
interbank eurodollar market for comparable amount and for a comparable period, whether or not such LIBOR Rate Advance was in fact
so funded. The foregoing notwithstanding, the amounts of the Consequential Loss shall never be less than zero or greater than is
permitted by applicable Law. The obligations of Borrower under this Section shall survive any termination of the Loan Documents
and payment of the Loan and shall not be waived by any delay by Administrative Agent or Lenders in seeking such compensation, provided
that Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section 1.9 for
any Consequential Loss incurred more than six months prior to the date that such Lender notifies Borrower in writing of such Consequential
Loss.

 

1.10         Late
Charge. If Borrower shall fail to make any payment of principal or interest on the Loan (other than the principal balance due
on the Maturity Date or upon acceleration) due hereunder or under the terms of any Note within fifteen (15) days after the date
such payment is due, Borrower shall pay to the applicable Lender or Lenders on demand a late charge equal to two percent (2.00%)
of such payment. Such fifteen (15) day period shall not be construed as in any way extending the due date of any payment. The “late
charge” is imposed for the purpose of defraying the expenses of a Lender incident to handling such defaulting payment. This
charge shall be in addition to, and not in lieu of, any other remedy Lenders may have and is in addition to any fees and charges
of any agents or attorneys which Administrative Agent or Lenders may employ upon the occurrence of a Default, whether authorized
herein or by Law.

 

1.11         Taxes.

 

(a)          Subject
to Section 6.11, any and all payments by Borrower to or for the account of Administrative Agent or any Lender under
any Loan Document shall be made free and clear of and without deduction for any and all present or future taxes, duties, levies,
imposts, deductions, assessments, fees, withholdings or similar charges, and all liabilities with respect thereto levied by any
jurisdiction within the United States of America, excluding, in the case of Administrative Agent and any Lender, (i) taxes
imposed on or measured by its net income, and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction
(or any political subdivision thereof) under the Laws of which Administrative Agent or such Lender, as the case may be, is organized
or maintains a lending office, and (ii) any U.S. federal withholding Taxes. Subject to Section 6.11, if Borrower shall
be required by any Laws to deduct any Taxes from or in respect of any sum payable under any Loan Document to Administrative Agent
or any Lender, (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section), Administrative Agent and such Lender receives an amount equal to the
sum it would have received had no such deductions been made, (ii) Borrower shall make such deductions, (iii) Borrower shall pay
the full amount deducted to the relevant taxation authority or other authority in accordance with applicable Laws, and (iv) within
thirty (30) days after the date of such payment, Borrower shall furnish to Administrative Agent (which shall forward the same to
such Lender) the original or a certified copy of a receipt evidencing payment thereof.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 8

    	 

    

 

(b)          In
addition, Borrower agrees to pay any and all present or future stamp, court or documentary taxes and any other excise or property
taxes or charges or similar levies which arise from any payment made under any Loan Document or from the execution, delivery, performance,
enforcement or registration of, or otherwise with respect to, any Loan Document (hereinafter referred to as “Other Taxes”).

 

(c)          If
Borrower shall be required by the Laws of any jurisdiction outside the United States to deduct any Taxes or Other Taxes from or
in respect of any sum payable under any Loan Document to Administrative Agent or any Lender, Borrower shall also pay to Administrative
Agent (for the account of such Lender) or to such Lender, at the time interest is paid, such additional amount that such Lender
specifies is necessary to preserve the after tax yield (after factoring in United States (federal and state) taxes imposed on or
measured by net income) Lender would have received if such deductions (including deductions applicable to additional sums payable
under this Section) had not been made.

 

(d)          Subject
to Section 6.11, Borrower agrees to indemnify Administrative Agent and each Lender for the full amount of Taxes and
Other Taxes (including any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section)
paid by Administrative Agent and such Lender and any liability (including penalties, interest and expenses) arising therefrom or
with respect thereto, in each case whether or not such Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant Tribunal. Payment under this subsection (d) shall be made within thirty (30) days after the date the applicable Lender
or Administrative Agent makes a demand therefor. A certificate as to the amount of such payment or liability delivered to Borrower
by a Lender shall be conclusive absent manifest error. Borrower shall be entitled to any return in respect of Taxes or Other Taxes
that are not correctly or legally imposed or asserted by the relevant Tribunal.

 

(e)          Without
prejudice to the survival of any other agreement of Borrower hereunder, the agreements and obligations of Borrower contained in
this Section shall survive the termination of the Commitments and the payment in full of all the other Obligations.

 

1.12        Payment
Schedule, Maturity Date and Extension Option.

 

(a)          Subject
to the provisions of Section 1.12(c) below regarding Borrower’s option to extend the term of the Loan, the entire
principal balance of the Loan then unpaid and all accrued interest then unpaid shall be due and payable in full on the Maturity
Date. Accrued unpaid interest shall be due and payable on the 15th day of the second calendar month after the date of
this Agreement and on the same day of each succeeding calendar month thereafter until all principal and accrued interest owing
on this Loan shall have been fully paid and satisfied.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 9

    	 

    

 

(b)          Beginning
on the fifteenth (15th) day of the first full calendar month of the Extension Period, if the Initial Maturity Date of
the Loan is extended pursuant to paragraph (c) below (herein, the “Principal Amortization Commencement Date”),
and continuing on the 15th day of every calendar month thereafter until the Maturity Date, principal of the Loan shall
be due and payable in equal monthly installments, each in an amount equal to the average of principal payments which would be required
for an initial 12 months of an amortization period if the Deemed Principal Balance of the Loan (as of the Principal Amortization
Commencement Date) were amortized over an assumed thirty (30) year period at an interest rate per annum equal to six percent (6.00%).

 

(c)          Borrower
shall have the option to extend the Initial Maturity Date for one (1) period of twelve (12) months (the “Extension Period”).
The exercise of the extension option shall be effective only if all of the following conditions have been satisfied on the Initial
Maturity Date:

 

(i)          The
construction, equipping and finishing of all of the Improvements shall have been completed, in accordance with the Loan Documents
and subject to no lien or claim of lien except the Permitted Encumbrances, liens securing the Loan and any other lien which Borrower
is contesting in compliance with the provisions of the Deed of Trust.

 

(ii)         All
conditions to the final Advance of the Loan for Improvements, as set forth in Paragraph 5 of Exhibit “F”
of this Agreement, shall have been satisfied.

 

(iii)        There
shall exist no Default or Potential Default under the Loan Documents that has not been waived by Administrative Agent.

 

(iv)        Evidence
satisfactory to Administrative Agent that the Debt Service Coverage Ratio is equal to or greater than 1.20 to 1.00 as of the Initial
Maturity Date. Borrower may prepay a portion of the principal of the Loan as necessary to satisfy the conditions for extension
of the Loan without any fee or penalty.

 

(v)         The
Property shall have a Loan-to-Value Ratio of less than or equal to sixty-five percent (65%). “Loan-to-Value Ratio”
means the Deemed Principal Balance divided by the appraised “As-Is” value of the Property. The appraised “As-Is”
value of the Property shall be based upon an appraisal prepared by a third-party appraiser acceptable to, and engaged directly
by, Administrative Agent. The appraisal shall be satisfactory to Administrative Agent in all respects, as reviewed, adjusted and
approved by Administrative Agent. In the event this Loan-to-Value Ratio is not met, Borrower may satisfy this Loan-to-Value Ratio
prior to the extension date (1) by making a voluntary paydown of the Loan, subject to the satisfaction of any conditions to prepayment,
and/or (2) by providing a written waiver of its right to receive any unadvanced portion of the Committed Sum.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 10

    	 

    

 

(vi)        If
required by Administrative Agent, Borrower and Guarantors shall execute documents in form and substance satisfactory to Administrative
Agent to (1) evidence the extension, (2) to reaffirm the obligations of Borrower and Guarantors under the Loan Documents and the
Guaranties, (3) waive and release any defenses, counterclaims or offsets that Borrower or Guarantors may have with respect to their
obligations under the respective Loan Documents, and (4) identify the monthly payments of principal to be made by Borrower during
the Extension Period in accordance with Section 1.12(b) above (the foregoing documents are hereinafter collectively
referred to as the “Modification Documents”).

 

(vii)       Guarantors
shall be in compliance with the financial and other covenants applicable to Guarantors in the Guaranties, including specifically,
the provisions of Section 29 of each of the Guaranties.

 

(viii)      Borrower
shall have caused Title Insurer to issue an endorsement to the Title Insurance reflecting that the coverage afforded by the Title
Insurance has not been reduced or terminated by virtue of the execution and delivery of the Modification Documents.

 

(ix)         Borrower
shall have paid to Administrative Agent for the ratable benefit of Lenders an extension fee for the Extension Period equal to 0.25%
of the Deemed Principal Balance (calculated as of the first day of the Extension Period).

 

(x)          Borrower
shall have delivered to Administrative Agent written notice of its exercise of the extension option at least forty-five (45), but
no more than one hundred twenty (120), days prior to the Original Maturity Date or the First Extended Maturity Date, as applicable.

 

1.13        Advances
and Payment.

 

(a)          Following
receipt of a Draw Request, Administrative Agent shall promptly provide each Lender with a copy of the Draw Request Form in the
form of Exhibit “F-1”, the related AIA Document G-702 and G-703, the related written confirmation by Borrower’s
Architect and the related written certification of the Construction Inspector. Administrative Agent shall notify each Lender telephonically
(with confirmation by electronic mail) or by electronic mail (with confirmation by telephone) not later than 1:00 p.m. Administrative
Agent’s Time two (2) Business Days prior to the advance Funding Date for LIBOR Rate Principal advances, and one (1) Business
Day prior to the advance Funding Date for all other advances, of its Pro Rata Share of the amount Administrative Agent has determined
shall be advanced in connection therewith (“Advance Amount”). In the case of an advance of the Loan, each Lender
shall make the funds for its Pro Rata Share of the Advance Amount available to Administrative Agent not later than 11:00 a.m. Administrative
Agent’s Time on the Funding Date thereof. After Administrative Agent’s receipt of the Advance Amount from Lenders,
Administrative Agent shall make proceeds of the Loan in an amount equal to the Advance Amount (or, if less, such portion of the
Advance Amount that shall have been paid to Administrative Agent by Lenders in accordance with the terms hereof) available to Borrower
on the applicable Funding Date by advancing such funds to Borrower in accordance with the provisions of Exhibit “F”.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 11

    	 

    

 

(b)          All
payments by Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as
otherwise expressly provided herein, all payments by Borrower hereunder shall be made to Administrative Agent, for the account
of the respective Lenders to which such payment is owed, at Administrative Agent’s Office in U.S. Dollars and in immediately
available funds not later than 2:00 p.m. (Administrative Agent’s Time) on the date specified herein. Administrative Agent
will promptly distribute to each Lender its Pro Rata Share (or other applicable share as provided herein) of such payment in like
funds as received by wire transfer to such Lender’s Lending Office. All payments received by Administrative Agent after 2:00
p.m. (Administrative Agent’s Time) shall be deemed received on the next succeeding Business Day and any applicable interest
or fee shall continue to accrue. If any payment to be made by Borrower shall come due on a day other than a Business Day, payment
shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees,
as the case may be. For the avoidance of doubt, Administrative Agent will distribute payments to each Lender, (i) on the date of
receipt, if Administrative Agent receives such funds on or before 2:00 p.m. (Administrative Agent’s Time), or (ii) on the
Business Day following the date of receipt, if Administrative Agent receives such funds after 2:00 p.m. (Administrative Agent’s
Time). If Administrative Agent fails to timely pay any amount to any Lender in accordance with this Subsection, Administrative
Agent shall pay to such Lender interest on such amount at the greater of the Federal Funds Rate and a rate determined by Administrative
Agent in accordance with banking industry rules on interbank compensation, for each day from the day such amount was to be paid
until it is paid to such Lender. Any payments made to Administrative Agent shall satisfy the Borrower’s obligation to Lenders
with respect to such amount whether or not Administrative Agent pays such amounts to Lenders.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 12

    	 

    

 

(c)          Unless
Administrative Agent shall have received notice from a Lender prior to the proposed advance Funding Date for LIBOR Rate Principal
advances (or, in the case of any other advances, advance (prior to 2:00 p.m. (Administrative Agent’s Time) on such advance
Funding Date) that such Lender will not make available to Administrative Agent such Lender’s Pro Rata Share of such Advance
Amount, Administrative Agent may assume that such Lender has made such Pro Rata Share available on such date in accordance with
subsection (a) above (or, in the case of any advances other than LIBOR Rate Principal advances, that such Lender has made such
Pro Rata Share available in accordance with, and at the time required by Subsection (a) above) and may, in reliance upon
such assumption, make available to Borrower a corresponding amount. In such event, if a Lender has not in fact made its Pro Rata
Share of the Advance Amount available to Administrative Agent, then the applicable Lender and Borrower severally agree to pay to
Administrative Agent forthwith on demand (in the case of such Lender) or within 30 days of demand (in the case of Borrower) such
corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount
is made available to Borrower to but excluding the date of payment to Administrative Agent, at (A) in the case of a payment to
be made by such Lender, the greater of the Federal Funds Rate and a rate determined by Administrative Agent in accordance with
banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by Administrative
Agent in connection with the foregoing, and (B) in the case of a payment to be made by Borrower, the LIBOR Daily Rate. If Borrower
and such Lender shall pay such interest to Administrative Agent for the same or an overlapping period, Administrative Agent shall
promptly remit to Borrower the amount of such interest paid by Borrower for such period. If such Lender pays its Pro Rata Share
of the applicable Advance Amount to Administrative Agent, then the amount so paid shall constitute such Lender’s Pro Rata
Share of such Advance Amount. Any payment by Borrower shall be without prejudice to any claim Borrower may have against a Lender
that shall have failed to make such payment to Administrative Agent.

 

(d)          Unless
Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to Administrative Agent
for the account of Lenders hereunder that Borrower will not make such payment, Administrative Agent may assume that Borrower has
made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to Lenders, the amount
due. In such event, if Borrower has not in fact made such payment, then each of the Lenders, severally agrees to repay to Administrative
Agent forthwith on demand the amount so distributed to such Lender, in immediately available funds with interest thereon, for each
day from and including the date such amount is distributed to it to but excluding the date of payment to Administrative Agent,
at the greater of the Federal Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules
on interbank compensation.

 

A notice of Administrative Agent to any Lender
or to Borrower with respect to any amount owing under this subsection shall be conclusive, absent manifest error.

 

(e)          If
any Lender makes available to Administrative Agent funds for any Loan advance to be made by such Lender as provided in the foregoing
provisions of this Section, and such funds are not made available to Borrower by Administrative Agent because the conditions to
the applicable Loan advance set forth in Exhibit “F” are not satisfied or waived in accordance with the terms
hereof or otherwise used to satisfy any obligations of such Lender hereunder, Administrative Agent shall return such funds (in
like funds as received from such Lender) to such Lender, without interest.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 13

    	 

    

 

(f)          The
obligations of Lenders hereunder to make Loan advances and to make payments pursuant to Section 5.7 are several and not
joint. The failure of any Lender to make any Loan advance or to make any payment under Section 5.7 on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible
for the failure of any other Lender to so make its Loan advance or to make its payment under Section 5.7.

 

(g)          Nothing
herein shall be deemed to obligate any Lender to obtain the funds for any Loan advance in any particular place or manner or to
constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan advance in any particular
place or manner.

 

1.14        Administrative
Agent Advances.

 

(a)          Administrative
Agent is authorized, from time to time, in Administrative Agent’s sole discretion to make, authorize or determine advances
of the Loan, or otherwise expend funds, on behalf of Lenders (“Administrative Agent Advances”), (i) to pay any
costs, fees and expenses as described in Section 6.10 herein, (ii) when the applicable conditions precedent set forth in
Exhibit “C”, Exhibit “C-1” and Exhibit “F” have been satisfied
to the extent required by Administrative Agent, and (iii) when Administrative Agent deems necessary or desirable to preserve or
protect the Loan collateral or any portion thereof (including those with respect to property taxes, insurance premiums, completion
of construction, operation, management, improvements, maintenance, repair, sale and disposition) (A) subject to Section 5.5,
after the occurrence of a Default, and (B) subject to Section 5.10, after acquisition of all or a portion of the Loan collateral
by foreclosure or otherwise.

 

(b)          Administrative
Agent Advances shall constitute obligatory advances of Lenders under this Agreement, shall be repayable on demand and secured by
the Loan collateral, and if unpaid by Lenders as set forth below shall bear interest at the rate applicable to such amount under
the Loan. Administrative Agent shall notify each Lender in writing of each Administrative Agent Advance. Upon receipt of notice
from Administrative Agent of its making of an Administrative Agent Advance, each Lender shall make the amount of such Lender’s
Pro Rata Share of the outstanding principal amount of the Administrative Agent Advance available to Administrative Agent, in same
day funds, to such account of Administrative Agent as Administrative Agent may designate, (i) on or before 3:00 p.m. (Administrative
Agent’s Time) on the day Administrative Agent provides Lenders with notice of the making of such Administrative Agent Advance
if Administrative Agent provides such notice on or before 12:00 p.m. (Administrative Agent’s Time), or (ii) on or before
12:00 p.m. (Administrative Agent’s Time) on the Business Day immediately following the day Administrative Agent provides
Lenders with notice of the making of such advance if Administrative Agent provides notice after 12:00 p.m. (Administrative Agent’s
Time).

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 14

    	 

    

 

1.15         Defaulting
Lender.

 

1.15.1         Notice
and Cure of Lender Default; Election Period; Electing Lenders. Administrative Agent shall notify (such notice being referred
to as the “Default Notice”) Borrower (for Loan advances) and each non-Defaulting Lender if any Lender is a Defaulting
Lender. Each non-Defaulting Lender shall have the right, but in no event or under any circumstance the obligation, to fund such
Defaulting Lender Amount, provided that, within five (5) days after the date of the Default Notice (the “Election Period”),
such non-Defaulting Lender or Lenders (each such Lender, an “Electing Lender”) irrevocably commit(s) by notice
in writing (an “Election Notice”) to Administrative Agent, the other Lenders and Borrower to fund the Defaulting
Lender Amount. If Administrative Agent receives more than one Election Notice within the Election Period, then the commitment to
fund the Defaulting Lender Amount shall be apportioned pro rata among the Electing Lenders in the proportion that the amount of
each such Electing Lender’s Commitment bears to the total Commitments of all Electing Lenders. If the Defaulting Lender fails
to pay the Defaulting Lender Payment Amount within the Election Period, the Electing Lender or Lenders, as applicable, shall be
automatically obligated to fund the Defaulting Lender Amount (and Defaulting Lender shall no longer be entitled to fund such Defaulting
Lender Amount) within three (3) Business Days following the expiration of the Election Period to reimburse Administrative Agent
or make payment to Borrower as applicable. Notwithstanding anything to the contrary contained herein, if Administrative Agent has
funded the Defaulting Lender Amount, Administrative Agent shall be entitled, to reimbursement for its portion of the Defaulting
Lender Payment Amount pursuant to Section 5.11.

 

1.15.2         Removal
of Rights; Indemnity. Administrative Agent shall not be obligated to transfer to a Defaulting Lender any payments made by or
on behalf of Borrower to Administrative Agent for the Defaulting Lender’s benefit; nor shall a Defaulting Lender be entitled
to the sharing of any payments hereunder or under any Note until all Defaulting Lender Payment Amounts are paid in full. Amounts
payable to a Defaulting Lender shall be paid by Administrative Agent to reimburse Administrative Agent and any Electing Lender
pro rata for all Defaulting Lender Payment Amounts. Solely for the purposes of voting or consenting to matters with respect to
the Loan Documents, a Defaulting Lender shall be deemed not to be a “Lender” and such Defaulting Lender’s Commitment
shall be deemed to be zero. A Defaulting Lender shall have no right to participate in any discussions among and/or decisions by
Lenders hereunder and/or under the other Loan Documents. Further, any Defaulting Lender shall be bound by any amendment to, or
waiver of, any provision of, or any action taken or omitted to be taken by Administrative Agent and/or the non-Defaulting Lenders
under, any Loan Document which is made subsequent to the Defaulting Lender’s becoming a Defaulting Lender. This Section shall
remain effective with respect to a Defaulting Lender until such time as the Defaulting Lender shall no longer be in default of
any of its obligations under this Agreement by curing such default by payment of all Defaulting Lender Payment Amounts (i) within
the Election Period, or (ii) after the Election Period with the consent of the non-Defaulting Lenders. Such Defaulting Lender
nonetheless shall be bound by any amendment to or waiver of any provision of, or any action taken or omitted to be taken by Administrative
Agent and/or the non-Defaulting Lenders under any Loan Document which is made subsequent to that Lender’s becoming a Defaulting
Lender and prior to such cure or waiver. The operation of this subsection or the subsection above alone shall not be construed
to increase or otherwise affect the Commitment of any non-Defaulting Lender, or relieve or excuse the performance by Borrower of
its duties and obligations hereunder or under any of the other Loan Documents. Furthermore, nothing contained in this Section shall
release or in any way limit a Defaulting Lender’s obligations as a Lender hereunder and/or under any of the other Loan Documents.
Further, a Defaulting Lender shall indemnify and hold harmless Administrative Agent and each of the non-Defaulting Lenders from
any claim, loss, or costs incurred by Administrative Agent and/or the non-Defaulting Lenders as a result of a Defaulting Lender’s
failure to comply with the requirements of this Agreement, INCLUDING SUCH FAILURE CONSTITUTING IN WHOLE OR PART ADMINISTRATIVE
AGENT’S OR NONDEFAULTING LENDERS’ STRICT LIABILITY, OR COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE except to the
extent such failure constitutes willful misconduct or gross negligence on Administrative Agent’s or non-Defaulting Lenders’
part; including, without limitation, any and all additional losses, damages, costs and expenses (including, without limitation,
attorneys’ fees) incurred by Administrative Agent and any non-Defaulting Lender as a result of and/or in connection with
(i) a non-Defaulting Lender’s acting as an Electing Lender, (ii) any enforcement action brought by Administrative
Agent against a Defaulting Lender, and (iii) any action brought against Administrative Agent and/or Lenders. The indemnification
provided above shall survive any termination of this Agreement.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 15

    	 

    

 

1.15.3         Commitment
Adjustments. In connection with the adjustment of the amounts of the Loan Commitments of the Defaulting Lender and Electing
Lender(s) upon the expiration of the Election Period as aforesaid, Borrower, Administrative Agent and Lenders shall execute such
modifications to the Loan Documents as shall, in the reasonable judgment of Administrative Agent, be necessary or desirable in
connection with the adjustment of the amounts of Commitments in accordance with the foregoing provisions of this Section. For the
purpose of voting or consenting to matters with respect to the Loan Documents such modifications shall also reflect the removal
of voting rights of the Defaulting Lender and increase in voting rights of Electing Lenders to the extent an Electing Lender has
funded the Defaulting Lender Amount. In connection with such adjustments, Defaulting Lenders shall execute and deliver an Assignment
and Assumption covering the ceded portion of the Defaulting Lender’s Commitment and otherwise comply with Section 6.5.
If a Lender refuses to execute and deliver such Assignment and Assumption or otherwise comply with Section 6.5, such
Lender hereby appoints Administrative Agent to do so on such Lender’s behalf. Administrative Agent shall distribute an amended
Schedule of Lenders, which shall thereafter be incorporated into this Agreement, to reflect such adjustments. However, all such
Defaulting Lender Amounts funded by Administrative Agent or Electing Lenders shall continue to be Defaulting Lender Amounts of
the Defaulting Lender pursuant to its obligations under this Agreement.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 16

    	 

    

 

1.15.4         No
Election. In the event that no Lender elects to commit to fund the Defaulting Lender Amount within the Election Period, Administrative
Agent shall, upon the expiration of the Election Period, so notify Borrower and each Lender.

 

1.16         Several
Obligations; No Liability, No Release. Notwithstanding that certain of the Loan Documents now or hereafter may have been or
will be executed only by or in favor of Administrative Agent in its capacity as such, and not by or in favor of Lenders, any and
all obligations on the part of Administrative Agent (if any) to make any advances of the Loan or reimbursements for other Payment
Amounts shall constitute the several (and not joint) obligations of the respective Lenders on a ratable basis, according to their
respective Pro Rata Shares. Except as may be specifically provided in this Agreement, no Lender shall have any liability for the
acts of any other Lender. No Lender shall be responsible to Borrower or any other person for any failure by any other Lender to
fulfill its obligations to make advances of the Loan or reimbursements for other Payment Amounts, nor to take any other action
on its behalf hereunder or in connection with the financing contemplated herein. The failure of any Lender to pay to Administrative
Agent its Pro Rata Share of a Payment Amount shall not relieve any other Lender of any obligation hereunder to pay to Administrative
Agent its Pro Rata Share of such Payment Amounts as and when required herein, but no Lender shall be responsible for the failure
of any other Lender to so fund its Pro Rata Share of the Payment Amount. In furtherance of the foregoing, Lenders shall comply
with their obligation to pay Administrative Agent their Pro Rata Share of such Payment Amounts regardless of (i) the occurrence
of any Default hereunder or under any Loan Document; (ii) any failure of consideration, absence of consideration, misrepresentation,
fraud, or any other event, failure, deficiency, breach or irregularity of any nature whatsoever in the Loan Documents; or (iii) any
bankruptcy, insolvency or other like event with regard to Borrower or any Guarantor. The obligation of Lenders to pay such Payment
Amounts is in all regards independent of any claims between Administrative Agent and any Lender.

 

1.17         Replacement
of Lenders. If any Lender is a Defaulting Lender, Borrower may, upon notice to such Lender and Administrative Agent, replace
such Lender by causing such Lender to assign its Commitment with the payment of any assignment fee by the replaced Lender to one
or more other Lenders or Eligible Assignees acceptable to Borrower and Administrative Agent. Borrower shall or shall cause the
replacement Lender to (subject to the provisions of Section 1.14 through 1.15 providing for payment of all Defaulting
Lender Payment Amounts to Administrative Agent and/or Electing Lenders, as applicable, prior to payment of amounts due to a Defaulting
Lender), (y) pay in full all principal, interest, fees and other amounts owing to such Lender through the date of replacement
and (z) provide a release of such Lender from its obligations under the Loan Documents. Any Lender being replaced shall execute
and deliver an Assignment and Assumption covering that Lender’s Commitment, and otherwise comply with Section 6.5.
If a Lender being replaced refuses to execute and deliver such Assignment and Assumption or otherwise comply with Section 6.5,
such Lender hereby appoints Administrative Agent to do so on such Lender’s behalf. Administrative Agent shall distribute
an amended Schedule of Lenders, which shall thereafter be incorporated into this Agreement, to reflect adjustments to Lenders and
their Commitments.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 17

    	 

    

 

1.18         Borrower’s
Rights. Nothing in Sections 1.15 through 1.17, nor any action taken pursuant to Sections 1.15
through 1.17 (including the replacement of the Defaulting Lender), shall relieve a Defaulting Lender from liability to Borrower
for the Defaulting Lender’s failure to make Loan advances or to otherwise perform as required by this Agreement, or limit
any rights or remedies of Borrower against the Defaulting Lender.

 

1.19         No
Plan Assets. No portion of the Loan shall be funded with “plan assets” (within the meaning of the United States
Department of Labor Regulations set forth in 29 C.F.R. §2510.3-101, as modified by Section 3(42) of ERISA) if it would cause
the Borrower to incur any prohibited transfer excise tax penalties under Section 4975 of the Code.

 

ARTICLE
2 - ADDITIONAL COVENANTS AND AGREEMENTS

 

2.1          Construction
of the Improvements. Borrower shall commence construction of the Improvements on or before the Construction Commencement Date,
and shall prosecute the construction of the Improvements with diligence and continuity, in a good and workmanlike manner, and in
substantial accordance with the Plans and in accordance with sound building and engineering practices, all applicable Laws and
governmental requirements, and the Loan Documents. Borrower shall not permit cessation of work for a period in excess of thirty
(30) consecutive days except for Excusable Delays. Borrower shall complete construction of the Improvements free and clear of all
liens (except liens created by the Loan Documents and liens being contested in accordance with the Deed of Trust), and shall obtain
a certificate of occupancy (or its equivalent) and all other permits, licenses and approvals from all applicable governmental authorities
required for the occupancy, use and operation of the Improvements on or before the Completion Date. Borrower shall promptly begin
and thereafter diligently pursue correction of (a) any material defect in the Improvements, (b) any material departure
from the Plans, Law or governmental requirements, or (c) any unpermitted encroachment by any Improvements or structure on
any building setback line, easement, property line or restricted area. Borrower shall maintain all permits and governmental approvals
necessary for construction of the Improvements.

 

2.2          Plans
and Changes. No construction shall be undertaken on the Land except substantially as shown in the Plans. Borrower assumes full
responsibility for the compliance of the Plans and the Property with all Laws, governmental requirements and sound building and
engineering practices. All Plans must be approved by all applicable governmental authorities, the Construction Inspector and all
other parties required under the Loan Documents. Without Administrative Agent’s prior consent, no plans or specifications
shall be included as part of the Plans nor shall Borrower change or modify the Plans, except that Borrower may make Permitted Changes
if: (a) Borrower notifies Administrative Agent in writing of the change or extra with appropriate supporting documentation
and information, including any change to the applicable Schedule of Values; (b) Borrower obtains the approval of the applicable
contractor, Borrower’s architect and all sureties; (c) the structural integrity, value and standard of workmanship of
the Improvements is not impaired by such change or extra; (d) no substantial change in architectural appearance is effected
by such change or extra; (e) no default in any obligation to any person or violation of any Law or governmental requirement
would result from such change or extra; (f) Borrower complies with (1) Section 1.4 of this Agreement regarding
any change requiring a reallocation of Budget line items, and (2) Section 1.5 of this Agreement to cover any excess
cost resulting from the change or extra; and (g) completion of the Improvements by the Completion Date will not be adversely
affected. Administrative Agent shall not be obligated to review a proposed change unless it has received all documents necessary
to review such change, including the change order, cost estimates, plans and specifications.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 18

    	 

    

 

2.3          Contracts.
Without Administrative Agent’s prior written approval as to parties, terms, and all other matters, which shall not be unreasonably
withheld, conditioned or delayed, Borrower shall not (a) enter into any architectural or engineering contract, or any Material
Contract in excess of one percent (1%) of the Budget line item for “hard costs”, for the performance of any work or
the supplying of any labor, materials or services for the construction (or additionally during the continuance of a Default which
has not been waived in writing by Administrative Agent, design) of the Improvements, (b) enter into any management, leasing,
maintenance or other contract pertaining to the Property not described in clause (a) that is not unconditionally terminable by
Borrower or any successor owner without penalty or payment on not more than thirty (30) days’ notice to the other party thereunder,
or (c) modify or amend, in any material respect, or terminate any such contracts except in connection with Permitted Changes
or other changes to the Plans approved by Administrative Agent. Borrower shall not default under any contract, Borrower shall not
permit any contract to terminate by reason of any failure of Borrower to perform thereunder, and Borrower shall promptly notify
Administrative Agent of any default thereunder. Borrower will deliver to Administrative Agent, within ten (10) days after its request,
the names and addresses of all persons or entities with whom it has contracted, and during the continuance of a Default which has
not been waived in writing by Administrative Agent, with whom each such contractor has contracted for the construction of the Improvements
or for the furnishing of labor or materials therefor.

 

2.4          Assignment
of Contracts and Plans. As additional security for the Obligations, Borrower hereby transfers and assigns to Administrative
Agent for the ratable benefit of Administrative Agent and Lenders all of Borrower’s rights, titles and interests, but not
its liability, in, under, and to all construction, architectural and design contracts, and the Plans, and agrees that all of the
same are covered by the security agreement provisions of the Deed of Trust. At any time a Default exists, Borrower agrees to deliver
to Administrative Agent from time to time upon Administrative Agent’s request such consents to the foregoing assignment from
parties contracting with Borrower as Administrative Agent may require. Neither this assignment nor any action by Administrative
Agent or Lenders shall constitute an assumption by Administrative Agent or Lenders of any obligation under any contract or with
respect to the Plans, Borrower hereby agrees to perform all of its obligations under any contract, and Borrower shall continue
to be liable for all obligations of Borrower with respect thereto. Administrative Agent shall have the right at any time (but shall
have no obligation) to take in its name or in the name of Borrower such action as Administrative Agent may determine to be necessary
to cure any default under any contract or with respect to the Plans or, if a Default then exists, to protect the rights of Borrower,
Administrative Agent or Lenders with respect thereto. Borrower irrevocably constitutes and appoints Administrative Agent as Borrower’s
attorney-in-fact, which power of attorney is coupled with an interest and irrevocable, to enforce in Borrower’s name or in
Administrative Agent’s and Lender’s name all rights of Borrower under any contract or with respect to the Plans at
any time a Default exists. Administrative Agent shall incur no liability if any action so taken by it or on its behalf shall prove
to be inadequate or invalid. Borrower indemnifies and holds Administrative Agent and Lenders harmless against and from any loss,
cost, liability or expense (including, but not limited to, reasonable attorneys’ fees and expenses) incurred in connection
with Borrower’s failure to perform such contracts or any action taken by Administrative Agent as authorized by this Section 2.4,
INCLUDING ACTION CONSTITUTING IN WHOLE OR PART ADMINISTRATIVE AGENT’S OR NONDEFAULTING LENDERS’ STRICT LIABILITY,
OR COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE except to the extent such constitutes willful misconduct or gross negligence
on Administrative Agent’s or any Lender’s part. Administrative Agent may use the Plans for any purpose relating to
the Improvements. Borrower represents and warrants to Administrative Agent and Lenders that the copy of any contract furnished
or to be furnished to Administrative Agent is and shall be a true and complete copy thereof, that the copies of the Plans delivered
to Administrative Agent are and shall be true and complete copies of the Plans, that there have been no modifications thereof which
are not fully set forth in the copies delivered, and that Borrower’s interest therein is not subject to any claim, setoff,
or encumbrance.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 19

    	 

    

 

2.5          Storage
of Materials. Borrower shall cause all materials supplied for or intended to be utilized in the construction of the Improvements,
but not yet affixed to or incorporated into the Improvements or the Land, to be stored on the Land or at such other site as Administrative
Agent may approve, in each case with adequate safeguards to prevent loss, theft, damage or commingling with materials for other
projects. Except for bulk purchases of materials made in accordance with the requirements of this Agreement, Borrower shall not
request Loan advances to purchase or order materials for delivery more than ninety (90) days prior to the scheduled incorporation
of such materials into the Improvements (other than lumber, for which a two hundred ten (210) day time period prior to scheduled
incorporation will be allowed) unless otherwise approved by Administrative Agent.

 

2.6          Construction
Inspector. Administrative Agent will retain the services of a Construction Inspector, whose duties may include, among others,
reviewing the Plans and any proposed changes to the Plans, performing construction cost analyses, observing work in place and reviewing
Draw Requests. The duties of Construction Inspector run solely to Administrative Agent for the ratable benefit of Lenders, and
Construction Inspector shall have no obligations or responsibilities whatsoever to Borrower, Borrower’s architect, engineer,
General Contractor or any of their agents or employees. Unless prohibited by applicable Law, all fees, costs, and expenses of Construction
Inspector shall be paid by Borrower. Borrower shall cooperate with Construction Inspector and will furnish to Construction Inspector
such information and other material as Construction Inspector reasonably requests in performing its duties. Administrative Agent
shall provide Borrower with a copy of each report issued by the Construction Inspector upon request of Borrower.

 

2.7          Inspection.
Administrative Agent and its agents, including Construction Inspector, may enter upon the Property to inspect the Property, the
Project and any materials at any reasonable time, unless Administrative Agent deems such inspection is of an emergency nature,
in which event Borrower shall provide Administrative Agent with immediate access to the Property. Borrower will also permit Administrative
Agent and its agents, including Construction Inspector, to photograph the Property during normal business hours and at any other
reasonable time. Borrower will furnish to Administrative Agent and its agents, including Construction Inspector, for inspection
and copying, all Plans, shop drawings, specifications, books and records, and other documents and information that Administrative
Agent may reasonably request from time to time.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 20

    	 

    

 

2.8          Notice
to Lenders. Borrower shall, within five (5) days after Borrower obtains actual knowledge of the occurrence of any of the following
events, notify Administrative Agent in writing thereof, specifying in each case the action Borrower has taken or will take with
respect thereto: (a) any violation of any Law or governmental requirement that threatens delay of the Project; (b) any
litigation, arbitration or governmental investigation or proceeding instituted or threatened against Borrower or the Property,
and any material development therein ; (c) any actual or threatened condemnation of any portion of the Property, any negotiations
with respect to any such taking, or any material loss of or substantial damage to the Property; (d) any labor controversy
pending or threatened against Borrower or any contractor (including General Contractor) that threatens delay of the Project, and
any material development in any labor controversy; (e) any notice received by Borrower with respect to the cancellation, alteration
or non-renewal of any insurance coverage maintained with respect to the Property; (f) any failure by Borrower or any contractor
(including General Contractor), subcontractor or supplier to perform any material obligation under any construction contract that
threatens delay of the Project, any event or condition which would permit termination of a construction contract or suspension
of work thereunder that threatens delay of the Project, or any notice given by Borrower or any contractor (including General Contractor)
with respect to any of the foregoing; (g) any lien filed against the Property or any stop notice served on Borrower in connection
with construction of the Improvements; or (h) any required permit, license, certificate or approval with respect to the Property
lapses or ceases to be in full force and effect.

 

2.9          Financial
Statements. Borrower shall deliver to Administrative Agent the Financial Statements and other statements and information at
the times and for the periods described in Exhibit “B”. Borrower will make all of its books, records and
accounts available to Administrative Agent and its representatives at the Property or the location where they are regularly maintained
upon request and twenty-four (24) hour advance notice (other than during the continuance of a Default at which time no advance
notice is required) and will permit them to review and copy the same. Administrative Agent shall provide a copy of such Financial
Statements to each Lender upon receipt.

 

2.10         Other
Information. Borrower shall furnish to Administrative Agent from time to time upon Administrative Agent’s request (a) copies
of all contracts for construction of the Improvements entered into by Borrower or General Contractor and the names and addresses
of all persons or entities with whom Borrower or General Contractor has contracted or intends to contract for the construction
of the Improvements or the furnishing of labor or materials in connection therewith; (b) copies of all contracts, bills of
sale, statements, receipts or other documents under which Borrower claims title to any materials, fixtures or articles of personal
property incorporated or to be incorporated into the Improvements or subject to the lien of the Deed of Trust; (c) a list
of all unpaid bills for labor and materials with respect to construction of the Improvements and, upon request by Administrative
Agent, copies of all invoices therefor; (d) budgets of Borrower and revisions thereof showing the estimated costs and expenses
to be incurred in connection with the completion of construction of the Improvements; (e) the Accounts Payable List for soft costs;
(f) current or updated detailed Project schedules or construction schedules; and (g) such other information relating
to Borrower, the Improvements, the Property, the Loan, the construction of the Improvements or any security for the Loan as the
Administrative Agent reasonably requires.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 21

    	 

    

 

2.11         Reports
and Testing. Borrower shall (a) upon request of Administrative Agent, promptly deliver to Administrative Agent copies
of all reports, studies, inspections and tests made on the Land, the Improvements or any materials to be incorporated into the
Improvements; and (b) make such additional tests on the Land, the Improvements or any materials to be incorporated into the
Improvements as Administrative Agent reasonably requires. Borrower shall immediately notify Administrative Agent of any report,
study, inspection or test that indicates any adverse condition relating to the Land, the Improvements or any such materials.

 

2.12         Advertising
by Lenders. Subject to limitations imposed by Law, at Administrative Agent’s request and at Borrower’s expense,
Borrower shall erect and maintain on the Property one or more advertising signs provided by Administrative Agent (at its cost)
indicating that the construction financing for the Property has been provided by Lenders.

 

2.13         Appraisal.
Administrative Agent may obtain from time to time, an appraisal of all or any part of the Property prepared in accordance with
written instructions from Administrative Agent by a third-party appraiser engaged directly by Administrative Agent. Each such appraiser,
the standards for preparation of the appraisal and, the appraisal itself with respect to the appraisal required under Exhibit “C”
or any appraisal required for modification or extension of the Loan, shall be satisfactory to Administrative Agent (including satisfaction
of applicable regulatory requirements). The cost of any such appraisal shall be borne by Borrower if such appraisal is the first
appraisal in any calendar year and in all events if Administrative Agent obtains such appraisal after the occurrence and during
the continuance of a Default which has not been waived in writing by Administrative Agent. Such cost is due and payable by Borrower
on demand and shall be secured by the Loan Documents. Administrative Agent shall provide a copy of such Appraisal to Borrower and
each Lender upon receipt.

 

2.14         Payment
of Withholding Taxes. Borrower shall not use, or knowingly permit any contractor or subcontractor to use, any portion of the
proceeds of any Loan advance to pay the wages of employees unless a portion of the proceeds or other funds are also used to make
timely payment to or deposit with (a) the United States of all amounts of tax required to be deducted and withheld with respect
to such wages under the Internal Revenue Code, and (b) any state and/or local Tribunal or agency having jurisdiction of all
amounts of tax required to be deducted and withheld with respect to such wages under any applicable state and/or local Laws.

 

2.15         ERISA
and Prohibited Transaction Taxes. As of the date hereof and throughout the term of this Loan Agreement, (a) Borrower is
not and will not be (i) an “employee benefit plan”, as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”) that is subject to Title I of ERISA; or (ii) a “plan”
within the meaning of Section 4975(e) of the Internal Revenue Code, as amended (the “Code”) that is subject
to Section 4975 of the Code; (b) the assets of Borrower do not and will not constitute “plan assets” within the
meaning of the United States Department of Labor Regulations set forth in 29 C.F.R. § 2510.3-101, as modified by Section 3(42)
of ERISA; (c) Borrower is not and will not be a “governmental plan” within the meaning of Section 3(32) of ERISA;
(d) Borrower is not and will not be subject to state statutes applicable to Borrower regulating investments of fiduciaries
with respect to governmental plans that would be violated by the transaction contemplated by this Agreement; and (e) Borrower
shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise
by Administrative Agent of any of Lender’s rights under this Agreement, any Note or the other Loan Documents), to be a non-exempt
(under a statutory or administrative class exemption) prohibited transaction under ERISA or Section 4975 of the Code. Borrower
further agrees to deliver to Administrative Agent such certifications or other evidence of compliance with the provisions of this
Section as Administrative Agent may from time to time reasonably request.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 22

    	 

    

 

2.16         Environmental
Matters.

 

(a)          Violations.
Borrower will not cause, commit, permit or allow to continue (i) any violation of any Environmental Requirement by Borrower or
by any Person with respect to the Property or any use of or condition or activity on the Property, or (ii) the attachment of any
environmental lien to the Property. Borrower will not place, install, dispose of or release, in violation of any Environmental
Law, or cause, permit, or allow the placing, installation, disposal, spilling, leaking, dumping or release of, any Hazardous Material
in violation of any Environmental Law or underground storage tank (or similar vessel) on the Property and will keep the Property
free of Hazardous Material which would violate any Environmental Law.

 

(b)          Notice
to Administrative Agent. Borrower shall promptly deliver to Administrative Agent a copy of each report pertaining to the Property
or to Borrower prepared by or on behalf of Borrower pursuant to any Environmental Requirement. Borrower shall immediately advise
Administrative Agent in writing of any Environmental Claim or of the discovery of any Hazardous Material on the Property in violation
of Environmental Law, as soon as Borrower first obtains knowledge thereof, including a full description of the nature and extent
of the Environmental Claim and/or Hazardous Material and all relevant circumstances.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 23

    	 

    

 

(c)          Site
Assessments and Information. If Administrative Agent shall ever have reason to believe that any Hazardous Material affects
the Property in violation of Environmental Law that is not contained in the Environmental Report, or if any Environmental Claim
is made or threatened, or if a Default shall have occurred under the Loan Documents which Default has not been waived in writing
by Administrative Agent, or upon the occurrence of the Release Date (hereinafter defined) if requested by Administrative Agent,
Borrower shall, at Borrower’s expense, provide to Administrative Agent from time to time, in each case within thirty (30)
days after Administrative Agent’s request, an Environmental Assessment (hereinafter defined) made after the date of Administrative
Agent’s request. As used in this Agreement, the term “Environmental Assessment” means a report (including all
drafts thereof) of an environmental assessment of the Property of such scope (including but not limited to the taking of soil borings
and air and groundwater samples and other above and below ground testing) as Administrative Agent may request, by a consulting
firm acceptable to Administrative Agent and made in accordance with Administrative Agent’s established guidelines. Borrower
will cooperate with each consulting firm making any such Environmental Assessment and will supply to the consulting firm, from
time to time and promptly on request, all information available to Borrower to facilitate the completion of the Environmental Assessment.
If Borrower fails to furnish Administrative Agent within ten (10) days after Administrative Agent’s request with a copy of
an agreement with an acceptable environmental consulting firm to provide such Environmental Assessment, or if Borrower fails to
furnish to Administrative Agent such Environmental Assessment within thirty (30) days after Administrative Agent’s request,
Administrative Agent may cause any such Environmental Assessment to be made at Borrower’s expense and risk. Administrative
Agent and its designees are hereby granted access to the Property at any time or times, upon reasonable notice (which may be written
or oral), and a license which is coupled with an interest and irrevocable, to make or cause to be made such Environmental Assessments.
Administrative Agent may disclose to interested parties any information Administrative Agent ever has about the environmental condition
or compliance of the Property, but shall be under no duty to disclose any such information except as may be required by law. Administrative
Agent shall be under no duty to make any Environmental Assessment of the Property, and in no event shall any such Environmental
Assessment by Administrative Agent be or give rise to a representation that any Hazardous Material is or is not present on the
Property, or that there has been or shall be compliance with any Environmental Requirement, nor shall Borrower or any other Person
be entitled to rely on any Environmental Assessment made by Administrative Agent or at Administrative Agent’s request. Neither
Administrative Agent nor any Lender owes any duty of care to protect Borrower or any other Person against, or to inform them of,
any Hazardous Material or other adverse condition affecting the Property.

 

(d)          Remedial
Actions. If, prior to the Release Date, any Hazardous Material is discovered on the Property in violation of any Environmental
Law, at any time and regardless of the cause, (i) Borrower shall promptly at Borrower’s sole risk and expense remove, treat,
and dispose of the Hazardous Material as required under all applicable Environmental Requirements and solely under Borrower’s
name (or if removal is prohibited by any Environmental Requirement, take whatever action is required by any Environmental Requirement),
and take such other action as is necessary to have the full use and benefit of the Property as contemplated by the Loan Documents.
Borrower shall provide Administrative Agent with satisfactory evidence of the actions taken as required by this clause (d). Borrower
shall, if requested by Administrative Agent, provide to Administrative Agent within thirty (30) days of Administrative Agent’s
request a bond, letter of credit or other financial assurance evidencing to Administrative Agent’s satisfaction that all
necessary funds are readily available to pay the costs and expenses of the actions required by this clause (d) and to discharge
any assessments or liens established against the Property as a result of the presence of the Hazardous Material on the Property
in violation of any Environmental Law. Within thirty (30) days after completion of such remedial actions, Borrower shall obtain
and deliver to Administrative Agent an Environmental Assessment of the Property made after such completion and confirming to Administrative
Agent’s satisfaction that all required remedial action as stated above has been taken and successfully completed and that
there is no evidence or suspicion of any contamination or risk of contamination on the Property or any adjacent property in violation
of Environmental Law, or of violation of any Environmental Requirement, with respect to any such Hazardous Material. Administrative
Agent on behalf of Lenders may, but shall never be obligated to, remove or cause the removal of any Hazardous Material in violation
of Environmental Law from the Property (or if removal is prohibited by any Environmental Requirement, take or cause the taking
of such other action as is required by any Environmental Requirement) if Borrower fails to promptly commence such remedial actions
following discovery and thereafter diligently prosecute the same to the satisfaction of Administrative Agent (without limitation
of the rights of Administrative Agent on behalf of Lenders to declare a default under any of the Loan Documents and to exercise
all rights and remedies available by reason thereof); and Administrative Agent and its designees are hereby granted access to the
Property at any time or times, upon reasonable notice (which may be written or oral), and a license which is coupled with an interest
and irrevocable, to remove or cause such removal or to take or cause the taking of any such other action.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 24

    	 

    

  

(e)          Limitation.
Notwithstanding anything else in this Agreement, Borrower will have no obligation or liability under this Section 2.16 for any
Hazardous Material (i) which was not present on the Property as of the Release Date unless such Hazardous Material was otherwise
released on the Property by Borrower, any Guarantor or any of their Affiliates or (ii) brought on to the Property by, or the release
of which is caused by, Administrative Agent, the Lenders or their agents.

 

2.17         Electronic
Delivery. Borrower hereby acknowledges that (a) Administrative Agent and/or Arranger may, but shall not be obligated to, make
available to the Lenders materials and/or information provided by or on behalf of Borrower hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on Debt Domain, IntraLinks, Syndtrak or another similar electronic system
(the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel
who do not wish to receive material non-public information with respect to Borrower or its Affiliates, or the respective securities
of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Person’s
securities. Borrower hereby agrees that (i) all Borrower Materials that are to be made available to Public Lenders shall be clearly
and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently
on the first page thereof; (ii) by marking Borrower Materials “PUBLIC,” Borrower shall be deemed to have authorized
Administrative Agent, Arranger and the Lenders to treat such as not containing any material non-public information with respect
to Borrower or its securities for purposes of United States Federal and state securities Laws (provided, however, that to the extent
such Borrower Materials constitute Information, they shall be treated as set forth in Section 6.6); (iii) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side
Information,” and (iv) Administrative Agent and Arranger shall be entitled to treat any Borrower Materials that are not marked
“PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”
Notwithstanding the foregoing, Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC.”

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 25

    	 

    

 

2.18         Management
Agreement. Borrower will not enter into any management or leasing agreement with respect to the Project without the prior consent
of Administrative Agent. Prior to the completion of construction of the first apartment building within the Improvements, and the
issuance of the first certificate of occupancy therefor, Borrower hereby agrees that Borrower and Borrower’s choice of any
one of Pegasus, Greystar, Lincoln and ZRS or another manager reasonably acceptable to Administrative Agent (“Approved
Manager”) shall execute and deliver to Administrative Agent a management and leasing agreement for the Project in form
and substance reasonably acceptable to Administrative Agent (“Approved Management Agreement”). Concurrently
with the execution of the Approved Management Agreement, Borrower hereby agrees to execute and deliver to Administrative Agent
an original consent and agreement executed by Approved Manager, in form and content reasonably acceptable to Administrative Agent.

 

2.19         Debt
Service Coverage Ratio. Within thirty (30) days after the end of each calendar quarter, commencing with the first calendar
quarter ending during the Extension Period, if the Maturity Date is extended in accordance with Section 1.12(c) of this
Agreement, and continuing with each calendar quarter thereafter, Borrower shall deliver a Compliance Certificate to Administrative
Agent, verifying Borrower’s Debt Service Coverage Ratio. If the Debt Service Coverage Ratio is less than 1.20 to 1.00, Borrower
shall be required on the fifth (5th) day of each month to deposit the Excess Cash Flow into the Cash Collateral Account
until such time that Borrower provides evidence acceptable to Lender that the Debt Service Coverage Ratio is equal to or greater
than 1.20 to 1.00 for two consecutive quarters, at which time so long as no Default exists, (i) all funds held in the Cash Collateral
Account shall be returned to Borrower, and (ii) Borrower shall no longer be required to deposit Excess Cash Flow as above required,
unless and until Borrower thereafter fails to maintain the Debt Service Coverage Ratio as herein provided. If the applicable Debt
Service Coverage Ratio required by this Section 2.19 is not achieved for two (2) consecutive quarters, Administrative Agent
shall apply the funds in the Cash Collateral Account to the outstanding balance of the Loan. Should a Cash Collateral Account be
required pursuant to the terms of this Section 2.19, Borrower agrees to execute all documentation required by Lender to
establish the account and provide Lender’s security interest in such account. Notwithstanding anything herein to the contrary,
if the Debt Service Coverage Ratio is less than 1.05 to 1.00 as of any quarterly test date, Borrower, within ten (10) days following
request of Administrative Agent, shall make a principal payment on the Loan and/or waive the right to receive any unadvanced portion
of the Committed Sum in such amounts as will cause the NOI to be sufficient to satisfy a Debt Service Coverage Ratio of 1.20 to
1.00 (such payment and/or waiver being referred to herein as a “Required Remargining”). Notwithstanding anything
herein to the contrary, Borrower shall be permitted to use any and all funds in the Cash Collateral Account for the purpose of
making a principal payment on the Loan in connection with a Required Remargining. If Borrower performs a Required Remargining,
then any and all funds in the Cash Collateral Account that are not used to make a principal payment on the loan in connection therewith
shall be released to Borrower, and Borrower shall no longer be required to deposit Excess Cash Flow into the Cash Collateral Account,
unless and until Borrower thereafter fails to maintain the Debt Service Coverage Ratio of 1.20 to 1.00.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 26

    	 

    

 

ARTICLE
3 - REPRESENTATIONS AND WARRANTIES

 

To induce Lenders to make
the Loan, Borrower hereby represents and warrants to Administrative Agent and Lenders that except as otherwise disclosed to Administrative
Agent in writing (a) Borrower has complied with any and all Laws and regulations concerning its organization, existence and
the qualifications to do business in states in which it does business, and has the right and power to own the Property and to develop
the Improvements as contemplated in this Agreement and the other Loan Documents; (b) Borrower is authorized to execute, deliver
and perform all of its obligations under the Loan Documents; (c) the Loan Documents are valid and binding obligations of Borrower;
(d) Borrower is not in violation of any Law, regulation or ordinance applicable to Borrower or the Property, or any order
of any court or Tribunal applicable to Borrower or the Property, which violation is likely to have a material adverse effect on
Borrower or the Property, and, to Borrower’s knowledge, no provision of the Loan Documents violates any applicable Law applicable
to Borrower or the Property, any covenants or restrictions affecting the Property, any order of any court or Tribunal applicable
to Borrower or the Property or any contract or agreement binding on Borrower or the Property; (e) Borrower is not a party to any
tax sharing agreement and; (f) to the extent required by applicable Law, Borrower has filed all necessary tax returns and
reports and has paid all taxes and governmental charges thereby shown to be owing; (g) the Plans when complete, will contain
all necessary detail to be adequate for construction of the Improvements, and Borrower will obtain all required governmental approvals
of the Plans from the appropriate governmental authorities, and the Plans, when complete, shall comply with the Loan Documents,
all applicable Laws, restrictive covenants, and governmental requirements, rules, and regulations; (h) the Land is not part
of a larger tract of land owned or leased by Borrower or any Guarantor, is not otherwise included under any unity of title or similar
covenant with other lands not encumbered by the Deed of Trust, and constitutes a separate tax lot or lots with a separate tax assessment
or assessments for the Land and Improvements, independent of those for any other lands or improvements; (i) to Borrower’s
knowledge, the Land and Improvements comply or will upon completion of construction comply with all Laws and governmental requirements,
including all subdivision and platting requirements, without reliance on any adjoining or neighboring property; (j) to Borrower’s
knowledge, the Plans, when completed, and the Improvements when constructed will, comply with all legal requirements regarding
access and facilities for handicapped or disabled persons; (k) Borrower has not directly or indirectly conveyed, assigned
or otherwise disposed of or transferred (or agreed to do so) any development rights, air rights or other similar rights, privileges
or attributes with respect to the Property, including those arising under any zoning or land use ordinance or other Law or governmental
requirement; (l) the construction schedule for the Project is realistic and the Completion Date is a reasonable estimate of
the time required to complete the Project; (m) the Financial Statements delivered to Administrative Agent are true, correct,
and complete in all material respects, and there has been no event or condition that could reasonably be expected to have a material
adverse effect on Borrower’s financial condition from the financial condition of Borrower indicated in such Financial Statements;
(n) subject to the completion of the site infrastructure improvements identified in the Plans, all utility services necessary
for the development of the Land and the construction of the Improvements and the operation thereof for their intended purpose are
available at the boundaries of the Land, including electric and natural gas facilities, telephone service, water supply, storm
and sanitary sewer facilities; (o) except as otherwise provided for in the Loan Documents, Borrower has made no contract or
arrangement of any kind the performance of which by the other party thereto would give rise to a lien on the Property superior
to the Deed of Trust; (p) the anticipated use of the Property complies with all applicable zoning ordinances, regulations
and restrictive covenants affecting the Land without the existence of any variance, non-complying use, nonconforming use or other
special exception that has not already been obtained, and, all use restrictions of any Tribunal having jurisdiction have been or
will be satisfied upon the commencement of construction of the Improvements, and no violation of any Law or regulation exists with
respect thereto, which violation is likely to have a material adverse effect on Borrower or the Property; (q) to the best
of Borrower’s knowledge, all bonds or other security that are currently required or will be required prior to completion
of the Improvements will be obtained; and (r) prior to the recordation of the Deed of Trust, except as disclosed to Administrative
Agent in writing, no work of any kind (including destruction or removal of any existing improvements, site work, clearing, grading,
grubbing, draining or fencing of the Land) has been or will be commenced or performed on the Land, no equipment or material has
been or will be delivered to or placed upon the Land for any purpose whatsoever, and no contract (or memorandum or affidavit thereof)
for the supplying of labor, materials, or services for the design or construction of the Improvements, or the surveying of the
Land or Improvements, nor any affidavit or notice of commencement of construction of the Improvements, has been or will be executed
or recorded, which could cause a mechanic’s or materialman’s lien or similar lien to achieve priority over the Deed
of Trust or the rights of Administrative Agent and Lenders thereunder.

 

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Borrower, after due inquiry
and investigation in accordance with good commercial or customary practices to determine whether contamination is present on the
Property or elsewhere in connection with any activity on the Property, hereby represents and warrants to, and covenants with, Administrative
Agent and Lenders, without regard to whether they have or hereafter obtain any knowledge or report of the environmental condition
of the Property: (a) during the period of Borrower’s ownership of the Property, the Property has not been used for industrial
or manufacturing purposes, for landfill, dumping or other waste disposal activities or operations, for generation, storage, use,
sale, treatment, processing, recycling or disposal of any Hazardous Material in violation of Environmental Law, for underground
storage tanks in violation of Environmental Law, or for any other use that could give rise to the release of any Hazardous Material
in violation of Environmental Law on the Property; to the best of Borrowers’ knowledge, unless otherwise set forth in the
Environmental Report, no such use of the Property occurred at any time prior to the period of Borrower’s ownership of the
Property; and to the best of Borrower’s knowledge, except as set forth in the Environmental Report, no such use on any adjacent
property occurred at any time prior to the date hereof; (b) to the best of Borrowers’ knowledge, except as set forth in the
Environmental Report, there is no Hazardous Material, storage tank (or similar vessel) whether underground or otherwise, sump or
well currently on the Property in violation of Environmental Law; (c) Borrower has received no notice and has no knowledge of any
Environmental Claim or any completed, pending or proposed or threatened investigation or inquiry concerning the presence or release
of any Hazardous Material on the Property or any adjacent property or concerning whether any condition, use or activity on the
Property or any adjacent property is in violation of any Environmental Requirement; (d) to the best of Borrower’s knowledge,
unless otherwise set forth in the Environmental Report, the present conditions, uses and activities on the Property do not violate
any Environmental Requirement and the use of the Property which Borrower (and each tenant and subtenant, if any) makes and intends
to make of the Property complies and will comply with all applicable Environmental Requirements; (e) the Property does not appear
on and to the best of Borrower’s knowledge has never been on the National Priorities List, any federal or state “superfund”
or “superlien” list, or any other list or database of properties maintained by any local, state or federal agency or
department showing properties which are known to contain or which are suspected of containing a Hazardous Material in violation
of Environmental Law; (f) Borrower has never applied for and been denied environmental impairment liability insurance coverage
relating to the Property; and (g) no Borrower nor, to Borrower’s knowledge, any tenant or subtenant, has obtained or is required
to obtain any permit or authorization to construct, occupy, operate, use or conduct any activity on any of the Property by reason
of any Environmental Requirement.

 

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ARTICLE
4 - DEFAULT AND REMEDIES

 

4.1          Events
of Default. The occurrence of any one of the following shall be a default under this Agreement (“Default”):

 

(a)          any
of the principal or interest due on the Loan is not paid when due, whether on the scheduled due date or upon acceleration, at maturity
or otherwise, or any of the other Indebtedness is not paid within ten (10) days after notice from Administrative Agent that it
is due. Notwithstanding the foregoing, Borrower shall have the limited right, exercisable no more than three (3) times in any calendar
year, to pay any principal or interest due on the Loan within five (5) days after the same became due and payable hereunder, before
the same shall constitute a default hereunder;

 

(b)          any
covenant, agreement, condition or, except as a result of Changes in Facts and Circumstances, representation or warranty in this
Agreement or another Loan Document (other than covenants to pay the Indebtedness and other than Defaults expressly listed in this
Section 4.1) is not fully and timely performed, observed or kept and such failure is not cured within the applicable notice
and cure period (if any) provided for herein or in such other Loan Document or, if this Agreement or such other Loan Document
does not provide for such a notice or grace period, within thirty (30) days after written notice and demand by Administrative
Agent for the performance of such covenant, agreement or condition (or, if such failure cannot be cured within that original thirty
(30) day period and Borrower delivers written notice to Administrative Agent promptly within that original thirty (30) day period
of Borrower’s intention and proposed steps to cure the failure with due diligence, promptly institutes curative action within
that original thirty (30) day period and diligently pursues same, Borrower shall have such additional period of time, not exceeding
forty-five (45) days next following the end of the original thirty (30) day period, as shall be necessary to effect the cure);
provided, however, that (i) there shall be no obligation of Administrative
Agent to give any such notice and no right of Borrower to cure under this paragraph if the event or condition is addressed in
any other paragraph of this Section 4.1 or is intentionally caused by Borrower, including, but not limited to the failure
of Borrower to keep the Property and the rents free and clear of consensual liens, security interests and assignments not approved
in writing in advance by Administrative Agent and (ii) if the breach or failure which causes a Default hereunder is solely related
to a default under a Guaranty, such breach or failure shall be deemed cured if, within twenty (20) days after the occurrence of
such Default, Borrower causes a Substitute Guaranty to be delivered by a Replacement Guarantor;

 

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(c)          the
occurrence of a default under any other Loan Document (which is not cured within any applicable notice and cure period provided
therein, or if the Loan Document does not provide for such a notice or grace period, within thirty (30) days after written notice
and demand by Administrative Agent of such default (or, if such default cannot be cured within that original thirty (30) day period
and Borrower delivers written notice to Administrative Agent promptly within that original thirty (30) day period of Borrower’s
intention and proposed steps to cure the default with due diligence, promptly institutes curative action within that original thirty
(30) day period and diligently pursues same, Borrower shall have such additional period of time, not exceeding forty-five (45)
days next following the end of the original thirty (30) day period, as shall be necessary to effect the cure); provided,
however, that (i) there shall be no obligation of Administrative Agent to give any such notice and no right of Borrower
to cure under this paragraph if the event or condition is addressed in any other paragraph of this Section 4.1 or is intentionally
caused by Borrower and (ii) if the breach or failure which causes a Default hereunder is solely related to a default under a Guaranty,
such breach or failure shall be deemed cured if, within twenty (20) days after the occurrence of such Default, Borrower causes
a Substitute Guaranty to be delivered by a Replacement Guarantor;

 

(d)          the
execution and/or filing of any affidavit of commencement stating construction on the Land actually commenced prior to the day after
the date on which the Deed of Trust was duly filed for record;

 

(e)          construction
of the Improvements ceases for more than thirty (30) consecutive days except for Excusable Delays;

 

(f)          the
construction of the Improvements, or any materials for which an advance has been requested, fails to substantially comply with
the Plans, or comply with the Loan Documents, any Laws or governmental requirements, or any applicable restrictive covenants and
Borrower does not begin promptly upon demand of Administrative Agent and thereafter diligently pursue a correction of such failure;

 

(g)          construction
of the Improvements is abandoned for more than thirty (30) consecutive days (other than as a result of Excusable Delays), Administrative
Agent reasonably determines that construction of the Improvements in accordance with this Agreement cannot be completed on or before
the Completion Date, or Borrower fails to complete construction of the Improvements (and obtain all applicable permits, licenses,
certificates and approvals) in accordance with this Agreement on or before the Completion Date;

 

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(h)          any
required permit, license, certificate or approval with respect to the Property lapses or ceases to be in full force and effect
and is not reinstated within thirty (30) days;

 

(i)          a
Borrower’s Deposit is not made with Administrative Agent within fifteen (15) days after Administrative Agent’s request
therefor in accordance with Section 1.5;

 

(j)          construction
is enjoined for more than thirty (30) consecutive days or Borrower is enjoined or prohibited from performing any of its material
obligations under any of the Loan Documents;

 

(k)          the
Borrower enters into any lease of part or all of the Property which does not comply with the Loan Documents;

 

(l)          a
lien for the performance of work or the supply of materials is established against the Property or any stop notice is served on
Borrower, the General Contractor, Administrative Agent or a Lender, unless Borrower is contesting such lien or stop notice pursuant
to the terms of Sections 2.1(c) and (j) of the Deed of Trust, in any such case if such lien or stop notice remains unsatisfied
or unbonded for a period of thirty (30) days after the date of filing or service;

 

(m)          the
occurrence of any claim that the Deed of Trust is not a valid subsisting lien against the Property superior to any other lien or
encumbrance other than for Permitted Encumbrances or other liens contested as permitted by the Deed of Trust if such claim is not
released or rescinded within thirty (30) days after written notice to Borrower thereof;

 

(n)          the
entry of a final non-appealable judgment in excess of $500,000.00 against Borrower or the issuance of any attachment, sequestration,
or similar writ levied upon any of its property, which judgment, attachment, sequestration or writ is not discharged within a period
of thirty (30) days; or

 

(o)          the
dissolution or insolvency of Borrower or any Guarantor which causes a default under the Guaranty Agreement executed by the Guarantors;
provided that, such dissolution or insolvency of any Guarantor shall be deemed cured if, (i) the remaining Guarantors collectively
are in compliance with the requirements of Section 29 of the Guaranties, after affording Guarantors and Borrower the right
to correct the deficiencies provided in Section 29(b) of the Guaranties, or (ii) within twenty (20) days after the occurrence
of such Default, Borrower causes a Substitute Guaranty to be delivered by a Replacement Guarantor.

 

Notwithstanding anything to the contrary contained
in this Agreement, the Guaranties or in any of the other Loan Documents, in addition to the foregoing, if at any time there is
a Default under this Agreement, the Guaranties or the other Loan Documents that is specific to the Guarantors (including, without
limitation, the events specified in clauses (b), (c) and (o) of this Section 4.1), then neither Administrative Agent nor
any Lender shall exercise any of its rights and remedies for a period of twenty (20) days thereafter, and a Replacement Guarantor
shall have the right, but not the obligation, to post a Substitute Guaranty to cure such Default within such twenty (20) day period.

 

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4.2          Remedies.

 

(a)          Upon
a Default, Administrative Agent may with the consent of, and shall at the direction of the Required Lenders, without notice, exercise
any and all rights and remedies afforded by this Agreement, the other Loan Documents, Law, equity or otherwise, including (i) declaring
any and all Indebtedness immediately due and payable; (ii) reducing any claim to judgment; or (iii) obtaining appointment
of a receiver and/or judicial or nonjudicial foreclosure under the Deed of Trust. Upon a Default, Administrative Agent at its election
may (but shall not be obligated to) without the consent of and shall at the direction of the Required Lenders, without notice,
do any one or more of the following: (1) terminate Lenders’ Commitment to lend and any obligation to disburse any Borrower’s
Deposit hereunder; (2) in its own name on behalf of the Lenders or in the name of Borrower, enter into possession of the Property,
perform all work necessary to complete construction of the Improvements substantially in accordance with the Plans (as modified
as deemed necessary by Administrative Agent), the Loan Documents, and all applicable Laws, governmental requirements and restrictive
covenants, and continue to employ Borrower’s architect, engineer and any contractor pursuant to the applicable contracts
or otherwise; or (3) set-off and apply, to the extent thereof and to the maximum extent permitted by Law, any and all deposits,
funds, or assets at any time held and any and all other indebtedness at any time owing by Administrative Agent or any Lender to
or for the credit or account of Borrower against any Indebtedness.

 

(b)          Borrower
hereby appoints Administrative Agent as Borrower’s attorney-in-fact, which power of attorney is irrevocable and coupled with
an interest, with full power of substitution if Administrative Agent so elects, to do any of the following in Borrower’s
name upon the occurrence and during the continuance of a Default which has not been waived in writing by Administrative Agent:
(i) use such sums as are necessary, including any proceeds of the Loan and any Borrower’s Deposit, make such changes
or corrections in the Plans, and employ such architects, engineers, and contractors as may be required, or as Lenders may otherwise
consider desirable, for the purpose of completing construction of the Improvements substantially in accordance with the Plans (as
modified as deemed necessary by Administrative Agent), the Loan Documents, and all applicable Laws, governmental requirements and
restrictive covenants; (ii) execute all applications and certificates in the name of Borrower which may be required for completion
of construction of the Improvements; (iii) endorse the name of Borrower on any checks or drafts representing proceeds of any
insurance policies, or other checks or instruments payable to Borrower with respect to the Property; (iv) do every act with
respect to the construction of the Improvements that Borrower may do; (v) prosecute or defend any action or proceeding incident
to the Property, (vi) pay, settle, or compromise all bills and claims so as to clear title to the Property; and (vii) take
over and use all or any part of the labor, materials, supplies and equipment contracted for, owned by, or under the control of
Borrower, whether or not previously incorporated into the Improvements. Any amounts expended by Administrative Agent itself or
on behalf of Lenders to construct or complete the Improvements or in connection with the exercise of its remedies herein shall
be deemed to have been advanced to Borrower hereunder as a demand obligation owing by Borrower to Administrative Agent or Lenders
as applicable and shall constitute a portion of the Indebtedness, regardless of whether such amounts exceed any limits for Indebtedness
otherwise set forth herein. Neither Administrative Agent nor Lenders shall have any liability to Borrower for the sufficiency or
adequacy of any such actions taken by Administrative Agent except to the extent of such party’s gross negligence or willful
misconduct.

 

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(c)          No
delay or omission of Administrative Agent or Lenders to exercise any right, power or remedy accruing upon the happening of a Default
shall impair any such right, power or remedy or shall be construed to be a waiver of any such Default or any acquiescence therein.
No delay or omission on the part of Administrative Agent or Lenders to exercise any option for acceleration of the maturity of
the Indebtedness, or for foreclosure of the Deed of Trust following any Default as aforesaid, or any other option granted to Administrative
Agent and Lenders hereunder in any one or more instances, or the acceptances by Administrative Agent or Lenders of any partial
payment on account of the Indebtedness, shall constitute a waiver of any such Default, and each such option shall remain continuously
in full force and effect. No remedy herein conferred upon or reserved to Administrative Agent and/or Lenders is intended to be
exclusive of any other remedies provided for in any Note or any of the other Loan Documents, and each and every such remedy shall
be cumulative, and shall be in addition to every other remedy given hereunder, or under any Note or any of the other Loan Documents,
or now or hereafter existing at Law or in equity or by statute. Every right, power and remedy given to Administrative Agent and
Lenders by this Agreement, any Note or any of the other Loan Documents shall be concurrent, and may be pursued separately, successively
or together against Borrower, or the Property or any part thereof, or any personal property granted as security under the Loan
Documents, and every right, power and remedy given by this Agreement, any Note or any of the other Loan Documents may be exercised
from time to time as often as may be deemed expedient by the Required Lenders.

 

(d)          Regardless
of how a Lender may treat payments received from the exercise of remedies under the Loan Documents for the purpose of its own accounting,
for the purpose of computing the Indebtedness, payments shall be applied as elected by Lenders. No application of payments (other
than for Default in the payment of money for which full payment is made) will cure any Default, or prevent acceleration, or continued
acceleration, of amounts payable under the Loan Documents, or prevent the exercise, or continued exercise, of rights or remedies
of Administrative Agent and Lenders hereunder or thereunder or at Law or in equity.

 

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ARTICLE
5 - ADMINISTRATIVE AGENT

 

5.1          Appointment
and Authorization of Administrative Agent.

 

(a)          Each
Lender hereby irrevocably (subject to Section 5.9) appoints, designates and authorizes Administrative Agent to take such
action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform
such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers
as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other
Loan Document, Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor
shall Administrative Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise
exist against Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent”
herein and in the other Loan Documents with reference to Administrative Agent is not intended to connote any fiduciary or other
implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter
of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

 

(b)          Intentionally
Omitted.

 

(c)          No
individual Lender or group of Lenders shall have any right to amend or waive, or consent to the departure of any party from any
provision of any Loan Document, or secure or enforce the obligations of Borrower or any other party pursuant to the Loan Documents,
or otherwise. All such rights, on behalf of Administrative Agent or any Lender or Lenders, shall be held and exercised solely by
and at the option of Administrative Agent for the pro rata benefit of the Lenders. Such rights, however, are subject to the rights
of a Lender or Lenders, as expressly set forth in this Agreement, to approve matters or direct Administrative Agent to take or
refrain from taking action as set forth in this Agreement. Except as expressly otherwise provided in this Agreement or the other
Loan Documents, Administrative Agent shall have and may use its sole discretion with respect to exercising or refraining from exercising
any discretionary rights, or taking or refraining from taking any actions which Administrative Agent is expressly entitled to exercise
or take under this Agreement and the other Loan Documents, including, without limitation, (i) the determination if and to
what extent matters or items subject to Administrative Agent’s satisfaction are acceptable or otherwise within its discretion,
(ii) the making of Administrative Agent Advances, and (iii) the exercise of remedies pursuant to, but subject to, Article 4
or pursuant to any other Loan Document, and any action so taken or not taken shall be deemed consented to by Lenders.

 

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(d)          In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to Borrower or any Guarantor, no individual Lender or group of Lenders shall have the right,
and Administrative Agent (irrespective of whether the principal of the Loan shall then be due and payable as herein expressed or
by declaration or otherwise and irrespective of whether Administrative Agent shall have made any demand on Borrower) shall be exclusively
entitled and empowered on behalf of itself, and the Lenders, by intervention in such proceeding or otherwise:

 

(i)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loan, and all other
Indebtedness that is owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders and Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders and Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and Administrative
Agent under Section 6.10) allowed in such judicial proceeding; and

 

(ii)         to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make
such payments to Administrative Agent and, in the event that Administrative Agent shall consent to the making of such payments
directly to the Lenders, to pay to Administrative Agent any amount due for the reasonable compensation, expenses, disbursements
and advances of Administrative Agent and its agents and counsel, and any other amounts due Administrative Agent under Section 6.10.
Nothing contained herein shall be deemed to authorize Administrative Agent to authorize or consent to or accept or adopt on behalf
of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of the
Lenders except as approved by the Required Lenders or to authorize Administrative Agent to vote in respect of the claims of the
Lenders except as approved by the Required Lenders in any such proceeding.

 

5.2          Delegation
of Duties. Administrative Agent may execute any of its duties under this Agreement or any other Loan Document by or through
agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultant experts concerning all matters
pertaining to such duties. Administrative Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact
that it selects with reasonable care.

 

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5.3          Liability
of Administrative Agent. No Agent-Related Persons shall (i) be liable for any action taken or omitted to be taken by any
of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for
its own gross negligence or willful misconduct), or (ii) be responsible in any manner to any Lender for any recital, statement,
representation or warranty made by Borrower or any subsidiary or Affiliate of Borrower, or any officer thereof, contained herein
or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received
by Administrative Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of Borrower or any
other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any
obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in,
or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of Borrower, any Guarantor,
or any of their Affiliates.

 

5.4          Reliance
by Administrative Agent. Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any
writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, statement
or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper
person or persons, and upon advice and statements of legal counsel (including counsel to any party to the Loan Documents), independent
accountants and other experts selected by Administrative Agent. Administrative Agent shall be fully justified in failing or refusing
to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of
the Required Lenders or all Lenders if required hereunder as it deems appropriate and, if it so requests, it shall first be indemnified
to its satisfaction by Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing
to take any such action. Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under
this Agreement or any other Loan Document in accordance with a request or consent of the Required Lenders or such greater number
of Lenders as may be expressly required hereby in any instance, and such request and any action taken or failure to act pursuant
thereto shall be binding upon all the Lenders. In the absence of written instructions from the Required Lenders or such greater
number of Lenders, as expressly required hereunder, Administrative Agent may take, or not take any action, at its discretion, unless
this Agreement specifically requires the consent of the Required Lenders or such greater number of Lenders.

 

5.5          Notice
of Default. Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default, unless Administrative
Agent shall have received written notice from a Lender or Borrower referring to this Agreement, describing such Default that Administrative
Agent determines will have a material adverse effect on Borrower or the Property. Administrative Agent will notify Lenders of its
receipt of any such notice. Administrative Agent shall take such action with respect to such Default as may be requested by the
Required Lenders in accordance with Article 4; provided, however, that unless and until Administrative Agent has received
any such request, Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action,
with respect to such Default as it shall deem advisable or in the best interest of Lenders.

 

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5.6          Credit
Decision; Disclosure of Information by Administrative Agent.

 

(a)          Each
Lender acknowledges that none of the Agent-Related Persons has made any representation or warranty to it, and that no act by Administrative
Agent hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of Borrower and any Guarantor,
shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lenders as to any matter, including
whether Agent-Related Persons have disclosed material information in their possession. Each Lender represents to Administrative
Agent that it has, independently and without reliance upon any Agent-Related Person and based on such documents and information
as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial
and other condition and creditworthiness of Borrower, any Guarantor, and all applicable bank or other regulatory Laws relating
to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to Borrower
and Guarantors hereunder. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person
and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations
as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness
of Borrower and/or any Guarantor.

 

(b)          Administrative
Agent upon its receipt shall provide each Lender such notices, reports and other documents expressly required to be furnished to
Lenders by Administrative Agent herein. To the extent not already available to a Lender, Administrative Agent shall also provide
the Lender and/or make available for the Lender’s inspection during reasonable business hours and at the Lender’s expense,
upon the Lender’s written request therefor: (i) copies of the Loan Documents; (ii) such information as is then
in Administrative Agent’s possession in respect of the current status of principal and interest payments and accruals in
respect of the Loan; (iii) copies of all current financial statements in respect of Borrower, any Guarantor or other person
liable for payment or performance by Borrower of any obligations under the Loan Documents, then in Administrative Agent’s
possession with respect to the Loan; and (iv) other current factual information then in Administrative Agent’s possession
with respect to the Loan and bearing on the continuing creditworthiness of Borrower or any Guarantor, or any of their respective
Affiliates; provided that nothing contained in this Section shall impose any liability upon Administrative Agent for its failure
to provide a Lender any of such Loan Documents, information, or financial statements, unless such failure constitutes willful misconduct
or gross negligence on Administrative Agent’s part; and provided, further, that Administrative Agent shall not be obligated
to provide any Lender with any information in violation of Law or any contractual restrictions on the disclosure thereof (provided
such contractual restrictions shall not apply to distributing to a Lender factual and financial information expressly required
to be provided herein). Except as set forth above, Administrative Agent shall not have any duty or responsibility to provide any
Lenders with any credit or other information concerning the business, prospects, operations, property, financial and other condition
or creditworthiness of Borrower or any Guarantor or any of their respective Affiliates which may come into the possession of any
of the Agent-Related Persons.

 

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5.7          Indemnification
of Administrative Agent. Whether or not the transactions contemplated hereby are consummated, Lenders shall indemnify upon
demand each Agent-Related Person (to the extent not reimbursed by or on behalf of Borrower and without limiting the obligation
of Borrower to do so), pro rata, and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities
incurred by it, INCLUDING THOSE IN WHOLE OR PART ARISING FROM ADMINISTRATIVE AGENT’S STRICT LIABILITY, OR COMPARATIVE,
CONTRIBUTORY OR SOLE NEGLIGENCE; provided, however, that no Lender shall be liable for the payment to any Agent-Related Person
of any portion of such Indemnified Liabilities to the extent determined in a final, non-appealable judgment by a court of competent
jurisdiction to have resulted from such Agent-Related Person’s own gross negligence or willful misconduct; provided, however,
that no action taken in accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or
willful misconduct for purposes of this Section. Without limitation of the foregoing, to the extent that Administrative Agent is
not reimbursed by or on behalf of Borrower, each Lender shall reimburse Administrative Agent upon demand for its ratable share
of any costs or out-of-pocket expenses (including attorney fees) incurred by Administrative Agent as described in Section 6.10.
The undertaking in this Section shall survive the payment of all Obligations hereunder and the resignation or replacement of Administrative
Agent.

 

5.8          Administrative
Agent in Individual Capacity. Administrative Agent, in its individual capacity, and its Affiliates may make loans to, issue
letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking,
trust, financial advisory, underwriting or other business with any party to the Loan Documents and their respective Affiliates
as though Administrative Agent were not Administrative Agent hereunder and without notice to or consent of Lenders. Lenders acknowledge
that Bank of America, N.A. (“Swap Bank”) or an Affiliate of Swap Bank and Borrower have entered or may enter
into Swap Transactions. A portion of the Loan may be funded to honor Borrower’s payment obligations to Swap Bank or such
Affiliate under the terms of such agreement, and Lenders shall have no right to share in any portion of such payments. Lenders
acknowledge that, pursuant to such activities, Bank of America, N.A. or its Affiliates may receive information regarding any party
to the Loan Documents, or their respective Affiliates (including information that may be subject to confidentiality obligations
in favor of such parties or such parties’ Affiliates) and acknowledge that Administrative Agent shall be under no obligation
to provide such information to them. With respect to its Pro Rata Share of the Loan, Bank of America, N.A. shall have the same
rights and powers under this Agreement as any other Lenders and may exercise such rights and powers as though it were not Administrative
Agent or Swap Bank, and the terms “Lender” and “Lenders” include Bank of America, N.A. in its individual
capacity.

 

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5.9          Successor
Administrative Agent. Administrative Agent may with the consent of Borrower (which consent shall not be required at any time
a Default by Borrower exists, and otherwise shall not be unreasonably withheld or delayed), and at the request of the Required
Lenders as a result of Administrative Agent’s gross negligence or willful misconduct in performing its duties under this
Agreement shall, resign as Administrative Agent upon thirty (30) days’ notice to Lenders. If Administrative Agent resigns
under this Agreement, the Required Lenders shall appoint from among Lenders a successor administrative agent for Lenders. If no
successor administrative agent is appointed prior to the effective date of the resignation of Administrative Agent, Administrative
Agent may appoint, after consulting with Lenders and Borrower, a successor administrative agent from among Lenders. Upon the acceptance
of its appointment as successor administrative agent hereunder, such successor administrative agent shall succeed to all the rights,
powers and duties of the retiring Administrative Agent and the term “Administrative Agent” shall mean such successor
administrative agent and the retiring Administrative Agent’s appointment, powers and duties as Administrative Agent shall
be terminated, without any other or further act or deed on the part of such retiring Administrative Agent. After any retiring Administrative
Agent’s resignation hereunder as Administrative Agent, the provisions of this Article and other applicable Sections of this
Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under
this Agreement. If no successor administrative agent has accepted appointment as Administrative Agent by the date which is thirty
(30) days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation
shall nevertheless thereupon become effective and Lenders shall perform all of the duties of Administrative Agent hereunder until
such time, if any, as the Required Lenders appoint a successor agent as provided for above.

 

5.10        Releases;
Acquisition and Transfers of Collateral.

 

(a)          Lenders
hereby irrevocably authorize Administrative Agent to transfer or release any lien on, or after foreclosure or other acquisition
of title by Administrative Agent on behalf of the Lenders to transfer or sell, any Loan collateral (i) upon the termination
of the Commitments and payment and satisfaction in full of all Indebtedness; (ii) constituting a release, transfer or sale
of a lien or property if Borrower will certify to Administrative Agent that the release, transfer or sale is permitted under this
Agreement or the other Loan Documents (and Administrative Agent may rely conclusively on any such certificate, without further
inquiry); or (iii) after foreclosure or other acquisition of title (1) for a purchase price equal to or greater than
ninety percent (90%) of value indicated in the most recent appraisal of the collateral obtained by Administrative Agent and made
in accordance with regulations governing Administrative Agent, less any reduction indicated in the appraisal estimated by experts
in such areas; or (2) if approved by the Required Lenders.

 

(b)          If
all or any portion of the Loan collateral is acquired by foreclosure or by deed in lieu of foreclosure, Administrative Agent shall
take title to the collateral in its name or by an Affiliate of Administrative Agent, but for the benefit of all Lenders in their
Pro Rata Shares on the date of the foreclosure sale or recordation of the deed in lieu of foreclosure (the “Acquisition
Date”). Administrative Agent and all Lenders hereby expressly waive and relinquish any right of partition with respect
to any collateral so acquired. After any collateral is acquired, Administrative Agent shall appoint and retain one or more Persons
(individually and collectively, “Property Manager”) experienced in the management, leasing, sale and/or dispositions
of similar properties.

 

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(c)          After
consulting with the Property Manager, Administrative Agent shall prepare a written plan for completion of construction (if required),
operation, management, improvement, maintenance, repair, sale and disposition of the Loan collateral and a budget for the aforesaid,
which may include a reasonable management fee payable to Administrative Agent (the “Business Plan”). Administrative
Agent will deliver the Business Plan not later than the sixtieth (60th) day after the Acquisition Date to each Lender
with a written request for approval of the Business Plan. If the Business Plan is approved by the Required Lenders, Administrative
Agent and the Property Manager shall adhere to the Business Plan until a different Business Plan is approved by the Required Lenders.
Administrative Agent may propose an amendment to the Business Plan as it deems appropriate, which shall also be subject to Required
Lender approval. If the Business Plan (as may be amended) proposed by Administrative Agent is not approved by the Required Lenders,
(or if sixty (60) days have elapsed following the Acquisition Date without a Business Plan being proposed by Administrative Agent),
any Lender may propose an alternative Business Plan, which Administrative Agent shall submit to all Lenders for their approval.
If an alternative Business Plan is approved by the Required Lenders, Administrative Agent may appoint one of the approving Lenders
to implement the alternative Business Plan. Notwithstanding any other provision of this Agreement, unless in violation of an approved
Business Plan or otherwise in an emergency situation, Administrative Agent shall, subject to subsection (a) of this Section, have
the right but not the obligation to take any action in connection with the Loan collateral (including those with respect to property
taxes, insurance premiums, completion of construction, operation, management, improvement, maintenance, repair, sale and disposition),
or any portion thereof.

 

(d)          Upon
request by Administrative Agent or Borrower at any time, Lenders will confirm in writing Administrative Agent’s authority
to sell, transfer or release any such liens of particular types or items of Loan collateral pursuant to this Section; provided,
however, that (i) Administrative Agent shall not be required to execute any document necessary to evidence
such release, transfer or sale on terms that, in Administrative Agent’s opinion, would expose Administrative Agent to liability
or create any obligation or entail any consequence other than the transfer, release or sale without recourse, representation or
warranty, and (ii) such transfer, release or sale shall not in any manner discharge, affect or impair the obligations of
Borrower other than those expressly being released.

 

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(e)          If
the Lenders are unable to mutually agree on the purchase offer, and if only two (2) Lenders exist at the time Administrative Agent
receives a purchase offer for Loan collateral for which one of the Lenders does not consent within ten (10) Business Days after
notification from Administrative Agent, the consenting Lender may offer (“Purchase Offer”) to purchase all of
non-consenting Lender’s rights, titles and interests in the collateral for a purchase price equal to non-consenting Lender’s
Pro Rata Share of the net proceeds anticipated from such sale of such collateral (as reasonably determined by Administrative Agent),
including the undiscounted face principal amount of any purchase money obligation not payable at closing (“Net Proceeds”).
Within ten (10) Business Days thereafter the non-consenting Lender shall be deemed to have accepted such Purchase Offer unless
the non-consenting Lender notifies Administrative Agent that it elects to purchase all of the consenting Lender’s right,
title and interest in the collateral for a purchase price payable by the non-consenting Lender in an amount equal to the consenting
Lender’s Pro Rata Share of the Net Proceeds. Any amount payable hereunder by a Lender shall be due on the earlier to occur
of the closing of the sale of the collateral or ninety (90) days after the Purchase Offer, regardless of whether the collateral
has been sold.

 

5.11        Application
of Payments. Except as otherwise provided below with respect to Defaulting Lenders, aggregate principal and interest payments,
payments for Indemnified Liabilities, proceeds from a foreclosure or sale of the collateral, and net operating income from the
collateral during any period it is owned by Administrative Agent on behalf of the Lenders (“Payments”) shall
be apportioned pro rata among Lenders and payments of any fees (other than fees designated for Administrative Agent’s separate
account) shall, as applicable, be apportioned pro rata among Lenders. Notwithstanding anything to the contrary in this Agreement,
all Payments due and payable to Defaulting Lenders shall be due and payable to and be apportioned pro rata among Administrative
Agent and Electing Lenders. Such apportionment shall be in the proportion that the Defaulting Lender Payment Amounts paid by them
bears to the total Defaulting Lender Payment Amounts of such Defaulting Lender. Such apportionment shall be made until Administrative
Agent and Lenders have been paid in full for the Defaulting Lender Payment Amounts. All pro rata Payments shall be remitted to
Administrative Agent and all such payments not constituting payment of specific fees, and all proceeds of the Loan collateral received
by Administrative Agent, shall be applied first, to pay any fees, indemnities, costs, expenses (including those in Section 5.7)
and reimbursements then due to Administrative Agent from Borrower; second, to pay any fees, costs, expenses and reimbursements
then due to Lenders from Borrower; third, to pay pro rata interest due in respect of the Indebtedness and Administrative Agent
Advances; fourth, to pay or prepay pro rata principal of the Indebtedness and Administrative Agent Advances; fifth, to pay any
indebtedness of Borrower under Swap Transactions; and last, to Borrower, if required by law, otherwise to the Lenders in Pro Rata
Share percentages equal to their percentages as of the date of termination of the Aggregate Commitments.

 

5.12        Benefit.
The terms and conditions of this Article (except for provisions of Section 5.9 requiring Borrower’s consent)
are inserted for the sole benefit of Administrative Agent and Lenders; the same may be waived in whole or in part, with or without
terms or conditions, without prejudicing Administrative Agent’s or Lenders’ rights to later assert them in whole or
in part. Nothing in this Article (except for provisions of Section 5.9 requiring Borrower’s consent) is binding
on Borrower or affects the rights or broadens the obligations of Borrower under this Agreement or the other Loan Documents.

 

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5.13        Lead
Arranger; Book Manager. None of the Lenders or other persons identified on the facing page or signature pages of this Agreement
as a “syndication agent”, “documentation agent”, “co-agent”, “book manager”, or
“lead manager”, “arranger”, “lead arranger” or “co-arranger” shall have any right,
power, obligation, liability, responsibility or duty under this Agreement other than, in the case of such Lenders, those applicable
to all Lenders as such. Without limiting the foregoing, none of Lenders or other persons so identified as a “syndication
agent”, “documentation agent”, “co-agent” or “lead manager” shall have or be deemed to
have any fiduciary relationship with any Lenders. Each Lender acknowledges that it has not relied, and will not rely, on any of
Lenders or other persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.

 

ARTICLE
6 - GENERAL TERMS AND CONDITIONS

 

6.1          Consents;
Borrower’s Indemnity. Except where otherwise expressly provided in the Loan Documents, in any instance where the approval,
consent or the exercise of Administrative Agent’s or Lenders’ judgment is required, the granting or denial of such
approval or consent and the exercise of such judgment shall be (a) within the sole discretion of Administrative Agent or Lenders;
(b) deemed to have been given only by a specific writing intended for the purpose given and executed by Administrative Agent
or Lenders; and (c) free from any limitation or requirement of reasonableness. Notwithstanding any approvals or consents by
Administrative Agent or Lenders, neither Administrative Agent nor any Lender has any obligation or responsibility whatsoever for
the adequacy, form or content of the Plans, the Budget, any appraisal, any contract, any change order, any lease, or any other
matter incident to the Property or the construction of the Improvements. Administrative Agent’s or Lenders’ acceptance
of an assignment of the Plans for the benefit of Administrative Agent and Lenders shall not constitute approval of the Plans. Any
inspection, appraisal or audit of the Property or the books and records of Borrower, or the procuring of documents and financial
and other information, by or on behalf of Administrative Agent shall be for Administrative Agent’s and Lenders’ protection
only, and shall not constitute an assumption of responsibility to Borrower or anyone else with regard to the condition, value,
construction, maintenance or operation of the Property, or relieve Borrower of any of Borrower’s obligations. Borrower has
selected all surveyors, architects, engineers, contractors, materialmen and all other persons or entities furnishing services or
materials to the Project. Neither Administrative Agent nor any Lender has any duty to supervise or to inspect the Property or the
construction of the Improvements nor any duty of care to Borrower or any other person to protect against, or inform Borrower or
any other person of the existence of, negligent, faulty, inadequate or defective design or construction of the Improvements. Neither
Administrative Agent nor any Lender shall be liable or responsible for, and Borrower shall indemnify each Agent-Related Person
and each Lender and their respective Affiliates, directors, officers, agents, attorneys and employees (collectively, the “Indemnified
Parties”) from and against: (a) any claim, action, loss or cost (including reasonable attorney’s fees and
costs) arising from or relating to (i) any defect in the Property or the Improvements, (ii) the performance or default
of Borrower, Borrower’s surveyors, architects, engineers, contractors, or any other person engaged by, through or under Borrower,
(iii) any failure to construct, complete, protect or insure the Improvements, (iv) the payment of costs of labor, materials,
or services supplied for the construction of the Improvements, (v) the protection and preservation of the Loan collateral
(including those with respect to property taxes, insurance premiums, completion of construction, operation, management, improvements,
maintenance, repair, sale and disposition) at any time when a Default exists, (vi) the performance of any obligation of Borrower
whatsoever, or (vii) Environmental Damages; (b) any and all claims by third-parties and related losses, damages, penalties,
claims, demands, actions, judgments, suits, costs, expenses and disbursements (including reasonable attorney fees and costs) of
any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnified Party in
any way relating to or arising out of or in connection with (i) the execution, delivery, enforcement, performance or administration
of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby
or the consummation of the transactions contemplated thereby, (ii) any Commitment or Loan, or the use or proposed use of the
proceeds therefrom, or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of
any pending or threatened claim, investigation, litigation or proceeding); (c) any and all claims, demands, actions or causes
of action arising out of or relating to the lawful use of Information (as defined in Section 6.6) or other materials
obtained through Box or a similar information system set up by and between Borrower and Administrative Agent to exchange information;
and (d) any and all liabilities, losses, costs or expenses (including reasonable attorney fees and costs) that any Indemnified
Party suffers or incurs as a result of the assertion of any foregoing claim, demand, action, cause of action or proceeding, or
as a result of the preparation of any defense in connection with any foregoing claim, demand, action, cause of action or proceeding,
in all cases, whether or not an Indemnified Party is a party to such claim, demand, action, cause of action or proceeding and whether
it is defeated, successful or withdrawn, (all the foregoing, collectively, the “Indemnified Liabilities”), INCLUDING
IN WHOLE OR PART ANY LOSS ARISING OUT OF AN INDEMNIFIED PARTY’S STRICT LIABILITY, OR COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE;
provided that such indemnity shall not, as to any Indemnified Party, be available to the extent that such liabilities, obligations,
losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements are determined by a court
of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of any Indemnified Party or the violation by any Indemnified Party of any Law applicable to it as a national bank, insurance company
or other regulated institution or any holding company or Affiliate thereof. Upon demand by Administrative Agent, Borrower shall
diligently defend any Claim which affects the Property or is made or commenced against Administrative Agent or any Lender, whether
alone or together with Borrower or any other person, all at Borrower’s own cost and expense and by counsel to be approved
by Administrative Agent in the exercise of its reasonable judgment. In the alternative, at any time Administrative Agent may elect
to conduct its own defense on behalf of itself or any Lender through counsel selected by Administrative Agent and at the cost and
expense of Borrower. Nothing, including any advance or acceptance of any document or instrument, shall be construed as a representation
or warranty, express or implied, to any party by Administrative Agent or Lenders. Inspection shall not constitute an acknowledgment
or representation by Administrative Agent, any Lender or the Construction Inspector that there has been or will be compliance with
the Plans, the Loan Documents, or applicable Laws, governmental requirements and restrictive covenants, or that the construction
is free from defective materials or workmanship. Inspection, whether or not followed by notice of Default, shall not constitute
a waiver of any Default then existing, or a waiver of Administrative Agent’s and Lenders’ right thereafter to insist
that the Improvements be constructed substantially in accordance with the Plans, and in accordance with the Loan Documents, and
all applicable Laws, governmental requirements and restrictive covenants. Administrative Agent’s failure to inspect shall
not constitute a waiver of any of Administrative Agent’s or Lenders’ rights under the Loan Documents or at Law or in
equity.

 

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6.2          Miscellaneous.
This Agreement may be executed in several counterparts, all of which are identical, and all of which counterparts together shall
constitute one and the same instrument. The Loan Documents are for the sole benefit of Administrative Agent, Lenders and Borrower
and are not for the benefit of any third party. A determination that any provision of this Agreement is unenforceable or invalid
shall not affect the enforceability or validity of any other provision and the determination that the application of any provision
of this Agreement to any person or circumstance is illegal or unenforceable shall not affect the enforceability or validity of
such provision as it may apply to other persons, entities or circumstances. Time shall be of the essence with respect to Borrower’s
obligations under the Loan Documents. This Agreement, and its validity, enforcement and interpretation, shall be governed by the
laws of the State of Texas (without regard to any conflict of Laws principles) and applicable United States federal Law.

 

6.3          Notices.

 

6.3.1        Modes
of Delivery, Changes. Except as otherwise provided herein, all notices, and other communications required or which any party
desires to give under this Agreement or any other Loan Document shall be in writing. Unless otherwise specifically provided in
such other Loan Document, all such notices and other communications shall be deemed sufficiently given or furnished if delivered
by personal delivery, by nationally recognized overnight courier service, courier, by registered or certified United States mail,
postage prepaid, or by facsimile (with, subject to subsection 6.3.2 below, a confirmatory duplicate copy sent by first
class United States mail), addressed to the party to whom directed or by (subject to subsection 6.3.3 below) electronic
mail address to Borrower, at the addresses set forth at the end of this Agreement or to Administrative Agent or Lenders at the
addresses specified for notices on the Schedule of Lenders (unless changed by similar notice in writing given by the particular
party whose address is to be changed). Any such notice or communication shall be deemed to have been given and received either
at the time of personal delivery or, in the case of courier or mail, as of the date of first attempted delivery at the address
and in the manner provided herein, or, in the case of facsimile, upon receipt; provided, however, that service of a notice required
by any applicable statute shall be considered complete when the requirements of that statute are met. Notwithstanding the foregoing,
no notice of change of address shall be effective except upon actual receipt. This Section shall not be construed in any way to
affect or impair any waiver of notice or demand provided in any Loan Document or to require giving of notice or demand to or upon
any person in any situation or for any reason.

 

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6.3.2        Effectiveness
of Facsimile Documents and Signatures. Loan Documents may be transmitted and/or signed by facsimile. The effectiveness of
any such documents and signatures shall, subject to applicable Law, have the same force and effect as manually-signed originals
and shall be binding on all parties to the Loan Documents. Administrative Agent may also require that any such documents and signatures
be confirmed by a manually-signed original thereof; provided, however, that
the failure to request or deliver the same shall not limit the effectiveness of any facsimile document or signature.

 

6.3.3        Limited
Use of Electronic Mail. Electronic mail and internet and intranet websites may be used only to distribute routine communications,
such as financial statements and other information, and to distribute Loan Documents for execution by the parties thereto, and
may not be used for any other purpose.

 

6.3.4        Reliance
by Administrative Agent and Lenders. Administrative Agent and the Lenders shall be entitled to rely and act upon any notices
(including telephonic Loan advance notices) purportedly given by or on behalf of Borrower even if (i) such notices were not
made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein,
or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. Borrower shall indemnify
each Agent-Related Person and each Lender from all losses, costs, expenses and liabilities resulting from the reliance by such
person on each notice purportedly given by or on behalf of Borrower, INCLUDING IN WHOLE OR PART FOR AN AGENT RELATED PERSON’S
OR LENDER’S STRICT LIABILITY, OR COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE, except to the extent of their gross negligence
or willful misconduct. All telephonic notices to and other communications with Administrative Agent may be recorded by Administrative
Agent, and each of the parties hereto hereby consents to such recording. If a Lender does not notify or inform Administrative Agent
of whether or not it consents to, or approves of or agrees to any matter of any nature whatsoever with respect to which its consent,
approval or agreement is required under the express provisions of this Agreement or with respect to which its consent, approval
or agreement is otherwise requested by Administrative Agent, in connection with the Loan or any matter pertaining to the Loan,
within ten (10) Business Days (or such longer period as may be specified by Administrative Agent) after such consent, approval
or agreement is requested by Administrative Agent, the Lender shall be deemed to have given its consent, approval or agreement,
as the case may be, with respect to the matter in question.

 

6.4          Payments
Set Aside. To the extent that any payment by or on behalf of Borrower is made to Administrative Agent or any Lender, or Administrative
Agent or any Lender exercises its right of set-off, and such payment or the proceeds of such set-off or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into
by Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection
with any proceeding under any Debtor Relief Law, to a depository (including Administrative Agent, any Lender or its or their Affiliates)
for returned items or insufficient collected funds, or otherwise, then (a) to the extent of such recovery, the obligation
or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such set-off had not occurred, and (b) each Lender severally agrees to pay to Administrative Agent upon
demand its applicable share of any amount so recovered from or repaid by Administrative Agent, plus interest thereon from the date
of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.

 

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6.5          Successors
and Assigns.

 

(a)          The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that Borrower may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of each Lender, Administrative Agent may assign or otherwise transfer any of its rights or obligations
hereunder only as provided in Section 5.9 and this Section 6.5, and no Lender may assign or otherwise transfer any
of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of subsection
(b) of this Section 6.5, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section,
or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section
6.5. Any other attempted assignment or transfer by any party hereto shall be null and void. Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any person (other than the parties hereto, their respective successors and assigns
permitted hereby and, to the extent expressly contemplated hereby, the Indemnified Parties) any legal or equitable right, remedy
or claim under or by reason of this Agreement.

 

(b)         Any
Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including
all or a portion of its Commitment and Pro Rata Share of the Loan at the time owing to it); provided that:

 

(i)          so
long as no Default has occurred and is continuing the assigning Lender’s Commitment after the assignment must be at least
$10,000,000.00, and except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment
and Pro Rata Share of the Loan at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender
or an Approved Fund as defined in subsection (h) of this Section with respect to a Lender, the aggregate amount of the Commitment
(which for this purpose includes its Pro Rata Share of the Loan outstanding) subject to each such assignment, determined as of
the date the Assignment and Assumption with respect to such assignment is delivered to Administrative Agent, shall not be less
than $10,000,000.00 unless each of Administrative Agent and, so long as no Default has occurred and is continuing, Borrower otherwise
consents (each such consent not to be unreasonably withheld or delayed);

 

(ii)         each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to its Pro Rata Share of the Loan and the Commitment assigned;

 

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(iii)        any
assignment of a Commitment must be approved by Administrative Agent, unless the person that is the proposed assignee is itself
a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); and

 

(iv)        the
parties to each assignment shall execute and deliver to Administrative Agent an Assignment and Assumption, together with a processing
and recordation fee of $3,500.00.

 

Subject to acceptance and recording
thereof by Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each
Assignment and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of this Agreement with
respect to Borrower’s obligations surviving termination of this Agreement). An assignment shall not relieve a Lender from
responsibility for any failure of performance by the Lender prior to the acceptance and recording by Administrative Agent of the
Assignment and Assumption. Upon request, Administrative Agent shall prepare and Borrower shall execute and deliver a Note (“Replacement
Note”) to the assignee Lender against surrender of the Note that it replaces for cancellation or endorsement of decreased
principal amount, as applicable. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does
not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in
such rights and obligations in accordance with subsection (d) of this Section 6.5.

 

(c)          Administrative
Agent, acting solely for this purpose as an agent of Borrower, shall maintain at Administrative Agent’s Office a copy of
each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation
of the names and addresses of the Lenders, and the Commitments of, and principal amount (and stated interest) of each Lender’s
Pro Rata Share of the Loan owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
The entries in the Register shall be conclusive absent manifest error, and Borrower, Administrative Agent and the Lenders may treat
each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by Borrower and any Lender, at
any reasonable time and from time to time upon reasonable prior notice.

 

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(d)          Any
Lender may, without the consent of, but with prior notice to Administrative Agent, sell participations to one or more banks or
other entities (a “Participant”) in all or a portion of such Lender’s rights and/or obligations under
this Agreement (including all or a portion of its Commitment and/or its Pro Rata Share of the Loan owing to it); provided
that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations, (iii) Borrower, Administrative Agent and
the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement, and (iv) except to the extent consented to by Administrative Agent in its sole discretion
with respect to each participation, any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement.

 

(e)          A
Participant shall not be entitled to receive any greater payment under Sections 1.7, 1.8 or 1.9 than
the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant.

 

(f)          Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including
under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal
Reserve Bank; provided that no such pledge or assignment, or any transfer upon foreclosure thereof, shall release a Lender
from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(g)          If
the consent of Borrower to an assignment or to an assignee is required hereunder (including a consent to an assignment which does
not meet the minimum assignment threshold specified in clause (i) of the provision to the first sentence of subsection (b) above),
Borrower shall be deemed to have given its consent ten (10) Business Days after the date notice thereof has been delivered by the
assigning Lender (through Administrative Agent) unless such consent is expressly refused by Borrower prior to such tenth Business
Day.

 

(h)          As
used herein, the following terms have the following meanings:

 

“Eligible
Assignee” means (a) a Lender; (b) an Affiliate of a Lender, an Approved Fund or any other person (other than
a natural person) approved by Administrative Agent, provided such Affiliate of a Lender, Approved Fund or other person is not a
Foreign Lender and is rated BBB or better by Standard and Poors or Baa2 or better by Moodys, and (c) any such other person
(other than a natural person and other than Borrower, any Guarantor, and any Person affiliated with Borrower or any Guarantor)
approved by Administrative Agent and, unless a Default that has not been waived by Administrative Agent exists, Borrower (each
such approval not to be unreasonably withheld or delayed).

 

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“Fund”
means any person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial real estate loans and similar extensions of credit in the ordinary course of its business.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers or manages a Lender.

 

6.6          Confidentiality.
Each of Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (a) to the directors, officers, employees and agents, including accountants, legal counsel
and other advisors of Administrative Agent, Lenders and their Affiliates (it being understood that the persons to whom such disclosure
is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential);
(b) to the extent requested by any regulatory authority; (c) to the extent required by applicable Laws or regulations
or by any subpoena or similar legal process; (d) to any other party to this Agreement; (e) in connection with the exercise
of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder;
(f) subject to an agreement containing provisions substantially the same as those of this Section 6.6, to (i) any
assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement
or (ii) any direct or indirect contractual counterparty or prospective counterparty (or such contractual counterparty’s
or prospective counterparty’s professional advisor) to any Swap Transaction or credit derivative transaction relating to
obligations of Borrower and Guarantor; (g) with the consent of Borrower; (h) to the extent such Information (i) becomes
publicly available other than as a result of a breach of this Section 6.6 or (ii) becomes available to Administrative
Agent or any Lender on a nonconfidential basis from a source other than Borrower or a Guarantor or their Affiliates; or (i) to
the National Association of Insurance Commissioners or any other similar organization. For the purposes of this Section, “Information”
means all information received from Borrower or a Guarantor relating to Borrower or Guarantor or their business, other than any
such information that is available to Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by Borrower
or a Guarantor; provided that, in the case of information received from Borrower or a Guarantor after the date hereof, except for
Financial Statements and CV Statements, such information is clearly identified in writing at the time of delivery as confidential.
Any person required to maintain the confidentiality of Information as provided in this Section 6.6 shall be considered to
have complied with its obligation to do so if such person has exercised the same degree of care to maintain the confidentiality
of such Information as such person would accord to its own confidential information. Administrative Agent and the Lenders may disclose
the existence of this Agreement and information about this Agreement (excluding Information about Guarantors) to market data collectors
or similar service providers to the lending industry.

 

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6.7          Set-off.
In addition to any rights and remedies of Administrative Agent and Lenders provided by Law, upon the occurrence and during the
continuance of any Default, Administrative Agent and each Lender is authorized at any time and from time to time, without prior
notice to Borrower or any other party to the Loan Documents, any such notice being waived by Borrower (on its own behalf and on
behalf of each party to the Loan Documents to the fullest extent permitted by Law), to set-off and apply any and all deposits,
general or special, time or demand, provisional or final, any time owing by Administrative Agent or such Lender hereunder or under
any other Loan Document to or for the credit or the account of Borrower against any and all Obligations, irrespective of whether
or not Administrative Agent or such Lender shall have made demand under this Agreement or any other Loan Document and although
such Obligations may be denominated in a currency different from that of the applicable depositor indebtedness. Each Lender agrees
promptly to notify Borrower and Administrative Agent after any such set-off and application made by such Lender; provided, however,
that the failure to give such notice shall not affect the validity of such set-off and application.

 

6.8          Sharing
of Payments. If, other than as expressly provided elsewhere herein, any Lender shall obtain on account of the portions of the
Loan advanced by it, any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) in
excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify Administrative
Agent of such fact, and (b) purchase from the other Lenders such participations in the portions of the Loan made by them,
as shall be necessary to cause such purchasing Lender to share the excess payment in respect of such portions of the Loan or such
participations, as the case may be, pro rata with each of them; provided, however, that if all or any portion of such excess payment
is thereafter recovered from the purchasing Lender under any of the circumstances described in Section 6.4 (including
pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded
and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such
paying Lender’s ratable share (according to the proportion of (i) the amount of such paying Lender’s required
repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable
by the purchasing Lender in respect of the total amount so recovered without further interest thereon. Borrower agrees that any
Lender so purchasing a participation from another Lender may, to the fullest extent permitted by Law, exercise all its rights of
payment (including the right of set-off), but subject to Section 6.7 with respect to such participation as fully as
if such Lender were the direct creditor of Borrower in the amount of such participation. Administrative Agent will keep records
(which shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section 6.8
and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation
pursuant to this Section shall from and after such purchase have the right to give all notices, requests, demands, directions and
other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though
the purchasing Lender were the original owner of the Obligations purchased.

 

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6.9          Amendments;
Survival.

 

(a)          Administrative
Agent and Lenders may amend (whether pursuant to a separate intercreditor agreement or otherwise) any of the terms, conditions
or agreements set forth in Article 5 (except for provisions applicable to Borrower’s consent in Section 5.9)
or as to any other matter in the Loan Documents respecting payments between Administrative Agent or Lenders, without the consent
of Borrower or any other Person or the execution by Borrower or any other Person of any such amendment or intercreditor agreement.
Subject to the foregoing, Administrative Agent and Borrower or the applicable party to the Loan Documents, as the case may be,
may (a) amend or waive any provision of this Agreement or any other Loan Document, or (b) consent to any departure by
any party to the Loan Documents therefrom, which amendment, waiver or consent is intended to be within Administrative Agent’s
discretion or determination, or is to a provision enforceable or determinable to the extent required by Administrative Agent (reasonable
or otherwise), or in Administrative Agent’s reasonable determination, shall not have a material effect on Borrower or the
Project. Subject to the foregoing, with the consent of the Required Lenders, Administrative Agent and Borrower or the applicable
party to the Loan Documents, as the case may be, may, by instrument in writing signed by them, enter into any other amendment,
waiver or consent (including a consent to the sale, transfer, pledge, mortgage or assignment of any indirect interest in Borrower,
except no such consent shall be required if such sale, transfer, pledge, mortgage or assignment is expressly permitted under the
Loan Documents). Each such waiver or consent shall be effective only in the specific instance and for the specific purpose for
which given.

 

(b)          Notwithstanding
the above, no such amendment, waiver or consent shall:

 

(i)          except
as expressly permitted by this Agreement, extend or increase the Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 4.2), without the written consent of such Lender (it being understood that a waiver of a Default
shall not constitute an extension or increase in any Lender’s Commitment);

 

(ii)         postpone
any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees or other amounts due to
the Lenders (or any of them) hereunder or under any other Loan Document, without the written consent of each Lender directly affected
thereby;

 

(iii)        reduce
the principal of, or the rate of interest specified herein on, any portion of the Loan or any fees or other amounts payable hereunder
or under any other Loan Document, without the written consent of each Lender directly affected thereby, or to amend the definition
of “Past Due Rate” or “late charges”; provided, however, that Administrative Agent may waive any obligation of Borrower to pay interest at the Past Due Rate and/or
late charges for periods of up to thirty days, and only the consent of the Required Lenders shall be necessary to waive any obligation
of Borrower to pay interest at the Past Due Rate or late charges thereafter;

 

(iv)        change
the percentage of the combined Commitments or of the aggregate unpaid principal amount of the Loan which is required for the Lenders
or any of them to take any action hereunder, without the written consent of Borrower and each Lender;

 

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(v)         change
the definition of “Pro Rata Share” or “Required Lenders” or any other provision hereof specifying the number
or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any
consent hereunder, without the written consent of Borrower and each Lender;

 

(vi)        amend
this Section 6.9, or Section 6.8, without the written consent of Borrower and each Lender;

 

(vii)       release
the liability of Borrower or, except as expressly contemplated by the Guaranties, any existing Guarantor without the written consent
of each Lender;

 

(viii)      permit
the sale, transfer, pledge, mortgage or assignment of any Loan collateral or any direct interest in Borrower, except as expressly
permitted under the Loan Documents, without the written consent of each Lender; or

 

(ix)         transfer
or release any lien on, or after foreclosure or other acquisition of title by Administrative Agent on behalf of the Lenders transfer
or sell, any Loan collateral except as permitted in Section 5.10, without the written consent of each Lender,

 

and, provided further,
that no amendment, waiver or consent shall, unless in writing and signed by Administrative Agent in addition to the Lenders required
above, affect the rights or duties of Administrative Agent under this Agreement or any other Loan Document. Notwithstanding anything
to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder,
except that the Commitment of such Lender may not be increased without the consent of such Lender.

 

(c)          This
Agreement shall continue in full force and effect until the Indebtedness is paid in full and all of Administrative Agent’s
and Lenders’ obligations under this Agreement are terminated; and all representations and warranties and all provisions herein
for indemnity of the Indemnified Parties, Administrative Agent and Lenders (and any other provisions herein specified to survive)
shall survive payment in full, satisfaction or discharge of the Indebtedness, the resignation or removal of Administrative Agent
or replacement of any Lender, and any release or termination of this Agreement or of any other Loan Documents.

 

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6.10        Costs
and Expenses. Without limiting any Loan Document and to the extent not prohibited by applicable Laws, Borrower shall pay when
due, shall reimburse to Administrative Agent for the benefit of itself and Lenders on demand and shall indemnify Administrative
Agent and Lenders from, all out-of-pocket fees, costs, and expenses paid or incurred by Administrative Agent and Lenders in connection
with the negotiation, preparation and execution of this Agreement and the other Loan Documents (and any amendments, approvals,
consents, waivers and releases requested, required, proposed or done from time to time), or in connection with the disbursement,
or administration of the Loan or the enforcement of the obligations of Borrower, the exercise of any right or remedy of Administrative
Agent when a Default exists or collection of the Loan, including (a) all reasonable fees and expenses of Administrative Agent’s
counsel in connection with the foregoing matters; (b) fees and charges of each Construction Inspector (subject to the limits
in Section 2.6); (c) appraisal, re-appraisal and survey costs (subject to the limits of Section 2.13); (d) title
insurance charges and premiums; (e) title search or examination costs, including abstracts, abstractors’ certificates
and uniform commercial code searches; (f) judgment and tax lien searches for Borrower and each Guarantor; (g) escrow
fees; (h) subject to Section 2.16(c), fees and costs of environmental investigations, site assessments and remediations;
(i) recordation taxes, documentary taxes, transfer taxes and mortgage taxes; (j) filing and recording fees; (k) loan
brokerage fees separately authorized by Borrower in writing; and (l) legal fees actually incurred by Administrative Agent
in connection with the syndication of the Loan, but in no event to exceed $3,000.00. Borrower shall pay all costs and expenses
incurred by Administrative Agent, including reasonable attorneys’ fees, if the obligations or any part thereof are sought
to be collected by or through an attorney at law, whether or not involving probate, appellate, administrative or bankruptcy proceedings.
Borrower shall pay all costs and expenses of complying with the Loan Documents, whether or not such costs and expenses are included
in the Budget. Borrower’s obligations under this Section 6.10 shall survive the delivery of the Loan Documents, the
making of advances, the payment in full of the Indebtedness, the release or reconveyance of any of the Loan Documents, the foreclosure
of the Deed of Trust or conveyance in lieu of foreclosure, any bankruptcy or other debtor relief proceeding, and any other event
whatsoever.

 

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6.11        Tax
Forms.

 

(a)          Each
Lender, and each holder of a participation interest herein, that is not a “United States person” within the meaning
of Section 7701(a)(30) of the Code (a “Foreign Lender”) shall deliver to Administrative Agent and Borrower,
prior to receipt of any payment subject to withholding (or upon accepting an assignment or receiving a participation interest herein,
if earlier), two duly signed completed copies of either Form W-8BEN or any successor thereto (relating to such Foreign Lender and
entitling it to a complete exemption from, or reduction of, withholding on all payments to be made to such Foreign Lender by Borrower
pursuant to this Agreement) or Form W-8ECI or any successor thereto (relating to all payments to be made to such Foreign Lender
by Borrower pursuant to this Agreement) of the United States Internal Revenue Service or such other evidence satisfactory to Borrower
and Administrative Agent that such Foreign Lender is entitled to an exemption from or reduction of, United States withholding tax,
including any exemption pursuant to Section 881(c) of the Code. Thereafter and from time to time, each such Foreign Lender shall
(i) promptly submit to Administrative Agent and Borrower such additional duly completed and signed copies of one of such forms
(or such successor forms as shall be adopted from time to time by the relevant United States taxing authorities) as may then be
available under then current United States Laws and regulations to avoid, or such evidence as is satisfactory to Borrower and Administrative
Agent of any available exemption from or reduction of, United States withholding taxes in respect of all payments to be made to
such Foreign Lender by Borrower pursuant to the Loan Documents, (ii) promptly notify Administrative Agent and Borrower of
any change in circumstances which would modify or render invalid any claimed exemption or reduction, and (iii) take such steps
as shall not be materially disadvantageous to it, in the reasonable judgment of such Foreign Lender, and as may be reasonably necessary
(including the re-designation of its lending office, if any) to avoid any requirement of applicable Laws that Borrower make any
deduction or withholding for taxes from amounts payable to such Foreign Lender. If a payment made to a Lender under any Loan Document
would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting
requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver
to Borrower and Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by Borrower
or Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of
the Code) and such additional documentation reasonably requested by Borrower or Administrative Agent as may be necessary for Borrower
and Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such
Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for the purposes
of the preceding sentence, “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

(b)          Each
Foreign Lender, to the extent it does not act or ceases to act for its own account with respect to any portion of any sums paid
or payable to such Lender under any of the Loan Documents (for example, in the case of a typical participation by such Lender),
shall deliver to Administrative Agent and Borrower on the date when such Foreign Lender ceases to act for its own account with
respect to any portion of any such sums paid or payable, and at such other times as may be necessary in the determination of Administrative
Agent or Borrower (in the reasonable exercise of its discretion), (i) two duly signed completed copies of the forms or statements
required to be provided by such Lender as set forth above, to establish the portion of any such sums paid or payable with respect
to which such Lender acts for its own account that is not subject to U.S. withholding tax, and (ii) two duly signed completed
copies of United States Internal Revenue Service Form W-8IMY (or any successor thereto), together with any information such Lender
chooses to transmit with such form, and any other certificate or statement of exemption required under the Code, to establish that
such Lender is not acting for its own account with respect to a portion of any such sums payable to such Lender.

 

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(c)          Borrower
shall not be required to pay any additional amount to, or indemnify any Foreign Lender under Section 1.11(a) or (c)
respectively with respect to any Taxes required to be deducted or withheld on the basis of the information, certificates or statements
of exemption such Lender transmits with an United States Internal Revenue Service Form W-8IMY pursuant to this subsection (c) of
this Section 6.11, or (ii) if such Lender shall have failed to satisfy the foregoing provisions of this Section 6.11;
provided that if such Lender shall have satisfied the requirement of this Section 6.11 on the date such Lender
became a Lender or ceased to act for its own account with respect to any payment under any of the Loan Documents, nothing in this
Section 6.11 shall relieve Borrower of its obligation to pay any amounts pursuant to Section 1.11(a) or
(c) in the event that, as a result of any change in any applicable law, treaty or governmental rule, regulation or order,
or any change in the interpretation, administration or application thereof, such Lender is no longer properly entitled to deliver
forms, certificates or other evidence at a subsequent date establishing the fact that such Lender or other person for the account
of which such Lender receives any sums payable under any of the Loan Documents is not subject to withholding or is subject to withholding
at a reduced rate.

 

(d)          Administrative
Agent may, without reduction, withhold any Taxes required to be deducted and withheld from any payment under any of the Loan Documents
with respect to which Borrower is not required to pay additional amounts under this Section 6.11.

 

(e)          Upon
the request of Administrative Agent or Borrower, each Lender that is a “United States person” within the meaning of
Section 7701(a)(30) of the Code shall deliver to Administrative Agent two duly signed completed copies of United States Internal
Revenue Service Form W-9. If such Lender fails to deliver such forms, then Administrative Agent or Borrower may withhold from any
interest payment to such Lender an amount equivalent to the applicable back-up withholding tax imposed by the Code, without reduction.

 

(f)          If
any Tribunal asserts that Administrative Agent or Borrower did not properly withhold or backup withhold, as the case may be, any
tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify Administrative Agent or
Borrower therefor, including all penalties and interest and costs and expenses (including attorney fees) of Administrative Agent
or Borrower. The obligation of Lenders under this subsection shall survive the removal or replacement of a Lender, the payment
of all Obligations and the resignation or replacement of Administrative Agent. In addition, at any time, and from time to time,
upon request by Administrative Agent or any Lender, Borrower will, at Borrower’s expense, provide any and all further instruments,
certificates and other documents as may, in the opinion of Administrative Agent or such Lender, be necessary in order to verify
Borrower’s identity and background in a manner satisfactory to Administrative Agent or such Lender.

 

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(g)          Unless
required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf
of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account
of such Lender, as the case may be. If any Lender or the Administrative Agent determines, in its sole discretion exercised in good
faith, that it has received a refund of any Taxes or Other Taxes with respect to which Borrower has paid additional amounts pursuant
to Sections 1.11(a) or 1.11(c), or as to which it has been indemnified by Borrower pursuant to Section 1.11(d)
(including by the payment of additional amounts pursuant to Section 1.11(a)), it shall pay to Borrower an amount equal to
such refund (but only to the extent of indemnity payments made, or additional amounts paid, by Borrower under Section 1.11
with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred
by such recipient, and without interest (other than any interest paid by the relevant Governmental Authority) to such recipient
in the event the recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary
in this subsection, in no event will the applicable recipient be required to pay any amount to Borrower pursuant to this subsection
the payment of which would place the recipient in a less favorable net after-tax position than such recipient would have been in
if the indemnification payments or additional amounts giving rise to such refund had never been paid. This subsection shall not
be construed to require any recipient to make available its tax returns (or any other information relating to its taxes that it
deems confidential) to Borrower or any other Person.

 

6.12        Further
Assurances. Borrower will, upon Administrative Agent’s request, (a) promptly correct any defect, error or omission
in any Loan Document; (b) execute, acknowledge, deliver, procure, record or file such further instruments and do such further
acts as Administrative Agent deems necessary, desirable or proper to carry out the purposes of the Loan Documents and deems necessary
to identify and subject to the liens and security interest of the Loan Documents any property intended to be covered thereby, including
any renewals, additions, substitutions, replacements, or appurtenances to the Property; (c) execute, acknowledge, deliver,
procure, file or record any document or instrument Administrative Agent reasonably deems necessary, desirable, or proper to protect
the liens or the security interest under the Loan Documents against the rights or interests of third persons; and (d) provide
such certificates, documents, reports, information, affidavits and other instruments required to comply with the requirements of
any agency having jurisdiction over Administrative Agent.

 

6.13        Inducement
to Lenders. The representations and warranties contained in this Agreement and the other Loan Documents (a) are made to
induce Lenders to make the Loan and extend any other credit to or for the account of Borrower pursuant hereto, and Administrative
Agent and Lenders are relying thereon, and will continue to rely thereon, and (b) shall survive any bankruptcy proceedings
involving Borrower, Guarantor or the Property, foreclosure, or conveyance in lieu of foreclosure.

 

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6.14        Forum.
Each party to this Agreement hereby irrevocably submits generally and unconditionally for itself and in respect of its property
to the jurisdiction of any state court, or any United States federal court, sitting in Dallas, Texas, over any suit, action or
proceeding arising out of or relating to this Agreement or the Indebtedness. Each party to this Agreement hereby irrevocably waives,
to the fullest extent permitted by Law, any objection that they may now or hereafter have to the laying of venue in any such court
and any claim that any such court is an inconvenient forum. Each party to this Agreement hereby agrees and consents that, in addition
to any methods of service of process provided for under applicable Law, all service of process in any such suit, action or proceeding
in any court specified in the first sentence of this Section may be made by certified or registered mail, return receipt requested,
directed to such party at its address for notice stated in this Agreement, or at a subsequent address of which the other parties
received actual notice from such party in accordance with this Agreement. Nothing herein shall affect the right of any party to
serve process in any manner permitted by Law.

 

6.15        Interpretation.
References to “Dollars,” “$,” “money,” “payments” or other similar financial or
monetary terms are references to lawful money of the United States of America. References to Articles, Sections, and Exhibits are,
unless specified otherwise, references to articles, sections and exhibits of this Agreement. Words of any gender shall include
each other gender. Words in the singular shall include the plural and words in the plural shall include the singular. References
to Guarantor shall mean, each person comprising same, jointly and severally. References to “persons” shall include
both natural persons and any legal entities, including public or governmental bodies, agencies or instrumentalities. The words
“include” and “including” shall be interpreted as if followed by the words “without limitation”.
Captions and headings in the Loan. Documents are for convenience only and shall not affect the construction of the Loan Documents.

 

6.16        No
Partnership, etc. The relationship between Lenders (including Administrative Agent) and Borrower is solely that of lender and
borrower. Neither Administrative Agent nor any Lender has any fiduciary or other special relationship with or duty to Borrower
and none is created by the Loan Documents. Nothing contained in the Loan Documents, and no action taken or omitted pursuant to
the Loan Documents, is intended or shall be construed to create any partnership, joint venture, association, or special relationship
between Borrower and Administrative Agent or any Lender or in any way make Administrative Agent or any Lender a co-principal with
Borrower with reference to the Project, the Property or otherwise. In no event shall Administrative Agent’s or Lenders’
rights and interests under the Loan Documents be construed to give Administrative Agent or any Lender the right to control, or
be deemed to indicate that Administrative Agent or any Lender is in control of, the business, properties, management or operations
of Borrower.

 

6.17        Records.
The unpaid amount of the Loan and the amount of any other credit extended by Administrative Agent or Lenders to or for the account
of Borrower set forth on the books and records of Administrative Agent shall be presumptive evidence of the amount thereof owing
and unpaid, but failure to record any such amount on Administrative Agent’s books and records shall not limit or affect the
obligations of Borrower under the Loan Documents to make payments on the Loan when due.

 

6.18        Commercial
Purpose. Borrower warrants that the Loan is being made solely to acquire or carry on a business or commercial enterprise, and/or
Borrower is a business or commercial organization. Borrower further warrants that all of the proceeds of this Loan shall be used
for commercial purposes and stipulates that the Loan shall be construed for all purposes as a commercial loan, and is made for
other than personal, family, household or agricultural purposes.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 56

    	 

    

 

6.19        US
Patriot Act Notice. Each Lender and Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Borrower
that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001))
(the “Act”), it is required to obtain, verify and record information that identifies Borrower, which information
includes the name and address of Borrower and other information that will allow such Lender or Administrative Agent, as applicable,
to identify Borrower in accordance with the Act. Borrower shall, promptly following a request by Administrative Agent or any Lender,
provide all reasonable documentation and other reasonable information that Administrative Agent or such Lender requests in order
to comply with its ongoing obligation under “know your customer” and anti-money laundering rules and regulations, including
the Act, other than with respect to Individual Beneficiaries.

 

6.20        Service
of Process. Borrower hereby consents to process being served in any suit, action, or proceeding instituted in connection with
this Loan by (a) the mailing of a copy thereof by certified mail, postage prepaid, return receipt requested, to Borrower and
(b) serving a copy thereof upon CT Corporation, 1209 Orange Street, Wilmington, Delaware 19801, the agent hereby designated
and appointed by Borrower as Borrower’s agent for service of process. Borrower irrevocably agrees that such service shall
be deemed to be service of process upon Borrower in any such suit, action, or proceeding. Nothing in any Note shall affect the
right of Administrative Agent to serve process in any manner otherwise permitted by Law and nothing in any Note will limit the
right of Administrative Agent on behalf of the Lenders otherwise to bring proceedings against Borrower in the courts of any jurisdiction
or jurisdictions.

 

6.21        Entire
Agreement. The Loan Documents constitute the entire understanding and agreement between Borrower, Administrative Agent and
Lenders with respect to the transactions arising in connection with the Loan, and supersede all prior written or oral understandings
and agreements between Borrower, Administrative Agent, and Lenders with respect to the matters addressed in the Loan Documents.
In particular, and without limitation, the terms of any commitment letter, letter of intent or quote letter by Administrative Agent
or any Lender to make the Loan are merged into the Loan Documents. Neither Administrative Agent nor any Lender has made any commitments
to extend the term of the Loan past its stated maturity date or to provide Borrower with financing except as set forth in the Loan
Documents. Except as incorporated in writing into the Loan Documents, there are not, and were not, and no persons are or were authorized
by Administrative Agent or any Lender to make, any representations, understandings, stipulations, agreements or promises, oral
or written, with respect to the matters addressed in the Loan Documents.

 

6.22        Dispute
Resolution.

 

(a)          Arbitration.
Except to the extent expressly provided below, any Dispute shall, upon the request of any party, be determined by binding arbitration
in accordance with the Federal Arbitration Act, Title 9, United States Code (or if not applicable, the applicable state law), the
then current rules for arbitration of disputes of financial services of the American Arbitration Association (“AAA”)
and the “Special Rules” set forth below. In the event of any inconsistency, the Special Rules shall control. The filing
of a court action is not intended to constitute a waiver of the right of Borrower, Administrative Agent or a Lender, including
the suing party, thereafter to require submittal of the Dispute to arbitration. Any party to this Agreement may bring an action,
including a summary or expedited proceeding, to compel arbitration of any Dispute in any court having jurisdiction over such action.
For the purposes of this Section 6.22 only, the terms “party” and “parties” shall include any parent
corporation, subsidiary or affiliate of Administrative Agent or a Lender involved in the servicing, management or administration
of any obligation described in or evidenced by this Agreement, together with the officers, employees, successors and assigns of
each of the foregoing.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 57

    	 

    

 

(b)          Special
Rules.

 

(i)          The
arbitration shall be conducted in Dallas, Texas.

 

(ii)         The
arbitration shall be administered by AAA who will appoint an arbitrator. If AAA is unwilling or unable to administer or legally
precluded from administering the arbitration, or if AAA is unwilling or unable to enforce or legally precluded from enforcing any
and all provisions of this Section 6.22, then any party to this Agreement may substitute, without the necessity of the agreement
or consent of the other party or parties, another arbitration organization that has similar procedures to AAA but that will observe
and enforce any and all provisions of this Section 6.22. All Disputes shall be determined by one arbitrator; however, if
the amount in controversy in a Dispute exceeds Five Million Dollars ($5,000,000), upon the request of any party, the Dispute shall
be decided by three arbitrators (for purposes of this Agreement, referred to collectively as the “arbitrator”).

 

(iii)        All
arbitration hearings will be commenced within ninety (90) days of the demand for arbitration and completed within ninety (90) days
from the date of commencement; provided, however, that upon a showing of good cause, the arbitrator shall be permitted to extend
the commencement of such hearing for up to an additional sixty (60) days.

 

(iv)        The
judgment and the award, if any, of the arbitrator shall be issued within thirty (30) days of the close of the hearing. The arbitrator
shall provide a concise written statement setting forth the reasons for the judgment and for the award, if any. The arbitration
award, if any, may be submitted to any court having jurisdiction to be confirmed and enforced, and such confirmation arid enforcement
shall not be subject to arbitration.

 

(v)         The
arbitrator will have the authority to decide whether any Dispute is barred by the statute of limitations and, if so, to dismiss
the arbitration on that basis. For purposes of the application of the statute of limitations, the service on AAA under applicable
AAA rules of a notice of disputes is the equivalent of the filing of a lawsuit.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 58

    	 

    

 

(vi)        Any
dispute concerning this Section 6.22, including any such dispute as to the validity or enforceability of this Section
6.22, or whether a Dispute is arbitrable, shall be determined by the arbitrator; provided, however, that the arbitrator shall
not be permitted to vary the express provisions of the Special Rules or the Reservation of Rights in subsection (c) below.

 

(vii)       The
arbitrator shall have the power to award legal fees and costs pursuant to the terms of this Agreement.

 

(viii)      The
arbitration will take place on an individual basis without reference to, resort to, or consideration of any form of class or class
action.

 

(c)          Reservations
of Rights. Nothing in this Agreement shall be deemed to (i) limit the applicability of any otherwise applicable statutes
of limitation or repose or any waivers contained in this Agreement or any of the other Loan Documents, or (ii) apply to or
limit the right of (A) any party (subject to Section 1.8 and Article 5) to exercise self help remedies
such as (but not limited to) setoff, or (B) Administrative Agent on behalf of the Lenders to foreclose judicially or nonjudicially
against any real or personal property collateral for the Loan, or to exercise judicial or nonjudicial power of sale rights, (C) any
party to obtain from a court provisional or ancillary remedies such as (but not limited to) injunctive relief, writ of possession,
prejudgment attachment, or the appointment of a receiver, or (D) any party to pursue rights against a party to this Agreement
in a third-party proceeding in any action brought against any other party or parties in a state, federal or international court,
tribunal or hearing body (including actions in specialty courts, such as bankruptcy and patent courts). A party, as applicable,
may exercise the rights set forth in clauses (A) through (D), inclusive, before, during or after the pendency of any arbitration
proceeding brought pursuant to this Agreement. Neither the exercise of self help remedies nor the institution or maintenance of
an action for foreclosure or provisional or ancillary remedies shall constitute a waiver of the right of any party, including the
claimant in any such action, to arbitrate the merits of the Dispute occasioning resort to such remedies. No provision in the Loan
Documents regarding submission to jurisdiction and/or venue in any court is intended or shall be construed to be in derogation
of the provisions in any Loan Document for arbitration of any Dispute.

 

(d)          Conflicting
Provisions for Dispute Resolution. If there is any conflict between the terms, conditions and provisions of this Section
6.22 and those of any other provision or agreement for arbitration or dispute resolution, the terms, conditions and provisions
of this Section 6.22 shall prevail as to any Dispute arising out of or relating to (i) this Agreement, (ii) any
other Loan Document, (iii) any related agreements or instruments, or (iv) the transaction contemplated herein or therein
(including any claim based on or arising from an alleged personal injury or business tort). In any other situation, if the resolution
of a given Dispute is specifically governed by another provision or agreement for arbitration or dispute resolution, the other
provision or agreement shall prevail with respect to said Dispute.

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 59

    	 

    

 

(e)          Jury
Trial Waiver in Arbitration. By agreeing to this Section 6.22, the parties irrevocably and voluntarily waive any right
they may have to a trial by jury in respect of any Dispute.

 

6.23        WAIVER
OF JURY TRIAL. WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO ARBITRATE ANY “DISPUTE”
(FOR PURPOSES OF THIS SECTION 6.23, AS DEFINED IN SECTION 6.22) AS SET FORTH IN THIS AGREEMENT, TO THE EXTENT ANY
“DISPUTE” IS NOT SUBMITTED TO ARBITRATION OR IS DEEMED BY THE ARBITRATOR OR BY ANY COURT WITH JURISDICTION TO BE NOT
ARBITRABLE OR NOT REQUIRED TO BE ARBITRATED, THE PARTIES HERETO WAIVE TRIAL BY JURY IN RESPECT OF ANY SUCH “DISPUTE”
AND ANY ACTION ON SUCH “DISPUTE.” THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY THE PARTIES HERETO, AND
THE PARTIES HERETO HEREBY REPRESENT THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY PERSON OR ENTITY TO INDUCE
THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES
ENTERING INTO THIS AGREEMENT. THE PARTIES HERETO ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION 6.23 IN ANY PROCEEDING
AS CONCLUSIVE EVIDENCE OF THIS WAIVER OF JURY TRIAL. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED
IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE
REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER
WITH COUNSEL.

 

THE WRITTEN LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES.

 

THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

 

[REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK]

 

    	CONSTRUCTION LOAN AGREEMENT	(Alexan Southside) – Page 60

    	 

    

 

EXECUTED and DELIVERED as of the date first set forth above.

 

	Address:
	 
	820 Gessner Road, Suite 760
	Houston, Texas  77024
	Attention:  Sean Rae
	Telephone: (713) 706-1512
	Email:  srae@tcresidential.com
	 
	With copies to:
	 
	Michael K. Ording
	Jones Day
	325 John H. McConnell Blvd.
	Columbus, Ohio  43215
	 
	The federal tax identification 

no. of Borrower is: 47-2611789
	 
	BR Southside Member, LLC
	c/o BlueRock Real Estate, L.L.C.
	712 Fifth Avenue, 9th Floor
	New York, NY  10019
	Attention:  Ryan MacDonald and
	Michael Konig, Esq.
	Telephone:  (646) 278-4230
	Facsimile:   (646) 278-4220
	 
	Hirschler Fleischer
	2100 East Cary Street
	Richmond, Virginia  23223-7078
	Attention:  S. Edward Flanagan
	Telephone:  (804) 771-9592
	Facsimile:  (804) 644-0957

	BORROWER:
	 
	BR BELLAIRE BLVD, LLC,
	a Delaware limited liability company
	 
	By:   	Blaire House, LLC,
	 	a Delaware limited liability company,
	 	a manager
	 	 
	 	By:   	HCH 114 Southside, L.P.,
	 	 	a Delaware limited partnership,
	 	 	its managing member
	 	 	 
	 	 	By:   	Maple Multi-Family Development, L.L.C.,
	 	 	 	a Texas limited liability company,
	 	 	 	its general partner
	 	 	 	 
	 	 	 	By:	/s/ Donna C. Kruger
	 	 	 	Name:  	Donna C. Kruger
	 	 	 	Title:	Vice President

 

 

 

 

 

	ADMINISTRATIVE AGENT and LENDER:
	 
	BANK OF AMERICA, N.A.,
	a national banking association,
	as Administrative Agent and a Lender
	 
	By:	/s/ Jane Williams
	Name:	Jane Williams
	Title:	Senior Vice President

 

    	CONSTRUCTION LOAN AGREEMENT (Alexan Southside) – Signature Page

    	 

    

 

EXHIBIT “A”

 

METES AND BOUNDS DESCRIPTION

4.222 ACRES (183,928 SQUARE FEET)

A.C. REYNOLDS SURVEY, ABSTRACT NUMBER 61

HARRIS COUNTY, TEXAS

 

Being a tract or parcel containing 4.222 acres
(183,928 square feet) of land situated in the A.C. Reynolds Survey, Abstract Number 61, Harris County, Texas, being all of Unrestricted
Reserve “A”, Block 1 of Blair House Replat, a subdivision of record at Film Code Number 672125 of the Map records of
Harris County, Texas, and being all of a called 41,179 square foot tract known as Tract 1, all of a called 75,664 square foot tract
known as Tract 2 and all of a called 67,002 square foot tract known as tract 3, as conveyed to Prokop Industries BH LP under Harris
County Clerk’s File Number 20070414341, said 4.222 acre tract being more particularly described by metes and bounds as follows
(bearings are based on the recorded plat of said Blair House Replat);

 

BEGINNING at a 5/8-inch iron rod with
cap found in the west right-of-way line of Academy Street (60 feet wide), as recorded in Volume 22, Page 29 of the Map Records
of Harris County, Texas, marking the northeast corner of Block 1 of Ayrshire Addition, a subdivision of record in Volume 22, Page
29 of the Map Records of Harris County, Texas, same being the southeast corner of said Unrestricted Reserve “A”, the
southeast corner of said Tract 1 and the southeast corner of the herein described tract, from which a 5/8-inch iron rod with cap
found marking the intersection of the west right-of-way line of said Academy Street and the north right-of-way line of Gramercy
Street bears South 02°13’18” East, 133.98 feet;

 

THENCE South 87°25’42”
West, along the north line of said Block 1, a distance of 472.00 feet to a 5/8-inch iron rod with cap found marking the southeast
corner of a called 2.793 acre tract, as described in deed to Tropicana, Inc. under Harris County Clerk’s File Number F680795,
the southwest corner of said Tract 2 and the southwest corner of the herein described tract;

 

THENCE North 02°13’18”
West, along the east line of said called 2.793 acre tract, a distance of 430.49 feet to a 5/8-inch iron rod with cap stamped “Terra
Surveying” set in the south right-of-way line of Bellaire Boulevard (120 feet wide), as recorded in Volume 4, Page 55 of
the Map Records of Harris County, Texas, same being the northeast corner of said called 2.793 acre tract, the northwest corner
of said Tract 2 and the northwest corner of the herein described tract;

 

THENCE North 87°36’52”
East, along the south right-of-way line of said Bellaire Boulevard, a distance of 332.00 feet to a 5/8-inch iron rod with cap found
marking the northwest corner of a tract of land conveyed to Big Diamond Number 1, Inc. under Harris County Clerk’s File Number
20100055641, same being the northeast corner of said Tract 3 and the most northerly northeast corner of the herein described tract;

 

THENCE South 02°13’18”
East, along the east line of said Tract 3, a distance of 135.00 feet to a 5/8-inch iron rod found marking the southwest corner
of said Big Diamond Number 1, Inc. tract, the northwest corner of said Tract 1 and an interior corner of the herein described tract;

 

    	EXHIBIT A (Alexan Southside) – Page 1

    	 

    

 

THENCE North 87°36’52”
East, along the north line of said Tract 1 and the south line of said Big Diamond Number 1, Inc. tract, a distance of 140.00 feet
to a 5/8-inch iron rod with cap found in the west right-of-way line of said Academy Street, marking the southeast corner of said
Big Diamond Number 1, Inc. tract, the northeast corner of said Tract 1 and the most easterly northeast corner of the herein described
tract;

 

THENCE South 02°13’18”
East, along the west right-of-way line of said Academy Street, a distance of 293.96 feet to the POINT OF BEGINNING and containing
4.222 acres (183,928 square feet) of land. This description is based on an ALTA/ACSM Land Title Survey made by Terra Surveying
Company, Inc., dated September 27, 2014, TSC Project Number 1617-1441-S, last updated April 6, 2015.

 

Compiled by: Michael Sissenwein

Checked by: George Collison, RPLS

Terra Surveying Company, Inc.

3000 Wilcrest Drive, Suite 210

Houston, Texas 77042

1617-1441-4.222ac mb.docx

 

    	EXHIBIT A (Alexan Southside) – Page 2

    	 

    

 

EXHIBIT “B”

 

DEFINITIONS AND FINANCIAL STATEMENTS

 

A.          DEFINITIONS:
As used in this Agreement and the attached exhibits, the following terms shall have the following meanings:

 

“Accounts Payable
List” means a written summary from Borrower of all accounts paid and payable for soft costs associated with the applicable
Draw Request identifying each such account and the invoice amount due, and in form and substance acceptable to Administrative Agent.
For purposes of this definition, “soft costs” includes costs and expenses of development other than those attributable
to the construction of the physical Improvements, including but not limited to architect’s fees, consulting fees, management
fees, abatement expenses, legal fees, testing and inspection fees, connection charges, and other similar fees and expenses.

 

“Additional Interest”
means all payments required to be made by Borrower under a Swap Contract.

 

“Adjusted Expenses”
means, for any period, the actual cash operating expenses of the Property, adjusted to reflect actual property taxes (excluding
non-cash expenses such as depreciation, amortization and expenses paid from reserves for capital repairs and replacements) during
such period, but: (a) not including payments of principal or interest on the Loan during such period; (b) including the portion
of the annual payment under the Ground Lease (as defined in the Deed of Trust) allocable to the calculation period; (c) adjusted
to include appropriate monthly accruals for (i) a management fee of at least 2.75% per annum, (ii) periodic expenses such as property
taxes and insurance, and (iii) a reserve of $200.00 per apartment unit per annum for capital repairs and replacements.

 

“Adjusted Income”
means, for any period, the Rental Income plus the Ancillary Income for such period.

 

“Adjusted LIBOR
Rate” means the quotient obtained by dividing (i) the applicable London Interbank Offered Rate by (ii) 1.00 minus the
LIBOR Reserve Percentage, where,

 

“London Interbank
Offered Rate” means, with respect to any applicable Interest Period with respect to a LIBOR Rate Advance, the rate per
annum equal to (a) LIBOR, as published by Bloomberg (or other commercially available source providing quotations of LIBOR as may
be designated by Administrative Agent from time to time) at approximately 11:00 a.m., London time, two (2) London Banking Days
prior to the commencement of such Interest Period, for U.S. Dollar deposits (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period, or (b) if such rate is not available at such time for any reason, the rate per
annum determined by Administrative Agent to be the rate at which deposits in U.S. Dollars for delivery on the first day of such
Interest Period in same day funds in the approximate amount of the LIBOR Rate Advance being made, continued or converted and with
a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in the London
interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two (2) London Banking Days prior to the
commencement of such Interest Period; and

 

    	EXHIBIT B (Alexan Southside) – Page 1

    	 

    

 

“LIBOR Reserve
Percentage” means, with respect to any applicable Interest Period, for any day that percentage (expressed as a decimal)
which is in effect on such day, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining
the maximum reserve requirement (including basic, supplemental, emergency, special and marginal reserves) generally applicable
to financial institutions regulated by the Federal Reserve Board whether or not applicable to any Lender, in respect of “Eurocurrency
liabilities” (or in respect of any other category of liabilities which includes deposits by reference to which the interest
rate on LIBOR Rate Principal is determined), whether or not any Lender has any Eurocurrency liabilities. The LIBOR Rate shall be
adjusted automatically as of the effective date of each change in the LIBOR Reserve Percentage.

 

“Administrative
Agent” means Bank of America, N.A., in its capacity as administrative agent under any of the Loan Documents, or any successor
administrative agent.

 

“Administrative
Agent Advances” has the meaning set forth in Section 1.14 of this Agreement.

 

“Administrative
Agent’s Office” means Administrative Agent’s address and, as appropriate, account as set forth on the Schedule
of Lenders, or such other address or account as Administrative Agent hereafter may from time to time notify Borrower and Lenders.

 

“Administrative
Agent’s Time” means the time of day observed in the city where Administrative Agent’s office is located.

 

“Advance Amount”
has the meaning set forth in Section 1.13 of this Agreement.

 

“Affiliate”
means any person directly or indirectly through one or more intermediaries controlling, controlled by, or under direct or indirect
common control with, such person. A person shall be deemed to be “controlled by” any other person if such other person
possesses, directly or indirectly, power (a) to vote a majority of the securities (on a fully diluted basis) having ordinary voting
power for the election of directors or managing general partners or the equivalent; or (b) to direct or cause the direction of
the management and policies of such person whether by contract or otherwise.

 

“Agent-Related
Persons” means Administrative Agent, together with its Affiliates (including Arranger), and the officers, directors,
employees, agents and attorneys-in-fact of Administrative Agent and such Affiliates.

 

“Aggregate Commitments”
means the Commitments of all the Lenders.

 

“Aggregate Cost”
has the meaning set forth in Section 1.4 of this Agreement.

 

“Agreement”
has the meaning set forth in the introductory paragraph of this Agreement, and includes all exhibits attached hereto and referenced
in Section 1.1.

 

“Ancillary Income”
means, for any period, the amount, if any, by which Gross Income exceeds Rental Income for such period.

 

    	EXHIBIT B (Alexan Southside) – Page 2

    	 

    

 

“Appraised Value”
means $61,410,000.00.

 

“Approved Fund”
has the meaning set forth in Section 6.5(h) of this Agreement.

 

“Approved Lease”
is a tenant lease of an apartment unit in the Improvements that is approved or deemed approved by Administrative Agent from time
to time pursuant to Exhibit “I” hereof.

 

“Arranger”
means Merrill Lynch, Pierce, Fenner & Smith Incorporated.

 

“Assignment and
Assumption” means an Assignment and Assumption substantially in the form of Exhibit “L”.

 

“Assumed Interest
Rate” means the greater of (i) the annual yield payable on the last day of the applicable Calculation Period on ten (10)
year United States Treasury obligations plus two-hundred fifty (250) basis points per annum; (ii) six and one-quarter percent (6.25%)
per annum; or (iii) the then-applicable LIBOR Daily Rate.

 

“Base Rate”
means, on any day, a fluctuating rate per annum equal to the Base Rate Margin plus the highest of: (a) the Federal Funds Rate plus
1⁄2 of 1%, (b) the rate of interest in effect for such day as publicly announced by Bank of America as its “Prime Rate,”
and (c) the LIBOR Daily Rate.

 

“Base Rate Advance”
means an advance of the Loan by a Lender to Borrower which bears interest at an applicable Base Rate at the time in question.

 

“Base Rate Margin”
means one and one-quarter percent (1.25%) per annum.

 

“Base Rate Principal”
means, at any time, the Principal Debt minus the portion, if any, of such Principal Debt which is LIBOR Rate principal.

 

“Bluerock Member”
means BR Southside Member, LLC, a Delaware limited liability company.

 

“Bluerock Member
Agreement” means that certain Limited Liability Company Agreement dated as of December 22, 2014 among the Existing BR
Members as it exists on the date hereof.

 

“Bluerock Permitted
Transfers” means:

 

(a)          a
Transfer of membership interests in Borrower by Bluerock Member to TCR Member or an Affiliate of TCR Member;

 

(b)          a
Transfer of direct or indirect membership interests in Bluerock Member by an Existing BR Member (or an owner of a direct or indirect
interest in an Existing BR Member) to (i) another Existing BR Member or (ii) BRE, Bluerock REIT, Bluerock Operating Partnership
or any of their Affiliates; so long as, after any such Transfer, Bluerock Member is Controlled, directly or indirectly, by BRE
and/or Bluerock REIT;

 

    	EXHIBIT B (Alexan Southside) – Page 3

    	 

    

 

(c)          a
Transfer of interests in Bluerock Member by virtue of (i) the conversion by BRG of its preferred equity membership interest in
Bluerock Member pursuant to Section 10.4 of the Bluerock Member Agreement, anticipated to occur on or before the stabilization
of the Property, into a common membership interest in, and management control over, Bluerock Member (and the associated modification
of the limited liability company agreement of Bluerock Member to reflect such terms), or (ii) the redemption by the Bluerock Member
of BRGs preferred equity membership interest in Bluerock Member pursuant to Section 10.5 of the Bluerock Member Agreement, provided
that after such Transfer (1) Administrative Agent receives written notice of, and an organizational chart reflecting, the new ownership
of the Bluerock Member; (2) Bluerock Member continues to be a member of Borrower; and (3) the parties exercising Control of Borrower
after such Transfer, including without limitation principals of the Guarantors, continue to Control, directly or indirectly, Borrower
in substantially the same manner in which they did on the date of this Agreement;

 

(d)          a
Transfer (including any issuance or redemption) of non-controlling membership interests, corporate stock, partnership interests
or other ownership interests in any direct or indirect owner of the Bluerock Member, including the Existing BR Members and, following
a Transfer pursuant to subsection (c) above, Bluerock REIT and/or Bluerock Operating Partnership (or an Affiliate directly or indirectly
owned or controlled by Bluerock REIT or Bluerock Operating Partnership) (the “Affected Entity”), provided that after
such Transfer (i) the Affected Entity continues to be Controlled by the same Person or Persons that Controlled the Affected Entity
prior to such Transfers; (ii) Bluerock Member continues to be a member of Borrower; and (iii) the parties exercising Control of
Borrower after such Transfer, continue to Control, directly or indirectly, Borrower in substantially the same manner in which they
did on the date of this Agreement; and/or

 

(e)          a
Transfer of interests in Bluerock Member by virtue of (i) a sale of a majority (or all) of the outstanding shares (or partnership
interests) of Bluerock REIT or Bluerock Operating Partnership or (ii) a merger, combination or “roll-up” of Bluerock
REIT or Bluerock Operating Partnership into a partnership, limited liability company or other entity or participation in an UPREIT,
DOWNREIT or similar transaction with a real estate investment trust or other entity (any of the foregoing hereinafter referred
to as a “REIT Sale”), where the purchaser or surviving entity by virtue of such REIT Sale has a net worth and liquidity
no less than that of Bluerock REIT and Bluerock Operating Partnership on a consolidated basis as of the date hereof.

 

“Bluerock Operating
Partnership” means Bluerock Residential Holdings, LP, a Delaware limited partnership and operating partnership subsidiary
of Bluerock REIT.

 

“Bluerock REIT”
means Bluerock Residential Growth REIT, Inc., a Maryland corporation.

 

“Borrower”
has the meaning set forth in the introductory paragraph of this Agreement.

 

“Borrower’s
Deposit” has the meaning set forth in Section 1.5 of this Agreement.

 

“Borrower’s
Equity” means cash in the amount of $17,175,255.00 to be contributed by Borrower to pay costs of the Project.

 

“Borrower Materials”
has the meaning set forth in Section 2.17 of this Agreement.

 

    	EXHIBIT B (Alexan Southside) – Page 4

    	 

    

 

“Borrower’s
Operating Agreement” means the Limited Liability Company Agreement of Borrower, dated January 9, 2015.

 

“BRE”
means Bluerock Real Estate, L.L.C., a Delaware limited liability company.

 

“BRG”
means BRG Southside, LLC, a Delaware limited liability company.

 

“Budget”
means the budget and cost itemization for the Project attached as Exhibit “D”, as modified from time to
time consistent with this Agreement.

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or
are in fact closed in, the state where Administrative Agent’s Office is located or, if such day relates to the LIBOR Daily
Rate, means any such day on which dealings in dollar deposits are conducted by and between banks in the London, England interbank
eurodollar market.

 

“Cash Collateral
Account” means, a lender controlled account (which is owned by Borrower but to which Borrower shall not have access),
held with Administrative Agent, and pledged to Administrative Agent as security for the Obligations.

 

“Change in Law”
means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any Law,
(b) any change in any Law or in the administration, interpretation, implementation or application thereof by any Governmental Authority,
or (c) the making or issuance of any request, rule, guideline, or directive (whether or not having the force of Law) by any Governmental
Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection
Act and (y) all requests, rules, guidelines, or directives promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority), or the United States or foreign regulatory authorities, in each
case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, but only for rules, guidelines or
directives promulgated after the date of this Agreement, regardless of whether they are retroactive.

 

“Changes in Facts
and Circumstances” means changes in facts or circumstances resulting from actions or events contemplated or permitted
by this Agreement (such as, without limitation, permitted transfers), in each case in accordance with, and as contemplated or permitted
by, this Agreement, which facts and circumstances, individually and collectively, do not constitute, and do not otherwise result
in, a Default hereunder or under any Loan Document.

 

“Code”
has the meaning set forth in Section 2.15.

 

“Commitment”
means, as to each Lender, its obligation to advance its Pro Rata Share of the Loan in an aggregate principal amount not exceeding
the amount set forth opposite such Lender’s name on the Schedule of Lenders at any one time outstanding, as such amount may,
be adjusted from time to time in accordance with this Agreement.

 

“Committed Sum”
means $31,800,000.00.

 

    	EXHIBIT B (Alexan Southside) – Page 5

    	 

    

 

“Completion Date”
means December 4, 2017, as extended for Excusable Delays.

 

“Compliance Certificate”
means a certificate in the form attached hereto as Exhibit “O” and executed by Borrower.

 

“Consequential
Loss” has the meaning set forth in Section 1.9 of this Agreement.

 

“Construction
Commencement Date” means July 30, 2015.

 

“Construction
Inspector” means the Construction Inspector, if any, engaged by Administrative Agent with respect to the Project.

 

“Construction
Inspector Report” means a written report from the Construction Inspector due to Administrative Agent on a specified predetermined
day of each month acceptable to Administrative Agent.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto. Notwithstanding the foregoing, provided that neither (i) the rights and authority of the Management
Committee (as defined in the Borrower’s Operating Agreement) are increased nor (ii) the Major Decisions (as defined in the
Borrower’s Operating Agreement) requiring the consent of TCR Member and Bluerock Member are decreased, any change in the
voting rights of the representatives to the Management Committee (as defined in the Borrower’s Operating Agreement) under
Section 5.4.4 of the Borrower’s Operating Agreement shall not and shall not be deemed to affect the Control over Borrower
of the parties exercising Control of Borrower, as of the date of this Agreement.

 

“Control Condition”
means (i) one or more of Maple Residential, L.P. and any Crow Family Persons, or Persons Controlled by any of them, owns directly
or indirectly an ownership interest in Borrower; (ii) one or more of Maple Residential, L.P. and any Crow Family Persons, or Persons
Controlled by any of them, shall continue to Control the Borrower (subject to the rights of BR Member as provided in Borrower’s
organizational documents as of the date of this Agreement) and (iii) any Crow Family Persons, or Persons Controlled by any of them,
shall continue to Control Maple Residential, L.P.

 

“Crow Family Person”
means any descendant of Trammell Crow or his siblings and/or the spouse of any such individual, or any Person Controlled directly
or indirectly by one or more descendants of Trammell Crow or his siblings and/or the respective spouses of such individuals.

 

“CV Statement”
has the meaning assigned to such term in the Guaranties.

 

“Debt Service”
means the payments of principal and interest that would have been payable under a hypothetical loan for any period of time, assuming
(i) an initial loan balance equal to the Deemed Principal Balance, (ii) an interest rate equal to the Assumed Interest Rate, and
(iii) amortization of the aggregate principal indebtedness over a thirty (30) year amortization period.

 

    	EXHIBIT B (Alexan Southside) – Page 6

    	 

    

 

“Debt Service
Coverage Ratio” means, as of any determination date, for the prior three (3) months, the ratio, as determined by Administrative
Agent, of the NOI, annualized, to Debt Service, annualized.

 

“Debtor Relief
Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally.

 

“Deed of Trust”
means the Leasehold Deed of Trust, Assignment of Rents and Leases, Security Agreement, Fixture Filing and Financing Statement dated
of even date herewith, granted by Borrower to PRLAP, Inc., a Texas corporation, as Trustee for Administrative Agent for the benefit
of the Lenders, securing repayment of the Indebtedness and Borrower’s performance of its other Obligations to Administrative
Agent and Lenders under the Loan Documents, as amended, modified, supplemented, restated and replaced from time to time.

 

“Deemed Principal
Balance” means, on any date, the Committed Sum less (a) any principal payments made on the Loan prior to such date, and
(b) the amount of any reduction in the Committed Sum agreed to in writing by Borrower, including as a result of any written waiver
by Borrower to receive any unadvanced portion of the Committed Sum.

 

“Default”
has the meaning set forth in Section 4.1 of this Agreement.

 

“Default Notice”
has the meaning set forth in Section 1.15.1 of this Agreement.

 

“Defaulting Lender”
means , subject to any provisions hereof permitting a Defaulting Lender to cure, any Lender that (a) has failed to (i) fund all
or any portion of its advances within two (2) Business Days of the date such advances were required to be funded hereunder, or
(ii) pay to Administrative Agent, or any other Lender any other amount required to be paid by it hereunder within two (2) Business
Days of the date when due, (b) has notified Borrower or Administrative Agent in writing that it does not intend to comply with
its funding obligations hereunder, or has made a public statement to that effect, (c) has failed, within three (3) Business Days
after written request by Administrative Agent or Borrower to confirm in writing to Administrative Agent and Borrower that it will
comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant
to this Subsection (c) upon receipt of such written confirmation by Administrative Agent and Borrower), or (d) has, or has a direct
or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed
for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation or its regulatory authority acting in such a capacity; provided that a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect
parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender
with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment
on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow, or disaffirm any contracts
or agreements made with such Lender. Any determination by Administrative Agent that a Lender is a Defaulting Lender under any one
or more of Subsections (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed
to be a Defaulting Lender (subject to any provisions hereof permitting a Defaulting Lender to cure) upon delivery of written notice
of such determination to Borrower and each Lender.

 

    	EXHIBIT B (Alexan Southside) – Page 7

    	 

    

 

“Defaulting Lender
Amount” means the Defaulting Lender’s Pro Rata Share of a Payment Amount.

 

“Defaulting Lender
Payment Amounts” means a Defaulting Lender Amount plus interest from the date such Defaulting Lender Amount was funded
by Administrative Agent and/or an Electing Lender, as applicable, to the date such amount is repaid to Administrative Agent and/or
such Electing Lender, as applicable, at the rate per annum applicable to such Defaulting Lender Amount under the Loan.

 

“Demolition”
means demolition of the improvements existing on the Land as of the date hereof.

 

“Dispute”
means any controversy, claim or dispute between or among the parties to this Agreement, including any such controversy, claim or
dispute arising out of or relating to (a) this Agreement, (b) any other Loan Document, (c) any related agreements
or instruments, or (d) the transaction contemplated herein or therein (including any claim based on or arising from an alleged
personal injury or business tort).

 

“Draw Request”
has the meaning set forth in Section 1 of Exhibit “F”.

 

“Electing Lender”
has the meaning set forth in Section 1.15.1 of this Agreement.

 

“Election Notice”
has the meaning set forth in Section 1.15.1 of this Agreement.

 

“Election Period”
has the meaning set forth in Section 1.15.1 of this Agreement.

 

“Eligible Assignee”
has the meaning set forth in Section 6.5.

 

“Environmental
Assessment” has the meaning set forth in Section 2.16(c) of this Agreement.

 

“Environmental
Claim” means any investigative, enforcement, cleanup, removal, containment, remedial or other private or governmental
or regulatory action at any time threatened (in writing), instituted or completed pursuant to any applicable Environmental Requirement,
against Borrower or against or with respect to the Property or any condition, use or activity on the Property (including any such
action against Administrative Agent or any Lender), and any claim at any time threatened (in writing) or made by any Person against
Borrower or against or with respect to the Property or any condition, use or activity on the Property (including any such claim
against Administrative Agent or any Lender), relating to damage, contribution, cost recovery, compensation, loss or injury resulting
from or in any way arising in connection with any Hazardous Material or any Environmental Requirement.

 

    	EXHIBIT B (Alexan Southside) – Page 8

    	 

    

 

“Environmental
Damages” means any and all Environmental Claims made, incurred, suffered, brought, or imposed at any time and from time
to time, whether before or after the Release Date, and arising in whole or in part from (1) the presence of any Hazardous Material
on the Property in violation of Environmental Laws, or any escape, seepage, leakage, spillage, emission, release, discharge or
disposal of any Hazardous Material in violation of Environmental Laws on or from the Property, or the migration or release or threatened
migration or release of any Hazardous Material to, from or through the Property in violation of Environmental Law, in any such
case on or before the Release Date; or (2) any act, omission, event or circumstance existing or occurring in connection with the
handling, treatment, containment, removal, storage, decontamination, clean up, transport or disposal of any Hazardous Material
in violation of Environmental Laws which is at any time on or before the Release Date present on the Property; or (3) the breach
of any representation, warranty, covenant or agreement relating to Hazardous Materials contained in this Agreement because of any
event or condition occurring or existing at the Property on or before the Release Date; or (4) any violation with respect to the
Property on or before the Release Date, of any Environmental Requirement in effect on or before the Release Date, regardless of
whether any act, omission, event or circumstance giving rise to the violation constituted a violation at the time of the occurrence
or inception of such act, omission, event or circumstance; or (5) the filing or imposition of any environmental lien against the
Property, whether before or after the Release Date, because of, resulting from, in connection with, or arising out of any of the
matters referred to in Subsections (1) through (4) preceding; and regardless of whether any of the foregoing Subsections (1) through
(5) was caused by Borrower or a tenant or subtenant, or a prior owner of the Property or its tenant or subtenant, or any third
party, including but not limited to (i) injury or damage to any Person, property or natural resource occurring on or off of the
Property, including but not limited to the cost of demolition and rebuilding of any improvements on real property; (ii) the investigation
or remediation of any such Hazardous Material or violation of Environmental Requirement, including but not limited to the preparation
of any feasibility studies or reports and the performance of any cleanup, remediation, removal, response, abatement, containment,
closure, restoration, monitoring or similar work required by any Environmental Requirement or necessary to have full use and benefit
of the Property as contemplated by the Loan Documents (including any of the same in connection with any foreclosure action or transfer
in lieu thereof); (iii) all liability to pay or indemnify any Person or governmental authority for costs expended in connection
with any of the foregoing; (iv) the investigation and defense of any claim, whether or not such claim is ultimately defeated; and
(v) the settlement of any claim or judgment.

 

“Environmental
Law” means any federal, state or local law, statute, ordinance, code, rule, regulation, license, authorization, decision,
order, injunction, decree, or rule of common law, and any judicial interpretation of any of the foregoing, which pertains to any
Hazardous Material or the environment (including but not limited to ground or air or water or noise pollution or contamination,
and underground or above ground tanks containing Hazardous Materials) and shall include without limitation, the Solid Waste Disposal
Act, 42 U.S.C. § 6901 et seq.; the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C.
§ 9601 et seq. (“CERCLA”), as amended by the Superfund Amendments and Reauthorization Act of 1986 (“SARA”);
the Hazardous Materials Transportation Act, 49 U.S.C. § 1801 et seq.; the Federal Water Pollution Control Act, 33 U.S.C. §
1251 et seq.; the Clean Air Act, 42 U.S.C. § 7401 et seq.; the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq.;
the Safe Drinking Water Act, 42 U.S.C. § 300f et seq.; the environmental provisions of the Texas Water Code; the Texas Solid
Waste Act and any other state or federal environmental statutes, and all rules, regulations, orders and decrees now or hereafter
promulgated under any of the foregoing, as any of the foregoing now exist or may be changed or amended or come into effect in the
future.

 

    	EXHIBIT B (Alexan Southside) – Page 9

    	 

    

 

“Environmental
Report” means that certain Phase I Environmental Site Assessment, Blair House Apartments, 4139 Bellaire Boulevard, Southside
Place (Houston), Texas 77026, dated September 16, 2014, and prepared by InControl Technologies, Inc.

 

“Environmental
Requirement” means any Environmental Law, agreement or restriction (including but not limited to any condition or requirement
imposed by any insurance or surety company), as the same now exists or may be changed or amended or come into effect in the future,
which pertains to any Hazardous Material or the environment, including but not limited to ground or air or water or noise pollution
or contamination, and underground or aboveground tanks containing Hazardous Materials.

 

“Excess Cash Flow”
means, for the month immediately preceding the date of any required payment of Excess Cash Flow, the amount obtained by subtracting
(i) the sum of (A) actual cash operating expenses for the Property for such month, but excluding any expenses paid from any tax
or insurance reserves, (B) regular payments of interest and principal made on the Loan in such month, and (C) any payments into
any tax or insurance reserves from (ii) all actual cash revenue received by Borrower during such month and prepaid rents, including,
forfeited security deposits, lease buy-out payments, late fees and other penalties, proceeds from a sale or other disposition,
reimbursables, gross receipts from licensees, concessionaries or similar third parties, and other nonrecurring revenue.

 

“Excusable Delay”
means a delay, not to exceed a total of one hundred twenty (120) days, caused by unusually adverse weather conditions which have
not been taken into account in the construction schedule, fire, earthquake or other acts of God, strikes, lockouts, acts of public
enemy, riots or insurrections or any other unforeseen circumstances or events beyond the control of Borrower (except financial
circumstances or events or matters which may be resolved by the payment of money due and payable by Borrower), and as to which
Borrower notifies Administrative Agent in writing within ten (10) days after such occurrence; provided, however, no Excusable Delay
shall suspend or abate any obligation of Borrower or any Guarantor or any other person to pay any money.

 

“Existing BR Member”
means each of BRG, SOIF II and SOIF III and “Existing BR Members” means all of them.

 

“Extended Maturity
Date” means April ___, 2020, as such date may be earlier terminated or extended in accordance with the terms of the Loan
Documents.

 

“Extension Period”
has the meaning set forth in Section 1.12(c) of this Agreement.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as in effect on the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with and any current or future regulation or official interpretation
thereof).

 

    	EXHIBIT B (Alexan Southside) – Page 10

    	 

    

 

“Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank
on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds
Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding
Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day
shall be the average rate (rounded upwards to the next higher 1/100 of 1%) charged to Bank of America, N.A. on such day on such
transactions as determined by Administrative Agent.

 

“Fee Letter Agreement”
means that certain Fee Letter Agreement between Borrower and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

 

“Financial Statements”
means (i) for each reporting party other than a Guarantor, a balance sheet, income statement, statements of cash flow and amounts
and sources of contingent liabilities (reported under generally accepted accounting principles or other accounting principles consistently
applied), a reconciliation of changes in equity and liquidity verification, and unless Administrative Agent otherwise consents,
consolidated and consolidating statements if the reporting party is a holding company or a parent of a subsidiary entity; and (ii)
for each reporting party who is a Guarantor, the financial statements such Guarantor is required to provide pursuant to its respective
Guaranty. For purposes of this definition and any covenant requiring the delivery of Financial Statements, each party for whom
Financial Statements are required is a “reporting party” and a specified period to which the required Financial Statements
relate is a “reporting period”.

 

“Foreign Lender”
has the meaning set forth in Section 6.11 of this Agreement.

 

“Fund”
has the meaning set forth in Section 6.5(h).

 

“Funding Date”
means the date on which an advance of Loan proceeds or Borrower’s Deposit shall occur.

 

“General Contractor”
means Maple Multi-Family TX Contractor, L.L.C., a Texas limited liability company, which is hereby approved by Administrative Agent.

 

“Gross Income”
means, for any period, the actual cash operating income (before income taxes, if any) of Borrower, derived from the day-to-day
operations of the Project, determined in accordance with appropriate cash basis accounting practices, but excluding from such determination
(a) any gain arising from any write-up of assets, (b) any loan proceeds, (c) any income derived from the sale or lease of
any of the Property or any portion thereof or any interest therein (excluding Approved Leases), (d) insurance proceeds (except
proceeds of rental loss or business interruption insurance), (e) gross receipts from licensees, concessionaires or similar third
parties (unless such receipts are part of the normal operating income for the Project), (f) security deposits (except for those
security deposits that are forfeited) and other non-recurring income as reasonably determined by Administrative Agent and (g) any
other extraordinary item.

 

“Guarantor”
means VF Residential, Ltd., VF Multi-Family Holdings, Ltd., CFH Maple Residential Investor, L.P., CFP Residential, L.P., Maple
Residential L.P., a Delaware limited partnership, and, if applicable, any Replacement Guarantor, each one individually or all collectively.

 

    	EXHIBIT B (Alexan Southside) – Page 11

    	 

    

 

“Guaranties”
means, collectively, the Limited Recourse Guaranty Agreements of even date herewith executed by each of the Guarantors, guaranteeing
the payment and performance of the obligations under the Loan Documents to the extent more fully described therein.

 

“Hazardous Material”
means any substance, whether solid, liquid or gaseous: which is listed, defined or regulated as a “hazardous substance”,
“hazardous waste” or “solid waste”, or otherwise classified as hazardous or toxic, in or pursuant to any
Environmental Requirement; or which is or contains in regulated concentrations asbestos, radon, any polychlorinated biphenyl, urea
formaldehyde foam insulation, explosive or radioactive material, or motor fuel or other petroleum hydrocarbons; or which causes
or poses a threat to cause a contamination or nuisance on the Property or any adjacent property or a hazard to the environment
or, to the extent related to environmental conditions, to the health or safety of persons on the Property. Hazardous Materials
shall not include commercially reasonable amounts of such materials used in the ordinary course of Construction or in the maintenance
and operation of the Project which are used and stored in accordance with Environmental Law.

 

“Improvements”
means a Class A multi-family apartment project to be constructed on the Land, consisting of approximately 269 units as more particularly
described in the Plans.

 

“Indebtedness”
means any and all indebtedness of Borrower to Administrative Agent or Lenders evidenced, governed or secured by, or arising under,
any of the Loan Documents.

 

“Indemnified Liabilities”
has the meaning set forth in Section 6.1.

 

“Indemnified Parties”
has the meaning set forth in Section 6.1 of this Agreement.

 

“Individual Beneficiaries”
means individuals which hold indirect, non-controlling interests in Borrower.

 

“Initial Maturity
Date” means April ____, 2019, as such date may be earlier terminated or extended in accordance with the terms of the
Loan Documents.

 

“Interest Period”
means with respect to any LIBOR Rate Principal, the period commencing on the date such LIBOR Rate Principal is disbursed or on
the date on which the Principal Debt or any portion thereof is converted into or continued as such LIBOR Rate Principal, and ending
on the date that is 30, 60 or 180 days thereafter, as elected by Borrower in the applicable Rollover/Conversion Notice; provided
that:

 

(i)          Each
Interest Period must commence on a LIBOR Business Day;

 

(ii)         In
the case of the continuation of LIBOR Rate Principal, the Interest Period applicable after the continuation of such LIBOR Rate
Principal shall commence on the last day of the preceding Interest Period;

 

    	EXHIBIT B (Alexan Southside) – Page 12

    	 

    

 

(iii)        The
last day for each Interest Period and the actual number of days during the Interest Period shall be determined by Administrative
Agent using the practices of the London interbank eurodollar market; and

 

(iv)        No
Interest Period shall extend beyond the Maturity Date, and any Interest Period which begins before the Maturity Date and would
otherwise end after the Maturity Date shall instead end on the Maturity Date.

 

“Land”
means the real property described in Exhibit “A”.

 

“Laws”
means all constitutions, treaties, statutes, laws, ordinances, regulations, rules, orders, writs, injunctions, or decrees of the
United States of America, any state or commonwealth, any municipality, any foreign country, any territory or possession, or any
Tribunal.

 

“Lender”
means each lender from time to time party to this Agreement.

 

“Lending Office”
means, as to any Lender, the office or offices of such Lender described as such on the Schedule of Lenders, or such other office
or offices as such Lender may from time to time notify Borrower and Administrative Agent.

 

“LIBOR”
means London Interbank Offered Rate (as defined above as part of the definition “Adjusted LIBOR Rate”).

 

“LIBOR Business
Day” means a Business Day which is also a London Banking Day.

 

“LIBOR Daily Floating
Rate” shall mean a fluctuating rate of interest per annum equal to LIBOR, as published by Bloomberg (or other commercially
available source providing quotations of LIBOR as selected by Administrative Agent from time to time) as determined for each Business
Day at approximately 11:00 a.m. London time two (2) LIBOR Business Days prior to the date in question, for U.S. Dollar deposits
(for delivery on the first day of such interest period) with a one month term, as adjusted from time to time in Administrative
Agent’s sole discretion for reserve requirements, deposit insurance assessment rates and other regulatory costs, in each
case, determined in a manner consistent with other federally regulated financial institutions similarly situated to Administrative
Agent. If such rate is not available at such time for any reason, then the rate will be determined by such alternate method as
reasonably selected by Administrative Agent.

 

“LIBOR Daily Floating
Rate Principal” means any portion of the Principal Debt which bears interest based on the LIBOR Daily Floating Rate at
the time in question.

 

“LIBOR Daily Rate”
means a simple rate per annum equal to the sum of the LIBOR Daily Floating Rate plus the LIBOR Margin.

 

“LIBOR Margin”
means two and one-quarter percent (2.25%) per annum.

 

“LIBOR Rate”
means for any applicable Interest Period for any LIBOR Rate Principal, a simple rate per annum equal to the sum of the LIBOR Margin
plus the Adjusted LIBOR Rate.

 

    	EXHIBIT B (Alexan Southside) – Page 13

    	 

    

 

“LIBOR Rate Advance”
means an advance of the Loan by a Lender to Borrower which bears interest at an applicable LIBOR Rate at the time in question.

 

“LIBOR Rate Election”
means an election by Borrower of an applicable LIBOR Rate in accordance with this Agreement.

 

“LIBOR Rate Principal”
means any portion of the Principal Debt which bears interest at an applicable LIBOR Rate at the time in question.

 

“Loan”
means the loan by Lenders to Borrower, in the maximum amount of $31,800,000.00.

 

“Loan Documents”
means this Agreement (including all exhibits), the Deed of Trust, any Note, any Swap Transaction, any guaranty provided by Guarantors,
financing statements, each Draw Request, and any and all documents, instruments or agreements as shall, from time to time, be executed
and/or delivered by Borrower or a Guarantor to Administrative Agent or any Lender pursuant to this Agreement to evidence, secure
or set forth terms of the Loan, as they may be amended, modified, restated, replaced and supplemented from time to time.

 

“Loan-to-Value
Ratio” has the meaning set forth in Section 1.12(c)(v) of this Agreement.

 

“London Banking
Day” shall mean a day on which banks in London are open for business and dealing in off-shore dollars.

 

“Material Contract”
means any contract entered into by Borrower for which advances for hard costs specified in the Budget will be requested, and any
other contract or subcontract in excess of $350,000.00 per year for the supply of architectural, design, engineering, construction
services or materials related to the Project.

 

“Material Contractor”
means any contractor (including General Contractor) or subcontractor who executes a Material Contract.

 

“Maturity Date”
means, as applicable, the Initial Maturity Date or the Extended Maturity Date.

 

“NOI”
means, for any period, the amount, if any, by which the Adjusted Income for any such period exceeds the Adjusted Expenses for any
such period.

 

“Note(s)”
means any Deed of Trust Note executed by Borrower and payable to the order of a Lender in the amount of each Lender’s Commitment
and collectively in the maximum principal amount of the Loan, substantially in the form of Exhibit “M”
as amended, modified, replaced, restated, extended or renewed from time to time.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties (including paying all Additional Interest) of,
Borrower or a Guarantor arising under or otherwise with respect to any Loan Document or arising under or otherwise with respect
to any Swap Transaction, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to
become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against
any party to a Loan Document or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceedings.

 

    	EXHIBIT B (Alexan Southside) – Page 14

    	 

    

 

“On”
or “on”, when used with respect to the Property or any property adjacent to the Property, means “on, in,
under or above”.

 

“Participant”
has the meaning specified in Section 6.5(d).

 

“Past Due Rate”
shall have the meaning set forth in Section 1.7(d) of this Agreement.

 

“Payment Amount”
means an advance of the Loan, an unreimbursed Administrative Agent Advance, an unreimbursed Indemnified Liability or any other
amount that a Lender is required to fund under this Agreement.

 

“Permitted Changes”
means changes to the Plans or Improvements, provided the cost of any single change or extra does not exceed $75,000.00, and the
net aggregate amount of all such changes and extras (whether positive or negative) does not exceed $350,000.00.

 

“Permitted Transfer”
means (a) a TCR Permitted Transfer; (b) a Bluerock Permitted Transfer; (c) a Transfer by devise or descent or by operation of law
upon the death of an individual that holds an indirect legal or beneficial ownership interest in Borrower; (d) as long as the Control
Condition remains satisfied after the Transfer, any Transfer of direct or indirect ownership interests in TCR Member or in any
entity which owns, directly or indirectly, any ownership interests in TCR Member or any such owner; (e) any issuances or redemptions
of direct or indirect ownership interests in TCR Member or in any entity that owns, directly or indirectly, any ownership interest
in TCR Member, so long as following such Transfer the Control Condition is satisfied; and (f) any Lease entered into after the
date of this Agreement in accordance with the terms of the Loan Documents.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plans”
means the plans and specifications listed in Exhibit “E” and all modifications thereof and additions thereto
that are included as part of the Plans as the same shall be approved by Administrative Agent in the exercise of its sole discretion
in accordance with the terms of this Agreement, or such other changes not requiring approval of Administrative Agent in accordance
with this Agreement.

 

“Potential Default”
means any condition or event which with the giving of notice or lapse of time or both would, unless cured or waived, become a Default.

 

    	EXHIBIT B (Alexan Southside) – Page 15

    	 

    

 

“Pre-Completion
Transfer Requirements” means (a) Borrower shall have retained, within ten (10) days after the effective date of the applicable
Transfer, a third party construction manager approved by Administrative Agent and the Required Lenders (pursuant to a contract
approved by Administrative Agent) to manage and supervise the completion of the Improvements (unless Administrative Agent shall
have determined, in their reasonable judgment, that the individuals that are directly responsible for the management of the managing
member of Borrower possess adequate capacity and experience necessary to supervise and manage the construction of the Improvements
without the assistance of a third-party approved construction manager), (b) if such Transfer or removal results in the termination
or cancellation of the construction contract with the General Contractor, Borrower shall have entered into a new general construction
contract for the completion of construction of the Improvements within thirty (30) days after the effective date of such termination
or cancellation of the construction contract, and Administrative Agent shall have approved the new general contractor and the terms
and conditions of the new general construction contract in its reasonable discretion, and (c) if such Transfer or removal results
in the termination or cancellation of the property management agreement, Borrower shall have retained, within ten (10) days after
the effective date of such termination or cancellation, a third party property manager which may be one of the property managers
pre-approved in Section 2.18 or another property manager reasonably acceptable to Administrative Agent pursuant to a contract
reasonably approved by Administrative Agent to manage, lease, and operate the Project.

 

“Prime Rate”
means, on any day, the rate of interest per annum then most recently established by Administrative Agent as its “prime rate,”
it being understood and agreed that such rate is set by Administrative Agent as a general reference rate of interest, taking into
account such factors as Administrative Agent may deem appropriate, that it is not necessarily the lowest or best rate actually
charged to any customer or a favored rate, that it may not correspond with future increases or decreases in interest rates charged
by other lenders or market rates in general, and that Administrative Agent may make various business or other loans at rates of
interest having no relationship to such rate. If Administrative Agent (including any subsequent Administrative Agent) ceases to
exist or to establish or publish a prime rate from which the Prime Rate is then determined, the applicable variable rate from which
the Prime Rate is determined thereafter shall be instead the prime rate reported in The Wall Street Journal (or the average
prime rate if a high and a low prime rate are therein reported), and the Prime Rate shall change without notice with each change
in such prime rate as of the date such change is reported.

 

“Principal Amortization
Commencement Date” has the meaning set forth in Section 1.12(b) of this Agreement.

 

“Principal Debt”
means the aggregate unpaid principal balance of the Loan.

 

“Pro Rata Share”
means, with respect to each Lender at any time, a fraction expressed as a percentage carried out to the ninth decimal place, the
numerator of which is the amount of the Commitment of such Lender at such time and the denominator of which is the amount of the
Aggregate Commitments at such time or, if the Aggregate Commitments have been terminated, a fraction (expressed as a percentage,
carried out to the ninth decimal place), the numerator of which is the total outstanding amount of all Indebtedness held by such
Lender at such time and the denominator of which is the total outstanding amount of all Indebtedness at such time. The initial
Pro Rata Share of each Lender named on the signature pages hereto is set forth opposite the name of that Lender on the Schedule
of Lenders.

 

    	EXHIBIT B (Alexan Southside) – Page 16

    	 

    

 

“Project”
means the acquisition of a ground leasehold interest in the Land, the construction of the Improvements, and if applicable, the
leasing and operation of the Improvements.

 

“Property”
means Borrower’s leasehold interest in the Land, the Improvements and all other property constituting the “Property,”
as described in the Deed of Trust, or subject, to a, right, lien or security interest to secure the Loan pursuant to any other
Loan Document.

 

“Release Date”
means the earliest of the following three dates: (i) the date on which the indebtedness and obligations secured by the Deed of
Trust have been paid and performed in full and the Deed of Trust has been released; or (ii) the date on which the lien of the Deed
of Trust is fully and finally foreclosed or a conveyance by deed in lieu of such foreclosure is fully and finally effective and
possession of the Property has been given to and accepted by the purchaser or grantee free of occupancy and claims to occupancy
by Borrower and their heirs, devisees, representatives, successors and assigns except tenants pursuant to Approved Leases and the
rights of ground lessor under the Ground Lease; or (iii) the date on which possession of the Property is accepted by a receiver
appointed for the Property at the request of Administrative Agent; provided that, if such payment, performance, release, foreclosure
or conveyance is challenged, in bankruptcy proceedings or otherwise, the Release Date shall be deemed not to have occurred until
such challenge is validly released, dismissed with prejudice or otherwise barred by law from further assertion.

 

“Rental Income”
means, for any period, income received during such period for (a) Approved Leases for any retail portion of the Improvements for
which the tenant under such Approved Lease is either in occupancy or is paying rent, and (b) Approved Leases for any residential
portion of the Improvements, including rental income from garages or carports, if any, adjusted as necessary to reflect a vacancy
factor of the greater of (i) actual vacancy or (ii) seven percent (7.00%) during such period, but excluding amounts paid by tenants
under Approved Leases as security deposits (unless forfeited by such tenants), late fees or charges, and other penalties and excluding
any prepaid rent received from any tenant under the terms of any Approved Lease which is not yet due and payable.

 

“Replacement Guarantor”
means any additional guarantor provided in accordance with a Guaranty or any BR Replacement Guarantor. At any time, BR Member may
request that an Affiliate of BR Member (a “BR Replacement Guarantor”) replace any or all of the Guarantors,
provided that such Replacement Guarantor is at least as credit-worthy as the existing Guarantors, as determined by Administrative
Agent, is otherwise acceptable to Administrative Agent in its sole and absolute discretion, and executes a Substitute Guaranty
approved by Administrative Agent. Administrative Agent’s approval of the Replacement Guarantor may be based on, among other
things, (i) satisfaction of Administrative Agent’s financial requirements with respect to such Replacement Guarantor, (ii)
‘know your customer” and other regulatory requirements, and (iii) the reaffirmation by Borrower, any continuing Guarantor
and any other Replacement Guarantor of their respective obligations under the Loan Documents following the addition of the Replacement
Guarantor, and confirmation that no novation or release of Borrower or any other Guarantor has occurred. If BR Member provides
a BR Replacement Guarantor, and provided that BR Member and the BR Replacement Guarantor satisfy all of the conditions required
by Administrative Agent, upon request of Borrower, each previously existing Guarantor shall be released of all liability under
its Guaranty except for Carveout Losses (as defined in the Guaranties) relating to events that occur prior to the execution of
the Substitute Guaranty, effective as of the date of such replacement.

 

    	EXHIBIT B (Alexan Southside) – Page 17

    	 

    

 

“Required Lenders”
means as of any date of determination at least two Lenders having more than 66-2/3% of the Aggregate Commitments or, if the Aggregate
Commitments have been terminated, at least two Lenders holding in the aggregate more than 66-2/3% of the total outstanding amount
of all Indebtedness; provided that the Commitment of, and the portion of the total outstanding amount of all Indebtedness
held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

 

“Rollover/Conversion
Notice” means a notice to Administrative Agent which sets forth Borrower’s interest rate election in accordance
with Section 1.7(b) hereof, which notice may be (i) in writing, (ii) by telephone provided that any telephonic notice must
be confirmed immediately by delivery to the Administrative Agent of a written notice, or (iii) in any other form reasonably approved
by Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by
the Administrative Agent), appropriately completed and signed by an authorized signor of Borrower.

 

“Schedule of Lenders”
means the schedule of Lenders party to this Agreement as set forth on Exhibit “P”, as it may be modified
from time to time in accordance with this Agreement.

 

“Schedule of Values”
means a breakdown by trade or other categories acceptable to Administrative Agent comprising all of the “hard costs”
line item of the Budget, as modified from time to time consistent with this Agreement.

 

“SOIF II”
means Bluerock Special Opportunity + Income Fund II, LLC, a Delaware limited liability company

 

“SOIF III”
means Bluerock Special Opportunity + Income Fund III, LLC, a Delaware limited liability company.

 

“Stored Materials
Advance Limit” means $1,500,000.00, for all materials other than lumber, and $4,000,000.00 for lumber.

 

“Subsidiary”
means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the
shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time. beneficially
owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries.

 

“Substitute Guaranty”
means a substitute guaranty, in Administrative Agent’s then current form guaranteeing obligations that are substantially
equivalent to the Guaranties (with such modifications as are necessary to conform to the identity and organization of the Replacement
Guarantor), executed by a Replacement Guarantor for the benefit of Administrative Agent.

 

    	EXHIBIT B (Alexan Southside) – Page 18

    	 

    

 

“Survey”
means a survey prepared in accordance with Exhibit “G” or as otherwise approved by Administrative Agent
in its sole discretion.

 

“Swap Bank”
means Bank of America, N.A.

 

“Swap Contract”
has the meaning set forth in the Deed of Trust.

 

“Swap Transaction”
has the meaning set forth in the Deed of Trust.

 

“Taxes”
means all taxes, assessments, fees, levies, imposts, duties, deductions, withholdings, or other charges of any nature whatsoever
from time to time or at any time imposed by any Law or Tribunal.

 

“TCR Member”
means Blaire House, LLC, a Delaware limited liability company.

 

“TCR Permitted
Transfers” means a Transfer of membership interests in Borrower by TCR Member to Bluerock Member; provided that if the
Transfer of membership interests by TCR Member occurs prior to final completion of construction of the Improvements, the Pre-Completion
Transfer Requirements must have been satisfied.

 

“Title Insurance”
means the loan policy or policies of title insurance issued to Administrative Agent for the benefit of Lenders by the Title Insurer,
in an amount equal to the maximum principal amount of the Loan, insuring the validity and priority of the Deed of Trust encumbering
the Land and Improvements for the benefit of Administrative Agent and Lenders.

 

“Title Insurance
Report” means an update of the Title Insurance in a form and substance satisfactory to Administrative Agent.

 

“Title Insurer”
means Charter Title Company.

 

“Transfer”
means any sale, installment sale, exchange, issuance, mortgage, pledge, hypothecation, assignment, encumbrance or other transfer,
conveyance or disposition, whether voluntarily, involuntarily or by operation of law or otherwise.

 

“Tribunal”
means any state, commonwealth, federal, foreign, territorial or other court or governmental department, commission, board, bureau,
district, authority, agency, central bank, or instrumentality, or any arbitration authority.

 

B.          FINANCIAL
STATEMENTS: Borrower shall provide or cause to be provided to Administrative Agent all of the following:

 

(a)          Financial
Statements of Borrower, for each fiscal year of such reporting party, as soon as reasonably practicable and in any event within
one-hundred twenty (120) days after the close of each fiscal year.

 

    	EXHIBIT B (Alexan Southside) – Page 19

    	 

    

 

(b)          Prior
to commencement of operations of the Improvements, a capital and operating budget for the Property for its first fiscal year (or
portion thereof) of operations; and after commencement of operations in the Improvements: (i) prior to the beginning of each fiscal
year of Borrower, a capital and operating budget for the Property; and (ii) for each month (and for the fiscal year through the
end of that month) (A) a statement of all income and expenses in connection with the Property, including in each case a comparison
to the budget, and (B) a current leasing status report (including tenants’ names, occupied tenant space, lease terms, rents,
vacant space and proposed rents), as soon as reasonably practicable but in any event within thirty (30) days after the end of each
such month, certified in writing as true and correct in all material respects by Borrower. Items provided under this paragraph
shall be in form and detail reasonably satisfactory to Administrative Agent.

 

(c)          Upon
Administrative Agent’s request, copies of filed federal and state income tax returns of Borrower for each taxable year, within
thirty (30) days of filing of the tax returns but in no event later than two hundred ten (210) days after the close of each taxable
year.

 

(d)          From
time to time promptly after Administrative Agent’s request, such additional information, reports and statements respecting
the Property and the Improvements, or the business operations and financial condition of Borrower, as Administrative Agent may
reasonably request.

 

All Financial Statements shall be in form and
detail reasonably satisfactory to Administrative Agent and shall contain or be attached to the signed and dated written certification
of the reporting party in form reasonably specified by Administrative Agent to certify that the Financial Statements are furnished
to Administrative Agent in connection with the extension of credit by Lenders and constitute a true and correct statement of the
reporting party’s financial position in all material respects. All certifications and signatures on behalf of corporations,
partnerships or other entities shall be by a representative of the reporting party reasonably satisfactory to Administrative Agent.

 

    	EXHIBIT B (Alexan Southside) – Page 20

    	 

    

 

EXHIBIT “C”

 

CONDITIONS PRECEDENT TO THE INITIAL
ADVANCE AT CLOSING

 

As conditions precedent
to the first advance of Loan proceeds, if and to the extent required by Administrative Agent, Administrative Agent shall have received
and approved the following:

 

1.          Fees
and Expenses. Any and all required commitment and other fees, and all other fees, costs and expenses (including the fees and
costs of Administrative Agent’s counsel) then required to be paid pursuant to the Fee Letter Agreement, this Agreement and
all other Loan Documents, including, without limitation, all fees, costs and expenses that Borrower is required to pay pursuant
to any loan application or commitment.

 

2.          Financial
Statements. The Financial Statements of Borrower and financial reporting as provided in the Guaranty, and the Financial Statements
of any other party required by any loan application or commitment or otherwise required by Administrative Agent.

 

3.          Appraisal.
A market value appraisal of the Property made within one hundred twenty (120) days prior to the date of this Agreement, which appraises
the Property on a “completed value” basis at not less than the Appraised Value. The appraiser and appraisal must be
satisfactory to Administrative Agent (including satisfaction of applicable regulatory requirements) and the appraiser must be engaged
directly by Administrative Agent.

 

4.          Soil
Reports. A soil composition and test boring report and a foundation report satisfactory to Administrative Agent regarding the
Land, made within one hundred fifty (150) days prior to the date of this Agreement, by a licensed professional engineer satisfactory
to Lenders.

 

5.          Authorization.
Evidence Administrative Agent requires of the existence, good standing, authority and capacity of Borrower, each Guarantor, and
..their respective constituent partners, members, managers and owners to the extent necessary to establish Borrower’s and
Guarantors’ authority to execute, deliver and perform their respective obligations to Administrative Agent and Lenders under
the Loan Documents, including:

 

(a)          For
each partnership (including a joint venture or limited partnership): (i) a true and complete copy of an executed partnership
agreement or limited partnership agreement, and all amendments thereto; (ii) for each limited partnership, a copy of the certificate
of limited partnership and all amendments thereto accompanied by a certificate issued by the appropriate governmental official
of the jurisdiction of formation that the copy is true and complete, and evidence Administrative Agent requires of registration
or qualification to do business in the state where Borrower’s principal place of business is located and, if required by
state law, the state where the Project is located, and (iii) a partnership affidavit certifying who will be authorized to execute
or attest any of the Loan Documents, and a true and complete copy of the resolutions of partners required by the partnership agreement
to approve the Loan Documents and authorize the transactions contemplated in this Agreement and the other Loan Documents.

 

    	EXHIBIT C (Alexan Southside) – Page 1

    	 

    

 

(b)          For
each corporation: (i) a true and complete copy of its articles of incorporation and by-laws, and all amendments thereto, a certificate
of incumbency of all of its officers who are authorized to execute or attest to any of the Loan Documents, and a true and complete
copy of resolutions approving the Loan Documents and authorizing the transactions contemplated in this Agreement and the other
Loan Documents; and (ii) certificates of existence, good standing and qualification to do business issued by the appropriate governmental
officials in the state of its formation and, in the case of Borrower, the state in which the Project is located, if different.

 

(c)          For
each limited liability company or limited liability partnership: (i) a true and complete copy of the articles of organization or
certificate of formation and operating agreement, and all amendments thereto, a certificate of incumbency of all of its members
who are authorized to execute or attest to any of the Loan Documents, and a true and complete copy of resolutions approving the
Loan Documents and authorizing the transactions contemplated in this Agreement and the other Loan Documents; and (ii) certificates
of existence, good standing and qualification to do business issued by appropriate governmental officials in the state of its formation
and, in the case of Borrower, the state in which the Project is located, if different.

 

(d)          For
each entity or organization that is not a corporation, partnership, limited partnership, joint venture, limited liability company
or limited liability partnership, a copy of each document creating it or governing the existence, operation, power or authority
of it or its representatives.

 

(e)          All
certificates, resolutions, and consents required by Administrative Agent applicable to the foregoing.

 

6.          Loan
Documents. From Borrower, each Guarantor and each other person required by Administrative Agent (a) duly executed, acknowledged
and/or sworn to as required, and delivered to Administrative Agent (with a copy for each Lender) Loan Documents then required by
Administrative Agent, dated the date of this Agreement, each in form and content satisfactory to Administrative Agent, and (b)
evidence Administrative Agent requires that the Deed of Trust has been recorded in the official records of the city or county in
which the Property is located and UCC-1 financing statements have been filed in all filing offices that Administrative Agent may
require.

 

7.          Opinions.
The written opinion of counsel satisfactory to Administrative Agent for Borrower and each Guarantor, addressed to Administrative
Agent for the benefit of Lenders, dated the date of this Agreement.

 

8.          Survey;
No Special Flood Hazard. (a) two (2) prints of an original survey (with a copy for each Lender) of the Land and improvements
thereon dated not more than sixty (60) days prior to the date of this Agreement (or dated such earlier date as is satisfactory
to the Title Insurer, but in any event not more than one hundred eighty (180) days prior to the date of this Agreement) satisfactory
to Administrative Agent and the Title Insurer, complying with Exhibit “G”, and (b) a flood insurance
policy (with a copy for each Lender) in an amount equal to the lesser of the maximum Loan amount or the maximum amount of flood
insurance available under the Flood Disaster Protection Act of 1973, as amended, and otherwise in compliance with the requirements
of the Loan Documents, or evidence satisfactory to Administrative Agent that none of the Land is located in a flood hazard area.

 

    	EXHIBIT C (Alexan Southside) – Page 2

    	 

    

 

9.          Title
Insurance. A TLTA title insurance policy issued by the Title Insurer (which shall be approved by Administrative Agent) in the
maximum amount of the Loan, on a coinsurance and/or reinsurance basis if and as required by Administrative Agent, insuring that
the Deed of Trust constitutes a valid lien covering Borrower’s ground leasehold interest in the Land and all Improvements
on the Land, having the priority required by Administrative Agent and subject only to the Permitted Encumbrances (as defined in
the Deed of Trust) (regardless of rank or priority) in a form acceptable to Administrative Agent, and with all “standard”
exceptions which can be deleted, including the exception for matters which a current survey would show, deleted to the fullest
extent authorized under applicable title insurance rules, and Borrower shall satisfy all requirements therefor; containing no exception
for standby fees or real estate taxes or assessments other than those for the year in which the closing occurs to the extent the
same are not then due and payable and endorsed “not yet due and payable” and no exception for subsequent assessments
for prior years; providing full coverage against mechanics’ and materialmens’ liens to the extent authorized under
applicable title insurance rules, and Borrower shall satisfy all requirements therefor; insuring that no restrictive covenants
shown in the Title Insurance have been violated, and that no violation of the restrictions will result in a reversion or forfeiture
of its ground leasehold interest in the Land; insuring all appurtenant easements; insuring that a good and marketable leasehold
estate in the Land and good and marketable title to the Improvements is vested in Borrower; containing such affirmative coverage
and endorsements as Administrative Agent may require and are available under applicable title insurance rules, and Borrower shall
satisfy all requirements therefor; insuring any easements, leasehold estates or other matters appurtenant to or benefiting the
Land and/or the Improvements as part of the insured estate; insuring the right of access to the Land to the extent authorized under
applicable title insurance rules, and Borrower shall satisfy all requirements therefor; and containing provisions acceptable to
Administrative Agent regarding advances and/or readvances of Loan funds after closing. Borrower and Borrower’s counsel shall
not have any interest, direct or indirect, in the Title Insurer (or its agent) or any portion of the premium paid for the Title
Insurance.

 

10.         Insurance
Policies. Declarations page and forms listing for the insurance policies initially required by Administrative Agent, pursuant
to the Loan Documents, together with evidence satisfactory to Administrative Agent that all premiums therefor have been paid for
a period of not less than one year from the date of this Agreement and that the policies are in full force and effect.

 

11.         Environmental
Compliance/Report. Evidence satisfactory to Administrative Agent that no portion of the Land is “wetlands” under
any applicable Law and that the Land does not contain and is not within or near any area designated as a hazardous waste site by
any Tribunal, that neither the Property nor any adjoining property contains any Hazardous Substance in violation of Environmental
Laws, and that neither the Property nor any use or activity thereon violates or is or could be subject to any response, remediation,
clean-up or other obligation under any Environmental Law or Environmental Requirement, including without limitation, a written
report of an environmental assessment of the Property, made within one hundred fifty (150) days prior to the date of this Agreement,
by an engineering firm, and of a scope and in form and content satisfactory to Administrative Agent, complying with Administrative
Agent’s established guidelines, showing that there is no evidence of any such Hazardous Substance which has been generated,
treated, stored, released or disposed of in the Property, and such additional evidence as may be required by Administrative Agent.
All reports, drafts of reports, and recommendations, whether written or oral, from such engineering firm shall be made available
and communicated to Administrative Agent.

 

    	EXHIBIT C (Alexan Southside) – Page 3

    	 

    

 

12.         Access,
Utilities, and Laws. (a) Evidence satisfactory to Administrative Agent that the Property abuts and has fully adequate direct
and free access to one or more public streets, dedicated to public use, fully installed and accepted by the appropriate Governmental
Authority, that all fees, costs and expenses of the installation and acceptance thereof have been paid in full, and that there
are no restrictions on the use and enjoyment of such streets which would adversely affect the Project; (b) letters from the applicable
utility companies or governmental authorities confirming that all utilities necessary for the Improvements are or, upon completion
of any site infrastructure improvements identified in the Plans, will be available at the Land in sufficient capacity, together
with evidence satisfactory to Administrative Agent of paid impact fees, utility reservation deposits, and connection fees required
to assure the availability of such services; (c) Intentionally Deleted; (d) true and correct copies of all consents, licenses,
permits and approvals necessary for the current phase of the construction of the Improvements, all in assignable form (to the extent
appropriate) and in full force and effect; (e) evidence satisfactory to Administrative Agent of compliance by Borrower and the
Property, and the proposed construction, use and occupancy of the Improvements, with such other applicable Laws and governmental
requirements as Administrative Agent may request, including all Laws and governmental requirements regarding access and facilities
for handicapped or disabled persons including and to the extent applicable, the Federal Architectural Barriers Act (42 U.S.C. §
4151 et seq.), the Fair Housing Amendments Act of 1988 (42 U.S.C. § 3601 et seq.), the Americans With Disabilities Act of
1990 (42 U.S.C. § 12101 et seq.), the Rehabilitation Act of 1973 (29 U.S.C. § 794), and any applicable state, county
and municipal requirements; and (f) written evidence satisfactory to Administrative Agent that construction of the Improvements
on the Land is permissible under all federal, state and local statutes, regulations and rulings protecting tidal and non-tidal
wetlands and other environmentally protected areas.

 

13.         Priority.
(a) Evidence satisfactory to Administrative Agent that prior to and as of the time the Deed of Trust was filed for record (i) no
activity or circumstance was visible on or near the Land which would constitute inception of a mechanic’s or materialman’s
lien against the Property; (ii) no contract, or memorandum thereof, for construction, design, surveying, or any other service relating
to the Project has been filed for record in the county where the Property is located; and (iii) no mechanic’s or materialman’s
lien claim or notice, lis pendens, judgment, or other claim or encumbrance against the Property has been filed for record in the
county where the Property is located or in any other public record which by Law provides notice of claims or encumbrances regarding
the Property; (b) a certificate or certificates of a reporting service acceptable to Administrative Agent, reflecting the results
of searches made not earlier than ten (10) days prior to the date of this Agreement, (i) of the central and local Uniform Commercial
Code records, showing no filings against any of the collateral for the Loan or against Borrower otherwise except as consented to
by Administrative Agent; and (ii) if required by Administrative Agent, of the appropriate judgment and tax lien records, showing
no outstanding judgment or tax lien against Borrower or any Guarantor.

 

    	EXHIBIT C (Alexan Southside) – Page 4

    	 

    

 

14.         Tax
and Standby Fee Certificates. Evidence satisfactory to Administrative Agent (a) of the identity of all taxing authorities and
utility districts (or similar authorities) having jurisdiction over the Property or any portion thereof; and (b) that all taxes,
standby fees and any other similar charges have been paid, including copies of receipts or statements marked “paid”
by the appropriate authority.

 

15.         Borrower
Identification Due Diligence. All due diligence materials deemed necessary by Administrative Agent and each Lender with respect
to verifying Borrower’s identity and background information in a manner satisfactory to Administrative Agent and each Lender.

 

16.         Tax
Lot. That the land is a separate tax lot or lots with separate assessment or assessments of the Land and Improvements, independent
of any other land or improvements, and that the Land is a separate legally subdivided parcel.

 

17.         Ground
Lease and Estoppel. An executed Ground Lease Agreement, in form and substance acceptable to Administrative Agent, by and between
Prokop Industries BH LP and Borrower, as well as an estoppel related to the ground lease in form and substance acceptable to Administrative
Agent.

 

18.         Other
Documents. Such other documents and certificates as Administrative Agent may reasonably request from Borrower, any Guarantor,
and any other person or entity, in form and content reasonably satisfactory to Administrative Agent.

 

    	EXHIBIT C (Alexan Southside) – Page 5

    	 

    

 

EXHIBIT “C-1”

 

CONDITIONS PRECEDENT TO FIRST ADVANCE FOLLOWING
THE INITIAL ADVANCE AT CLOSING

 

1.          Plans.
Two (2) true and correct copies of the final Plans (including the site plan), together with evidence satisfactory to Administrative
Agent that all applicable governmental authorities, Borrower, Borrower’s architect, engineer, and General Contractor and
Construction Consultant have approved the same, and after a review of such items by Construction Consultant, Administrative Agent
shall be satisfied, in its sole discretion, that the Improvements may be completed in accordance with the construction schedule
and for costs not exceeding those set forth in the Budget.

 

2.          Draw
Schedule. Borrower’s proposed cash flow, draw schedule, and construction schedule for the Project, and after a review
of such items by Construction Inspector, Administrative Agent shall be satisfied, in its sole discretion, that the Improvements
may be completed in accordance with the construction schedule and for costs not exceeding those set forth in the Budget (as supplemented
by any Borrower’s Deposit).

 

3.          Plan
and Cost Review. A Plan and Cost Review in the form and substance reasonably acceptable to Administrative Agent.

 

4.          Laws.
Evidence satisfactory to Administrative Agent of compliance by Borrower and the Property, and the proposed construction, use and
occupancy of the Improvements, with such other applicable Laws and governmental requirements as Administrative Agent may request,
including all Laws and governmental requirements regarding access and facilities for handicapped or disabled persons including,
without limitation and to the extent applicable, The Federal Architectural Barriers Act (42 U.S.C. § 4151 et seq.), the Fair
Housing Amendments Act of 1988 (42 U.S.C. § 3601 et seq.), The Americans With Disabilities Act of 1990 (42 U.S.C. § 12101
et seq.), The Rehabilitation Act of 1973 (29 U.S.C. § 794), and any applicable state requirements; and (iii) that construction
of the Improvements on the Land is permissible under all federal, state and local statutes, regulations and rulings protecting
tidal and non-tidal, wetlands and other environmentally protected areas.

 

5.          Final
Site Plan. A true and correct copy of the final site plan approved by the City of Southside Place.

 

6.          Contracts.
(a) A list containing the names and addresses of all existing contractors, architects, engineers, and other suppliers of services
and materials for the Project under any Material Contract, their respective contract amounts, and a copy of their contracts; and
(b) duly executed, acknowledged and delivered originals from each contractor, architect and engineer required by Administrative
Agent, of (i) consents or other agreements satisfactory to Administrative Agent, and (ii) agreements satisfactory to Administrative
Agent subordinating all rights, liens, claims and charges they may have or acquire against Borrower or the Property to the rights,
liens and security interests of Lenders.

 

    	EXHIBIT C-1 (Alexan Southside) – Page 1

    	 

    

 

7.          Equity.
Evidence satisfactory to Administrative Agent (including copies of all prior draw requests, G702 forms from the General Contractor)
that all of Borrower’s Equity has been contributed to pay costs of the Project as set forth in the Budget.

 

    	EXHIBIT C-1 (Alexan Southside) – Page 2

    	 

    

 

EXHIBIT “D”

 

BUDGET

 

	Alexan Southside - Budget Summary 
	Cost Item	 	Total 	 	 	Per Unit	 
	Construction Hard Costs	 	$	37,224,675	 	 	$	137,869	 
	General Contractor Fee	 	$	1,911,318	 	 	$	7,079	 
	Hard Cost Contingency	 	$	1,488,987	 	 	$	5,515	 
	Real Estate Taxes	 	$	600,000	 	 	$	2,222	 
	Legal	 	$	200,000	 	 	$	741	 
	Closing Costs	 	$	125,000	 	 	$	463	 
	Bluerock Maangement Fee	 	$	50,000	 	 	$	185	 
	Financing	 	$	206,920	 	 	$	766	 
	Brokerage Fee on Ground Lease	 	$	200,000	 	 	$	741	 
	Architect	 	$	854,500	 	 	$	3,165	 
	Engineering & Surveying	 	$	200,000	 	 	$	741	 
	Marketing	 	$	325,000	 	 	$	1,204	 
	Investment Banking Fee	 	$	300,000	 	 	$	1,111	 
	Ground Lease through Stabilization	 	$	1,700,000	 	 	$	6,296	 
	Preleasing	 	$	275,000	 	 	$	1,019	 
	Operating Deficit	 	$	567,421	 	 	$	2,102	 
	Construction Interest	 	$	957,592	 	 	$	3,547	 
	Overhead	 	$	1,413,842	 	 	$	5,236	 
	Soft Cost Contingency	 	$	375,000	 	 	$	1,389	 
	 	 	 	 	 	 	$	-	 
	Total Project Cost	 	$	48,975,255	 	 	$	181,390	 
	 	 	 	 	 	 	$	-	 
	Sources 	 	 	 	 	 	$	-	 
	Construction loan	 	$	31,800,000	 	 	$	117,778	 
	Cash Equity	 	$	17,175,255	 	 	$	63,612	 
	Total Sources	 	$	48,975,255	 	 	$	181,390	 

 

    	EXHIBIT D (Alexan Southside) – Page 1

    	 

    

 

EXHIBIT “E”

 

SCHEDULE OF PLANS AND SPECIFICATIONS

 

[To Be Attached]

 

    	EXHIBIT E (Alexan Southside) – Page 1

    	 

    

 

EXHIBIT “F”

 

ADVANCES

 

1.          Draw
Request. A “Draw Request” means a properly completed and executed written application by Borrower to Administrative
Agent. in the form of Exhibit “F-1” (or in another form satisfactory to Administrative Agent) setting forth
the amount of Loan proceeds desired, together with the related AIA Documents G-702 and G-703 conforming to the Schedule of Values
by dollar amount and trade or other categorical breakdown and such schedules, affidavits, releases, waivers, statements, invoices,
Accounts Payable Lists, bills, and other documents, certificates and information to the extent reasonably requested by Administrative
Agent. At least five (5) Business Days before the requested date of each advance made under the Budget from the Loan, Borrower
shall deliver a Draw Request to Administrative Agent. Borrower shall be entitled to an advance only in an amount approved by Administrative
Agent in accordance with the terms of this Agreement and the Loan Documents. Lenders shall not be required to make advances more
frequently than twice each calendar month for the 18-month period starting with (and including) the first month advances of the
Loan are made to pay costs of the Improvements; after the end of such 18-month period, Lenders shall not be required to make advances
more than once in each calendar month. In any calendar month in which Borrower elects to request a second advance, such second
advance will be limited to the payment of costs for framing, sheetrock, concrete, retaining walls (if applicable), electrical,
plumbing, trim carpentry, floor coverings, HVAC and clean-up. Upon the satisfaction of all applicable conditions of this Agreement
and the Loan Documents, to the extent reasonably required by Administrative Agent, Lenders shall make the requested advance to
Borrower on a Funding Date which is a Business Day within five (5), or if any portion of such advance is LIBOR Rate Principal,
eight (8), Business Days after such satisfaction. Each Draw Request, and Borrower’s acceptance of any advance, shall be deemed
to ratify and confirm, as of the date of the Draw Request and advance, respectively, that, except as specified in a Draw Request,
(a) all representations and warranties in the Loan Documents remain true and correct in all material respects, subject to Changes
in Facts and Circumstances, and all covenants and agreements in the Loan Documents remain satisfied, (b) there is no uncured Default
or Potential Default existing under the Loan Documents, (c) all conditions to the advance, whether or not evidence thereof is required
by Administrative Agent, are satisfied, (d) the AIA Document G-702 and G-703 forms executed by the General Contractor, together
with all schedules, affidavits, releases, waivers, statements, invoices, Accounts Payable Lists, bills, and other documents, certificates
and information submitted for the Draw Request are complete and correct in all material respects and in all respects are what they
purport and appear to be for the amount and period applicable to the Draw Request, (e) all advances previously made to Borrower
were disbursed, and the proceeds of the advance requested in the Draw Request will immediately be disbursed, for payments of the
costs and expenses specified in the Budget for which the advances were made, and for no other purpose, (f) after the advance, all
obligations for work and other costs heretofore incurred by Borrower in connection with the Project and which are due and payable
will be fully paid and satisfied and (g) any unadvanced portion of the Loan to which Borrower is entitled, plus the portions of
the Aggregate Cost that are to be paid by Borrower from other funds that, to Administrative Agent’s satisfaction, are available,
set aside and committed, is or will be sufficient to pay the actual unpaid Aggregate Cost.

 

    	EXHIBIT F (Alexan Southside) – Page 1

    	 

    

 

2.          Advances.
Administrative Agent and the Lenders will not advance Loan proceeds in excess of $1,000.00 until such time as the conditions precedent
set forth in Exhibit C-1 of this Agreement have been satisfied. Borrower shall disburse all advances made to Borrower, for
payment of the costs and expenses specified in the Budget for which the advances were made, and for no other purpose. Following
receipt and approval of a Draw Request, all supporting documentation and information to the extent reasonably required by Administrative
Agent, and receipt and approval of a Construction Inspector Report and Title Insurance Report satisfactory to Administrative Agent,
Administrative Agent will determine the amount of the advance Lenders shall make in accordance with this Agreement, the Loan Documents,
the Budget, and if and to the extent required by Administrative Agent, to Administrative Agent’s satisfaction, the following
standards:

 

(a)          For
construction work, “hard costs” advances on the basis of ninety percent (90%) of the costs shown on the Draw Request
of the work or material in place on the Improvements that comply with the terms of the Loan Documents, minus all previous advances
provided, however, that payment shall be made on the basis of one hundred percent (100%) of such costs for (i) payments
due to subcontractors who have completed at least 50% of their work as evidenced by a spreadsheet provided by Borrower tracking
the percentage completion of each subcontractor, as approved by Construction Inspector; and (ii) the following items: general conditions
items; the General Contractor’s Fee; materials purchased by Borrower and the following materials and services furnished by
subcontractors and vendors: windows, floors and roof trusses and components, appliances, lumber, sheetrock (drywall), interior
trim and electrical light fixtures, doors and millwork, cabinets, HVAC components, metals, floor coverings, lighting consultant,
construction surveying and staking, materials testing and utilities. Administrative Agent shall release retainage for individual
subcontractors 30 days after such subcontractor completes its portion of the construction work subject to (i) confirmation by Construction
Inspector that such portion of the construction work has been fully and satisfactorily completed substantially in accordance with
the Plans; and (ii) receipt by Administrative Agent of a final bills paid affidavit from such subcontractor and a final lien release
or waiver in such form as to release all of such subcontractor’s claims against the Project, in the form required by this
Agreement.

 

(b)          Intentionally
Deleted.

 

(c)          No
advances for building materials or furnishings that are not yet incorporated into the Improvements (“stored materials”)
unless (i) Borrower has good title to the stored materials and the stored materials are components in a form ready for incorporation
into the Improvements and will be so incorporated within a period of ninety (90) days (other than lumber, for which a two hundred
ten (210) day time period prior to scheduled incorporation will be allowed), (ii) the stored materials are in Borrower’s
possession and satisfactorily stored on the Land or such materials are satisfactorily stored at such other site as Administrative
Agent may approve, (iii) the stored materials are protected and insured against theft and damage in a manner and amount as required
under the Deed of Trust to the extent required by Administrative Agent or, in the case of materials not stored on the Land satisfactory
to Administrative Agent, (iv) the stored materials have been paid for in full or will be paid for with the funds to be advanced
and all lien rights and claims of the supplier have been released or will be released upon payment with the advanced funds, and
(v) Administrative Agent for the benefit of Lenders has or will have upon payment with the advanced funds a perfected, first priority
security interest in the stored materials. Notwithstanding the foregoing, the aggregate amount of advances for stored materials
that have not yet been incorporated into the Improvements shall not exceed the Stored Materials Advance Limit.

 

    	EXHIBIT F (Alexan Southside) – Page 2

    	 

    

 

(d)          Advances
will be made for other costs of the Project based on one hundred percent (100%) of the cost incurred by Borrower, as shown by billings
submitted to Administrative Agent that comply with the terms of the Loan Documents.

 

(e)          Advances
of the “General Contractor Fee” line item of the Budget shall be made on a “percentage of completion” basis
(i.e., advances of funds allocable to the “General Contractor Fee” line item of the Budget, after taking into consideration
prior advances from such line item, shall not exceed the total amount of the “General Contractor Fee” line item, multiplied
by the percentage of Improvements which have been completed, as determined by the Construction Inspector).

 

(f)          Advances
of the “Developer Overhead” line item of the Budget shall be made monthly during the construction period (including
demolition of any existing improvements on the Land) based on the percentage of completion of the Improvements as determined by
the Construction Inspector.

 

3.          Conditions
to the First Advance. As conditions precedent to the first advance hereunder (other than an initial advance which shall not
exceed $1,000.00 upon closing of the Loan to “prime” the lien of the Deed of Trust), if and to the extent required
by Administrative Agent, to Administrative Agent’s reasonable satisfaction, Borrower must have satisfied the conditions required
under this Agreement, including all of those conditions set forth in Exhibit “C” (to the extent not waived
upon execution of this Agreement as set forth in Exhibit “C”) and Section 4 below.

 

4.          Conditions
to All Advances. As conditions precedent to each advance made pursuant to a Draw Request, in addition to all other requirements
contained in this Agreement, if and to the extent required by Administrative Agent, Administrative Agent shall have received the
following:

 

(a)          Evidence
to the extent reasonably required by Administrative Agent, of the continued satisfaction of all conditions to the first or subsequent
advances, as applicable (not waived upon execution of this Agreement, as set forth in Exhibit “C”) to the
extent Administrative Agent required satisfaction.

 

(b)          A
Draw Request.

 

(c)          Evidence
to the extent reasonably required by Administrative Agent that no Default or Potential Default exists (notwithstanding any cure
period having not expired) that has not been waived by Administrative Agent.

 

    	EXHIBIT F (Alexan Southside) – Page 3

    	 

    

 

(d)          Evidence
to the extent reasonably required by Administrative Agent that the representations and warranties made in the Loan Documents must
be true and correct in all material respects, subject to Changes in Facts and Circumstances, on and as of the date of each advance
and no event shall have occurred or condition or circumstance shall exist which, if known to Borrower, would render any such representation
or warranty incorrect in any material respect, subject to Changes in Facts and Circumstances.

 

(e)          Each
Material Contract (if not previously supplied) for which an advance is requested in a Draw Request duly executed and delivered
by all parties thereto and effective, and a true and complete copy of a fully executed copy of each related subcontract or other
contract as Administrative Agent may reasonably request as set forth in AIA Document G-703.

 

(f)          Evidence
to the extent reasonably required by Administrative Agent that no delinquent tax or imposition, has been imposed on the Property,
no mechanic’s or materialmen’s lien or other encumbrance has been filed and remains in effect against the Property,
and no stop notices shall have been served on Administrative Agent or any other Lender, in any such case that are not being contested
as permitted by the Deed of Trust and for which a cash deposit or indemnity bond has not been provided by Borrower as required
by the Deed of Trust. Alternatively, with respect to such filed mechanic’s and materialman’s liens or stop notices,
evidence to the extent reasonably requested by Administrative Agent, of recorded releases or waivers of mechanics’ liens
and receipted bills showing payment of all amounts due to all parties who have furnished such labor, materials or services together
with applicable endorsements to the Title Insurance indicating same and insuring against any such liens.

 

(g)          Evidence
to the extent reasonably required by Administrative Agent that the Title Insurance has been endorsed and brought to date in a manner
satisfactory to Administrative Agent to increase the coverage by the amount of each advance through the date of each such advance
with no additional title change or exception not allowed by this Agreement or otherwise approved by Administrative Agent.

 

(h)          Certification
by Construction Inspector, indicating such party’s belief or understanding that construction of the Improvements is in substantial
accordance with the Plans, and a certification of the Construction Inspector indicating that the value and standard of workmanship
of the work observed for which the advance is requested appears to be in accordance with the applicable contract, the amount of
the advance requested represents work in place based on on-site observations and the data comprising the Draw Request, the Project
work can be completed by the Completion Date, and the applicable contractor or subcontractor is entitled to payment of the amount
certified.

 

(i)          (1)
a foundation survey made immediately after, but in no event later than forty-five (45) days after, the laying of the foundation
of each building or structure of the Improvements to the extent required by Administrative Agent complying with Exhibit “G”,
(2) a certificate of Borrower’s structural engineer stating that based on personal inspection the foundations have been completed
in substantial accordance with the Plans, and (3) a bearing capacity test report with respect to the excavated footings and foundations,
reviewed and approved by the Construction Inspector and Borrower’s architect.

 

    	EXHIBIT F (Alexan Southside) – Page 4

    	 

    

 

(j)          Within
ten (10) days after the pouring of concrete for any Improvements, a report satisfactory to Construction Inspector of the results
of concrete tests made at the time the concrete is poured.

 

(k)          Within
ten (10) days after the compaction of any soil for construction, a report satisfactory to Construction Inspector of the results
of soil tests.

 

(l)          Evidence
to the extent reasonably required by Administrative Agent that the Improvements shall not have been damaged and shall not be the
subject of any pending or threatened condemnation or adverse zoning proceeding to an extent that it cannot be repaired as required
in the Deed of Trust.

 

(m)          Evidence
to the extent reasonably required by Administrative Agent that Borrower has paid all of Borrower’s Equity then required to
be paid by Borrower under the Budget.

 

(n)          The
Borrower’s Deposit if required by Section 1.5 of this Agreement.

 

(o)          To
the extent required by Administrative Agent for the prior Draw Request, copies of paid invoices from or notarized partial lien
waiver forms executed by each Material Contractor and releases or paid invoices from all persons supplying labor, material or services
who have sent notices of nonpayment to contractors, subcontractors or Borrower, specifying in such releases or paid invoices the
amount paid in consideration of such releases or paid invoices.

 

(p)          Such
other information and documents as Administrative Agent may reasonably request.

 

5.          Final
Advance for Improvements. If and to the extent required by Administrative Agent, the final advance for the Improvements (including
any amounts withheld from prior advances) shall not be made until after final completion of all construction work, including punch
list work, as determined by Construction Inspector and Administrative Agent and thirty (30) days after the later of (i) the date
on which the Improvements have been “completed” as defined by applicable state law, or (ii) if required by Administrative
Agent, the date on which an affidavit of completion has been recorded, and in the case of each such Draw Request, if and to the
extent required by Administrative Agent, Administrative Agent shall have received the following as additional conditions precedent
to the requested advance:

 

(a)          Certificates
from Borrower’s architect and General Contractor and, if required by Administrative Agent, from the Construction Inspector,
certifying that the Improvements (including any off-site improvements) have been completed in substantial accordance with the Plans,
and, in the case of the architect’s certificate, the Improvements as completed comply with all Laws and governmental requirements;
and two (2) sets of detailed “as built” Plans approved in writing by Borrower, Borrower’s architect, and General
Contractor.

 

    	EXHIBIT F (Alexan Southside) – Page 5

    	 

    

 

(b)          Final
affidavits (in a form approved by Administrative Agent) from each Material Contractor certifying that each of them and their subcontractors,
laborers, and materialmen has been paid in full for all labor and materials for construction of the Improvements; and conditional
lien releases or waivers (in a form approved by Administrative Agent) from each Material Contractor, conditioned only on the payment
of final amounts due to such Material Contractors that are to be paid out of the final advance, which Borrower shall obtain within
30 days after the final advance is advanced to Borrower; provided, however, that if any contractor, subcontractor, materialman,
or supplier disputes the amount due to them, Administrative Agent may hold back an amount equal to 150% of the disputed claim but
the remainder of the final advance shall be funded in accordance with these provisions.

 

(c)          The
Title Insurance shall be endorsed to remove any exception for mechanics’ or materialmen’s liens or pending disbursements,
with no additional title change or exception objectionable to Administrative Agent, and with such other endorsements reasonably
required by Administrative Agent.

 

(d)          Evidence
satisfactory to Administrative Agent that all necessary governmental licenses, certificates and permits (including certificates
of occupancy or their equivalent) with respect to the completion, use, occupancy and operation of the Improvements, together with
evidence satisfactory to Administrative Agent that all such licenses, certificates, and permits are in full force and effect and
have not been revoked, canceled or modified.

 

(e)          Three
(3) copies of a final as-built survey satisfactory to Administrative Agent and to the extent required by Administrative Agent complying
with Exhibit “G”.

 

6.          Direct
Advances. Borrower hereby irrevocably authorizes Administrative Agent on behalf of Lenders (but Administrative Agent shall
have no obligation) to (i) advance Loan funds directly to Lenders to pay interest due on the Loan (or to Swap Bank to honor Borrower’s
payment obligations to Swap Bank), and (ii) advance and directly apply the proceeds of any advance to the satisfaction of any of
Borrower’s Obligations currently due and owing under any of the Loan Documents, even though Borrower did not include that
amount in a Draw Request and/or no Default exists. Each such direct advance (except for application of a Borrower’s Deposit)
shall be added to the outstanding principal balance of the Loan and shall be secured by the Loan Documents. Unless Borrower pays
such interest from other resources, Administrative Agent may advance Loan funds pursuant to this Section 6 for interest
payments as and when due. Nothing contained in this Agreement shall be construed to permit Borrower to defer payment of interest
on the Loan beyond the date(s) due. The allocation of Loan funds in the Budget for interest shall not affect Borrower’s absolute
obligation to pay the same in accordance with the Loan Documents. Administrative Agent may hold, use, disburse and apply the Loan
and the Borrower’s Deposit for payment of any obligation of Borrower under the Loan Documents. Borrower hereby assigns and
pledges the proceeds of the Loan and any Borrower’s Deposit to Administrative Agent for itself and for the benefit of Lenders
for such purposes. During the continuance of a Default which has not been waived in writing by Administrative Agent, Administrative
Agent on behalf of Lenders may advance and incur such expenses as Administrative Agent deems necessary for the completion of the
Improvements and to preserve the Property, and any other security for the Loan, and such expenses, even though in excess of the
amount of the Loan, shall be secured by the Loan Documents and shall be payable to Administrative Agent on behalf of Lenders on
demand. Administrative Agent on behalf of Lenders may disburse any portion of any advance at any time, and from time to time, to
persons other than Borrower for the purposes specified in this Section and the amount of advances to which Borrower shall thereafter
be entitled shall be correspondingly reduced.

 

    	EXHIBIT F (Alexan Southside) – Page 6

    	 

    

 

7.          Conditions
and Waivers. All conditions precedent to the obligation of Lenders to make any advance are imposed hereby solely for the benefit
of Administrative Agent and Lenders, and no other party may require satisfaction of any such condition precedent or be entitled
to assume that Lenders will refuse to make any advance in the absence of strict compliance with such conditions precedent. Administrative
Agent shall have the right to verify the periodic progress, costs incurred by Borrower, and the estimated costs remaining to be
incurred, after consultation with the Construction Inspector in accordance with Section 4(h) of this Exhibit “F”.
No advance shall constitute an approval or acceptance by Administrative Agent of any construction work, or a waiver of any condition
precedent to any further advance, or preclude Administrative Agent from thereafter declaring the failure of Borrower to satisfy
such condition precedent to be a Default. No waiver by Administrative Agent of any condition precedent or obligation shall preclude
Administrative Agent from requiring such condition or obligation to be met prior to making any other advance or from thereafter
declaring the failure to satisfy such condition or obligation to be a Default.

 

8.          Funding.
Borrower shall establish and maintain a special account with Administrative Agent into which advances funded directly to Borrower
(but no other funds), and excluding direct disbursements made to or by Administrative Agent on behalf of Lenders pursuant to this
Agreement, shall be deposited by Borrower, and against which checks shall be drawn only for the payment of costs specified in the
Budget, but which special account shall not be used for any other purpose. Borrower hereby irrevocably authorizes Administrative
Agent to deposit each advance requested by Borrower to the credit of Borrower in that account, by wire transfer or other deposit.
Advances may also be made, in addition to other methods contemplated herein, at Administrative Agent’s option, by direct
or joint check payment to any or all persons entitled to payment for work or services performed or material furnished in connection
with the Project or the Loan, or by having the proceeds thereof made available to the Title Insurer (or its agent) for disbursement.
Neither Administrative Agent nor any Lender shall not be required to, and has no responsibility to, supervise the proper application
or distribution of funds to third parties.

 

    	EXHIBIT F (Alexan Southside) – Page 7

    	 

    

 

EXHIBIT “F-1”

 

DRAW REQUEST

[BORROWER’S LETTERHEAD]

 

DRAW REQUEST NO. ____________________

 

		TO:	BANK OF AMERICA, N.A. (“Administrative Agent”)

 

	LOAN NO.	 	DATE	 
	PROJECT	ALEXAN SOUTHSIDE BLAIR HOUSE
	LOCATION	HOUSTON, TEXAS
	BORROWER	BR BELLAIRE BLVD, LLC

 

FOR PERIOD ENDING

 

In accordance with the Construction Loan Agreement
in the amount of $31,800,000.00 dated ____________________, among Borrower, Administrative Agent and the Lenders as defined therein,
Borrower requests that $__________ be advanced from Loan proceeds, $__________ be advanced from Borrower’s Deposit, and $__________
be advanced from Borrower’s Equity. The proceeds should be credited to the account of _________________________, Account
No. ________________, at _________________________.

 

	1.	CURRENT DRAW REQUEST FOR HARD COSTS	$__________
	 	 	 
	2.	CURRENT DRAW REQUEST FOR SOFT COSTS	$__________
	 	 	 
	3.	TOTAL DRAW REQUEST	$__________

 

    	EXHIBIT F-1 (Alexan Southside) – Page 1

    	 

    

 

	 	BR BELLAIRE BLVD, LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	Blaire House, LLC,
	 	 	a Delaware limited liability company,
	 	 	a manager
	 	 	 	 	 
	 	 	By:	HCH 114 Southside, L.P.,
	 	 	 	a Delaware limited partnership,
	 	 	 	its managing member
	 	 	 	 	 
	 	 	 	By:	Maple Multi-Family Development, L.L.C.,
	 	 	 	 	a Texas limited liability company,
	 	 	 	 	its general partner
	 	 	 	 	 
	 	 	 	 	By:	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	 	Dated:______________________
	 	 	 	 	 

 

    	EXHIBIT F-1 (Alexan Southside) – Page 2

    	 

    

 

EXHIBIT “G”

 

SURVEY REQUIREMENTS

 

1.          Requirements.
The Survey shall be made in accordance with, and meet the requirements of, the certification below by a registered professional
engineer or registered professional land surveyor. The description shall be a single metes and bounds perimeter description of
the entire Land, and a separate metes and bounds description of the perimeter of each constituent tract or parcel out of the Land.
The total acreage and square footage of the Land and each constituent tract or parcel of the Land shall be certified. If the Land
has been recorded on a map or plat as part of an abstract or subdivision, all survey lines must be shown, and all lot and block
lines (with distances and bearings) and numbers, must be shown. The date of any revisions subsequent to the initial survey prepared
pursuant to these requirements must also be shown.

 

2.          Certification.
The certification for the property description and the map or plat shall be addressed to Administrative Agent, Borrower and the
Title Insurer, signed by the surveyor (a registered professional land surveyor or registered professional engineer), and bear a
current date, registration number, and seal, and shall be in the following form or its substantial equivalent:

 

This is to certify to Administrative
Agent, Borrower and Title Insurer that this map or plat and the survey on which it is based were made in accordance with the 2011
“Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys” jointly established and adopted by ALTA, and
NSPS, and includes Items numbers 1, 2, 3, 4 (in square feet or acres), 6(b), 11(b), 13, 14, 17, 18, 19, 20(a), and if buildings
are located on the land, optional items 7(a), 7(b)(1), 7(c), and 9 and 10(a) of Table A thereof. The field work was completed on
______________________________.

 

Date of Plat or Map: ____________________________

 

(Surveyor’s signature, printed
name and seal with Registration/License Number)

 

    	EXHIBIT G (Alexan Southside) – Page 1

    	 

    

 

EXHIBIT “H”

 

INTENTIONALLY OMITTED

 

    	EXHIBIT H (Alexan Southside) – Page 1

    	 

    

 

EXHIBIT “I”

 

LEASING AND TENANT MATTERS

 

Borrower and Administrative
Agent on behalf of all Lenders agree as follows:

 

1.          Approved
Leases. Borrower shall not enter into any tenant lease of space in the Improvements unless approved or deemed approved by Administrative
Agent, prior to execution. Borrower’s standard form of tenant lease, and any revisions thereto, must have the prior written
approval of Administrative Agent. Administrative Agent hereby approves the residential form of lease attached as Exhibit “J”.
Any tenant lease for space in the residential portion of the Improvements shall be “deemed” to have been approved by
Administrative Agent that (a) is on the standard form lease attached as Exhibit “J”, or such other form
approved by Administrative Agent, with no material deviations except as approved by Administrative Agent; (b) is entered into in
the ordinary course of business with a bona fide unrelated third party tenant, and Borrower, acting in good faith and exercising
due diligence, has determined that the tenant is financially capable of performing its obligations under the lease; (c) is received
by Administrative Agent within fifteen (15) days after Administrative Agent’s request therefore; (d) reflects an arms-length
transaction at then current market rate for comparable space; (e) contains no right to purchase the Property, or any present or
future interest therein; (f) does not cover in excess of twenty-five percent (25%) of the aggregate net rentable area of the Improvements;
and (g) is expressly subordinate to the Deed of Trust. All leases for space in the retail portion of the Improvements in excess
of 2,000 square feet must be reviewed and approved by Administrative Agent. If requested by Administrative Agent following the
occurrence and during the continuance of a Default which has not been waived in writing by Administrative Agent, Borrower shall
provide to Administrative Agent a correct and complete copy of each tenant lease, including any exhibits, and any guaranty(ies)
thereof (if any), prior to execution unless the lease in question is deemed to be satisfactory to Administrative Agent under the
foregoing requirements. Borrower shall, throughout the term of this Agreement, pay all reasonable costs incurred by Administrative
Agent in connection with Administrative Agent’s review and approval of tenant leases for retail space and each guarantee
thereof (if any), including reasonable attorneys’ fees and costs.

 

2.          Effect
of Lease Approval. No approval of any lease by Administrative Agent shall be for any purpose other than to protect Lenders’
security, and to preserve Lenders’ rights under the Loan Documents. No approval by Administrative Agent shall result in a
waiver of any default of Borrower. In no event shall any approval by Administrative Agent of a lease be a representation of any
kind, with regard to the lease or its adequacy or enforceability, or the financial capacity of any tenant or guarantor.

 

3.          Delivery
of Leasing Information. From time to time upon Administrative Agent’s request, Borrower shall promptly deliver to Administrative
Agent (a) a complete rent roll of the Property in such detail as Administrative Agent may reasonably require, together with such
leasing schedules and reports as Administrative Agent may reasonably require, and (b) such other information regarding tenants
and prospective tenants and other leasing information as Administrative Agent may reasonably request.

 

    	EXHIBIT I (Alexan Southside) – Page 1

    	 

    

 

4.          Income
from the Property. Borrower shall first apply all income from leases, and all other income derived from the Property, to pay
costs and expenses associated with the ownership, maintenance, development, operating, and marketing of the Land and Improvements,
including all amounts then required to be paid under the Loan Documents, before using or applying, such income for any other purpose.

 

5.          Compliance
and Default. A default by Borrower under Section 3.2 of the Deed of Trust (after expiration of applicable grace and
cure periods) shall constitute a Default under Section 4.1(b) of this Agreement.

 

    	EXHIBIT I (Alexan Southside) – Page 2

    	 

    

 

EXHIBIT “J”

 

 

    	EXHIBIT J (Alexan Southside) – Page 1

    	 

    

 

 

    	EXHIBIT J (Alexan Southside) – Page 2

    	 

    

 

 

    	EXHIBIT J (Alexan Southside) – Page 3

    	 

    

 

 

    	EXHIBIT J (Alexan Southside) – Page 4

    	 

    

 

 

    	EXHIBIT J (Alexan Southside) – Page 5

    	 

    

 

 

    	EXHIBIT J (Alexan Southside) – Page 6

    	 

    

 

EXHIBIT “K”

 

INTENTIONALLY OMITTED

 

    	EXHIBIT K (Alexan Southside) – Page 1

    	 

    

 

EXHIBIT “L”

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption
(this “Assignment”) is dated as of the Effective Date set forth below and is entered into by and between ______________________
(the “Assignor”) and ____________________ (the “Assignee”). Capitalized terms used but not
defined herein shall have the meanings given to them in the Construction Loan Agreement identified below (the “Loan Agreement”),
receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Loan Agreement, as of the Effective Date
inserted by Administrative Agent as contemplated below, (i) all of the Assignor’s rights and obligations as a Lender under
the Loan Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage
interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified
below (including, without limitation all Guarantees), and (ii) to the extent permitted to be assigned under applicable Law, all
claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any person, whether known
or unknown, arising under or in connection with the Loan Agreement, any other documents or instruments delivered pursuant thereto
or in any way based on or related to any of the foregoing, including, but not limited to contract claims, tort claims, malpractice
claims, statutory claims and all other claims at Law or in equity, related to the rights and obligations sold and assigned pursuant
to clause (i) above (the rights and obligations sold and assigned pursuant to clauses’ (i) and (ii) above being referred
to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor
and, except as expressly provided in this Assignment, without representation or warranty by the Assignor.

 

	1.	Assignor:	
 
	 	 	 
	2.	Assignee:	 
	 	 	[is an Affiliate/Approved Fund of _______________]
	 	 	 
	3.	Borrower(s):	BR Bellaire Blvd, LLC
	 	 	 
	4.	Administrative Agent:	Bank of America, N.A.,

as the administrative agent under the Loan Agreement
	 	 	 
	5.	Loan Agreement:	The Construction Loan Agreement, dated as of April ____, 2015, among Borrower, the Lenders parties thereto, and Bank of America, N.A., as Administrative Agent

 

    	EXHIBIT L (Alexan Southside) – Page 1

    	 

    

 

	6.	Assigned Interest:	 

 

	Aggregate

Amount of

Commitment/Loans

for all Lenders	 	

Amount of

Commitment/Loans

Assigned	 	

Percentage

Assigned of

Commitment/Loans
	 	 	 	 	 
	$__________	 	$__________	 	_____%

 

Effective Date: _______________, 20___ [TO
BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The terms set forth in this Assignment are
hereby agreed to:

 

	 	ASSIGNOR:
	 	 
	 	 
	 	 
	 	By:	 
	 	Title:	 
	 	 
	 	ASSIGNEE:
	 	 
	 	 
	 	 
	 	By:	 
	 	Title:	 

 

	[Consented to and] Accepted:	 
	 	 
	_______________________________, as	 
	Administrative Agent	 
	 	 
	By:	 	 
	Title:	 	 

 

    	EXHIBIT L (Alexan Southside) – Page 2

    	 

    

 

[Consented to:]

 

	BR BELLAIRE BLVD, LLC,	 
	a Delaware limited liability company	 
	 	 	 	 	 
	By:	Blaire House, LLC,	 
	 	a Delaware limited liability company, a manager	 
	 	 	 	 	 
	 	By:	HCH 114 Southside, L.P.,	 
	 	 	a Delaware limited partnership, its managing member	 
	 	 	 	 	 
	 	 	By:	Maple Multi-Family Development, L.L.C.,	 
	 	 	 	a Texas limited liability company, its general partner
	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	Name:	 	 
	 	 	 	Title:	 	 

 

    	EXHIBIT L (Alexan Southside) – Page 3

    	 

    

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION

 

1.          Representations
and Warranties.

 

1.1.          Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby; and (b) assumes
no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Loan Agreement
or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan
Documents, or any collateral thereunder, (iii) the financial condition of Borrower, any of its Subsidiaries or Affiliates or any
other Person obligated in respect of any Loan Document or (iv) the performance or observance by Borrower, any of its Subsidiaries
or Affiliates or any other Person of any of their respective obligations under any Loan Document.

 

1.2.          Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and to consummate the transactions contemplated hereby and to become a Lender under the Loan Agreement,
(ii) it meets all requirements of an Eligible Assignee under the Loan Agreement (subject to receipt of such consents as may be
required under the Loan Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Loan Agreement
as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it
has received a copy of the Loan Agreement, together with copies of the most recent financial statements delivered pursuant to Section 2
of Exhibit B thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own
credit analysis and decision independently and without reliance on Administrative Agent or any other Lender to enter into this
Assignment and to purchase the Assigned Interest on the basis of which it has made such analysis and decision, and (v) if it is
a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Loan Agreement,
duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on Administrative
Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in
accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it
as a Lender.

 

1.3.          Assignee’s
Address for Notices, etc. Attached hereto as Schedule 1 is all contact information, address, account and other administrative
information relating to the Assignee.

 

    	EXHIBIT L (Alexan Southside) – Page 4

    	 

    

 

2.          Payments.
From and after the Effective Date, Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to or on or after
the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by Administrative Agent for
periods prior to the Effective Date or with respect to the making of this Assignment directly between themselves.

 

3.          General
Provisions. This Assignment shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and assigns. This Assignment may be executed in any number of counterparts, which together shall constitute one instrument. Delivery
of an executed counterpart of a signature page of this Assignment by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment. This Assignment shall be governed by, and construed in accordance with, the Law of the State of
Texas.

 

    	EXHIBIT L (Alexan Southside) – Page 5

    	 

    

 

SCHEDULE 1 TO ASSIGNMENT AND ASSUMPTION

 

ADMINISTRATIVE
DETAILS

 

(Assignee to list names of credit contacts,
addresses, phone and facsimile numbers, electronic mail addresses and account and payment information)

 

(a)          Libor
Lending Office:

Assignee Name:_______________________

Address:____________________________

____________________________________

Attention:___________________________

Telephone: (___)______________________

Telecopier: (___)______________________

Electronic Mail:_______________________

 

(b)          Domestic
Lending Office:

Assignee Name:_______________________

Address:____________________________

____________________________________

Attention:___________________________

Telephone: (___)______________________

Telecopier: (___)______________________

Electronic Mail:_______________________

 

(c)          Notice
Address:

Assignee Name:_______________________

Address:____________________________

____________________________________

Attention:___________________________

Telephone: (___)______________________

Telecopier: (___)______________________

Electronic Mail:_______________________

 

(d)          Payment
Instructions: Account No.:

Account No.:_________________________

Attention:___________________________

Reference:___________________________

 

    	EXHIBIT L (Alexan Southside) – Page 6

    	 

    

 

EXHIBIT “M”

 

DEED OF TRUST NOTE

 

	$____________	April ____, 2015

 

FOR VALUE RECEIVED, BR
BELLAIRE BLVD, LLC, a Delaware limited liability company (“Borrower”) hereby promises to pay to the order
of ___________________________________________ (“Named Lender”) under that certain Construction Loan Agreement
(the “Loan Agreement”) dated of even date herewith, executed by and among Borrower, Named Lender and the other
lenders named therein (Named Lender and such other lenders are referred to herein, singularly, as a “Lender”
and, collectively, as “Lenders”) and Bank of America, N.A., a national banking association, as agent for the
benefit of the Lenders from time to time a party thereto (in such capacity, together with any and all of its successors and assigns,
“Administrative Agent”), without offset, in immediately available funds in lawful money of the United States
of America, at the Administrative Agent’s Office as defined in the Loan Agreement, the principal sum of up to ________________________________
AND NO/100 DOLLARS ($______________) (or the unpaid balance of all principal advanced against this Note, if that amount is less),
together with interest on the unpaid principal balance of this Note from day to day outstanding as hereinafter provided.

 

1.          Note;
Interest; Payment Schedule and Maturity Date. This Note is one of the Notes referred to in the Loan Agreement and is entitled
to the benefits thereof. The entire principal balance of this Note then unpaid shall be due and payable at the times as set forth
in the Loan Agreement. Accrued unpaid interest shall be due and payable at the times and at the interest rate as set forth in the
Loan Agreement until all principal and accrued interest owing on this Note shall have been fully paid and satisfied. Any amount
not paid when due and payable hereunder shall, to the extent permitted by applicable Law, bear interest and if applicable a late
charge as set forth in the Loan Agreement.

 

2.          Security;
Loan Documents. The security for this Note includes a Leasehold Deed of Trust, Assignment of Rents and Leases, Security Agreement,
Fixture Filing and Financing Statement (which, as it may have been or may be amended, restated, modified or supplemented from time
to time, is herein called the “Deed of Trust”) dated of even date herewith, from Borrower to PRLAP, INC., a
Texas corporation, Trustee, covering certain property in Houston, Harris County, Texas, described therein (the “Property”).
This Note, the Deed of Trust, the Loan Agreement and all other documents now or hereafter executed by Borrower or a Guarantor (as
defined in the Loan Agreement), including any other Note, for the purpose of evidencing, securing, or guaranteeing the loan evidenced
by this Note and any other Note referenced in and issued pursuant to the Loan Agreement (the “Loan”), are, as
the same have been or may be amended, restated, modified or supplemented from time to time, herein sometimes called individually
a “Loan Document” and together the “Loan Documents.” Unless otherwise defined herein, capitalized
terms used herein shall have the meanings ascribed thereto in the Loan Agreement.

 

    	EXHIBIT M (Alexan Southside) – Page 1

    	 

    

 

3.          Defaults.

 

(a)          It
shall be a default (“Default”) under this Note and each of the other Loan Documents if after the expiration
of any applicable notice and grace period (including that set forth in Section 4.1(a) of the Loan Agreement, (i) any
principal, interest or other amount of money due under this Note is not paid in full when due, regardless of how such amount may
have become due; (ii) any covenant, agreement, condition, representation or warranty herein or in any other Loan Documents
is not fully and timely performed, observed or kept; or (iii) there shall occur any Default under the Deed of Trust or any
other Loan Document. Upon the occurrence of a Default, Administrative Agent on behalf of the Lenders shall have the rights to declare
the unpaid principal balance and accrued but unpaid interest on this Note, and all other amounts due hereunder and under the other
Loan Documents, at once due and payable (and upon such declaration, the same shall be at once due and payable), to foreclose any
liens and security interests securing payment hereof and, subject to any limitations contained in the Loan Documents, to exercise
any of its other rights, powers and remedies under this Note, under any other Loan Document, or at Law or in equity.

 

(b)          All
of the rights, remedies, powers and privileges (together, “Rights”) of Administrative Agent on behalf of the
Lenders provided for in this Note and in any other Loan Document are cumulative of each other and, subject to any limitations contained
in the Loan Documents, of any and all other Rights at Law or in equity. The resort to any Right shall not prevent the concurrent
or subsequent employment of any other appropriate Right. No single or partial exercise of any Right shall exhaust it, or preclude
any other or further exercise thereof, and every Right may be exercised at any time and from time to time. No failure by Administrative
Agent or Lenders to exercise, nor delay in exercising any Right, including but not limited to the right to accelerate the maturity
of this Note, shall be construed as a waiver of any Default or as a waiver of any Right. Without limiting the generality of the
foregoing provisions, the acceptance by Named Lender from time to time of any payment under this Note which is past due or which
is less than the payment in full of all amounts due and payable at the time of such payment, shall not (i) constitute a waiver
of or impair or extinguish the right of Administrative Agent on behalf of Lenders to accelerate the maturity of this Note or to
exercise any other Right at the time or at any subsequent time, or nullify any prior exercise of any such Right, or (ii) constitute
a waiver of the requirement of punctual payment and performance or a novation in any respect.

 

(c)          If
any holder of this Note retains an attorney in connection with any Default or at maturity or to collect, enforce or defend this
Note or any other Loan Document in any lawsuit or in any probate, reorganization, bankruptcy, arbitration or other proceeding,
then, subject to the limitations in the Loan Agreement, Borrower agrees to pay to each such holder, in addition to principal, interest
and any other sums owing to Lenders hereunder and under the other Loan Documents, all costs and expenses incurred by such holder
in trying to collect this Note or in any such suit or proceeding, including, without limitation, reasonable attorneys’ fees
and expenses, investigation costs and all court costs, whether or not suit is filed hereon, whether before or after the Maturity
Date, or whether in connection with bankruptcy, insolvency or appeal, or whether collection is made against Borrower or any Guarantor
or endorser or any other person primarily or secondarily liable hereunder.

 

    	EXHIBIT M (Alexan Southside) – Page 2

    	 

    

 

4.          Heirs,
Successors and Assigns. The terms of this Note and of the other Loan Documents shall bind and inure to the benefit of the heirs,
devisees, representatives, successors and assigns of the parties. The foregoing sentence shall not be construed to permit Borrower
or Named Lender to assign the Loan (or any portion thereof) except as otherwise permitted under the Loan Documents. As further
provided in the Loan Agreement, but subject to compliance with the requirements contained therein, Named Lender may, at any time,
sell, transfer, or assign all or a portion of its interest in this Note, the Deed of Trust and the other Loan Documents.

 

5.          General
Provisions. Time is of the essence with respect to Borrower’s Obligations under this Note. Borrower and all sureties,
endorsers, guarantors and any other party now or hereafter liable for the payment of this Note in whole or in part, hereby severally
(a) waive demand, presentment for payment, notice of dishonor and of nonpayment, protest, notice of protest, notice of intent
to accelerate, notice of acceleration and all other notices (except any notices which are specifically required by this Note or
any other Loan Document, or otherwise required by Law), filing of suit and diligence in collecting this Note or enforcing any of
the security herefor; (b) agree to any substitution, subordination, exchange or release of any such security or the release
of any party primarily or secondarily liable hereon; (c) agree that neither Administrative Agent nor any Lender shall be required
first to institute suit or exhaust its remedies hereon against Borrower or others liable or to become liable hereon or to perfect
or enforce its rights against them or any security herefor; (d) consent to any extensions or postponements of time of payment
of this Note for any period or periods of time and to any partial payments, before or after maturity, and to any other indulgences
with respect hereto, without notice thereof to any of them; and (e) submit (and waive all rights to object) to non-exclusive
personal jurisdiction of any state or federal court sitting in Dallas County, Texas, and venue in Dallas County, Texas, for the
enforcement of any and all obligations under this Note and the Loan Documents; and (f) agree that their liability under this
Note shall not be affected or impaired by any determination that any security interest or lien taken by Lender to secure this Note
is invalid or unperfected. A determination that any provision of this Note is unenforceable or invalid shall not affect the enforceability
or validity of any other provision and the determination that the application of any provision of this Note to any person or circumstance
is illegal or unenforceable shall not affect the enforceability or validity of such provision as it may apply to other persons
or circumstances. This Note may not be amended except in a writing specifically intended for such purpose and executed by the party
against whom enforcement of the amendment is sought. Captions and headings in this Note are for convenience only and shall be disregarded
in construing it. THIS NOTE, AND ITS VALIDITY, ENFORCEMENT AND INTERPRETATION, SHALL BE GOVERNED BY TEXAS LAW (WITHOUT REGARD TO
ANY CONFLICT OF LAWS PRINCIPLES) AND APPLICABLE UNITED STATES FEDERAL LAW.

 

6.          Notices.
Any notice, request, or demand to or upon Borrower, Administrative Agent or Lender shall be deemed to have been properly given
or made when delivered in accordance with the Loan Agreement.

 

    	EXHIBIT M (Alexan Southside) – Page 3

    	 

    

 

7.          No
Usury. It is expressly stipulated and agreed to be the intent of Borrower, Administrative Agent and all Lenders at all times
to comply with applicable state law or applicable United States federal law (to the extent that it permits a Lender to contract
for, charge, take, reserve, or receive a greater amount of interest than under state law) and that this Section shall control every
other covenant and agreement in this Note and the other Loan Documents. If applicable state or federal law should at any time be
judicially interpreted so as to render usurious any amount called for under this Note or under any of the other Loan Documents,
or contracted for, charged, taken, reserved, or received with respect to the Loan, or if Administrative Agent’s exercise
of the option to accelerate the Maturity Date, or any prepayment by Borrower results in Borrower having paid any interest in excess
of that permitted by applicable law, then all excess amounts theretofore collected by Administrative Agent and each Lender shall
be credited on the principal balance of the Loan and all other indebtedness and the provisions of the Loan and the other Loan Documents
shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity
of the execution of any new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest
amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to Administrative Agent or Lenders for
the use, forbearance, or detention of the Loan shall, to the extent permitted by applicable law, be amortized, prorated, allocated,
and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account
of the Loan does not exceed the maximum lawful rate from time to time in effect and applicable to the Loan for so long as the Loan
is outstanding.

 

THE LOAN DOCUMENTS REPRESENT
THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
OF THE PARTIES.

 

THERE ARE NO ORAL AGREEMENTS
BETWEEN THE PARTIES.

 

    	EXHIBIT M (Alexan Southside) – Page 4

    	 

    

 

IN WITNESS WHEREOF, Borrower
has duly executed this Note as of the date first above written.

 

	 	BORROWER:
	 	 
	 	BR BELLAIRE BLVD, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	Blaire House, LLC, a Delaware limited liability company,
	 	 	a manager
	 	 	 	 	 
	 	 	By:	HCH 114 Southside, L.P.,
	 	 	 	a Delaware limited partnership,
	 	 	 	its managing member
	 	 	 	 	 
	 	 	 	By:	Maple Multi-Family Development, L.L.C.,
	 	 	 	 	a Texas limited liability company,
	 	 	 	 	its general partner
	 	 	 	 	 
	 	 	 	 	By:	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 

 

    	EXHIBIT M (Alexan Southside) – Page 5

    	 

    

 

EXHIBIT “N”

 

INTENTIONALLY OMITTED

 

    	EXHIBIT N (Alexan Southside) – Page 1

    	 

    

 

EXHIBIT “O”

 

COMPLIANCE CERTIFICATE

 

Bank of America, N.A.

901 Main Street, 20th Floor

Dallas, Texas 75202

Attn: Jane Williams

 

Ladies and Gentlemen:

 

Reference is made to that
certain Construction Loan Agreement dated as of April ____, 2015 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), the
parties to which include BR Bellaire Blvd, LLC, a Delaware limited liability company (“Borrower”) and Bank of
America, N.A., a national banking association (“Administrative Agent”). Borrower hereby certifies that:

 

1.          All
financial statements delivered to Administrative Agent fairly present the financial condition, results of operations and cash flows
of the Borrower, in accordance with sound accounting principles consistently applied, as of such date and for such period.

 

2.          Borrower
has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made, a detailed review of the condition
(financial or otherwise) of the Borrower during the accounting period covered by such financial statements.

 

3.          A
review of the activities of the Borrower during such fiscal period has been made with a view to determining whether during such
fiscal period the Borrower performed and observed all its Obligations under the Loan Documents, and

 

[select one:]

 

[to the best knowledge of Borrower, during
such fiscal period the Borrower performed and observed each covenant and condition of the Loan Documents applicable to it, and
no Potential Default or Default has occurred and is continuing.]

 

—or—

 

[to the best knowledge of the undersigned,
during such fiscal period the following covenants or conditions have not been performed or observed and the following is a list
of each such Potential Default or Default and its nature and status:]

 

4.          The
financial covenant analyses and information set forth on Schedule I attached hereto are true and accurate on and as of the date
of this Certificate and have been formulated using the calculations set forth on Schedule II attached hereto.

 

    	EXHIBIT O (Alexan Southside) – Page 1

    	 

    

 

IN WITNESS WHEREOF, the
undersigned has executed this Certificate as of _________________, 20___.

 

	 	BR BELLAIRE BLVD, LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	Blaire House, LLC,
	 	 	a Delaware limited liability company, a manager
	 	 	 	 	 
	 	 	By:	HCH 114 Southside, L.P.,
	 	 	 	a Delaware limited partnership,
	 	 	 	its managing member
	 	 	 	 	 
	 	 	 	By:	Maple Multi-Family Development, L.L.C.,
	 	 	 	 	a Texas limited liability company,
	 	 	 	 	its general partner
	 	 	 	 	 
	 	 	 	 	By: 	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 

 

    	EXHIBIT O (Alexan Southside) – Page 2

    	 

    

 

SCHEDULE I

 

to the Compliance Certificate

 

For the Quarter/Year ended ___________________(“Statement
Date”)

 

The Borrower’s Debt Service Coverage
Ratio for the Calculation Period:

 

	(a)	Adjusted Income	$___________________
	(b)	Adjusted Expenses	$___________________
	(c)	NOI	$___________________
	(d)	Debt Service	$___________________
	(e)	Debt Service Coverage Ratio (c)/(d)	 

 

    	EXHIBIT O (Alexan Southside) – Page 3

    	 

    

 

EXHIBIT “P”

 

SCHEDULE OF LENDERS

 

	BANK OF AMERICA, N.A., as Administrative Agent:
	 
	Domestic and Libor Lending Office:
	 
	Bank of America, N.A., as Administrative Agent
	901 Main Street, 20th Floor
	Dallas, TX  75202
	Attention:	Sandra Zastrow, Real Estate Loan Administration
	Telephone:	214/209-9325
	Facsimile:	(214) 209-1571
	Electronic mail:                Sandra.d.zastrow@baml.com
	 	 
	Notices:	 
	 	 
	Bank of America, N.A., as Administrative Agent
	901 Main Street, 20th Floor
	Dallas, TX  75202
	Attention:	Sandra Zastrow, Real Estate Loan Administration
	Telephone:	214/209-9325
	Facsimile:	(214) 209-1571
	Electronic mail:                Sandra.d.zastrow@baml.com

 

	BANK OF AMERICA, N.A., as Lender	Commitment Amount: $31,800,000.00
	 	Pro Rata Share: 100%

 

	Domestic and Libor Lending Office:
	 
	Bank of America, N.A.
	901 Main Street, 20th Floor
	Dallas, TX  75202
	Attention:	Sandra Zastrow, Real Estate Loan Administration
	Telephone:	214/209-9325
	Facsimile:	(214) 209-1571
	Electronic mail:                Sandra.d.zastrow@baml.com
	 	 
	Notices:	 
	 	 
	Bank of America, N.A.
	901 Main Street, 20th Floor
	Dallas, TX  75202
	Attention:	Sandra Zastrow, Real Estate Loan Administration
	Telephone:	214/209-9325
	Facsimile:	(214) 209-1571
	Electronic mail:                Sandra.d.zastrow@baml.com

 

    	EXHIBIT P (Alexan Southside) – Page 1

    	 

    

 

	Payment Instructions; Account No.:
	 
	Bank Name: Bank of America, N.A.
	Real Estate Loan Administration Services #1503
	ABA #0260-0959-3
	To Credit GL Account 1367051723000
	Attn:  Syndicated Wires
	RE: Obligor Name BR Bellaire Blvd, LLC;

 

    	EXHIBIT P (Alexan Southside) – Page 2

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