Document:

Exhibit

Execution Version

PLEDGE AND SECURITY AGREEMENT
THIS PLEDGE AND SECURITY AGREEMENT (as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”) is entered into as of March 30, 2017 by and among Archrock Partners Operating LLC, a Delaware limited liability company (“Borrower”), Archrock Partners, L.P., a Delaware limited partnership (“APLP”), Archrock Partners Finance Corp., a Delaware corporation (“Archrock Partners Finance”), Archrock Partners Leasing LLC, a Delaware limited liability company (“Archrock Partners Leasing” and together with the Borrower, APLP and Archrock Partners Finance, the “Initial Grantors”) and any additional entities which become parties to this Security Agreement by executing a Security Agreement Supplement hereto in substantially the form of Annex I hereto (such additional entities, together with  the Initial Grantors, each a “Grantor”, and collectively, the “Grantors”), and JPMorgan Chase Bank, N.A., in its capacity as administrative agent (the “Administrative Agent”) for the lenders party to the Credit Agreement referred to below.
PRELIMINARY STATEMENT
The Initial Grantors, the Administrative Agent, and the financial institutions from time to time party thereto (“Lenders”) are entering into a Credit Agreement dated as of March 30, 2017 (as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Each Grantor is entering into this Security Agreement in order to induce the Lenders to enter into and extend credit to Borrower under the Credit Agreement and to secure the Secured Obligations that such Grantor has agreed to guarantee pursuant to Article X of the Credit Agreement.
ACCORDINGLY, the Grantors and the Administrative Agent, on behalf of the Secured Parties, hereby agree as follows:
ARTICLE I
DEFINITIONS
1.1    Terms Defined in Credit Agreement; Terms Generally.  All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement.  Section 1.03 of the Credit Agreement is hereby incorporated by reference, mutatis mutandis.
1.2    Terms Defined in UCC.  Terms defined in the UCC which are not otherwise defined in this Security Agreement are used herein as defined in the UCC.
1.3    Definitions of Certain Terms Used Herein.  As used in this Security Agreement, in addition to the terms defined in the first paragraph hereof and in the Preliminary Statement hereto, the following terms shall have the following meanings:
“Accounts” shall have the meaning set forth in Article 9 of the UCC.
“Administrative Agent” shall have the meaning set forth in the Preliminary Statement hereto.
“Article” means a numbered article of this Security Agreement, unless another document is specifically referenced.
“Chattel Paper” shall have the meaning set forth in Article 9 of the UCC.
“Collateral” shall have the meaning set forth in Article II.

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“Collateral Access Agreement” means any landlord waiver or other agreement, in form and substance reasonably satisfactory to Administrative Agent, between Administrative Agent and any third party (including any bailee, consignee, manufacturer, fabricator, customs broker, or other similar Person) in possession of any Collateral or any landlord of any real property where any Collateral is located, as such landlord waiver or other agreement may be amended, restated, supplemented or otherwise modified from time to time.
“Collateral Deposit Account” shall have the meaning set forth in Section 7.1(a).
“Collateral Report” means any certificate (including any Borrowing Base Certificate), report or other document delivered by any Grantor to the Administrative Agent or any Lender with respect to the Collateral pursuant to any Loan Document.
“Collection Account” shall have the meaning set forth in Section 7.1(b).
“Commercial Tort Claims” means the commercial tort claims (as defined in Article 9 of the UCC) of the Grantors.
“Commodity Account Control Agreement” means an agreement, in form and substance reasonably satisfactory to the Administrative Agent, among any Grantor, a commodity intermediary holding such Grantor’s assets, including funds and commodity contracts, and the Administrative Agent with respect to collection and control of all deposits, commodity contracts and other balances held in a commodity account maintained by any Grantor with such commodity intermediary.
“Commodity Accounts” shall have the meaning set forth in Article 9 of the UCC.
“Compressor Location” means, at any time, any third party location where a Grantor’s Compression Unit is in the possession of a Person that is not a Loan Party pursuant to a customer contract entered into by Grantor and such Person in the ordinary course of business.
“Control” shall have the meaning set forth in Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC.
“Copyrights” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following:  (a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world.
“Deposit Account Control Agreement” means an agreement, in form and substance reasonably satisfactory to the Administrative Agent, among any Grantor, a banking institution holding such Grantor’s funds, and the Administrative Agent with respect to collection and control of all deposits and balances held in a deposit account maintained by any Grantor with such banking institution.
“Deposit Accounts” shall have the meaning set forth in Article 9 of the UCC.
“Documents” shall have the meaning set forth in Article 9 of the UCC.

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“Equipment” shall have the meaning set forth in Article 9 of the UCC; provided that, Equipment shall not include vehicles covered by a certificate of title.
“Event of Default” means an event described in Section 5.1.
“Excluded Assets” means:
		
	(a)
	any real property owned or leased by any Grantor;

		
	(b)
	any Equity Interests in any non-wholly owned joint venture, if and only to during such time as (i) a pledge of such Equity Interests is prohibited by the constitutional documents of such joint venture, (ii) such Equity Interests are pledged to a third party to secure joint venture obligations or (iii) such Equity Interests cannot be pledged without the consent of one or more third parties;

		
	(c)
	any Equity Interest in Subsidiaries that are not Restricted Subsidiaries;

		
	(d)
	any margin stock;

		
	(e)
	any Equity Interest or group of Equity Interests issued by (x) any Foreign Subsidiary that constitutes a “controlled foreign corporation” (within the meaning of Section 957 of the Code) or (y) a first tier Subsidiary that is disregarded as an entity separate from its owner for U.S. federal income tax purposes, substantially all of the assets of which are Equity Interests of a Foreign Subsidiary described in clause (x), in each case representing more than 65% (or such greater percentage that, due to a change in applicable law after the date hereof, (i) could not reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary as determined for U.S. federal income tax purposes to be treated as a deemed dividend to such Foreign Subsidiary’s U.S. parent and (ii) could not reasonably be expected to cause any material adverse tax consequences) of the issued and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) of such Foreign Subsidiary;

		
	(f)
	any property requiring perfection through Control, other than (i) any certificated Equity Interests of Restricted Subsidiaries not otherwise constituting Excluded Assets, (ii) any intercompany Indebtedness owing to any Grantor that is required to be pledged as Collateral pursuant to Section 6.04 of the Credit Agreement and (iii) any Deposit Account, Securities Account or Commodities Account (other than Excluded Accounts);

		
	(g)
	any motor vehicles, aircraft and other assets covered by a certificate of title, other than any Compression Unit that is covered by a certificate of title;

		
	(h)
	any Commercial Tort Claim below the threshold set forth in Section 4.8;

		
	(i)
	any governmental license, state or local franchise, charter or authorization to the extent the creation of a Lien on such assets would, under the express terms of such governmental license, state or local franchise, charter or authorization, result in a breach of the terms of, or constitute a default under, such governmental license, state or local franchise, charter or authorization (other than to the extent any such term (i) has been waived (without any obligation of the Grantors to obtain such waiver) or (ii) would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408, 9-409 or other applicable provisions of the UCC of any relevant jurisdiction or any other applicable law), provided, that 

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immediately upon the ineffectiveness, lapse or termination of any such express term, such assets shall automatically cease to constitute “Excluded Assets”;
		
	(j)
	any contract, lease, license, permit or agreement or other property of any Grantor that is subject to a capital lease, a purchase money Lien or other similar arrangement, in each case, permitted under the Loan Documents, to the extent the creation of a Lien on such assets would, under the express terms thereof, (i) result in a breach of the terms thereof or constitute a default thereunder, (ii) require the consent, approval, license or authorization of a third party (other than a Loan Party) which has not been obtained (without any obligation of the Grantors to obtain such  consent, approval, license or authorization) or (iii) invalidate such contract, lease, license, permit, agreement, capital lease, purchase money Lien or arrangement or create a right of termination in favor of any third party thereunder (other than a Loan Party), in each case, other than to the extent any such term has been waived by the applicable party (without any obligation of the Grantors to obtain such waiver) or would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408, 9-409 or other applicable provisions of the UCC of any relevant jurisdiction or any other applicable law, provided, that immediately upon the ineffectiveness, lapse or termination of any such express term, such assets shall automatically cease to constitute “Excluded Assets”;

		
	(k)
	any property to the extent the grant of a security interest therein which would violate any Requirement of Law or would require the consent, approval, license or authorization of a Governmental Authority that has not been obtained (without any obligation of the Grantors to obtain such consent, approval, license or authorization), other than to the extent any such term (i) has been waived by the applicable Governmental Authority (without any obligation of the Grantors to obtain such waiver) or (ii) would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408, 9-409 or other applicable provisions of the UCC of any relevant jurisdiction or any other applicable law, provided, that immediately upon the ineffectiveness, lapse or termination of any such express term, such assets shall automatically cease to constitute “Excluded Assets”;

		
	(l)
	all foreign intellectual property and any “intent to use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, unless and until an “Amendment to Allege Use” or a “Statement of Use” under Section 1(c) or Section 1(d) of Lanham Act has been filed and accepted, solely to the extent that such a grant of a security interest therein prior to such filing would impair the validity or enforceability of any registration that issues from such “intent to use” application;

		
	(m)
	any nonassignable License, which by its terms require the consent of the licensor thereof or another party that has not been obtained (without any obligation of the Grantors to obtain such consent), other than to the extent any such term (i) has been waived by the applicable licensor or other party (without any obligation of the Grantors to obtain such waiver) or (ii) would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408, 9-409 or other applicable provisions of the UCC of any relevant jurisdiction or any other applicable law, provided, that immediately upon the ineffectiveness, lapse or termination of any such express term, such assets shall automatically cease to constitute “Excluded Assets”; and

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	(n)
	any property for which the cost of obtaining or perfecting a security interest therein would exceed the practical benefit afforded to the Secured Parties thereby, as reasonably determined in writing by the Administrative Agent;

provided, that “Excluded Assets” shall not include any right to received proceeds from the sale or other disposition of any Excluded Asset or any proceeds, products, substitutions or replacements of Excluded Assets (unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Assets.
“Excluded Payments” shall have the meaning set forth in Section 4.6(d)(iii).
“Exhibit” refers to a specific exhibit to this Security Agreement, unless another document is specifically referenced.
“General Intangibles” shall have the meaning set forth in Article 9 of the UCC.
“Goods” shall have the meaning set forth in Article 9 of the UCC.
“Instruments” shall have the meaning set forth in Article 9 of the UCC.
“Inventory” shall have the meaning set forth in Article 9 of the UCC.
“Investment Property” shall have the meaning set forth in Article 9 of the UCC.
“Lenders” shall have the meaning set forth in the Preliminary Statement hereto.
“Letter-of-Credit Rights” shall have the meaning set forth in Article 9 of the UCC.
“Licenses” means, with respect to any Person, all of such Person’s right, title, and interest in and to (a) any and all licensing agreements or similar arrangements in and to its Patents, Copyrights, or Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof.
“Lock Boxes” shall have the meaning set forth in Section 7.1(a).
“Lock Box Agreements” shall have the meaning set forth in Section 7.1(a).
“Patents” means, with respect to any Person, all of such Person’s right, title, and interest in and to:  (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions, and continuations-in-part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world.
“Permitted Lien” means any Lien permitted pursuant to the Credit Agreement.
“Pledged Collateral” means all Collateral consisting of Instruments, Securities and other Investment Property of the Grantors, whether or not physically delivered to the Administrative Agent pursuant to this Security Agreement.

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“Receivables” means the Accounts, Chattel Paper, Documents, Investment Property, Instruments and any other rights or claims to receive money which are General Intangibles or which are otherwise included as Collateral.
“Section” means a numbered section of this Security Agreement, unless another document is specifically referenced.
“Securities Account Control Agreement” means an agreement, in form and substance reasonably satisfactory to the Administrative Agent, among any Grantor, a securities intermediary holding such Grantor’s assets, including funds and securities, and the Administrative Agent with respect to collection and control of all deposits, securities and other balances held in a securities account maintained by any Grantor with such securities intermediary.
“Securities Accounts” shall have the meaning set forth in Article 8 of the UCC.
“Security” shall have the meaning set forth in Article 8 of the UCC.
“Security Agreement Supplement” shall mean any Security Agreement Supplement to this Security Agreement in substantially the form of Annex I hereto executed by an entity that becomes a Grantor under this Security Agreement after the date hereof.
“Stock Rights” means all dividends, instruments or other distributions and any other right or property which the Grantors shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Equity Interest constituting Collateral, any right to receive an Equity Interest and any right to receive earnings, in which the Grantors now have or hereafter acquire any right, issued by an issuer of such Equity Interest.
“Supporting Obligations” shall have the meaning set forth in Article 9 of the UCC.
“Trademarks” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following: (a) all trademarks (including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing; (b) all licenses of the foregoing, whether as licensee or licensor; (c) all renewals of the foregoing; (d) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (f) all rights corresponding to any of the foregoing throughout the world.
The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.
ARTICLE II     
GRANT OF SECURITY INTEREST
Each Grantor hereby pledges, assigns and grants to the Administrative Agent, on behalf of and for the ratable benefit of the Secured Parties, a security interest in all of its right, title and interest in, to and under all personal property and other assets, whether now owned by or owing to, or hereafter acquired by or arising in favor of such Grantor (including under any trade name or derivations thereof), and whether owned or consigned by or to, or leased from or to, such Grantor, and regardless of where located (all of which will be collectively referred to as the “Collateral”), including:

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(a)    all Accounts;
(b)    all Chattel Paper;
(c)    all Copyrights, Patents, Trademarks and Licenses;
(d)    all Documents;
(e)    all Equipment;
(f)    all General Intangibles;
(g)    all Goods;
(h)    all Instruments;
(i)    all Inventory;
(j)    all Investment Property;
(k)    all cash or cash equivalents;
(l)    all letters of credit, Letter-of-Credit Rights and Supporting Obligations;
(m)    all Deposit Accounts with any bank or other financial institution;
(n)    all Commodity Accounts;
(o)    all Securities Accounts;
(p)    all Commercial Tort Claims; and
(q)    all accessions to, substitutions for and replacements, proceeds (including Stock Rights), insurance proceeds and products of the foregoing, together with all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto and any General Intangibles at any time evidencing or relating to any of the foregoing;
to secure the prompt and complete payment and performance of the Secured Obligations; provided, that Collateral (and each defined term used in the definition of “Collateral”) shall not include any Excluded Assets; provided, further, that if and when any property shall cease to be an Excluded Asset, such property shall be deemed at all times from and after such date to constitute Collateral.
ARTICLE III     
REPRESENTATIONS AND WARRANTIES
Each Initial Grantor represents and warrants, and each Grantor that becomes a party to this Security Agreement pursuant to the execution of a Security Agreement Supplement represents and warrants (after giving effect to supplements, if any, to each of the Exhibits hereto with respect to such Grantor as attached to such Security Agreement Supplement), to the Administrative Agent and the other Secured Parties that:

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3.1    Title, Authorization, Validity, Enforceability, Perfection and Priority.  Such Grantor has good and valid rights in or the power to transfer the Collateral and title to the Collateral with respect to which it has purported to grant a security interest hereunder, free and clear of all Liens except for Permitted Liens and has full power and authority to grant to the Administrative Agent the security interest in the Collateral pursuant hereto.  The execution and delivery by such Grantor of this Security Agreement has been duly authorized by all necessary organizational actions, and if required, actions by equity holders of such Grantor, and this Security Agreement constitutes a legal valid and binding obligation of such Grantor and creates a security interest which is enforceable against such Grantor in all Collateral it now owns or hereafter acquires, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.  Notwithstanding the foregoing, the Administrative Agent acknowledges that creation and enforcement of such security interest in Equity Interests in any Foreign Subsidiary or in any other Collateral (including foreign registrations of Patents, Trademarks and Copyrights) located outside the United States may be subject to the requirements of the jurisdiction in which such Foreign Subsidiary or other Collateral is located.  When (a) financing statements have been filed in the appropriate offices against such Grantor in the locations listed on Exhibit G and (b) if applicable, a short form security agreement has been filed with the United States Patent or Trademark Office or the United States Copyright Office, the Administrative Agent will have a fully perfected first priority security interest in that Collateral of the Grantor in which a security interest may be perfected by filing, subject only to Permitted Liens.
3.2    Type and Jurisdiction of Organization, Organizational and Identification Numbers.  As of the Effective Date, the type of entity of such Grantor, its state of organization, the organizational number issued to it by its state of organization and its federal employer identification number are set forth on Exhibit A.
3.3    Principal Location.  As of the Effective Date, such Grantor’s mailing address and the location of its place of business (if it has only one) or its chief executive office (if it has more than one place of business), are disclosed in Exhibit A; such Grantor has no other places of business except those set forth in Exhibit A.
3.4    Collateral Locations.  As of the Effective Date, all of such Grantor’s locations where material Collateral (other than Collateral which is in-transit or out for repair) is located (excluding Compressor Locations) are listed on Exhibit A.  All of said locations are owned by such Grantor except for locations (a) which are leased by the Grantor as lessee and designated in Part VII(b) of Exhibit A and (b) at which Inventory is held in a public warehouse or is otherwise held by a bailee or on consignment as designated in Part VII(c) of Exhibit A.
3.5    Deposit Accounts, Lock Boxes, Commodity Accounts and Securities Accounts.  As of the Effective Date, all of such Grantor’s Deposit Accounts, Lock Boxes, Commodity Accounts and Securities Accounts are listed on Exhibit B.
3.6    Exact Names.  As of the Effective Date, such Grantor’s name in which it has executed this Security Agreement is the exact name as it appears in such Grantor’s organizational documents, as amended, as filed with such Grantor’s jurisdiction of organization.  Other than as set forth on Exhibit A, such Grantor has not, during the five years immediately preceding the Effective Date, used any other corporate or fictitious name, or been a party to any merger or consolidation, or been a party to any acquisition.

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3.7    Letter-of-Credit Rights and Chattel Paper.  Exhibit C lists all Letter-of-Credit Rights and Chattel Paper having an individual value in excess of $1,000,000 of such Grantor as of the date hereof.
(a)    To the extent requested by the Administrative Agent all action by such Grantor necessary or desirable to protect and perfect the Administrative Agent’s Lien on each item of Chattel Paper listed on Exhibit C (including the delivery of all originals and the placement of a legend on all Chattel Paper as required hereunder) has been duly taken.  The Administrative Agent will have a fully perfected first priority security interest in the Chattel Paper listed on Exhibit C, subject only to Permitted Liens.
(b)    Such Grantor shall not cause or permit any Person (other than the Administrative Agent pursuant to this Security Agreement  and filing financing statements ) to have “control” (as defined in Section 9-107 of the UCC) of any Letter-of-Credit Right constituting part of the Collateral other than as permitted under the Credit Agreement, provided, however, the parties hereto hereby agree and acknowledge that such Grantor shall not be required to arrange for perfection by “control” pursuant to Section 9-107 of the UCC of the Collateral Agent’s security interest in any Letter-of-Credit Right.
3.8    Accounts and Chattel Paper.
(a)    The names of the obligors, amounts owing and due dates with respect to its Accounts and Chattel Paper are and will be correctly stated in all material respects in all records of such Grantor relating thereto and in all invoices and Collateral Reports with respect thereto furnished to the Administrative Agent by such Grantor from time to time.  
(b)    With respect to its Accounts, except as specifically disclosed on the most recent Collateral Report (specifically or by exclusion of such Account from the Borrowing Base), all Accounts are Eligible Accounts as of the date of such Collateral Report.
(c)    With respect to its Accounts (except as disclosed specifically or by exclusion of any such Account from the Borrowing Base), (i) the amounts shown on all invoices, statements and Collateral Reports with respect thereto are actually and absolutely owing to such Grantor as indicated thereon and are not in any way contingent (other than any Account that was invoiced in the ordinary course of business during any month for services to be performed during such month, as disclosed to the Administrative Agent in writing upon the Administrative Agent’s reasonable request at the time of delivery of such invoices, statements and Collateral Reports with respect thereto), (ii) no payments have been or shall be made thereon except payments delivered to a Lock Box or a Collateral Deposit Account as required pursuant to Section 7.1; and (iii) to such Grantor’s knowledge, all Account Debtors have the capacity to contract.
3.9    Inventory.  With respect to any of its Inventory scheduled or listed on the most recent Collateral Report, (a) such Inventory (other than Inventory in transit, out for repair or located at a Compressor Location) is located at one of such Grantor’s locations set forth on Exhibit A or another location that has been disclosed to the Administrative Agent in writing, (b) no Inventory (other than Inventory in transit, out for repair or located at a Compressor Location) is now, or shall at any time or times hereafter be stored at any other location except as permitted by Section 4.1(g), (c) such Grantor has good and merchantable title to such Inventory and such Inventory is not subject to any Lien whatsoever except for Permitted Liens, (d) except as specifically disclosed on the most recent Collateral Report or by exclusion of such Inventory from the Borrowing Base, such Inventory is Eligible Inventory of good and merchantable quality, (e) such Inventory is not subject to any licensing, patent, royalty, trademark, trade name or copyright agreements with any third parties which would require any consent 

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of any third party upon sale or disposition of that Inventory or the payment of any monies to any third party upon such sale or other disposition, (f) such Inventory has been produced in all material respects in accordance with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder, and (g) the completion of manufacture, sale or other disposition of such Inventory by the Administrative Agent following the occurrence and during the continuance of an Event of Default shall not require the consent of any Person and shall not constitute a breach or default under any contract or agreement to which such Grantor is a party or to which such property is subject.
3.10    Intellectual Property.  As of the Effective Date, such Grantor does not have any interest in, or title to, any United States federally registered (or applied for) Patent, Trademark, material License or material Copyright except as set forth in Exhibit D.  
3.11    Filing Requirements.  As of the Effective Date, none of the Collateral owned by it is of a type for which Liens may be perfected by filing under any federal statute except for Copyrights held by such Grantor and described in Exhibit D.
3.12    No Financing Statements, Security Agreements.  As of the Effective Date, no financing statement or security agreement describing all or any portion of the Collateral which has not lapsed or been terminated (by a filing authorized by the secured party in respect thereof) naming such Grantor as debtor has been filed or is of record in any jurisdiction except for financing statements or security agreements (a) naming the Administrative Agent on behalf of the Secured Parties as the secured party or (b) with respect to Permitted Liens.
3.13    Pledged Collateral.
(a)    As of the Effective Date, Exhibit E sets forth a complete and accurate list of all Pledged Collateral owned by such Grantor, and such Grantor is the direct, sole beneficial owner and sole holder of record of the Pledged Collateral listed on Exhibit E as being owned by it, free and clear of any Liens, except for any Permitted Liens.  Such Grantor further represents and warrants that (i) all Pledged Collateral owned by it constituting an Equity Interest has been (to the extent such concepts are relevant with respect to such Pledged Collateral) duly authorized, validly issued, are fully paid and non-assessable, (ii) with respect to any certificates delivered to the Administrative Agent representing an Equity Interest, either such certificates are Securities as defined in Article 8 of the UCC as a result of actions by the issuer or otherwise, or, if such certificates are not Securities, as such Grantor has informed the Administrative Agent, the Administrative Agent’s security interest therein is perfected as a General Intangible, (iii) all such Pledged Collateral held by a securities intermediary is covered by a control agreement among such Grantor, the securities intermediary and the Administrative Agent pursuant to which the Administrative Agent has Control, and (iv) to such Grantor’s knowledge, all Pledged Collateral which represents Indebtedness owed to such Grantor has been duly authorized, authenticated or issued and delivered by the issuer of such Indebtedness, is the legal, valid and binding obligation of such issuer.

(b)    In addition, (i) none of the Pledged Collateral owned by it has been issued or transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject, (ii) as of the Effective Date, no options, warrants, calls or commitments of any character whatsoever (A) exist relating to such Pledged Collateral or (B) obligate the issuer of any Equity Interest included in the Pledged Collateral to issue additional Equity Interests, and (iii) no consent, approval, authorization, or other action by, and no giving of notice, filing with, any governmental authority or any other Person is required for the pledge by such Grantor of such Pledged Collateral pursuant to this Security Agreement or for the execution, delivery and 

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performance of this Security Agreement by such Grantor, or for the exercise by the Administrative Agent of the voting or other rights provided for in this Security Agreement or for the remedies in respect of the Pledged Collateral pursuant to this Security Agreement, except as may be required in connection with such disposition by laws affecting the offering and sale of securities generally.
(c)    Except as set forth in Exhibit E, such Grantor owns 100% of the issued and outstanding Equity Interests which constitute Pledged Collateral owned by it and none of the Pledged Collateral which represents Indebtedness owed to such Grantor is subordinated in right of payment to other Indebtedness (except to the extent subordinated to the Secured Obligations or as permitted under the Credit Agreement) or subject to the terms of an indenture.
ARTICLE IV     
COVENANTS
From the date of this Security Agreement and thereafter until the Termination Date, each Initial Grantor agrees, and from and after the effective date of any Security Agreement Supplement applicable to any Grantor (and after giving effect to supplements, if any, to each of the Exhibits hereto with respect to such subsequent Grantor as attached to such Security Agreement Supplement) and thereafter until the Termination Date, each such additional Grantor agrees that:
4.1    General.
(a)    Collateral Records.  Such Grantor will keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to the Collateral, and furnish to the Administrative Agent such reports relating to such Collateral as the Administrative Agent shall from time to time request, subject to the limitations set forth in the Credit Agreement.
(b)    Authorization to File Financing Statements; Ratification.  Such Grantor hereby authorizes the Administrative Agent to file, and if requested will deliver to the Administrative Agent, all financing statements and other documents and take such other actions as may from time to time be reasonably requested by the Administrative Agent in order to maintain a first perfected security interest in and, if applicable, Control of, the Collateral owned by such Grantor.  Any financing statement filed by the Administrative Agent may be filed in any filing office in any UCC jurisdiction and may (i) indicate such Grantor’s Collateral (A) as all assets of the Grantor or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC of such jurisdiction, or (B) by any other description which reasonably approximates the description contained in this Security Agreement, and (ii) contain any other information required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing statement or amendment, including whether such Grantor is an organization, the type of organization and any organization identification number issued to such Grantor.  Such Grantor also agrees to furnish any such information described in the foregoing sentence to the Administrative Agent promptly upon request.  Such Grantor also ratifies its authorization for the Administrative Agent to have filed in any UCC jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof.
(c)    Further Assurances.  Subject to the limitations set forth in the Credit Agreement, such Grantor will, upon the reasonable request of the Administrative Agent, furnish to the Administrative Agent, as often as the Administrative Agent reasonably requests, statements and schedules further identifying and describing the Collateral owned by it and such other reports and information in connection with its Collateral, all in such detail as the Administrative Agent may specify.  Such Grantor also agrees to take any and all actions necessary to defend title to the Collateral against all persons and to defend 

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the security interest of the Administrative Agent in its Collateral and the priority thereof against any Lien not expressly permitted hereunder.
(d)    Disposition of Collateral.  Such Grantor will not sell, lease or otherwise dispose of the Collateral owned by it except for dispositions specifically permitted pursuant to Section 6.05 of the Credit Agreement.
(e)    Liens.  Such Grantor will not create, incur, or suffer to exist any Lien on the Collateral owned by it other than Permitted Liens.
(f)    Other Financing Statements.  Such Grantor will not authorize the filing of any financing statement naming it as debtor covering all or any portion of the Collateral owned by it, except for financing statements with respect to Liens permitted by Section 4.1(c).  Such Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any financing statement without the prior written consent of the Administrative Agent, subject to such Grantor’s rights under Section 9-509(d)(2) of the UCC.
(g)    Locations.  Such Grantor will not (i) maintain any Collateral owned by it at any location other than those locations listed on Exhibit A (as such Exhibit may be supplemented or otherwise modified from time to time) and the Compressor Locations (other than Collateral that is in transit or out for maintenance or repair) or (ii) without providing ten (10) Business Days’ prior written notice to the Administrative Agent (or such shorter period as the Administrative Agent agrees to in writing) change its principal place of business or chief executive office from the location identified on Exhibit A, other than as permitted by the Credit Agreement.
(h)    Compliance with Terms.  Such Grantor will perform and comply in all material respects with all obligations in respect of the Collateral owned by it and all agreements to which it is a party or by which it is bound relating to such Collateral.
4.2    Receivables.
(a)    Certain Agreements on Receivables.  Such Grantor will not make or agree to make any discount, credit, rebate or other reduction in the original amount owing on a Receivable or accept in satisfaction of a Receivable less than the original amount thereof, except (i) in the case of delinquent Accounts (that are not Eligible Accounts) in connection with the compromise, settlement or collection thereof in the ordinary course of business and (ii) other than after the occurrence and during the continuance of an Event of Default, such Grantor may discount, credit, rebate and reduce the amount of Accounts in the ordinary course of business.
(b)    Collection of Receivables.  Except as otherwise provided in this Security Agreement, such Grantor will use commercially reasonable efforts to collect and enforce, at such Grantor’s sole expense, all amounts due or hereafter due to such Grantor under the Receivables owned by it.
(c)    Delivery of Invoices.  Such Grantor will deliver to the Administrative Agent promptly upon its reasonable request, duplicate invoices with respect to each Account owned by it bearing such language of assignment as the Administrative Agent may specify in its Permitted Discretion.
(d)    Electronic Chattel Paper.  Such Grantor will, to the extent requested by the Administrative Agent in its Permitted Discretion, take all steps necessary to grant the Administrative Agent Control of all electronic chattel paper having a value in excess of $1,000,000 individually or 

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$5,000,000 in the aggregate in accordance with the UCC and all “transferable records” as defined in each of the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act.
4.3    Inventory and Equipment.
(a)    Maintenance of Goods.  Such Grantor will keep and maintain its Inventory and the Equipment material to the conduct of its business in good working order and condition, ordinary wear and tear and casualty and condemnation excepted.
(b)    Returned Inventory.  In the event any Account Debtor returns Inventory to such Grantor when an Event of Default exists, such Grantor, upon the request of the Administrative Agent, shall:  (i) hold the returned Inventory in trust for the Administrative Agent; (ii) segregate all returned Inventory from all of its other property; (iii) dispose of the returned Inventory solely according to the Administrative Agent’s written instructions; and (iv) not issue any credits or allowances with respect thereto without the Administrative Agent’s prior written consent.  All returned Inventory shall be subject to the Administrative Agent’s Liens thereon.  Whenever any Inventory is returned, the related Account shall be deemed ineligible to the extent of the amount owing by the Account Debtor with respect to such returned Inventory and such returned Inventory shall not be Eligible Inventory.
(c)    Inventory Count; Perpetual Inventory System.  In the event Inventory accounts for more than ten percent (10%) of the Borrowing Base, such Grantor will conduct a physical count of its Inventory at least once per fiscal year, and after and during the continuation of an Event of Default, at such other times as the Administrative Agent requests.  Such Grantor, at its own expense, shall deliver to the Administrative Agent the results of each physical verification, which such Grantor has made, or has caused any other Person to make on its behalf, of all or any portion of its Inventory.  Such Grantor will maintain a perpetual inventory and perpetual Compressor Unit reporting system at all times.
(d)    Equipment.  Such Grantor will not, without the Administrative Agent’s prior written consent, alter or remove any identifying symbol or number on any of such Grantor’s Equipment constituting Collateral.
(e)    Titled Compressor Units.  Within 60 days of any acquisition of any Compressor Unit covered by a certificate of title, such Grantor will give the Administrative Agent written notice of such acquisition, and promptly thereafter, deliver to the Administrative Agent, upon request, the original of any vehicle title certificate and provide and/or file all other documents or instruments necessary to have the Lien of the Administrative Agent noted on any such certificate or with the appropriate state office.
(f)    Compressor Locations.  Upon the reasonable request by the Administrative Agent, such Grantor will deliver a list of all Compressor Locations at such time.
4.4    Delivery of Instruments, Securities, Chattel Paper and Documents.  Such Grantor will (a) deliver to the Administrative Agent promptly upon execution of this Security Agreement (if any then exist) the originals of all (i) certificated Securities constituting Collateral and (ii) any Chattel Paper and Instrument constituting Collateral with a value in excess of $1,000,000 individually or $5,000,000 in the aggregate, (b) hold in trust for the Administrative Agent upon receipt and promptly thereafter deliver to the Administrative Agent any such Chattel Paper, Securities and Instruments constituting Collateral, (c) upon the Administrative Agent’s request, deliver to the Administrative Agent (and thereafter hold in trust for the Administrative Agent upon receipt and promptly deliver to the Administrative Agent) any 

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Document with a value in excess of $1,000,000 individually or $5,000,000 in the aggregate evidencing or constituting Collateral, (d) any Chattel Paper constituting Collateral with a value in excess of $1,000,000 individually or $5,000,000 in the aggregate, (e) cause all original Chattel Paper with a value in excess of $1,000,000 individually or $5,000,000 in the aggregate in its possession to be marked with the following legend (or a legend with substantially similar language) indicating the security interest of the Administrative Agent in such Chattel Paper: “This writing and the obligations evidenced or secured thereby are subject to the security interest of JPMorgan Chase Bank, N.A., as administrative agent, for the benefit of the secured parties.” and (f) promptly upon the Administrative Agent’s request, deliver to the Administrative Agent a duly executed amendment to this Security Agreement, in the form of Exhibit H hereto (the “Amendment”), pursuant to which such Grantor will pledge such additional Collateral.  Such Grantor hereby authorizes the Administrative Agent to attach each Amendment to this Security Agreement and agrees that all additional Collateral owned by it set forth in such Amendments shall be considered to be part of the Collateral.
4.5    Uncertificated Pledged Collateral.  With respect to any Pledged Collateral owned by it comprised of uncertificated securities or otherwise not represented by certificates, such Grantor will (a) cause, or in the case of any issuer that is not a Subsidiary, use commercially reasonable efforts to cause, the issuers of such uncertificated securities (i) to cause the Administrative Agent to have and retain Control over such Pledged Collateral and (ii) to mark their books and records with the numbers and face amounts of all such uncertificated securities or other types of Pledged Collateral not represented by certificates and all rollovers and replacements therefor to reflect the Lien of the Administrative Agent granted pursuant to this Security Agreement and (b) with respect to any such Pledged Collateral held with a securities intermediary, cause such securities intermediary to enter into a Securities Account Control Agreement with the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent, giving the Administrative Agent Control.
4.6    Pledged Collateral.
(a)    Changes in Capital Structure of Issuers.  Such Grantor will not vote to approve or consent to any issuer of an Equity Interest constituting Pledged Collateral owned by it to dissolve, merge, liquidate, retire any of its Equity Interests or other Instruments or Securities evidencing ownership, reduce its capital, sell or encumber all or substantially all of its assets (except for Permitted Liens and sales of assets permitted pursuant to Section 4.1(d)) or merge or consolidate with any other entity, in each case unless otherwise permitted under the Credit Agreement.
(b)    Issuance of Additional Securities.  Such Grantor will not vote to approve or consent to the issuer of an Equity Interest constituting Pledged Collateral owned by it to issue additional Equity Interests, any right to receive the same or any right to receive earnings, except to such Grantor or as otherwise permitted under the Credit Agreement.
(c)    Registration of Pledged Collateral.  After the occurrence and during the continuance of an Event of Default, the Administrative Agent shall have the right to cause any registerable Pledged Collateral owned by a Grantor to be registered in the name of the Administrative Agent or its nominee at any time at the option of the Administrative Agent.
(d)    Exercise of Rights in Pledged Collateral.
(i)    Without in any way limiting the foregoing and subject to clause (ii) below, such Grantor shall have the right to exercise all voting rights or other rights relating to the Pledged Collateral owned by it for all purposes not expressly inconsistent with this Security Agreement, 

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the Credit Agreement or any other Loan Document; provided, however, that no vote or other right shall be exercised or action taken that could be reasonably expected to materially and adversely affect the rights and remedies of the Administrative Agent in respect of such Pledged Collateral, unless otherwise permitted under the Credit Agreement.
(ii)    Such Grantor will permit the Administrative Agent or its nominee at any time after the occurrence and during the continuance of an Event of Default, upon written notice by the Administrative Agent to such Grantor, to exercise all voting rights or other rights relating to the Pledged Collateral owned by it, including, without limitation, exchange, subscription or any other rights, privileges, or options pertaining to any Equity Interest or Investment Property constituting such Pledged Collateral as if it were the absolute owner thereof.
(iii)    Such Grantor shall be entitled to collect and receive for its own use all cash dividends and interest paid in respect of the Pledged Collateral owned by it to the extent not in violation of the Credit Agreement other than any of the following distributions and payments (collectively referred to as the “Excluded Payments”):  (A) dividends and interest paid or payable other than in cash in respect of such Pledged Collateral, and instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, any Pledged Collateral; (B) dividends and other distributions paid or payable in cash in respect of such Pledged Collateral in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in capital of an issuer, except, in each case, to the extent permitted under the Credit Agreement; and (C) cash paid, payable or otherwise distributed, in respect of principal of, or in redemption of, or in exchange for, such Pledged Collateral, except, in each case, to the extent permitted under the Credit Agreement; provided, however, that until actually paid, all rights to such distributions shall remain subject to the Lien created by this Security Agreement; and
(iv)    All Excluded Payments and all other distributions in respect of any Pledged Collateral owned by such Grantor, whenever paid or made, shall be delivered to the Administrative Agent to hold as Pledged Collateral and shall, if received by such Grantor, be received in trust for the benefit of the Administrative Agent, be segregated from the other property or funds of such Grantor, and be forthwith delivered to the Administrative Agent as Pledged Collateral in the same form as so received (with any necessary endorsement).
(e)    Equity Interests.  Each Grantor agrees that it shall not at any time permit any Equity Interest which is included within the Collateral to constitute a Security under Article 8 of the UCC of the applicable jurisdiction and shall not permit the issuer of any such Equity Interest to take any action to have such interest treated as a Security, unless (i) such issuer has “opted-in” to Article 8 of the UCC, (ii) the Grantor has delivered the certificate representing such Equity Interest (together with an instrument of transfer duly executed in blank) within five (5) Business Days (or such longer time period as the Administrative Agent may agree in its sole discretion) following such issuer’s “opting in” to Article 8 of the UCC or such Grantor’s acquisition of such Equity Interest, and (iii) the Grantor shall maintain each such Equity Interest as a Security under Article 8 of the UCC of the applicable jurisdiction.
4.7    Intellectual Property.
(a)    To the extent not considered an Excluded Asset, such Grantor will use its commercially reasonable efforts to secure all consents and approvals necessary or appropriate for the 

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assignment to or benefit of the Administrative Agent of any License held by such Grantor and material to such Grantor’s business and to enforce the security interests granted hereunder.
(b)    Such Grantor shall notify the Administrative Agent promptly if it knows or has reason to know that any application or registration relating to any material Patent, Trademark or Copyright (now or hereafter existing) included in the Collateral which is necessary to such Grantor’s business may become abandoned or dedicated, or of any adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court) regarding such Grantor’s ownership of any Patent, Trademark or Copyright, its right to register the same, or to keep and maintain the same.
(c)    As required by Sections 5.01 and 5.02 of the Credit Agreement, such Grantor shall provide written notice of any new application for the registration of any Patent, Trademark or Copyright with the United States Patent and Trademark Office or the United States Copyright Office, and, upon request of the Administrative Agent, such Grantor shall execute and deliver any and all security agreements as the Administrative Agent may request to evidence the Administrative Agent’s first priority security interest on such Patent, Trademark or Copyright of such Grantor relating thereto or represented thereby.
(d)    Such Grantor shall take all actions necessary or reasonably requested by the Administrative Agent to maintain and pursue each application, to obtain the relevant registration and to maintain the registration of each of its Patents, Trademarks and Copyrights (now or hereafter existing), included in the Collateral, including the filing of applications for renewal, affidavits of use, affidavits of noncontestability and opposition and interference and cancellation proceedings, in each case, unless such Grantor shall determine, in its reasonable business judgment, that such Patent, Trademark or Copyright is not material to the conduct of any Grantor’s business.
(e)    Such Grantor shall, unless it shall reasonably determine that such Patent, Trademark or Copyright is not material to the conduct of any Grantor’s business or operations, or unless to do so would be materially disadvantageous from a business perspective (as determined in good faith by the Borrower), promptly sue for infringement, misappropriation or dilution and to recover any and all damages for such infringement, misappropriation or dilution, and shall take such other actions as the Administrative Agent shall reasonably deem appropriate under the circumstances to protect such Patent, Trademark or Copyright.  In the event that such Grantor institutes suit because any of its Patents, Trademarks or Copyrights constituting Collateral is infringed upon, or misappropriated or diluted by a third party, such Grantor shall comply with Section 4.8.
4.8    Commercial Tort Claims.  Such Grantor shall promptly, and in any event within ten (10) Business Days after the same is acquired by it, notify the Administrative Agent of any Commercial Tort Claim acquired by it where the amount of damages reasonably expected to be claimed exceeds $1,000,000 and, unless the Administrative Agent otherwise consents, such Grantor shall enter into an amendment to this Security Agreement, in the form of Exhibit H hereto, granting to Administrative Agent a first priority security interest in such commercial tort claim.
4.9    Federal, State or Municipal Claims.  Such Grantor will promptly notify the Administrative Agent of any Collateral which constitutes a claim with a value in excess of $5,000,000 individually or $10,000,000 in the aggregate against the United States government or any state or local government or any instrumentality or agency thereof, the assignment of which claim is restricted by federal, state or municipal law.

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4.10    No Interference.  Such Grantor agrees that it will not interfere with any right, power and remedy of the Administrative Agent provided for in this Security Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by the Administrative Agent of any one or more of such rights, powers or remedies; provided, that the foregoing shall not limit the ability of such Grantor to dispute any such right, power or remedy of the Administrative Agent in good faith.
4.11    Insurance.
(a)    All insurance policies required hereunder and under Section 5.10 of the Credit Agreement shall, to the extent customary for such type of insurance, name the Administrative Agent (for the benefit of the Administrative Agent and the Secured Parties) as an additional insured or as loss payee, as applicable, and shall contain loss payable clauses or mortgagee clauses, through endorsements (to be provided within ninety (90) days of the Effective Date (or such later date as to which the Administrative Agent may agree))  in form and substance satisfactory to the Administrative Agent, which provide that:  (i) all proceeds thereunder with respect to any Collateral shall be payable to the Administrative Agent; (ii) no such insurance shall be affected by any act or neglect of the insured or owner of the property described in such policy; and (iii) such policy and loss payable or mortgagee clauses may be canceled, amended, or terminated only upon at least thirty (30) days prior written notice given to the Administrative Agent (or at least ten (10) days prior written notice to the Administrative Agent in the case of cancellation for nonpayment)).
(b)    All premiums on any such insurance shall be paid when due by such Grantor (subject to any applicable grace periods), and the Borrower shall deliver copies of such policies to the Administrative Agent upon its reasonable request.  If such Grantor fails to obtain any insurance as required by this Section, the Administrative Agent may obtain such insurance at the Loan Parties’ expense. By purchasing such insurance, the Administrative Agent shall not be deemed to have waived any Default arising from the Grantor’s failure to maintain such insurance or pay any premiums therefor.
4.12    Compressor Locations.  For each Compressor Location, such Grantor shall not (a) amend or supplement any gas compression agreement for any Compressor Unit in a manner that materially and adversely affects the rights and security interests of the Administrative Agent hereunder other than amendments or supplements in the ordinary course of business, and (b) with respect to any gas compression agreement entered into by such Grantor after the Effective Date for any Compressor Location, such Grantor shall include the following provision or a substantially similar provision in each such gas compression agreement:  “Customer shall provide Archrock Partners Operating LLC with authorized ingress and egress to and from the site necessary to perform the services at all reasonable times.”
4.13    Control Agreements.  Such Grantor will provide to the Administrative Agent in accordance with the timeframe set forth in Section 5.15 of the Credit Agreement, a Deposit Account Control Agreement, a Securities Account Control Agreement and a Commodity Account Control Agreement for each Deposit Account, Securities Account and Commodity Account, in each case, other than Excluded Accounts, existing on the Effective Date and for each Deposit Account, Securities Account and Commodity Account opened after the Effective Date, in each case, other than Excluded Accounts, such Grantor will cause the depository bank that maintains such Deposit Account, securities intermediary that maintains such Securities Account, or the commodities intermediary that maintains such Commodity Account, as applicable, to enter into a Deposit Account Control Agreement, a Securities Account Control Agreement and a Commodity Account Control Agreement substantially contemporaneously with the opening of such Deposit Account, Securities Account or Commodity Account.  Pursuant to such control 

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agreements, in form and substance reasonably satisfactory to the Administrative Agent, the depository bank that maintains such Deposit Account, securities intermediary that maintains such Securities Account, or the commodities intermediary that maintains such Commodity Account, as applicable, will to agree to comply at any time with instructions from the Administrative Agent to such depository bank, securities intermediary or commodities intermediary directing the disposition of funds from time to time credited to such Deposit Account, Securities Account or Commodity Account, without further consent of such Grantor, or take such other action as the Administrative Agent may approve in order to perfect the Administrative Agent’s security interest in such Deposit Account, Securities Account or Commodity Account.
4.14    Change of Name or Location; Change of Fiscal Year.  Such Grantor shall not (a) change its name as it appears in official filings in the state of its incorporation or organization, (b) change its chief executive office or principal place of business as set forth in this Security Agreement, (c) change the type of entity that it is, (d) change its organization identification number, if any, issued by its state of incorporation or other organization, or (e) change its state of incorporation or organization, in each case, unless the Administrative Agent shall have received at least ten (10) days prior written notice of such change (or such shorter period of time as the Administrative Agent may agree in its sole discretion) and the Administrative Agent shall have acknowledged in writing that either (i) such change will not adversely affect the validity, perfection or priority of the Administrative Agent’s security interest in the Collateral, or (ii) such Grantor has agreed in writing to take such reasonable action requested by the Administrative Agent in connection therewith (including any action to continue the perfection of any Liens in favor of the Administrative Agent, on behalf of the Secured Parties, in any Collateral), provided, that, any new location shall be in the continental U.S.  Such Grantor shall take any reasonable action requested by the Administrative Agent to continue the perfection of any Liens in favor of the Administrative Agent, on behalf of the Secured Parties, in any Collateral).
4.15    Additional Grantors.  Each Grantor agrees to cause each Subsidiary that is required to become a party to this Security Agreement pursuant to Section 5.14 of the Credit Agreement to become a Grantor for all purposes of this Security Agreement upon execution and delivery by such Subsidiary of an Assumption Agreement in the form of Annex I hereto.  Upon the execution and delivery of Annex I by such Subsidiary, such Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein.  The execution and delivery of any instrument adding an additional Grantor as a party to this Security Agreement shall not require the consent of any other Grantor under this Security Agreement.  The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor hereunder.
ARTICLE V     
EVENTS OF DEFAULT AND REMEDIES
5.1    Events of Default.  The occurrence of any “Event of Default” as defined under the Credit Agreement shall constitute an Event of Default hereunder.
5.2    Remedies.
(a)    Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, with the concurrence or at the direction of the Required Lenders, exercise any or all of the following rights and remedies:
(i)    those rights and remedies provided in this Security Agreement, the Credit Agreement, or any other Loan Document; provided, that, this Section 5.2(a) shall not be 

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understood to limit any rights or remedies available to the Administrative Agent and the other Secured Parties prior to an Event of Default;
(ii)    those rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under any Requirements of Law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’ lien) when a debtor is in default under a security agreement;
(iii)    to the extent a Cash Dominion Trigger Period is then in effect, give notice of sole control or any other instruction under any Deposit Account Control Agreement, Securities Account Control Agreement or Commodity Account Control Agreement and take any action therein with respect to such Collateral;
(iv)    without notice (except as specifically provided in Section 8.1 or elsewhere herein), demand or advertisement of any kind to any Grantor or any other Person, enter the premises of any Grantor where any Collateral is located (through self-help and without judicial process) to collect, receive, assemble, process, appropriate, sell, lease, assign, grant an option or options to purchase or otherwise dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or continued from time to time with or without notice and may take place at any Grantor’s premises or elsewhere), for cash, on credit or for future delivery without assumption of any credit risk, and upon such other terms as the Administrative Agent may deem commercially reasonable; and
(v)    concurrently with written notice to the applicable Grantor, transfer and register in its name or in the name of its nominee the whole or any part of the Pledged Collateral, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, exercise the voting and all other rights as a holder with respect thereto, collect and receive all cash dividends, interest, principal and other distributions made thereon and otherwise act with respect to the Pledged Collateral as though the Administrative Agent was the outright owner thereof.
(b)    The Administrative Agent, on behalf of the Secured Parties, may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral.
(c)    The Administrative Agent shall have the right upon any such public sale or sales and, to the extent permitted by Requirements of Law, upon any such private sale or sales, to purchase for the benefit of the Administrative Agent and the other Secured Parties, the whole or any part of the Collateral so sold, free of any right of equity redemption, which equity redemption the Grantor hereby expressly releases.
(d)    Until the Administrative Agent is able to effect a sale, lease, or other disposition of Collateral, the Administrative Agent shall have the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any other purpose deemed appropriate by the Administrative Agent.  The Administrative Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of the Administrative Agent’s remedies (for the benefit of the Administrative Agent and the other Secured Parties), with respect to such appointment without prior notice or hearing as to such appointment.

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(e)    Notwithstanding the foregoing, neither the Administrative Agent nor any other Secured Party shall be required to (i) make any demand upon, or pursue or exhaust any of its rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Secured Obligations or to pursue or exhaust any of its rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or to resort to the Collateral or any such guarantee in any particular order, or (iii) effect a public sale of any Collateral.
(f)    Each Grantor recognizes that the Administrative Agent may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled to resort to one or more private sales thereof in accordance with clause (a) above.  Each Grantor also acknowledges that any private sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private.  The Administrative Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit any Grantor or the issuer of the Pledged Collateral to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if the applicable Grantor and the issuer agrees or would agree to do so.
5.3    Grantor’s Obligations Upon Event of Default.  Upon the request of the Administrative Agent after the occurrence and during the continuance of an Event of a Default, each Grantor will:
(a)    assemble and make available to the Administrative Agent the Collateral and all books and records relating thereto at any place or places specified by the Administrative Agent, whether at a Grantor’s premises or elsewhere;
(b)    permit the Administrative Agent, by the Administrative Agent’s representatives and agents, to enter, occupy and use  any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the books and records relating thereto, or both, to remove all or any part of the Collateral or the books and records relating thereto, or both, and to conduct sales of the Collateral, without any obligation to pay the Grantor for such use and occupancy; and
(c)    at its own expense, cause the independent certified public accountants then engaged by each Grantor to prepare and deliver to the Administrative Agent, at any time, and from time to time, promptly upon the Administrative Agent’s reasonable request, the following reports with respect to the applicable Grantor:  (%4) a reconciliation of all Accounts; (i) an aging of all Accounts; (ii) trial balances; and (iii) a test verification of such Accounts.
5.4    Grant of Intellectual Property License.  For the purpose of enabling the Administrative Agent to exercise the rights and remedies under this Article V during the existence of an Event of Default at such time as the Administrative Agent shall be lawfully entitled to exercise such rights and remedies as a result thereof, each Grantor hereby (a) grants to the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, an irrevocable (until the Termination Date), nonexclusive license solely to the extent such Grantor has the right to do so and solely to the extent the grant thereof does not constitute a breach of any contract, (exercisable without payment of royalty or other compensation to any Grantor) to use, license or sublicense any intellectual property rights now owned or hereafter acquired by such Grantor, subject to the rights of third parties therein, and wherever the same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or 

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printout thereof; provided, that the rights granted to the Administrative Agent under this clause (a) may only be exercised for so long as an Event of Default has occurred and is continuing and (b) irrevocably agrees that the Administrative Agent may, following the occurrence and during the continuance of an Event of Default, sell any of such Grantor’s Inventory directly to any person, including without limitation persons who have previously purchased the Grantor’s Inventory from such Grantor and in connection with any such sale or other enforcement of the Administrative Agent’s rights under this Security Agreement, may sell Inventory which bears any Trademark owned by or licensed to such Grantor and any Inventory that is covered by any Copyright owned by or licensed to such Grantor and the Administrative Agent may finish any work in process and affix any Trademark owned by or licensed to such Grantor and sell such Inventory as provided herein.
ARTICLE VI     
ACCOUNT VERIFICATION; ATTORNEY IN FACT; PROXY
6.1    Account Verification.  The Administrative Agent may at any time, in the Administrative Agent’s own name, in the name of a nominee of the Administrative Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of any such Grantor, parties to contracts with any such Grantor and obligors in respect of Instruments of any such Grantor to verify with such Persons, to the Administrative Agent’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Chattel Paper, payment intangibles and/or other Receivables that constitute Collateral; provided that any such communication referenced in this Section 6.1 shall be in the Administrative Agent’s own name only after the occurrence and during the continuance of an Event of Default.
6.2    Authorization for Administrative Agent to Take Certain Action.
(a)    Each Grantor irrevocably authorizes the Administrative Agent at any time and from time to time in the sole discretion of the Administrative Agent and appoints the Administrative Agent as its attorney in fact (i) to execute on behalf of such Grantor as debtor and to file financing statements necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the Administrative Agent’s security interest in the Collateral, (ii) to endorse and collect any cash proceeds of the Collateral, (iii) to file a carbon, photographic or other reproduction of this Security Agreement or any financing statement with respect to the Collateral as a financing statement and to file any other financing statement or amendment of a financing statement (which does not add new collateral or add a debtor) in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the Administrative Agent’s security interest in the Collateral, (iv) to contact and enter into one or more agreements with the issuers of uncertificated securities which are Pledged Collateral or with securities intermediaries holding Pledged Collateral as may be necessary or advisable to give the Administrative Agent Control over such Pledged Collateral, (v) to apply the proceeds of any Collateral received by the Administrative Agent to the Secured Obligations as provided in Section 7.3, (vi) to discharge past due taxes, assessments, charges, fees or Liens on the Collateral (except for such Liens that are specifically permitted under Section 4.1(e)), (vii) to contact Account Debtors for any reason, (viii) to demand payment or enforce payment of the Receivables in the name of the Administrative Agent or such Grantor and to endorse any and all checks, drafts, and other instruments for the payment of money relating to the Receivables, (ix) to sign such Grantor’s name on any invoice or bill of lading relating to the Receivables, drafts against any Account Debtor of the Grantor, assignments and verifications of Receivables, (x) to exercise all of such Grantor’s rights and remedies with respect to the collection of the Receivables and any other Collateral, (xi) to settle, adjust, compromise, extend or renew the Receivables, (xii) to settle, adjust or compromise any legal proceedings brought to collect Receivables, (xiii) to prepare, file and sign such Grantor’s name 

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on a proof of claim in bankruptcy or similar document against any Account Debtor of such Grantor, (xiv) to prepare, file and sign such Grantor’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Receivables, (xv) to change the address for delivery of mail addressed to such Grantor to such address as the Administrative Agent may designate and to receive, open and dispose of all mail addressed to such Grantor, and (xvi) to do all other acts and things necessary to carry out this Security Agreement; and such Grantor agrees to reimburse the Administrative Agent for any payment made or expense incurred by the Administrative Agent in connection with any of the foregoing as and to the extent such reimbursement is required to be made by the Borrower pursuant to Section 9.03 of the Credit Agreement; provided, that, this authorization shall not relieve such Grantor of any of its obligations under this Security Agreement or under the Credit Agreement.
(b)    All acts of said attorney or designee are hereby ratified and approved.  The powers conferred on the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, under this Section 6.2 are solely to protect the Administrative Agent’s interests in the Collateral and shall not impose any duty upon the Administrative Agent or any other Secured Party to exercise any such powers.  The Administrative Agent agrees that, except for the powers granted in Section 6.2(a)(i), (iii), (iv) and (xvi), it shall not exercise any power or authority granted to it unless an Event of Default has occurred and is continuing.
6.3    Proxy.  EACH GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS THE ADMINISTRATIVE AGENT AS ITS PROXY AND ATTORNEY-IN-FACT (AS SET FORTH IN SECTION 6.2 ABOVE) WITH RESPECT TO ITS PLEDGED COLLATERAL, INCLUDING THE RIGHT TO VOTE ANY OF THE PLEDGED COLLATERAL, WITH FULL POWER OF SUBSTITUTION TO DO SO.  IN ADDITION TO THE RIGHT TO VOTE ANY OF THE PLEDGED COLLATERAL, THE APPOINTMENT OF THE ADMINISTRATIVE AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF ANY OF THE PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY OF THE PLEDGED COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF THE PLEDGED COLLATERAL OR ANY OFFICER OR AGENT THEREOF), UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT.
6.4    Nature of Appointment; Limitation of Duty.  THE APPOINTMENT OF THE ADMINISTRATIVE AGENT AS PROXY AND ATTORNEY-IN-FACT IN THIS ARTICLE VI IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE TERMINATION DATE.  NOTWITHSTANDING ANYTHING CONTAINED HEREIN, NONE OF THE ADMINISTRATIVE AGENT, ANY OTHER SECURED PARTY, ANY OF THEIR RESPECTIVE AFFILIATES, OR ANY OF THEIR OR THEIR AFFILIATES’ RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL HAVE ANY DUTY TO EXERCISE ANY RIGHT OR POWER GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT  IN RESPECT OF DAMAGES ATTRIBUTABLE TO ITS OWN GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR BAD FAITH  OR ITS MATERIAL BREACH OF THIS AGREEMENT AS FINALLY DETERMINED BY A COURT OF COMPETENT 

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JURISDICTION; PROVIDED THAT, IN NO EVENT SHALL THEY BE LIABLE FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES.
ARTICLE VII     
COLLECTION AND APPLICATION OF COLLATERAL 
PROCEEDS; DEPOSIT ACCOUNTS
7.1    Collection of Receivables.
(a)    Not later than ninety (90) days (or such longer period as the Administrative Agent may agree in its sole discretion) after the Effective Date, each Grantor shall execute and deliver to the Administrative Agent Deposit Account Control Agreements for each Deposit Account (other than any Excluded Account) maintained by such Grantor into which all cash, checks or other similar payments relating to or constituting payments made in respect of Receivables (other than any of the foregoing which are deposited into the AROC-WF Collateral Account) will be deposited (each, a “Collateral Deposit Account”), which Collateral Deposit Accounts are identified as such on Exhibit B.  After the Effective Date, each Grantor will comply with the terms of Section 7.2.
(b)    Except as expressly permitted under Section 5.13(b) of the Credit Agreement with respect to Account Debtors existing prior to the Effective Date, each Grantor shall direct all of its Account Debtors to forward payments directly to Collateral Deposit Accounts.  If notwithstanding the foregoing instructions, any Grantor receives any proceeds of any Receivables, such Grantor shall receive such payments as the Administrative Agent’s trustee, and shall within three Business Days of receipt thereof deposit all cash, checks or other similar payments related to or constituting payments made in respect of Receivables received by it to a Collateral Deposit Account.  During a Cash Dominion Trigger Period, all funds deposited into any Lock Box subject to a Lock Box Agreement or a Collateral Deposit Account will be swept on a daily basis into a collection account maintained by the Borrower with the Administrative Agent (the “Collection Account”). The Administrative Agent shall hold and apply funds received into the Collection Account as provided by the terms of Section 7.3.
7.2    Covenant Regarding New Deposit Accounts; Lock Boxes.  Substantially contemporaneously with (a) opening or replacing any Collateral Deposit Account or other Deposit Account (other than an Excluded Account) or (b) establishing a lock box service (the “Lock Boxes”), each Grantor shall cause each bank or financial institution in which it seeks to open (i) a Collateral Deposit Account or other Deposit Account (other than an Excluded Account), to enter into a Deposit Account Control Agreement with the Administrative Agent in order to give the Administrative Agent Control of such Collateral Deposit Account or such other Deposit Account, or (ii) a Lock Box, to enter into an irrevocable lockbox agreement in the form provided by or otherwise reasonably acceptable to Administrative Agent, which shall be accompanied by an acknowledgment by the bank where the Lock Box is located of the Lien of Administrative Agent granted hereunder and of irrevocable instructions to wire all amounts collected therein to the Collection Account (each, a “Lock Box Agreement”) with the Administrative Agent in order to give Administrative Agent Control of the Lock Box and provide for a daily sweep into a Collateral Deposit Account.  In the case of Deposit Accounts or Lock Boxes maintained with a Lender or any Affiliate of a Lender, the terms of such agreement shall be subject to the provisions of the Credit Agreement regarding setoffs.
7.3    Application of Proceeds; Deficiency.  All amounts deposited in the Collection Account shall be deemed received by the Administrative Agent in accordance with Section 2.18 of the Credit Agreement and shall, after having been credited to the Collection Account, be applied (and allocated) by the Administrative Agent in accordance with Section 2.10(b) of the Credit Agreement; provided that, 

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so long as a Cash Dominion Trigger Period is not in effect, collections which are received into the Collection Account shall be deposited into the Borrower’s Funding Account rather than being used to reduce amounts owing under the Credit Agreement.  The Administrative Agent shall require all other cash proceeds of the Collateral, which are not required to be applied to the Obligations pursuant to Section 2.11 of the Credit Agreement, to be deposited in a special non-interest bearing cash collateral account with the Administrative Agent and held there as security for the Secured Obligations.  No Grantor shall have any control whatsoever over said cash collateral account.  Any such proceeds of the Collateral shall be applied in the order set forth in Section 2.18 of the Credit Agreement unless a court of competent jurisdiction shall otherwise direct.  The balance, if any, after all of the Secured Obligations have been satisfied, shall be deposited by the Administrative Agent into the Borrower’s general operating account.  The Grantors shall remain liable, jointly and severally, for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Secured Obligations, including any attorney’s fees and other expenses incurred by Administrative Agent or any other Secured Party to collect such deficiency.
7.4    Notwithstanding anything to the contrary herein, in any other Loan Document, or in any Deposit Account Control Agreement, Securities Account Control Agreement or Commodity Account Control Agreement entered into pursuant to the requirements of the Loan Documents, the Administrative Agent hereby agrees that it will not deliver any “Access Termination Notice” or “Disposition Instructions” or any equivalent notice of exclusive control, or otherwise exercise any equivalent rights, in each case under any Deposit Account Control Agreement, Securities Account Control Agreement or Commodity Account Control Agreement unless, in any such case, (x) an Event of Default has occurred and is continuing, (y) a Cash Dominion Trigger Period has occurred and is continuing or (z) it is entitled to do so under the terms of any Cash Management Agreement.
ARTICLE VIII     
GENERAL PROVISIONS
8.1    Waivers.  To the maximum extent permitted by Requirements of Law, each Grantor hereby waives notice of the time and place of any public sale or the time after which any private sale or other disposition of all or any part of the Collateral may be made.  To the extent such notice may not be waived under Requirements of Law, any notice made shall be deemed reasonable if sent to the Grantors, addressed as set forth in Article IX, at least ten (10) days prior to (a) the date of any such public sale or (b) the time after which any such private sale or other disposition may be made.  To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against the Administrative Agent or any other Secured Party arising out of the repossession, retention or sale of the Collateral, except such as arise solely out of the gross negligence, willful misconduct or bad faith of, or material breach of this Agreement by, the Administrative Agent or such other Secured Party as finally determined by a court of competent jurisdiction.  To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against the Administrative Agent or any other Secured Party, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Security Agreement, or otherwise.  Except as otherwise specifically provided herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security Agreement or any Collateral.
8.2    Limitation on Administrative Agent’s and Other Secured Parties’ Duty with Respect to the Collateral.  The Administrative Agent shall have no obligation to clean-up or otherwise prepare the 

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Collateral for sale.  The Administrative Agent and each other Secured Party shall use reasonable care with respect to the Collateral in its possession or under its control.  Neither the Administrative Agent nor any other Secured Party shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of the Administrative Agent or such other Secured Party, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto.  To the extent that applicable law imposes duties on the Administrative Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is commercially reasonable for the Administrative Agent (a) to fail to incur expenses deemed significant by the Administrative Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into finished goods or other finished products for disposition, (b) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (c) to fail to exercise collection remedies against Account Debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (d) to exercise collection remedies against Account Debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (e) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (f) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any portion of the Collateral, (g) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (h) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (i) to dispose of assets in wholesale rather than retail markets, (j) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (k) to purchase insurance or credit enhancements to insure the Administrative Agent against risks of loss, collection or disposition of Collateral or to provide to the Administrative Agent a guaranteed return from the collection or disposition of Collateral, or (l) to the extent deemed appropriate by the Administrative Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Administrative Agent in the collection or disposition of any of the Collateral.  Each Grantor acknowledges that the purpose of this Section 8.2 is to provide non-exhaustive indications of what actions or omissions by the Administrative Agent would be commercially reasonable in the Administrative Agent’s exercise of remedies against the Collateral and that other actions or omissions by the Administrative Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 8.2.  Without limitation upon the foregoing, nothing contained in this Section 8.2 shall be construed to grant any rights to any Grantor or to impose any duties on the Administrative Agent that would not have been granted or imposed by this Security Agreement or by applicable law in the absence of this Section 8.2.
8.3    Compromises and Collection of Collateral.  The Grantors and the Administrative Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable.  In view of the foregoing, each Grantor agrees that the Administrative Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Administrative Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Administrative Agent shall be commercially reasonable so long as the Administrative Agent acts in good faith based on information known to it at the time it takes any such action.

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8.4    Secured Party Performance of Debtor Obligations.  Without having any obligation to do so, the Administrative Agent may, perform or pay any obligation which any Grantor has agreed to perform or pay in this Security Agreement and which obligation such Grantor shall fail to perform or pay within five (5) Business Days (or such longer time period as agreed by the Administrative Agent in its sole discretion) after receiving written notice from the Administrative Agent requesting performance thereof (it being understood that no such request need be given (a) after the occurrence and during the continuance of any Event of Default or (b) if such failure to perform would materially and adversely affect the perfection of any security interest granted under this Security Agreement or would have an adverse effect on the value of the applicable Collateral), and the Grantors shall reimburse the Administrative Agent for any amounts paid by the Administrative Agent pursuant to this Section 8.4.  The Grantors’ obligation to reimburse the Administrative Agent pursuant to the preceding sentence shall be a Secured Obligation payable on demand.
8.5    Specific Performance of Certain Covenants.  Each Grantor acknowledges and agrees that a breach of any of the covenants contained in 4.4(e), 4.5, 4.12 or 5.3 will cause irreparable injury to the Administrative Agent and the other Secured Parties, that the Administrative Agent and the other Secured Parties have no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of the Administrative Agent or the other Secured Parties to seek and obtain specific performance of other obligations of the Grantors contained in this Security Agreement, that the covenants of the Grantors contained in the Sections referred to in this Section 8.5 shall be specifically enforceable against the Grantors.
8.6    Dispositions Not Authorized.  No Grantor is authorized to sell or otherwise dispose of the Collateral except as set forth in Section 4.1(d) and notwithstanding any course of dealing between any Grantor and the Administrative Agent or other conduct of the Administrative Agent, no authorization to sell or otherwise dispose of the Collateral (except as set forth in Section 4.1(d)) shall be binding upon the Administrative Agent or the other Secured Parties unless such authorization is in writing signed by the Administrative Agent with the consent and or at the direction of the Required Lenders.
8.7    No Waiver; Amendments; Cumulative Remedies.  No delay or omission of the Administrative Agent or any other Secured Party to exercise any right or remedy granted under this Security Agreement shall impair such right or remedy or be construed to be a waiver of any Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further exercise thereof or the exercise of any other right or remedy.  No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing signed by the Administrative Agent with the concurrence or at the direction of the Lenders required under Section 9.02 of the Credit Agreement and then only to the extent in such writing specifically set forth.  All rights and remedies contained in this Security Agreement or by law afforded shall be cumulative and all shall be available to the Administrative Agent and the other Secured Parties until the Secured Obligations (other than Unliquidated Obligations) have been paid in full (or with respect to Letters of Credit, cash collateralized as required by the Credit Agreement).
8.8    Limitation by Law; Severability of Provisions.  All rights, remedies and powers provided in this Security Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Security Agreement are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to the extent necessary so that they shall not render this Security Agreement invalid, unenforceable or not entitled to be recorded or registered, in whole or in part.  Any provision in this Security Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or 

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the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Security Agreement are declared to be severable.
8.9    Reinstatement.  This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of any Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof (including a payment effected through exercise of a right of setoff), is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise (including pursuant to any settlement entered into by a Secured Party in its discretion), all as though such payment or performance had not been made.  In the event that any payment, or any part thereof (including a payment effected through exercise of a right of setoff), is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.
8.10    Benefit of Agreement.  The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of the Grantors, the Administrative Agent and the other Secured Parties and their respective successors and assigns (including all persons who become bound as a debtor to this Security Agreement), except that no Grantor shall have the right to assign its rights or delegate its obligations under this Security Agreement or any interest herein, without the prior written consent of the Administrative Agent.  No sales of participations, assignments, transfers, or other dispositions of any agreement governing the Secured Obligations or any portion thereof or interest therein shall in any manner impair the Lien granted to the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, hereunder.
8.11    Survival of Representations.  All representations and warranties of the Grantors contained in this Security Agreement shall survive the execution and delivery of this Security Agreement.
8.12    Expenses and Reimbursement.  Each Grantor agrees that the Administrative Agent shall be entitled to the benefit of the expense reimbursement provisions set forth in the Credit Agreement, subject to the terms and conditions thereof and without duplication of payment.
8.13    Headings.  The title of and section headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of this Security Agreement.
8.14    Termination.  This Security Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no Secured Obligations outstanding) until the Termination Date.  In addition to the foregoing, in connection with any termination and release pursuant to this Section 8.14, the Administrative Agent, at the written request and expense of the Borrower, will promptly provide the requisite notice under any Deposit Account Control Agreement, Securities Account Control Agreement or Commodity Account Control Agreement in order to terminate such Deposit Account Control Agreement, Securities Account Control Agreement or Commodity Account Control Agreement.
8.15    Entire Agreement.  THIS SECURITY AGREEMENT EMBODIES THE ENTIRE AGREEMENT AND UNDERSTANDING BETWEEN THE GRANTORS AND THE ADMINISTRATIVE AGENT RELATING TO THE MATTERS SET FORTH HEREIN AND 

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SUPERSEDES ALL PRIOR AGREEMENTS AND UNDERSTANDINGS BETWEEN THE GRANTORS AND THE ADMINISTRATIVE AGENT RELATING TO THE COLLATERAL.
8.16    Choice of Law.  THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF TEXAS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.
8.17    Consent to Jurisdiction.  EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY U.S. FEDERAL OR TEXAS STATE COURT SITTING IN HARRIS COUNTY, TEXAS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH TEXAS COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN THIS SECTION 8.17.  EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.  NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER SECURED PARTY TO BRING PROCEEDINGS AGAINST ANY GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION TO THE EXTENT NECESSARY TO ENFORCE ITS RIGHTS TO THE COLLATERAL OR TO ENFORCE ANY JUDGMENT OBTAINED FROM SUCH TEXAS COURT REFERRED TO ABOVE (AND THE GRANTORS MAY RESPOND THERETO).
8.18    Waiver of Jury Trial.  EACH GRANTOR, THE ADMINISTRATIVE AGENT AND EACH OTHER SECURED PARTY HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
8.19    Indemnity.  Except as limited by Section 9.03 of the Credit Agreement, each Grantor hereby agrees to indemnify the Administrative Agent and the other Secured Parties, and their respective successors, assigns, agents and employees, from and against any and all liabilities, damages, penalties, suits, fees, costs, and expenses of any kind and nature (including, without limitation, all expenses of litigation or preparation therefor whether or not the Administrative Agent or any other Secured Party is a party thereto) imposed on, incurred by or asserted against the Administrative Agent or the other Secured Parties, or their respective successors, assigns, agents and employees, in any way relating to or arising out of this Security Agreement, or the manufacture, purchase, acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition, sale, return or other disposition of any Collateral (including, without limitation, latent and other defects, whether or not discoverable by the Administrative Agent or the other Secured Parties or any Grantor, and any claim for Patent, Trademark or Copyright infringement).

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8.20    Counterparts.  This Security Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Security Agreement by signing any such counterpart.  Delivery of an executed counterpart of a signature page of this Security Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Security Agreement.
ARTICLE IX     
NOTICES
9.1    Sending Notices.  Any notice required or permitted to be given under this Security Agreement shall be given in accordance with Section 9.01 of the Credit Agreement.
9.2    Change in Address for Notices.  Each of the Grantors, the Administrative Agent and the other Secured Parties may change the address for service of notice upon it by a notice in writing to the other parties.
ARTICLE X     
THE ADMINISTRATIVE AGENT
JPMorgan Chase Bank, N.A. has been appointed Administrative Agent for the other Secured Parties hereunder pursuant to Article VIII of the Credit Agreement.  It is expressly understood and agreed by the parties to this Security Agreement that any authority conferred upon the Administrative Agent hereunder is subject to the terms of the delegation of authority made by the Secured Parties to the Administrative Agent pursuant to the Credit Agreement, and that the Administrative Agent has agreed to act (and any successor Administrative Agent shall act) as such hereunder only on the express conditions contained in such Article VIII.  Any successor Administrative Agent appointed pursuant to Article VIII of the Credit Agreement shall be entitled to all the rights, interests and benefits of the Administrative Agent hereunder.
[Signature Pages Follow]

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IN WITNESS WHEREOF, the Grantors and the Administrative Agent have executed this Security Agreement as of the date first above written.
GRANTORS:
ARCHROCK PARTNERS OPERATING LLC
By:    /s/ David S. Miller    
Name:    David S. Miller
		
	Title:
	Senior Vice President and Chief Financial Officer

ARCHROCK PARTNERS, L.P.
By:    /s/ David S. Miller    
Name:    David S. Miller
		
	Title:
	Senior Vice President and Chief Financial Officer

ARCHROCK PARTNERS FINANCE CORP.
By:    /s/ David S. Miller    
Name:    David S. Miller
		
	Title:
	Senior Vice President and Chief Financial Officer

ARCHROCK PARTNERS LEASING LLC
By:    /s/ David S. Miller    
Name:    David S. Miller
		
	Title:
	Senior Vice President and Chief Financial Officer

SIGNATURE PAGE TO SECURITY AGREEMENT
(ARCHROCK PARTNERS OPERATING LLC)

US 4925849v.8

JPMORGAN CHASE BANK, N.A.,
as Administrative Agent
By:    /s/ Andrew G. Ray    
Name:    Andrews G. Ray
Title:    Authorized Officer

SIGNATURE PAGE TO SECURITY AGREEMENT
(ARCHROCK PARTNERS OPERATING LLC)

US 4925849v.8Exhibit 10.1

 EXHIBIT 10.1 

EXECUTION VERSION 
 LOAN
AGREEMENT 
 Dated as of March 30, 2017 

among 
 HOME SFR BORROWER II,
LLC, 
 as Borrower, 

VACA MORADA PARTNERS, LP, 

as a Lender, 
 MSR II, L.P.,

 as a Lender 
 and 

AMHERST SFR LENDER, LLC, 

as Agent 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	Article I - DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	 	1	 
			
	    Section 1.1	 	 Definitions
	  	 	1	 
	    Section 1.2	 	 Principles of Construction
	  	 	47	 
		
	Article II - GENERAL TERMS	  	 	47	 
			
	    Section 2.1	 	 Loan Commitment; Disbursement to Borrower
	  	 	47	 
			
	        2.1.1	 	 Agreement to Lend and Borrow
	  	 	47	 
	        2.1.2	 	 Components of the Loan
	  	 	47	 
	        2.1.3	 	 Single Disbursements to Borrower
	  	 	47	 
	        2.1.4	 	 The Note, Mortgages and Loan Documents
	  	 	47	 
	        2.1.5	 	 Use of Proceeds
	  	 	47	 
	        2.1.6	 	 Additional Loan
	  	 	48	 
			
	    Section 2.2	 	 Interest Rate
	  	 	48	 
			
	        2.2.1	 	 Interest Rate
	  	 	48	 
	        2.2.2	 	 Interest Calculation
	  	 	48	 
	        2.2.3	 	 Determination of Interest Rate
	  	 	48	 
	        2.2.4	 	 Additional Costs
	  	 	50	 
	        2.2.5	 	 Default Rate
	  	 	50	 
	        2.2.6	 	 Usury Savings
	  	 	51	 
	        2.2.7	 	 Interest Rate Cap Agreement
	  	 	51	 
			
	    Section 2.3	 	 Loan Payment
	  	 	53	 
			
	        2.3.1	 	 Monthly Debt Service Payments
	  	 	53	 
	        2.3.2	 	 Payments Generally
	  	 	53	 
	        2.3.3	 	 Payment on Maturity Date
	  	 	53	 
	        2.3.4	 	 Late Payment Charge
	  	 	53	 
	        2.3.5	 	 Method and Place of Payment
	  	 	54	 
			
	    Section 2.4	 	 Prepayments
	  	 	54	 
			
	        2.4.1	 	 Voluntary Prepayments
	  	 	54	 
	        2.4.2	 	 Mandatory Prepayments
	  	 	54	 
	        2.4.3	 	 Prepayments After Default
	  	 	58	 
	        2.4.4	 	 Prepayment/Repayment Conditions
	  	 	59	 
			
	    Section 2.5	 	 Release of Property
	  	 	61	 

  
 - i - 

							
			
	    Section 2.6	 	 Rent Deposit Account
	  	 	63	 
			
	    Section 2.7	 	 Cash Management
	  	 	64	 
			
	        2.7.1	 	 Cash Management Account
	  	 	64	 
	        2.7.2	 	 Order of Priority of Funds in Cash Management Account
	  	 	65	 
	        2.7.3	 	 Application During Event of Default
	  	 	67	 
	        2.7.4	 	 Payments Received in the Cash Management Account
	  	 	67	 
			
	    Section 2.8	 	 Withholding Taxes
	  	 	67	 
			
	    Section 2.9	 	 Extension of the Initial Maturity Date
	  	 	71	 
		
	Article III - REPRESENTATIONS AND WARRANTIES	  	 	72	 
			
	    Section 3.1	 	 General Representations
	  	 	72	 
			
	        3.1.1	 	 Organization
	  	 	72	 
	        3.1.2	 	 Proceedings
	  	 	72	 
	        3.1.3	 	 No Conflicts
	  	 	73	 
	        3.1.4	 	 Litigation
	  	 	73	 
	        3.1.5	 	 Agreements
	  	 	73	 
	        3.1.6	 	 Consents
	  	 	73	 
	        3.1.7	 	 Solvency
	  	 	74	 
	        3.1.8	 	 Other Debt
	  	 	74	 
	        3.1.9	 	 Employee Benefit Matters
	  	 	74	 
	        3.1.10	 	 Compliance with Legal Requirements
	  	 	75	 
	        3.1.11	 	 Financial Information
	  	 	75	 
	        3.1.12	 	 Insurance
	  	 	76	 
	        3.1.13	 	 Tax Filings
	  	 	76	 
	        3.1.14	 	 Certificate of Compliance; Licenses
	  	 	76	 
	        3.1.15	 	 Special Purpose Entity/Separateness
	  	 	76	 
	        3.1.16	 	 Management
	  	 	77	 
	        3.1.17	 	 Illegal Activity
	  	 	77	 
	        3.1.18	 	 No Change in Facts or Circumstances; Disclosure
	  	 	77	 
	        3.1.19	 	 Investment Company Act
	  	 	77	 
	        3.1.20	 	 Federal Reserve Regulations
	  	 	77	 
	        3.1.21	 	 Bank Holding Company
	  	 	78	 
	        3.1.22	 	 FIRPTA
	  	 	78	 
	        3.1.23	 	 Contracts
	  	 	78	 
	        3.1.24	 	 Embargoed Person
	  	 	78	 

  
 - ii - 

							
	        3.1.25	 	 Perfection Representations
	  	 	78	 
			
	    Section 3.2	 	 Property Representations
	  	 	79	 
			
	        3.2.1	 	 Property/Title
	  	 	79	 
	        3.2.2	 	 Adverse Claims
	  	 	80	 
	        3.2.3	 	 Title Insurance Owner’s Policy
	  	 	80	 
	        3.2.4	 	 Deed
	  	 	80	 
	        3.2.5	 	 Mortgage File Required Documents
	  	 	80	 
	        3.2.6	 	 Property Taxes and HOA Fees
	  	 	81	 
	        3.2.7	 	 Compliance with Renovation Standards
	  	 	81	 
	        3.2.8	 	 Condemnation; Physical Condition
	  	 	81	 
	        3.2.9	 	 Brokers
	  	 	81	 
	        3.2.10	 	 Leasing
	  	 	81	 
	        3.2.11	 	 Insurance
	  	 	82	 
	        3.2.12	 	 Lawsuits, Etc
	  	 	82	 
	        3.2.13	 	 Orders, Injunctions, Etc
	  	 	82	 
	        3.2.14	 	 Agreements Relating to the Properties
	  	 	82	 
	        3.2.15	 	 Accuracy of Information Regarding Property
	  	 	83	 
	        3.2.16	 	 Compliance with Legal Requirements
	  	 	83	 
	        3.2.17	 	 Utilities and Public Access
	  	 	83	 
	        3.2.18	 	 Eminent Domain
	  	 	83	 
	        3.2.19	 	 Flood Zone
	  	 	83	 
	        3.2.20	 	 Specified Liens
	  	 	84	 
			
	    Section 3.3	 	 Survival of Representations
	  	 	84	 
		
	Article IV - BORROWER COVENANTS	  	 	84	 
			
	    Section 4.1	 	 Affirmative Covenants
	  	 	84	 
			
	        4.1.1	 	 Preservation of Existence
	  	 	84	 
	        4.1.2	 	 Compliance with Legal Requirements
	  	 	84	 
	        4.1.3	 	 Special Purpose Bankruptcy Remote Entity/Separateness
	  	 	84	 
	        4.1.4	 	 Non-Property Taxes
	  	 	85	 
	        4.1.5	 	 Access to the Properties
	  	 	86	 
	        4.1.6	 	 Cooperate in Legal Proceedings
	  	 	86	 
	        4.1.7	 	 Perform Loan Documents
	  	 	86	 
	        4.1.8	 	 Award and Insurance Benefits
	  	 	86	 
	        4.1.9	 	 Security Interest; Further Assurances
	  	 	86	 

  
 - iii - 

							
	        4.1.10	 	 Keeping of Books and Records
	  	 	86	 
	        4.1.11	 	 Business and Operations
	  	 	87	 
	        4.1.12	 	 Loan Proceeds
	  	 	87	 
	        4.1.13	 	 Performance by Borrower
	  	 	87	 
	        4.1.14	 	 Leasing Matters
	  	 	87	 
	        4.1.15	 	 Borrower’s Operating Account
	  	 	87	 
	        4.1.16	 	 Security Deposits
	  	 	87	 
	        4.1.17	 	 Investment of Funds in Cash Management Account, Subaccounts, Rent Deposit Account and Security
Deposit Account
	  	 	88	 
	        4.1.18	 	 Operation of Property
	  	 	89	 
	        4.1.19	 	 Anti-Money Laundering
	  	 	90	 
	        4.1.20	 	 Embargoed Persons
	  	 	90	 
	        4.1.21	 	 ERISA Matters
	  	 	90	 
	        4.1.22	 	 Contribution of Property to Borrower TRS
	  	 	91	 
			
	    Section 4.2	 	 Negative Covenants
	  	 	91	 
			
	        4.2.1	 	 Operation of Property
	  	 	91	 
	        4.2.2	 	 Indebtedness
	  	 	91	 
	        4.2.3	 	 Liens
	  	 	92	 
	        4.2.4	 	 Limitation on Investments
	  	 	92	 
	        4.2.5	 	 Limitation on Issuance of Equity Interests
	  	 	92	 
	        4.2.6	 	 Restricted Junior Payments
	  	 	92	 
	        4.2.7	 	 Principal Place of Business, State of Organization
	  	 	92	 
	        4.2.8	 	 Dissolution
	  	 	93	 
	        4.2.9	 	 Change In Business
	  	 	93	 
	        4.2.10	 	 Debt Cancellation
	  	 	93	 
	        4.2.11	 	 Changes to Accounts
	  	 	93	 
	        4.2.12	 	 Zoning
	  	 	94	 
	        4.2.13	 	 No Joint Assessment
	  	 	94	 
	        4.2.14	 	 Limitation on Transactions with Affiliates
	  	 	94	 
	        4.2.15	 	 ERISA
	  	 	94	 
	        4.2.16	 	 No Embargoed Persons
	  	 	94	 
	        4.2.17	 	 Transfers
	  	 	95	 
			
	    Section 4.3	 	 Reporting Covenants
	  	 	98	 
			
	        4.3.1	 	 Financial Reporting
	  	 	98	 
	        4.3.2	 	 Annual Budget
	  	 	100	 

  
 - iv - 

							
	        4.3.3	 	 Reporting on Adverse Effects
	  	 	100	 
	        4.3.4	 	 Litigation
	  	 	101	 
	        4.3.5	 	 Event of Default
	  	 	101	 
	        4.3.6	 	 Other Defaults
	  	 	101	 
	        4.3.7	 	 Properties Schedule
	  	 	101	 
	        4.3.8	 	 Disqualified Properties
	  	 	102	 
	        4.3.9	 	 Security Deposits in Cash Management Account
	  	 	102	 
	        4.3.10	 	 Advance Rents Received
	  	 	102	 
	        4.3.11	 	 Rent Refunds
	  	 	102	 
	        4.3.12	 	 ERISA Matters
	  	 	102	 
	        4.3.13	 	 Leases
	  	 	103	 
	        4.3.14	 	 Periodic Rating Agency Information
	  	 	103	 
	        4.3.15	 	 Other Reports
	  	 	103	 
	        4.3.16	 	 HOA Reporting
	  	 	104	 
			
	    Section 4.4	 	 Property Covenants
	  	 	105	 
			
	        4.4.1	 	 Ownership of the Property
	  	 	105	 
	        4.4.2	 	 Liens Against the Property
	  	 	105	 
	        4.4.3	 	 Condition of the Property
	  	 	105	 
	        4.4.4	 	 Compliance with Legal Requirements
	  	 	106	 
	        4.4.5	 	 Property Taxes and HOA Fees
	  	 	106	 
	        4.4.6	 	 Compliance with Agreements Relating to the Properties
	  	 	107	 
	        4.4.7	 	 Leasing
	  	 	107	 
	        4.4.8	 	 Verification of HOA Payments
	  	 	107	 
		
	Article V - INSURANCE; CASUALTY; CONDEMNATION	  	 	108	 
			
	    Section 5.1	 	 Insurance
	  	 	108	 
			
	        5.1.1	 	 Insurance Policies
	  	 	108	 
			
	    Section 5.2	 	 Casualty
	  	 	112	 
			
	    Section 5.3	 	 Condemnation
	  	 	113	 
			
	    Section 5.4	 	 Restoration
	  	 	114	 
		
	Article VI - RESERVE FUNDS	  	 	119	 
			
	    Section 6.1	 	 Tax Funds; HOA Funds
	  	 	119	 
			
	        6.1.1	 	 Deposits of Tax Funds
	  	 	119	 
	        6.1.2	 	 Release of Tax Funds
	  	 	120	 
	        6.1.3	 	 Special Reserve of Tax Funds
	  	 	120	 

  
 - v - 

							
	        6.1.4	 	 Deposits of HOA Funds
	  	 	120	 
	        6.1.5	 	 Release of HOA Funds
	  	 	121	 
			
	    Section 6.2	 	 Insurance Funds
	  	 	121	 
			
	        6.2.1	 	 Deposits of Insurance Funds
	  	 	121	 
	        6.2.2	 	 Release of Insurance Funds
	  	 	121	 
	        6.2.3	 	 Acceptable Blanket Policy
	  	 	121	 
			
	    Section 6.3	 	 Capital Expenditure Funds
	  	 	122	 
			
	        6.3.1	 	 Deposits of Capital Expenditure Funds
	  	 	122	 
	        6.3.2	 	 Release of Capital Expenditure Funds
	  	 	122	 
			
	    Section 6.4	 	 Casualty and Condemnation Subaccount
	  	 	122	 
			
	    Section 6.5	 	 Eligibility Reserve Subaccount
	  	 	122	 
			
	        6.5.1	 	 Deposit of Eligibility Funds
	  	 	123	 
	        6.5.2	 	 Release of Eligibility Funds
	  	 	123	 
			
	    Section 6.6	 	 Cash Collateral
	  	 	123	 
			
	        6.6.1	 	 Cash Collateral Subaccount
	  	 	123	 
	        6.6.2	 	 Withdrawal of Cash Collateral Funds
	  	 	123	 
	        6.6.3	 	 Release of Cash Collateral Funds
	  	 	124	 
	        6.6.4	 	 Extraordinary Expense
	  	 	124	 
			
	    Section 6.7	 	 Advance Rent Funds
	  	 	124	 
			
	        6.7.1	 	 Deposits of Advance Rent Funds
	  	 	124	 
	        6.7.2	 	 Release of Advance Rent Funds
	  	 	125	 
			
	    Section 6.8	 	 Reserve Funds, Generally
	  	 	125	 
		
	Article VI - DEFAULTS	  	 	126	 
			
	    Section 7.1	 	 Event of Default
	  	 	126	 
			
	    Section 7.2	 	 Remedies
	  	 	129	 
			
	    Section 7.3	 	 Remedies Cumulative; Waivers
	  	 	130	 
			
	    Section 7.4	 	 Lender’s Right to Perform
	  	 	130	 
		
	Article VIII - SECURITIZATION / FINANCING	  	 	131	 
			
	    Section 8.1	 	 Securitization and Financing
	  	 	131	 
			
	        8.1.1	 	 Sale of Notes and Securitization
	  	 	131	 
	        8.1.2	 	 Securitization Costs
	  	 	134	 
			
	    Section 8.2	 	 Securitization Indemnification
	  	 	134	 
			
	    Section 8.3	 	 Servicer
	  	 	137	 
		
	Article IX - MISCELLANEOUS	  	 	137	 

  
 - vi - 

							
			
	    Section 9.1	 	 Successors
	  	 	138	 
			
	    Section 9.2	 	 Lender’s Discretion; Rating Agency Review Waiver
	  	 	138	 
			
	    Section 9.3	 	 Governing Law
	  	 	138	 
			
	    Section 9.4	 	 Modification, Waiver in Writing
	  	 	139	 
			
	    Section 9.5	 	 Notices
	  	 	139	 
			
	    Section 9.6	 	 Trial by Jury
	  	 	140	 
			
	    Section 9.7	 	 Headings
	  	 	140	 
			
	    Section 9.8	 	 Severability
	  	 	140	 
			
	    Section 9.9	 	 Remedies of Borrower
	  	 	140	 
			
	    Section 9.10	 	 Offsets
	  	 	141	 
			
	    Section 9.11	 	 No Joint Venture
	  	 	141	 
			
	    Section 9.12	 	 Conflict; Construction of Documents
	  	 	141	 
			
	    Section 9.13	 	 Brokers and Financial Advisors
	  	 	141	 
			
	    Section 9.14	 	 Counterparts
	  	 	141	 
			
	    Section 9.15	 	 General Indemnity; Payment of Expenses
	  	 	141	 
			
	    Section 9.16	 	 No Third-Party Beneficiaries
	  	 	144	 
			
	    Section 9.17	 	 Exculpation of Lender
	  	 	144	 
			
	    Section 9.18	 	 No Fiduciary Duty
	  	 	144	 
			
	    Section 9.19	 	 Patriot Act Records
	  	 	146	 
			
	    Section 9.20	 	 Prior Agreements
	  	 	146	 
			
	    Section 9.21	 	 Publicity
	  	 	146	 
			
	    Section 9.22	 	 Delay Not a Waiver
	  	 	146	 
			
	    Section 9.23	 	 Schedules and Exhibits Incorporated
	  	 	147	 
			
	    Section 9.24	 	 Document Delivery
	  	 	147	 
			
	    Section 9.25	 	 Cross Default; Cross Collateralization; Waiver of Marshalling of Assets
	  	 	147	 
			
	    Section 9.26	 	 Survival
	  	 	147	 
			
	    Section 9.27	 	 State Specific Provisions
	  	 	148	 
			
	        9.27.1	 	 Florida
	  	 	148	 
	        9.27.2	 	 Georgia
	  	 	148	 
	        9.27.3	 	 Indiana
	  	 	148	 
	        9.27.4	 	 Kansas
	  	 	149	 
	        9.27.5	 	 Missouri
	  	 	149	 
	        9.27.6	 	 North Carolina
	  	 	150	 
	        9.27.7	 	 Tennessee
	  	 	150	 

  
 - vii - 

							
			
	    Section 9.28	 	 Preferences
	  	 	151	 
			
	    Section 9.29	 	 Waiver of Notice
	  	 	151	 
		
	Article X – AGENT	  	 	151	 
			
	    Section 10.1	 	 Appointment and Authority
	  	 	151	 
			
	    Section 10.2	 	 Rights as a Lender
	  	 	151	 
			
	    Section 10.3	 	 Exculpatory Provisions
	  	 	151	 
			
	    Section 10.4	 	 Reliance by Agent
	  	 	152	 
			
	    Section 10.5	 	 Delegation of Duties
	  	 	152	 
			
	    Section 10.6	 	 Resignation of Agent
	  	 	152	 
			
	    Section 10.7	 	 Enforcement
	  	 	152	 
			
	    Section 10.8	 	 Collateral and Guaranty Matters
	  	 	153	 
			
	    Section 10.9	 	 Borrower-Agent Interaction
	  	 	153	 
			
	    Section 10.10	 	 Non-Survival of Agency Provisions
	  	 	153	 

  
 - viii - 

 SCHEDULES 

Schedules and Exhibits 
 Schedules: 

 

					
	Schedule I	 	-	  	Allocated Loan Amounts
	Schedule II.A	 	-	  	Closing Date Properties Schedule
	Schedule II.B	 	-	  	Form of Monthly Properties Schedule
	Schedule II.C	 	-	  	Form of Quarterly Investor Rollup Report
	Schedule III	 	-	  	Exceptions to Representations and Warranties
	Schedule IV	 	-	  	Chief Executive Office, Prior Names and Employer Identification Number
	Schedule V	 	-	  	Periodic Rating Agency Information
	Schedule VI	 	-	  	HOME SFR Borrower CMBS Asset Management Fees
	Schedule VII	 	-	  	Applicable HOA Properties
	Schedule VIII	 		  	Prohibited Loan Transferees
	Schedule IX	 		  	Vacant Properties
	Schedule X	 		  	Specified Liens
	Schedule XI	 		  	Components of the Loan
	Schedule XII	 		  	Applicable HOA States

 Exhibits: 
  

					
	Exhibit A	 	-	  	Form of Blocked Account Control Agreement
	Exhibit B	 	-	  	Form of Compliance Certificate
	Exhibit C	 	-	  	Form of Deposit Account Control Agreement
	Exhibit D	 	-	  	Form of Request for Release
	Exhibit E	 	-	  	Form of Closing Date GRC Certificate
	Exhibit F	 	-	  	Form of Securitization Date WLT HOA Certificate
	Exhibit G-1	 	-	  	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit G-2	 	-	  	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit G-3	 	-	  	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit G-4	 	-	  	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

  
 - ix - 

 LOAN AGREEMENT 

THIS LOAN AGREEMENT, dated as of March 30, 2017 (as amended, restated, replaced, supplemented or otherwise modified from time to
time, this “Agreement”), is made by and among HOME SFR BORROWER II, LLC, a Delaware limited liability company, having its principal place of business at c/o Altisource Asset Management Corporation, 36C Strand Street,
Christiansted, VI 00820 (“Borrower”), VACA MORADA PARTNERS, LP, a Delaware limited partnership, (a “Lender”), having its principal place of business at 5001 Plaza on the Lake, Suite 200, Austin, TX 78746,
MSR II, L.P., a Delaware limited partnership, having its principal place of business at 5001 Plaza on the Lake, Suite 200, Austin, TX 78746, (a “Lender” and together with Vaca Morada Partners, LP, collectively, the
“Lender”) and AMHERST SFR LENDER, LLC, a Delaware limited liability company, having an address at 5001 Plaza on the Lake, Suite 200, Austin, TX 78746, as agent (in such capacity as “Agent”). 

W I T N E S S E T H: 

WHEREAS, Borrower desires to obtain the Loan (as hereinafter defined) from Lender; 

WHEREAS, each Lender desires to appoint Amherst SFR Lender, LLC to act as its agent under the Loan Documents as provided in
Section 10.1; and 
 WHEREAS, Lender is willing to make the Loan to Borrower, subject to and in accordance
with the terms of this Agreement and the other Loan Documents (as hereinafter defined). 
 NOW THEREFORE, in consideration of the
making of the Loan by Lender and the covenants, agreements, representations and warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 

ARTICLE I - DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

Section 1.1 Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context
clearly indicates a contrary intent: 
 “Acceptable Blanket Policy” has the meaning set forth in Section
5.1.1(e). 
 “Acceptable Counterparty” means a counterparty to the Interest Rate Cap Agreement (or the guarantor of
such counterparty’s obligations) that (i) has and shall maintain, until the expiration of the applicable Interest Rate Cap Agreement, (A) (x) a long-term unsecured debt rating of not less than “A” by S&P and a short-term
senior unsecured debt rating of at least “A-1” from S&P or (y) if no short-term debt rating exists, a long-term senior unsecured debt rating of at least “A+” from S&P and
(B)(x) a long-term unsecured debt rating of not less than “A2” from Moody’s and a short-term senior unsecured debt rating of at least “P1” from Moody’s or (y) if no short-term debt rating exists, a long-term
senior unsecured debt rating of at least “A1” from Moody’s, or (ii) is otherwise acceptable to the Approved Rating Agencies, as evidenced by a Rating Agency Confirmation to the effect that such counterparty shall not cause a
downgrade, withdrawal or qualification of the ratings assigned, or to be assigned, to the Securities or any class thereof in any Securitization. 

  
 1 

 “Acknowledgment” means the Acknowledgment, dated on or about the Closing Date
made by Counterparty, or as applicable, Acceptable Counterparty with respect to the Interest Rate Cap Agreement. 
 “Actual Rent
Collections” means, for any period of determination, the actual cash collections of Rents in respect of the Properties by Borrower; provided, that collections of Advance Rent shall be allocated to the applicable calendar month
set forth in the Advance Rent Disbursement Schedule. 
 “Additional Insolvency Opinion” means a non-consolidation opinion letter delivered in connection with the Loan subsequent to the Closing Date, in form and substance and from counsel reasonably satisfactory to Lender and, following a Securitization, as to
which a Rating Agency Confirmation has been obtained. 
 “Additional Loan” means a loan extended by Lender to Borrower
pursuant to this Agreement in accordance with Section 2.1.6, which shall be secured by the Properties. 

“Advance Rent” means, for any given month, any Rent that has been prepaid more than thirty (30) days in advance, as
measured from the date of determination. 
 “Advance Rent Disbursement Schedule” means a schedule showing the Payment Dates
to which Advance Rents received by Borrower are applicable and should be disbursed from the Advance Rent Subaccount to the Cash Management Account. 

“Advance Rent Funds” has the meaning set forth in Section 6.7.1. 

“Advance Rent Subaccount” has the meaning set forth in Section 6.7.1. 

“Affected Property” has the meaning set forth in Section 2.4.2(a). 

“Affiliate” means, as to any Person, any other Person that (i) owns directly or indirectly forty-nine percent (49%) or
more of all equity interests in such Person, and/or (ii) is in Control of, is Controlled by or is under common ownership or Control with such Person, and/or (iii) is a director or officer of such Person or of an Affiliate of such Person.

 “Agent” has the meaning set forth in the introductory paragraph hereto, together with its successors and permitted
assigns. 
 “Agreement” has the meaning set forth in the introductory paragraph hereto. 

“Allocated Loan Amount” means for a Property the amount set forth on Schedule I, as the same may be reduced
pursuant to Section 2.4.4(f); provided that (i) if a single Substitute Property is substituted for an Affected Property or portfolio of Affected Properties pursuant to Section 2.4.2(a), then the initial Allocated
Loan Amount of such Substitute Property shall be the Allocated Loan Amount of such Affected Property (or the aggregate Allocated Loan Amounts of such Affected Properties) immediately prior to its (or their) substitution, and (ii) if two
(2) or more Substitute Properties are substituted for an Affected Property or portfolio of Affected Properties pursuant to Section 2.4.2(a), then the initial Allocated Loan Amount of each such

  
 2 

 
Substitute Property shall be a pro rata portion of the Allocated Loan Amount of such Affected Property (or the aggregate Allocated Loan Amounts of such Affected Properties) immediately
prior to its (or their) substitution, with such pro rata portion determined based on the BPO Values of the Substitute Properties. For the avoidance of doubt, in connection with calculating the payments contemplated by this Agreement, Lender
will determine the Allocated Loan Amount for any individual Property as of the date Lender received notice of the prepayment from Borrower. 

“ALTA” means American Land Title Association, or any successor thereto. 

“Annual Budget” means the operating budget, including all planned Capital Expenditures, for the Properties prepared by
Borrower in accordance with Section 4.3.2 for the applicable calendar year, prepared on a month-by-month basis. 

“Anti-Money Laundering Laws” has the meaning set forth in Section 4.1.19. 

“Applicable HOA Properties” means with respect to any Applicable HOA State, (i) all HOA Properties located in such
Applicable HOA State except for any HOA Property (A)(1) as to which any Liens for HOA Fees are expressly subordinated to the Lien of the Mortgage encumbering such Property and (2) the applicable Title Insurance Policy insures against any loss
sustained by Lender if such liens for HOA Fees, including after-arising HOA liens, have Priority with respect to the Lien of the Mortgage that encumbers such Property or (B) with respect to which Borrower (x) delivers on or before the date
of a Securitization to Lender an opinion, satisfactory to Lender, from a nationally recognized law firm (or one with prominent standing in the applicable state) that affirmatively concludes that any Liens for HOA Fees (including future-arising Liens
for HOA Fees) would not have Priority and (y) delivers to Lender an updated legal opinion with the same conclusion (which may be in the form of a bring-down or date-down opinion with respect to an earlier delivered opinion) within twenty
(20) Business Days after June 30 and December 31 of each calendar year, commencing with the first such date after the date of a Securitization, and (ii) all HOA Properties located in such Applicable HOA State designated as an
Applicable HOA Property pursuant to Section 4.3.16(b). 
 “Applicable HOA State” means (i) a state in which,
pursuant to applicable Legal Requirements, (A) a Lien in favor of an HOA may be created through the non-payment of HOA Fees assessed against a Property by such HOA and (B) any such Lien would have
Priority or (ii) a state designated as an Applicable HOA State pursuant to Section 4.3.16(b). For the avoidance of doubt, if any reported decision of a state appellate court would result in the foregoing clauses (i)(A) and
(i)(B) applying in such state or if the legal opinion described in clause (B)(x) of the definition of “Applicable HOA Properties” in respect of a state is conditioned on the presence of subordination language or the absence of
provisions which would otherwise allow a Lien for HOA Fees to extinguish the Lien of a mortgage upon the valid and proper foreclosure of such Lien for HOA Fee, then such state shall constitute an Applicable HOA State. 

“Approved Annual Budget” has the meaning set forth in Section 4.3.2. 

  
 3 

 “Approved Capital Expenditures” means Capital Expenditures incurred by Borrower
and either (i) if no Cash Sweep Period is continuing, included in the Annual Budget or, if during a Cash Sweep Period, in an Approved Annual Budget or (ii) approved by Lender, which approval shall not be unreasonably withheld, conditioned
or delayed. For the avoidance of doubt, any budgeted Capital Expenditure amount for a calendar month may be carried forward if unused in such calendar month; provided, however, no such unused amount may be carried over
from the last calendar month of any Approved Annual Budget to the first calendar month of the next Approved Annual Budget. 

“Approved Extraordinary Expense” has the meaning set forth in Section 6.6.4. 

“Approved Initial Budget” has the meaning set forth in Section 4.3.2. 

“Approved Rating Agencies” means each of the nationally-recognized statistical rating agencies which has been approved by
Lender and designated by Lender to assign a rating to the Securities. 
 “Assignment of Management Agreement” means an
Assignment of Management Agreement and Subordination of Management Fees among Lender, Borrower and Manager, substantially in the form delivered on the Closing Date by Borrower, Existing Manager and Lender, as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time. 
 “Assumed Note Rate” means with respect to each Floating
Rate Component of the Loan, an interest rate equal to the sum of (A) one half of one percent (0.50%) plus (B) the applicable Floating Rate Component Spread, plus (C) LIBOR as determined on the preceding Determination
Date. 
 “Available Cash” has the meaning set forth in Section 2.7.2(k). 

“Award” means any compensation paid by any Governmental Authority in connection with a Condemnation. 

“Bankruptcy Action” means, with respect to any Person: 

(i) such Person shall fail generally to pay its debts as they come due, or shall make a general assignment for the benefit of creditors; or any
case or other proceeding shall be instituted by such Person seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of it or its
debts under the Bankruptcy Code; or such Person shall take any corporate, limited partnership or limited liability company action to authorize any of such actions; or 

(ii) a case or other proceeding shall be commenced, without the application or consent of such Person in any court seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or
substantially all of its assets, or any similar action with respect to such Person under the Bankruptcy Code, and (A) such case or proceeding shall continue undismissed, or unstayed and 

  
 4 

 
in effect, for a period of sixty (60) consecutive days or (B) an order for relief in respect of such Person shall be entered in such case or proceeding or a decree or order granting
such other requested relief shall be entered. 
 “Bankruptcy Code” means Title 11 of the United States Code,
11 U.S.C. §101, et seq., as the same may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to
bankruptcy, insolvency or creditors’ rights or any other Federal, state, local or foreign bankruptcy or insolvency law. 

“Blocked Account Control Agreement” means the Cash Management Agreement among Borrower, Cash Management Account Bank and
Lender providing for the exclusive control of the Cash Management Account and all other Subaccounts by Lender, substantially in the form of Exhibit A or such other form as may be reasonably acceptable to Lender, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time. 
 “Borrower” has the meaning set forth in the
introductory paragraph hereto, together with its successors and permitted assigns. 
 “Borrower Entities” means,
collectively, the Borrower, the Tranche 2 Borrower, and the Tranche 3 Borrower, and “Borrower Entity” means any of them individually. 

“Borrower Security Agreement” means that certain Security Agreement, dated as of the Closing Date, executed by
Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Borrower’s Operating Account” has the meaning set forth in Section 4.1.15. 

“Borrower TRS” means HOME TRS II, LLC, a wholly-owned Delaware limited liability company, subsidiary of Borrower that is
treated for U.S. federal income tax purposes as a “taxable REIT subsidiary”. 
 “Borrower TRS Entities” means,
collectively, the Borrower TRS, the Tranche 2 Borrower TRS and the Tranche 3 Borrower TRS, and “Borrower TRS Entity” means any of them individually. 

“Borrower TRS Guaranty” means that certain Guaranty (Borrower TRS), dated as of the Closing Date, executed by Borrower TRS in
favor of Lender. 
 “Borrower TRS Security Agreement” means that certain Security Agreement (Borrower TRS), dated as of the
Closing Date, executed by Borrower TRS in favor of Lender. 
 “Borrower TRS’s Permitted Indebtedness” has the meaning
set forth in Section 4.2.2. 
 “BPO Value” means, with respect to any Property, the “as
is” value for such Property set forth in a Broker Price Opinion obtained by Lender with respect to a Property. 

  
 5 

 “Breakage Costs” has the meaning set forth in Section 2.2.3(e). 

“Broker Price Opinion” means a broker price opinion obtained by Lender. 

“Business Day” means any day other than a Saturday, Sunday or any other day on which national banks in New York, New York,
the State of Texas or the place of business of the trustee under a Securitization, if applicable, or any Servicer or the financial institution that maintains any collection account for or on behalf of any Servicer or any Reserve Funds or the Federal
Reserve Bank of New York are not open for business. 
 “Calculation Date” means the last day of each calendar quarter
during the Term, commencing with the calendar quarter ended June 30, 2017. 
 “Cap Receipts” means all amounts
received by Borrower pursuant to an Interest Rate Cap Agreement. 
 “Capital Expenditure Funds” has the meaning set
forth in Section 6.3.1. 
 “Capital Expenditure Subaccount” has the meaning set forth
in Section 6.3.1. 
 “Capital Expenditures” means, for any period, the amount expended for items
capitalized under GAAP (including expenditures for building improvements, major repairs, and leasing commissions). 
 “Carry-Over
Property” means, as of any date of determination, a Property that is occupied by a Carry-Over Tenant at such date of determination. 

“Carry-Over Tenant” means, as of any date of determination, one or more individuals who, at the time of acquisition of a
Property by the Borrower, occupied such Property. 
 “Cash Collateral Floor” has the meaning set forth in
Section 6.6.2. 
 “Cash Collateral Funds” has the meaning set forth in
Section 6.6.1. 
 “Cash Collateral Subaccount” has the meaning set forth in
Section 6.6.1. 
 “Cash Management Account” has the meaning set forth in Section 2.7.1(a).

 “Cash Management Account Bank” means the Eligible Institution selected by Lender to maintain the Cash Management
Account. 
 “Cash Sweep Period” shall commence upon the occurrence of (i) an Event of Default or (ii) the
commencement of a Low Debt Yield Period; and shall end if, (A) with respect to a Cash Sweep Period continuing pursuant to clause (i), the Event of Default commencing the Cash Sweep Period has been cured and such cure has been accepted by
Lender (and no other Event of Default is then continuing) or (B) with respect to a Cash Sweep Period continuing due to clause (ii), the Low Debt Yield Period has ended pursuant to the terms hereof. 

  
 6 

 “Casualty” has the meaning set forth in Section 5.2.

 “Casualty and Condemnation Funds” has the meaning set forth in Section 6.4. 

“Casualty and Condemnation Subaccount” has the meaning set forth in Section 6.4. 

“Casualty Consultant” has the meaning set forth in Section 5.4(d)(iii). 

“Casualty Retainage” has the meaning set forth in Section 5.4(d)(iv). 

“Casualty Threshold Amount” means, with respect to all Casualties arising from any single Casualty event, an amount
equal to two percent (2%) of the Outstanding Principal Balance as of the date of such Casualty Event. 
 “Closing Date”
means the date of the funding of the Initial Loan. 
 “Closing Date Debt Yield” means 7.42%. 

“Closing Date GRC Certificate” means a certificate from GRC in substantially the form of Exhibit E executed and
delivered on the Closing Date without any material exceptions. 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Collateral” means, collectively, all of the real, personal and mixed property in which Liens are purported to
be granted pursuant to the Collateral Documents as security for the Obligations. 
 “Collateral Assignment of Interest Rate Cap
Agreement” has the meaning set forth in Section 2.2.7(a). 
 “Collateral Assignment of Leases and Rents”
means a Collateral Assignment of Leases and Rents for each Property or for multiple Properties located within the same county or parish, dated as of the Closing Date (or, in connection with a Property which is a Substitute Property, dated as of the
date of the substitution), executed and delivered by Borrower, constituting an assignment of the Lease or the Leases, as applicable, and the proceeds thereof as Collateral for the Loan, as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time. The Collateral Assignment of Leases and Rents may be included as part of the Mortgage for such Property or Properties. 

“Collateral Documents” means the Borrower Security Agreement, the Equity Owner Security Agreement, the Borrower TRS Security
Agreement, the Blocked Account Control Agreement, each Deposit Account Control Agreement, each Collateral Assignment of Interest Rate Cap Agreement, each Assignment of Management Agreement, each Mortgage Document and all other instruments, documents
and agreements delivered by any Loan Party pursuant to this Agreement or any of the other Loan Documents in order to grant to Lender a Lien on any real, personal or mixed property of that Loan Party as security for the Obligations, as the same may
be (and each of the foregoing defined terms shall refer to such documents as they may be) amended, restated, replaced, supplemented or otherwise modified from time to time. 

  
 7 

 “Collections” means, without duplication, with respect to any Property, all
Rents, Insurance Proceeds (whether or not Lender elects to treat any such Insurance Proceeds as business or rental interruption Insurance Proceeds pursuant to Section 5.4(d) but subject to the rights of Borrower to retain
and/or apply any such Insurance Proceeds under Article V), Condemnation Proceeds (subject to the rights of Borrower to retain and/or apply any such Condemnation Proceeds under Article V), Net Transfer Proceeds, Cap Receipts, interest
on amounts on deposit in the Cash Management Account and on the Reserve Funds, amounts paid by Borrower (or Borrower TRS) to the Cash Management Account pursuant to this Agreement, and all other payments received with respect to such Property and
all “proceeds” (as defined in Section 9-102 of the UCC) of such Property. For the avoidance of doubt, Collections shall not include security deposits that have not been forfeited by the
applicable Tenant. 
 “Combined Loan Agreement” has the meaning set forth in Section 8.1.1(c). 

“Compliance Certificate” means the certificate in the form attached hereto as Exhibit B. 

“Component” means individually or collectively, as the context may require, Component A, Component B, Component C,
Component D, Component E, Component F, Component G and Component H each as more particularly set forth in Section 2.1.2. 

“Component Outstanding Principal Balance” means, as of any given date, with respect to each Component, the outstanding
principal balance of such Component. 
 “Concessions” means, for any period of determination, the concessions (other than
free Rent) provided with respect to the Properties by Borrower, as determined in accordance with GAAP. 
 “Condemnation”
means a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of any Property, or any interest therein or right
accruing thereto, including any right of access thereto or any change of grade affecting such Property or any part thereof. 

“Condemnation Proceeds” has the meaning set forth in the definition of “Net Proceeds”. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Contest Security” means any security delivered to Lender by Borrower
under Section 4.1.3 or Section 4.4.5. 
 “Control” means the
possession, directly or indirectly, of the power to direct or cause the direction of management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and
“Controlling” shall have correlative meanings. 

  
 8 

 “Counterparty” means, with respect to the Interest Rate Cap Agreement and with
respect to any Replacement Interest Rate Cap Agreement, any Acceptable Counterparty thereunder. 
 “Counterparty
Opinion” has the meaning set forth in Section 2.2.7(e). 
 “Covered Disclosure Information”
has the meaning set forth in Section 8.1.1(b). 
 “Covered Rating Agency Information” has the meaning set forth
in Section 9.15(g). 
 “Cure Period” means, with respect to the failure of any Property to qualify as an Eligible
Property if such failure is reasonably susceptible of cure, except for a failure under Section 3.2.20, a period of thirty (30) days after the earlier of actual knowledge of such condition by a Responsible Officer of
Borrower or notice thereof by Lender to Borrower; provided that, if Borrower is diligently pursuing such cure during such thirty (30) day period and such failure is susceptible of cure but cannot reasonably be cured within such
thirty (30) day period, then such cure period shall be extended for another ninety (90) days so long as Borrower continues to diligently pursue such cure and, provided, further, that if the Obligations have been
accelerated pursuant to Section 7.1(b), then the cure period hereunder shall be reduced to zero (0) days. If any failure of any Property to qualify as an Eligible Property is not reasonably susceptible of cure, then no cure period shall
be available. If any failure of any Property to qualify as an Eligible Property is due to a Voluntary Action, then no cure period shall be available. 

“Cut-Off Date” means, for purposes of this Agreement, the Closing Date. 

“Damages” to a Person means any and all liabilities, obligations, losses, demands, damages, penalties, assessments, actions,
causes of action, judgments, proceedings, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including reasonable attorneys’ fees and other costs of defense and/or enforcement whether or not suit is brought),
fines, charges, fees, settlement costs and disbursements imposed on, incurred by or asserted against such party, whether based on any federal, state, local or foreign laws, statutes, rules or regulations (including securities and commercial laws,
statutes, rules or regulations and environmental laws), on common law or equitable cause or on contract or otherwise; provided, however, that “Damages” shall not include special, consequential or punitive
damages, except to the extent imposed upon Lender by one or more third parties. 
 “Debt” means the outstanding principal
amount set forth in, and evidenced by, this Agreement and the Note together with all interest accrued and unpaid thereon and all other sums (including, but not limited to, any Spread Maintenance Payment, any Interest Shortfall and/or Breakage Costs,
if applicable) due to Lender in respect of the Loan under the Note, this Agreement, the Mortgage Documents, the Environmental Indemnity or any other Loan Document. 

“Debt Service” means, with respect to any period of determination, the interest payments due under the Note for such period.

 “Debt Service Coverage Ratio” means, as of any date of determination, a ratio in which: 

  
 9 

 (i) the numerator is the Underwritten Net Cash Flow calculated for the twelve (12) month
period ending on the Initial Maturity Date or the Extended Maturity Date, as applicable; and 
 (ii) the denominator is the aggregate debt
service for the twelve (12) month period following such date of determination, calculated as the sum of (A) with respect to Component A, the product of (1) the Component Outstanding Principal Balance for Component A as of such date
and (2) an interest rate equal to the sum of (x) the Floating Rate Component Spread for Component A and (y) the Strike Price described in clause (ii) of the definition of Strike Price, (B) with respect to Component B, the
product of (1) the Component Outstanding Principal Balance for Component B as of such date and (2) an interest rate equal to the sum of (x) the Floating Rate Component Spread for Component B and (y) the Strike Price described in
clause (ii) of the definition of Strike Price, (C) with respect to Component C, the product of (1) the Component Outstanding Principal Balance for Component C as of such date and (2) an interest rate equal to the sum of
(x) the Floating Rate Component Spread for Component C and (y) the Strike Price described in clause (ii) of the definition of Strike Price, (D) with respect to Component D, the product of (1) the Component Outstanding
Principal Balance for Component D as of such date and (2) an interest rate equal to the sum of (x) the Floating Rate Component Spread for Component D and (y) the Strike Price described in clause (ii) of the definition of Strike
Price, (E) with respect to Component E, the product of (1) the Component Outstanding Principal Balance for Component E as of such date and (2) an interest rate equal to the sum of (x) the Floating Rate Component Spread for
Component E and (y) the Strike Price described in clause (ii) of the definition of Strike Price, (F) with respect to Component F, the product of (1) the Component Outstanding Principal Balance for Component F as of such date and
(2) an interest rate equal to the sum of (x) the Floating Rate Component Spread for Component F and (y) the Strike Price described in clause (ii) of the definition of Strike Price, (G) with respect to Component G, the
product of (1) the Component Outstanding Principal Balance for Component G as of such date and (2) an interest rate equal to the sum of (x) the Floating Rate Component Spread for Component G and (y) the Strike Price described in
clause (ii) of the definition of Strike Price, (H) with respect to Component H, the product of (1) the Component Outstanding Principal Balance for Component H as of such date and (2) an interest rate equal to the sum of
(x) the Floating Rate Component Spread for Component H and (y) the Strike Price described in clause (ii) of the definition of Strike Price, and (I) the regular monthly Trust Certificate Administration Fee and Trustee
Administration Fee under any Servicing Agreement. 
 “Debt Yield” means, as of any date of determination, a fraction
expressed as a percentage in which: 
 (i) the numerator is the Underwritten Net Cash Flow; and 

(ii) the denominator is the Outstanding Principal Balance. 

“Default” means the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or
passage of time, or both, would be an Event of Default. 

  
 10 

 “Default Rate” means, with respect to each Floating Rate Component of the Loan,
a rate per annum equal to the lesser of (i) the Maximum Legal Rate or (ii) three percent (3%) above the Interest Rate applicable to such Component. 

“Deposit Account Control Agreement” means the Deposit Account Control Agreement dated the Closing Date among Borrower,
Lender, Agent, and a Rent Deposit Bank, providing for springing control by Lender, substantially in the form set forth as Exhibit C attached hereto or such other form as may be reasonably acceptable to Lender, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time. 
 “Designated HOA Properties” means, with
respect to any state, HOA Properties located in such state that (i) were not Applicable HOA Properties on the date of any Securitization, (ii) become Applicable HOA Properties after the date of any Securitization and (iii) all such
Applicable HOA Properties are designated by Borrower to Lender in writing as Designated HOA Properties. 
 “Determination
Date” means, with respect to each Interest Period, the date that is two (2) London Business Days prior to the commencement date of such Interest Period. 

“Disclosure Documents” means, collectively, any written materials used or provided to any prospective investors and/or the
Approved Rating Agencies in connection with any public offering or private placement in connection with a Securitization (including, without limitation, a prospectus, prospectus supplement, private placement memorandum, offering memorandum,
offering circular, term sheet, road show presentation materials or other offering documents, marketing materials or information provided to prospective investors), in each case in preliminary or final form and including any amendments, supplements,
exhibits, annexes and other attachments thereto. 
 “Disqualified Property” means any Property that fails to constitute an
Eligible Property (after the lapse of any applicable Cure Period). 
 “Eligibility Funds” has the meaning set forth
in Section 6.5.1. 
 “Eligibility Reserve Subaccount” has the meaning set forth in
Section 6.5.1. 
 “Eligible Account” means a separate and identifiable account from all other funds
held by the holding institution that is an account or accounts (or subaccounts thereof) maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution. An Eligible
Account will not be evidenced by a certificate of deposit, passbook or other instrument. 
 “Eligible Institution” means:

 (i) PNC Bank, National Association so long as PNC Bank, National Association’s long term unsecured debt or deposit
rating shall be at least “A2” from Moody’s and the equivalent by KBRA (if then rated by KBRA) (if the deposits are to be held in the applicable account for more than thirty (30) days) or PNC Bank, National Association’s
short term deposit or short term unsecured debt rating shall be at least 

  
 11 

 
“P-1” from Moody’s and the equivalent by KBRA (if then rated by KBRA) (if the deposits are to be held in the applicable account for thirty
(30) days or less); or 
 (ii) a depository institution or trust company insured by the Federal Deposit Insurance
Corporation the short term unsecured debt obligations or commercial paper of which are rated at least A-1 by S&P, P-1 by Moody’s, and F-1+ by Fitch in the case of accounts in which funds are held for thirty (30) days or less or, in the case of letters of credit or accounts in which funds are held for more than thirty (30) days, the long
term unsecured debt obligations of which are rated at least (A) “AA” by S&P, (B) “AA“ and/or “F1+” (for securities) and/or “AAAmmf” (for money market funds), by Fitch and (C) “Aa2” by
Moody’s; 
 provided that, Wells Fargo Bank, National Association shall be an Eligible Institution (x) with respect
to Rent Deposit Accounts and Security Deposit Accounts only, so long as Wells Fargo Bank, National Association’s short term unsecured debt or deposit rating shall be at least “P-1” from
Moody’s and the equivalent by KBRA (if then rated by KBRA) and (y) with respect to the Borrower’s Operating Account. 

“Eligible Lease” means, as of any date of determination, a Lease for a Property that satisfies all of the following: 

(i) the form of Lease reflects customary market standard terms; 

(ii) the Lease is entered into on an arms-length basis without payment support by any Borrower or its Affiliates
(provided, that any incentives offered to Tenants shall not be deemed to constitute such payment support); 

(iii) the Lease is to a bona fide third-party Tenant; 

(iv) the Lease is in compliance with all applicable Legal Requirements in all material respects; and 

(v) the Lease is consistent with the Manager’s internal leasing guidelines. 

“Eligible Property” means, as of any date of determination, a Property that is in compliance with each of the Property
Representations and each of the Property Covenants; provided, that for purposes of determining whether a Property is in compliance with the representation in the last sentence of Section 3.2.8 or the last
sentence of Section 3.2.15, such sentence shall be read as if it was not qualified by Borrower’s knowledge. 

“Eligible Tenant” means, as of any date of determination, a bona fide third party lessee of a Property who satisfies each of
the following criteria: 
 (i) the Tenant is not subject to an ongoing Bankruptcy Action as of the date such Tenant is
initially screened by Borrower prior to the execution of a Lease by such Tenant; 

  
 12 

 (ii) at the time of such initial screening, the Tenant is not listed on any
Government List; and 
 (iii) the Tenant otherwise generally conforms to Borrower’s internal tenant leasing criteria in
all material respects at the time such Tenant is screened by Borrower. 
 “Embargoed Person” has the meaning set forth in
Section 4.2.16. 
 “Environmental Indemnity” means that certain Environmental Indemnity
Agreement, dated as of the Closing Date, executed by Borrower in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Equity Interests” means, with respect to any Person, shares of capital stock, partnership interests, membership interests,
beneficial interests or other equity ownership interests in such Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest from such Person. 

“Equity Owner” means HOME SFR Equity Owner II, LLC, a Delaware limited liability company. 

“Equity Owner Entities” means, collectively, the Equity Owner, the Tranche 2 Equity Owner and the Tranche 3 Equity Owner, and
“Equity Owner Entity” means any of them individually. 
 “Equity Owner Guaranty” means that certain Equity Owner
Guaranty, dated as of the Closing Date, executed by Equity Owner in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Equity Owner Security Agreement” means that certain Equity Owner Security Agreement, dated as of the Closing Date, executed
by Equity Owner in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Equity Owner’s Permitted Indebtedness” has the meaning set forth in Section 4.2.2.

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successor
statute. 
 “ERISA Affiliate” means any corporation or trade or business that is a member of any group of organizations
(i) described in Section 414(b) or (c) of the Code of which another entity is a member or (ii) described in Section 414(m) or (o) of the Code of which another entity is a member, except that this clause (ii) shall apply
solely for purposes of potential liability under Section 302(b) of ERISA and Section 412(b) of the Code and the lien created under Section 303(k) of ERISA and Section 430(k) of the Code. 

“ERISA Event” means (i) the failure to pay a minimum required contribution or installment to a Plan on or before the due
date provided under Section 430 of the Code or 

  
 13 

 
Section 303 of ERISA, (ii) the filing of an application with respect to a Plan for a waiver of the minimum funding standard under Section 412(c) of the Code or Section 302(c) of ERISA,
(iii) the failure of a Loan Party or any of its ERISA Affiliates to pay a required contribution or installment to a Multiemployer Plan on or before the applicable due date, (iv) any officer of any Loan Party or any of its ERISA Affiliates
knows or has reason to know that a Plan is in “at risk” status within the meaning of Section 430(i) of the Code or Section 303(i) of ERISA or (v) the occurrence of a Plan Termination Event. 

“ERISA Plan” has the meaning set forth in Section 3.1.9(a). 

“Event of Default” has the meaning set forth in Section 7.1(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to Lender or required to be withheld or deducted
from a payment to Lender, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (A) imposed as a result of Lender being organized under the laws of, or having its
principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (B) that are Other Connection Taxes, (ii) United States federal withholding Taxes imposed on
amounts payable to or for the account of such Lender with respect to an applicable interest in the Loan pursuant to a law in effect on the date on which (A) such Lender acquires such interest in the Loan or (B) such Lender changes its
lending office, except in each case to the extent that, pursuant to Section 2.8, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or
to such Lender immediately before it changed its lending office, (iii) Taxes attributable to such Lender’s failure to comply with Section 2.8(e), and (iv) any United States federal withholding Taxes imposed under FATCA. 

“Existing Management Agreement” means that certain Property Management Services Agreement, dated as of the Closing Date,
between Borrower and Existing Manager, pursuant to which Existing Manager provides management and other services with respect to the Properties, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 “Existing Manager” means Main Street Renewal, LLC, a Delaware limited liability company. 

“Extended Maturity Date” has the meaning set forth in Section 2.9. 

“Extension Option” has the meaning set forth in Section 2.9. 

“Extension Term” has the meaning set forth in Section 2.9. 

“Extraordinary Expense” has the meaning set forth in Section 6.6.4. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not 

  
 14 

 
materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

“Fitch” means Fitch, Inc. 

“Fixture Filing” means, with respect to any jurisdiction in which any Property or Properties are located in which a separate,
stand alone fixture filing is required or generally recorded or filed pursuant to the local law or custom (as reasonably determined by Lender), a Uniform Commercial Code financing statement (or other form of financing statement required in the
jurisdiction in which the applicable Property or Properties are located) recorded or filed in the real estate records in which the applicable Property or Properties are located. 

“Floating Rate Component Prime Rate Spread” means, in connection with any conversion of the Loan from a LIBOR Loan to a Prime
Rate Loan, with respect to each Floating Rate Component of the Loan, the difference (expressed as the number of basis points) between (i) the sum of (A) LIBOR, determined as of the Determination Date for which LIBOR was last available,
plus (B) the Floating Rate Component Spread applicable to such Component, minus (ii) the Prime Rate as of such Determination Date; provided, however, that if such difference is a negative number
for such Floating Rate Component, then the Floating Rate Component Prime Rate Spread for such Component shall be zero. 
 “Floating
Rate Component Spread” means, as of any given date, (i) with respect to Component A, 2.750% per annum; (ii) with respect to Component B, 0% per annum, (iii) with respect to Component C, 0% per annum,
(iv) with respect to Component D, 0% per annum; (v) with respect to Component E, 0% per annum; (vi) with respect to Component F, 0% per annum; (vii) with respect to Component G, 0% per annum and
(viii) with respect to Component H, 0% per annum. 
 “Floating Rate Components” means Component A, Component B,
Component C, Component D, Component E, Component F, Component G and Component H. 
 “Foreign Lender” means a Lender that is
not a U.S. Person. 
 “Foreign Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA
that (i) neither is subject to ERISA nor is a governmental plan within the meaning of Section 3(32) of ERISA and that is maintained, or contributed to, by a Loan Party or any of its ERISA Affiliates and (ii) is mandated by a
government other than the United States (other than a state within the United States or an instrumentality thereof) for employees of a Loan Party or any of its ERISA Affiliates. 

“Fully Condemned Property” has the meaning set forth in Section 5.3(b). 

“GAAP” means generally accepted accounting principles in the United States of America as of the date of the applicable
financial report. 
 “Government List” means (i) the Annex to EO13224, (ii) OFAC’s most current list of
“Specifically Designated National and Blocked Persons” (which list may be published from time 

  
 15 

 
to time in various mediums including, but not limited to, the OFAC website, http://www.treasury.gov/ofac/downloads/t11sdn.pdf or any successor website or webpage) and (iii) any
other list of terrorists, terrorist organizations or narcotics traffickers maintained by a Governmental Authority that Lender notifies Borrower in writing is now included in “Government List”. 

“Governmental Authority” means any court, board, agency, commission, office or other authority of any nature whatsoever for
any governmental unit (foreign, federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 

“GPR” means, as of any date of determination, the sum of (i) the annualized in place Rents under bona fide Eligible
Leases for the Properties and/or Leases with Carry-Over Tenants as of such date and (ii) the annualized market rents for Properties that are vacant as of such date. For purposes of clause (ii) market rents shall be determined
by Borrower, or using data provided by Manager or, if reasonably required by Lender, by RentRange or any other nationally recognized rental rate reporting service selected by Lender in its reasonable discretion (such nationally recognized rental
rate reporting service’s fee to be at Borrower’s sole cost and expense); provided that Borrower may object to any such determination by Manager, RentRange or other nationally recognized rental rate reporting service by
delivering written notice to Lender within five (5) Business Days of any such determination and, in such event, the market rents so objected to shall be as determined by an independent broker opinion of market rent obtained by Lender at
Borrower’s sole cost and expense. 
 “GRC” means Green River Capital, LLC. 

“HOA” means a home owners or condominium association, board, corporation or similar entity with authority to create a Lien on
a Property as a result of the non-payment of HOA Fees that are payable with respect to such Property. 

“HOA Fees” means all homeowner’s and condominium owner’s association dues, fees, assessments and impositions with
respect to a Property, and any other charges levied or assessed or imposed against a Property, or any part thereof, by an HOA. 

“HOA Funds” has the meaning set forth in Section 6.1.4. 

“HOA Property” means a Property which is subject to an HOA. 

“HOA Subaccount” has the meaning set forth in Section 6.1.4. 

“Improvements” means the buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs,
replacements and improvements now or hereafter erected or located on a Property. 
 “Indebtedness” means, for any Person,
without duplication: (i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii) all unfunded
amounts under a loan agreement, letter of credit, or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid by such

  
 16 

 
Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption of shares or interests, (iv) all indebtedness guaranteed by such Person,
(v) all obligations under leases that constitute capital leases for which such Person is liable, (vi) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case for
which such Person is liable or its assets are liable, whether such Person (or its assets) is liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against
loss and (vii) any other contractual obligation for the payment of money which is not settled within thirty (30) days of the incurrence of such obligation. 

“Indemnified Persons” has the meaning set forth in Section 8.2(b). 

“Indemnified Taxes” means (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of Borrower under any Loan Document and (ii) to the extent not otherwise described in clause (i), Other Taxes. 

“Independent” means, when used with respect to any Person, a Person who: (i) does not have any direct financial interest
or any material indirect financial interest in Borrower or in any Affiliate of Borrower, (ii) is not connected with Borrower or any Affiliate of Borrower as an officer, employee, promoter, underwriter, trustee, partner, member, manager,
creditor, director, supplier, customer or Person performing similar functions and (iii) is not a member of the immediate family of a Person defined in clauses (i) or (ii) above. 

“Independent Accountant” means (i) a firm of nationally recognized, certified public accountants which is Independent
and which is selected by Borrower or (ii) such other certified public accountant(s) selected by Borrower, which is Independent and reasonably acceptable to Lender. 

“Independent Director” means an individual who has prior experience as an independent director, independent manager or
independent member with at least three (3) years of employment experience and who is provided by CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord
Securities Corporation or, if none of those companies is then providing professional Independent Directors, another nationally-recognized company reasonably approved by Lender, in each case that is not an Affiliate of Borrower and that provides
professional Independent Directors and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Director and is not, and has never been, and will not while serving as Independent
Director be, any of the following: 
 (i) a member, partner, equityholder, manager, director, officer or employee of Borrower or any of its
equityholders or Affiliates (other than as an Independent Director of Borrower or an Affiliate of Borrower that is not in the direct chain of ownership of Borrower and that is required by a creditor to be a single purpose bankruptcy remote entity,
provided that such Independent Director is employed by a company that routinely provides professional Independent Directors or managers in the ordinary course of its business); 

  
 17 

 (ii) a creditor, supplier or service provider (including provider of professional services) to
Borrower or any of its equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional Independent Directors and other corporate services to Borrower or any of its Affiliates in the ordinary course of its
business); 
 (iii) a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or
service provider; or 
 (iv) a Person that controls (whether directly, indirectly or otherwise) any of clauses (i), (ii) or
(iii) above. 
 A natural person who otherwise satisfies the foregoing definition and satisfies clause (i) by
reason of being the Independent Director of a “special purpose entity” affiliated with Borrower shall be qualified to serve as an Independent Director of Borrower, provided that the fees that such individual earns from serving as an
Independent Director of Affiliates of Borrower in any given year constitute in the aggregate less than five percent (5%) of such individual’s annual income for that year. For purposes of this paragraph, a “special purpose entity” is
an entity, whose organizational documents contain restrictions on its activities and impose requirements intended to preserve such entity’s separateness that are substantially similar to those contained in the definition of Special Purpose
Entity of this Agreement. 
 “Individual Material Adverse Effect” means, in respect of a Property, any event or condition
that has a material adverse effect on (i) the profitability, value, use, operation, leasing or marketability of such Property or results in any material liability to, claim against or obligation of Lender or any Loan Party or (ii) the
enforceability, validity, perfection or priority of the lien of the Collateral Documents with respect to such Property. 
 “Initial
Loan” means the loan made by Lender to Borrower pursuant to this Agreement on the Closing Date. 
 “Initial Maturity
Date” means the Payment Date occurring in October 2019, or such earlier date on which the final payment of principal of the Note becomes due and payable as therein or herein provided, whether at such stated maturity date, by
declaration of acceleration, or otherwise; provided, that in connection with a Securitization, the amendments to this Agreement contemplated by Section 8.1.1(b)(iv) may extend the Initial Maturity Date to a date no later than the Payment Date
occurring in the month two (2) years after the first Payment Date following the closing date of the Securitization. 
 “Initial
Principal Balance” means $79,878,931.31. 
 “Initial Term” means the period from the Closing Date through the
Initial Maturity Date. 
 “Insolvency Opinion” means that certain non-consolidation
opinion letter dated the Closing Date delivered by Hunton & Williams LLP in connection with the Loan. 
 “Insurance
Funds” has the meaning set forth in Section 6.2.1. 
 “Insurance Premiums”
has the meaning set forth in Section 5.1.1(d). 

  
 18 

 “Insurance Proceeds” has the meaning set forth in the definition of “Net
Proceeds”. 
 “Insurance Subaccount” has the meaning set forth in Section 6.2.1. 

“Interest Period” means, in connection with the calculation of interest accrued with respect to any specified Payment Date,
including the Maturity Date, the period commencing on and including the fifteenth (15th) day of the prior calendar month and ending on and including the fourteenth (14th) day of the calendar month in which such Payment Date occurs; provided,
however, the initial Interest Period shall be the period commencing on the Closing Date, and ending on and including the fourteenth (14th) day of the succeeding calendar month. 

“Interest Rate” means, with respect to each Interest Period, with respect to each Floating Rate Component, an interest rate
per annum equal to (A) for a LIBOR Loan, the sum of (1) LIBOR, determined as of the Determination Date immediately preceding the commencement of such Interest Period, plus (2) the Floating Rate Component Spread applicable to
such Floating Rate Component (or, when applicable pursuant to this Agreement or any other Loan Document, the Default Rate); and (B) for a Prime Rate Loan, the sum of (1) the Prime Rate, plus (2) the Floating Rate Component
Prime Rate Spread applicable to such Floating Rate Component (or, when applicable pursuant to this Agreement or any other Loan Document, the applicable Default Rate). 

“Interest Rate Cap Agreement” means, individually or collectively, as context requires, one or more interest rate protection
agreements (together with the confirmation and schedules relating thereto) reasonably acceptable to Lender, between an Acceptable Counterparty and Borrower obtained by Borrower as and when required pursuant to Section 2.2.7
and the Collateral Assignment of Interest Rate Cap Agreement. After delivery of a Replacement Interest Rate Cap Agreement to Lender, the term “Interest Rate Cap Agreement” shall be deemed to mean such Replacement Interest Rate Cap
Agreement and such Replacement Interest Rate Cap Agreement shall be subject to all requirements applicable to the Interest Rate Cap Agreement. The Interest Rate Cap Agreement shall be governed by the laws of the State of New York and shall contain
each of the following provisions: 
 (i) the notional amount of the Interest Rate Cap Agreement shall be equal to or greater than the
aggregate Component Outstanding Principal Balance of the Floating Rate Components; 
 (ii) the remaining term of the Interest Rate Cap
Agreement shall at all times extend through the end of the Interest Period in which the Maturity Date occurs as extended from time to time pursuant to this Agreement and the Loan Documents; 

(iii) the Interest Rate Cap Agreement shall be issued by the Acceptable Counterparty to Borrower and shall be pledged to Lender by Borrower in
accordance with this Agreement and the Collateral Assignment of Interest Rate Cap Agreement; 
 (iv) the Acceptable Counterparty under the
Interest Rate Cap Agreement shall be obligated to make a stream of payments, directly to the Cash Management Account (whether or not an Event of Default has occurred) from time to time equal to the product of (A) the notional amount of such
Interest Rate Cap Agreement multiplied by (B) the excess, if any, of LIBOR 

  
 19 

 
(including any upward rounding under the definition of LIBOR) over the Strike Price and shall provide that such payment shall be made on a monthly basis in each case not later than
(after giving effect to and assuming the passage of any cure period afforded to such Counterparty under the Interest Rate Cap Agreement, which cure period shall not in any event be more than three Business Days) each Payment Date; 

(v) the Acceptable Counterparty under the Interest Rate Cap Agreement shall execute and deliver the Acknowledgment; and 

(vi) the Interest Rate Cap Agreement shall impose no material obligation on the beneficiary thereof (after payment of the acquisition cost) and
shall be in all material respects satisfactory in form and substance to Lender and shall satisfy applicable Rating Agency standards and requirements, including, without limitation, provisions satisfying Approved Rating Agencies standards,
requirements and criteria (A) that incorporate customary tax “gross up” provisions, (B) whereby the Counterparty agrees not to file or join in the filing of any petition against Borrower under the Bankruptcy Code or any other
Federal or state bankruptcy or insolvency law, and (C) that incorporate, if the Interest Rate Cap Agreement contemplates collateral posting by the Counterparty, a credit support annex setting forth the mechanics for collateral to be calculated
and posted that are consistent with Rating Agency standards, requirements and criteria. 
 “Interest Shortfall” has
the meaning set forth in Section 2.4.4(a)(ii). 
 “IRS” means the United States Internal Revenue Service. 

“KBRA” means Kroll Bond Rating Agency, Inc. 

“Lease” means a bona fide written lease, sublease, letting, license, concession or other agreement pursuant to which any
Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in any Property by or on behalf of Borrower, and (i) every modification, amendment or other agreement relating to such lease, sublease or
other agreement entered into in connection with such lease, sublease or other agreement, and (ii) every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the Tenant. 

“Legal Requirements” means, with respect to each Property and the Properties as a whole, all material federal, state, county,
municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting such Property or any part thereof, or the construction, use, alteration or operation
thereof, or any part thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments,
either of record or known to Borrower, at any time in force affecting Borrower, such Property or any part thereof, including, without limitation, any which may (i) require repairs, modifications or alterations in or to such Property or any part
thereof, or (ii) in any way limit the use and enjoyment thereof. 
 “Lender” has the meaning set forth in the
introductory paragraph hereto, together with its successors and assigns. 

  
 20 

 “LIBOR” means, with respect to each Interest Period, the rate (expressed as a
percentage per annum and rounded up to the next nearest 1/1000 of 1%) for deposits in U.S. dollars, for a one-month period, that appears on Reuters Screen LIBOR01 Page (or the successor thereto) as of 11:00
a.m., London time, on the related Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such Determination Date, LIBOR shall be the arithmetic mean of the offered rates (expressed as a
percentage per annum) for deposits in U.S. dollars for a one-month period that appear on the Reuters Screen Libor Page as of 11:00 a.m., London time, on such Determination Date, if at least two such offered
rates so appear. If fewer than two such offered rates appear on the Reuters Screen Libor Page as of 11:00 a.m., London time, on such Determination Date, Lender (or Servicer, on Lender’s behalf) shall request the principal London office of
any four major reference banks in the London interbank market selected by Lender to provide such bank’s offered quotation (expressed as a percentage per annum) to prime banks in the London interbank market for deposits in U.S. dollars for
a one-month period as of 11:00 a.m., London time, on such Determination Date for the amounts of not less than U.S. $1,000,000. If at least two such offered quotations are so provided, LIBOR shall be the
arithmetic mean of such quotations. If fewer than two such quotations are so provided, Lender (or Servicer, on Lender’s behalf) shall request any three major banks in New York City selected by Lender to provide such bank’s rate (expressed
as a percentage per annum) for loans in U.S. dollars to leading European banks for a one-month period as of approximately 11:00 a.m., New York City time on the applicable Determination Date for amounts of not
less than U.S. $1,000,000. If at least two such rates are so provided, LIBOR shall be the arithmetic mean of such rates. Notwithstanding anything to the contrary set forth herein, if the London interbank offered rate shall be less than zero, LIBOR
shall be deemed to be zero for all purposes of this Agreement. 
 “LIBOR Loan” means the Floating Rate Components of the
Loan at such time as interest thereon accrues at a rate of interest based upon LIBOR. 
 “Lending Parties” has the meaning
set forth in Section 9.18(a). 
 “Liabilities” has the meaning set forth in Section 8.2(b). 

“Lien” means any mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation, easement, restrictive
covenant, preference, assignment, security interest, or any other encumbrance, charge or transfer of, or any agreement to enter into or create any of the foregoing, on or affecting all or any portion of any Collateral or any interest therein, or any
direct interest in any Loan Party, including any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and
mechanic’s, materialmen’s and other similar liens and encumbrances. 
 “Loan” means, collectively, the Initial
Loan and any Additional Loan made by Lender to Borrower pursuant to this Agreement. 
 “Loan Documents” means,
collectively, this Agreement, the Note, each Management Agreement, the Parent Guaranty, the Equity Owner Guaranty, the Environmental Indemnity, each Interest Rate Cap Agreement, each Collateral Document, the Borrower TRS Guaranty and

  
 21 

 
all other agreements, instruments and documents delivered pursuant thereto or in connection therewith, as the same may be (and each of the foregoing defined terms shall refer to such documents as
they may be) amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Loan Party” means
Borrower, Equity Owner and Borrower TRS. 
 “London Business Day” means any day other than a Saturday, Sunday or any other
day on which commercial banks in London, England are not open for business. 
 “Low Debt Yield Period” shall commence if,
as of any Calculation Date, the Debt Yield is less than eighty-five percent (85%) of the Closing Date Debt Yield, and shall end if (i) the Properties have achieved, as of any two succeeding consecutive Calculation Dates, a Debt Yield of at
least eighty-five percent (85%) of the Closing Date Debt Yield or (ii) immediately (without waiting for two succeeding consecutive Calculation Dates) upon Borrower prepaying the principal amount of the Loan in an amount sufficient to cause the
Debt Yield to be equal to or in excess of eighty-five percent (85%) of the Closing Date Debt Yield (each a “Low Debt Yield Cure Prepayment”). 

“Major Contract” means (i) any management agreement relating to the Properties or the Loan Parties to which a Loan Party
is a party, (ii) any agreement between any Loan Party and any Affiliate of any Relevant Party and (iii) any brokerage, leasing, cleaning, maintenance, service or other contract or agreement of any kind (other than Leases) relating to the
Properties, in each case involving payment or expense of more than One Million Dollars ($1,000,000) during any twelve (12) month period, unless cancelable on thirty (30) days or less notice without requiring payment of termination fees or
payments of any kind (other than amounts that accrued prior to the termination date). 
 “Management Agreement” means
(i) the Existing Management Agreement or (ii) a Replacement Management Agreement pursuant to which a Qualified Manager is managing one or more of the Properties in accordance with the terms and provisions of this Agreement, in each case,
as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Management Fee
Cap” means, with respect to each calendar month, an amount equal to six and three quarters percent (6.75%) of gross Rents collected with respect to the Properties for such calendar month, provided, that for purposes of
determining gross Rents collected, collections of Advance Rent shall be allocated to the applicable calendar month set forth in the applicable Advance Rent Disbursement Schedule. 

“Manager” means Existing Manager or, if the context requires, a Qualified Manager who is managing one or more of the
Properties in accordance with the terms and provisions of this Agreement or pursuant to a Replacement Management Agreement. 

“Manager Default” means the occurrence of (a) any default by Manager to perform its duties or obligations under the
Existing Management Agreement or (b) any failure by Manager to timely deliver any Manager Report. 

  
 22 

 “Manager Report” means any report, certificate, or certification required to be
delivered by Manager pursuant to Section 4.5 hereof. 
 “Margin Stock” has the meaning set
forth in Section 3.1.20. 
 “Material Action” has the meaning set forth in the definition of
“Special Purpose Entity”. 
 “Material Adverse Effect” means a material adverse effect on (i) the property,
business, operations or financial condition of the Loan Parties taken as a whole, (ii) the use, operation or value of the Properties, taken as a whole, (iii) the ability of Borrower to repay the principal and interest of the Loan when due
or to satisfy any of Borrower’s other obligations under the Loan Documents, or (iv) the enforceability or validity of any Loan Document, the perfection or priority of any Lien created under any Loan Document or the rights, interests and
remedies of Lender under any Loan Document. 
 “Maturity Date” means the Initial Maturity Date; provided that
in the event of the exercise by Borrower of an Extension Option pursuant to Section 2.9, the Maturity Date shall be the applicable Extended Maturity Date; or such earlier date on which the final payment of principal of the
Note becomes due and payable as herein or therein provided, whether at the Initial Maturity Date, by declaration of acceleration, or otherwise. 

“Maximum Legal Rate” means the maximum nonusurious interest rate, if any, that at any time or from time to time may be
contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction
to govern the interest rate provisions of the Loan. 
 “Minimum Disbursement Amount” means $100,000. 

“Monthly Budgeted Amount” has the meaning set forth in Section 4.3.2. 

“Monthly Debt Service Payment Amount” means, for each Payment Date, an amount equal to the amount of interest which is then
due on all of the Components of the Loan in the aggregate for the Interest Period during which such Payment Date occurs. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Mortgage” means a Mortgage or Deed of Trust or Deed to Secure Debt, as applicable, for each Property or for multiple
Properties located within the same county or parish, dated as of the Closing Date (or, in connection with a Property which is a Substitute Property, dated as of the date of the substitution), executed and delivered by Borrower, constituting a Lien
on the Improvements and the Property or Properties, as applicable, as Collateral for the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Mortgage Documents” means the Mortgages, the Collateral Assignments of Leases and Rents and, if any, the Fixture Filings.

  
 23 

 “Multiemployer Plan” means a plan within the meaning of Section 414(f) of the
Code or Section 3(37) of ERISA to which contributions are required to be made by any Loan Party or any of its ERISA Affiliates or to which any such entity has any liability. 

“Net Assets” means, with respect to any Person, the difference between (i) such Person’s assets determined in
accordance with GAAP, but excluding accumulated depreciation, and (ii) such Person’s liabilities determined in accordance with GAAP. 

“Net Proceeds” means (i) the net amount of all insurance proceeds received by Lender pursuant to
Section 5.1.1(a)(i) and (iii) as a result of damage to or destruction of a Property, after deduction of its reasonable
out-of-pocket costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Insurance Proceeds”), or
(ii) the net amount of an Award, after deduction of Lender’s reasonable out-of-pocket costs and expenses (including, but not limited to, reasonable counsel
fees), if any, in collecting same (“Condemnation Proceeds”), whichever the case may be. 
 “Net Proceeds
Deficiency” has the meaning set forth in Section 5.4(d)(vi). 
 “Net Transfer Proceeds” means, with
respect to the Transfer of any Property, the gross sales price for such Property (including any earnest money, down payment or similar deposit included in the total sales price paid by the purchaser), less Transfer Expenses. 

“Non-Property Taxes” means all Taxes other than Property Taxes. 

“Not-Borrower Funds” means funds deposited into the Rent Deposit Account by mistake
or otherwise that are not property of the Borrower or security deposits. 
 “Note” means, collectively, those certain
Promissory Notes in respect of the Initial Loan, each dated the relevant date of an extension of credit under Section 2.1, made by the Borrower in favor of each of Vaca Morada Partners, LP as a Lender and MSR II, L.P., as a
Lender in the allocated portion of the Initial Principal Balance (or the principal amount of the Initial Loan and any Additional Loan, as applicable), as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time (including any amendments and restatements thereof to reflect an Additional Loan). 
 “Obligations” means,
collectively, Borrower’s obligations for the payment of the Debt and the performance by the Relevant Parties of the Other Obligations. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of Treasury. 

“Officer’s Certificate” means a certificate delivered to Lender by Borrower which is signed by an authorized officer of
Borrower. 
 “Operating Expenses” means, for any period, without duplication, all expenses actually paid or payable by
Borrower during such period in connection with the administration, operation, management, maintenance, repair and use of the Properties, determined on an accrual basis, and, except to the extent otherwise provided in this definition, in accordance
with GAAP. Operating 

  
 24 

 
Expenses specifically shall include, without duplication, (i) all operating expenses incurred in such period based on quarterly financial statements delivered to Lender in accordance with
Section 4.3.1(a), (ii) cost of utilities, inventories, and fixed asset supplies consumed in the operation of the Properties, (iii) fees payable to the Manager in an amount equal to the greater of (A) actual fees paid to the Manager
or (B) the Management Fee Cap, (iv) costs and fees of independent professionals (including, without limitation, legal, accounting, consultants and other professional expenses), technical consultants, operational experts (including quality
assurance inspectors) or other third parties retained to perform services required or permitted hereunder, (v) operational equipment and other lease payments to the extent constituting operating expenses under GAAP, (vi) Property Taxes and
HOA Fees, (vii) insurance premiums and (viii) Property maintenance expenses. Notwithstanding the foregoing, Operating Expenses shall not include (A) depreciation or amortization, (B) income taxes or other charges in the nature of
income taxes, (C) any expenses (including legal, accounting and other professional fees, expenses and disbursements) incurred in connection with the making of the Loan or the sale, exchange, transfer, financing or refinancing of all or any
portion of any Property or in connection with the recovery of Insurance Proceeds or Awards, (D) any loss that is covered by the Policies, including any portion of a loss that is subject to a deductible under the Policies, (E) Capital
Expenditures, (F) Debt Service, (G) expenses incurred in connection with the acquisition and initial leasing and renovation of Properties and other activities undertaken prior to such initial lease that do not constitute recurring
operating expenses to be paid by Borrower, including eviction of existing tenants, incentive payments to tenants and other similar expenses, (H) any item of expense which would otherwise be considered within Operating Expenses pursuant to the
provisions above but is paid directly by any Tenant under a Lease, (I) any service that is required to be provided by Manager pursuant to the Management Agreement without compensation or reimbursement (other than the management fee set forth in
the Management Agreement), (J) any expenses that relate to a Property from and after the release of such Property in accordance with Section 2.5, (K) bad debt expense with respect to Rents and lost Rents due to vacancies,
(L) the value of any free rent or other concessions provided with respect to the Properties, or (M) corporate overhead expenses incurred by Borrower’s Affiliates. 

“Other Connection Taxes” means Taxes imposed as a result of a present or former connection between Lender and the
jurisdiction imposing such Tax (other than connections arising from such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any
other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Obligations” means (i) the performance of all obligations of Borrower contained herein; (ii) the performance
of each obligation of the Relevant Parties contained in any other Loan Document; and (iii) the performance of each obligation of the Relevant Parties contained in any renewal, extension, amendment, restatement, modification, consolidation,
change of, or substitution or replacement for, all or any part of this Agreement, the Note or any other Loan Document. 
 “Other
Receipts” for any period of determination, any actual receipts received by Borrower from sources other than Rents with respect to the Properties, to the extent they are properly included as operating income for such period in accordance
with GAAP (including 

  
 25 

 
maintenance recovery fees but, for the avoidance of doubt, excluding income from the Transfer of any Property). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment. 
 “Outstanding Principal Balance” means, as of any date,
the sum of all Component Outstanding Principal Balances. 
 “Parent” means Altisource Residential Corporation. 

“Parent Financial Covenant” means the requirement that Parent or any Qualified Transferee that executes and delivers a
replacement guaranty pursuant to Section 4.2.17(e) maintain Net Assets of not less than $300,000,000 (exclusive of Parent’s or such Qualified Transferee’s indirect interest in Borrower). 

“Parent Guaranty” means that certain Parent Guaranty, dated as of the Closing Date, executed by Parent in favor of Lender, as
the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, pursuant to which the Parent provides a limited guaranty for certain bad acts. 

“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act (USA PATRIOT ACT) of 2001, as the same may be amended from time to time, and corresponding provisions of future laws. 

“Patriot Act Offense” has the meaning set forth in Section 3.1.24(a). 

“Payment Date” means the ninth (9th) day of each calendar month during
the Term or, if such ninth day is not a Business Day, the immediately preceding Business Day; provided, that the first Payment Date shall be April 7, 2017. 

“PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under
ERISA. 
 “Periodic Rating Agency Information” has the meaning set forth in Section 4.3.14. 

“Permitted Indebtedness” has the meaning set forth in Section 4.2.2. 

“Permitted Investments” means: 

(i) obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency
or instrumentality thereof provided such obligations are backed by the full faith and credit of the United States including, without limitation, obligations of: the United States Treasury (all direct or fully guaranteed obligations), the Farmers
Home Administration (certificates of beneficial ownership), 

  
 26 

 
the General Services Administration (participation certificates), the United States Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed
participation certificates and guaranteed pool certificates), the United States Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed transit bonds); provided,
however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed
to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments
must not be subject to liquidation prior to their maturity; 
 (ii) federal funds, unsecured certificates of deposit, time
deposits, bankers’ acceptances and repurchase agreements with maturities of not more than 365 days of any bank, (A) in the case of such investments with maturities of thirty (30) days or less, the short term obligations of which are
rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term obligations of which are rated at least
“A2” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), (B) in the case of such investments with maturities of three (3) months or less, but more than thirty
(30) days, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the
long term obligations of which are rated at least “A1” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), (C) in the case of such investments with maturities of six
(6) months or less, but more than three (3) months, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in
the highest short term rating category) and the long term obligations of which are rated at least “Aa3” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), and (D) in
the case of such investments with maturities of more than six (6) months, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by
Moody’s in the highest short term rating category) and the long term obligations of which are rated “Aaa” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s);
provided, however, that the investments described in this clause must (1) have a predetermined fixed dollar of principal due at maturity
that cannot vary or change, (2) if rated by S&P, must not have an “r” highlighter affixed to their rating, (3) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate
index plus a fixed spread (if any) and must move proportionately with that index, and (4) such investments must not be subject to liquidation prior to their maturity; 

(iii) fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or certificates of deposit of, or
bankers’ acceptances issued by, any bank or trust company, savings and loan association or savings bank, (A) in the case of such 

  
 27 

 
investments with maturities of thirty (30) days or less, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by
all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term obligations of which are rated at least “A2” by Moody’s (or such lower rating for which Rating Agency Confirmation
is received with respect to Moody’s), (B) in the case of such investments with maturities of three (3) months or less, but more than thirty (30) days, the short term obligations of which are rated in the highest short term rating
category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term obligations of which are rated at least “A1” by Moody’s (or such
lower rating for which Rating Agency Confirmation is received with respect to Moody’s), (C) in the case of such investments with maturities of six (6) months or less, but more than three (3) months, the short term obligations of which
are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term obligations of which are rated at least
“Aa3” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), and (D) in the case of such investments with maturities of more than six (6) months, the short term
obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term
obligations of which are rated “Aaa” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s); provided, however, that the investments
described in this clause must (1) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (2) if rated by S&P, must not have an “r” highlighter affixed to their rating, (3) if such
investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (4) such investments must not be subject to
liquidation prior to their maturity; 
 (iv) debt obligations with maturities of not more than 365 days and at all times
rated by each Rating Agency in its highest long-term unsecured rating category (or, if not rated by all Approved Rating Agencies, rated by Moody’s in its highest long-term unsecured rating category); provided,
however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter
affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such
investments must not be subject to liquidation prior to their maturity; 
 (v) commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 365
days (A) in the case of such investments with maturities of thirty (30) days or less, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating
Agencies, rated by Moody’s in the highest short term rating category) and the long term obligations of which are rated 

  
 28 

 
at least “A2” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), (B) in the case of such investments with maturities
of three (3) months or less, but more than thirty (30) days, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated
Moody’s in the highest short term rating category) and the long term obligations of which are rated at least “A1” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to
Moody’s), (C) in the case of such investments with maturities of six (6) months or less, but more than three (3) months, the short term obligations of which are rated in the highest short term rating category by each Rating Agency
(or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category ) and the long term obligations of which are rated at least “Aa3” by Moody’s (or such lower rating for which Rating
Agency Confirmation is received with respect to Moody’s), and (D) in the case of such investments with maturities of more than six (6) months, the short term obligations of which are rated in the highest short term rating category by
each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term obligations of which are rated “Aaa” by Moody’s (or such lower rating for which
Rating Agency Confirmation is received with respect to Moody’s); provided, however, that the investments described in this clause must (1) have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, (2) if rated by S&P, must not have an “r” highlighter affixed to their rating, (3) if such investments have a variable rate of interest, such interest rate must be tied to
a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (4) such investments must not be subject to liquidation prior to their maturity; 

(vi) units of taxable money market funds, which funds are regulated investment companies and invested solely in obligations
backed by the full faith and credit of the United States, which funds have the highest rating available from each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by at least one Approved Rating Agency and otherwise acceptable
to each other Approved Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) for
money market funds; and 
 (vii) any other security, obligation or investment which has been specifically approved as a
Permitted Investment in writing (A) by Lender and (B) each Rating Agency, as confirmed by satisfaction of the Rating Agency Confirmation with respect to each Approved Rating Agency; 

provided, however, that no obligation or security shall be a Permitted Investment if (a) such obligation or
security evidences a right to receive only interest payments or (b) the right to receive principal and interest payments on such obligation or security are derived from an underlying investment that provides a yield to maturity in excess of one
hundred twenty percent (120%) of the yield to maturity at par of such underlying investment and provided, further, that each investment described hereunder must have (x) a predetermined fixed amount of
principal 

  
 29 

 
due at maturity (that cannot vary or change) and (y) an original maturity of not more than 365 days and a remaining maturity of not more than thirty (30) days. 

“Permitted Liens” means, collectively, (i) the Liens and security interests created by the Loan Documents, (ii) all
encumbrances and other matters disclosed in the Title Insurance Policies for the Properties and, with respect to any Substitute Property, as Lender has approved in writing in Lender’s reasonable discretion, (iii) Liens, if any, for Non-Property Taxes or Property Taxes imposed by any Governmental Authority not yet due or delinquent, (iv) Liens arising after the Closing Date for Non-Property Taxes,
Property Taxes or HOA Fees being contested in accordance with Section 4.1.4 or Section 4.4.5, (v) any workers’, mechanics’ or other similar Liens on a Property that are bonded or
discharged within sixty (60) days after Borrower first receives written notice of such Lien, (vi) all easements, rights-of-way, restrictions and other similar non-monetary encumbrances recorded against and affecting any Property and that would not reasonably be expected to and do not have an Individual Material Adverse Effect on the Property, (vii) such other title
and survey exceptions as Lender has approved or may approve in writing in Lender’s reasonable discretion, (viii) rights of Tenants as Tenants only under Leases permitted hereunder and (ix) the Specified Liens. 

“Permitted Transfers” has the meaning set forth in Section 4.2.17(d). 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, estate, trust,
unincorporated association, any Governmental Authority and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA that is established, maintained or
contributed to by any Loan Party or any of its ERISA Affiliates (or as to which such entity has any liability) and that is covered by Title IV of ERISA, other than a Multiemployer Plan. 

“Plan Termination Event” means (i) any event described in Section 4043 of ERISA with respect to any Plan;
(ii) the withdrawal of any Loan Party or any of its ERISA Affiliates from a Plan during a plan year in which such Loan Party or such ERISA Affiliate was a “substantial employer” as defined in Section 4001(a)(2) of ERISA;
(iii) the imposition of an obligation on any Loan Party or any of its ERISA Affiliates under Section 4041 of ERISA to provide affected parties written notice of intent to terminate a Plan in a distress termination described in Section
4041(c) of ERISA; (iv) the institution of proceedings by the PBGC to terminate a Plan or by any similar foreign governmental authority to terminate a Foreign Plan; (v) any event or condition which could reasonably constitute grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan; (vi) the institution of proceedings by a foreign governmental authority to appoint a trustee to administer any Foreign Plan; or
(vii) the partial or complete withdrawal of any Loan Party or any of its ERISA Affiliates from a Multiemployer Plan or Foreign Plan or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within
the meaning of Title IV of ERISA. 
 “Policy” and “Policies” shall have the respective
meanings set forth in Section 5.1.1(b). 

  
 30 

 “Prepayment Notice” means a prior written notice to Lender specifying the
proposed Business Day on which a prepayment of the Debt is to be made pursuant to Section 2.4.1, which date shall be no earlier than ten (10) days after the date of such Prepayment Notice and no later than ninety
(90) days after the date of such Prepayment Notice. A Prepayment Notice may be revoked in writing by Borrower, or may be modified in writing by Borrower to a new specified Business Day, in each case, on or prior to the proposed prepayment date
set forth in such Prepayment Notice; provided that such new Business Day shall be no earlier than such proposed prepayment date. If revoked (as opposed to modified), any new Prepayment Notice shall comply with the timeframes set forth
above. Borrower shall pay to Lender all reasonable out-of-pocket costs and expenses (if any) incurred by Lender in connection with Borrower’s permitted revocation
or modification of any Prepayment Notice. 
 “Prime Rate” means the rate of interest published in The Wall Street
Journal from time to time as the “Prime Rate.” If The Wall Street Journal ceases to publish the “Prime Rate,” the Lender shall select an equivalent publication that publishes such “Prime Rate,” and if
such “Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental or quasi-governmental body, then Lender shall select a comparable interest rate index. 

“Prime Rate Loan” means the Floating Rate Components of the Loan at such time as interest thereon accrues at a rate of
interest based upon the Prime Rate. 
 “Priority” means that the valid and proper foreclosure of a Lien for HOA Fees will
extinguish the Lien of a Mortgage with respect to the relevant HOA Property. 
 “Properties Schedule” means the data tape
of Properties attached hereto as Schedule II.A as of the Closing Date, as updated on a monthly basis in the form attached hereto as Schedule II.B, and supplemented quarterly by the data included on Schedule
II.C pursuant to Section 4.3.7. 
 “Property” means, individually, and
“Properties” means, collectively, (i) the residential real properties described on the Properties Schedule as of the Closing Date and encumbered by the Mortgages and (ii) any residential real properties that are Substitute
Properties; provided that if the Allocated Loan Amount for any Property has been reduced to zero and all interest and other Obligations related thereto that are required to be paid on or prior to the date when the Allocated Loan Amount
for such Property is required to be repaid have been repaid in full, then such residential real property shall no longer be a Property hereunder. The Properties include the Improvements now or hereafter erected or installed thereon and other
personal property owned by Borrower located thereon, together with all rights pertaining to such real property, Improvements and personal property. Any Property Transferred to Borrower TRS shall continue to constitute a “Property” for
purposes of this Agreement and the Loan Documents. 
 “Property Covenants” means those covenants set forth in
Section 4.4 and the covenants contained in Section 2 of the Environmental Indemnity. 
 “Property
Representations” means those representations and warranties set forth in Section 3.2 and Section 1 of the Environmental Indemnity. 

  
 31 

 “Property Taxes” means any real estate and personal property taxes, assessments,
water charges, sewer rents, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto now or hereafter levied or assessed or imposed by a Governmental Authority against any Property, any Collateral, any part of
either of the foregoing or Borrower. 
 “Provided Information” means any and all financial and other information provided
at any time prepared by, or on behalf of, any Relevant Party. 
 “Public Vehicle” means a Person whose securities are
listed and traded on a national securities exchange and shall include a majority owned subsidiary of any such Person or any operating partnership through which such Person conducts all or substantially all of its business. 

“Purchase Agreement” means the Purchase and Sale Agreement, dated March 30, 2017, between Vaca Morada Partners, LP and
MSR II, L.P., as sellers, and Altisource Residential, L.P., a Delaware limited partnership, as buyer. 
 “Purchase Price
Adjustment” has the meaning set forth in the Purchase Agreement. 
 “Purchase Price Adjustment Share” means the
portion of the Purchase Price Adjustment attributable to the increase in BPO Value of Properties as a proportion to the total increase in BPO Value of all real properties sold pursuant to the Purchase Agreement. 

“Qualified Manager” means (i) Existing Manager, (ii) any Person that is under common Control with Existing Manager
or (iii) a reputable Person that has at least two (2) years’ experience in the management of at least 2,000 residential rental properties in the aggregate, and is at the time of determination managing residential rental properties in
(a) at least 75% of the metropolitan statistical areas that the applicable Properties to be managed by such Person are located (and has retained by subcontract a property manager in all other metropolitan statistical areas before the
effectiveness of any termination or resignation of the Manager) and (b) every state that the applicable Properties to be managed by such Person are located, and is not the subject of a bankruptcy or similar proceeding;
provided, that in the case of the foregoing subclause (iii), Borrower shall have obtained a Rating Agency Confirmation in respect of the management of the Properties by such Person; and
provided, further, that in the case of the foregoing subclause (ii) and subclause (iii), if such Person is an Affiliate of Borrower, Borrower shall have obtained
an Additional Insolvency Opinion if such an opinion is requested by Lender. 
 “Qualified Release Property Default”
has the meaning set forth in Section 2.5(b). 
 “Qualified Transferee” means (i) Parent or (ii) any
Person that (A) itself has, or for which a Person executing and delivering the Parent Guaranty or a replacement guaranty in substantially the same form and substance as the Parent Guaranty has, Net Assets of not less than $300,000,000
(exclusive of such Person’s direct or indirect interest in the Properties and Borrower), (B) has not been the subject of a voluntary or involuntary (to the extent the same has not been discharged) bankruptcy proceeding or any governmental or
regulatory investigation which resulted in a final, nonappealable conviction for criminal activity involving moral turpitude, (C) is (or is under common Control with a Person that is) regularly engaged in the management, ownership or operation
of residential rental properties and (D) with respect to the applicable Transfer to such Person, Borrower shall have obtained a Rating Agency Confirmation. 

  
 32 

 “Quarterly HOA Report” has the meaning set forth in
Section 4.3.16. 
 “Quarterly Investor Rollup Report” has the meaning set forth in
Section 4.3.7. 
 “Rating Agency Confirmation” means a written affirmation from each of the Approved
Rating Agencies that the credit rating of the Securities by such Approved Rating Agency immediately prior to the occurrence of the event with respect to which such Approved Rating Agency Confirmation is sought will not be qualified, downgraded or
withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion. In the event that, at any given time, no Securities are then outstanding, then the term
Rating Agency Confirmation shall be deemed instead to require the written approval of Lender based on the exercise of its good faith and reasonable judgment. 

“Register” has the meaning set forth in Section 8.1. 

“Release Amount” means, for a Property, the following applicable amount together with any other amounts specified in
Section 2.4.4: 
 (i) in connection with the Transfer of a Property (other than a Designated HOA Property) pursuant
to Section 2.5 or any failure of a Property to qualify as an Eligible Property due to the occurrence of a Voluntary Action (such Properties, “Release Premium Properties”), (A) one hundred five percent
(105%) of the Allocated Loan Amount for such Property if the sum of the initial Allocated Loan Amounts of all Release Premium Properties, including such Property, is less than $7,987,893, (B) one hundred ten percent (110%) of the Allocated Loan
Amount for such Property if the sum of the initial Allocated Loan Amounts of all Release Premium Properties, including such Property, is equal to or greater than $7,987,893 but less than $11,981,840, (C) one hundred fifteen percent (115%) of the
Allocated Loan Amount for such Property if the sum of the initial Allocated Loan Amounts of all Release Premium Properties, including such Property, is equal to or greater than $11,981,840 but less than $15,975,786, and (D) one hundred twenty
percent (120%) of the Allocated Loan Amount for such Property if the sum of the initial Allocated Loan Amounts of all Release Premium Properties, including such Property, is equal to or greater than $15,975,786; 

(ii) in connection with any failure of a Property to qualify as an Eligible Property, other than due to the occurrence of a Voluntary Action,
that is not cured within the applicable Cure Period, an amount equal to one hundred percent (100%) of the Allocated Loan Amount for such Property; 

(iii) in connection with any Condemnation or Casualty of any Property for which prepayment of the Release Amount is required pursuant to
Section 5.3 or Section 5.4, one hundred percent (100%) of the Allocated Loan Amount for such Property; and 

(iv) in connection with the release of Designated HOA Properties, a percentage of the Allocated Loan Amounts for such Properties that is
(A) at least equal to one hundred percent (100%) and (B) with respect to such percentage of Allocated Loan Amount, Borrower has obtained a Rating Agency Confirmation. 

  
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 “Release Premium Properties” has the meanings set forth in the definition
of “Release Amount”. 
 “Release Property” has the meaning set forth in Section 2.5.

 “Relevant Party” means each Loan Party and Parent (and, collectively “Relevant Parties”). 

“REMIC Trust” means a “real estate mortgage investment conduit,” within the meaning of Section 860D of the
Code, that holds the Note or a portion thereof. 
 “Renovation Standards” means the maintenance, repairs, improvements and
installations that (i) are necessary for a Property to conform to applicable material Legal Requirements and (ii) do not deviate materially from local rental market standards for the area in which such Property is located. 

“Rent Deposit Account” has the meaning set forth in Section 2.6(a). 

“Rent Deposit Bank” has the meaning set forth in Section 2.6(a). 

“Rent Refund” means, with respect to any Tenant in default under any applicable Lease, any payment of Rent (in whole or in
part) delivered by such Tenant to Manager, to the extent Borrower or Manager reasonably determines the return of the same is necessary in order to preserve Borrower’s enforcement remedies under the applicable Lease. 

“Rents” means, with respect to each Property, all rents and rent equivalents (including for forfeited security deposits
allocated to rent) and any fees (other than any lease application fees received from a prospective tenant), payments or other compensation from any Tenant. 

“Repayment Date” means the date of a prepayment of the Loan pursuant to the provisions of
Section 2.4. 
 “Replacement Interest Rate Cap Agreement” means, collectively, one or more
interest rate protection agreements, from an Acceptable Counterparty with terms that are the same in all material respects as the terms of the Interest Rate Cap Agreement except that the same shall be effective as of the date required in Section
2.2.7(c), except that in connection with Borrower’s exercise of an Extension Option, the same shall be effective as of the date required in Section 2.9; provided, that to the extent any such interest
rate protection agreements do not meet the foregoing requirements, a “Replacement Interest Rate Cap Agreement” shall be such interest rate protection agreements approved in writing by the Approved Rating Agencies with respect thereto. 

“Replacement Management Agreement” means, collectively, (i) either (A) a management agreement with a Qualified
Manager, substantially in the same form and substance as the Existing Management Agreement; (B) a management agreement with a Qualified Manager, which management agreement shall be reasonably acceptable to Lender in form and substance;
provided, that with respect to this clause (B), (x) if such management agreement provides for the payment of management fees at a rate that is in excess of the rate provided for 

  
 34 

 
under the Existing Management Agreement, then Borrower shall have obtained a Rating Agency Confirmation with respect to such increase in management fees and (y) otherwise Lender, at its
option, may require that Borrower obtain a Rating Agency Confirmation with respect to such management agreement; or (C) a management agreement with a Manager approved by Lender in accordance with Section 4.1.18(b)(y) and
satisfying the conditions set forth in clauses (B)(x) and (B)(y) above, and (ii) an assignment of management agreement and subordination of management fees substantially in the form of the Assignment of Management Agreement dated
as of the Closing Date (or such other form and substance reasonably acceptable to Lender and the Qualified Manager). 
 “Reportable
Event” has the meaning set forth in Section 4043 of ERISA. 
 “Request for Release” means a request for
release of a Property in connection with any Transfer of a Property, substantially in the form attached hereto as Exhibit D. 

“Reserve Funds” means, collectively, all funds deposited by Borrower with Lender or Cash Management Account Bank pursuant to
Article VI, including, but not limited to, the Capital Expenditure Funds, the Insurance Funds, the HOA Funds, the Tax Funds, the Casualty and Condemnation Funds, the Cash Collateral Funds, the Eligibility Funds and the Advance Rent Funds.

 “Reserve Release Date” means any Business Day as requested by Borrower pursuant to a Reserve Release Request;
provided, that there shall be no more than one Reserve Release Date in any calendar month. 
 “Reserve Release
Request” means any written request by Borrower for a release of Reserve Funds made in accordance with Article VI. 

“Responsible Officer” means, as to any Person, the chief executive officer or president or, with respect to financial
matters, the chief financial officer or treasurer of such Person; provided, that in the event any such officer is unavailable at any time he or she is required to take any action hereunder, Responsible Officer means any officer
authorized to act on such officer’s behalf as demonstrated by a certified resolution. 
 “Restoration” means the
repair and restoration of any Property after a Casualty as nearly as possible to the condition such Property was in immediately prior to such Casualty, with such material alterations as may be approved by Lender, such approval not to be unreasonably
withheld, delayed or conditioned. 
 “Restricted Junior Payment” means, with respect to any Person, (i) any dividend
or other distribution of any nature (cash, securities, assets, Indebtedness or otherwise) and any payment, by virtue of redemption, retirement or otherwise, on any class of Equity Interests or subordinate Indebtedness issued by such Person, whether
such Equity Interests are now or may hereafter be authorized or outstanding and any distribution in respect of any of the foregoing, whether directly or indirectly, (ii) any redemption, retirement, sinking fund or similar payment, purchase or
other acquisition for value, direct or indirect, of any Equity Interests or subordinate Indebtedness of such Person now or hereafter outstanding, or (iii) any payment of management 

  
 35 

 
or similar fees by such Person (other than payment of management fees under any Management Agreement to the extent expressly permitted by this Agreement). 

“Restricted Party” means, collectively, Borrower TRS, Borrower, Equity Owner, and any other direct or indirect equity holder
in Borrower TRS, Borrower or Equity Owner up to, but not including, the first direct or indirect equity holder that has substantial assets other than the Properties and the other Collateral. 

“Review Waiver” has the meaning set forth in Section 9.2(b). 

“S&P” means S&P Global Ratings. 

“Section 2.9 Rating Agency Extension Notice Information” means the information delivered by Borrower
pursuant to Sections 2.9(b), (c), (d) or (e) of this Agreement. 
 “Securities” has the
meaning set forth in Section 8.1.1(a). 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Securitization” has the meaning set forth in Section 8.1.1(a). 

“Securitization Date HOA Opinions” means the opinions of counsels to Borrower executed and delivered pursuant to Section
4.3.16(b). 
 “Securitization Date WLT HOA Certificate” means a certificate from Westcor Land Title Insurance Company
in substantially the form of Exhibit F executed and delivered on the closing date of any Securitization, without any material exceptions. 

“Security Deposit Account” has the meaning set forth in Section 4.1.16(a). 

“Servicer” has the meaning set forth in Section 8.3. 

“Servicing Agreement” has the meaning set forth in Section 8.3. 

“Severed Loan Documents” has the meaning set forth in Section 7.2(c). 

“Solvent” means, with respect to any Person or any consolidated group, on any date of determination, that on such date
(i) the fair saleable value of such Person’s or consolidated group’s assets exceeds its total liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities, (ii) the fair saleable
value of such Person’s or consolidated group’s assets exceeds its probable liabilities, as applicable, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured, (iii) such
Person’s or consolidated group’s assets do not constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted and (iv) such Person or consolidated group does not intend to, and does not
believe that it will, incur debt and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by it and
the amounts to be payable on or in respect of its obligations). 

  
 36 

 “Special Members” has the meaning set forth in the definition of “Special
Purpose Entity”. 
 “Special Purpose Entity” means a limited liability company that, since the date of its formation
and at all times on and after the date thereof, has complied with and shall at all times comply with the following requirements unless it has received either prior consent to do otherwise from Lender, or, while the Loan is securitized, a Rating
Agency Confirmation from each of the Approved Rating Agencies, and an Additional Insolvency Opinion, in each case: 
 (i) is
and shall be organized solely for the purpose of (A) in the case of Borrower, acquiring, maintaining, renovating, rehabilitating, owning, holding, marketing, selling, leasing, transferring, managing and operating the Properties, entering into
and performing its obligations under the Loan Documents to which it is a party, refinancing the Properties in connection with a permitted repayment of the Loan, acting as the sole member of Borrower TRS and transacting lawful business that is
incident, necessary and appropriate to accomplish the foregoing, (B) in the case of Equity Owner, acting as the sole member of Borrower and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing or
(C) in the case of Borrower TRS, owning, marketing and selling Properties and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing; 

(ii) has not engaged and shall not engage in any business unrelated to (A) in the case of Borrower, the acquisition,
renovation, maintenance, ownership, holding, marketing, sale, leasing, transfer, management, operation or financing of the Properties and acting as sole member of Borrower TRS, (B) in the case of Equity Owner, acting as the sole member of
Borrower or (C) in the case of Borrower TRS, the marketing and selling of the Properties; 
 (iii) has not owned and
shall not own any real property other than the Properties; 
 (iv) does not have, shall not have and at no time had any
assets other than (A) in the case of Borrower, the Properties, personal property necessary or incidental to its ownership and operation of the Properties and its membership interest in Borrower TRS, (B) in the case of Equity Owner, its
membership interest in Borrower and personal property necessary or incidental to its ownership of such interest or (C) in the case of Borrower TRS, the Properties and incidental personal property necessary for the ownership, operation,
marketing or sale of Properties; 
 (v) shall not cause, consent to or permit any amendment of its certificate of formation
or its limited liability company agreement with respect to the matters set forth in this definition; 
 (vi) with respect to
each of Borrower, Equity Owner and each Borrower TRS, (A) is and shall be a Delaware limited liability company, (B) has and shall have at least two (2) Independent Directors serving as managers of such company, (C) shall not
take, and neither the member of any Loan Party nor any officer of any Loan 

  
 37 

 
Party nor any other Person shall be authorized or empowered to take any of the following actions, either with respect to itself or, with respect to any subsidiary of it that is a Loan Party, in
each case without the prior unanimous consent of all the Independent Directors of the company in writing to such action (each, a “Material Action”): (1) filing or consenting to the filing of any petition, either voluntary or
involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute, (2) seeking or consenting to the appointment of a receiver, liquidator or any similar official of any Loan Party or a substantial
part of its business, (3) making an assignment for the benefit of creditors by any Loan Party, (4) admitting in writing its inability to pay debts generally as they become due, (5) declaring or effectuating a moratorium on the payment
of any obligations of any Loan Party, or (6) taking any action in furtherance of the foregoing, provided, for purposes of clauses (4) and (6), the following shall not constitute a Material Action: (x) admissions or statements which
are compelled and required by law and which are true and correct, or (y) admissions or statements in writing to Lender or any servicer of the Loan, or in connection with any audit opinion or “going concern” qualification in its
audited financial statements, that (I) Borrower cannot pay its Operating Expenses, (II) Borrower cannot pay debt service on the Loan, or (III) Borrower cannot repay or refinance the Loan on the Maturity Date; notwithstanding any
provision of law that otherwise so empowers such company, its member or any officer or any other Person, provided, however, that, so long as the Loan is outstanding such company may not authorize the taking of any Material Action, unless
there are at least two (2) Independent Directors the serving in such capacity and (D) under the terms of its limited liability company agreement, immediately prior the occurrence of any event that causes the sole member to cease to be a
member of such company (other than upon continuation of such company without dissolution upon an assignment by the member of all of its limited liability interest in such company and the admission of the transferee in accordance with such
company’s limited liability company agreement), each of the persons acting as Independent Director of such entity shall, without any action of any Person, automatically be admitted as members of the limited liability company (“Special
Members”) and shall pursue and continue the existence of the limited liability company without dissolution and such Special Members may not resign as such until (i) a successor Special Member has been admitted to the limited liability
company as a Special Member and (ii) such successor Special Member has also accepted its appointment as an Independent Director; 

(vii) has and shall have a limited liability agreement that provides that, to the fullest extent permitted by applicable law,
including Section 18-1101(e) of the Delaware Limited Liability Company Act, the Independent Directors of a Loan Party shall not be liable to such Loan Party, its equity holders or any other Person bound by its
limited liability agreement for breach of contract or breach of duties (including fiduciary duties), unless the Independent Director acted in bad faith or engaged in willful misconduct; 

(viii) has and shall have a limited liability agreement that provides that such entity shall not (A) dissolve, merge,
liquidate, consolidate; (B) sell all or substantially all of its assets; or (C) amend its organizational documents with respect to the matters set forth in this definition without the consent of Lender; 

  
 38 

 (ix) has at all times been and shall intend at all times to remain solvent and
has paid and shall pay its debts and liabilities (including, a fairly-allocated portion of any personnel and overhead expenses that it shares with any Affiliate) from its assets as the same shall become due, and has maintained and shall intend to
maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; provided, that the foregoing shall not require any direct or
indirect member of any Loan Party to make any additional capital contributions to such Loan Party; 
 (x) has not failed and
shall not fail to correct any known misunderstanding regarding the separate identity of such entity and has not identified and shall not identify itself as a division of any other Person; 

(xi) has maintained and shall maintain its bank accounts, books of account, books and records separate from those of any other
Person (other than as between Borrower and Borrower TRS) and, to the extent that it is required to file tax returns under applicable law, has filed and shall file its own tax returns, except to the extent that it is required by law to file
consolidated tax returns; 
 (xii) has maintained and shall maintain its own records, books, resolutions and agreements; 

(xiii) has not commingled and, except as contemplated by this Agreement (including, notwithstanding any provision to the
contrary, as contemplated in the case of Not-Borrower Funds in Section 2.6), shall not commingle its funds or assets with those of any other Person and has not participated and shall
not participate in any cash management system with any other Person; provided, that Borrower TRS may commingle its assets with those of Borrower and may participate in Borrower’s cash management system; 

(xiv) has held and shall hold its assets in its own name; provided, that Borrower TRS may hold assets in
Borrower’s name; 
 (xv) has conducted and shall conduct its business in its name or in a name franchised or licensed to
it by an entity other than an Affiliate of itself or of Borrower, except for business conducted on behalf of itself by another Person under a business management services agreement that is on commercially-reasonable terms, so long as the manager, or
equivalent thereof, under such business management services agreement holds itself out as an agent of Borrower; 

(xvi) (A) has maintained and shall maintain its financial statements, accounting records and other entity documents
separate from those of any other Person (other than as between Borrower and Borrower TRS); (B) has shown and shall show, in its financial statements, its assets and liabilities separate and apart from those of any other Person (other than as between
Borrower and Borrower TRS); and (C) has not permitted and shall not permit its assets to be listed as assets on the financial statement of any of its Affiliates except as required by GAAP; provided, however,
that any such consolidated 

  
 39 

 
financial statement contains a note indicating that the Special Purpose Entity’s separate assets and credit are not available to pay the debts of such Affiliate and that the Special Purpose
Entity’s liabilities do not constitute obligations of the consolidated entity; 
 (xvii) has paid and shall pay its own
liabilities and expenses, including the salaries of its own employees, out of its own funds and assets, and has maintained and shall maintain a sufficient number of employees or contract for sufficient services in light of its contemplated business
operations; 
 (xviii) has observed and shall observe all limited liability company formalities; 

(xix) has not incurred and shall not incur any Indebtedness other than, (i) with respect to Borrower, Permitted
Indebtedness, (ii) with respect to Borrower TRS, the Borrower TRS’s Permitted Indebtedness, and (iii) with respect to Equity Owner, Equity Owner’s Permitted Indebtedness; 

(xx) has not assumed, guaranteed or become obligated and shall not assume or guarantee or become obligated for the debts of any
other Person, has not held out and shall not hold out its credit as being available to satisfy the obligations of any other Person or has not pledged and shall not pledge its assets to secure the obligations of any other Person, in each case except
as permitted or contemplated by the Loan Documents; 
 (xxi) has not acquired and shall not acquire obligations or securities
of its members or any Affiliate; provided, that Equity Owner shall be the sole member of Borrower and Borrower shall be the sole member of Borrower TRS; 

(xxii) has allocated and shall allocate fairly and reasonably any overhead expenses that are shared with any of its Affiliates,
constituents, or owners, or any guarantors of any of their respective obligations, or any Affiliate of any of the foregoing, including, but not limited to, paying for shared office space and for services performed by any employee of an Affiliate;

 (xxiii) has maintained and used and shall maintain and use separate stationery, invoices and checks bearing its name and
not bearing the name of any other entity unless such entity is clearly designated as being the Special Purpose Entity’s agent; 

(xxiv) has not pledged and shall not pledge its assets to secure the obligations of any other Person, except to Lender to
secure the Loan; 
 (xxv) has held itself out and identified itself and shall hold itself out and identify itself as a
separate and distinct entity under its own name or in a name franchised or licensed to it by an entity other than an Affiliate of Borrower and not as a division or part of any other Person; 

(xxvi) has maintained and shall maintain its assets in such a manner that it shall not be costly or difficult to segregate,
ascertain or identify its individual assets 

  
 40 

 
from those of any other Person; provided that Borrower TRS may hold its assets in Borrower’s name; 

(xxvii) has not made and shall not make loans to any Person and has not held and shall not hold evidence of indebtedness issued
by any other Person or entity (other than cash and Permitted Investments); 
 (xxviii) has not identified and shall not
identify its members or any Affiliate of any of them, as a division or part of it, and has not identified itself and shall not identify itself as a division of any other Person; 

(xxix) except in connection with the formation of a Borrower TRS and the contribution by Borrower of Collateral to such
Borrower TRS as contemplated by Section 4.1.22 and other than capital contributions and distributions permitted under the terms of its organizational documents, has not entered into or been a party to, and shall not enter
into or be a party to, any transaction with any of its members except in the ordinary course of its business and on terms which are commercially reasonable terms comparable to those of an arm’s-length
transaction with an unrelated third party; 
 (xxx) has not had and shall not have any obligation to, and has not indemnified
and shall not indemnify its partners, officers, directors or members, as the case may be, in each case unless such an obligation or indemnification is fully subordinated to the Debt and shall not constitute a claim against it in the event that its
cash flow is insufficient to pay the Debt; 
 (xxxi) has not had and shall not have any of its obligations guaranteed by any
Affiliate, except as provided by the Loan Documents; 
 (xxxii) has not formed, acquired or held and shall not form, acquire
or hold any subsidiary, except as contemplated by the Loan Documents; 
 (xxxiii) has complied and shall comply with all of
the terms and provisions contained in its organizational documents; 
 (xxxiv) has conducted and shall conduct its business
so that each of the assumptions made about it and each of the facts stated about it in the Insolvency Opinion, or if applicable, any Additional Insolvency Opinion, are true and correct in all material respects; and 

(xxxv) has not permitted and shall not permit any Affiliate or constituent party independent access to its bank accounts,
except Manager pursuant to a Management Agreement entered into in accordance with this Agreement. 
 “Specified Liens”
means Liens described in Schedule X affecting one or more of the Properties as of the Closing Date, provided that all such Liens on the affected Properties are affirmatively covered by the Title Insurance Policies. 

“Spread Maintenance Date” means the Payment Date occurring in October 2019. 

  
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 “Spread Maintenance Premium” means, with respect to any prepayment of principal
(or acceleration of the Loan) prior to the Spread Maintenance Date (other than payments made pursuant to Section 2.4.2(a) (except where such prepayment arises as a result of a Voluntary Action) or Section 2.4.2(c)), and with
respect to each Floating Rate Component, an amount equal to the product of the following: (i) the amount of such prepayment (or the amount of principal so accelerated) allocable to such Floating Rate Component, multiplied by
(ii) the Floating Rate Component Spread applicable to such Floating Rate Component, multiplied by (iii) a fraction (expressed as a percentage) having a numerator equal to the number of months difference between the Spread
Maintenance Date and the date such prepayment occurs (or the next succeeding Payment Date through which interest has been paid by Borrower) and a denominator equal to twelve (12). The total Spread Maintenance Premium shall be the sum of the
Spread Maintenance Premium for each of the Floating Rate Components. All Spread Maintenance Premium payments hereunder shall be deemed to be earned by Lender upon the funding of the Loan. 

“State” means, with respect to a Property, the State or Commonwealth in which such Property or any part thereof is located.

 “Strike Price” means (i) as to any Interest Rate Cap Agreement provided by Borrower at Lender’s request
pursuant to Section 2.2.7 during the Initial Term, a rate per annum equal to the interest rate at which the Debt Service Coverage Ratio as of the Calculation Date immediately preceding the date of delivery of such Interest
Rate Cap Agreement for the Initial Term is not less than 1.20:1.00 and (ii) as to any Replacement Interest Rate Cap Agreement obtained in connection with the exercise of any Extension Option, a rate per annum equal to the interest rate at which
the Debt Service Coverage Ratio as of the Calculation Date immediately preceding the commencement of the applicable Extension Term is not less than 1.20:1.00. 

“Subaccounts” has the meaning set forth in Section 2.7.1(e). 

“Substitute Mortgage Documents” has the meaning set forth in Section 2.4.2(a)(x). 

“Substitute Property” and “Substitute Properties” shall have the respective meanings set forth
in Section 2.4.2(a). 
 “Succeeding Interest Period” has the meaning set forth in Section
2.4.4(a)(ii). 
 “Tax Funds” has the meaning set forth in Section 6.1.1. 

“Tax Subaccount” has the meaning set forth in Section 6.1.1. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Tenant” means any Person obligated by contract or otherwise to pay monies (including a percentage of gross income, revenue
or profits) under any Lease now or hereafter affecting all or any part of a Property. 

  
 42 

 “Term” means the entire term of this Agreement, which shall expire upon
repayment in full of the Debt. 
 “Title Insurance Owner’s Policy” means, with respect to each Property, an ALTA owner
title insurance policy issued by a title insurance company reasonably acceptable to Lender in a form reasonably acceptable to Lender (or, if a Property is in a state which does not permit the issuance of such ALTA policy, such form as shall be
permitted in such state and determined that is reasonably acceptable to Lender) issued with respect to such Property and insuring the legal title to such Property. 

“Title Insurance Policy” means, with respect to each Property or multiple Properties encumbered by the same Mortgage, an ALTA
mortgagee title insurance policy issued by a title insurance company reasonably acceptable to Lender containing such endorsements as Lender may reasonably require (to the extent available in the state where the Property or the Properties, as
applicable, are located) in a form reasonably acceptable to Lender (or, if such Property or the Properties, as applicable, are located in a state which does not permit the issuance of such ALTA policy, such form as shall be permitted in such state
and determined that is reasonably acceptable to Lender) issued with respect to such Property or Properties, as applicable, and insuring the Lien of the Mortgage Documents encumbering such Property or Properties, as applicable (subject to Permitted
Liens) other than Specified Liens. 
 “Tranche 2 Borrower” means the Person designated as “Borrower” under the
Tranche 2 Loan Agreement. 
 “Tranche 2 Borrower TRS” means the Person designated as “Borrower TRS” under the
Tranche 2 Loan Agreement. 
 “Tranche 2 Equity Owner” means the Person designated as “Equity Owner” under the
Tranche 2 Loan Agreement. 
 “Tranche 2 Loan” means, collectively, all extensions of credit made by the Lender to the
Tranche 2 Borrower pursuant to the terms of the Tranche 2 Loan Agreement. 
 “Tranche 2 Loan Agreement” means that certain
Loan Agreement in substantially the form of this Agreement, by and among the Tranche 2 Borrower and the Lender, which shall be entered into in connection with the Second Closing (as defined in the Purchase Agreement). 

“Tranche 2 Loan Documents” means all documents designated as “Loan Documents” under the Tranche 2 Loan Agreement.

 “Tranche 2 Loan Parties” means, collectively, the Tranche 2 Borrower, the Tranche 2 Borrower TRS and the Tranche 2
Equity Owner. 
 “Tranche 3 Borrower” means the Person designated as “Borrower” under the Tranche 3 Loan
Agreement. 
 “Tranche 3 Borrower TRS” means the Person designated as “Borrower TRS” under the Tranche 3 Loan
Agreement. 

  
 43 

 “Tranche 3 Equity Owner” means the Person designated as “Equity Owner”
under the Tranche 3 Loan Agreement. 
 “Tranche 3 Loan” means, collectively, all extensions of credit made by the Lender to
the Tranche 3 Borrower pursuant to the terms of the Tranche 3 Loan Agreement. 
 “Tranche 3 Loan Agreement” means that
certain Loan Agreement in substantially the form of this Agreement, by and among the Tranche 3 Borrower and the Lender, which shall be entered into in connection with the Final Closing (as defined in the Purchase Agreement). 

“Tranche 3 Loan Documents” means all documents designated as “Loan Documents” under the Tranche 3 Loan Agreement.

 “Tranche 3 Loan Parties” means, collectively, the Tranche 3 Borrower, the Tranche 3 Borrower TRS and the Tranche 3
Equity Owner. 
 “Transaction” means the transaction contemplated by this Agreement and the other Loan Documents. 

“Transfer” has the meaning set forth in Section 4.2.17(b). 

“Transfer Date” means the date upon which a Transfer of a Property is consummated. 

“Transfer Expenses” means, with respect to the Transfer of any Property, the reasonable expenses of Borrower incurred in
connection therewith not to exceed six percent (6%) of all gross amounts realized with respect thereto, for any of the following: (i) third party real estate commissions, (ii) the closing costs of the purchaser of such Property actually
paid by Borrower and (iii) Borrower’s miscellaneous closings costs, including, but not limited to title, escrow and appraisal costs and expenses. 

“Trust and Servicing Agreement” means any Trust and Servicing Agreement or equivalent agreement pursuant to which Lender or
any assignee thereof sells the Loan to a REMIC Trust in connection with a Securitization. 
 “Trust Certificate Administration
Fee” means any administration fee made payable to any certificate administrator acting on behalf of any trustee in connection with a Securitization.  

“Trust Fund Expenses” means (A) prior to the closing date of a Securitization, none payable by Borrower; and (B) on
and after the closing date of a Securitization (i) any interest payable to the Servicer, or any special servicer, trustee, operating advisor, custodian, or certificate administrator in connection with the Loan or the Properties pursuant to the
Servicing Agreement in respect of advances made by any of the foregoing; provided, however, that Borrower shall only be obligated to pay any amounts described in this clause (i) if and to the extent such
interest exceeds the sum of the Default Rate interest and late payment charges payable pursuant to Section 2.3.4 in respect of the event giving rise to the related advances; (ii) all special servicing fees, work-out, liquidation fees and other fees payable to any special servicer under the Servicing Agreement (A) after the Loan is transferred to the special servicer as a result of (1) the occurrence of an
Event of Default or Special Servicing Loan Event (as defined 

  
 44 

 
in the Servicing Agreement) or (2) an acknowledgement by Borrower in writing that the Loan is likely to go into default, or (B) in connection with any Borrower requested or consensual work-out or modification of the Loan; (iii) the regularly monthly Trust Certificate Administration Fee (capped at $5,725 per month) and Trustee Administration Fee (capped at $250 per month) under the Servicing
Agreement, (iv) the fees and costs related to ongoing Rating Agency surveillance and monitoring, (v) the fees and expenses of the Servicer as set forth in Schedule VI, (vii) the costs and expenses of any
Servicer or any special servicer (including costs and expenses of any third party hired by such Servicer or special servicer) in connection with (A) the determination of market rents for purposes of and in accordance with clause
(ii) of the definition of “GPR” and (B) the verification of information set forth in Quarterly HOA Reports delivered pursuant to clause (h) of Schedule V, as well as the verification and/or preparation of any
reports related to HOA compliance required to be performed by the Servicer or special servicer, and (viii) except for the regular monthly fees payable to the master servicer and any operating advisor, any other cost, fee or expense of the
Servicer, any special servicer, the trustee, the operating advisor and any certificate administrator under the Servicing Agreement (A) after the Loan is transferred to the special servicer as a result of (1) the occurrence of an Event of
Default or a Special Servicing Loan Event (as defined in the Servicing Agreement) or (2) an acknowledgement by Borrower in writing that the Loan is likely to go into default, (B) the occurrence of an Event of Default under
clauses (i), (ii) or (iii) of Section 7.1 or (C) in connection with any Borrower requested or consensual work out or modification of the Loan or any other special
waiver or approval requests made by Borrower or Equity Owner during the term of the Loan (in each case including, but not limited to, (1) any costs and expenses in connection with Broker Price Opinions and, where Broker Price Opinions are not
sufficient in accordance with customary mortgage servicing standards, appraisals of the Properties or the Equity Interests in Borrower (or any updates to Broker Price Opinions or such appraisals) conducted by or on behalf of the Servicer and/or
special servicer, (2) property inspections conducted by or on behalf of the Servicer and/or special servicer, (3) lien searches conducted by or on behalf of the Servicer and/or special servicer, (4) any reimbursements to the trustee,
the Servicer, the special servicer, the operating advisor, any certificate administrator thereunder and related Persons of each of the foregoing, or the trust fund, pursuant to the Servicing Agreement, (5) any indemnification to Persons
entitled thereto under the Servicing Agreement, (6) any litigation expenses arising from an Event of Default and (7) the cost of Rating Agency Confirmations and/or opinions of counsel, if any, required to be obtained pursuant to the
Servicing Agreement in connection with servicing or administering the Loan or the Properties and administration of the trust fund). 

“Trustee Administration Fee” means any administration fee made payable to a trustee in connection with a Securitization. 

“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 “U.S. Tax Compliance Certificate” has the meaning set forth in Section 2.8(e)(iii)(B)(3). 

“UCC” or “Uniform Commercial Code” means the Uniform Commercial Code as in effect in the State (with respect
to fixtures), the State of New York or the state in which the Cash Management Account is located, as the case may be. 

  
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 “Underwritten Capital Expenditures” means, as of any date of determination, for
the twelve (12) month period ending on such date, the product of (i) the number of Properties multiplied by (ii) $450. 

“Underwritten Net Cash Flow” means, as of any date of determination, the excess of: (i) for the twelve (12) month
period ending on such date, the sum of (A) the lesser of (1) GPR multiplied by 92.5%, and (2) Actual Rent Collections, and (B) Other Receipts; over (ii) for the twelve (12) month period ending on such
date, the sum of (A) Operating Expenses, adjusted to reflect exclusion of amounts representing non-recurring expenses, (B) Underwritten Capital Expenditures and (C) Concessions. For purposes of
the foregoing calculations, for each of the first three Calculation Dates after the Closing Date, Operating Expenses, Concessions, Actual Rent Collections and Other Receipts with respect to the Properties for the period from the Closing Date to and
including each such Calculation Date shall be annualized to determine the twelve (12) month Operating Expenses, Concessions, Actual Rent Collections and Other Receipts with respect to the Properties. 

Notwithstanding the foregoing, Underwritten Net Cash Flow shall not include (a) any Insurance Proceeds (other than business interruption
and/or rental loss insurance proceeds and only to the extent allocable to the applicable reporting period), (b) any proceeds resulting from the Transfer of all or any portion of any Property, including any Award, (c) any item of income
otherwise included in Underwritten Net Cash Flow but paid directly by any Tenant to a Person other than Borrower as an offset or deduction against Rent payable by such Tenant, provided such item of income is for payment of an item of expense (such
as payments for utilities paid directly to a utility company) and such expense is otherwise excluded from the definition of Operating Expenses pursuant to clause “(H)” of the definition thereof, (d) security deposits received from
Tenants until forfeited or applied and (e) any lease buy-out or surrender payment from any Tenant. 

Notwithstanding anything herein to the contrary, the Underwritten Net Cash Flow of any Property that is a Disqualified Property shall be zero
for all purposes of this Agreement unless Borrower makes a deposit of Eligibility Funds into the Eligibility Reserves Subaccount in an amount equal to one hundred percent (100%) of the Allocated Loan Amount for such Property. 

“United States” means the United States of America. 

“Unrestricted Cash” means any cash or Permitted Investments not held in the Cash Management Account, any Subaccount, the Rent
Deposit Account or any Security Deposit Account or required to be deposited therein pursuant to this Agreement; provided, that funds held in Borrower’s Operating Account that were distributed to Borrower for Operating Expenses set
forth in a Monthly Budgeted Amount or for Approved Extraordinary Expenses pursuant to Section 2.7.2(i)(B) and which have not been expended therefor are not Unrestricted Cash. 

“Vacant Property” means, individually, and “Vacant Properties” means, collectively, the Properties listed on
Schedule IX attached hereto which are not leased to or occupied by any Tenant as of the Cut-Off Date. The parties hereto agree that Schedule IX shall be revised to reflect the final list of
Vacant Properties agreed to in the Purchase Agreement. 

  
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 “Voluntary Action” means, in respect of any Property, a voluntary action or
omission by any Loan Party or an action or omission by any third party authorized by a Loan Party that, in each case, such Loan Party intends to result in (i) an imposition of a Lien (other than a Permitted Lien) on such Property, (ii) a
Transfer of such Property in violation of this Agreement or (iii) such Property becoming a Disqualified Property. 

Section 1.2 Principles of Construction. All references to sections and schedules are to sections and schedules in or to
this Agreement unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified, the words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed
to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined. References to Schedules refer to the cumulative Schedules delivered for each date on which a portion of the Loan is funded, unless
otherwise indicated. 
 ARTICLE II - GENERAL TERMS 

Section 2.1 Loan Commitment; Disbursement to Borrower. 

2.1.1 Agreement to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make
and Borrower hereby agrees to accept the Initial Loan on the Closing Date. 
 2.1.2 Components of the Loan. For purposes of the
computation of the interest accrued on the Loan from time to time and certain other computations set forth herein, the Loan shall be divided into multiple components designated as “Component A”, “Component B”, “Component
C”, “Component D”, “Component E”, “Component F”, “Component G” and “Component H”. Schedule XI attached hereto sets forth the initial principal amount of each such Component, and the
parties hereto agree that Schedule XI shall be revised to reflect any Additional Loan as contemplated by Section 2.1.6. 

2.1.3 Single Disbursements to Borrower. Borrower may request and receive only one (1) borrowing hereunder in respect of the
Initial Loan (and any Additional Loan, as applicable), and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Borrower acknowledges and agrees that the Initial Loan has been fully funded as of the Closing Date.

 2.1.4 The Note, Mortgages and Loan Documents. The Loan shall be evidenced by the Note and secured by the Mortgages and the
other Loan Documents (as the same may be amended from time to time to reflect any Additional Loan). 
 2.1.5 Use of Proceeds.
Borrower shall use proceeds of the Loan to (a) make deposits of the Reserve Funds, (b) make distributions to Equity Owner, (c) pay costs and expenses incurred in connection with the closing of the Loan and any Securitization related
to the Loan, and (d) to the extent any proceeds remain after satisfying clauses (a) through (c) above, for such lawful purpose as Borrower shall designate. 

  
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 2.1.6 Additional Loan. (a) Following a request by Borrower as set forth in
Section 2.1.6(b) and subject to satisfaction of the conditions set forth in Section 2.1.6(c), Lender shall extend the Additional Loan to Borrower. 

(b) Borrower may, by written notice to Lender within two (2) Business Days following the determination of the Purchase Price Adjustment,
request the Additional Loan, which Additional Loan shall be on the same terms applicable to the Initial Loan made hereunder, in a principal amount equal to 75% of the Purchase Price Adjustment Share. Such notice shall specify the date on which
Borrower proposes that such Additional Loan shall be made, which shall be the day Borrower pays 25% of the Purchase Price Adjustment (as contemplated by Section 3.1(c) of the Purchase Agreement) and subject to satisfaction of the conditions set
forth in Section 2.1.6(c). To the extent repaid, any Additional Loan may not be reborrowed. 
 (c) Any Additional Loan shall be made
pursuant to an amendment to the existing Note, in each case in form and substance reasonably satisfactory to Lender, which shall be executed by Borrower and delivered to Lender on the date contemplated under Section 2.1.6(b) above. Any
Additional Loan shall be subject to payment by the Borrower of 25% of the Purchase Price Adjustment and the Borrower providing an updated Schedule I and Schedule XI. 

Section 2.2 Interest Rate. 

2.2.1 Interest Rate. Each Component of the Loan shall accrue interest throughout the Term at the Interest Rate applicable
to such Component during each Interest Period. The total interest accrued under the Loan shall be the sum of the interest accrued on the outstanding balance of each of the Components. Borrower shall pay to Lender on each Payment Date the interest
accrued or to be accrued on the Loan for the related Interest Period. 
 2.2.2 Interest Calculation. Interest on the Components
of the Loan and other Obligations shall be calculated by multiplying (A) the actual number of days elapsed in the period for which the calculation is being made by (B) a daily rate based on a three hundred sixty
(360) day year (that is, the Interest Rate expressed as an annual rate divided by 360) by (C) the Outstanding Principal Balance or the amount of such other Obligations, as applicable. The accrual period for calculating interest due
on each Payment Date shall be the Interest Period in which such Payment Date occurs. 
 2.2.3 Determination of Interest Rate.

 (a) Subject to the terms and conditions of this Section 2.2.3, the Floating Rate Components of the Loan shall be
a LIBOR Loan. In the event that Lender shall have reasonably determined that by reason of circumstances affecting the interbank Eurodollar market LIBOR cannot be determined as provided in the definition of LIBOR as set forth herein, then Lender
shall forthwith give notice thereof by telephone of such fact, confirmed in writing, to Borrower at least one (1) Business Day prior to the Determination Date. If such notice is given, the Floating Rate Components of the Loan shall be
converted, from and after the first day of the next succeeding Interest Period, to a Prime Rate Loan bearing interest based on the Prime Rate in effect on the related Determination Date. 

  
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 (b) If, pursuant to the terms of Section 2.2.3(a), a Floating Rate
Component of the Loan has been converted to a Prime Rate Loan but thereafter LIBOR can again be determined as provided in the definition of LIBOR as set forth herein, Lender shall convert the Prime Rate Loan back to a LIBOR Loan by delivering to
Borrower notice of such conversion no later than 11:00 a.m. (New York City Time), one (1) Business Day prior to the next succeeding Determination Date. All Floating Rate Components of the Loan shall be converted, from and after the first
day of the next succeeding Interest Period, to a LIBOR Loan bearing interest based on LIBOR in effect on the related Determination Date. Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to
elect to convert a LIBOR Loan to a Prime Rate Loan. 
 (c) If the adoption of any requirement of law or any change therein or in the
interpretation or application thereof, in any case after the date hereof, shall hereafter make it unlawful for Lender to make or maintain a LIBOR Loan as contemplated hereunder, (i) the obligation of Lender hereunder to make a LIBOR Loan or to
convert a Prime Rate Loan to a LIBOR Loan shall be canceled forthwith and (ii) any outstanding LIBOR Loan shall be converted automatically to a Prime Rate Loan on the first day of the next succeeding Interest Period or within such earlier
period as required by law. Borrower hereby agrees promptly to pay Lender, upon demand, any additional amounts necessary to compensate Lender for any out-of-pocket costs
reasonably incurred by Lender in making any conversion in accordance with this Agreement, including, without limitation, any interest or fees payable by Lender to lenders of funds obtained by it in order to make or maintain the LIBOR Loan hereunder.
Lender’s notice of such costs, as certified to Borrower, shall be conclusive absent manifest error. 
 (d) In the event that any change
in any requirement of law or in the interpretation or application thereof, or compliance by Lender with any request or directive (whether or not having the force of law) hereafter issued from any central bank or other Governmental Authority: 

(i) shall hereafter impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement
against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of Lender which is not otherwise included in the determination of
LIBOR hereunder; 
 (ii) shall hereafter have the effect of reducing the rate of return on Lender’s capital as a
consequence of its obligations hereunder to a level below that which Lender could have achieved but for such adoption, change or compliance (taking into consideration Lender’s policies with respect to capital adequacy) by any amount deemed by
Lender to be material; 
 (iii) shall hereafter subject Lender to any Taxes (other than (A) Indemnified Taxes,
(B) Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other
liabilities or capital attributable thereto; or 

  
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 (iv) shall hereafter impose on Lender any other condition and the result of any
of the foregoing is to increase the cost to Lender of making, renewing or maintaining loans or extensions of credit or to reduce any amount receivable hereunder; 

then, in any such case, Borrower shall promptly pay Lender, upon demand, any additional amounts necessary to compensate Lender for such additional cost or
reduced amount receivable which Lender deems to be material as determined by Lender in its reasonable discretion. If Lender becomes entitled to claim any additional amounts pursuant to this Section 2.2.3(d), Lender shall
provide Borrower with not less than thirty (30) days written notice specifying in reasonable detail the event by reason of which it has become so entitled and the additional amount required to fully compensate Lender for such additional cost or
reduced amount. A certificate as to any additional costs or amounts payable pursuant to the foregoing sentence submitted by Lender to Borrower shall be conclusive in the absence of manifest error. Subject to Section 2.7,
this Section 2.2.3(d) shall survive payment of the Debt and the satisfaction of all other Obligations. 
 (e) Borrower agrees to
indemnify Lender and to hold Lender harmless from any loss or expense which Lender sustains or incurs as a consequence of (i) any default by Borrower in payment of the principal of or interest on a LIBOR Loan, including, without limitation, any
such loss or expense arising from interest or fees payable by Lender to lenders of funds obtained by it in order to maintain a LIBOR Loan hereunder, (ii) any prepayment (whether voluntary or mandatory) of the LIBOR Loan on a day that
(A) is not a Payment Date or (B) is a Payment Date if Borrower did not give the prior written notice of such prepayment required pursuant to the terms of this Agreement, including, without limitation, such loss or expense arising from
interest or fees payable by Lender to lenders of funds obtained by it in order to maintain the LIBOR Loan hereunder and (iii) the conversion pursuant to the terms hereof of the LIBOR Loan to a Prime Rate Loan on a date other than the Payment
Date, including, without limitation, such loss or expenses arising from interest or fees payable by Lender to lenders of funds obtained by it in order to maintain a LIBOR Loan hereunder (the amounts referred to in clauses (i), (ii) and
(iii) are herein referred to collectively as the “Breakage Costs”); provided, however, Borrower shall not indemnify Lender from any loss or expense arising from Lender’s willful
misconduct or gross negligence. This provision shall survive payment of the Note in full and the satisfaction of all other obligations of Borrower under this Agreement and the other Loan Documents. 

2.2.4 Additional Costs. Lender will use reasonable efforts (consistent with legal and regulatory restrictions) to maintain the
availability of the LIBOR Loan and to avoid or reduce any increased or additional costs payable by Borrower under Section 2.2.3, including, if requested by Borrower, a transfer or assignment of the Loan to a branch,
office or Affiliate of Lender in another jurisdiction, or a redesignation of its lending office with respect to the Loan, in order to maintain the availability of the LIBOR Loan or to avoid or reduce such increased or additional costs, provided that
the transfer or assignment or redesignation (a) would not result in any additional costs, expenses or risk to Lender that are not reimbursed by Borrower and (b) would not be disadvantageous in any other respect to Lender (including the
effect on any Securitization) as determined by Lender in its reasonable discretion. 
 2.2.5 Default Rate. In the event that,
and for so long as, any Event of Default shall have occurred and be continuing, the Component Outstanding Principal Balance of each of the 

  
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Floating Rate Components and, to the extent not prohibited by applicable law, all other portions of the Debt, shall accrue interest at the Default Rate, calculated from the date such payment was
due or, if later, such Default shall have occurred, without regard to any grace or cure periods contained herein. Interest at the Default Rate shall be paid immediately upon demand, which demand may be made as frequently as Lender shall elect, to
the extent not prohibited by applicable law. 
 2.2.6 Usury Savings.This Agreement, the Note and the other Loan Documents are
subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the Outstanding Principal Balance at a rate which could subject Lender to either civil or criminal liability as a result of being in excess
of the Maximum Legal Rate. If, by the terms of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on any Component Outstanding Principal Balance of any Component at a rate in excess of the
Maximum Legal Rate, the Interest Rate or the Default Rate, as the case may be, of such Component shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of such Maximum Legal Rate shall be deemed to
have been payments in reduction of principal of such Component and not on account of the interest due hereunder and no Spread Maintenance Premium shall be owing on any such reduction of principal and the provisions of
Section 2.4.4 (other than those of Section 2.4.4(f)) shall apply to any such reduction of principal. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under 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 Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 
 2.2.7
Interest Rate Cap Agreement. 
 (a) Within ten days of any request therefor by Lender, Borrower shall enter into an Interest Rate
Cap Agreement with a LIBOR strike price equal to the Strike Price. Each applicable Interest Rate Cap Agreement shall (i) at all times be with an Acceptable Counterparty, (ii) by its terms or via the Collateral Assignment of Interest Rate
Cap Agreement described below, direct such Acceptable Counterparty to deposit directly into the Cash Management Account any amounts due Borrower under such Interest Rate Cap Agreement so long as any portion of the Debt exists, provided
that the Debt shall be deemed to exist if any Property is transferred by judicial or non-judicial foreclosure or deed-in-lieu
thereof, (iii) be for a period through the end of the Interest Period ending immediately following the Maturity Date and (iv) at all times have a notional amount equal to or greater than the aggregate Component Outstanding Principal
Balances of the Floating Rate Components and shall at all times provide for the applicable Strike Price. Borrower shall collaterally assign to Lender, pursuant to a Collateral Assignment of Interest Rate Cap Agreement dated as of the Closing Date
and the date of funding of any Additional Loan (the “Collateral Assignment of Interest Rate Cap Agreement”), all of its right, title and interest to receive any and all payments under each applicable Interest Rate Cap Agreement, and
shall deliver to Lender an executed counterpart of such Interest Rate Cap Agreement (which shall, by its terms, authorize the assignment to Lender and require that payments be deposited directly into the Cash Management Account) and shall notify the
Acceptable Counterparty of such assignment. 

  
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 (b) Borrower shall comply with all of its obligations under the terms and provisions of each
Interest Rate Cap Agreement. All amounts paid by an Acceptable Counterparty under an Interest Rate Cap Agreement to Borrower shall be deposited immediately into the Cash Management Account or into such account as specified by Lender. Borrower shall
take all actions reasonably requested by Lender to enforce Lender’s rights under each Interest Rate Cap Agreement in the event of a default by its Acceptable Counterparty and shall not waive, amend or otherwise modify any of its rights
thereunder. 
 (c) In the event of any downgrade, withdrawal or qualification of the rating of any Acceptable Counterparty by any Approved
Rating Agency such that it ceases to qualify as an Acceptable Counterparty, unless such Counterparty shall have posted collateral on terms acceptable to each Approved Rating Agency, Borrower shall replace each affected Interest Rate Cap Agreement
with a Replacement Interest Rate Cap Agreement not later than ten (10) Business Days following receipt of notice from Lender of such downgrade, withdrawal or qualification. In the event that a Counterparty is downgraded (i) below BBB+ by
S&P (or, if such counterparty was an Acceptable Counterparty based on its short-term rating by S&P, below “A-2” by S&P) or (ii) below “Baa1” by Moody’s, a Replacement
Interest Rate Cap Agreement shall be required regardless of the posting of collateral. 
 (d) In the event that Borrower fails to purchase
and deliver to Lender any Interest Rate Cap Agreement or fails to maintain any Interest Rate Cap Agreement in accordance with the terms and provisions of this Agreement, Lender may purchase an Interest Rate Cap Agreement and the cost incurred by
Lender in purchasing such Interest Rate Cap Agreement shall be paid by Borrower to Lender with interest thereon at the Default Rate from the date such cost was incurred by Lender until such cost is reimbursed by Borrower to Lender. 

(e) In connection with each Interest Rate Cap Agreement, Borrower shall obtain and deliver to Lender an opinion from counsel (which counsel may
be in-house counsel for the Acceptable Counterparty) for the Acceptable Counterparty party thereto (upon which Lender and its successors and assigns may rely) which shall provide, in relevant part, that (a
“Counterparty Opinion”): 
 (i) such Acceptable Counterparty is duly organized, validly existing, and in
good standing under the laws of its jurisdiction of incorporation or formation and has the organizational power and authority to execute and deliver, and to perform its obligations under, such Interest Rate Cap Agreement; 

(ii) the execution and delivery of such Interest Rate Cap Agreement by such Acceptable Counterparty, and any other agreement
which such Acceptable Counterparty has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been and remain duly authorized by all necessary action and do not contravene any provision of its certificate of
incorporation or by-laws (or equivalent organizational documents) or any law, regulation or contractual restriction binding on or affecting it or its property; 

(iii) all consents, authorizations and approvals required for the execution and delivery by such Acceptable Counterparty of
such Interest Rate Cap 

  
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Agreement, and any other agreement which such Acceptable Counterparty has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been obtained and remain
in full force and effect, all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with any Governmental Authority is required for such execution, delivery or performance; and 

(iv) such Interest Rate Cap Agreement, and any other agreement which such Acceptable Counterparty has executed and delivered
pursuant thereto, has been duly executed and delivered by such Acceptable Counterparty and constitutes the legal, valid and binding obligation of such Acceptable Counterparty, enforceable against such Acceptable Counterparty in accordance with its
terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law). 
 Section 2.3 Loan Payment. 

2.3.1 Monthly Debt Service Payments. On each Payment Date after the Closing Date up to and including the Maturity Date, Borrower
shall make a payment of interest to Lender equal to the Monthly Debt Service Payment Amount, which amount shall be applied in accordance with Article II. On each Monthly Payment Date, Borrower shall also pay to Lender all amounts required in
respect of Reserve Funds as set forth in Article VI and an amount equal to the sum of the initial monthly certificate administrator fee and the initial monthly trustee fee. 

2.3.2 Payments Generally. For purposes of making payments hereunder, but not for purposes of calculating Interest Periods, if the
day on which such payment is due is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business Day and with respect to payments of principal due on the Maturity Date, interest shall be payable at the
Interest Rate or the Default Rate, as the case may be, through and including the last day of the related Interest Period. All amounts due under this Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense
or any other deduction whatsoever. 
 2.3.3 Payment on Maturity Date. Borrower shall pay to Lender on the Maturity Date the
Outstanding Principal Balance, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage Documents and the other Loan Documents. 

2.3.4 Late Payment Charge. If any principal, interest or any other sums due under the Loan Documents (including the amounts due
on the Maturity Date) are not paid by Borrower on or prior to the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of four percent (4%) of such unpaid sum or the Maximum Legal Rate in order to defray
the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Mortgages and the other Loan Documents to the
extent permitted by applicable law. 

  
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 2.3.5 Method and Place of Payment. Except as otherwise specifically provided
herein, all payments and prepayments under this Agreement and the Note shall be made to Lender not later than 11:00 a.m., New York City time, on the date when due and shall be made in lawful money of the United States of America in immediately
available funds at Lender’s office or as otherwise directed by Lender, and any funds received by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. Unless otherwise specified
by the Agent in writing, all payments received by Lender shall be allocated pro rata to each Lender in accordance with its allocated portion of the Outstanding Principal Balance. 

Section 2.4 Prepayments. 

2.4.1 Voluntary Prepayments. Upon timely delivery by Borrower to Lender of a Prepayment Notice, Borrower may prepay all or any
portion of the Outstanding Principal Balance and any other amounts outstanding under the Note, this Agreement, the Mortgage Documents and any of the other Loan Documents, on any Business Day provided that Borrower shall comply with the provisions of
and pay to Lender the amounts set forth in Section 2.4.4. Each such prepayment shall be in a minimum principal amount equal to $1,000,000 and in integral multiples of $100,000 in excess thereof and shall be made and applied
in the manner set forth in Section 2.4.4. 
 2.4.2 Mandatory Prepayments. 

(a) Disqualified Properties. If at any time any Property shall become a Disqualified Property, Borrower shall, no later than the close
of business on the fifth (5th) Business Day following the last day of the applicable Cure Period, give notice thereof to Lender and prepay the Debt in the applicable Release Amount with respect to
such Property. No Spread Maintenance Premium shall be owing on any such prepayment unless such Property became Disqualified Property as a result of a Voluntary Action. After the prepayment of the Debt by the Release Amount with respect to a
Disqualified Property as provided above, (i) if the breach or failure that resulted in such Property becoming a Disqualified Property relates solely to such Disqualified Property, such breach or failure shall be deemed cured and shall not
result in a Default or Event of Default under this Agreement or any other Loan Document, and (ii) Lender shall release the Disqualified Property from the applicable Mortgage Documents and related Lien; provided, that
(x) Borrower has delivered to Lender a draft release (and, in the event the Mortgage and the Collateral Assignment of Leases and Rents applicable to the Disqualified Property encumbers other Property(ies) in addition to the Disqualified
Property, such release shall be a partial release that relates only to the Disqualified Property and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the jurisdiction
in which such Disqualified Property is located and shall contain standard provisions protecting the rights of Lender and (y) Borrower shall pay all costs, taxes and expenses associated with such release (including, without limitation, cost to
file and record the release and Lender’s reasonable attorneys’ fees). Notwithstanding the foregoing, in lieu of such prepayment, Borrower may either (1) deposit an amount equal to one hundred percent (100%) of the Allocated Loan
Amount for such Disqualified Property in the Eligibility Reserve Subaccount in accordance with and subject to Section 6.5 or (2) substitute a Disqualified Property or a portfolio of Disqualified Properties (each, an
“Affected Property” and 

  
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collectively, the “Affected Properties”) with a substitute Eligible Property or a portfolio of Eligible Properties (each, a “Substitute Property” and
collectively, the “Substitute Properties”); and upon such deposit or substitution, if the breach or failure that resulted in such Property becoming a Disqualified Property relates solely to such Disqualified Property, such breach or
failure shall be deemed to be cured and shall not result in a Default or Event of Default under this Agreement or any other Loan Document; provided that, in the case of a proposed substitution, the following conditions are satisfied:

 (i) each substitute Eligible Property shall be a detached single family residential real property or a condominium or
townhome (so long as condominium units and townhomes constitute no more than two percent (2%) of the Properties by BPO Value and provided no condominium that is a Substitute Property shall consist of more than one single family unit), but excluding
housing cooperatives and manufactured housing; 
 (ii) no Event of Default shall have occurred and be continuing except as
related to, and cured by the removal of, the Affected Property being substituted; 
 (iii) Lender shall have obtained, at
Borrower’s sole cost and expense, a Broker Price Opinion for the applicable Affected Property or Affected Properties and the applicable Substitute Property or Substitute Properties and based on such Broker Price Opinion(s), the Substitute
Property (or portfolio of Substitute Properties) shall have the same or greater BPO Value as the greater of (x) the BPO Value of the Affected Property (or portfolio of Affected Properties) being substituted as of the Closing Date and
(y) the BPO Value of the Affected Property (or portfolio of Affected Properties) being substituted at the time of substitution; 

(iv) Borrower shall deliver to Lender an Officer’s Certificate stating that each Substitute Property satisfies each of the
Property Representations and is in compliance with each of the Property Covenants on the date of the substitution after giving effect to the substitution; 

(v) there is an Eligible Lease for each Substitute Property; 

(vi) the in place Rents under the Lease(s) for the Substitute Property (or Substitute Properties, if a portfolio of Affected
Properties are being substituted) shall be equal to or greater than the greater of (A) the in place Rents under the Lease(s) for the Affected Property (or portfolio of Affected Properties) being substituted measured as of the time of
substitution and (B) the in place Rents under the Lease(s) for the Affected Property (or portfolio of Affected Properties) being substituted measured as of the Closing Date; 

(vii) simultaneously with the substitution, Borrower shall convey all of Borrower’s right, title and interest in, to and
under the Affected Property (or portfolio of Affected Properties) being substituted to a Person other than a Loan Party and Borrower shall deliver to Lender a copy of the deed conveying all of Borrower’s right, title and interest in such
Affected Property (or portfolio of Affected Properties) being substituted; 

  
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provided that the Borrower may contribute the Affected Property (or portfolio of Affected Properties) to Borrower TRS prior to the transfer thereof to a third party; 

(viii) Borrower shall deliver on or prior to the date of substitution evidence satisfactory to Lender that each Substitute
Property is insured pursuant to Policies meeting the requirements of Article V; 
 (ix) Borrower shall deliver
to Lender the deed, Title Insurance Owner’s Policy and the Lease with respect to each Substitute Property; 
 (x)
Borrower shall have executed and delivered to Lender, the Mortgage Documents with respect to each Substitute Property, which shall be in substantially the same form as the Mortgage, Collateral Assignment of Leases and Rents and Fixture Filing, if
applicable, executed and/or delivered on the Closing Date with such changes as may be necessitated or appropriate (as reasonably determined by Lender) for the jurisdiction in which the Substitute Property is located, and which may, in
Lender’s reasonable discretion, be Mortgage Documents with respect to only such Substitute Property (and in the event the Substitute Property is located in the same county or parish in which one or more other Properties (other than the Affected
Property or Affected Properties being substituted) is located, such Mortgage and Collateral Assignment of Leases and Rents may be in the form of an amendment and spreader agreement to the existing Mortgage and Collateral Assignment of Leases and
Rents covering such Property or Properties located in the same county or parish as the Substitute Property, in each case, in form and substance reasonably acceptable to Lender) (the “Substitute Mortgage Documents”); 

(xi) Borrower shall deliver to Lender the following opinions of counsel: (A) an opinion of counsel admitted to practice
under the laws of the state in which the Substitute Property (or portfolio of Substitute Properties) being substituted is located in form and substance reasonably satisfactory to Lender opining as to the enforceability of the Substitute Mortgage
Documents with respect to the Substitute Property and (B) an opinion stating that the Substitute Mortgage Documents were duly authorized, executed and delivered by Borrower and that the execution and delivery of such Substitute Mortgage
Documents and the performance by Borrower of its obligations thereunder will not cause a breach or a default under, any agreement, document or instrument to which Borrower is a party or to which it or the Properties are bound and otherwise in form
and substance reasonably satisfactory to Lender; 
 (xii) Lender shall have received a Title Insurance Policy for the
Substitute Property (or, in the event a Substitute Property is located in the same county or parish in which one or more other Properties (other than an Affected Property being substituted) is located, an endorsement to the existing Title Insurance
Policy with respect to such Property or Properties located in the same county or parish as such Substitute Property in form and substance reasonably satisfactory to Lender) insuring the Lien of the Mortgage encumbering such Substitute Property as a
valid first lien on such Substitute Property, free and clear of all exceptions other than the Permitted Liens; 

  
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 (xiii) each Substitute Property shall be located in a metropolitan statistical
area that contains at least one property described on the Properties Schedule as of the Closing Date, 
 (xiv) no acquisition
of a Substitute Property will result in Borrower or any Loan Party incurring any Indebtedness (except as permitted by this Agreement); 

(xv) the aggregate Allocated Loan Amounts of the Disqualified Properties being substituted, together with the aggregate
Allocated Loan Amounts of all Disqualified Properties that have been substituted with Substitute Properties since the Closing Date, shall be no more than ten percent (10%) of the Outstanding Principal Balance; 

(xvi) if any Lien, litigation or governmental proceeding is existing or pending or, to the actual knowledge of a Responsible
Officer of a Loan Party, threatened against any Affected Property being substituted with a Substitute Property or against such Substitute Property which may result in liability for Borrower, Borrower shall have deposited with Lender reserves
reasonably satisfactory to Lender as security for the satisfaction of such liability; and 
 (xvii) Borrower shall pay to
Lender all reasonable out-of-pocket costs and expenses incurred by Lender in connection with the substitution (including, without limitation, reasonable out-of-pocket costs and expenses incurred by Lender in connection with the release of the Affected Property (or portfolio of Affected Properties) being substituted from
applicable Mortgage Documents) and, in addition, the fee specified on Schedule VI as being assessed by Servicer to effect releases or assignments. 

Any such deposit in the Eligibility Reserve Subaccount or any such substitution shall be completed no later than the due date for the prepayment required
under this Section 2.4.2(a). Notwithstanding anything to the contrary contained herein or in any other Loan Document, if the Loan is included in a REMIC Trust, no substitution under this Agreement will be permitted unless (1) either (aa)
immediately after such substitution the ratio of the Outstanding Principal Balance to the value of the remaining Properties (as determined by Lender in its sole discretion using any commercially reasonable method permitted to a REMIC Trust; and
which shall exclude the value of personal property (other than fixtures) or going concern value, if any) is equal to or less than one hundred twenty-five percent (125%) or (bb) the ratio of the Outstanding Principal Balance to the value of the
Properties (including the Substitute Property or Substitute Properties) will not increase as a result of the substitution of the Substitute Property or Substitute Properties for the Affected Property or Affected Properties, or (2) Lender
receives an opinion of counsel that a Securitization will not fail to maintain its status as a REMIC Trust as a result of the substitution of the Substitute Property or Substitute Properties for the Affected Property or Affected Properties. 

Simultaneously with the substitution of a Affected Property, Lender shall release the Affected Property or Affected Properties from the applicable Mortgage
Documents and related Lien, provided that Borrower has delivered to Lender a draft release (and, in the event the Mortgage and the Collateral Assignment of Leases and Rents applicable to the Affected Property or

  
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Affected Properties encumbers other Property(ies) in addition to the Affected Property or Affected Properties, such release shall be a partial release that relates only to the Affected Property
or Affected Properties being substituted and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the jurisdiction in which such Affected Property or Affected Properties
are located which contains standard provisions protecting the rights of Lender. 
 (b) Transfer. If at any time any Property is sold
or otherwise disposed of (other than, for the avoidance of doubt, to Borrower TRS), then Borrower shall, no later than the close of business on the day on which such Transfer occurs, give notice thereof to Lender and prepay the Debt in the
applicable Release Amount with respect to such Property in accordance with Section 2.5. 
 (c) Condemnation or
Casualty. If Borrower is required to make any prepayment under Section 5.3 or Section 5.4 as a result of a Condemnation or Casualty, on the next occurring Payment Date following the date on
which Lender actually receives the applicable Net Proceeds, such Net Proceeds, up to the amount required to be prepaid as provided in Section 5.3 or Section 5.4, as applicable, shall be applied to
the prepayment of the Debt in accordance with Section 2.4.4(d). For the avoidance of doubt, no Spread Maintenance Premium shall be due in connection with any prepayment made pursuant to this Section 2.4.2(c). 

(d) Application of Mandatory Prepayments. Each such prepayment shall be made and applied in the manner set forth in
Section 2.4.4. 
 (e) Payment from Cash Management Account. Lender may collect any prepayment required under
this Section 2.4.2 from the Cash Management Account on the date such prepayment is payable hereunder. 
 2.4.3
Prepayments After Default. 
 (a) If, during the continuance of an Event of Default, payment of all or any part of the Debt is
tendered by Borrower and accepted by Lender or is otherwise recovered by Lender (including through application of any Reserve Funds), such tender or recovery shall be deemed to be a voluntary prepayment by Borrower and Borrower shall pay, as part of
the Debt, all of: (i) all accrued interest calculated at the Interest Rate on the amount of principal being prepaid through and including the date of such prepayment together with an amount equal to the interest that would have accrued at the
Interest Rate on the amount of principal being prepaid through the end of the Interest Period in which such prepayment occurs, notwithstanding that such Interest Period extends beyond the date of prepayment, (ii) the Interest Shortfall, if
applicable, with respect to the amount prepaid, (iii) Breakage Costs, if any, without duplication of any sums paid pursuant to the preceding clauses (i) and (ii) and (iv) an amount equal to the Spread
Maintenance Premium (if made before the Spread Maintenance Date). 
 (b) Notwithstanding anything contained herein to the contrary, upon the
occurrence and during the continuance of any Event of Default, any payment of principal, interest and other amounts payable under the Loan Documents from whatever source may be 

  
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applied by Lender among the Components and other Obligations as Lender shall determine in its sole and absolute discretion. 

2.4.4 Prepayment/Repayment Conditions. 

(a) On the date on which a prepayment, voluntary or mandatory, is made under the Note or as required under this Agreement, which date must be a
Business Day, Borrower shall pay to Lender: 
 (i) all accrued and unpaid interest calculated at the Interest Rate on the
amount of principal being prepaid on the applicable Component or Components through and including the Repayment Date, together with an amount equal to the interest that would have accrued at the Interest Rate on the amount of principal being prepaid
through the end of the Interest Period in which such prepayment occurs, notwithstanding that such Interest Period extends beyond the date of prepayment; 

(ii) if such prepayment is made during the period from and including the first day after a Payment Date through and including
the last day of the Interest Period in which such prepayment occurs, all interest on the principal amount being prepaid on the applicable Component or Components which would have accrued from the first day of the Interest Period immediately
following the Interest Period in which the prepayment occurs (the “Succeeding Interest Period”) through and including the end of the Succeeding Interest Period, calculated at (A) the Interest Rate if such prepayment occurs on
or after the Determination Date for the Succeeding Interest Period or (B) the Assumed Note Rate if such prepayment occurs before the Determination Date for the Succeeding Interest Period (the “Interest Shortfall”); 

(iii) Breakage Costs, if any, without duplication of any sums paid pursuant to the preceding
clauses (i) and (ii); 
 (iv) if such prepayment occurs prior to the Spread Maintenance
Date, the Spread Maintenance Premium applicable thereto; provided that no Spread Maintenance Premium shall be due in connection with a prepayment under Section 2.4.2(a) (except where such prepayment arises as
a result of a Voluntary Action) or Section 2.4.2(c); and 
 (v) all other sums, then due under the Note, this
Agreement and the other Loan Documents. 
 (b) If the Interest Shortfall for any Floating Rate Component was calculated based upon the
Assumed Note Rate, upon determination of LIBOR on the Determination Date for the Succeeding Interest Period then (i) if the Interest Rate applicable to such Floating Rate Component for such Succeeding Interest Period is less than the Assumed
Note Rate applicable to such Floating Rate Component, Lender shall promptly refund to Borrower the amount of the Interest Shortfall paid with respect to such Floating Rate Component, calculated at a rate equal to the difference between the Assumed
Note Rate applicable to such Floating Rate Component and the Interest Rate applicable to such Floating Rate Component for such Interest Period, or (ii) if the Interest Rate applicable to such Floating Rate Component is greater than the Assumed
Note 

  
 59 

 
Rate applicable to such Floating Rate Component, Borrower shall promptly (and in no event later than the ninth (9th) day of the following month) pay Lender the amount of such additional Interest
Shortfall applicable to such Floating Rate Component calculated at a rate equal to the amount by which the Interest Rate applicable to such Floating Rate Component exceeds the Assumed Note Rate applicable to such Floating Rate Component. 

(c) Borrower shall pay all reasonable out-of-pocket costs and
expenses of Lender incurred in connection with the repayment or prepayment (including without limitation reasonable attorneys’ fees and expenses and reasonable
out-of-pocket costs and expenses related to the Transfer or substitution of any Property); provided, for the avoidance of doubt, this provision shall not
apply with respect to Taxes. 
 (d) Except during an Event of Default, prepayments shall be applied by Lender in the following order of
priority: (i) first, to any amounts (other than principal, interest, Interest Shortfall, Breakage Costs and Spread Maintenance Premium) then due and payable under the Loan Documents, including any reasonable out-of-pocket costs and expenses of Lender in connection with such prepayment; (ii) second, to interest payable pursuant to Section 2.4.4(a)(i) on the
applicable Component or Components being prepaid pursuant to this clause (d) at the Interest Rate; (iii) third, to Interest Shortfall (if any) on the applicable Component or Components being prepaid pursuant to this clause
(d); (iv) fourth, to Breakage Costs (if any) on the applicable Component or Components being prepaid pursuant to this clause (d); (v) fifth, to Spread Maintenance Premium, to the extent applicable, on the applicable Floating
Rate Component or Floating Rate Components being prepaid pursuant to this clause (d); and (vi), sixth, to principal, applied as set forth in clause (e) below. 

(e) Except during an Event of Default, prepayments of principal of the Loan made pursuant to this Section 2.4.4 shall
be applied to the Loan (i) first, to Component A until the Component Outstanding Principal Balance of Component A is reduced to zero, (ii) second, to Component B until the Component Outstanding Principal Balance of
Component B is reduced to zero, (iii) third, to Component C until the Component Outstanding Principal Balance of Component C is reduced to zero, (iv) fourth, to Component D until the Component Outstanding Principal Balance of
Component D is reduced to zero, (v) fifth, to Component E until the Component Outstanding Principal Balance of Component E is reduced to zero, (vi) sixth, to Component F until the Component Outstanding Principal Balance of
Component F is reduced to zero, (vii) seventh, to Component G until the Component Outstanding Principal Balance of Component G is reduced to zero and (viii) eighth, to Component H until the Component Outstanding Principal
Balance of Component H is reduced to zero; provided, that so long as no Event of Default is continuing, any voluntary prepayments of principal on the Loan made from Unrestricted Cash, other than Low Debt Yield Cure Prepayments, shall
be applied to the Components of the Loan on a pro rata basis, based on the Component Outstanding Principal Balance of each such Component relative to the aggregate Component Outstanding Principal Balance for all of the Components until the Component
Outstanding Principal Balance for each Component has been reduced to zero. 
 (f) Prepayments under Section 2.4.1
shall reduce the Allocated Loan Amounts for each Property on a pro rata basis. Prepayments under Section 2.4.2 shall reduce the Allocated Loan Amount with respect to the applicable Property, until the Allocated Loan

  
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Amount and any interest, fees or other Obligations related thereto is zero and any excess portion of such prepayment shall be applied to reduce the Allocated Loan Amounts for the remaining
Properties on a pro rata basis. 
 (g) Lender shall, upon the written request and at the expense of Borrower, upon payment in full of
the Debt in accordance with the terms and provisions of the Loan Documents, release the Liens of the Mortgage Documents and cause the trustees under any of the Mortgages to reconvey the applicable Properties to Borrower. In connection with the
releases of the Liens, Borrower shall submit to Lender, forms of releases of Liens (and related Loan Documents) for execution by Lender. Such releases shall be the forms appropriate in the jurisdictions in which the Properties are located and
contain standard provisions protecting the rights of Lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such releases, together with an Officer’s
Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all out-of-pocket costs, taxes and expenses associated with the release of the Liens of the Mortgage Documents, including Lender’s reasonable attorneys’ fees. 

Section 2.5 Release of Property. Borrower and Borrower TRS may Transfer any Property (each, a “Release
Property”) and Lender shall release the Release Property from the applicable Mortgage Documents and release the security interest and Lien on any Collateral located at such Release Property, provided that the following conditions precedent
to such Transfer are satisfied (the “Release Conditions”); provided, that, for the avoidance of doubt, the Release Conditions do not need to be satisfied in order for Lender to release its security interest and Lien on
any Disqualified Property in connection with any substitution in accordance with Section 2.4.2(a): 
 (a) Borrower shall submit to
Lender, not less than ten (10) Business Days prior to the Transfer Date, a Request for Release, together with all attachments thereto and evidence reasonably satisfactory to Lender that the conditions precedent set forth in this
Section 2.5 will be satisfied upon the consummation of such Transfer (for the avoidance of doubt, no Request for Release needs to be provided in connection with a contribution of a Release Property from Borrower to Borrower
TRS prior to the Transfer thereof to such third party); 
 (b) No Event of Default has occurred and is continuing (other than a non-monetary Event of Default that is specific to such Release Property to which Section 2.4.2(a) is applicable and would be cured as a result of the release of the Release Property, so long as a
mandatory prepayment is made with respect thereto in accordance with Section 2.4.2(a) (a “Qualified Release Property Default”)); 

(c) The Debt Yield as of the most recent Calculation Date, after giving pro forma effect for the elimination of the Underwritten Net Cash Flow
for the Release Property and the repayment of the Loan in the applicable Release Amount, is at least the greater of (x) the Closing Date Debt Yield and (y) the actual Debt Yield as of such date; provided, that the condition
in this clause (c) shall not be applicable to a Transfer of a Property if the Loan is 

  
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prepaid in the amount that is the greater of the applicable Release Amount and 100% of the Net Transfer Proceeds for the Release Property; 

(d) [Reserved]; 
 (e) Except for
(i) a release of the Release Property that is effected in order to cure a Qualified Release Property Default, (ii) a contribution of any Property to Borrower TRS in compliance with this Agreement, or (iii) a release of Designated HOA
Properties, the Release Property shall be Transferred pursuant to a bona fide all-cash sale of the Release Property on arms-length terms and conditions; 

(f) Except for any contribution to Borrower TRS described in subclause (ii) of the foregoing clause (e), on or prior to the Transfer Date,
Borrower shall prepay the Outstanding Principal Balance by an amount equal to the applicable Release Amount for the Release Property and Borrower shall comply with the provisions and pay to Lender the amounts set forth in
Section 2.4.4; 
 (g) If a Cash Sweep Period is continuing on the Transfer Date, the excess, if any, of
(i) the Net Transfer Proceeds for the Release Property over (ii) the applicable Release Amount for the Release Property and any other amounts payable to Lender in connection with such release shall be deposited into the Cash Collateral
Subaccount; 
 (h) Borrower shall submit to Lender, not less than five (5) Business Days’ prior to the Transfer Date, a draft
release for the applicable Mortgage Documents (and, in the event the Mortgage and the Collateral Assignment of Leases and Rents applicable to the Release Property encumber other Property(ies) in addition to the Release Property, such release shall
be a partial release that relates only to the Release Property and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the jurisdiction in which the Release Property is
located and shall contain standard provisions protecting the rights of Lender. In addition, Borrower shall provide all other documentation of a ministerial or administrative nature that Lender reasonably requires to be delivered by Borrower in
connection with such release or assignment; 
 (i) Borrower shall have paid all taxes and all reasonable out-of-pocket costs and expenses incurred by Lender and/or its Servicer in connection with any such release and, in addition, the fee specified on Schedule VI as being assessed by Servicer to effect
such release; and 
 (j) Notwithstanding anything to the contrary contained herein or in any other Loan Document, if the Loan is included in
a REMIC Trust and the ratio of the Outstanding Principal Balance to the value of the remaining Properties (as determined by Lender in its sole discretion using any commercially reasonable method permitted to a REMIC Trust; and which shall exclude
the value of any personal property (other than fixtures) or going concern value, if any) exceeds or would exceed one hundred twenty-five percent (125%) immediately after giving effect to the release of the Release Property, no release will be
permitted unless the Outstanding Principal Balance is prepaid by an amount not less than the greater of (i) the Release Amount or (ii) the least amount that is a “qualified amount” as that term is defined in

  
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IRS Revenue Procedure 2010-30, as the same may be amended, replaced, supplemented or modified from time to time, unless Lender receives an opinion of
counsel that, if this Section 2.5(j) is applicable but not followed or is no longer applicable at the time of such release, a Securitization will not fail to maintain its status as a REMIC Trust as a result of the release of the Release
Property. 
 Section 2.6 Rent Deposit Account. 

(a) During the Term, Borrower shall establish and maintain one or more bank accounts for the purpose of collecting Rents (each a “Rent
Deposit Account”) at an Eligible Institution selected by Borrower and reasonably approved by Lender (the “Rent Deposit Bank”). Each Rent Deposit Account shall be subject to a Deposit Account Control Agreement and Borrower
and Manager shall have access to and may make withdrawals from and may withhold the deposit of Rent payments from the Rent Deposit Accounts for the sole purpose of making Rent Refunds or removing Not-Borrower
Funds (with the prior approval of the Borrower); provided, that, in no event shall the amount of Rent Refunds and Not-Borrower Funds so withdrawn from or withheld from the Rent Deposit Accounts
during any calendar month exceed two and one-half percent (2.5%) of the total Rents actually deposited into the Rent Deposit Accounts during the prior calendar month; provided,
further, that during the continuance of an Event of Default, Lender may exercise sole control and dominion over the Rent Deposit Accounts and neither Borrower nor Manager shall have the right of access to, withdraw from or withhold
deposits from the Rent Deposit Accounts. Manager may (with the prior approval of the Borrower) direct the Rent Deposit Bank to directly transfer to the Security Deposit Account any security deposits identified by the Manager that are on deposit in
the Rent Deposit Account. All monies now or hereafter deposited into the Rent Deposit Account shall be deemed additional security for the Debt. Subject to the foregoing, Borrower shall cause all Rents that are paid to or received by Borrower or
Manager to be deposited into a Rent Deposit Account or the Cash Management Account within three (3) Business Days after receipt thereof by Borrower or Manager. Borrower shall (or instruct Manager to) cause all funds on deposit in a Rent Deposit
Account to be deposited into the Cash Management Account every second (2nd) Business Day (or more frequently in Borrower’s discretion); provided, that prior to any acceleration of the Loan Borrower may cause Rent Deposit Bank to
retain a reasonable amount of funds in the Rent Deposit Accounts with respect to anticipated overdrafts, charge-backs and bank fees and any minimum balance required by the applicable Deposit Account Control Agreement or account terms for the Rent
Deposit Accounts, not in excess of $100,000 in the aggregate. Borrower shall cause any Rents which are paid to Borrower or Manager via wire or other electronic means to be deposited directly into a Rent Deposit Account or the Cash Management
Account. In addition, Borrower shall, and shall cause Manager to, deposit any other Collections (other than (x) Rents, (y) Insurance Proceeds and Condemnation Proceeds, which shall be deposited into the Casualty and Condemnation Subaccount
pursuant to the terms hereof and (z) Net Transfer Proceeds, which shall be deposited into the Cash Management Account pursuant to the terms hereof) received by or on behalf of Borrower directly into a Rent Deposit Account within three
(3) Business Days following receipt thereof. 
 (b) Borrower hereby grants to Lender a first-priority security interest in the Rent
Deposit Accounts and all deposits at any time contained therein and the proceeds thereof and will take all actions necessary to maintain in favor of Lender a perfected first-priority 

  
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security interest in the Rent Deposit Accounts. All reasonable out-of-pocket costs and expenses for establishing
and maintaining the Rent Deposit Accounts shall be paid by Borrower. All monies now or hereafter deposited into the Rent Deposit Accounts shall be deemed additional security for the Debt. 

(c) During the continuance of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply
any sums then present in the Rent Deposit Accounts to the payment of the Debt in any order in its sole discretion. 
 (d) Except as provided
in clause (a) with respect to Not-Borrower Funds, the Rent Deposit Accounts shall not be commingled with other monies held by Borrower, Manager or Rent Deposit Bank. 

(e) Borrower shall not further pledge, assign or grant any security interest in the Rent Deposit Accounts or the monies deposited therein or
permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 financing statements, except those naming Lender as the secured party, to be filed with respect thereto. 

(f) Borrower shall indemnify Lender and hold Lender harmless from and against any and all actions, suits, claims, demands, liabilities, losses,
damages, obligations and reasonable out-of-pocket costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any
way connected with the Rent Deposit Accounts and/or the related Deposit Account Control Agreement (unless arising from the gross negligence or willful misconduct of Lender) or the performance of the obligations for which the Rent Deposit Accounts
were established. 
 Section 2.7 Cash Management. 

2.7.1 Cash Management Account. 

(a) During the Term, Borrower shall establish and maintain a segregated Eligible Account (the “Cash Management Account”) to be
held by Cash Management Account Bank in trust and for the benefit of Lender, which Cash Management Account shall be under the sole dominion and control of Lender or the Servicer on behalf of Lender. Borrower hereby grants to Lender a first-priority
security interest in the Cash Management Account and all deposits at any time contained therein and the proceeds thereof and will take all actions necessary to maintain in favor of Lender a perfected first-priority security interest in the Cash
Management Account, including, without limitation, filing UCC-1 financing statements and continuations thereof. Borrower will not in any way alter or modify the Cash Management Account. Lender and Servicer on
behalf of Lender shall have the sole right to make withdrawals from the Cash Management Account and all reasonable out-of-pocket costs and expenses for establishing and
maintaining the Cash Management Account shall be paid by Borrower. 
 (b) The insufficiency of funds on deposit in the Cash Management
Account shall not relieve Borrower from the obligation to make any payments, as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or
circumstance whatsoever. 

  
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 (c) All funds on deposit in the Cash Management Account following the occurrence of an Event of
Default may be applied by Lender in such order and priority as Lender shall determine. 
 (d) In the event of any Transfer of any Property
(except for any contribution of a Property from Borrower to Borrower TRS permitted under the terms of this Agreement), Borrower or Borrower TRS, as applicable, shall (or shall cause Manager or the closing title company or escrow agent, as
applicable, to) deposit directly into the Cash Management Account the Net Transfer Proceeds for allocation in accordance with the terms of this Agreement. Borrower shall cause all Cap Receipts to be paid directly to the Cash Management Account.
Except as expressly provided herein, Borrower shall, and shall cause Manager to, deposit any other Collections received by or on behalf of Borrower directly into the Cash Management Account or Rent Deposit Account within three (3) Business Days
following receipt thereof; provided, that Insurance Proceeds and Condemnation Proceeds shall be handled in accordance with Sections 5.2, 5.3 and 5.4. 

(e) Lender may also establish subaccounts of the Cash Management Account which shall at all times be Eligible Accounts (and may be ledger or
book entry accounts and not actual accounts) (such subaccounts are referred to herein as “Subaccounts”). The Reserve Funds will be maintained in Subaccounts. 

(f) The Cash Management Account and all other Subaccounts shall be subject to the Blocked Account Control Agreement and shall be under the sole
control and dominion of Lender or Servicer on behalf of Lender. Neither Borrower nor Manager shall have the right of withdrawal with respect to the Cash Management Account or any Subaccounts except with the prior written consent of Lender, and
neither Borrower, Manager, nor any Person claiming on or behalf of or through Borrower or Manager shall have any right or authority to give instructions with respect to the Cash Management Account or the Subaccounts. 

(g) Borrower acknowledges and agrees that Cash Management Account Bank shall comply with (i) the instructions originated by Lender with
respect to the disposition of funds in the Cash Management Account and the Subaccounts without the further consent of Borrower or Manager or any other Person and (ii) all “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) and instructions originated by Lender directing the transfer or redemption of any financial asset relating to the Cash Management Account or any Subaccount without further consent by Borrower
or any other Person. The Cash Management Account and each Subaccount is and shall be treated either as a “securities account”, as such term is defined in Section 8-501(a) of the UCC, or a
“deposit account”, as defined in Section 9-102(a)(29) of the UCC. 
 (h) During the Term,
Borrower shall not and shall cause Manager not to deposit Rents or other Collections (other than Insurance Proceeds and Condemnation Proceeds, which shall be deposited into the Casualty and Condemnation Subaccount pursuant to the terms hereof) into
any account other than a Rent Deposit Account or the Cash Management Account. 
 2.7.2 Order of Priority of Funds in Cash Management
Account. Unless otherwise directed by Lender during the continuance of an Event of Default pursuant to Section 2.7.3, on 

  
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each Payment Date during the Term, Collections on deposit in the Cash Management Account (less any fees and expenses of the Cash Management Account Bank then due and payable) on such day shall be
applied on such Payment Date in the following order of priority: 
 (a) first, to the applicable Security Deposit Account, the amount
of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to
Section 4.3.9; 
 (b) second, to Lender the amount of any mandatory prepayment of the Outstanding Principal
Balance pursuant to Section 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d); 

(c) third, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;

 (d) fourth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under
Section 6.2; 
 (e) fifth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount,
applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on
Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on
Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H; 

(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately
preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in
full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to
the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal
Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full; 

(g) seventh, to Manager, management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess
of the Management Fee Cap for such calendar month; 
 (h) eighth, to the Capital Expenditure Subaccount, to make the required payments
of Capital Expenditure Funds as required under Section 6.3; 

  
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 (i) ninth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or
indemnities then due or payable under this Agreement or any other Loan Document; 
 (j) tenth, if as of such Payment Date no Cash
Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the
Management Agreement; 
 (k) eleventh, all amounts remaining after payment of the amounts set forth in clauses (a) through
(j) above (the “Available Cash”) shall be applied as follows: 
 (A) if as of a Payment Date no Cash
Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and 
 (B) if as of a Payment Date a
Cash Sweep Period is continuing: 
 (1) first, to Borrower’s Operating Account, funds in an amount equal to the
Monthly Budgeted Amount; 
 (2) second, to Borrower’s Operating Account, payments for Approved Extraordinary
Expenses, if any; and 
 (3) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with
Section 6.6. 
 2.7.3 Application During Event of Default. Notwithstanding anything to the contrary
contained herein (including Section 2.7.2), upon the occurrence and during the continuance of an Event of Default, Lender, at its option, may apply any Collections then in the possession of Lender, Servicer or the Cash
Management Account Bank (including any Reserve Funds on deposit in the Subaccounts) or the Rent Deposit Bank to the payment of the Debt in such order, proportion and priority as Lender may determine in its sole and absolute discretion. Lender’s
right to withdraw and apply any of the foregoing funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents. 

2.7.4 Payments Received in the Cash Management Account. Notwithstanding anything to the contrary contained in this Agreement or
the other Loan Documents, and provided no Event of Default has occurred and is continuing, Borrower’s obligations with respect to the payment of the Monthly Debt Service Payment Amount and amounts required to be deposited into the Reserve
Funds, if any, shall be deemed satisfied to the extent sufficient amounts (taking into account the order and priority set forth in Section 2.7.2) are deposited in the Cash Management Account to satisfy such obligations
pursuant to this Agreement on the dates each such payment is required, regardless of whether any of such amounts are so applied by Lender. 

Section 2.8 Withholding Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of Borrower under any Loan Document shall be
made without deduction or 

  
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withholding for any Taxes, except as required by applicable law, including FATCA. If any applicable law, including FATCA, (as determined in the good faith discretion of Borrower) requires
the deduction or withholding of any Tax from any such payment by Borrower, then Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in
accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable
to additional sums payable under this Section 2.8(a)) the Lender receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(b) Payment of Other Taxes by Borrower. Borrower shall timely pay to the relevant Governmental Authority in accordance with
applicable law any Other Taxes. 
 (c) Indemnification by Borrower. Borrower shall indemnify Lender, within ten (10) days
after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Lender or required to be withheld or deducted from
a payment to such Lender and any reasonable out-of-pocket expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Borrower by Lender shall be conclusive absent manifest error. 

(d) Evidence of Payments. As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to
this Section 2.8, Borrower shall deliver to the Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to the Lender. 
 (e) Status of Borrower and Lenders. 

(i) Borrower shall not at any time make an election to be treated as a corporation for United States federal income tax
purposes and shall maintain its tax status as either a “disregarded entity” or “partnership” for United States federal income tax purposes. For the avoidance of doubt, Borrower TRS shall be permitted to make an election to be
treated as a corporation for United States federal income tax purposes. 
 (ii) Any Lender that is entitled to an exemption
from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to Borrower, at the time or times reasonably requested by Borrower, such properly completed and executed documentation reasonably requested by
Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, Lender, if reasonably requested by Borrower, shall deliver such other documentation prescribed by applicable law or
reasonably requested by Borrower as will enable Borrower to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the
completion, execution and submission of 

  
 68 

 
such documentation (other than such documentation set forth in Section 2.8(e)(iii)(A), (iii)(B) and (iii)(D)) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(iii) Without limiting the generality of the foregoing, 

(A) any Lender that is a U.S. Person shall deliver to Borrower on or prior to the date on which such Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of Borrower), executed originals of IRS Form W-9 certifying that such Lender is exempt from United States federal backup
withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower), whichever of the
following is applicable: 
 (1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the
United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN (in the case of an individual) or IRS Form
W-8BEN-E (in the case of an entity) establishing an exemption from, or reduction of, United States federal withholding Tax pursuant to the “interest” article
of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN (in the case of an individual) or IRS Form W-8BEN-E (in the case of an entity) establishing an exemption from, or reduction of, United States federal withholding Tax pursuant to the “business profits” or “other income” article of
such tax treaty; 
 (2) executed originals of IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code,
a “10 percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or 

(4) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form
W-8IMY, accompanied by IRS 

  
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Form W-8ECI, IRS Form W-8BEN, IRS Form
W-8BEN-E, a U.S. Tax Compliance Certificate, substantially in the form of Exhibit G-2 or Exhibit
G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided, that if the Foreign Lender is a partnership
and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate, substantially in the Form of Exhibit
G-4 on behalf of each such direct and indirect partner; 
 (C) any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to Borrower (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the reasonable request of Borrower), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States federal withholding Tax, duly completed, together with
such supplementary documentation as may be prescribed by applicable law to permit Borrower to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to United States 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 at the time or times
prescribed by law and at such time or times reasonably requested by Borrower 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 as may be necessary for Borrower 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 purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall
update such form or certification or promptly notify Borrower in writing of its legal inability to do so. 
 (f) Treatment of Certain
Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.8 (including by the payment
of additional amounts pursuant to this Section 2.8), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes
giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this 

  
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Section 2.8(f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to
such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.8(f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 2.8(f) the payment of
which would place the indemnified party in a less favorable net after-tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund
had never been paid. This Section 2.8(f) shall not be construed to require any indemnified party to make available its tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any
other Person. 
 (g) Survival. Each party’s obligations under this Section 2.8 shall survive any
assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

Section 2.9 Extension of the Initial Maturity Date. Borrower shall have the option to extend the term of the Loan beyond
the Initial Maturity Date of the Loan for three (3) successive terms (each such option, an “Extension Option” and each such successive term, an “Extension Term”) of one (1) year each (the Maturity Date
following the exercise of each such option is hereinafter the “Extended Maturity Date”) upon satisfaction of the following terms and conditions: 

(a) no Event of Default shall have occurred and be continuing on the Initial Maturity Date or the then-current Extended Maturity Date (as
applicable); 
 (b) Borrower shall provide Lender with written notice of its election to extend the Maturity Date as aforesaid not later than
twenty (20) days and not earlier than one hundred twenty (120) days prior to the date the Loan is then scheduled to mature. Borrower shall have the right to revoke any notice of its election to extend the Maturity Date by giving written
notice to Lender not less than five (5) Business Days prior to the Initial Maturity Date or the then-current Extended Maturity Date, as applicable; provided that Borrower shall pay all reasonable out-of-pocket costs and expenses of Lender incurred in reliance upon the expected extension of the term of the Loan, including any Breakage Costs; 

(c) Borrower shall obtain and deliver to Lender on the first day of the applicable Extension Term, one or more Replacement Interest Rate Cap
Agreements in form substantially identical to the Interest Rate Cap Agreement delivered to Lender in connection with the closing of the Loan or otherwise in a form which is reasonably acceptable to the Lender, from an Acceptable Counterparty in a
notional amount equal to the aggregate Component Outstanding Principal Balances of the Floating Rate Components, which Interest Rate Cap Agreement shall be effective commencing on the first date of such Extension Term and shall have a scheduled term
that expires not earlier than the last day of the Interest Period in which the applicable Extended Maturity Date is scheduled to occur after giving effect to the option then being exercised; 

  
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 (d) Borrower shall deliver a Counterparty Opinion with respect to any Replacement Interest Rate
Cap Agreement and the related Acknowledgment and shall deliver to Lender an executed Collateral Assignment of Interest Rate Cap Agreement; 

(e) All amounts due and payable by Borrower and any other Person pursuant to this Agreement or the other Loan Documents as of the Initial
Maturity Date or the then-current Extended Maturity Date (as applicable), and all reasonable out-of-pocket costs and expenses of Lender, including fees and expenses of
Lender’s counsel, in connection with the Loan and/or the applicable extension of the Term shall have been paid in full. 
 (f) Borrower
shall have delivered to Lender together with its notice pursuant to Section 2.9(b) and at Lender’s reasonable request, on the commencement date of the applicable Extension Option, an Officer’s Certificate in form reasonably
acceptable to the Lender certifying that each of the representations and warranties of Borrower contained in the Loan Documents is true, complete and correct in all material respects as of the giving of the notice to the extent such representations
and warranties are not matters which by their nature can no longer be true and correct as a result of the passage of time. 
 ARTICLE III
- REPRESENTATIONS AND WARRANTIES 
 Section 3.1 General Representations. Borrower represents and warrants to Lender
as of the Closing Date that, except to the extent (if any) disclosed on Schedule III with reference to a specific subsection of this Section 3.1: 

3.1.1 Organization. Each Loan Party has been duly organized and is validly existing with requisite power and authority to own its
properties and to transact the businesses in which it is now engaged. Each Loan Party is duly qualified to do business and in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, businesses
and operations, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect. Each Loan Party possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to
entitle it to own its properties and to transact the businesses in which it is now engaged, except to the extent that failure to do so could not in the aggregate reasonably be expected to have a Material Adverse Effect. The sole business of Borrower
is the acquisition, renovation, rehabilitation, ownership, maintenance, sale, transfer, financing, refinancing, management, leasing and operation of the Properties, acting as the sole member of Borrower TRS and other activity in furtherance thereof;
the sole business of Equity Owner is acting as the sole member of Borrower and any other activity in furtherance thereof, including, providing the Equity Owner Guaranty and the Equity Owner Security Agreement; and the sole business of Borrower TRS
is the acquisition, ownership, maintenance, sale, transfer, financing, refinancing, management, leasing and operation of the Properties and other activity in furtherance thereof, including providing the Borrower TRS Guaranty and the Borrower TRS
Security Agreement. Each Loan Party is a Special Purpose Entity. 
 3.1.2 Proceedings. Each Loan Party has taken all necessary
action to authorize the execution, delivery and performance of this Agreement and each of the other Loan Documents to which it is a party. This Agreement and the other Loan Documents have been duly authorized, executed and delivered by or on behalf
of each Loan Party party thereto and constitute legal, 

  
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valid and binding obligations of each Loan Party party thereto, enforceable against each such Loan Party party thereto in accordance with their respective terms, subject only to applicable
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law). The Loan Documents are not subject to any right of rescission, set-off, counterclaim or defense by any Loan Party including the defense of usury, nor would the operation of any of the terms
of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents unenforceable, and no Loan Party has asserted any right of rescission, set-off, counterclaim or defense with respect
thereto. 
 3.1.3 No Conflicts. The execution, delivery and performance of this Agreement and the other Loan Documents by each
Loan Party party thereto (a) will not contravene such Loan Party’s organizational documents, (b) will not result in any violation of the provisions of any Legal Requirement of any Governmental Authority having jurisdiction over any
Loan Party or any of each Loan Party’s properties or assets, (c) with respect to each Loan Party, will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under the terms of any indenture,
mortgage, deed of trust, deed to secure debt, loan agreement, management agreement or other agreement or instrument to which such Loan Party is a party or to, which any of such Loan Party’s property or assets is subject, that would be
reasonably expected to have a Material Adverse Effect and (d) with respect to each Loan Party, except for Liens created under the Loan Documents, will not result in or require the creation or imposition of any Lien upon or with respect to any
of the assets of such Loan Party. 
 3.1.4 Litigation. There are no actions, suits or proceedings at law or in equity by or
before any Governmental Authority or other entity now pending or, to the actual knowledge of a Responsible Officer or any Loan Party, threatened in writing, against or affecting any Loan Party, which actions, suits or proceedings (a) involve
the Loan Documents or the transactions contemplated thereby or (b) if adversely determined, would reasonably be expected to have a Material Adverse Effect. There are no actions, suits or proceedings at law or in equity by or before any
Governmental Authority or other entity that resulted in a judgment against any Loan Party that has not been paid in full that would otherwise constitute an Event of Default. 

3.1.5 Agreements. No Loan Party is a party to any agreement or instrument or subject to any restriction which would reasonably be
expected to have a Material Adverse Effect. No Loan Party is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party which default
would be expected to have a Material Adverse Effect. Other than the Loan Documents, no Loan Party has a material financial obligation (contingent or otherwise) under any indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which any Loan Party is a party other than, with respect to Borrower or Borrower TRS, the Management Agreement, the Leases or any other agreement into which Borrower or Borrower TRS is permitted to enter pursuant to the terms of the
Loan Documents. 
 3.1.6 Consents. No consent, approval, authorization or order of any court or Governmental Authority is
required for the execution, delivery and performance by any Loan Party of, or compliance by any Loan Party with, this Agreement or the other Loan Documents or 

  
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the consummation of the transactions contemplated hereby and thereby, other than those which have been obtained by the applicable Loan Party. 

3.1.7 Solvency. Each Loan Party has (a) not entered into the transaction contemplated by this Agreement nor executed any
Loan Document with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for its obligations under the Loan Documents. After giving effect to the Loan, each Loan Party is Solvent. No
petition in bankruptcy has been filed against any Loan Party in the last seven (7) years, and no Loan Party in the last seven (7) years has made an assignment for the benefit of creditors or taken advantage of any insolvency act for the
benefit of debtors. No Loan Party is contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of such Person’s assets or property, and to the
actual knowledge of any Loan Party, no Person is contemplating the filing of any such petition against any Loan Party. 
 3.1.8 Other
Debt. No Loan Party has any Indebtedness other than, with respect to Borrower, Permitted Indebtedness, with respect to Equity Owner, Equity Owner’s Permitted Indebtedness and, with respect to Borrower TRS, Borrower TRS’s Permitted
Indebtedness. 
 3.1.9 Employee Benefit Matters. 

(a) Assuming no portion of the assets used by Lender to fund the Loan constitutes the assets of an ERISA Plan, the assets of each Loan Party do
not constitute “plan assets” of (i) any “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) any “plan” (as defined in Section 4975 of the Code)
that is subject to Section 4975 of the Code or (iii) any employee benefit plan or plan that is not subject to Title I of ERISA or Section 4975 of the Code but is subject to any law, rule or regulation applicable to such Loan Party
which is substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code (each of clauses (i), (ii) and (iii), an “ERISA Plan”) with the result that
the transactions contemplated by this Agreement, including, but not limited to, the exercise by Lender of any rights under the Loan Documents will constitute a non-exempt prohibited transaction within the
meaning of Section 406 of ERISA or Section 4975 of the Code. No Loan Party or any of its ERISA Affiliates sponsors, maintains or contributes to any Plans or Foreign Plans. No Loan Party has any employees. 

(b) Each Plan (and each related trust, insurance contract or fund) is in compliance in all material respects with its terms and with all
applicable laws, including without limitation ERISA and the Code. Each Plan that is intended to be qualified under Section 401(a) of the Code as currently in effect has been determined by the IRS to be so qualified, and each trust related to any
such Plan has been determined to be exempt from federal income tax under Section 501(a) of the Code as currently in effect, and no event has taken place which could reasonably be expected to cause the loss of such qualified status and exempt status.
With respect to each Plan of a Loan Party, each Loan Party and all of its ERISA Affiliates have satisfied the minimum funding standard under Section 412(a) of the Code and Section 302(a) of ERISA and paid all required minimum contributions and all
required installments on or before the due dates under Section 430(j) of the Code and Section 303(j) of ERISA. No Loan Party or any of its ERISA Affiliates has filed, pursuant to Section 412(c) of the Code or Section 302(c) of ERISA,

  
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an application for a waiver of the minimum funding standard. No Loan Party or any of its ERISA Affiliates has incurred any liability to the PBGC which remains outstanding other than the payment
of premiums, and there are no premium payments which have become due which are unpaid. No Plan is in “at risk” status within the meaning of Section 430(i) of the Code or Section 303(j) of ERISA. There are no existing, pending or
threatened in writing claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation involving any Plan to which any Loan Party or any of its ERISA Affiliates has incurred or
otherwise has or could have an obligation or any liability. With respect to each Multiemployer Plan to which any Loan Party or any of its ERISA Affiliates is required to make a contribution, each Loan Party and all of its ERISA Affiliates have
satisfied all required contributions and installments on or before the applicable due dates and have not incurred a complete or partial withdrawal under Section 4203 or 4205 of ERISA. No Plan Termination Event has or is reasonably expected to
occur. 
 (c) Each Foreign Plan is in compliance in all material respects with all laws, regulations and rules applicable thereto and the
respective requirements of the governing documents for such plan. The aggregate of the liabilities to provide all of the accrued benefits under each Foreign Plan does not exceed the current fair market value of the assets held in the trust or other
funding vehicle for such plan. There are no actions, suits or claims (other than routine claims for benefits) pending or threatened against any Loan Party or any of its ERISA Affiliates with respect to any Foreign Plan. 

3.1.10 Compliance with Legal Requirements. Each Loan Party is in compliance with all applicable Legal Requirements, except to the
extent that any noncompliance would not reasonably be expected to have a Material Adverse Effect. No Loan Party is in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority, except for any default or
violation that would not reasonably be expected to have a Material Adverse Effect. 
 3.1.11 Financial Information. All
financial data that have been delivered to Lender in connection with the Loan (a) are true, complete and correct in all material respects (or, to the extent that any such financial data was incorrect in any material respect when delivered, the
same has been corrected by financial data subsequently delivered to Lender prior to the Closing Date), (b) accurately represent the financial condition of the Properties as of the date of such reports (or, to the extent that any such
financial data did not accurately represent the financial condition of the Properties when delivered, the same has been corrected by financial data subsequently delivered to Lender prior to the Closing Date), and (c) have been prepared in
accordance with GAAP throughout the periods covered, except as disclosed therein. The foregoing representation shall not apply to any such financial data that constitutes projections, provided that Borrower represents and warrants that
such projections were made in good faith and that Borrower has no reason to believe that such projections were materially inaccurate. Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments
or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and would reasonably be expected to have a Material Adverse Effect, except as referred to or reflected in said financial statements. Borrower has no
liabilities or other obligations that arose or accrued prior to the Closing Date that would reasonably be expected to have a Material Adverse Effect. Borrower has no known material contingent liabilities. 

  
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 3.1.12 Insurance. Borrower has obtained and delivered to Lender certificates
evidencing the Policies required to be maintained under Section 5.1.1. All such Policies are in full force and effect, with all premiums prepaid thereunder. No claims have been made that are currently pending, outstanding
or otherwise remain unsatisfied under any such Policies that would reasonably be expected to have a Material Adverse Effect. With respect to any Policy, neither Borrower nor, to Borrower’s knowledge, any other Person, has done, by act or
omission, anything which would impair the coverage of any of the Policies in any material respect. 
 3.1.13 Tax Filings. Each
Loan Party has filed, or caused to be filed, on a timely basis all Tax returns (including, without limitation, all foreign, federal, state, local and other Tax returns) required to be filed by it, if any, is not liable for Non-Property Taxes payable by any other Person and has paid or made adequate provisions for the payment of all Non-Property Taxes (to the extent such Taxes, assessment
and other governmental charges exceed $100,000 in the aggregate) payable by such Loan Party except as permitted by Section 4.1.4 or 4.4.5. All material recording or other similar taxes required to be paid by any
Loan Party under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents have been paid. 

3.1.14 Certificate of Compliance; Licenses. All certifications, permits, licenses and approvals, including without limitation,
certificates of completion and occupancy, required of Borrower for the legal use, occupancy and operation of each Property have been obtained and are in full force and effect, except as would not reasonably be expected to have a Material Adverse
Effect. The use being made of each Property is in conformity with the certificate of occupancy issued for such Property, if any. 
 3.1.15
Special Purpose Entity/Separateness. 
 (a) Since its formation, no Loan Party has conducted any business other than entering into
and performing its obligations under the Loan Documents to which it is a party and as described in the definition of Special Purpose Entity herein. As of the Closing Date, no Loan Party owns or holds, directly or indirectly (i) any capital
stock or equity security of, or any equity interest in, any Person other than a Loan Party or (ii) any debt security or other evidence of indebtedness of any Person, except for Permitted Investments and as otherwise contemplated by the Loan
Documents. As of the Closing Date, Borrower does not have any subsidiaries other than Borrower TRS, and Borrower TRS has no subsidiaries. 

(b) Any and all of the stated facts and assumptions made in the Insolvency Opinion, including, but not limited to, any exhibits attached
thereto, will have been and shall be true and correct in all respects, and each Loan Party will have complied and will comply in all material respects, with all of the stated facts and assumptions made with respect to it in the Insolvency Opinion.
Each entity other than a Loan Party with respect to which an assumption is made or a fact stated in any Insolvency Opinion will have complied and will comply, in all material respects, with all of the assumptions made and facts stated with respect
to it in the Insolvency Opinion. Borrower covenants that in connection with any Additional Insolvency Opinion delivered in connection with this Agreement it shall provide an updated certification regarding compliance with the facts and assumptions
made therein, which certificate shall be 

  
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substantially similar to the representations made in this Section 3.1.15(b) and the definition of Special Purpose Entity. 

(c) Borrower covenants and agrees that Borrower shall provide Lender with thirty (30) days’ prior written notice prior to the removal
of an Independent Director of any Loan Party. 
 3.1.16 Management.The ownership, leasing, management and collection practices
used by each Loan Party with respect to the Properties have been in compliance with all applicable Legal Requirements, and all necessary licenses, permits and regulatory requirements pertaining thereto have been obtained and remain in full force and
effect, except to the extent that any such noncompliance and/or any such failure would not reasonably be expected to have a Material Adverse Effect. The Management Agreement is in full force and effect and there is no default thereunder by any party
thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder. 

3.1.17 Illegal Activity. None of the Properties has been purchased with proceeds of any illegal activity. 

3.1.18 No Change in Facts or Circumstances; Disclosure. All information, reports, financial statements, exhibits and schedules
furnished in writing by or on behalf of each Loan Party to Lender in connection with the negotiation, preparation or delivery of this Agreement and the other Loan Documents or included herein or therein or delivered pursuant hereto or thereto (but
excluding any projections, forward looking statements, budgets, estimates and general market data as to which each Loan Party only represents and warrants that such information was prepared in good faith based upon assumptions believed by it to be
reasonable at the time), when taken as a whole, as of the date furnished, do not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances
under which they were made, not materially misleading. There has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material
respect or that otherwise does or might result in a Material Adverse Effect. 
 3.1.19 Investment Company Act. No Loan Party is
an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

3.1.20 Federal Reserve Regulations. No part of the proceeds of the Loan will be used by Borrower or its Affiliates for the
purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (“Margin Stock”) or for any other purpose which would be inconsistent with
such Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by Legal Requirements in any material respects or by the terms and conditions of this Agreement or the other Loan Documents. None of the
Collateral is comprised of Margin Stock and less than twenty-five percent (25%) of the assets of each Loan Party are comprised of Margin Stock. 

  
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 3.1.21 Bank Holding Company. Borrower is not a “bank holding company” or
a direct or indirect subsidiary of a “bank holding company” as defined in the Bank Holding Company Act of 1956, as amended, and Regulation Y thereunder of the Board of Governors of the Federal Reserve System. 

3.1.22 FIRPTA. No Loan Party is a “foreign person” within the meaning of Section 1445(f)(3) of the Code. 

3.1.23 Contracts. 

(a) Neither Borrower nor Borrower TRS has entered into, and neither is bound by, any Major Contract which continues in existence, except those
previously disclosed in writing to Lender. 
 (b) Each of the Major Contracts is in full force and effect, there are no material defaults by
Borrower thereunder and, to the knowledge of Borrower, there are no monetary or other material defaults thereunder by any other party thereto. None of Borrower or any Affiliate of Borrower acting on Borrower’s behalf has given or received any
notice of default under any of the Major Contracts that remains uncured or in dispute. 
 (c) Borrower has delivered copies of the Major
Contracts (including all amendments and supplements thereto) to Lender that are true, correct and complete in all material respects. 
 (d)
No Major Contract has as a party an Affiliate of Borrower. 
 3.1.24 Embargoed Person. 

(a) No Loan Party nor any of its respective officers, directors or members is a Person (or to Borrower’s knowledge, controlled by a
Person): (i) that is listed on a Government List, (ii) is otherwise subject to the provisions of Executive Order 13224 issued on September 24, 2001, (iii) has been previously indicted for or convicted of any felony involving a crime
of moral turpitude or any Patriot Act Offense, or (iv) is currently under investigation by any Governmental Authority for alleged felony involving a crime of moral turpitude. For purposes hereof, the term “Patriot Act Offense”
means any violation of the criminal laws of the United States of America or of any of the several states, or that would be a criminal violation if committed within the jurisdiction of the United States or any of the several states, relating to
terrorism or the laundering of monetary instruments, including any offense under (A) the criminal laws against terrorism; (B) the criminal laws against money laundering, (C) the Bank Secrecy Act, as amended, (D) the Money
Laundering Control Act of 1986, as amended, or (E) the Patriot Act. “Patriot Act Offense” also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act Offense. 

(b) At the time Borrower first entered into a Lease with each Tenant (excluding any Carry-Over Tenant), no such Tenant was listed on either of
the Government Lists described in Section 4.1.20. 
 3.1.25 Perfection Representations. 

  
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 (a) The Borrower Security Agreement and the Equity Owner Security Agreement and the Borrower TRS
Security Agreement create valid and continuing security interests (as defined in the applicable UCC) in the personal property Collateral in favor of Lender, which security interests are prior to all other Liens arising under the UCC, subject to
Permitted Liens, and are enforceable as such against creditors of the relevant Loan Party, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies
generally, and to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity); 
 (b) All
appropriate financing statements have been, or will simultaneously with the execution of this Agreement be, filed in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to
Lender hereunder in the Collateral that may be perfected by filing a financing statement; 
 (c) Other than the security interest granted to
Lender pursuant to the Loan Documents, no Loan Party has pledged, assigned, collaterally assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral except to the extent expressly permitted by the terms hereof. No
Loan Party has authorized the filing of or is aware of any financing statements against any Loan Party that include a description of the Collateral other than any financing statement relating to the security interest granted to Lender hereunder or
that has been terminated. 
 (d) No instrument or document that constitutes or evidences any Collateral has any marks or notations indicating
that they have been pledged, assigned or otherwise conveyed to any Person other than Lender. 
 (e) The grant of the security interest in the
Collateral by each Loan Party to Lender, pursuant to the Borrower Security Agreement and the Equity Owner Security Agreement and the Borrower TRS Security Agreement is in the ordinary course of business for each Loan Party and is not subject to the
bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction. 
 (f) The chief executive office and the
location of each Loan Party’s records regarding the Collateral are listed on Schedule IV. Except as otherwise disclosed to Lender in writing, each Loan Party’s legal name is as set forth in this Agreement, each Loan Party has not
changed its name since its formation. Except as otherwise listed on Schedule IV, each Loan Party does not have tradenames, fictitious names, assumed names or “doing business as” names and each Loan Party’s federal employer
identification number and Delaware organizational identification number is set forth on Schedule IV. 
 Section 3.2
Property Representations. Borrower represents and warrants to Lender with respect to each Property as follows: 
 3.2.1
Property/Title. 
 (a) Borrower has good and marketable fee simple legal and equitable title to the real property comprising the
Property, subject to Permitted Liens. The Mortgage Documents, when properly recorded and/or filed in the appropriate records, will create (i) a valid, first 

  
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priority, perfected Lien on Borrower’s interest in the Property, subject only to the Permitted Liens, and (ii) perfected security interests in and to, and perfected collateral
assignments of, all personalty (including the Leases), all in accordance with the terms thereof, in each case subject only to the Permitted Liens. The Permitted Liens with respect to the Property, in the aggregate, do not have an Individual Material
Adverse Effect on such Property. 
 (b) All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes
required to be paid under applicable Legal Requirements in connection with the transfer of the Property to Borrower have been paid or are being paid simultaneously herewith. All mortgage, mortgage recording, stamp, intangible or other similar tax
required to be paid under applicable Legal Requirements in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Mortgage Documents with respect to such Property, including the Mortgages,
have been paid or are being paid simultaneously herewith. All taxes and governmental assessments due and owing in respect of the Property have been paid, or an escrow of funds in an amount sufficient to cover such payments has been established
hereunder or are insured against by the Title Insurance Policy and the Title Insurance Owner’s Policy for such Property. 
 (c) Each
Property is comprised of one (1) or more parcels which constitute separate tax lots and do not constitute a portion of any other tax lot not a part of such Property. 

3.2.2 Adverse Claims. Borrower’s ownership of the Property is free and clear of any Liens other than Permitted Liens. 

3.2.3 Title Insurance Owner’s Policy. Borrower has delivered to Lender either (a) a Title Insurance
Owner’s Policy insuring fee simple ownership of such Property by Borrower in an amount equal to or greater than the initial Allocated Loan Amount of the Property, issued by a title insurance company reasonably acceptable to Lender with no title
exceptions other than Permitted Liens or (b) a marked or initialed binding commitment that is effective as a Title Insurance Owner’s Policy in respect of such Property in an amount equal to or greater than the initial Allocated Loan Amount
of the Property, issued by a title insurance company reasonably acceptable to Lender with no title exceptions other than Permitted Liens, which commitment shall be accompanied by such other affidavits, transfer declarations and other documents as
are necessary for the recordation of the deed for such Property and issuance of such Title Insurance Owner’s Policy. 
 3.2.4
Deed. Borrower has delivered to Lender a copy of a deed for such Property conveying the Property to Borrower, with vesting in the actual name of Borrower, and Borrower hereby certifies that such Property’s deed has been recorded or
presented to and accepted for recording by the applicable title insurance company issuing the related Title Insurance Owner’s Policy or binding commitment referred to in Section 3.2.3, with all fees, premiums and deed
stamps and other transfer taxes paid. 
 3.2.5 Mortgage File Required Documents. Borrower has delivered to Lender
(a) either (i) certified or file stamped (in each case by the applicable land registry) original executed Mortgage Documents or (ii) a copy of the Mortgage Documents in recordable form that have been submitted by the title insurance
company referred to in Section 3.2.3 for recording in 

  
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the jurisdiction in which such Property is located (with Lender and Borrower acknowledging that the Mortgage Documents delivered on the Closing Date consist solely of Mortgages (which include
Assignments of Leases and Rents and fixture filings as a part thereof), and that no separate Assignments of Leases and Rents or Fixture Filings are included as part of the Mortgage Documents delivered at the Closing Date), (b) an opinion of counsel
admitted to practice in the state in which such Property is located in form and substance reasonably satisfactory to Lender in respect of the enforceability of such Mortgage Documents and an opinion of counsel in form and substance reasonably
satisfactory to Lender stating that the Mortgage Documents were duly authorized, executed and delivered by Borrower and that the execution and delivery of such Mortgage Loan Documents and the performance by Borrower of its obligations thereunder
will not cause a breach of, or a default under, any agreement, document or instrument to which Borrower is a party or to which it or such Property is bound, (c) either (x) a Title Insurance Policy insuring the Lien of the Mortgage encumbering
such Property, or (y) a marked or initialed binding commitment that is effective as a Title Insurance Policy in respect of such Property, in each case, issued by the title insurance company referred to in
Section 3.2.3 with no title exceptions other than Permitted Liens, which commitment shall be accompanied by such other affidavits, transfer declarations and other documents specified in such commitment as necessary for the
issuance of such Title Insurance Policy, and (d) evidence that all taxes, fees and other charges payable in connection therewith have been paid in full or delivered to escrow. GRC has delivered to Lender the Closing Date GRC Certificate. 

3.2.6 Property Taxes and HOA Fees. There are no delinquent Property Taxes or HOA Fees outstanding with respect to the Property,
other than Property Taxes or HOA Fees that may exist in accordance with Section 4.4.5. As of the Closing Date, there are no pending or, to Borrower’s knowledge, proposed, special or other assessments for
homeowner’s association improvements affecting the Property that would reasonably be expected to have an Individual Material Adverse Effect with respect to the Property. 

3.2.7 Compliance with Renovation Standards. Except if the Property is a Carry-Over Property or a Vacant Property, the Property
satisfies the Renovation Standards and all renovations thereto have been conducted in accordance with applicable Legal Requirements, in all material respects. 

3.2.8 Condemnation; Physical Condition. No Property has been condemned in whole or in part. No proceeding is pending or, to
the knowledge of Borrower, threatened in writing for the condemnation of the Property. The Property is in a good, safe and habitable condition and repair, and free of and clear of any damage or waste that has an Individual Material Adverse Effect on
the Property. 
 3.2.9 Brokers. There is no commission or other compensation payable to any broker or finder in connection with
the purchase of the Property by Borrower or its Affiliate that has not been paid. 
 3.2.10 Leasing. As of the Cut-Off Date, or, in case of any Substitute Property, as of the date such Property becomes a Substitute Property, either (a) the Property (other than the Vacant Properties set forth on Schedule IX) was
leased by Borrower to an Eligible Tenant pursuant to an Eligible Lease and such Lease was in full force and effect and was not in default in any 

  
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material respect or (b) if the Property is a Carry-Over Property, it was leased to a Carry-Over Tenant pursuant to a Lease and such Lease was in full force and effect and was not in default
in any material respect; provided, that prior to entering into any new or renewal Lease with such Carry-Over Tenant Borrower shall have determined that such Carry-Over Tenant is not listed on a Government List. No Person (other than
Borrower) has any possessory interest in the Property or right to occupy the same except any Tenant under and pursuant to the provisions of the applicable Lease and any Person claiming rights through any such Tenant. The copy of such Eligible Lease
for the Property (other than any Carry-Over Property or Vacant Property) delivered to Lender is true and complete in all material respects, there are no material oral agreements with respect thereto. Except as set forth on Schedule III, as of
the Closing Date, no Rent (including security deposits) has been paid more than thirty (30) days in advance of its due date and all amounts set forth on Schedule III have been delivered to the Advance Rent Subaccount on or before the
Closing Date. As of the Closing Date, any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Borrower to the relevant Tenant has already been provided to such Tenant
(including reductions in monthly Rent during the term of the related Lease or in other similar fashion). 
 3.2.11 Insurance.
The Property is covered by property, casualty, liability, business interruption, windstorm, flood, earthquake and other applicable Policies as and to the extent, and in compliance with the applicable requirements of
Section 5.1.1 and Borrower has not taken (or omitted to take) any action that would impair or invalidate the coverage provided by any such Policies. As of the Closing Date, no claims have been made that are currently
pending, outstanding or otherwise remain unsatisfied under any such policies and would reasonably be expected to have an Individual Material Adverse Effect with respect to the Property. 

3.2.12 Lawsuits, Etc. As of the Closing Date, there are no actions, suits or proceedings at law or in equity by or before any
Governmental Authority or other entity pending or to the actual knowledge of Borrower, threatened in writing against or affecting the Property, which actions, suits or proceedings would reasonably be expected to have an Individual Material Adverse
Effect on such Property. 
 3.2.13 Orders, Injunctions, Etc. There are no orders, injunctions, decrees or judgments outstanding
with respect to the Property that would reasonably be expected to have an Individual Material Adverse Effect on such Property. 
 3.2.14
Agreements Relating to the Properties. Borrower is not a party to any agreement or instrument or subject to any restriction which would reasonably be expected to have an Individual Material Adverse Effect on such Property. Borrower is not
in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which the Property is bound. Except for the Management Agreement,
Borrower does not have a material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument by which the Property is bound, other than obligations under the Loan Documents. Borrower is not in
default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Permitted Lien with respect to any Property. No Property nor any part thereof is subject to any
purchase options, rights of first 

  
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refusal to purchase, rights of first offer to purchase or other similar rights in favor of any Tenant or other third parties. 

3.2.15 Accuracy of Information Regarding Property. All information with respect to the Property included in the Properties
Schedule is true, complete and accurate in all material respects. None of the Properties consist of housing cooperatives or manufactured housing. Schedule VII (as the same may be updated by Borrower from time to time by delivery to Lender)
is a true, complete and accurate list of all of the Applicable HOA Properties, if any, and the HOAs affecting such Applicable HOA Properties. To Borrower’s knowledge, Schedule VII contains a true, correct and complete notice address
of the HOAs pertaining to the Applicable HOA Properties, if any. 
 3.2.16 Compliance with Legal Requirements. The Property
(including the leasing and intended use thereof) complies with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes and all certifications, permits, licenses and approvals, including without
limitation, certificates of completion and occupancy permits, required for the legal leasing, use, occupancy, habitability and operation of such Property, except as would not reasonably be expected to have an Individual Material Adverse Effect with
respect to the Property. There is no consent, approval, permit, license, order or authorization of, and no filing with or notice to, any court or Governmental Authority required for the operation, use or leasing of the Property that has not been
obtained, except as would not reasonably be expected to have an Individual Material Adverse Effect with respect to the Property. There has not been committed by Borrower or, to the Borrower’s knowledge, any other Person in occupancy of or
involved with the operation, use or leasing of the Property any act or omission affording any Governmental Authority the right of forfeiture as against the Property or any part thereof. 

3.2.17 Utilities and Public Access. The Property has rights of access to public ways and is served by water, sewer or septic
system, and storm drain facilities adequate to service the Property for its intended uses and all public utilities necessary or convenient to the full use and enjoyment of the Property are located either in the public
right-of-way abutting the Property (which are connected so as to serve the Property without passing over other property) or in recorded easements serving the Property
and such easements are set forth in and insured by the applicable Title Insurance Owner’s Policy and Title Insurance Policy and all roads necessary for the use of the Property for its intended purposes have been completed and dedicated to
public use and accepted by all Governmental Authorities, except as would not reasonably be expected to have an Individual Material Adverse Effect with respect to the Property. 

3.2.18 Eminent Domain. As of the Closing Date, there is no proceeding pending or, to Borrower’s knowledge, threatened, for
the total or partial Condemnation or for the relocation of roadways resulting in a failure of access to the Property on public roads. 

3.2.19 Flood Zone. The Property is not located in an area identified by the Federal Emergency Management Agency as a special
flood hazard area, or, if so located the flood insurance required pursuant to Section 5.1.1(a) is in full force and effect with respect to the Property. 

  
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 3.2.20 Specified Liens. The Property is not subject to any Specified Lien at any
time on or after the first anniversary of the Closing Date. 
 Section 3.3 Survival of Representations. Borrower agrees
that all of the representations and warranties of Borrower set forth in Article III and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any amount remains owing to Lender under this Agreement or any of
the other Loan Documents by Borrower. All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Lender notwithstanding any
investigation heretofore or hereafter made by Lender or on its behalf. 
 ARTICLE IV - BORROWER COVENANTS 

Section 4.1 Affirmative Covenants. Borrower hereby covenants and agrees with Lender as follows: 

4.1.1 Preservation of Existence. Borrower shall and shall cause each other Loan Party to (a) observe all procedures required
by its organizational documents and preserve and maintain its limited liability company, existence, rights, franchises and privileges in the jurisdiction of its organization, and (b) qualify and remain qualified in good standing (where
relevant) as a foreign limited liability company in each other jurisdiction where the nature of its business requires such qualification and to the extent such concept exists in such jurisdiction except where, in the case of clause (b), the
failure to be so qualified would not reasonably be expected to have a Material Adverse Effect. 
 4.1.2 Compliance with Legal
Requirements. Except with respect to the Properties and the use thereof (which is subject to Section 4.4.4), Borrower shall and shall cause each other Loan Party to do or cause to be done all things necessary to
preserve, renew and keep in full force and effect its rights, licenses and permits and to comply with all Legal Requirements applicable to it, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse
Effect. A Loan Party, at such Loan Party’s expense, may contest by appropriate legal proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal
Requirement to a Loan Party or any Property or any alleged violation of any Legal Requirement; provided, that (a) such proceeding shall be permitted under and be conducted in accordance with the provisions of any instrument
to which a Loan Party is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable Legal Requirements; (b) no Property nor any part thereof or interest therein will be in
danger of being sold, forfeited, terminated, cancelled or lost; and (c) the Loan Party shall promptly upon final determination thereof comply with any such Legal Requirement determined to be valid or applicable or cure any violation of any
Legal Requirement, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

4.1.3 Special Purpose Bankruptcy Remote Entity/Separateness. 

(a) Borrower shall and shall cause each other Loan Party to be and continue to be a Special Purpose Entity. 

  
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 (b) Borrower shall and shall cause each other Loan Party to comply in all material respects with
all of the stated facts and assumptions made with respect to the Loan Parties in the Insolvency Opinion and each Additional Insolvency Opinion. Each Affiliate of a Relevant Party with respect to which an assumption is made or a fact stated in the
Insolvency Opinion or an Additional Insolvency Opinion will comply in all material respects with all of the assumptions made and facts stated with respect to it in such Insolvency Opinion or Additional Insolvency Opinion. 

4.1.4 Non-Property Taxes. Borrower shall and shall cause each other Loan Party to file,
cause to be filed or obtain an extension of the time to file, all Tax returns for Non-Property Taxes and reports required by law to be filed by it and to promptly pay or cause to be paid all material Non-Property Taxes now or hereafter levied, assessed or imposed on it as the same become due and payable; provided, that, after prior written notice to Lender of its intention to contest any such Non-Property Taxes, such Loan Party may contest by appropriate legal proceedings conducted in good faith and with due diligence, the amount or validity of any such
Non-Property Taxes and, in such event, may permit the Non-Property Taxes so contested to remain unpaid during any period, including appeals, when a Loan Party is in good
faith contesting the same so long as (a) no Event of Default has occurred and remains uncured, (b) such proceeding shall be permitted under and be conducted in accordance with all applicable Legal Requirements, (c) no Property or
other Collateral nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, (d) the applicable Loan Party has set aside on its books adequate reserves in accordance with GAAP, and the non-payment or non-discharge of such Non-Property Taxes would not reasonably be expected to have a Material Adverse Effect,
(e) enforcement of the contested Non-Property Taxes is effectively stayed for the entire duration of such contest and no Lien is imposed on any Property or other Collateral, (f) any Non-Property Taxes determined to be due, together with any interest or penalties thereon, is promptly paid as required after final resolution of such contest, (g) to the extent such Non-Property Taxes (when aggregated with all other Taxes that any Loan Party is then contesting under this Section 4.1.4 or Section 4.4.5 and for which Borrower
has not delivered to Lender any Contest Security) exceed $1,000,000, Borrower shall deliver to Lender either (i) cash, or other security as may be approved by Lender, in an amount sufficient to insure the payment of any such Non-Property Taxes, together with all interest and penalties thereon or (ii) a payment and performance bond in an amount equal to one hundred percent (100%) of the contested amount from a surety acceptable to
Lender in its reasonable discretion, (h) failure to pay such Non-Property Taxes will not subject Lender to any civil or criminal liability, (i) such contest shall not affect the ownership, use or
occupancy of any Property or other Collateral, and (j) Borrower shall, upon request by Lender, give Lender prompt notice of the status of such proceedings and/or confirmation of the continuing satisfaction of the conditions set forth in clauses
(a) through (i) of this Section 4.1.4. Notwithstanding the foregoing, Borrower shall and shall cause each other Loan Party to pay any contested Non-Property Taxes (or, if cash or
other security has been provided, Lender may pay over any such cash or other security held by Lender to the claimant entitled thereto) if, in the Lender’s reasonable judgment, any Property or other Collateral (or any part thereof or interest
therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of any Collateral Document being primed by any related Lien. 

  
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 4.1.5 Access to the Properties. Subject to the rights of Tenants, Borrower shall
permit agents, representatives and employees of Lender to inspect the Properties or any part thereof at reasonable hours upon reasonable advance notice, subject to the limitations set forth in Schedule VI. 

4.1.6 Cooperate in Legal Proceedings. Borrower shall cooperate reasonably with Lender with respect to any proceedings before any
court, board or other Governmental Authority which is reasonably likely to affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in connection therewith, permit Lender, at its election by
written notice, to participate in any such proceedings. 
 4.1.7 Perform Loan Documents. Borrower shall and shall cause each
other Loan Party to, in a timely manner, observe, perform and satisfy all the terms, provisions, covenants and conditions of the Loan Documents executed and delivered by, or applicable to, the Loan Party, and shall pay when due all costs, fees and
expenses of Lender, to the extent required under the Loan Documents executed and delivered by, or applicable to, the Loan Party. 
 4.1.8
Award and Insurance Benefits. Borrower shall cooperate with Lender, in accordance with the relevant provisions of this Agreement, to enable Lender to receive the benefits of any Awards or Insurance Proceeds lawfully or equitably
payable in connection with any Property, and Lender shall be reimbursed for any expenses reasonably incurred in connection therewith (including reasonable attorneys’ fees and disbursements, and the payment by the Loan Parties of the reasonable
expense of an appraisal on behalf of Lender in case of Casualty or Condemnation affecting any Property or any part thereof) out of such Insurance Proceeds. 

4.1.9 Security Interest; Further Assurances. Borrower shall and shall cause each other Loan Party to take all necessary action to
establish and maintain, in favor of Lender a valid and perfected first priority security interest in all Collateral to the full extent contemplated herein, free and clear of any Liens other than Permitted Liens (including the filing of all financing
statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Lender’s security interest in the Collateral). Such financing statements may describe as the
collateral covered thereby “all assets of the debtor, whether now owned or hereafter acquired” or words to that effect. Borrower shall and shall cause each other Loan Party to, at the Loan Parties’ sole cost and expense execute any
and all further documents, financing statements, agreements, affirmations, waivers and instruments, and take all such further actions (including the filing and recording of financing statements) that may be required under any applicable Legal
Requirement, or that Lender reasonably deems necessary or advisable, in order to grant, preserve, protect and perfect the validity and priority of the security interests created or intended to be created hereby or by the Collateral Documents or the
enforceability of any guaranty or other Loan Document. 
 4.1.10 Keeping of Books and Records. Borrower shall keep and maintain
or shall cause to be kept and maintained on a calendar year basis, in accordance with the requirements for a Special Purpose Entity set forth herein and GAAP (or such other accounting basis acceptable to Lender), proper and accurate books, records
and accounts reflecting all of the financial affairs of the Loan Parties and all items of income and expense in connection with the 

  
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operation on an individual basis of each Property. Lender shall have the right from time to time at all times during normal business hours upon reasonable notice to examine such books, records
and accounts at the office of Borrower or any other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. After the occurrence of an Event of Default, Borrower shall pay reasonable out-of-pocket costs and expenses incurred by Lender to examine each Loan Parties’ accounting records with respect to the Properties, as Lender shall reasonably
determine to be necessary or appropriate in the protection of Lender’s interest. 
 4.1.11 Business and Operations.
Borrower shall engage in the businesses conducted by it as and to the extent the same are necessary for the ownership, maintenance, sale, management, leasing and operation of the Properties. Borrower shall qualify to do business and will remain in
good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership, maintenance, management and operation of the Properties, except to the extent that failure to do so would not reasonably be expected to
have a Material Adverse Effect. Borrower or Borrower TRS, as applicable, shall, at all times during the term of the Loan, continue to own or lease all equipment, fixtures and personal property which are necessary to operate its Properties. 

4.1.12 Loan Proceeds. Borrower shall use the proceeds of the Loan received by it on the Closing Date (or the date of any
Additional Loan) only for the purposes set forth in Section 2.1.5 and Section 2.1.6. 

4.1.13 Performance by Borrower. Borrower shall and shall cause each other Loan Party to, in a timely manner, observe, perform and
fulfill each and every covenant, term and provision of each Loan Document executed and delivered by, or applicable to, such Loan Party, and shall not enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or other
modification of any Loan Document executed and delivered by, or applicable to, Borrower or Equity Owner without the prior written consent of Lender. 

4.1.14 Leasing Matters.Borrower shall (a) observe and perform the obligations imposed upon the lessor under the Leases for
the Properties in a commercially reasonable manner; and (b) enforce the terms, covenants and conditions contained in such Leases upon the part of the Tenant thereunder to be observed or performed in a commercially reasonable manner except in
each case to the extent that the failure to do so would not reasonably be expected to have an Individual Material Adverse Effect with respect to a Property. 

4.1.15 Borrower’s Operating Account. Borrower shall establish and maintain an account (the
“Borrower’s Operating Account”) at a bank selected by Borrower and reasonably approved by Lender which shall be an Eligible Institution. Borrower may also establish and maintain subaccounts of Borrower’s Operating Account
(which may be ledger or book entry accounts and not actual accounts). 
 4.1.16 Security Deposits. 

(a) All security deposits of Tenants, whether held in cash or any other form, shall be deposited into one or more Eligible Accounts (each a
“Security Deposit Account”) 

  
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established and maintained by Borrower at a local bank which shall be an Eligible Institution, held in compliance with all Legal Requirements and identified by written notice to Lender, and shall
not be commingled with any other funds of Borrower. Borrower shall deposit all security deposits in its possession on the Closing Date into the Security Deposit Account. Within three (3) Business Days after receipt of any security deposit,
Borrower shall deposit the same into the Security Deposit Account (except only as provided below with respect to combined payments). Except for deposits of de minimis Borrower funds to maintain a minimum balance or to pay fees of the
depository bank, Borrower shall insure that no funds from any source shall be deposited into the Security Deposit Account other than security deposits relating to the Properties and interest paid thereon, and no funds shall be withdrawn except, in
accordance with Legal Requirements, (i) to pay refunds of security deposits, (ii) to pay (or reimburse for payment of) expenses chargeable against security deposits or (iii) to transfer forfeited security deposits to the Rent Deposit
Account or Cash Management Account. Borrower shall maintain complete and accurate books and records of all transactions pertaining to security deposits and the Security Deposit Account, with sufficient detail to identify all security deposits
separate and apart from other payments received from or by Tenants. Only if Borrower receives a check or other payment that combines a security deposit together with Rent or other amounts owing by a Tenant, then Borrower shall (a) deposit the
combined payment into the Rent Deposit Account or Cash Management Account or (b) deposit the amount representing the security deposit into the Security Deposit Account and the amount representing Rent into the Rent Deposit Account. Promptly
after the deposit of any combined payment into the Rent Deposit Account or Cash Management Account, Borrower shall submit written notice to Lender identifying the applicable combined payment and requesting return of the security deposit amount from
the Cash Management Account, and when the same is paid, Borrower promptly shall deposit the same into the Security Deposit Account within three (3) Business Days after receipt. 

(b) Any bond or other instrument which Borrower is permitted to hold in lieu of cash security deposits under applicable Legal Requirements
(i) shall be, subject to the applicable Lease and Legal Requirements, maintained in full force and effect in the full amount of such deposits unless replaced by cash deposits as above described, (ii) shall be issued by an institution
reasonably satisfactory to Lender, (iii) shall, if permitted pursuant to Legal Requirements, name Lender as payee or mortgagee thereunder (or at Lender’s option, be fully assignable to Lender), and (iv) shall in all respects comply
with applicable Legal Requirements and otherwise be satisfactory to Lender. Borrower shall, upon request, provide Lender with evidence reasonably satisfactory to Lender of Borrower’s compliance with the foregoing. 

(c) Upon Lender’s written request during an Event of Default, Borrower shall deliver (or cause to be delivered) all security deposits to
Lender for safe-keeping, and not for application against the Debt. Upon a foreclosure of any Property or transfer in lieu thereof, Borrower shall deliver to Lender or to an account designated by Lender the security deposits applicable to such
Property for safe-keeping and not for application to the Debt. 
 4.1.17 Investment of Funds in Cash Management Account, Subaccounts,
Rent Deposit Account and Security Deposit Account. Sums on deposit in the Cash Management Account and the Subaccounts may be invested in Permitted Investments. Borrower shall have the right to direct Cash Management Account Bank to
invest sums on deposit in the Cash Management Account and the Subaccounts in Permitted Investments. The Cash Management 

  
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Account shall be assigned the federal tax identification number of Borrower. Sums on deposit in the Rent Deposit Account shall not be invested in Permitted Investments and shall be held solely in
cash. Subject to any requirements of applicable law, sums on deposit in a Security Deposit Account may be invested in Permitted Investments and Borrower shall have the right to direct the applicable Security Deposit Bank to invest sums on deposit in
such Security Deposit Account in Permitted Investments. The amount of actual losses sustained on a liquidation of a Permitted Investment in the Cash Management Account, a Subaccount or a Security Deposit Account shall be deposited into the Cash
Management Account, the applicable Subaccount or the applicable Security Deposit Account, as applicable, by Borrower no later than one (1) Business Day following such liquidation. Borrower shall pay any federal, state or local income or other
tax applicable to income earned from Permitted Investments. 
 4.1.18 Operation of Property. 

(a) Borrower shall (i) cause the Manager to manage the Properties in accordance with the Management Agreement, (ii) diligently
perform and observe all of the terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed and observed, (iii) promptly notify Lender of any default under the Management Agreement of which it is aware;
provided, however, that, no such notice is required pursuant to this clause (iii) if (A) the loss or damage from such default under the Management Agreement does not exceed $50,000 and (B) Borrower
determines, in good faith, that such default will not adversely affect the management of any of the Properties or the interests of the Lender in such Properties and (iv) promptly enforce the performance and observance of all of the covenants
required to be performed and observed by the Manager under the Management Agreement in a commercially reasonable manner. If Borrower shall default in the performance or observance of any material term, covenant or condition of the Management
Agreement on the part of Borrower to be performed or observed, then, without limiting Lender’s other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower from any of its obligations
hereunder or under the Management Agreement, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act as may be appropriate to cause all the material terms, covenants and conditions of the Management
Agreement on the part of Borrower to be performed or observed. Except to the extent payable in accordance with Section 2.7.2(j), in no event shall the management fee payable to the Manager for any calendar month exceed the Management Fee Cap
for such calendar month and in no event shall Borrower pay or become obligated to pay to the Manager, any transition or termination costs or expenses, termination fees, or their equivalent in connection with the Transfer of a Property or the
termination of the Management Agreement. For the avoidance of doubt, for purposes of this Agreement, management fees shall not be deemed to include leasing commissions and reimbursements of expenses paid to Manager in the ordinary course of
Borrower’s business. 
 (b) If any one or more of the following events occurs: (i) during the continuance of an Event of Default,
(ii) if the Manager shall be in material default under the Management Agreement beyond any applicable notice and cure period (including as a result of any gross negligence, fraud, willful misconduct or misappropriation of funds), or
(iii) if Manager shall become insolvent or a debtor in any bankruptcy or insolvency proceeding, then Lender shall have the right to require Borrower to replace the Manager and enter into a Replacement Management Agreement with (x) a
Qualified Manager selected by Borrower that is not an 

  
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Affiliate of Borrower or (y) another property manager chosen by Borrower and approved by Lender; provided, that such approval shall be conditioned upon Borrower delivering a
Rating Agency Confirmation as to such property manager. If Borrower fails to select a new Qualified Manager or a replacement Manager that satisfies the conditions described in the foregoing clause (y) and enter into a Replacement
Management Agreement with such Person within sixty (60) days of Lender’s demand to replace the Manager, then Lender may choose the replacement property manager provided that such replacement property manager is a Qualified Manager or
satisfies the conditions set forth in proviso of the foregoing clause (y). 
 4.1.19 Anti-Money
Laundering.Borrower shall comply and shall cause each other Loan Party to comply in all material respects with all applicable anti-money laundering laws and regulations, including without limitation the Patriot Act (collectively, the
“Anti-Money Laundering Laws”). Borrower shall (a) conduct, in accordance with its anti-money laundering program compliance program, the requisite due diligence in connection with renewals of, and new, Leases and renewing and
prospective Tenants for purposes of the Anti-Money Laundering Laws, including with respect to the legitimacy of the applicable renewing or prospective Tenant and the origin of the assets used by said Tenant to lease the applicable Property and
(b) will maintain sufficient information to identify the renewing and prospective Tenants for purposes of the Anti-Money Laundering Laws. The Manager has established an anti-money laundering compliance program as required by the Anti-Money
Laundering Laws, with respect to the Tenants and the Properties and has conducted the requisite due diligence with respect to the existing Leases for purposes of such Anti-Money Laundering Laws, including with respect to the legitimacy of the
applicable renewing or prospective Tenant and the origin of the assets used by said Tenant to lease the applicable Property. Borrower shall provide notice to Lender, within five (5) Business Days, of receipt of any written notice of any
Anti-Money Laundering Law violation or action involving a Loan Party. 
 4.1.20 Embargoed Persons. Prior to entering into a
Lease with a prospective Tenant (excluding any existing Tenant of a Property that was previously screened in accordance with this Section 4.1.20), Borrower shall confirm that such prospective Tenant is not a Person whose
name appears on a Government List. Borrower shall not enter into a Lease with a Person whose name appears on a Government List unless Borrower determines that such Person is not the terrorist, narcotics trafficker or other Person who is identified
on such Government List but merely has the same name as such Person. If notwithstanding such confirmation, a Responsible Officer of a Loan Party obtains knowledge that a Tenant is a Person whose name appears on a Government List, it shall promptly
provide notice of such fact to Lender within five (5) Business Days of acquiring knowledge thereof. 
 4.1.21 ERISA
Matters. Each Loan Party shall and shall cause each of its ERISA Affiliates to establish, maintain and operate all Plans to comply in all material respects with the provisions of ERISA, the Code and all applicable laws, the regulations and
interpretation thereunder and the respective requirements of the governing documents for such Plans. Each Loan Party shall and shall cause each of its ERISA Affiliates to establish, maintain and operate all Foreign Plans to comply in all
material respects with all laws, regulations and rules applicable thereto and the respective requirements of the governing documents for such plans. 

  
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 4.1.22 Contribution of Property to Borrower TRS. On the Closing Date, Borrower
shall cause Borrower TRS to execute and deliver to Lender, and in any event, prior to contributing any Properties or other Collateral to such Borrower TRS: (i) the Borrower TRS Guaranty, (ii) the Borrower TRS Security Agreement, and
(iii) such other agreements, instruments, approvals, legal opinions or other documents as are reasonably requested by Lender in order to create, perfect or establish the first priority (subject to Permitted Liens) of any Lien. 

When Borrower contributes any Properties to Borrower TRS, then the following covenants shall be applicable: 

(a) In connection with the transfer of such Properties to Borrower TRS, Borrower TRS shall expressly acknowledge in the deed or other
conveyance document or instrument delivered and recorded in the applicable jurisdiction in which such Properties are located in connection with the transfer of the Properties to Borrower TRS that Borrower TRS’s title to and interest in such
Properties are subject to the Lien, terms and provisions of the applicable Mortgage(s); provided, that for the avoidance of doubt, the Lien of the Mortgage encumbering any Property contributed to Borrower TRS shall not be released at
such time and no new Mortgage shall be executed with respect to or recorded against any Property contributed to Borrower TRS by Borrower; and 

(b) Prior to contributing a Property to Borrower TRS, Borrower shall cause Borrower TRS to execute and deliver to Lender an assumption of the
Mortgage related to such Property, in form and substance reasonably acceptable to Lender and Borrower. 
 Borrower shall submit to the Lender
the assumption of the Mortgage (required in clause (b) above) at least five (5) Business Days prior to date of the contribution. 

Section 4.2 Negative Covenants. Borrower covenants and agrees with Lender as follows: 

4.2.1 Operation of Property. Borrower shall not (a) surrender, terminate, cancel, modify, renew or extend the Management
Agreement, provided, that Borrower may, without Lender’s consent, (i) replace Manager so long as the replacement manager is a Qualified Manager pursuant to a Replacement Management Agreement and (ii) renew and extend the
Management Agreement pursuant to the terms thereof, (b) enter into any other agreement relating to the management or operation of a Property with Manager or any other Person. If at any time Lender consents to the appointment of a new property
manager or a Qualified Manager is appointed, such new property manager (including a Qualified Manager) shall execute a Replacement Management Agreement, (c) consent to the assignment by Manager of its interest under the Management Agreement, or
(d) waive or release any of its rights and remedies under the Management Agreement, in each case without the express consent of Lender, which consent shall not be unreasonably withheld. For the avoidance of doubt, for purposes of subclause
(iii) above, payments for services provided during the termination notice period of a sub-management agreement shall not constitute a termination penalty. 

4.2.2 Indebtedness. Borrower shall not create, incur, assume or suffer to exist any Indebtedness other than (a) the Debt and
(b) unsecured trade payables incurred in the ordinary 

  
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course of business relating to the ownership and operation of the Properties, which in the case of such unsecured trade payables (i) are not evidenced by a note, (ii) do not exceed, at
any time, on an aggregate basis among Borrower and Borrower TRS, a maximum aggregate amount of three percent (3%) of the Loan then outstanding and (iii) are paid within sixty (60) days of the date incurred (collectively, “Permitted
Indebtedness”). Borrower shall cause Equity Owner and Borrower TRS not to create, incur, assume or suffer to exist any Indebtedness other than (x) with respect to Borrower TRS, Indebtedness incurred under the Borrower TRS Guaranty,
this Agreement and the other Loan Documents to which it is a party and unsecured trade payables incurred in the ordinary course of business relating to the ownership and operation of the Properties, which in the case of such unsecured trade payables
(i) are not evidenced by a note, (ii) do not exceed, at any time, on an aggregate basis among Borrower and Borrower TRS, a maximum aggregate amount of three percent (3%) of the Loan then outstanding and (iii) are paid within sixty
(60) days of the date incurred (collectively, the “Borrower TRS’s Permitted Indebtedness”), and (y) with respect to the Equity Owner, Indebtedness incurred under the Equity Owner Guaranty and the other Loan Documents
to which Equity Owner is a party and unsecured trade payables incurred in the ordinary course of business with respect to the Equity Owner, related to the ownership of membership interest in Borrower and that (A) are not evidenced by a note,
(B) do not exceed, at any time, $25,000 and (C) are paid within sixty (60) days of the date incurred (collectively, the “Equity Owner’s Permitted Indebtedness”). For the purposes of this
Section 4.2.2, Property Taxes and HOA Fees are not Indebtedness. 
 4.2.3 Liens. Borrower shall not
and shall cause each other Loan Party not to create or suffer to exist any Liens upon or with respect to, any Collateral (other than any Property) except for Permitted Liens. 

4.2.4 Limitation on Investments. Borrower shall not and shall cause each other Loan Party not to make or suffer to exist any
loans or advances to, or extend any credit to, purchase any property or asset or make any investment (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business
or assets, or otherwise) in, any Affiliate or any other Person except for (a) investments by Borrower in Borrower TRS and (b) acquisition of the Properties and related Collateral and Permitted Investments and contributions of Properties to
Borrower TRS as permitted by Section 4.1.22. 
 4.2.5 Limitation on Issuance of Equity Interests.
Borrower shall not and shall cause each other Loan Party not to issue or sell or enter into any agreement or arrangement for the issuance and sale of any Equity Interests of any Loan Party. 

4.2.6 Restricted Junior Payments. Borrower shall not make any Restricted Junior Payment; provided, that
Borrower may make Restricted Junior Payments so long as (a) no Default or Event of Default shall then exist or would result therefrom, (b) such Restricted Junior Payments have been approved by all necessary action on the part of Borrower
and in compliance with all applicable laws and (c) such Restricted Junior Payments are paid from Unrestricted Cash. 
 4.2.7
Principal Place of Business, State of Organization. Borrower shall not and shall cause each other Loan Party not to change its name, identity (including its trade name or 

  
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names), jurisdiction of organization or formation (as set forth in Section 3.1.25) or Borrower’s or Equity Owner’s limited liability company structure
(including any modification, amendment, waiver, or termination of its organizational documents) unless Borrower shall have first notified Lender in writing of such change at least thirty (30) days prior to the effective date of such change, and
shall have first taken all action required by Lender for the purpose of perfecting or protecting the lien and security interests of Lender pursuant to this Agreement, and the other Loan Documents and, in the case of a change in Borrower’s or
Equity Owner’s structure, without first obtaining the prior written consent of Lender, which consent may be given or denied in Lender’s sole discretion. Upon Lender’s request, Borrower shall and shall cause each other Loan Party to,
at Borrower’s sole cost and expense, execute and deliver additional security agreements and other instruments which may be necessary to effectively evidence or perfect Lender’s security interest in the Collateral as a result of such change
of principal place of business or place of organization. Each Loan Party’s principal place of business and chief executive office, and the place where each Loan Party keeps its books and records, including recorded data of any kind or nature,
regardless of the medium or recording, including software, writings, plans, specifications and schematics, will continue to be the address of Borrower set forth in Section 9.3 (unless Borrower notifies Lender in writing at
least thirty (30) days prior to the date of such change). Borrower shall promptly notify Lender of any change in any Loan Party’s organizational identification number. 

4.2.8 Dissolution. Borrower shall not and shall cause each other Loan Party not to (a) engage in any dissolution,
liquidation or consolidation or merger with or into any other business entity, (b) transfer, lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of the properties or assets of any Loan
Party except to the extent permitted by the Loan Documents or (c) modify, amend, waive or terminate its organizational documents or its qualification and good standing in any jurisdiction, except to the extent permitted by
Section 4.2.7. 
 4.2.9 Change In Business. Borrower shall not, and shall not permit Borrower TRS to,
enter into any line of business other than the acquisition, renovation, ownership, maintenance, transfer, refinancing, holding, marketing, sale, leasing, transfer, management, leasing, operation or financing of the Properties (and any businesses
ancillary or related thereto, including the ownership of Borrower TRS), or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of
its present business. Borrower shall cause (a) Equity Owner to not engage in any activity other than acting as the sole member of Borrower (and any business ancillary or related thereto) and (b) Borrower TRS to not engage in any activity
other than owning, marketing and selling Properties. 
 4.2.10 Debt Cancellation. Other than respect to any Lease, Borrower
shall not, and shall not permit Borrower TRS to, cancel or otherwise forgive or release any material claim or debt owed to such Loan Party by any Person, except for adequate consideration and in the ordinary course of such Loan Party’s
business. 
 4.2.11 Changes to Accounts. Borrower shall not, and shall not permit Borrower TRS to, (a) open or
permit to remain open any cash, securities or other account with any bank, custodian or institution into which Rents or other Collections or any security deposits are 

  
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deposited other than the Cash Management Account, the Subaccounts, the Rent Deposit Account, and Security Deposit Accounts, (b) change or permit to change any account number of any of the
foregoing accounts, (c) open or permit to remain open any sub-account of the Cash Management Account (except any Subaccount) or the Rent Deposit Account, (d) permit any funds of Persons other than
Borrower or Borrower TRS to be deposited or held in any of the Cash Management Account, the Subaccounts, the Rent Deposit Account or the Security Deposit Accounts, other than security deposits, or (e) permit any Collections or other proceeds of
any Properties to be deposited or held in Borrower’s Operating Account other than cash that is distributed to Borrower pursuant to Section 2.7.2(k). 

4.2.12 Zoning. Borrower shall not, and shall not permit Borrower TRS to, initiate or consent to any zoning reclassification of
any portion of any Property or seek any variance under any existing zoning ordinance or use or knowingly permit any non-conforming use of any Property under any zoning ordinance or any other applicable land
use law, rule or regulation, without the prior written consent of Lender. 
 4.2.13 No Joint Assessment. Borrower shall not,
and shall not permit Borrower TRS to, suffer, permit or initiate the joint assessment of any Property (a) with any other real property constituting a tax lot separate from such Property, and (b) which constitutes real property with any
portion of such Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property
portion of such Property. 
 4.2.14 Limitation on Transactions with Affiliates. Borrower shall not and shall cause each other
Loan Party not to enter into, or be a party to any transaction with any Affiliate of the Loan Parties, except for: (a) the Loan Documents; (b) capital contributions by (i) Parent to Equity Owner, (ii) Equity Owner to Borrower or
(iii) Borrower to Borrower TRS; (c) Restricted Junior Payments which are in compliance with Section 4.2.6 and distributions from Borrower TRS to Borrower; (d) Transfers that are Permitted Transfers;
(e) transactions with Borrower TRS in accordance with the terms of this Agreement, including Section 4.1.22; and (f) to the extent not otherwise prohibited under this Agreement, other transactions upon fair and
reasonable terms materially no less favorable to the Loan Parties than would be obtained in a comparable arm’s-length transaction with a Person not an Affiliate. 

4.2.15 ERISA. None of the Loan Parties or their ERISA Affiliates shall establish or be a party to any employee benefit plan
within the meaning of Section 3(2) of ERISA that is a defined benefit pension plan that is subject to Part III of Subchapter D, Chapter 1, Subtitle A of the Code. 

4.2.16 No Embargoed Persons. At all times throughout the term of the Loan, Borrower shall ensure that (a) none of the funds
or other assets of any Loan Party shall constitute property of, or shall be beneficially owned, directly or indirectly, by any Person subject to trade restrictions under United States law, including, but not limited to, the International Emergency
Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder, with the result that the investment in any Loan Party (whether
directly or indirectly), would be prohibited by law (each, an “Embargoed Person”), or the Loan made by Lender would be in violation of law, (b) no Embargoed Person shall have any direct interest in any Loan Party with the
result that the 

  
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investment in any Loan Party (whether directly or indirectly), would be prohibited by law or the Loan would be in violation of law, and (c) none of the funds of any Loan Party shall be
derived from any unlawful activity with the result that the investment in such Loan Party (whether directly or indirectly), would be prohibited by law or the Loan would be in violation of law. 

4.2.17 Transfers. 

(a) Borrower acknowledges that Lender has examined and relied on the experience of Borrower and Parent in owning and operating properties such
as the Properties in agreeing to make the Loan, and will continue to rely on Borrower’s ownership of the Properties as a means of maintaining the value of the Properties as security for repayment of the Debt and the performance of the Other
Obligations. Borrower acknowledges that Lender has a valid interest in maintaining the value of the Properties so as to ensure that, should Borrower default in the repayment of the Debt or the performance of the Other Obligations, Lender can recover
the Debt by a sale of the Properties. 
 (b) Except for Permitted Transfers, Transfers otherwise set forth in this
Section 4.2.17, and other Transfers made with the prior written consent of Lender, Borrower shall not, and shall not permit any other Person having a direct or indirect ownership or beneficial interest in Borrower to sell,
convey, mortgage, grant, bargain, encumber, pledge, assign, grant options with respect to or otherwise transfer or dispose of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for
consideration or of record) (i) any Property or any part thereof or any legal or beneficial interest therein, or (ii) any interest, direct or indirect, in any Loan Party or any legal or beneficial interest therein (a
“Transfer”). 
 (c) A Transfer shall include, but not be limited to, (i) an installment sales agreement wherein
Borrower agrees to sell one or more Properties or any part thereof for a price to be paid in installments; (ii) an agreement by Borrower leasing all or a substantial part of any Property for other than actual occupancy by a Tenant thereunder or
a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or any Rents; (iii) if a Restricted Party is a corporation, any merger, consolidation or Transfer of
such corporation’s stock or the creation or issuance of new stock; (iv) if a Restricted Party is a limited or general partnership or joint venture, any merger or consolidation or the change, removal, resignation or addition of a general
partner or the Transfer of the partnership interest of any general partner or any profits or proceeds relating to such partnership interest, or the Transfer of limited partnership interests or any profits or proceeds relating to such limited
partnership interest or the creation or issuance of new limited partnership interests; (v) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or
non-member manager (or if no managing member, any member) or the Transfer of the membership interest of a managing member (or if no managing member, any member) or any profits or proceeds relating to such
membership interest, or the Transfer of non-managing membership interests or the creation or issuance of new non-managing membership interests; or (vi) if a
Restricted Party is a trust or nominee trust, any merger, consolidation or the Transfer of the legal or beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial interests. 

  
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 (d) Notwithstanding the foregoing, the following Transfers (herein, the “Permitted
Transfers”) shall be permitted hereunder without Lender’s consent: 
 (i) Leases existing as of the Closing
Date and Eligible Lease entered into in accordance with the Loan Documents; 
 (ii) a Permitted Lien or any other Lien
expressly permitted under the terms of the Loan Documents; 
 (iii) a Transfer of a Property in accordance with
Section 2.5; 
 (iv) a substitution of a Property for a Substitute Property in accordance with
Section 2.4.2 or Section 5.3(b), as applicable; 
 (v) the (A) Transfer of any direct
or indirect legal or beneficial interests in Parent or any Public Vehicle, including a Public Vehicle that exists on the Closing Date, a Public Vehicle which acquires a direct or indirect legal or beneficial interest in Borrower and Equity Owner
after the Closing Date in accordance with the terms of this Section 4.2.17 or a Person which holds a direct or indirect legal or beneficial interest in Borrower and subsequently becomes a Public Vehicle or (B) merger,
consolidation, sale of all or substantially all of the assets, or similar transaction involving Parent or any Public Vehicle, provided that, in the case of the Parent, any successor or acquirer assumes all the obligations of the
Parent under the Loan Documents and is a Qualified Transferee; 
 (vi) a Transfer of any direct or indirect interest in
Borrower or Equity Owner not described in the foregoing clause (v) provided, that: 
 (A) after giving effect to
such Transfer, either (i) a Qualified Transferee (x) shall own not less than fifty-one percent (51%) of the direct or indirect legal and beneficial interests in each Loan Party and (y) shall
Control (directly or indirectly) each Loan Party or (ii) in the case of a transfer of interests in Parent or limited liability company interests in Equity Owner, Parent shall continue to Control (directly or indirectly) each Loan Party; 

(B) if a Transfer is made pursuant to this clause (vi) and such Transfer shall cause more than ten percent
(10%) of the direct or indirect legal or beneficial interests in each Loan Party to be owned by any Person and its Affiliates that owned less than ten percent (10%) of the direct or indirect legal or beneficial interests in such Loan Party prior to
such Transfer, then Lender shall receive notice of such Transfer not less than (x) if the Qualified Transferee referenced in clause (A) above is not a Parent or a one hundred percent (100%) owned subsidiary of the Parent, ten
(10) Business Days prior to the consummation thereof or (y) if the Qualified Transferee referenced in clause (A) above is a Parent or a one hundred percent (100%) owned subsidiary of any Parent, thirty (30) days following
the consummation thereof, but the failure to deliver the notice referred to in this clause (y) shall not constitute an Event of Default unless such 

  
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failure continues for ten (10) Business Days following notice of such failure from Lender; 

(C) each Loan Party shall each continue to be a Special Purpose Entity; 

(D) after giving effect to such Transfer, (i) Equity Owner shall remain the sole member of Borrower and (ii) Borrower
shall remain the sole member of Borrower TRS; 
 (E) the Properties shall continue to be managed by Existing Manager or by a
Qualified Manager pursuant to a Replacement Management Agreement; 
 (F) if such Transfer shall cause more than forty-nine
percent (49%) of the direct or indirect interests in each Loan Party to be owned by any Person and its Affiliates that owned less than forty-nine percent (49%) of the direct or indirect interest in each Loan Party prior to such Transfer, Borrower
shall deliver (or cause to be delivered) to Lender an Additional Insolvency Opinion; 
 (G) so long as the Loan is
outstanding, (A) no pledge or other encumbrance of any direct interests in any Restricted Party (other than pledges securing the Obligations pursuant to the Collateral Documents) shall occur, and (B) no Restricted Party shall issue
preferred equity that has the characteristics of mezzanine debt (such as a fixed maturity date, regular payments of interest, a fixed rate of return and rights of the equity holder to demand repayment of its investment); 

(H) Borrower shall provide Lender with copies of all organizational documents and all transaction documents relating to any
Transfer under this clause (vi) involving a direct legal or beneficial interest in any Restricted Party; and 

(I) In connection with any Transfer under this clause (vi), to the extent a transferee shall own ten percent (10%)
or more of the direct or indirect ownership interests in a Loan Party immediately following such transfer (provided such transferee owned less than ten percent (10%) of the direct or indirect ownership interests in a Loan Party as of the Closing
Date), Borrower shall deliver (and Borrower shall be responsible for any reasonable out of pocket costs and expenses in connection therewith), customary searches reasonably requested by Lender in writing (including credit, judgment, lien,
litigation, bankruptcy, criminal and watch list) reasonably acceptable to Lender with respect to such transferee. 
 (vii)
the Condemnation of a Property; 

  
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 (viii) the contribution by Borrower of Collateral to such Borrower TRS as
contemplated by Section 4.1.22. 
 (e) Following a Permitted Transfer, if Parent no longer Controls (directly or
indirectly) Borrower or the Properties, Parent shall, upon its written request, be released from the Parent Guaranty for all liability accruing after the date of such Transfer, provided that the Qualified Transferee or the Person
described in clause (ii)(A) of the definition of Qualified Transferee shall execute and deliver to Lender a replacement guaranty in substantially the same form and substance as the Parent Guaranty covering all liability accruing from and after the
date of such Transfer (but not any which may have accrued prior thereto). 
 (f) Borrower shall pay all reasonable out-of-pocket costs and expenses of Lender in connection with any Transfer, whether or not such Transfer is deemed to be a Permitted Transfer, including, without limitation,
all reasonable fees and expenses of Lender’s counsel, and the reasonable cost of any required counsel opinions related to REMIC or other securitization or tax issues and any Rating Agency fees. 

Section 4.3 Reporting Covenants. Borrower shall, unless Lender shall otherwise consent in writing, furnish or cause to be
furnished to Lender the following reports, notices and other documents: 
 4.3.1 Financial Reporting. Borrower shall furnish
the following financial reports to Lender: 
 (a) As soon as available and in any event within forty-five (45) days after the end of the
first three calendar quarters of each year, commencing with the first calendar quarter ending June 30, 2017, consolidated balance sheets, statements of operations and retained earnings, and statements of cash flows of Borrower, in each case, as
of the end of such quarter and for the period commencing at the end of the immediately preceding calendar year and ending with the end of such quarter, setting forth in each case in comparative form the figures for the corresponding date or period
of the immediately preceding calendar year (if any), all in reasonable detail and prepared in accordance with GAAP, except that prior period comparative financial statements related to any time period prior to the Closing Date shall not be required.
Such financial statements shall contain such other information as shall be reasonably requested by Lender for purposes of calculations to be made by Lender pursuant to the terms hereof; 

(b) As soon as available, and in any event within ninety (90) days after the end of each calendar year, unaudited copies, and within one
hundred twenty (120) days following the end of each calendar year, audited copies, of a balance sheet, statement of operations and retained earnings, and statement of cash flows of Borrower, in each case, as at the end of such calendar year,
setting forth in each case in comparative form the figures for the immediately preceding calendar year (if any), except that prior period comparative financial statements related to any time period prior to the Closing Date shall not be required,
all in reasonable detail and prepared in accordance with GAAP and the inclusion of footnotes to the extent required by GAAP, such audited financial statements to be accompanied by a report and an unqualified opinion, prepared in accordance with
generally accepted auditing standards, of an Independent Accountant selected by Borrower that is reasonably acceptable to Lender (which 

  
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opinion on such consolidated information shall be without (1) any qualification as to the scope of such audit or (2) a “going concern” or like qualification (other than a
going concern qualification that relates solely to the near term maturity of the Loan hereunder)), together with a written statement of such accountants (A) to the effect that, in making the examination necessary for their certification of such
financial statements, they have not obtained any knowledge of the existence of an Event of Default or a Default and (B) if such accountants shall have obtained any knowledge of the existence of an Event of Default or such Default, describing
the nature thereof; 
 (c) As soon as available, and in any event within forty-five (45) days after the end of each calendar month,
commencing with the calendar month ended June 30, 2017, (i) an operating statement in respect of such calendar month and a calendar year-to-date operating
statement for Borrower, except that the operating statement shall not be required to relate to any time period prior to the Closing Date, (ii) an Officer’s Certificate certifying that such operating statements are true, correct and
complete in all material respects as of their respective dates, and (iii) upon Lender’s request, other information maintained by Borrower in the ordinary course of business that is reasonably necessary and sufficient to fairly represent
the financial position, ongoing maintenance and results of operation of the Properties (on a combined basis) during such calendar month; 

(d) Simultaneously with the delivery of the financial statements of Borrower required by clauses (a) and (b) above an
Officer’s Certificate certifying (i) that such statements fairly represent the financial condition and results of operations of Borrower as of the end of such quarter or calendar year (as applicable) and the results of operations and cash
flows of Borrower for such quarter or calendar year (as applicable), in accordance with GAAP applied in a manner consistent with that of the most recent audited financial statements of Borrower furnished to Lender, subject to normal year-end adjustments and the absence of footnotes, (ii) stating that such Responsible Officer has reviewed the provisions of this Agreement and the other Loan Documents and has made or caused to be made under
his or her supervision a review of the condition and operations of the Relevant Parties with a view to determining whether the Relevant Parties are in compliance with the provisions of the Loan Documents to the extent applicable to them, and that
such review has not disclosed, and such Responsible Officer has no knowledge of, the existence of an Event of Default or Default or, if an Event of Default or Default exists, describing the nature and period of existence thereof and the action which
the Relevant Parties propose to take or have taken with respect thereto and (iii) that as of the date of each Officer’s Certificate, no litigation exists involving Borrower (or any Property or Properties) in which the potential liability
of Borrower in such claim or series of related claims thereunder (including claims brought as a class action) is greater than $500,000 or, if involving any single Property, is greater than $250,000, in each case, excluding any liability covered by
insurance, or, if so, specifying such litigation and the actions being taking in relation thereto. 
 (e) Simultaneously with the delivery of
the financial statements of Borrower required by clause (a) above, a calculation of Underwritten Net Cash Flow for the twelve (12) month period ended on the last day of the calendar quarter for which such financial statements were
prepared; 

  
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 (f) Simultaneously with the delivery of the financial statements of Borrower required by
clause (a) above, a duly completed Compliance Certificate, with appropriate insertions, containing the data and calculations set forth on Exhibit B; and 

(g) Simultaneously with the delivery of the financial statements of Borrower required by clause (a) above, a certificate executed
by a Responsible Officer of Borrower certifying (i) the current Property Tax assessment amounts payable in respect of each Property, (ii) the payment of all Property Taxes prior to the date such Property Taxes become delinquent, subject to
any contest conducted in accordance with Section 4.4.5 and (iii) if either (A) an Acceptable Blanket Policy is not in place with respect to all Properties or (B) an Acceptable Blanket Policy is in place with
respect to all Properties but Borrower has elected to reinstate deposits of Insurance Premiums to the Insurance Subaccount pursuant to Section 6.2.3, the monthly cost of the Insurance Premiums with respect to the Policies
required under in Section 5.1.1 that are required to be deposited into the Insurance Subaccount pursuant to Section 6.2. 

4.3.2 Annual Budget. Prior to the Closing Date, Borrower has submitted and Lender has approved an Annual Budget for the remaining
portion of the 2017 calendar year (the “Approved Initial Budget”). Borrower shall submit to Lender by November 1 of each year the Annual Budget relating to the Properties for the succeeding calendar year. During the
continuance of a Cash Sweep Period, Lender shall have the right to approve each Annual Budget or portion thereof, as applicable (which approval shall not be unreasonably, conditioned or delayed withheld so long as no Event of Default is continuing).
An Annual Budget so approved by Lender or any Annual Budget submitted prior to the commencement of a Cash Sweep Period shall each hereinafter be referred to as an “Approved Annual Budget”. In the event of a Transfer of any Property
the Approved Annual Budget shall be reduced as reasonably determined by Lender in consultation with Borrower in order to reflect the removal of such Property and the Operating Expenses associated therewith; provided,
further, that no such reduction shall be made in the event such Transfer is made in connection with a substitution under Section 2.4.2(a). If Lender has the right to approve an Annual Budget (or portion thereof) pursuant to this
Section 4.3.2, Borrower shall not change or modify the Annual Budget (or such portion) that has been approved by Lender without the prior written consent of Lender (which consent shall not be unreasonably withheld,
conditioned or delayed so long as no Event of Default is continuing). The “Monthly Budgeted Amount” for each Payment Date shall mean the monthly amount set forth in the Approved Annual Budget for Operating Expenses for the Interest
Period related to such Payment Date, but excluding management fees, Property Taxes that are required to be deposited into the Tax Subaccount pursuant to Section 6.1 and Insurance Premiums that are required to be deposited
into the Insurance Subaccount pursuant to Section 6.2. If during any Cash Sweep Period, Borrower has submitted an Annual Budget and such Annual Budget has not been approved prior to the commencement of the calendar year
(or applicable portion thereof) to which such budget relates then the previous Approved Annual Budget (or applicable portion thereof) shall continue to be deemed to be the Approved Annual Budget for that calendar year (or applicable portion
thereof). 
 4.3.3 Reporting on Adverse Effects. Promptly and in no event more than two (2) Business Days after any
Responsible Officer of any Loan Party obtains knowledge of any matter 

  
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or the occurrence of any event concerning any other Loan Party which would reasonably be expected to have a Material Adverse Effect, written notice thereof. 

4.3.4 Litigation. Prompt written notice to Lender of any litigation or governmental proceedings pending or to the actual
knowledge of a Responsible Officer of any Loan Party, threatened in writing against any Loan Party with respect to any Property, which would reasonably be expected to have a Material Adverse Effect or an Individual Material Adverse Effect with
respect to any Property. 
 4.3.5 Event of Default. Promptly after any Responsible Officer of any Loan Party obtains knowledge
of the occurrence of each Event of Default or Default (if such Default is continuing on the date of such notice), a statement of a Responsible Officer of Borrower setting forth the details of such Event of Default or Default and the action which
such Loan Party is taking or proposes to take with respect thereto. 
 4.3.6 Other Defaults. Promptly and in no event more than
two (2) Business Days after any Responsible Officer of Borrower obtains actual knowledge of any default by any Loan Party under any agreement other than the Loan Documents to which such Loan Party is a party which would reasonably be expected
to have a Material Adverse Effect, the statement of a Responsible Officer of Borrower setting forth the details of such default and the action which such Loan Party is taking or proposes to take with respect thereto. 

4.3.7 Properties Schedule. Borrower shall deliver to Lender no later than the tenth (10th) Business Day of each calendar month, commencing with the calendar month ended April 30, 2017, (a) an updated Properties Schedule in Excel format containing each of the data fields set
forth on Schedule II.B (other than those under the caption “BPO Values”); provided, that the information under the caption “Underwritten Net Cash Flow” need only be updated in the Properties
Schedule delivered for the quarter ending in March, June, September and December of each year, commencing with the Properties Schedule delivered for the quarter ending in December 2017 and (b) a calculation of the monthly turnover rate for the
Properties for the prior calendar month, which shall be equal to the number of Properties that became vacant during such calendar month divided by the daily average number of Properties during such calendar month. The foregoing information
shall be delivered together with a certificate of a Responsible Officer of Borrower certifying that it is true, correct and complete in all material respects (i) with respect to the information in the Properties Schedule other than Underwritten
Net Cash Flow data, as of the last day of the preceding calendar month, (ii) with respect to the Underwritten Net Cash Flow data in the Properties Schedule, for the calendar quarter most recently ended, and (iii) with respect to the
turnover rate of the Properties, for the prior calendar month. In addition, Borrower shall deliver to Lender no later than sixty (60) days after the end of the first three (3) calendar quarters and within ninety (90) days of the
fourth calendar quarter of each year, a report in Excel format containing the information set forth on Schedule II.C presented separately for each MSA (the “Quarterly Investor Rollup Report”). The foregoing information
shall be delivered together with a certificate of a Responsible Officer of Borrower certifying that it is true, correct and complete (i) with respect to the information in the Properties Schedule, as of the last day of the preceding quarter and
(ii) with respect to the turnover rate of the Properties, for the prior calendar quarter. 

  
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 4.3.8 Disqualified Properties. Promptly and in no event more than ten
(10) Business Days after any Responsible Officer of Borrower obtains actual knowledge that any Property fails to comply with the Property Representations or the Property Covenants, written notice thereof and the action that Borrower is taking
or proposes to take with respect thereto. 
 4.3.9 Security Deposits in Cash Management Account. Within five (5) days of
the last day of each calendar month, commencing with the calendar month ending April 30, 2017, written notice of the aggregate amount of security deposits deposited into the Cash Management Account during such month; provided that
the notice given for the calendar month ending April 30, 2017 shall include security deposits deposited into the Cash Management Account during the period from and including the Closing Date through and including April 30, 2017. 

4.3.10 Advance Rents Received. Within five (5) days of the last day of each calendar month, commencing with the calendar
month ending April 30, 2017, written notice of any Advance Rents received during such calendar month and the related Advance Rent Disbursement Schedules; provided that the notice given for the calendar month ending April 30,
2017 shall include Advance Rents received by Borrower for the period from and including the Closing Date through and including April 30, 2017. 

4.3.11 Rent Refunds. Within five (5) days of the last day of each calendar month, commencing with the calendar month ending
April 30, 2017, written notice of any Rent Refunds made by Borrower; provided that the notice given for the calendar month ending April 30, 2017 shall include Rent Refunds made by Borrower during the period from and including
the Closing Date through and including April 30, 2017. 
 4.3.12 ERISA Matters. 

(a) As soon as reasonably possible, and in any event within thirty (30) days after the occurrence of any ERISA Event, written notice of,
and any requested information relating to such ERISA Event. 
 (b) As soon as reasonably possible after the occurrence of a Plan Termination
Event, written notice of any action that any Loan Party or any of its ERISA Affiliates proposes to take with respect thereto, along with a copy of any notices received from or filed with the PBGC, the IRS or any Multiemployer Plan with respect to
such Plan Termination Event, as applicable. 
 (c) As soon as reasonably possible, and in any event within thirty (30) days after a
Responsible Officer of any Loan Party has actual knowledge of, or with respect to any Plan or Multiemployer Plan to which such Loan Party or any of its ERISA Affiliates makes direct contributions has reason to believe, that any of the events or
conditions specified below with respect to any Plan or Multiemployer Plan has occurred or exists, a statement signed by a Responsible Officer of Borrower setting forth details respecting such event or condition and the action, if any, that the
applicable Loan Party or any of its ERISA Affiliates proposes to take with respect thereto (and a copy of any report or notice required to be filed with or given to PBGC by any such Loan Party or any of its ERISA Affiliates with respect to such
event or condition): 
 (i) any Reportable Event with respect to a Plan, as to which the PBGC has not by regulation or
otherwise waived the requirement of Section 4043(a) of ERISA 

  
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that it be notified within thirty (30) days of the occurrence of such event (provided that a failure to meet the minimum funding standard of Section 412 of the Code or Section 302
of ERISA, including the failure to make on or before its due date a required installment under Section 412(m) of the Code or Section 302(e) of ERISA, shall be a Reportable Event regardless of the issuance of any waivers in accordance with Section
412(d) of the Code); and any request for a waiver under Section 412(d) of the Code for any Plan; 
 (ii) the distribution
under Section 404(c) of ERISA of a notice of intent to terminate any Plan or any action taken by any Loan Party or any of its ERISA Affiliates to terminate any Plan; 

(iii) the institution by the PBGC of proceedings under Section 4042 of ERISA for the termination of, or the appointment of
a trustee to administer, any Plan, or the receipt by any Loan Party or any of their ERISA Affiliates of a notice from a Multiemployer Plan that such action has been taken by PBGC with respect to such Multiemployer Plan; 

(iv) the complete or partial withdrawal from a Multiemployer Plan by any Loan Party or any of its ERISA Affiliates, as
applicable, that results in liability under Section 4201 or 4204 of ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by any Loan Party or any of its ERISA Affiliates, as
applicable, of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA; 

(v) the institution of a proceeding by a fiduciary of any Multiemployer Plan against any Loan Party or any of its ERISA
Affiliates, as applicable, to enforce Section 515 of ERISA; and 
 (vi) failure to satisfy Section 436 of the Code.

 4.3.13 Leases. Borrower shall deliver to Lender copies of the executed Leases for the Properties within ten
(10) Business Days of request therefor by Lender. 
 4.3.14 Periodic Rating Agency Information. Borrower shall, or shall
cause Manager to, deliver to Lender, and Lender shall deliver to the Approved Rating Agencies, the information and reports set forth on Schedule V (the “Periodic Rating Agency Information”) at the times set forth therein.

 4.3.15 Other Reports. 

(a) Borrower shall deliver to Lender, within ten (10) Business Days of Lender’s request therefor, copies of any requested Property
Tax, Other Charge or insurance bills, statements or invoices received by Borrower or any Loan Party with respect to the Properties. 
 (b)
Borrower shall, as soon as reasonably practicable after request by Lender furnish or cause to be furnished to Lender in such manner and in such detail as may be reasonably requested by Lender, such additional information, documents, records or
reports as 

  
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may be reasonably requested with respect to the Property or the conditions or operations, financial or otherwise, of the Relevant Parties. 

4.3.16 HOA Reporting. 

(a) Borrower shall deliver to Lender, within forty-five (45) days after the end of each calendar quarter, commencing with the first
calendar quarter ending after the effective date of the Securitization, a report (the “Quarterly HOA Report”) containing the following information with respect to each Applicable HOA Property, a data tape of such Applicable HOA
Properties containing the following data fields: (x) the data fields set forth on the Properties Schedule under the captions “Property ID”, “Property Name”, “Address (Street)”, “City”,
“County”, “State”, “Closest MSA”, and “Zip Code”, (y) the number of HOAs applicable to each such Applicable HOA Property, and (z) for each such Applicable HOA Property, the HOA name and notice address,
the frequency with which payments are due to the HOA, the last HOA payment due date, the next HOA payment due date, the amount owed on the last HOA payment due date, the amount paid with respect to the last HOA payment due date, the amount due on
the next HOA payment due date and annual payments to the HOA, which such Quarterly HOA Report shall be certified by a Responsible Officer of Borrower as true, correct and complete in all material respects. 

(b) Borrower shall deliver to Lender the Securitization Date HOA Opinions and the Securitization Date WLT HOA Certificate on the closing date
of any Securitization. At any time following a Securitization, subject to the remainder of this subsection (b), Borrower shall deliver to Lender, within twenty (20) Business Days after June 30 and December 31 of each calendar year
following the closing date of any Securitization, with respect to each state that is not treated as an Applicable HOA State under this Agreement, one or more legal opinions (which may be in the form of a bring-down or date-down opinion with respect
to an earlier delivered opinion, including, without limitation, any Securitization Date HOA Opinion) from a nationally recognized law firm (or one with prominent standing in the applicable state or otherwise reasonably acceptable to Lender) opining
with respect to each such state in which a Property is located whether such state is an Applicable HOA State (as defined under clause (a) of the definition thereof). Any opinion required to be delivered pursuant to this Section 4.3.16(b)
may be aggregated with any other opinion required to be delivered to Lender (or Servicer on behalf of Lender) so long as all the states in which Properties are located are included in such opinion or opinions and such opinion or opinions
specifically reference this Agreement and otherwise meet the requirements of this Section 4.3.16(b). If, with respect to any state in which a Property is located, (i) Borrower fails to deliver to Lender an opinion
pursuant to this Section 4.3.16(b), the Lender may in its sole and absolute discretion designate such state an Applicable HOA State by written notice to Borrower or (ii) any opinion delivered to Lender pursuant to this Section
4.3.16(b) shall be materially different from any Securitization Date HOA Opinion and such differences are not satisfactory to Lender in its sole and absolute discretion, Lender may request in writing that Borrower obtain a second opinion from a
nationally recognized law firm (or one with prominent standing in the applicable state or otherwise reasonably acceptable to Lender) and deliver such opinion to Lender within twenty (20) Business Days of such written request and (1) if
Borrower fails to deliver such a second opinion to Lender, the Lender may in its sole and absolute discretion designate such state an Applicable HOA State by written notice to Borrower or (2) if any such second opinion delivered to Lender shall
be materially different from any 

  
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Securitization Date HOA Opinion and such differences are not satisfactory to Lender in its sole and absolute discretion and Lender believes in good faith that such state is an Applicable HOA
State (as defined under clause (a) of the definition thereof), Lender may designate such state an Applicable HOA State by written notice to Borrower. In addition, if, as a result of any such differences Lender believes in good faith that any
provisions for the subordination of Liens for HOA Fees to the Lien of the Mortgages are unenforceable under the laws of an Applicable HOA State or that such Lien for HOA Fees would be entitled to Priority, Lender may redesignate all affected HOA
Properties in such Applicable HOA State as Applicable HOA Properties. Lender acknowledges that, following the delivery of the Securitization Date WLT HOA Certificate, the Applicable HOA States shall be listed on Schedule XII attached hereto.
Notwithstanding the foregoing or anything herein to the contrary, Lender shall not be permitted to declare a state an Applicable HOA State pursuant to this Section 4.3.16(b), if Lender or its Servicer (excluding any special servicer) has
received a legal opinion from a nationally recognized law firm (or one with prominent standing in the applicable state or otherwise reasonably acceptable to Lender) that if delivered by Borrower and referencing this Agreement would have resulted in
such state not being declared an Applicable HOA State. 
 (c) If subsequent to the Closing Date there is consummated a securitization of a
single borrower single family residential rental financing similar to the transactions contemplated by this Agreement and such financing contains HOA reporting and/or HOA Opinion delivery requirements and/or HOA Funds reserve requirements that are
less burdensome to the borrower thereunder than those required by this Agreement (including Sections 4.3.16, 4.4.8, 6.1.4, 6.1.5 and Schedule V), then subject to a Rating Agency Confirmation, Borrower shall have
the right to require Lender to amend this Agreement in a manner consistent with such less burdensome requirements. 
 Section 4.4
Property Covenants. Borrower shall comply with the following covenants with respect to each Property: 
 4.4.1 Ownership of
the Property. Borrower shall warrant and defend (a) the title to each Property and the related Collateral and (b) the validity and priority of the Lien of the Mortgages on the Properties, in each case against the claims of all
Persons whomsoever; subject only to Permitted Liens and Transfers permitted hereunder. 
 4.4.2 Liens Against the Property.
Borrower shall not, and shall cause Borrower TRS not to, create, incur, assume or permit to exist any Lien on any interest in any Property, except for the Permitted Liens. 

4.4.3 Condition of the Property. Except if the Property has suffered a Casualty and is in the process being restored in
accordance with Section 5.4, Borrower shall, and shall cause Borrower TRS to, keep and maintain in all material respects all Properties owned by Borrower or Borrower TRS, as applicable, in a good, safe and habitable
condition and repair and free of and clear of any damage or waste, and from time to time make, or cause to be made, in all material respects, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto, necessary
to comply with the Renovation Standards and applicable Legal Requirements in all material respects; provided, that a Carry-Over Property need not comply with the Renovation Standards for so long as it is leased to the applicable
Carry-Over Tenant and 

  
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for so long thereafter as is reasonably necessary to renovate such Property in accordance with the Renovation Standards. 

4.4.4 Compliance with Legal Requirements. The Property (including the leasing and intended use thereof) shall comply in all
material respects with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes and all certifications, permits, licenses and approvals, including without limitation, certificates of completion and
occupancy permits, required for the legal leasing, use, occupancy, habitability and operation of the Property, all such certifications, permits, licenses and approvals shall be maintained in full force and effect, except as would not reasonably be
expected to have an Individual Material Adverse Effect on the Property. Borrower shall, and shall cause Borrower TRS to, obtain and maintain in full force and effect all consents, approvals, orders, certifications, permits, licenses and
authorizations of, and make all filings with or notices to, any court or Governmental Authority related to the operation, use or leasing of the Property except where the failure to obtain would not reasonably be expected to have an Individual
Material Adverse Effect with respect to the Property. Borrower shall not, and shall not permit Equity Owner, Borrower TRS, any Manager or, to the extent permitted by the applicable Lease and Legal Requirements, any other Person in occupancy of or
involved with the operation, use or leasing of the Property, to, commit any act or omission affording any Governmental Authority the right of forfeiture as against the Property or any part thereof. 

4.4.5 Property Taxes and HOA Fees. Borrower shall promptly pay or cause to be paid all Property Taxes and HOA Fees now or
hereafter levied, assessed or imposed on it as the same become due and payable and shall furnish to Lender evidence of payment of Property Taxes and HOA Fees prior to the date the same shall become delinquent, and shall promptly pay for all utility
services provided to the Property as the same become due and payable (other than any such utilities which are, pursuant to the terms of any Lease, required to be paid by the Tenant thereunder directly to the applicable service provider);
provided, that, after prior written notice to Lender of its intention to contest any such Property Taxes and HOA Fees, such Loan Party may contest by appropriate legal proceedings conducted in good faith and with due diligence, the
amount or validity of any such Property Taxes and HOA Fees and, in such event, may permit the Property Taxes and HOA Fees so contested to remain unpaid during any period, including appeals, when a Loan Party is in good faith contesting the same so
long as (a) no Event of Default has occurred and remains uncured, (b) such proceeding shall be permitted under and be conducted in accordance with all applicable Legal Requirements, (c) no Property or other Collateral nor any part
thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, (d) the applicable Loan Party has set aside on its books adequate reserves in accordance with GAAP, and the
non-payment or non-discharge of such Property Taxes and HOA Fees would not reasonably be expected to have an Individual Material Adverse Effect on the applicable
Property, (e) enforcement of the contested Property Taxes and HOA Fees is effectively stayed for the entire duration of such contest and no Lien is imposed on any Property or other Collateral which is reasonably expected to have an Individual
Material Adverse Effect, (f) any Property Taxes and HOA Fees determined to be due, together with any interest or penalties thereon, is promptly paid as required after final resolution of such contest, (g) to the extent such Property Taxes
and HOA Fees (when aggregated with all other Taxes that any Loan Party is then contesting under Section 4.1.4 or Section 4.4.5 and for which Borrower has not delivered to Lender any Contest
Security) exceed $2,500,000, Borrower shall deliver to Lender 

  
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either (i) cash, or other security as may be approved by Lender, in an amount sufficient to insure the payment of any such Property Taxes and HOA Fees, together with all interest and
penalties thereon or (ii) a payment and performance bond in an amount equal to one hundred percent (100%) of the contested amount from a surety acceptable to Lender in its reasonable discretion, (h) failure to pay such Property Taxes and
HOA Fees will not subject Lender to any civil or criminal liability, (i) such contest shall not affect the ownership, use or occupancy of any Property, and (j) Borrower shall, upon request by Lender, give Lender prompt notice of the status
of such proceedings and/or confirmation of the continuing satisfaction of the conditions set forth in clauses (a) through (j) of this Section 4.4.5. Notwithstanding the foregoing, Borrower shall pay any contested
Property Taxes and HOA Fees (or, if cash or other security has been provided, Lender may pay over any such cash or other security held by Lender to the claimant entitled thereto) if, in the Lender’s reasonable judgment, any Property or other
Collateral (or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of any Collateral Document being primed by any related Lien. 

4.4.6 Compliance with Agreements Relating to the Properties. Borrower shall not, and shall cause Borrower TRS not to, enter into
any agreement or instrument or become subject to any restriction which would reasonably be expected to have an Individual Material Adverse Effect on any Property. Borrower shall not, and shall cause Borrower TRS not to, default in any material
respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which any Property is bound. Borrower shall not, and shall cause Borrower TRS not to, have a
material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument by which any Property is bound, other than obligations under the Loan Documents. Borrower shall not, and shall cause Borrower
TRS not to, default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Permitted Lien with respect to any Property. Except as set forth on Schedule
III, no Property or any part thereof shall be subject to any purchase options, rights of first refusal, rights of first offer or other similar rights in favor of any Tenant or other third parties. 

4.4.7 Leasing. Borrower shall not, and shall cause Borrower TRS not to, enter into any Lease (including any renewals or
extensions of any existing Lease) for any Property unless such Lease is an Eligible Lease with an Eligible Tenant or a Lease with a Carry-Over Tenant. 

4.4.8 Verification of HOA Payments. Manager shall deliver to Lender and Borrower, within twenty-eight (28) days after the
end of each calendar quarter, commencing with the calendar quarter ending June 30, 2017, with respect to each Applicable HOA Property, proof of payment of the paid HOA Fees identified in the corresponding Quarterly HOA Report (whether in the
form of cancelled checks, receipts, ACH confirmations, confirmation of electronic payments or other evidence of such payment reasonably satisfactory to Lender) unless such proof of payment has previously been delivered (e.g. quarterly prepayments)
as may reflect that as of the end of such calendar quarter no other amounts (except HOA Fees that may be contested in accordance with Section 4.4.5) remain then due and payable or that have been prepaid or otherwise
Borrower has a positive credit balance (whether in the form of invoices, payment coupons, account statements, assessment letters, estoppels, receipts or other evidence reasonably satisfactory to Lender). 

  
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 ARTICLE V - INSURANCE; CASUALTY; CONDEMNATION 

Section 5.1 Insurance. 

5.1.1 Insurance Policies. 

(a) Borrower shall obtain and maintain, at its sole cost and expense for the term of this Agreement or cause to be maintained, insurance for
Borrower and the Properties providing at least the following coverages: 
 (i) comprehensive “all risk” or special
causes of loss form insurance, as is available in the insurance market as of the Closing Date, on the Properties (A) in an amount equal to one hundred percent (100%) of the “full replacement cost”, which for purposes of this
Agreement shall mean actual replacement value of the Properties, subject to a loss limit equal to $50,000,000 per occurrence; (B) containing an agreed amount endorsement with respect to the Improvements and personal property at any Property
waiving all co insurance provisions or to be written on a no co insurance form and (C) providing for no deductible in excess of $25,000 (it being understood that, so long as no Default or Event of Default has occurred and is continuing
(1) Borrower may utilize a $3,000,000 aggregate deductible stop loss subject to a $25,000 per occurrence deductible and a $25,000 maintenance deductible following the exhaustion of the aggregate, (2) the aggregate stop loss does not apply
to any losses arising from named windstorm, earthquake or flood, (3) the perils of named windstorm and the peril of “other wind and hail” shall be permitted to have a minimum deductible of $100,000 per occurrence for any and all
affected Properties, except that the permitted minimum deductible for the named windstorm peril shall be permitted to (a) have a per occurrence deductible in certain Tier 1 locations in Texas of three percent (3%) of the total insurable value
of the affected Properties, (b) have a per occurrence deductible for properties in Florida of five percent (5%) of the total insurable value of the affected Properties, and (c) have a per occurrence deductible in certain Tier 1 locations
in from Georgia to Virginia of two percent (2%) of the total insurable value of the affected Properties, (each with a minimum deductible of $100,000 per occurrence for any and all affected Properties), (4) the perils of flood shall be permitted to
have a minimum deductible of $50,000 for any and all affected Properties, except that the perils of special flood shall be permitted to have a minimum of $250,000 per occurrence for any and all affected Properties, and (5) the peril of earth
movement including but not limited to earthquake shall be permitted to have a per occurrence deductible of (a) five percent (5%) of the total insurable value of the affected Properties located in California, Hawaii, Alaska and Puerto Rico
(b) two percent (2%) of the total insurable value of the affected Properties located in certain counties in the Pacific Northwest and near New Madrid (each with a minimum deductible of $100,000 per occurrence for any and all affected
Properties). In addition, Borrower shall obtain (x) flood insurance in an amount equal to $10,000,000 applying per occurrence and in the aggregate, (y) with respect to earthquake insurance the greater of (1) the amount of coverage in
place on the Closing Date and (2) the greater of (i) coverage in an amount applying per occurrence and in the aggregate, in an amount equal to the Probable Maximum Loss (PML) or Scenario Expected Limit (SEL) based upon a seismic risk
analysis for a 475 year event for the entire portfolio at risk or (ii) 100% of Gross Loss 

  
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Probable Maximum Loss (Gross Loss PML) or Scenario Expected Limit (SEL) based upon a seismic risk analysis for a 10,000-year event for the entire portfolio
at risk (such analysis to be secured by Borrower utilizing a third-party firm qualified to perform such seismic risk analysis using the most current RMS software, or its equivalent, to include consideration of loss amplification, at the expense of
the applicable Borrower at least two times per year or more frequently as may reasonably be requested by Lender and shared with Lender presented by the Properties located in areas prone to seismic activity) and (z) with respect to named storm
insurance the greater of (1) the amount of coverage in place on the Closing Date and (2) the greater of (i) coverage in an amount equal to the Probable Maximum Loss (PML) or Scenario Expected Limit (SEL) based upon a storm risk
analysis for a 475 year event for the entire portfolio at risk or (ii) 100% of Gross Loss Probable Maximum Loss (Gross Loss PML) or Scenario Expected Limit (SEL) based upon a storm risk analysis for a
10,000-year event for the entire portfolio at risk (such analysis to be secured by Borrower using a third-party firm qualified to perform such named storm risk analysis using the most current RMS software, or
its equivalent, to include consideration of storm surge, if applicable, and loss amplification, at the expense of the applicable Borrower at least two times per year or more frequently as may reasonably be requested by Lender and shared with
Lender); provided, that such flood, earth movement and named storm insurance shall otherwise be on terms consistent with the comprehensive all risk insurance policy required under this Section 5.1.1(a)(i). In addition, Borrower shall obtain
the flood insurance coverage described in subclause (x) above for a Property if any portion of such Property is currently or at any time in the future located in a federally designated “special flood hazard area”, flood hazard
insurance or its equivalent in an amount equal to the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each
may be amended; 
 (ii) business income or rental loss insurance, written on an “Actual Loss Sustained Basis” (A)
with loss payable to Lender for the benefit of Lenders; (B) covering all risks required to be covered by the insurance provided for in Section 5.1.1(a)(i), (iii), (iv) and (viii); (C) in an amount equal to one
hundred percent (100%) of the aggregate projected net income plus continuing expenses from the operation of the Properties for a period of at least twelve (12) months after the date of the Casualty; and (D) containing an extended period of
indemnity endorsement which provides that after the physical loss to the Improvements and personal property at a Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at
prior to the loss, or the expiration of thirty (30) days from the date that the applicable Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of
such period. The amount of such business income or rental loss insurance shall be determined prior to the Closing Date and at least once each year thereafter based on Borrower’ reasonable estimate of the net income from each Property for
the succeeding twelve (12) month period. All proceeds payable to Lender pursuant to this subsection shall be held by Lender in the Casualty and Condemnation Subaccount and disbursed to the Cash Management Account during the month to which
such proceeds relate (or in the month received if such proceeds relate to a month prior to the 

  
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month in which such proceeds were received); provided, however, that nothing herein contained shall be deemed to relieve Borrower of their obligation to pay the
Obligations on the respective dates of payment provided for in this Agreement and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance; 

(iii) at all times during which structural construction, repairs or renovations are being made with respect to any Property,
and only if each of the property coverage form and the liability insurance coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance, otherwise known as Owner Contractor’s Protective Liability
(or its equivalent), covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy and (B) the insurance provided for in Section 5.1.1(a) written in a so-called builder’s risk completed value form including coverage for all insurable hard and soft costs of construction (x) on a non-reporting basis, (y) against
all risks insured against pursuant to Section 5.1.1(a)(i), (iii), (iv) and (viii), (z) including permission to occupy such Property and (C) with an agreed amount endorsement waiving co-insurance provisions; 
 (iv) commercial general liability insurance against claims for
personal injury, bodily injury, death or property damage occurring upon, in or about any Property, such insurance (A) to be on the so-called “occurrence” form with a combined limit of not less
than One Million and No/100 Dollars ($1,000,000.00) per occurrence; Two Million and No/100 Dollars ($2,000,000.00) in the aggregate “per location” and overall $20,000,000.00 in the aggregate; (B) to continue at not less than the
aforesaid limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate and (C) to be at least as broad as Insurance Services Offices (ISO) policy form CG 00 01; 

(v) if applicable, automobile liability coverage for all owned and non-owned vehicles,
including rented and leased vehicles, containing minimum limits per occurrence of One Million and No/100 Dollars ($1,000,000.00); 

(vi) if applicable, worker’s compensation subject to the worker’s compensation laws of the applicable state, and
employer’s liability in amounts reasonably acceptable to Lender; 
 (vii) umbrella and excess liability insurance in an
amount not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence and in the aggregate on terms consistent with the commercial general liability insurance policy required under Section 5.1.1(a)(iv), and including employer
liability and automobile liability, if applicable; and 
 (viii) upon sixty (60) days’ written notice, such
other reasonable insurance, and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured 

  
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against for properties similar to the Properties located in or around the region in which Properties are located. 

(b) All Policies required pursuant to Section 5.1.1 shall: (i) be obtained under valid and enforceable policies
(collectively, the “Policies” or in the singular, the “Policy”), and shall be subject to the approval of Lender as to insurance companies, amounts, deductibles, loss payees and insureds and (ii) be issued by
financially sound and responsible insurance companies authorized to do business in the states where the applicable Properties are located and having a rating of “A3” or better by Moody’s or, if Moody’s does not provide a rating
of an applicable insurance company, a rating of “A-” or better by S&P or Fitch; provided, however, that if Borrower elects to have its insurance coverage provided by a
syndicate of insurers, then, if such syndicate consists of five (5) or more members, (A) at least sixty percent (60%) of the insurance coverage (or seventy-five percent (75%) if such syndicate consists of four (4) or fewer members)
and one hundred percent (100%) of the first layer of such insurance coverage shall be provided by insurance companies having a rating of “A3” or better by Moody’s or, if Moody’s does not provide a rating of an applicable
insurance company, a rating of “A-” or better by S&P or Fitch and (B) the remaining forty percent (40%) of the insurance coverage (or the remaining twenty-five percent (25%) if such
syndicate consists of four (4) or fewer members) shall be provided by insurance companies having a rating of “Baa2” by Moody’s or, if Moody’s does not provide a rating of an applicable insurance company, a rating of
“BBB” or better by S&P or Fitch; 
 (c) All Policies of insurance provided for in Section 5.1.1(a),
except for the Policies referenced in Section 5.1.1(a)(vi), shall contain clauses or endorsements to the effect that: 

(i) no act or negligence of Borrower, or anyone acting for Borrower, or of any Tenant or other occupant, or failure to comply
with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned; 

(ii) the Policy shall not be canceled without at least thirty (30) days’ written notice to Lender and any other party
named therein as an additional insured (other than in the case of non-payment in which case only ten (10) days prior notice, or the shortest time allowed by applicable Legal Requirement (whichever is
longer), will be required) and shall not be materially changed (other than to increase the coverage provided thereby) without such a thirty (30) day notice; 

(iii) Lender shall not be liable for any Insurance Premiums thereon or subject to any assessments thereunder; and 

(iv) the issuers thereof shall give notice to Lender if a Policy has not been renewed ten (10) days prior to its
expiration. 
 (d) Certificates of insurance evidencing the Policies shall be delivered to Lender on the Closing Date with respect to the
current Policies. Further, not less than ten (10) days prior to the expiration dates of the Policies theretofore furnished to Lender, Borrower shall 

  
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deliver to Lender certificates of insurance evidencing the Policies (and, upon the written request of Lender, copies of such Policies) accompanied by evidence satisfactory to Lender of payment of
the premiums due thereunder (the “Insurance Premiums”). 
 (e) Any blanket insurance Policy shall otherwise provide the same
protection as would a separate Policy insuring only the Properties in compliance with the provisions of Section 5.1.1(a) (any such blanket policy, an “Acceptable Blanket Policy”). 

(f) All Policies of insurance provided for or contemplated by Section 5.1.1(a), except for the Policy referenced in
Section 5.1.1(a)(iv), shall name Borrower as the insured and Lender and its successors and/or assigns as mortgagee and loss payee, as its interests may appear, and in the case of property damage, boiler and machinery,
windstorm, flood and earthquake insurance, shall contain a standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender unless below the threshold
for Borrower to handle such claim without Lender intervention as provided in Section 5.2. Additionally, if Borrower obtains property insurance coverage in addition to or in excess of that required by
Section 5.1.1(a)(i), then such insurance policies shall also contain a standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be
payable to Lender. 
 (g) If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force
and effect, Lender shall have the right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Properties, including, without limitation, the obtaining of such insurance coverage as Lender in its
sole discretion deems appropriate after three (3) Business Days notice to Borrower if prior to the date upon which any such coverage will lapse or at any time Lender deems necessary (regardless of prior notice to Borrower) to avoid the lapse of
any such coverage. All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Collateral Documents
and shall bear interest at the Default Rate. 
 (h) In the event of foreclosure of the pledge of the Equity Interest of Borrower pursuant to
the Equity Owner Security Agreement the Policies shall remain in full force and effect. 
 Section 5.2 Casualty.
If one or more Properties are damaged or destroyed in whole or in part by fire or other casualty (a “Casualty”) and either (a) the aggregate loss amount is or is reasonably expected to exceed $25,000 or (b) any damaged
Property is or is reasonably expected to be rendered uninhabitable for more than thirty (30) days as a result of the Casualty, then Borrower (i) is required to file proof of loss under the applicable Policy or Policies and (ii) shall
give prompt notice of the Casualty to Lender. Lender may, but shall not be obligated to make proof of loss if not made promptly by Borrower. In addition, Lender may participate in any settlement discussions with any insurance companies (and shall
approve any final settlement) (x) if an Event of Default is continuing or (y) with respect to any single Casualty event in which the Net Proceeds or the costs of completing the Restoration of the affected Property or Properties are
reasonably expected to be equal to or greater than the Casualty Threshold Amount and Borrower shall deliver to Lender all instruments required by Lender to permit such participation. Any 

  
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Insurance Proceeds in connection with any Casualty (whether or not Lender elects to settle and adjust the claim or Borrower settles such claim) shall be due and payable solely to Lender and
held by Lender in accordance with the terms of this Agreement. If Borrower or any party other than Lender receives any Insurance Proceeds or Condemnation Proceeds, Borrower shall immediately deliver such proceeds to Lender and shall endorse, and
cause all such third parties to endorse, check payable therefor to the order of Lender. Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with
an interest, to endorse any such check payable to the order of Lender. Borrower hereby releases Lender from any and all liability with respect to the settlement and adjustment by Lender of any claims in respect of any Casualty, except to the extent
Lender has engaged in any gross negligence, fraud or willful misconduct in respect thereto. 
 Section 5.3
Condemnation. Borrower shall promptly give Lender notice of the actual or, to the extent in writing, threatened commencement of any proceeding for the Condemnation of all or any portion of a Property and shall deliver to Lender
copies of any and all papers served in connection with such proceedings. Lender may participate in any such proceedings, and Borrower shall from time to time deliver to Lender all instruments requested by it to permit such participation. Borrower
shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings which is reasonably expected to involve an
Award of an amount greater than the Casualty Threshold Amount. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation of
the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Condemnation Proceeds shall have been actually
received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt. If Borrower or any party other than Lender receives any Condemnation Proceeds, Borrower shall immediately deliver such proceeds
to Lender and shall endorse, and cause all such third parties to endorse, a check payable therefore to the order of Lender. Lender shall not be limited to the interest paid on the Award by the condemning authority but shall be entitled to receive
out of the Award interest at the rate or rates provided herein or in the Note. Net Proceeds from a Condemnation shall be applied as follows: 

(a) If a partial Condemnation of a Property does not interfere with the use of such Property as a residential rental property, then the Net
Proceeds paid by the condemning authority shall be applied to the prepayment of the Debt in accordance with Section 2.4.2(c). 

(b) If a partial Condemnation of a Property does interfere with the use of such Property as a residential rental property or if there occurs a
complete Condemnation of a Property (each, a “Fully Condemned Property”), then (i) if no Event of Default shall have occurred and be continuing and, within thirty (30) days of the date of the occurrence of such
Condemnation, Borrower delivers to Lender a written undertaking to substitute the Fully Condemned Property with a Substitute Property in accordance with the requirements of Section 2.4.2(a), then (A) if Net Proceeds
are paid by the condemning authority directly to Borrower subsequent to such substitution, such Net Proceeds may be retained by Borrower (for the avoidance of doubt, Net Proceeds received by Borrower prior to such substitution shall be
immediately paid to Lender as required by Section 5.2), (B) if Net Proceeds are paid by the 

  
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condemning authority to Lender, such Net Proceeds will be disbursed by Lender to Borrower upon the consummation of such substitution and (C) Borrower shall provide a Substitute Property
within ten (10) Business Days of the date of such undertaking in accordance with the requirements of Section 2.4.2(a) and (ii) if an Event of Default shall have occurred and be continuing or Borrower fails to deliver such an
undertaking to Lender, then (A) Lender may retain any Net Proceeds received by it, (B) Borrower shall immediately deliver to Lender any Net Proceeds paid to Borrower, (C) the Net Proceeds shall be applied to the prepayment of the Debt
in an amount equal to the Release Amount for the Fully Condemned Property in accordance with Section 2.4.2(c) and (D) Borrower shall prepay the Loan in an amount equal to the excess, if any, of the Release Amount for
the Fully Condemned Property over such Net Proceeds. Promptly following Borrower’s written request after either (1) the substitution of a Substitute Property for such Fully Condemned Property in accordance with the conditions set forth
above or (2) receipt by Lender of the Net Proceeds and payment of the Release Amount for such Property, Lender shall (x) release the Fully Condemned Property from the applicable Mortgage Documents and related Lien, provided, that
(A) Borrower has delivered to Lender a draft release (and, in the event the Mortgage and the Collateral Assignment of Leases and Rents applicable to the Fully Condemned Property encumbers other Property(ies) in addition to the Fully Condemned
Property, such release shall be a partial release that relates only to the Fully Condemned Property and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the
jurisdiction in which such Fully Condemned Property is located and shall contain standard provisions protecting the rights of Lender and (B) Borrower shall pay all costs, taxes and expenses associated with such release (including, without
limitation, cost to file and record the release and Lender’s reasonable attorneys’ fees) and (y) disburse to Borrower (A) in the case of a substitution of a Substitute Property for such Fully Condemned Property, the Net Proceeds
paid by the condemning authority and (B) in the case of the payment of the Release Amount for such Property, the Net Proceeds paid by the condemning authority in excess of the Release Amount for such Property; provided that,
during the continuance of a Cash Sweep Period, any such excess Net Proceeds shall instead be delivered to the Cash Collateral Subaccount and disbursed in accordance with Section 6.6.1 and
Section 6.6.2. 
 Section 5.4 Restoration. 

The following provisions shall apply in connection with the Restoration of any Property affected by a Casualty: 

(a) If the Net Proceeds reasonably expected to be received in connection with any single Casualty event is less than the Casualty Threshold
Amount, then, (i) if no Event of Default shall have occurred and be continuing and, within sixty (60) days of the date of the occurrence of such Casualty, Borrower delivers to Lender a written undertaking to (x) expeditiously commence
and to satisfactorily complete with due diligence the Restoration of the affected Properties in accordance with the terms of this Agreement, then (A) if Net Proceeds are paid by the insurance company directly to Borrower subsequent to
delivering such undertaking, such Net Proceeds may be retained by Borrower (for the avoidance of doubt, Net Proceeds received by Borrower prior to delivering such undertaking shall be immediately paid to Lender as required by
Section 5.2), (B) if Net Proceeds are paid by the insurance company to Lender, such Net Proceeds will be disbursed by Lender to Borrower and (C) Borrower shall 

  
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conduct the Restoration of the affected Properties in accordance with the terms of Section 5.4(c) or (y) substitute the Property subject to the Casualty event with a Substitute
Property in accordance with the requirements of Section 2.4.2(a) and (ii) if an Event of Default shall have occurred and be continuing or Borrower fails to deliver such an undertaking to Lender, then (A) Lender may retain any
Net Proceeds received by it, (B) Borrower shall immediately deliver to Lender any Net Proceeds paid to Borrower as required by Section 5.2, (C) such Net Proceeds shall be applied to the prepayment of the Debt in an
amount equal to the Release Amount for such Property in accordance with Section 2.4.2(c), (D) Borrower shall prepay the Loan in an amount equal to the excess, if any, of the Release Amount for such Property over such Net
Proceeds and (E) promptly following Borrower’s written request and receipt by Lender of the Net Proceeds and payment by Borrower of the amounts set forth in clause (D) above, if any, Lender shall (x) release the affected
Properties from the applicable Mortgage Documents and related Liens, provided, that (A) Borrower has delivered to Lender draft releases (and, in the event any of the Mortgages and the Assignments of Leases and Rents applicable to any of the
affected Properties encumber other Property(ies) in addition to the affected Properties, such release shall be a partial release that relates only to the affected Property(ies) and does not affect the Liens and security interests encumbering or on
the other Property(ies)) in form and substance appropriate for the jurisdiction in which such affected Properties are located and shall contain standard provisions protecting the rights of Lender and (B) Borrower shall pay all costs, taxes and
expenses associated with such release (including, without limitation, cost to file and record the release and Lender’s reasonable attorneys’ fees) and (y) disburse to Borrower (A) in the case of a substitution of a Substitute
Property for such Property, the Net Proceeds paid by the insurance company and (B) in the case of the payment of the Release Amount for such Property, the Net Proceeds paid by the insurance company in excess of the Release Amount for such
Property, if any; provided that, during the continuance of a Cash Sweep Period, any such excess Net Proceeds shall instead be delivered to the Cash Collateral Subaccount and disbursed in accordance with
Section 6.6.1 and Section 6.6.2. 
 (b) If the Net Proceeds reasonably expected to be
received in connection with any single Casualty event is greater than the Casualty Threshold Amount, then, (i) if no Event of Default shall have occurred and be continuing and, within sixty (60) days of the date of the occurrence of such
Casualty, Borrower delivers to Lender a written undertaking to (x) expeditiously commence and to satisfactorily complete with due diligence the Restoration of the affected Properties in accordance with the terms of this Agreement, then
(A) Borrower shall immediately deliver to Lender any Net Proceeds paid to Borrower as required by Section 5.2 and (B) Borrower shall conduct the Restoration of the affected Properties in accordance with the terms
of and subject to the conditions of Section 5.4(d) or (y) substitute the Property subject to the Casualty event with a Substitute Property in accordance with the requirements of Section 2.4.2(a) and (ii) if
an Event of Default shall have occurred and be continuing or Borrower fails to deliver such an undertaking to Lender, then (A) Lender may retain any Net Proceeds received by it, (B) Borrower shall immediately deliver to Lender any Net
Proceeds paid to Borrower as required by Section 5.2, (C) such Net Proceeds shall be applied to the prepayment of the Debt in an amount equal to the Release Amount for such Property in accordance with
Section 2.4.2(c), (D) Borrower shall prepay the Loan in an amount equal to the excess, if any, of the Release Amount for the affected Properties over such Net Proceeds and (E) promptly following Borrower’s written
request and receipt by Lender of the Net Proceeds and payment by Borrower of the amounts set forth in clause (D) above, if any, Lender shall 

  
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(x) release the affected Properties from the applicable Mortgage Documents and related Liens, provided, that (A) Borrower has delivered to Lender draft releases (and, in the event any
of the Mortgages and the Assignments of Leases and Rents applicable to any of the affected Properties encumber other Property(ies) in addition to the affected Properties, such release shall be a partial release that relates only to the affected
Property(ies) and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the jurisdiction in which such affected Properties are located and shall contain standard provisions
protecting the rights of Lender and (B) Borrower shall pay all costs, taxes and expenses associated with such release (including, without limitation, cost to file and record the release and Lender’s reasonable attorneys’ fees) and
(y) disburse to Borrower (A) in the case of a substitution of a Substitute Property for such Property, the Net Proceeds paid by the insurance company and (B) in the case of the payment of the Release Amount for such Property, the Net
Proceeds paid by the insurance company in excess of the Release Amount for such Property, if any; provided that, during the continuance of a Cash Sweep Period, any such excess Net Proceeds shall instead be delivered to the
Cash Collateral Subaccount and disbursed in accordance with Section 6.6.1 and Section 6.6.2. 

(c) If Borrower elects to undertake the Restoration a Property or Properties pursuant to Section 5.4(a), (i) Borrower shall, subject to
applicable Legal Requirements, commence the Restoration as soon as reasonably practicable (but in no event later than ninety (90) days after such Casualty occurs) and shall diligently pursue the same to satisfactory completion;
(ii) Borrower shall cause the affected Property and the use thereof after the Restoration to be in compliance in all material respects with and permitted under all applicable Legal Requirements and such Property, after Restoration, shall be of
the same character as prior to such damage or destruction, in all material respects; (iii) the Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance in all material respects with all
applicable Legal Requirements and the Renovation Standards and (iv) for any Restoration of a Property with a total expected cost exceeding $25,000, Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in
writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be reasonably acceptable to Lender. 

(d) If Borrower elects to undertake the Restoration of a Property or Properties pursuant to Section 5.4(b), the following provisions
shall apply: 
 (i) the Net Proceeds shall be made available to Borrower for Restoration upon the determination of Lender
that the following conditions are met: (A) Borrower shall, subject to applicable Legal Requirements, commence the Restoration as soon as reasonably practicable (but in no event later than ninety (90) days after such Casualty occurs) and
shall diligently pursue the same to satisfactory completion; (B) Lender shall be satisfied that any operating deficits, including all scheduled payments of principal and interest under the Note, which will be incurred with respect to the
Properties as a result of the occurrence of the Casualty, whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in Section 5.1.1(a)(ii), if applicable, or
(3) by other funds of Borrower; (C) Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (1) the date six (6) months prior to the Initial Maturity Date, as extended pursuant to

  
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Section 2.9, (2) the earliest date required for such completion under the terms of any Lease, (3) such time as may be required under applicable Legal
Requirements or (4) six (6) months prior to the expiration of the insurance coverage referred to in Section 5.1.1(a)(ii); (D) Borrower shall cause the affected Property and the use thereof after the Restoration to
be in compliance with and permitted under all applicable Legal Requirements and such Property, after Restoration, shall be of the same character as prior to such damage or destruction; (E) the Restoration shall be done and completed by Borrower
in an expeditious and diligent fashion and in compliance in all material respects with all applicable Legal Requirements and the Renovation Standards; (F) for any Restoration of a Property with a total expected cost exceeding $25,000, Borrower
shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be reasonably acceptable to Lender and
(G) the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in Lender’s discretion to cover the cost of the Restoration. 

(ii) The Net Proceeds shall be held by Lender in the Casualty and Condemnation Subaccount and, until disbursed in accordance
with the provisions of this Section 5.4(d), shall constitute additional security for the Debt and other obligations under the Loan Documents. The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower
from time to time during the course of the Restoration, upon receipt of evidence satisfactory to Lender that (A) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested
disbursement) in connection with the Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialmen’s liens or notices of intention to file same, or any similar liens or
encumbrances on the Properties which have not been fully bonded to the satisfaction of Lender and discharged of record or in the alternative fully insured to the satisfaction of Lender by the title company issuing the Title Insurance Policy. 

(iii) All plans and specifications required in connection with the Restoration shall be subject to the prior approval of Lender
and an independent consulting engineer selected by Lender (the “Casualty Consultant”), and in each case, such approval shall not be unreasonably withheld, conditioned or delayed. Lender shall have the use of the plans and
specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts under which they
have been engaged, shall be subject to the approval of Lender and the Casualty Consultant, in each case, such approval shall not be unreasonably withheld, conditioned or delayed. All reasonable out-of-pocket costs and expenses incurred by Lender in connection with recovering, holding and advancing the Net Proceeds for the Restoration including, without limitation, reasonable attorneys’ fees and
disbursements and the Casualty Consultant’s fees and disbursements, shall be paid by Borrower. 
 (iv) In no event shall
Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant,

  
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less the Casualty Retainage. The term “Casualty Retainage” shall mean, as to each contractor, subcontractor or materialman engaged in the Restoration, an amount equal to ten
percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until the Restoration has been completed. The Casualty Retainage shall in no event, and notwithstanding anything to
the contrary set forth above in this Section 5.4(d), be less than the amount actually held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be
released until the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 5.4(b) and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate Governmental Authorities, and Lender receives evidence satisfactory to Lender that the costs of the Restoration have been paid in full or
will be paid in full out of the Casualty Retainage; provided, however, that Lender will release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or materialman engaged in the
Restoration as of the date upon which (x) the Casualty Consultant certifies to Lender that such contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of
such contractor’s, subcontractor’s or materialman’s contract, (y) the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or
materialman as may be reasonably requested by Lender or by the title company issuing the Title Insurance Policy, and (z) Lender receives an endorsement to the Title Insurance Policy insuring the continued priority of the Lien of the Mortgage
and evidence of payment of any premium payable for such endorsement. If required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance
bond with respect to the contractor, subcontractor or materialman. 
 (v) Lender shall not be obligated to make disbursements
of the Net Proceeds more frequently than once every calendar month. 
 (vi) If at any time the Net Proceeds or the
undisbursed balance thereof shall not, in the opinion of Lender in consultation with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the
completion of the Restoration, Borrower shall deposit the deficiency (the “Net Proceeds Deficiency”) with Lender (for deposit into the Casualty and Condemnation Subaccount) before any further disbursement of the Net Proceeds shall
be made. The Net Proceeds Deficiency deposited with Lender shall be deposited by Lender into the Casualty and Condemnation Subaccount and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions
applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 5.4(d) shall constitute additional security for the Obligations. 

(vii) The excess, if any, of the Net Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with
Lender after the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 5.4(d), and the receipt by Lender of evidence reasonably

  
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satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default shall have occurred
and shall be continuing. 
 (e) All reasonable out-of-pocket
costs and expenses incurred by Lender in connection with any Restoration including, without limitation, reasonable attorneys’ fees and disbursements, shall be paid by Borrower. 

(f) Notwithstanding anything to the contrary set forth in this Agreement, including the provisions of Section 5.3 or
Section 5.4, if the Loan is included in a REMIC Trust and, immediately following a release of any portion of the Lien of a Mortgage following a Casualty or Condemnation of a Property (but taking into account any proposed
Restoration of the remaining portion of such Property), the ratio of the unpaid principal balance of the Loan to the value of the remaining Properties would be greater than one hundred twenty-five percent (125%) (such value to be determined, in
Lender’s sole discretion, by any commercially reasonable method permitted to a REMIC Trust; and which shall exclude the value of personal property (other than fixtures) or going concern value, if any), the Outstanding Principal Balance must be
paid down (by application of the Net Proceeds or Award, as applicable, or if such amounts are not sufficient, by Borrower) by a “qualified amount” as that term is defined in the IRS Revenue Procedure
2010-30, as the same may be amended, replaced, supplemented or modified from time to time, unless Lender receives an opinion of counsel that if such amount is not paid, any applicable Securitization will not
fail to maintain its status as a REMIC Trust as a result of the related release of such portion of the Lien of such Mortgage. If and to the extent the preceding sentence applies, only such amount of the net Award or net Insurance Proceeds (as
applicable), if any, in excess of the amount required to pay down the principal balance of the Loan may be released for purposes of Restoration or released to Borrower as otherwise expressly provided in Section 5.3 or
Section 5.4. 
 (g) In the event of foreclosure of a Mortgage, or other transfer of title to a Property or
Properties in extinguishment in whole or in part of the Debt all right, title and interest of Borrower in and to the Policies that are not blanket Policies then in force concerning such Property or Properties and all proceeds payable thereunder
shall thereupon vest in the purchaser at such foreclosure or Lender or other transferee in the event of such other transfer of title. 

ARTICLE VI - RESERVE FUNDS 

Section 6.1 Tax Funds; HOA Funds. 

6.1.1 Deposits of Tax Funds. Borrower shall deposit with Lender on each Payment Date an amount equal to one-twelfth (1/12th) of the Property Taxes that Lender estimates will be payable during the next ensuing twelve (12) months, in order to accumulate
sufficient funds to pay all such Property Taxes prior to their respective due dates, which amounts shall be transferred into a Subaccount established at the Cash Management Account Bank to hold such funds (the “Tax Subaccount”).
Amounts deposited from time to time into the Tax Subaccount pursuant to this Section 6.1.1 are referred to herein as the “Tax Funds”. If at any time Lender reasonably determines that the Tax Funds will not
be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Payment 

  
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Date following Borrower’s receipt of such written notice, the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the
deficiency at least ten (10) days prior to the respective due dates for the Property Taxes; provided, that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Property
Taxes are due, Borrower will deposit with or on behalf of Lender such amount within two (2) Business Days after its receipt of such notice. 

6.1.2 Release of Tax Funds. Provided no Event of Default is continuing, Lender shall apply Tax Funds in the Tax Subaccount to
reimburse Borrower for payments of Property Taxes made by Borrower after delivery by Borrower to Lender of evidence of such payment reasonably acceptable to Lender. If the amount of the Tax Funds shall exceed the amounts due for Property Taxes,
Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax Funds. Any Tax Funds remaining in the Tax Subaccount after the Obligations have been paid in full shall be
returned to Borrower. Provided no Default or Event of Default exists, the Tax Funds reserved for any Property shall be released upon a permitted sale and release, a substitution or a prepayment of the Allocated Loan Amount of such Property in
accordance with the terms hereof. 
 6.1.3 Special Reserve of Tax Funds. Notwithstanding the foregoing, in lieu of making the
deposits required by Section 6.1.1, Borrower may, by written notice to Lender, elect to maintain in the Tax Subaccount an amount equal to the amount of Property Taxes payable with respect to the Properties for a period of
six (6) months. If such an election is in effect and Lender determines that the Tax Funds in the Tax Subaccount constitute less than the amount described in the previous sentence, Lender shall notify Borrower of such determination and,
commencing with the first Payment Date following Borrower’s receipt of such written notice, Borrower shall deposit into the Tax Subaccount such shortfall. Furthermore, during any period while such an election is in effect, Borrower shall not be
entitled to receive any release of Tax Funds from the Tax Subaccount. Borrower may revoke the election contemplated by this Section 6.1.3 by written notice to Lender; provided, that (i) such revocation
shall not take effect until the first Payment Date that is more than ten (10) Business Days after the date Lender receives such notice and (ii) on such Payment Date Borrower shall deposit into the Tax Subaccount an amount reasonably
determined by Lender that, when combined with prospective deposits into the Tax Subaccount contemplated by clause (ii) of Section 6.1.1 will be sufficient funds to pay all Property Taxes with respect to the
Properties prior to their respective due dates. 
 6.1.4 Deposits of HOA Funds. On the closing date of the initial
Securitization, if any, Borrower shall deposit with Lender an amount equal to the HOA Fees that Lender estimates will be payable with respect to all Applicable HOA Properties during the next ensuing twelve (12) months, which amounts shall be
transferred into a Subaccount established at the Cash Management Account Bank to hold such funds (the “HOA Subaccount”). Amounts deposited from time to time into the HOA Subaccount pursuant to this
Section 6.1.4 are referred to herein as the “HOA Funds”. If at any time after the closing of the initial Securitization, if any, Lender reasonably determines that the HOA Funds will not be sufficient to pay
the HOA Fees for the Applicable HOA Properties for the next ensuing twelve (12) months, Lender shall notify Borrower of such determination and, within thirty (30) days following Borrower’s receipt of such written notice, Borrower
shall deposit with Lender for transfer into the HOA Subaccount an amount that Lender estimates is sufficient to make up the deficiency. 

  
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 6.1.5 Release of HOA Funds. If at any time Lender believes in good faith that HOA
Fees due and payable to an HOA for any HOA Property have become delinquent, Lender shall in its sole and absolute discretion apply the HOA Funds to pay such HOA Fees. If the amount of the HOA Funds shall exceed the HOA Fees that Lender estimates
will be payable with respect to all Applicable HOA Properties during the next ensuing twelve (12) months, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the HOA
Funds. Any HOA Funds remaining in the HOA Subaccount after the Obligations have been paid in full shall be returned to Borrower. Provided no Default or Event of Default exists, the HOA Funds reserved for any Applicable HOA Property shall be released
upon a permitted sale and release, a substitution or a prepayment of the Allocated Loan Amount of such Property in accordance with the terms hereof. 

Section 6.2 Insurance Funds. 

6.2.1 Deposits of Insurance Funds. Borrower shall deposit with or on behalf of Lender on each Payment Date, an amount equal to one-twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration
thereof, in order to accumulate sufficient funds to pay all such Insurance Premiums prior to the expiration of the Policies, which amounts shall be transferred into a Subaccount established at the Cash Management Account Bank to hold such funds
(the “Insurance Subaccount”). Amounts deposited from time to time into the Insurance Subaccount pursuant to this Section 6.2.1 are referred to herein as the “Insurance Funds”. If at
any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount
that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies. 
 6.2.2
Release of Insurance Funds. Provided no Event of Default is continuing, Lender shall apply Insurance Funds in the Insurance Subaccount to timely pay, or reimburse Borrower for payments of, Insurance Premiums. If the amount of the
Insurance Funds shall exceed the amounts due for Insurance Premiums, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Insurance Funds. Any Insurance Funds remaining
in the Insurance Subaccount after the Obligations have been paid in full shall be returned to Borrower. Provided no Default or Event of Default exists, the Insurance Funds reserved for any Property shall be released upon a permitted sale and
release, a substitution or a prepayment of the Allocated Loan Amount of such Property in accordance with the terms hereof. 
 6.2.3
Acceptable Blanket Policy. Notwithstanding anything to the contrary contained in Section 6.2.1, if an Acceptable Blanket Policy is in effect with respect to the Policies required pursuant to
Section 5.1.1, deposits into the Insurance Subaccount required for Insurance Premiums pursuant to Section 6.2.1 shall be suspended to the extent that Insurance Premiums relate to such Acceptable
Blanket Policy. Notwithstanding the foregoing, Borrower may, by written notice to Lender given not less than ten (10) Business Days prior to a Payment Date, elect to reinstate, as of such Payment Date, deposits to the Insurance Subaccount with
respect to the Insurance Premiums for one or more of the Policies required pursuant to Section 5.1.1 for which an Acceptable Blanket Policy is in effect. Further, if Borrower makes such an 

  
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election, then Borrower may rescind such election by providing a written notice thereof to Lender, which notice shall be effective as of the Payment Date that follows such notice by more than ten
(10) Business Days or such later Payment Date as Borrower specifies in its election. 
 Section 6.3
Capital Expenditure Funds. 
 6.3.1 Deposits of Capital Expenditure Funds. Borrower shall deposit with or on
behalf of Lender on each Payment Date an amount equal to one-twelfth (1/12th) of the product of (a) $450 multiplied by (b) the number of
Properties to which the Loan is applicable, in order to accumulate sufficient funds, for annual Capital Expenditures, which amounts shall be transferred into a Subaccount established at the Cash Management Account Bank to hold such funds (the
“Capital Expenditure Subaccount”). Amounts deposited from time to time into the Capital Expenditure Subaccount pursuant to this Section 6.3.1 are referred to herein as the “Capital Expenditure
Funds”. 
 6.3.2 Release of Capital Expenditure Funds. Provided no Event of Default is continuing, Lender shall
disburse Capital Expenditure Funds out of the Capital Expenditure Subaccount to reimburse Borrower for Capital Expenditures actually paid for by Borrower, provided that: (a) such disbursement is for an Approved Capital Expenditure, (b) the
request for disbursement is accompanied by an Officer’s Certificate from Borrower stating that (i) the items to be funded by the requested disbursement are Approved Capital Expenditures, and a description thereof, (ii) all Approved
Capital Expenditures to be funded by the requested disbursement have been completed (or completed to the extent of the requested disbursement) in a good and workmanlike manner and in accordance, in all material respects, with all applicable
Legal Requirements and the Renovation Standards and (iii) the Approved Capital Expenditures to be funded from the disbursement in question have not been the subject of a previous disbursement and have been paid for by Borrower and (c) for
any individual expenditure greater than $25,000, Borrower has delivered to Lender copies of any invoices, bills or statements related to such Approved Capital Expenditures that are requested by Lender. For the avoidance of doubt, Borrower shall not
be entitled to receive a distribution of Capital Expenditure Funds for expenses related to the refurbishment or repair of a Property to the extent that Borrower has been or will be entitled to reimbursement for such expenses from a Tenant’s
security deposit. 
 Section 6.4 Casualty and Condemnation Subaccount. Borrower shall pay, or cause to be paid, to
Lender all Insurance Proceeds or Awards due to any Casualty or Condemnation in accordance with the provisions of Section 5.2 and Section 5.3, which amounts shall be transferred into a Subaccount
established at the Cash Management Bank to hold such funds (the “Casualty and Condemnation Subaccount”). Amounts deposited from time to time into the Casualty and Condemnation Subaccount pursuant to this
Section 6.4 are referred to herein as the “Casualty and Condemnation Funds”. All Casualty and Condemnation Funds shall be held, disbursed and/or applied in accordance with the provisions of
Section 5.3 or Section 5.4, as applicable. 
 Section 6.5 Eligibility
Reserve Subaccount. 

  
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 6.5.1 Deposit of Eligibility Funds. If Borrower shall be required to make a
prepayment in respect of any Property pursuant to Section 2.4.2(a) (other than in the case of any Property that constitutes a Disqualified Property due to the occurrence of a Voluntary Action in respect thereof), Borrower shall have an option
to deposit into a Subaccount established at the Cash Management Bank to hold such funds (the “Eligibility Reserve Subaccount”) an amount equal to one hundred percent (100%) of the Allocated Loan Amount for any such Property
(“Eligibility Funds”), provided that Borrower provides Lender with written notice of any such Eligibility Funds and, no later than the due date for the prepayment required under Section 2.4.2(a), delivers
such Eligibility Funds with Lender for deposit to the Eligibility Reserve Subaccount. 
 6.5.2 Release of Eligibility Funds.
Provided no Default or Event of Default exists, Lender shall disburse the Eligibility Funds with respect to a Property to Borrower upon (a) the sale of such Property and payment in full of the applicable Release Amount, (b) upon such
Property becoming an Eligible Property or (c) upon the substitution of the applicable Disqualified Property with a Substitute Property in accordance with the conditions of Section 2.4.2(a). 

Section 6.6 Cash Collateral. 

6.6.1 Cash Collateral Subaccount. If a Cash Sweep Period shall be continuing, all Available Cash (after payment of the
Monthly Budgeted Amount and any Approved Extraordinary Expenses in accordance with Section 2.7.2(k)) shall be paid to Lender, which amounts shall be transferred by Lender into a Subaccount (the “Cash Collateral Subaccount”)
to be held by Lender as cash collateral for the Debt. Amounts on deposit from time to time in the Cash Collateral Subaccount pursuant to this Section 6.6.1 are referred to as the “Cash Collateral Funds”.
Lender shall have the right, but not the obligation, at any time during the continuance of an Event of Default, in its sole and absolute discretion to apply any and all Cash Collateral Funds then on deposit in the Cash Collateral Subaccount to the
Debt, in such order and in such manner as Lender shall elect in its sole and absolute discretion, including to make a prepayment of principal (together with the applicable Spread Maintenance Premium, Interest Shortfall and Breakage Costs, if any,
applicable thereto) or any other amounts due hereunder. 
 6.6.2 Withdrawal of Cash Collateral Funds. Provided no Default or an
Event of Default hereunder is continuing and there is an amount exceeding one percent (1%) of the Outstanding Principal Balance on deposit in the Cash Collateral Subaccount (the “Cash Collateral Floor”), Lender shall make
disbursements from the Cash Collateral Subaccount of Cash Collateral Funds in excess of the Cash Collateral Floor to pay costs and expenses in connection with the ownership, management and/or operation of the Properties to the extent such amounts
are not otherwise paid pursuant to Section 6.6.1 or by Manager pursuant to the Management Agreement for the following items: (a) Operating Expenses (including management fees, but subject to the Management Fee Cap) set
forth in an Approved Annual Budget (subject to a five percent (5%) variation for Operating Expenses in such Approved Annual Budget), (b) emergency repairs and/or life-safety items (including applicable Capital Expenditures for such purpose),
(c) Capital Expenditures set forth in an Approved Annual Budget (subject to a five percent (5%) variation for Capital Expenditures in such Approved Annual Budget), (d) legal, audit and accounting costs associated with the Properties or
Borrower, excluding legal 

  
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fees incurred in connection with the enforcement of Borrower’s, rights pursuant to the Loan Documents, (e) payment of Debt Service on the Loan, (f) voluntary or mandatory
prepayment of the Loan (together with any applicable Spread Maintenance Premium), including, without limitation, any Low Debt Yield Cure Prepayment and (g) expenses and shortfalls relating to Restoration; provided, that no
disbursements shall be made from the Cash Collateral Subaccount for any of the Operating Expenses or Capital Expenditures described in the foregoing clauses (a) through (d) to the extent amounts for such Operating Expenses or Capital
Expenditures have been distributed to Borrower from the Cash Management Account under Section 2.7.2(k), or may be distributed to Borrower from the Tax Subaccount, the Insurance Subaccount or the Capital Expenditure Subaccount, as applicable.

 6.6.3 Release of Cash Collateral Funds. Provided no Cash Sweep Period is continuing as of two (2) consecutive
Calculation Dates, Lender shall release Cash Collateral Funds in the Cash Collateral Subaccount to Borrower; provided, that in the event of a Debt Yield Cure Prepayment, the Lender is required to release the Cash Collateral Funds to
Borrower within two (2) Business Days of the date of such Debt Yield Cure Prepayment.. 
 6.6.4 Extraordinary Expense. If,
during any Cash Sweep Period, Borrower incurs or is required to incur an operating expense or capital expense which is not set forth in the Approved Annual Budget (each an “Extraordinary Expense”), then Borrower shall promptly
deliver to Lender in writing a reasonably detailed explanation of such Extraordinary Expense. If a Cash Sweep Period then exists, then such Extraordinary Expense shall be subject to Lender’s approval, which approval may not be
unreasonably withheld or delayed so long as no Event of Default then exists; provided, however, that during a Cash Sweep Period, so long as no Event of Default then exists, Lender shall be deemed to have approved
any Extraordinary Expense (other than fees paid to any Manager or any amounts paid to any Affiliates of Borrower) that (a) does not exceed (when aggregated with any and all other requested and unpaid Extraordinary Expenses covered by the same
line item of the Approved Annual Budget) ten percent (10%) of the monthly amount of the applicable line item set forth in the Approved Annual Budget for such month and (b) does not exceed (when aggregated with any and all other requested and
unpaid Extraordinary Expenses of the same type (i.e., Operating Expenses or Capital Expenditures)) five percent (5%) of the aggregate monthly amount of the Approved Annual Budget with respect to Operating Expenses or Capital Expenditures, as
applicable, for such month. Any Extraordinary Expense incurred by Borrower and approved (or deemed approved) by Lender is referred to herein as an (“Approved Extraordinary Expense”). Any amounts distributed to Borrower for
the payment of Approved Extraordinary Expenses pursuant to Section 6.6.4 shall be used by Borrower only to pay for such Approved Extraordinary Expenses or reimburse Borrower for such Approved Extraordinary Expenses, as
applicable. 
 Section 6.7 Advance Rent Funds. 

6.7.1 Deposits of Advance Rent Funds. In the event Borrower receives any Advance Rent, Borrower shall deposit (or cause to
be deposited) any such Advance Rent into a Subaccount established at the Cash Management Account Bank to hold such funds (the “Advance Rent Subaccount”). Amounts deposited from time to time in the Advance Rent Subaccount
pursuant to this Section 6.7.1 are referred to herein as the “Advance Rent Funds”. 

  
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 6.7.2 Release of Advance Rent Funds. Provided no Event of Default has occurred and
is continuing, on each Payment Date, Lender shall disburse the applicable Advance Rent Funds to the Cash Management Account in accordance with the Advance Rent Disbursement Schedule. 

Section 6.8 Reserve Funds, Generally. 

(a) Notwithstanding anything to the contrary contained in this Article VI, disbursements of Reserve Funds to Borrower
shall only occur on the Reserve Release Date after receipt by Lender of a Reserve Release Request from Borrower not less than five (5) Business Days prior to such date; provided, that if the amount of Reserve Funds to be released
to Borrower on any Reserve Release Date is less than the Minimum Disbursement Amount, then such Reserve Funds shall continue to be maintained in the Subaccounts until the next Reserve Release Date on which an amount equal to or greater than the
Minimum Disbursement Amount is available for disbursement or until the payment in full of the Obligations. 
 (b) Borrower grants to Lender a
first-priority perfected security interest in each of the Reserve Funds and any and all monies now or hereafter deposited in each Reserve Fund as additional security for payment of the Debt. Until expended or applied in accordance herewith, the
Reserve Funds shall constitute additional security for the Debt. 
 (c) During the continuance of an Event of Default, Lender may, in
addition to any and all other rights and remedies available to Lender, apply any sums then present in any or all of the Reserve Funds to the payment of the Debt in any order in its sole discretion. 

(d) The Reserve Funds shall be held in an Eligible Account in cash or Permitted Investments as directed by Lender or Lender’s Servicer.
All interest on a Reserve Fund shall be added to and become a part thereof and shall be the sole property of Borrower. Borrower shall be responsible for payment of any federal, state or local income or other tax applicable to the interest earned on
the Reserve Funds credited or paid to Borrower. 
 (e) Borrower shall not, without obtaining the prior written consent of Lender, further
pledge, assign or grant any security interest in any Reserve Fund or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1
financing statements, except those naming Lender as the secured party, to be filed with respect thereto. 
 (f) Lender and Servicer shall not
be liable for any loss sustained on the investment of any funds constituting the Reserve Funds. Borrower shall indemnify Lender and Servicer and hold Lender and Servicer harmless from and against any and all actions, suits, claims, demands,
liabilities, losses, damages, obligations and reasonable out-of-pocket costs and expenses (including
out-of-pocket litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Reserve Funds or the performance of the
obligations for which the Reserve Funds were established. Borrower hereby assigns to Lender all rights and claims Borrower may, during the Term, have against all persons or entities supplying labor, materials or other services which are to be paid
from or secured by the Reserve 

  
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Funds; provided, however, that Lender shall not pursue any such right or claim unless an Event of Default has occurred and remains uncured. 

ARTICLE VII - DEFAULTS 

Section 7.1 Event of Default. 

(a) Each of the following events shall constitute an event of default hereunder (an “Event of Default”): 

(i) if (A) the Debt is not paid in full on the Maturity Date, (B) any regularly scheduled monthly payment of interest
due under the Note is not paid in full on the applicable Payment Date, (C) any prepayment of principal or Release Amount due under this Agreement or the Note is not paid when due or (D) any Spread Maintenance Premium, Interest Shortfall or
Breakage Costs is not paid when due, in the case of clauses (B), (C) or (D), such failure continuing for two (2) Business Days after the due date for such payment or deposit; 

(ii) if any deposit to the Reserve Funds is not made on the required deposit date therefor, with such failure continuing for
two (2) Business Days after Lender delivers written notice thereof to Borrower; 
 (iii) if any other amount payable
pursuant to this Agreement, the Note or any other Loan Document (other than as set forth in the foregoing clauses (i) and (ii)) is not paid in full when due and payable in accordance with the provisions of the applicable Loan
Document, with such failure continuing for ten (10) days after Lender delivers written notice thereof to Borrower; 

(iv) if the Policies are not (A) delivered to Lender within five (5) Business Days of Lender’s written request
and (B) kept in full force and effect, each in accordance with the terms and conditions hereof; 
 (v) a Transfer other
than a Permitted Transfer occurs; 
 (vi) if any certification, representation or warranty made by a Relevant Party herein or
any other Loan Document, other than a Property Representation, or in any report, certificate, financial statement or other instrument, agreement or document furnished by a Relevant Party to Lender shall have been false or misleading in any material
and adverse respect as of the date such representation or warranty was made; provided, however, if any untrue certification, representation or warranty made after the Closing Date is susceptible of being cured,
Borrower shall have the right to cure such certification, representation or warranty within thirty (30) days after receipt of notice from Lender; and provided further that for any certification, representation or warranty made in
connection with a delivery of a report, Borrower shall have such longer grace period as applicable for delivery of such report; 

(vii) if any Relevant Party shall make an assignment for the benefit of creditors; 

  
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 (viii) if a receiver, liquidator or trustee shall be appointed for any Relevant
Party, any Relevant Party shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented
to, or acquiesced in by, Relevant Party, or if any proceeding for the dissolution or liquidation of any Relevant Party shall be instituted, or if any Loan Party is substantively consolidated with any Person other than a Loan Party;
provided, however, if such appointment, adjudication, petition, proceeding or consolidation was involuntary and not consented to by such Relevant Party, upon the same not being discharged, stayed or dismissed within sixty
(60) days following its filing; 
 (ix) if any Loan Party attempts to assign its rights under this Agreement or any of
the other Loan Documents or any interest herein or therein in contravention of the Loan Documents; 
 (x) if any of the
assumptions contained in the Insolvency Opinion, or in any Additional Insolvency Opinion delivered to Lender in connection with the Loan, is or shall become untrue in any material respect; 

(xi) a breach of the covenants set forth in Sections 4.1.1, 4.1.2, 4.1.3, 4.1.4, 4.1.12,
4.1.19, 4.2.2, 4.2.3, 4.2.5, 4.2.8, 4.2.9, 4.2.11, 4.2.14 or 4.2.15; 

(xii) if with respect to any Disqualified Property, Borrower fails to within the time periods specified in Section
2.4.2(a) either: (A) pay the Release Amount in respect thereof, (B) substitute such Disqualified Property with a Substitute Property in accordance with Section 2.4.2(a) or (C) or deposit an amount equal to one hundred
percent (100%) of the Allocated Loan Amount for the Disqualified Property in the Eligibility Reserve Subaccount in accordance with Section 2.4.2(a) and such failure continues for more than five (5) Business Days after written notice
thereof from Lender to Borrower; 
 (xiii) if, (A) without Lender’s prior written consent, (i) any Management
Agreement is terminated (unless simultaneously therewith, Borrower and a new Qualified Manager enter into a Replacement Management Agreement in accordance with Section 4.2.1), or (ii) there is a default by Borrower
under any Management Agreement beyond any applicable notice or grace period and such Manager terminates or cancels the applicable Management Agreement (unless, within thirty (30) days after the expiration of such notice or grace period,
Borrower and a new Qualified Manager enter into a Replacement Management Agreement in accordance with Section 4.2.1) or (B) following the occurrence of a Manager Default, Borrower fails to exercise its right to
terminate the Manager under the Management Agreement; 
 (xiv) if any Loan Party, Parent, any Qualified Transferee, or any
subsidiary of Parent or any Qualified Transferee that owns a direct or indirect ownership interest in any Loan Party shall be convicted of a Patriot Act Offense by a court of competent jurisdiction; 

  
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 (xv) any failure on the part of any Borrower to duly observe or perform any of
its covenants set forth in Section 4.1.20 or the representation and warranty in Section 3.1.24 shall fail to be correct in respect of a Tenant of any Property and, in each case, Borrower fails to
notify OFAC within five (5) Business Days of Borrower obtaining knowledge that such Tenant is on any of the lists described in those sections and promptly take such steps as may be required by OFAC with respect to such Tenant; 

(xvi) if there shall be a default under any of the other Loan Documents by any Relevant Party beyond any applicable cure
periods contained in such Loan Documents, whether as to any Relevant Party or the Properties, or if any other such event shall occur or condition shall exist, if the effect of such event or condition is to accelerate the maturity of any portion of
the Obligations or to permit Lender to accelerate the maturity of all or any portion of the Obligations; 
 (xvii) if
Borrower fails to obtain or maintain an Interest Rate Cap Agreement or replacement thereof in accordance with Section 2.2.7; 

(xviii) if any Loan Document or any Lien granted thereunder by any Relevant Party shall (except in accordance with its terms or
pursuant to Lender’s written consent), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the parties thereto or any Relevant Party or any other party shall disaffirm or
contest, in writing, in any manner such effectiveness, validity, binding nature or enforceability (other than as a result of the occurrence of the payment in full of the Obligations); 

(xix) one or more final judgments for the payment of $2,500,000 or more rendered against any Loan Party, and such amount is not
covered by insurance or indemnity or discharged, paid or stayed within sixty (60) days after (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal
have been extinguished; 
 (xx) Parent or any Qualified Transferee that executes and delivers a replacement guaranty pursuant
to Section 4.2.17(e) fails to comply with the Parent Financial Covenant; or 
 (xxi) if any Relevant Party shall
continue to be in Default under any of the other terms, covenants or conditions of this Agreement or any other Loan Document not specified in subsections (i) to (xx) above, and such Default shall continue for ten (10) days after notice to
Borrower from Lender, in the case of any such Default which can be cured by the payment of a sum of money, or for thirty (30) days after notice to Borrower from Lender in the case of any other such Default; provided,
however, that if such non-monetary Default is susceptible of cure but cannot reasonably be cured within such thirty (30)-day period, and provided
further that Borrower shall have commenced to cure such Default within such thirty (30)-day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30)-day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed one hundred twenty (120) days.

  
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 (b) During the continuance of an Event of Default (other than an Event of Default described in
clauses (vii), (viii) or (ix) above), in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, Lender may take such
action, without notice or demand, that Lender deems advisable to protect and enforce its rights against any Relevant Party and in and to any or all of the Properties, including, without limitation, declaring the Debt to be immediately due and
payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against the Relevant Parties and any or all of the Properties, including, without limitation, all rights or remedies available at law or
in equity; and upon any Event of Default described in clauses (vii), (viii) or (ix) above, the Debt and Other Obligations of Borrower hereunder and under the other Loan Documents shall immediately and
automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding. 

Section 7.2 Remedies. 

(a) During the continuance of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to
Lender against each Relevant Party under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, a Relevant Party or at law or in equity may be exercised by Lender at any time and from time to time, whether or
not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents with respect to
all or any part of any Property. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singularly, successively, together or otherwise, at such time and in such order as Lender may determine in its
sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth herein or in the other Loan Documents. Without limiting
the generality of the foregoing, Borrower agrees that if an Event of Default is continuing (i) Lender is not subject to any “one action” or “election of remedies” law or rule, and (ii) all liens and other rights,
remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Properties and each Mortgage has been foreclosed, sold and/or otherwise realized upon in satisfaction of the
Debt or the Debt has been paid in full. 
 (b) With respect to Borrower and the Properties, nothing contained herein or in any other Loan
Document shall be construed as requiring Lender to resort to any Property for the satisfaction of any of the Debt in any preference or priority to any other Property, and Lender may seek satisfaction out of all of the Properties, or any part
thereof, in its absolute discretion in respect of the Debt. In addition, Lender shall have the right from time to time to partially foreclose the Lien of the Mortgages and the other Collateral Documents in any manner and for any amounts secured by
the Mortgages and the other Collateral Documents then due and payable as determined by Lender in its sole discretion including, without limitation, the following circumstances: (i) in the event Borrower defaults beyond any applicable grace
period in the payment of one or more scheduled payments of principal and interest, Lender may foreclose the Lien of one or more of the Mortgages and/or the other Collateral Documents to recover such delinquent payments or (ii) in the event
Lender elects to accelerate less than the entire 

  
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Outstanding Principal Balance of the Loan, Lender may foreclose the Lien of one or more of the Mortgages and/or the other Collateral Documents to recover so much of the principal balance of the
Loan as Lender may accelerate and such other sums secured by the Mortgages and the other Collateral Documents as Lender may elect. Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to the Mortgages and the other
Collateral Documents to secure payment of sums secured by the Collateral Documents and not previously recovered. 
 (c) During the
continuance of an Event of Default, Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, Collateral Documents and other security documents (the “Severed Loan
Documents”) in such denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder. Borrower shall execute and deliver to Lender from time to time,
promptly after the request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender. The Loan
Parties hereby absolutely and irrevocably appoint Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying
all that its said attorney shall do by virtue thereof; provided, however, Lender shall not make or execute any such documents under such power until three (3) days after notice has been given to a Loan Party
by Lender of Lender’s intent to exercise its rights under such power. Borrower shall be obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents and the
Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of the
Closing Date. 
 (d) As used in this Section 7.2, a “foreclosure” shall include, without limitation, any
sale by power of sale. 
 Section 7.3 Remedies Cumulative; Waivers. The rights, powers and remedies of Lender under this
Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise. Lender’s rights,
powers and remedies may be pursued singularly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of
Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of
Default with respect to Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 

Section 7.4 Lender’s Right to Perform. If Borrower fails to perform any covenant or obligation contained
herein and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies
as provided hereunder, or under 

  
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any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties
and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations, and to the extent permitted under applicable laws, secured by the Mortgages and the
other Collateral Documents and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure. 

ARTICLE VIII - SECURITIZATION / FINANCING 

Section 8.1 Securitization and Financing. 

8.1.1 Sale of Notes and Securitization. (a) (i) Borrower acknowledges and agrees that Lender may sell all or any portion of
the Loan and the Loan Documents, or issue one or more participations therein, or consummate one or more private or public securitizations of rated single- or multi-class securities (the “Securities”) secured by or evidencing
ownership interests in all or any portion of the Loan and the Loan Documents or a pool of assets that include the Loan and the Loan Documents (such sales, participations and/or securitizations, collectively,
a “Securitization”); provided that Lender may not sell all or any portion of the Loan and the Loan Documents, or issue any participation therein to any Person set forth in Schedule VIII hereto. Lender shall promptly
notify Borrower of any such sale of all or any portion of the Loan. Lender or its designee, acting solely for this purpose as an agent of Borrower, shall maintain a register (“Register”) for the recordation of the names and
addresses of the Lenders, and principal amounts (and stated interest) of the Loan owing to, each Lender pursuant to the terms hereof from time to time. The entries in the Register shall be conclusive absent manifest error. The Register shall be
available for inspection by Borrower, at any reasonable time and from time to time upon reasonable prior notice. 
 (ii)
Borrower acknowledges and agrees that each of Lender and Agent may assign, transfer and/or pledge any or all of its respective rights under this Agreement and the Loan Documents (including, without limitation, any assignment of rights as
“Lender” (or any servicer or agent thereof, including Agent) under any Blocked Account Control Agreement or Deposit Account Control Agreement); provided that each of Lender and Agent may not assign, transfer or pledge all or any
portion of the Loan and the Loan Documents and its rights relating thereto to any Person set forth in Schedule VIII hereto. 
 (b) If
requested by Lender, Borrower shall assist Lender in satisfying the market standards to which Lender customarily adheres or which may be reasonably required in the marketplace or by the Approved Rating Agencies in connection with any Securitizations
(and shall assist Lender and Agent in satisfying any requirements of an assignee, transferee or pledgee as contemplated by the preceding clause (a)(ii)), including, without limitation, to, upon reasonable prior written notice from Lender: 

(i) (A) provide updated financial and other information with respect to the Properties, Borrower and other Relevant
Parties, (B) provide updated budgets relating to the Properties and (C) provide broker price opinions, property condition reports, an 

  
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updated data tape and other due diligence investigations of the Properties and delivering updated information on any Relevant Party and the Properties to Lender, Lender’s investors or
potential purchasers of the Seller Financing, any rating agencies, and any third-party diligence providers retained by the Lender in connection therewith, including an updated tape of the Data Tape and such other information as Lender reasonably
requests for inclusion in a private placement memorandum, prospectus, or similar offering memorandum with respect to the Seller Financing or any securities backed by the Seller Financing (the “Updated Information”) and reviewing and
commenting on any fact in any prospectus, prospectus supplement, offering circular, private placement memorandum or similar offering document used in connection with a securitization of the Seller Financing including those sections entitled
“Summary of the Offering Circular—Relevant Transaction Parties and Dates—Parent”, “Risk Factors—New Industry; Limited Operating History of the Parent”, “—Parent’s
Reliance on External Service Providers”, “—Conflicts of Interest—Reliance on the Parent; Potential Conflicts of Interest” and “Description of the Loan Parties and the Parent—the
Parent” (or sections similarly entitled or covering similar subject matters) in each case to extent such facts relate to the Relevant Parties or the Properties and are provided by the Parent or a Loan Party (the “Covered
Disclosure Information”), together, if customary, with appropriate verification of the Updated Information through letters of auditors or opinions of counsel acceptable to Lender and the Rating Agencies; 

(ii) provide opinions of counsel, which may be relied upon by Lender, the Approved Rating Agencies and placement agents, in
each case as is customary in the securitization market, as to non-consolidation, matters of Delaware and federal bankruptcy law relating to limited liability companies or any other opinion customary in
Securitizations or required by the Approved Rating Agencies or placement agents with respect to the Properties and Borrower and other Relevant Parties, which counsel and opinions shall be reasonably satisfactory in form and substance to Lender, the
Approved Rating Agencies and placement agents; 
 (iii) provide updated, as of the closing date of any Securitization,
representations and warranties made in the Loan Documents and such additional representations and warranties as the Approved Rating Agencies and placement agents may require; and 

(iv) execute such amendments to the Loan Documents and organizational documents of any Loan Party as may be reasonably
requested by Lender or requested by the Approved Rating Agencies or otherwise to effect the Securitization including, without limitation, (A) bifurcating the Loan into separate loans (or conversely, consolidating separate mortgage loans made by
Lender into a single mortgage loan that can be sold for securitization purposes) so long as each such interest rate remains a floating rate determined by reference to one-month LIBOR and the weighted average
of the spreads for all such components in the aggregate does not exceed 275 bps; (B) bifurcating the mortgage loan into one or more senior and subordinated or pari passu tranches or component notes and increasing or decreasing the interest
rate for such tranches and components so long as each such interest rate remains a floating rate determined by reference to one-month LIBOR and the weighted average of the spreads

  
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for all such components in the aggregate immediately after the effective date of such modification does not exceed 275 bps; and (C) obtaining ratings from two or more rating agencies; 

(v) participate (including senior management of Borrower) in a bank or investor meeting if requested by Lender and in
presentations to and meetings with rating agencies; 
 (vi) otherwise reasonably cooperate with Lender in connection with the
preparation of marketing materials related to the Loan; and 
 (vii) otherwise agree to any modifications that the Lender may
request in order to satisfy marketing demand or rating agency requirements; 
 provided in all cases Borrower shall not be obligated
to agree to: (a) any principal amortization of the Loan (other than as otherwise contemplated by this Agreement); (b) any financial covenants of Parent that are more restrictive than those set forth herein and in the other Loan Documents;
(c) any new guaranty not contemplated by the Loan Documents; (d) any change in the stated maturity or the amortization of principal of the Loan (provided that Borrower may extend the two-year
maturity date and any extension thereof to the equivalent anniversary date of closing of any Securitization); (e) modify or amend any material economic term of the Loan (except as described in this Section 8.1.1); or
(f) any modifications that are not customarily included in floating rate Securitizations for single family rental homes and which Borrower or Parent reasonably deem to be adverse to them in any material respect, including without limitation,
materially increasing any Borrower or any Affiliate’s obligations and/or liabilities or decreasing any such person’s rights under the Loan (provided, further, that such changes, in the aggregate, shall not result in a material adverse
economic effect to Borrower or any Affiliate). 
 (c) In furtherance of the transactions contemplated by the Purchase Agreement and
Securitization, Borrower shall cooperate with Lender, the Agent, the Loan Parties, the Tranche 2 Loan Parties and the Tranche 3 Loan Parties to consolidate or assume the Borrower’s Obligations under this Agreement and all obligations of the
Tranche 2 Borrower and the Tranche 3 Borrower under the Tranche 2 Loan Agreement and the Tranche 3 Loan Agreement, respectively, into one loan agreement in substantially the same form as this Agreement, which may take the form of an amendment and
restatement of any of the aforementioned agreements (the “Combined Loan Agreement”). In connection with such Combined Loan Agreement, Borrower shall cooperate with the Lender and Agent in connection with each of the following:
(i) all Borrower Entities shall be merged or otherwise consolidated into one Person with the combined obligations of all Borrower Entities; (ii) all Equity Owner Entities shall be merged or otherwise consolidated into one Person with the
combined obligations of all Equity Owner Entities; (iii) all Borrower TRS Entities shall be merged or otherwise consolidated into one Person with the combined obligations of all Borrower TRS Entities; and (iv) each Collateral Document
entered into pursuant to this Agreement shall be consolidated or otherwise combined with its counterpart under each of the Tranche 2 Loan Agreement and the Tranche 3 Loan Agreement (which consolidation may take the form of an amendment and
restatement of such Collateral Document) such that after giving effect to such amendment and restatement, the 

  
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obligations under such Collateral Document and its counterparts shall be combined and in substantially the same form as set forth in such Collateral Document. 

Notwithstanding anything in this Agreement to the contrary: 

(i) Borrower shall not be obligated to provide reporting to more than one Agent, servicer or other transaction party; 

(ii) Lender shall not sell, assign, transfer, or reconstitute in any manner provided for in this Agreement or otherwise (including any
Securitization ), this Loan, the Note or any interest in any of them, if, as a result of such sale, assignment, transfer or reconstitution the Collateral would be divided into separate pools or portfolios, one or more senior and subordinate notes
would be created (i.e., an A/B or A/B/C structure), including the implementation of one or more mezzanine loans, the principal balance of the Note would be reallocated to one or more additional notes or the Components would have a weighted average
interest rate different from the Interest Rate, other than any such sale, assignment, transfer or reconstitution that results in a Combined Loan Agreement that combines all of the loans and loan documents subject to this Agreement, the Tranche 2
Loan Agreement and the Tranche 3 Loan Agreement, which Combined Loan Agreement is secured by the real properties securing this Agreement, the Tranche 2 Loan Agreement and the Tranche 3 Loan Agreement; provided that nothing in this clause
(ii) shall restrict a private or public securitization of single or multi-class securities; and 
 (iii) Agent and Lenders may combine
the Loans evidenced by this Agreement with those, if any, made prior to the time of such election to combine pursuant to both the Tranche 2 Loan Agreement and the Tranche 3 Loan Agreement and Borrower will cooperate with Lender to accomplish such
loan combination (including by merging with the borrowers under the Tranche 2 Loan Agreement and the Tranche 3 Loan Agreement such that there is a single resulting borrower and a single pool of Collateral each of which is subject to combined
security instruments) which combined loan may be sold in any number of tranches via pari passu assignments or participations to any number of lenders or investors, provided that Borrower (or the surviving borrower) shall not be obligated to provide
reporting to more than one Agent, servicer or other transaction party and the real properties securing each of this Loan and the loans made pursuant to both the Tranche 2 Loan Agreement and the Tranche 3 Loan shall be combined and in no event shall
this Loan or such combined loan be subject to any bifurcation, mezzanine structure or similar tranching. 
 8.1.2 Securitization
Costs. All actual third party out-of-pocket costs and expenses (other than legal fees of any Relevant Party) incurred by any Relevant Party in connection with
Borrower’s complying with requests made under this Article VIII (including, without limitation, the fees and expenses of the Approved Rating Agencies, any mortgage recording taxes, title insurance premiums and UCC insurance premiums)
shall be paid by Lender with respect to any Securitization. 
 Section 8.2 Securitization Indemnification. 

(a) Borrower understands that certain of the Provided Information may be included in Disclosure Documents in connection with any Securitization
and may also be 

  
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included in filings with the Securities and Exchange Commission pursuant to the Securities Act or the Exchange Act, or provided or made available to investors or prospective investors in the
Securities, the Approved Rating Agencies, and service providers relating to any Securitization. In the event that the Disclosure Document is required to be revised prior to the sale of all Securities, Borrower will cooperate with the holder of the
Note in providing current information necessary to keep the Disclosure Document accurate and complete in all material respects to the extent such information is in Borrower’s possession or control. 

(b) Borrower agrees to cause Parent to provide, in connection with any Securitization, an indemnification agreement (a
“Securitization Indemnification Agreement”) (i) certifying that (A) Parent has examined the Covered Disclosure Information and (B) such Covered Disclosure Information does not, as of the date of the related disclosure
document or as of the date of pricing the Securitization, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made,
not misleading, (ii) indemnifying Lender, any Affiliate of Lender that has filed any registration statement relating to any Securitization or has acted as the sponsor or depositor in connection with any Securitization, any Person that acts
as an underwriter, placement agent, any other co-underwriters or co-placement agents, and each of their respective officers, directors, partners, employees,
representatives, agents and Affiliates and each Person or entity who Controls any such Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Indemnified
Persons”), for any losses, claims, damages, liabilities, costs or expenses (including without limitation legal fees and expenses for enforcement of these obligations) (collectively, the “Liabilities”) to which any such
Indemnified Person may become subject insofar as the Liabilities arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Covered Disclosure Information or arise out of or are based upon
the omission or alleged omission to state in the Covered Disclosure Information a material fact required to be stated therein or necessary in order to make the statements in the Covered Disclosure Information, in light of the circumstances under
which they were made, not misleading and (iii) agreeing to reimburse each Indemnified Person for any legal or other expenses reasonably incurred by such Indemnified Person in connection with investigating or defending the Liabilities;
provided, however, that Parent will be liable in any such case under clauses (ii) or (iii) above only to the extent that any such Liabilities arise out of or is based upon any such untrue
statement or omission made therein in reliance upon and in conformity with (1) the written information furnished to Lender by or on behalf of Borrower in connection with the underwriting or closing of the Loan, including, without limitation,
financial statements of Parent, operating statements and rent rolls with respect to the Properties and (2) those portions of the Disclosure Documents furnished to and approved by Parent in the certificate furnished pursuant to clause
(i) above. This indemnity agreement will be in addition to any liability which any Relevant Party may otherwise have. Moreover, the indemnification and reimbursement obligations provided for in clauses (ii)
and (iii) above shall be effective, valid and binding obligations of Borrower, whether or not an indemnification agreement described in clause (i) above is provided. 

(c) Any Securitization Indemnification Agreement shall provide that, promptly after receipt by an Indemnified Person of notice of any claim or
the commencement of any action, the Indemnified Person shall, if a claim in respect thereof is to be made against Parent, notify Parent in writing of the claim or the commencement of that action; provided, 

  
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however, that the failure to notify Parent shall not relieve it from any liability which it may have under the indemnification provisions of this
Section 8.2 except to the extent that it has been materially prejudiced by such failure and, provided further that the failure to notify Parent shall not relieve it from any liability which it may have to an Indemnified
Person otherwise than under the provisions of this Section 8.2. Any Securitization Indemnification Agreement shall provide that, if any such claim or action shall be brought against an Indemnified Person, and it shall
notify Parent thereof, Parent shall be entitled to participate therein and, to the extent that it wishes, assume the defense thereof with counsel reasonably satisfactory to the Indemnified Person. Any Securitization Indemnification Agreement shall
provide that, after notice from Parent to the Indemnified Person of its election to assume the defense of such claim or action, Parent shall not be liable to the Indemnified Person for any legal or other expenses subsequently incurred by the
Indemnified Person in connection with the defense thereof except as provided in the following sentence; provided, however, if the defendants in any such action include both Parent, on the one hand, and one
or more Indemnified Persons on the other hand, and an Indemnified Person shall have reasonably concluded that there are any legal defenses available to it and/or other Indemnified Persons that are different or in addition to those available to
Parent, the Indemnified Person or Persons shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such Indemnified Person or Persons. Any Securitization
Indemnification Agreement shall provide that, the Indemnified Person shall instruct its counsel to maintain reasonably detailed billing records for fees and disbursements for which such Indemnified Person is seeking reimbursement hereunder and shall
submit copies of such detailed billing records to substantiate that such counsel’s fees and disbursements are solely related to the defense of a claim for which Parent is required hereunder to indemnify such Indemnified Person. Any
Securitization Indemnification Agreement shall provide that, Parent shall not be liable for the expenses of more than one (1) such separate counsel unless such Indemnified Person shall have reasonably concluded that there may be legal defenses
available to it that are different from or additional to those available to another Indemnified Person. 
 (d) Any Securitization
Indemnification Agreement shall provide that, without the prior written consent of Lender (which consent shall not be unreasonably withheld or delayed), Parent shall not settle or compromise or consent to the entry of any judgment in any pending or
threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not any Indemnified Person is an actual or potential party to such claim, action, suit or proceeding) unless Parent shall have given
Lender reasonable prior written notice thereof and shall have obtained an unconditional release of each Indemnified Person hereunder from all liability arising out of such claim, action, suit or proceedings and such settlement requires no statement
as to, or an admission of, fault, culpability or a failure to act, by or on behalf of each Indemnified Person. Any Securitization Indemnification Agreement shall provide that, as long as Parent has complied with its obligations to defend and
indemnify hereunder, Parent shall not be liable for any settlement made by any Indemnified Person without the consent of Parent (which consent shall not be unreasonably withheld or delayed). 

(e) Any Securitization Indemnification Agreement shall provide that, Parent will agree that if any indemnification or reimbursement described
in this Section 8.2 is finally judicially determined to be unavailable for any reason or is insufficient to hold any Indemnified Person harmless (with respect only to the Liabilities that are described in this
Section 8.2), then 

  
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Parent, on the one hand, and such Indemnified Person, on the other hand, shall contribute to the Liabilities for which such indemnification or reimbursement is held unavailable or is
insufficient: (i) in such proportion as is appropriate to reflect the relative benefits to Parent, on the one hand, and such Indemnified Person, on the other hand, from the transactions to which such indemnification or reimbursement relates; or
(ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)
but also the relative faults of Parent, on the one hand, and all Indemnified Persons, on the other hand, as well as any other equitable considerations. Any Securitization Indemnification Agreement shall provide that, notwithstanding the provisions
described in this Section 8.2, (A) no party found liable for a fraudulent misrepresentation shall be entitled to contribution from any other party who is not also found liable for such fraudulent misrepresentation, and
(B) Parent will agree that in no event shall the amount to be contributed by the Indemnified Persons collectively pursuant to this Section 8.2(e) exceed the amount of the fees actually received by the Indemnified Persons in connection
with the closing of the Loan. 
 (f) Any Securitization Indemnification Agreement shall provide that, Parent will agree that the
indemnification, contribution and reimbursement obligations set forth in this Section 8.2 shall apply whether or not any Indemnified Person is a formal party to any lawsuits, claims or other proceedings. Any Securitization
Indemnification Agreement shall provide that, Parent will further agree that the Indemnified Persons are intended third party beneficiaries under this Section 8.2. 

(g) Any Securitization Indemnification Agreement shall provide that, the liabilities and obligations of the Indemnified Persons and Parent
described in this Section 8.2 shall survive the termination of such Securitization Indemnification, this Agreement and the satisfaction and discharge of the Debt. 

(h) Notwithstanding anything to the contrary contained herein, none of Borrower or any of its Affiliates shall have any obligation to act as
depositor with respect to the Loan or an issuer or registrant with respect to the Securities issued in any Securitization. 

Section 8.3 Servicer. At the option of Lender, the Loan may be serviced by a master servicer, primary servicer, special
servicer and/or trustee (any such master servicer, primary servicer, special servicer, and trustee, together with its agents, nominees or designees, are collectively referred to as “Servicer”) selected by Lender and Lender may
delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to Servicer pursuant to a trust and servicing, pooling and servicing agreement, servicing agreement, special servicing agreement or other agreement
(including, without limitation, any Trust and Servicing Agreement) providing for the servicing of one or more mortgage loans (collectively, the “Servicing Agreement”) between Lender and Servicer. Borrower shall not be responsible
for any set-up fees or any other initial costs relating to or arising under the Servicing Agreement. Borrower shall not be responsible for payment of the monthly master servicing fee due to the Servicer under
the Servicing Agreement. Notwithstanding the foregoing, Borrower shall pay all Trust Fund Expenses. For the avoidance of doubt, this Section 8.3 shall not be deemed to limit Borrower’s obligations under
Section 9.15. 
 ARTICLE IX - MISCELLANEOUS 

  
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 Section 9.1 Successors. Except as otherwise provided in this Agreement,
whenever in this Agreement any of the parties to this Agreement is referred to, such reference shall be deemed to include the successors and permitted assigns of such party. All covenants, promises and agreements in this Agreement contained, by or
on behalf of Borrower, shall inure to the benefit of Lender and its successors and assigns. 
 Section 9.2
Lender’s Discretion; Rating Agency Review Waiver. 
 (a) Whenever pursuant to this Agreement Lender exercises
any right given to it to approve or disapprove any matter, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove such matter or to decide whether arrangements or terms are satisfactory or not
satisfactory shall (except as is otherwise specifically herein provided) be in the sole discretion of Lender and shall be final and conclusive. Prior to a Securitization, whenever pursuant to this Agreement the Approved Rating Agencies are given any
right to approve or disapprove any matter, or any arrangement or term is to be satisfactory to the Approved Rating Agencies, the decision of Lender to approve or disapprove such matter or to decide whether arrangements or terms are satisfactory or
not satisfactory, based upon Lender’s determination of Rating Agency criteria, shall be substituted therefor. 
 (b) Whenever, pursuant
to this Agreement or any other Loan Documents, a Rating Agency Confirmation is required from each Approved Rating Agency, in the event that any Approved Rating Agency “declines review”, “waives review” or otherwise indicates
to Lender’s or Servicer’s satisfaction that no Rating Agency Confirmation will or needs to be issued with respect to the matter in question (each, a “Review Waiver”), then the requirement to obtain a Rating Agency
Confirmation from such Approved Rating Agency shall not apply with respect to such matter; provided, however, if a Review Waiver occurs with respect to an Approved Rating Agency and Lender does not have a separate and
independent approval right with respect to the matter in question, then such matter shall require the written reasonable approval of Lender. It is expressly agreed and understood, however, that receipt of a Review Waiver (i) from any one
Approved Rating Agency shall not be binding or apply with respect to any other Approved Rating Agency and (ii) with respect to one matter shall not apply or be deemed to apply to any subsequent matter for which Rating Agency Confirmation is
required. 
 Section 9.3 Governing Law. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING
AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS (OTHER THAN ANY ACTION IN RESPECT OF THE CREATION, PERFECTION OR ENFORCEMENT OF A LIEN OR SECURITY INTEREST CREATED PURSUANT TO ANY LOAN
DOCUMENTS NOT GOVERNED BY THE LAWS OF THE STATE OF NEW YORK) MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW  

  
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YORK PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. BORROWER AND LENDER HEREBY (i) IRREVOCABLY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN
AN INCONVENIENT FORUM, (ii) IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING, AND (iii) IRREVOCABLY CONSENT TO SERVICE OF PROCESS BY MAIL, PERSONAL SERVICE OR IN ANY OTHER MANNER PERMITTED BY
APPLICABLE LAW, AT THE ADDRESS SPECIFIED IN SECTION 9.5 (AND AGREES THAT SUCH SERVICE AT SUCH ADDRESS IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER ITSELF IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT). 
 Section 9.4 Modification, Waiver in Writing. Neither this
Agreement nor any other Loan Document may be amended, changed, waived, discharged or terminated, nor shall any consent or approval of Lender be granted hereunder, unless such amendment, change, waiver, discharge, termination, consent or approval is
in writing signed by Lender. In addition, Lender shall not waive the requirement that the Closing Date GRC Certificate and the Closing Date WLT HOA Certificate be delivered on or prior to the making of the Loan. 

Section 9.5 Notices. All notices, consents, approvals and requests required or permitted hereunder or under any other Loan
Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested, or (b) expedited prepaid delivery service,
either commercial or United States Postal Service, with proof of attempted delivery, addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to
the other parties hereto in the manner provided for in this Section): 
  

			
	If to Lender:	  	Amherst SFR Lender, LLC
		  	5001 Plaza on the Lake, Suite 200
		  	Austin, Texas 78746
		  	Attention: General Counsel – Single Family Equity
		  	Email: jgatti@amherst.com
		
	with a copy to:	  	Mayer Brown LLP
		  	1221 Avenue of the Americas
		  	New York, New York 10020
		  	Attention: Paul Jorissen, Esq.
		  	Email: pjorissen@mayerbrown.com
		
	If to Borrower:	  	HOME SFR II Borrower, LLC
		  	Chief Administrative Officer
		  	36C Strand Street

  
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		  	Christiansted, USVI 00820
		  	Stephen.Gray@altisourceamc.com
		
	with a copy to:	  	Randall K. Mason
		  	36C Strand Street
		  	Christiansted, USVI 00820
		  	Randall.Mason@altisourceamc.com

 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of
registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery, upon the first attempted delivery on a Business Day. 

Section 9.6 Trial by Jury. LENDER AND BORROWER, TO THE FULLEST EXTENT THAT THEY MAY LAWFULLY DO SO, HEREBY AGREE NOT TO
ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION
ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY LENDER AND BORROWER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. LENDER AND BORROWER ARE EACH HEREBY INDIVIDUALLY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER. 

Section 9.7 Headings. The Article and Section headings in this Agreement are included in this Agreement for
convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
 Section 9.8
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

Section 9.9 Remedies of Borrower. If a claim is made that Lender or its agents have unreasonably delayed acting or acted
unreasonably in any case where by law or under this Agreement or the other Loan Documents, any of such Persons has an obligation to act promptly or reasonably, Borrower agrees that no such Person shall be liable for any monetary damages, and
Borrower’s sole remedy shall be limited to commencing an action seeking specific performance, injunctive relief and/or declaratory judgment; provided, however, that the forgoing shall not prevent Borrower from
obtaining a monetary judgment against Lender if it is determined by a court of competent jurisdiction that Lender acted with gross negligence, bad faith or willful misconduct. Notwithstanding anything herein to the contrary, Borrower shall not
assert, and hereby waives, any claim against Lender and/or its affiliates, directors, employees, 

  
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attorneys, agents or sub-agents, on any theory of liability, for special, indirect, consequential or punitive damages (whether or not the claim therefor is
based on contract, tort or duty imposed by any applicable Legal Requirement) arising out of, as a result of, or in any way related to, the Loan Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby or
referred to herein or therein, the transactions contemplated hereby or thereby, the Loan or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, and Borrower hereby waives, releases and agrees not to sue
upon any such claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. 

Section 9.10 Offsets. All payments made by Borrower hereunder or under the other Loan Documents shall be made irrespective
of, and without any deduction for, any offsets, counterclaims or defenses. 
 Section 9.11 No Joint Venture. Nothing in
this Agreement is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Borrower and Lender, or to grant Lender any
interest in any Property other than that of mortgagee or lender. 
 Section 9.12 Conflict; Construction of Documents. In
the event of any conflict between the provisions of this Agreement and the provisions of the other Loan Documents, the provisions of this Agreement shall prevail. The parties acknowledge that they were each represented by competent counsel in
connection with the negotiation, drafting and execution of the Loan Documents and that the Loan Documents shall not be subject to the principle of construing their meaning against the party that drafted same. 

Section 9.13 Brokers and Financial Advisors. Borrower represents that neither it nor Parent has dealt with
any financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement (other than Nomura Securities International, Inc., acting as placement agent on behalf of Lender),
and any commissions payable in connection with any such engagements by Borrower shall be paid solely by Borrower. Borrower shall indemnify and hold Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind in
any way relating to or arising from a claim by any Person that such Person acted on behalf of Borrower in connection with the transactions contemplated in this Agreement. The provisions of this Section shall survive the expiration and termination of
this Agreement and the repayment of the Indebtedness. 
 Section 9.14 Counterparts. This Agreement may be executed in any
number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. Copies of originals, including copies delivered by facsimile, pdf or other electronic
means shall have the same import and effect as original counterparts and shall be valid, enforceable and binding for the purposes of this Agreement. 

Section 9.15 General Indemnity; Payment of Expenses. 

(a) Borrower, at its sole cost and expense, shall protect, indemnify, reimburse, defend and hold harmless the Indemnified Persons for, from and
against any and all Damages of 

  
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any kind or nature whatsoever that may be imposed on, incurred by, or asserted against any of the Indemnified Person, in any way relating to or arising out of (i) the execution or delivery
of any Loan Document or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transaction, (ii) the use or proposed use of the proceeds of
the Loan 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, whether brought by a third party or by any Loan Party or any of
its Affiliates, and regardless of whether any Indemnified Person is a party thereto; provided, however, that no Indemnified Person shall have the right to be indemnified hereunder to the extent that such Damages have been found by a final judgment
of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Person. 
 (b) If
for any reason (including violation of law or public policy) the undertakings to defend, indemnify, pay and hold harmless set forth in this Section 9.15 are unenforceable in whole or in part or are otherwise
unavailable to an Indemnified Person or insufficient to hold it harmless, then Borrower shall contribute to the amount paid or payable by an Indemnified Person as a result of any Damages the maximum amount Borrower is permitted to pay under Legal
Requirements. The obligations of Borrower under this Section 9.15 will be in addition to any liability that Borrower may otherwise have hereunder and under the other Loan Documents. 

(c) To the extent any Indemnified Person has notice of a claim for which it intends to seek indemnification hereunder, such Indemnified Person
shall give prompt written notice thereof to Borrower, provided that failure by Lender to so notify Borrower will not relieve Borrower of its obligations under this Section 9.15, except to the extent that Borrower suffers
actual prejudice as a result of such failure. In connection with any claim for which indemnification is sought hereunder, Borrower shall have the right to defend the applicable Indemnified Person (if requested by the applicable Indemnified Person,
in the name of such Indemnified Person) from such claim by attorneys and other professionals reasonably approved by the applicable Indemnified Person. Upon assumption by Borrower of any defense pursuant to the immediately preceding sentence,
Borrower shall have the right to control such defense, provided that the applicable Indemnified Person shall have the right to reasonably participate in such defense and Borrower shall not consent to the terms of any compromise or
settlement of any action defended by Borrower in accordance with the foregoing without the prior consent of the applicable Indemnified Person, unless such compromise or settlement (i) includes an unconditional release of the applicable
Indemnified Person from all liability arising out of such action and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of the applicable Indemnified Person. The applicable
Indemnified Person shall have the right to retain its own counsel if (A) Borrower shall have failed to employ counsel reasonably satisfactory to the applicable Indemnified Person in a timely manner, or (B) the applicable Indemnified Person
shall have been advised by counsel that there are actual or potential material conflicts of interest between Borrower and the applicable Indemnified Person, including situations in which there are one or more legal defenses available to the
applicable Indemnified Person that are different from or additional to those available to Borrower. So long as Borrower is conducting the defense of any action defended by Borrower in accordance with the foregoing in a prudent and commercially
reasonable manner, Lender and the applicable 

  
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Indemnified Person shall not compromise or settle such action defended without Borrower’s consent, which shall not be unreasonably withheld or delayed. Upon demand, Borrower shall pay or, in
the sole discretion of the applicable Indemnified Person, reimburse the applicable Indemnified Person for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals
retained by the applicable Indemnified Person in accordance with this Section 9.15 in connection with defending any claim subject to indemnification hereunder. 

(d) Any amounts payable to Lender by reason of the application of this Section 9.15 shall be secured by the Mortgages
and shall become immediately due and payable and shall bear interest at the Default Rate from the date Damages are sustained by the Indemnified Person until paid. 

(e) The provisions of and undertakings and indemnification set forth in this Section 9.15 shall survive the
satisfaction and payment in full of the Indebtedness and termination of this Agreement. 
 (f) Borrower covenants and agrees to pay or, if
Borrower fails to pay, to reimburse, Lender upon receipt of written notice from Lender for all reasonable and customary costs and expenses (including reasonable attorneys’ fees and expenses) incurred by Lender in connection with
(i) the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby (other than any Securitization) and all the costs of furnishing all
opinions by counsel for Borrower (including without limitation any opinions requested by Borrower as to any legal matters arising under this Agreement or the other Loan Documents with respect to the Property, other than in connection with any
Securitization); (ii) Borrower’s ongoing performance of and compliance with Borrower’s respective agreements and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the
Closing Date, including, without limitation, confirming compliance with environmental and insurance requirements; (iii) Lender’s ongoing performance and compliance with all agreements and conditions contained in this Agreement and the
other Loan Documents on its part to be performed or complied with after the Closing Date (other than those contemplated by the provisions of Article VIII); (iv) the negotiation, preparation, execution, delivery and administration of any
consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents and any other documents or matters requested by Borrower (other than as contemplated by Article VIII); (v) securing Borrower’s
compliance with any requests made pursuant to the provisions of this Agreement (other than those contemplated by the provisions of Article VIII); (vi) the reasonable filing and recording fees and expenses, title insurance and reasonable
fees and expenses of counsel for providing to Lender all required legal opinions (other than those contemplated by the provisions of Article VIII), and other similar expenses incurred in creating and perfecting the Liens in favor of Lender
pursuant to this Agreement and the other Loan Documents (other than those contemplated by the provisions of Article VIII); (vii) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any
action or proceeding or other litigation, in each case against, under or affecting Borrower, this Agreement, the other Loan Documents, the Properties, or any other security given for the Loan; and (ix) enforcing any obligations of or collecting
any payments due from Borrower under this Agreement, the other Loan Documents or 

  
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with respect to the Properties including Trust Fund Expenses associated therewith, or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement
(other than those contemplated by the provisions of Article VIII) in the nature of a “work-out” or of any insolvency or bankruptcy proceedings or any other amounts required under
Section 8.3; provided, however, that Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts,
fraud or willful misconduct of Lender. Any cost and expenses due and payable to Lender may be paid from any amounts in the Cash Management Account. 

Section 9.16 No Third-Party Beneficiaries. This Agreement and the other Loan Documents are solely for the benefit of Lender
and Borrower, and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender, Borrower and Indemnified Person any right to insist upon or to enforce the performance or observance of any of
the obligations contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender, and no other Person shall have standing to require satisfaction of such
conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof, and no other Person shall under any circumstances be deemed to be a beneficiary
of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable or desirable to do so. Notwithstanding the foregoing, Borrower expressly acknowledges and
agrees that any assignee, transferee or pledgee pursuant to Section 8.1.1(a)(ii) of this Agreement of which it has received written notice is an intended third-party beneficiary of this Agreement. 

Section 9.17 Exculpation of Lender. Lender neither undertakes nor assumes any responsibility or duty to Borrower or any
other party to select, review, inspect, examine, supervise, pass judgment upon or inform Borrower or any third party of (a) the existence, quality, adequacy or suitability of Broker Price Opinions of the Properties or other Collateral,
(b) any environmental report, or (c) any other matters or items, including engineering, soils and seismic reports that are contemplated in the Loan Documents. Any such selection, review, inspection, examination and the like, and any other
due diligence conducted by Lender, is solely for the purpose of protecting Lender’s rights under the Loan Documents, and shall not render Lender liable to Borrower or any third party for the existence, sufficiency, accuracy, completeness or
legality thereof. 
 Section 9.18 No Fiduciary Duty. 

(a) Borrower acknowledges that, in connection with this Agreement, the other Loan Documents and the Transaction, Lender has relied upon and
assumed the accuracy and completeness of all of the financial, legal, regulatory, accounting, tax and other information provided to, discussed with or reviewed by Lender for such purposes, and Lender does not assume any liability therefor or
responsibility for the accuracy, completeness or independent verification thereof. Lender, its affiliates and their respective equityholders and employees (for purposes of this Section, the “Lending Parties”) have no obligation
to conduct any independent evaluation or appraisal of the assets or liabilities (including any contingent, 

  
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derivative or off-balance sheet assets and liabilities) of Parent, Borrower or any other Person or any of their respective affiliates or to advise or opine
on any related solvency or viability issues. 
 (b) It is understood and agreed that (i) the Lending Parties shall act under this
Agreement and the other Loan Documents as an independent contractor, (ii) the Transaction is an arm’s-length commercial transaction between the Lending Parties, on the one hand, and Borrower, on the
other, (iii) each Lending Party is acting solely as principal and not as the agent or fiduciary of Borrower, Parent or their respective affiliates, stockholders, employees or creditors or any other Person and (iv) nothing in this
Agreement, the other Loan Documents, the Transaction or otherwise shall be deemed to create (A) a fiduciary duty (or other implied duty) on the party of any Lending Party to Parent, Borrower, any of their respective affiliates,
stockholders, employees or creditors, or any other Person or (B) a fiduciary or agency relationship between Parent, Borrower or any of their respective affiliates, stockholders, employees or creditors, on the one hand, and the Lending Parties,
on the other. Borrower agrees that neither it nor Parent nor any of their respective affiliates shall make, and hereby waives, any claim against the Lending Parties based on an assertion that any Lending Party has rendered advisory services of any
nature or respect, or owes a fiduciary or similar duty to Borrower, Parent or their respective affiliates, stockholders, employees or creditors. Nothing in this Agreement or the other Loan Documents is intended to confer upon any other Person
(including affiliates, stockholders, employees or creditors of Borrower and Parent) any rights or remedies by reason of any fiduciary or similar duty. 

(c) Borrower acknowledges that it has been advised that the Lending Parties are a financial services firm engaged, either directly or through
affiliates in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for
both companies and individuals. In the ordinary course of these activities, the Lending Parties may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial
instruments (including loans) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and
instruments of affiliates of Borrower, including Parent, as well as of other Persons that may (i) be involved in transactions arising from or relating to the Transaction, (ii) be customers or competitors of Borrower, Parent and/or their
respective affiliates, or (iii) have other relationships with Borrower, Parent and/or their respective affiliates. In addition, the Lending Parties may provide investment banking, underwriting and financial advisory services to such other
Persons. The Lending Parties may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles
managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of affiliates of Borrower, including Parent, or such other Persons. The Transaction may have a direct or indirect impact on the
investments, securities or instruments referred to in this Section 9.18(c). Although the Lending Parties in the course of such other activities and relationships may acquire information about the Transaction or other Persons that may be the
subject of the Transaction, the Lending Parties shall have no obligation to disclose such information, or the fact that the Lending Parties are in possession of such information, to Borrower, Parent or any of their respective affiliates or to use
such information on behalf of Borrower, Parent or any of their respective affiliates. 

  
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 (d) Borrower acknowledges and agrees that Borrower has consulted its own legal and financial
advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to this Agreement, the other Loan Documents, the Transaction and the process leading thereto. 

Section 9.19 Patriot Act Records. Lender hereby notifies Borrower that pursuant to the requirements of the Patriot Act, it
is required to obtain, verify and record information that identifies Borrower and Parent, which information includes the name and address of Borrower and Parent and other information that will allow Lender to identify Borrower or Parent in
accordance with the Patriot Act. 
 Section 9.20 Prior Agreements. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS CONTAIN
THE ENTIRE AGREEMENT OF THE PARTIES WITH RESPECT TO THE LOAN, AND ALL PRIOR AGREEMENTS AMONG OR BETWEEN SUCH PARTIES, WHETHER ORAL OR WRITTEN, INCLUDING ANY TERM SHEETS, CONFIDENTIALITY AGREEMENTS AND COMMITMENT LETTERS, ARE SUPERSEDED BY THE TERMS
OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT THAT THE PURCHASE AGREEMENT AND ANY ORIGINATION FEE SPECIFIED IN ANY TERM SHEET, COMMITMENT LETTER OR FEE LETTER SHALL BE AN OBLIGATION OF BORROWER AND SHALL BE PAID AT CLOSING, AND ANY
INDEMNIFICATIONS, FLEX PROVISION, EXIT FEES AND THE LIKE PROVIDED FOR THEREIN SHALL SURVIVE THE CLOSING). 
 Section 9.21
Publicity. All news releases, publicity or advertising by Borrower or its Affiliates through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender,
any placement agents or any of their Affiliates (with respect to the Loan and any Securitization of the Loan only) shall be subject to the prior written approval of Lender and any placement agents in their sole discretion. Subject to prior
consent of Borrower, Lender shall have the right to publicly describe the Loan in general terms advertising and public communications of all kinds, including press releases, direct mail, newspapers, magazines, journals, e-mail, or internet advertising or communications. Details such as the addresses of the Properties, the amount of the Loan, the date of the closing and descriptions of the size/locations of the Properties shall only
be included subject to Borrower’s approval in advance. Notwithstanding the foregoing, Borrower’s approval shall not be required for the publication by Lender of notice of the Loan and any Securitization of the Loan by means of a customary
tombstone advertisement, which, for the avoidance of doubt, may include the amount of the Loan, the amount of securities sold, the number of Properties as of the Closing Date, the settlement date and the parties involved in the transactions
contemplated hereby and any Securitization. 
 Section 9.22 Delay Not a Waiver. Neither any failure nor any delay on the
part of Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, under any other Loan Document, or under any other instrument given as
security therefor, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of
limitation, by accepting payment after the due date of any amount payable hereunder or under 

  
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any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement, the Note or the other Loan
Documents, or to declare a default for failure to effect prompt payment of any such other amount. 
 Section 9.23 Schedules and
Exhibits Incorporated. The Schedules and Exhibits annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof. 

Section 9.24 Document Delivery. Borrower will deliver to Lender all documents required to be delivered under this
Agreement in an electronic format reasonably agreed by Lender and Borrower. 
 Section 9.25 Cross Default; Cross
Collateralization; Waiver of Marshalling of Assets. 
 (a) Borrower acknowledges that Lender has made the Loan to Borrower upon the
security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of each Property taken separately. Borrower agrees that the
Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under each of the other Mortgages which secure the Note;
(ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; (iii) each Mortgage shall constitute security for the Note as if a single blanket lien were placed on all of the Properties
as security for the Note; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance. 

(b) To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the
assets of Borrower, Equity Owner and others with interests in Borrower, and of the Properties, or to a sale in inverse order of alienation in the event of foreclosure of all or any of the Mortgages, and agrees not to assert any right under any laws
pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan
Documents to a sale of the Properties for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Properties in preference to every other
claimant whatsoever. In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Mortgages, any equitable right otherwise available to Borrower which would require the separate sale
of the Properties or require Lender to exhaust its remedies against any Property or any combination of the Properties before proceeding against any other Property or combination of Properties; and further in the event of such foreclosure Borrower
does hereby expressly consents to and authorizes, at the option of Lender, the foreclosure and sale either separately or together of any combination of the Properties. 

Section 9.26 Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the
certificates delivered pursuant hereto shall survive the 

  
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making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid unless a
longer period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such
party. All covenants, promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 

Section 9.27 State Specific Provisions. 

9.27.1 Florida. The following Florida provision does not limit the express choice of New York law set forth in
Section 9.3 of this Agreement and as set forth in the other Loan Documents, and is set forth herein, if and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan
Documents, Florida law is held to govern this Agreement, any Mortgage Document encumbering a Property located in Florida or any other Loan Document: 

(a) The parties acknowledge and agree that the Default Rate provided for herein shall also be the rate of interest payable on any judgments
entered in favor of Lender in connection with the loan evidenced hereby. 
 9.27.2 Georgia. The following Georgia provisions
are not intended to, and do not, limit the express choice of New York law set forth in Section 9.3 of this Agreement and as set forth in the other Loan Documents, and are set forth herein, if and to the extent that,
notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents, Georgia law is held to govern any Mortgage encumbering a Property located in Georgia or any other Loan Document: 

(a) Notwithstanding anything contained in this Agreement or any other Loan Document, in any instance where Borrower or any other Relevant Party
is required to reimburse Lender for any legal fees or expenses incurred by Lender or Servicer, (i) “reasonable attorneys’ fees,” “reasonable counsel’s fees,” “attorneys’ fees” and other words of similar
import, are not, and shall not be statutory attorneys’ fees under O.C.G.A. § 13-1-11, (ii) if, under any circumstances a Relevant Party is required to pay any
or all of Lender’s or Servicer’s attorneys’ fees and expenses, howsoever described or referenced, such Relevant Party shall be responsible only for reasonable legal fees and out of pocket expenses actually incurred by Lender or
Servicer at customary hourly rates actually charged to Lender or Servicer for the work done, and (iii) no Relevant Party shall be liable under any circumstances for additional attorneys’ fees or expenses, howsoever described or referenced,
under O.C.G.A. § 13-1-11. 
 9.27.3
Indiana. The following Indiana provisions are not intended to, and do not, limit the express choice of New York law set forth in Section 9.3 of this Agreement and as set forth in the other Loan Documents, and are
set forth herein, if and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents, Indiana law is held to govern any Mortgage encumbering a Property located in Indiana or any other
Loan Document: 

  
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 (a) Borrower waives, to the extent not prohibited by the laws of the State of Indiana, the
benefit of all laws now existing or that hereafter may be enacted providing for any appraisement or valuation of any portion of the Property. 

(b) The phrase “attorneys’ fees”, when used herein or in the other Loan Documents shall include any and all attorneys’,
paralegals’ and law clerks’ fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels incurred or paid by Lender in protecting its
interest in the Property, or any part thereof and enforcing its rights hereunder. 
 (c) The term “Obligations” as defined in this
Agreement shall include, without limitation, any judgment(s) or final decree(s) rendered to collect any money obligations of Borrower to Lender and/or to enforce the performance or collection of all covenants, agreements, other obligations and
liabilities of Borrower under this Agreement or any or all of the Loan Documents; provided, however, such Obligations shall not include any judgment(s) or final decree(s) rendered in another jurisdiction, which
judgment(s) or final decree(s) would be unenforceable by an Indiana Court pursuant to Ind. Code §34-54-3-4. 

(d) IT IS EXPRESSLY AGREED AND UNDERSTOOD BY BORROWER THAT THIS AGREEMENT INCLUDES INDEMNIFICATION PROVISIONS WHICH, IN CERTAIN CIRCUMSTANCES,
INCLUDE AN INDEMNIFICATION BY BORROWER OF AN INDEMNIFIED PERSON FROM CLAIMS OR LOSSES ARISING AS A RESULT OF SUCH INDEMNIFIED PERSON’S SOLE NEGLIGENCE. 

9.27.4 Kansas. The following Kansas provisions are not intended to, and do not, limit the express choice of New York law set
forth in Section 9.3 of this Agreement and as set forth in the other Loan Documents, and are set forth herein, if and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the
other Loan Documents, Kansas law is held to govern any Mortgage encumbering a Property located in Kansas or any other Loan Document: 
 (a)
THIS LOAN AGREEMENT, TOGETHER WITH THE LOAN DOCUMENTS, ARE THE FINAL EXPRESSION OF THE AGREEMENT BETWEEN THE LENDER AND THE BORROWER AND MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR OR CONTEMPORANEOUS ORAL AGREEMENT BETWEEN LENDER AND BORROWER.
THE PARTIES HEREBY ACKNOWLEDGE AND AFFIRM THAT NO UNWRITTEN ORAL CREDIT AGREEMENT BETWEEN THE PARTIES EXISTS. 
 (b) Notwithstanding anything
contained in this Agreement or any other Loan Document, in any instance where Borrower or any other Relevant Party is required to reimburse Lender for any legal fees or expenses incurred by Lender or Servicer, “reasonable attorneys’
fees,” “reasonable counsel’s fees,” “attorneys’ fees” and other words of similar import, shall not include (i) costs incurred by a salaried employee of Lender or its assignee or (ii) the recovery of both
attorneys’ fees and collection agency fees. 
 9.27.5 Missouri. The following Missouri provisions are not intended to,
and do not, limit the express choice of New York law set forth in Section 9.3 of this Agreement and as set 

  
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forth in the other Loan Documents, and are set forth herein, if and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents,
Missouri law is held to govern any Mortgage encumbering a Property located in Missouri or any other Loan Document: 
 (a) Statutory Notice
- Oral Commitments. Borrower has read and understands the following notice pursuant to Section 432.047 of the Missouri Revised Statutes: 

Oral or unexecuted agreements or commitments to loan money, extend credit or to forbear from enforcing repayment of a debt including promises
to extend or renew such debt are not enforceable, regardless of the legal theory upon which it is based that is in any way related to the credit agreement. To protect you (borrower(s)) and us (creditor) from misunderstanding or disappointment, any
agreements we reach covering such matters are contained in this writing, which is the complete and exclusive statement of the agreement between us, except as we may later agree in writing to modify it. 

(b) For purposes of the foregoing subsection (a) “borrower” is the Borrower, “creditor” is Lender and the “credit
agreement” is the Loan Agreement. 
 9.27.6 North Carolina. The following North Carolina provisions are not intended to,
and do not, limit the express choice of New York law set forth in Section 9.3 of this Agreement and as set forth in the other Loan Documents, and are set forth herein, if and to the extent that, notwithstanding the choice
of law provisions contained in this Agreement and the other Loan Documents, North Carolina law is held to govern any Mortgage encumbering a Property located in North Carolina or any other Loan Document: 

(a) Notwithstanding anything contained in this Agreement or any other Loan Document, in any instance where Borrower or any other Relevant Party
is required to reimburse Lender for any legal fees or expenses incurred by Lender or Servicer, (i) “reasonable attorneys’ fees,” “reasonable counsel’s fees,” “attorneys’ fees” and other words of similar
import, are not, and shall not be statutory attorneys’ fees under NCGS § 6.21.2 , (ii) if, under any circumstances a Relevant Party is required to pay any or all of Lender’s or Servicer’s attorneys’ fees and expenses,
howsoever described or referenced, such Relevant Party shall be responsible only for reasonable legal fees and out of pocket expenses actually incurred by Lender or Servicer at customary hourly rates actually charged to Lender or Servicer for the
work done, and (iii) no Relevant Party shall be liable under any circumstances for additional attorneys’ fees or expenses, howsoever described or referenced, under NCGS § 6.21.2. 

9.27.7 Tennessee. The following Tennessee provision is not intended to, and does not, limit the express choice of New York law
set forth in Section 9.3 of this Agreement and as set forth in the other Loan Documents, and are set forth herein, if and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the
other Loan Documents, Tennessee law is held to govern any Mortgage encumbering a Property located in Tennessee or any other Loan Document: 

(a) The provisions of the Loan Documents as to payment of attorneys’ fees and expenses of collection (i) will be subject to the
discretion of the court as to the award and the 

  
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amount of attorneys’ fees, and (ii) may be subject to T.C.A § 20-12-119(c), which requires a court
to award certain litigation costs and reasonable and necessary attorneys’ fees, up to $10,000, to the successful party if the court grants a motion to dismiss pursuant to Rule 12 of the Tennessee Rules of Civil Procedure for failure to state a
claim upon which relief may be granted. 
 Section 9.28 Preferences. Lender shall have the continuing and exclusive right
to apply or reverse and reapply any and all payments by Borrower to any portion of the obligations of Borrower hereunder. To the extent Borrower makes a payment or payments to Lender, which payment or proceeds or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment
or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender. 

Section 9.29 Waiver of Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Lender except
with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal
Requirements, permitted to waive the giving of notice. Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the other Loan Documents do not specifically and expressly
provide for the giving of notice by Lender to Borrower. 
 ARTICLE X - AGENT 

Section 10.1 Appointment and Authority. Each of the Lenders hereby irrevocably appoints Amherst SFR Lender, LLC to act on
its behalf as the Agent hereunder and under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise the powers and perform the duties of the Lender by the terms hereof or thereof, together with such
actions and powers as are reasonably incidental thereto. The provisions of this Article X are solely for the benefit of the Agent and the Lenders, and neither the Borrower nor any other Loan Party shall have any rights as a third-party beneficiary
of any of such provisions.  
 Section 10.2 Rights as a Lender. The Person serving as the Agent hereunder
shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or
unless the context otherwise requires, include the Person serving as the Agent hereunder in its individual capacity.  

Section 10.3 Exculpatory Provisions. (a) Agent shall not have any duties or obligations except those expressly set
forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Agent: 
  

	 	(i)	shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; and 

  
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	 	(ii)	shall not have any duty to take any discretionary action or exercise any discretionary power, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is
required to exercise as directed in writing by the Lenders. 

 (b) The Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance or observance of any covenant, agreement or other term or condition set forth herein or therein or the occurrence of any Default, or (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document. 

Section 10.4 Reliance by Agent. The Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed,
sent or otherwise authenticated by the proper Person. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of a Loan, that by its terms, must be fulfilled to the satisfaction of a Lender, the Agent may presume that such condition is satisfactory to such Lender unless the Agent shall have
received notice to the contrary from such Lender prior to the making of the Loan. The Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it and shall not be liable for
any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 Section 10.5
Delegation of Duties. The Agent may perform any and all of its duties and exercise its rights and powers under this Agreement or under any other Loan Document by or through any one or more
sub-agents appointed by the Agent. 
 Section 10.6 Resignation of Agent. The
Agent may at any time give notice of its resignation to each Lender and the Borrower. Whether or not a successor has been appointed by the Lenders, such resignation shall become effective in accordance with such notice. 

Section 10.7 Enforcement. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan
Document, the authority to enforce rights and remedies in this Agreement and under the other Loan Documents against any Loan Party shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be
instituted and maintained exclusively by, the Agent in accordance with Section 10.1 for the benefit of Lender; provided that the foregoing shall not prohibit (a) any Lender from enforcing its right to payment when due
of the principal of and interest on its portion of the Loan made by such Lender and other amounts owing to such Lender under the Loan Documents or (b) any Lender from exercising setoff rights in accordance with the terms of the Loan Documents.

  
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 Section 10.8 Collateral and Guaranty Matters. (a) Notwithstanding anything
herein to the contrary, the Lenders irrevocably authorize the Agent, at its option and in its discretion to release any Lien on any property granted to or held by the Agent under any Loan Document to the extent required or permitted under the Loan
Documents. 
 (b) Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the
existence, value or collectability of any Collateral, the existence, priority or perfection of the Lender’s Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Agent be responsible or liable to the
Lenders for any failure to monitor or maintain any portion of the Collateral. 
 Section 10.9 Borrower-Agent Interaction.

 (a) Notwithstanding anything herein to the contrary, any consent required by Borrower from Lender under this Agreement shall only
require the consent of the Agent, 
 (b) any notices to be provided to Lender under this Agreement shall be deemed provided when provided to
the Agent, and 
 (c) all provisions that provide and allow Lender to apply funds in the accounts provided herein, are to be applied only by
Agent. 
 Section 10.10 Non-Survival of Agency Provisions. Notwithstanding
anything to the contrary herein, in the event that the interests of the Agent and the Lender shall hereafter be assigned to a single successor lender, then all the rights, powers and privileges of the Agent set forth herein and in the other Loan
Documents with respect to the Loan Parties shall be vested in and inure to the benefit of such successor lender, and all references and provisions herein or in any other Loan Document regarding the duties owing by the Agent to the Lender or the
duties owing by the Lender to the Agent shall, upon such assignment, be of no further force and effect. 
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INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their duly authorized representatives, all as of the day and year first above written. 
  

			
	BORROWER:
	
	 HOME SFR BORROWER II, LLC,
 a
Delaware limited liability company

		
	By:	 	/s/ Stephen H. Gray
	Name: Stephen H. Gray
	Title: Vice President

  
 154 

 
			
	LENDER:
	
	VACA MORADA PARTNERS, LP, a Delaware limited partnership
	
	By: VACA MORADA GP, LLC, its General Partner
		
	By:	 	/s/ Joseph V. Gatti
	Name: Joseph V. Gatti
	Title: Vice President and Secretary

  
 155 

 
			
	LENDER:
	
	MSR II, L.P., a Delaware limited partnership
	
	By: MSR II GP, LLC, its General Partner
		
	By:	 	/s/ Joseph V. Gatti
	Name: Joseph V. Gatti
	Title: Vice President and Secretary

  
 156 

 
			
	AGENT:
	
	 AMHERST SFR LENDER, LLC,
 a
Delaware limited liability company

	
	By: Amherst Holdings, LLC, its Manager
		
	By:	 	/s/ Scot Hughes
	Name: Scot Hughes
	Title: Executive Vice President and Secretary

  
 157

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