Document:

EX-10.11

 Exhibit 10.11 

PURCHASE AND SALE AGREEMENT 

by and between 

Farrington Lake Apartments NF L.P. 

as Seller 
 and 

RRE Opportunity OP II, LP 

as Purchaser 

 PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”), dated as of April 20, 2015 (the “Effective Date”), is made by
and between Farrington Lake Apartments NF L.P., f/k/a SH Apartments NF L.P., a Delaware limited partnership (“Seller”), and RRE Opportunity OP II, LP, a Delaware limited partnership (“Purchaser”). 

In consideration of the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows: 
 SECTION 1. PURCHASE AND SALE 

1.1 Purchase and Sale. Subject to the terms and conditions of this Agreement, Seller hereby agrees to sell, transfer and convey to
Purchaser, and Purchaser hereby agrees to purchase from Seller, all of Seller’s right, title and interest in and to that certain parcel of land (the “Land”) located in Chapel Hill, North Carolina, being more particularly described on
Exhibit A attached hereto and made a part hereof, together with all buildings, structures and improvements thereon (the “Improvements”), certain tangible personal property (the “Tangible Property”) and certain intangible property
(the “Intangible Property” and together with the Tangible Property, the “Personal Property”) owned by Seller and used in connection with Seller’s maintenance and operation of the Land and Improvements, all leases and other
occupancy agreements affecting the Land and the Improvements (collectively, the “Leases”) set forth on the rent roll attached as Schedule 3 (the “Rent Roll”) and made a part hereof together with all security deposits paid
to Seller under the Leases, to the extent in Seller’s possession at Closing, and all Service Contracts other than the Terminated Contracts (each, as defined in Section 3.2) (the Land, the Improvements, the Personal Property, the
Leases and the Service Contracts other than the Terminated Contracts, herein collectively called the “Property”). 
 SECTION
2. PURCHASE PRICE 
 2.1 The purchase price for the Property shall be Forty-Six Million Seven Hundred Fifty Thousand Dollars
($46,750,000.00) (the “Purchase Price”), which shall be paid as follows: 
 (a) Within two (2) business days following the
execution and delivery of this Agreement by Seller and Purchaser, Purchaser shall deposit with Fidelity National Title Insurance Company (the “Escrow Agent” or the “Title Company”), the amount of One Million Dollars
($1,000,000.00), which shall be held by the Escrow Agent in an interest bearing account. Such amount as shall have been deposited with the Escrow Agent pursuant to this Section 2.1, and all interest earned thereon are referred to herein
collectively as the “Deposit.” The Deposit will be held pursuant to the provisions of this Agreement and subject thereto shall be paid to the Seller at Closing. At the same time as the delivery of the Deposit to the Escrow Agent, Purchaser
shall deliver to the Escrow Agent, for immediate release to Seller an additional sum of $100.00 (the “Independent Consideration Amount”), which amount has been bargained for and agreed to as independent consideration for granting to
Purchaser, in accordance with this Agreement, the right to purchase the Property and the Inspection Period. The Independent Consideration Amount is in addition to and independent of all other consideration provided in this Agreement, and is

 
nonrefundable in all events. Purchaser acknowledges and agrees that the Deposit is non-refundable in all events, except in the event that Purchaser terminates this Agreement (x) prior to the
expiration of the Inspection Period and the Property is subject to: (a) a Material Environmental Issue (i.e. the Phase I ordered by Purchaser reveals a material adverse change from the condition of the property shown in the Existing Phase I
Report (as defined on Schedule 1) and the Phase I report recommends a Phase II) or (b) a zoning matter which materially adversely affects Purchaser’s ability to operate the Property as a multi-family property that either complies with all
applicable zoning ordinances or constititutes a pre-existing non-conforming use and would cause a lender to refuse to provide financing for the acquisition of the Property, or an encumbrance or defect in title or survey that (i) materially
adversely affects Purchaser’s ability to own and operate the Property, or (ii) would cause a lender to refuse to provide financing for the acquisition of the Property (each, a “Material Title Defect”), or (y) pursuant to
Section 6 or Section 7.1 hereof. 
 (b) The balance of the Purchase Price (i.e. the Purchase Price less the
Deposit), plus or minus other adjustments required under this Agreement, shall be paid at Closing by wire transfer of funds in such amount in accordance with the written instructions delivered by Seller to Purchaser. 

SECTION 3. DELIVERIES, INSPECTION AND REPRESENTATIONS 

3.1 Delivery Obligations. 

Seller has delivered to Purchaser, copies of the items more particularly described on Schedule 1 hereto, to the extent, if any, in
Seller’s Possession; as used in this Agreement, the term “Seller’s Possession” or “Possession of Seller” shall mean and include documents maintained in Seller’s files located at Seller’s offices, at the
Property or with Seller’s managing agent for the Property. At Purchaser’s request, Seller shall deliver the items listed in (1)-(8), and (10) of Schedule 1 for the period March 1, 2015- March 31, 2015 on or prior to the
Closing Date, provided however, if Seller fails to do so it shall not be a default and this obligation will survive Closing. 
 3.2
Inspection Period. 
 (a) Notwithstanding any provision of this Agreement to the contrary, this Agreement and the obligations of
Purchaser hereunder are contingent upon Purchaser determining the suitability of the Property in Purchaser’s sole discretion. Purchaser and Purchaser’s Representatives (as hereinafter defined) shall have a period from the date hereof until
5:00 P.M. New York time on May 4, 2015 (the “Inspection Period”) to examine the Property. Seller shall provide Purchaser and Purchaser’s Representatives reasonable access to the Property during business hours, from time to time,
to conduct its due diligence on the Property, subject to the rights of tenants, and Purchaser shall not under any circumstances compromise or affect the structural integrity of the Property. Purchaser must obtain Seller’s prior written approval
of the scope and method of any physically intrusive inspection, testing or investigation of the Property (other than a Phase I environmental inspection) including, but without limitation, any inspection which would involve taking subsurface borings
or related investigations, and any inspection which would alter the physical condition of the Property. Seller and its representatives, agents, 

  
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and/or contractors shall have the right to be present during any testing, investigation, or inspection of the Property. In no event shall Purchaser or any of its agents, representatives or
independent contractors contact any tenant at the Property, any governmental agencies having jurisdiction over the Property (except for a status of notices of violations, if any, and a confirmation of the zoning status of the Property and the
existence of the certificates of occupancy or their equivalent), or Seller’s vendors directly without Seller’s prior written approval. As soon as reasonably practicable following execution and delivery of this Agreement, Purchaser shall,
at Purchaser’s sole cost and expense, obtain a non-invasive Phase I environmental inspection of the Property (the “Phase I”). If prior to the expiration of the Inspection Period, Purchaser determines that the Property is not suitable
to Purchaser for any reason or for no reason, then Purchaser shall give written notice thereof (the “Termination Notice”) to Seller and the Escrow Agent prior to the close of business of the last day of the Inspection Period, and
(x) if the Property has a Material Environmental Issue, a specific description of such issue together with a copy of the Phase I report, and (y) if the Property has a Material Title Defect, a specific description of such defect (each of
(x) and (y), as applicable, a “Defect Statement”). If Purchaser timely advises Seller and the Escrow Agent that it elects not to proceed with this transaction, and Purchaser fails to deliver together with the Termination Notice the
required Defect Statement, the Escrow Agent shall deliver the Deposit to Seller, provided however, if Purchaser delivers a Defect Statement together with the Termination Notice and the Property has either a Material Environmental Issue or a Material
Title Defect as reasonably determined by Purchaser and Seller following receipt of the Termination Notice and the Defect Statement, the Deposit shall be delivered to Purchaser, and thereafter this Agreement shall be terminated and neither party
shall have any further rights or obligations hereunder except for such obligations which are expressly stated herein to survive the Closing or termination of this Agreement (the “Surviving Obligations”). TIME SHALL BE OF THE ESSENCE with
respect to this Section 3.2(a), and if the Termination Notice shall not be timely given to the Seller and the Escrow Agent by the expiration of the Inspection Period, this Agreement shall remain in full force and effect in accordance
with its terms. 
 On or before the expiration of the Inspection Period, Purchaser may deliver written notice to Seller (the “Service
Contracts Notice”) specifying any service or maintenance agreements relating to the maintenance and operation of the Property (collectively, the “Service Contracts”) with respect to which Purchaser desires to have Seller deliver
notices of termination at the Closing (the “Terminated Contracts”); provided that (i) the effective date of such termination after Closing shall be subject to the express terms of such Terminated Contracts, (ii) if any such
Service Contract cannot by its terms be terminated, it shall be assumed by Purchaser and not be a Terminated Contract, (iii) to the extent that any such Terminated Contract requires payment of a penalty or premium for cancellation, Purchaser
shall pay any cancellation fees or penalties, and (iv) Purchaser shall not be obligated to assume any Service Contract for which the required consent to assignment was not obtained by Closing or a copy was not provided to Purchaser during the
Inspection Period. If Purchaser fails to deliver the Service Contracts Notice on or before the expiration of the Inspection Period, there shall be no Terminated Contracts and Purchaser shall assume all Service Contracts at the Closing. 

(b) Purchaser agrees that, prior to undertaking any right of access to the Property, Purchaser and Purchaser’s agents accessing the
Property will obtain with a company licensed to do business in the state where the Property is located Statutory Workers Compensation and 

  
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Employers Liability insurance for all of Purchaser’s employees, and not less than Three Million and 00/100 ($3,000,000.00) Dollars comprehensive general liability insurance with a
contractual liability endorsement, which insures Purchaser’s indemnity obligations hereunder and which names Seller and, if applicable, Seller’s property manager at the Property, as insureds thereunder, insuring all activity and conduct of
Purchaser and Purchaser’s Representatives (as hereinafter defined) while exercising any right of access to the Property. A copy of such certificate evidencing same (any such certificate to provide detailed information as to the coverages
provided by the underlying policy(ies)) shall be provided by Purchaser to Seller prior to undertaking any inspections under this Agreement. Such insurance coverage shall be maintained by Purchaser for a period of no less than one (1) year after
the Closing or any termination of this Agreement for any reason. Purchaser represents and warrants that it carries not less than Three Million ($3,000,000) Dollars commercial general liability insurance with contractual liability endorsement which
insures Purchaser’s indemnity obligations. 
 (c) All information provided by Seller to Purchaser or obtained by Purchaser relating to
the Property in the course of Purchaser’s review, including, without limitation, any environmental assessment or audit, if any (collectively, the “Reports”) shall be treated as confidential information by Purchaser and Purchaser shall
instruct all of its employees, agents, representatives, contractors, equity investors and lenders (jointly and severally, “Purchaser Representatives”) as to the confidentiality of all such information. In the event that this transaction is
not closed for any reason, then Purchaser shall maintain the confidentiality of such information, and shall require Purchaser Representatives not to disclose any such information to any other party. Purchaser hereby agrees that money damages would
not be a sufficient remedy for any breach or threatened breach of this paragraph by Purchaser or Purchaser Representatives and that the Seller shall be entitled, without the requirement of posting a bond or other security, to specific performance
and injunctive or other equitable relief in the event of any such breach or threatened breach, in addition to all other remedies available to the Seller at law or in equity. Purchaser hereby agrees to indemnify, defend, and hold harmless the Seller
and Seller Related Parties (as hereinafter defined) from and against any losses, claims, damages or liabilities arising out of a breach of this paragraph by Purchaser or Purchaser Representatives and to reimburse each Seller Related Party for all
costs and expenses (including reasonable counsel fees) incurred in connection therewith. This indemnity agreement shall be in addition to any other liabilities that Purchaser or Purchaser Representatives may have to any Seller Related Party. 

(d) Except as may be specifically provided elsewhere in this Agreement, Seller makes no representations or warranties as to the truth,
accuracy, completeness, methodology of preparation or otherwise concerning any engineering or environmental reports or audits or any other materials, data or other information supplied to Purchaser in connection with Purchaser’s inspection of
the Property (e.g., that such materials are complete, accurate or the final version thereof, or that such materials are all of such materials as are in Seller’s Possession). It is the parties’ express understanding and agreement that such
materials are provided only for Purchaser’s convenience in making its own examination and determination prior to the expiration of the Inspection Period as to whether it wishes to purchase the Property, and, in doing so, Purchaser shall rely
exclusively on its own independent investigation and evaluation of every aspect of the Property and not on any materials supplied by Seller. Purchaser expressly disclaims any intent to rely on any such materials provided to it by Seller in
connection with its inspection 

  
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and agrees that it shall rely solely on its own independently developed or verified information. Except with respect to the Surviving Obligations or, Purchaser’s rights pursuant to
Section 3.5, any representation or warranty expressly provided by Seller hereunder, Purchaser hereby releases Seller and its agents, representatives, and employees from any and all claims, demands, and causes of action, past, present,
and future that Purchaser may have relating to (i) the condition of the Property at any time, before or after the Closing, including without limitation, the presence of any hazardous materials, including but not limited to mold, or
(ii) any other matter pertaining to the Property. This release shall survive the Closing or the termination of this Agreement, as applicable. 

(e) Purchaser shall restore the Property to substantially the same condition existing immediately prior to Purchaser’s inspection,
testing, investigation and survey thereof. Purchaser shall be liable for all damage or injury to any person or property resulting from, relating to or arising out of any such inspection, testing, investigation or survey, whether occasioned by the
acts of Purchaser or any of the Purchaser’s Representatives and Purchaser shall promptly satisfy any lien which may arise or be filed against Seller or the Property in connection with any such inspection, testing, investigation or survey.
Purchaser, on behalf of itself and the Purchaser Representatives agrees to indemnify and hold Seller and each of Seller Parties harmless from any claim, loss, injury, liability, damage or expense, including reasonable attorneys’ fees and costs,
arising out of: (a) during Purchaser’s inspection of the Property, a breach by Purchaser or Purchaser Representatives of any applicable laws, rules, regulations or ordinances related to the Property, or the agreements set forth in this
Section 3.2, including the failure of Purchaser or Purchaser Representatives to restore the Property; (b) any access to, entry upon or activity conducted by Purchaser or Purchaser Representatives with respect to or on the Property,
whether or not such access, entry or activity is permitted by, in compliance with or in violation of any applicable laws, rules, regulations or ordinances, or this Agreement; (c) any lien, claim or levy, including construction, mechanic’s,
materialmen’s and judgment liens, filed or pending against any portion of the Property, or title thereto, by any contractor, sub-contractor or other party having a claim against or through Purchaser or any Purchaser Representative (without
limiting the foregoing indemnity, Purchaser hereby acknowledges and agrees that Purchaser’s failure to cause any such lien to be released or bonded to the reasonable satisfaction of Seller within fifteen (15) days after receipt of written
notice thereof shall constitute a default hereunder); and (d) any claims, suits, actions or the assertion of any other rights by or on behalf of any tenant, invitee, guest or other party alleging personal injury, property damage, interruption
of business, nuisance or any other allegation of negligence or wrong doing, and including any and all damages, losses, obligations, liabilities, costs and expenses incurred by or asserted or claimed against Seller or any Seller Party, as a result
of, caused by, or arising out of any matters set forth in subsections (a), (b) and/or (c), above; provided, however, Purchaser shall not be liable to Seller solely as a result of the discovery by Purchaser of a pre-existing condition on the
Property to the extent the activities of Purchaser or Purchaser’s Representatives do not exacerbate such condition or the gross negligence or willful misconduct of Seller or Seller Related Parties. This indemnification by Purchaser shall
survive the Closing or the termination of this Agreement, as applicable. 

  
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 3.3 Title and Survey. 

(a) Seller has ordered from Title Company the title insurance report (the “Title Commitment”). Seller has delivered to Purchaser a
copy of a survey for the Property dated January 26, 2006 and prepared by the John R. McAdams Company, Inc. (the “Survey”), and Purchaser at its cost and expense shall promptly order and obtain an update thereof (the “Survey
Update”). In the event (i) the Survey Update shows any matter affecting the Property that is unacceptable to Purchaser other than the state of facts shown on the Survey or (ii) any exceptions, other than matters shown on Schedule
2, appear in the Title Commitment that are unacceptable to Purchaser, Purchaser shall by 5:00 p.m. New York time no later than the later of (x) two (2) business days prior to the expiration of the Inspection Period and (y) two
(2) business days after receipt of both the Title Commitment and the Survey Update (time being of the essence) (the “Title Approval Period”), notify Seller in writing of such facts, the reasons therefor and the curative steps that
would remove the basis for Purchaser’s objection (“Purchaser’s Title Objections”). Upon the expiration of the Title Approval Period, except for Purchaser’s Title Objections, Purchaser shall be deemed to have accepted the
form and substance of the Survey and Survey Update, all matters shown or addressed thereon, and all items shown or addressed in the Title Commitment (collectively, the “Approved Title Matters”). 

(b) Seller shall have no obligation to take any steps or bring any action or proceeding or otherwise incur any effort or expense whatsoever to
eliminate or modify any of Purchaser’s Title Objections, but the foregoing shall not permit Seller to refuse to pay off at Closing, to the extent of the monies payable at Closing, mortgages on the Property of which Seller has actual knowledge,
judgments (up to 2% of the Purchase Price) and federal tax liens against Seller, and pay off or bond mechanic’s liens for work requested by Seller (as opposed to tenants) (collectively, the “Monetary Liens”). Seller, however, at its
sole option, may attempt to eliminate or modify all or a portion of Purchaser’s Title Objections to Purchaser’s reasonable satisfaction prior to the Closing Date or within such additional period of time (up to thirty (30) days in the
aggregate thereafter), for which Seller shall have the right to adjourn the Closing. In the event Seller is unable or unwilling to eliminate all of Purchaser’s Title Objections to the reasonable satisfaction of Purchaser (other than the
Monetary Liens), Seller shall provide written notice to Purchaser of those objections Seller will not attempt or be able to cure (“Seller’s Notice”) within five (5) business days after receipt of Purchaser’s Title
Objections. Thereafter, Purchaser shall have the option (as its sole and exclusive remedy) to (x) terminate this Agreement by delivering written notice thereof to Seller by the earlier to occur of (i) the Closing Date (as the same may be
adjourned as provided in this Agreement), or (ii) five (5) business days after Seller’s Notice, time being of the essence to the giving of Purchaser’s notice or (y) proceed to Closing without adjustment to the Purchase
Price. If Purchaser shall duly give such termination notice, this Agreement shall terminate and the Escrow Agent shall return the entire Deposit to Purchaser if Purchaser’s Title Objections are with respect to a Material Title Defect as
reasonably determined by Purchaser and Seller, provided however, if Purchaser’s Title Objections are not with respect to a Material Title Defect, the non-refundable portion of the Deposit shall be delivered to Seller with the balance of the
Deposit returned to Purchaser, and thereafter neither party shall have any obligation hereunder other than the Surviving Obligations. 
 (c)
The term “Permitted Encumbrances” as used herein includes: (i) all of the Approved Title Matters, including matters set forth on Schedule 2, (ii) any Purchaser’s Title Objection other than a Monetary Lien that remains
uncured, for whatever reason, (A) at Closing 

  
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(as the same may be adjourned as provided in this Agreement) or (B) that Seller elected not to cure in the Seller’s Notice, (iii) the rights and interests of tenants, as tenants
only, under the Leases, and (iv) liens for real property taxes, assessments, and water and sewer meter charges which are not due and payable as of the Closing Date and/or which are apportioned pursuant to this Agreement. 

(d) Purchaser may, at or prior to Closing, notify Seller in writing of any objection to title (i) raised by the Title Company between the
expiration of the Title Approval Period and the Closing, including any matter raised in any update to the Survey Update and (ii) not disclosed by the Title Company or otherwise known to Purchaser prior to the expiration of the Title Approval
Period; provided that Purchaser must notify Seller of such new objection to title within two (2) business days of being made aware of the existence of such matter. If Purchaser sends such notice to Seller, Purchaser and Seller shall have the
same rights and obligations with respect to such notice as apply to Purchaser’s Title Objections under Sections 3.3(b) and (c) hereof. 

3.4 Purchaser’s Representations and Warranties. Purchaser represents and warrants to Seller that: 

(a) Purchaser is a limited partnership, duly organized and in good standing under the laws of the State of Delaware, and has the power to
enter into this Agreement and to execute and deliver this Agreement and to perform all duties and obligations imposed upon it hereunder, and Purchaser has obtained, or will obtain prior to Closing, all necessary corporate, partnership or other
organizational authorizations required in connection with the execution, delivery and performance of this Agreement and the transaction contemplated herein and has obtained the consent of all entities and parties (whether private or governmental)
necessary to bind Purchaser to this Agreement; 
 (b) neither the execution nor the delivery of this Agreement, nor the consummation of the
purchase and sale transaction contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement conflict with or will result in the breach of any of the terms, conditions or provisions of any agreement or
instrument to which Purchaser, or any shareholder, partner or related entity or affiliate of Purchaser, is a party or by which Purchaser, any shareholder, partner or related entity or affiliate of Purchaser, or any of Purchaser’s assets is
bound; 
 (c) Purchaser and Purchaser’s affiliates have the financial resources to timely consummate the purchase and sale transaction
contemplated by this Agreement; 
 (d) with respect to each source of funds to be used by Purchaser to purchase the Property (respectively,
the “Source”), at least one of the following statements shall be accurate as of the Closing Date: (i) the Source does not include the assets of (A) an “employee benefit plan” as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to Title I of ERISA, or (B) a “plan” as defined in Section 4975(a) of the Internal Revenue Code of 1986, as amended
(“Code”), or (ii) the Source includes the assets of (A) an “employee benefit plan” as defined in Section 3(3) of ERISA or (B) a “plan” as defined in Section 4975 of the Code (each of which has
been identified to the Seller in writing pursuant to this Section 3.4 at least ten (10) business days prior to the Closing Date), but the use of such Source to purchase the Property will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code. The Source is in compliance with the Orders (as hereinafter defined); 

  
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 (e) Purchaser, and all beneficial owners of Purchaser, are in compliance with all laws, statutes,
rules and regulations of any federal, state or local governmental authority in the United States of America applicable to such Persons (as hereinafter defined), including, without limitation, the requirements of Executive Order No. 13224, 66
Fed. Reg. 49079 (Sept. 25, 2001) (the “Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Asset Control, Department of the Treasury (“OFAC”) and in any enabling legislation or
other Executive Orders in respect thereof (the Order and such other rules, regulations, legislation, or orders are collectively called the “Orders”). For purposes of this subsection, “Person” shall mean any corporation,
partnership, limited liability company, joint venture, individual, trust, real estate investment trust, banking association, federal or state savings and loan institution and any other legal entity, whether or not a party hereto; and 

(f) Neither Purchaser nor any of the beneficial owners of Purchaser: 
  

	 	(1)	is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant to any of the rules
and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as the “Lists”); 

  

	 	(2)	has been indicted or arrested for money laundering or for predicate crimes to money laundering, convicted or pled nolo contendere to charges involving money laundering or predicate crimes to money laundering;

  

	 	(3)	has been determined by competent authority to be subject to the prohibitions contained in the Orders; 

  

	 	(4)	is owned or controlled by, nor acts for or on behalf of, any Person on the Lists or any other Person who has been determined by competent authority to be subject to the prohibitions contained in the Orders;

  

	 	(5)	shall transfer or permit the transfer of any interest in Purchaser or such parties to any Person who is, or whose beneficial owners are, listed on the Lists; or 

 

	 	(6)	shall assign this Agreement or any interest herein, to any Person who is listed on the Lists or who is engaged in illegal activities. 

  
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 If Purchaser or any Purchaser Related Party (as hereinafter defined) become listed on the Lists or are indicted,
arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering (each, a “Triggering Event”), Purchaser shall immediately notify Seller, but in no event later than five (5) business
days after the occurrence of the Triggering Event. In the event of a Triggering Event, Seller may terminate this Agreement upon written notice to Purchaser, whereupon the Deposit, subject to compliance with applicable governmental regulations, shall
be retained by Seller, and neither party shall have any further obligation hereunder except for the Surviving Obligations. At Seller’s option, Purchaser shall have ten (10) business days after receipt of Seller’s notice to remove such
party from any interest in Purchaser. 
 The Purchaser’s representations and warranties set forth in this Section 3.4 shall survive the
Closing or termination of this Agreement. As a condition precedent to Seller’s obligation to close the purchase and sale transaction contemplated in this Agreement, Purchaser’s representations and warranties contained herein must remain
and be true and correct as of the Closing Date in all material respects. Prior to the Closing Date, Purchaser shall notify Seller in writing of any facts, conditions or circumstances which render any of the representations and warranties set forth
in this Section 3.4 in any way inaccurate, incomplete, incorrect or misleading. 
 3.5 Seller’s Representations and
Warranties. Seller represents and warrants to Purchaser that: 
 (a) Seller is a limited partnership, duly organized and is, or at
Closing will be, in good standing under the laws of the State of Delaware, it has the full right, power, and authority to enter into, execute and deliver this Agreement, and to perform all duties and obligations imposed on it under this Agreement,
except to the limited extent, if any, specifically and expressly set forth in this Agreement, and has obtained all necessary corporate, partnership or other organizational authorizations required in connection with the execution, delivery and
performance of this Agreement and the transaction contemplated herein and has obtained the consent of all entities and parties (whether private or governmental) necessary to bind Seller to this Agreement; 

(b) neither the execution nor the delivery of this Agreement, nor the consummation of the purchase and sale contemplated hereby, nor the
fulfillment of or compliance with the terms and conditions of this Agreement conflict with or will result in the breach of any of the terms, conditions, or provisions of any agreement or instrument to which it is a party or by which it, or any of
its assets is bound; 
 (c) to Seller’s knowledge, the Rent Roll delivered to Purchaser in accordance with this Agreement is accurate
in all material respects as of the date thereon and there are no persons in occupancy of or who have any rights to occupy any portion of the Property other than tenants under the Leases or use the Property as service providers as set forth in the
Title Commitment and the Service Contacts; 
 (d) to Seller’s knowledge, no tenant has been given free rent, any concession in the
payment of rent or any abatement in the payment of rent and no tenant is in default in any monetary obligation under its Lease, except as set forth in the Rent Roll and/or the Leases; 

  
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 (e) To Seller’s knowledge, the only Service Contracts in force for the Property are set
forth in Schedule 4 attached hereto and all Service Contracts are in full force and effect and free from material default; 
 (f)
Seller has not received any written notice from any governmental authorities advising Seller of any violation of any law or regulation applicable to the Property which has not been cured, including the presence, now or in the past, on, under or
affecting the Property of asbestos, mold, lead, radon or hazardous material, waste or substances in violation of applicable law, and which would have a material adverse effect on the operations of the Property; 

(g) There is not now pending nor has there been threatened in writing, any action, suit or proceeding against or affecting Seller or the
Property before or by any federal or state court, commission, regulatory body, administrative agency or other governmental body, domestic or foreign, wherein an unfavorable ruling, decision or finding, upon consummation of the sale contemplated
hereby to Purchaser, may reasonably be expected to have a material adverse effect on the condition or operations of the Property, or would interfere with Seller’s ability to consummate the transactions contemplated by this Agreement
(“Material Litigation”); 
 (h) Seller is not a “foreign person” as defined in Section 1445 of the Code and any
related regulations; 
 (i) Seller has not (i) made a general assignment for the benefit of creditors, (ii) filed any voluntary
petition in bankruptcy or suffered the filing of any involuntary petition by Seller’s creditors, (iii) suffered the appointment of a receiver to take possession of all, or substantially all, of Seller’s assets, which remains pending
as of the Effective Date, (iv) suffered the attachment or other judicial seizure of all, or substantially all, of Seller’s assets, which remains pending as of the Effective Date, or (v) made an offer of settlement, extension or
composition to its creditors generally; and 
 (j) Except for this Agreement, Seller has not granted to any third party any options to
purchase the Property which are currently binding on Seller. 
 The Seller’s representations and warranties set forth in Section 3.5 shall
survive the Closing for a period of one hundred twenty (120) days (the “Survival Period”). If there are any Service Contracts that are not listed on Schedule 4 or Seller is in default under any Service Contracts at Closing,
Purchaser’s sole right and remedy will be not to assume any such Service Contract and Seller shall be responsible for terminating such Service Contract and paying any fees or expenses associated therewith. If any Leases which have been
exhibited to Purchaser or its representatives contain provisions that are inconsistent with the representations set forth in Section 3.5(c) and (d) above, such representations and warranties shall be deemed modified to the extent
necessary to eliminate such inconsistency and to conform such representations and warranties to the provisions of the Leases. In addition to the foregoing, any due diligence review, audit (such as an environmental audit of the Property) or other
investigation or inquiry undertaken or performed by or on behalf of Purchaser to the extent of knowledge of Purchaser shall limit, qualify, modify, and amend the representations, warranties and covenants of Seller made or undertaken pursuant to this
Agreement to the extent necessary to eliminate any inconsistency and to conform such covenants, representations and warranties to the findings. As a condition precedent to 

  
 - 10 - 

 
Purchaser’s obligation to close the purchase and sale transaction contemplated in this Agreement and except as otherwise provided in this Agreement, Seller’s representations and
warranties contained herein must remain and be true and correct in all material respects as of the Closing Date, unless such representations and warranties have changed by reason of facts or circumstances which pursuant to the terms of this
Agreement are permitted to have occurred (e.g., the Seller entering into a new Service Contract in accordance with this Agreement, Seller terminating or entering into a new Lease in accordance with this Agreement, or tenant defaults or vacancies).
Prior to the Closing Date, Seller shall notify Purchaser in writing of any facts, conditions or circumstances which render any of the representations and warranties set forth in this Section 3.5 in any way inaccurate, incomplete, or
incorrect. To the extent Purchaser reasonably determines that any such fact, condition or circumstance would have a material adverse effect on the Property or the transaction contemplated by this Agreement, Purchaser’s sole remedy shall be to
terminate this Agreement on the basis thereof by providing written notice to Seller and the Escrow Agent, and in order to be effective such notice must be accompanied by a certificate of Purchaser describing with specificity the reasons for
Purchaser’s determination, in which case, (i) if any such fact or condition will have a material adverse effect on the Property or on the transaction contemplated by this Agreement as reasonably determined by Purchaser and Seller, the
entire Deposit shall be returned to Purchaser or (ii) if any such fact or condition will not have a material adverse effect on the Property or the transaction contemplated by this Agreement as reasonably determined by Purchaser and Seller, the
entire Deposit shall be delivered to Seller. The parties agree that if on or prior to Closing Purchaser becomes aware (either by way of Seller’s notice or otherwise) that any representation or warranty of Seller is inaccurate, incomplete, or
incorrect and would have a material adverse effect on the Property or the transaction contemplated by this Agreement, and Purchaser elects to close the transaction (as opposed to terminating this Agreement, Purchaser shall have no claim against
Seller in connection with a breach of such representation or warranty and shall not look to Seller and/or Seller Related Parties (as hereinafter defined) for any redress or relief thereof. The Purchaser may not assert a claim against the Seller
and/or Seller Related Parties if at the time of the Closing the Purchaser had knowledge of such breach and nonetheless proceeded with the Closing. Purchaser and Seller agree that if subsequent to the Closing Purchaser first becomes aware that any
representation or warranty of Seller is inaccurate, incomplete, incorrect or misleading, Purchaser shall have no claim against Seller and/or Seller Related Parties in connection with a breach of such representation or warranty and shall not look to
Seller and/or Seller Related Parties for any redress or relief thereof unless (i) a claim is made by Purchaser against Seller for breach of such representation or warranty before the expiration of the survival period and
(ii) Purchaser’s damages as a result of such breach are reasonably estimated to aggregate at least $50,000.00. Anything in this Agreement to the contrary notwithstanding, the maximum aggregate liability of the Seller for breaches of the
representations and warranties herein shall not exceed $350,000.00. Purchaser and Seller agree that the words “Seller’s knowledge” and words of similar import shall mean the actual knowledge of MaryAnn Mueller (the asset manager)
without any independent investigation on his /her part to determine the existence or absence of such facts. 

  
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 SECTION 4. ACCEPTANCE OF PROPERTY 

4.1 “As Is”. Purchaser agrees that, prior to the end of the Inspection Period, Purchaser or its duly authorized agent will
have examined and investigated to Purchaser’s full satisfaction the physical, economic and legal condition of the Property, and made all other inquiries Purchaser deemed necessary in connection with the transaction herein contemplated.
Purchaser is satisfied to purchase the Property in its “as is” condition as of the Effective Date, reasonable wear and tear, casualty and condemnation from the Effective Date excepted. Any information, data, schedules, photographs,
surveys, set-ups, representations or other materials furnished to or obtained by Purchaser were for preliminary purposes only and are superseded by this Agreement. Purchaser has not relied thereon in executing this Agreement. Except as expressly set
forth in this Agreement, no representations, warranties or agreements of any kind whatsoever have been made by Seller in regard to the physical or operating condition of the Property, the condition of Seller’s title thereto, freedom from
defects, latent or patent, the income or profit to be derived from the Property, the expenses of operation and maintenance thereof, the present or prospective rental income therefrom, or any other matter or thing affecting or relating to the whole
or any part of the Property, and no representation, covenant or warranty shall survive the Closing, other than the Surviving Obligations. In arriving at its decision to purchase the Property, Purchaser did not rely upon any statements by Seller,
Seller’s agents or employees or anyone else acting or purporting to act on Seller’s behalf, except as expressly set forth in this Agreement. Notwithstanding Section 3.5(f), Purchaser acknowledges and agrees that the Property is
to be acquired subject to all notes or notices of violations of law or municipal ordinances, orders or requirements noted in or issued by any governmental authority having jurisdiction thereof against or affecting the Property, provided however, if
at Closing the Property is subject to notes or notices of violations of law or municipal ordinances, orders or requirements noted in or issued by a governmental authority after the expiration of the Inspection Period (and such physical condition(s)
were not caused or created by Purchaser), Seller shall be responsible for $25,000.00 of the costs and expenses to cure such violations, and if the amount to cure such violations exceeds $25,000.00 and Seller is not willing to expend such extra
amount, Purchaser may terminate this Agreement by notice to Seller given at or prior to Closing, in which case Purchaser shall be entitled to the return of the Deposit, and thereafter neither party shall have any obligations under this Agreement
other than the Surviving Obligations. Notwithstanding the foregoing, nothing set forth in this subsection shall be deemed to obligate Seller to expend in excess of $25,000.00, unless Seller elects to do so in its sole discretion. 

4.2 Purchaser shall rely solely upon Purchaser’s own knowledge of the Property based on its investigation of the Property and its own
inspection of the Property in determining the Property’s physical condition. Except as expressly set forth in this Agreement to the contrary or fraud by Seller, Purchaser releases Seller, any person, entity or party related to or affiliated
with Seller (the “Seller Related Parties”) and their respective successors and assigns from and against any and all claims which Purchaser or any person, entity or party related to or affiliated with Purchaser (each a “Purchaser
Related Party”) has or may have arising from or related to any matter or thing related to or in connection with the Property, including the documents and information referred to herein, the leases and the tenants thereunder, any construction
defects, errors or omissions in the design or construction and any environmental conditions, including but not limited to mold, and, except as expressly set forth in this Agreement to the contrary, neither

  
 - 12 - 

 
Purchaser nor any Purchaser Related Party shall look to Seller, the Seller Related Parties or their respective successors and assigns in connection with the foregoing for any redress or relief.
This release shall be given full force and effect according to each of its express terms and provisions, including those relating to unknown and unsuspected claims, damages and causes of action. The provisions of this Section 4.2 shall
survive the termination of this Agreement or the Closing Date and shall not be deemed to have merged into any of the documents executed or delivered at the Closing. To the extent required to be operative, the disclaimers and warranties contained
herein are “conspicuous” disclaimers for purposes of any applicable law, rule, regulation or order. 
 SECTION 5. CLOSING

 5.1 Closing. The closing of the purchase and sale transaction contemplated herein (the “Closing) shall take place at
10:00 a.m. New York time on May 19, 2015 (the “Closing Date”), as the same may have been adjourned as provided in this Agreement, through an escrow established with the Title Company. Purchaser acknowledges being advised by Seller
that Seller’s mortgage requires defeasance and in order to accommodate the defeasance Closing, Purchaser agrees to cause the balance of the Purchase Price, plus or minus other adjustments required under the Contract, to be wired to the Escrow
Agent no later than 2:00 p.m. New York time one business day prior to the Closing Date. 
 5.2 Possession. Possession of the Property
shall be delivered to Purchaser at the Closing, subject to the Permitted Encumbrances as determined by Purchaser and Seller in accordance with Section 3.3. 

5.3 Proration. All rents, other amounts payable by the tenants under the Leases, utilities, water and sewer meter charges and all other
operating expenses with respect to the Property for the month in which the Closing occurs, and real estate taxes and other assessments with respect to the Property for the tax year in which the Closing occurs, shall be prorated as of 11:59 p.m. New
York time on the day before the Closing Date, with Purchaser receiving the benefits and burdens of ownership on the Closing Date, provided however, if the funds representing the balance of the Purchase Price have not been received by Seller or
Seller’s lender by 2:00 p.m. New York time on the Closing Date, all prorations shall be recalculated as of the next business day. 

(a) If the Closing shall occur before rents and all other amounts payable by the tenants under the Leases and all other income from the
Property have actually been paid through the month in which the Closing occurs (it being agreed that, subject to the payment below, Purchaser is entitled to all arrears in rent), the apportionment of such rents and other amounts and other income
shall be upon the basis of such rents, other amounts and other income actually received by Seller, except that any rentals past due for up to two months prior to the month in which the Closing occurs (and the month of Closing) shall be apportioned
and paid by Purchaser to Seller at Closing less 15% of such amount. Subsequent to the Closing, if any such rents, other amounts and other income are actually received by Purchaser from the tenants owing such amounts shall belong to Purchaser. At
Closing, prepaid rents and refundable security deposits in the possession or control of Seller on Closing (together with any interest accrued thereon only if interest is specifically required to be paid thereon under applicable law or under the
terms of a specific Lease) at Seller’s sole option shall either be (i) transferred to Purchaser at Closing and not subject to adjustment, or (ii) adjusted by way of a credit in favor of Purchaser. 

  
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 (b) (1) If the Closing shall occur before the tax rate or the assessed valuation of the Property
is fixed for the then current year, the apportionment of taxes and assessments shall be upon the basis of the tax rate for the preceding year applied to the latest assessed valuation, with a further reconciliation to be made within thirty
(30) days of when the final rate or valuation rate is received. 
 (2) If any certiorari or other proceedings for the reduction of
real estate taxes are pending at the Closing Date with respect to the tax year in which the Closing occurs or any tax year prior thereto, Seller shall continue the prosecution of such action. Any tax refund resulting from such proceeding for the tax
year in which the Closing occurs net of Seller’s costs of prosecuting the same, and after deducting any refunds required to be made to tenants pursuant to Leases, shall be apportioned between Seller and Purchaser in the same proportion that
real estate taxes for such tax year are apportioned and shall be paid to Purchaser within thirty (30) days of receipt thereof. 
 (c)
If the Closing shall occur before the actual amount of utilities, water or sewer meter charges or other operating expenses with respect to the Property for the month in which the Closing occurs are determined, the apportionment of such utilities,
water or sewer meter charges or other operating expenses shall be upon the basis of an reasonable estimate by Seller of such utilities, water or sewer meter charges or other operating expenses for such month based upon a reasonable and fair estimate
thereof. Subsequent to the Closing, when the actual amount of such utilities, water or sewer meter charges or other operating expenses with respect to the Property for the month in which the Closing occurs are determined, the parties agree to adjust
the proration of such utilities, water or sewer meter charges or other operating expenses and, if necessary, to refund or repay such sums as shall be necessary to effect such adjustment. Notwithstanding the foregoing, outstanding RUBS will be
adjusted and paid by Purchaser to Seller at Closing based on the average of the charges for the two (2) months immediately preceding the Closing less 10% of such amount, and such payment shall not be subject to re-proration post- Closing. 

(d) The Escrow Agent shall prepare a Settlement Statement (as hereinafter defined) and deliver the same together with reasonable backup
information from Seller no later than two (2) business days prior to the Closing Date. 
 The agreements of Seller and Purchaser set forth in this
Section 5.3 shall survive the Closing. Except as otherwise set forth herein, all pro-rations shall be completed and finalized no later than six (6) months following the Closing Date. 

5.4 Closing Costs. Purchaser shall pay, on the Closing Date, the title insurance premium for the owner’s policy and any
endorsements thereto, all survey charges, all recording and filing charges and fees to record the documents evidencing the conveyance of the Property, and all other costs and charges of the closing and consummation of the purchase and sale
transaction contemplated in this Agreement as customarily charged to and payable by a purchaser in such transactions in the location in which the Land is situate (including one-half of the escrow charges of the Title Company). Seller shall pay, on
the Closing Date, costs and charges of the closing and 

  
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consummation of the purchase and sale transaction contemplated in this Agreement as customarily charged to and payable by a seller in such transactions in the location in which the Land is
situate (including one-half of the escrow charges of the Title Company, the deed transfer tax and all costs required to satisfy and remove the Monetary Liens, if any). Notwithstanding the foregoing, each party shall pay its own attorneys’ fees
and the fees of any accountants and/or advisors incurred in connection with the transaction contemplated in this Agreement. 
 5.5
Seller’s Obligations at the Closing. At the Closing, Seller shall deliver or cause to be delivered to the Escrow Agent the following: 

(a) Evidence of Authority. Such organizational and authorizing documents of Seller as shall be reasonably required by the Title Company
to evidence Seller’s authority to consummate the transactions contemplated by this Agreement. 
 (b) Deed. A duly executed and
acknowledged deed with no covenants conveying to Purchaser the Land and Improvements subject only to the Permitted Encumbrances, in the form of Exhibit B attached hereto, sufficient to enable the Title Company to issue its standard form
owner’s policy to Purchaser, at Purchaser’s expense, insuring fee simple title to the Land and Improvements, subject only to the Permitted Encumbrances. Seller agrees to execute and deliver to the Title Company such customary
certifications as are required by the Title Company in connection with the deletion or insurance over the standard printed exceptions for mechanic’s liens, broker liens, judgments against similarly named parties, and rights of tenants as
tenants only. Purchaser shall be entitled to request that the Title Company provide such endorsements (or amendments) to the title policy as Purchaser may reasonably require, provided that (i) such endorsements shall be issued at no cost to,
and shall not impose any additional liability on, Seller, (ii) Purchaser’s obligations under this Agreement shall not be conditioned upon Purchaser’s ability to obtain such endorsements and, if Purchaser is unable to obtain such
endorsements, Purchaser shall nevertheless be obligated to proceed to close the transaction contemplated by this Agreement without reduction of or set off against the Purchase Price, and (iii) the Closing shall not be delayed as a result of
Purchaser’s request. 
 (c) Assignment. A duly executed and acknowledged counterpart Assignment and Assumption of Service
Agreements, Warranties, Leases and Other Intangible Property in the form attached to this Agreement as Exhibit C (the “Assignment”), and a Bill of Sale in the form attached hereto as Exhibit C-1 (the “Bill of
Sale”). 
 (d) FIRPTA Affidavit. A duly executed affidavit of Seller in form attached hereto as Exhibit D certifying that
Seller is not a “foreign person,” as defined in Section 1445 of the Code, and in any applicable state laws for the state in which the Property is located. 

(e) Tenant Notices. Duly executed notice to tenants or lessees under the Leases in form attached hereto as Exhibit E. 

(f) Original Documents. The originals of all Leases and Service Contracts in Seller’s Possession. 

  
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 (g) Transfer Tax Forms. All transfer tax and other similar tax returns which Seller is
required by law to execute and acknowledge and to deliver, either individually or together with Purchaser, to any governmental authority as a result of the sale, and if Seller is responsible for payment of such taxes in accordance with this
Agreement, checks made payable to the appropriate governmental authority in the required amounts (unless Seller authorizes the Title Company to deduct and pay such expenses out of monies payable to Seller). 

(h) Rent Roll. An updated Rent Roll for the Property as of the Closing Date certified by Seller, subject to the limitations of
Section 3.5, to be accurate in all material respects. 
 (i) Escrow Direction. A confirmation to Escrow Agent confirming
such prorations and other items set forth on the settlement statement (once approved by both parties, the “Settlement Statement”) and the Closing and directing that the Deposit and Purchase Price is to be delivered to Seller (the
“Escrow Direction”). 
 (j) Records and Files. Records and files which are in Seller’s Possession relating to the
current operation and maintenance of the Property, including, without limitation, current tax bills, current water, sewer, utility and fuel bills, billing records for Tenants, repair and maintenance records and the like which affect or relate to the
Property. The parties agree to cooperate so that, to the extent practical, deliveries of background records at or prior to the Closing which Purchaser desires to have delivered to it will be identified to the satisfaction of the parties at the
Closing without actual delivery at Closing, provided satisfactory arrangements for post-closing delivery are made. 
 (k) Form
1099-S. Information for 1099-S Report Filing in the form of Exhibit G annexed hereto in accordance with Section 6045 of the Code. Pursuant to Section 6045 of the Code, Purchaser’s counsel is hereby designated to be the person
responsible for complying with such reporting requirements. 
 5.6 Purchaser’s Obligations at the Closing. At the Closing,
Purchaser shall deliver or cause to be delivered to the Escrow Agent the following: 
 (a) Purchase Price. The balance of the
Purchase Price, plus or minus other adjustments required under this Agreement, by wire transfer of immediately available funds to be disbursed to Seller upon consummation of the Closing. 

(b) Evidence of Authority. Such organizational and authorizing documents of Purchaser as shall be reasonably required by the Title
Company authorizing Purchaser’s acquisition of the Property pursuant to this Agreement and the execution of this Agreement and any documents to be executed by Purchaser at the Closing. 

(c) Assignment. A duly executed and acknowledged counterpart Assignment. 

(d) Escrow Direction. A duly executed counterpart of the Escrow Direction. 

(e) Transfer Tax Forms. Duly executed and acknowledged transfer tax forms described in Section 5.5(g). 

  
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 5.7 Property Management Agreement. At Closing, Seller will terminate its management
agreement for the Property and provide a copy of the termination letter to Purchaser. 
 5.8 Other Closing Documents. Each party
shall deliver to the Escrow Agent, any other documents reasonably required by the Escrow Agent required to cause the Closing to occur. 

SECTION 6. RISK OF LOSS 

6.1 Condemnation. If, prior to Closing, (i) the whole or any part of the Property or any interest in the Property is taken by
condemnation or right of eminent domain or if any proceeding for a condemnation or eminent domain action is commenced, or if written notice of a contemplated commencement of a condemnation or eminent domain action is given and (ii) such taking
by condemnation or right of eminent domain results in or would result in (A) the taking of all or any part of the Improvements, (B) the loss of any parking spaces which causes the Property not to comply with applicable zoning ordinances or
(C) a permanent loss of any means of vehicular access to the Property, Purchaser may either at or prior to Closing (a) terminate this Agreement, in which case Purchaser shall be entitled to the return of the Deposit, and thereafter neither
party shall have any rights or obligations under this Agreement, other than the Surviving Obligations or (b) consummate the Closing, in which latter event all of Seller’s assignable right, title and interest in and to the award of the
condemning authority shall be assigned to Purchaser at the Closing and there shall be no reduction in the Purchase Price. 
 6.2
Casualty. Except as otherwise provided in this Agreement, Seller assumes all risks for damage to or injury occurring to the Property by fire, storm, accident, or any other casualty or cause until the Closing has been consummated. If before
the Closing, the Property, or any part thereof, suffers any damage from fire or other casualty Seller will notify Purchaser of such fact (the “Seller’s Casualty Notice”). If the damage from fire or other casualty in Seller’s
reasonable estimate will require in excess of $1,000,000.00 to repair and restore or such damage is in excess of $100,000 and is not covered by insurance and Seller is not willing to reduce the Purchase Price by the amount of such uninsured loss,
Purchaser may terminate this Agreement by notice to the Seller given within ten (10) days following Seller’s Casualty Notice to Purchaser, in which case Purchaser shall be entitled to the return of the Deposit, and thereafter neither party
shall have any rights or obligations under this Agreement, other than the Surviving Obligations. If Purchaser does not terminate this Agreement, it shall remain in full force and effect, Purchaser agrees that it will consummate the Closing and
accept the assignment of Seller’s right, title and interest in and to the net proceeds (or rights under the policy) of any insurance covering such damage, including any rent loss insurance for the period after the Closing (less an amount equal
to any expenses and costs incurred by Seller to collect or adjust such insurance or to secure the Improvements or initiate repairs or restoration of the Property, and any portion of such proceeds paid or to be paid on account of the loss of rents or
other income from the Property for the period prior to and including the Closing Date shall be payable to Seller (collectively, “Seller Expenses”)), to the extent the amount of such proceeds does not exceed the Purchase Price, plus an
amount equal to Seller’s deductible under its insurance policy applicable to such casualty, and there shall be no reduction in the Purchase Price, except for the uninsured loss as contemplated above, if applicable, or obligation of Seller to
complete restoration. If prior to the Closing, the Property, or any part thereof, suffers any such damage which will in Seller’s reasonable estimate require less 

  
 - 17 - 

 
than $1,000,000.00 to repair or restore, Purchaser agrees that it will consummate the Closing and accept the assignment of the net proceeds (or rights under the policy) of any insurance covering
such damage, including any rent loss insurance for the period after the Closing (less Seller Expenses), to the extent the amount of such net proceeds does not exceed the Purchase Price, plus an amount equal to Seller’s deductible under its
insurance policy applicable to such casualty, and there shall be no reduction in the Purchase Price or obligation of Seller to complete restoration. 

6.3 Uniform Vendor and Purchaser Risk Act. Purchaser and Seller each hereby waives the Uniform Vendor and Purchaser Risk Act and agree
that the provisions of this Section 6 shall govern the respective rights and obligations of Purchaser and Seller with respect to the subject matter of this Section 6. 

SECTION 7. DEFAULT 

7.1 Breach by Seller. In the event that Seller shall fail to consummate the transaction contemplated by this Agreement, Purchaser, as
Purchaser’s sole and exclusive right and remedy, shall either: (1) terminate this Agreement and receive a refund of the Deposit or (2) pursue the remedy of specific performance of Seller’s obligations under this Agreement,
provided that (i) any such suit for specific performance must be filed within thirty (30) days after Purchaser first becomes aware of the breach or default by Seller, and (ii) Purchaser is not in breach or default in the performance
of its obligations under this Agreement. 
 7.2 Breach by Purchaser. In the event that Purchaser fails to consummate the transaction
contemplated by this Agreement, this Agreement shall terminate and Seller shall receive and retain the Deposit as liquidated damages (and not as a penalty or forfeiture) and as Seller’s sole remedy and relief hereunder (except for the Surviving
Obligations). Seller and Purchaser acknowledge that the actual damages to Seller which would result from such failure would be extremely difficult to calculate or establish on the date hereof. In addition, Purchaser desires to have a limitation put
upon its potential liability to Seller in the event of such failure by Purchaser. Seller and Purchaser specifically acknowledge and agree, after negotiation between Seller and Purchaser, that the amount of the Deposit constitutes reasonable
compensation to Seller for such failure by Purchaser and shall be disbursed to and retained by Seller as liquidated damages in the event of such failure by Purchaser. None of the provisions of this Section 7.2 shall limit, impair or
affect any of Purchaser’s indemnities of Seller or other Surviving Obligations as provided for elsewhere in this Agreement. 

SECTION 8. FUTURE OPERATIONS 

8.1 Maintenance and Service Contracts. From the Effective Date of this Agreement until the Closing or earlier termination of this
Agreement: 
 (a) Seller will continue to operate the Property in the customary and ordinary manner consistent with Seller’s current
practices in effect as of the Effective Date, ordinary wear and tear, casualties and condemnation excepted; 
 (b) Seller will maintain in
force the existing hazard and liability insurance policies for Property; 

  
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 (c) Seller will perform all of Seller’s material obligations under the Service Contracts.
Seller will not, without the prior written consent of Purchaser (which consent will not be unreasonably withheld or delayed), modify, enter into, or renew any Service Contract which cannot be canceled upon thirty (30) days prior written notice
or less and without payment of a penalty or premium for cancellation. Seller shall use good faith efforts to promptly give Purchaser copies of all material written notices received by Seller asserting any breach or default under any of the Service
Contracts; 
 (d) Seller shall use good faith efforts to promptly give Purchaser copies of or any written notices of violation received by
Seller of any licenses, permits, covenants, conditions, restrictions, laws, statutes, rules, regulations or ordinates applicable to the Property; and 

(e) Seller shall use good faith efforts to promptly notify Purchaser of any Material Litigation, notice of which has been received by Seller.

 8.2 Leasing. From the expiration of the Inspection Period until the Closing or earlier termination of this Agreement, Seller will
endeavor to lease the Property in the customary and ordinary manner consistent with Seller’s current practices in effect as of the Effective Date (including leasing of units using the lease form currently in effect), provided however, if there
are any vacant units on Closing, the foregoing shall not obligate Seller to rent such units or deliver such vacant units to Purchaser in rent-ready condition. If any space is vacant at the time of Closing, Purchaser shall accept the Property subject
to such vacancy. Seller does not warrant that any particular Lease or tenancy will be in force or effect at the Closing or that the tenants will have performed their obligations thereunder. The termination of any Lease or tenancy prior to the
Closing by reason of the tenant’s default shall not affect the obligations of Purchaser under this Agreement in any manner or entitle Purchaser to an abatement of or credit against the Purchase Price or give rise to any other claim on the part
of Purchaser. 
 8.3 Exclusivity. Provided this Agreement is in full force and effect, Seller shall not enter into any agreement to
sell or option the Property or any portion thereof to any third party. 
 SECTION 9. MISCELLANEOUS 

9.1 Notices. All notices, demands and requests which may be given or which are required to be given by either party to the other, and
any exercise of a right of termination provided by this Agreement, shall be in writing and shall be deemed effective either: (a) on the date personally delivered to the address below, as evidenced by written receipt therefor, whether or not
actually received by the person to whom addressed; (b) on the third (3rd) business day after being sent, by certified or registered mail, postage prepaid, return receipt requested, addressed to the intended recipient at the address
specified below; (c) on the first (1st) business day after being deposited into the custody of a nationally recognized overnight delivery service such as Federal Express Corporation, Airborne Express, or United Parcel Service, addressed to
such party at the address specified below; or (d) at the time of electronic confirmation 

  
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of receipt after being sent by facsimile to the following numbers. For purposes of this Section 9.1, the addresses of the parties for all notices are as follows (unless changed by
similar notice in writing given by the particular person whose address is to be changed): 
 If to Seller: 

c/o Sterling American Property, Inc. 

111 Great Neck Road 
 Great Neck,
NY 11021 
 Attn: Richard A. Wilpon 

Telephone: (516) 504-2100 

Facsimile: (516) 504-2111 

with a copy to: 
 Schiff Hardin
LLP 
 666 Fifth Avenue 
 New
York, NY 10103 
 Attn: Marina Rabinovich, Esq. 

          Christine A. McGuinness, Esq. 

Telephone: (212) 753-5000 

Facsimile: (212) 753-5044 

If to Purchaser: 
 c/o Resource
Real Estate, Inc. 
 1845 Walnut Street, 18th Floor 

Philadelphia, PA 19103 
 Attn:
Pamela Arms 
 Telephone: 215-640-6607 

Fax No.: 215-761-0491 
 with a
copy to: 
 Resource Real Estate, Inc. 

1845 Walnut Street, 18th Floor 

Philadelphia, PA 19103 
 Attn:
Shelle Weisbaum, Esq. 
 Telephone: 215-832-4187 

Fax No.: 215-761-0452 
 If to
Escrow Agent: 
 Fidelity National Title Insurance Company 

485 Lexington Avenue, 18th Floor 

New York, NY 10017 
 Attn:
Nicholas DeMartini, Esq. 
 Telephone: 212- 845-3132 

Facsimile: 212-481-5607 

  
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 The attorneys are authorized to give any notice specified in this Agreement on behalf of their
respective clients. 
 9.2 Real Estate Commissions. Seller shall pay to ARA, a Newmark Company (hereinafter called “Agent”)
a commission in the amount agreed on, if and when payable in accordance with the terms of a separate agreement between Seller and Agent. Except for Agent, neither Seller nor Purchaser has authorized any broker or finder to act on Purchaser’s or
Seller’s behalf in connection with the sale and purchase hereunder and neither Seller nor Purchaser has dealt with any broker or finder purporting to act on behalf of any other party. Purchaser agrees to indemnify, defend, protect and hold
harmless Seller from and against any and all demands, claims, losses, damages, liabilities, costs or expenses of any kind or character (including reasonable attorneys’ fees and charges) arising out of or resulting from any agreement,
arrangement or understanding alleged to have been made by Purchaser or on Purchaser’s behalf with any broker or finder in connection with this Agreement or the transaction contemplated hereby, other than claims of Agent based on Agent’s
agreement with the Seller. Seller agrees to indemnify, defend, protect and hold harmless Purchaser from and against any and all claims, losses, damages, liabilities, costs or expenses of any kind or character, including reasonable attorneys’
fees and expenses, arising out of or resulting from any agreement, arrangement or understanding alleged to have been made by Seller or on Seller’s behalf with any broker or finder in connection with this Agreement or the transaction
contemplated hereby. Notwithstanding anything to the contrary contained herein, this Section 9.2 shall survive the Closing or any earlier termination of this Agreement. 

9.3 Entire Agreement. This Agreement embodies the entire agreement between the parties relative to the subject matter hereof, and there
are no oral or written agreements between the parties, nor any representations made by either party relative to the subject matter hereof, which are not expressly set forth herein. 

9.4 Amendment. This Agreement may be amended only by a written instrument executed by the party or parties to be bound thereby. 

9.5 Headings. The captions and headings used in this Agreement are for convenience only and do not in any way limit, amplify, or
otherwise modify the provisions of this Agreement. 
 9.6 Time of Essence. Time is of the essence of this Agreement (other than for
Seller’s rights to adjourn the Closing as expressly provided in this Agreement); however, if the final date of any period which is set out in any provision of this Agreement falls on a Saturday, Sunday or legal holiday under the laws of the
United States, the State of New York, or the State in which the Property is located, then, in such event, the time of such period shall be extended to the next day which is not a Saturday, Sunday or legal holiday. As used in this Agreement, the term
“business day” means every day other than Saturdays, Sundays, or other holidays on which banking institutions in New York or the State in which the Property is located are closed. 

9.7 Successors and Assigns; Assignment. This Agreement shall bind and inure to the benefit of Seller and Purchaser and their respective
heirs, executors, administrators, personal and legal representatives, successors and permitted assigns. Purchaser shall not assign this Agreement or Purchaser’s rights under this Agreement or transfer any interest in Purchaser directly or

  
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indirectly without the prior written consent of Seller, which consent may be withheld in its sole and absolute discretion; except that following expiration of the Inspection Period on not less
than seven (7) days prior notice to Seller, Purchaser may assign this Agreement to a person or entity controlled by, controlling or under common control with Purchaser. No assignment of this Agreement or Purchaser’s rights hereunder shall
relieve Purchaser of its liabilities under this Agreement. This Agreement is solely for the benefit of Seller and Purchaser; there are no third party beneficiaries hereof. Any assignment of this Agreement in violation of the foregoing provisions
shall at Seller’s option be null and void. 
 9.8 Invalid Provision. If any provision of this Agreement is held to be illegal,
invalid or unenforceable under present or future laws, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement; and,
the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid, or unenforceable provision or by its severance from this Agreement. 

9.9 Attorneys’ Fees. In the event it becomes necessary for either party hereto to file suit to enforce this Agreement or any
provision contained herein, the party prevailing in such suit shall be entitled to recover, in addition to all other remedies or damages as provided herein, reasonable attorneys’ fees incurred in such suit. 

9.10 Multiple Counterparts. This Agreement may be executed in a number of identical counterparts which, taken together, shall
constitute collectively one (1) agreement; in making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart with each party’s signature. 

9.11 Exhibits. The exhibits and schedules attached to this Agreement and referred to herein are hereby incorporated into this Agreement
by this reference and made a part hereof for all purposes. 
 9.12 Construction. Seller and Purchaser acknowledge that each party and
its counsel have reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any
amendments or exhibits hereto. 
 9.13 No Recordation. Seller and Purchaser hereby acknowledge that neither this Agreement nor any
memorandum or affidavit thereof shall be recorded of public record in the county in which the Property is located or any other county. Should Purchaser ever record or attempt to record this Agreement, or a memorandum or affidavit thereof, or any
other similar document, then, notwithstanding anything herein to the contrary, said recordation or attempt at recordation shall constitute a default by Purchaser hereunder, and, in addition to the other remedies provided for herein, Seller shall
have the express right to terminate this Agreement by filing a notice of said termination in the county in which the Land is located. 

9.14 Merger Provision. Except as otherwise expressly provided herein, any and all rights of action of Purchaser for any breach by
Seller of any representation, warranty or covenant contained in this Agreement shall merge with the Deed and other instruments executed at Closing, shall terminate at Closing, and shall not survive Closing. 

  
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 9.15 Jury Waiver. PURCHASER AND SELLER DO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE THEIR RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, OR UNDER OR IN CONNECTION WITH THIS AGREEMENT, THE DOCUMENTS DELIVERED BY PURCHASER OR BY SELLER AT CLOSING, OR ANY COURSE OF CONDUCT, COURSE OF
DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ANY ACTIONS OF EITHER PARTY ARISING OUT OF OR RELATED IN ANY MANNER WITH THIS AGREEMENT OR THE PROPERTY (INCLUDING WITHOUT LIMITATION, ANY ACTION TO RESCIND OR CANCEL THIS AGREEMENT AND ANY CLAIMS
OR DEFENSES ASSERTING THAT THIS AGREEMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE VOID OR VOIDABLE). THIS WAIVER IS A MATERIAL INDUCEMENT FOR SELLER TO ENTER INTO AND ACCEPT THIS AGREEMENT AND THE DOCUMENTS DELIVERED BY PURCHASER AT CLOSING AND
SHALL SURVIVE THE CLOSING OR TERMINATION OF THIS AGREEMENT. 
 9.16 Intentionally Omitted. 

9.17 No Personal Liability of Officers, Directors, Etc. of Seller. Purchaser acknowledges that this Agreement is entered into by a
limited partnership as Seller and Purchaser agrees that no shareholder or individual officer, partner, director, trustee, asset manager, employee, member, agent or other representative of Seller shall have any personal liability under this Agreement
or any document executed in connection with the transactions contemplated by this Agreement. 
 9.18 Choice of Law; Submission to
Jurisdiction. This Agreement is made and delivered in New York, New York and shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. Any legal action, suit or proceeding in connection with this
Agreement or for enforcement of any judgment rendered in any such action, suit or proceeding may be brought in the federal or state courts of the State of New York, and, Purchaser hereby irrevocably accepts and submits to the jurisdiction of the
aforesaid courts in personam, generally and unconditionally with respect to any such action, suit, or proceeding for itself and in respect of its property. 

9.19 Compliance with Residential Lead-Based Paint Hazard Reduction Act of 1992. 

(a) Attached hereto as Exhibit “F” is the “Lead Warning Statement” required to be given by Seller to Purchaser
pursuant to the Residential Lead-Based Paint Hazard Reduction Act of 1992 (the “Act”). 
 (b) Seller has no knowledge of any
lead-based paint or lead-based paint hazards present in or on the Property. The absence of any such knowledge of Seller is not based upon any testing, survey or report with respect to lead-based paint or lead-based paint hazards and does not
constitute a representation or warranty that the Property does not contain any lead-based paint or lead-based paint hazards. 

  
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 (c) Purchaser acknowledges and affirms that it has received the information contained in this
Section 9.19 and a copy of the pamphlet entitled “Protect Your Family from Lead in Your Home” published by the United States Environmental Protection Agency and the United States Consumer Products Safety Commission. Purchaser
further acknowledges that, pursuant to Section 3.2, Purchaser will have an opportunity within the time frames contained in that Section to conduct an inspection and risk assessment of the Property for the presence of lead-based paint and
lead-based paint hazards before becoming obligated to consummate the purchase of the Property. 
 9.20 Non-Solicitation of Employees.
Purchaser acknowledges and agrees that, without the express prior consent of Seller, neither Purchaser nor any of Purchaser’s employees, affiliates or agents shall solicit any of Seller’s employees or any employees located at the Property.
This Section 9.20 shall constitute a Surviving Obligation. 
 9.21 Access. Purchaser hereby agrees to retain all leases
and lease related documents (the “Lease Documents”) with respect to the Property and in effect on or after the Seller’s acquisition of the Property in accordance with its record retention policy; provided however, Purchaser shall have
no obligation to retain any Lease Documents entered into after Closing. Purchaser shall cooperate fully, as and to the extent reasonably requested by Seller and Seller Related Parties, at no cost to Purchaser, in delivering and/or granting access to
Seller and/or Seller Related Parties of any of the Lease Documents that Seller and/or Seller Related Parties may require in connection with any accounting and/or tax audit with respect to Seller’s ownership and management of the Property.
Notwithstanding anything to the contrary herein, Purchaser shall have no obligation to retain any of the Lease Documents after the date that is twelve (12) months from the last day of the fiscal year to which such Lease Document relates. In
addition to the foregoing, after the Closing, Purchaser agrees to allow Seller and its designated representatives, on prior notice and during business hours, access to the documents, instruments, books and records for the Property dated prior to the
date of Closing (the “Records”). Seller and its designated representatives shall have the right to make copies of the Records and the Lease Documents. This Section 9.21 shall constitute a Surviving Obligation for a period of
twelve (12) months. 
 9.22 Section 3-14 Compliance. At Purchaser’s written request, Seller shall provide to Purchaser
(at Purchaser’s expense) copies of, or shall provide Purchaser reasonable access to, such factual information as may be reasonably requested by Purchaser, and in Seller’s Possession, necessary to enable Purchaser’s auditor to conduct
an audit of the financial statements of the Property for the year to date of the year in which Closing occurs plus the one (1) immediately preceding calendar year, in accordance with Rule 3-14 of Securities and Exchange Commission Regulation
S-X. Purchaser shall be responsible for all out-of-pocket costs associated with this audit. Seller shall reasonably cooperate (at no cost to Seller) with Purchaser’s auditor in the conduct of such audit, which will include verbal
requests for information regarding internal controls and follow-up questions on the financial information provided to the Purchaser. In addition, Seller agrees to provide to Purchaser or any affiliate of Purchaser, if requested by such auditor,
historical financial statements for the Property, including (without limitation) income and balance sheet data for the Property, whether required before or after Closing for up to two (2) fiscal years prior to Closing. Seller’s
obligation to maintain its records for use under this Section 9.22 shall survive Closing for a period of eighty (80) days. 

  
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 SECTION 10. ESCROW PROVISIONS 

10.1 The Deposit shall be held in escrow by the Escrow Agent until the earliest of (a) the Closing, on which date the Deposit shall be
released to Seller; (b) ten (10) days after the Escrow Agent shall have delivered to the non-sending party a copy of the notice sent by Seller or Purchaser stating that this Agreement has been
terminated and that the party so notifying the Escrow Agent is entitled to the Deposit, following which period the Deposit shall be (i) delivered to Seller, in the case of a notice from Seller stating that Seller is entitled to the Deposit, or
(ii) delivered to Purchaser, in the case of a notice from Purchaser stating that Purchaser is entitled to the Deposit; provided, in each case, however, that within such ten (10) day period the Escrow Agent does not receive either a notice
containing contrary instructions from the other party hereto or a court order restraining the release of all or any portion of the Deposit; or (c) a joint notice executed by Seller and Purchaser is received by the Escrow Agent, in which event
the Escrow Agent shall release the Deposit in accordance with the instructions therein contained. The Escrow Agent shall reasonably promptly deliver a duplicate copy of any notice received by it in its capacity as Escrow Agent to Seller and
Purchaser. 
 10.2 The Deposit shall be held by the Escrow Agent in a separate interest-bearing money market or bank account at JPMorgan
Chase. The Deposit may be invested on behalf of Seller or Purchaser; provided that any direction to the Escrow Agent for such investment shall be in writing and a completed, signed W-9 Form accompanies it. The Escrow Agent is not to be held
responsible for the loss of principal or interest on any investment made pursuant to the aforesaid instruction or in the redemption thereof, or for levies by taxing authorities based upon the taxpayer identification number used to establish this
interest bearing account. If the Closing occurs, the Deposit shall be paid to Seller and applied to the Purchase Price. In the event that there is no Closing hereunder and the Deposit is to be paid to Seller pursuant to the terms of this Agreement,
such payment shall be made to Seller, otherwise, the Deposit shall be paid to Purchaser. 
 10.3 In the event that (i) the Escrow Agent
shall have received a notice containing contrary instructions or a court order as provided for in Section 10.1 hereof and within the time therein prescribed, or (ii) any other disagreement or dispute shall arise between the parties
hereto resulting in adverse claims or demands being made for the Deposit, whether or not litigation has been instituted, then and in any such event the Escrow Agent shall refuse to comply with any claims or demands on it and continue to hold the
Deposit until the Escrow Agent receives either (a) a written notice signed by both Seller and Purchaser directing the disposition of the Deposit, or (b) a final order of a court of competent jurisdiction, entered in a proceeding in which
Seller, Purchaser and the Escrow Agent are named as parties, directing the disposition of the Deposit, in either of which events the Escrow Agent shall then dispose of the Deposit in accordance with said direction. The Escrow Agent shall not be or
become liable in any way to any person or entity for its refusal to comply with any such claims or demands until and unless it has received a direction of the nature described in (a) or (b) above. Upon the taking by the Escrow Agent of any
of the actions described in (a) and (b) above, the Escrow Agent shall be released of and from all liability 

  
 - 25 - 

 
hereunder. Notwithstanding the foregoing provisions of this Section 10.3, the Escrow Agent shall have the following right in the circumstances described in subdivision (i) or
(ii) above: (y) if the Escrow Agent shall have received a written notice signed by either Seller or Purchaser advising that litigation between Seller and Purchaser over entitlement to the Deposit or any portion thereof has been commenced,
the Escrow Agent may, on written notice to Seller and Purchaser, deposit the Deposit with the clerk of the court in which such litigation is pending, or (z) the Escrow Agent may, on written notice to Seller and Purchaser, take such affirmative
steps as it may, at its option, elect in order to terminate its duties as escrow agent hereunder, including, but not limited to, the deposit of the Deposit with a court of competent jurisdiction and the commencement of an action in interpleader.
Upon the taking by Escrow Agent of either of the actions described in (y) or (z) above, the Escrow Agent shall be released of and from all liability hereunder except for any previous willful misconduct or gross negligence. 

10.4 The Escrow Agent shall not be liable for any error in judgment or for any act done or omitted by it in good faith, or for any mistake of
fact or law and shall not incur any liability in acting upon any signature, notice, request, waiver, consent, receipt or other paper or document in good faith believed by the Escrow Agent to be genuine and is released and exculpated from all
liability hereunder except as aforesaid or for willful misconduct or gross negligence. The sole responsibility of the Escrow Agent hereunder shall be to hold and release the Deposit in accordance with the provisions of this Agreement. The Escrow
Agent shall be entitled to consult with counsel in connection with its duties hereunder. The Escrow Agent has executed this Agreement solely to confirm that it is holding and will hold the Deposit in escrow pursuant to the provisions of this
Section 10 and for no other purpose. 

  
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	FARRINGTON LAKE APARTMENTS NF L.P.
		
	By:		SAP IV SH NF L.L.C., its general partner
			
			By:		SAP IV MANAGER INC., its manager
			    By:		 /s/ Michael Katz

			    Name: 		Michael Katz
			    Title		Co-President
	
	RRE OPPORTUNITY OP II, LP
		
	By:		Resource Real Estate Opportunity REIT II,
			Inc., its general partner
		
	By:		 /s/ Kevin Finkel

	Name:		Kevin Finkel
	Title		President

 The undersigned Escrow Agent hereby acknowledges receipt of the Deposit and a copy of this Agreement,
and agrees to hold and dispose of the Deposit in accordance with the provisions of this Agreement. 
  

			
	ESCROW AGENT:
	
	Fidelity National Title Insurance Company
		
	By:		 /s/ James Leik

	Its:		Vice President
	
	Date of Execution by Escrow Agent:
	
	April 21, 2015

 SCHEDULE 1 

ITEMS TO BE DELIVERED TO 

THE EXTENT IN SELLER’S POSSESSION 

(1) Monthly income statements for the Property beginning December 2013 and through date of sale; 

(2) Monthly bank statements for the Property beginning December 2013 through date of sale; 

(3) Reconciliations to aforementioned bank statements; 

(4) Monthly rent rolls for December 2013 through month of sale; 

(5) Trial Balances for the years ended 2013, 2014 and last date the seller owns the Property; 

(6) Balance Sheet at 12/31/13, 12/31/14, and the last month the seller owns the Property; 

(7) Account payable and account receivable detail listing/aging reports at 12/31/13, 12/31/14 and date of sale; 

(8) Check registers and payables registers for January 2014, February 2014, January 2015, and February 2015; 

(9) Copy of management agreement; 

(10) General Ledger for 2013 and 2014; 

(11) Copies of all insurance invoices for past 12 months; 

(12) Copies of all real estate tax bills for 2013 and 2014 as well as any assessments or tax bills for 2015; 

(13) Contact person at the property management company with whom the auditors can discuss internal control procedures and walkthrough
information; 
 (14) Standard Lease form with respect to the Property; 

(15) Copies of all property utility bills for past 12 months; 

(16) Copies of all utility contracts if applicable; 

 (17) On-site access to make copies and/or review the Tenant Leases including any and all
modifications, supplements or amendments thereto and all tenant lease files; 
 (18) Current resident ledger report as well as a report on
the date of sale; 
 (19) Current notices to vacate report; 

(20) A schedule of all tenant deposits in the form customarily utilized by Seller; 

(21) Contracts relating to the maintenance and operation of the Property and access at the Property to all maintenance and service logs for
the Property; 
 (22) Copy of Phase I report (Draft) prepared by LandAmerica Assessment Corporation Dec. 21, 2005 (the “Existing Phase
I Report”); 
 (23) Insurance loss runs during the period of Seller’s ownership of the Property; 

(24) Most recent elevation certificates (if available); 

(25) To the extent available, copies of all guaranties or warranties currently in effect related to the roof or any structure or operating
system at the Property; 
 (26) A list of employee units and model/office units, and employee rental and discount information; 

(27) A schedule of capital improvements completed during the period of Seller’s ownership; 

(28) Documentation related to eviction activity for the past 12 months as well as the status of all evictions currently in process; 

(29) List of all personal property to be conveyed with the Property; 

(30) To the extent available, the most recent tax, license fee and permit bills and copies of all such licenses and permits, including the
certificates of occupancy; 
 (31) List of current employees of the Property; 

(32) All engineering studies, environmental reports, termite inspections or warranties, to the extent available and in the Seller’s
possession, which relate to its Property and were prepared for such Seller by third parties; 
 (33) The Seller’s ACM plan, lead in
water O&M, and other O&M plans, if any. 

  
 - 2 - 

 (34) The most recent Title and Survey in Seller’s possession, which relate to its Property
and were prepared for such Seller by third parties; 
 (35) Monthly occupancy and turnover percentages for 2013, 2014, and 2015; 

(36) Summary of bad debt written-off in 2013, 2014, and 2015; 

(37) Copies of tenant utility billing reports (RUBS) for the past 12 months, if applicable. 

  
 - 3 - 

 SCHEDULE 2 

TITLE EXCEPTIONS 
 1. Exceptions and
exclusions to coverage set forth in the owner’s title insurance policy issued by Chicago Title Insurance Policy No: 34-106-05-0043021 dated February 2, 2006, and any additional easements, covenants, agreements and restrictions of
record provided same would not constitute a Material Title Defect. 
 2. Any state of facts shown on the Survey. 

2. All encumbrances caused by acts or omissions of Purchaser. 

 EXHIBIT A 

LEGAL DESCRIPTION OF LAND 
  

 
 EXHIBIT A 
LEGAL DESCRIPTION OF LAND 
EXHIBIT “A” 
CH05-0025162 
(Page 1 of 2) 
Summit Hill Apartments (PHASE 1) 
BEGINNING at an existing iron pipe in the eastern margin of the right-of- way of Farringdon Road (S.R. 1110) (90’ public right-of-way), said existing iron pipe being located
the following two (2) courses and distance from the intersection of the center line of the right-of-way of Farringdon Road and the right-of-way of Farmington Drive: (1)N. 11-11-12 E. 226.52 feet to an existing iron pipe; and () N. 58-46-35 E. 24.36
feet to an existing iron pipe located in the boundary line of the property of Dolphin Associates (now or formerly) as described in Deed Book 1202, Page 254 in the Durham County Public Registry (hereinafter the “Registry”), the point and
place of BEGINNING; thence, with and along the boundary line of the property of Dolphin Associates, the following two (2) courses and distances: (1) N.58-46-35 e 893.10 Feet to an existing iron pipe; and (2) N. 29-19-07 W, 67.25 feet to a concrete
monument in the southwestern margin of the right-of-way of Interstate 40 (variable width controlled access right-of-way); thence, with and along the southwestern margin of the right-of-way of Interstate 40, the following six(6) courses and
distances: (1) S. 49-16-19 E. 260.72 feet to a concrete monument; (2) S/ 78-37-31 E. 4.24 feet to a concrete monument; (3) S. 48-28-51 E. 195.26 feet to a concrete monument; (4) S. 45-34-45 E. 102.89 feet to a concrete monument; (5) S. 42-27-12 E.
195.07 feet to a concrete monument (6) S. 43-10-30 E. 82.07 feet to an existing iron pipe; thence S. 32-55-25 W. 230.70 feet to an existing iron pipe; thence N. 67-40-03 W. 140.00 feet to an existing iron pipe; thence S. 45-19-57 W. 300.00 feet to
an existing iron pipe; thence N S. 85-40-48 W. 459.95 feet to an existing iron pipe; thence S. 50-30-48 W.190.00 feet to an existing iron pipe; thence S.84-08-36 W. 334.11 feet to an existing iron pipe in the eastern margin of the right-of-way of
Farrington Road; thence, with and along the eastern margin of the right-of-way of Farrington Road, the following two (2) courses and distances: (1) with the arc of the circular curve to the right having a radius o f 1003.85 feet, an arc length of
86.90 feet and chord bearing and distance of N. 01-05-46 E. 86.88 feet to an existing iron pipe; and (2) N. 03-34-34 E. 447.50 feet to an existing iron pipe, the point and place of BEGINNING, containing 19.47 acres, more or less, as shown on a
ALTA/ACSM Land Title Survey of Summit Hill Apartments prepared by the John R. McAdams Company Inc., Jerry W. Davis, NCRLS, dated November 19, 1998, and revised December 10, 1998. 

 

 

 
 EXHIBIT “A” continued 
CH05-0025162

(Page 2 of 2) 
Summit Hill Apartments (PHASE 2) 
BEGINNING at an existing iron pipe in the eastern margin of the right-of-way of Farrington Road (S.R. 1110) (90’ public right-of-way), said point being located the following
four (4) courses and distances from the intersection of the center line of the right-of-way of Farington Road and the right-of-way of Farrington Drive: (1) N. 11-11-12 E.226.52 feet to an existing iron pipe; (2) N. 58-46-35 E 24.36 feet to an
existing iron pipe; (3) S. 03-04-34-34 W. 447.50 feet to an existing iron pipe; and (4) with the arc of the circular curve to the left having a radius of 1003.85 feet, an arc length of 86.90 feet and chord bearing and distance of S.01-05-46 W. 86.88
feet to an existing iron pipe, the point and place of BEGINNING; thence N. 84-08-36 E. 334.11 feet to an existing iron pipe; feet to an existing iron pipe; thence N. 50-30-48 E. 190.00 feet to an existing iron pipe; thence N.45-19-57E. 300.00 feet
to an existing iron pipe; thence S. 67-40-03 E. 140.00 feet to an existing iron pipe in the southwestern margin of the right-of-way of Interstate 40 (variable width controlled access right-of-way); thence, with and along the southwestern margin of
the right-of-way of Interstate 40, the following six (6) courses and distances: (1) S. 45-14-36 E. 61.69 feet to a concrete monument; (2) S. 52-55-48 E. 350.91 feet to a iron pipe set; and (6) S. 42-16-27 E. 256.90 feet to an iron pipe set, a corner
of the property of City of Durham (now or formerly) as described in Deed Book 334, page 693 in the Registry; thence, with and along the boundary line of the property of the City of Durham, the following two (2) courses and distances: (1) N. 87-03-41
W. 1483.18 feet to an existing iron pipe; and (2) S. 78-44-32 W. 660.15 feet to an existing iron pipe in the eastern margin of the right-of-way of Farrington Road, the following two (2) courses and distances: (1) N. 19-53-13 W 23 57 feet to an
existing iron pipe; and (2) with courses and distance : (1) N. 19-53-13. W. 23.57 feet to an existing iron pipe and two (2) with the arc of the circular curve to the right, having a radius of 1003.85 feet an arc length of 324.18 feet and a chord
bearing and distance of N. 10-38-11 W. 322.77 feet to an existing iron pipe, the point and place of BEGINNING, containing 19.52 acres, more or less, as shown on a ALTA/ACSM Land Title Survey of Summit Hill Apartments prepared by the John R. McAdams
Company Inc., Jerry W. Davis, NCRLS, dated November 19, 1998, and revised December 10, 1998. 

 EXHIBIT B 

DEED 
 Deed with no
covenants. 

 EXHIBIT C 

FORM OF ASSIGNMENT 

ASSIGNMENT AND ASSUMPTION OF SERVICE AGREEMENTS, WARRANTIES, LEASES AND OTHER INTANGIBLE PROPERTY 

                       
                 (“Assignor”), for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, has Granted, Sold,
Assigned, Transferred, Conveyed, and Delivered and by these presents does Grant, Sell, Assign, Transfer, Convey and Deliver unto
                            , a
                            (“Assignee”), all of Assignor’s rights, title, and interests in
and to the following items arising or used in connection with the improved property situated on the land in the                     County, State of
                    more particularly described on Exhibit A attached hereto and made a part hereof (hereinafter called the “Property”):

 (a) Any leases for space in the Property (the “Leases”), together with refundable security and other deposits owned or held by
Assignor pursuant to the Leases, and any and all claims against tenants under the Leases for past due rents or otherwise, which Lease security deposits and claims are described on Exhibit B attached hereto; 

(b) The assignable service or maintenance Agreements relating to the maintenance and operation of the Property (the “Service
Agreements”) attached hereto as Exhibit C; 
 (c) Any assignable warranties and guaranties relating to the Property or any portion
thereof (collectively, the “Warranties”); and 
 (d) Any other intangible property related to the Property or otherwise used in
connection with Seller’s maintenance and operation of the Property. 
 Assignor and Assignee hereby covenant and agree as follows: 

(i) Assignee accepts the aforesaid assignment and Assignee assumes and agrees to be bound by and timely perform, observe,
discharge, and otherwise comply with each and every one of the agreements, duties, obligations, covenants and undertakings upon the lessor’s part to be kept and performed under the Leases and any obligations of Assignor under the Service
Agreements, from and after the date hereof. 
 (ii) Neither this Assignment nor any term, provision, or condition hereof may
be changed, amended or modified, and no obligation, duty or liability of any party hereby may be released, discharged or waived, except in a writing signed by all parties hereto. Except to the extent expressly set forth in this Assignment, Seller
has not made, does not make and specifically negates and disclaims any representations, warranties, promises, covenants, 

 
agreements or guaranties of any kind or character whatsoever, whether express or implied, oral or written, past, present or future, of, as to, concerning or with respect to the Property, Leases,
Service Agreements or Warranties. 
 IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment of Service Agreements,
Warranties and Leases effective as of the     day of         , 20    . 
  

			
	
	Assignor:
	
	                                    
                                         
           ,
	a
                                        

		
	By:		  

	Its:		
	
	Assignee:
	  

	a
                                        

		
	By:		  

	Its:		

  
 - 2 - 

 EXHIBIT C-1 

BILL OF SALE 

Seller,
                                        ,
a                             , in consideration of Ten and No/100 Dollars ($10.00), receipt of which is
hereby acknowledged, does hereby sell, assign, transfer and set over to                     (the “Purchaser”), the following described
personal property, to wit: 
 All of the furniture, fixtures, equipment, machines, apparatus, supplies and personal property, of every
nature and description, if any, now owned by Seller and located in or on the real estate commonly known as
“                                        
”,          County,             , which real estate is legally described on Exhibit “A” attached hereto but excepting therefrom the
following: (a) any fixtures, furniture, furnishings, equipment or personal property, if any, of tenants occupying the improvements situated on the real estate; (b) any fixtures, furniture, furnishings, equipment or personal property, if
any, owned by the property manager at the real estate; and (c) fixtures, equipment, and machines, if any, leased by Seller under any agreements. 

This transfer is made without representation, warranty or guaranty by, or recourse against, Seller of any kind whatsoever. 

IN WITNESS WHEREOF, Seller has caused this Bill of Sale to be signed and sealed in its name by its officers thereunto duly authorized
this      day of         , 2015. 
  

			
	  

	a                          corporation
		
	By:		  

	Its		

 [EXHIBIT “A” WILL BE LEGAL DESCRIPTION ATTACHED TO AGREEMENT] 

 EXHIBIT D 

FORM OF FIRPTA AFFIDAVIT 

TRANSFEROR’S CERTIFICATION OF NON-FOREIGN STATUS 

To inform
                                         
                   , a
                    (“Transferee”), that withholding of tax under Section 1445 of the Internal Revenue Code of 1986, as amended
(collectively, the “Code”), will not be required for transfer of certain real property to Transferee by
                            , (“Transferor”), the undersigned hereby certifies the following on
behalf of Transferor: 
 1. Transferor is not a foreign person, foreign corporation, foreign partnership, foreign trust, or foreign estate
(as those terms are defined in the Code and the Income Tax Regulations promulgated thereunder); 
 2. Transferor’s U.S. taxpayer
identification number is as follows:                             . Transferor is not a “disregarded
entity” as defined in 26 CFR Section 1:1445-2(b)(2)(iii). 
 3. Transferor’s office address is as follows: 

 

					
			  
		
			  
		
			  
		

 Transferor understands that this Certification may be disclosed to the Internal Revenue Service by Transferee
and that any false statement contained herein could be punished by fine, imprisonment, or both. 
 Transferor understands that Transferee is
relying on this Certification in determining whether withholding is required upon said transfer. 
 Under penalty of perjury I declare that
I have examined this Certification and to the best of my knowledge and belief it is true, correct and complete, and I further declare that I have authority to sign this document on behalf of Transferor. 

Date:                     , 2015 

 

			
	TRANSFEROR:
	  

	  

		
	By:		  

	Its:		

 EXHIBIT E 

FORM OF TENANT NOTICE 

            , 2015 

 

			
	  
		
	  
		
	  
		

 This is to notify you that
                                        , a
            (“Seller”), has sold its interest in the property described above and in connection therewith has assigned its interest as landlord under your lease to
                                        , a
                            (“Buyer”). 

You are further notified that any refundable security deposits or any prepaid rents under your lease have been transferred to Buyer. 

Commencing as of the date hereof all rental payments under your lease shall be paid to Buyer or as Buyer shall direct. 

Any written notices you desire or are required to make to the landlord under your lease should hereafter be sent to Buyer at the address to be
provided by Buyer. 
  

			
	Very truly yours,
	
	SELLER:
	
	                                    
                                         
             ,
	a                                    
                                         
           
		
	By:		  

	Its:		

 EXHIBIT F 

LEAD WARNING STATEMENT 

Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such
property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including, learning disabilities, reduced
intelligence quotient, behavioral problems and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide the purchaser with any information on
lead–based paint hazards from risk assessments or inspections in the Seller’s possession and notify the purchaser of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended
prior to purchase. 

 EXHIBIT G 

Information for Real Estate 1099-S Report Filing 

as Required by the Internal Revenue Service 

Section 6045 of the Internal Revenue Code, as amended, by the Tax Reform Act of 1986, requires the reporting of certain information on
every real estate transaction. From the information you provide below, a Form 1099-S will be produced, and a copy of it will be furnished to you no later than January 31 of the next year and to the I.R.S.
no later than February 28 of the next year. 
  

							
	Seller’s Taxpayer ID Number:		  
		
				
	Taxpayer ID Type:		Business        		 X    
		
			Individual		  
		

 ENTITY SELLER(S) NAMES(S): 

MAILING ADDRESS of Seller(s): 
 Street: c/o Sterling American
Property, Inc., 111 Great Neck Road, Suite 408 
  

					
	City:     Great Neck		State:    New York		Zip Code:        11021

 TRANSACTION INFORMATION 
 Closing
Date (MMDDYY):                                     Gross
Proceeds:             $                     

Address or legal description of Property: 
 DATE:
                         

SELLER: 

  
 - 2 - 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	SECTION 1.	  	PURCHASE AND SALE	  	 	1	  
	 1.1
	  	Purchase and Sale	  	 	1	  
			
	SECTION 2.	  	PURCHASE PRICE	  	 	1	  
	 2.1
	  		  	 	1	  
			
	SECTION 3.	  	DELIVERIES, INSPECTION AND REPRESENTATIONS	  	 	2	  
	 3.1
	  	Delivery Obligations	  	 	2	  
	 3.2
	  	Inspection Period	  	 	2	  
	 3.3
	  	Title and Survey	  	 	6	  
	 3.4
	  	Purchaser’s Representations and Warranties	  	 	7	  
	 3.5
	  	Seller’s Representations and Warranties	  	 	9	  
			
	SECTION 4.	  	ACCEPTANCE OF PROPERTY	  	 	12	  
	 4.1
	  	“As Is”	  	 	12	  
	 4.2
	  		  	 	12	  
			
	SECTION 5.	  	CLOSING	  	 	13	  
	 5.1
	  	Closing	  	 	13	  
	 5.2
	  	Possession	  	 	13	  
	 5.3
	  	Proration	  	 	13	  
	 5.4
	  	Closing Costs	  	 	14	  
	 5.5
	  	Seller’s Obligations at the Closing	  	 	15	  
	 5.6
	  	Purchaser’s Obligations at the Closing	  	 	16	  
	 5.7
	  	Property Management Agreement	  	 	17	  
			
	SECTION 6.	  	RISK OF LOSS	  	 	17	  
	 6.1
	  	Condemnation	  	 	17	  
	 6.2
	  	Casualty	  	 	17	  
	 6.3
	  	Uniform Vendor and Purchaser Risk Act	  	 	18	  
			
	SECTION 7.	  	DEFAULT	  	 	18	  
	 7.1
	  	Breach by Seller	  	 	18	  
	 7.2
	  	Breach by Purchaser	  	 	18	  

  
 - i - 

							
	 SECTION 8.
		FUTURE OPERATIONS		 	18	  
	 8.1
		Maintenance and Service Contracts		 	18	  
	 8.2
		Leasing		 	19	  
			
	 SECTION 9.
		MISCELLANEOUS		 	19	  
	 9.1
		Notices		 	19	  
	 9.2
		Real Estate Commissions		 	21	  
	 9.3
		Entire Agreement		 	21	  
	 9.4
		Amendment		 	21	  
	 9.5
		Headings		 	21	  
	 9.6
		Time of Essence		 	21	  
	 9.7
		Successors and Assigns; Assignment		 	21	  
	 9.8
		Invalid Provision		 	22	  
	 9.9
		Attorneys’ Fees		 	22	  
	 9.10
		Multiple Counterparts		 	22	  
	 9.11
		Exhibits		 	22	  
	 9.12
		Construction		 	22	  
	 9.13
		No Recordation		 	22	  
	 9.14
		Merger Provision		 	22	  
	 9.15
		Jury Waiver		 	23	  
	 9.16
		Intentionally Omitted		 	23	  
	 9.17
		No Personal Liability of Officers, Directors, Etc. of Seller		 	23	  
	 9.18
		Choice of Law; Submission to Jurisdiction		 	23	  
	 9.19
		Compliance with Residential Lead-Based Paint Hazard Reduction Act of 1992		 	23	  
	 9.20
		Non-Solicitation of Employees		 	24	  
			
	 SECTION 10.
		ESCROW PROVISIONS		 	25	  
	 10.1
				 	25	  
	 10.2
				 	25	  
	 10.3
				 	25	  
	 10.4
				 	26	  

  
 - ii -EX-10.12

 Exhibit 10.12 

AGREEMENT OF SALE AND PURCHASE 

THIS AGREEMENT OF SALE AND PURCHASE (the “Agreement”) is made as of April 27, 2015 (the “Effective
Date”) by and between MAYFAIR INVESTORS LLC, an Alabama limited liability company (“Seller”) and RRE OPPORTUNITY OP II, LP, a Delaware limited partnership (together with its successors and assigns,
“Buyer”). 
 W I T N E S S E T H : 

In consideration of the covenants and provisions contained herein, and intending to be legally bound hereby, the parties agree as follows:

 1. Agreement to Sell and Purchase. Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, subject to all of the
terms and conditions of this Agreement, the project commonly known as “Mayfair Chateau Manor Apartments” located at 3450 Manor Drive, Homewood, AL 35209 consisting of the following: 

(a) Real Property. That certain tract of land more fully described on Exhibit A to this Agreement, together with all
improvements thereon, and all appurtenances thereto (including, without limitation, all easements, rights-of-way, water rights, mineral and timber rights, development
rights, privileges, licenses, and other rights and benefits belonging to, running with the owner of, or in any way relating to the aforesaid tract of land and all trees, shrubbery and plants, and rights to growing crops); together with all rights,
title and interest of Seller in and to any land lying in the bed of any street, opened or proposed, in front of or abutting or adjoining the aforesaid tract of land, and all right, title and interest of Seller in and to any unpaid award for the
taking by eminent domain of any part of the aforesaid tract of land or for damage to such tract of land by reason of a change of grade of any street (collectively, the “Real Property”). 

(b) Personal Property. All fixtures, furniture, equipment, supplies, kitchen equipment, washing machines, clothes dryers, swimming
pools and other recreational amenity equipment, and other personal property attached or appurtenant to, or located in or on, or used in connection with the Real Property, which are not owned by tenants of the Real Property, including, without
limitation, the items set forth on Exhibit B-1 to this Agreement (collectively, the “Personal Property”), but excluding the items set forth on Exhibit
B-2 of this Agreement (collectively, the “Excluded Items of Personal Property”). 

(c) Leases. The Seller’s interest in all leases, tenancies, licenses and other agreements for the use or occupancy of any portion
of the Property in effect on the date of this Agreement and all guaranties in connection therewith (the “Tenant Leases”). 

(d) Service Agreements. To the extent assignable, the Seller’s interest in all leasing, service, supply and maintenance contracts
relating to the Real Property or Personal Property (collectively, the “Service Agreements”), but only to the extent Buyer elects to have such Service Agreements assigned to it in accordance with Section 5(c) hereof. 

(e) Intangible Property. All of Seller’s interest in any intangible property now or hereafter owned by Seller and used solely in
connection with the Real Property, including any goodwill, certificates of occupancy, warranties, guaranties, governmental permits, approvals and licenses, the name “Mayfair Chateau Manor Apartments” and variations thereof and any
other trade names, trademarks and symbols associated with the Property; and together with Seller’s interest in any website or domain names and telephone and facsimile numbers owned or maintained by Seller (collectively, the “Intangible
Property”). 

 (f) Property. The Real Property, the Personal Property, the Leases, the Service
Agreements, and Intangible Property are sometimes collectively referred to as the “Property”. 
 2. Purchase Price.

 (a) The purchase price for the Property (the “Purchase Price”), subject to adjustments as provided in this Agreement,
shall be Thirty Million Two Hundred Thousand and 00/100 Dollars ($30,200,000.00), and shall be paid as follows: 
 (i) Five Hundred Fifty
Thousand and 00/100 Dollars ($550,000.00) (the “Deposit”) to be paid within three (3) business days after the Effective Date in immediately available funds and delivered to Land Services USA, Inc., 1 South Church Street, Suite
300, West Chester, PA 19380, Attention: Alison Zugschwert, Phone: (215) 255-8981, Facsimile: (215) 568-8219; Email: azugschwert@lsutitle.com (“Escrow Holder” or “Title Company”). 

(ii) The balance of the Purchase Price, as adjusted in accordance herewith, less the principal amounts outstanding on the First Mortgage and
the Second Mortgage as of the Closing Date, shall be paid at Closing by wire transfer of immediately available funds and delivered to Escrow Holder. 

(b) The Deposit shall be held by Escrow Holder in one or more interest bearing federally-insured money
market accounts acceptable to both Seller and Buyer, or in short-term United States Government obligations having a maturity date which is not later than the Closing Date (as hereinafter defined). As used in
this Agreement, “Deposit” shall mean and include the Deposit as defined in Section 2(a) above and any interest earned thereon. If requested by Escrow Holder, Buyer shall execute and deliver a Form W-9 to Escrow Holder. Failure
by Buyer to deliver the Deposit as provided above shall render this Agreement voidable at the option of the Seller. 
 (c) Seller’s
taxpayer identification number is 45-3261186; Buyer’s taxpayer identification number is 90-0892969. 
 3. Disposition of Deposit;
Defaults. 
 (a) Held in Escrow. The Deposit shall be held in escrow and disbursed by Escrow Holder strictly in accordance with
the terms of this Agreement. 
 (b) Upon Default. 

(i) If Buyer, without the right to do so and in default of its obligations under this Agreement, fails to complete Closing, Seller shall have
the right to be paid the Deposit and all interest earned on the Deposit as liquidated damages. The right of Seller to be paid the Deposit plus interest thereon shall be Seller’s exclusive and sole remedy, and Seller hereby waives any right to
recover the balance of the Purchase Price, or any part thereof, and the right to pursue any other remedy permitted by law or in equity against Buyer. Notwithstanding anything contained in this Section 3(b), Escrow Holder shall not pay
the Deposit to Seller under this Section 3(b) until the earlier to occur of (A) receipt by Escrow Holder of written joint instructions from Seller and Buyer, or (B) entry of a final and unappealable adjudication determining
which party is entitled to receive all or part of the Deposit. The foregoing shall not limit Seller’s rights against Buyer and Buyer’s liability to Seller by reason of a default by Buyer under this Agreement which survives Closing. In no
case shall Buyer or any of its partners, shareholders, officers or directors, or any trustee or beneficiary of Buyer, have any personal liability whatsoever arising under or in connection with this Agreement; Buyer’s liability shall in all
events be limited to the Deposit, all interest earned thereon, and the Property. 

  
 2 

 (ii) If Seller, without the right to do so and in default of its obligations under this
Agreement, fails to complete Closing or otherwise defaults under or breaches this Agreement, Buyer shall have the right to be paid the Deposit, all interest earned on the Deposit and reimbursement of Buyer’s out of pocket documented third party
reports and title examination, not to exceed $50,000 (excluding Buyer’s attorney’s fees) (the “Reimbursable Costs”), which right shall be in addition to all other rights and remedies of Buyer under this Agreement, at law
or in equity, including without limitation the right to specific performance and injunctive relief. 
 (c) Upon Closing or Termination by
Buyer. If Closing is completed hereunder, Escrow Holder shall pay the Deposit to Seller and all interest earned on the Deposit to Buyer. If Buyer terminates this Agreement as a result of Seller’s default or pursuant to the exercise of any
right of termination permitted by this Agreement, upon the earlier to occur of: (i) receipt by Escrow Holder of written joint instructions from Seller and Buyer or (ii) entry of a final and unappealable adjudication determining which party
is entitled to receive the Deposit and the interest thereon, as applicable, the Deposit and all interest thereon shall be distributed in accordance with such written instructions or adjudication. 

(d) Dispute. In the event of a dispute between the parties with respect to the Deposit, the Escrow Holder may deposit the Deposit with
a court of proper jurisdiction and commence an interpleader action. Upon notifying Seller and Buyer of the commencement of such action, Escrow Holder shall be released of all liability with respect to the Deposit, except to the extent of accounting
for any monies previously delivered by Escrow Holder out of escrow. Escrow Holder shall not be liable to either Seller or Buyer other than for the performance of its duties under this Agreement, its negligence or intentional wrongdoing. Escrow
Holder may rely upon the genuineness or authenticity of any document tendered to it by either of the parties, and shall be under no duty of independent inquiry with respect to any acts or circumstances recited in such document. 

4. Closing. 
 (a)
Closing Date. The consummation of the purchase and sale of the Property (the “Closing”) shall take place on the tenth (10th) day after Buyer’s receipt of
(i) Assumption Approval (as hereinafter defined) and (ii) a set of draft loan assumption documents from Lender in form and substance reasonably acceptable to Buyer and Seller, or on such earlier date as Buyer shall designate by prior
written notice to Seller, but with an outside date as provided in subsections 4(b)(i) and 4(b)(ii) of this Section (the “Closing Date”). The Closing shall be conducted through an escrow with the Escrow Holder, with escrow fee, not
to exceed a total of $1,000 (the “Escrow Fee”) to be paid equally by Seller and Buyer. IT IS AGREED THAT TIME IS OF THE ESSENCE OF THIS AGREEMENT. 

(b) Loan Assumption. 

(i) Within ten (10) days after the Effective Date, Seller will apply for and thereafter diligently pursue all approvals necessary for
Buyer’s assumption (the “Loan Assumption”) of the first mortgage loan in the original principal balance of $19,900,000.00 (the “First Mortgage”) and the second mortgage loan in the original principal balance of
$2,800,000.00 (the “Second Mortgage”) both encumbering the Property (collectively the “Mortgage Loan”). Seller will apply for the Loan Assumption of the Mortgage Loan, and Seller and Buyer will promptly submit to
the Lender the necessary documents required for the Loan Assumption. Buyer will pay for all application fees and deposits required by the Lender pursuant to the application. Seller will cooperate with Buyer and the Mortgage Loan lender (the
“Lender”) in connection with the approval process. If Lender approves Buyer’s assumption of the Mortgage Loan (the “Assumption Approval”) (a) Buyer will pay all costs, expenses and assumption fees charged
by the Lender in connection with the Loan Assumption, (b) any escrow or reserve amounts held by the Lender will be assigned to Buyer and Seller will receive a credit at Closing equal to such amounts; (c) all other third-party costs or fees
of the assumption will be paid by Buyer; and (d) Seller will received from Lender releases of Seller and any existing guarantors of the Mortgage Loan from liability 

  
 3 

 
(excluding any liability related to events occurring prior to the Closing and any environmental matters occurring prior to Closing that are commonly excluded from such a release) under the
documents evidencing and securing the Mortgage Loan from Lender in a form acceptable to Seller (the “Seller Releases”). 

(ii) If Lender fails or refuses to provide the Assumption Approval on or before 90 days after the Effective Date (the “Loan Approval
Deadline Date”), Buyer may either (i) elect to extend the Loan Approval Deadline Date by 30 days by giving written notice (at least10 days prior to the Closing Date) to Seller and the Title Company; or (ii) elect to terminate this
Agreement on or before 5:00 p.m. (Eastern time) on the Loan Approval Deadline Date, in which case the Deposit, will be returned to Buyer and neither party will have any further rights or obligations hereunder, except for those that expressly survive
the termination of this Agreement. If Buyer elects to extend the Loan Approval Deadline Date, but Lender fails or refuses to provide the Assumption Approval on or before the extended Loan Approval Deadline Date, Buyer may elect to terminate this
Agreement on or before 5:00 p.m. (Eastern time) on the Loan Approval Deadline Date as extended, in which case the Deposit will be returned to Buyer, and, thereafter, neither party will have any further rights or obligations hereunder, except for
those that expressly survive the termination of this Agreement. 
 5. Inspection and Title Review. 

(a) Inspection Period. Upon prior notice to Seller (by telephone or email), Buyer and its authorized agents and representatives shall
have the right to enter upon the Real Property (including all of the apartment units, but subject to the rights of tenants under the Leases and in accordance with applicable law) at reasonable times during normal business hours to inspect and
conduct reasonably necessary inspections (with a Seller representative present) and tests on the Property at its sole cost and expense, including, without limitation, engineering and hazardous material inspections; provided, however, any
intrusive physical testing will be conducted by Buyer only after obtaining Seller’s prior written consent. The right granted in the immediately preceding sentence may be exercised during the period commencing on the Effective Date and ending on
the earlier to occur of the Closing Date or termination of this Agreement. Buyer shall bear the cost of all inspections and tests, and Buyer shall give reasonable notice to the management of any inspection or test to be conducted on the Property.
Except to the extent caused by Seller or its agents, Buyer hereby indemnifies and holds Seller and the Property harmless as to all physical loss or property damage resulting from Buyer’s inspections and tests of the Property. Buyer shall also
restore the Real Property to substantially the same condition in which the same were found before any such entry upon the Property and inspection or examination was undertaken. Such agreement to repair and restore, and to indemnify and hold harmless
Seller shall expressly survive closing or any termination of the Agreement. Buyer shall maintain, or shall cause its contractors to maintain, public liability and property damage insurance insuring Buyer with Certificate of Insurance provided to
Seller, naming Seller as additional insured, prior to entry of the Property) against any liability arising out of any entry or inspections of the Property or work performed about the Property pursuant to the provisions hereof. 

(b) Document Review. Within three (3) business days after the Effective Date, Seller shall deliver to Buyer (or make available for
inspection at the Property) copies of the items listed on Schedule 5(b) attached hereto and made a part hereof, but only to the extent such items are in Seller’s possession or control (collectively, the “Documents”).
Buyer shall make its own independent inquiry regarding the economic feasibility, physical condition and environmental state of the Property during the period beginning on the Effective Date and ending at 5:00 pm (Eastern) on May 18, 2015
(the “Inspection Period”). 
 (c) Assignment or Cancellation of Service Agreements. Prior to the expiration of the
Inspection Period, Buyer shall advise Seller in writing of any Service Agreements which it elects to have cancelled upon Closing, provided that Buyer expressly agrees to assume all assignable Service Agreements that are not cancellable by their
terms or which cannot be terminated without cost or penalty to Seller. Seller agrees to give timely notices of termination of such Service Agreements. At Closing, Seller shall assign and Buyer shall assume

  
 4 

 
all Service Agreements that have not terminated as of the Closing Date, including without limitation, any remaining rights and obligations under Service Agreements under which the notice required
to terminate such Service Agreements, though delivered, will not have run prior to Closing. All existing agreements for management of the Property shall be terminated at Closing. 

(d) Right of Termination. Buyer may terminate this Agreement by written notice to Seller on or before 5:00 pm (Eastern) on the last day
of the Inspection Period, for any reason or for no reason whatsoever, and this Agreement shall be null and void for all purposes (except for provisions that expressly survive hereunder) and the Deposit and all interest thereon shall be returned to
Buyer. In the event that Buyer does not deliver notice of termination of this Agreement prior to the expiration of the Inspection Period, Buyer shall be deemed to have waived its right to terminate under this Section 5(d) and the Deposit
shall be non-refundable to Buyer except as otherwise set forth in this Agreement. 
 6. Condition of Title. 

(a) Title to Real Property. Title to the Real Property shall be good and marketable and free and clear of all liens, restrictions,
easements, encumbrances, leases, tenancies and other title objections, except for the Permitted Encumbrances (as hereinafter defined), and shall be insurable as such and as provided in this Agreement at ordinary rates by the Title Company pursuant
to an ALTA Owner’s Policy of Title Insurance, Form 2006 (the “Owner’s Policy of Title Insurance”). The term “Permitted Encumbrances” shall mean liens securing the Mortgage Loan, Tenant Leases (as
hereinafter defined), real estate taxes for the current tax year which are not yet due and payable, and the items to which either (i) Buyer has not objected or (ii) Buyer has objected, but Seller has agreed in writing to cure and has in
fact cured on or before the Closing Date. The Owner’s Policy of Title Insurance shall also contain endorsements insuring that (A) the covenants, conditions and restrictions included in the Permitted Encumbrances have not been violated and
that a future violation thereof will not cause a forfeiture or reversion of title, (B) Buyer’s contemplated use of the Real Property as multifamily apartments will not violate the covenants, conditions and restrictions included in the
Permitted Encumbrances, (C) if the Real Property consists of multiple parcels, all such parcels constitute a single, contiguous tract, and (D) the Real Property has direct access to a publicly dedicated road, and (E) any other
endorsements reasonably requested by Buyer. In addition, Seller shall deliver a standard Owner’s title affidavit to the Title Company at Closing sufficient in form to remove the “standard” title exceptions to the extent removable
thereby. 
 (b) Title to Personal Property. Title to the Personal Property shall be good and marketable and free and clear of all
liens, security interests and other encumbrances except those securing the Mortgage Loan. Seller shall pay at or before Closing, all sums required to free the Personal Property of any interest of any party and shall cause to be filed at or before
Closing any termination statement, release, discharge or other document required to remove of record any encumbrance upon the Personal Property held by any party. 

(c) Commitment to Insure. Within three (3) business days after the date of this Agreement, Buyer shall order (i) a commitment
to insure with respect to the Real Property from the Title Company (the “Commitment”), such Commitment to certify that fee simple title to the Real Property is vested in Seller, and to commit to insure title to the Real Property as
required by Section 6(a); and (ii) an update of Seller’ existing survey (the “Survey”) (a copy of which is to be provided to Seller upon receipt of same). If the Commitment or Survey discloses that title to the
Real Property is subject to any material defect, encumbrance or other objection of Buyer other than the Permitted Encumbrances, Buyer shall have the right to give to Seller written notice specifying such defect, encumbrance or other objection within
five (5) business days of receipt of the last of the Commitment, all documents, plats and maps referenced in the Commitment and the Survey (“Title Objection Notice”) but in no event shall the Title Objection Notice be delivered
to Seller after expiration of the Inspection Period. Seller shall have up to five (5) days following receipt of Buyer’s Title Objection Notice to notify Buyer whether or not it will correct such defect, encumbrance or other title objection
(the “Response Notice”). Failure of Seller to provide a timely Response Notice shall evidence Seller’s refusal to cure the objections set forth in the Title Objection 

  
 5 

 
Notice, provided that notwithstanding the foregoing, and without any requirement for a Title Objection Notice, Seller shall be obligated to remove of all monetary liens and judgments filed
against the Property other than those securing the Mortgage Loan. 
 (d) Inability to Convey. If Seller is unable to convey title to
the Real Property to Buyer at Closing in accordance with the requirements of this Agreement, or if a commitment to insure in accordance with the requirements of this Agreement cannot be obtained from the Title Company or other reputable title
insurance company acceptable to Buyer, Buyer shall have the options (i) of taking such title as Seller is able to convey with abatement of the Purchase Price in (A) the amount (fixed or ascertainable) of any liens on the Real Property,
plus (B) an amount required to cure any other title objection (if the amount is reasonably ascertainable), and/or at Buyer’s election, the amount of any premium payable for affirmative title insurance insuring over such other defect,
encumbrance or other title objection, or (ii) of terminating Buyer’s obligations under this Agreement and being repaid the Deposit and all interest earned thereon, together with the Reimbursable Costs, and upon payment to Buyer of the
Reimbursable Costs this Agreement shall be null and void and neither party shall have any obligations hereunder. Notwithstanding the foregoing, if title to the Real Property is not as described in Section 6(a) by reason of any willful
act or omission by Seller, Buyer shall also be entitled to pursue all other remedies available to Buyer at law or in equity. 
 (e)
Subsequent Defects. Notwithstanding the foregoing, Buyer shall have the same rights to make objections to any material new matter first disclosed to Buyer by any updated Commitment after expiration of the Inspection Period until the earlier
of (i) five (5) business days after Buyer’s receipt of such updated Commitment, or (ii) Closing, and such matters shall be subject to cure by Seller under the same procedures set forth above for Buyer’s original title
objections, provided, however, in the event that Seller reasonably determines that any such matters cannot be removed at or prior to Closing, Seller shall notify Buyer in writing, whereupon Buyer at its election, which must be exercised by written
notice to Seller within five (5) business days after receipt by Buyer of Seller’s notice, may (i) terminate this Agreement and receive a refund of the entire Deposit, or (ii) waive all such title objections and proceed to close
the transaction in accordance with the terms of this Agreement, except that if such deadline is after the originally scheduled Closing Date, Closing shall be on or before the fifth (5th) business day after the last day of Buyer’s deadline
to respond to Seller, and in which event all such waived matters shall become Permitted Encumbrances. 
 7. Possession. 

(a) Delivery of Possession. Actual sole and exclusive physical possession of the Property shall be given to Buyer at Closing unoccupied
and free of any leases, claims to or rights of possession other than the rights of tenants under Tenant Leases by delivery of the keys to the Property and Seller’s Statutory Warranty Deed, duly executed and acknowledged by Seller and in proper
form for recording (the “Deed”), and Seller’s bill of sale in the form of Exhibit C to this Agreement duly executed and acknowledged by Seller and in proper form for recording (the “Bill of Sale”)
including, as required, separate assignments of the registrations of any motor vehicles described on Exhibit B-1. If Buyer causes a survey of the Real Property to be made, then at Buyer’s option
the description of the Real Property contained in the Deed shall be based upon that survey. It is intended by the parties that the Real Property includes all of the land and real property interest owned by Seller in the vicinity of the lot or tract
of ground described on Exhibit A to this Agreement. If it is determined that Seller owns land or other real property interest in the vicinity of, but in addition to, that described on Exhibit A to this Agreement, then the Deed shall
include such additional land or interests. 

  
 6 

 8. Apportionments. 

(a) Taxes, Rents, etc. 

(i) Real estate taxes (on the basis of the actual fiscal year (October 1 – September 30) for which such taxes are assessed based on
custom and practice in Jefferson County, Alabama) on the Real Property, personal property taxes on the Personal Property, minimum water and sewer rentals, rents, including without limitation expense pass throughs, percentage rents and other sums
paid by tenants, licensees and concessionaires and collected by Seller prior to Closing under the Tenant Leases, payments due under the Service Agreements (as hereinafter defined) which are to be assigned to Buyer, prepaid license fees and other
charges for licenses and permits for the Real Property which will remain in effect for Buyer’s benefit after Closing, and municipal rubbish removal charges shall be apportioned pro-rata between Seller and Buyer on a per diem basis as of the
Closing Date. 
 (ii) All rents and other sums collected by Buyer after the Closing Date, will be retained by Buyer and applied on account
of the rents and other sums due to Buyer. At Closing, Seller shall identify all tenants which are in arrears in the payment of rent on the Closing Date. If any tenant shall, prior to the first
(1st) day of the third (3rd) full calendar month after the Closing Date, pay to Buyer a sum in excess of all rents and other sums
which have accrued to Buyer, and which excess sum is on account of arrearages which became due prior to Closing, Buyer will promptly remit such excess net of costs of collection to Seller; provided, however, that Buyer shall not be obligated, with
respect to minimum rent, to pay to Seller minimum rent in excess of that payable in any one month. Buyer shall have no obligation to remit to Seller any such sums paid to Buyer after the first
(1st) day of the third (3rd) full calendar month after the Closing Date. Seller shall not bring any eviction proceeding against any
tenant under the Tenant Leases after the Closing Date on account of rental delinquencies. Buyer assumes no obligation to collect or enforce the payment of any such moneys which may be owing to Seller. If Buyer employs an agent to collect rent under
the Tenant Leases after Closing, such agent shall have the right to deduct and retain from Seller’s share of any rent or other payments received by Buyer after the Closing Date compensation at the rate payable to such agent by Buyer. 

(iii) Any refunds received by Buyer prior to the first (1st) day of the third (3rd) full calendar month after the Closing Date under any of the Service Agreements on account of payments which are applicable to periods prior to the Closing Date shall be apportioned by Buyer
upon receipt and the portion thereof attributable to periods prior to the Closing Date shall be paid by Buyer to Seller. Buyer shall have no obligation to remit to Seller any such sums paid to Buyer after the first (1st) day of the third (3rd) full calendar month after the Closing Date. 

(iv) If bills for real estate taxes on the Real Property have not been issued as of the Closing Date, and if the amount of real estate taxes
for the then current tax fiscal year is not then known, the apportionment of real estate taxes shall be made at Closing on the basis of the prior fiscal year’s real estate taxes and Seller and Buyer shall readjust real estate taxes within ten
(10) business days after final determination of the real estate taxes for the Real Property for the fiscal year in which the Closing Date occurs, even if the amount of such adjustment cannot be determined until after the Closing Date. This
Section shall survive Closing and recordation of the Deed. 
 (v) If, at Closing, the Real Property or any part thereof is affected by an
assessment which is payable in installments of which the first installment is then a charge or lien, or has been paid, then all unpaid installments of such assessments, including those which are to become due and payable after Closing, shall be
deemed to be due and payable and to be a lien upon the Real Property and shall be paid and discharged by Seller at Closing. 

  
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 (vi) Any credit due to Buyer pursuant to this Section 8(a) shall be applied as a
credit against the Purchase Price, and any credit due to Seller pursuant to this Section 8(a) shall be paid by Buyer to Seller at Closing as an addition to the Purchase Price. 

(b) Security Deposits. The total sum of all tenant security deposits listed on the rent roll attached as Exhibit D, as updated
at Closing, together with all interest earned thereon as of the Closing Date which Seller is obligated to pay to tenants, shall be given to Buyer at Closing as a credit against the Purchase Price. 

(c) Utility Meter Readings. Seller shall obtain readings of the water, electric, gas and other utility meters servicing the Real
Property (other than meters measuring exclusively utility consumption which is to be paid in full by tenants under Tenant Leases) to a date no sooner than two (2) business days prior to the Closing Date. At or prior to Closing, Seller shall pay
all charges based upon such meter readings, adjusted to include a reasonable estimate of the additional charges due for the period from the dates of the respective readings until the Closing Date. If Seller is unable to obtain readings of any meters
prior to the Closing Date, Closing shall be completed without such readings and upon the obtaining thereof, Seller shall pay the charges incurred prior to the Closing Date as reasonably determined by Buyer and Seller based upon such readings. If
Seller is unable to obtain readings of any meters prior to the Closing Date, Closing shall be completed without such readings and within five (5) business days after the obtaining thereof, Seller shall pay the charges incurred prior to the
Closing Date as reasonably determined by Buyer based upon such readings. This Section shall survive Closing and recordation of the Deed 

(d) Closing Costs. Seller shall pay
(i)  1⁄2 of the Escrow Fee; (ii) interest on the Mortgage Loan to the date of closing (via a credit to the Buyer on the Closing Statement), and
(iii) all of Seller’s legal costs and expenses. Buyer shall pay (i) the deed recording tax due in connection with the recordation of the Deed, (ii) all title insurance costs and expenses, including without limitation, title
search and exam, Owner’s Policy premium and Loan Policy premium (including endorsements to existing loan policies), (iii) cost of the Buyer’s survey, (iv)  1⁄2 of the Escrow Fee, (v) all other closing and all recording costs with respect to the conveyance of the Property, (vi) all costs and expenses due in connection with the Loan Assumption, including the
next ensuing mortgage payments on the Mortgage Loan (as may be required by the Lender) and (vii) Buyer’s legal costs and expenses. All other costs and expenses incurred in connection with the transaction contemplated hereby and not
specifically allocated herein shall be paid by the party incurring the same. 
 (e) Rent Ready Credit. Not more than two
(2) business days prior to Closing (“Walk Though Date”), a representative of Buyer and a representative of Seller shall conduct an onsite walk-through of the then unoccupied rental units on the Property to determine whether
such unoccupied rental units are in “rent ready” condition. With respect to any rental unit that is vacated on or before five (5) days prior to Closing that Seller has not placed in a “rent ready” condition before the Walk
Through Date, Buyer shall receive a credit against the Purchase Price at Closing in the amount of $1,500 per unit. As used herein, “‘rent ready’ condition” shall mean ready for occupancy, equipped with working appliances,
cleaned and freshly painted, if necessary. 
 (f) Up Front Payments. Any one-time inducement payments or other non-refundable fees,
royalties or other payments made or paid to the owner of the Property under any Service Agreement assumed by Buyer at Closing, including, but not limited to, any payments made to the owner of the Property under any cable agreement (“Up Front
Payments”), shall be apportioned pro rata between Seller and Buyer and Buyer shall receive any credit from Seller at closing for any portion of any Up Front Payments attributable or allocable to any period of time from and after Closing.

 (g) Settlement and Prorations. Seller and Buyer shall cause the Escrow Holder to prepare a settlement statement containing the
prorations described above and deliver the same together with reasonable backup information from Seller no later than two (2) business days prior to the Closing Date.

  
 8 

 9. Representations and Warranties of Seller. Seller, to induce Buyer to enter into this
Agreement and to complete Closing, makes the following representations and warranties to Buyer, which representations and warranties are true and correct as of the date of this Agreement, and shall be true and correct at and as of the Closing Date
in all respects as though such representations and warranties were made both at and, as of the date of this Agreement, and except as otherwise set forth herein, at and as of the Closing Date. 

(a) Seller was duly formed as a limited liability company and is in good standing under the laws of the State of its formation and in the
State where the Property is located. Seller has all requisite limited liability company power and authority to enter into this Agreement and all documents now or hereafter to be executed and delivered by Seller pursuant to this Agreement and to
perform its obligations under this Agreement and under such documents. Seller shall have obtained by the Closing any consents necessary for it to enter into and perform this Agreement. 

(b) The execution and delivery of this Agreement and the performance by Seller of its obligations hereunder have been duly authorized by all
requisite company action and will not conflict with or result in a breach of any of the terms, conditions or provisions of the operating agreement of Seller, and will not conflict with or result in a breach of any law, regulation or order, or any
agreement or instrument to which Seller is a party or by which Seller is bound or the Property is subject; and this Agreement and the documents to be delivered by Seller pursuant to this Agreement, will each constitute the legal, valid, and binding
obligations of Seller, enforceable in accordance with their respective terms, covenants, and conditions; and there are no claims, defenses (personal or otherwise) or offsets to the validity of or enforceability against Seller, of this Agreement and
the documents to be delivered pursuant hereto. 
 (c) Seller is not a foreign person within the meaning of Section 1445 of the Internal
Revenue Code of 1986, as amended. 
 (d) Neither Seller nor any of its affiliates is, nor will they become, a person or entity with whom
U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked
Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism) or other governmental
action and does not, to its actual knowledge, engage in any dealings or transactions or be otherwise associated with such persons or entities. 

(e) Seller has no employees with respect to the Property. 

(f) Exhibit D to this Agreement is a complete and correct list of all of the Tenant Leases. Each of the Tenant Leases is valid and
subsisting and in full force and effect and, except as otherwise set forth on Exhibit D, the tenant thereunder is in actual possession of the leased unit and, except as otherwise set forth on Exhibit D, neither the tenant nor the
landlord is in default under the Tenant Lease. No tenant under any of the Tenant Leases has prepaid any rent or other charges for more than the current month, except as shown on Exhibit D. 

(g) Seller has not received any notice (“Defect Notice”) from the holder of any mortgage presently encumbering the Property,
any insurance company which has issued a policy with respect to the Property or from any board of fire underwriters (or other body exercising similar functions) claiming any defects or deficiencies in the Property or suggesting or requesting the
performance of any repairs, alterations or other work to the Property. 

  
 9 

 (h) There are no management, service, equipment, supply, security, maintenance, construction,
concession or other agreements with respect to or affecting the Property, except for the agreements listed on Exhibit H to this Agreement; neither Seller nor the other party to any of the Service Agreements is in default thereunder and no
event or omission has occurred which with the giving of notice or lapse of time, or both, would constitute a default or breach under the Service Agreements; and each of the Service Agreements designated on Exhibit E to be assigned to Buyer at
Closing is assignable by Seller and will not be invalidated, violated or otherwise adversely affected by the assignment thereof or by the transfer of the Property to Buyer. 

(i) All buildings and improvements (including all roads, parking areas, curbs, sidewalks, sewers and other utilities) included within the
Property have been completed and installed in accordance with the plans and specifications therefor approved by the governmental authorities having jurisdiction; and no municipal or other governmental improvements affecting the Property are in the
course of construction or installation, and no such improvement has been ordered to be made; all street paving, curbing, sanitary sewers, storm sewers and other municipal or other governmental improvements which have been constructed or installed
have been paid for and will not hereafter be assessed, and all assessments heretofore made have been paid in full; and there are no private contractual obligations relating to the installation of or connection to any sanitary sewers or storm sewers.

 (j) All licenses, permits, authorizations, consents, certificates and approvals required by all governmental authorities having
jurisdiction and the requisite certificates of the local board of fire underwriters (or other body exercising similar functions) have been issued for the Property (and all individual items constituting the Property), have been paid for, are in full
force and effect, are assignable by Seller, and will not be invalidated, violated or otherwise adversely affected by the assignment thereof or by the transfer of the Property to Buyer. 

(k) No portion of the Property and no method of operation of the Property is in violation (“Violation”) of any applicable
law, ordinance, code, rule, order, regulation or requirement of any governmental authority, the requirements of any local board of fire underwriters (or other body exercising similar functions), or the provisions of the Tenant Leases or Service
Agreements; and there are no presently outstanding and uncured notices of Violations. 
 (l) Seller has no knowledge of any defective
condition, structural or otherwise, with respect to the Property; and the heating, ventilating and air conditioning, plumbing, sprinkler, electrical and drainage systems, swimming pool and pool equipment, elevators and roofs, and all other fixtures,
equipment and systems at or serving the Property are in good condition, repair and working order. 
 (m) There is no action, suit or
proceeding pending or, to the knowledge of Seller, threatened against or affecting Seller or the Property or any portion thereof or any of the Tenant Leases or Service Agreements or relating to or arising out of the ownership, management or
operation of the Property, in any court or before or by any federal, state, county or municipal department, commission, board, bureau or agency or other governmental instrumentality. 

(n) All taxes currently due and payable with respect to the Real Property have been paid; the Real Property constitutes a separate tax parcel
and is separately assessed for real estate tax purposes; there is no proceeding pending for the adjustment of the assessed valuation of all or any portion of the Real Property; the Real Property has been assessed and real estate taxes have been paid
on the basis of the value of all improvements as completed; and there is no abatement in effect with respect to all or any portion of the real estate taxes. 

(o) To the best of Seller’s knowledge, all maintenance assessments, home owners’ association assessments, condominium owners
association assessments, and other assessments of any kind or nature which are due or payable with respect to the Property (the “Assessments”) have been paid in full. To the best of Seller’s knowledge, Seller owes no past due
Assessments, and no lawsuits for the collection of any Assessments have been filed against Seller or with respect to the Property. 

  
 10 

 (p) Seller has not received any notice of any condemnation proceeding or other proceedings in the
nature of eminent domain (“Taking”) in connection with the Property, and to Seller’s knowledge no Taking has been threatened. 

(q) All contractors, subcontractors and other persons or entities furnishing work, labor, materials or supplies for the development and
construction of the Property have been paid in full and there are no claims against the Seller or the Property in connection therewith. 

(r) All of the books, records, information, data and other items supplied by Seller to Buyer, and upon which Seller prepared financial
statements for the past three (3) years for the operation of the Property, are all true, complete and correct in all material respects, have been prepared in accordance with generally accepted accounting practices and principles, and fairly and
accurately presented the results of operations of the Property for the past three (3) years. 
 (s) The statement of income and expense
attached as Exhibit F to this Agreement is true, complete and correct, fairly and accurately reflects the income and expenses of the operation of the Property for the periods reflected thereby, and has been audited and certified to by an
independent certified public accountant or was prepared in accordance with generally accepted accounting practices and principles. 
 (t)
Neither Seller nor any affiliate or affiliated person or entity of Seller, nor any of its partners, own any property adjoining or adjacent to the Real Property, so that the restrictive covenants and provisions, if any, contained in the Tenant
Leases, apply to no property other than the Property. 
 (u) The Real Property is an independent unit which does not rely on any facilities
(other than the facilities of public utility and water companies) located on any property not included in the Real Property to fulfill (i) any zoning, building code or other municipal or governmental requirement, (ii) for structural
support or the furnishing to the improvements included in the Real Property of any essential building systems or utilities, including, but not limited to, electrical, plumbing, mechanical and heating, ventilating and
air-conditioning systems, or (iii) the requirements of any of the Tenant Leases; and no building or other improvement not included in any part of the Real Property relies on any part of the Real Property
to fulfill any zoning, building code or other municipal or governmental requirement or for structural support or the furnishing to such building or improvement of any essential building systems or utilities. 

(v) To the best of Seller’s knowledge, Seller is currently in compliance with all of its obligations under the terms and provisions of
the Mortgage Loan, has not received any notice from Lender of a default under the terms and provisions of the Mortgage Loan; there is no act, condition, or omission, which, with notice, the passage of time or both, would constitute a default under
the terms and provisions of the Mortgage Loan. 
 (w) As part of the Documents, Seller has delivered to Buyer copies of all documents,
instruments and agreements relating to the Mortgage Loan, such copies are true, correct and complete in all material respects. 
 (x) After
the April 1, 2015 payments, the current outstanding principal balance owed on the First Mortgage is $18,831,330.72 and the current outstanding principal balance owed on the Second Mortgage is $2,763,737.24 

The representations and warranties of Seller set forth in Section 9 shall remain in effect shall survive Closing and delivery of the Deed
for a period of one (1) year following the Closing Date and also thereafter if Buyer shall have given to Seller notice of a breach thereof within such one-year period. 

  
 11 

 10. Operations Prior to Closing. Between the date of the execution of this Agreement and
Closing: 
 (a) Repairs; Alterations. Seller shall, at its expense, make all repairs and replacements, structural and non-structural, which are required with respect to any portion of the Property to maintain it in its present condition, except only damage by a Casualty (which term is defined in, and shall be governed by, the
provisions of Section 12 below). Seller shall cure, prior to the Closing Date or, at Buyer’s sole option, as soon after the Closing Date as is reasonably practical, any Violation which existed prior to the Closing Date. Seller will
not in any manner alter the condition of the Property, such as, without limitation, the removal therefrom of soil or other ground conditions or the making of any changes or alterations to the buildings and improvements thereon. 

(b) Operations and Management. Seller shall operate and manage the Property in substantially the same manner as it has been operated
and managed prior to the date of this Agreement and in accordance with applicable law. Seller shall submit to Buyer monthly reports of rental collections, occupancy and vacancies. 

(c) Accuracy of Representations and Warranties. Seller shall perform any and all acts, and shall make any and all payments, necessary
to cause the representations and warranties of Seller in this Agreement to be true and correct. 
 (d) Compliance with Obligations.
Seller shall comply with all of the obligations of Seller under the Tenant Leases, the Service Agreements and all other agreements and contractual arrangements by which Seller and/or the Property are bound or affected. Seller shall maintain its
current insurance policies in full force and effect and shall pay all required premiums and other charges. If Seller fails to make any payments required under the provisions of this Section 10(d), at or prior to the Closing Date Buyer
may, in addition to all of its other rights and remedies available at law, in equity or under this Agreement, make such payment on behalf of Seller and set off and deduct the amount of such payment against the Purchase Price. 

(e) New Contracts; New Leases. 

(i) Seller shall not enter into any contract for or on behalf of or affecting the Property which cannot be terminated upon no more than thirty
(30) days’ prior notice or without charge, cost, penalty or premium, and shall not renew, fail to give a notice which, in the absence of which, will result in an automatic renewal of, modify, cancel or terminate any Service Agreement, and
shall not renew, fail to give a notice which, in the absence of which, will result in an automatic renewal of, modify, cancel, accept surrender of, terminate, or accept any advance rental under any of the Tenant Leases. Seller shall not execute any
new service agreement or new lease for any portion of the Property without the prior written consent of Buyer. 
 (ii) (A) Notwithstanding
the provisions of Section 10(e)(i) above, Seller may enter into new leases prior to the Closing Date for rental units within the Real Property which become vacant or may renew any of the Tenant Leases which expire prior to the Closing
Date, if such new leases are pursuant to written lease agreements on the printed form heretofore utilized by Seller, a copy of which has been delivered by Seller to Buyer, if the tenants under such new leases have commercially reasonable credit
ratings based on past practices, if such new leases or renewals are for terms not exceeding one (1) year, and if the rentals under such new leases and renewals are at rates not less than the rental rate for comparable rental units now being
charged under existing Tenant Leases as set forth on Exhibit D, without any free rent, abatement, agreement of landlord to do any work in the rental unit or other landlord concession. Any new lease permitted to be made pursuant to the
preceding sentence shall be deemed included in the Tenant Leases. 
 (B) Seller shall use its best efforts to obtain Tenant Leases
satisfying the requirements of this Section 10(e)(ii) with respect to any units within the Real Property which become vacant prior to the Closing Date, and to obtain renewals of any of the Tenant Leases which expire prior to the Closing
Date satisfying the requirements of this Section 10(e)(ii). 

  
 12 

 (f) Notices. Promptly after receipt thereof by Seller, Seller shall deliver to Buyer the
following: 
 (i) a copy of any notice of default given or received under any of the Tenant Leases or the Service Agreements; 

(ii) a copy of any additional Tenant Lease executed by Seller as permitted by the terms of Section 10(e)(ii), as fully executed;

 (iii) a copy of any tax bill, notice or statement of value, or notice of change in a tax rate affecting or relating to the Real
Property; 
 (iv) a copy of any notice of an actual or alleged Violation; and 

(v) a copy of any notice of Taking. 

(g) Removal of Personalty by Seller Prior to Closing; Broom Clean. Notwithstanding any provision to the contrary set forth in this
Agreement, the Personal Property shall not include the Excluded Items of Personal Property and Seller agrees, at Seller’s sole cost and expense, to remove from the Real Property prior to the Closing Date the Excluded Items of Personal Property
and to repair any and all damage caused to the Property by such removal prior to the Closing Date. If Seller fails to remove any of the Excluded Items of Personal Property prior to the Closing Date, Buyer shall have the option, exercisable at
Buyer’s sole discretion, in addition to all other rights and remedies available to Buyer under this Agreement or at law or equity, to treat such failure to remove as abandonment, whereupon Seller’s rights therein shall terminate without
the necessity of any further act by either party and any such items shall be deemed to be the sole property of Buyer. Seller shall deliver the Real Property to Buyer at Closing in a vacant and broom cleaned condition. 

11. Environmental Matters. 

Representations and Warranties. Seller represents and warrants to Buyer that, to the best of Seller’s knowledge, the Property and
all activities and conditions at the Property or emanating from the Property, including those involving the use and operation of the Personal Property, are in compliance with and/or are not otherwise reasonably likely to establish a potential
liability under the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. §§9601 et seq., as amended from time to time (“CERCLA”), the Resource Conservation and Recovery Act, 42 U.S.C.
§§6901 et seq., as amended from time to time (“RCRA”), and the Federal Water Pollution Control Act (33 U.S.C. 1251, et seq.), the Clean Air Act (42 U.S.C. 7401, et seq.), the Toxic Substance
Control Act (15 U.S.C. 2601,et seq.), the Emergency Planning Community Right To Know Act (42 U.S.C. 11001, et seq.), the Occupational Safety and Health Act of 1970 (29 U.S.C. 650 et seq.), and any other analogous present or future federal, state or
local statutes or laws, and any regulations promulgated pursuant to any of the foregoing, including without limitation: those relating to the construction, operation, maintenance or repair of any improvements or equipment or other Personal Property;
the discharge, emission or release of any Contaminant (hereinafter defined) to the air, soil, surface water or ground water; the discharge of any dredge or fill material to a wetland or other water of the United States (as hereinafter defined); the
storage, treatment, disposal or handling of any Contaminant; or the construction, operation, maintenance or repair of aboveground or underground storage tanks (collectively, “Environmental Laws”). 

  
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 12. Casualty. 

(a) Seller’s Insurance. Seller shall maintain its current insurance policies in effect (the “Insurance Policy”)
until the time of Closing, and shall deliver to Buyer, within three (3) business days after the date of this Agreement, an endorsement to the Insurance Policy issued by the insurance company issuing the Insurance Policy evidencing that the
Insurance Policy is in effect, that the same will not be cancelled or materially modified without at least thirty (30) days prior written notice to Buyer. At Closing, Seller may cancel the Insurance Policy and the rebate of the prepaid premium
shall be paid to Seller. 
 (b) Destruction. If at any time prior to the Closing Date any portion of the Property is destroyed or
damaged as a result of fire or any other casualty (“Casualty”), Seller shall promptly give written notice (“Casualty Notice”) thereof to Buyer. If the Property is the subject of a Casualty, Buyer shall have the
right, at its sole option, of terminating this Agreement (by written notice to Seller and Escrow Holder given within ten (10) days after receipt of the Casualty Notice from Seller) unless, if (i) the cost to fully repair or restore such
damage is less than Five Hundred Thousand Dollars ($500,000), (ii) the insurance company issuing the Insurance Policy has confirmed in writing that such Casualty is covered by the Insurance Policy, and (iii) the damage or destruction is
fully repaired or restored by Seller prior to the Closing Date. If Buyer does not terminate this Agreement, the proceeds of any insurance with respect to the Property paid between the date of this Agreement and the Closing Date, together with an
amount equal to Seller’s deductible under the Insurance Policy, shall be paid to Buyer at the time of Closing and all unpaid claims and rights in connection with losses to the Property shall be assigned to Buyer at Closing without in any manner
affecting the Purchase Price. 
 (c) Repairs. If the Property is the subject of a Casualty, but Buyer does not terminate this
Agreement pursuant to the provisions of Section 12(b) above, then Seller shall cause all temporary repairs to be made to the Property as shall be required to prevent further deterioration and damage to the Property prior to the Closing
Date; provided, however, that any such repairs shall first be approved by Buyer. Seller shall have the right to be reimbursed from the proceeds of any insurance with respect to the Property paid between the date of this Agreement and the Closing
Date for the cost of all such repairs made pursuant to this Section 12(c). Except for the obligation of Seller to repair the Property set forth in this Section 12(c), Seller shall have no other obligation to repair any
Casualty, damage or destruction in the event Buyer does not elect to terminate this Agreement pursuant to the provisions of Section 12(b), and in such event, Buyer shall accept the Property at Closing as damaged or destroyed by the
Casualty and Buyer shall have the right to enter the Real Property prior to Closing for the purpose of performing such repairs thereto as are reasonably necessary to protect the Property against further damage prior to the Closing Date. 

13. Eminent Domain. If a Taking affects all or any part of the Property prior to Closing, or if any proceeding for a Taking is
commenced prior to Closing, or if notice of the contemplated commencement of a Taking is given prior to Closing, Buyer shall have the right, at its sole option, of terminating this Agreement (by written notice to Seller within ten (10) days
after receipt by Buyer of written notice from Seller of the Taking). If Buyer does not terminate this Agreement, the Purchase Price shall be reduced by the total of any awards or damages received by Seller, and Seller shall, at Closing, be deemed to
have assigned to Buyer all of Seller’s right, title and interest in and to any awards or damages to which Seller may have become entitled or may thereafter be entitled by reason of any exercise of the power of eminent domain or condemnation
with respect to or for the Taking of the Property or any portion thereof. 
 14. Items to be Delivered at Closing by Seller. At
Closing, Seller shall deliver to Buyer the following: 
 (a) Deed. The Deed. 

(b) Bill of Sale. The Bill of Sale. 

  
 14 

 (c) Assignments of Leases and Service Agreements. Assignments in the form of Exhibit
G and Exhibit H, respectively, of the Tenant Leases and the Service Agreements designated on Exhibit E to be assigned to Buyer, duly executed and acknowledged by Seller and in proper form for recording, assigning to Buyer or
Buyer’s assignee all of the lessor’s and Seller’s rights, title and interest in the Tenant Leases and such Service Agreements, 

(d) Notice Letters. Letters duly executed by Seller, in form satisfactory to Buyer addressed to each of the tenants under the Tenant
Leases and other parties under the Service Agreements informing the recipient party of the assignments. 
 (e) Termination. A
Termination of Management Agreement executed by Seller and the current property manager terminating the property management agreement as of the Closing Date and confirming that all amounts due to manager under such agreement have been paid in full
or waived by manager. 
 (f) Assignment of Certificates, Etc. An assignment, duly executed and acknowledged by Seller, of (and
delivery to Buyer of originals or copies of): all certificates of occupancy (provided that Seller shall only be obligated to deliver originals or copies to the extent such are in Seller’s possession), and all other licenses, permits,
authorizations, consents, certificates and approvals required by all governmental authorities having jurisdiction over the Property; all fees, escrow and/or security funds, deposits and other sums heretofore paid to any governmental authority in
connection with the Property (the amounts(s) of which shall be shown as a payment by the Buyer to the Seller on the Closing Statement); all certificates issued by the local Board of Fire Underwriters (or other body exercising similar functions); all
plans, specifications and project manuals for the Property; all guarantees, bonds and warranties with respect to the Property (together with original counterparts of such instruments); and all keys to the Property. 

(g) Loan Assumption. All documents required to be executed by Seller in connection with the Loan Assumption; 

(h) Resolutions; Title Company Affidavits, Etc. Such resolutions and certificates as the Title Company shall require to evidence the
due authorization of the execution and performance of this Agreement and the documents to be delivered pursuant hereto; including but not limited to the Articles of Organization and the Operating Agreement, and any amendments, Consent Action by the
Members, and Good Standing Certificate for the Seller, and all affidavits, indemnities and other agreements required by the Title Company to permit it to issue to Buyer the Owner’s Policy of Title Insurance required pursuant to
Section 6(a). 
 (i) FIRPTA. Seller, and the parties executing this Agreement on behalf of Seller, shall deliver to Buyer
at Closing, a restatement of the above certifications of Seller and of the parties executing this Agreement on behalf of Seller in the form attached to this Agreement as Exhibit I. 

(j) Transfer Tax. Any transfer tax declarations or forms, if any, required to be filed in connection with the recording of the Deed,
including without limitation an Alabama Real Estate Sales Validation Form. 
 (k) State Law. Such disclosures, certificates or forms
as may be required by applicable state and local law in connection with the sale of the Real Property, including without limitation, state withholding forms 

(l) Up-Dated Rent Roll. A schedule in the form of Exhibit D of the rents and other
charges and payments due from tenants under the Tenant Leases, including without limitation any which are in arrears, all dated as of the Closing Date and certified by Seller as true and correct. 

  
 15 

 (m) Conveyance of Awards. All proper instruments for the conveyance of the awards referred
to in Sections 1(a) and 13. 
 (n) Affidavit as to Liens. An affidavit, duly executed and acknowledged by Seller, attesting
the absence of any financing statements, claims of lien or potential lienors known to Seller and further attesting that there have been no improvements to the Property for four (4) months immediately preceding the Closing Date. If the Property
has been improved within said time, Seller shall deliver releases or waivers of all mechanic’s liens, executed by general contractors, subcontractors, suppliers and materialmen, in addition to Seller’s lien affidavit, setting forth the
name of such contractors, subcontractors, suppliers and materialmen, and further reciting that, in fact, all bills for work to the Property which could serve as the basis for a mechanic’s lien have been paid or will be paid at Closing. 

(o) Termite Certificate. A certification and warranty from a reputable wood destroying insect inspecting company designated by Buyer,
certifying that such company has made an inspection of the Property, and warranting that the Property is free and clear of any infestation by termites or other wood destroying insects, and that any damage caused by such termites or wood destroying
insects has been fully repaired. 
 (p) Estoppels. Estoppel Certificates in form reasonably approved by Buyer from any third party
(including without limitation, a homeowners or similar association) with the right to lien the Property and from the owner of any parcel of land on which the Property has an appurtenant easement that is necessary for the continued use and operation
of the Property (e.g. access, drainage etc.). 
 (q) Evictions. Updated documentation detailing current eviction proceedings under
the Tenant Leases, together with all assignments, pleading and other documentation required in order to assign all current eviction proceedings to Buyer. 

(r) Accounting Information. An updated tenant ledger report for the Property, together with any other reports reasonably requested by
Buyer to set up the Property accounting system. 
 (s) Property Documents. Originals (or copies to the extent originals are not
available) of all Tenant Leases and Service Agreements and related files and correspondence; originals (or copies to the extent originals are not available) of all warranties, guaranties, permits, approvals and licenses issued for or with respect to
the Property; and all plans, specifications, mechanical, electrical and plumbing layouts, operating manuals, purchase orders, brochures, marketing materials, advertisements, and other files and records in the possession of Seller relating to the
Property. 
 (t) Records. Duplicate copies of all records and operating reports in Seller’s possession which are necessary to
insure continuity of operation of the Property. 
 (u) Letters of Credit. All letters of credit held by Seller as security for the
performance by any tenant of its obligations under its Tenant Lease, together with an endorsement to each such letter of credit issued by the issuer of such letter of credit naming Buyer or Buyer’s assignee as beneficiary under such letter of
credit. 
 (v) Other Documents. Any other documents required to be delivered by Seller pursuant to any other provisions of this
Agreement. 
 15. Items to be Delivered at Closing by Buyer. At Closing, Buyer shall deliver to Seller the following: 

(a) Purchase Price. The portion of the Purchase Price payable pursuant to Section 2(d). 

  
 16 

 (b) Assumption Agreements. Assumption agreements, in the form of Exhibit G and
Exhibit H respectively, of the Tenant Leases and of the Service Agreements designated on Exhibit E to be assigned to Buyer, duly executed and acknowledged by Buyer and in proper form for recording. 

(c) Loan Assumption. All documents required to be executed by Buyer and new loan guarantors in connection with the Loan Assumption;

 (d) Other Documents. Any other document required to be delivered by Buyer pursuant to any other provisions of this Agreement. 

16. Brokerage. Buyer represents and warrants to Seller that Buyer has dealt with no broker, finder or other intermediary in connection
with this sale other than Engel Realty Company, LLC and Hinton Properties (the “Brokers”). Seller agrees to pay all brokerage commissions due to the Brokers, in accordance with a separate agreement, and to any other broker, finder
or other intermediary claiming a commission in connection with this sale, and to indemnify, defend and hold Buyer harmless from and against all claims, demands, causes of action, loss, damages, liabilities costs and expenses (including without
limitation attorneys’ fees and court costs) arising from any claims for commissions made by the aforesaid Brokers and any other broker, finder or other intermediary, and Buyer shall have no liability, or obligation in connection therewith. 

17. No Other Representations. Buyer acknowledges that neither Seller nor anyone acting, or purporting to act, on behalf of Seller, has,
except as expressly set forth in this Agreement, made any representation or warranty with respect to the Property. 
 18.
Assignability. Buyer shall have the right to assign this Agreement and its rights hereunder to (i) any affiliate of Buyer or (ii) with the approval of Seller, any other party; and any assignee of Buyer shall be entitled to all of
the rights and powers of Buyer hereunder; provided (a) the assignee assumes the obligations of the Buyer hereunder, (b) that Buyer furnishes to Seller an executed copy of the assignment, and (c) the assignment is completed before the
application for Loan Assumption is submitted. 
 19. Notices. 

(a) All notices, demands, requests or other communications from each party to the other required or permitted under the term of this Agreement
shall be in writing and, unless and until otherwise specified in a written notice by the party to whom notice is intended to be given, shall be sent to the parties at the following respective addresses: 

 

			
	if intended for Seller:		 Mayfair Investors LLC
 c/o Engel Realty
Company, LLC
 951 18th Street South, Suite 200

Birmingham, AL 35205
 Attn:    William A.
Butler
 Facsimile No.: (205) 939-6817
 Email:
wbutler@engelrealty.com

		
	With a copy to:		 CORLEY MONCUS, P.C.

728 Shades Creek Parkway, Suite 200
 Birmingham, AL 35209

Attn:    Claude McCain (“Mac”) Moncus, Esq.

Facsimile No.: (205) 871-4411
 Email:
cmoncus@cmwlaw.com

  
 17 

			
	if intended for Buyer:		 RRE Opportunity OP II, LP
 c/o Resource Real
Estate, Inc.
 1845 Walnut Street, 18th Floor

Philadelphia, PA 19103
 Attn: Pamela Arms, Director of
Underwriting and Due Diligence
 Facsimile No.: (215) 761-0491

Email: parms@resourcerei.com

		
	With a copy to:		 Resource Real Estate, Inc.
 1845 Walnut
Street, 18th Floor
 Philadelphia, PA 19103

Attn: Shelle Weisbaum, General Counsel
 Facsimile No.:
(215) 761-0452
 Email: sweisbaum@resourcerei.com

		
	And with a copy to:		 Ledgewood, P.C.
 Two Commerce Square

2001 Market Street, 34th Floor

Philadelphia, PA 19103
 Attn: Stacy C. Bedwick, Esquire

Facsimile No.: (215) 735-2513
 Email:
sbedwick@ledgewood.com

 Notices may be given on behalf of any party by its legal counsel. 

(b) Each such notice, demand, request or other communication shall be deemed to have been properly given for all purposes if
(i) delivered to a nationally recognized overnight courier service for next business day delivery, to its addressee at such party’s address as set forth above or (ii) delivered via facsimile transmission to the facsimile number listed
above or via electronic mail to the email address listed above, provided, however, that if such communication is given via facsimile transmission or email, an original counterpart of such communication shall concurrently be sent in the manner
specified in clause (i) above. 

  
 18 

 (c) Each such notice, demand or request shall be deemed to have been given upon the earlier of
(i) actual receipt or refusal by the addressee or (ii) deposit thereof with the courier if sent pursuant to section (b)(ii) above. 

20. Additional Escrow Provisions. 

(a) Deposit. Escrow Holder agrees to deposit the Deposit in an interest bearing account, subject to the receipt from Buyer of a form W-9
for the purposes of investing said funds and to hold and disburse said funds, and any interest earned thereon, as hereinafter provided. Escrow Holder shall release the funds in accordance with and pursuant to written instructions. In the event of a
dispute between any of the parties hereto sufficient in the sole discretion of Escrow Holder to justify its doing so, Escrow Holder shall be entitled to tender unto the registry or custody of any court of competent jurisdiction located in the
jurisdiction where the Real Property is located, all money or property in its hands held under the terms of this Agreement, together with such legal pleading as it deems appropriate, and thereupon be discharged. 

(b) Escrow Holder. Seller and Buyer covenant and agree that in performing any of its duties under this Agreement, Escrow Holder shall
not be liable for any loss, costs or damage which it may incur as a result of serving as escrow agent hereunder, except for any loss, costs or damage arising out of its willful default or negligence. Accordingly, Escrow Holder shall not incur any
liability with respect to (i) any action taken or omitted to be taken in good faith upon advice of its counsel given with respect to any questions relating to its duties and responsibilities, or (ii) to any action taken or omitted to be
taken in reliance upon any document, including any written notice of instruction provided for in this Agreement, not only as to its due execution and the validity and effectiveness of its provisions, but also to the truth and accuracy of any
information contained therein, which Escrow Holder shall in good faith believe to be genuine, to have been signed or presented by a proper person or persons and to conform with the provisions of this Agreement. 

(c) Indemnity. Seller and Buyer hereby agree to indemnify and hold harmless Escrow Holder against any and all losses, claims, and
counsel fees and disbursements which may be imposed upon Escrow Agent or incurred by Escrow Holder hereunder, except those arising from willful default or breach of trust by Escrow Holder or the performance of its duties hereunder, including any
litigation arising from this Agreement or involving the subject matter hereof. 
 21. Miscellaneous. 

(a) Captions. The captions in this Agreement are inserted for convenience of reference only; they form no part of this Agreement and
shall not affect its interpretation. 
 (b) Successors and Assigns. This Agreement shall be binding upon and shall inure to the
benefit of the parties and their respective heirs, personal representatives, successors and assigns. 
 (c) Entire Agreement; Governing
Law. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof, supersedes all prior or other negotiations, representations, understandings and agreements of, by or among the parties, express or
implied, oral or written, which are fully merged herein. The express terms of this Agreement control and supersede any course of performance and/or customary practice inconsistent with any such terms. Any agreement hereafter made shall be
ineffective to change, modify, discharge or effect an abandonment of this Agreement unless such agreement is in writing and signed by the party against whom enforcement of such change, modification, discharge or abandonment is sought. This Agreement
shall be governed by and construed under the laws of the State of in which the Real Property is located. 

  
 19 

 (d) Provisions Separable. The provisions of this Agreement are independent of and
separable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other provision may be invalid or unenforceable in whole or in part. 

(e) Gender, etc. Words used in this Agreement, regardless of the number and gender specifically used, shall be deemed and construed to
include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context indicates is appropriate. 

(f) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall be binding when one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected on this Agreement as the signatories. For purposes of this Agreement, any signature transmitted by e-mail (in pdf format) shall be considered to have the same legal and binding effect as any original
signature. 
 (g) Exhibits. All exhibits attached to this Agreement are incorporated by reference into and made a part of this
Agreement. 
 (h) No Waiver. Neither the failure nor any delay on the part of either party to this Agreement to exercise any right,
remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy,
power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of any such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be
effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 (i) Headings. The headings
incorporated in this Agreement are for convenience in reference only, are not a part of this Agreement and do not in any way limit or add to the terms and provisions of this Agreement. 

(j) Interpretation. No provision of this Agreement is to be interpreted for or against either party because that party or that
party’s legal representative or counsel drafted such provision. 
 (k) Time. In computing the number of days for purposes of
this Agreement, all days shall be counted, including Saturdays, Sundays and holidays; provided, however, that if the final day of any time period provided in this Agreement shall end on a Saturday, Sunday or legal holiday, then the final day shall
extend to 5:00 p.m. of the next full business day. For the purposes of this Section, the term “holiday” shall mean a day other than a Saturday or Sunday on which banks in the state in which the Real Property is located are or may
elect to be closed. 
 (l) Attorney’s Fees. In connection with any litigation arising out of this Agreement, the prevailing
party shall be entitled to recover all costs incurred, including reasonable attorney’s fees. However, the provisions of this Section 20(l) are expressly subject to the limitation on Buyer’s liability specified in
Section 3(b). 
 (m) Exclusivity. Until the earlier to occur of termination of this Agreement or the Closing Date, Seller
(and Seller’s agents, including Seller’s broker) shall cease to market the Property and shall refrain from solicitation of backup offers and any discussion, negotiation or any other communication concerning or related to the sale of the
Property with any third party other than Buyer. 

  
 20 

 (n) Recording of Agreement. Neither Seller nor Buyer shall cause or permit this Agreement
to be filed of record in any office or place of public record and, if Buyer or Seller shall fail to comply with the terms hereof by recording or attempting to record the same, such act shall not operate to bind or cloud title to the Real Property.
If either party, or any agent, broker or counsel acting for either party shall cause or permit this Agreement or a copy thereof to be filed in an office or place of public record, the other party, at its option, and in addition to its other rights
and remedies, may treat such act as a default under this Agreement. However, the filing of this Agreement in any suit or other proceeding in which document is relevant or material shall not be deemed to be a violation of this
Section 20(n). 
 (o) Buyer’s Exercise of Right to Terminate. If Buyer desires to terminate its obligations under
this Agreement pursuant to any of the provisions hereof, Buyer shall do so by delivering written notice of termination to Seller, with a copy to Escrow Holder. Upon any such termination, or upon termination of this Agreement pursuant to
Section 5(d), the Deposit and all interest earned thereon shall be paid to Buyer, and except as otherwise expressly provided herein, this Agreement shall be and become null and void and neither party shall have any further rights or
obligations under this Agreement. 
 (p) Post-Closing Instructions. Seller agrees to
instruct, or cause its agents or employees to instruct, Buyer or its designee in all phases and aspects of the operation of the Real Property, to disclose to Buyer all information concerning the Property reasonably necessary, convenient or useful to
Buyer, which information and instructions are specifically made a part of the Property to be purchased hereunder, and to hold itself and its agents, servants, representatives, and employees available until the Closing Date and from time to time
thereafter in order to supply any additional information requested by Buyer regarding the operation, maintenance, or management of the Property. 

(q) Hart-Scott-Rodino. Each party shall be responsible
for and shall comply with or cause to be complied with all requirements, if any, imposed by the Hart-Scott-Rodino amendments to the Clayton Act, 15 U.S.C. §18(a),
(“Hart-Scott-Rodino”) in connection with the transaction contemplated by this Agreement. All fees payable in connection with any filing made pursuant to
Hart-Scott-Rodino shall be paid by Buyer. Seller and Buyer shall each cooperate with the other and with the Federal Trade Commission and the Antitrust Division of the
Department of Justice in connection with such filings, including without limitation, providing timely responses to any requests for additional information made (at no cost to the Seller). If the transaction contemplated by this Agreement is
disapproved or not deemed approved by the Federal Trade Commission and Antitrust Division of the Department of Justice, then this Agreement shall automatically terminate, whereupon the Deposit and all interest earned thereon shall be paid to Buyer,
and except as otherwise expressly provided herein, this Agreement shall be and become null and void and neither party shall have any further rights or obligations under this Agreement. 

(r) Tax Deferred Exchange. Buyer or Seller may desire to exchange, for other property of like kind and qualifying use within the
meaning of Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations promulgated thereunder, fee title in the Project. Each of Buyer and Seller expressly reserves the right to
assign its rights, but not its obligations, hereunder to a Qualified Intermediary as provided in Treasury Reg. §1.1031(k)-1(g)(4) on or before Closing and each party hereby agrees to fully cooperate with the other party, at no cost to such
party, in the furtherance of any such like-kind exchange pursuant to Code §1031 contemplated by either party hereto. 
 (s)
Reporting Person. Seller and Buyer hereby designate the Escrow Holder to act as and perform the duties and obligations of the “reporting person” with respect to the transaction contemplated by this Agreement for purposes of 26
C.F.R. Section 1.6045-4(e)(5) relating to the requirements for information reporting on real estate transactions closed on or after January 1, 1991. 

  
 21 

 (t) Section 3-14 Compliance. Seller shall provide to Buyer (at Buyer’s
expense) copies of, or shall provide Buyer reasonable access to, such factual information as may be reasonably requested by Buyer, and in the possession or control of Seller, or its property manager or accountants, necessary to enable Buyer’s
auditor to conduct an audit, in accordance with Rule 3-14 of Securities and Exchange Commission Regulation S-X, of the income statements of the Property for the year to date of the year in which Closing occurs plus the one (1) immediately
preceding calendar year. Buyer shall be responsible for all out-of-pocket costs associated with this audit. Seller shall reasonably cooperate (at no cost to Seller) with Buyer’s auditor in the conduct of such audit, which will include
verbal requests for information regarding internal controls and follow-up questions on the financial information provided to the Buyer. In addition, Seller agrees to provide to Buyer or any affiliate of Buyer, if requested by such auditor,
historical financial statements for the Property, including (without limitation) income and balance sheet data for the Property, whether required before or after Closing. Without limiting the foregoing, (i) Buyer or its designated
independent or other auditor may audit Seller’s operating statements of the Property, at Buyer’s expense, and Seller shall provide such documentation as Buyer or its auditor may reasonably request in order to complete such audit, and
(ii) Seller shall furnish to Buyer such financial and other information as may be reasonably required by Buyer or any affiliate of Buyer to make any required filings with the Securities and Exchange Commission or other governmental
authority. Seller’s obligation to maintain its records for use under this Section 22(t) shall be an on-going condition to Closing for Buyer’s benefit until Closing. Seller shall maintain its records for use under this
Section 22(t) for a period of not less than two (2) years after the Closing Date. The provisions of this Section shall survive closing and recordation of the Deed for a period of ninety (90) days from the date of
recordation of the Deed. 
 (u) Disclaimer of Condition of Property. Except as to any matters specifically warranted herein,
Buyer acknowledges and agrees that Seller has not made, does not make and expressly negates and disclaims any representations or warranties concerning or with respect to (a) the value, nature, quality or condition of the Property (or any
portion thereof); (b) the income to be derived from the Property; (c) the suitability of the Property (or any portion thereof) for any and all activities and uses which Buyer or anyone else may conduct thereon; (d) the compliance of
or by the Property (or any portion thereof) or its operation with any laws, rules, ordinances or regulations of any applicable governmental agency, authority or body, including, without limitation, zoning and platting ordinances; (e) the
habitability, merchantability, profitability or fitness for a particular purpose of the Property (or any portion thereof); (f) the manner, quality, state of repair or lack of repair of the Property (or any portion thereof); (g) the
environmental condition of the Property (or any portion thereof); or (h) any other matter with respect to the physical condition of the Property (or any portion thereof). Buyer acknowledges and agrees that Buyer is purchasing and acquiring
the Property in its “AS IS, WHERE IS” condition. The terms and conditions of this Section shall survive the Closing in all respects. 

(v) Disclaimer as to Seller Third Party Reports. Seller may have provided and/or may provide to Buyer copies of surveys, title
insurance policies, title reports, phase I environmental reports and/or other items of information pertaining to the Property and prepared by third parties (collectively, the “Seller Third Party Reports”). Notwithstanding anything
contained herein to the contrary, Seller’s provision of the Seller Third Party Reports is made on an “as is” basis, without recourse and without any representation or warranty whatsoever. Furthermore, Buyer hereby acknowledges and
agrees that (a) Seller makes no covenant, representation or warranty whatsoever as to any information set forth in any of the Seller Third Party Reports (the “Information”), including, without limitation, the content, reliability,
accuracy or completeness of any of the Information, (b) if Buyer uses or relies on any of the Information, Buyer shall do so solely at Buyer’s own risk, and Seller makes no representation, warranty or assurance as to whether Buyer has any
right to use or rely thereon, (c) Seller has no duty to advise Buyer of any misrepresentations, misstatements, mistakes, errors or other inaccuracies contained in the Information, and (d) Seller shall have no liability to, and is hereby
released from all liability by, Buyer and its successors and/or assigns with respect to the Information, including, without limitation, any liability for misrepresentations, misstatements, mistakes, errors or other inaccuracies contained in the
Information. The terms and conditions of this Section shall survive the Closing in all respects. 

  
 22 

 (w) Lead-Based Paint. Every buyer of any interest in residential real property on which a
residential dwelling was built prior to 1978 must be notified that such property may present exposure to lead from lead-based paint that may place some children at risk of developing lead poisoning. Lead poisoning in young children they produce
permanent neurological damage including learning disabilities reduced intelligence quotient behavioral problems and impaired memory. Lead poisoning also poses particular risks to pregnant women. The seller of an interest in residential real property
is required to provide the buyer with any information on lead-based paint hazards. Seller has provided Buyer with all of its available records and reports pertaining to lead-based paint and or lead-based paint hazards in the Premises. Buyer
acknowledges that pursuant to regulations promulgated by the U.S. Department of Housing and Urban Development (24 CFR Part 35) and the Environmental Protection Agency (40 CFR Part 745), pursuant to Section 1018 of the Residential Lead Paint
Hazard Reduction Act of 1992, Buyer has the right to make Buyer’s obligations under this Agreement contingent on a ten-day period from the Effective Date to perform a risk assessment or inspection on the Premises for lead-based paint and/or
lead-based paint hazards. Buyer hereby represents that it has either (i) performed such risk assessment or inspection prior to the execution of this Agreement or (ii) waives its right to do so and any attendant rights of Buyer to cancel
this Agreement for reasons related to the presence, if any, of lead-based paint and/or lead-based paint hazards. Buyer acknowledges receipt of the pamphlet “Protect Your Family from Lead in Your Home.” 

[Signature pages to follow] 

  
 23 

 IN WITNESS WHEREOF, intending to be legally bound, the parties have executed this Agreement as a
sealed instrument as of the day and year first above written. 
  

							
	SELLER
	
	 MAYFAIR INVESTORS LLC, an Alabama limited liability company

 

	By:		 /s/ William A. Butler

	Name:		William A. Butler
	Title:		Manager
	
	 BUYER
  

	RRE OPPORTUNITY OP II, LP, a Delaware limited partnership
		
	 By:
		Resource Real Estate Opportunity REIT II, Inc., a Maryland corporation, its general partner
			
			By:		 /s/ Alan Feldman

			Name:		Alan Feldman
			Title:		CEO

  
 24 

 JOINDER OF ESCROW HOLDER 

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, the Escrow Holder named in
the annexed Agreement, hereby agrees to be bound by the provisions of the annexed Agreement relating to the holding and disbursement of all monies paid to the undersigned in escrow, and to disburse such sums strictly in accordance with the terms of
such Agreement. 
 Intending to be legally bound, the undersigned has caused this Joinder to be executed by its duly authorized
representative the 24th day of April, 2015. 
  

			
	 LAND SERVICES USA, INC.
  

	By:		 /s/ Alison Rugsanvert

			Alison Rugsanvert
			Title Officer

  
 25 

 EXHIBIT A 

LEGAL DESCRIPTION OF REAL PROPERTY 

Parcel I: 
 Commence at the Northwest corner of the Southwest
quarter of the Northeast quarter of Section 18, Township 18 South, Range 2 West, Jefferson County, Alabama, situated within the City Limits of Homewood, Alabama; thence run in an Easterly direction along the North line of said quarter-quarter a
distance of 673.05 feet to the point of beginning; said point of beginning being situated on the Southerly right of way line of U.S. Highway 31; thence 24 degrees 39 minutes to the right and run in a Southeasterly direction along said Southerly
right of way line of U.S. Highway #31 a distance of 375.39 feet; thence 89 degrees 47 minutes 30 seconds to the right and run in a Southwesterly direction a distance of 10.04 feet; thence 89 degrees 45 minutes to the left and run in a Southeasterly
direction continuing along the Southerly right of way line of U.S. Highway #31 a distance of 126.50 feet; thence 106 degrees 45 minutes to the right and run in a Southwesterly direction a distance of 197.0 feet; thence 24 degrees 15 minutes to the
left and run in a Southerly direction a distance of 263.00 feet; thence 23 degrees 00 minutes to the left and run in a Southeasterly direction a distance of 130.0 feet; thence 90 degrees 00 minutes to the left and run in an Easterly direction 60.0
feet; thence 34 degrees 00 minutes to the right and run in a Southeasterly direction a distance of 65.0 feet; thence 22 degrees 35 minutes to the right and run in a Southeasterly direction a distance of 152.0 feet; thence 10 degrees 50 minutes 12
seconds to the right and run in a Southeasterly direction a distance of 188.22 feet to its intersection with the Westerly right of way line of the Old Montgomery Highway, said point being situated on a curve having a radius of 188.29 feet; thence
run in a Southerly direction along the arc of said curve a distance of 15.00 feet; thence 125 degrees 35 minutes 24 seconds, angle being measured from the total chord of last described curve, said curve having a total central angle of 26 degrees 44
minutes 18 seconds, and run in a Northwesterly direction a distance of 156.99 feet; thence 35 degrees 56 minutes 15 seconds to the left and run in a Northwesterly direction a distance of 897.00 feet; thence 24 degrees 45 minutes 45 seconds to the
left and run in a Westerly direction 319.00 feet to its intersection with the West line of said quarter-quarter; thence 149 degrees 19 minutes 15 seconds to the right and run in Northeasterly direction a distance of 159.41 feet; thence 6 degrees 30
minutes 15 seconds to the left and run in a Northeasterly direction a distance of 576.00 feet; thence 28 degrees 10 minutes to the left and run in a Northeasterly direction a distance of 140.00 feet to the point of beginning. 

Parcel II: 
 Commence at the Northwest corner of the Southwest  1⁄4 of the Northeast  1⁄4 of Section 18, Township 18 South, Range 2
West, Jefferson County, Alabama, situated in the City of Homewood, Alabama; thence run in an Easterly direction along the North line of said  1⁄4  1⁄4 673.05 feet to its intersection with the Southerly right of way line of U.S. Highway #31; thence 24 degrees 39 minutes to the right and run in a Southeasterly
direction along said Southerly right of way line of U.S. Highway #31 a distance of 375.39 feet; thence 89 degrees 47 minutes 30 seconds to the right and run in a Southwesterly direction a distance of 10.04 feet; thence 89 degrees 45 minutes to left
continuing along said Southerly right of way line of U.S. Highway #31 a distance of 126.50 feet to the point of beginning; thence continue on last described course a distance of 234.11 feet to its intersection with the East line of said  1⁄4  1⁄4; thence 63 degrees 38 minutes to the right and run in a
Southerly direction along said East line of said  1⁄4  1⁄4 a distance
of 563.41 feet to its intersection with the Westerly right of way line of Old Montgomery Highway; thence 40 degrees 09 minutes 45 seconds to the right and run in a Southwesterly direction along said Westerly right of way line of the Old Montgomery
Highway a distance of 141.77 feet to the point of beginning of a curve to the left having a radius of 188.29 feet and a central angle of 22 degrees 10 minutes 26 seconds; thence continue along the arc of said curve distance of 72.87 feet; thence 124
degrees 12 minutes 40 seconds to the right, said angle being measured from the chord of last described 

  
 26 

 
curve and run in a Northwesterly direction a distance of 188.22 feet; thence 10 degrees 50 minutes 12 seconds to the left and run in a Northwesterly direction a distance of 152.0 feet; thence 22
degrees 35 minutes to the left and run in a Northwesterly direction a distance of 65.0 feet; 34 degrees 00 minutes to the left and run in a Westerly direction a distance of 60.0 feet; thence 90 degrees 00 minutes to the right and run in a Northerly
direction 130.0 feet; thence 23 degrees 00 minutes to the right and run in a Northeasterly direction a distance of 263.0 feet; thence 24 degrees 15 minutes to the right and run in a Northeasterly direction a distance of 197.0 feet to the point of
beginning. 
 Situated in Jefferson County, Alabama. 

  
 27 

 EXHIBIT B-1 

LIST OF PERSONAL PROPERTY 

(1) All architectural, mechanical, engineering and other plans and specifications relating to the Property, to the extent in Seller’s
possession. 
 (2) All percolation, and other soil, topographical, and traffic studies and tests relating to the Property, to the extent in
Seller’s possession. 
 (3) All trademarks, logos and other marks, trade or business names, and all intangible personal property
relating to the ownership, development, use, operation, leases and management of the Property, to the extent in Seller’s possession. 

(4) All right, title, and interest of Seller in and to all transferrable or assignable warranties, representations, guarantees, contract
rights, and miscellaneous rights, if any, with respect to the Property. 
 (5) All records, and documents of Seller relating to the Property.

 (6) All ranges, refrigerators, freezers, refrigeration/freezer units, dishwashers, clothes washing machines and dryers, and all other
appliances, and all hookups for any of the foregoing or for cable television. 
 (7) All heating, ventilating and air conditioning equipment
and other machinery, whether portable units or fixtures. 
 (8) All
wall-to-wall carpeting, screens and garbage disposals, whether personalty or fixtures. 

(9) All items listed on Schedule I attached to and made a part of this Exhibit. 

 SCHEDULE I 

List of Personal Property 

 EXHIBIT B-2 

EXCLUDED ITEMS OF PERSONAL PROPERTY 

[to be attached] 

 EXHIBIT C 

BILL OF SALE AND ASSIGNMENT 

THIS BILL OF SALE AND ASSIGNMENT (the “Assignment”) is made as of the      day of
            , 20     , by                     ,
                    (“Seller”) in favor of
                    , a                     
(“Buyer”). 
 RECITALS 

A. Pursuant to a certain Agreement of Sale and Purchase, dated as of             ,
20     , (the “Agreement of Sale”), Seller has agreed to sell to Buyer, upon the terms, provisions and conditions set forth therein, certain property (hereinafter “Property”) located in
                    , all as more particularly described in the Agreement of Sale. 

B. In connection with the sale and purchase of the Property, Seller desires to sell, assign and transfer to Assignee all of Assignor’s
right, title and interest in and to the Personal Property identified and as defined in the Agreement of Sale (the “Personal Property”), all upon the terms, covenants and conditions set forth in this instrument. 

NOW THEREFORE, for an in consideration of Ten Dollars ($10.00), the mutual covenants contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, Seller hereby agrees as follows: 

1. Definitions. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms in
the Agreement of Sale. 
 2. Transfer and Assignment. Seller hereby sells, transfers, assigns, delivers and conveys to Buyer, its
successors and assigns, all of Seller’s right, title and interest in, to and under the Personal Property. 
 3. Representations and
Warranties of Seller. Seller hereby represents and warrants to Buyer as follows: 
 (i) Seller is the sole owner and
holder of the Personal Property; 
 (ii) Seller has the power, authority and right to execute and deliver this Assignment and
to sell, transfer, assign, deliver and convey the Personal Property; 
 (iii) Seller has not made any prior sales or
assignments of any of the Personal Property; and 

 (iv) Other than for the Permitted Encumbrances, the Assigned Property is free
and clear of any lien, claim and/or encumbrance of any party. 
 4. Absolute Transfer. It is the intention of Seller to transfer
absolute title of the Personal Property to Buyer, its successors and assigns, free of any equity of redemption by Seller or its successors and assigns. 

5. Binding Effect. This Assignment shall be binding upon and inure to the benefit of Seller and Buyer and their respective heirs,
personal representatives, successors and assigns. 
 SELLER MAKES NO WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE IN RESPECT OF THE
PERSONAL PROPERTY, AND THE SAME IS SOLD IN “AS IS, WHERE IS” CONDITION, WITH ALL FAULTS. BY EXECUTION OF THIS BILL OF SALE, BUYER AFFIRMS THAT IT HAS NOT RELIED ON SELLER’S SKILL OR JUDGMENT TO SELECT OR FURNISH THE PERSONAL
PROPERTY FOR ANY PARTICULAR PURPOSE, AND THAT SELLER MAKES NO WARRANTY THAT THE PERSONAL PROPERTY IS FIT FOR ANY PARTICULAR PURPOSE, AND THAT THE PERSONAL PROPERTY IS BEING SOLD TO BUYER WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS,
IMPLIED OR STATUTORY. 
 IN WITNESS WHEREOF, intending to be legally bound, Seller has caused this Bill of Sale and Assignment to be
executed by its duly authorized officer on the day and year first above written. 
 SELLER: 

BUYER: 

 EXHIBIT D 

RENT ROLL 

 EXHIBIT E 

SERVICE AGREEMENTS 
  

									
	 	 	 	 	 	 	To Be	 	To Be
	 	 	 Date
	 	 Parties
	 	 Services
	 	 Assigned/Terminated

					
	 1.
	 		 		 		 	
					
	 2.
	 		 		 		 	
					
	 3.
	 		 		 		 	
					
	 4.
	 		 		 		 	
					
	 5.
	 		 		 		 	
					
	 6.
	 		 		 		 	
					
	 7.
	 		 		 		 	

 EXHIBIT F 

STATEMENT OF INCOME AND EXPENSE 

[Statement to be Attached] 

 EXHIBIT G 

ASSIGNMENT AND ASSUMPTION OF TENANT LEASES 

THIS ASSIGNMENT is made as of the     day of             ,
20     , by and between                     ,
a                     (“Assignor”) and
                    , a
                    (“Assignee”). 

RECITALS 
 A. Pursuant to
a certain Agreement of Sale, dated as of             , 20     , (the “Agreement of Sale”), Assignor has agreed to sell to Assignee, upon the terms,
provisions and conditions set forth therein, certain property (hereinafter “Property”) located in             on land described on Exhibit A attached to and made a
part of this Assignment, all as more particularly described in the Agreement of Sale. 
 B. In connection with the sale and purchase of the
Property, Assignor desires to assign to Assignee all tenant leases encumbering the Property and Assignee desires to accept said assignment and assume the obligations of Assignor under said leases, all upon the terms, covenants and conditions set
forth in this instrument. 
 NOW, THEREFORE, in consideration of the purchase price paid by Assignee to Assignor for the Property, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee covenant and agree as follows: 

1. Assignment. Assignor hereby assigns, transfers and sets over unto Assignee all of Assignor’s and the lessor’s right, title
and interest in and to (collectively, the “Assigned Interests”) (a) the leases set forth on Exhibit B attached to and made a part of this Assignment and any other lease, license or right of occupancy affecting the Property,
together with all amendments, extensions, and other modifications thereto (the “Tenant Leases”), (b) any and all rights of Assignor and the lessor under the Tenant Leases to collect rents, additional rents, escrow or
security deposits, fees, income, charges, and profits now or hereafter arising thereunder, and (c) any guarantees of any Tenant Leases, to have and to hold the same unto Assignee, its successors and assigns. 

2. Right to Assign. Assignor represents and warrants that Assignor has unencumbered title to and full right to assign the Assigned
Interests. 
 3. Assumption. Assignee accepts said assignment and assumes all obligations on the part of the landlord under the
Tenant Leases first arising or accruing on or after the date of this Assignment. 
 4. Indemnification by Assignor. Assignor agrees
to indemnify, defend and hold Assignee harmless from and against any claim, demand, cause of action, charge, judgment, damage, liability, cost or expense (including, without limitation, reasonable attorney’s fees and legal costs)
(a) arising out of the Assigned Interests in connection with events occurring prior to the date of this Assignment, or (b) arising out of any claim by any tenant arising prior to the date of this Assignment with respect to any security
deposit but only to the extent of the amount of such security deposit and interest thereon not transferred by Assignor to Assignee. 
 5.
Indemnification by Assignee. Assignee agrees to indemnify, defend and hold Assignor harmless from and against any claim, demand, cause of action, charge, judgment, damage, liability, cost or expense (including, without limitation, reasonable
attorneys’ fees and legal costs) arising out of the Assigned Interests in connection with events occurring on or after the date of this Assignment or arising out of any claim by 

 
any tenant arising on or after the date of this Assignment with respect to its security deposit but only to the extent of the amount of such security deposit and interest thereon transferred by
Assignor to Assignee and not returned to such tenant by Assignee. 
 6. Binding Effect. This Assignment shall be binding upon and
inure to the benefit of Assignor and Assignee and their respective heirs, personal representatives, successors and assigns. 
 7.
Counterparts. This Assignment may be executed and delivered in any number of counterparts, each of which so executed and delivered shall be deemed to be an original and all of which shall constitute one and the same instrument. For purposes
of this Assignment, any signature transmitted by e-mail (in pdf format) shall be considered to have the same legal and binding effect as any original signature. 

8. Limited Power of Attorney. Assignor hereby appoints Assignee its
attorney-in-fact for the limited purpose of receiving and endorsing any checks or other payments of rent, income or profits tendered to Assignee pursuant to the terms of
the Leases or guarantees if any checks are made payable to the order of Assignor. Assignor ratifies any such endorsement made pursuant to this limited power of attorney. This limited power of attorney is coupled with an interest and is irrevocable.

 IN WITNESS WHEREOF, intending to be legally bound, the parties have caused this Assignment and Assumption of Tenant Leases to be executed
by their duly authorized officers on the day and year first above written. 
 ASSIGNOR: 

ASSIGNEE: 

 EXHIBIT H 

ASSIGNMENT AND ASSUMPTION OF SERVICE AGREEMENTS 

THIS ASSIGNMENT AND ASSUMPTION OF SERVICE AGREEMENTS (“Assignment”) is made and entered into as of
the     day of             , 20     , by and between
                    , a
                    (“Assignor”) and
                    , a
                    (“Assignee”). 

R E C I T A L S: 
 A. Pursuant to
a certain Agreement of Sale dated as of             , 20     (the “Agreement of Sale”), Assignor has agreed to sell to Assignee, upon the terms,
provisions and conditions set forth therein, certain property (hereinafter “Property”) located in             , all as more particularly described in the Agreement of Sale.

 B. In connection with the sale and purchase of the Property, Assignor desires to assign to Assignee all of Assignor’s right, title
and interest in and to those agreements set forth on Exhibit A attached to and made a part of this Assignment (the “Service Agreements”) and Assignee desires to accept said assignment and assume the obligations of Assignor
under the Service Agreements, all upon the terms, covenants and conditions set forth in this instrument. 
 NOW, THEREFORE, in consideration
of the purchase price paid by Assignor to Assignee for the Property and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee covenant and agree as follows: 

1. Assignment. Assignor hereby assigns, transfers and sets over to Assignee all of Assignor’s right, title and interest in and to
the Service Agreements. Assignor agrees to pay and perform all terms, covenants, conditions, agreements and obligations to be kept and performed under the Service Agreements to the date of this Assignment, together with such other obligations of
Assignor concerning the Service Agreements set forth in the Agreement of Sale. 
 2. Right to Assign. Assignor represents and
warrants that Assignor has unencumbered title to and full right to assign the Service Agreements. 
 3. Assumption. Assignee accepts
said assignment and assumes all obligations of Assignor under the Service Agreements arising or accruing on or after the date of this Assignment. 

4. Indemnification by Assignor. Assignor agrees to indemnify, defend and hold Assignee harmless from and against any claim, demand,
cause of action, charge, judgment, damage, liability, cost or expense (including, without limitation, reasonable attorneys’ fees and legal costs) arising out of the Service Agreements in connection with events occurring prior to the date of
this Assignment. 
 5. Indemnification by Assignee. Assignee agrees to indemnify, defend and hold Assignor harmless from and against
any claim, demand, cause of action, charge, judgment, damage, liability, cost or expense (including, without limitation, reasonable attorneys’ fees and legal costs) arising out of the Service Agreements in connection with events occurring on or
after the date of this Assignment. 
 6. Counterparts. This Assignment may be executed and delivered in any number of counterparts,
each of which so executed and delivered shall be deemed to be an original and all of which shall constitute one and the same instrument. For purposes of this Assignment, any signature transmitted by e-mail (in pdf format) shall be considered to have
the same legal and binding effect as any original signature. 

 7. Binding Effect. This Assignment shall be binding upon and inure to the benefit of
Assignor and Assignee and their respective heirs, personal representatives, successors and assigns. 
 IN WITNESS WHEREOF, intending to be
legally bound, Assignor and Assignee have caused this Assignment and Assumption of Service Agreements to be executed by their duly authorized officers on the day and year first above written. 

ASSIGNOR: 

ASSIGNEE: 

 EXHIBIT I 

FIRPTA 
 Section 1445
of the Internal Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. For U.S. tax purposes (including section 1445), the undersigned “Transferor” which is the
owner, directly or indirectly of all of the membership interests of                     , a
                    , which has legal title to a U.S. real property interest under local law, will be the actual transferor of the property for U.S.
tax purposes and not the disregarded entity. To inform the transferee that withholding of tax is not required upon the disposition of a U.S. real property interest by Transferor, the undersigned hereby certifies as follows: 

 

	 	1.	Transferor is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations); 

 

	 	2.	Transferor is not a disregarded entity, as defined in Treas. Reg. § 1.1445-2(b)(2)(iii); 

  

	 	3.	Transferor’s U.S. taxpayer identification number is                     ; and 

 

	 	4.	Transferor’s office address is                     . 

Transferor understands that the above information may be disclosed to the Internal Revenue Service by the transferee and that any false
statement contained herein could be punished by fine, imprisonment, or both. 
 Under penalties of perjury, the undersigned, in the capacity
set forth below, hereby declares that he has examined this instrument and to the best of his knowledge and belief it is true, correct, and complete, and the undersigned further declares that he has the authority to sign this document in such
capacity. 
  

			
	By:		  

	Name:		
	Title:		

 Dated:             , 2015 

 STATE
OF                             : 

                          
                                         
                 : SS. 
 COUNTY
OF                         : 

On the     day of             , 20     ,
before me, the subscriber, a Notary Public in and for the State and County aforesaid, personally appeared                     , who acknowledged
(himself)(herself) to be an officer of                      and that (he)(she) executed the foregoing instrument for the purposes therein contained.

 WITNESS my hand and seal the day and year aforesaid. 

 

	
	  

	            Notary Public
	
	            My Commission Expires:

 SCHEDULE 5(B) 

DUE DILGENCE DELIVERIES 

1. Monthly income statements for the Property beginning December 2013 and through date of sale;

2. Monthly rent rolls for December 2013 through month of sale; 

3. Trial Balances for the years ended 2013, 2014 and last date the seller owns the Property; 

4. Balance Sheet at 12/31/13, 12/31/14, and the last month the seller owns the Property; 

5. Account payable and account receivable detail listing/aging reports at 12/31/13, 12/31/14 and date of sale; 

6. Check registers and payables registers for January 2014, February 2014, January 2015, and February 2015; 

7. Copy of management agreement; 

8. General Ledger for 2013 and 2014 and through date of sale; 

9. Copies of all insurance invoices for past 12 months; 

10. Copies of all real estate tax bills for 2013 and 2014 as well as any assessments or tax bills for 2015; 

11. Contact person at the property management company with whom the auditors can discuss internal control procedures and walkthrough
information; 
 12. Standard Lease form with respect to the Property; 

13. Copies of all property utility bills for past 12 months; 

14. Copies of all utility contracts if applicable; 

15. On-site access to make copies and/or review the Tenant Leases including any and all modifications, supplements or amendments thereto and
all tenant lease files; 
 16. Current resident ledger report as well as a report on the date of sale; 

17. Current notices to vacate report; 

18. A schedule of all tenant deposits in the form customarily utilized by Seller; 

19. Contracts relating to the maintenance and operation of the Property and access at the Property to all maintenance and service logs for the
Property; 
 20. To the extent available at the property, copies of or access to any and all site plans, as-built, boundary and
topographical surveys of the Property, zoning reports, soil and compaction studies or tests for the Property, architectural drawings, plans and specifications with respect to the Property; 

 21. Insurance loss runs during the period of Seller’s ownership of the Property; 

22. Most recent elevation certificates (if available); 

23. To the extent available, copies of all guaranties or warranties currently in effect related to the roof or any structure or operating
system at the Property; 
 24. A list of employee units and model/office units, and employee rental and discount information; 

25. A schedule of capital improvements completed during the period of Seller’s ownership; 

26. Documentation related to eviction activity for the past 12 months as well as the status of all evictions currently in process; 

27. List of all personal property to be conveyed with the Property; 

28. To the extent available, the most recent tax, license fee and permit bills and copies of all such licenses and permits; 

29. List of current employees of the Property and payroll; 

30. All engineering studies, environmental reports, termite inspections or warranties, to the extent available and in the Seller’s
possession, which relate to its Property and were prepared for such Seller by third parties; 
 31. The Seller’s ACM plan, lead in
water O&M, and other O&M plans, if any; 
 32. The most recent Title and Survey in Seller’s possession, which relate to its
Property; 
 33. Monthly occupancy and turnover percentages for 2013, 2014, and 2015; 

34. Summary of bad debt written-off in 2013, 2014, and 2015; 

35. Copies of tenant utility billing reports (RUBS) for the past 12 months, if applicable; and 

36. Loan documents and lender correspondence relating to the Mortgage Loan. 

NOTE: Banking records for Mayfair Apartments are available at the offices of Engel Realty Company, LLC for inspection, and if necessary,
copying. The Seller’s bank accounts, reflecting receipts (deposits) and disbursements (checks), are maintained as one account with other properties owned (or have an identity of ownership) by Engel Realty Company, LLC, and Mayfair Apartments
does not have a separate bank account.

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