Document:

EX-10.3

 Exhibit 10.3 

PAYMENT AGREEMENT 

This PAYMENT AGREEMENT (“Agreement”) is made and entered into as of the 20th day of December, 2013 (“Effective Date”) by and among Elco Landmark Residential Holdings II LLC, a Delaware limited liability company (“ELRH
II”), Landmark Apartment Trust of America, Inc., a Maryland corporation (“LATA”), and Landmark Apartment Trust of America Holdings, LP, a Virginia limited partnership (“LATA
OP”, and together with ELRH II and LATA, the “Parties”, and each individually, a “Party”). All capitalized terms used but not defined herein shall have the meaning ascribed
to such term in the Purchase Agreement (as defined below). 
 RECITALS: 

WHEREAS, LATA OP and ELRH II (and certain of ELRH II’s affiliates) are parties to that certain Asset Purchase and Contribution
Agreement dated as of March 13, 2013 (as amended, the “Purchase Agreement”), pursuant to which, among other things, ELRH II agreed to sell, convey and assign the ELRH II Sale Assets to LATA OP in return for that certain
Promissory Note dated March 14, 2013 made by LATA OP in favor of ELRH II in the principal amount of $10,000,000 (the “Note”); and 

WHEREAS, LATA, being the sole general partner of LATA OP, desires to pay down, on behalf of and for the
benefit of LATA OP, Five Million Dollars ($5,000,000) of the outstanding principal amount of the Note by delivering to ELRH II 613,497 shares (the “Shares”) of LATA common stock, par value $0.01 per share (“LATA
Common Stock”), valued at $8.15 per share and ELRH II has agreed to accept the LATA Common Stock and, in return therefore, to credit LATA OP’s principal obligation under the Note (the “Note Reduction”) in
the amount of Five Million Dollars ($5,000,000) (the “Repayment Amount”); and 
 WHEREAS, the
Parties agree that any accrued and unpaid interest under the Note shall remain accrued and unpaid and shall be due and payable in accordance with the terms of the Note, without modification based upon this Agreement.. 

NOW, THEREFORE, the parties hereto, for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged,
agree as follows.  
 Section 1. Recitals. 

The recitals set forth above are incorporated herein by reference as if fully set forth in the body of this Assignment. 

Section 2. Note Reduction. 
 LATA
hereby delivers the Shares of LATA Common Stock to ELRH II as payment of the Note Reduction and ELRH II hereby acknowledges and agrees that the payment of the Repayment Amount as set forth herein constitutes the full and final satisfaction of the
Repayment Amount. The undersigned, on behalf of ELRH II, acknowledges receipt of the Shares and the Parties hereto acknowledge the Note Reduction resulting from receipt of the Repayment Amount, such that after giving effect to the issuance of the
Shares, the outstanding principal amount of the Note is Five Million Dollars ($5,000,000). 

 Section 3. Further Assurances. 

ELRH II, LATA and LATA OP hereby agree to execute and deliver such further documents and instruments and to take such other actions as
reasonably necessary or desirable to carry out the intent of this Agreement and to consummate the transactions contemplated hereby. Without limiting the generality of the foregoing, each of LATA and LATA OP agrees to execute any documents or
instruments that may be required or otherwise requested by the transfer agent in connection with issuance of the Shares. 
 Section 4.
Representations. 
 The Parties hereby make the following representations and warranties to each other, with the understanding that
each other Party is relying upon the accuracy and completeness thereof in electing to enter into and perform this Agreement: 
 4.1
Organization. Each Party is a legal entity duly organized and validly existing under the laws of the State of Maryland and is in good standing under such laws. Each Party has the requisite corporate power to own and operate its properties and
assets, and to carry on its business as presently conducted. Each Party is qualified to do business in each jurisdiction in which the ownership of its property or the nature of its business requires such qualification, except where the failure to be
so qualified would not reasonably be expected to have a material adverse effect on the business, assets, liabilities, operations or conditions (financial or otherwise) of such Party or its subsidiaries, taken as a whole (a “Material
Adverse Effect”). 
 4.2 Authorization. Each Party has taken all corporate action necessary for the authorization,
execution, delivery and performance of this Agreement, LATA has taken all corporate action necessary for the authorization, sale, issuance and delivery of the Shares and ELRH II has taken all corporate action necessary for the authorization, sale
and delivery of the Class A Units. This Agreement constitutes the legal, valid, and binding obligation of each of the Parties enforceable in accordance with its terms, except to the extent limited by (a) applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws of general application related to the enforcement of creditors’ rights generally and (b) general principles of equity, and except that enforcement of rights to indemnification contained herein may
be limited by applicable federal or state laws or the public policy underlying such laws, regardless of whether enforcement is considered in a proceeding in equity or at law. 

4.3 No Conflict. The execution and delivery of this Agreement does not, and the consummation of the transactions contemplated hereby
will not, conflict with, or result in any violation of, or default under (with or without notice or lapse of time, or both), or give rise to a right of termination, cancellation or acceleration of any obligation or to a loss of a material benefit
under any provision of, such Party’s organizational and governing documents or any mortgage, indenture, lease or other agreement or instrument, permit, concession, franchise, license, judgment, order, decree, statute, law, ordinance, rule or
regulation applicable to such Party or its properties or assets, or which would have a Material Adverse Effect or would materially impair or restrict such Party’s power to perform its obligations as contemplated under such agreements. 

 4.4 Valid Issuance. LATA represents that the Shares, in reliance upon the representations
of ELRH II herein, when issued and delivered and paid for in compliance with the provisions of this Agreement, will be validly issued, fully paid and non-assessable. The Shares will be free of any liens or encumbrances; provided,
however, that the Shares are subject to restrictions on transfer under applicable Securities Laws. 
 4.5 Compliance With
Securities Laws. ELRH II hereby represents and warrants to LATA and LATA OP that ELRH II is an “accredited investor” as defined in Rule 501 promulgated under the Securities Act, is a sophisticated investor, has knowledge as to the
business and operations of LATA and LATA OP by virtue of the fact that certain indirect principals of ELRH II are directors of LATA and that ELRH II has no need for the protections that registration of the LATA Common Stock would provide. ELRH II is
acquiring the LATA Common Stock as an investment to hold, with no intent to distribute such securities. In reliance on the foregoing representations, LATA and LATA OP hereby represent and warrant to ELRH II that the offer, sale and issuance of the
Shares is exempt from the registration requirements of the Securities Act and the rules and regulations promulgated thereunder, and any applicable state securities laws and neither LATA nor any authorized agent acting on its behalf will take any
action hereafter that would cause the loss of such exemption. 
 Section 5. Counterparts. 

This Agreement may be executed in multiple counterparts, each of which shall constitute an original and all of which taken together shall
constitute one and the same agreement binding upon the Parties, notwithstanding that all the Parties are not signatories to the same counterpart. In order to facilitate the agreements contemplated by this Assignment, signatures transmitted by
facsimile machine or signatures transmitted via e-email in a “PDF” format may be used in place of original signatures on this Assignment. Each Party intends to be bound by such Party’s facsimile or “PDF” format signature on
this Assignment, is aware that the other Parties are relying on such party’s facsimile or “PDF” format signature, and hereby waives and defenses to the enforcement of this Agreement based upon the form of signature. 

Section 6. Binding Effect; Successors and Assigns. 

This Agreement and any amendments hereto are binding upon, and, to the extent expressly permitted by the provisions hereof, inure to the
benefit of, the parties hereto and their respective heirs, executors, administrators, personal and legal representatives, successors and permitted assigns. This Agreement is intended to implement the assignments and transactions contemplated by the
Agreement and, to the extent of any inconsistency between the terms hereof and the terms of the Agreement, the terms of the Agreement shall govern. 

Section 6. Applicable Law. 
 This
Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without regard to its conflict of law principles. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement as of the date
first set forth above. 
  

			
	ELCO LANDMARK RESIDENTIAL HOLDINGS II LLC
		
	By:	 	 /s/ Joseph G. Lubeck

	Name:	 	Joseph G. Lubeck
	Title:	 	President
	
	LANDMARK APARTMENT TRUST OF AMERICA, INC.
		
	By:	 	 /s/ Stanley J. Olander, Jr.

	Name:	 	Stanley J. Olander, Jr.
	Title:	 	Chief Executive Officer
	
	LANDMARK APARTMENT TRUST OF AMERICA HOLDINGS, LP
		
	By:	 	Landmark Apartment Trust of America Holdings, Inc., its general partner
		
	By:	 	 /s/ Stanley J. Olander, Jr.

	Name:	 	Stanley J. Olander, Jr.
	Title:	 	Chief Executive Officer

 [Signature Page to Payment Agreement]EX-10.4

 Exhibit 10.4 

RESTRICTED SHARES AGREEMENT 

(ELCO LANDMARK RESIDENTIAL HOLDINGS II LLC) 

This Restricted Shares Agreement (the “Agreement”) is made as of December 20, 2013, by and among Landmark
Apartment Trust of America, Inc. (the “Company”), and Elco Landmark Residential Holdings II LLC (“Recipient”). 

RECITALS 
 WHEREAS,
concurrently with the execution of this Agreement, (i) Landmark Apartment Trust of America Holdings, LP (the “Operating Partnership”), Recipient and certain other parties executed the Second Amendment to that certain Asset
Purchase and Contribution Agreement, dated March 13, 2013 (as amended, the “Purchase Agreement”), (ii) the Company, the Operating Partnership and Recipient executed that certain Assignment and Assumption Agreement (the
“Assignment and Assumption Agreement”), and (iii) Recipient, the Company and the Operating Partnership executed that certain Payment Agreement (the “Payment Agreement”), pursuant to which, subject to certain
conditions and restrictions, Recipient is to receive an aggregate of 1,226,994 shares of restricted common stock of the Company, all of which shares are valued at $8.15 per share (collectively, the “Restricted Shares”), in exchange
for consideration set forth therein. Unless otherwise indicated, capitalized terms used but not defined herein shall have the meanings ascribed to them in the Purchase Agreement; and 

WHEREAS, Recipient has agreed to restrict the transfer and disposition of the Restricted Shares as set forth herein and pursuant to the
terms of the Purchase Agreement. The execution and delivery of this Agreement was a material condition to the Company’s willingness to consummate the transactions set forth in the Purchase Agreement. 

NOW, THEREFORE, the parties hereto hereby agree as follows: 

1. Issuance of Restricted Shares. Upon the terms and subject to the conditions and restrictions set forth in this Agreement, and
as partial consideration for the transactions set forth in the Purchase Agreement, the Company hereby issues all of the Restricted Shares in the name of Recipient. 

2. Restricted Shares-Transfer and Forfeiture. Notwithstanding anything set forth herein, as of the date hereof, 100% of the
Restricted Shares are subject to forfeiture pursuant to Section 3.02 and Article IX of the Purchase Agreement and Section 6.3 of the Assignment and Assumption Agreement and may not be sold, transferred, distributed, pledged, hypothecated
or otherwise transferred other than as set forth in Section 9.10(b) of the Purchase Agreement, provided, however, that no Restricted Shares shall be subject to such forfeiture subsequent to the consummation of an IPO. Upon consummation of an
IPO, Recipient shall be free to dispose of the previously Restricted Shares in any manner it elects in compliance with applicable Securities Laws, without the requirement of any approval or consent from the Company. 

3. Rights of Restricted Share Holder. Distributions on Restricted Shares shall be paid currently to Recipient in the same manner
as paid to other holders of the Company’s common stock. Subject to the terms hereof and of the Purchase Agreement, Recipient shall have all rights of a holder of shares of the Company’s common stock, including voting rights, with respect
to the Restricted Shares; provided, that Recipient shall have no rights whatsoever (distribution, voting, or otherwise) with respect to Restricted Shares that are forfeited pursuant to Section 2 hereof from and after the time of
any such forfeiture. 

 4. Limitations on Transfer. In addition to any other limitation on transfer created
by applicable Securities Laws, except as authorized in Section 9.10(b) of the Purchase Agreement, Recipient shall not assign, distribute, hypothecate, donate, encumber or otherwise dispose of any interest in the Restricted Shares prior to
consummation of the IPO. Recipient shall not assign, hypothecate, donate, encumber or otherwise dispose of any interest in the Restricted Shares except in compliance with applicable securities laws. Any attempted transfer in violation of this
provision shall be void ab initio and of no legal force. 
 5. Restrictive Legends. All certificates representing the
Restricted Shares (or any securities issued in respect of or in exchange for Restricted Shares) shall have endorsed thereon legends in substantially the following forms: 

(a) THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN EXEMPTION THEREFROM.”; and

 (b) Any legend required by applicable Securities Laws, or the Company’s Governing Documents. 

6. Investment Representations. Recipient hereby represents, warrants, covenants and agrees with the Company as follows:

 (a) Recipient is a sophisticated investor with such knowledge and experience in financial and business matters that is
capable of evaluating the merits and risks of an investment in the Restricted Shares. Recipient has the financial wherewithal to bear, and is willing to accept, the economic risk of losing its entire investment in the Restricted Shares. 

(b) Recipient acknowledges that it has (i) received, read and fully understands all information and data with respect to
the Company and the Operating Partnership that Recipient has requested and that Recipient has deemed relevant in connection with the evaluation of the merits and risks of Recipient’s acquisition of the Restricted Shares; (ii) has been
provided with a reasonable opportunity to ask questions of, and receive answers and other responsive information from, knowledgeable representatives of the Company and the Operating Partnership concerning the terms and conditions of the Restricted
Shares being offered and sold pursuant to this Agreement, the terms and conditions of the transactions contemplated by the Purchase Agreement and the Assignment and Assumption Agreement, and the business, affairs, strategy, financial condition and
properties of the Company and the Operating Partnership, both historically and after giving effect to the transactions contemplated by this Agreement and the Purchase Agreement, and (iv) obtained such additional materials and information
requested by Recipient or its own representatives, including its own professional financial, legal and tax advisers, as it and its advisers have deemed necessary or advisable in order to verify the accuracy of the information and materials provided
to it by representatives of the Company and the Operating Partnership. 
 (c) Recipient acknowledges that it is basing its
decision to invest in the Restricted Shares on its own investigation of the information and materials provided to it, and that it has not relied upon any representations made by any other Person. Recipient recognizes that an investment in the
Restricted Shares involves substantial risk and Recipient is fully cognizant of and understands all of the risk factors related to the Restricted Shares. 

 (d) Recipient acknowledges that the offer and sale of the Restricted Shares has
not been accompanied by the publication of any public advertisement or by any form of general solicitation or general advertising (as those terms are used in Rule 502(c) under the Securities Act). 

(e) Recipient is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act. 
 (f) Recipient is receiving the Restricted Shares for its own account and for investment purposes only and has no
present intention, agreement, or arrangement for the distribution, transfer, assignment, resale or subdivision of such Restricted Shares in violation of applicable Securities Laws. Recipient understands that (i) the Company’s Governing
Documents contain additional restrictions as to the transferability of the Restricted Shares, provided that none of such restrictions restrict Recipient’s rights to make the transfers authorized under Section 9.10(b) of the Purchase
Agreement, (ii) that no active trading market exists for the Restricted Shares and (iii) Recipient’s investment in the Restricted Shares will be highly illiquid and may have to be held indefinitely. 

(g) Recipient is fully aware that the Restricted Shares have not been registered with the U.S. Securities and Exchange
Commission (the “SEC”) in reliance on the exemptions specified in Regulation D under the Securities Act of 1933, as amended, which reliance is based in part upon Recipient’s representations set forth herein. Recipient
understands that the Restricted Shares have not been registered under applicable state securities laws and are being offered and sold pursuant to the exemptions specified in said laws, and unless they are registered, they may not be re-offered for
sale or resold except in a transaction or as a security exempt under those laws. 
 (h) Recipient understands that none of
the Company, the Operating Partnership or their owners, officers, employees, directors, general partners, Affiliates or advisors represents Recipient in any way in connection with the purchase of the Restricted Shares. Recipient also understands
that legal counsel to the Company, the Operating Partnership and their Affiliates does not represent, and shall not be deemed under the applicable codes of professional responsibility to have represented or to be representing, Recipient. 

(i) RECIPIENT UNDERSTANDS THAT THE RESTRICTED SHARES ISSUABLE TO IT PURSUANT TO THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATES AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE RESTRICTED SHARES ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER SAID ACT AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE RESTRICTED SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, ANY STATE
SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF AN INVESTMENT IN THE RESTRICTED SHARES OR THE ACCURACY OR ADEQUACY OF THE INFORMATION RECEIVED BY RECIPIENT.
RECIPIENT UNDERSTANDS THAT ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL. 
 7. No Tax Representations. Recipient represents
and warrants that it is not relying upon any advice or any information or material furnished by the Company, the Operating Partnership or their respective representatives, whether oral or written, expressed or implied, of any nature whatsoever,
regarding any tax matters, including, without limitation, tax consequences to Recipient from the transaction contemplated herein or any transaction governed by the Purchase Agreement and the Assignment and Assumption Agreement. 

 8. Governing Law. This Agreement shall be construed, administered and enforced
according to the laws of the Commonwealth of Virginia, without regard to its conflicts of laws principles. 
 9.
Successors. This Agreement shall be binding upon and inure to the benefit of the heirs, legal representatives, successors, and permitted assigns of the parties. 

10. Notice. Except as otherwise specified herein, all notices and other communications under this Agreement shall be in writing
and shall be deemed to have been given if personally delivered or if sent by registered or certified United States mail, return receipt requested, postage prepaid, addressed to the proposed recipient at the last known address of the recipient. Any
party may designate any other address to which notices shall be sent by giving notice of the address to the other parties in the same manner as provided herein. 

11. Severability. In the event that any one or more of the provisions or portion thereof contained in this Agreement shall for
any reason be held to be invalid, illegal, or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Agreement, and this Agreement shall be construed as if the invalid, illegal or unenforceable
provision or portion thereof had never been contained herein. 
 12. Entire Agreement. Subject to the terms and
conditions of the Purchase Agreement, the Assignment and Assumption Agreement and the Support Payment Agreement entered into between the parties hereto on even date herewith, this Agreement expresses the entire understanding and agreement of the
parties with respect to the subject matter. This Agreement may be executed in one or more counterparts, and counterparts may be exchanged by electronic transmission, each of which will be deemed an original, but all of which together constitute one
and the same instrument 
 13. Headings. Paragraph headings used herein are for convenience of reference only and shall
not be considered in construing this Agreement. 
 14. Specific Performance. In the event of any actual or threatened
default in, or breach of, any of the terms, conditions and provisions of this Agreement, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition to any and all other rights and remedies
at law or in equity, and all such rights and remedies shall be cumulative. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement on the day and
year first set forth above. 
  

			
	COMPANY:
	LANDMARK APARTMENT TRUST OF AMERICA, INC.
		
	By:	 	 /s/ Stanley J. Olander

	Name:	 	Stanley J. Olander
	Its:	 	Chief Executive Officer
	
	RECIPIENT:
	
	ELCO LANDMARK RESIDENTIAL HOLDINGS II LLC
		
	By:	 	 /s/ Joseph G. Lubeck

	Name:	 	Joseph G. Lubeck
	Its:	 	President

 SIGNATURE PAGE TO RESTRICTED SHARES AGREEMENT FOR ELRH II

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