Document:

Exhibit 10.5

 

NOTE

 

	$50,000,000.00	October 4, 2017

 

FOR VALUE RECEIVED,
the undersigned (collectively, “Maker”), hereby promises to pay, without offset or counterclaim, to BANK OF AMERICA,
N.A. (“Payee”), or order, in accordance with the terms of that certain Credit Agreement, dated as of October 4, 2017,
as from time to time in effect, among BLUEROCK RESIDENTIAL HOLDINGS, L.P., the Other Borrowers, KeyBank National Association, for
itself and as Agent, and such other Lenders as may be from time to time named therein (the “Credit Agreement”), to
the extent not sooner paid, on or before the Maturity Date, the lesser of the principal sum of FIFTY MILLION AND NO/100 DOLLARS
($50,000,000.00), or such amount as may be advanced by the Payee under the Credit Agreement as one or more Loans with daily interest
from the date thereof, computed as provided in the Credit Agreement, on the principal amount hereof from time to time unpaid, at
a rate per annum on each portion of the principal amount which shall at all times be equal to the rate of interest applicable to
such portion in accordance with the Credit Agreement, and with interest on overdue principal and, to the extent permitted by applicable
law, on overdue installments of interest and late charges at the rates provided in the Credit Agreement. Interest shall be payable
on the dates specified in the Credit Agreement, except that all accrued interest shall be paid at the stated or accelerated maturity
hereof or upon the prepayment in full hereof. Capitalized terms used herein and not otherwise defined herein shall have the meanings
set forth in the Credit Agreement.

 

Payments hereunder
shall be made to the Agent for the Payee at 127 Public Square, Cleveland, Ohio 44114-1306, or at such other address as Agent may
designate from time to time, or made by wire transfer in accordance with wiring instructions provided by the Agent.

 

This Note is one of
one or more Notes evidencing borrowings under and is entitled to the benefits and subject to the provisions of the Credit Agreement.
The principal of this Note may be due and payable in whole or in part prior to the Maturity Date and is subject to mandatory prepayment
in the amounts and under the circumstances set forth in the Credit Agreement, and may be prepaid in whole or from time to time
in part, all as set forth in the Credit Agreement.

 

Notwithstanding anything
in this Note to the contrary, all agreements between the undersigned Maker and the Lenders and the Agent, whether now existing
or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of acceleration
of the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed
the maximum amount permissible under Applicable Law. If, from any circumstance whatsoever, interest would otherwise be payable
to the Lenders in excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount
permitted under Applicable Law; and if from any circumstance the Lenders shall ever receive anything of value deemed interest by
Applicable Law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction
of the principal balance of the Obligations of the undersigned Maker and to the payment of interest or, if such excessive interest
exceeds the unpaid balance of principal of the Obligations of the undersigned Maker, such excess shall be refunded to the undersigned
Maker. All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by Applicable Law, be amortized, prorated,
allocated and spread throughout the full period until payment in full of the principal of the Obligations of the undersigned Maker
(including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the
maximum amount permitted by Applicable Law. This paragraph shall control all agreements between the undersigned Maker and the Lenders
and the Agent.

 

In case an Event of
Default shall occur, the entire principal amount of this Note may become or be declared due and payable in the manner and with
the effect provided in said Credit Agreement.

 

     

     

    

 

This Note shall be
governed by the laws of the State of New York, including, without limitation, New York General Obligations Law Section 5-1401.

 

The undersigned Maker
and all guarantors and endorsers, to the extent permitted by Applicable Law, hereby waive presentment, demand, notice, protest,
notice of intention to accelerate the indebtedness evidenced hereby, notice of acceleration of the indebtedness evidenced hereby
and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note, except
as specifically otherwise provided in the Credit Agreement, and assent to extensions of time of payment or forbearance or other
indulgence without notice.

  

 

[Remainder of Page Intentionally Left Blank]

 

 

     

     

    

 

IN WITNESS WHEREOF,
the undersigned has by its duly authorized officer executed this Note on the day and year first above written.

 

	 	BLUEROCK RESIDENTIAL HOLDINGS, L.P., a Delaware limited partnership, by its general partner, Bluerock Residential Growth REIT, Inc., a Maryland corporation
	 	 	 
	 	By: 	/s/ Michael L. Konig
	 	Name:  	Michael L. Konig
	 	Title: 	Chief Operating Officer, General Counsel, and Secretary

 

    [Signature Page to Note (Bank of America)]Exhibit 10.6

 

SUBORDINATION
OF ADVISORY CONTRACT

 

Date: October 4,
2017

 

WHEREAS, BLUEROCK RESIDENTIAL
HOLDINGS, L.P., a Delaware limited partnership, having an address at c/o Bluerock Real Estate, L.L.C., 712 Fifth Avenue, 9th
Floor, New York, New York 10019 (“Borrower”), has entered into a certain Credit Agreement of even date herewith (hereinafter,
the “Credit Agreement”) with KEYBANK NATIONAL ASSOCIATION, having an office at 225 Franklin Street, Boston, Massachusetts
02110, as agent (in its capacity as agent, hereinafter, the “Agent,” which term shall include, whenever the context
permits, its successors and assigns as the holder of this Subordination and the Notes and other Obligations secured hereby), and
the other lending institutions which now are or hereafter become parties to the Credit Agreement (KeyBank National Association
and such other lending institutions are collectively referred to as the “Lenders” and individually as the “Lender”),
pursuant to which the Lenders have agreed to lend to the Borrower, subject to the terms and conditions of the Credit Agreement,
the sum of up to Two Hundred Fifty Million Dollars ($250,000,000.00) and BLUEROCK RESIDENTIAL GROWTH REIT, INC., a Maryland corporation
(the “Guarantor” and, together with the Borrower, collectively, the “Obligor”) has provided a guaranty
of Borrower’s obligations under the Credit Agreement pursuant to that certain Guaranty dated as of even date herewith. (All
capitalized terms used herein and not defined herein shall have the meanings set forth in the Credit Agreement); and

 

WHEREAS, Obligor has
entered into a certain agreement (hereinafter, as such may be amended from time to time, singly and collectively, the “Advisory
Contract”) with BRG Manager, LLC (hereinafter, the “Advisor”), with its principal offices at 712 Fifth Avenue,
9th Floor, New York, New York 10019, in connection with the management and operation of the Borrower and its properties;
and

 

WHEREAS, one of the
conditions of the providing of the Facility pursuant to the Credit Agreement is the subordination of the Advisory Contract by the
Obligor to the Obligations (as defined in the Credit Agreement) established under the Loan Documents (as defined in the Credit
Agreement);

 

NOW THEREFORE and in
consideration of the above, and of mutual covenants contained herein and benefits to be derived herefrom, the parties hereto agree
as follows:

 

		1.	By acceptance hereof, the Agent agrees not to exercise any rights under this Subordination except
upon the occurrence and during the continuance of an Event of Default (as defined in the Credit Agreement). The Obligor or the
Advisor may rely conclusively upon any written notice given by the Agent to the Obligor or the Advisor of the occurrence of such
an Event of Default. Upon and after the giving of such notice, and until further written notice from the Agent to the Obligor or
the Advisor, the Agent may (but shall not be obligated to) exercise all rights granted the Agent under this Subordination.

 

		2.	The Obligor and the Advisor (by its assent hereto) represent and warrant that the Advisory Contract
is in full force and effect and that there are no defaults under the Advisory Contract by any party thereto, and the Obligor represents
and warrants that the Obligor has not made and will not make any other assignment thereof.

 

     

     

    

 

		3.	Any action or proceedings to enforce this Subordination may be taken by the Agent either in its
name or in the name of the Obligor as the Agent may deem necessary.

 

		4.	The Advisor has assented to this Subordination and hereby acknowledges this Subordination of the
Advisory Contract to the Agent and the Lenders and consents thereto. The Advisor agrees that it will furnish to the Agent copies
of all written notices given to the Obligor with respect to any default of the Obligor under the Advisory Contract, simultaneously
with the giving of such notice to the Obligor.

 

		5.	This Subordination does not release or affect in any way the obligations of the Obligor to the
Advisor.

 

		6.	The rights of the Agent hereunder may be fully exercised by the Agent’s designee or assignee.
Further, upon the assignment by the Agent of its rights hereunder, the Agent shall be automatically released from any liability
of any nature whatsoever hereunder or under the Advisory Contract.

 

		7.	If an Event of Default exists, the Advisor agrees that:

 

		a.	all payments to be made to the Advisor under the Advisory Contract shall cease until the Event
of Default is cured and the Advisor receives written notice from the Agent that it may resume receiving said payments; provided,
however, if the Advisor is required to fully meet its obligations under the Advisory Contract without payment, the Advisor may
terminate the Advisory Contract upon thirty (30) days prior written notice to the Obligor and the Agent;

 

		b.	all of the Advisor’s rights to payment (other than reimbursement for expenses incurred on
behalf of Obligor), and all other rights, remedies, powers, privileges and discretions as set forth in the Advisory Contract shall
be subject to and subordinate to prior payment and satisfaction in full of the Obligations of the Obligor to the Agent and the
Lenders under the Loan Documents; provided, however, as long as no Event of Default exists under the Loan Documents, Advisor may
be paid, when due, all fees payable to Advisor under the Advisory Contract and in the case of nonpayment, as contemplated in Section
7(a) above, Advisor may terminate the Advisory Contract; and

 

		c.	Any and all amounts which are collected, enforced or received by the Advisor shall be held by the
Advisor as trustee for the Agent and shall be paid over to the Agent on account of the Obligations of the Obligor to the Agent
under the Loan Documents.

 

    2 

     

    

 

		8.	This Subordination shall be governed by, and construed in accordance with, the laws of the State
of New York.

 

[SEE ATTACHED SIGNATURE
PAGES]

 

    3 

     

    

 

It is intended that
this Subordination take effect as a sealed instrument as of the date first above written.

 

	 	OBLIGOR:
	 	 	 
	 	BLUEROCK RESIDENTIAL HOLDINGS, L.P., a Delaware limited partnership
	 	 	 
	 	By: Bluerock Residential Growth REIT, Inc., a Maryland corporation, its general partner
	 	 	 
	 	 	 
	 	By: 	/s/ Michael Konig
	 	Name: 	Michael Konig
	 	Title: 	Chief Operating Officer, General Counsel,and Secretary
	 	 	 
	 	 	 
	 	BLUEROCK RESIDENTIAL GROWTH REIT, INC., a Maryland corporation
	 	 	 
	 	 	 
	 	By: 	/s/ Michael Konig
	 	Name: 	Michael Konig
	 	Title: 	Chief Operating Officer, General Counsel, and Secretary

 

    [Signature
                                         Page to Subordination of Advisory Contract]

     

    

 

	 	AGENT:	 
	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION,
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Christopher T. Neil
	 	 	Name: 	Christopher T. Neil
	 	 	Title: 	Vice President

  

    [Signature Page to Subordination of Advisory Contract]

     

    

 

	 	ADVISOR:	 
	 	 	 	 
	 	 	 	 
	 	BRG MANAGER, LLC,
	 	a Delaware limited liability company
	 	By: 	Bluerock Real Estate, L.L.C., its Managing Member
	 	 	 	 
	 	By: 	/s/ Michael Konig
	 	 	Name: 	Michael Konig
	 	 	Title: 	Authorized Signatory

 

    [Signature Page to Subordination of Advisory Contract]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]