Document:

Form of Escrow Agreement

 Exhibit 4.5 

RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. 

FORM OF ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (this “Agreement”) is made to be effective as of
            , 2010, by and among Chadwick Securities, Inc., a Delaware corporation (“Chadwick” or the “Dealer Manager”), Resource Real Estate
Opportunity REIT, Inc., a Maryland corporation (the “REIT”) and TD Bank, N.A., as escrow agent (the “Escrow Agent”). 

WITNESSETH: 

WHEREAS, the REIT intends to offer and sell to investors (the “Investors”) up to 75,000,000 shares of common
stock (the “Common Stock”) for at least $750,000,000 of gross proceeds (excluding the shares of its common stock to be offered and sold pursuant to the REIT’s distribution reinvestment plan), (the “Public
Offering”) to investors pursuant to the REIT’s Registration Statement as publicly filed with the Securities and Exchange Commission (“SEC”) on Form S-11 (File No. 333-160463), as amended from time to time (the
“Public Offering Document”). 
 WHEREAS, each Investor will be required to pay his subscription in full
on subscribing by check or wire transfer (the “Public Offering Proceeds”). 
 WHEREAS, the initial cost
per share of Common Stock will be $10.00, subject to certain discounts of up to 10% ($1.00 per Common Stock). 
 WHEREAS,
the minimum subscription per Investor is 250 shares of Common Stock ($2,500). 
 WHEREAS, the REIT and Chadwick will
execute an agreement (the “Dealer Manager Agreement”) under which Chadwick will solicit subscriptions for Common Stock in all states on a “best efforts” “minimum/maximum” basis for the Common Stock on behalf of
the REIT, and under which Chadwick will have been authorized to select certain members in good standing of the Financial Industry Regulatory Authority (“FINRA”) to participate in the Public Offering of the Common Stock (the
“Selling Agents”). 
 WHEREAS, the Dealer Manager Agreement will provide for compensation to the Dealer
Manager to participate in the offering of the Common Stock, subject to the discounts set forth above for certain Investors. 

WHEREAS, under the terms of the Dealer Manager Agreement, the Public Offering Proceeds are required to be held in escrow (the
“Escrow Account”) subject to the receipt and acceptance by the REIT of at least $2,000,000 (the “Minimum Public Offering”), excluding any subscriptions by the REIT, its officers, directors, and affiliates.

 WHEREAS, the REIT has agreed that the subscription price paid by investors for shares will be refunded to such
investors if the Minimum Public Offering has not been raised within one year from the date the Public Offering Document becomes effective with the SEC (the “Closing Date”). 

 

					
	Escrow Agreement	 	1	 	

 WHEREAS, deposits received from residents of the Commonwealth of Pennsylvania (the
“Pennsylvania Investors”) will remain in the Escrow Account until the conditions of Section 5 hereof has been met. 

WHEREAS, deposits received from residents of the State of New York (the “New York Investors”) will remain in the
Escrow Account until the conditions of Section 6 hereof has been met. 
 WHEREAS, to facilitate compliance with the
terms of the Dealer Manager Agreement and Rule 15c2-4 adopted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the REIT and the Dealer Manager desire to have the Public Offering Proceeds deposited with the
Escrow Agent and the Escrow Agent agrees to hold the Public Offering Proceeds in the Escrow Account under the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants and conditions contained in this Agreement, the parties to this
Agreement, intending to be legally bound, agree as follows: 
  

	1.	Appointment of Escrow Agent. The REIT and the Dealer Manager appoint the Escrow Agent as the escrow agent to receive and to hold the Public Offering Proceeds
deposited with the Escrow Agent under this Agreement, and the Escrow Agent agrees to serve in this capacity during the term and based on the provisions of this Agreement. 

 

	2.	Deposit of Public Offering Proceeds. Pending receipt of the Minimum Public Offering proceeds of $2,000,000, the Public Offering Proceeds and Subscription
Agreement of each Investor shall be remitted by the broker dealers or registered investment advisors, as applicable, on behalf of the Investor directly to the Escrow Agent as provided in Section 14 by the end of the next business day following
receipt of any such Public Offering Proceeds or, if final internal supervisory review is conducted at a different location, by the end of the next business day following the receipt of any such Public Offering Proceeds by the office conducting final
internal supervisory review. Payment for each subscription for Common Stock shall be in the form of a check made payable to “TD Bank, N.A. as Escrow Agent for Resource Real Estate Opportunity REIT, Inc.” or by wire transfer of immediately
available funds made payable as provided in Section 14. Prior to disbursement of the funds deposited in the Escrow Account pursuant to the terms of this Agreement, upon receipt of Public Offering Proceeds, the Escrow Agent shall fax or scan a
listing of the subscriber name and purchase price to DST Systems, the transfer agent for the REIT (the “Transfer Agent”) and the Dealer Manager, together with all other subscription documents sent with the Public Offering Proceeds.
If any of the Public Offering Proceeds are returned to the Escrow Agent for nonpayment prior to receipt of written notice from the REIT pursuant to Section 4(a), the Escrow Agent shall promptly notify the Transfer Agent and the Company in
writing via mail, email or facsimile of such nonpayment, and the Escrow Agent is authorized to debit the Escrow Account as applicable in the amount of such returned payment and the Transfer Agent shall delete the appropriate account from the records
maintained by the Transfer Agent. 

  

	3.	Investment of Public Offering Proceeds. The Public Offering Proceeds shall be invested solely in the “TD Bank Trust Capital Reserves Money Market
Account” which is a bank money market account and not a money market mutual fund, and is a permitted investment under Rule 15c2-4 under the Exchange Act. The interest earned shall be added to the Public Offering Proceeds and disbursed in
accordance with the provisions of Paragraph 4 or 5 of this Agreement, as the case may be. 

  

					
	Escrow Agreement	 	2	 	

	4.	Distribution of Public Offering Proceeds Other than from Pennsylvania and New York Investors. 

If the Escrow Agent: 
  

	 	(a)	receives proper written notice from an authorized officer of the REIT that at least the Minimum Public Offering proceeds of $2,000,000 have been received and accepted
by the REIT; and 

  

	 	(b)	determines that Public Offering Proceeds for at least $2,000,000 have been deposited, accepted and cleared the banking system and are good; 

then the Escrow Agent shall promptly release and distribute to the REIT the escrowed Public Offering Proceeds that have cleared the
banking system and are good plus any interest paid and investment income earned on the Public Offering Proceeds while held by the Escrow Agent in the escrow account. 

After the initial distribution, any remaining Public Offering Proceeds, plus any interest paid and investment income earned on the Public
Offering Proceeds while held by the Escrow Agent in the escrow account, shall be promptly released and distributed to the REIT by the Escrow Agent as the Public Offering Proceeds clear the banking system after a 10 day period from the date of
deposit. 
  

	5.	Distribution of the Offering Proceeds from Pennsylvania Investors. 

  

	 	(a)	Notwithstanding anything to the contrary herein, disbursements of funds contributed by Pennsylvania Investors may only be distributed in compliance with the provisions
of this Section 5. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 4 hereof, the Escrow Agent will continue to place deposits from the Pennsylvania Investors into the Escrow Account, until such time as
the REIT notifies the Escrow Agent in writing that total subscriptions (including amounts in the Escrow Account previously disbursed as directed by the REIT and the amounts then held in the Escrow Account) equal or exceed $25,000,000, whereupon the
Escrow Agent shall disburse to the REIT, at the REIT’s request, the principal amount of the funds from the Pennsylvania Investor received by the Escrow Agent for accepted subscriptions and any interest earned on such Pennsylvania
Investors’ subscription payments while such payments were held in the Escrow Account. However, the Escrow Agent shall not disburse to the REIT those funds of an investor, the subscription of which has been rejected or rescinded, if the Escrow
Agent has been notified by the REIT of such rejection or rescission. 

  

	 	(b)	If the REIT has not received total subscriptions of at least $25,000,000 within 120 days of the date the REIT first receives a subscription from a Pennsylvania Investor
(the “Initial Escrow Period”), the REIT shall notify each Pennsylvania Investor by certified mail or any other means (whereby receipt of delivery is obtained) of the right of Pennsylvania Investors to have their investment returned
to them. If, pursuant to such notice, a Pennsylvania Investors requests the return of his or her subscription funds within ten (10) days after receipt of the notification (the “Request Period”), the Escrow Agent shall promptly
refund, with a pro rata share of any interest earned thereon and without deduction, directly to each Pennsylvania Investor the funds deposited in the Escrow Account on behalf of the Pennsylvania Investor. 

 

	 	(c)	 The funds of Pennsylvania Investors who do not request the return of their funds within the Request Period shall remain in the Escrow Account for
successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically upon the termination of the prior Successive Escrow Period, and the REIT and Escrow Agent shall

  

					
	Escrow Agreement	 	3	 	

	 	
follow the notification and payment procedure set forth in Section 5(b) above with respect to the Initial Escrow Period for each Successive Escrow Period, provided that any refunds made to a
Pennsylvania Investors after a Successive Escrow Period shall include a pro rata share of any interest earned thereon after the Initial Escrow Period, until the occurrence of the earliest of (i) the termination of the offering by the REIT prior
to the receipt of $25,000,000 of total subscriptions, (ii) the receipt and acceptance by the REIT of total subscriptions that equal or exceed $25,000,000 and the disbursement of the Escrow Account on the terms specified in this Section 5,
or (iii) all funds held in the Escrow Account that were contributed by Pennsylvania Investors having been returned to the Pennsylvania Investors in accordance with the provisions hereof. 

 

	 	(d)	If the REIT has not received and accepted total subscriptions of at least $25,000,000 within 365 days after the Closing Date, all funds in the Escrow Account that were
contributed by Pennsylvania Investors will be promptly returned in full to such Pennsylvania Investors, together with their pro rata share of any interest earned thereon pursuant to instructions made by the REIT, upon which the Escrow Agent may
conclusively rely. 

 6. Distribution of the Offering Proceeds from New York Investors. 

 

	 	(a)	Notwithstanding anything to the contrary herein, disbursements of funds contributed by New York Investors may only be distributed in compliance with the provisions of
this Section 6. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 4 hereof, the Escrow Agent will continue to place deposits from the New York Investors into the Escrow Account, until such time as the
REIT notifies the Escrow Agent in writing that total subscriptions (including amounts in the Escrow Account previously disbursed as directed by the REIT and the amounts then held in the Escrow Account) equal or exceed $2,500,000, whereupon the
Escrow Agent shall disburse to the REIT, at the REIT’s request, the principal amount of the funds from the New York Investors received by the Escrow Agent for accepted subscriptions and any interest earned on such New York Investors’
subscription payments while such payments were held in the Escrow Account. However, the Escrow Agent shall not disburse those funds of a subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by
the REIT of such rejection or rescission. 

  

	 	(b)	If the REIT has not received total subscriptions of at least $2,500,000 within 365 days after the Closing Date, all funds in the Escrow Account that were contributed by
New York Investors will be promptly returned in full to such New York Investors, together with their pro rata share of any interest earned thereon pursuant to instructions made by the REIT upon which the Escrow Agent may conclusively rely.

  

	7.	Separate REIT Account. During the continuation of the offering after the REIT is funded with cleared Public Offering Proceeds of at least $2,000,000 and the
Escrow Agent receives the notice described in Section 4 of this Agreement, any additional Public Offering Proceeds (other than any funds received from Pennsylvania or New York Investors, which cannot be released until the conditions of Sections
5 and 6 , respectively, have been met); may be deposited by the Dealer Manager and the REIT directly in a separate REIT account which shall not be subject to the terms of this Agreement. 

 

					
	Escrow Agreement	 	4	 	

	8.	Distributions to Investors. 

  

	 	(a)	If the REIT is not funded as contemplated because less than the Minimum Public Offering proceeds of $2,000,000 have been received and accepted by the REIT by twelve
(12:00) p.m. (noon), local time, EASTERN STANDARD TIME, one year from the date of SEC effectiveness of the Public Offering Document, or for any other reason, then the REIT shall provide written notification to the Escrow Agent, and the Escrow
Agent promptly shall distribute to each Investor a refund check made payable to the Investor in an amount equal to the Subscription funds of the Investor, plus any interest paid or investment income earned on the Investor’s Subscription funds
while held by the Escrow Agent in the escrow account, without deduction for any escrow fees or expenses, which escrow fees and expenses shall be paid to the Escrow Agent as set forth in Paragraph 7 of this Agreement. 

 

	 	(b)	If a subscription for Common Stock submitted by an Investor is rejected by the REIT for any reason after the Subscription funds relating to the subscription have been
deposited with the Escrow Agent, then the REIT promptly shall notify the Escrow Agent in writing of the rejection, and the Escrow Agent shall promptly distribute to the Investor a refund check made payable to the Investor in an amount equal to the
Subscription funds of the Investor, plus any interest paid or investment income earned on the Investor’s Subscription funds while held by the Escrow Agent in the escrow account, without deduction for any escrow fees or expenses, which escrow
fees and expenses shall be paid to the Escrow Agent as set forth in Section 9 of this Agreement. 

  

	9.	Compensation and Expenses of Escrow Agent. The Acceptance Fee and the Administration Fee as provided in Appendix I shall be payable to the Escrow Agent upon
execution of this Agreement. If the REIT is not funded as described in Section 8(a) of this Agreement, the REIT shall be solely responsible for and shall pay all of the compensation of the Escrow Agent for its services under this Agreement, as
provided in Appendix I to this Agreement and made a part of this Agreement, and the charges, expenses (including any reasonable attorneys’ fees), and other out-of-pocket expenses incurred by the Escrow Agent in connection with the
administration of the provisions of this Agreement. 

 The Escrow Agent shall have no lien on the Public Offering
Proceeds deposited in the escrow account unless and until the REIT is funded with cleared Public Offering Proceeds of at least $2,000,000, and the Escrow Agent receives the proper written notice described in Section 4 of this Agreement, at
which time the Escrow Agent shall have, and is granted, a prior lien on any property, cash, or assets held under this Agreement, with respect to its unpaid compensation and nonreimbursed expenses, superior to the interests of any other persons or
entities. 
  

	10.	Duties of Escrow Agent. The Escrow Agent shall not be obligated to accept any notice, make any delivery, or take any other action under this Agreement unless the
notice or request or demand for delivery or other action is in writing and given or made by the REIT or an authorized officer of the REIT. In no event shall the Escrow Agent be obligated to accept any notice, request, or demand from anyone other
than the REIT. 

  

	11.	Liability of Escrow Agent. The Escrow Agent shall not be liable for any damages, or have any obligations other than the duties prescribed in this Agreement in
carrying out or executing the purposes and intent of this Agreement. However, nothing in this Agreement shall relieve the Escrow Agent from liability arising out of its own willful misconduct or gross negligence. The Escrow Agent’s duties and
obligations under this Agreement shall be entirely administrative and not discretionary. The Escrow Agent shall not be liable to any party to this Agreement or to any third-party as a result of any action or omission taken or made by the Escrow
Agent in good faith. The parties to this Agreement will jointly and severally indemnify the Escrow Agent, hold the 

  

					
	Escrow Agreement	 	5	 	

 
Escrow Agent harmless, and reimburse the Escrow Agent from, against and for, any and all liabilities, costs, fees and expenses (including reasonable attorney’s fees) the Escrow Agent may
suffer or incur by reason of its execution and performance of this Agreement. If any legal questions arise concerning the Escrow Agent’s duties and obligations under this Agreement, then the Escrow Agent may consult with its counsel and rely
without liability on written opinions given to it by its counsel. 
 The Escrow Agent shall be protected in acting on any written
notice, request, waiver, consent, authorization, or other paper or document which the Escrow Agent, in good faith, believes to be genuine and what it purports to be. 

If there is any disagreement between any of the parties to this Agreement, or between them or any other person, resulting in adverse
claims or demands being made in connection with this Agreement, or if the Escrow Agent, in good faith, is in doubt as to what action it should take under this Agreement, then the Escrow Agent may, at its option, refuse to comply with any claims or
demands on it or refuse to take any other action under this Agreement, so long as the disagreement continues or the doubt exists. In any such event, the Escrow Agent shall not be or become liable in any way or to any person for its failure or
refusal to act and the Escrow Agent shall be entitled to continue to so refrain from acting until the dispute is resolved by the parties involved. 

TD Bank, N.A. is acting solely as the Escrow Agent and is not a party to, nor has it reviewed or approved any agreement or matter of
background related to this Agreement, other than this Agreement itself, and has assumed, without investigation, the authority of the individuals executing this Agreement to be so authorized on behalf of the party or parties involved. 

 

	12.	Resignation or Removal of Escrow Agent. The Escrow Agent may resign as such after giving thirty days’ prior written notice to the other parties to this
Agreement. Similarly, the Escrow Agent may be removed and replaced after receiving thirty days’ prior written notice from the other parties to this Agreement. In either event, the duties of the Escrow Agent shall terminate thirty days after the
date of the notice (or as of an earlier date as may be mutually agreeable); and the Escrow Agent shall then deliver the balance of the Public Offering Proceeds (and any interest paid or investment income earned thereon while held by the Escrow Agent
in the escrow account) and all other property in its possession pursuant to the terms of this Agreement to a successor escrow agent appointed by the other parties to this Agreement as evidenced by a written notice filed with the Escrow Agent.

 If the other parties to this Agreement are unable to agree on a successor escrow agent or fail to appoint a
successor escrow agent before the expiration of thirty days following the date of the notice of the Escrow Agent’s resignation or removal, then the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor
escrow agent or other appropriate relief. Any resulting appointment shall be binding on all of the parties to this Agreement. 

On acknowledgment by any successor escrow agent of the receipt of the then remaining balance of the Public Offering Proceeds (and any
interest paid or investment income earned thereon while held by the Escrow Agent in the escrow account) and other property from the Escrow Agent, the Escrow Agent shall be fully released and relieved of all duties, responsibilities, and obligations
under this Agreement. 
  

	13.	Termination. This Agreement shall terminate and the Escrow Agent shall have no further obligation with respect to this Agreement after the distribution of all
Public Offering Proceeds (and any interest paid or investment income earned thereon while held by the Escrow Agent in the escrow account) as contemplated by this Agreement, or on the written consent of all the parties to this Agreement.

  

					
	Escrow Agreement	 	6	 	

	14.	Notice. Any notices or instructions, or both, to be given under this Agreement shall be validly given if set forth in writing and mailed by certified mail,
return receipt requested, or by facsimile with confirmation of receipt (originals to be followed in the mail), or by a nationally recognized overnight courier, as follows: 

If to the Escrow Agent: 

Notices and checks/subscription agreements sent to: 

TD Bank, National Association 

Wealth Management, Institutional Trust 

1006 Astoria Blvd. 

Cherry Hill, NJ 08034 

Attention: Arlene M. Murphy 

Phone: (856) 685-5103 

Facsimile: (856) 685-5267 

Wiring Instructions: 

TD Bank, National Association 

ABA#: 011600033 

BNF: TD Wealth Management 

DDA#: 76-T-085-01-8 

FFC: Resource Real Estate Opportunity REIT, Inc. 

A/C #:                     

 If to the REIT: 

Resource Real Estate Opportunity REIT, Inc. 

One Crescent Drive, Suite 203 

Navy Yard Corporate Center 

Philadelphia, Pennsylvania 19112 

Attention: Steve Saltzman 

Phone: (215) 546-5005 

Facsimile: (215) 546-5388 

If to Chadwick: 

Chadwick Securities, Inc. 

1845 Walnut Street 

10th
 Floor 
 Philadelphia, Pennsylvania 19103 

Attention: Darshan V. Patel 

Phone: (215) 546-5005 

Facsimile: (215) 574-8176 

Any party may designate any other address to which notices and instructions shall be sent by notice duly given in accordance with this
Agreement. 
  

					
	Escrow Agreement	 	7	 	

	15.	Modification. This Agreement may be amended, modified or terminated at any time by a writing executed by the Dealer Manager, the REIT and the Escrow Agent.

  

	16.	Headings. The section headings contained in this Agreement are inserted for convenience only, and shall not affect in any way, the meaning or interpretation of
this Agreement. 

  

	17.	Severability. This Agreement constitutes the entire agreement among the parties and supersedes all prior and contemporaneous agreements and undertakings of the
parties in connection with the Public Offering. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or may be deemed to be, a waiver thereof; nor may any single or partial exercise of any right, power or remedy
preclude any other or further exercise of any right, power or remedy. In the event that any one or more of the provisions contained in this Agreement, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then to the
maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 

  

	18.	Miscellaneous. 

  

	 	(a)	This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. 

 

	 	(b)	This Agreement shall be binding on and shall inure to the benefit of the undersigned and their respective successors and assigns, provided however, the Escrow Agent
shall not assign the Agreement without the REIT’s prior written consent. 

  

	 	(c)	This Agreement may be executed in multiple copies, each executed copy to serve as an original. 

 

	 	(d)	The parties hereto acknowledge that the Escrow Agent has not reviewed, and is not making any recommendations with respect to, the securities offered.

  

	 	(e)	For all purposes under this Agreement, Shelle Weisbaum and Steven Saltzman shall each be considered to be an “authorized officer” of the REIT and Darshan V.
Patel shall be considered to be an “authorized officer” of the Dealer Manager. 

 [SIGNATURES CONTAINED
ON FOLLOWING PAGE] 
  

					
	Escrow Agreement	 	8	 	

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective
as of the day and year first above written. 
  

							
		 		 	 TD BANK, N.A.

As Escrow Agent

				
	 DATE:              , 2010
	 		 	By:	 	  

		 		 		 	(Authorized Officer)
			
		 		 	 RESOURCE REAL ESTATE OPPORTUNITY REIT, INC.

a Maryland corporation

				
	 DATE:              , 2010
	 		 	By:	 	  

		 		 		 	 Shelle Weisbaum, Chief Legal Officer,

Senior Vice President and Secretary

			
		 		 	 CHADWICK SECURITIES, INC.

a Delaware corporation

				
	 DATE:              , 2010
	 		 	By:	 	  

		 		 		 	Darshan V. Patel, President

  

					
	Escrow Agreement	 	9Form of Second Amended and Restated Advisory Agreement

 Exhibit 10.1 

FORM OF SECOND AMENDED AND RESTATED 

ADVISORY AGREEMENT 

between 

RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. 

and 
 RESOURCE
REAL ESTATE OPPORTUNITY ADVISOR, LLC 
             , 2010

 TABLE OF CONTENTS 

 

			
	 	  	Page
	 ARTICLE 1 - DEFINITIONS
	  	1
	 ARTICLE 2 - APPOINTMENT
	  	8
	 ARTICLE 3 - DUTIES OF THE ADVISOR
	  	8
	 3.01 Organizational and Offering Services
	  	8
	 3.02 Acquisition Services
	  	8
	 3.03 Asset Management Services
	  	9
	 3.04 Stockholder Services
	  	12
	 3.05 Other Services
	  	12
	 ARTICLE 4 - AUTHORITY OF ADVISOR
	  	12
	 4.01 General
	  	12
	 4.02 Powers of the Advisor
	  	13
	 4.03 Approval by the Board
	  	13
	 4.04 Modification or Revocation of Authority of Advisor
	  	13
	 ARTICLE 5 - BANK ACCOUNTS
	  	13
	 ARTICLE 6 - RECORDS AND FINANCIAL STATEMENTS
	  	14
	 ARTICLE 7 - LIMITATION ON ACTIVITIES
	  	14
	 ARTICLE 8 - FEES
	  	15
	 8.01 Acquisition Fees
	  	15
	 8.02 Asset Management Fees
	  	15
	 8.03 Disposition Fees
	  	16
	 8.04 Debt Financing Fees
	  	16
	 8.05 Changes to Fee Structure
	  	17
	 ARTICLE 9 - EXPENSES
	  	17
	 9.01 General
	  	17
	 9.02 Timing of and Limitations on Reimbursements
	  	19
	 ARTICLE 10 - VOTING AGREEMENT
	  	20
	 ARTICLE 11 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	21
	 11.01 Relationship
	  	21
	 11.02 Time Commitment
	  	21
	 11.03 Investment Opportunities and Allocation
	  	21
	 ARTICLE 12 - THE RESOURCE REAL ESTATE OPPORTUNITY NAME
	  	22
	 ARTICLE 13 - TERM AND TERMINATION OF THE AGREEMENT
	  	22
	 13.01 Term
	  	22
	 13.02 Termination by Either Party
	  	22
	 13.03 Payments on Termination
	  	22
	 13.04 Duties of Advisor Upon Termination
	  	23
	 ARTICLE 14 - ASSIGNMENT
	  	23
	 ARTICLE 15 - INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	23
	 15.01 Indemnification
	  	23
	 15.02 Limitation on Indemnification
	  	24
	 15.03 Limitation on Payment of Expenses
	  	24

  

 i 

			
	 ARTICLE 16 - GUARANTEE
	  	24
	 ARTICLE 17 - MISCELLANEOUS
	  	25
	 17.01 Notices
	  	25
	 17.02 Modification
	  	25
	 17.03 Severability
	  	25
	 17.04 Construction
	  	26
	 17.05 Entire Agreement
	  	26
	 17.06 Waiver
	  	26
	 17.07 Gender
	  	26
	 17.08 Titles Not to Affect Interpretation
	  	26
	 17.09 Counterparts
	  	26

  

 ii 

 FORM OF SECOND AMENDED AND RESTATED ADVISORY AGREEMENT 

This Second Amended and Restated Advisory Agreement, dated as of
            , 2010 (the “Agreement”), is between Resource Real Estate Opportunity REIT, Inc., a Maryland corporation (the “Company”), and Resource Real Estate
Opportunity Advisor, LLC, a Delaware limited liability company (the “Advisor”), and amends and restates the First Amended and Restated Advisory Agreement between the Company and the Advisor entered into as of January 12, 2010, and the
Advisory Agreement between the Company and the Advisor entered into as of September 14, 2009. 
 W I T N E S S E T H

 WHEREAS, the Company desires to avail itself of the knowledge, experience, sources of information, advice, assistance and
certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the board of directors of the Company (the “Board”), all
as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of
the Board, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the
mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 

The following defined terms used in this Agreement shall have the meanings specified below: 

“Acquisition Expenses” means any and all expenses, excluding the fee payable to the Advisor pursuant to Section 8.01,
incurred by the Company, the Advisor or any Affiliate of either in connection with the selection, acquisition or development of any property, loan or other potential investment, whether or not acquired or originated, as applicable, including,
without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, title insurance premiums. 

“Acquisition Fees” means the fee payable to the Advisor pursuant to Section 8.01 plus all other fees and commissions,
excluding Acquisition Expenses, paid by the Company or any of its Subsidiaries to any Person in connection with making or investing in any Property, Loan or other Permitted Investment or the purchase, development or construction of any Property by
the Company or any of its Subsidiaries. Included in the computation of such fees or commissions shall be any real estate commission, selection 

 

 1 

 
fee, Development Fee, Construction Fee, nonrecurring management fee, loan fees or points or any fee of a similar nature, however designated. Excluded shall be Development Fees and Construction
Fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property. 

“Advisor” means (i) Resource Real Estate Opportunity Advisor, LLC, a Delaware limited liability company, or (ii) any
successor advisor to the Company. 
 “Affiliate” or “Affiliated” means, with respect to any first Person,
any of the following: (i) any other Person directly or indirectly controlling, controlled by, or under common control with such first Person; (ii) any other Person directly or indirectly owning, controlling, or holding with the power to
vote 10% or more of the outstanding voting securities of such first Person; (iii) any legal entity for which such first Person acts as an executive officer, director, trustee, or general partner; (iv) any other Person 10% or more of whose
outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such first Person; and (v) any executive officer, director, trustee, or general partner of such first Person. An entity shall not be
deemed to control or be under common control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board of directors (or equivalent governing
body) of such program is composed of Affiliates of the entity. 
 “Appraised Value” means the value according to an
appraisal made by an Independent Appraiser. 
 “Asset Management Fee” shall have the meaning set forth in
Section 8.02. 
 “Average Invested Assets” means, for a specified period, the average of the aggregate book value
of the assets of the Company invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the
average of such book values at the end of each month during such period. 
 “Board” means the board of directors of
the Company, as of any particular time. 
 “Bylaws” means the bylaws of the Company, as amended from time to time.

 “Charter” means the articles of incorporation of the Company, as amended from time to time. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to
any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

“Company” means Resource Real Estate Opportunity REIT, Inc., a corporation organized under the laws of the State of Maryland.

  

 2 

 “Competitive Brokerage Commission” means a real estate or brokerage commission for
the purchase or sale of a Property, Loan or Permitted Investment that is reasonable, customary, and competitive in light of the size, type, and location of the Property, Loan or Permitted Investment. 

“Conflicts Committee” shall have the meaning set forth in the Company’s Charter. 

“Construction Fee” means a fee or other remuneration for acting as general contractor and/or construction manager to construct
improvements, supervise and coordinate projects or to provide major repairs or rehabilitation on a Property. 
 “Contract
Sales Price” means the total consideration received by the Company or one of its Subsidiaries for the sale of a Property, Loan or other Permitted Investment. 

“Cost of Investments” means the sum of (i) with respect to the acquisition or origination of a Property, Loan or other
Permitted Investment to be owned by the Company or a Subsidiary, the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of
expenses associated with the acquisition or origination of such Property, Loan or other Permitted Investment and the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment and
(ii) with respect to the acquisition or origination of a Property, Loan or other Permitted Investment through any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner and which is not
deemed a Subsidiary, the portion that is attributable to the Company’s direct or indirect investment in such Joint Venture or partnership of the amount actually paid or allocated to fund the acquisition, origination, development, construction
or improvement of the Property, Loan or other Permitted Investment, inclusive of expenses associated with the acquisition or origination of such Property, Loan or other Permitted Investment, plus the amount of any debt associated with, or used to
fund the investment in, such Property, Loan or other Permitted Investment. 
 “Dealer Manager” means (i) Chadwick
Securities, Inc., or (ii) any successor dealer manager to the Company. 
 “Debt Financing Fee” means the fee
payable under Section 8.04. 
 “Development Fee” means a fee for the packaging of a Property, including
negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date. 

“Director” means a member of the board of directors of the Company. 

“Disposition Fee” shall have the meaning set forth in Section 8.03. 

 

 3 

 “Distributions” means any distributions of money or other property by the Company
to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes. 

“GAAP” means accounting principles generally accepted in the United States. 

“Gross Proceeds” means the aggregate purchase price of all securities sold for the account of the Company through an Offering,
without deduction for Organization and Offering Expenses. 
 “Guaranteed Obligations” shall have the meaning set forth
in Article 16. 
 “Guarantor” means Resource Real Estate, Inc., a Delaware corporation, or any successor thereto or
assignee thereof. 
 “Independent Appraiser” means a person or entity with no material current or prior business or
personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company or its Subsidiaries, and who is a qualified appraiser
of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (M.A.I.) or the Society of Real Estate Appraisers (S.R.E.A.) shall be conclusive evidence of
such qualification. 
 “Independently Appraised Value of Investments” means the sum of (i) with respect to
Properties, Loans or other Permitted Investments owned by the Company or a Subsidiary, the Appraised Value of each such Property, Loan or other Permitted Investment without deduction for any debt encumbering such Property, Loan or other Permitted
Investment and (ii) with respect to a Property, Loan or other Permitted Investment owned through any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner and which is not deemed a
Subsidiary, the portion that is attributable to the Company’s direct or indirect investment in such Joint Venture or partnership of the Appraised Value of each such Property, Loan or other Permitted Investment without deduction for any debt
encumbering such Property, Loan or other Permitted Investment. 
 “Initial Public Offering” means the initial public
offering of Shares registered on Registration Statement No. 333-160463 on Form S-11. 
 “Joint Venture” means any
joint venture, limited liability company or other arrangement between the Company and a third party or an Affiliate of the Company that owns, in whole or in part, on behalf of the Company any Properties, Loans or other Permitted Investments.

 “Listed” or “Listing” shall have the meaning set forth in the Company’s Charter. 

“Loan Servicer” means an entity that has been retained to perform and carry out loan servicing functions with respect to one or
more Loans. 
  

 4 

 “Loans” means mortgage loans and other types of debt financing investments made by
the Company or the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, including, without limitation, mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound mortgage
loans, construction mortgage loans, loans on leasehold interests, and participations in such loans. 
 “NASAA
Guidelines” means the NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date hereof. 

“Net Income” means, for any period, the total revenues applicable to such period, less the total expenses applicable to such
period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain included
in the Company’s consolidated accounts arising from the sale of assets. 
 “Offering” means any Public Offering
or Private Placement. 
 “Operating Expenses” means all costs and expenses incurred by the Company, as determined
under GAAP, that in any way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit,
accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest
payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition
Expenses, real estate commissions on the resale of real property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, loans or other property (other than commissions on the sale of assets other
than real property), such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property. 

“Operating Revenue Cash Flows” means the Company’s cash flow from ownership and/or operation of (i) Properties,
(ii) Loans, (iii) Permitted Investments, (iv) short-term investments, and (v) interests in Properties, Loans and Permitted Investments owned by any Joint Venture or any partnership in which the Company or the Partnership is,
directly or indirectly, a partner. 
 “Organization and Offering Expenses” means all expenses incurred by or on behalf
of the Company in connection with or preparing the Company for the offering and distributing of its Shares in a Public Offering or Private Placement, whether incurred before or after the date of this Agreement, which may include but are not limited
to, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys); placement agent fees and expenses; any expense allowance granted by the Company to the underwriter or placement agent or any
reimbursement of 
  

 5 

 
expenses of the underwriter or placement agent by the Company; expenses for printing, engraving and mailing; compensation of employees while engaged in sales activity; charges of transfer agents,
registrars, trustees, escrow holders, depositaries and experts; and expenses of obtaining exemption or qualification of the sale of the securities under Federal and State laws, including taxes and fees, accountants’ and attorneys’ fees.

 “Partnership” means Resource Real Estate Opportunity OP, LP, a Delaware limited partnership formed to own and
operate Properties, Loans and other Permitted Investments on behalf of the Company. 
 “Permitted Investments” means
all investments (other than Properties and Loans) in which the Company may acquire an interest, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to its Charter, Bylaws and the
investment objectives and policies adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management. 

“Person” means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or
501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the
Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

 “Private Placement” means any offering of the Company’s securities that is exempt from registration with the
SEC under the Securities Act of 1933. 
 “Property” means any real property or properties transferred or conveyed to
the Company or the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership. 

“Property Manager” means an entity that has been retained to perform and carry out at one or more of the Properties
property-management services, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid
by the tenant at such Property. 
 “Public Offering” means any offering of the Company’s securities that is
registered with the SEC, excluding Shares offered under any employee benefit plan. 
 “Registration Statement” means
the registration statement filed by the Company with the SEC on Form S-11 (Reg. No. 333-160463), as amended from time to time, in connection with the Initial Public Offering. 

“REIT” means a “real estate investment trust” under Sections 856 through 860 of the Code. 

 

 6 

 “Sale” means (i) any transaction or series of transactions whereby:
(A) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including the transfer of any Property that is the subject of a ground
lease, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to a significant amount of insurance proceeds or condemnation awards, and including the issuance by one of the Company’s subsidiaries of
any asset-backed securities or collateralized debt obligations as part of a securitization transaction; (B) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the
interest of the Company or the Partnership in any Joint Venture or any partnership in which it is a partner; or (C) any Joint Venture or any partnership in which the Company or the Partnership is a partner, sells, grants, transfers, conveys, or
relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to insurance claims or condemnation awards, and
including the issuance by such Joint Venture or any partnership or one of its subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction, but (ii) not including any transaction or
series of transactions specified in clause (i) (A), (i) (B), or (i) (C) above in which the proceeds of such transaction or series of transactions are reinvested in one or more Properties, Loans or other Permitted Investments
within 180 days thereafter. 
 “SEC” means the United States Securities and Exchange Commission. 

“Settlement” means (i) the prepayment, maturity, workout or other settlement of any Loan or other Permitted Investment or
portion thereof owned, directly or indirectly, by (A) the Company or the Partnership or (B) any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner, but (ii) not including any
transaction or series of transactions specified in clause (i) (A) or (i) (B) above in which the proceeds of such prepayment, maturity, workout or other settlement are reinvested in one or more Properties, Loans or other Permitted
Investments within 180 days thereafter. 
 “Shares” means shares of common stock of the Company, par value $.01 per
share. 
 “Stockholders” means the registered holders of the Shares. 

“Subsidiary” means, with respect to any Person (the “parent”), at any date, any corporation, limited liability
company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of
such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power
or, in the case of a partnership or limited liability company, more than 50% of the general partnership interests or managing member interests are, as of such date, owned, controlled or held, directly or indirectly, by one or more of the parent and
its Subsidiaries. 
  

 7 

 “Termination Date” means the date of termination of the Agreement determined in
accordance with Article 13 hereof. 
 “2%/25% Guidelines” means the requirement pursuant to the NASAA Guidelines that,
in any period of four consecutive fiscal quarters, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period.

 ARTICLE 2 

APPOINTMENT 

The Company hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this
Agreement, and the Advisor hereby accepts such appointment. 
 ARTICLE 3 

DUTIES OF THE ADVISOR 

The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company and its
assets. The Advisor undertakes to use its best efforts to present to the Company potential investment opportunities, to make investment decisions on behalf of the Company subject to the limitations in the Company’s Charter, the direction and
oversight of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by
the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate
or third party, perform the following duties: 
 3.01 Organizational and Offering Services. The Advisor shall perform all
services related to the organization of the Company or any Offering of the Company’s securities, other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform directly or (iii) would
require the Advisor to register as a broker-dealer with the SEC or any state. 
 3.02 Acquisition Services. 

(i) Serve as the Company’s investment and financial advisor and provide relevant market research and economic and
statistical data in connection with the Company’s assets and investment objectives and policies; 
  

 8 

 (ii) Subject to Section 4 hereof and the investment objectives and
policies of the Company: (a) locate, analyze and select potential investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which investments in Properties, Loans and other Permitted Investments will be
made; (c) acquire, originate and dispose of Properties, Loans and other Permitted Investments on behalf of the Company and its Subsidiaries; (d) arrange for financing and refinancing and make other changes in the asset or capital structure
of investments in Properties, Loans and other Permitted Investments of the Company and its Subsidiaries; and (e) enter into leases, service contracts and other agreements for Properties, Loans and other Permitted Investments of the Company and
its Subsidiaries; 
 (iii) Perform due diligence on prospective investments and create due diligence reports
summarizing the results of such work; 
 (iv) With respect to prospective investments presented to the Board,
prepare reports regarding such prospective investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments; 

(v) Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of
contemplated investments of the Company and its Subsidiaries; 
 (vi) Deliver to or maintain on behalf of the
Company copies of all appraisals obtained in connection with the Company’s and its Subsidiaries’ investments; and 

(vii) Negotiate and execute approved investments and other transactions, including prepayments, maturities, workouts and
other settlements of Loans and other Permitted Investments of the Company and its Subsidiaries. 
 3.03 Asset Management
Services. 
 (i) Real Estate and Related Services: 

(a) Investigate, select and, on behalf of the Company, engage and conduct business with (including enter contracts with)
such Persons as the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate
fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property Managers and any and all Persons acting in any other capacity deemed by the Advisor necessary or
desirable for the performance of any of the foregoing services; 
  

 9 

 (b) Negotiate and service the Company’s and its Subsidiaries’ debt
facilities and other financings; 
 (c) Monitor applicable markets and obtain reports (which may be prepared by
the Advisor or its Affiliates) where appropriate, concerning the value of investments of the Company and its Subsidiaries; 

(d) Monitor and evaluate the performance of each asset of the Company and its Subsidiaries and the Company’s and its
Subsidiaries’ overall portfolio of assets, provide daily management services to the Company and perform and supervise the various management and operational functions related to the Company’s and its Subsidiaries’ investments;

 (e) Formulate and oversee the implementation of strategies for the administration, promotion, management,
operation, maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis; 

(f) Consult with the Company’s officers and the Board and assist the Board in the formulation and implementation of
the Company’s financial policies, and, as necessary with respect to investment and borrowing opportunities presented to the Board, furnish the Board with advice and recommendations with respect to the making of investments consistent with the
investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company and its Subsidiaries; 

(g) Oversee the performance by the (1) Property Managers of their duties, including collection and proper deposits of
rental payments and payment of Property expenses and maintenance and (2) Loan Servicers of their duties, including collection and application of payments, restructurings, workouts, foreclosures and accounting for Loans; 

(h) Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties
to inspect the physical condition of the Properties and to evaluate the performance of the Property Managers; 

(i) Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by
each Property Manager and aggregate these property budgets into the Company’s overall budget; 
 (j)
Coordinate and manage relationships between the Company and its Subsidiaries, on the one hand, and any Joint Venture partners on the other; and 
  

 10 

 (k) Consult with the Company’s officers and the Board and provide
assistance with the evaluation and approval of potential asset disposition, sale and refinancing opportunities that are presented to the Board. 

(ii) Accounting and Other Administrative Services: 

(a) Provide the day-to-day management of the Company and perform and supervise the various administrative functions
reasonably necessary for the management of the Company and its Subsidiaries; 
 (b) From time to time, or at any
time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of services to the Company and its Subsidiaries under this Agreement; 

(c) Make reports to the Conflicts Committee each quarter of the investments that have been made by other programs
sponsored by the Advisor or any of its Affiliates, as well as any investments that have been made by the Advisor or any of its Affiliates directly; 

(d) Provide or arrange for any administrative services and items, legal and other services, office space, office
furnishings, personnel and other overhead items necessary and incidental to the Company’s and its Subsidiaries’ businesses and operations; 

(e) Provide financial and operational planning services; 

(f) Maintain accounting and other record-keeping functions at the Company and investment levels, including information
concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal Revenue Service and any other regulatory
agency; 
 (g) Maintain and preserve all appropriate books and records of the Company and its Subsidiaries;

 (h) Provide tax and compliance services and coordinate with appropriate third parties, including the
Company’s independent auditors and other consultants, on related tax matters; 
 (i) Provide the Company and
its Subsidiaries with all necessary cash management services; 
 (j) Manage and coordinate with the transfer
agent the periodic dividend process and payments to Stockholders; 
  

 11 

 (k) Consult with the Company’s officers and the Board and assist the
Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 
 (l)
Consult with the Company’s officers and the Board relating to the corporate governance structure and appropriate policies and procedures related thereto; 

(m) Perform all reporting, record keeping, internal controls and similar matters in a manner to allow the Company and its
Subsidiaries to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002, and provide the Company’s officers and the Board with timely updates regarding the Company’s compliance with
applicable law; 
 (n) Notify the Board of all proposed material transactions before they are completed and get
approval where necessary; and 
 (o) Do all things necessary to assure its ability to render the services
described in this Agreement. 
 3.04 Stockholder Services. 

(i) Manage services for and communications with Stockholders, including answering phone calls, preparing and sending
written and electronic reports and other communications; 
 (ii) Oversee the performance of the transfer agent
and registrar; 
 (iii) Establish technology infrastructure to assist in providing Stockholder support and
service; and 
 (iv) Consistent with Section 3.01, the Advisor shall perform the various subscription
processing services reasonably necessary for the admission of new Stockholders. 
 3.05 Other Services. Except as provided in
Article 7, the Advisor shall perform any other services reasonably requested by the Company (acting through the Conflicts Committee). 

ARTICLE 4 

AUTHORITY OF ADVISOR 

4.01 General. All rights and powers to manage and control the day-to-day business and affairs of the Company and its Subsidiaries shall
be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to 
  

 12 

 
manage and control the business and affairs of the Company and its Subsidiaries to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem
appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Charter. 

4.02 Powers of the Advisor. Subject to the express limitations set forth in this Agreement and the continuing and exclusive authority of
the Board over the management of the Company, the power to direct the management, operation and policies of the Company, including making, financing and disposing of investments, shall be vested in the Advisor, which shall have the power by itself
and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may
in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement. 
 4.03
Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company (or its Subsidiaries) without the prior approval of the Board or duly authorized committees thereof if the Charter or Maryland General
Corporation Law require the prior approval of the Board (or if the governing documents or governing law applicable to any Subsidiary require the prior approval of the governing body of such Subsidiary). If the Board or a committee of the Board must
approve a proposed investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or committee, as applicable, all documents required by it to evaluate such investment, financing or disposition. 

4.04 Modification or Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or
revoke the authority or approvals set forth in Article 3 and this Article 4 hereof; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to
which the Advisor has committed the Company or its Subsidiaries prior to the date of receipt by the Advisor of such notification. 

ARTICLE 5 

BANK ACCOUNTS 

The Advisor may establish and maintain one or more bank accounts in the name of the Company (and its Subsidiaries) and may collect and
deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company and its Subsidiaries, under such terms and conditions as the Board (or the governing body of such Subsidiary) may approve,
provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company. 

 

 13 

 ARTICLE 6 

RECORDS AND FINANCIAL STATEMENTS 

The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for the
Company’s and its Subsidiaries’ operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the
property of the Company and its Subsidiaries and shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business hours. Such books and
records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is
reasonably required to protect the Company’s and its Subsidiaries’ assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance with
GAAP, except for special financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the Company’s officers and independent auditors and shall provide such officers and auditors with the reports and other
information that the Company so requests. 
 ARTICLE 7 

LIMITATION ON ACTIVITIES 

Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in
good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate
any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state,
(v) violate the Charter or Bylaws, or (vi) violate the governing documents of any Subsidiary of the Company. In the event an action that would violate (i) through (vi) of the preceding sentence but such action has been ordered by
the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the
Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. 
  

 14 

 ARTICLE 8 

FEES 

8.01 Acquisition Fees. As compensation for the investigation, selection, sourcing and acquisition or origination (by purchase, investment
or exchange) of Properties, Loans and other Permitted Investments, the Company shall pay an Acquisition Fee to the Advisor for each such investment (whether an acquisition or origination). With respect to the acquisition or origination of a
Property, Loan or other Permitted Investment to be owned by the Company or a Subsidiary, the Acquisition Fee payable to the Advisor shall equal 2.0% of the sum of the amount actually paid or allocated to fund the acquisition, origination,
development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated with such Property, Loan or other Permitted Investment and the amount of any debt associated with, or used
to fund the investment in, such Property, Loan or other Permitted Investment. Acquisition Fees will also include any amounts incurred or reserved for capital expenditures that will be used to provide funds for capital improvements and repairs
applied to any real property investment acquired where the Company plans to add value. With respect to the acquisition or origination of a Property, Loan or other Permitted Investment through any Joint Venture or any partnership in which the Company
or the Partnership is, directly or indirectly, a partner and which is not deemed a Subsidiary, the Acquisition Fee payable to the Advisor shall equal 2.0% of the portion that is attributable to the Company’s direct or indirect investment in
such Joint Venture or partnership of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses
associated with such Property, Loan or other Permitted Investment, plus the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment. Notwithstanding anything herein to the contrary,
the payment of Acquisition Fees by the Company shall be subject to the limitations on Acquisition Fees contained in (and defined in) the Company’s Charter. The Advisor shall submit an invoice to the Company following the closing or closings of
each acquisition or origination, accompanied by a computation of the Acquisition Fee. Generally, the Acquisition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. However, the
Acquisition Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Acquisition Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such
other fiscal year as the Advisor shall determine. 
 8.02 Asset Management Fees. The Company shall pay the Advisor as
compensation for the services described in Section 3.03 hereof a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth of 1.0% of the higher of the Cost of Investments or the Independently Appraised Value of
Investments, as of the end of the preceding month. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period. Generally, the Asset Management Fee payable to the
Advisor shall be paid on the last day of such month, or the first business day following the last day of such month. However, 
  

 15 

 
the Asset Management Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Asset Management Fees not taken as to any
fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 
 8.03
Disposition Fees. If the Advisor or any of its Affiliates provide a substantial amount of services (as determined by the Conflicts Committee) in connection with a Sale, the Advisor or such Affiliate shall receive a fee at the closing (the
“Disposition Fee”) equal to the lesser of (i) (A) one-half of the aggregate brokerage commission paid, including the brokerage commission payable pursuant to this clause 8.03(i)(A) or (B) if none is paid, the Competitive
Brokerage Commission or (ii) 2.75% of the Contract Sales Price; provided, however, that no Disposition Fee shall be payable to the Advisor for any Sale if such Sale involves the Company selling all or substantially all of its assets in one or
more transactions designed to effectuate a business combination transaction (as opposed to a Company liquidation, in which case the Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided
above). The Company will not pay a disposition fee upon the maturity, prepayment or workout of a loan or other real estate related debt investment; however, if the Company takes ownership of a property as a result of a workout or foreclosure of a
loan or the Company provides substantial assistance during the course of a workout, the Company will pay a disposition fee upon the sale of such property or disposition of such loan or other real estate related debt investment. The payment of any
Disposition Fees by the Company shall be subject to the limitations contained in the Company’s Charter. Any Disposition Fee payable under this Section 8.03 may be paid in addition to commissions paid to non-Affiliates, provided that the
total commissions (including such Disposition Fee) paid to all Persons by the Company for each Sale shall not exceed an amount equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property, Loan or other Permitted
Investment or (ii) the Competitive Brokerage Commission for each Property, Loan or other Permitted Investment. The Advisor shall submit an invoice to the Company following the closing or closings of each disposition, accompanied by a
computation of the Disposition Fee. Generally, the Disposition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. However, the Disposition Fee may or may not be taken, in whole or
in part, as to any year in the sole discretion of the Advisor. All or any portion of the Disposition Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine.

 8.04 Debt Financing Fees. In the event of any debt financing obtained by or for the Company or its Subsidiaries (and any
Joint Ventures that are not Subsidiaries but for which the Advisor provides substantial services in connection with obtaining such debt financing), the Company will pay to the Advisor a debt financing fee equal to 0.5% of the amount available under
the financing. The Debt Financing Fee includes the reimbursement of the specified cost incurred by the Advisor of engaging third parties to source debt financing, and nothing herein shall prevent the Advisor from entering fee-splitting arrangements
with third parties with respect to the Debt Financing Fee. All or any portion of the Debt Financing Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine.

  

 16 

 
In no event will the Debt Financing Fee be paid more than once in respect of the same debt. For example, upon refinancing, the Advisor would only receive 0.5% of the incremental amount of
additional debt financing obtained in the refinancing. 
 8.05 Changes to Fee Structure. In the event of Listing, the Company
and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. 
 ARTICLE
9 
 EXPENSES 

9.01 General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall: 

(i) pay the Advisor a non-accountable expense reimbursement in an amount equal to 2.5% of the Gross Proceeds raised in any
Private Placement occurring prior to the declaration of effectiveness of the Registration Statement, in compensation for the following: 

(a) All Organization and Offering Expenses directly related to any such Private Placement; and 

(b) All of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company (other than
Organization and Offering Expenses) or in connection with the services provided to the Company pursuant to this Agreement prior to the effectiveness of the Registration Statement; and 

(ii) after the declaration of effectiveness of the Registration Statement, pay directly or reimburse the Advisor for all
of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement other than those actually reimbursed pursuant to Section 9.01(i),
including, but not limited to: 
 (a) All Organization and Offering Expenses; provided, however, that:

 (1) the Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount
spent by the Company on Organization and Offering Expenses (excluding underwriting and brokerage discounts and commissions) to exceed 2.5% of Gross Proceeds raised in a Public Offering, as of the date of the reimbursement; 

(2) within 60 days after the end of the month in which a Public Offering terminates, the Advisor shall reimburse the

  

 17 

 
Company to the extent the Company incurred Organization and Offering Expenses (excluding underwriting and brokerage discounts and commissions) exceeding 2.5% of Gross Proceeds of raised in a
Public Offering; and 
 (3) the Company shall not reimburse the Advisor for any Organization and Offering
Expenses that the Conflicts Committee determines are not fair and commercially reasonable to the Company. 
 (b)
Acquisition Fees and Acquisition Expenses incurred in connection with the selection and acquisition of Properties, Loans and other Permitted Investments and Joint Venture opportunities, including such expenses incurred related to assets pursued or
considered but not ultimately acquired by the Company or any of its Subsidiaries, provided that, notwithstanding anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the
limitations contained in the Company’s Charter; 
 (c) The actual out-of-pocket cost of goods and services
used by the Company and its Subsidiaries and obtained from entities not Affiliated with the Advisor, including travel, meals and lodging expenses incurred by the Advisor in performing duties associated with the acquisition or origination of
Properties, Loans or other Permitted Investments; 
 (d) Interest and other costs for borrowed money, including
discounts, points and other similar fees; 
 (e) Taxes and assessments on income or Properties, taxes as an
expense of doing business and any other taxes otherwise imposed on the Company and its Subsidiaries and their business, assets or income; 

(f) Out-of-pocket costs associated with insurance required in connection with the business of the Company or by its
officers and Directors or by its Subsidiaries; 
 (g) Expenses of managing, improving, developing, operating and
selling Properties, Loans and other Permitted Investments owned, directly or indirectly, by the Company, as well as expenses of other transactions relating to such Properties, Loans and other Permitted Investments, including but not limited to
prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments; 
 (h) All
out-of-pocket expenses in connection with payments to the Board and meetings of the Board and Stockholders; 

(i) Personnel and related employment costs incurred by the Advisor or its Affiliates in performing the services described
in Article 3 
  

 18 

 
hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no reimbursement
shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives Acquisition Fees, Disposition Fees or Debt Financing Fees; 

(j) Out-of-pocket expenses of providing services for and maintaining communications with Stockholders, including the cost
of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

(k) Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company
and its Subsidiaries and all such fees incurred at the request, or on behalf of, the Board, the Conflicts Committee or any other committee of the Board; 

(l) Out-of-pocket costs for the Company and its Subsidiaries to comply with all applicable laws, regulations and
ordinances; 
 (m) Expenses connected with payments of Distributions made or caused to be made by the Company to
the Stockholders; 
 (n) Expenses of organizing, redomesticating, merging, liquidating or dissolving the Company
or of amending the Charter or the Bylaws; and 
 (o) All other out-of-pocket costs incurred by the Advisor in
performing its duties hereunder. 
 9.02 Timing of and Additional Limitations on Reimbursements. 

(i) Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be
reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter.

 (ii) The Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount
spent by the Company on Organization and Offering Expenses to exceed 15% of the Gross Proceeds raised as of the date of the reimbursement and provided further that within 60 days after the end of the month in which an Offering terminates, the
Advisor shall reimburse the Company to the extent the Company incurred Organization and Offering Expenses exceeding 15% of the Gross Proceeds raised in the completed Offering; the Company shall not reimburse the Advisor for any Organization and
Offering Expenses that the Conflicts Committee determines are not fair and commercially reasonable to the Company. 
  

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 (iii) Notwithstanding anything else in this Article 9 to the contrary, the
expenses enumerated in this Article 9 shall not become reimbursable to the Advisor unless and until (A) with respect to expenses incurred prior to the declaration of effectiveness of the Registration Statement, the Company has raised $1 million
in one or more Private Placements and (B) with respect to expenses subject to reimbursement under Section 9.01(ii), the Company has raised $2 million in the Initial Public Offering. 

(iv) Commencing four fiscal quarters after the earlier to occur of (i) the Company’s acquisition of an asset or,
(ii) the date that is six months after the commencement of the Initial Public Offering, the following limitation on Operating Expenses shall apply: The Company shall not reimburse the Advisor at the end of any fiscal quarter for Operating
Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such
year unless the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the Conflicts Committee does not approve such excess as being so justified,
any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then, within 60 days after the end of any fiscal quarter of the Company for which total
reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact
to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors the Conflicts Committee considered in determining
that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP
applied on a consistent basis. 
 ARTICLE 10 

VOTING AGREEMENT 

The Advisor agrees that, with respect to any Shares now or hereinafter owned by it, the Advisor will not vote or consent on matters
submitted to the stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the Advisor or (ii) any transaction between the Company or its Subsidiaries and the Advisor or any of its Affiliates. This voting
restriction shall survive until such time that the Advisor is both no longer serving as such and is no longer an Affiliate of the Company. 
  

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 ARTICLE 11 

RELATIONSHIP OF ADVISOR AND COMPANY; 

OTHER ACTIVITIES OF THE ADVISOR 

11.01 Relationship. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall
be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the
management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to
engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein.
The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or could create a conflict of interest between the Advisor’s obligations to the
Company and its obligations to or its interest in any other Person. 
 11.02 Time Commitment. The Advisor shall, and shall cause
its Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this
Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of
its Affiliates. 
 11.03 Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable
efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to
present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company. In the event an investment opportunity is located, the allocation procedure set
forth under the captions “Conflicts of Interest – Certain Conflict Resolution Measures – Resolution of Potential Conflicts of Interest in Allocation of Investment Opportunities” and “Conflicts of Interest – Certain
Conflict Resolution Measures – Allocation of Investment Opportunities” in the Registration Statement and private placement memorandum of the Company shall govern the allocation of the opportunity among the Company and Affiliates of the
Advisor. 
  

 21 

 ARTICLE 12 

THE RESOURCE REAL ESTATE OPPORTUNITY NAME 

The Advisor and its Affiliates have a proprietary interest in the name “RESOURCE REAL ESTATE OPPORTUNITY.” The Advisor hereby
grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name “RESOURCE REAL ESTATE OPPORTUNITY” during the term of this Agreement. Accordingly, and in recognition of this right, if
at any time the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Advisor, cease to conduct business under or use the name
“RESOURCE REAL ESTATE OPPORTUNITY” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name “RESOURCE REAL ESTATE OPPORTUNITY” or any other
word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to any
trademarks, servicemarks or other marks necessary to remove any references to the word “RESOURCE REAL ESTATE OPPORTUNITY.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has
in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “RESOURCE REAL ESTATE OPPORTUNITY”
as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company. 

ARTICLE 13 

TERM AND TERMINATION OF THE AGREEMENT 

13.01 Term. This Agreement shall have an initial term of one year from the date hereof and may be renewed for an unlimited number of
successive one-year terms upon mutual consent of the parties. The Company (acting through the Conflicts Committee) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no
more than one year. Any such renewal must be approved by the Conflicts Committee. 
 13.02 Termination by Either Party. This
Agreement may be terminated upon 60 days written notice without cause or penalty by either the Company (acting through the Conflicts Committee) or the Advisor. The provisions of Articles 1, 10, 12, 13, 15 and 17 shall survive termination of this
Agreement. 
 13.03 Payments on Termination. Payments to the Advisor pursuant to this Section 13.03 shall be subject to the
2%/25% Guidelines to the extent applicable. After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date
of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. 
  

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 13.04 Duties of Advisor Upon Termination. The Advisor shall promptly upon termination:

 (i) pay over to the Company all money collected pursuant to this Agreement, if any, after deducting any
accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii) deliver to the
Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 

(iii) deliver to the Board all assets and documents of the Company then in the custody of the Advisor; and 

(iv) cooperate with the Company to provide an orderly transition of advisory functions. 

ARTICLE 14 

ASSIGNMENT 

This Agreement may be assigned by the Advisor to an Affiliate with the consent of the Conflicts Committee. The Advisor may assign any
rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to
a corporation or other organization that is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the
Company is bound by this Agreement. 
 ARTICLE 15 

INDEMNIFICATION AND LIMITATION OF LIABILITY 

15.01 Indemnification. Except as prohibited by the restrictions provided in this Section 15.01, Section 15.02 and
Section 15.03, the Company shall indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising
in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance. Any indemnification of
the Advisor may be made only out of the net assets of the Company and not from Stockholders. 
  

 23 

 Notwithstanding the foregoing, the Company shall not indemnify the Advisors or its
Affiliates for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on
the merits of each count involving alleged material securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular
indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the
request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to
indemnification for violations of securities laws. 
 15.02 Limitation on Indemnification. Notwithstanding the foregoing, the
Company shall not provide for indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following
conditions are met: 
 (i) The Advisor or its Affiliates have determined, in good faith, that the course of
conduct that caused the loss or liability was in the best interests of the Company. 
 (ii) The Advisor or its
Affiliates were acting on behalf of or performing services for the Company. 
 (iii) Such liability or loss was
not the result of negligence or misconduct by the Advisor or its Affiliates. 
 15.03 Limitation on Payment of Expenses. The
Company shall pay or reimburse reasonable legal expenses and other costs incurred by the Advisors or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Maryland General
Corporation Law, as amended from time to time) all of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) the legal proceeding was
initiated by a third party who is not a stockholder or, if by a stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) the Advisor or its Affiliates undertake to repay the amount
paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification. 

ARTICLE 16 

GUARANTEE 

Resource Real Estate, Inc., the ultimate parent company of the Advisor (the “Guarantor”) will in all respects guarantee the due
and proper performance of the 
  

 24 

 
services to be provided under this Agreement by the Advisor, which guarantee shall extend to include any renewal or amendment to this Agreement, provided Guarantor’s obligations are not
materially increased by such renewal or amendment without the Guarantor’s consent, such consent not to be unreasonably withheld. If the Advisor fails to perform all or any of its obligations, duties, undertakings, and covenants to provide
services (collectively, the “Guaranteed Obligations”) under this Agreement (unless relieved from the performance of any part of this Agreement by statute, by the decision of a court or tribunal of competent jurisdiction or by waiver of the
Company), upon written notice from the Company, the Guarantor shall perform or cause to be performed such Guaranteed Obligations. This guarantee is a guarantee of performance of the Guaranteed Obligations and not of payment of any liabilities of the
Advisor. The termination of the Advisor shall constitute a termination of this guarantee. This guarantee will be applicable to and binding upon the successors and assigns of Guarantor. 

ARTICLE 17 

MISCELLANEOUS 

17.01 Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some
other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery
service to the addresses set forth herein: 
 To the Company or the Board: 

Resource Real Estate Opportunity REIT, Inc. 

One Crescent Drive, Suite 203 

Philadelphia, Pennsylvania 19112 

Resource Real Estate Opportunity Advisor, LLC 

One Crescent Drive, Suite 203 

Philadelphia, Pennsylvania 19112 

Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this
Section 17.01. 
 17.02 Modification. This Agreement shall not be changed, modified, terminated or discharged, in whole or
in part, except by an instrument in writing signed by both parties hereto, or their respective successors or permitted assigns. 

17.03 Severability. The provisions of this Agreement are independent of and severable 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 or others of them may be invalid or unenforceable in whole or in part. 
  

 25 

 17.04 Construction. The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of the Commonwealth of Pennsylvania. 
 17.05 Entire Agreement. This Agreement contains the entire
agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other
than by an agreement in writing. 
 17.06 Waiver. Neither the failure nor any delay on the part of a party 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 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. 
 17.07 Gender. Words used
herein 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 requires. 

17.08 Titles Not to Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience only, and
they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 17.09
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 become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

[The remainder of this page is intentionally left blank. 

Signature page follows.] 
  

 26 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year
first above written. 
  

			
	RESOURCE REAL ESTATE OPPORTUNITY REIT, INC.
		
	By:	 	  

		 	Alan F. Feldman, Chief Executive Officer
	
	RESOURCE REAL ESTATE OPPORTUNITY ADVISOR, LLC
		
	By:	 	  

		 	Kevin M. Finkel, President
	
	RESOURCE REAL ESTATE, INC., with respect to Article 16
		
	By:	 	  

[Signature Page to Second Amended and Restated Advisory Agreement between 

Resource Real Estate Opportunity REIT, Inc. and Resource Real Estate Opportunity 

Advisor, LLC]

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