Document:

EX-10.7

 Exhibit 10.7 

BLUE HILLS BANK 

EMPLOYEE STOCK OWNERSHIP PLAN 

(adopted effective January 1, 2014) 

 BLUE HILLS BANK 

EMPLOYEE STOCK OWNERSHIP PLAN 

This Employee Stock Ownership Plan (the “Plan”) has been executed, effective as of the     day of
            , 2014, by Blue Hills Bank. 
 W I T N E S S E T H   T H
A T 
 WHEREAS, the board of directors of the Bank has resolved to adopt an employee stock ownership plan for eligible employees of the
Bank and subsidiaries of the Bank, if any, in accordance with the terms and conditions set forth herein; 
 NOW, THEREFORE, the Bank hereby
adopts the following Plan setting forth the terms and conditions pertaining to contributions by the Employer and the payment of benefits to Participants and Beneficiaries. 

IN WITNESS WHEREOF, the Bank has adopted this Plan and caused this instrument to be executed by its duly authorized officers as of the above
date. 
  

							
	ATTEST:	 		 	BLUE HILLS BANK
				
	  
	 		 	By:	 	  

	Secretary	 		 		 	President and Chief Executive Officer

 C O N T E N T S 
  

							
	 	 	 	  	Page No.	 
			
	Section 1.	 	 Plan Identity.
	  	 	1	  
			
	 1.1
	 	 Name
	  	 	1	  
	 1.2
	 	 Purpose
	  	 	1	  
	 1.3
	 	 Effective Date
	  	 	1	  
	 1.4
	 	 Fiscal Period
	  	 	1	  
	 1.5
	 	 Single Plan for All Employers
	  	 	1	  
	 1.6
	 	 Interpretation of Provisions
	  	 	1	  
			
	Section 2.	 	 Definitions.
	  	 	1	  
			
	Section 3.	 	 Eligibility for Participation.
	  	 	10	  
			
	 3.1
	 	 Initial Eligibility
	  	 	10	  
	 3.2
	 	 Definition of Eligibility Year
	  	 	11	  
	 3.3
	 	 Terminated Employees
	  	 	11	  
	 3.4
	 	 Certain Employees Ineligible
	  	 	11	  
	 3.5
	 	 Participation and Reparticipation
	  	 	11	  
	 3.6
	 	 Omission of Eligible Employee
	  	 	12	  
	 3.7
	 	 Inclusion of Ineligible Employee
	  	 	12	  
			
	Section 4.	 	 Contributions and Credits.
	  	 	12	  
			
	 4.1
	 	 Discretionary Contributions
	  	 	12	  
	 4.2
	 	 Contributions for Exempt Loans
	  	 	12	  
	 4.3
	 	 Conditions as to Contributions
	  	 	13	  
	 4.4
	 	 Rollover Contributions
	  	 	13	  
			
	Section 5.	 	 Limitations on Contributions and Allocations.
	  	 	13	  
			
	 5.1
	 	 Limitation on Annual Additions
	  	 	13	  
	 5.2
	 	 Effect of Limitations
	  	 	15	  
	 5.3
	 	 Limitations as to Certain Participants
	  	 	16	  
	 5.4
	 	 Erroneous Allocations
	  	 	16	  
			
	Section 6.	 	 Trust Fund and Its Investment.
	  	 	16	  
			
	 6.1
	 	 Creation of Trust Fund
	  	 	16	  
	 6.2
	 	 Stock Fund and Investment Fund
	  	 	17	  
	 6.3
	 	 Acquisition of Stock
	  	 	17	  
	 6.4
	 	 Participants’ Option to Diversify
	  	 	18	  
			
	Section 7.	 	 Voting Rights and Dividends on Stock.
	  	 	19	  
			
	 7.1
	 	 Voting and Tendering of Stock
	  	 	19	  
	 7.2
	 	 Application of Dividends
	  	 	19	  

							
	Section 8.	 	 Adjustments to Accounts.
	  	 	21	  
			
	 8.1
	 	 ESOP Allocations
	  	 	21	  
	 8.2
	 	 Charges to Accounts
	  	 	22	  
	 8.3
	 	 Stock Fund Account
	  	 	22	  
	 8.4
	 	 Investment Fund Account
	  	 	22	  
	 8.5
	 	 Adjustment to Value of Trust Fund
	  	 	22	  
	 8.6
	 	 Participant Statements
	  	 	23	  
			
	Section 9.	 	 Vesting of Participants’ Interests.
	  	 	23	  
			
	 9.1
	 	 Vesting in Accounts
	  	 	23	  
	 9.2
	 	 Computation of Vesting Years
	  	 	23	  
	 9.3
	 	 Full Vesting Upon Certain Events
	  	 	24	  
	 9.4
	 	 Full Vesting Upon Plan Termination
	  	 	25	  
	 9.5
	 	 Forfeiture, Repayment, and Restoral
	  	 	25	  
	 9.6
	 	 Accounting for Forfeitures
	  	 	26	  
	 9.7
	 	 Vesting and Nonforfeitability
	  	 	26	  
			
	Section 10.	 	 Payment of Benefits.
	  	 	26	  
			
	 10.1
	 	 Benefits for Participants
	  	 	26	  
	 10.2
	 	 Time for Distribution
	  	 	27	  
	 10.3
	 	 Marital Status
	  	 	29	  
	 10.4
	 	 Delay in Benefit Determination
	  	 	29	  
	 10.5
	 	 Accounting for Benefit Payments
	  	 	29	  
	 10.6
	 	 Options to Receive Stock
	  	 	29	  
	 10.7
	 	 Restrictions on Disposition of Stock
	  	 	30	  
	 10.8
	 	 Continuing Loan Provisions; Creations of Protections and Rights
	  	 	30	  
	 10.9
	 	 Direct Rollover of Eligible Distribution
	  	 	30	  
	 10.10
	 	 Waiver of 30-Day Period After Notice of Distribution
	  	 	31	  
	Section 11.	 	 Rules Governing Benefit Claims and Review of Appeals
	  	 	32	  
	 11.1
	 	 Claim for Benefits
	  	 	32	  
	 11.2
	 	 Notification by Committee
	  	 	32	  
	 11.3
	 	 Claims Review Procedure
	  	 	32	  
			
	Section 12.	 	 The Committee and its Functions.
	  	 	32	  
			
	 12.1
	 	 Authority of Committee
	  	 	32	  
	 12.2
	 	 Identity of Committee
	  	 	33	  
	 12.3
	 	 Duties of Committee
	  	 	33	  
	 12.4
	 	 Valuation of Stock
	  	 	33	  
	 12.5
	 	 Compliance with ERISA
	  	 	33	  
	 12.6
	 	 Action by Committee
	  	 	33	  
	 12.7
	 	 Execution of Documents
	  	 	34	  
	 12.8
	 	 Adoption of Rules
	  	 	34	  
	 12.9
	 	 Responsibilities to Participants
	  	 	34	  
	 12.10
	 	 Alternative Payees in Event of Incapacity
	  	 	34	  
	 12.11
	 	 Indemnification by Employers
	  	 	34	  
	 12.12
	 	 Nonparticipation by Interested Member
	  	 	34	  

  
 ii 

							
	Section 13.	 	 Adoption, Amendment, or Termination of the Plan.
	  	 	35	  
			
	 13.1
	 	 Adoption of Plan by Other Employers
	  	 	35	  
	 13.2
	 	 Plan Adoption Subject to Qualification
	  	 	35	  
	 13.3
	 	 Right to Amend or Terminate
	  	 	35	  
			
	Section 14.	 	 Miscellaneous Provisions.
	  	 	36	  
			
	 14.1
	 	 Plan Creates No Employment Rights
	  	 	36	  
	 14.2
	 	 Nonassignability of Benefits
	  	 	36	  
	 14.3
	 	 Limit of Employer Liability
	  	 	36	  
	 14.4
	 	 Treatment of Expenses
	  	 	36	  
	 14.5
	 	 Number and Gender
	  	 	36	  
	 14.6
	 	 Nondiversion of Assets
	  	 	36	  
	 14.7
	 	 Separability of Provisions
	  	 	36	  
	 14.8
	 	 Service of Process
	  	 	36	  
	 14.9
	 	 Governing State Law
	  	 	37	  
	 14.10
	 	 Employer Contributions Conditioned on Deductibility
	  	 	37	  
	 14.11
	 	 Unclaimed Accounts
	  	 	37	  
	 14.12
	 	 Qualified Domestic Relations Order
	  	 	37	  
	 14.13
	 	 Use of Electronic Media to Provide Notices and Make Participant Elections
	  	 	38	  
	 14.14
	 	 Acquisition of Securities
	  	 	38	  
			
	Section 15.	 	 Top-Heavy Provisions.
	  	 	38	  
			
	 15.1
	 	 Top-Heavy Plan
	  	 	38	  
	 15.2
	 	 Definitions
	  	 	39	  
	 15.3
	 	 Top-Heavy Rules of Application
	  	 	40	  
	 15.4
	 	 Minimum Contributions
	  	 	41	  
	 15.5
	 	 Top-Heavy Provisions Control in Top-Heavy Plan
	  	 	41	  

  
 iii 

 Exhibit 10.7 

BLUE HILLS BANK 

EMPLOYEE STOCK OWNERSHIP PLAN 
  

	Section 1.	Plan Identity. 

 1.1 Name. The name of this Plan is
“Blue Hills Bank Employee Stock Ownership Plan.” 
 1.2 Purpose. The purpose of this Plan is to describe the terms
and conditions under which contributions made pursuant to the Plan will be credited and paid to the Participants and their Beneficiaries. 

1.3 Effective Date. The Effective Date of this Plan is January 1, 2014. 

1.4 Fiscal Period. This Plan shall be operated on the basis of a January 1 to December 31 fiscal year for the purpose
of keeping the Plan’s books and records and distributing or filing any reports or returns required by law. 
 1.5 Single Plan for
All Employers. This Plan shall be treated as a single plan with respect to all participating Employers for the purpose of crediting contributions and forfeitures and distributing benefits, determining whether there has been any termination
of Service, and applying the limitations set forth in Section 5. 
 1.6 Interpretation of Provisions. The Employers
intend this Plan and the Trust Agreement to be a qualified stock bonus plan under Section 401(a) of the Code and an employee stock ownership plan within the meaning of Section 407(d)(6) of ERISA and Section 4975(e)(7) of the Code. The
Plan is intended to have its assets invested primarily in qualifying employer securities of one or more Employers within the meaning of Section 407(d)(3) of ERISA, and to satisfy any requirement under ERISA or the Code applicable to such a
plan. 
 Accordingly, the Plan and Trust Agreement shall be interpreted and applied in a manner consistent with this intent and shall be
administered at all times and in all respects in a nondiscriminatory manner. 
  

	Section 2.	Definitions. 

 The following capitalized words and phrases shall have the
meanings specified when used in this Plan and in the Trust Agreement, unless the context clearly indicates otherwise: 

“Account” means a Participant’s interest in the assets accumulated under this Plan as expressed in terms of a separate
account balance which is periodically adjusted to reflect his Employer’s contributions, the Plan’s investment experience, and distributions and forfeitures. 

“Active Participant” means a Participant who has satisfied the eligibility requirements under Section 3 and who has at
least 1,000 Hours of Service during the current Plan Year. However, a Participant shall not qualify as an Active Participant unless (i) he is in active Service with an Employer as of the last day of the Plan Year, or (ii) he is on a
Recognized Absence as of that date, or (iii) his Service terminated during the Plan Year by reason of Disability, death, or Normal Retirement. 

 “Bank” means Blue Hills Bank and any entity which succeeds to the business of
Blue Hills Bank and adopts this Plan as its own pursuant to Section 13.1 of the Plan. 
 “Beneficiary” means the
person or persons who are designated by a Participant to receive benefits payable under the Plan on the Participant’s death. In the absence of any designation or if all the designated Beneficiaries shall die before the Participant dies or shall
die before all benefits have been paid, the Participant’s Beneficiary shall be his surviving Spouse, if any, or his estate if he is not survived by a Spouse. The Committee may rely upon the advice of the Participant’s executor or
administrator as to the identity of the Participant’s Spouse. 
 “Break in Service” means any Plan Year, or, for the
initial eligibility computation period under Section 3.2, the 12-consecutive month period beginning on the first day of which an Employee has an Hour of Service, in which an Employee has 500 or fewer Hours of Service. Solely for this purpose,
an Employee shall be considered employed for his normal hours of paid employment during a Recognized Absence (said Employee shall not be credited with more than 501 Hours of Service to avoid a Break in Service), unless he does not resume his Service
at the end of the Recognized Absence. Further, if an Employee is absent for any period (i) by reason of the Employee’s pregnancy, (ii) by reason of the birth of the Employee’s child, (iii) by reason of the placement of a
child with the Employee in connection with the Employee’s adoption of the child, or (iv) for purposes of caring for such child for a period beginning immediately after such birth or placement, the Employee shall be credited with the Hours
of Service which would normally have been credited but for such absence, up to a maximum of 501 Hours of Service. Hours of Service shall be credited only in the year in which the absence from work begins, if a Participant would be prevented from
incurring a one-year Break in Service in such year solely because the period of absence is treated as Hours of Service, or in any other case, in the immediately following year. 

“Closing Date” means the closing date of the stock offering of the Company. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Committee” means the committee responsible for the administration of this Plan in accordance with Section 12. 

“Company” means Blue Hills Bancorp, Inc., the holding company of the Bank, and any successor entity which succeeds to the
business of the Company. 
 “Compensation” shall mean: 

(a) Code Section 3401(a) – W-2 Compensation subject to income tax withholding at the source, with all pre-tax
contributions included. 
 (b) If a determination period consists of fewer than 12 months, the annual compensation limit is
an amount equal to the otherwise applicable compensation limit set forth under Section 5.1-2 multiplied by a fraction. The numerator of the fraction is the number of months in the short determination period, and the denominator of the fraction
is 12. 
 (c) A Participant’s Compensation shall exclude any portion of the Plan Year in which the Participant had not
yet entered the Plan (e.g., the period before the Participant’s Entry Date). 

  
 2 

 “Disability” means the inability to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. An individual shall not be considered
to be permanently and totally disabled unless he furnishes proof of the existence thereof in such form and manner, and at such times, as the Committee may require. 

“Eligible Employee” means an Employee, other than an Employee identified in Section 3.4, who has performed 1,000 Hours
of Service in the applicable Eligibility Year in accordance with Section 3.2 and who has attained age 21. 

“Employee” means any individual who is or has been employed or self-employed by an
Employer. “Employee” also means an individual employed by a leasing organization who, pursuant to an agreement between an Employer and the leasing organization, has performed services for the Employer and any related persons (within the
meaning of Section 414(n)(6) of the Code) on a substantially full-time basis for more than one year, if such services are performed under the primary direction or control of the Employer. However, such a
“leased employee” shall not be considered an Employee if (i) he participates in a money purchase pension plan sponsored by the leasing organization which provides for immediate participation, immediate full vesting, and an annual
contribution of at least 10 percent of the Employee’s 415 Compensation, and (ii) leased employees do not constitute more than 20 percent of the Employer’s total work force (including leased employees, but excluding Highly Compensated
Employees and any other Employees who have not performed services for the Employer on a substantially full-time basis for at least one year). 

“Employer” means the Bank, any subsidiary of the Bank, and any other corporation, partnership, or proprietorship which adopts
this Plan with the Bank’s consent pursuant to Section 13.1, and any entity which succeeds to the business of any Employer and adopts the Plan pursuant to Section 13. Notwithstanding anything else herein, employees of the Company shall
not participate in the 
 “Entry Date” means the Effective Date and thereafter, the first day of the month coinciding with
or next following the date on which an employee meets the eligibility requirements set forth in Section 3. 
 “ERISA”
means the Employee Retirement Income Security Act of 1974 (P.L. 93-406, as amended). 

“Exempt Loan” means an indebtedness arising from any extension of credit to the Plan or the Trust which satisfies the
requirements set forth in Section 6.3 and which was obtained for any or all of the following purposes: 
 (i) to acquire
qualifying Employer securities as defined in Treasury Regulations Section 54.4975-12; 

  
 3 

 (ii) to repay such Exempt Loan; or 

(iii) to repay a prior exempt loan. 

“415 Compensation” shall mean: 

(a) Code Section 3401(a) – W-2 Compensation subject to income tax withholding at the source, with all pre-tax
contributions included. 
 (b) Any elective deferral as defined in Code Section 402(g)(3) (any Employer contributions
made on behalf of a Participant to the extent not includible in gross income and any Employer contributions to purchase an annuity contract under Code Section 403(b) under a salary reduction agreement), and any amount which is contributed or
deferred by the Employer at the election of the Participant and which is not includible in gross income of the Participant by reason of Code Section 125 (including any “deemed” Code Section 125 compensation) (Cafeteria Plan),
Code Section 457, 132(f)(4) or because such amount was deferred in accordance with an Employer-provided deferred compensation plan, shall also be included in the definition of 415 Compensation. 

(c) 415 Compensation shall also include the following types of compensation paid after a Participant’s severance from
employment with the Employer, provided that amounts described in paragraphs (i) or (ii) below shall only be included in 415 Compensation to the extent such amounts are paid by the later of
2 1⁄2 months after severance from employment, or by the end of the limitation year that includes the date of such severance from employment. 

(i) Regular Pay. 415 Compensation shall include regular pay after severance from employment if (a) the payment is for
regular compensation for services during the Participant’s regular working hours, or compensation for services outside of the Participant’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other
similar payments, and (b) the payment would have been paid to the Participant prior to severance from employment if the Participant had continued in employment with the Employer. 

(ii) Leave Cashouts. Leave cashouts shall be included in 415 Compensation if those amounts would have been included in the
definition of 415 Compensation if they were paid prior to the Participant’s severance from employment, and the amounts are payment for unused accrued bona fide sick, vacation or other leave, but only if the Participant would have been able to
use the leave if his employment had continued. 
 (d) 415 Compensation includes differential wage payments (as defined in
Code Section 3401(h)) paid by the Employer to a former Employee who is performing qualified military services (as defined in Code Section 414(u)(1)) but only to the extent that those differential wage payments do not exceed the amounts the
individual would have received if the individual had continued to perform services for the Employer rather than entering qualified military service. 

  
 4 

 (e) 415 Compensation in excess of $260,000 (as indexed) shall be disregarded for
all Participants. For purposes of this sub-section, the $260,000 limit shall be referred to as the “applicable limit” for the Plan Year in question. The $260,000 limit shall be adjusted for increases in the cost of living in accordance
with Section 401(a)(17)(B) of the Code, effective for the Plan Year which begins within the applicable calendar year. For purposes of the applicable limit, 415 Compensation shall be prorated over short Plan Years and only compensation for
the portion of the Plan Year during which the individual was a Participant shall be taken into account. 
 “Highly Compensated
Employee” for any Plan Year means an Employee who, during either that or the immediately preceding Plan Year was at any time a five percent owner of the Employer (as defined in Code Section 416(i)(1)) or, during the immediately
preceding Plan Year, had 415 Compensation exceeding $115,000 (as adjusted). For these purposes, “the most highly compensated one-fifth of all Employees” shall be determined by taking into account all
individuals working for all related Employer entities described in the definition of “Service,” but excluding any individual who has not completed six months of Service, who normally works fewer than
17 1⁄2 hours per week or in fewer than six months per year, who has not reached age 21, whose employment is covered by a collective bargaining agreement, or
who is a nonresident alien who receives no earned income from United States sources. The applicable year for which a determination is being made is called a “determination year” and the preceding 12-month period is called a look-back year.

 “Hours of Service” means hours to be credited to an Employee under the following rules: 

(a) Each hour for which an Employee is paid or is entitled to be paid for services to an Employer is an Hour of Service. 

(b) Each hour for which an Employee is directly or indirectly paid or is entitled to be paid for a period of vacation,
holidays, illness, disability, lay-off, jury duty, temporary military duty, or leave of absence is an Hour of Service. However, except as otherwise specifically provided, no more than 501 Hours of Service
shall be credited for any single continuous period which an Employee performs no duties. No more than 501 Hours of Service will be credited under this paragraph for any single continuous period (whether or not such period occurs in a single
computation period). Further, no Hours of Service shall be credited on account of payments made solely under a plan maintained to comply with worker’s compensation, unemployment compensation, or disability insurance laws, or to reimburse an
Employee for medical expenses. 
 (c) Each hour for which back pay (ignoring any mitigation of damages) is either awarded or
agreed to by an Employer is an Hour of Service. However, no more than 501 Hours of Service shall be credited for any single continuous period during which an Employee would not have performed any duties. The same Hours of Service will not be
credited both under paragraph (a) or (b) as the case may be, and under this 

  
 5 

 
paragraph (c). These hours will be credited to the employee for the computation period or periods to which the award or agreement pertains rather than the computation period in which the award
agreement or payment is made. 
 (d) Hours of Service shall be credited in any one period only under one of the foregoing
paragraphs (a), (b) and (c); an Employee may not get double credit for the same period. 
 (e) If an Employer finds it
impractical to count the actual Hours of Service for any class or group of non-hourly Employees, each Employee in that class or group shall be credited with 90 Hours of Service for each bi-weekly pay period in
which he has at least one Hour of Service. However, an Employee shall be credited only for his normal working hours during a paid absence. 

(f) Hours of Service to be credited on account of a payment to an Employee (including back pay) shall be recorded in the period
of Service for which the payment was made. If the period overlaps two or more Plan Years, the Hours of Service credit shall be allocated in proportion to the respective portions of the period included in the several Plan Years. However, in the case
of periods of 31 days or less, the Committee may apply a uniform policy of crediting the Hours of Service to either the first Plan Year or the second. 

(g) In all respects an Employee’s Hours of Service shall be counted as required by
Section 2530.200b-2(b) and (c) of the Department of Labor’s regulations under Title I of ERISA. 

“Investment Fund” means that portion of the Trust Fund consisting of assets other than Stock. Notwithstanding the above,
assets from the Investment Fund may be used to purchase Stock in the open market or otherwise, or used to pay on the Exempt Loan, and shares so purchased will be allocated to a Participant’s Stock Fund. 

“Normal Retirement” means retirement on or after the Participant’s Normal Retirement Date. 

“Normal Retirement Date” means the Participant’s 65th birthday.

 “Participant” means any Eligible Employee who is an Active Participant participating in the Plan, or Eligible Employee
or former Employee who was previously an Active Participant and still has a balance credited to his Account. 
 “Period of Uniformed
Service” means the length of time that an Employee serves in the Uniformed Services. 
 “Plan Year” means the
twelve-month period commencing January 1 and ending December 31 and each period of 12 consecutive months beginning on January 1 of each succeeding year. 

  
 6 

 “Recognized Absence” means a period for which — 

(a) an Employer grants an Employee a leave of absence for a limited period, but only if an Employer grants such leave on a
nondiscriminatory basis; or 
 (b) an Employee is temporarily laid off by an Employer because of a change in business
conditions; or 
 (c) an Employee is on active military duty, but only to the extent that his employment rights are protected
by the Military Selective Service Act of 1967 (38 U.S.C. Sec. 2021). 
 “Reemployment After a Period of Uniformed Service”

 (a) “Reemployment (or Reemployed) After a Period of Uniformed Service” means that an Employee returned to
employment with a Participating Employer, within the time frame set forth in subparagraph (b) below, after a Period of Uniformed Service in the Uniformed Services and the following rules corresponding to provisions of the Uniformed Services
Employment and Reemployment Rights Act of 1994 (“USERRA”) apply: (i) he or she gives sufficient notice of leave to the Participating Employer prior to commencing a Period of Uniformed Service, or is excused from providing such
notice; (ii) his or her employment with the Participating Employer prior to a Period of Uniformed Service was not of a brief, nonrecurrent nature that would preclude a reasonable expectation that such employment would continue indefinitely or
for a significant period; (iii) the Participating Employer’s circumstances have not changed so that reemployment is unreasonable or an undue hardship to the Participating Employer; and (iv) the applicable cumulative Periods of
Uniformed Service under USERRA equals five years or less, unless service in the Uniformed Services: 
 (1) in excess of five
years is required to complete an initial Period of Uniformed Service; 
 (2) prevents the Participant from obtaining orders
releasing him or her from such Period of Uniformed Service prior to the expiration of a five-year period (through no fault of the Participant); 

(3) is required in the National Guard for drill and instruction, field exercises or active duty training, or to fulfill
necessary additional training, or to fulfill necessary additional training requirements certified in writing by the Secretary of the branch of Uniformed Services concerned; or 

(4) for a Participant is 

(A) required other than for training under any provisions of law during a war or national agency declared by the President or
Congress; 
 (B) required (other than for training) in support of an operational mission for which personnel have been
ordered to active duty other than during war or national emergency; 

  
 7 

 (C) required in support of a critical mission or requirement of the Uniformed
Services; or 
 (D) the result of being called into service as a member of the National Guard by the President in the case
of rebellion or danger of rebellion against the authority of the United States Government or if the President is unable to execute the laws of the United States with the regular forces. 

(b) The applicable statutory time frames within which an Employee must report to a Participating Employer after a Period of
Uniformed Service are as follows: 
 (1) If the Period of Uniformed Service was less than 31 days, 

(A) not later than the beginning of the first full regularly scheduled work period on the first full calendar day following
the completion of the Period of Uniformed Service and the expiration of eight hours after a period of time allowing for the safe transportation of the Employee from the place of service in the Uniformed Services to the Employee’s residence; or

 (B) as soon as possible after the expiration of the eight-hour period of time referred to in Clause (A), if reporting
within the period referred to in such clause is impossible or unreasonable through no fault of the Employee. 
 (2) In the
case of an Employee whose Period of Uniformed Service was for more than 30 days but less than 181 days, by submitting an application for reemployment with a Participating Employer not later than 14 days after the completion of the Period of
Uniformed Service or, if submitting such application within such period is impossible or unreasonable through no fault of the Employee, the next first full calendar day when submission of such application becomes reasonable. 

(3) In the case of an Employee whose Period of Uniformed Service was for more than 180 days, by submitting an application for
reemployment with a Participating Employer not later than 90 days after the completion of the Period of Uniformed Service. 

(4) In the case of an Employee who is hospitalized for, or convalescing from, an illness or injury related to the Period of
Uniformed Service the Employee shall apply for reemployment with a Participating Employer at the end of the period that is necessary for the Employee to recover. Such period of recovery shall not exceed two years, unless circumstances beyond the
Employee’s control make reporting as above unreasonable or impossible. 

  
 8 

 (c) Notwithstanding subparagraph (a), Reemployment After a Period of Uniformed
Service terminates upon the occurrence of any of the following: 
 (1) a dishonorable or bad conduct discharge from the
Uniformed Services; 
 (2) any other discharge from the Uniformed Services under circumstances other than an honorable
condition; 
 (3) a discharge of a commissioned officer from the Uniformed Services by court martial, by commutation of
sentence by court martial, or, in time of war, by the President; or 
 (4) a demotion of a commissioned officer in the
Uniformed Services for absence without authorized leave of at least 3 months confinement under a sentence by court martial, or confinement in a federal or state penitentiary after being found guilty of a crime under a final sentence. 

“Service” means an Employee’s period(s) of employment or self-employment with an
Employer, excluding for initial eligibility purposes any period in which the individual was a nonresident alien and did not receive from an Employer any earned income which constituted income from sources within the United States. An Employee’s
Service shall include any Service which constitutes Service with a predecessor Employer within the meaning of Section 414(a) of the Code, provided, however, that Service with an acquired entity shall not be considered Service under the Plan
unless required by applicable law or agreed to by the parties to such transaction. An Employee’s Service shall also include any Service with an entity which is not an Employer, but only either (i) in which the other entity is a member of a
controlled group of corporations or is under common control with other trades and businesses within the meaning of Section 414(b) or 414(c) of the Code, and a member of the controlled group or one of the trades and businesses is an Employer,
(ii) in which the other entity is a member of an affiliated service group within the meaning of Section 414(m) of the Code, and a member of the affiliated service group is an Employer, or (iii) all Employers aggregated with the
Employer under Section 414(o) of the Code (but not until the Proposed Regulations under Section 414(o) become effective). Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credit with respect
to qualified military service will be provided in accordance with Section 414(u) of the Code. 
 “Spouse” means the
individual, if any, to whom a Participant is lawfully married on the date benefit payments to the Participant are to begin, or on the date of the Participant’s death, if earlier. A former Spouse shall be treated as the Spouse or surviving
Spouse to the extent provided under a qualified domestic relations order as described in section 414(p) of the Code. 

“Stock” means common stock issued by the Employer (or by a corporation which is a member of the same controlled group) which
is readily tradable on an established securities market. In the event there is no common stock which meets the requirements of the preceding sentence, then “Stock” means common stock issued by the Employer (or by a corporation which is a
member of the same controlled group) having a combined voting power and dividend rights equal to or in excess of (A) that class of common stock of the Employer (or of any other such corporation) having the greatest voting power; and
(B) that class of common stock of the Employer (or of any other such corporation) having the greatest dividend rights. 

  
 9 

 “Stock Fund” means that portion of the Trust Fund consisting of Stock. 

“Trust” or “Trust Fund” means the trust fund created under this Plan. 

“Trust Agreement” means the agreement between the Bank and the Trustee concerning the Trust Fund. If any assets of the Trust
Fund are held in a co-mingled trust fund with assets of other qualified retirement plans, “Trust Agreement” shall be deemed to include the trust agreement governing that co-mingled trust fund. With respect to the allocation of investment responsibility for the assets of the Trust Fund, the provisions of Article II of the Trust Agreement are incorporated herein by reference. 

“Trustee” means one or more corporate persons or individuals selected from time to time by the Bank to serve as trustee or co-trustees of the Trust Fund. 
 “Unallocated Stock Fund” means that portion of the
Stock Fund consisting of the Plan’s holding of Stock which have been acquired in exchange for one or more Exempt Loans and which have not yet been allocated to the Participant’s Accounts in accordance with Section 4.2. 

“Uniformed Service” means the performance of duty on a voluntary or involuntary basis in the uniformed service of the United
States, including the U.S. Public Health Services, under competent authority and includes active duty, active duty for training, initial activity duty for training, inactive duty training, full-time National Guard duty, and the period for which a
person is absent from a position of employment for purposes of an examination to determine the fitness of the person to perform any such duty. 

“Valuation Date” means for so long as there is a generally recognized market for the Stock each business day. If at any time
there shall be no generally recognized market for the Stock, then “Valuation Date” shall mean the last day of the Plan Year and each other date as of which the Committee shall determine the investment experience of the Investment Fund and
adjust the Participants’ Accounts accordingly. 
 “Valuation Period” means the period following a Valuation Date and
ending with the next Valuation Date. 
 “Vesting Year” means a unit of Service credited to a Participant pursuant to
Section 9.2 for purposes of determining his vested interest in his Account. 
  

	Section 3.	Eligibility for Participation. 

 3.1 Initial Eligibility. An
Eligible Employee shall enter the Plan as of the Entry Date coincident with or next following the date on which the Eligible Employee satisfies both the age and Service requirements. An Employee will be an Eligible Employee on or after the date that
the Employee has both attained age 27 and completed an Eligibility Year. Notwithstanding the foregoing, an Employee who is an Eligible Employee on or prior to the Closing Date shall enter the Plan, retroactively, on the Effective Date. 

  
 10 

 3.2 Definition of Eligibility Year. “Eligibility Year” means an
applicable eligibility period (as defined below) in which the Eligible Employee has completed 1,000 Hours of Service for the Employer. For this purpose: 

(i) an Eligible Employee’s first “eligibility period” is the
12-consecutive month period beginning on the first day on which he has an Hour of Service, including any years before the Effective Date of the Plan, and 

(ii) his subsequent eligibility periods will be 12-consecutive month periods beginning on each January 1 after that first
day of Service. 
 3.3 Terminated Employees. No Employee shall have any interest or rights under this Plan if he is never in
active Service with an Employer on or after the Effective Date. 
 3.4 Certain Employees Ineligible. 

3.4-1. No Employee shall participate in the Plan while his Service is covered by a collective bargaining agreement between an
Employer and the Employee’s collective bargaining representative if (i) retirement benefits have been the subject of good faith bargaining between the Employer and the representative and (ii) the collective bargaining agreement does
not provide for the Employee’s participation in the Plan. 
 3.4-2. Leased Employees are not eligible to participate in
the Plan. 
 3.4-3. Employees who are nonresident aliens with no earned income (within the meaning of Code
Section 911(d)(2)) from the Employer which constitutes income from sources within the United States (within the meaning of Code Section 861(a)(3)). 

3.4-4. An Eligible Employee may elect not to participate in the Plan, provided, however, such election is made solely to meet
the requirements of Code Section 409(n). For an election to be effective for a particular Plan Year, the Eligible Employee or Participant must file the election in writing with the Committee no later than the last day of the Plan Year for which
the election is to be effective. The Employer may not make a contribution under the Plan for the Eligible Employee or for the Participant for the Plan Year for which the election is effective, nor for any succeeding Plan Year, unless the Eligible
Employee or Participant re-elects to participate in the Plan. The Eligible Employee or Participant may elect again not to participate, but not earlier than the first Plan Year following the Plan Year in which the re-election was first effective.

 3.5 Participation and Reparticipation. Subject to the satisfaction of the foregoing requirements, an Eligible Employee
shall participate in the Plan during each period of his Service from the date on which he first becomes eligible until his termination. For this purpose, an Eligible Employee who returns before five (5) consecutive one year Breaks in Service
who previously satisfied the initial eligibility requirements or who returns after five (5) consecutive one year Breaks in Service with a vested Account balance in the Plan shall re-enter the Plan as of
the date of his return to Service with an Employer. 

  
 11 

 3.6 Omission of Eligible Employee. If, in any Plan Year, any Eligible Employee who
should be included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by his Employer for the year has been made, the Employer shall make a subsequent contribution with respect
to the omitted Eligible Employee in the amount which the said Employer would have contributed regardless of whether or not it is deductible in whole or in part in any taxable year under applicable provisions of the Code. 

3.7 Inclusion of Ineligible Employee. If, in any Plan Year, any person who should not have been included as a Participant in the
Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been made, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person
regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall constitute a forfeiture for the fiscal year in which the discovery is made.
Any person who, after the close of a Plan Year, is retroactively treated by the Company, an affiliated company or any other party as an Employee for such prior Plan Year shall not, for purposes of the Plan, be considered an Employee for such prior
Plan Year unless expressly so treated as such by the Company. 
  

	Section 4.	Contributions and Credits. 

 4.1 Discretionary Contributions.

 4.1-1. The Employer shall from time to time contribute, with respect to a Plan Year, such amounts as it may determine from
time to time. The Employer shall have no obligation to contribute any amount under this Plan except as so determined in its sole discretion. The Employer’s contributions and available forfeitures for a Plan Year shall be credited as of the last
day of the year to the Accounts of the Active Participants in the manner set forth in Section 8.1-2. 
 4.1-2. Upon a
Participant’s Reemployment After a Period of Uniformed Service, the Employer shall make an additional contribution on behalf of such Participant that would have been made on his or her behalf during the Plan Year or Years corresponding to the
Participant’s Period of Uniformed Service. 
 4.2 Contributions for Exempt Loans. If the Trustee, upon instructions from
the Committee, incurs any Exempt Loan upon the purchase of Stock, the Employer may contribute for each Plan Year an amount sufficient to cover all payments of principal and interest as they come due under the terms of the Exempt Loan. If there is
more than one Exempt Loan, the Employer shall designate the one to which any contribution is to be applied. Investment earnings realized on Employer contributions and any dividends paid by the Employer on Stock held in the Unallocated Stock Account,
shall be applied to the Exempt Loan related to that Stock, subject to Section 7.2. 
 In each Plan Year in which Employer
contributions, earnings on contributions, or dividends on Stock in the Unallocated Stock Fund are used as payments under an Exempt Loan, a certain number of shares of the Stock acquired with that Exempt Loan which is then held in the Unallocated
Stock Fund shall be released for allocation among the Participants. The number of 

  
 12 

 
shares released shall bear the same ratio to the total number of those shares then held in the Unallocated Stock Fund (prior to the release) as (i) the principal and interest payments made
on the Exempt Loan in the current Plan Year bears to (ii) the sum of (i) above, and the remaining principal and interest payments required (or projected to be required on the basis of the interest rate in effect at the end of the Plan
Year) to satisfy the Exempt Loan. 
 At the direction of the Committee, the current and projected payments of interest under an Exempt Loan
may be ignored in calculating the number of shares to be released in each year if (i) the Exempt Loan provides for annual payments of principal and interest at a cumulative rate that is not less rapid at any time than level annual payments of
such amounts for 10 years, (ii) the interest included in any payment is ignored only to the extent that it would be determined to be interest under standard loan amortization tables, and (iii) the term of the Exempt Loan, by reason of
renewal, extension, or refinancing, has not exceeded 10 years from the original acquisition of the Stock. 
 4.3 Conditions as to
Contributions. Employers’ contributions shall in all events be subject to the limitations set forth in Section 5. Contributions may be made in the form of cash, or securities and other property to the extent permissible under
ERISA, including Stock, and shall be held by the Trustee in accordance with the Trust Agreement. In addition to the provisions of Section 13.2 for the return of an Employer’s contributions in connection with a failure of the Plan to
qualify initially under the Code, any amount contributed by an Employer due to a good faith mistake of fact, or based upon a good faith but erroneous determination of its deductibility under Section 404 of the Code, shall be returned to the
Employer within one year after the date on which the contribution was originally made, or within one year after its nondeductibility has been finally determined. However, the amount to be returned shall be reduced to take account of any adverse
investment experience within the Trust Fund in order that the balance credited to each Participant’s Account is not less that it would have been if the contribution had never been made. 

4.4 Rollover Contributions. This Plan shall not accept a direct rollover or rollover contribution of an “eligible rollover
distribution” as such term is defined in Section 10.9-1 of the Plan. 
  

	Section 5.	Limitations on Contributions and Allocations. 

 5.1 Limitation on
Annual Additions. Notwithstanding anything herein to the contrary, allocation of Employer contributions for any Plan Year shall be subject to the following: 

5.1-1 If allocation of Employer contributions in accordance with Section 4.1 will result in an allocation of more than
one-third the total contributions for a Plan Year to the accounts of Highly Compensated Employees, and such allocation would cause any Highly Compensated Employee to exceed the limitations under Code Section 415(c) or the Employer to exceed the
deduction limits under Code Section 404, then no more than one-third of the Employer contributions used for repayment of any Exempt Loan in accordance with Section 4.2 shall be allocated to the accounts of Highly Compensated Employees
(within the meaning of Code Section 414(q)), with the remaining Employer contributions to be made to non-Highly Compensated Employees in the manner specified under Section 8.1. Such adjustments shall be made before any allocations occur.

  
 13 

 5.1-2 After adjustment, if any, required by the preceding paragraph, the annual
additions during any Plan Year to any Participant’s Account under this and any other defined contribution plans maintained by the Employer or an affiliate (within the purview of Section 414(b), (c) and (m) and Section 415(h)
of the Code, which affiliate shall be deemed the Employer for this purpose) shall not exceed the lesser of $52,000 (for 2014, or such other dollar amount which results from cost-of-living adjustments under Section 415(d) of the Code) (the
“dollar limitation”) or 100 percent of the Participant’s 415 Compensation for such limitation year (the “percentage limitation”). In the event Stock is released from the Unallocated Stock Fund and allocated to a
Participant’s Account for a particular Plan Year, the Employer may determine for such year that an annual addition shall be calculated on the basis of the fair market value of the Stock so released and allocated (such fair market value to be
based on the valuation as of the Valuation Date immediately preceding the Plan Year in respect of which the release and allocation are made) if the annual addition, as so calculated, is lower than the annual addition calculated on the basis of
Employer contributions. The percentage limitation shall not apply to any contribution for medical benefits after severance from employment (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated
as an annual addition. If, as a result of the allocation of forfeitures, a reasonable error in estimating a Participant’s annual compensation, a reasonable error in determining the amount of elective deferrals (within the meaning of Code
Section 402(g)(3)) that may be made with respect to any individual under the limits of Code Section 415, or under other limited facts and circumstances that the Commissioner of the Internal Revenue Service finds justify the availability of
the rules set forth in this paragraph, the annual additions under the terms of the Plan for a particular Participant would cause the limitations of Code Section 415 applicable to that Participant for the limitation year to be exceeded, the Plan
may only correct such excess in accordance with the Employee Plans Compliance Resolution System (EPCRS) as set forth in Revenue Procedure 2008-50 or any subsequent guidance. 

5.1-3 For purposes of this Section 5.1, the “annual addition” to a Participant’s Accounts means the sum of
(i) Employer contributions, (ii) Employee contributions, if any, and (iii) forfeitures. For these purposes, annual additions to a defined contribution plan shall not include the allocation of the excess amounts remaining in the
Unallocated Stock Fund subsequent to a sale of stock from such fund in accordance with a transaction described in Section 8.1 of the Plan. Notwithstanding the foregoing, “annual additions” shall not include a restorative payment in
accordance with Treasury Regulation Section 1.415(c)-1(b)(2)(C) that is made to restore losses to the Plan resulting from actions by a fiduciary for which there is a reasonable risk of liability for breach of fiduciary duty under ERISA or other
applicable federal and state law. 
 In the event Stock is released from the Unallocated Stock Fund and allocated to a
Participant’s Account for a particular Plan Year, the Employer may determine for such year that an annual addition shall be calculated on the basis of the fair market value of the Stock so released and allocated (such fair market value to be
based on the valuation as of 

  
 14 

 
the Valuation Date immediately preceding the Plan Year in respect of which the release and allocation are made) if the annual addition, as so calculated, is lower than the annual addition
calculated on the basis of Employer contributions. 
 5.1-4 Notwithstanding the foregoing, if no more than one-third of the
Employer contributions to the Plan for a year which are deductible under Section 404(a)(9) of the Code are allocated to Highly Compensated Employees (within the meaning of Section 414(q) of the Internal Revenue Code), the limitations
imposed herein shall not apply to: 
 (i) forfeitures of Employer securities (within the meaning of Section 409 of the
Code) under the Plan if such securities were acquired with the proceeds of a loan described in Section 404(a)(9)(A) of the Code), or 

(ii) Employer contributions to the Plan which are deductible under Section 404(a)(9)(B) and charged against a
Participant’s Account. 
 5.1-5 If the Employer contributes amounts, on behalf of Eligible Employees covered by this
Plan, to other “defined contribution plans” as defined in Section 3(34) of ERISA, the limitation on annual additions provided in this Section shall be applied to annual additions in the aggregate to this Plan and to such other plans.
Reduction of annual additions, where required, shall be accomplished first by reductions under such other plan pursuant to the directions of the named fiduciary for administration of such other plans or under priorities, if any, established under
the terms of such other plans and then by allocating any remaining excess for this Plan in the manner and priority set out above with respect to this Plan. 

5.1-6 A limitation year shall mean each 12 consecutive month period ending on December 31. 

5.2 Effect of Limitations. The Committee shall take whatever action may be necessary from time to time to assure compliance with
the limitations set forth in Section 5.1. Specifically, the Committee shall see that each Employer restrict its contributions for any Plan Year to an amount which, taking into account the amount of available forfeitures, may be completely
allocated to the Participants consistent with those limitations. Where the limitations would otherwise be exceeded by any Participant, further allocations to the Participant shall be curtailed to the extent necessary to satisfy the limitations.
Where an excessive amount is contributed on account of a mistake as to one or more Participants’ compensation, or there is an amount of forfeitures which may not be credited in the Plan Year in which it becomes available, the amount shall be
corrected in accordance with Section 5.1-2 of the Plan. If it is determined at any time that the Committee and/or Trustee has erred in accepting and allocating any contributions or forfeitures under this Plan, or in allocating net gain or loss
pursuant to Sections 8.2 and 8.3, then the Committee, in a uniform and nondiscriminatory manner, shall determine the manner in which such error shall be corrected and shall promptly advise the Trustee in writing of such error and of the method for
correcting such error. The Accounts of any or all Participants may be revised, if necessary, in order to correct such error. 

  
 15 

 5.3 Limitations as to Certain Participants. Aside from the limitations set forth in
Section 5.1, if the Plan acquires any Stock in a transaction as to which a selling shareholder or the estate of a deceased shareholder is claiming the benefit of Section 1042 of the Code, the Committee shall see that none of such Stock,
and no other assets in lieu of such Stock, are allocated to the Accounts of certain Participants in order to comply with Section 409(n) of the Code. 

This restriction shall apply at all times to a Participant who owns (taking into account the attribution rules under Section 318(a) of
the Code, without regard to the exception for employee plan trusts in Section 318(a)(2)(B)(i) more than 25 percent of any class of stock of a corporation which issued the Stock acquired by the Plan, or another corporation within the same
controlled group, as defined in Section 409(l)(4) of the Code (any such class of stock hereafter called a “Related Class”). For this purpose, a Participant who owns more than 25 percent of any Related Class at any time within the one
year preceding the Plan’s purchase of the Stock shall be subject to the restriction as to all allocations of the Stock, but any other Participant shall be subject to the restriction only as to allocations which occur at a time when he owns more
than 25 percent of any Related Class. 
 Further, this restriction shall apply to the selling shareholder claiming the benefit of
Section 1042 and any other Participant who is related to such a shareholder within the meaning of Section 267(b) of the Code, during the period beginning on the date of sale and ending on the later of (1) the date that is ten years
after the date of sale, or (2) the date of the Plan allocation attributable to the final payment of acquisition indebtedness incurred in connection with the sale. 

This restriction shall not apply to any Participant who is a lineal descendant of a selling shareholder if the aggregate amounts allocated
under the Plan for the benefit of all such descendants do not exceed five percent of the Stock acquired from the shareholder. 
 5.4
Erroneous Allocations. No Participant shall be entitled to any annual additions or other allocations to his Account in excess of those permitted under Section 5. If it is determined at any time that the administrator and/or
Trustee have erred in accepting and allocating any contributions or forfeitures under this Plan, or in allocating investment adjustments, or in excluding or including any person as a Participant, then the administrator, in a uniform and
nondiscriminatory manner, shall determine the manner in which such error shall be corrected, after taking into consideration Sections 3.6 and 3.7 and any revenue procedure or other notice published by the Internal Revenue Service regarding
permissible correction methods, if applicable, and shall promptly advise the Trustee in writing of such error and of the method for correcting such error. The Accounts of any or all Participants may be revised, if necessary, in order to correct such
error. 
  

	Section 6.	Trust Fund and Its Investment. 

 6.1 Creation of Trust Fund.
All amounts received under the Plan from Employers and investments shall be held as the Trust Fund pursuant to the terms of this Plan and of the Trust Agreement between the Bank and the Trustee. The benefits described in this Plan shall be payable
only from the assets of the Trust Fund, and none of the Bank, any other Employer, its board of directors or trustees, its stockholders, its officers, its employees, the Committee, and the Trustee shall be liable for payment of any benefit under this
Plan except from the Trust Fund. 

  
 16 

 6.2 Stock Fund and Investment Fund. The Trust Fund held by the Trustee shall be
divided into the Stock Fund, consisting entirely of Stock, and the Investment Fund, consisting of all assets of the Trust other than Stock. The Trustee shall have no investment responsibility for the Stock Fund, but shall accept any Employer
contributions made in the form of Stock, and shall acquire, sell, exchange, distribute, and otherwise deal with and dispose of Stock in accordance with the instructions of the Committee. As a directed Trustee, the Trustee shall have such
responsibility for the investment of the Investment Fund as set forth in Section .05 of the Trust Agreement. 
 6.3 Acquisition of
Stock. From time to time the Committee may, in its sole discretion, direct the Trustee to acquire Stock from the issuing Employer or from shareholders, including shareholders who are or have been Employees, Participants, or fiduciaries with
respect to the Plan. The Trustee shall pay for such Stock no more than its fair market value, which shall be determined conclusively by the Committee pursuant to Section 12.4. The Committee may direct the Trustee to finance the acquisition of
Stock by incurring or assuming indebtedness to the seller or another party which indebtedness shall be called an “Exempt Loan.” The term “Exempt Loan” shall refer to a loan made to the Plan by a disqualified person within the
meaning of Section 4975(e)(2) of the Code, or a loan to the Plan which is guaranteed by a disqualified person. An Exempt Loan includes a direct loan of cash, a purchase-money transaction, and an assumption of an obligation of a tax-qualified
employee stock ownership plan under Section 4975(e)(7) of the Code (“ESOP”). For these purposes, the term “guarantee” shall include an unsecured guarantee and the use of assets of a disqualified person as collateral for a
loan, even though the use of assets may not be a guarantee under applicable state law. An amendment of an Exempt Loan in order to qualify as an “exempt loan” is not a refinancing of the Exempt Loan or the making of another Exempt Loan. The
term “exempt loan” refers to a loan that is primarily for the benefit of the Plan participants and their beneficiaries and that satisfies the provisions of this paragraph. A “non-exempt loan” fails to satisfy this paragraph. Any
Exempt Loan shall be subject to the following conditions and limitations: 
 6.3-1 All Exempt Loans incurred by the Plan must
be primarily for the benefit of Plan Participants and Beneficiaries, and an Exempt Loan shall be for a specific term, shall not be payable on demand except in the event of default, and shall bear a reasonable rate of interest, such that the interest
rate and the price of the securities to be acquired with the Exempt Loan will not cause the Plan’s assets to be inappropriately impaired in violation of Treasury Regulation Section 54.4975-7(b)(3). 

6.3-2 An Exempt Loan may, but need not, be secured by a collateral pledge of either the Stock acquired in exchange for the
Exempt Loan, or the Stock previously pledged in connection with a prior Exempt Loan which is being repaid with the proceeds of the current Exempt Loan. No other assets of the Plan and Trust may be used as collateral for an Exempt Loan, and no
creditor under an Exempt Loan shall have any right or recourse to any Plan and Trust assets other than Stock remaining subject to a collateral pledge. 

  
 17 

 6.3-3 Any pledge of Stock to secure an Exempt Loan must provide for the release
of pledged Stock in connection with payments on the Exempt Loans in the ratio prescribed in Section 4.2. 
 6.3-4
Repayments of principal and interest on any Exempt Loan shall be made by the Trustee only from Employer cash contributions designated for such payments, from earnings on such contributions, and from cash dividends received on Stock, in the last
case, however, subject to the further requirements of Section 7.2. The payment on the Exempt Loan during the Plan Year must not exceed an amount equal to the sum of contributions and earnings received during such year or prior to such year,
less such payments in prior years. Such contributions and earnings must be accounted for separately in the books and accounts of the Plan until the Exempt Loan is fully repaid. 

6.3-5 In the event of default of an Exempt Loan, the value of Plan assets transferred in satisfaction of the Exempt Loan must
not exceed the amount of the default. If the lender is a disqualified person within the meaning of Section 4975 of the Code, an Exempt Loan must provide for a transfer of Plan assets upon default only upon and to the extent of the failure of
the Plan to meet the payment schedule of said Exempt Loan. For purposes of this paragraph, the making of a guarantee does not make a person a lender. 

6.4 Participants’ Option to Diversify. The Committee shall provide for a procedure under which each Participant may, during
the qualified election period, elect to “diversify” a portion of the Employer Stock allocated to his Account, as provided in Section 401(a)(28)(B) of the Code. An election to diversify must be made on the prescribed form and filed
with the Committee within the period specified herein. For each of the first five (5) Plan years in the qualified election period, the Participant may elect to diversify an amount which does not exceed 25 percent of the number of shares
allocated to his Account since the inception of the Plan, less all shares with respect to which an election under this Section has already been made. For the last year of the qualified election period, the Participant may elect to have up to 50
percent of the value of his Account committed to other investments, less all shares with respect to which an election under this Section has already been made. The term “qualified election period” shall mean the six (6) Plan Year
period beginning with the first Plan Year in which a Participant has both attained age 55 and completed 10 years of participation in the Plan. A Participant’s election to diversify his Account may be made within each year of the qualified
election period and shall continue for the 90-day period immediately following the last day of each year in the qualified election period. Once a Participant makes such election, the Plan must complete diversification in accordance with such
election within 90 days after the end of the period during which the election could be made for the Plan Year. In the discretion of the Committee, the Plan may satisfy the diversification requirement by any of the following methods: 

6.4-1 The Plan may distribute all or part of the amount subject to the diversification election. 

6.4-2 The Plan may offer the Participant at least three other distinct investment options, if available under the Plan. The
other investment options shall satisfy the requirements of Regulations under Section 404(c) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 

  
 18 

 6.4-3 The Plan may transfer the portion of the Participant’s Account subject
to the diversification election to another qualified defined contribution plan of the Employer that offers at least three investment options satisfying the requirements of the Regulations under Section 404(c) of ERISA. 

 

	Section 7.	Voting Rights and Dividends on Stock. 

 7.1 Voting and Tendering of
Stock. 
 7.1-1 The Trustee generally shall vote all shares of Stock held under the Plan in accordance with the
written instructions of the Committee. However, if any Employer has a registration-type class of securities within the meaning of Section 409(e)(4) of the Code, or if a matter submitted to the
holders of the Stock involves a merger, consolidation, recapitalization, reclassification, liquidation, dissolution, or sale of substantially all assets of an entity, then (i) the shares of Stock which have been allocated to Participants’
Accounts shall be voted by the Trustee in accordance with the Participants’ written instructions, and (ii) the Trustee shall vote any unallocated Stock, allocated Stock for which it has received no voting instructions, and Stock for which
Participants vote to “abstain,” in the same proportions as it votes the allocated Stock for which it has received instructions from Participants. In the event no shares of Stock have been allocated to Participants’ Accounts at the
time Stock is to be voted and any exempt loan which may be outstanding is not in default, each Participant shall be deemed to have one share of Stock allocated to his or her Account for the sole purpose of providing the Trustee with voting
instructions. 
 Notwithstanding any provision hereunder to the contrary, all unallocated shares of Stock must be voted by
the Trustee in a manner determined by the Trustee to be for the exclusive benefit of the Participants and Beneficiaries. Whenever such voting rights are to be exercised, the Employers shall provide the Trustee, in a timely manner, with the same
notices and other materials as are provided to other holders of the Stock, which the Trustee shall distribute to the Participants. The Participants shall be provided with adequate opportunity to deliver their instructions to the Trustee regarding
the voting of Stock allocated to their Accounts. The instructions of the Participants’ with respect to the voting of allocated shares hereunder shall be confidential. 

7.1-2 In the event of a tender offer, Stock shall be tendered by the Trustee in the same manner as set forth above with respect
to the voting of Stock. Notwithstanding any provision hereunder to the contrary, Stock must be tendered by the Trustee in a manner determined by the Trustee to be for the exclusive benefit of the Participants and Beneficiaries. 

7.2 Application of Dividends. 

7.2-1 Stock Dividends. Dividends on Stock which are received by the Trustee in the form of additional Stock shall be
retained in the Stock Fund, and shall be allocated among the Participants’ Accounts and the Unallocated Stock Fund in accordance with their holdings of the Stock on which the dividends are paid. 

  
 19 

 7.2-2 Cash Dividends. The treatment of dividends paid in cash shall be
determined after consideration to whether the cash dividends are paid on Stock held in Participants’ Accounts or the Unallocated Stock Fund. 

(i) On Stock in Participants’ Accounts. 

(A) Employer Exercises Discretion. Dividends on Stock credited to Participants’ Accounts which are received by the
Trustee in the form of cash shall, at the direction of the Employer paying the dividends, either (I) be credited to the Accounts in accordance with Section 8.4(iii) and invested as part of the Investment Fund, (II) be distributed
immediately to the Participants in proportion with the Participants’ Stock Fund Account balance (III) be distributed to the Participants within 90 days of the close of the Plan Year in which paid in proportion with the Participants’ Stock
Fund Account balance or (IV) be used to make payments on the Exempt Loan. If dividends on Stock allocated to a Participant’s Account are used to repay the Exempt Loan, Stock with a fair market value equal to the dividends so used must be
allocated to such Participant’s Account in lieu of the dividends. 
 (B) Participant Exercises Discretion over
Dividend. In addition, in the sole discretion of the Employer, the Employer may grant Participants the right to elect: (I) to have cash dividends paid on shares of Stock credited to such Participants’ Stock Fund Accounts distributed to
the Participant, or (II) to leave the cash dividends allocated to the Participant’s Account in the Plan, to be credited to the Stock Fund Account and invested in shares of Stock. Dividends on which such election may be made will be fully vested
in the Participant (even if not otherwise vested, absent the ability to make such election). Accordingly, the Employer may choose to offer this election only to Participants who are fully vested in their Account. In the event the Employer elects to
give Participants the right to determine the treatment of such dividends, the Participant’s election shall be made by filing with the Committee the appropriate written direction as provided by the Committee at such time and in accordance with
such procedures and limitations which the Committee may from time to time establish; provided, however, that the procedures established by the Committee shall provide a reasonable opportunity to change the election at least annually, may establish a
default election if a Participant fails to make an affirmative election within the time established for making elections, may provide that the election is applicable for the Plan Year and cannot be revoked with respect to such Plan Year, shall
otherwise be implemented in a manner such that the dividends paid or reinvested will constitute “applicable dividends” which may be deducted under Code Section 404(k), and are in accordance with applicable guidance issued or to be
issued by the Secretary of the Treasury. If the Employer elects to give Participants the right to exercise the discretion in this Paragraph 7.2-2(i)(B), the ability to make such election shall be available to the Participant with respect to
dividends paid for the entire Plan Year. 

  
 20 

 (ii) On Stock in the Unallocated Stock Fund. Dividends received on shares
of Stock held in the Unallocated Stock Fund shall be applied to the repayment of principal and interest then due on the Exempt Loan used to acquire such shares. If the amount of dividends exceeds the amount needed to repay such principal and
interest (including any prepayments of principal and interest deemed advisable by the Employer), then in the sole discretion of the Committee, the excess shall: (A) be allocated to Active Participants, pro rata, in proportion to the
Compensation of each such person that was earned during that portion of the Plan Year that such person participated in the Plan compared to total Compensation of each Active Participant for such year, or (B) be deemed to be general earnings of
the Trust Fund and used for paying appropriate Plan or Trust related expenditures for the Plan Year. Notwithstanding the foregoing, dividends paid on a share of Stock may not be used to make payments on a particular Exempt Loan unless the share was
acquired with the proceeds of such loan or a refinancing of such loan. 
  

	Section 8.	Adjustments to Accounts. 

 8.1 ESOP Allocations. Amounts
available for allocation for a particular Plan Year will be divided into two categories. The first category relates to shares of Stock released from the Unallocated Stock Fund attributable to using cash dividends to make Exempt Loan payments. The
second category relates to contributions made by the Employer, shares of Stock released from the Unallocated Stock Fund on the basis of Employer contributions (or on the basis of the complete repayment of the Exempt Loan through the sale or other
disposition of Stock in the Unallocated Stock Fund) and amounts forfeited from Stock Fund Accounts pursuant to Section 9.5. 

8.1-1 Shares of Stock attributable to the first category will be allocated to the Stock Fund Accounts of eligible Participants
as follows: 
 (i) first, if dividends paid on shares of Stock held in Participants’ Stock Fund Accounts are used to
make payments on an Exempt Loan, there shall be allocated to each such account a number of shares of Stock released from the Unallocated Stock Fund with a fair market value (determined as of the Valuation Date coincident with or immediately
preceding the loan payment date) that at least equals the amount of dividends so used, 
 (ii) second, if necessary, any
remaining shares of Stock shall be applied to reinstate amounts forfeited from Stock Fund Accounts of former employees who are entitled to a reinstatement under Section 9.5, and 

(iii) finally, any remaining shares of Stock shall be allocated as of the last Valuation Date of the Plan Year for which they
are allocated in the same manner as described in Section 8.1-2. 

  
 21 

 8.1-2 Shares of Stock or cash attributable to the second category (i.e., Employer
contributions, Stock released from the Unallocated Stock Fund on the basis of Employer contributions, amounts forfeited, and, to the extent applicable, shares of Stock released in accordance with Section 8.1-1(iii)) will be allocated to the
Stock Fund Accounts or Investment Fund Accounts, as the case may be, pro rata, in proportion to the Compensation of each Active Participant that was earned by such Participant during the period of the Plan Year in which such person participated in
the Plan compared to total Compensation for all Active Participants. 
 8.1-3 Shares of Stock or cash attributable to
contributions made under Section 4.1-2 shall be allocated specifically to the Participants on whose behalf such contributions were made. 

8.2 Charges to Accounts. When a Valuation Date occurs, any distributions made to or on behalf of any Participant or Beneficiary
since the last preceding Valuation Date shall be charged to the proper Accounts maintained for that Participant or Beneficiary. 
 8.3
Stock Fund Account. Subject to the provisions of Sections 5 and 8.1, as of the last day of each Plan Year, the Trustee shall credit to each Participant’s Stock Fund Account: (a) the Participant’s allocable share of
Stock purchased by the Trustee or contributed by the Employer to the Trust Fund for that year; (b) the Participant’s allocable share of the Stock that is released from the Unallocated Stock Fund for that year; (c) the
Participant’s allocable share of any forfeitures of Stock arising under the Plan during that year; and (d) any stock dividends declared and paid during that year on Stock credited to the Participant’s Stock Fund Account. 

If, in any Plan Year during which an outstanding Exempt Loan exists, the Employer directs the Trustee to sell or otherwise dispose of a number
of shares of Stock in the Unallocated Stock Fund sufficient to repay, in its entirety, the Exempt Loans, and following such repayment, there remains Stock or other assets in the Unallocated Stock Fund, such Stock or other assets shall be allocated
as of the last day of the Plan Year in which the repayment occurred as earnings of the Plan to Active Participants, in proportion to the number of shares held in Active Participants’ Stock Fund Accounts. 

8.4 Investment Fund Account. Subject to the provisions of Sections 5 and 8.1 as of the last day of each Plan Year, the Trustee
shall credit to each Participant’s Investment Fund Account: (i) the Participant’s allocable share of any contribution for that year made by the Employer in cash or in property other than Stock that is not used by the Trustee to
purchase Employer Stock or to make payments due under an Exempt Loan; (ii) the Participant’s allocable share of any forfeitures from the Investment Fund Accounts of other Participants arising under the Plan during that year; (iii) any
cash dividends paid during that year on Stock credited to the Participant’s Stock Fund Account, other than dividends which are paid directly to the Participant and other than dividends which are used to repay Exempt Loan; and (iv) the
share of the net income or loss of the Trust Fund properly allocable to that Participant’s Investment Fund Account, as provided in Section 8.5. 

8.5 Adjustment to Value of Trust Fund. As of the last day of each Plan Year, the Trustee shall determine: (i) the net worth
of that portion of the Trust Fund which consists of 

  
 22 

 
properties other than Stock (the “Investment Fund”); and (ii) the increase or decrease in the net worth of the Investment Fund since the last day of the preceding Plan Year. The
net worth of the Investment Fund shall be the fair market value of all properties held by the Trustee under the Trust Agreement other than Stock, net of liabilities other than liabilities to Participants and their beneficiaries. The Trustee shall
allocate to the Investment Fund Account of each Participant that percentage of the increase or decrease in the net worth of the Investment Fund equal to the ratio which the balances credited to the Participant’s Investment Fund Account bear to
the total amount credited to all Participants’ Investments Fund Accounts. This allocation shall be made after application of Section 7.2, but before application of Sections 8.1, 8.4 and 5.1. 

8.6 Participant Statements. Each Plan Year, the Committee shall provide or shall cause to be provided to each Participant a
statement of his or her Account balances, and the vested percentage thereof, as of the last day of the Plan Year. 
  

	Section 9.	Vesting of Participants’ Interests. 

 9.1 Vesting in
Accounts. A Participant’s vested interest in his Account shall be based on his Vesting Years in accordance with the following table, subject to the balance of this Section 9: 

 

					
	 Vesting Years
	  	Percentage of
Interest Vested	 
	 [Fewer than 2
	  	 	0	% 
	 2
	  	 	0	% 
	 3 or more
	  	 	100	%] 

 9.2 Computation of Vesting Years. For purposes of this Plan, a “Vesting Year” means
generally a Plan Year in which an Eligible Employee has performed at least 1,000 Hours of Service, beginning with the first Plan Year in which the Eligible Employee has completed an Hour of Service with the Employer, and including Service with other
Employers as provided in the definition of “Service.” Notwithstanding the above, an Eligible Employee who was employed with the Bank shall receive credit for vesting purposes for each calendar year of continuous employment with the Bank,
prior to the adoption of the Plan, in which such Eligible Employee completed 1,000 Hours of Service (such years shall also be referred to as “Vesting Years”). However, a Participant’s Vesting Years shall be computed subject to the
following conditions and qualifications: 
 9.2-1 A Participant’s Vesting Years shall not include any Service prior to
the date on which an Employee attains age 18. 
 9.2-2 To the extent applicable, a Participant’s vested interest in his
Account accumulated before five (5) consecutive one year Breaks in Service shall be determined without regard to any Service after such five consecutive Breaks in Service. Further, if a Participant has five (5) consecutive one year Breaks
in Service before his interest in his Account has become vested to some extent, pre-Break in Service years of Service shall not be required to be taken into account for purposes of determining his post-Break in Service vested percentage. 

  
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 9.2-3 To the extent applicable, in the case of a Participant who has five
(5) or more consecutive one year Breaks in Service, the Participant’s pre-Break in Service will count in vesting of the Employer-derived post-Break in Service accrued benefit only if either: 

(i) such Participant has any nonforfeitable interest in the accrued benefit attributable to Employer contributions at the time
of severance from employment, or 
 (ii) upon returning to Service the number of consecutive one year Breaks in Service is
less than the number of years of Service. 
 9.2-4 Notwithstanding any provision of the Plan to the contrary, calculation of
service for determining Vesting Years with respect to qualified military service will be provided in accordance with Section 414(u) of the Code. 

9.2-5 To the extent applicable, if any amendment changes the vesting schedule, including an automatic change to or from a
top-heavy vesting schedule, any Participant with three (3) or more Vesting Years may, by filing a written request with the Employer, elect to have his vested percentage computed under the vesting schedule in effect prior to the amendment. The
election period must begin not later than the later of sixty (60) days after the amendment is adopted, the amendment becomes effective, or the Participant is issued written notice of the amendment by the Employer or the Committee. 

9.3 Full Vesting Upon Certain Events. 

9.3-1 Notwithstanding Section 9.1, a Participant’s interest in his Account shall fully vest on the Participant’s
Normal Retirement Date. The Participant’s interest shall also fully vest in the event that his Service is terminated by Disability or by death. For purposes of this Section 9.3-1, benefits payable in the event of a Participant’s death
or Disability while performing qualified military service shall fully vest in accordance with Section 414(u)(9) of the Code. 

9.3-2 The Participant’s interest in his Account shall also fully vest in the event of a “Change in Control” of
the Bank, or the Company. For these purposes “Change in Control” means a change in control of a nature that: (i) would be required to be reported in response to Item 5.01 of the current report on Form 8-K, as in effect on the
date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) results in a Change in Control of the Bank or the Company within the meaning of the Bank Holding Company Act of
1956, as amended (“BHCA”); or (iii) without limitation such a Change in Control shall be deemed to have occurred at such time as (a) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is
or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of the Company’s outstanding securities,
except for any securities purchased by the Bank’s employee stock ownership plan or trust; or (b) individuals who constitute the Board of the Directors on the date hereof (the “Incumbent

  
 24 

 
Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a
vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the Company’s stockholders was approved by the same Nominating Committee serving under an Incumbent Board, shall be, for
purposes of this clause (b), considered as though he were a member of the Incumbent Board; or (c) a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the Company or similar
transaction in which the Bank or Company is not the surviving institution occurs or is effected; or (d) a proxy statement soliciting proxies from stockholders of the Company is distributed, by someone other than the current management of the
Company, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Company or similar transaction with one or more business organizations as a result of which the outstanding shares of the class of securities then
subject to the plan are to be exchanged for or converted into cash or property or securities not issued by the Company; or (e) a tender offer is made for 25% or more of the voting securities of the Company and the shareholders owning
beneficially or of record 25% or more of the outstanding securities of the Company have tendered or offered to sell their shares pursuant to such tender offer and such tendered shares have been accepted by the tender offeror. 

9.4 Full Vesting Upon Plan Termination. Notwithstanding Section 9.1, a Participant’s interest in his
Account shall fully vest upon termination of this Plan or upon the permanent and complete discontinuance of contributions by his Employer. In the event of a partial termination, the interest of each affected Participant shall fully vest with respect
to that part of the Plan which is terminated. A partial termination of the Plan shall be determined by the Internal Revenue Service Commissioner based on the facts and circumstances of the particular case in accordance with Code
Section 411(d)(3) and the corresponding Treasury Regulations issued thereunder. 
 9.5 Forfeiture, Repayment, and
Restoral. If a Participant’s Service terminates before his interest in his Account is fully vested, that portion which has not vested shall be forfeited after a one-year break in service. If a Participant’s Service
terminates prior to having any portion of his Account become vested, such Participant shall be deemed to have received a distribution of his vested interest immediately upon his termination of Service. 

If a Participant who has suffered a forfeiture of the nonvested portion of his Account returns to Service before he has five
(5) consecutive one-year Breaks in Service, the nonvested portion shall be restored, provided that, if the Participant had received a distribution of his vested Account balance, the amount distributed shall be repaid prior to such restoral. The
Participant may repay such amount at any time within five years after he has returned to Service. The amount repaid shall be credited to his Account at the time it is repaid; an additional amount equal to that portion of his Account which was
previously forfeited shall be restored to his Account at the same time from other Employees’ forfeitures and, if such forfeitures are insufficient, then from amounts allocated in accordance with Section 8.1-1(ii), and if insufficient, then
from a special contribution by his Employer for that year. A Participant who was deemed to have received a distribution of his vested interest in the Plan shall have his Account restored as of the first day on which he performs an Hour of Service
after his return. 

  
 25 

 In addition, if a Participant did not receive a distribution of his vested Account balance but
his non-vested Account balance was forfeited after a one-year Break in Service, such nonvested Account balance shall be restored if the Plan terminates before the Participant has a five-year Break in Service. If the Participant did not receive a
distribution of his vested Account balance, any forfeiture restored shall include earnings that would have been credited to the Account but for the forfeiture. 

For purposes of this Section and Section 5.1 of the Plan, if a portion of a Participant’s Account is forfeited, Stock allocated from
an Exempt Loan will be forfeited only after other assets. If interests in more than one class of Stock have been allocated to a Participant’s Account, the Participant must be treated as forfeiting the same proportion of each such class. 

9.6 Accounting for Forfeitures. If a portion of a Participant’s Account is forfeited, Stock allocated to said
Participant’s Account shall be forfeited only after other assets are forfeited. If interests in more than one class of Stock have been allocated to a Participant’s Account, the Participant must be treated as forfeiting the same proportion
of each class of Stock. A forfeiture shall be charged to the Participant’s Account as of the first day of the first Valuation Period in which the forfeiture becomes certain pursuant to Section 9.5. Except as otherwise provided in that
Section, a forfeiture shall be added to the contributions of the terminated Participant’s Employer which are to be credited to other Participants pursuant to Section 4.1 as of the last day of the Plan Year in which the forfeiture becomes
certain. 
 9.7 Vesting and Nonforfeitability. A Participant’s interest in his Account which has become vested shall be
nonforfeitable for any reason. 
  

	Section 10.	Payment of Benefits. 

 10.1 Benefits for Participants. For a
Participant whose Service ends for any reason, distribution will be made to or for the benefit of the Participant or, in the case of the Participant’s death, his Beneficiary, by payment in a lump sum, in accordance with Section 10.2. Prior
to any such distribution, any Participant entitled to a distribution will receive a form upon which the Participant can elect the manner of such distribution (e.g., whether to receive the distribution directly or transfer such distribution to an
individual retirement account or other tax-qualified plan), a special tax notice regarding the consequences of such distribution, and, if applicable, that the Participant has the right not to consent to a distribution at such time. 

If a Participant so desires, he may direct how his benefits are to be paid to his Beneficiary. Notice to the Participant with regard to having
the right to elect the manner in which his vested Account balance will be distributed to him may be given up to 180 days before the first day of the first period for which an amount is payable. If a deceased Participant did not file a direction with
the Committee, the Participant’s benefits shall be distributed to his Beneficiary in a lump sum. Notwithstanding any provision to the contrary, if the value of a Participant’s vested Account balance at the time of any distribution does not
exceed $1,000, then such Participant’s vested Account shall be distributed, without regard to whether the Participant consents, in a lump sum within 60 days after the end of the Plan Year in which employment terminates. If the value of a
Participant’s vested Account balance is in excess of $5,000, then his benefits shall not be paid prior to his Normal Retirement Date unless he elects an early payment 

  
 26 

 
date in a written election filed with the Committee. A Participant may modify such an election at any time, provided any new benefit payment date is at least 30 days after a modified election is
delivered to the Committee. The Committee shall provide the Participant with written notice designed to comply with the requirements of Code Section 411(a)(11), and shall provide the Participant with a general description of the material
features of the optional forms of benefits under the Plan and the right to defer receipt of any distribution under the Plan. Such notice shall be provided no less than 30 days and no more than 180 days before the date a distribution under the Plan
commences. Notwithstanding the foregoing, failure of a Participant to consent to a distribution prior his Normal Retirement Date shall be deemed to be an election to defer commencement of payment of any benefit under this section. Notwithstanding
the foregoing, unless a Participant elects to receive a distribution, the Committee shall transfer accounts of $1,000 or more, but not exceeding $5,000, in a direct rollover to an individual retirement plan designated by the Committee in accordance
with Code Section 401(a)(31)(B) and the regulations promulgated thereunder. All distributions of $5,000 or less that are made pursuant to this Section without the Participant’s consent shall be made in cash. 

Notwithstanding anything to the contrary, in the event the Participant dies while performing qualified military service (as defined
Section 414(u) of the Code), the Participant’s Beneficiary shall be entitled to any additional benefit provided under the Plan had the Participant resumed and then severed from employment on account of death. 

10.2 Time for Distribution. 

10.2-1 If the Participant and, if applicable, with the consent of the Participant’s spouse, elects the distribution of the
Participant’s Account balance in the Plan, distribution shall commence as soon as practicable following his termination of Service, but no later than one year after the close of the Plan Year in which the Participant severs employment by reason
of attainment of Normal Retirement Age under the Plan, Disability, or death, or which is the fifth Plan Year following the Plan Year in which the Participant otherwise severs employment, except that this clause shall not apply if the Participant is
reemployed by the Employer before distribution is required to begin. 
 10.2-2 Unless the Participant elects otherwise, the
distribution of the balance of a Participant’s Account shall commence not later than the 60th day after the latest of the close of the Plan Year in which - 

(i) the Participant attains the age of 65; 

(ii) occurs the tenth anniversary of the year in which the Participant commenced participation in the Plan; or 

(iii) the Participant terminates his Service with the Employer. 

10.2-3 Notwithstanding anything to the contrary, (1) with respect to a 5-percent owner (as defined in Code
Section 416), distribution of a Participant’s Account shall commence (whether or not he remains in the employ of the Employer) not later than the April 1 of the calendar year next following the calendar year in which the Participant
attains age 70 1⁄2, and (2) with respect to all other Participants, payment of a Participant’s 

  
 27 

 
benefit will commence not later than April 1 of the calendar year following the calendar year in which the Participant attains age 70 1⁄2, or, if later, the year in which the Participant retires. A Participant’s benefit from that portion of his Account committed to the Investment Fund shall be calculated on the basis of the most recent
Valuation Date before the date of payment. 
 10.2-4 Distribution of a Participant’s Account balance after his death
shall comply with the following requirements: 
 (i) If a Participant dies before his distributions have commenced,
distribution of his Account to his Beneficiary shall commence not later than one year after the end of the Plan Year in which the Participant died; however, if the Participant’s Beneficiary is his surviving Spouse, distributions may commence on
the date on which the Participant would have attained age 70 1⁄2. In either case, distributions shall be completed within five years after they commence.

 (ii) If the Participant dies after distribution has commenced pursuant to Section 10.1 but before his entire interest
in the Plan has been distributed to him, then the remaining portion of that interest shall, in accordance with Section 401(a)(9) of the Code, be distributed at least as rapidly as under the method of distribution being used under
Section 10.1 at the date of his death. 
 (iii) If a married Participant dies before his benefit payments begin, then
the Committee shall cause the balance in his Account to be paid to his Beneficiary, provided, however, that no election by a married Participant of a different Beneficiary than his surviving Spouse shall be valid unless the election is accompanied
by the Spouse’s written consent, which (A) must acknowledge the effect of the election, (B) must explicitly provide either that the designated Beneficiary may not subsequently be changed by the Participant without the Spouse’s
further consent, or that it may be changed without such consent, and (C) must be witnessed by the Committee, its representative, or a notary public. This requirement shall not apply if the Participant establishes to the Committee’s
satisfaction that the Spouse may not be located. 
 10.2-5 If a Participant or any other distributee’s distribution is
rolled over to another eligible retirement plan following the Participant’s required beginning date (as determined in accordance with Section 10.2-3), only the amount that exceeds the required minimum distribution amount for the Plan Year
(as determined in accordance with Code Section 401(a)(9)) in which the rollover is completed is treated as an eligible rollover distribution for purposes of Section 10.9. 

10.2-6 All distributions under this section shall be determined and made in accordance with Code Section 401(a)(9) and
final Treasury Regulations Sections 1.401(a)(9)-1 through 1.401(a)(9)-9, including the minimum distribution incidental benefit requirements of Code Section 401(a)(9)(G). These provisions override any distribution options in the Plan
inconsistent with Code Section 401(a)(9). 

  
 28 

 10.3 Marital Status. The Committee, the Plan, the Trustee, and the Employers shall
be fully protected and discharged from any liability to the extent of any benefit payments made as a result of the Committee’s good faith and reasonable reliance upon information obtained from a Participant and his Employer as to his marital
status. 
 10.4 Delay in Benefit Determination. If the Committee is unable to determine the benefits payable to a Participant
or Beneficiary on or before the latest date prescribed for payment pursuant to Section 10.1 or 10.2, the benefits shall in any event be paid within 60 days after they can first be determined, with whatever makeup payments may be appropriate in
view of the delay. 
 10.5 Accounting for Benefit Payments. Any benefit payment shall be charged to the Participant’s
Account as of the first day of the Valuation Period in which the payment is made. 
 10.6 Options to Receive Stock. Unless
ownership of virtually all Stock is restricted to active Employees and qualified retirement plans for the benefit of Employees pursuant to the certificates of incorporation or by-laws of the Employers issuing
Stock, a terminated Participant or the Beneficiary of a deceased Participant may instruct the Committee to distribute the Participant’s entire vested interest in his Account in the form of Stock. In that event, the Committee shall apply the
Participant’s vested interest in the Investment Fund to purchase sufficient Stock from the Stock Fund or from any owner of Stock to make the required distribution. In all other cases, other than as specifically set forth in Section 10.1,
the Participant’s vested interest in the Stock Fund shall be distributed in shares of Stock, and his vested interest in the Investment Fund shall be distributed in cash. If Stock acquired with the proceeds of an Exempt Loan available for
distribution consist of more than one class of Stock, the Participant (or Beneficiary, if applicable) must receive substantially the same proportion of each such class. No fractional shares of stock shall be distributed. 

Any Participant who receives Stock pursuant to Section 10.1, and any person who has received Stock from the Plan or from such a
Participant by reason of the Participant’s death or incompetence, by reason of divorce or separation from the Participant, or by reason of a rollover contribution described in Section 402(a)(5) of the Code, shall have the right to require
the Employer which issued the Stock to purchase the Stock for its current fair market value (hereinafter referred to as the “put right”). The put right shall be exercisable by written notice to the Committee during the first 60 days after
the Stock is distributed by the Plan, and, if not exercised in that period, during the first 60 days in the following Plan Year after the Committee has communicated to the Participant its determination as to the Stock’s current fair market
value. However, the put right shall not apply to the extent that the Stock, at the time the put right would otherwise be exercisable, may be sold on an established market in accordance with federal and state securities laws and regulations.
Similarly, the put option shall not apply with respect to the portion of a Participant’s Account which the Employee elected to have reinvested under Code Section 401(a)(28)(B). If the put right is exercised, the Trustee may, if so directed
by the Committee in its sole discretion, assume the Employer’s rights and obligations with respect to purchasing the Stock. Notwithstanding anything herein to the contrary, in the case of a plan established by a bank (as defined in Code
Section 581), the put option shall not apply if prohibited by a federal or state law and Participants are entitled to elect their benefits be distributed in cash. 

  
 29 

 The Employer or the Trustee, as the case may be, may elect to pay for the Stock in equal periodic
installments, not less frequently than annually, over a period beginning not later than 30 days after the exercise of the put right and not exceeding five years, with adequate security and interest at a reasonable rate on the unpaid balance, all
such terms to be set forth in a promissory note delivered to the seller with normal terms as to acceleration upon any uncured default. 

Nothing contained herein shall be deemed to obligate any Employer to register any Stock under any federal or state securities law or to create
or maintain a public market to facilitate the transfer or disposition of any Stock. The put right described herein may only be exercised by a person described in the second preceding paragraph, and may not be transferred with any Stock to any other
person. As to all Stock purchased by the Plan in exchange for any Exempt Loan, the put right shall be nonterminable. The put right for Stock acquired through an Exempt Loan shall continue with respect to such Stock after the Exempt Loan is repaid or
the Plan ceases to be an employee stock ownership plan. Notwithstanding anything in the Plan to the contrary, if securities acquired with the proceeds of an Exempt Loan available for distribution consist of more than one class, a distributee must
receive substantially the same proportion of each such class, in accordance with Treasury Regulations Section 54.4975-11(f)(2). 
 10.7
Restrictions on Disposition of Stock. Except in the case of Stock which is traded on an established market, a Participant who receives Stock pursuant to Section 10.1, and any person who has received Stock from the Plan or from
such a Participant by reason of the Participant’s death or incompetence, by reason of divorce or separation from the Participant, or by reason of a rollover contribution described in Section 402(a)(5) of the Code, shall, prior to any sale
or other transfer of the Stock to any other person, first offer the Stock to the issuing Employer and to the Plan at the greater of (i) its current fair market value, or (ii) the purchase price offered in good faith by an independent third
party purchaser. This restriction shall apply to any transfer, whether voluntary, involuntary, or by operation of law, and whether for consideration or gratuitous. Either the Employer or the Trustee may accept the offer within 14 days after it is
delivered. Any Stock distributed by the Plan shall bear a conspicuous legend describing the right of first refusal under this Section 10.7, as well as any other restrictions upon the transfer of the Stock imposed by federal and state securities
laws and regulations. 
 10.8 Continuing Loan Provisions; Creations of Protections and Rights. Except as otherwise provided in
Sections 10.6 and 10.7 and this Section, no shares of Employer Stock held or distributed by the Trustee may be subject to a put, call or other option, or buy-sell arrangement. The provisions of this Section shall continue to be applicable to such
Stock even if the Plan ceases to be an employee stock ownership plan under Section 4975(e)(7) of the Code. 
 10.9 Direct
Rollover of Eligible Distribution. A Participant or distributee may elect, at the time and in the manner prescribed by the Trustee or the Committee, to have any portion of an eligible rollover distribution paid directly to an eligible
retirement plan specified by the Participant or distributee in a direct rollover. 
 10.9-1 An “eligible rollover”
is any distribution that does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint
life expectancies) of the Participant and the Participant’s Beneficiary, 

  
 30 

 
or for a specified period of ten years or more; any distribution to the extent such distribution is required under Code Section 401(a)(9); any hardship distribution described in
Section 401(k)(2)(B)(i)(IV) of the Code; and the portion of any distribution that is not included in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities). Notwithstanding
the foregoing, an “eligible rollover” shall include a distribution that is made to a “distributee” as defined under Section 10.9-4. 

10.9-2 An “eligible retirement plan” is an individual retirement account described in Code Section 408(a), an
individual retirement annuity described in Code Section 408(b), a deemed individual retirement account described in Code Section 408(q), an annuity plan described in Code Section 403(a), a Roth individual retirement account in
accordance with Code Section 408A(e), or a qualified trust described in Code Section 401(a), that accepts the distributee’s eligible rollover distribution. An eligible retirement plan shall also include an annuity contract described
in Section 403(b) of the Code and an eligible plan under Section 457(b) of the Code which is maintained by a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for
amounts transferred into such plan from this Plan. 
 10.9-3 A “direct rollover” is a payment by the Plan to the
eligible retirement plan specified by the distributee. 
 10.9-4 The term “distributee” shall refer to a deceased
Participant’s Spouse or a Participant’s former Spouse who is the alternate payee under a qualified domestic relations order, as defined in Code Section 414(p), and shall include non-Spouse Beneficiaries pursuant to Code
Section 402(c)(11). 
 10.9-5 The Committee shall provide Participants or other distributes of eligible rollover
distributions with a written notice designed to comply with the requirements of Code Section 402(f). Such notice shall be provided within a reasonable period of time before making an eligible rollover distribution. Such notice may be provided
up to 180 days before the first day of the first period for which an amount is payable. 
 10.10 Waiver of 30-Day Period After Notice
of Distribution. If a distribution is one to which Sections 402(f) and 411(a)(11) of the Code apply, such distribution may commence less than 30 days after the notice required under Section 1.402(f)-1 or 1.411(a)-11(c) of the Treasury
Regulations is given, provided that: 
 (i) the Trustee or Committee, as applicable, clearly informs the Participant that the
Participant has a right to a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect to make a tax-free rollover or receive a taxable distribution (and, if applicable, a particular form of
distribution), and 
 (ii) the Participant, after receiving the notice, affirmatively elects to make a tax-free rollover or
receive a taxable distribution. 

  
 31 

 Section 11. Rules Governing Benefit Claims and Review of Appeals. 

11.1 Claim for Benefits. Any Participant or Beneficiary who qualifies for the payment of benefits shall file a claim for his
benefits with the Committee on a form provided by the Committee. The claim, including any election of an alternative benefit form, shall be filed at least 30 days before the date on which the benefits are to begin. If a Participant or Beneficiary
fails to file a claim by the day before the date on which benefits become payable, he shall be presumed to have filed a claim for payment for the Participant’s benefits in the standard form prescribed by Sections 10.1 or 10.2. 

11.2 Notification by Committee. Within 90 days after receiving a claim for benefits (or within 180 days, if special
circumstances require an extension of time and written notice of the extension is given to the Participant or Beneficiary within 90 days after receiving the claim for benefits), the Committee shall notify the Participant or Beneficiary whether the
claim has been approved or denied. If the Committee denies a claim in any respect, the Committee shall set forth in a written notice to the Participant or Beneficiary: 

(i) each specific reason for the denial; 

(ii) specific references to the pertinent Plan provisions on which the denial is based; 

(iii) a description of any additional material or information which could be submitted by the Participant or Beneficiary to
support his claim, with an explanation of the relevance of such information; and 
 (iv) an explanation of the claims review
procedures set forth in Section 11.3. 
 11.3 Claims Review Procedure. Within 60 days after a Participant or Beneficiary
receives notice from the Committee that his claim for benefits has been denied in any respect, he may file with the Committee a written notice of appeal setting forth his reasons for disputing the Committee’s determination. In connection
with his appeal the Participant or Beneficiary or his representative may inspect or purchase copies of pertinent documents and records to the extent not inconsistent with other Participants’ and Beneficiaries’ rights of privacy. Within 60
days after receiving a notice of appeal from a prior determination (or within 120 days, if special circumstances require an extension of time and written notice of the extension is given to the Participant or Beneficiary and his representative
within 60 days after receiving the notice of appeal), the Committee shall furnish to the Participant or Beneficiary and his representative, if any, a written statement of the Committee’s final decision with respect to his claim, including the
reasons for such decision and the particular Plan provisions upon which it is based. 
  

	Section 12.	The Committee and its Functions. 

 12.1 Authority of
Committee. The Committee shall be the “plan administrator” within the meaning of ERISA and shall have exclusive responsibility and authority to control and manage the operation and administration of the Plan, including the
interpretation and application of its provisions, except to the extent such responsibility and authority are otherwise specifically (i) allocated to the Bank, the Employers, or the Trustee under the Plan and Trust Agreement, (ii) delegated
in writing to other persons by the Bank, the Employers, the Committee, or the Trustee, or (iii) allocated to other parties by operation of law. The Committee shall have exclusive 

  
 32 

 
responsibility regarding decisions concerning the payment of benefits under the Plan. The Committee shall have no investment responsibility with respect to the Investment Fund except to the
extent, if any, specifically provided in the Trust Agreement. In the discharge of its duties, the Committee may employ accountants, actuaries, legal counsel, and other agents (who also may be employed by an Employer or the Trustee in the same or
some other capacity) and may pay their reasonable expenses and compensation. 
 12.2 Identity of Committee. The Committee
shall consist of three or more individuals selected by the Bank. Any individual, including a director, trustee, shareholder, officer, or Employee of an Employer, shall be eligible to serve as a member of the Committee. The Bank shall have the power
to remove any individual serving on the Committee at any time without cause upon 10 days written notice, and any individual may resign from the Committee at any time upon 10 days written notice to the Bank. The Bank shall notify the Trustee of any
change in membership of the Committee. 
 12.3 Duties of Committee. The Committee shall keep whatever records may be necessary
to implement the Plan and shall furnish whatever reports may be required from time to time by the Bank. The Committee shall furnish to the Trustee whatever information may be necessary to properly administer the Trust. The Committee shall see to the
filing with the appropriate government agencies of all reports and returns required of the Plan under ERISA and other laws. 
 Further, the
Committee shall have exclusive responsibility and authority with respect to the Plan’s holdings of Stock and shall direct the Trustee in all respects regarding the purchase, retention, sale, exchange, and pledge of Stock and the creation and
satisfaction of Exempt Loans. The Committee shall at all times act consistently with the Bank’s long-term intention that the Plan, as an employee stock ownership plan, be invested primarily in Stock. In
determining the proper extent of the Trust’s investment in Stock, the Committee shall be authorized to employ investment counsel, legal counsel, appraisers, and other agents and to pay their reasonable expenses and compensation. 

12.4 Valuation of Stock. If the valuation of any Stock is not readily tradable on an established securities market, the
valuation of such Stock shall be determined by an independent appraiser. For purposes of the preceding sentence, the term “independent appraiser” means any appraiser meeting requirements similar to the requirements of the regulations
prescribed under Section 170(a)(1) of the Code. The Valuation Date for all Plan transactions, including transactions between the Plan and a disqualified person, shall be the date of the transaction, in accordance with Treasury Regulations
Section 54.4975-11(d)(5). 
 12.5 Compliance with ERISA. The Committee shall perform all acts necessary to comply with
ERISA. Each individual member or employee of the Committee shall discharge his duties in good faith and in accordance with the applicable requirements of ERISA. 

12.6 Action by Committee. All actions of the Committee shall be governed by the affirmative vote of a number of members which is
a majority of the total number of members currently appointed, including vacancies. 

  
 33 

 12.7 Execution of Documents. Any instrument executed by the Committee shall be
signed by any member or employee of the Committee. 
 12.8 Adoption of Rules. The Committee shall adopt such rules and
regulations of uniform applicability as it deems necessary or appropriate for the proper administration and interpretation of the Plan. 

12.9 Responsibilities to Participants. The Committee shall determine which Employees qualify to enter the Plan. The Committee
shall furnish to each Eligible Employee whatever summary plan descriptions, summary annual reports, and other notices and information may be required under ERISA. The Committee also shall determine when a Participant or his Beneficiary qualifies for
the payment of benefits under the Plan. The Committee shall furnish to each such Participant or Beneficiary whatever information is required under ERISA (or is otherwise appropriate) to enable the Participant or Beneficiary to make whatever
elections may be available pursuant to Sections 6 and 10, and the Committee shall provide for the payment of benefits in the proper form and amount from the assets of the Trust Fund. The Committee may decide in its sole discretion to permit
modifications of elections and to defer or accelerate benefits to the extent such decision is consistent with applicable law and made in a non-discriminatory manner and in the best interests of all Participants and Beneficiaries. 

12.10 Alternative Payees in Event of Incapacity. If the Committee finds at any time that an individual qualifying for benefits
under this Plan is a minor or is incompetent, the Committee may direct the benefits to be paid, in the case of a minor, to his parents, his legal guardian, or a custodian for him under the Uniform Gifts to Minors Act, or, in the case of an
incompetent, to his spouse, or his legal guardian, the payments to be used for the individual’s benefit. The Committee and the Trustee shall not be obligated to inquire as to the actual use of the funds by the person receiving them under this
Section 12.10, and any such payment shall completely discharge the obligations of the Plan, the Trustee, the Committee, and the Employers to the extent of the payment. 

12.11 Indemnification by Employers. Except as separately agreed in writing, the Committee, and any member or employee of the
Committee, shall be indemnified and held harmless by the Employer, jointly and severally, to the fullest extent permitted by ERISA, and subject to and conditioned upon compliance with 12 C.F.R. Section 545.121, to the extent applicable, against
any and all costs, damages, expenses, and liabilities reasonably incurred by or imposed upon it or him in connection with any claim made against it or him or in which it or he may be involved by reason of its or his being, or having been, the
Committee, or a member or employee of the Committee, to the extent such amounts are not paid by insurance. 
 12.12 Nonparticipation
by Interested Member. Any member of the Committee who also is a Participant in the Plan shall take no part in any determination specifically relating to his own participation or benefits, unless his abstention would leave the Committee
incapable of acting on the matter. 

  
 34 

	Section 13.	Adoption, Amendment, or Termination of the Plan. 

 13.1
Adoption of Plan by Other Employers. With the consent of the Bank, any entity may become a participating Employer under the Plan by (i) taking such action as shall be necessary to adopt the Plan, (ii) becoming a party to the
Trust Agreement establishing the Trust Fund, and (iii) executing and delivering such instruments and taking such other action as may be necessary or desirable to put the Plan into effect with respect to the entity’s Employees. 

13.2 Plan Adoption Subject to Qualification. Notwithstanding any other provision of the Plan, the adoption of the Plan and the
execution of the Trust Agreement are conditioned upon their being determined initially by the Internal Revenue Service to meet the qualification requirements of Section 401(a) of the Code, so that the Employers may deduct currently for federal
income tax purposes their contributions to the Trust and so that the Participants may exclude the contributions from their gross income and recognize income only when they receive benefits. In the event that this Plan is held by the Internal Revenue
Service not to qualify initially under Section 401(a), the Plan may be amended retroactively to the earliest date permitted by U.S. Treasury Regulations in order to secure qualification under Section 401(a). If this Plan is held by the
Internal Revenue Service not to qualify initially under Section 401(a) either as originally adopted or as amended, each Employer’s contributions to the Trust under this Plan (including any earnings thereon) shall be returned to it and this
Plan shall be terminated. In the event that this Plan is amended after its initial qualification and the Plan as amended is held by the Internal Revenue Service not to qualify under Section 401(a), the amendment may be modified retroactively to
the earliest date permitted by U.S. Treasury Regulations in order to secure approval of the amendment under Section 401(a). In addition, reversions of Employer contributions (including earnings or losses attributable thereto) are permitted
within one year after the applicable determination date, if the reversion is due to a good faith mistake of fact. 
 13.3 Right to
Amend or Terminate. The Bank intends to continue this Plan as a permanent program. However, each participating Employer separately reserves the right to suspend, supersede, or terminate the Plan at any time and for any reason, as it applies
to that Employer’s Employees, and the Bank reserves the right to amend, suspend, supersede, merge, consolidate, or terminate the Plan at any time and for any reason, as it applies to the Employees of each Employer. No amendment, suspension,
supersession, merger, consolidation, or termination of the Plan shall (i) reduce any Participant’s or Beneficiary’s proportionate interest in the Trust Fund, (ii) reduce or restrict, either directly or indirectly, the benefit
provided any Participant prior to the amendment, or (iii) divert any portion of the Trust Fund to purposes other than the exclusive benefit of the Participants and their Beneficiaries prior to the satisfaction of all liabilities under the Plan.
Moreover, there shall not be any transfer of assets to a successor plan or merger or consolidation with another plan unless, in the event of the termination of the successor plan or the surviving plan immediately following such transfer, merger, or
consolidation, each participant or beneficiary would be entitled to a benefit equal to or greater than the benefit he would have been entitled to if the plan in which he was previously a participant or beneficiary had terminated immediately prior to
such transfer, merger, or consolidation. Following a termination of this Plan by the Bank, the Trustee shall continue to administer the Trust and pay benefits in accordance with the Plan as amended from time to time and the Committee’s
instructions. 

  
 35 

	Section 14.	Miscellaneous Provisions. 

 14.1 Plan Creates No Employment
Rights. Nothing in this Plan shall be interpreted as giving any Employee the right to be retained as an Employee by an Employer, or as limiting or affecting the rights of an Employer to control its Employees or to terminate the Service of
any Employee at any time and for any reason, subject to any applicable employment or collective bargaining agreements. 
 14.2
Nonassignability of Benefits. No assignment, pledge, or other anticipation of benefits from the Plan will be permitted or recognized by the Employer, the Committee, or the Trustee. Moreover, benefits from the Plan shall not be subject
to attachment, garnishment, or other legal process for debts or liabilities of any Participant or Beneficiary, to the extent permitted by law. This prohibition on assignment or alienation shall apply to any judgment, decree, or order (including
approval of a property settlement agreement) which relates to the provision of child support, alimony, or property rights to a present or former spouse, child or other dependent of a Participant pursuant to a state domestic relations or community
property law, unless the judgment, decree, or order is determined by the Committee to be a qualified domestic relations order within the meaning of Section 414(p) of the Code, as more fully set forth in Section 14.12 hereof. 

14.3 Limit of Employer Liability. The liability of the Employer with respect to Participants under this Plan shall be limited to
making contributions to the Trust from time to time, in accordance with Section 4. 
 14.4 Treatment of Expenses. All
expenses incurred by the Committee and the Trustee in connection with administering this Plan and Trust Fund shall be paid by the Trustee from the Trust Fund to the extent the expenses have not been paid or assumed by the Employer or by the Trustee.
The Committee may determine that, and shall inform the Trustee when, reasonable expenses may be charged directly to the Account or Accounts of a Participant or group of Participants to whom or for whose benefit such expenses are allocable, subject
to the guidelines set forth in Field Assistance Bulletin 2003-03, to the extent not superseded, or any successor directive issued by the Department of Labor. 

14.5 Number and Gender. Any use of the singular shall be interpreted to include the plural, and the plural the singular. Any use
of the masculine, feminine, or neuter shall be interpreted to include the masculine, feminine, or neuter, as the context shall require. 

14.6 Nondiversion of Assets. Except as provided in Sections 5.2 and 14.12, under no circumstances shall any portion of the
Trust Fund be diverted to or used for any purpose other than the exclusive benefit of the Participants and their Beneficiaries prior to the satisfaction of all liabilities under the Plan. 

14.7 Separability of Provisions. If any provision of this Plan is held to be invalid or unenforceable, the other provisions of
the Plan shall not be affected but shall be applied as if the invalid or unenforceable provision had not been included in the Plan. 
 14.8
Service of Process. The agent for the service of process upon the Plan shall be the president of the Bank, or such other person as may be designated from time to time by the Bank. 

  
 36 

 14.9 Governing State Law. This Plan shall be interpreted in accordance with the
laws of the Commonwealth of Massachusetts to the extent those laws are applicable under the provisions of ERISA. 
 14.10 Employer
Contributions Conditioned on Deductibility. Employer Contributions to the Plan are conditioned on deductibility under Code Section 404. In the event that the Internal Revenue Service shall determine that all or any portion of an
Employer Contribution is not deductible under that Section, the nondeductible portion shall be returned to the Employer within one year of the disallowance of the deduction. In addition, reversions of Employer contributions (including earnings or
losses attributable thereto) are permitted within one year after the applicable determination date, if the reversion is due to a good faith mistake of fact. The maximum amount that may be returned to the Employer in the case of a mistake of fact or
the disallowance of a deduction is the excess of (1) the amount contributed, over, as relevant, (2) (A) the amount that would have been contributed had no mistake of fact occurred, or (B) the amount that would have been
contributed had the contribution been limited to the amount that is deductible after any disallowance by the Internal Revenue Service. 

14.11 Unclaimed Accounts. Neither the Employer nor the Trustees shall be under any obligation to search for, or ascertain the
whereabouts of, any Participant or Beneficiary. The Employer or the Trustees, by certified or registered mail addressed to his last known address of record with the Employer, shall notify any Participant or Beneficiary that he is entitled to a
distribution under this Plan, and the notice shall quote the provisions of this Section. If the Participant or Beneficiary fails to claim his benefits or make his whereabouts known in writing to the Employer or the Trustees within seven
(7) calendar years after the date of notification, the benefits of the Participant or Beneficiary under the Plan will be disposed of as follows: 

(i) If the whereabouts of the Participant is unknown but the whereabouts of the Participant’s Beneficiary is known to the
Trustees, distribution will be made to the Beneficiary. 
 (ii) If the whereabouts of the Participant and his Beneficiary are
unknown to the Trustees, the Plan will forfeit the benefit, provided that the benefit is subject to a claim for reinstatement if the Participant or Beneficiary make a claim for the forfeited benefit. 

Any payment made pursuant to the power herein conferred upon the Trustees shall operate as a complete discharge of all obligations of the
Trustees, to the extent of the distributions so made. 
 14.12 Qualified Domestic Relations Order. Section 14.2 shall not
apply to a “qualified domestic relations order” defined in Code Section 414(p), and such other domestic relations orders permitted to be so treated under the provisions of the Retirement Equity Act of 1984. Further, to the extent
provided under a “qualified domestic relations order,” a former Spouse of a Participant shall be treated as the Spouse or surviving Spouse for all purposes under the Plan. 

  
 37 

 In the case of any domestic relations order received by the Plan: 

(i) The Employer or the Committee shall promptly notify the Participant and any other alternate payee of the receipt of such
order and the Plan’s procedures for determining the qualified status of domestic relations orders, and 
 (ii) Within a
reasonable period after receipt of such order, the Employer or the Committee shall determine whether such order is a qualified domestic relations order and notify the Participant and each alternate payee of such determination. The Employer or the
Committee shall establish reasonable procedures to determine the qualified status of domestic relations orders and to administer distributions under such qualified orders. 

During any period in which the issue of whether a domestic relations order is a qualified domestic relations order is being determined (by the
Employer or Committee, by a court of competent jurisdiction, or otherwise), the Employer or the Committee shall segregate in a separate account in the Plan or in an escrow account the amounts which would have been payable to the alternate payee
during such period if the order had been determined to be a qualified domestic relations order. If within eighteen (18) months the order (or modification thereof) is determined to be a qualified domestic relations order, the Employer or the
Committee shall pay the segregated amounts (plus any interest thereon) to the person or persons entitled thereto. If within eighteen (18) months it is determined that the order is not a qualified domestic relations order, or the issue as to
whether such order is a qualified domestic relations order is not resolved, then the Employer or the Committee shall pay the segregated amounts (plus any interest thereon) to the person or persons who would have been entitled to such amounts if
there had been no order. Any determination that an order is a qualified domestic relations order which is made after the close of the eighteen (18) month period shall be applied prospectively only. The term “alternate payee” means any
Spouse, former Spouse, child or other dependent of a Participant who is recognized by a domestic relations order as having a right to receive all, or a portion of, the benefit payable under a Plan with respect to such Participant. 

14.13 Use of Electronic Media to Provide Notices and Make Participant Elections. Pursuant to Treasury Regulations
Section 1.401(a)-21, the Plan may elect to use electronic media to provide notices required to be provided to Participants under the Plan and will accept elections from Participants communicated to the Plan using such electronic media. 

14.14 Acquisition of Securities. Notwithstanding any other provision of the Plan to the contrary, at no time shall the Plan be
obligated to acquire securities from a particular security holder at an indefinite time determined upon the happening of an event such as the death of the security holder, pursuant to Treasury Regulations Section 54.4975-11(a)(7)(i). 

 

	Section 15.	Top-Heavy Provisions. 

 15.1 Top-Heavy Plan. This Plan
is top-heavy if any of the following conditions exist: 
 (i) If the top-heavy ratio for this Plan exceeds sixty percent
(60%) and this Plan is not part of any required aggregation group or permissive aggregation group; 
 (ii) If this Plan
is a part of a required aggregation group (but is not part of a permissive aggregation group) and the aggregate top-heavy ratio for the group of Plans exceeds sixty percent (60%); or 

(iii) If this Plan is a part of a required aggregation group and part of a permissive aggregation group and the aggregate
top-heavy ratio for the permissive aggregation group exceeds sixty percent (60%). 

  
 38 

 15.2 Definitions. In making this determination, the Committee shall use the
following definitions and principles: 
 15.2-1 The “Determination Date,” with respect to the first Plan Year of
any plan, means the last day of that Plan Year, and with respect to each subsequent Plan Year, means the last day of the preceding Plan Year. If any other plan has a Determination Date which differs from this Plan’s Determination Date, the top-heaviness of this Plan shall be determined on the basis of the other plan’s Determination Date falling within the same calendar years as this Plan’s Determination Date. 

15.2-2 A “Key Employee” means any employee or former employee (including any deceased employee) who at any time
during the plan year that includes the determination date was an officer of the employer having annual compensation greater than $170,000 (as adjusted under section 416(i)(1) of the Code), a 5-percent owner of the employer, or a 1-percent owner of
the employer having annual compensation of more than $150,000. For this purpose, annual compensation means compensation within the meaning of section 415(c)(3) of the Code. The determination of who is a key employee will be made in accordance with
section 416(i)(1) of the Code and the applicable regulations and other guidance of general applicability issued thereunder. 

15.2-3 A “Non-key Employee” means an Employee who at any time during the five
years ending on the top-heavy Determination Date for the Plan Year has received compensation from an Employer and who has never been a Key Employee, and the Beneficiary of any such Employee. 

15.2-4 A “required aggregation group” includes (a) each qualified Plan of the Employer in which at least one Key
Employee participates in the Plan Year containing the Determination Date and (b) any other qualified Plan of the Employer which enables a Plan described in (a) to meet the requirements of Code Sections 401(a)(4) or 410. For purposes of the
preceding sentence, a qualified Plan of the Employer includes a terminated Plan maintained by the Employer within the period ending on the Determination Date. In the case of a required aggregation group, each Plan in the group will be considered a
top-heavy Plan if the required aggregation group is a top-heavy group. No Plan in the required aggregation group will be considered a top-heavy Plan if the required aggregation group is not a top-heavy group. All Employers aggregated under Code
Sections 414(b), (c) or (m) or (o) (but only after the Code Section 414(o) regulations become effective) are considered a single Employer. 

15.2-5 A “permissive aggregation group” includes the required aggregation group of Plans plus any other qualified
Plan(s) of the Employer that are not required to be aggregated but which, when considered as a group with the required aggregation group, satisfy the requirements of Code Sections 401(a)(4) and 410 and are comparable to the Plans in the required
aggregation group. No Plan in the permissive aggregation group 

  
 39 

 
will be considered a top-heavy Plan if the permissive aggregation group is not a top-heavy group. Only a Plan that is part of the required aggregation group will be considered a top-heavy Plan if
the permissive aggregation group is top-heavy. 
 15.3 Top-Heavy Rules of Application. For purposes of determining the value
of Account balances and the present value of accrued benefits the following provisions shall apply: 
 15.3-1 The value of
Account balances and the present value of accrued benefits will be determined as of the most recent Valuation Date that falls within or ends with the twelve (12) month period ending on the Determination Date. 

15.3-2 For purposes of testing whether this Plan is top-heavy, the present value of an individual’s accrued benefits and
an individual’s Account balances is counted only once each year. 
 15.3-3 The Account balances and accrued benefits of
a Participant who is not presently a Key Employee but who was a Key Employee in a Plan Year beginning on or after January 1, 1984 will be disregarded. 

15.3-4 Employer contributions attributable to a salary reduction or similar arrangement will be taken into account. Employer
matching contributions also shall be taken into account for purposes of satisfying the minimum contribution requirements of Section 416(c)(2) of the Code and the Plan. 

15.3-5 When aggregating Plans, the value of Account balances and accrued benefits will be calculated with reference to the
Determination Dates that fall within the same calendar year. 
 15.3-6 The present values of accrued benefits and the amounts
of account balances of an employee as of the determination date shall be increased by the distributions made with respect to the employee under the plan and any plan aggregated with the plan under Section 416(g)(2) of the Code during the 1-year
period ending on the determination date. The preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been aggregated with the plan under Section 416(g)(2)(A)(i) of the Code. In
the case of a distribution made for a reason other than severance from employment, death, or disability, this provision shall be applied by substituting “five (5) year period” for “one (1) year period.” 

15.3-7 Accrued benefits and Account balances of an individual shall not be taken into account for purposes of determining the
top-heavy ratios if the individual has performed no services for the Employer during the one (1) year period ending on the applicable Determination Date. Compensation for purposes of this subparagraph shall not include any payments made to an
individual by the Employer pursuant to a qualified or non-qualified deferred compensation plan. 
 15.3-8 The present value
of the accrued benefits or the amount of the Account balances of any Employee participating in this Plan shall not include any rollover contributions or other transfers voluntarily initiated by the Employee except as described

  
 40 

 
below. If this Plan transfers or rolls over funds to another Plan in a transaction voluntarily initiated by the Employee, then this Plan shall count the distribution for purposes of determining
Account balances or the present value of accrued benefits. A transfer incident to a merger or consolidation of two or more Plans of the Employer (including Plans of related Employers treated as a single Employer under Code Section 414), or a
transfer or rollover between Plans of the Employer, shall not be considered as voluntarily initiated by the Employee. 
 15.4 Minimum
Contributions. For any Top-Heavy Year, each Employer shall make a special contribution on behalf of each Participant to the extent that the total allocations to his Account pursuant to Section 4 is less than the lesser of: 

(i) three percent of his 415 Compensation for that year, or 

(ii) the highest ratio of such allocation to 415 Compensation received by any Key Employee for that year. For purposes of
the special contribution of this Section 15.2, a Key Employee’s 415 Compensation shall include amounts the Key Employee elected to defer under a qualified 401(k) arrangement. Such a special contribution shall be made on behalf of each
Participant who is employed by an Employer on the last day of the Plan Year, regardless of the number of his Hours of Service, and shall be allocated to his Account. 

If the Employer maintains a qualified plan in addition to this Plan and more than one such plan is determined to be Top-Heavy, a minimum
contribution or a minimum benefit shall be provided in this Plan rather than in such other plan or plans. 
 15.5 Top-Heavy Provisions
Control in Top-Heavy Plan. In the event this Plan becomes top-heavy and a conflict arises between the top-heavy provisions herein set forth and the remaining provisions set forth in this Plan, the top-heavy provisions shall control. 

  
 41EX-10.36

 Exhibit 10.36 

PURCHASE AND SALE AGREEMENT 

by and among 
 BCMR KING’S
LANDING, A LIMITED PARTNERSHIP, 
 a Massachusetts limited partnership, 

and 
 MLP KING’S LANDING,
LLC, 
 a Missouri limited liability company, 

individually and collectively, as SELLER 

and 
 INDEPENDENCE REALTY
OPERATING PARTNERSHIP, LP 
 a Delaware limited partnership, 

as BUYER 
 Company: King’s
Landing, LLC 
 Property Name: King’s Landing Apartments 

Location: 618 North Ballas Road, Creve Coeur, Missouri 

 PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made to be effective as of February 27, 2014 (the
“Effective Date”), INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership (“Buyer”), BCMR KING’S LANDING, A LIMITED PARTNERSHIP, a Massachusetts limited partnership
(“BCMR”), and MLP KING’S LANDING, LLC, a Missouri limited liability company (“MLP”, and together with BCMR, individually and collectively, “Seller”). 

W I T N E S S E T H: 
 WHEREAS,
the Company (as defined in Article 1), is the fee owner of the Property (as defined in Article 1); 
 WHERAS, BCMR owns fifty percent
(50%) of the limited liability company interests in the Company (such interests, together with all rights, powers and obligations of BCMR as a member of the Company, the “BCMR Interests”); 

WHEREAS, MLP owns fifty percent (50%) of the limited liability company interests in the Company (such interests, together with all
rights, powers and obligations of MLP as a member of the Company, the “MLP Interests”, and together with the BCMR Interests, collectively, the “Interests”); 

WHEREAS, Buyer desires to purchase from Seller, and Seller desires to sell to Buyer, the Interests, upon the terms and conditions set forth
herein; 
 NOW THEREFOR, in consideration of the mutual covenants and agreements set forth herein, the parties hereto do hereby agree as
follows: 
 ARTICLE 1 - CERTAIN DEFINITIONS 

As used herein, the following terms shall have the following meanings: 

“Access Agreement” shall have the meaning set forth in Section 5.1.1. 

“Acceptance Date” shall have the meaning set forth in Section 14.17. 

“Alternative Use” means (i) the marketing, sale or conveyance of residential units at the Property as condominiums,
cooperatives, timeshares, or any similar common interest development, or (ii) the conversion of the Property to a common interest development or condominium project. 

“Assumed Contracts” shall mean those Contracts which Buyer elects to assume, or is required to assume, pursuant to the
provisions of Section 5.5 hereof. 
 “BCMR’s knowledge” or words of similar import shall refer only to the
actual knowledge of Ted Trivers and shall not be construed to refer to the knowledge of any other Seller Party, or to impose or have imposed upon such person any duty to investigate the matters 

 
to which such knowledge, or the absence thereof, pertains, including, but not limited to, the contents of the files, documents and materials made available to or disclosed to Buyer or the
contents of files maintained by such person. There shall be no personal liability on the part of such person arising out of this Agreement. 

“business day” shall mean any day other than a Saturday, Sunday or any federal or State of Missouri holiday. If any period
expires on a day which is not a business day or any event or condition is required by the terms of this Agreement to occur or be fulfilled on a day which is not a business day, such period shall expire or such event or condition shall occur or be
fulfilled, as the case may be, on the next succeeding business day. 
 “Buyer Parties” shall mean and include,
collectively: (a) Buyer; (b) Buyer’s counsel; (c) any direct or indirect owner of any beneficial interest in Buyer, Buyer’s property manager or General Contractor; (d) any investment advisor to any direct or indirect
owner of any beneficial interest in Buyer; (e) any officer, director, manager, member, partner, employee, or agent of Buyer, Buyer’s counsel, any direct or indirect owner of any beneficial interest in Buyer, or any investment advisor to
any owner of any direct or indirect beneficial interest in Buyer; and (f) any other entity or individual affiliated or related in any way to any of the foregoing. 

“Buyer’s Reports” shall mean the results of any examinations, inspections, investigations, tests, studies, analyses,
appraisals and/or evaluations prepared by or for or otherwise obtained by Buyer or Buyer’s Representatives in connection with Buyer’s Due Diligence. 

“Buyer’s Representatives” shall mean Buyer, and any officers, directors, employees, members, attorneys, agents,
consultants, accountants and representatives of Buyer or of any direct or indirect owner of any beneficial interest in Buyer. 

“Closing” shall mean the consummation of the Transaction. 

“Closing Date” shall mean March 14, 2014, as it may be extended pursuant to Section 5.6.2(h). 

“Closing Documents” shall mean the Assignment of Membership Interests, the Seller’s Closing Certificate and the items
delivered by Seller pursuant to Section 7.3(f) – (j) and (n). 
 “Closing Tax Year” shall mean
the Tax Year in which the Closing Date occurs. 
 “Company” shall mean King’s Landing, LLC, a Delaware limited
liability company. 
 “Condo Restrictions” shall have the meaning set forth in Section 10.1.3 hereof. 

“Confidential Materials” shall mean any books, computer software, records or files (whether in a printed or electronic
format) that consist of or contain any of the following: appraisals; budgets; strategic plans for the Real Property; internal analyses; information regarding the marketing of the Property for sale; submissions relating to obtaining internal
authorization for the sale of the Property by Seller or any direct or indirect owner of any beneficial interest in the Company; attorney and accountant work product; attorney-client privileged documents; internal correspondence of Seller, any direct
or indirect owner of any beneficial interest in the Company, or any of their respective affiliates and correspondence 

  
 2 

 
between or among such parties; and other information in the possession or control of the Company, the Company’s property manager or any direct or indirect owner of any beneficial interest in
the Company which such party deems proprietary or confidential in Seller’s reasonable discretion provided, however, that any of the foregoing information that is a matter of public record shall not be deemed Confidential Materials. 

“Contracts” shall mean all service, supply, maintenance, and utility agreements, all equipment leases, and all other
contracts and agreements relating to the operation of the Real Property and the Personal Property, other than the Leases and corporate marketing contracts entered into by the property manager, all of which are described in
Exhibit B attached hereto and incorporated herein by this reference, together with any additional contracts, subcontracts and agreements entered into in accordance with and as the same may be modified or terminated in accordance
with the terms of Subsection 10.2.1. 
 “deemed to know” (or words of similar import) shall have the following
meaning: 
  

	 	(a)	Buyer shall be “deemed to know” of the existence of a fact or circumstance to the extent that: 

  

	 	(i)	any Buyer’s Representative actually knows of such fact or circumstance, with no duty to inquire, or 

  

	 	(ii)	such fact or circumstance is disclosed by this Agreement, any documents executed and delivered by Seller to and for the benefit of Buyer in connection with the Closing, the Documents or any Buyer’s Reports.

  

	 	(b)	Buyer shall be “deemed to know” that any Seller’s Warranty is untrue, inaccurate or incorrect to the extent that: 

 

	 	(i)	any Buyer’s Representative has actual knowledge of information which is inconsistent with such Seller’s Warranty, with no duty to inquire, or 

 

	 	(ii)	this Agreement, any documents executed and delivered by Seller to and for the benefit of Buyer in connection with the Closing, the Documents, or any Buyer’s Reports contains information which is inconsistent with
such Seller’s Warranty. 

 “Deposit” shall mean, collectively, the Initial Deposit and the Second
Deposit. 
 “Designated Knowledge Parties” shall mean John C. Porta and Andrew Checkley. There shall be no personal
liability on the part of either of the Designated Knowledge Parties under or arising out of this Agreement. 
 “Documents”
shall mean the Existing Title Policy, the Survey, the Title Documents, the Contracts, and the Property Documents to the extent provided or made available to Buyer. 

“Due Diligence” shall mean (a) examinations, inspections, investigations, tests, studies, analyses, appraisals,
evaluations and/or investigations with respect to the Property, the Documents, and other information and documents regarding the Property, including, without 

  
 3 

 
limitation, examination and review of title matters, applicable land use and zoning Laws and other Laws applicable to the Property, the physical condition of the Property, the availability of
financing and the economic status of the Property; and (b) examinations, inspections, analyses, appraisals, evaluations and/or investigations with respect to the Company, the Organizational Documents, and other information and documents
regarding the Company, including, without limitation, examination and review of bankruptcy, litigation, judgment, tax lien and uniform commercial code searches of the Company (the “Searches”). 

“Due Diligence Period” shall mean the period commencing prior to the execution of this Agreement and expiring on
(i) with respect Buyer’s review of the Title Commitment, the Survey, an updated zoning report for the Property, February 28, 2014, (ii) with respect to the Searches and the Organizational Documents, March 5, 2014, and
(iii) with respect to all other matters, the Effective Date. 
 “Escrow Agent” shall mean First American Title
Insurance Company, as escrow agent. 
 “Equity” shall mean at Closing the difference between the Purchase Price and the
then current outstanding principal balance of the Existing Loan, as adjusted by credits and prorations provided for herein. 

“Existing Guarantors” shall mean, collectively, John C. Porta and Stan R. McCurdy. 

“Existing Guaranty” shall have the meaning set forth in Section 5.6.1 hereof. 

“Existing Lender Consent” shall mean receipt by Seller and Buyer of a written approval of Existing Lender to the Transfer,
subject to customary terms and conditions as found in a typical commercial mortgage lender commitment. 
 “Existing Lender”
shall mean Walker & Dunlop LLC / Fannie Mae. 
 “Existing Loan” shall mean that certain loan made by Existing
Lender to the Company in the original principal amount of $21,200,000. 
 “Existing Loan Documents” shall have the meaning
set forth in Section 5.6.1 hereof. 
 “Existing Title Policy” shall mean the Company’s existing
owner’s policy of title insurance, which amount shall be redacted. 
 “General Contractor” shall mean Pioneer
Construction, Inc. 
 “Guarantor Parties” shall have the meaning set forth in Section 5.6.2 hereof. 

“Initial Deposit” shall mean the sum of Two Hundred Fifty Thousand Dollars ($250,000), as deposited by Buyer in accordance
with the terms of Section 3.1 hereof, together with any interest earned thereon. 
 “Laws” shall mean all
municipal, county, state or federal statutes, codes, ordinances, laws, rules or regulations. 

  
 4 

 “Leases” shall mean all leases for tenants of the Real Property as of the
Effective Date, as well as under all similar agreements hereafter executed by the Company in accordance with the terms of this Agreement, pursuant to which any portion of the Property is used or occupied by anyone other than the Company, together
with all of the Company’s interest in any rents prepaid for any period on or after the Closing Date, all refundable deposits, security or otherwise, made by tenants. 

“Liabilities” shall mean, collectively, any and all problems, conditions, losses, costs, damages, claims, liabilities,
expenses, demands or obligations of any kind or nature whatsoever. 
 “Major Casualty/Condemnation” shall mean: 

 

	 	(a)	with respect to any condemnation or eminent domain proceedings that occur after the date hereof, damage such that the cost of repairing or restoring the premises in question to a condition substantially similar to that
of the premises in question prior to the event of damage would, in the opinion of an architect or engineer selected by Seller and reasonably approved by Buyer, be equal to or greater than Seven Hundred Fifty Thousand Dollars ($750,000), or the loss
of either (x) reasonable access to the Property from public roads or (y) parking spaces for the Property which would cause the Property to be out of compliance with applicable zoning Laws; 

 

	 	(b)	with respect to any casualty that occurs after the date hereof, either (i) the casualty is an uninsured casualty and Seller, in its sole and absolute discretion, does not elect to cause the damage to be repaired or
restored or give Buyer a credit at Closing for such repair or restoration (in an amount reasonably determined by an architect selected by Buyer and reasonably approved by Seller, which such amount shall include funds sufficient to compensate Buyer
for the loss of revenue associated with such casualty), or (ii) the portion of the Property that is damaged or destroyed has a cost of repair in excess of Seven Hundred Fifty Thousand Dollars ($750,000), as reasonably determined by an architect
or engineer selected by Buyer and reasonably approved by Seller. 

 “New Guaranty” shall have the meaning set
forth in Section 5.6.2 hereof. 
 “New Leases” shall mean, collectively, any lease for non-residential space at
the Property entered into between the date of this Agreement and the Closing Date in accordance with the terms of this Agreement. 

“Organizational Documents” shall mean, collectively (a) copies of all organizational documents of the Company, including
without limitation a state certified copy of the Company’s Certificate of Formation, the Limited Liability Company Agreement of the Company and all modifications and amendments thereto, if any, but excluding therefrom any organizational
documents, or provisions therein, that Seller reasonably deems confidential or proprietary; (b) copies of complete minute books of the Company; (c) a certificate of good standing of the Company in its state of formation; and (d) a
certificate of good standing and authorization to do business in Missouri, issued by the Secretary of State of the State of Missouri. 

  
 5 

 “Other Property Rights” shall mean, collectively, all of the Company’s
right, title and interest, if any, in and to all of the following: (a) to the extent that the same are in effect as of the Closing Date, any certificates of occupancy, certificates of inspection, licenses, permits and other written
authorizations belonging to or inuring to the benefit of the Company and pertaining to the Real Property, but only to the extent that such permits, licenses and approvals are assignable and only to the extent that such permits, licenses and
approvals relate to the Real Property as opposed to other property of Seller or its affiliates; (b) tenant files for current residents and tenants as of the Closing Date; (c) architectural and civil plans and specifications (to the extent
in the Company’s possession or control and to the extent that any required consent is obtained by Buyer); (d) the Property Documents; (e) any guaranties and warranties in effect with respect to any portion of the Real Property or the
Personal Property as of the Closing Date, excluding guaranties and warranties from the Company’s members or any of their respective affiliates (including, without limitation, the General Contractor); (f) the name “King’s
Landing” and derivatives of such name, together with any telephone exchanges, marks, all goodwill attributed to or associated with such names and other identifying material used by the Company in the operation of the Property; and (g) all
websites used in connection with the operation of the Property. The rights to the name “BC”, “BCRE”, “BCMR” and “MLP”, derivatives of those names, and rights to use such names, as well as all logos or other
expressions of such names and any materials incorporating such names are explicitly not included in the Other Property Rights and shall not be transferred in connection with this Agreement (the “Excluded Names and Logos”).

 “Owners’ Association” shall mean a council of unit owners, cooperative, homeowners association, or other property
owners’ association established for the Property. 
 “Owner’s Title Policy” shall mean an Owner’s Policy of
Title Insurance insuring the Company’s interest in the Property, based on the Title Commitment, in the amount of the Purchase Price. 

“Permitted Exceptions” shall mean and include all of the following: (a) applicable zoning and building ordinances and
land use regulations; (b) any item contained in the Title Commitment, any matter which would be shown on a current and accurate ALTA survey of the Property or which, in fact, is shown on the Survey, or any document that is of record and
properly indexed as of the effective date of such initial title examination and Buyer does not timely object to such item or matter in accordance with Section 4.2.1 hereof (provided, however, that any Monetary Liens shall not be deemed
Permitted Exceptions), (c) the lien of taxes and assessments not yet due and payable, (d) any exceptions caused solely by Buyer or any Buyer’s Representative, (e) the rights of the tenants, as tenants only, under the Leases
described in the updated Rent Roll to be delivered prior to Closing, without any options to purchase or rights of first refusal in connection with any purchase, (f) any matters affecting or related to title to the Property about which Buyer
knows or is deemed to know prior to the expiration of the Due Diligence Period, and at Closing, and (g) additional items, if any, approved (or deemed approved) by Buyer pursuant to Section 4.2.3 of this Agreement. 

“Personal Property” shall mean, collectively, (a) all tangible personal property owned by the Company that is located on
the Real Property and used in the ownership, operation and maintenance of the Real Property, and (b) all books, records and files of the Company located at the Real Property, but specifically excluding from the items described in both
clauses (a) and (b), 

  
 6 

 
the Excluded Names and Logos, any Confidential Materials and any computer software that is licensed to the Company or its property manager. 

“Property” shall mean, collectively, (a) the Real Property, (b) the Personal Property, (c) the Company’s
interest as landlord in all Leases, (d) the Assumed Contracts, and (e) the Other Property Rights. 
 “Property
Documents” shall mean, collectively, (a) the Leases, (b) the Contracts, and (c) any other documents or instruments which constitute, evidence or create any portion of the Property. 

“Purchase Price” shall mean the sum of Thirty Two Million Seven Hundred Thousand Dollars ($32,700,000). 

“Real Property” shall mean that certain parcel of real estate located in St. Louis, Missouri and more particularly described
in Exhibit A attached hereto and incorporated herein by this reference, together with all buildings, improvements and fixtures located thereon and owned by Company as of the Closing Date and all right, title and interest, if any,
that Company may have in and to all rights, privileges and appurtenances pertaining thereto including all of Company’s right, title and interest, if any, in and to all rights-of-way, open or proposed streets, alleys, easements, strips or gores
of land adjacent thereto. 
 “Reimbursable Lease Expenses” shall mean, collectively, any and all costs, expenses and fees
paid by the Company prior to Closing or costs, expenses and fees incurred by the Company prior to Closing arising out of or in connection with (a) any extensions, renewals or expansions under any commercial Lease exercised or granted between
the date of this Agreement and the Closing Date, and (b) any New Lease; provided, such extension, renewal or expansion of any commercial Lease or any New Lease is entered into and approved (or deemed approved) in accordance with the terms
hereof. Reimbursable Lease Expenses shall include, without limitation, (i) brokerage commissions and fees to effect any such leasing transaction, (ii) expenses incurred for repairs, improvements, equipment, painting, decorating,
partitioning and other items to satisfy the tenant’s requirements with regard to such leasing transaction, and (iii) if there are any rent concessions covering any period that the tenant has the right to be in possession of the demised
space, the rents that would have accrued during the period of such concession prior to the Closing Date as if such concession were amortized over (A) with respect to any extension or renewal, the lease term of such extension or renewal,
(B) with respect to any expansion, the term of the expansion under the subject Lease, or (C) with respect to any New Lease, the entire initial term of any such New Lease, and (iv) expenses incurred for the purpose of satisfying or
terminating the obligations of a tenant under a New Lease to the landlord under another commercial lease (whether or not such other lease covers space in the Property). 

“Remove” with respect to any exception to title shall mean that Seller causes the Title Company to remove or affirmatively
insure over the same as an exception to the Owner’s Title Policy for the benefit of Company, without any additional cost to Buyer, whether such removal or insurance is made available in consideration of payment, bonding or indemnity of Seller
or otherwise. 

  
 7 

 “Required Clearance Exceptions” shall mean, collectively, any Title Objections
to the extent (and only to the extent) that the same (a) have not been caused solely by Buyer or any Buyer’s Representatives, and (b) are either: 
  

	 	(i)	liens evidencing mechanics’ or materialmen’s liens and other liens evidencing monetary encumbrances (other than liens for non-delinquent general real estate taxes and assessments) which can be Removed by
payment of liquidated amounts (“Monetary Liens”); or 

  

	 	(ii)	liens or encumbrances other than Monetary Liens created by the Company or its agents after the date of this Agreement in violation of Subsection 4.2.3; or 

 

	 	(iii)	any exception to title that Seller has specifically agreed in writing to Remove pursuant to the terms of Subsections 4.2.1(b) and (c). 

“Second Deposit” shall mean the sum of Two Hundred Fifty Thousand Dollars ($250,000), to the extent the same is deposited by
Buyer in accordance with the terms of Section 3.1 hereof, together with any interest earned thereon. 

“Seller-Allocated Amounts” shall mean, collectively: 

 

	 	(a)	with respect to any condemnation or eminent domain proceedings with respect to any portion of the Property that occurs after the date hereof, (i) the reasonable out-of-pocket costs, expenses and fees, including
reasonable attorneys’ fees, expenses and disbursements, incurred by Seller in connection with obtaining payment of any award or proceeds in connection with any such condemnation or eminent domain proceedings, and (ii) any portion of any
such award or proceeds that is allocable to loss of use of the Property prior to Closing; and 

  

	 	(b)	with respect to any casualty to any portion of the Property that occurs after the date hereof, (i) the reasonable out-of-pocket costs, expenses and fees, including reasonable attorneys’ fees, expenses and
disbursements, incurred by Seller in connection with the negotiation and/or settlement of any casualty claim with an insurer with respect to the Property, and (ii) the proceeds of any rental loss, business interruption or similar insurance that
are allocable to the period prior to the Closing Date and (iii) the reasonable and actual costs incurred by Seller in stabilizing the Property following a casualty, which costs shall be approved by Buyer in its reasonable discretion.

 “Seller Parties” shall mean and include, collectively: (a) Seller; (b) Seller’s counsel;
(c) Seller’s Broker; (d) Seller’s property manager; (e) General Contractor; (f) any direct or indirect owner of any beneficial interest in Seller, Seller’s property manager or General Contractor; (g) any
investment advisor to any direct or indirect owner of any beneficial interest in Seller; (h) any officer, director, manager, member, partner, employee, or agent of Seller, Seller’s counsel, Seller’s Broker, Seller’s property
manager, General Contractor any direct or indirect owner of any beneficial interest in Seller, General Contractor or any investment advisor to any owner of 

  
 8 

 
any direct or indirect beneficial interest in Seller; and (i) any other entity or individual affiliated or related in any way to any of the foregoing. 

“Seller’s Broker” shall mean CBRE, Inc., a Delaware corporation. 

“Seller’s knowledge” or words of similar import shall refer only to the actual knowledge of the Designated Knowledge
Parties and shall not be construed to refer to the knowledge of any other Seller Party, or to impose or have imposed upon the Designated Knowledge Parties any duty to investigate the matters to which such knowledge, or the absence thereof, pertains,
including, but not limited to, the contents of the files, documents and materials made available to or disclosed to Buyer or the contents of files maintained by the Designated Knowledge Parties. There shall be no personal liability on the part of
the Designated Knowledge Parties arising out of this Agreement. 
 “Seller’s Obligations” shall mean, subject to the
limitations set forth in Section 9.3.5 hereof, Seller’s express representations, covenants and warranties set forth in this Agreement that pursuant to the terms of this Agreement expressly survive the Closing (including those
representations and warranties set forth in Section 9.2 hereof), and the express representations, covenants and warranties set forth in any of the Closing Documents. 

“Seller’s Warranties” shall mean Seller’s representations and warranties set forth in this Agreement. 

“Survey” shall mean the survey of the Property prepared by the Surveyor dated April 27, 2012 and entitled
“ALTA/ACSM LAND TITLE SURVEY”, Job No. 201-2484, as updated by the Surveyor in connection herewith. 

“Surveyor” shall mean Stock & Associates Consulting Engineers, Inc. 

“Tax Year” shall mean the period commencing on January 1st of each calendar year and ending on December 31st of such calendar year, being the real estate tax year for the county in which the Property is located. 

“Title Commitment” shall have the meaning set forth in Section 4.1. 

“Title Company” shall mean Land Services USA, Inc., as agent for First American Title Insurance Company. 

“Title Documents” shall mean all documents referred to on Schedule B of the Existing Title Policy as exceptions to
coverage. 
 “Title Objection Notice” shall have the meaning set forth in Section 4.2.1. 

“Title Objections” shall mean any exceptions to title to which Buyer is entitled and timely objects in accordance with the
terms of Sections 4.2.1(a) or 4.2.1(b). 
 “Transaction” shall mean the transactions contemplated by
this Agreement. 
 “Transfer” shall have the meaning set forth in Section 5.6.2 hereof. 

  
 9 

 “Transfer Documents” shall have the meaning set forth in
Section 5.6.2 hereof. 
 “Unit” shall mean any residential unit established within the Property under an
Alternative Use. 
 ARTICLE 2 - SALE OF INTERESTS 

Seller agrees to sell, transfer and assign, and Buyer agrees to purchase, accept and assume, subject to the terms and conditions set forth in
this Agreement and the Exhibits attached hereto, all of Seller’s right, title and interest in and to the Interests. The sale and transfer of the Interests shall not include the proceeds of any bank accounts of the Company in existence as of the
Closing Date. 
 ARTICLE 3 - PURCHASE PRICE 

In consideration of the sale of the Interests to Buyer, Buyer shall pay to Seller an amount equal to the Purchase Price, as prorated and
adjusted as set forth in Article 6, Section 7.2, or as otherwise provided under this Agreement. The Purchase Price shall be paid as follows: 

3.1 Earnest Money Deposit.  
  

	 	3.1.1	Payment of Deposit. Within three (3) business days following the Effective Date and as a condition to the effectiveness of this Agreement, Buyer shall deposit the Initial Deposit with the Escrow Agent. No
later than 5:00 p.m. Central Standard Time on the date which is one (1) business day following expiration of the Due Diligence Period (provided that this Agreement is not sooner terminated in accordance with the terms hereof), and as a
condition to the continued effectiveness of this Agreement, Buyer shall deposit the Second Deposit with the Escrow Agent. 

  

	 	3.1.2	Applicable Terms; Failure to Make Deposit. Except as expressly otherwise set forth herein, the Deposit shall be transferred to Seller and applied against the Purchase Price on the Closing Date and shall otherwise
be held and delivered by Escrow Agent in accordance with the provisions of Article 13. Notwithstanding any provision in this Agreement to the contrary, (a) if Buyer fails to timely make the Initial Deposit pursuant to
Section 3.1.1(a), Buyer shall be deemed to have elected to terminate this Agreement and the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement,
and (b) if Buyer fails to timely make the Second Deposit pursuant to Section 3.1.1(b), this Agreement shall automatically terminate, any Deposit held by the Escrow Agent at such time shall be delivered to Seller as liquidated
damages, and the parties shall thereafter have no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement. 

3.2 Cash at Closing. On the Closing Date, Buyer shall (a) deposit with Escrow Agent an amount equal to the Equity in immediately
available funds by wire transfer as more 

  
 10 

 
particularly set forth in Section 7.2, less the Deposit and as prorated and adjusted as set forth in Article 6, Section 7.2 or as otherwise provided under this
Agreement, and (b) direct the Escrow Agent to pay the Deposit, and the Equity as adjusted pursuant to the terms hereof, to Seller. 

ARTICLE 4 - TITLE MATTERS 

4.1 Title to Real Property. As of the date hereof, Buyer has received from Seller (a) the Existing Title Policy,
(b) copies of all of the Title Documents, and (c) the Survey. Buyer shall obtain a commitment for title insurance provided by the Title Company (the “Title Commitment”). Buyer may, at its option and at its sole cost and
expense, obtain updates of the Title Commitment and/or the Survey. Title Company shall promptly furnish Buyer and Seller with any Title Commitment and any updates to the Title Commitment and/or the Survey. 

4.2 Title Defects. 
  

	 	4.2.1	Buyer’s Objections to Title; Seller’s Obligations and Rights. 

  

	 	(a)	On or before the expiration of the Due Diligence Period, Buyer shall have the right to object in writing to any title matters that appear in the Existing Title Policy, the Title Documents, the Title Commitment, the
Survey, and any supplemental title reports or updates to the Title Commitment or the Survey (the “Title Objection Notice”). All matters set forth in the Existing Title Policy, the Title Commitment, the Title Documents and the Survey
not otherwise objected to as set forth in this Section 4.2.1(a) shall be deemed “Permitted Exceptions”. 

  

	 	(b)	 To the extent that the same do not constitute Required Clearance Exceptions, Seller shall notify Buyer in writing within three (3) business days
after the date of receipt of the Title Objection Notice informing Buyer whether Seller elects to Remove such initial Title Objections set forth in the Title Objection Notice. Seller’s failure to provide such notice within such three
(3) business day period shall constitute Seller’s refusal to Remove same. If Seller elects (or is deemed to have elected) not to Remove one or more such Title Objections, then, within two (2) business days after receipt (or deemed
receipt) of Seller’s notice of such election (notwithstanding the prior expiration of the Due Diligence Period), Buyer may elect by written notice to Seller to either (i) terminate this Agreement, in which event the Deposit shall be paid
to Buyer and, thereafter, the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement, or (ii) waive such Title Objections set forth in the Title Objection
Notice and proceed to Closing. Failure of Buyer to respond in writing within such period shall be deemed an election by Buyer to waive such Title Objections and proceed to Closing. Any such Title Objection so waived (or deemed waived) by Buyer shall
be deemed to constitute 

  
 11 

	 	
a Permitted Exception and the Closing shall occur as herein provided without any reduction of or credit against the Purchase Price. 

 

	 	(c)	In addition, after the expiration of the Due Diligence Period, Buyer shall have the right to object in writing to any title matters which are not Permitted Exceptions, and which first appear on any supplemental title
reports or updates to the Title Commitment, Title Documents or Survey after the date of the original Title Objection Notice. If Buyer elects to object to such new matters, the process for delivering an objection notice and terminating this Agreement
shall be governed by Section 4.2.1(b), and the Closing Date shall be adjourned to provide for such time periods. If Buyer does not object to any such new matters, the same shall be deemed “Permitted Exceptions”.

  

	 	(d)	If this Agreement is not terminated by Buyer in accordance with the provisions hereof, Seller shall, at Closing, Remove or cause to be Removed any Title Objections to the extent (and only to the extent) that the same
constitute Required Clearance Exceptions. In addition, Seller may elect (but shall not be obligated) to Remove or cause to be Removed any other Title Objections pursuant to the terms hereof; provided, however, that the parties hereby acknowledge and
agree that (i) the Closing Date shall be adjourned to a date no later than five (5) business days following the original Closing Date to provide Seller to opportunity to cure such Title Objections, in the event a notice is sent pursuant to
Section 4.2.1(c), and (ii) Seller shall have no obligation, and shall not be deemed in default of its obligations under this Agreement in the event it fails to expend more than Twenty-Five Thousand Dollars ($25,000) to cure Title
Objections which are not Required Clearance Exceptions. 

  

	 	(e)	If Seller is unable or unwilling to Remove any Required Clearance Exceptions prior to the Closing, Seller shall be in default under this Agreement and Buyer may exercise its remedies under Section 11 hereof.

  

	 	4.2.2	Discharge of Title Objections. If on the Closing Date there are any Required Clearance Exceptions or any other Title Objections which Seller has elected to Remove, Seller may (but shall not be required to) use
any portion of the Equity to satisfy the same, provided Seller shall, or shall cause the Company to, either (a) deliver to Buyer at the Closing instruments in recordable form and sufficient to cause such Title Objections to be released of
record, together with the cost of recording or filing such instruments, or (b) cause the Title Company to Remove the same. 

  
 12 

	 	4.2.3	No New Exceptions. From and after the date hereof, Seller shall not, and shall not permit the Company to, execute any deed, easement, restriction, covenant or other matter affecting title to the Property (other
than Leases on apartment units permitted under Section 10.2 hereof) unless Buyer has received a copy thereof and has approved the same in writing. If Buyer fails to object in writing to any such proposed instrument within three
(3) business days after receipt of the notice from Seller requesting consent, Buyer shall be deemed to have objected to the proposed instrument. Buyer’s consent shall not be unreasonably withheld or delayed with respect to any such
instrument that is proposed prior to the end of the Due Diligence Period. Buyer, in its sole and absolute discretion, shall be entitled to grant or withhold its consent with respect to any such instrument that is proposed between the end of the Due
Diligence Period and the Closing. 

 4.3 Title Insurance. At Closing, Buyer shall obtain an Owner’s Title Policy
subject only to the Permitted Exceptions. 
 ARTICLE 5 - BUYER’S DUE DILIGENCE/CONDITION OF THE PROPERTY 

5.1 Buyer’s Due Diligence. Between the date of that certain Property Access Agreement between Buyer and Seller dated
January 28, 2014 (the “Access Agreement”) and the Closing Date (or the earlier termination of this Agreement), Seller shall, and shall cause the Company to, allow Buyer and Buyer’s Representatives access to the Property
upon reasonable prior notice at reasonable times in accordance with the Access Agreement. Notwithstanding anything set forth in the Access Agreement, the terms and conditions of the Access Agreement shall survive execution and delivery of this
Agreement and the Access Agreement shall continue to govern Buyer’s due diligence of the Property to the extent terms and conditions set forth therein are consistent with the terms and conditions of this Agreement; provided, that the Due
Diligence Period shall be deemed to be as set forth herein and the terms of Paragraph 2(d) of the Access Agreement shall be superseded in their entirety and shall be of no further force or effect. In addition to the foregoing, upon execution and
delivery of this Agreement, Seller shall, or cause the Company to, furnish the Organizational Documents to Buyer for completion of its Due Diligence. 

5.2 As-Is Sale. Buyer acknowledges and agrees as follows: 
  

	 	(a)	Buyer has conducted (or has waived its right to conduct), and shall continue to conduct, such Due Diligence as Buyer has deemed or shall deem necessary or appropriate. Buyer will be concluding the purchase of the
Interests based solely on its own Due Diligence. 

  

	 	(b)	 THE INTERESTS SHALL BE SOLD, AND BUYER SHALL ACCEPT THE INTERESTS AND THE PROPERTY ON THE CLOSING DATE, “AS IS, WHERE IS, WITH ALL FAULTS”,
WITH NO RIGHT OF SETOFF OR REDUCTION IN THE PURCHASE PRICE EXCEPT AS MAY BE EXPRESSLY PROVIDED IN THIS AGREEMENT. EXCEPT FOR SELLER’S 

  
 13 

	 	
OBLIGATIONS, SELLER SPECIFICALLY DISCLAIMS ALL WARRANTIES AND REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE (INCLUDING WARRANTIES OF HABITABILITY,
MERCHANTABILITY, WORKMANLIKE CONSTRUCTION AND FITNESS FOR USE OR ACCEPTABILITY FOR THE PURPOSE INTENDED BY BUYER) WITH RESPECT TO THE COMPANY AND THE PROPERTY OR ITS CONDITION OR THE CONSTRUCTION, PROSPECTS, OPERATIONS OR RESULTS OF OPERATIONS OF
THE PROPERTY TO THE MAXIMUM EXTENT PERMITTED BY LAW. EXCEPT FOR SELLER’S OBLIGATIONS, BUYER SPECIFICALLY WAIVES AND RELEASES ALL WARRANTIES, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE (INCLUDING WARRANTIES OF HABITABILITY, MERCHANTABILITY,
WORKMANLIKE CONSTRUCTION AND FITNESS FOR USE OR ACCEPTABILITY FOR THE PURPOSE INTENDED BY BUYER) WITH RESPECT TO THE COMPANY AND THE PROPERTY OR ITS CONDITION OR THE CONSTRUCTION, PROSPECTS, OPERATIONS OR RESULTS OF OPERATIONS OF THE PROPERTY.

  

	 	(c)	Except for Seller’s Obligations, none of the Seller Parties have or shall be deemed to have made any verbal or written representations, warranties, promises or guaranties (whether express, implied, statutory or
otherwise) to Buyer with respect to the Interests, the Company, the Property (including, without limitation, the condition of the Property, title, zoning, development rights or permissible uses, access to utilities and transportation, taxes and
assessments, water or water rights, topography or soil and subsoil conditions, drainage, environmental conditions, and applicable laws, rules or regulations) any matter set forth, contained or addressed in the documents provided by Seller or any
Seller Party (including, but not limited to, the accuracy and completeness thereof) or the results of Buyer’s Due Diligence, and Buyer will be acquiring the Interests, the Company and the Property based exclusively on its own Due Diligence.

  

	 	(d)	Subject to Seller’s Obligations, Buyer shall independently confirm to its satisfaction all information that it considers material to its purchase of the Interests, the Company and the Property or the Transaction.

  

	 	(e)	 BUYER, WITH BUYER’S COUNSEL, HAS FULLY REVIEWED THE DISCLAIMERS AND WAIVERS SET FORTH IN THIS AGREEMENT, AND UNDERSTANDS THE SIGNIFICANCE AND
EFFECT THEREOF. BUYER 

  
 14 

	 	
ACKNOWLEDGES AND AGREES THAT THE DISCLAIMERS AND OTHER AGREEMENTS SET FORTH HEREIN ARE AN INTEGRAL PART OF THIS AGREEMENT, AND THAT SELLER WOULD NOT HAVE AGREED TO SELL THE INTERESTS TO BUYER FOR
THE PURCHASE PRICE WITHOUT THE DISCLAIMERS AND OTHER AGREEMENTS SET FORTH IN THIS AGREEMENT. 

 In addition, Buyer expressly
understands and acknowledges that it is possible that unknown Liabilities may exist with respect to the Property and the Interests and that Buyer explicitly took that possibility into account in determining and agreeing to the Purchase Price, and
that a portion of the consideration to the Seller, having been bargained for between parties with the knowledge of the possibility of such unknown Liabilities, is that Seller shall have no responsibility to Buyer for any such Liabilities except to
the extent of Seller’s Obligations. Except with respect to Seller’s Obligations, Buyer hereby acknowledges and agrees that upon the consummation of the Closing, Buyer shall be deemed to have released Seller from responsibility to Buyer for
any and all Liabilities attributable to the Interests, the Company and the Property including, without limitation, all Liabilities with respect to the structural, physical or environmental condition of the Property or the compliance of the Property
with Laws. The provisions of this Section 5.2 shall survive the Closing (and shall not be merged therein). 
 5.3 Termination
of Agreement During Due Diligence Period. If Buyer, in its sole and absolute discretion, is not satisfied with the results of its Due Diligence for which the Due Diligence Period applies, Buyer may terminate this Agreement by written notice to
Seller at any time prior to expiration of the Due Diligence Period, and, in the event of such termination, neither Seller nor Buyer shall have any liability hereunder except for those obligations which expressly survive the termination of this
Agreement and Buyer shall be entitled to the immediate return of the Deposit without any need for authorization from Seller. In the event Buyer fails to terminate this Agreement prior to expiration of the Due Diligence Period, Buyer shall be deemed
to have waived its rights to terminate this Agreement in accordance with this Article 5. Buyer hereby acknowledges and agrees that upon expiration of the Due Diligence Period, provided that it has not terminated the Agreement pursuant to
the terms hereof, it is satisfied with the results of its Due Diligence, and, except as specifically set forth herein, shall have no right to terminate this Agreement based on any additional investigations of the Property or the Interests, unless
such investigations reveal a breach or violation by Seller of any representation, warranty or covenant contained herein, and such breach or violation allows Buyer to terminate this Agreement as provided in Section 9.3.3 hereof. 

5.4 Buyer’s Release of Seller Parties. 
  

	 	(a)	 AS A MATERIAL PART OF THE CONSIDERATION TO SELLER FOR THE SALE OF THE INTERESTS, EXCEPT WITH RESPECT TO SELLER’S OBLIGATIONS, BUYER HEREBY
IRREVOCABLY WAIVES AND RELEASES SELLER AND EACH OF THE OTHER SELLER PARTIES FROM, ANY AND ALL CLAIMS WITH RESPECT TO, OR ARISING IN ANY WAY FROM, THE PROPERTY, THE COMPANY, THE INTERESTS AND/OR THE DOCUMENTS

  
 15 

	 	
OR THE CONDITION OF THE PROPERTY, OR THE DESIGN, CONSTRUCTION, PROSPECTS, OPERATIONS OR RESULTS OF OPERATIONS OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, CLAIMS THAT ARE BASED DIRECTLY OR
INDIRECTLY ON, ARISE FROM OR IN CONNECTION WITH, OR ARE RELATED TO: (I) ANY PAST, PRESENT OR FUTURE CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE PRESENCE OF HAZARDOUS SUBSTANCES AT THE PROPERTY, WHETHER OR NOT CAUSED BY THE
NEGLIGENCE OR OTHER ACTS OR OMISSIONS OF SELLER OR ANY OTHER SELLER PARTY; (II) ANY AND ALL STATEMENTS, REPRESENTATIONS, WARRANTIES, DETERMINATIONS, CONCLUSIONS, ASSESSMENTS, ASSERTIONS OR ANY OTHER INFORMATION CONTAINED IN ANY OF THE DOCUMENTS, OR
ANY MISREPRESENTATION OR FAILURE TO DISCLOSE INFORMATION RELATING TO THE INTERESTS, THE COMPANY, THE PROPERTY OR THE DOCUMENTS; (III) ANY DEFECT, INACCURACY OR INADEQUACY IN THE CONDITION OF TITLE TO THE PROPERTY, OR THE LEGAL DESCRIPTION OF
THE PROPERTY; OR (IV) COVENANTS, RESTRICTIONS, ENCUMBRANCES OR ENCROACHMENTS WHICH AFFECT THE INTERESTS, THE COMPANY AND THE PROPERTY. 

  

	 	(b)	BUYER HEREBY ACKNOWLEDGES AND AGREES THAT (I) BUYER MAY HEREAFTER DISCOVER FACTS DIFFERENT FROM OR IN ADDITION TO THOSE NOW (OR AS OF THE CLOSING) KNOWN OR BELIEVED TO BE TRUE REGARDING THE INTERESTS, THE COMPANY,
THE PROPERTY AND/OR THE DOCUMENTS, (II) BUYER’S AGREEMENT TO RELEASE, ACQUIT AND DISCHARGE SELLER AND EACH OF THE OTHER SELLER PARTIES AS SET FORTH HEREIN SHALL REMAIN IN FULL FORCE AND EFFECT, NOTWITHSTANDING THE EXISTENCE OR DISCOVERY OF ANY
SUCH DIFFERENT OR ADDITIONAL FACTS, AND (III) BUYER KNOWINGLY AND VOLUNTARILY WAIVES ANY AND ALL RIGHTS, BENEFITS AND PRIVILEGES TO THE FULLEST EXTENT PERMISSIBLE UNDER ANY LAWS WHICH DO OR WOULD NEGATIVELY AFFECT THE VALIDITY OR ENFORCEABILITY OF
ALL OR PART OF THE RELEASES SET FORTH IN THIS AGREEMENT. 

  

	 	(c)	 Buyer hereby acknowledges and agrees that upon the consummation of the Closing, Seller shall be deemed to have satisfied and fulfilled all of
Seller’s covenants, indemnities and obligations contained in this Agreement and any documents 

  
 16 

	 	
executed by Seller for the benefit of Buyer in connection with the Closing (other than Seller’s Obligations), and Seller and the Seller Parties shall have no further liability to Buyer or
otherwise with respect to this Agreement, the transfers contemplated hereby, or any documents delivered pursuant hereto (other than Seller’s Obligations). 

The provisions of this Section 5.4, including, without limitation, the waivers and releases contained herein,
shall survive the Closing (and not be merged therein). 
 5.5 Assumed Contracts. On or before the expiration of the Due Diligence
Period, Buyer shall notify Seller which Contracts Buyer is willing to assume at Closing; provided, however, that Buyer shall assume all Contracts that cannot be terminated without material cost or liability to Seller. Seller shall, at its sole cost
and expense, cause, or shall cause the Company to cause, all Contracts which are not Assumed Contracts to be terminated. To the extent any Contracts are not terminable by Seller in the time frame between the expiration of the Due Diligence Period
and the Closing Date, any amounts owed under such Contracts shall be prorated between the parties pursuant to Section 6.3 below. Under no circumstances shall Seller’s property management agreement be deemed an “Assumed
Contract”. If Buyer does not timely deliver such notice, all Contracts (except Seller’s property management agreement) shall be Assumed Contracts. 

5.6 Transfer 

5.6.1 Existing Loan. In connection with its acquisition of the Interests, Buyer shall assume all of Seller’s and
Existing Guarantors’ obligations in connection with the Existing Loan, as evidenced, inter alia, by: (i) that certain Promissory Note from Seller to Existing Lender dated as of May 24, 2012 in the original principal amount of
$21,200,000 (the “Note”), (ii) that certain Multifamily Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing by Seller (the “Mortgage”), (iii) that certain
Guaranty of Non-Recourse Obligations (the “Existing Guaranty”) by Existing Guarantors, and (vi) those certain loan documents described on Schedule 5.6.1 attached hereto (collectively, the “Existing Loan
Documents”). 
 5.6.2 Transfer Documents. Seller and Buyer acknowledge that the consent of Existing Lender
is required for the sale of the Interests to Buyer and the assumption by Buyer or its affiliates of the Interests (the “Transfer”). In connection with the Transfer, Buyer and Seller hereby agree as follows: 

 

	 	(a)	 Buyer shall submit a complete transfer application no later than February 28, 2014. Buyer will pay all Existing Lender application fees and
deposits, transfer fees and related costs for the Transfer, including without limitation, Existing Lender’s legal fees and rating agency fees; provided, that in no event shall Buyer be obligated to pay any interest charges on the Existing Loan
accrued prior to Closing or any penalties or other charges related to Seller’s 

  
 17 

	 	
failure to comply with the terms of the Existing Loan on or before the Closing Date. 

  

	 	(b)	Buyer acknowledges that certain principals or affiliates of Buyer (collectively “Guarantor Parties”) shall be required to execute and deliver to Existing Lender agreements guaranteeing certain
environmental and “carveout” obligations to the extent arising on or after Closing (the “New Guaranty”) consistent with the Existing Guaranty. Buyer shall cause Guarantor Parties to cooperate in good faith and timely
provide such information as is reasonably required with respect to the New Guaranty. Buyer’s and/or Guarantor Parties’ failure to provide the New Guaranty subject to all other terms and conditions of this Agreement shall constitute a
Buyer’s default. Notwithstanding the foregoing Buyer shall have the right, in its sole discretion, to designate Guarantor Parties who are currently non-recourse guarantors under other mortgage loans with Fannie Mae, so long as to Buyer’s
actual knowledge such guarantors are in compliance with all covenants under such loans, and such loans are not in default. If said Guarantor Parties are not acceptable to Existing Lender, Buyer shall not be in breach hereunder or have any obligation
to offer alternative replacement guarantors. 

  

	 	(c)	Buyer acknowledges that Buyer’s property manager (“Property Manager”) shall be subject to Existing Lender’s approval and such Property Manager shall be required to execute and deliver to
Existing Lender an Assignment of Management Agreement (the “New Assignment”) consistent with the existing Assignment of Management Agreement, with such changes as may be reasonably requested by Buyer. Buyer shall cooperate in good faith
and timely provide such information as is reasonably required with respect to obtaining approval of the Property Manager. Buyer’s failure to provide the New Assignment subject to all other terms and conditions of this Agreement shall constitute
a Buyer’s default. Notwithstanding the foregoing Buyer shall have the right, in its sole discretion, to designate a Property Manager who is currently managing properties under other mortgage loans with Fannie Mae, so long as to Buyer’s
actual knowledge such Property Manager is in compliance with all covenants under such loans, and such loans are not in default. If said Property Manager is not acceptable to Existing Lender, Buyer shall not be in breach hereunder or have any
obligation to offer an alternative replacement Property Manager. 

  

	 	(d)	 Seller makes no representation or warranty with respect to obtaining Existing Lender’s consent to the Transfer, but Seller agrees to reasonably
cooperate with Buyer and the Existing Lender in obtaining requisite Existing Lender Consent and to provide 

  
 18 

	 	
Existing Lender all information reasonably requested by Existing Lender, without expense or liability to Seller other than legal fees and other typical costs incurred by sellers in similar
transactions. 

  

	 	(e)	The Transfer shall be evidenced at Closing by the Existing Lender Consent and by such other documents in which Existing Lender (i) approves Guarantor Parties as a replacement ‘Guarantor’ for all purposes
from and after the Closing under the Existing Guaranty (it being acknowledged and agreed that Guarantor Parties shall have no obligation to assume, or execute any Transfer Documents (defined below) pursuant to which Guarantor Parties are obligated
to assume, any liabilities of the Existing Guarantors arising prior to the Closing), (ii) approves Buyer’s Property Manager, (iii) releases Existing Guarantors from any and all obligations arising under the Existing Loan Documents
from and after the Closing Date, and (iv) approves and incorporates into the applicable Existing Loan Documents matters and modifications (including, without limitation, to the permitted transfer, OFAC, ERISA and financial reporting provisions)
to accommodate Buyer’s and Guarantor Parties’ identity, structure and conduct of business provided such modifications are reasonably necessary, do not relate to operational covenants with respect to Property and are generally consistent
with the terms and provisions (or modifications thereto) to which Buyer, the Guarantor Parties or their affiliates have previously agreed upon with Existing Lender (collectively, “Transfer Documents”). 

 

	 	(f)	Buyer shall keep Seller reasonably informed of all communications with Existing Lender in connection with obtaining the Existing Lender Consent, negotiation of the Transfer Documents and consummation of the Transfer.
Buyer hereby consents to Seller communicating directly with Existing Lender in regards to the status of the Existing Lender Consent, provided Seller shall not be entitled to any confidential or proprietary information submitted to Existing Lender by
or for Buyer or Buyer’s Representatives. 

  

	 	(g)	Notwithstanding the foregoing, Buyer shall have the right to terminate this Agreement and receive a refund of the Deposit if Existing Lender fails to deliver the Existing Lender Consent and/or fails to consummate the
Transfer despite satisfaction of all conditions set forth in the Existing Lender Consent. 

  

	 	(h)	At Closing, Seller shall assign to Buyer (if and to the extent assignable) and receive a credit for all escrows held by Lender, including the then current balances held in escrow for taxes, insurance, replacement
reserves, operating deficits and/or working capital reserves. 

  
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	 	(i)	If, despite Buyer’s diligent efforts, the Existing Lender Consent has not been obtained by Buyer on or before the originally scheduled Closing Date, Buyer shall have the one-time right, by written notice to Seller
on or before the originally scheduled Closing Date, to extend the originally scheduled Closing Date to a date no later than April 14, 2014. If, despite Buyer’s diligent efforts, the Existing Lender Consent has not been obtained by Buyer on
or before the Closing Date as extended pursuant to the foregoing sentence, Buyer shall have the one-time right, by written notice to Seller on or before the Closing Date as extended pursuant to the foregoing sentence, to extend the Closing Date to a
date no later than May 14, 2014. If the Existing Lender Consent has not been obtained by Buyer on or before May 14, 2014, this Agreement shall automatically terminate, in which event the Deposit shall be paid to Buyer and the parties shall
have no further rights or obligations hereunder, except for obligations which expressly survive the termination of this Agreement. 

5.7 Commercial Tenant Estoppel Certificates. Seller shall, or shall cause the Company to, use commercially reasonable efforts to
deliver to Buyer prior to the expiration of the Due Diligence Period estoppel certificates confirming the accuracy in all material respects of the Rent Roll from each commercial tenant (other than Bank of America, which has already provided an
estoppel to Seller). Promptly following the Effective Date, Seller shall, or shall cause the Company to, deliver to all commercial tenants (other than Bank of America) estoppel certificates in the form attached hereto as Exhibit L;
Notwithstanding the foregoing, in connection with any Lease that provides for a form of tenant estoppel certificate (or the contents thereof), then tenant’s delivery of an estoppel certificate that complies in all material respects with the
applicable Lease and which is certified to Buyer shall in all events be deemed to satisfy the requirements of this provision as to such Lease. Seller shall in no event be obligated to expend any funds in connection with obtaining such estoppels, and
Buyer agrees that in no event shall the failure of Seller to obtain estoppel certificates constitute a default by Seller under this Agreement, or a condition to Buyer’s obligation to consummate the Transaction. 

ARTICLE 6 - ADJUSTMENTS AND PRORATIONS 

The following adjustments and prorations shall be made at Closing pursuant to a settlement statement to be prepared by Title Company and approved by Buyer and
Seller, a draft of which shall be prepared and delivered to Buyer and Seller no later than three (3) business days prior to Closing: 

6.1 Lease Rentals and Other Revenues. 

6.1.1 Definition of “Rent”. For purposes of this Article 6, the term “Rent” shall mean all rents and
any other charges or fees due from the tenants of the Property under the Leases. 

  
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 6.1.2 Rents. 

(a) All Rents and refundable security deposits (including fees and deposits for security, key, cleaning, storage locker, pet, redecorating or
otherwise, if any) under the Leases (except as hereinafter provided) for the Property shall be prorated as of 11:59 p.m. Central Standard Time on the day prior to the Closing Date. Seller shall deliver or provide a credit in an amount equal to all
prepaid Rents for periods from and after the Closing Date and all cash security and other deposits (to the extent the foregoing were made by tenants under the Leases and are not applied or forfeited prior to the Closing Date) to Buyer on the Closing
Date. Rents which are delinquent as of the Closing Date shall not be prorated on the Closing Date. For a period of three (3) months after the Closing Date, Buyer shall include such delinquencies in its normal billing and shall use commercially
reasonable efforts to pursue the collection thereof after the Closing Date (but Buyer shall not be required to incur any expense, litigate or declare a default under any Lease). To the extent Buyer receives Rents on or after the Closing Date, such
payments shall be applied first toward the rent then owed to Buyer for periods arising after the Closing Date, then to the rent for the month in which the Closing occurs, then to any delinquent rents owed to Seller (with Seller’s share thereof
being promptly delivered to Seller), in connection with the Leases for which such payments are received. To the extent Seller receives Rents on or after the Closing Date, Seller shall remit to Buyer, within five (5) business days via wire
transfer, the portion of such Rents to which Buyer is entitled pursuant to the terms of this Section 6.1. During such 6-month period, Buyer may not waive any delinquent rents nor modify the Leases so as to reduce or otherwise affect
amounts owed thereunder for any period in which Seller is entitled to receive a share of such amounts without first obtaining Seller’s written consent, which consent Seller shall have no obligation to grant. Seller hereby reserves the right to
pursue any remedy against any tenant owing delinquent rents and any other amounts to Seller who is no longer a tenant of the Closing Date (but shall not be entitled to terminate any lease or any tenant’s right to possession) for a period of
three (3) months after the Closing Date. Buyer shall reasonably cooperate with Seller in any collection efforts hereunder (but shall not be required to incur any expense, litigate or declare a default under any lease). With respect to
delinquent rents and any other amounts or other rights of any kind respecting tenants who are no longer tenants of the Property as of the Closing Date, Seller shall retain all rights relating thereto. 

(b) Tenant reimbursements for water billings for prior periods of time will be prorated between the parties as of the Closing Date as and
when payments for such reimbursements are received. 
 (c) Common area maintenance expenses, real property and other taxes, and other
expenses payable by commercial tenants of the Property pursuant to the Leases (other than Rents and security deposits (which shall be prorated as provided above)) shall be prorated between Buyer and Seller as of 11:59 p.m. Central Standard Time on
the day prior to the Closing Date. Seller shall have no obligation to pay (and Buyer shall not receive a credit at Closing for) any operating expenses to the extent that Buyer is entitled after Closing to reimbursement of operating expenses, or the
recovery of any increase in operating expenses, from the tenants under the Leases, regardless of whether Buyer actually collects such reimbursement or increased operating expenses from such tenants, it being understood and agreed by Buyer and Seller
that (i) as between Buyer and Seller, Buyer shall be responsible for payment of all of such operating expenses, and (ii) the burden of collecting such 

  
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reimbursements shall be solely on Buyer. Notwithstanding the foregoing, if any such operating expenses are payable by commercial tenants under the leases (collectively, the “Tenant
Charges”) on an estimated basis, then the Tenant Charges for the period of time prior to Closing shall by reconciled against actual charge and expenses for such period, provided that such reconciliation shall not be performed until ninety
(90) days following the end of the calendar year in which the Closing occurs. Buyer shall perform such final reconciliation and forward the same to Seller for Seller’s review and approval. At closing, Buyer shall be entitled to a credit
against the Purchase Price in the amount of $1,000 (“Tenant Charge Reserve”) which such amount shall be held by Buyer and applied in accordance with the remainder of this subsection (c). If the final reconciliation shows that no
Tenant is entitled to a reimbursement for operating expenses for the period of time prior to Closing, Buyer shall promptly remit the Tenant Charge Reserve to Seller. If the final reconciliation shows that any tenants are entitled to a reimbursement
for operating expenses for the period of time prior to Closing, such reimbursement shall be advanced from the Tenant Charge Reserve. In the event the reimbursement owed to the tenants exceeds the Tenant Charge Reserve, such deficiency shall be
advanced entirely by Buyer and Buyer shall have no right to seek reimbursement therefor from Seller. If, on the other hand, the final reconciliation shows that the total reimbursements owed to the tenants are less than the Tenant Charge Reserve,
then after applying the Tenant Charge Reserve in accordance with the foregoing, Buyer shall remit the balance of the Tenant Charge Reserve to Seller. Seller represents to Buyer that the final reconciliation for calendar year 2013 and all prior years
has been performed and all reimbursements to, or collection from, as applicable, tenants shall be completed as of Closing. The provisions of this subsection (c) shall survive the Closing and not be merged therein. 

(d) At Closing, Buyer shall reimburse Seller for any and all Reimbursable Lease Expenses to the extent that the same have been paid or
incurred by Seller prior to Closing. In addition, at Closing, (i) Buyer shall assume Seller’s obligations to pay, when due (whether on a stated due date or accelerated) any Reimbursable Lease Expenses unpaid as of the Closing, and
(ii) Buyer hereby agrees to indemnify and hold the Seller Indemnified Parties harmless from and against any and all liabilities (including reasonable attorneys’ fees, expenses and disbursements) with respect to such Reimbursable Lease
Expenses which remain unpaid for any reason at the time of Closing, which obligations of Buyer shall survive the Closing and shall not be merged therein. Each party shall make available to the other all records, bills, vouchers and other data in
such party’s control verifying Reimbursable Lease Expenses and the payment thereof. 
 6.2 Real Estate and Personal Property
Taxes. Any ad valorem taxes or special assessments for the Closing Tax Year paid at or prior to Closing shall be prorated based upon the amounts actually paid for the Closing Tax Year. If all taxes and assessments for the Closing Tax Year have
not been paid before Closing, then Seller shall be charged at Closing an amount equal to that portion of such taxes and assessments which relates to the period before Closing and Buyer shall pay the taxes and assessments prior to their becoming
delinquent. Any such apportionment made with respect to a Tax Year for which the tax rate or assessed valuation, or both, have not yet been fixed shall be based upon an amount equal to one hundred five percent (105%) of the tax rate and/or
assessed valuation last fixed. To the extent that the actual taxes and assessments for the Closing Tax Year differ from the amount apportioned at Closing, the parties shall make all necessary adjustments by appropriate payments between themselves
following Closing within thirty (30) days following the availability of the final tax bills. For 

  
 22 

 
avoidance of doubt, any refunds generated from appeal of ad valorem taxes for the year in which the Closing occurs (to the extent allocable to periods prior to Closing) and year(s) prior to
the year in which the Closing occurs shall remain the property of Seller and paid to Seller by Buyer, if and to the extent received by Buyer. Buyer hereby agrees that Buyer shall be solely responsible for any increased property taxes due for the Tax
Year in which the Closing occurs which result from a reassessment of the Property following Closing, even if such taxes are attributable to the period prior to Closing. The provisions of this Section 6.2 shall survive the Closing and not
be merged therein. 
 6.3 Other Property Operating Expenses. Operating expenses for the Property shall be prorated as of 11:59 p.m.
Central Standard Time on the day prior to the Closing Date. Seller shall pay, or shall cause the Company to pay, all utility charges and other operating expenses attributable to the Property to, but not including the Closing Date (except for those
utility charges and operating expenses payable by tenants in accordance with the Leases) and Buyer shall pay all utility charges and other operating expenses attributable to the Property on or after the Closing Date (except for those utility charges
and operating expenses actually paid by tenants in accordance with the Leases). To the extent that the amount of actual consumption of any utility services is not determined prior to the Closing Date, a proration shall be made at Closing based on
the last available reading and post-closing adjustments between Buyer and Seller shall be made within twenty (20) days of the date that actual consumption for such pre-closing period is determined, which obligation shall survive the Closing and
not be merged therein. Seller shall not assign to Buyer any deposits which Seller has with any of the utility services or companies servicing the Property. Buyer shall arrange with such services and companies to have accounts opened in Buyer’s
name (and Buyer shall have made any necessary deposits) beginning at 12:01 a.m. Central Standard Time on the Closing Date. The provisions of this Section 6.3 shall survive the Closing and not be merged therein. 

6.4 Loan Payments. Charges on the Existing Loan accrued prior to Closing shall be prorated as of 11:59 p.m. Central Standard Time on the day
prior to the Closing Date. Seller shall pay, or shall cause the Company to pay, all charges attributable to the Existing Loan to, but not including the Closing Date and Buyer shall pay all charges attributable to the Existing Loan on or after the
Closing Date. 
 6.5 Broker Fees. Any fees payable to brokers regarding apartment unit rentals or rent incentives due to residential
tenants for residential Leases that survive Closing shall be paid by Seller or credited against the Purchase Price, but Buyer shall be responsible for any fees payable to brokers regarding the renewals of any residential Leases effective following
the Closing Date. 
 6.6 Closing Costs. Buyer shall pay the following costs and expenses associated with the
Transaction: (a) all premiums and charges of the Title Company for any update to the Existing Title Policy or the Owner’s Title Policy, including without limitation the cost of any extended coverage or endorsements; (b) one-half of
all transfer taxes, if any, applicable to the transfer of the Interests to Buyer; (c) the cost of any new survey of the Property or update of the Survey; (d) intentionally omitted; (e) one-half of all escrow or closing charges;
(f) the fees due its attorneys; (g) all costs of Buyer’s Due Diligence, including fees due its consultants and attorneys, except as set forth herein; and (h) all fees, costs and expenses related to the Transfer. Seller shall pay
the following costs and expenses associated with the Transaction: (a) the commission due Seller’s Broker; (b) one-half of all transfer taxes, if any, applicable to the 

  
 23 

 
transfer of the Interests to Buyer; (c) one-half of all escrow or closing charges; (d) all fees due its attorneys; (e) intentionally omitted; and (f) all costs incurred in
connection with causing the Title Company to Remove any Required Clearance Exceptions or to Remove any other Title Objections to the extent Seller specifically agrees in writing, at or prior to Closing, to cause Removal of such matter, it being
understood for purposes of this sentence that nothing in this Agreement or any prior understanding or agreement of the parties shall be construed to obligate Seller to so Remove or agree to Remove any such matter. The obligations of the parties
under this Section 6.6 shall survive the Closing (and not be merged therein) or any earlier termination of this Agreement. 

6.7 Apportionment Credit. In the event the apportionments to be made at the Closing result in a credit balance (a) to Buyer, such
sum shall be paid at the Closing by giving Buyer a credit against the Purchase Price in the amount of such credit balance, or (b) to Seller, Buyer shall deposit with Title Company an amount equal to such sum in immediately available funds by
wire transfer with instructions to Title Company to pay such funds to Seller at the Closing. 
 6.8 Delayed Adjustment; Delivery of
Operating and Other Financial Statements. If at any time following the Closing Date, the amount of an item listed in any section of this Article 6 shall prove to be incorrect (whether as a result in an error in calculation or a lack of
complete and accurate information as of the Closing), the party in whose favor the error was made shall promptly pay to the other party the sum necessary to correct such error upon receipt of proof of such error, provided that such proof is
delivered to the party from whom payment is requested within sixty (60) days of Closing. The provisions of this Section 6.8 shall survive the Closing and not be merged therein. 

ARTICLE 7 - CLOSING 

Buyer and Seller hereby agree that the Transaction shall be consummated as follows: 

7.1 Closing Date. The Closing shall occur on the Closing Date at the office of Title Company via escrow funds and fully executed
documents. The parties shall conduct an escrow-style closing through the Title Company so that it will not be necessary for any party to attend the Closing. The Closing may be held at such other place or such earlier time and date as Seller and
Buyer shall mutually approve in writing. The parties will endeavor to “pre-close” on the business day prior to the Closing Date, so as to allow the wire transfers of the Purchase Price to occur at the opening of business on the Closing
Date or as promptly thereafter as practical. 
 7.2 Title Transfer and Payment of Purchase Price. Provided all conditions precedent
to Seller’s obligations hereunder have been satisfied or waived, Seller agrees to convey the Interests to Buyer upon confirmation of receipt of the Purchase Price by the Title Company as set forth below. Provided all conditions precedent to
Buyer’s obligations hereunder have been satisfied or waived, Buyer agrees to pay the amount specified in Article 3 by timely delivering the same to Title Company no later than 1:00 p.m. Central Standard Time on the Closing Date, in
immediately available federal funds wire transferred to Title Company, and deliver to Title Company instructions to immediately release the full amount of the Purchase Price, as increased or decreased by prorations and adjustments as herein
provided, to Seller. 

  
 24 

 7.3 Seller’s Closing Deliveries. At Closing, Seller shall deliver or cause to be
delivered the following: 
  

	 	(a)	Assignment of Membership Interests. An assignment of membership interests in the form of Exhibit C attached hereto and incorporated herein by this reference (“Assignment of Membership
Interests”) from each Seller, executed and acknowledged by each Seller. 

  

	 	(b)	Intentionally Omitted.  

  

	 	(c)	Intentionally Omitted.  

  

	 	(d)	Intentionally Omitted. 

  

	 	(e)	Intentionally Omitted.  

  

	 	(f)	Non-Foreign Status Affidavit. A non-foreign status affidavit in the form of Exhibit H attached hereto and incorporated herein by this reference, as required by Section 1445 of the Internal
Revenue Code, from each Seller, executed by each Seller. 

  

	 	(g)	Evidence of Authority. Documentation to establish the due authorization of each Seller’s execution of this Agreement and all documents contemplated by this Agreement and the consummation of the Transaction.

  

	 	(h)	Other Documents. Such other documents as may be reasonably required by the Title Company, including a standard form of title affidavit in a form acceptable to Seller in its reasonable discretion, or as may be
agreed upon by Seller and Buyer to consummate the Transaction. 

  

	 	(i)	Tax Returns. If applicable, duly completed and signed sales tax returns. 

  

	 	(j)	Rent Roll. An updated Rent Roll dated no sooner than five (5) days prior to the Closing Date. 

  

	 	(k)	Closing Statement. Title Company’s form of Seller’s closing statement, setting forth the prorations and adjustments to the Purchase Price respecting the Interests to be made pursuant to Article 6
(the “Closing Statement”), executed by Seller. 

  

	 	(l)	Seller’s Closing Certificate. Subject to the provisions of Section 9.3, a certificate (“Seller’s Closing Certificate”), dated as of the date of Closing and duly executed by
Seller, in the form of Exhibit J attached hereto and incorporated herein. 

  
 25 

	 	(m)	Termination of Management Agreement. Evidence of termination of Seller’s existing property management agreement. 

  

	 	(n)	Transfer Documents. Such Transfer Documents as may be reasonably required by the Existing Lender. 

  

	 	(o)	Non-Imputation Affidavit. A Non-Imputation Affidavit, in the form of Exhibit D attached hereto and incorporated herein by this reference, executed by MLP together with such other information
relating to MLP as the Title Company may reasonably request (including, without limitation, authorizing resolutions and current financial statements) in connection with the Title Company’s issuance of a non-imputation endorsement. For the sake
of clarity, this provision shall not be deemed to require BCMR to deliver a non-imputation affidavit or any documents regarding the financial condition of BCMR as a condition to Closing. 

 

	 	(p)	Keys and Original Property Documents. Keys to all locks on the Real Property in Seller’s or Seller’s property manager’s possession and originals or, if originals are not available, copies, of all
of the Property Documents, to the extent not previously delivered to Buyer, and any transferable bonds, warranties or guaranties in Seller’s possession which are in any way applicable to the Property or any part thereof. 

The items to be delivered by Seller in accordance with the terms of Subsections (a) through (o) of this
Section 7.3 shall be delivered to Title Company no later than 1:00 p.m. Central Standard Time on the Closing Date and the items to be delivered by Seller in accordance with the terms of Subsection (p) of this
Section 7.3 shall be delivered outside of escrow and shall be deemed delivered if the same are located at the Property on the Closing Date. 

7.4 Buyer’s Closing Deliveries. At the Closing, Buyer shall deliver or cause to be delivered the following: 

 

	 	(a)	Purchase Price. The Equity, less the Deposit, as adjusted for apportionments and other adjustments required under this Agreement, plus any other amounts required to be paid by Buyer at Closing. 

 

	 	(b)	Assignment of Membership Interests. The Assignment of Membership Interests, executed by Buyer. 

  

	 	(c)	Intentionally Omitted. 

  

	 	(d)	Intentionally Omitted.  

  

	 	(e)	 Evidence of Authority. Requested documents to establish the due authorization of Buyer’s acquisition of the Interests, and Buyer’s
execution of this Agreement and the documents required to be 

  
 26 

	 	
delivered by Buyer pursuant to this Agreement and the consummation of the Transaction. 

  

	 	(f)	Tax Returns. If applicable, duly completed and signed sales tax returns. 

  

	 	(g)	Closing Statement. The Closing Statement, executed by Buyer. 

 The Purchase Price shall
be paid in accordance with the terms of Section 7.2 hereof and Buyer shall deliver the items required by this Section 7.4 to Title Company no later than 1:00 p.m. Central Standard Time on the Closing Date. 

ARTICLE 8 - CONDITIONS TO CLOSING 

8.1 Conditions to Seller’s Obligations. Seller’s obligation to close the Transaction is conditioned on all of the following,
any or all of which may be waived by Seller in writing, at its sole option: 
  

	 	(a)	Representations True. All representations and warranties made by Buyer in this Agreement shall be true and correct in all material respects on and as of the Closing Date, as if made on and as of such date except
to the extent they expressly relate to an earlier date; 

  

	 	(b)	Buyer’s Financial Condition. No petition has been filed by or against Buyer under the Federal Bankruptcy Code or any similar state or federal Law, whether now or hereafter existing; 

 

	 	(c)	Buyer’s Deliveries Complete. Buyer shall have delivered the funds required hereunder and all of the documents to be executed by Buyer set forth in Section 7.4 and shall have performed all other
covenants, undertakings and obligations, and complied with all conditions required by this Agreement, to be performed or complied with by Buyer at or prior to the Closing in all material respects; and 

 

	 	(d)	Transfer. Existing Lender’s approval of the Transfer, and execution of the Transfer Documents by Buyer and the Guarantor Parties; 

 

	 	(e)	Condo Restrictions. Recordation of the Condo Restrictions; and 

  

	 	(f)	Other Conditions. All other conditions precedent to Seller’s obligation to consummate the transaction hereunder (if any) which are expressly set forth in this Agreement shall have been satisfied on or before
the date of Closing. 

  
 27 

 8.2 Conditions to Buyer’s Obligations. Buyer’s obligation to close the
Transaction is conditioned on all of the following, any or all of which may be expressly waived by Buyer in writing, at its sole option: 
  

	 	(a)	Representations True. Subject to the provisions of Section 9.3, all representations and warranties made by Seller in this Agreement shall be true and correct in all material respects on and as of the
Closing Date, as if made on and as of such date except to the extent that they expressly relate to an earlier date; 

  

	 	(b)	Seller’s Deliveries Complete. Seller shall have delivered, or shall have caused the Company to deliver, all of the documents and other items required pursuant to Section 7.3 and shall have
performed all other covenants, undertakings and obligations, and complied with all conditions required by this Agreement, to be performed or complied with by Seller at or prior to the Closing, in all material respects; and 

 

	 	(c)	Transfer. Existing Lender’s approval of the Transfer, and execution of the Transfer Documents by Seller and Existing Lender; 

 

	 	(d)	Title Insurance. Title Company shall be irrevocably committed to insure the Company’s fee simple title to the Real Property pursuant to an ALTA 2006 Owner’s Policy of Title Insurance with all standard
printed exceptions deleted, as well as any extended coverage and such endorsements as may be requested by Buyer, insuring good and indefeasible fee simple title to the Property in the Company in the amount of the Purchase Price subject only to the
Permitted Exceptions (“Required Title Insurance”); and 

  

	 	(e)	Other Conditions. All other conditions precedent to Buyer’s obligation to consummate the transaction hereunder (if any), which are expressly set forth in this Agreement shall have been satisfied on or before
the date of Closing. 

 8.3 Waiver of Failure of Conditions Precedent. At any time or times on or before the date
specified for the satisfaction of any condition, Seller or Buyer may elect in writing to waive the benefit of any such condition set forth in Section 8.1 or Section 8.2, respectively. By closing the Transaction, Seller and
Buyer shall be conclusively deemed to have waived the benefit of any remaining unfulfilled conditions set forth in Section 8.1 and Section 8.2, respectively. In the event any of the foregoing conditions has not been satisfied
by the Closing Date, Buyer or Seller, as the case may be, shall have the right to terminate this Agreement by written notice given to the other party on the Closing Date, whereupon Escrow Agent shall promptly refund the Deposit to Buyer and the
parties shall have no further rights, duties or obligations hereunder, other than those which are expressly provided herein to survive a termination of this Agreement; provided, however, in the event any of the conditions set forth in
Sections 8.1 or 8.2 have not been satisfied due to a default by Buyer or Seller hereunder, then Buyer’s and Seller’s respective rights, 

  
 28 

 
remedies and obligations shall instead be determined in accordance with Article 11 hereof. Notwithstanding the foregoing, in the event Buyer’s condition to Closing set forth in
Section 8.2(d) hereof has not been satisfied and/or waived by Buyer prior to the Closing Date, Seller shall be entitled to a reasonable adjournment of Closing (not to exceed thirty (30) days) for the purpose of (i) engaging an
alternative title company to provide the Required Title Insurance, which such title company shall be nationally recognized and reasonably acceptable to Buyer or (ii) engaging the title insurer under the Existing Title Policy to provide
endorsements to the Existing Title Policy sufficient to satisfy the requirements set forth in Section 8.2(d) hereof. In the event such alternative title insurer irrevocably commits to provide the Required Title Insurance in accordance
with clause (i) or (ii) of the foregoing sentence, as applicable, within such thirty (30) day period, the condition to Closing set forth in Section 8.2(d) hereof shall be deemed satisfied. 

8.4 Approvals not a Condition to Buyer’s Performance. Buyer acknowledges and agrees that its obligation to perform under this
Agreement is not contingent upon Buyer’s ability to obtain any (a) governmental or quasi-governmental approval of changes or modifications in use or zoning, or (b) modification of any existing land use restriction, or
(c) consents to assignments of any service contracts, management agreements or other agreements which Buyer requests. 
 ARTICLE 9 -
REPRESENTATIONS AND WARRANTIES 
 9.1 Buyer’s Representations. Buyer represents and warrants to Seller as follows: 

 

	 	9.1.1	Buyer’s Authorization. Buyer and/or Buyer’s permitted assignee pursuant to Section 15.1 hereof: (a) are duly organized (or formed), validly existing and in good standing under the Laws
of their respective States of organization and, as of the Closing, the State in which the Property is located, (b) are authorized to consummate the Transaction and fulfill all of their respective obligations hereunder and under all documents
contemplated hereunder to be executed by Buyer and its assignee, and (c) have all necessary power to execute and deliver this Agreement and all documents contemplated hereunder to be executed by Buyer and its assignee, and to perform all of
their respective obligations hereunder and thereunder. This Agreement and all documents contemplated hereunder to be executed by Buyer have been duly authorized by all requisite partnership, corporate or other required action on the part of Buyer
and are the valid and legally binding obligation of Buyer, enforceable in accordance with their respective terms. Neither the execution and delivery of this Agreement and all documents contemplated hereunder to be executed by Buyer, nor the
performance of the obligations of Buyer hereunder or thereunder will result in the violation of any Law or any provision of the organizational documents of Buyer or will conflict with any order or decree of any court or governmental instrumentality
of any nature by which Buyer is bound. 

  
 29 

	 	9.1.2	Buyer’s Financial Condition. No petition has been filed by or against Buyer under the Federal Bankruptcy Code or any similar state or federal Law. 

 

	 	9.1.3	OFAC. Buyer is not acting, directly or indirectly for, or on behalf of, any person, group, entity or nation named by any Executive Order (including the September 24, 2001, Executive Order Blocking Property
and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or other banned or blocked person,
entity, or nation pursuant to any law that is enforced or administered by the Office of Foreign Assets Control of the Department of Treasury, and is not engaging in this transaction, directly or indirectly, on behalf of, or instigating or
facilitating this transaction, directly or indirectly, on behalf of, any such person, group, entity or nation. Neither Buyer nor any person holding a direct ownership interest in Buyer is described in, covered by or specially designated pursuant to,
or affiliated with any person described in, covered by or specially designated pursuant to, Executive Order 13224, as amended, the International Emergency Economic Powers Act, 50 U.S.C. § 1701-06 et seq., the Iraqi Sanctions Act, Pub.L.
101-513, 104 Stat. 2047-55; the United Nations Participation Act, 22 U.S.C. § 287c, the Antiterrorism and Effective Death Penalty Act, the International Security and Development Cooperation Act, 22 U.S.C. § 2349 aa-9, the Terrorism
Sanctions Regulations, 31 C.F.R. Part 595; the Terrorism List Governments Sanctions Regulations, 31 C.F.R. Part 596, and the Foreign Terrorist Organizations Sanctions Regulations, 31 C.F.R. Part 597 (collectively, “Anti-Terrorism Laws”) or
any list issued by any department or agency of the United States of America in connection therewith. 

 9.2 Seller’s
Representations. BCMR and MLP, as applicable, represent and warrant to Buyer as follows: 
  

	 	9.2.1	BCMR. 

  

	 	(a)	 Authorization. BCMR (a) is duly organized (or formed), validly existing and in good standing under the Laws of its State of organization,
(b) is authorized (excepting therefrom any necessary consents from Existing Lender) to consummate the Transaction and fulfill all of its obligations hereunder and under all documents contemplated hereunder to be executed by BCMR, and
(c) has all necessary power to execute and deliver this Agreement and as of the Closing Date shall have all necessary power to execute and deliver all documents contemplated hereunder to be executed by BCMR, and to perform all of its
obligations hereunder and thereunder. This Agreement and all documents contemplated hereunder to be executed by BCMR as of the date hereof, have been duly authorized by all requisite limited partnership action on

  
 30 

	 	
the part of BCMR and are the valid and legally binding obligation of BCMR, enforceable in accordance with their respective terms. Neither the execution and delivery of this Agreement and all
documents contemplated hereunder as of the date hereof to be executed by BCMR, nor the performance of the obligations of BCMR hereunder or thereunder will result in the violation of any Law or any provision of the organizational documents of BCMR or
will conflict with any order or decree of any court or governmental instrumentality of any nature by which BCMR is bound. 

  

	 	(b)	Bankruptcy. No petition has been filed by or against BCMR under the federal Bankruptcy Code or any similar state or federal Law. 

 

	 	(c)	OFAC. To BCMR’s knowledge, BCMR is not acting, directly or indirectly for, or on behalf of, any person, group, entity or nation named by any Executive Order (including the September 24, 2001, Executive
Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or other
banned or blocked person, entity, or nation pursuant to any law that is enforced or administered by the Office of Foreign Assets Control of the Department of Treasury, and is not engaging in this transaction, directly or indirectly, on behalf of, or
instigating or facilitating this transaction, directly or indirectly, on behalf of, any such person, group, entity or nation. Neither BCMR nor any person holding a direct ownership interest in BCMR, is described in, covered by or specially
designated pursuant to, or affiliated with any person described in, covered by or specially designated pursuant to Anti-Terrorism Laws, or any list issued by any department or agency of the United States of America in connection therewith.

  

	 	(d)	Foreign Entity. BCMR is not a foreign limited partnership, person or other entity within the meaning of Section 1445(b)(2) of the Internal Revenue Code of 1986, as amended. 

 

	 	9.2.2	MLP. 

  

	 	(a)	 Authorization. MLP (a) is duly organized (or formed), validly existing and in good standing under the Laws of its State of organization,
(b) is authorized (excepting therefrom any necessary consents from Existing Lender) to consummate the Transaction and fulfill all of its obligations hereunder and under all documents contemplated hereunder to be executed by MLP, and
(c) has all necessary power to execute and deliver this Agreement and as of the Closing Date shall have all necessary power to execute and deliver all documents contemplated hereunder to be executed by

  
 31 

	 	
MLP, and to perform all of its obligations hereunder and thereunder. This Agreement and all documents contemplated hereunder to be executed by MLP as of the date hereof, have been duly authorized
by all requisite limited liability company action on the part of MLP and are the valid and legally binding obligation of MLP, enforceable in accordance with their respective terms. Neither the execution and delivery of this Agreement and all
documents contemplated hereunder as of the date hereof to be executed by MLP, nor the performance of the obligations of MLP hereunder or thereunder will result in the violation of any Law or any provision of the organizational documents of MLP or
will conflict with any order or decree of any court or governmental instrumentality of any nature by which MLP is bound. 

  

	 	(b)	Bankruptcy. No petition has been filed by or against MLP under the federal Bankruptcy Code or any similar state or federal Law. 

 

	 	(c)	OFAC. To MLP’s knowledge, MLP is not acting, directly or indirectly for, or on behalf of, any person, group, entity or nation named by any Executive Order (including the September 24, 2001, Executive
Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or other
banned or blocked person, entity, or nation pursuant to any law that is enforced or administered by the Office of Foreign Assets Control of the Department of Treasury, and is not engaging in this transaction, directly or indirectly, on behalf of, or
instigating or facilitating this transaction, directly or indirectly, on behalf of, any such person, group, entity or nation. Neither MLP nor any person holding a direct ownership interest in MLP, is described in, covered by or specially designated
pursuant to, or affiliated with any person described in, covered by or specially designated pursuant to Anti-Terrorism Laws, or any list issued by any department or agency of the United States of America in connection therewith. 

 

	 	(d)	Foreign Entity. MLP is not a foreign limited partnership, person or other entity within the meaning of Section 1445(b)(2) of the Internal Revenue Code of 1986, as amended. 

 

	 	9.2.3	Property Representations. Subject to the provisions of Section 9.3 below: 

  

	 	(a)	There is no current, pending or, to Seller’s knowledge, threatened (in writing) action, proceeding, investigation or litigation against the Company or pertaining to the Property, except for any litigation that is
or would be covered by Seller’s insurance or involves customary tenant collection matters. 

  
 32 

	 	(b)	As of the date of this Agreement, neither the Company nor the Property is subject to any contracts or agreements affecting the Property which will be binding upon the Company after the Closing other than (i) the
Assumed Contracts, (ii) the Leases, and (iii) the Permitted Exceptions. 

  

	 	(c)	To Seller’s knowledge, the Company has not received any written notice of any uncured default by the Company under the terms of any of the residential Leases being assumed pursuant to this Agreement.

  

	 	(d)	The Company has not received any written notice of any uncured default by the Company under the terms of any Contracts or commercial Leases being assumed pursuant to this Agreement. 

 

	 	(e)	The rent roll in Exhibit I attached hereto and incorporated herein by this reference (the “Rent Roll”) is the true and correct copy of the rent roll for the Property maintained by or on behalf of
the Company and relied on by the Company for internal administration and accounting purposes. Exhibit I discloses all security and other deposits made by each of the tenants under the Leases, and no tenant is or was entitled to any rebate or
concession which is not disclosed on Exhibit I. The Company has not received any advance payment of rent (other than for the current month) on account of any of the Leases except as shown in Exhibit I. To the actual knowledge of
Seller, there are no written or oral leases or tenancies or rights of possession affecting the Property other than those listed in Exhibit I. 

  

	 	(f)	The Company has not received any written notice from any governmental authority of any uncured violation by Seller of any Law applicable to the Property. 

 

	 	(g)	The Company has no, and has never had any, employees. The Company has not entered into any employment contracts or labor union contracts and has not established any retirement, pension or profit sharing plans relating
to the operation or maintenance of the Property. 

  

	 	(h)	 To Seller’s knowledge, the Company has not received any written notice from any governmental authority asserting any uncured violation by the
Company of Environmental Laws applicable to the Property. The term “Environmental Laws” means the Resource Conservation and Recovery Act and the Comprehensive Environmental Response, Compensation, and Liability Act and other federal
laws governing the environment as in effect on the date of this Agreement together with their implementing regulations as of the date of this Agreement applicable to the 

  
 33 

	 	
Property, and all applicable state, regional, county, municipal and other local laws, regulations and ordinances that are equivalent or similar to the federal laws recited above or that purport
to regulate hazardous or toxic substances and materials. 

  

	 	(i)	The Company has not received written notice from any governmental authority of any pending condemnation proceedings, and Seller has no knowledge of any threatened proceedings, relating to the Property.

  

	 	(j)	The Personal Property to be transferred to Buyer is free and clear of liens, security interests and other encumbrances arising by, through or under the Company, except as a result of loan instruments securing a loan
that shall be paid in full by the Company or assumed at or prior to Closing. 

  

	 	(k)	The Company is not a party to any contract, agreement, or commitment to sell, convey, assign, transfer or otherwise dispose of any portion or portions of the Property. 

 

	 	(l)	That there have been no repairs, additions or improvements made, ordered or contracted by the Company to be made on or to the Property in the last six (6) months except for repairs, additions or improvements which
have been fully completed and paid for in full. 

  

	 	(m)	There are no written brokerage agreements or similar agreements in effect with respect to leasing activities at the Property that will survive Closing. 

 

	 	(n)	The operating statements for the Property delivered to Buyer are true and correct copies of the operating statements maintained by or on behalf of the Company and relied on by the Company for internal administration and
accounting purposes; provided however, that Seller does not and will not represent or warrant that Buyer will be able to, or should be able to, operate the Property according to and with similar results as shown in such operating statements.

  

	 	9.2.4	 Existing Loan Representations. The Company has received no written notice of a default by the Company under the Existing Loan and, to
Seller’s knowledge, no Event of Default (as defined in the Existing Loan Documents), monetary default or material non-monetary default has occurred and remains uncured. A true, accurate and complete list in all material respects of all of the
Existing Loan Documents is contained on Schedule 5.6.1 attached hereto. True, correct and complete copies of the Existing Loan Documents set forth on Schedule 5.6.1 have been made available to Buyer. As of the date hereof, the Loan
Documents have not 

  
 34 

	 	
been amended or modified (except as set forth on Schedule 5.6.1). 

9.2.5 Interests Representations. Each Seller represents and warrants as to its respective Interests, as follows: 

 

	 	(a)	Each Seller owns, and at the time of Closing will own, 100% of its respective Interests. Each Seller has good title in and to its respective Interests, free and clear of all liens, agreements, voting trusts, proxies or
other arrangements or restrictions of any kind whatsoever. There are no certificates evidencing the Interests. 

  

	 	(b)	The Interests have been duly and validly issued and are fully paid. Other than this Agreement, there are not, and on the Closing Date there will not be, any outstanding (a) options, warrants or other rights to
purchase any membership interests in the Company, (b) any securities convertible into or exchangeable for membership interests in the Company, or (c) any other commitments of any kind for the issuance of additional membership interests in
the Company. There are no other restrictions on transfer or other agreements or instruments which are binding on Seller and/or which relate to the ownership, voting or transfer of the Interests. 

 

	 	(c)	The Interests to be purchased hereby have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws. The Interests are being offered and
sold in reliance upon exemptions contained in the Securities Act and in the rules and regulations thereunder, and in reliance upon exemptions from applicable state securities Laws. 

 

	 	(d)	To Seller’s Knowledge, there are no options, warrants, calls, commitments, conversion rights, or other agreements requiring the issuance of any additional interests in the Company. 

 

	 	9.2.6	Company Representations. 

  

	 	(a)	 The Company (a) is duly organized (or formed), validly existing and in good standing under the Laws of its State of organization and the State in
which the Property is located, (b) is authorized to consummate the Transaction and fulfill all of its obligations hereunder and under all documents contemplated hereunder to be executed by the Company, and (c) as of the Closing Date shall
have all necessary power to execute and deliver all documents contemplated hereunder to be executed by the Company, and to perform all of its obligations hereunder and thereunder. This Agreement and all documents contemplated hereunder to be
executed by the Company as of the date hereof, have been duly authorized by all requisite limited liability company action on the part of the Company and are the valid and legally binding

  
 35 

	 	
obligation of the Company, enforceable in accordance with their respective terms. Neither the execution and delivery of this Agreement and all documents contemplated hereunder as of the date
hereof to be executed by the Company, nor the performance of the obligations of the Company hereunder or thereunder will result in the violation of any Law or any provision of the organizational documents of the Company or will conflict with any
order or decree of any court or governmental instrumentality of any nature by which the Company is bound. 

  

	 	(b)	No petition has been filed by or against the Company under the federal Bankruptcy Code or any similar state or federal Law. 

  

	 	(c)	True, correct and complete copies of the Organizational Documents set forth on Schedule 5.1 have been made available to Buyer. As of the date hereof, the Organizational Documents have not been amended or
modified (except as set forth on Schedule 5.1). 

  

	 	(d)	The Company is, and since its date of formation has been, a single asset entity and has complied with all of the single asset entity covenants set forth in Section 4.02(d) of that certain Loan Agreement between the
Company and Existing Lender (the “Existing Loan Agreement”). The representations and warranties set forth in Section 4.01(h) of the Existing Loan Agreement are true, correct and complete and have been true, correct and complete
since the Company’s date of formation. 

 9.3 General Provisions. 

 

	 	9.3.1	No Representation as to Leases. Seller does not represent or warrant that any particular lease or leases will be in force or effect on the Closing Date or that the tenants will have performed their obligations
thereunder, provided, however, Seller has no knowledge of any fact or circumstance which would cause any commercial lease in effect as of the date hereof not to be in full force or effect at Closing. 

 

	 	9.3.2	Seller’s Obligations Deemed Modified. To the extent that Buyer knows or is deemed to know prior to the expiration of the Due Diligence Period (and at Closing) that Seller’s representations and
warranties set forth herein are inaccurate, untrue or incorrect in any way, such representations and warranties shall be deemed modified to reflect Buyer’s knowledge or deemed knowledge, as the case may be. 

 

	 	9.3.3	 Notice of Breach; Seller’s Right to Cure. If prior to Closing Seller or Buyer obtains actual knowledge that any of Seller’s
Warranties are untrue, inaccurate or incorrect in any material respect, Seller or Buyer, as the case 

  
 36 

	 	
may be, shall give the other party written notice thereof within three (3) business days of obtaining such knowledge. 

 

	 	(a)	If any of Seller’s Warranties are untrue, inaccurate or incorrect in any material respect as a result of circumstances beyond Seller’s control that do not constitute or result from a breach by Seller of its
obligations under this Agreement, then: (i) Seller shall have the right, but not the obligation, to cure such misrepresentation or breach within ten (10) days; (ii) to the extent permitted by the Existing Lender Consent, Seller shall
be entitled to a reasonable adjournment of Closing (not to exceed ten (10) days) for the purpose of such cure; and (iii) if Seller is unable or unwilling to so cure such misrepresentation or breach within such ten (10) day period (it
being agreed that a representation regarding having provided information or documents to Buyer cannot be cured by Seller following expiration of the Due Diligence Period simply by subsequently providing such information), then Buyer, as its sole
remedy shall elect either (A) to waive such misrepresentations or breaches of representations and warranties and consummate the Transaction without reduction of or credit against the Purchase Price, or (B) to terminate this Agreement by
written notice to Seller given to Seller no later than the Closing Date, in which event this Agreement shall be terminated, the Deposit shall be returned to Buyer, and thereafter neither party shall have any further rights or obligations hereunder
except for those rights and obligations which by their terms expressly survive termination of this Agreement. 

  

	 	(b)	 If any of Seller’s Warranties are untrue, inaccurate or incorrect in any material respect as a result of an action or omission by Seller or a
breach by Seller of its obligations under this Agreement, then: (i) Seller shall be obligated to cure such misrepresentation or breach within ten (10) days; (ii) to the extent permitted by the Existing Lender Consent, Seller shall be
entitled to a reasonable adjournment of Closing (not to exceed ten (10) days) for the purpose of such cure; and (iii) if Seller is unable to so cure such misrepresentation or breach within such ten (10) day period (it being agreed
that a representation regarding having provided information or documents to Buyer cannot be cured by Seller following expiration of the Due Diligence Period simply by subsequently providing such information), then Buyer, as its sole remedy shall
elect either (A) to waive such misrepresentations or breaches of representations and warranties and consummate the Transaction with a mutually agreed upon reduction of or credit against the Purchase Price, or (B) to terminate this
Agreement by written notice to Seller given to Seller no later than the Closing Date, in which event this Agreement shall be terminated, the Deposit shall be returned to Buyer, and thereafter neither party

  
 37 

	 	
shall have any further rights or obligations hereunder except for those rights and obligations which by their terms expressly survive termination of this Agreement. 

The untruth, inaccuracy or incorrectness of any of Seller’s Warranties shall be deemed material only if Buyer’s aggregate damages
resulting from the untruth, inaccuracy or incorrectness of any of the Seller’s Warranties are reasonably estimated to exceed Twenty-Five Thousand Dollars ($25,000) in the aggregate. Further, subject to Section 9.3.2, Buyer’s
remedies following Closing for any untruth, inaccuracy or incorrectness of any of Seller’s Warranties shall be solely governed by Section 9.3.4 and 9.3.5. 

9.3.4 Breach Discovered Post-Closing. Subject to Section 9.3.2, if Buyer first discovers after the Closing that any of
Seller’s Obligations (hereinafter collectively referred to as a “Breach”), Buyer shall notify Seller, in writing, of such Breach and Seller shall have a period of thirty (30) days after Seller’s receipt of such notice
to cure the Breach before Buyer shall be entitled to exercise any remedies for such Breach. If Seller fails to cure such Breach within such thirty (30) day period, Buyer shall be entitled to recover from Seller any and all actual damages
suffered by Buyer as a result of such Breach, subject, however, to the provisions of Section 9.3.5. 
 9.3.5 Limited
Survival; Limitation on Buyer’s Remedies. Seller’s Obligations, as modified pursuant to Section 9.3.2 and as updated by Seller’s Closing Certificate but excluding the Assignment of Membership Interests, shall survive
Closing for a period of six (6) months after Closing, and no claim for such Breach shall be actionable or payable (a) if such Breach in question results from or is based on a condition, state of facts or other matter which Seller can prove
was actually known to Buyer prior to Closing, (b) unless the valid claims for all such Breaches collectively aggregate to Twenty-Five Thousand Dollars ($25,000) or more, in which event the full amount of such valid claims shall be actionable,
up to but not exceeding the amount of the Cap (as defined below), and (c) unless written notice containing a description of the specific nature of such Breach shall have been given by Buyer to Seller prior to the expiration of said six
(6) month period and an action shall have been commenced by Buyer against Seller within thirty days after the expiration of said six (6) month period. In the event of any such Breach by Seller which Buyer first discovers after Closing and
provides timely notice as aforesaid, Seller shall indemnify and hold Buyer harmless from and against any and all loss, damage, cost or expense resulting therefrom up to but not exceeding the Cap, subject to Section 9.3.4. Seller shall
not be liable to Buyer to the extent Buyer’s claim is satisfied from any insurance policy, Contract or Lease. As used herein, the term “Cap” shall mean the total aggregate amount equal to Five Hundred Thousand Dollars ($500,000). In
no event shall Seller’s aggregate liability to Buyer for any such breaches exceed the amount of the Cap, and Buyer hereby waives and disclaims any right to damages or compensation for any and all such breaches in excess of the Cap. Buyer hereby
acknowledges and agrees that the liability of BCMR and MLP under this Agreement and the Closing Documents shall be several, and not joint, and that in connection with any representations, warranties or covenants given solely by BCMR or MLP, Buyer
shall look solely to such party in connection with any claims made pursuant to Section 9.3.4, as limited by this Section 9.3.5. In no event shall Seller be liable for consequential, speculative, remote or punitive damages,
and Buyer hereby waives and releases any right to seek or collect any such damages. 

  
 38 

 ARTICLE 10 - COVENANTS 

10.1 Buyer’s Covenants. Buyer hereby covenants as follows: 

 

	 	10.1.1	Confidentiality. Buyer acknowledges that any information heretofore or hereafter furnished to Buyer with respect to the Property has been and will be so furnished on the condition that Buyer maintains the
confidentiality thereof. Accordingly, Buyer shall hold, and shall cause Buyer’s Representatives to hold, in strict confidence, and Buyer shall not disclose, and shall prohibit Buyer’s Representatives from disclosing, to any other person
without the prior written consent of Seller until the Closing shall have been consummated, (a) the terms of the Agreement, (b) any of the information in respect of the Property delivered to or for the benefit of Buyer whether by any of
Buyer’s Representatives or by Seller or any of the Seller Parties, including, but not limited to, any information heretofore or hereafter obtained by Buyer or any of Buyer’s Representatives in connection with its Due Diligence, and
(c) the identity of the constituent members in Seller. Notwithstanding the foregoing, Buyer hereby agrees that, after Closing, it shall continue to hold, and shall cause Buyer’s Representatives to hold, the terms of this Agreement and the
identity of the constituent members of Seller in strict confidence, and Buyer shall not disclose, and shall prohibit Buyer’s Representatives from disclosing, such information to any other person without the prior written consent of Seller. In
the event the Closing does not occur or this Agreement is terminated, Buyer shall promptly return to Seller all copies of documents containing any of such information without retaining any copy thereof or extract therefrom. Notwithstanding anything
to the contrary hereinabove set forth, Buyer may disclose such information (a) on a need-to-know basis to its employees, consultants, members of professional firms serving it or existing or potential lenders, (b) as any governmental agency
may require in order to comply with applicable Laws, and (c) to the extent that such information is a matter of public record. Notwithstanding the foregoing, Seller acknowledges that Buyer is wholly owned by a publicly traded real estate
investment trust (“REIT”) which REIT may be obligated, under applicable securities laws, to disclose information regarding the terms of this Agreement, the Property and the Seller and that any such disclosure by Buyer or the REIT shall not
be deemed a violation of the provisions of this Subsection 10.1.1. Seller shall at all times keep the economic terms of this transaction confidential. The provisions of this Subsection 10.1.1 shall survive any termination of this
Agreement. 

  

	 	10.1.2	 Indemnity. Buyer and Seller hereby agrees to indemnify, defend and hold one another and each of the other Seller Parties or Buyer Parties, as
applicable free and harmless from and against any and all Liabilities (including reasonable attorneys’ fees, expenses and disbursements) arising out of or resulting from (a) the breach by Buyer or Seller, as applicable, of the terms of
Subsection 10.1.1. The foregoing indemnity shall survive the 

  
 39 

	 	
Closing (and not be merged therein) or any earlier termination of this Agreement. 

  

	 	10.1.3	Alternative Use. Seller shall record, or shall cause the Company to record, at Closing restrictive covenants (the “Condo Restrictions”) in the form attached hereto as Exhibit K,
prohibiting the conversion of the Property to any Alternative Use prior to November 1, 2016. The Condo Restrictions will become Permitted Exceptions against title to the Property and Buyer will be obligated to accept the Property subject to the
Condo Restrictions. Recording of the Condo Restrictions will not limit Buyer’s responsibility under other provisions of this Section 10.1.3. Buyer shall defend, indemnify and hold harmless Seller and each of the other Seller Parties
from any and all Liabilities resulting or arising from any action taken by Buyer which terminates or removes of record the Condo Restrictions prior to November 1, 2016. At Buyer’s request, Seller shall cooperate with Buyer, or shall cause
the Company to cooperate with Buyer, at Seller’s sole cost and expense, to terminate and remove of record (including, without limitation, executing any recordable instrument of termination) the Condo Restriction as of November 1, 2016. The
foregoing indemnities and covenants shall survive the Closing (and not be merged therein). 

 10.2 Seller’s
Covenants. Seller hereby covenants as follows: 
  

	 	10.2.1	Contracts. 

  

	 	(a)	Without Buyer’s prior consent, which consent may be granted or withheld in Buyer’s sole and absolute discretion, between the Effective Date and the Closing Date, Seller shall not, and shall not permit the
Company to, extend, renew, replace or modify any Assumed Contract or enter into any new service contract or agreement unless such Contract, service contract or agreement (as so extended, renewed, replaced or modified) can be terminated by the owner
of the Property without penalty on not more than thirty (30) days’ notice. Seller shall provide Buyer not less than three (3) business days’ prior written notice to provide its consent to any such contract, extension, renewal,
replacement or modification. If Buyer fails to object in writing to any such proposed action within three (3) business days after receipt of the aforementioned notice, Buyer shall be deemed to have rejected the proposed action.

  

	 	(b)	On or before the Closing, Seller shall, or shall cause the Company to, terminate any property management agreements currently in effect with respect to the Property at the sole cost and expense of Seller.

  
 40 

	 	10.2.2	Maintenance and Operation of Property. Except to the extent Seller is relieved of such obligations by Article 12 hereof, between the date hereof and the Closing Date Seller shall, and shall cause the
Company to, operate, maintain and repair the Property in the ordinary course of business, generally consistent with the manner in which Seller has operated, maintained and repaired the Property prior to the date hereof and Seller shall not, and
shall not permit the Company to, make any material changes, modifications or alterations thereto and Seller shall, and shall cause the Company to, substantially perform, comply with and observe all of the material covenants and conditions that are
to be performed, complied with or observed on the part of landlord under each Lease. Between the date hereof and the Closing Date, Seller will advise Buyer of any written notice Seller receives after the date hereof from any governmental authority
concerning (a) any violation of any Laws applicable to the Seller or the Property, (b) any special assessments or proposed increase in valuation of the Property, and (c) any condemnation or eminent domain proceedings. In addition,
Seller shall deliver or cause to be delivered to Buyer, promptly upon giving or receipt thereof by Seller, true and complete copies of (i) any written notices of default given or received by Seller under any of the Documents or Permitted
Exceptions and (ii) any material written notices given to, or received from, the Existing Lender under the Existing Loan Documents. 

Seller shall cause, or shall cause the Company to cause, all vacant apartment units to be in “rent ready” condition in a manner
consistent with Seller’s current practices as of the Closing, other than such apartments which become vacant less than five (5) days prior to Closing. 

From the date of this Agreement until the Closing Date, provided Buyer has not terminated this Agreement pursuant to the terms hereof, and
except as may be permitted herein, Seller shall not, and shall not permit the Company to, without Buyer’s prior written consent in each instance, which consent must be given or denied, with the reasons for such denial specified in reasonable
detail, within three (3) Business Days after receipt by Buyer of the information referred to in the next sentence, (a) enter into a New Lease; (b) modify or amend any commercial Lease (except pursuant to the exercise by a tenant of a
renewal, extension or expansion option or other right contained in such tenant’s Lease); (c) consent to any assignment or sublease in connection with any commercial Lease; (d) terminate any commercial Lease; or (e) enter into any
new residential lease; provided that Seller shall not need to obtain Buyer’s written consent to any new residential lease pursuant to which (i) tenant is obligated to pay market rent (it being agreed that such rent shall be deemed market
if such rent is determined by the property manager to be consistent with other residential Leases entered into in the ordinary course), (ii) the term of years is consistent with that set forth in other residential Leases, (iii) the terms
of the lease (including, without limitation, free rent and/or rent concession periods) are consistent with that set forth in other residential 

  
 41 

 
Leases. Seller shall furnish Buyer with a written notice of the proposed transaction which shall contain information that Seller believes is reasonably necessary to enable Buyer to make informed
decisions with respect to the advisability of the proposed action, including without limitation, the nature and amount of any Reimbursable Lease Expenses which will be an obligation of Buyer at or after Closing, including without limitation, the
proposed documentation to evidence such action, including without limitation, any letters of intent and drafts of proposed leases and any amendments, modifications or terminations to existing Leases. If Buyer fails to object in writing to any such
proposed action within three (3) Business Days after receipt of the aforementioned information, Buyer shall be deemed to have approved the proposed action. Buyer’s consent shall not be unreasonably withheld, conditioned or delayed with
respect to any such action. Any notice from Buyer rejecting the proposed action shall include a description of the reasons for Buyer’s rejection. 
  

	 	10.2.3	Maintenance of Insurance. Seller shall, or shall cause the Company to, keep the Property insured through the Closing Date against loss or damage (including rental loss) by fire and all risks covered by the
Seller’s insurance that is currently in force, provided that Seller may make adjustments in Seller’s insurance coverage for the Property which are consistent with Seller’s general insurance program in effect from time to time.

  

	 	10.2.4	Removal and Replacement of Personal Property. Seller shall not, and shall not allow the Company to, remove any Personal Property except as may be required for necessary repair or replacement (which repair
and replacement shall be of equal quality and quantity as existed as of the time of the removal), or otherwise in accordance with current inventory and management standards of Seller for its apartment properties, provided that any appliances,
leasing office furniture, pool furniture, fitness center equipment, or other similar items of equipment so removed by Seller are promptly replaced by Seller, at its cost, with items of comparable value and utility. 

 

	 	10.2.5	Maintenance of Permits. Seller shall, or shall cause the Company to, maintain in existence all licenses, permits and approvals that are now in existence with respect to, and are required for, the ownership,
operation or improvement of the Property, and are of a continuing nature. 

 10.3 Mutual Covenants. 

 

	 	10.3.1	 Publicity. Seller and Buyer each hereby covenant and agree that prior to the Closing neither Seller nor Buyer shall issue any Release (as
hereinafter defined) with respect to the Transaction without the prior consent of the other, except to the extent required by applicable Law; provided, however, the Purchase Price shall not be disclosed, except to the extent required by applicable
Law. If either Seller or Buyer is required by applicable Law to 

  
 42 

	 	
issue a Release, such party shall, at least one (1) business days prior to the issuance of the same, deliver a copy of the proposed Release to the other party for its review. As used herein,
the term “Release” shall mean any press release or public statement with respect to the Transaction or this Agreement. 

  

	 	10.3.2	Brokers. Seller and Buyer expressly acknowledge that Seller’s Broker has acted as the broker with respect to the Transaction and with respect to this Agreement. Seller shall pay any brokerage commission due
to Seller’s Broker in accordance with the separate agreement between Seller and Seller’s Broker. Seller agrees to hold Buyer harmless and indemnify Buyer from and against any and all Liabilities (including reasonable attorneys’ fees,
expenses and disbursements) suffered or incurred by Buyer as a result of any claims by Seller’s Broker or any other party claiming to have represented Seller as broker in connection with the Transaction. Buyer agrees to hold Seller harmless and
indemnify Seller from and against any and all Liabilities (including reasonable attorneys’ fees, expenses and disbursements) suffered or incurred by Seller as a result of any claims by any party claiming to have represented Buyer as broker in
connection with the Transaction. 

  

	 	10.3.3	Survival. The provisions of this Section 10.3 shall survive the Closing (and not be merged therein) or earlier termination of this Agreement. 

ARTICLE 11 - REMEDIES FOR DEFAULT 

11.1 Buyer’s Obligations. If, at the Closing, (i) Buyer is in default of any of its material obligations hereunder, or
(ii) subject to Section 9.3, any of Buyer’s representations or warranties are untrue in any material respect, or (iii) the Closing otherwise fails to occur by reason of Buyer’s failure or refusal to perform its
obligations hereunder in a prompt and timely manner, then Seller may elect as its sole and exclusive remedy to (a) terminate this Agreement by written notice to Buyer; or (b) waive the condition and proceed to close the Transaction. If
this Agreement is so terminated, then Seller shall be entitled to the Deposit as liquidated damages, and thereafter neither party to this Agreement shall have any further rights or obligations hereunder other than any liabilities which survive the
termination of this Agreement. 
 11.2 Seller’s Obligations. If, after expiration of the Due Diligence Period but on or before
the Closing Date, Seller is in breach of any of its obligations hereunder (other than a breach of any representations or warranties set forth herein, which is governed by Section 9.3.3), then: (a) Seller shall be obligated to cure
such breach within ten (10) days of written notice from Buyer; (b) to the extent permitted by the Existing Lender Consent, Seller shall be entitled to a reasonable adjournment of Closing (not to exceed ten (10) days) for the purpose
of such cure; and (c) if Seller is unable to so cure such breach within such ten (10) day period, then Buyer shall be entitled, as its sole remedy for such default, to (i) waive such breach and proceed to close the Transaction without
reduction in the Purchase Price, (ii) enforce specific performance of Seller’s obligation to execute and deliver the documents and perform its obligations as contained in this Agreement, or (iii) terminate this Agreement, receive the
return of the Deposit which return shall operate to terminate this Agreement and release Seller from any and all 

  
 43 

 
liability hereunder except to the extent such liability survives the termination of this Agreement pursuant to the terms hereof; provided, however, that if the Closing fails to occur by reason of
Seller’s failure or refusal to consummate the Transaction despite satisfaction of all conditions to Seller’s obligations hereunder, as set forth in Section 8.1 hereof, then Buyer shall also be entitled to seek from such Seller
a reimbursement of Buyer’s out of pocket costs and expenses (including, without limitation, attorneys’ fees and expenses) incurred by Buyer in connection with this Agreement, the Transfer, Buyer’s due diligence and the transactions
contemplated hereby in an amount not to exceed One Hundred Thousand Dollars ($100,000). If Buyer fails to file suit for specific performance against Seller in a court having jurisdiction in the county and state in which the Property is located, on
or before sixty (60) days following the date upon which Closing was to have occurred, or the remedy of specific performance is ultimately unavailable, Buyer shall be deemed to have elected to terminate the Agreement in accordance with and as
limited by subsection (c)(iii) above. In no event shall Seller be liable for consequential, speculative, remote or punitive damages, and Buyer hereby waives and releases any right to seek or collect any such damages. 

ARTICLE 12 - CONDEMNATION/CASUALTY 

12.1 Right to Terminate. If, after the date hereof, (a) any portion of the Property is taken by condemnation or eminent domain (or
is the subject of a pending taking which has not yet been consummated), or (b) any portion of the Property is damaged or destroyed (excluding routine wear and tear), Seller shall notify Buyer in writing of such fact within five (5) days
after obtaining knowledge thereof. If the Property is the subject of a Major Casualty/Condemnation that occurs after the date hereof, Buyer shall have the right to terminate this Agreement by giving written notice to Seller no later than ten
(10) business days after the giving of Seller’s notice, and the Closing Date shall be extended, if necessary, to provide sufficient time for Buyer to make such election. The failure by Buyer to so elect in writing to terminate this
Agreement within such ten (10) business day period shall be deemed an election not to terminate this Agreement. If this Agreement is terminated pursuant to this Section 12.1, the Deposit shall be immediately returned to Buyer and,
thereafter, this Agreement shall terminate and neither party to this Agreement shall have any further rights or obligations hereunder other than any arising under any section herein which expressly provides that it shall survive the termination of
this Agreement. 
 12.2 Allocation of Proceeds and Awards. If a condemnation or casualty occurs after the date hereof and this
Agreement is not terminated as permitted pursuant to the terms of Section 12.1, then this Agreement shall remain in full force and effect, and the Closing of the Transaction shall be consummated upon the terms and conditions set forth
herein and at the Closing: 
  

	 	(a)	if the awards or proceeds, as the case may be, have been paid to Seller prior to Closing, Buyer shall receive a credit at Closing equal to (i) the amount of any such award or proceeds on account of such
condemnation or casualty, plus (ii) if a casualty has occurred and such casualty is an insured casualty, an amount equal to Seller’s deductible with respect to such casualty, less (iii) an amount equal to the
Seller-Allocated Amounts; and 

  
 44 

	 	(b)	to the extent that such award or proceeds have not been paid to Seller prior to Closing, (i) if a casualty has occurred and such casualty is an insured casualty, Buyer shall receive a credit at Closing equal to
Seller’s deductible with respect to such casualty, and (ii) Seller shall, or shall cause the Company to, assign to Buyer at the Closing (without recourse to Seller), subject to the following sentence, the rights of Seller to, and Buyer
shall be entitled to receive and retain, such awards or proceeds and after Closing, Seller shall, and shall cause the Company to, cooperate with Buyer in connection with Buyer’s efforts to obtain such awards or proceeds (which obligation will
survive Closing); provided, however, that within three (3) business days after receipt of such awards or proceeds, Buyer shall pay to Seller an amount equal to the Seller-Allocated Amounts. Any assignment by Seller to Buyer of insurance
proceeds respecting loss of rental income shall be limited to that portion of such proceeds attributable to periods after Closing. 

 Seller
shall, or shall cause the Company to, promptly and diligently pursue payment of any awards or proceeds in connection with any such condemnation or eminent domain proceeding, and/or the settlement or negotiation of any insurance claim, including
making proof of loss thereof. In the event this Agreement is not terminated as the result of such casualty or condemnation pursuant to the terms hereof, Buyer shall have the right to participate in the settlement or negotiation of claims for all
awards or proceeds and/or participate in any proceedings related to a condemnation of the Property and, in connection therewith, Seller shall, and shall cause the Company to, promptly deliver to Buyer all material documents received by Seller in
connection with the foregoing. In the event this Agreement is not terminated as the result of such casualty or condemnation pursuant to the terms hereof, Seller shall not, and shall not allow the Company to, accept any award or enter into any
settlement without first obtaining the prior written consent of Buyer, not to be unreasonably withheld, conditioned or delayed. 
 12.3
Waiver. The provisions of this Article 12 supersede the provisions of any applicable Laws with respect to the subject matter of this Article 12. 

ARTICLE 13 - ESCROW PROVISIONS 

The Deposit and any other sums (including, without limitation, any interest earned thereon) which the parties agree shall be held in escrow
(herein collectively called the “Escrow Deposits”), shall be held by the Escrow Agent, in trust, and disposed of only in accordance with the following provisions: 

 

	 	(a)	The Escrow Agent shall invest the Escrow Deposits in government insured interest-bearing instruments reasonably satisfactory to both Buyer and Seller, shall not commingle the Escrow Deposits with any funds of the Escrow
Agent or others, and shall promptly provide Buyer and Seller with confirmation of the investments made. 

  
 45 

	 	(b)	If the Closing occurs, the Escrow Agent shall deliver the Escrow Deposits to, or upon the instructions of, Seller on the Closing Date. 

 

	 	(c)	If for any reason the Closing does not occur, the Escrow Agent shall deliver the Escrow Deposits to Seller or Buyer only upon receipt of a written demand therefor from such party, subject to the following provisions of
this subsection (c), except that in the case of a termination of this Agreement pursuant to Section 5.3 in which case the Deposit shall be automatically returned to Buyer without any authorization from Seller. If for any reason
the Closing does not occur and either party makes a written demand upon the Escrow Agent for payment of the Escrow Deposits, the Escrow Agent shall give written notice to the other party of such demand. If the Escrow Agent does not receive a written
objection from the other party to the proposed payment within ten (10) days after the giving of such notice, the Escrow Agent is hereby authorized to make such payment. If the Escrow Agent does receive such written objection within such period,
the Escrow Agent shall continue to hold such amount until otherwise directed by written instructions signed by Seller and Buyer or a final judgment of a court. 

  

	 	(d)	The parties acknowledge that the Escrow Agent is acting solely as a stakeholder at their request and for their convenience, that the Escrow Agent shall not be deemed to be the agent of either of the parties, and that
the Escrow Agent shall not be liable to either of the parties for any action or omission on its part taken or made in good faith, and not in disregard of this Agreement, but shall be liable for its grossly negligent acts and willful misconduct and
for any Liabilities (including reasonable attorneys’ fees, expenses and disbursements) incurred by Seller or Buyer resulting from the Escrow Agent’s mistake of law respecting the Escrow Agent’s scope or nature of its duties. Seller
and Buyer shall jointly and severally indemnify and hold the Escrow Agent harmless from and against all Liabilities (including reasonable attorneys’ fees, expenses and disbursements) incurred in connection with the performance of the Escrow
Agent’s duties hereunder, except with respect to actions or omissions taken or made by the Escrow Agent in bad faith, in disregard of this Agreement or involving gross negligence or willful misconduct on the part of the Escrow Agent.

  

	 	(a)	The party who receives any interest earned on the Escrow Deposits shall pay any income taxes on such interests and in connection therewith, such party shall executed and deliver to the Escrow Agent a W-9 setting forth
such parties taxpayer identification number. 

  
 46 

	 	(b)	The Escrow Agent has executed this Agreement in the place indicated on the signature page hereof in order to confirm that the Escrow Agent has received and shall hold the Escrow Deposits in escrow, and shall disburse
the Escrow Deposits pursuant to the provisions of this Article 13. 

 ARTICLE 14 - MISCELLANEOUS 

14.1 Buyer’s Assignment. Except as set forth below, Buyer may not assign its rights under this Agreement without first obtaining
Seller’s written approval, which approval may be given or withheld in Seller’s sole discretion. Buyer may assign this Agreement at Closing to a Permitted Affiliate without Seller’s consent, provided that Buyer’s assignee shall
expressly assume all obligations of Buyer under this Agreement pursuant to a written assignment and assumption agreement in a form reasonably acceptable to Seller, of which Seller shall receive a fully-executed copy. For purposes hereof, the term
“Permitted Affiliate” means an entity that controls, is controlled by or is under common control with Buyer, is solvent at the time of assignment and at the time of Closing, is not rendered insolvent by such assignment, and has
sufficient assets to consummate the transaction contemplated herein. No transfer or assignment by Buyer shall release or relieve Buyer of its obligations hereunder. 

14.2 Designation Agreement. Section 6045(e) of the United States Internal Revenue Code and the regulations promulgated thereunder
(herein collectively called the “Reporting Requirements”) require an information return to be made to the United States Internal Revenue Service, and a statement to be furnished to Seller, in connection with the Transaction. Title
Company is either (x) the person responsible for closing the Transaction (as described in the Reporting Requirements) or (y) the disbursing title or escrow company that is most significant in terms of gross proceeds disbursed in connection
with the Transaction (as described in the Reporting Requirements). Accordingly: 
  

	 	(a)	Title Company is hereby designated as the “Reporting Person” (as defined in the Reporting Requirements) for the Transaction. Title Company shall perform all duties that are required by the Reporting
Requirements to be performed by the Reporting Person for the Transaction. 

  

	 	(b)	Seller and Buyer shall furnish to Title Company, in a timely manner, any information requested by Title Company and necessary for Title Company to perform its duties as Reporting Person for the Transaction.

  

	 	(c)	Title Company hereby requests Seller to furnish to Title Company Seller’s correct taxpayer identification number. Seller acknowledges that any failure by Seller to provide Title Company with Seller’s correct
taxpayer identification number may subject Seller to civil or criminal penalties imposed by law. Accordingly, Seller hereby certifies to Title Company, under penalties of perjury, that Seller’s correct taxpayer identification number is
20-1067959. 

  
 47 

	 	(d)	Each of the parties hereto shall retain this Agreement for a period of four (4) years following the calendar year during which Closing occurs. This Section 14.2 shall survive Closing. 

14.3 Survival/Merger. Except for the provisions of this Agreement which are explicitly stated to survive the Closing, (a) none of
the terms of this Agreement shall survive the Closing, and (b) the delivery of the Deed and any other documents and instruments by Seller and the acceptance thereof by Buyer shall effect a merger, and be deemed the full performance and
discharge of every obligation on the part of Buyer and Seller to be performed hereunder. 
 14.4 Integration; Waiver. This Agreement,
together with the Exhibits hereto, embodies and constitutes the entire understanding between the parties with respect to the Transaction and all prior agreements, understandings, representations and statements, oral or written, are merged into this
Agreement. Neither this Agreement nor any provision hereof may be waived, modified, amended, discharged or terminated except by an instrument signed by the party against whom the enforcement of such waiver, modification, amendment, discharge or
termination is sought, and then only to the extent set forth in such instrument. No waiver by either party hereto of any failure or refusal by the other party to comply with its obligations hereunder shall be deemed a waiver of any other or
subsequent failure or refusal to so comply. 
 14.5 Governing Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Delaware. 
 14.6 Captions Not Binding; Exhibits. The captions in this Agreement are inserted for
reference only and in no way define, describe or limit the scope or intent of this Agreement or of any of the provisions hereof. All Exhibits attached hereto shall be incorporated by reference as if set out herein in full. 

14.7 Binding Effect; Time is of the Essence. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and permitted assigns. Time is of the essence of this Agreement 
 14.8 Severability. If any term or
provision of this Agreement or the application thereof to any persons or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other
than those as to which it is held invalid or unenforceable shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 

14.9 Notices. Any notice, request, demand, consent, approval and other communications under this Agreement shall be in writing, and
shall be deemed duly given or made at the time and on the date: (i) when received by e-mail transmission (provided that the sender of such communication shall simultaneously send a copy thereof pursuant to (iv) below); (ii) when
personally delivered as shown on a receipt therefor; (iii) three (3) business days after being mailed by prepaid registered or certified mail, return receipt requested, to the address for each party set forth below; or (iv) one
(1) business day after being deposited with Federal Express or another reliable overnight courier service for next day deliver. Facsimile or e-mail transmissions received during business hours during a business day at the receiving location
shall be deemed 

  
 48 

 
made on such business day if received prior to 8:00 p.m. (Eastern Time). Facsimile or e-mail transmissions received at any other time shall be deemed received on the next business day. Any such
notice so given by facsimile or .pdf attachment to an e-mail transmission shall be deemed given upon receipt by the sending party of confirmation of successful transmission (provided that if any notice to be delivered by facsimile or e-mail is
unable to be transmitted because of a problem affecting the receiving party’s facsimile machine or e-mail system, the deadline for receiving such notice shall be extended to the next business day). Any party, by written notice to the other in
the manner herein provided, may designate an address different from that set forth below. 
 IF TO BUYER: 

c/o RAIT Financial Trust 
 Cira
Centre 
 2929 Arch Street, 17th Floor 

Attention: Farrell Ender 

Telephone #: (215) 243-9040 

Email: farrell.ender@irtreit.com 

COPY TO: 
 RAIT
Financial Trust 
 Cira Center 

2929 Arch Street, 17th Floor 

Philadelphia, PA 19104 

Attention: Jamie Reyle 

Telephone #: (215) 243-9019 

Email: jreyle@raitft.com 

IF TO BCMR: 
 c/o
Boston Capital Real Estate Partners, LLC 
 One Boston Place, Suite 2100 

Boston, MA 02108-4406 

Attention: Mark W. Dunne 

Telephone #: (617) 624-8769 

Facsimile #: (617) 624-8999 

Email: mdunne@bostoncapital.com 

COPY TO: 
 Goodwin
Procter LLP 
 53 State Street 

Boston, MA 02109 
 Attention:
Craig C. Todaro, Esq. 
 Telephone #: (617) 570-8251 

Facsimile #: (617) 523-1231 

Email: ctodaro@goodwinprocter.com 

  
 49 

 IF TO MLP: 

c/o MLP Management, LLC 
 1242
Strassner Drive 
 Brentwood, MO 63144 

COPY TO: 
 Stinson
Leonard Street LLP 
 7700 Forsyth Boulevard, Suite 1100 

St. Louis, MO 63105 
 Attention:
Hal A. Tzinberg, Esq. 
 Telephone #: 314-719-3046 

Facsimile #: 314-259-3970 

Email: hal.tzinberg@stinsonleonard.com 

IF TO ESCROW AGENT/TITLE COMPANY: 

Land Services USA, Inc. 
 1835
Market Street, Suite 420 
 Philadelphia, PA 19103 

Attention: Mike Moyer 

Telephone #: (215) 255-8989 

Email: mmoyer@lsutitle.com 

14.10 Counterparts. This Agreement may be executed in counterparts, each of which shall be an original and all of which counterparts
taken together shall constitute one and the same agreement. 
 14.11 No Recordation. Seller and Buyer each agrees that neither this
Agreement nor any memorandum or notice hereof shall be recorded and Buyer agrees (a) not to file any notice of pendency or other instrument (other than a judgment) against the Property or any portion thereof in connection herewith and
(b) to indemnify Seller against all Liabilities (including reasonable attorneys’ fees, expenses and disbursements) incurred by Seller by reason of the filing by Buyer of such notice of pendency or other instrument. In no event shall this
Agreement (or any short form or memorandum thereof) be recorded. Any recording of this Agreement or memorandum thereof by Buyer shall be deemed to be a default hereunder by Buyer which justifies the exercise by Seller of the remedies specified in
Article 11. 
 14.12 Additional Agreements; Further Assurances. Subject to the terms and conditions herein provided, each of the
parties hereto shall execute and deliver such documents as the other party shall reasonably request in order to consummate and make effective the Transaction; provided, however, that the execution and delivery of such documents by such party shall
not result in any additional liability or cost to such party. 

  
 50 

 14.13 Construction. The parties acknowledge that each party and its counsel have reviewed
and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendment hereof or Exhibit
hereto. 
 14.14 JURISDICTION. WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDINGS RELATING TO THE TRANSACTION, THIS AGREEMENT, THE
PROPERTY OR THE RELATIONSHIP OF BUYER AND SELLER HEREUNDER (“PROCEEDINGS”) EACH PARTY IRREVOCABLY (A) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE COUNTY OF ST. LOUIS, STATE OF MISSOURI AND THE UNITED STATES
DISTRICT COURT FOR THE EASTERN DISTRICT OF MISSOURI, AND (B) WAIVES ANY OBJECTION WHICH IT MAY HAVE AT ANY TIME TO THE LAYING OF VENUE OF ANY PROCEEDINGS BROUGHT IN ANY SUCH COURT, WAIVES ANY CLAIM THAT SUCH PROCEEDINGS HAVE BEEN BROUGHT IN AN
INCONVENIENT FORUM AND FURTHER WAIVES THE RIGHT TO OBJECT, WITH RESPECT TO SUCH PROCEEDINGS, THAT SUCH COURT DOES NOT HAVE JURISDICTION OVER SUCH PARTY. 

14.15 WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES TRIAL BY JURY IN ANY PROCEEDINGS BROUGHT BY THE OTHER PARTY IN CONNECTION
WITH ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE TRANSACTION, THIS AGREEMENT, THE PROPERTY OR THE RELATIONSHIP OF BUYER AND SELLER HEREUNDER. 

14.16 Facsimile and PDF Signatures. Signatures to this Agreement transmitted by facsimile or PDF shall be valid and effective to bind
the party so signing. Each party agrees to promptly deliver an execution original to this Agreement with its actual signature to the other party, but a failure to do so shall not affect the enforceability of this Agreement, it being expressly agreed
that each party to this Agreement shall be bound by its own telecopied or PDF signature and shall accept the telecopied signature of the other party to this Agreement. 

14.17 Buyer Right to Audit. Seller acknowledges that Buyer may cause to be prepared audited financial statements with respect to the
Property in compliance with the policies of Buyer and certain laws, including applicable regulations (Rule 3-14 of Regulation S-X) promulgated by the Securities and Exchange Commission (the “Audit”). Seller shall, and shall
cause the Company to, use commercially reasonable efforts to cooperate with Buyer’s auditors in the preparation of such audited financial statements (including making available for interview, with reasonable advance notice from Buyer, by Buyer
and Buyer’s auditors the management personnel of Seller who are responsible for the day-to-day operation of the Property and the keeping of the books and records in respect of the operation of the Property) for one (1) year after
Closing. In addition, if Seller or the Company has audited financial statements, Seller shall, and shall cause the Company to, promptly provide Buyer with a copy of such audited financial statements for the most-recent period for which they
have been prepared. Seller acknowledges that any such Audit may require review of records existing for up to three years prior to the date of Closing, and Seller shall, and shall cause the Company to, make available to Buyer any records
relating to the operation of the Property in Seller’s possession or control covering such period, excluding Confidential Materials. If, after the Closing Date, Seller obtains an audited financial statement for a fiscal period prior to the

  
 51 

 
Closing Date that was not completed as of the Closing Date, then Seller shall, or shall cause the Company to, promptly provide Buyer with a copy of such audited financial statement. Seller
acknowledges that providing its audited financial statements to Buyer does not necessarily obviate Buyer’s need to perform Buyer’s own audit. Buyer agrees to indemnify and hold harmless Seller and each other Seller Party from any
claim, damage, loss, or liability to which any of them is at any time subjected by any person who is not a party to this Agreement as a result of Seller’s compliance with this Section or related to any information provided pursuant to this
Section 14.17, except to the extent any such claim, damage, loss, or liability arises from Seller’s fraud or intentional misrepresentation. The provisions of this Section shall survive the Closing.

14.18 Interpretation. Any provision herein which purports to require Seller to take any action or to refrain from taking any action
shall be deemed to require Seller to take such action or to refrain from taking such action, as applicable, and/or to cause the Company to take such action or to prevent the Company from taking such action, as applicable. 

[Remainder of page left intentionally blank] 

  
 52 

 IN WITNESS WHEREOF, each party hereto has caused this Agreement to be duly executed as of
the date(s) set forth below to be effective as of the day and year first above written. 
  

							
	BCMR:
	
	BCMR KING’S LANDING, A LIMITED PARTNERSHIP, a Massachusetts limited partnership
		
	By:	 	BCMR King’s Landing, LLC, its
		 	General Partner
			
		 	By:	 	Boston Capital Real Estate Manager Corporation,
		 		 	its Manager
				
		 		 	By:	 	 /s/ Mark W. Dunne

		 		 	Name:	 	Mark W. Dunne
		 		 	Title:	 	President
	
	MLP:
	
	MLP KING’S LANDING, LLC, a
	Missouri limited liability company, its Manager
		
	By:	 	 /s/ John C. Porta

	Name:	 	John C. Porta
	Title:	 	Member
	
	PURCHASER:
	
	INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership
		
	By:	 	Independence Realty Trust, Inc., its
		 	general partner
			
		 	By:	 	Independence Realty Advisors, LLC, its
		 		 	external advisor and authorized agent
				
		 		 	By:	 	 /s/ Farrell Ender

		 		 		 	Farrell Ender, President

 Signature Page to Purchase and Sale Agreement 

 AGREEMENT OF ESCROW AGENT 

The undersigned has executed this Agreement solely to confirm its agreement to (a) hold the Escrow Deposits in escrow in accordance with
the provisions hereof and (b) comply with the provisions of Article 13. 
  

			
	FIRST AMERICAN TITLE INSURANCE COMPANY
		
	By:	 	 /s/ Carl Bauchle

	Name:	 	Carl Bauchle
	Title:	 	Manager
		
	Dated:	 	March 4, 2014

 AGREEMENT OF TITLE COMPANY 

The undersigned has executed this Agreement solely to confirm its agreement to comply with the provisions of Section 14.2. 

 

			
	LAND SERVICES USA, INC.
		
	By:	 	 /s/ Alison Zugschwert

	Name:	 	Alison Zugschwert
	Title:	 	Title Officer
		
	Dated:	 	February 28, 2014

 Signature Page to Purchase and Sale Agreement 

 EXHIBIT A 

LEGAL DESCRIPTION 
 Adjusted Lot 1
of the Boundary Adjustment Plat of Lots 1-4 of Ballas Home Place and part of Lot 6 of Studt’s Home Place, according to the plat thereof recorded in Plat Book 352 page 605 of the St. Louis County Records. 

  
 A-1 

 EXHIBIT B 

LIST OF CONTRACTS 
  

			
	VENDOR CONTRACT LOG	  	2-21-14
		
	 Type of Service
	  	 Vendor Name

		
	Marketing and Advertising	  	 Consumer Source Holdings, Inc. d/b/a Apartment Guide
  

Mobile Diamond – Expires March, 31 2014. MTM contract that terminates unless renewed at month end.

 
 Gold Package – Expires December 12, 2013. MTM contract that may be terminated
without penalty upon providing 30 day prior, written notice prior to the next monthly billing cycle for Consumer Source Holdings, Inc. Contract may be assigned or terminated in the event of a change in ownership. Both events require immediate
written, certified notice, email, or facsimile.

		
	Marketing and Advertising	  	 Apartments.com
  

Expires February 1, 2014. Contract will automatically renew for 1 year period unless cancelled by providing 30 day prior written notice before the
expiration of the contract term. Contract may be terminated without cause for convenience subject to a termination fee equal to the remaining term on the contract.

		
	Marketing and Advertising	  	 Bake Extra Cookies, LLC
  

Expires on January 31, 2014. MTM contract may be terminated by providing 30 day prior, written notice to cancel. Contract automatically renews on a MTM
basis if not terminated 30 days prior to contract expiration date. May not be assigned.

		
	Re-Occupancy Inspection Authorization	  	 City of Creve Coeur
  

Not applicable and will need to be re-signed by

  
 B-1 

			
	VENDOR CONTRACT LOG	  	2-21-14

  

			
	 Type of Service
	  	 Vendor Name

		  	new owner upon closing.
		
	Fire Alarm Equipment Maintenance/Monitoring & Security Monitoring	  	 Burnes-Citadel Security Company
  

Expires on November 18, 2014. Contract does NOT provide for early termination. Contract may NOT be assigned without written consent from Burnes –
Citadel Security Company. Contract automatically renews for a 5 year term unless terminated by providing 30 day written notice to Burnes-Citadel prior to the contract expiration date.

		
	Landscape Maintenance & Snow Removal	  	 Mitchell Inc. Lawn and Landscape
  

Snow Removal - Contract may be terminated without cause by providing 30 day prior, written notice subject to liquidated damages equal to  1⁄2 of the fees that would be due under the contract.
  

Landscaping – Expired.

		
	On-Hold Answering Service	  	 Business Audio Plus, LLC
  

Expires January 11, 2015. Contract may NOT be terminated early. Contract automatically renews for 1 year and requires 30 day prior written notice to
terminate prior to contract expiration.

		
	Utility Reading, Billing, and Collecting	  	YES Management formerly ISTA North America, Inc.
		
	Termite Inspection & Services	  	 De Prow Services
  

Expires June 19, 2017. Requires 30 day prior written notice of Assignment. No early termination clause and default subject
to

  
 B-2 

			
	VENDOR CONTRACT LOG	  	2-21-14

  

			
	 Type of Service
	  	 Vendor Name

		  	mediation.
		
	Elevator Service & Inspections	  	 Missouri Elevator & Escalator, Inc. d/b/a Authorized Elevator
  

Expires May 1, 2014. May be terminated by owner with 60 day, written notice subject to 6 month fee penalty if terminated early. Automatically renews for 1
year if not terminated by owner with 60 day, written notice prior to contract expiration.

		
	Fencing Repair	  	Custom Design Deck & Fence, Inc.
		
	Cable & Internet & Office/Elevator Telephone	  	 Charter Communications Entertainment I , LLC
  

Expires December 1, 2016. Requires 10 day, certified, written notice of Assignment with name of transferee, new owner addendum and w-9. Cannot be terminated
early.

		
	Garbage Collection	  	 Progressive Waste Solutions of MO, Inc. formerly IESI
  

Expires October 31, 2014. Requires 30 day, certified, written notice to cancel without cause. No penalty for terminating early. Does not automatically
renew.

		
	Cellular Telephone	  	 Sprint
  

Expires April 23, 2015. Terminations fees apply if cancelled.

		
	On-Line Rent Payments, Applications &Work Orders	  	Property Solutions International, Inc.

  
 B-3 

			
	VENDOR CONTRACT LOG	  	2-21-14

  

			
	 Type of Service
	  	 Vendor Name

		
		  	Merchant account is not Assignable. Requires 90 prior written notice to terminate a location. Payments are made quarterly therefore seller shall receive a credit on the closing statement for pre-paid fees to Property Solutions
based on the pro-rated amount.
		
	Renters Insurance	  	 Property Solutions Insurance Agency, LLC
  

Expires April 6, 2014. Contract (or single location) may be cancelled without penalty upon providing 30 days prior, written notice of
cancellation.

		
	Website Domain Hosting & SEO Mgt.	  	 G5 Search Marketing, Inc.
  

Contract may be terminated early but requires 30 day prior written notice be provided to G5. Contract may be assigned however it requires prior approval
from G5 and an official form of Assignment be executed by the transferee. Contract is held by MLP Management, LLC not the Seller entity.

		
	Copier Maintenance	  	 IKON Office Solutions, Inc.
  

Expires on April 16, 2014. Contract may NOT be assigned without prior written consent of IKON. Requires 30 day prior written notice of termination subject
to liquidated damages in an amount equal to 6 times the monthly fee. Automatically renews for 12 months if not cancelled by giving 30 day prior written notice before contract expiration.

		
	Locator Referrals	  	 Apartment Search, Inc.
  

Expires on August 7, 2014. Contract may be assigned without notice. Contract cannot be terminated early and requires a 60 day
prior,

  
 B-4 

			
	VENDOR CONTRACT LOG	  	2-21-14

  

			
	 Type of Service
	  	 Vendor Name

		  	written notice to terminate the contract upon the contract expiration date.
		
	Locator Referrals	  	 Rent.com
  

MTM Contract. Contract may be cancelled upon 30 days prior written notice without penalty.

		
	Locator Referrals	  	 Relocation Central by CORT
  

Expires January 17, 2014. Contract may be cancelled upon giving 7 days prior, written notice for any reason without penalty. Contract automatically renews
for successive 1 year terms if not cancelled beginning on the day after the most current expiration date. Contract shall be assigned and assumed in the event of a change in control of ownership.

		
	Furniture Rental	  	CORT Business Services, Corp
		
	Web Domain Hosting	  	 Go Daddy.com
  

Requires proper assignment of the domain name via vendor specifications and timeframe. Domain name is held by MLP Management, LLC no Seller’s
entity.

		
	Applicant Screening	  	 First Advantage formerly LexisNexis
  

MTM Contract with MLP Management. Requires 60 day prior written notice to terminate a property account. Assignment is not an option since MLP Management is
party to this comprehensive contract.

		
		  	Clearent, LLC & First National Bank of St.

  
 B-5 

			
	VENDOR CONTRACT LOG	  	2-21-14

  

			
	 Type of Service
	  	 Vendor Name

	Merchant E-Processing (on-site credit cards)	  	 Louis
  

Expires. Contract may be terminated by providing Clearent and Bank 45 day prior, written notice of cancellation subject to a Termination Fee of $335 per
location. Contract may be assigned with prior written consent of Clearent and Bank, subject to receipt of 30 written notice of merchant’s intent to sell the property.

		
	Furniture Rental	  	Empire Furniture Rental
		
	Locator Referrals	  	 William French Agency
  

Expires immediately upon written notice of cancellation.

		
	Restoration & Board Up Service	  	 Paragon Certified Restoration, LLC
  

(only non insurance claim related services)

  
 B-6 

 EXHIBIT C 

FORM OF ASSIGNMENT OF MEMBERSHIP INTERESTS 

THIS ASSIGNMENT OF MEMBERSHIP INTERESTS (this “Assignment”), is made as of
                    , 2014 by and between
                    , a
                     (“Assignor”), and
                    , a                     
(“Assignee”). 
 W I T N E S S E T H: 

WHEREAS, Assignor owns fifty percent (50%) of the limited liability company interests in the Company (such interests, together with all
rights, powers and obligations of Assignor as a member of the Company, the “Interests”); 
 WHEREAS, pursuant to the terms
of that certain Purchase and Sale Agreement, dated as of                     , 2013, by and between Assignor,
                     and Assignee (the “Sale Agreement”), Assignor agreed to sell to Assignee, inter alia, the Interests.
Initially capitalized terms not otherwise defined herein shall have the respective meanings ascribed to such terms in the Sale Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto hereby agree as follows: 

1. Assignment. Assignor hereby assigns, sets over and transfers to Assignee all of Assignor’s right, title and interest in, to and
under the Interests. 
 2. Assumption. Assignee hereby accepts the foregoing assignment of the Interests and assumes all of
Assignor’s obligations with respect to the Interests arising under the limited liability company agreement of the Company from and after the date hereof. 

3. Effect of Transfer. As of the date hereof, the capital account of Assignor in the Company with respect to the Interest will be
transferred to Assignee. From and after the date hereof, the profits or losses of the Company and all other items of income, gain, loss, deduction, or credit allocable to the Interest on or after the date hereof shall be credited or charged, as the
case may be, to Assignee and not to Assignor. Assignee shall be entitled to all distributions or payments in respect of the Interest made on or after the date hereof, regardless of the source of those distributions or payments or when the same were
earned or received by the Company. Nothing in this Assignment will affect the allocation to Assignor of profits, losses, and other items of income, gain, loss, deduction, or credit attributable to any period before the date hereof or any
distribution or payments made to Assignor in respect of the Interest before such date. 
 4. Withdrawal. Assignor hereby withdraws as
a member of the Company, and Assignee is hereby substituted as the sole member of the Company. 
 5. DISCLAIMERS. ASSIGNOR
SPECIFICALLY DISCLAIMS ALL WARRANTIES AND REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE (INCLUDING WARRANTIES OF 

  
 C-1 

 
MERCHANTABILITY) WITH RESPECT TO THE INTERESTS, EXCEPT AS OTHERWISE PROVIDED HEREIN OR IN SECTION 9.2.5 OF THE SALE AGREEMENT. 

6. Miscellaneous. This Assignment and the obligations of the parties hereunder shall survive the closing of the transaction referred to
in the Sale Agreement and shall not be merged therein, shall be binding upon and inure to the benefit of the parties hereto, their respective legal representatives, successors and assigns, shall be governed by and construed in accordance with the
laws of the State of Delaware applicable to agreements made and to be wholly performed within said State and may not be modified or amended in any manner other than by a written agreement signed by the party to be charged therewith. 

7. Severability. If any term or provision of this Assignment or the application thereof to any persons or circumstances shall, to any
extent, be invalid or unenforceable, the remainder of this Assignment or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each
term and provision of this Assignment shall be valid and enforced to the fullest extent permitted by law. 
 8. Counterparts. This
Assignment may be executed in counterparts, each of which shall be an original and all of which counterparts taken together shall constitute one and the same agreement. Signatures to this Assignment transmitted by facsimile or electronic mail shall
be valid and effective to bind the party so signing. 
 IN WITNESS WHEREOF, the undersigned have executed this Assignment as of the date
first set forth hereinabove. 
 ASSIGNOR: 

[BCMR SIGNATURE BLOCK] 

ASSIGNEE: 
 [BUYER SIGNATURE
BLOCK] 

  
 C-2 

 EXHIBIT D 

NON-IMPUTATION AFFIDAVIT 
  

							
	State of	  	Missouri	  	]	  	
		  		  		  	ss
				
	County of	  		  	]	  	

 The undersigned, after being first duly sworn, states as follows: 

 

	 	1.	The undersigned is the managing member of                      hereinafter referred to as “the Company,”
which owns the properties described in Exhibit A hereof, hereinafter referred to as “the Properties.” 

  

	 	2.	The undersigned have requested that First American Title Insurance Company, hereinafter referred to as “First American” include a non-imputation endorsement as part of a title insurance policy to be issued in
connection with the transfer of the membership interests in the Company to                     , hereinafter referred to as “the New Owner”
The purpose of the non-imputation endorsement is to assure the New Owner that First American will not deny liability under the title insurance policy on the grounds that the New Owner had knowledge of any matter solely by reason of notice thereof
being imputed to it through the Partnership or the undersigned by operation of law. 

  

	 	3.	To the best of the knowledge of the undersigned, there exists no unrecorded deed, land contract, lease (other than as set forth on Exhibit B), option to purchase, mortgage, deed of trust, judgment lien, tax lien,
agreement or other instrument or encumbrance affecting title to any of the Properties, other than the following: 

 None 

 

	 	4.	Neither the Company nor, to the knowledge of the undersigned, any other member of the Company has done anything to create any unrecorded deed, land contract, lease, option to purchase, mortgage, deed of trust, judgment
lien, tax lien, agreement or other instrument or encumbrance affecting title to any of the Properties, other than the following: 

None 
  

	 	5.	There exists no litigation nor, to the knowledge of the undersigned, threatened litigation against the Company which purports to affect the Properties. 

 

	 	6.	An independent examination of the business records of the Company would reveal that the records are complete and in good order in all material respects and would not disclose or suggest the existence of any unrecorded
legal or equitable interests in the Properties. 

	 	7.	The Company has sufficient assets, excluding the value of the Properties, to satisfy all unrecorded debts, demands or equities created, suffered or permitted by the Company and the transfer pursuant to which the New
Entity acquires the Company will not render the Company insolvent nor is such transfer a fraudulent transfer under the bankruptcy laws of the United States or any similar creditors’ rights law. 

 

	 	8.	The undersigned make this affidavit for the purpose of inducing First American to include the non-imputation endorsement as described in Paragraph 2 with the knowledge that First American would not issue such
non-imputation endorsement without having first received this affidavit and will rely on the assurances and representations made herein. 

  

	 	9.	That the undersigned acknowledge that they have read the foregoing and fully understand the legal ramifications of any misrepresentation and/or untrue statements made herein and hereby indemnify and hold First American
harmless against any liability occasioned by reason of its reliance on the statements made herein. 

 The undersigned certify under penalty of
perjury that the foregoing is true and correct. 
 [MLP SIGNATURE BLOCK] 

Subscribed and sworn to before me on                     .

  

	
	  

	Notary Public

 My Commission Expires:
                     

 EXHIBIT ‘A’ 

Adjusted Lot 1 according to Boundary Adjustment Plat of Lots 1-4 of Ballas Home Place and part of Lot 6 of Studt’s Home Place, recorded in Plat Book
352, Page 605 of the St. Louis County, Missouri Records. 

  
 D-3 

 EXHIBIT E 

Intentionally Omitted 

  
 E-1 

 EXHIBIT F 

Intentionally Omitted 

  
 F-1 

 EXHIBIT G 

Intentionally Omitted 

  
 G-1 

 EXHIBIT H 

FORM OF FIRPTA AFFIDAVIT 

Section 1445 of the Internal Revenue Code provides that a transferee of a United States real property interest must withhold tax if the
transferor is a foreign person. For U.S. tax purposes (including Section 1445 of the Internal Revenue Code), the owner of a disregarded entity (which holds legal title to a U.S. real property interest under local law) will be the transferor of
the property and not the disregarded entity. To inform the transferee that withholding of tax is not required upon the disposition of a United States real property interest by
                                        
(“Seller”), the undersigned hereby certifies the following on behalf of Seller: 
 1. Seller is not a foreign corporation,
foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations); 

2. Seller is not a disregarded entity as defined in Section 1.1445 2(b)(2)(iii) of the Income Tax Regulations; 

3. Seller’s U.S. employer tax identification number is
                    ; and 
 4.
Seller’s office address is
                                        . 

Seller understands that this certification may be disclosed to the Internal Revenue Service by transferee and that any false statement
contained herein could be punished by fine, imprisonment, or both. 
 The undersigned declares that he has examined this certification and
to the best of his knowledge and belief it is true, correct and complete, and he further declares that he has authority to sign this document on behalf of Seller. 

  
 H-1 

 Dated:             , 2014. 

 

	
	[SELLER SIGNATURE BLOCK]

  

									
	STATE OF 	 	  
	  	)	  		  	
		 		  	)	  	ss.	  	
	COUNTY OF 	 	  
	  		  		  	

 This instrument was acknowledged before me this      day of
            , 2014, by                     , the
                     of
                                        , a
                    , which is the manager of
                                        ,
on behalf of said entities. 
  

			
	  

	Notary Public in and for the State of
	
	
	  

	Printed Name

 My commission expires: 
  

  
 H-2 

 EXHIBIT I 

RENT ROLL 

 EXHIBIT J 

FORM OF SELLER’S CERTIFICATE 

Reference is hereby made to that certain Purchase and Sale Agreement dated as of
                                        , 2014
(the “Contract”), by and between
                                        
(collectively, “Seller”), and
                                        ,
a                                         
(“Buyer”). 
 Pursuant to Section 7.3 of the Contract and subject to all the qualifications and limitations
contained in the Contract, Seller hereby certifies to Buyer that the representations and warranties contained in Section 9.2 of the Contract are true and correct in all material respects as of the date hereof; except for the following:

 1. The rent roll attached hereto as Exhibit A shall replace the rent roll attached to the Contract as Exhibit I. 

2. [ADD ANY ADDITIONAL UPDATES] 
 Dated as of
the      day of             , 2014. 
  

			
	[SELLER]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT K 

Draft Condo Restrictions 

Declaration Regarding Condominium Conversion 
  

			
	 AFTER RECORDING

RETURN TO:
  
	 	 

 DECLARATION OF RESTRICTIVE COVENANTS 

This Declaration of Restrictive Covenants (this “Declaration”), dated as of
            , 2014, is made by
                                        ,
a                                         
(“Declarant”). 
  

	1.	Background. 

 Declarant owns the land described in Exhibit A to this Declaration
(the “Burdened Tract”). Declarant is simultaneously with the execution of this Declaration conveying the Burdened Tract to [            ], a
[            ] (“Landowner”). Declarant and Landowner have agreed to impose certain restrictions on the Burdened Tract. But for creation of such restrictions, Declarant
would not convey the Burdened Tract to Landowner. 
  

	2.	Use Restrictions. 

 For the term of this Declaration (as provided in Section 5):
(a) no condominium map, declaration of condominium ownership or other device for the purpose of creating condominium, cooperative, timeshare or other fractionalized ownership may be made effective as to the Burdened Tract or any improvements
located on the Burdened Tract, or any part of the Burdened Tract or any such improvements, and any condominium map, declaration of condominium ownership or other device for condominium, cooperative, timeshare or other fractionalized ownership that
is attempted to be created during such term shall be void; (b) no dwelling unit located on the Burdened Tract may be conveyed separately from all other dwelling units located on the Burdened Tract; and (c) neither the Burdened Tract nor
any improvements located on the Burdened Tract, nor any part of the Burdened Tract or any such improvements, may be conveyed to a cooperative or other entity the purpose of which is to provide occupants of the Burdened Tract or any improvements
located on the Burdened Tract with any ownership interest in the Burdened Tract or any such improvements. Nothing in this Section 2 is intended to prevent ownership of the Burdened Tract or any improvements located on the Burdened Tract by a
partnership, corporation, limited liability company, trust or other entity or through tenancy in common so long as the ownership of the entity or the tenancy in common is not vested, directly or indirectly, in persons who are occupants of the
Burdened Tract or any improvements located on the Burdened Tract. 

	3.	Burden and Benefit. 

 The restrictions imposed by this Declaration shall burden the
Burdened Tract, and the Burdened Tract shall be held, transferred, sold and conveyed subject to such restrictions, whether or not reference is made to this Declaration in the related conveyance document. The restrictions imposed by this Declaration
shall run with the land and be binding on all successors owners and other parties having any interest in the Burdened Tract, whether or not so stated in any conveyance document. The restrictions imposed by this Declaration shall benefit and may be
enforced by Declarant and any person who, from time to time, is or was the holder of a direct or indirect ownership interest in Declarant. 
  

	4.	Enforcement. 

 This Declaration may be enforced by injunction, it being specifically
recognized that damages will not be an adequate remedy to compensate for a violation of this Declaration. Failure by any person to enforce this Declaration shall not be deemed a waiver of the right to do so. Any person who prevails in any action to
enforce this Declaration will be entitled to recover reasonable attorneys’ fees and other costs of enforcement. 
  

	5.	Term. 

 The restrictions imposed by this Declaration will be in force for a period ending
on, and shall automatically, without action from Declarant or Landowner, terminate and be of no further force or effect as of November 1, 2016. However, the restrictions imposed by this Declaration will cease to apply to any building on the
Burdened Tract and the portion of the Burdened Tract occupied by that building if the building is completely destroyed by fire, windstorm or other casualty or if the building is demolished. 

 

	6.	Miscellaneous. 

 A determination that any provision of this Declaration is invalid or
unenforceable will not affect the validity or enforceability of any other provision of this Declaration or the enforceability of that provision under other circumstances. The captions in this Declaration are for convenience of reference and are not
to be considered in construing this Declaration. This Declaration shall be governed by the laws of the State of Missouri. 
  

	7.	Amendment. 

 Prior to November 1, 2016, this Declaration shall not be amended or
terminated without the prior written consent of BCMR King’s Landing, A Limited Partnership, and MLP King’s Landing, LLC, or its respective successors or assigns, which consent such parties shall have no obligation of any kind to grant and
which consent, if granted, may be conditioned in such manner as such parties may determine in its sole discretion to be appropriate. 

 
	
	DECLARANT:
	
	[SIGNATURE BLOCK]

 WITNESS: 
  

			
	  

		
	Name:	 	  

	
	  

		
	Name:	 	  

  

									
	COUNTY OF	  	  
	  	)	  		  	
		  		  	)	  	ss.:	  	
	STATE OF	  	  
	  	)	  		  	

 The foregoing instrument was acknowledged before me this      day of
            , by
                                . He is personally known to me or has produced
                                 as identification. 

 

	
	  

	NOTARY PUBLIC

  

			
	State of	 	  

 

	
	  

	Printed Name

  

			
	Commission No.	 	  

 My commission expires: 
  

 EXHIBIT L 

FORM OF TENANT ESTOPPEL 

TENANT ESTOPPEL CERTIFICATE 

                 , 2014 

Independence Realty Operating Partnership, LP or its assignee (“Buyer”) 

c/o Independence Realty Advisors, LLC 
 Cira Centre 

2929 Arch Street, 17th Floor 

Philadelphia, PA 19104-2870 
 Attention: Farrell Ender 

and 
 King’s Landing LLC (“Landlord”) 

c/o Boston Capital Real Estate Partners, LLC 
 One Boston Place,
Suite 2100 
 Boston, MA 02108-4406 
 Attention: Mark W. Dunne

  

	 	RE:	Lease dated             ,         (“Lease”) between Landlord and
                     (“Tenant”) for          square feet of rentable space located at
618 North Ballas Road, Creve Coeur, Missouri (the “Premises”)

 Gentlemen: 

The undersigned, as Tenant, hereby certifies to: (i) Landlord, and (ii) Buyer in connection with Buyer’s potential acquisition
of Seller’s interest in and to that certain real property located in the City of Creve Coeur, St. Louis County, Missouri commonly known as King’s Landing Apartments (the “Property”), in which the Premises are located (the
“Premises”): 
 1. There are no actual or pending claims or defenses for offsets or credits against rentals or for any
other monetary or other claim against the Landlord under the Lease, nor have rentals been prepaid except as provided by the terms of the Lease; nor is the Tenant aware of any such claims or defenses on the part of the Landlord; 

2. The term of the Lease commenced as of             ,
        , rental at the rate provided by the Lease is payable in accordance with its terms, all minimum rent and additional rent have been paid through and including
            , 2014, the current minimum monthly rent under the Lease is $         per month, the current monthly common area maintenance charge and
real estate tax charge under the Lease is $         per month, the expiration date of the Lease is             , 20    ; Tenant
has deposited $         with Landlord for a security deposit under the Lease (which amount is not subject to any set-off or reduction or to any increase for interest or other credit due to Tenant); no advance
rental or other payment has been made in connection with the Lease, except rental for the current month; there is no “free rent” or other rent concession or adjustments to which Tenant is 

 
entitled under the remaining term of the Lease; if applicable, the Base Year for the purposes of computing tax escalations or any additional charges is 20    ; 

3. Tenant has no notice of a prior assignment, hypothecation, or pledge of the Lease or the rent payable thereunder; 

4. Tenant has no option to extend or renew the terms of the Lease for any period of time nor expand or contract the Premises, except:
                    ; 
 5. Tenant has
no option to purchase, or right of first offer, or right of first refusal with respect to the Premises or the property of which the Premises is a part; and Tenant has no option under the Lease to terminate the Lease prior to its expiration date
except upon certain circumstances arising from the condemnation of or casualty to the Premises as set forth in the Lease; 
 6. The Lease
has not been modified, altered, or amended, is in full force and effect, and is a binding and enforceable obligation of Tenant; a true and correct copy of the Lease is attached hereto as Exhibit “A” and represents the entire
agreement between the Landlord and the Tenant with respect to the Premises; 
 7. That all obligations, commitments, space, payments,
repairs, build out allowances, inducements, other sums and conditions under the Lease to be performed to date by Landlord have been satisfied, free of defenses and set-offs including all construction work in the Premises; there is no existing
default or unfulfilled obligations on the part of the Landlord in any of the terms and conditions of the Lease; 
 8. Landlord is not in
default in the performance of any covenant, agreement, or condition contained in the Lease and there are no existing circumstances that with the giving of notice or the passage of time or both would give rise to such a default; 

9. Except as described below (if applicable), Tenant is not in default in the performance of any covenant, agreement, or condition contained
in the Lease and there are no existing circumstances that with the giving of notice or the passage of time or both would give rise to such a default; Describe any existing default: 

			
	  

		
	  
	 	.                

 10. Neither Tenant nor any guarantor of Tenant’s obligations under the Lease is the subject of any
bankruptcy, insolvency or similar proceeding in any Federal, state or other court or jurisdiction; 
 11. Tenant has not paid any rental or
other sum due under the Lease more than one (1) month in advance of the due date thereof set forth in the Lease; 
 12. Tenant has
unconditionally accepted the Premises; 
 13. The Premises are acceptable to Tenant as is, and Tenant agrees not to look to Landlord to
remedy or cure any faults therein, including, without limitation, latent defects; 
 14. Landlord has not assumed or agreed to perform any
obligation of Tenant or any affiliate thereof under any other lease or other agreement to which Tenant or its affiliates is a party; the rent set forth in the Lease is the true rent and there are no concessions or payments which are due Tenant which
are not set forth in the Lease; 

 15. Landlord has no obligation to construct any improvements on the Premises or to make any
monetary payments to Tenant; 
 16. There are no unpaid or outstanding claims, bills or invoices for any labor performed upon or materials
furnished to either the Tenant or Premises for which any lien or encumbrance including, without limitation, materialmen, suppliers and mechanic’s liens, have been asserted or may be asserted against either the Tenant or Premises; 

17. There are no existing, pending or threatened lawsuits affecting the Premises or the Lease or between Tenant and Landlord; 

18. Tenant has all applicable permits, licenses, certificates of occupancy and other documentation required by the applicable governmental
authorities in order to operate its business in full accordance with the law; and 
 19. The Guaranty of
                     remains in full force and effect and has not been amended, restated or modified in any way. 

This certification is made with the knowledge that Buyer contemplates acquiring an interest in the Property. Tenant and Guarantors further
acknowledge and agree that Borrower and its successors and assigns shall have the right to rely on the information contained in this Estoppel Certificate. 

 The undersigned are authorized to execute this Estoppel Certificate on behalf of Tenant and
Guarantors. 
  

			
	Very truly yours,
	
	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Acknowledged and agreed: 
  

			
	GUARANTORS:
	
	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT “A” 

TO 
 TENANT ESTOPPEL CERTIFICATE

 [COPY OF LEASE] 
 SEE
ATTACHED 

 SCHEDULE 5.1 

ORGANIZATIONAL DOCUMENTS 
  

	1.	Certificate of Formation of King’s Landing LLC dated April 22, 2004. 

  

	2.	Redacted copy of that certain Limited Liability Company Agreement of King’s Landing LLC dated as of June 6, 2004, as amended by that certain Amendment to Limited Liability Company Agreement dated as of
May 13, 2010, that certain Second Amendment to Limited Liability Company Agreement dated as of August, 2010, and that certain Third Amendment to Limited Liability Company Agreement dated as of May 24, 2012. 

 SCHEDULE 5.6.1 

LOAN DOCUMENTS 
 All dated as of
May 24, 2012 (unless otherwise noted): 
  

	 	1.	Assignment of Management Agreement by and among Seller, Existing Lender and MLP Management, LLC; 

  

	 	2.	Assignment of Security Instrument by Existing Lender; 

  

	 	3.	Environmental Indemnity Agreement by Seller for the benefit of Existing Lender; 

  

	 	4.	Multifamily Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing by Seller to Existing Lender; 

  

	 	5.	Guaranty by Existing Guarantors for the benefit of Existing Lender; 

  

	 	6.	Loan Agreement by and between Existing Lender and Seller; and 

  

	 	7.	Multifamily Note by Seller.

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