Document:

EX-10.1

CONTRIBUTION AGREEMENT

(Carrington Park – 1801 Champlin Drive, Little Rock, Arkansas)

THIS CONTRIBUTION AGREEMENT (including all exhibits and schedules, this “Agreement”)
is made and entered into as of May 2, 2014 by and among INDEPENDENCE REALTY OPERATING PARTNERSHIP,
LP, a Delaware limited partnership (the “Operating Partnership”) and the parties listed on
Schedule A attached hereto (collectively, the “Contributors”, each, a
“Contributor” ).

RECITALS

A. The Operating Partnership desires to acquire the Property (as defined on Exhibit A;
and any other capitalized terms not otherwise defined herein shall have the meanings ascribed to
such terms on Exhibit A).

B. The Contributors desire to transfer the Property to the Operating Partnership in exchange
for, among other things, cash consideration and/or units of limited partner interests in the
Operating Partnership (the “OP Units”), and the Operating Partnership desires to pay such
cash consideration and/or issue such OP Units in exchange for the Property, as more particularly
described herein.

D. NOW, THEREFORE, for and in consideration of the foregoing premises, and the mutual
undertakings set forth below, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

TERMS OF AGREEMENT

ARTICLE 1

CONTRIBUTION OF INTERESTS

Section 1.1 Contribution Transaction. At the Closing, each Contributor shall
contribute, transfer, assign, convey and deliver to the Operating Partnership, and the Operating
Partnership shall assume, free and clear of all Liens other than Permitted Exceptions, all of
Contributors’ right, title and interest in and to the Property and the obligations with respect
thereto. The contribution of the Property shall be evidenced by the Transfer Documents.

Section 1.2 Deposit; Consideration for the Property. The total consideration for the
contribution of the Property shall be Twenty-One Million Five Hundred Thousand and No/100 Dollars
($21,500,000.00) (the “Total Contributor Consideration”). Subject to the terms and
conditions of this Agreement, the Total Contributor Consideration shall be paid as follows:

(a) Within three (3) business days following the date hereof, the Operating Partnership shall
deliver to Title Company (in such capacity, the Title Company shall hereinafter be referred to as
“Escrow Agent”) a wire transfer of immediately available federal funds in an amount equal
to Two Hundred and Fifty Thousand and No/100 Dollars ($250,000.00) (the “Initial Deposit”),
which Initial Deposit shall be held and disbursed by Escrow Agent in accordance with the terms and
conditions of Article 9 herein.

(b) To the extent this Agreement is not terminated, or deemed terminated, on or before the
expiration of the Due Diligence Period in accordance with Section 2.2 herein, the Operating
Partnership shall deliver to Escrow Agent, within one (1) business day following the expiration of
the Due Diligence Period, a wire transfer of immediately available federal funds in an additional
amount equal to Two Hundred and Fifty Thousand and No/100 Dollars ($250,000.00) (the
"Additional Deposit”) which Additional Deposit shall be held and disbursed by Escrow Agent
in accordance with the terms and conditions of Article 9 herein. Until such time as the Additional
Deposit is made in accordance with this Section 1.2(b), the Initial Deposit together with any
interest earned thereon shall be deemed the “Deposit” herein, and upon making the
Additional Deposit in accordance with this Section 1.2(b), the Initial Deposit together with the
Additional Deposit and any interest earned thereon shall be deemed the “Deposit” herein.
The Deposit shall be deemed immediately earned by Contributors, except as otherwise specifically
provided under this Agreement. The Operating Partnership agrees to promptly deliver, or to cause
Escrow Agent to deliver, a written acknowledgment by Escrow Agent that the Deposit has been
received by and is being held by Escrow Agent pursuant to the terms of this Agreement. Each
Contributor’s interest in the Initial Deposit and the Additional Deposit shall be directly
proportionate to such Contributor’s percentage interest in the Property as reflected on
Schedule A attached hereto. To the extent the Closing occurs in accordance with the terms
of this Agreement, the Deposit, except for One Hundred and No/100 Dollars ($100.00) of same which
shall under all circumstances be retained by Contributors and deemed as independent contract
consideration (the “Independent Consideration”), shall be applied toward any Operating
Partnership obligation to pay Cash Consideration (as hereinafter defined) to the Contributors, and
to the extent the Deposit exceeds the Operating Partnership’s obligation to pay Cash Consideration
at Closing, the Deposit (or such applicable portion thereof) shall be returned to the Operating
Partnership at Closing.

(c) At Closing, the Operating Partnership shall assume the New Loan (the principal balance of
the New Loan so assumed, the “Assumed Debt”) in accordance with the terms and conditions
stated at Section 1.5 herein.

(d) At Closing, the Operating Partnership shall, in exchange for each Contributor’s respective
percentage ownership interest in the Property, deliver to each Contributor a portion of the Total
Contributor Consideration equal to (x) the Total Contributor Consideration minus the Assumed Debt
as further adjusted by any prorations required herein, multiplied by (y) such Contributor’s
percentage interest shown opposite such Contributor’s name in Schedule A, (each such
percentage interest of the balance of the Total Contributor Consideration, a “Contributor’s
Consideration”), which shall consist of either (x) the payment of cash consideration in an
amount equal to the applicable Contributor’s Consideration (the “Cash Consideration”), or
(y) the issuance to the respective Contributor of applicable OP Unit Consideration. “OP Unit
Consideration” for any Contributor that elects to receive OP Units in accordance with this
Agreement shall mean the number of OP Units having an aggregate dollar value equal to the Cash
Consideration otherwise payable to such Contributor, which number of OP Units shall be reasonably
determined by the Operating Partnership based on the average value of individual OP Units for the
twenty (20) business days immediately preceding the Closing Date.

(e) Each and every Contributor shall elect, by irrevocable written notice received by
Operating Partnership within fifteen (15) days following the date hereof (the “Consideration
Election Period”), to either accept the applicable OP Unit Consideration or the applicable Cash
Consideration on the Closing Date. Any Contributor that fails to make such an election within the
Consideration Election Period shall be deemed to have elected to accept Cash Consideration on the
Closing Date. Notwithstanding anything to the contrary stated herein, to the extent any
Contributor elects OP Unit Consideration, such Contributor may direct Operating Partnership to pay
a portion of the Contributor’s Consideration in cash to enable such Contributor to pay certain cash
closing obligations at Closing.

Section 1.3 Prorations. At the Closing, all revenue and charges that are customarily
prorated in transactions of this nature, including accrued rent currently due and payable, real and
personal property taxes, utility charges, accrued interest on the Loan and deposits into lender
reserves for taxes, insurance and recurring replacements and other similar periodic charges payable
or receivable with respect to the Property shall be prorated between the Contributors and the
Operating Partnership, effective as of 11:59PM on the date immediately preceding the Closing. To
the extent not applied pursuant to the terms of the Leases, security deposits from Leases (if any)
shall be transferred to the Operating Partnership on the Closing Date. If the amount of real and
personal property taxes has not been determined as of the Closing Date, such credit shall be based
on one hundred five percent (105%) of the most recent ascertainable taxes. Such taxes shall be
re-prorated upon issuance of the final tax bill for the year in which the Closing occurs. Any
other such amounts that cannot be determined at Closing shall be prorated using reasonable
estimates thereof. Thereafter, any over and under payments shall be subject to a true up as soon as
commercially reasonable after Closing, provided that any estimated proration shall be final after
twelve (12) months from Closing. Any prorated amounts contemplated by this Section 1.3 shall
proportionately increase or decrease, as applicable, each Contributor’s Contributor Consideration
in accordance with such Contributor’s percentage ownership interests in the Property.

Section 1.4 Tax Treatment of Contribution. The parties hereto intend and agree that,
for federal income tax purposes, the contributions, transfers, conveyances and assignments of a
Contributor’s respective interest in the Property for OP Units, to the extent such consideration is
so elected in accordance with Section 1.2(e), shall be treated as contributions of interests in the
Property by such applicable Contributor to the Operating Partnership in accordance with Section
721 of the Internal Revenue Code of 1986, as amended (the “Code”).

Section 1.5 Existing Loan; New Loan.

(a) The Existing Loan. As of the date hereof, the Property is encumbered by that
certain loan evidenced by the documentation listed on Schedule 4.2(h) attached hereto
(collectively, the “Existing Loan Documents”; the loan evidenced by the Existing Loan
Documents, the “Existing Loan”; the note evidencing the Existing Loan, the “Existing
Note”; and the lender of the Existing Loan, the “Existing Lender”). The parties hereto
agree that it shall be a condition to Closing that the Existing Loan be defeased and the lien
securing the Existing Loan be released from the Property in accordance with the provisions of
Section 5(d) of the Existing Note.

(b) Defeasance. So long as this Agreement is not earlier terminated, then two (2)
business days following the later of (I) the expiration of the Due Diligence Period, and (II) the
Operating Partnership’s deposit of the Additional Deposit with the Escrow Agent, Contributors shall
take such actions, at Contributor’s sole cost and expense, as are necessary for the defeasance of
the Existing Loan in accordance with Section 5(d) of the Existing Note, including but not limited
to (i) engaging a defeasance consultant to supervise the defeasance process and source appropriate
defeasance collateral, to the extent reasonably necessary, (ii) requesting and finalizing draft
defeasance documentation from the Existing Lender including the Defeasance Security Agreement (as
defined in the Existing Note), (iii) paying any deposits required by Existing Lender for legal or
other third party fees and paying any other fees or costs payable to Existing Lender, (iv)
preparing any opinion of counsel required by Existing Lender, (v) preparing any accountant opinion
required by Existing Lender, (vi) obtaining any rating agency approval required by Existing Lender,
and (vii) forming and capitalizing any successor entity necessary to act as the continuing borrower
after the Existing Loan has been released from the Property (the actions required to defease the
Existing Loan, including but not limited to (i)-(vii) hereof, the “Defeasance”).
Contributors shall diligently pursue all steps required for the Defeasance, and the Operating
Partnership shall use commercially reasonable efforts, at Contributor’s sole cost and expense, to
cooperate in such actions in order to facilitate the Defeasance; provided, however, that the
Operating Partnership shall have no obligation to incur any liability therewith. All documents and
liens evidencing the Existing Loan encumbering the Property must be satisfied or released on or
before the Closing Date. This Agreement is expressly contingent upon satisfaction of the
Defeasance, and is subject to termination pursuant to the provisions of Section 3.1(a) in the event
of the failure of Contributors to complete the Defeasance.

(c) The New Loan. As an accommodation to Contributors, the Operating Partnership
agrees to cause IRT UPREIT Lender, LP, a Delaware limited partnership (“New Lender”), to
fund a new loan (such new loan, the “New Loan”) to Contributors pursuant to the terms of
the New Loan Documents (as hereinafter described) immediately prior to Closing in an amount
necessary to defease the Existing Loan upon the following express conditions precedent:

(i) The receipt by the Operating Partnership of a fully-executed settlement statement
reflecting all closing costs (including the costs of any title insurance premiums necessary for the
Title Company to issue an owner’s policy for the Property (the “Title Premiums”)), sources
of funds and payments necessary to consummate the Closing contemplated herein as approved by the
parties hereto.

(ii) Escrow Agent has acknowledged receipt, in escrow, of each and every closing deliverable
identified at Section 3.3(a) originally executed and acknowledged where necessary by Contributors,
the release of such documents and instruments from escrow conditioned solely on (i) the receipt by
Escrow Agent, by wire transfer of immediately available funds, of the net proceeds of the New Loan
in an amount necessary to complete the Defeasance, (ii) the receipt by Escrow Agent, by wire
transfer of immediately available funds, of any Cash Consideration payable pursuant to Section
1.2(d) hereof, (iii) acknowledgement by Escrow Agent that Escrow Agent is in possession of each and
every closing deliverable identified at Section 3.3(b), and (iv) authorization by the Operating
Partnership to Escrow Agent to release the items described at (i), (ii) and (iii) hereof.

(iii) The Existing Lender has acknowledged that each and every condition to the Defeasance
(including but not limited to the receipt by Existing Lender of originally executed Defeasance
Security Agreement, evidence of formation and authority of the successor borrower, any necessary
loan assumption documents by such successor borrower, any required opinions and other required
closing deliverables) has been satisfied except for payment for the Defeasance Collateral (as
defined in the Existing Note) as directed by Existing Lender.

(iv) Escrow Agent has acknowledged receipt of any and all documents from Existing Lender
evidencing the release of the lien evidenced by the Existing Loan, which are originally executed
and acknowledged where necessary, and Escrow Agent has the authority upon funding the net proceeds
of the New Loan to, or as directed by, Existing Lender to record said release documents and issue a
owner’s policy of title insurance insuring that the Property is free and clear of the lien of the
Existing Loan.

(v) To the extent not otherwise stated at (i)-(iv), each and every condition to Closing stated
in this Agreement has been satisfied or waived in writing.

At Closing, the Operating Partnership shall assume the New Loan pursuant to the terms of a loan
assumption agreement (the “New Loan Assumption Agreement”), the form of which shall be
mutually satisfactory to the parties acting reasonably. The parties hereby agree that upon the
Operating Partnership taking title to the Property and assuming the liabilities of borrower with
respect thereto, the Contributors shall be fully released from all obligations and liabilities
under the New Loan. The Operating Partnership’s fee interest in the Property shall be subject to
the lien of the mortgage securing the New Loan, which shall be deemed a Permitted Exception
hereunder.

ARTICLE 2

EXAMINATION OF THE PROPERTY

Section 2.1 Title Examination. As of the date hereof, the Operating Partnership has
ordered a title report (the “Title Report”) from Title Company for the Property. The
Operating Partnership shall have fifteen (15) days after the later of (x) the receipt of the Title
Report, (y) the receipt of an updated survey of the Property to the extent such updated survey is
required by the Operating Partnership, or (z) twenty (20) days from the date of this Agreement (in
any of such cases, the “Initial Objection Period”) to provide Contributors with written
notice of its objection to any title exceptions stated therein (each an “Initial
Objection”). All matters shown in the Title Report with respect to which the Operating
Partnership fails to object prior to the expiration of the Initial Objection Period shall be deemed
“Permitted Exceptions”; provided, however, Permitted Exceptions shall not include, and Contributors
shall be obligated to cure or remove, (i) any mechanic’s lien or any monetary lien (except for
taxes and special assessments not yet due and payable) and any deeds of trust, mortgages, or other
loan documents secured by the Property (other than the Loan and the Loan Documents), (ii) any title
exception which may be satisfied by the payment of a fixed and ascertainable amount, (iii) any
title exception which is typically removed by the delivery of a seller’s affidavit, or (iv) any
title exception which involves the good standing, authority or status of any Contributor (items
(i)-(iv), “Must Cure Objections”). Notwithstanding anything to the contrary contained
herein, Contributors shall have no obligations to take any steps or bring any action or proceeding
or otherwise to incur any effort or expense whatsoever to eliminate or modify any of the Operating
Partnership’s title Objections other than Must Cure Objections. In the event Contributors are
unable or unwilling to eliminate or modify all of the Operating Partnership’s Objections to the
reasonable satisfaction of the Operating Partnership (other than Must Cure Objections), the
Operating Partnership may (as its sole and exclusive remedy) terminate this Agreement by delivering
notice thereof in writing to Contributors by the date that is five (5) days after the Operating
Partnership’s written notice to Contributors of the Operating Partnership’s intent to not cure or
insure over one or more of such Objections; in which event, the Deposit (except for the Independent
Consideration, which shall not be refunded) will be returned to the Operating Partnership, and no
party hereunder shall have any remaining obligations other than in connection with obligations
expressly surviving hereunder. If any matter arises that was not previously disclosed in the Title
Report or on the survey (as same may have been updated), is discovered by the Operating Partnership
or by the Title Company and is added to such Title Report by the Title Company at or prior to
Closing, the Operating Partnership shall have five (5) business days (and the Closing Date shall be
extended, if necessary) after the Operating Partnership’s receipt of such updated, Title Report
showing the new title exception, together with a legible copy of any such new matter, to provide
Contributors with written notice of its objection to any such new title exception (each a “New
Objection”, and collectively, the “New Objections”). If Contributors do not remove or
cure New Objections prior to the Closing Date, the Operating Partnership may either (a) terminate
this Agreement upon which termination, the Operating Partnership shall receive a return of the
Deposit, minus the Independent Consideration, and with the exception of those obligations which
expressly survive the termination of this Agreement, neither party shall have any further liability
to the other hereunder, or (b) waive such New Objections, as applicable, and accept such title as
Contributors are able to convey without adjustment to the Contribution Consideration; provided,
however, Contributors shall remain obligated to cure Must Cure Objections that can be reduced to an
ascertainable sum despite such waiver.

Section 2.2 Due Diligence Examination. Within three (3) business days following the
date hereof, Contributors shall provide to the Operating Partnership, to the extent in the
possession or reasonable control of Contributors or any affiliate thereof, copies of the due
diligence material more particularly described on Schedule 2.2 attached hereto (the “Due
Diligence Material”). All Due Diligence Material relating to the Property shall be treated by
the Operating Partnership as confidential, and the Operating Partnership shall instruct all of its
employees, agents, representatives and contractors as to the confidentiality of such information
(subject to any disclosures which are permitted pursuant to Section 8.11 of this Agreement).
Additionally, during the term of this Agreement, the Operating Partnership, its agents and
designees, shall have the right to enter the Property, upon reasonable prior notice to
Contributors, for the purposes of inspecting the Property, conducting soil tests, and making
surveys, mechanical and structural engineering studies, inspecting construction, and conducting any
other investigations and inspections as the Operating Partnership may reasonably require to assess
the condition and suitability of the Property; provided, however, that such activities by or on
behalf of the Operating Partnership shall not damage the Property. All such inspections shall be
at the Operating Partnership’s sole expense and shall be in accordance with applicable laws,
including without limitation, laws relating to worker safety and the proper disposal of discarded
materials. No invasive or destructive testing shall be conducted without the Contributors’ prior
written consent. The Operating Partnership shall indemnify, defend, and hold harmless the
Contributors, and their respective partners, officers, directors, affiliates, agents,
representatives and employees, and each of them, from and against any and all claims, demands,
damages, losses, lawsuits and other proceedings, judgments, causes of action, liabilities, claims
of lien, liens, civil or criminal penalties and charges, costs and expenses (including, without
limitation, reasonable attorney’s fees) including, but not limited to, bodily injuries or death,
property damage, or claims for payment resulting from access to, entrance upon, activities or
inspection of the Property by the Operating Partnership; provided, however, that the Operating
Partnership’s obligations hereunder shall not apply to (i) the mere discovery of a pre-existing
condition at the Property (as opposed to causing or exacerbating of any adverse conditions or legal
noncompliance), including, but not limited to, an environmental or physical condition at the
Property, or (ii) matters arising from the Contributor’s negligent acts or willful misconduct. The
Operating Partnership shall promptly repair any and all damage caused, in whole or in part, by the
Operating Partnership and return the Property to the condition that existed prior to such damage,
which obligation shall survive Closing or any termination of this Agreement. Furthermore, the
Operating Partnership agrees to maintain and cause each of its representatives, agents or
contractors conducting any Due Diligence to maintain and have in effect commercial general
liability insurance with (i) limits of not less than Two Million and 00/100 Dollars ($2,000,000.00)
per occurrence for personal injury, including bodily injury and death, and property damage, (ii)
Contributors and Contributors’ Agent named as additional insured parties, and (iii) waiver of
subrogation. The Operating Partnership shall deliver to Contributors, or to Contributors’ Agent on
behalf of Contributors, a copy of the certificates of insurance effectuating the insurance required
hereunder prior to the commencement of such activities which certificates shall provide that such
insurance shall not be terminated or modified without at least thirty (30) days’ prior written
notice to Contributors or to Contributors’ Agent, on behalf of Contributors. The Contributors shall
reasonably cooperate with the efforts of the Operating Partnership and the Operating Partnership’s
representatives to inspect the Property. The rights and obligations of the Operating Partnership
shall survive the Closing or termination of this Agreement, including the indemnification provision
herein. The Operating Partnership shall give the Contributors reasonable written notice (which in
any event shall not be less than one (1) business days) before entering the Property and the
Contributors may have a representative present during any and all examinations, inspections, as
applicable, and/or studies on the Property. The Operating Partnership shall have the unconditional
right, for any reason or no reason, to terminate this Agreement by giving written notice (a
"Diligence Termination Notice”) thereof to the Contributors prior to the expiration of the
Due Diligence Period. In the event the Operating Partnership does not deliver to the Contributors
a Diligence Termination Notice on or before the expiration of the Due Diligence Period, the
Operating Partnership may elect to deliver to the Contributors written notice (the “Approval
Notice”) stating that the Operating Partnership has elected to proceed to Closing. If the
Operating Partnership shall fail to give an Approval Notice on or before the expiration of the Due
Diligence Period, however, the Operating Partnership shall be deemed to have elected to accept the
Property and to proceed to Closing. In the event the Operating Partnership terminates this
Agreement by delivering a Diligence Termination Notice this Agreement shall be deemed to have been
terminated, upon such termination, the Operating Partnership shall receive a return of the Deposit
(but not the Independent Consideration) and, with the exception of those obligations which
expressly survive the termination of this Agreement, no party shall have any further liability to
any other party hereunder. If the Operating Partnership terminates the Agreement, for any reason
or no reason as provided for under the Agreement, the Operating Partnership shall deliver to the
Contributors any Due Diligence Materials received from the Contributors..

ARTICLE 3

CLOSING

Section 3.1 Conditions Precedent.

(a) The obligations of the Operating Partnership to effect each transaction contemplated
hereby shall be subject to each of the following conditions:

(i) the delivery of good, marketable title to the Property that is insurable at ordinary rates
by the Title Company, free and clear of Liens other than Permitted Exceptions;

(ii) the representations and warranties of each Contributor and Contributor’s Agent contained
in this Agreement shall have been true and correct in all material respects on the date such
representations and warranties were made, and shall be true and correct in all material respects on
the Closing Date as if made at and as of such date;

(iii) each obligation of each Contributor contained in this Agreement shall have been duly
performed by it on or before the Closing Date, and each Contributor shall not have materially
breached any of its covenants contained herein;

(iv) concurrently with the Closing, each Contributor, directly, shall have executed and
delivered to the Operating Partnership the documents required to be delivered pursuant to Section
3.3(a);

(v) all necessary consents or approvals of governmental authorities or third parties to the
consummation of the transactions contemplated herein shall have been obtained, but only to the
extent such consents or approvals are the responsibility of Contributors in the context of this
Agreement;

(vi) no order, statute, rule, regulation, executive order, injunction, stay, decree or
restraining order shall have been enacted, entered, promulgated or enforced by any court of
competent jurisdiction or governmental or regulatory authority or instrumentality that prohibits
the consummation of any of the transactions contemplated herein, and no litigation or governmental
proceeding seeking such an order shall be pending; and

(vii) all requirements relating to completing the Defeasance, including any and all Existing
Lender requirements under the Existing Loan Documents, have been satisfied.

In the event the foregoing conditions precedent have not been materially satisfied as of the
Closing, the Operating Partnership may either: (a) waive such conditions precedent and proceed to
Closing in accordance with the terms and provisions hereof; (b) terminate this Agreement, and upon
such termination, the Operating Partnership shall receive a return of the Deposit (but not the
Independent Consideration) and all rights, liabilities and obligations of the parties under this
Agreement shall expire, except as otherwise expressly set forth herein, or (c) extend the date for
Closing beyond the Closing Date, on a schedule acceptable to the Operating Partnership, in the
Operating Partnership’s reasonable discretion (and Contributors’ failure to satisfy the terms and
conditions of this Agreement by such extended closing schedule shall create a further right to
terminate this Agreement and the parties hereto shall have the rights and obligations described in
the immediately preceding (a) and (b) with respect to such termination).

(b) The obligations of each Contributor to effect the transactions contemplated hereby shall
be subject to the following conditions:

(i) the representations and warranties of the Operating Partnership contained in this
Agreement shall have been true and correct in all material respects on the date such
representations and warranties were made, and shall be true and correct in all material respects on
the Closing Date as if made at and as of such date;

(ii) each obligation of the Operating Partnership contained in this Agreement shall have been
duly performed by it on or before the Closing Date, and the Operating Partnership shall not have
breached any of its covenants contained herein;

(iii) concurrently with the Closing, the Operating Partnership, directly, shall have executed
and delivered the documents required to be delivered by it pursuant to Section 3.3(b);

(iv) all necessary consents or approvals of governmental authorities or third parties to the
consummation of the transactions contemplated herein shall have been obtained, but only to the
extent such consents or approvals are the responsibility of the Operating Partnership in the
context of this Agreement; and

(v) no order, statute, rule, regulation, executive order, injunction, stay, decree or
restraining order shall have been enacted, entered, promulgated or enforced by any court of
competent jurisdiction or governmental or regulatory authority or instrumentality that prohibits
the consummation of the transactions contemplated herein, and no litigation or governmental
proceeding seeking such an order shall be pending.

Any or all of the foregoing conditions may be waived by a Contributor in its sole and absolute
discretion, but only with respect to the interests in the Property being contributed by such
Contributor.

Section 3.2 Date, Time and Place of Closing. The date, time and place of the closing
of the transactions contemplated hereunder shall be on or before the date that is five (5) business
days following the expiration of the Due Diligence Period at 10:00 a.m. at Cira Centre, 2929 Arch
St., 17th Floor, Philadelphia, Pennsylvania or through escrow at the offices of the Operating
Partner’s counsel on or before such date, subject to any extensions of the closing in accordance
with Sections 2.2 and 3.1(a) hereof (the “Closing” or “Closing Date”); provided,
however, that the Closing Date shall be extended upon written notice from either party for a period
not to exceed fifteen (15) days to complete the Defeasance.

Section 3.3 Closing Deliveries.

(a) At Closing, Contributors shall deliver, or shall cause to be delivered, the following:

(i) all Transfer Documents for the conveyance of the Property. “Transfer Documents”
shall mean:

(A) One (1) special warranty deed duly executed and acknowledged by each Contributor in a form
reasonably acceptable to Operating Partnership and Contributors conveying 100% of such
Contributor’s interest in the Real Property (the “Deed”);

(B) Four (4) Assignment and Assumption of Leases in a form reasonably acceptable to Operating
Partnership and Contributors, originally executed by each and every Contributor;

(C) Four (4) Bill of Sales in a form reasonably acceptable to Operating Partnership and
Contributors, originally executed by each and every Contributor; and

(D) to the extent required by the jurisdiction in which the Property is located, a
properly-completed property transfer tax return or affidavit in form and substance appropriate to
such jurisdiction.

(ii) To the extent not previously delivered to the Operating Partnership, but only to the
extent within Contributors’ possession or reasonable control, originals of the leasing files;
copies of all books and records applicable to the Property which are identified by the Operating
Partnership by written notice to Contributors and reasonably necessary for the orderly transition
of operation of the Property; and readable electronic copies thereof in Microsoft Word or other
similar format;

(iii) Certificates of Good Standing for each Contributor and Certificates of Authority
evidencing such Contributor’s authority to transact business in Arkansas;

(iv) an affidavit from each Contributor in the form of Exhibit C, stating under
penalty of perjury, the Contributor’s United States Taxpayer Identification Number and that such
Contributor is not a foreign person pursuant to Section 1445(b)(2) of the Code and a comparable
affidavit satisfying the withholding requirements imposed by any other relevant jurisdiction;

(v) all New Loan Documents evidencing the New Loan. “New Loan Documents” shall mean:

(A) a note payable to New Lender on New Lender’s customary form reflecting the principal
balance of the New Loan;

(B) a mortgage for the benefit of New Lender on New Lender’s customary form securing the New
Loan Note, which shall be recorded as a first priority mortgage lien against the Property at
Closing;

(C) an assignment of leases and rents for the benefit of New Lender on New Lender’s customary
form further securing the New Loan Note, which shall be recorded against the Property at Closing;
and

(D) such other loan documents reasonably requested by the Operating Partnership on New
Lender’s customary forms further evidencing and/or further securing the New Loan.

(vi) counterpart signature pages to the agreement of limited partnership of the Operating
Partnership (the “OP Partnership Agreement”) originally executed by each Contributor that
has elected to receive OP Units as Contributor Contribution evidencing that such Contributor has
joined as a party to the OP Partnership Agreement, as required by the terms of the OP Partnership
Agreement;

(vii) that certain document entitled Admission of Limited Partner of Independence Realty
Operating Partnership, LP (the “LP Admission Agreement”) in a form reasonably acceptable to
Operating Partnership and Contributors, duly executed by each Contributor that has elected to
receive OP Units as Contributor’s Contribution, which evidences the admission of such Contributor
as a limited partner in the Operating Partnership and evidences the issuance of such OP Units;

(viii) a Confidential Purchaser Questionnaire in the form attached hereto as Exhibit D
executed by each Contributor that has elected to receive OP Units as Contributor’s Contribution;

(ix) Intentionally deleted;

(x) such other instruments as are reasonably required by the Title Company for Closing in
accordance with the terms hereof.

(b) At Closing, the Operating Partnership shall deliver, or shall cause the delivery, the
following:

(i) counterpart signatures to the Transfer Documents (other than the Deed) executed by the
Operating Partnership;

(ii) the Cash Consideration payable in accordance with Section 1.2(d) hereof;

(iii) the LP Admission Agreement duly executed by the general partner of the Operating
Partnership;

(iv) the New Loan Assumption Agreement;

(v) intentionally deleted; and

(vi) such other instruments as are reasonably required for Closing in accordance with the
terms hereof.

Section 3.4 Closing Costs.

(a) Contributors’ shall be responsible for paying the following closing costs: (i) the cost of
the Title Reports ordered in connection with Section 2.1 hereof, a standard ALTA (2006) owner’s
policy for the Property (in the amount of the Total Contributor Consideration) and any endorsements
to such policy; (ii) the cost of any update to Contributors’ existing ALTA/ACSM survey of the
Property or any new ALTA/ACSM survey of the Property (to the extent necessary in the Operating
Partnership’s discretion); (iii) the cost to remove any Must Cure Objections in accordance with
Section 2.1 hereof; and (iv) all applicable state and/or local realty or deed transfer taxes (or
the local equivalents) in connection with the transfer of the Property.

(b) The Operating Partnership shall be responsible for paying the following closing costs: (i)
the costs to record the Deed, (ii) the costs associated with acquisition financing, if any,
including any mortgage recording fees, mortgage recording or assumption taxes and (iii) the cost of
any policy of title insurance required by the Operating Partnership’s lender and any endorsements
to such policy.

Contributors and the Operating Partnership shall each pay one-half (1/2) of any escrow fees
and other customary charges of Escrow Agent and/or the Title Company. Each of the Contributors and
the Operating Partnership shall pay the fees and expenses of any counsel representing such party in
connection with the transaction contemplated by this Agreement. All other costs and expenses
incident to the transaction contemplated by this Agreement and the Closing shall be paid by the
party incurring same.

ARTICLE 4

REPRESENTATIONS AND WARRANTIES AND INDEMNITIES

Section 4.1 Representations and Warranties of the Operating Partnership. The
Operating Partnership hereby represents and warrants to each Contributor that as of the date hereof
and as of the Closing Date:

(a) Organization; Authority. The Operating Partnership has been duly formed and is
validly existing under the laws of the jurisdiction of its formation, and has all requisite limited
partnership power and authority to enter this Agreement and all agreements contemplated hereby and
to carry out the transactions contemplated hereby and thereby, and the requisite approval of such
transactions, including the issuance of the OP Units, has been obtained from all of the Operating
Partnership’s respective partners. The persons and entities executing this Agreement on behalf of
the Operating Partnership have, and the persons and entities that will execute all agreements
contemplated hereby on behalf of the Operating Partnership will have, the power and authority to
enter into this Agreement or such other contemplated agreements, as applicable.

(b) Due Authorization. The execution, delivery and performance of this Agreement by
the Operating Partnership have been duly and validly authorized by all necessary action of the
Operating Partnership. This Agreement and each agreement, document and instrument executed and
delivered by or on behalf of the Operating Partnership pursuant to this Agreement constitutes, or
when executed and delivered will constitute, the legal, valid and binding obligation of the
Operating Partnership, each enforceable against the Operating Partnership in accordance with its
terms, as such enforceability may be limited by bankruptcy or the application of equitable
principles.

(c) Non-Contravention and Consent. The execution, delivery and performance by the
Operating Partnership of its obligations under this Agreement and all agreements contemplated
hereby will not contravene any provision of applicable law, the certificate of limited partnership
of the Operating Partnership, the OP Partnership Agreement or other constituent document of the
Operating Partnership, or any agreement or other instrument binding upon the Operating Partnership
or any applicable law, judgment, order or decree of any governmental body, agency or court having
jurisdiction over the Operating Partnership, and no consent, approval, authorization or order of or
qualification with any governmental body or agency is required for the performance by the Operating
Partnership of its obligations under this Agreement and all other agreements contemplated hereby.

(d) No Brokers. The Operating Partnership has not entered into, and covenants that it
will not enter into, any agreement, arrangement or understanding with any person or firm that will
result in the obligation of the Contributors to pay any finder’s fee, brokerage commission or
similar payment in connection with the transactions contemplated hereby. 

(e) Consents and Approvals. No consent, waiver, approval or authorization of any third
party, including any Governmental Authority, is required to be obtained by the Operating
Partnership in connection with the execution, delivery and performance of the Agreement, the
documents required pursuant thereto and the transactions contemplated hereby and thereby.

(f) No Violation. None of the execution, delivery or performance of the Agreement, the
documents required pursuant thereto and the transactions contemplated hereby and thereby does or
will, with or without the giving of notice, lapse of time, or both, (i) contravene, violate,
conflict with, result in a breach of, or constitute a default under or give to others any right of
termination, cancellation or amendment of (A) the organizational documents, including the charters
and bylaws, if any, of the Operating Partnership, (B) any agreement, document or instrument to
which the Operating Partnership is a party or by which the Operating Partnership or any of its
assets or properties are bound or (C) any applicable law, or term or provision of any judgment,
order, writ, injunction, or decree of any governmental or regulatory authority, which is binding on
the Operating Partnership or by which the Operating Partnership or any of its respective assets or
properties are bound or subject or (ii) result in the creation of any Lien upon the property or any
other assets of the Operating Partnership.

(g) Information. The Operating Partnership has provided Contributors with
publicly-available materials (or online access to such materials) relating to the business,
finances and operations of the Operating Partnership and Independence Realty Trust, Inc., a
Maryland corporation, that the Contributors have requested, but the Operating Partnership has not
provided, nor is the Operating Partnership obligated to provide, any disclosure documentation,
private placement memorandum or any other documentation relating to the issuance of OP Units as
contemplated herein.

Section 4.2 Representations and Warranties of the Contributors. The Contributors
represent and warrant to the Operating Partnership as follows; provided that as to any
representation or warranty relating to a particular Contributor, each individual Contributor makes
such representation and warranty as to itself and not as to any other Contributor:

(a) Organization, Power and Authority. Each Contributor that is an entity is (x) a
limited liability company, (y) duly formed, validly existing and in good standing under the laws of
its state of formation with full power and authority to execute, deliver and perform this Agreement
and the Closing Documents to be executed by such Contributor, and (z) duly qualified, licensed or
admitted to do business and is in good standing in the jurisdiction where the Property is located.

(b) Binding Agreement. The execution, delivery and performance of this Agreement by
such Contributor have been duly and validly authorized by all necessary action on the part of such
Contributor. This Agreement has been, and the Closing Documents to be executed by such Contributor
will be, duly executed and delivered by such Contributor. This Agreement constitutes, and when so
executed and delivered the Contributors Closing Documents to be executed by such Contributor will
constitute, the legal, valid and binding obligations of such Contributor, enforceable against such
Contributor in accordance with their terms, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability,
to general principles of equity and, with respect to equitable relief, the discretion of the court
before which any proceeding therefor may be brought.

(c) No Conflicts. None of the execution, delivery or performance of this Agreement by
such Contributor does or will, with or without the giving of notice, lapse of time or both,
violate, conflict with, constitute a default, result in a loss of rights, acceleration of payments
due or creation of any lien upon the Property or require the approval or waiver of or filing with
any Person (including without limitation any governmental body, agency or instrumentality) under
the organizational documents of such Contributor. None of the execution, delivery or performance
of this Agreement by such Contributor does or will (in any material respect), with or without the
giving of notice, lapse of time or both, violate, conflict with, constitute a default, result in a
loss of rights, acceleration of payments due or creation of any lien upon the Property or require
the approval or waiver of or filing with any Person (including without limitation any governmental
body, agency or instrumentality) under (i) any agreement, instrument or other document to which
such Contributor is a party or by which it is bound or (ii) any judgment, decree or order of any
Governmental Authority, or any Laws applicable to such Contributor. The transactions contemplated
by this Agreement will not (in any material respect), with or without the giving of notice, lapse
of time or both, violate, conflict with, constitute a default, result in a loss of rights,
acceleration of payments due or creation of any Lien upon the Property or require the approval or
waiver of or filing with any Person (including without limitation any governmental body, agency or
instrumentality) under (i) any agreement, instrument or other document to which any Contributor is
a party or by which it is bound or (ii) any judgment, decree or order of any Governmental
Authority, or any Laws applicable to any Contributor.

(d) Title to the Property. There are no outstanding agreements (written or oral)
pursuant to which any Contributor has agreed to sell or has granted an option or right of first
refusal or first or last offer to purchase the Property or any interest therein, it being
understood that this representation and warranty is made by each Contributor as to its own
agreements and actions and not the actions or agreements of any other Contributor.

(e) Third Party Consents and Approval. To each Contributor’s knowledge, no approval,
consent, waiver, filing, registration or qualification of or with any third party, including, but
not limited to, any Governmental Authority is required to be made, obtained or given for the
execution, delivery and performance of this Agreement by such Contributor.

(f) Leases. Schedule 4.2(f) sets forth a true, correct and complete rent roll
(each a “Rent Roll”, together the “Rent Rolls”) for the Property used in connection
with the management of the Property. Except as listed on the Rent Rolls, there are no leases,
tenancies or occupancy rights at the Property. Each lease (each, a “Lease”, together, the
“Leases”) referenced on the Rent Rolls is on the standard form lease for the Property with
a term not longer than one year. None of the Leases and none of the rents or other amounts payable
thereunder have been assigned, pledged or encumbered by Contributors except for any assignments,
pledges or encumbrances under the Loans pursuant to the Loan Documents.

(g) Contracts. To each Contributor’s knowledge, Schedule 4.2(h) attached
hereto lists all Contracts relating to the use and operation of the Property as of the date hereof
and each such Contract is a valid and binding agreement, and is in full force and effect. No
Contributor or, to the knowledge of such Contributor, any other Person is in material default under
any Contract (a “Defaulted Contract”). True, correct and complete copies of all Contracts
have been made available to the Operating Partnership.

(h) No Bankruptcy. None of the Contributors are in the hands of a receiver; none of
the Contributors have filed a petition for relief, or been the subject of the filing of a petition
for relief, under the United States Bankruptcy Code or state insolvency law; and no order for
creditors’ relief has been entered with respect to the Contributors.

(i) No Brokers. None of the Contributors nor any of the Contributors’ respective
officers, directors or employees has employed or made any agreement with any broker, finder or
similar agent or any person or firm other than CB Richard Ellis that will result in the obligation
of the Operating Partnership or any of its affiliates to pay any finder’s fee, brokerage fees or
commissions or similar payment in connection with the transactions contemplated by this Agreement.

(j) Litigation and Other Proceedings. Except as set forth on Schedule 4.2(j)
attached hereto, there are no judgments unsatisfied against any Contributor or the Property or
consent decrees or injunctions to which any Contributor or the Property is subject, and there is no
litigation, claim or proceeding pending or, to such Contributor’s knowledge, threatened against
such Contributor or the Property except (i) such as are insured and being defended by applicable
insurance carriers, or (ii) ordinary landlord/tenant actions with respect to the payment of rent or
other default under Leases with an amount in controversy less than $5,000.00.

(k) Non-Foreign Status. Except as set forth on Schedule 4.2(k), such
Contributor is not a foreign person for purposes of Section 1445(a) of the Code, and is, therefore,
not subject to the provisions of the Code relating to the withholding of sales proceeds to foreign
persons.

(l) Investment Purposes. With respect to each Contributor that elects to receive OP
Units as Contributor’s Consideration in accordance with Section 1.2(e) hereof, each such
Contributor acknowledges its understanding that the OP Units to be acquired pursuant to the
Agreement are not being registered under the Securities Act of 1933, as amended, and the rules and
regulations in effect thereunder (the “Act”) or any applicable state blue sky laws pursuant
to a specific exemption or exemptions therefrom, and the Operating Partnership’s reliance on such
exemptions is predicated in part on the accuracy and completeness of the representations and
warranties of such Contributor. In furtherance thereof, such Contributor represents and warrants to
the Operating Partnership as follows:

(i) Investment. Such Contributor is acquiring the OP Units solely for such
Contributor’s own account for the purpose of investment and not as a nominee or agent for any other
person and not with a view to, or for offer or sale in connection with, any distribution thereof.
Such Contributor agrees and acknowledges that it will not, directly or indirectly, offer, transfer,
sell, assign, pledge, hypothecate or otherwise dispose of (each, a “Transfer”) any of the
OP Units, unless (i) the Transfer is pursuant to an effective registration statement under the Act
and qualification or other compliance under applicable blue sky or state securities laws, (ii)
counsel for such Contributor (which counsel shall be reasonably acceptable to the Operating
Partnership) shall have furnished the Operating Partnership with an opinion, reasonably
satisfactory in form and substance to the Operating Partnership, to the effect that no such
registration is required because of the availability of an exemption from registration under the
Act, or (iii) the Transfer is otherwise permitted by the OP Agreement. Notwithstanding the
foregoing, no Transfer shall be made unless it is permitted under the OP Agreement.

(ii) Knowledge. Such Contributor is knowledgeable, sophisticated and experienced in
business and financial matters. Such Contributor fully understands the limitations on transfer
imposed by the Federal securities laws and as described in the Agreement. Such Contributor is able
to bear the economic risk of holding the OP Units for an indefinite period and is able to afford
the complete loss of such Contributor’s investment in OP Units. Such Contributor has received and
reviewed all information and documents about or pertaining to the Operating Partnership, the
business and prospects of the Operating Partnership and the issuance of the OP Units as such
Contributor deems necessary or desirable, and has been given the opportunity to obtain any
additional information or documents and to ask questions of the proposed management of the
Operating Partnership and receive answers about such information and documents, the Operating
Partnership, the business and prospects of the Operating Partnership and the OP Units that such
Contributor deems necessary or desirable to evaluate the merits and risks related to such
Contributor’s investment in the OP Units. Such Contributor acknowledges that any such questions
posed were answered to such Contributor’s satisfaction. Such Contributor understands and has taken
cognizance of all risk factors related to the issuance of the OP Units. Such Contributor is relying
upon its own independent analysis and assessment (including with respect to taxes), and the advice
of such Contributor’s advisors (including tax advisors), and not upon that of the Operating
Partnership or any of the Operating Partnership’s affiliates, for purposes of evaluating, entering
into, and consummating the transactions contemplated by the Agreement.

(iii) Holding Period. Such Contributor acknowledges that it has been advised that (A)
unless the OP Units are subsequently registered under the Act or an exemption from such
registration is available, such OP Units must be held (and such Contributor must continue to bear
the economic risk of the investment in) for at least twelve (12) months and may (absent an
effective registration statement or exemption from registration) have to be held indefinitely and
such Contributor understands that the Operating Partnership has no obligation or intention to
register the OP Units, and (B) a notation shall be made in the appropriate records of the Operating
Partnership indicating that the OP Units are subject to restrictions on transfer.

(iv) Accredited Investor. Such Contributor is an “accredited investor” (as such term
is defined in Rule 501 (a) of Regulation D under the Act).

(v) Reliance on Exemptions. Each Contributor understands that the OP Units are being
offered and sold to it in reliance on specific exemptions from the registration requirements of
United States federal and state securities laws and that the Operating Partnership is relying in
part upon the truth and accuracy of each Contributor’s representations and warranties in this
Agreement and of the information in the Purchaser Questionnaire completed by each Contributor in
order to determine the availability of such exemptions and the eligibility of each Contributor to
acquire the OP Units.

(vi) Information. Each Contributor and its advisors, if any, have been furnished with
all materials relating to the business, finances and operations of the Operating Partnership and
Independence Realty Trust, Inc., a Maryland corporation (the “General Partner”) that each
Contributor deemed material to making an informed investment decision regarding its purchase of the
OP Units, which have been requested by each Contributor. Each Contributor acknowledges that it, or
its advisor, if any, has had access to, and reviewed a copy of, the OP Partnership Agreement, the
Exchange Rights Agreement, the General Partner’s Proxy Statement as filed with the United States
Securities and Exchange Commission (“SEC”) on March 31, 2014, the General Partner’s Report
on Form 10-K as filed with the SEC on March 11, 2014, including the risk factors set forth therein,
and all reports filed by the General Partner with the SEC on or after January 1, 2014. Each
Contributor and its advisors, if any, have been afforded the opportunity to ask questions of the
General Partner and its management. Each Contributor has sought such accounting, legal and tax
advice as it has considered necessary to make an informed investment decision with respect to its
acquisition of the OP Units.

(vii) No Governmental Review. Each Contributor understands that neither the SEC nor
any other federal or state governmental authority has passed on or made any recommendation or
endorsement of the OP Units, or the fairness or suitability of the investment in the OP Units, nor
have such governmental authorities passed upon or endorsed the merits of the offering of the OP
Units.

(m) Security Deposits. Schedule 4.2(n) attached hereto is a true and complete
list of the security deposits (whether in the form of cash, letters of credit or otherwise) under
the Leases being held by the Contributors. To the knowledge of each Contributor, such Contributor
is in material compliance with all applicable Laws relating to such security deposits.

(n) No Condemnation. None of the Contributors has received any written notice of, nor
does such Contributor have knowledge of, any pending, threatened or contemplated action by any
Governmental Authority having the power of eminent domain which might result in the Property being
taken by condemnation or conveyance in lieu thereof.

(o) Environmental Laws. To the knowledge of such Contributor, the Contributors have
received no notice, demand or claim alleging any violation of, or liability under, any
Environmental Law relating to the Property.

(p) No Commitments. Except as otherwise set forth in the Due Diligence Materials and
the Permitted Exceptions, none of the Contributors has made any commitments to any Governmental
Authority, utility company, school board, church or other religious body, or any homeowners’
association or any other organization, group or individual, relating to the Property which would
impose an obligation upon the Operating Partnership to make any contribution or dedication of money
or land or to construct, install or maintain any improvements of a public or private nature on or
off of the Property which, as of the Closing Date, will not have been satisfied in full or
terminated. Without limiting the generality of the foregoing, and except for the Loans, none of
the Contributors is a party to any paving agreements or undertakings, payback agreements, revenue
bonds, utility debt service expenses or other charges or expenses upon or relating to the Property
or applicable thereto.

(q) Leased Property. To the knowledge of each Contributor, none of the personal
property located at the Property and used in connection with the use and operation thereof is
subject to a lease between a third party, as landlord, and any Contributor or any Affiliate of the
Contributors, as lessee, other than leases entered into in the ordinary course of business.

Section 4.3 Survival. The representations and warranties of each of the Operating
Partnership and the Contributors shall survive the closing for nine (9) months following the
Closing Date.

Section 4.4 Indemnification.

(a) The Operating Partnership shall indemnify and hold harmless each Contributor and each
Contributor’s partners, members, directors, officers, employees, agents, representatives,
beneficiaries and affiliates (each, an “Indemnified Contributor Party”) from and against
any and all Losses arising out of or relating to, asserted against, imposed upon or incurred by the
Indemnified Contributor Party in connection with any breach of a representation or warranty of the
Operating Partnership contained in this Agreement. Notwithstanding anything contained herein to the
contrary, no Indemnified Contributor Party shall have the right to receive or recover special,
compensatory or punitive damages against the Operating Partnership and hereby waives any and all
rights to receive such special, compensatory or punitive damages.

(b) Each Contributor shall severally, but not jointly, indemnify and hold harmless each
Indemnified OP Party from and against any and all Losses arising out of or relating to, asserted
against, imposed upon or incurred by the Indemnified OP Party in connection with any breach of a
representation or warranty of the Contributor contained in this Agreement, including but not
limited to the representations and warranties stated at Section 4.2 hereof. Notwithstanding
anything contained herein to the contrary, no Indemnified OP Party shall have the right to receive
or recover special, compensatory or punitive damages against any Contributor and hereby waives any
and all rights to receive such special, compensatory or punitive damages.

ARTICLE 5

COVENANTS OF CONTRIBUTORS

Section 5.1 Covenants.

(a) From the date hereof through the Closing, the Contributors shall not without the prior
written consent of the Operating Partnership:

(i) sell or transfer (or agree to sell or transfer) or otherwise dispose of, or cause the
sale, transfer or disposition of, the Property, other than Leases entered into in the ordinary
course of business and personal property of an immaterial value;

(ii) mortgage, pledge or encumber (or permit to become encumbered) the Property, except (x)
liens for taxes not yet due, and (y) mechanics’ liens being disputed in good faith and by
appropriate proceedings;

(iii) except in the ordinary course of business and consistent with prior practice, amend,
modify or terminate any material agreements or other instruments that will be transferred to the
Operating Partnership;

(iv) change the existing use of the Property; or

(v) take any action that would render any of the representations or warranties of Contributor
set forth herein untrue, incomplete or misleading in any material respect.

(b) Subject to the provisions of Article 7 herein, between the date of execution of this
Agreement and the Closing Date, the Contributors shall continue to operate and manage the Property
in a normal businesslike manner, consistent with prior practices, making all necessary and ordinary
maintenance repairs in the ordinary course of business resulting from the breakdown or improper
functioning of a particular item or system which is required to keep the Property in substantially
the same condition as at the date hereof, including ordering and maintaining on hand in a normal
business-like manner, consistent with past practices, sufficient materials, supplies, fuel and
other personal property necessary for the efficient operation and management of the Property
through the Closing Date; provided that the Contributors shall not be obligated to perform any
capital improvements to any part of the Property except as required by Law and/or by the Loan
Documents. To the extent consistent with the existing operating and maintenance procedures
relating to the Property, the Contributors shall prepare (or shall cause to be prepared) for rental
any vacant unit that now exists, or that becomes vacant five (5) days or more prior to Closing in a
Rent-Ready Condition. “Rent Ready Condition” shall mean “made ready” and suitable for occupancy in
accordance with the Contributors’ current standards, and to the extent such units have been
occupied and vacated prior to the Closing Date, such units shall have been repaired and cleaned in
accordance with the Contributors’ current standards (within a reasonable time prior to the Closing
Date).

(c) The Contributors shall maintain its existing rent loss, hazard and liability insurance on
the Property until the Closing Date.

(d) The Contributors agree to cause any agreements providing for the performance of any
improvement work for a tenant leasing space at the Property, capital improvements at the Property,
construction management, property management and/or leasing services with respect to the Property
or the payment of any leasing commissions with respect to any of the Leases to be terminated at
Closing without any liability to the Operating Partnership for any payment after the Closing, and
to the extent not otherwise covered herein, Contributors shall terminate any Contracts (without any
liability to the Operating Partnership for any payment after the Closing) that the Operating
Partnership does not elect to assume, in its sole discretion, on or before Closing.

(e) Each Contributor agrees and acknowledges that for a period of twelve (12) months following
the Closing Date, unless Contributor shall have received the prior written consent of the Operating
Partnership, it will not, directly or indirectly, offer, transfer, sell, assign, pledge,
hypothecate or otherwise dispose of any of the OP Units received pursuant to this Agreement. The
provisions of this subsection shall survive Closing.

(f) Subject to Section 2.1 hereof, each Contributor shall use commercially reasonable efforts
to obtain any approvals, waivers or other consents of third parties, governmental authorities and
agencies required to permit the Contributor to effect the transactions contemplated by this
Agreement.

ARTICLE 6

RELEASES AND WAIVERS

Each of the releases and waivers enumerated in this Article 6 shall become effective only upon
the Closing.

Section 6.1 General Release of the Operating Partnership. As of the Closing, each
Contributor irrevocably waives, releases and forever discharges the Operating Partnership and each
of their affiliates, partners, agents, attorneys, successors and assigns of and from, any and all
obligations, charges, complaints, claims, liabilities, damages, actions, causes of action, losses
and costs of any nature whatsoever existing as of the Closing (collectively, “Contributor
Claims”), known or unknown, suspected or unsuspected, arising out of or relating to the
Property except for Contributor Claims arising from the breach of any representation, warranty or
surviving obligation of the Operating Partnership under this Agreement, any agreement contemplated
hereby or entered into in connection herewith, or the governing documents of the Operating
Partnership, subject to the obligations of the Operating Partnership under this Agreement.
Notwithstanding anything to the contrary herein, no such release contained herein shall apply to
(i) the terms and conditions stated in any agreement executed in connection with the Closing for
the Property, or (ii) such representations and warranties expressly made by Operating Partnership
to Contributors in this Agreement.

Section 6.2 General Release of Contributor. Subject to Section 6.4, as of the
Closing, the Operating Partnership irrevocably waives, releases and forever discharges each
Contributor and each Contributor’s agents, attorneys, successors and assigns of and from, any and
all obligations, charges, complaints, claims, liabilities, damages, actions, causes of action,
losses and costs of any nature whatsoever existing as of the Closing (collectively, “Operating
Partnership Claims”), known or unknown, suspected or unsuspected, arising out of or relating to
the Property, except for Operating Partnership Claims arising from the breach of any covenant,
representation, warranty or surviving obligation of Contributor under this Agreement, any agreement
contemplated hereby or entered into in connection herewith, or the governing documents of the
Operating Partnership, subject to the obligations of each Contributor under this Agreement.
Notwithstanding anything to the contrary herein, no such release contained herein shall apply to
(i) the terms and conditions stated in any agreement executed in connection with the Closing for
the Property, or (ii) such representations and warranties expressly made by Contributors to
Operating Partnership in this Agreement.

Section 6.3 “AS-IS” Transaction. THE OPERATING PARTNERSHIP HEREBY ACKNOWLEDGES AND
AGREES THAT, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, EACH CONTRIBUTOR MAKES NO (AND EACH
CONTRIBUTOR EXPRESSLY DISCLAIMS AND NEGATES ANY) REPRESENTATIONS OR WARRANTIES OF ANY KIND, WRITTEN
OR ORAL, STATUTORY, EXPRESS OR IMPLIED, WITH RESPECT TO THE PROPERTY OR ANY OTHER MATTER
WHATSOEVER. THE OPERATING PARTNERSHIP FURTHER ACKNOWLEDGES THAT THE OPERATING PARTNERSHIP HAS
CONDUCTED AN INDEPENDENT INSPECTION AND INVESTIGATION OF THE PROPERTY AND ALL SUCH OTHER MATTERS
RELATING TO OR AFFECTING THE PROPERTY AS THE OPERATING PARTNERSHIP DEEMED NECESSARY OR APPROPRIATE
AND THAT THE OPERATING PARTNERSHIP IS PROCEEDING WITH ITS ACQUISITION OF THE PROPERTY BASED SOLELY
UPON SUCH INDEPENDENT INSPECTIONS AND INVESTIGATIONS. ACCORDINGLY, SUBJECT TO THE TERMS AND
CONDITIONS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OPERATING PARTNERSHIP WILL ACCEPT THE
PROPERTY AT THE CLOSING “AS IS,” “WHERE IS,” AND “WITH ALL FAULTS” AND WITHOUT RECOURSE AGAINST ANY
CONTRIBUTOR. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, NO DISCLAIMER OR RELEASE
CONTAINED HEREIN SHALL APPLY TO (I) THE TERMS AND CONDITIONS STATED IN ANY AGREEMENT EXECUTED IN
CONNECTION WITH THE CLOSING FOR THE PROPERTY, OR (ii) SUCH REPRESENTATIONS AND WARRANTIES EXPRESSLY
MADE BY THE CONTRIBUTORS TO OPERATING PARTNERSHIP IN THIS AGREEMENT.

Section 6.4 Assumption by Operating Partnership. NOTWITHSTANDING ANYTHING IN THIS
AGREEMENT TO THE CONTRARY, UPON CLOSING THE OPERATING PARTNERSHIP ASSUMES THE RISK OF PHYSICAL
CONDITIONS, DEFECTS, CONSTRUCTION DEFECTS, ENVIRONMENTAL, HEALTH, SAFETY AND WELFARE MATTERS WHICH
MAY NOT HAVE BEEN REVEALED BY THE OPERATING PARTNERSHIP’S INSPECTIONS. AS OF THE CLOSING DATE, THE
OPERATING PARTNERSHIP, FOR ITSELF AND ITS AGENTS, AFFILIATES, SUCCESSORS AND ASSIGNS, HEREBY WAIVES
AND RELEASES CONTRIBUTORS, CONTRIBUTORS’ PROPERTY MANAGER, AND EACH OF THEIR RESPECTIVE AGENTS,
EMPLOYEES, DIRECTORS, OFFICERS, AFFILIATES, INTEREST HOLDERS, SUCCESSORS AND ASSIGNS (COLLECTIVELY,
THE “RELEASEES”) FROM ANY AND ALL RIGHTS, CLAIMS AND DEMANDS AT LAW OR IN EQUITY, WHETHER
KNOWN OR UNKNOWN AT THE TIME OF THIS AGREEMENT, WHICH THE OPERATING PARTNERSHIP HAS OR MAY HAVE IN
THE FUTURE, ARISING OUT OF THE PHYSICAL, ENVIRONMENTAL, ECONOMIC OR LEGAL CONDITION OF THE
PROPERTY; PROVIDED, HOWEVER, THAT NOTHING STATED HEREIN SHALL RELEASE OR WAIVE ANY RIGHT THE
OPERATING PARTNERSHIP MAY HAVE TO SEEK CONTRIBUTION FROM CONTRIBUTORS IN CONNECTION WITH ANY THIRD
PARTY CLAIM AGAINST THE OPERATING PARTNERSHIP IN CONNECTION WITH ANY LIABILITY RELATING TO THE
CONDITION OF, OR OCCURRENCES AT, THE PROPERTY PRIOR TO THE CLOSING DATE, AND THE OPERATING
PARTNERSHIP SHALL HAVE NO OBLIGATION TO INDEMNIFY, DEFEND OR HOLD ANY RELEASEE HARMLESS IN
CONNECTION WITH SUCH LIABILITY. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, NO
DISCLAIMER OR RELEASE CONTAINED HEREIN SHALL APPLY TO (I) THE TERMS AND CONDITIONS STATED IN ANY
AGREEMENT EXECUTED IN CONNECTION WITH THE CLOSING FOR THE PROPERTY, OR (II) SUCH REPRESENTATIONS
AND WARRANTIES EXPRESSLY MADE BY THE CONTRIBUTORS TO OPERATING PARTNERSHIP IN THIS AGREEMENT.

ARTICLE 7

DAMAGE OR DESTRUCTION; CONDEMNATION

Section 7.1 Damage or Destruction. If at any time prior to the Closing Date all or
any material portion of the Property is destroyed or damaged as a result of fire or any other
casualty and the cost of restoring such damage exceeds or is reasonably anticipated to exceed Five
Hundred Thousand Dollars ($500,000.00), then, at the option of the Operating Partnership, exercised
by giving Contributors written notice within twenty (20) days of the Operating Partnership’s
discovery or notification of the casualty event, Operating Partnership may terminate this
Agreement, and upon such termination the Operating Partnership shall receive a return of the
Deposit and this Agreement shall be canceled with no further liability of any party to any other,
except under such provisions which shall expressly survive a termination of this Agreement. The
Contributors shall give the Operating Partnership prompt written notice of any casualty. If the
Operating Partnership shall not elect so to terminate within the applicable notice period, the
Operating Partnership will be deemed to have elected to proceed to Closing and, as such, will be
entitled to receive all insurance proceeds of any such casualty (plus an amount, payable by the
Contributors to the Operating Partnership at Closing, equal to any deductible(s) in the insurance
policies), and in that event the Contributors will take at Closing all action necessary to assign
their interest in any such proceeds to the Operating Partnership. The parties understand and agree
that Contributors shall bear the “risk of loss” with respect to the Property up to and through the
Closing. Upon Closing and delivery of the Deed to the Operating Partnership, the “risk of loss”
shall shift from Contributors to the Operating Partnership.

Section 7.2 Condemnation. If any Material Taking occurs, or any Governmental
Authority initiates legal proceedings which, if successfully prosecuted would result in a Material
Taking between the date of this Agreement and the Closing Date, then, at the option of the
Operating Partnership, exercised by giving Contributors written notice within twenty (20) days of
the Operating Partnership’s discovery or notification of the condemnation or eminent domain event,
Operating Partnership may terminate this Agreement, and upon such termination the Operating
Partnership shall receive a return of the Deposit and this Agreement shall be canceled with no
further liability of any party to any other, except under such provisions which shall expressly
survive a termination of this Agreement. If the Operating Partnership shall not elect so to
terminate within the applicable notice period, the Operating Partnership will be deemed to have
elected to proceed to Closing and, as such, will be entitled to receive all proceeds of any such
taking or condemnation, and in that event the Contributors will take at Closing all action
necessary to assign their interest in any such award to the Operating Partnership. The
Contributors shall give the Operating Partnership prompt written notice of any taking that is
threatened in writing. For the purpose of this Section 7.2, “Material Taking” shall mean
any taking or condemnation (or notice thereof) for any public or quasi-public purpose or use by any
competent authority in appropriate proceedings or any exercise of a right of eminent domain that
results in, or is reasonably anticipated to result in, an award in excess of Five Hundred Thousand
Dollars ($500,000.00).

Section 7.3 Settlement of Claims. The Contributors shall promptly and diligently
pursue payment of any awards or proceeds in connection with any 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, and the Operating Partnership has elected (or is deemed to have elected) to proceed
to Closing, the Operating Partnership 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, the Contributors shall promptly deliver
to the Operating Partnership copies of all documents received by the Contributors in connection
with the foregoing. The Contributors shall not accept any award or enter into any settlement
without first obtaining the prior written consent of the Operating Partnership, which shall not be
unreasonably withheld or delayed. In the event the Contributors fail to comply with their
obligations under this paragraph, the same shall be deemed a breach of the Contributors’
obligations under this Agreement.

ARTICLE 8

MISCELLANEOUS

Section 8.1 Further Assurances. Each Contributor shall take such other actions and
execute and deliver such additional documents following the Closing as the Operating Partnership
may reasonably request in order to effect the transactions contemplated hereby (subject to such
Contributor’s approval as to the form and substance of such documents).

Section 8.2 Counterparts. This Agreement may be executed in one or more counterparts
and by facsimile, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

Section 8.3 Governing Law. This Agreement shall be governed by the internal laws of
the State of Arkansas, without regard to the choice of laws provisions thereof.

Section 8.4 Amendment; Waiver. Any amendment hereto shall be in writing and signed by
all parties hereto. No waiver of any provisions of this Agreement shall be valid unless in writing
and signed by the party against whom enforcement is sought.

Section 8.5 Entire Agreement. This Agreement and all related agreements referred to
herein constitute the entire agreement and supersede conflicting provisions set forth in all other
prior agreements and understandings, both written and oral, among the parties with respect to the
subject matter hereof.

Section 8.6 Assignability. This Agreement shall be binding upon, and shall be
enforceable by and inure to the benefit of, the parties hereto and their respective heirs, legal
representatives, successors and assigns; provided, however, that this Agreement may not be assigned
(except by operation of law) by any party without the prior written consent of the other party, and
any attempted assignment without such consent shall be void and of no effect, except that the
Operating Partnership may assign this Agreement, the Closing Documents, and its rights and
obligations hereunder and thereunder (other than the obligation to issue OP Units, which shall
remain with the Operating Partnership) to an affiliate of the Operating Partnership without the
consent of any of the Contributors; and provided, further, that the Operating Partnership may
assign its right to receive the Property to one or more of its wholly owned subsidiaries. In the
event the Operating Partnership assigns its rights to the extent permitted hereunder, the Operating
Partnership and such assignee shall, upon the Contributors written request, execute and deliver an
assignment agreement pursuant to which such assignee is bound. No such assignment of the Operating
Partnership’s rights or interests under this Agreement shall relieve Operating Partnership of its
liabilities and duties under this Agreement. This Agreement is solely for the benefit of
Contributors and the Operating Partnership, and there are no third party beneficiaries hereof.

Section 8.7 Titles. The titles and captions of the Articles, Sections and paragraphs
of this Agreement are included for convenience of reference only and shall have no effect on the
construction or meaning of this Agreement.

Section 8.8 Third Party Beneficiary. No provision of this Agreement is intended, nor
shall it be interpreted, to provide or create any third party beneficiary rights or any other
rights of any kind in any customer, affiliate, stockholder, partner, member, director, officer or
employee of any party hereto or any other person or entity.

Section 8.9 Severability. If any provision of this Agreement, or the application
thereof, is for any reason held to any extent to be invalid or unenforceable, the remainder of this
Agreement and application of such provision to other persons or circumstances will be interpreted
so as reasonably to effect the intent of the parties hereto. The parties further agree to replace
such void or unenforceable provision of this Agreement with a valid and enforceable provision that
will achieve, to the extent possible, the economic, business and other purposes of the void or
unenforceable provision and to execute any amendment, consent or agreement deemed necessary or
desirable by the parties to effect such replacement.

Section 8.10 Defaults and Remedies.

(a) In the event that the Contributors are ready, willing and able to close in accordance with
the terms and provisions hereof, and the Operating Partnership defaults in any of its obligations
undertaken in this Agreement, the Contributors shall be entitled to, as its sole and exclusive
remedy to either: (i) if the Operating Partnership is willing to proceed to Closing, waive such
default and proceed to Closing in accordance with the terms and provisions hereof (ii) terminate
this Agreement, and collect the Deposit as liquidated damages, and not as a penalty, for the
Operating Partnership’s default hereunder, it being agreed that the damages by reason of Operating
Partnership’s default are difficult, if not impossible, to ascertain, and upon such termination and
delivery of the Deposit, all rights, liabilities and obligations of the parties under this
Agreement shall expire, except for the surviving obligations (including, but not limited to
indemnities) and other matters expressly set forth herein. The Contributors hereby waive any right
to recover the balance of the Contribution Consideration, or any part thereof, and the right to
pursue any other remedy permitted at law or in equity against the Operating Partnership. In no
event under this Section or otherwise shall the Operating Partnership be liable to the Contributors
for any punitive, speculative or consequential damages.

(b) In the event that the Operating Partnership is ready, willing and able to close in
accordance with the terms and provisions hereof, and Contributors default in the obligations herein
taken by the Contributors, the Operating Partnership may, as its sole and exclusive remedy, either
(A) waive such default and proceed to Closing in accordance with the terms and provisions hereof
with an abatement of the Contribution Consideration in the amount of any fixed and ascertainable
monetary liens, or (B) elect, in the Operating Partnership’s sole discretion, to either (i)
terminate this Agreement, and upon such termination the Operating Partnership shall receive a
return of the Deposit and the Contributors shall pay to the Operating Partnership the reasonable
out-of-pocket costs and expenses actually incurred by the Operating Partnership in connection with
the Operating Partnership’s third-party due diligence up to an amount of Two Hundred Fifty Thousand
and No/100 Dollars ($250,000.00), provided the Operating Partnership presents Contributors with
reasonable documentation evidencing such costs and fees, and upon Contributors tender of the
Deposit and reimbursement of such reasonable out-of-pocket costs, this Agreement shall immediately
terminate and be of no further force and effect, or (ii) enforce specific performance of the
Contributors’ obligations hereunder; provided, however, any such action for specific performance
must be initiated within one hundred twenty (120) days of the date the Operating Partnership first
becomes aware of the default by Contributors.

Section 8.11 Confidentiality. All press releases or other public communications of
any kind relating to the transactions contemplated herein, and the method and timing of release for
publication thereof, will be subject to the prior written approval of the Operating Partnership and
the Contributor who contributed the property which is the subject of the press release or other
public communication, in each case not to be unreasonably withheld; provided, however, that the
parties may disclose the terms and conditions of this Agreement (a) as required by law, (b) to
consummate the terms of this Agreement or any financing relating thereto, or (c) to the Operating
Partnership’s or any of the Contributors’ lenders, attorneys and accountants. Notwithstanding the
foregoing, the Contributors acknowledge that the Operating Partnership 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 Contributors and that any such disclosure by Buyer or the REIT shall not be deemed a violation
of the provisions of this Subsection 8.1.1 nor shall be subject to the prior written approval of
any Contributor.

Section 8.12 Reliance. Each party to this Agreement acknowledges and agrees that it
is not relying on tax advice or other advice from the other party to this Agreement, and that it
has or will consult with its own advisors.

Section 8.13 Notice. All notices, demands and requests which may be given or which
are required to be given by any party to another, and any exercise of a right of termination
provided by this Agreement, shall be in writing and shall be deemed effective: (a) on the date
personally delivered to the intended recipient’s address below, as evidenced by written receipt
therefor, whether or not actually received by the Person to whom addressed; (b) on the third (3rd)
business day after being sent, by certified or registered United States Postal Service mail,
postage prepaid, return receipt requested, addressed to the intended recipient at the address
specified below; (c) on the first (1st) business day after being deposited into the custody of a
nationally recognized overnight delivery service such as FedEx or UPS, addressed to the intended
recipient at the address specified below; or (d) on the same day as delivered by electronic mail
pursuant to the Email addresses below, provided that such delivery is accompanied by a delivery in
accordance with (c) hereof. For purposes of this Section 8.13, the addresses of the parties for
all notices are as set forth below (unless changed by similar notice in writing given by the
particular Person whose address is to be changed).

	 	 	 
	To any of the Contributors:
	 	

	With copy to:

To the Operating Partnership:
	 	U.S. Advisor, LLC, as agent

600 Trancas Street, Suite 200

Napa, California 94558

Attention: Kevin Fitzgerald

Barnes & Thornburg LLP

3475 Piedmont Road, N.E.

Suite 1700

Atlanta, Georgia 30305-3327

Attention: Jennifer Moseley, Esq.

Email: Jennifer.Moseley@btlaw.com

	With copy to:
	 	Independence Realty Operating Partnership, LP

Cira Centre

2929 Arch Street

17th Floor

Philadelphia, Pennsylvania 19104

Attn: Farrell Ender

Email: fender@rait.com

Independence Realty Operating Partnership, LP

Cira Centre

2929 Arch Street

17th Floor

Philadelphia, Pennsylvania 19104

Attn.: Jamie Reyle, Esq.

Email: jreyle@raitft.com

Section 8.14 Waiver Of Trial By Jury. THE CONTRIBUTORS AND THE OPERATING PARTNERSHIP
WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER ARISING IN TORT OR CONTRACT)
BROUGHT BY EITHER AGAINST THE OTHER ON ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS
AGREEMENT.

Section 8.15 The Operating Partnership’s Right to Audit. The Contributors shall provide to
the Operating Partnership copies of, or shall provide the Operating Partnership reasonable access
to, such factual information as may be reasonably requested by the Operating Partnership, and in
the possession or control of the Contributors, or the property manager or accountants, to enable
the Operating Partnership’s auditor to conduct an audit, in accordance with Rule 3-14 of Securities
and Exchange Commission Regulation S-X, of the income statements of the Property for the year to
date of the year in which Closing occurs plus the two (2) immediately preceding calendar years
(provided, however, that other than fees paid or payable to the Contributors, any Contributor’s
affiliate or a third party for on-site property management, such audit shall not include an audit
of asset management fees internally allocated by the Contributors (as opposed to paid to a third
party) or interest expenses attributable to the Contributors). The Operating Partnership shall be
responsible for all out-of-pocket costs associated with this audit. The Contributors shall
reasonably cooperate with the Operating Partnership’s auditor in the conduct of such audit. In
addition, the Contributors agree to provide to the Operating Partnership or any affiliate of the
Operating Partnership, if requested by such auditor, historical financial statements for the
Property, including (without limitation) income and balance sheet data for the Property, whether
required before or after Closing. Without limiting the foregoing, (i) the Operating Partnership or
its designated independent or other auditor may audit the Contributors’ operating statements of the
Property, at the Operating Partnership’s expense, and the Contributors shall provide such
documentation as the Operating Partnership or its auditor may reasonably request in order to
complete such audit, and (ii) the Contributors shall furnish to the Operating Partnership such
financial and other information as may be reasonably required by the Operating Partnership or any
affiliate of the Operating Partnership to make any required filings with the Securities and
Exchange Commission or other governmental authority. The Contributors’ obligation to maintain its
records for use under this Section shall be an ongoing condition to Closing for the Operating
Partnership’s benefit until Closing. The Contributors shall maintain its records for use under
this Section for a period of not less than two (2) years after the Closing Date. The provisions of
this Section shall survive Closing.

Section 8.16 Tax Deferred Exchange. Either party or their respective permitted
assigns have the right to structure the sale of the Property, or any portion thereof, as part of
one or more deferred exchanges in accordance with the provisions of Section 1031 of the Code.
Accordingly, each party hereto will make reasonable efforts to cooperate with any such exchange
requested by the other party, including without limitation executing consents to assignments and
other documents reasonably requested by the exchanging party; provided that: (i) the Closing Date
hereunder will not thereby be delayed, (ii) the cooperating party does not incur any additional
expense or liability, nor assume any personal liability in connection with a request by the other
party to cooperate with said exchange, (iii) the exchanging party shall not be released from its
obligations under this Agreement if the exchanging party’s exchange fails for any reason, and the
exchanging party shall remain obligated under this Agreement, (iv) the cooperating party shall not
be required to acquire title to any other real property (other than the applicable real property),
and (v) the exchanging party shall indemnify, defend and hold the cooperating party harmless from
and against all expenses, losses, costs (including, without limitation, reasonable attorneys’
fees), damages and claims resulting from the exchanging party’s exchange or attempted exchange.
The cooperating party hereby disclaims any responsibility for the qualification of the transactions
contemplated by this Agreement as a tax-deferred exchange under Code Section 1031, as amended, and
the exchanging party agrees that the cooperating party shall not be liable for any tax liability,
interest or penalties arising thereunder by virtue of the cooperating party’s cooperation in the
consummation of any such exchange or attempted exchange.

Section 8.17 Lump-Sum Asset Management Fee. At the Closing, each Contributor shall
pay its pro rata share (based on its percentage interest shown on Schedule A) of the USSH
Asset Management Fee, and the Operating Partnership shall have no liability for the payment of such
USSH Asset Management Fee.

Section 8.18 Property Transfer Lock-Out Period. The Operating Partnership, hereby
agrees that the Property shall not be conveyed, transferred or assigned for a period of seven (7)
years (the “Lockout Period”) from the Closing Date, except in the case of a mortgage
foreclosure conducted by the New Lender (or its bona fide successor in interest) due to a material
default under the New Loan Documents; provided, however, that the Operating Partnership, or any
subsidiary of the Operating Partnership, may dispose of the Property (or an interest therein) if
such disposition qualifies as a like-kind exchange under Section 1031 of the Code, or an
involuntary conversion under Section 1033 of the Code, or other transaction (including, but not
limited to, a contribution of property to any entity that qualifies for the non-recognition of gain
under Section 721 or Section 351 of the Code, or a merger or consolidation of the Operating
Partnership or its subsidiary with or into another entity that qualifies for taxation as a
“partnership” for federal income tax purposes that, as to each of the foregoing, does not result
(in the year of such disposition or in a later year) in the recognition of any taxable income or
gain to the Contributors that have elected to receive OP Units at Closing with respect to such OP
Units. Notwithstanding anything in this Section 8.18 to the contrary, the Lockout Period shall not
apply to a condemnation or other taking of the Property or any direct or indirect interest therein
by a governmental entity or authority in an eminent domain proceeding. If a transfer of the
Property or any direct or indirect interest therein occurs pursuant to the preceding sentence, the
Operating Partnership shall use its best efforts to cause such transfer to qualify as an
involuntary conversion under Section 1033 of the Code that does not result in the recognition of
gain by the Contributors that have elected to receive OP Units at Closing. The provisions of this
Section 8.18 shall, and are specifically intended to, survive the termination of this Agreement.

ARTICLE 9

ESCROW PROVISIONS

Section 9.1 Disbursement of Deposit. The Deposit shall be held by Escrow Agent, in
trust, and disposed of only in accordance with the following provisions:

(a) Escrow Agent shall invest the Deposit in an interest-bearing account reasonably
satisfactory to the Operating Partnership and Contributors, and shall promptly provide the
Operating Partnership and Contributors with confirmation of the investments made.

(b) If the Closing occurs, Escrow Agent shall apply the Deposit on the Closing Date to the
amount of Cash Consideration payable by the Operating Partnership in accordance with Section 1.2(c)
and to the extent the amount of the Deposit exceeds the amount of Cash Consideration so payable,
the Deposit (or such applicable portion thereof) shall be returned to the Operating Partnership.
If for any reason the Closing does not occur, Escrow Agent shall deliver the Deposit to
Contributors (in accordance with their respective percentage interests in the Property) or the
Operation Partnership only upon receipt of a written demand therefor from such party, subject to
the following provisions of this clause (b). Subject to the last sentence of this clause (b), if
for any reason the Closing does not occur and either party makes a written demand (the
"Demand”) upon Escrow Agent for payment of the Deposit, Escrow Agent shall give written
notice to the other party of the Demand within one (1) Business Day after receipt of the Demand.
If Escrow Agent does not receive a written objection from the other party to the proposed payment
within five (5) Business Days after the Escrow Agent’s giving to such other party such notice,
Escrow Agent is hereby authorized to make the payment set forth in the Demand. If Escrow Agent
does receive such written objection within such period, Escrow Agent shall continue to hold such
amount until otherwise directed by written instructions signed by Contributors and the Operating
Partnership or a final judgment of a court..

(c) The parties acknowledge that Escrow Agent is acting solely as an escrow holder at the
request and for the convenience of, the Operating Partnership and Contributors. Escrow Agent shall
not, however, be deemed to be the agent of either of the parties, and 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 only for its negligent acts or willful
misconduct, and for any liabilities (including reasonable attorneys’ fees, expenses and
disbursements) incurred by Contributors or the Operating Partnership resulting from Escrow Agent’s
mistake of law respecting Escrow Agent scope or nature of its duties. Contributors and the
Operating Partnership shall jointly and severally indemnify and hold Escrow Agent harmless from and
against all liabilities (including reasonable attorneys’ fees, expenses and disbursements) incurred
in connection with the performance of Escrow Agent’s duties hereunder, except with respect to
actions or omissions taken or made by Escrow Agent in bad faith, in disregard of this Agreement or
involving negligence or willful misconduct on the part of Escrow Agent. Escrow Agent has executed
this Agreement in the place indicated on the signature page hereof in order to confirm that Escrow
Agent has received and shall hold the Deposit in escrow, and shall disburse the Deposit pursuant to
the provisions of this Article 9.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]IN WITNESS WHEREOF, the parties have
executed this Contribution Agreement as of the date first written above.

CONTRIBUTORS:

USA CARRINGTON PARK 1, LLC

USA CARRINGTON PARK 2, LLC, USA CARRINGTON PARK 3, LLC

USA CARRINGTON PARK 4, LLC, USA CARRINGTON PARK 5, LLC

USA CARRINGTON PARK 6, LLC, USA CARRINGTON PARK 7, LLC

USA CARRINGTON PARK 8, LLC, USA CARRINGTON PARK 9, LLC

USA CARRINGTON PARK 10, LLC, USA CARRINGTON PARK 11, LLC

USA CARRINGTON PARK 12, LLC, USA CARRINGTON PARK 13, LLC

USA CARRINGTON PARK 14, LLC, USA CARRINGTON PARK 15, LLC

USA CARRINGTON PARK 16, LLC, USA CARRINGTON PARK 17, LLC

USA CARRINGTON PARK 18, LLC, USA CARRINGTON PARK 19, LLC

USA CARRINGTON PARK 20, LLC, USA CARRINGTON PARK 21, LLC

USA CARRINGTON PARK 22, LLC, USA CARRINGTON PARK 23, LLC, each being a Delaware
limited liability company

By: /s/ Kevin S. Fitzgerald

Kevin S. Fitzgerald

Vice President of each of the foregoing

[SIGNATURES FOLLOW ON NEXT PAGE]

OPERATING PARTNERSHIP:

INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP

	 	 	 	By:
Independence Realty Trust, Inc., its general
partner

	 	 	 	By:
Independence Realty Advisors, LLC, a
Delaware limited liability company,
authorized agent

	 	 	 	 	 
	By:	 	/s/ Farrell Ender—

	 	 	 

	 	 	Name:

Title:

	 	Farrell Ender

President

THE UNDERSIGNED HEREBY ACKNOWLEDGES AND AGREES TO BE BOUND BY THE TERMS OF THIS AGREEMENT
RELATING TO ESCROW AGENT AND THE DEPOSIT.

ESCROW AGENT:

	 	 	 
	By: /s/ Allison Zugschwert

	 

	Name:

	 	Allison Zugschwert

Title: Commercial Title Officer

Date: 5/5/2014

EXHIBITS AND SCHEDULES

	 	 	 	 	 
	The following Exhibits and Schedules are attached hereto and incorporated herein:

	EXHIBIT A

EXHIBIT B

EXHIBIT C

EXHIBIT D

SCHEDULE A

SCHEDULE 2.2

SCHEDULE 4.2(f)

SCHEDULE 4.2(h)

SCHEDULE 4.2(j)

SCHEDULE 4.2(k)

SCHEDULE 4.2(n)

	 	-

-

-

-

-

-

-

-

-

-

-
	 	Definitions

Legal Description of the Property

Form of Certification of Non-Foreign Status

Confidential Purchaser Questionnaire

Contributors and Contribution Consideration

Due Diligence Material

Rent Roll

Contracts

Litigation and Judgments

FIRPTA Parties

Security Deposits

EXHIBIT A

TO

CONTRIBUTION AGREEMENT

Definitions

“Act” shall have the meaning set forth at Section 4.2(m).

“Additional Deposit” shall have the meaning set forth at Section 1.2(b).

“Agreement” shall have the meaning set forth in the preamble.

"Approval Notice” shall have the meaning set forth at Section 2.2.

“Appurtenances” shall mean all rights, covenants, licenses, privileges, hereditaments
and warranties, owned by the Contributors and/or to the benefit of the Contributors and easements
or similar rights appurtenant to the Property, which rights are owned by the Contributors or are
required for the use of the Property as contemplated herein, including, without limitation all
development rights, air rights, water, water rights and water stock relating to the Property and
any other rights-of-way, rights of ingress or egress or other interests in, on or to any land,
highway, street, road or avenue in, on, across, abutting or adjoining the Property and any strips
and gores adjacent to or lying between the Property and any adjacent land and any appurtenances
used in connection with the beneficial use and enjoyment of the Property owned by the Contributors
and all right, title and interest, if any, of the Contributors in any land lying in the bed of any
street opened or proposed in front of or adjoining the Property to the center line thereof.

“Assumed Debt” shall have the meaning set forth at Section 1.2(c).

“Assumption Agreement” shall have the meaning set forth at Section 3.3(b)(iv).

“Cash Consideration” shall have the meaning set forth at Section 1.2(d).

“Closing” or “Closing Date” shall have the meaning set forth at Section 3.2.

“Code” shall have the meaning set forth at Section 1.4.

“Consideration Election Period” shall have the meaning set forth at Section 1.2(e).

“Contracts” shall mean any equipment leases, janitorial contracts, on-site maintenance
agreements, other maintenance agreements, waste disposal agreements, service contracts, vendor or
supply contracts, insurance contracts, or other agreements affecting all or a portion of the
Property or imposing any obligation upon the Operating Partnership upon acquisition of the
Property.

“Contributor” and “Contributors” shall have the meaning set forth in the
preamble.

“Contributors’ Agent” shall mean U.S. Advisor, LLC, a Virginia limited liability
company.

“Contributor Claims” shall have the meaning set forth at Section 6.1.

“Contributor Consideration” shall have the meaning set forth at Section 1.2(d).

“Contributors’ Undertakings” shall have the meaning set forth at Section 6.5.

“Deed” shall have the meaning set forth at Section 3.3(a)(i)(A).

"Defaulted Contract” shall have the meaning set forth at Section 4.2(h).

“Defeasance” shall have the meaning set forth at Section 1.5(b).

“Defeasance Adjustment” shall have the meaning set forth at Section 1.5(b).

“Defeasance Fees” shall have the meaning set forth at Section 1.5(b).

"Demand” shall have the meaning set forth at Section 9.1(b).

“Deposit” shall have the meaning set forth at Section 1.2(b).

"Diligence Termination Notice” shall have the meaning set forth at Section 2.2.

“Due Diligence Material” shall have the meaning set forth at Section 2.2.

“Due Diligence Period” shall mean the period commencing on the date hereof and ending
on the earlier of (x) the date that is thirty (30) days following the date hereof, as such Due
Diligence Period may be extended in accordance with Section 2.2 hereof, or (y) a date that is
earlier than thirty (30) days following the date hereof stated in any Approval Notice delivered to
Contributors by the Operating Partnership.

“Early Defeasance Notice” shall have the meaning set forth in Section 1.5(b).

“Escrow Agent” shall have the meaning set forth at Section 1.2(a).

“Exchange Rights Agreement” shall mean that certain Exchange Rights Agreement executed
by the General Partner and the Operating Partnership relating to the rights of limited partners in
the Operating Partnership to exchange OP Units for shares in the General Partner.

“Existing Lender” shall have the meaning set forth at Section 1.5(a).

“Existing Loan” shall have the meaning set forth at Section 1.5(a).

“Existing Loan Documents” shall have the meaning set forth at Section 1.5(a).

“Existing Note” shall have the meaning set forth at Section 1.5(a).

“General Partner” shall have the meaning set forth at Section 4.2(l)(vi).

“Governmental Authority” shall mean any and all applicable courts, boards, agencies,
commissions, offices or authorities of any nature whatsoever for any governmental or
quasi-governmental unit (federal, state, county, township, district, municipal, city, departmental
or otherwise) whether now or hereafter in existence.

“Government Authorizations” shall mean all permits, licenses, approvals, consents and
authorizations required to comply with all Legal Requirements, including, but not limited to: (i)
zoning permits, variances, exceptions, special use permits, conditional use permits and consents;
(ii) environmental, ecological, coastal, wetlands, air and water permits, licenses and consents;
(iii) curb cut, subdivision, land use and planning permits, licenses, approvals and consents; (iv)
building, sign, fire, health and safety permits, licenses, approvals and consents; and (v)
architectural reviews, approvals and consents required under restrictive covenants.

“Improvements” shall mean the buildings and all other permanent improvements and
structures including, without limitation, fixtures (excluding trade fixtures that are the property
of tenants pursuant to the Leases, landscaping, signage, parking lots and structures, roads,
drainage systems, all utility structures (whether above or below ground), equipment systems (to the
extent the equipment systems are owned by the Contributors) and other infrastructure improvements,
owned by the Contributors or in which the Contributors have an interest and located on the Real
Property or required for the use of the Real Property.

“Indemnified Contributor Party” shall have the meaning set forth at Section 4.4(a).

“Indemnified OP Party” shall have the meaning set forth at Section 1.5(c).

“Independent Consideration” shall have the meaning set forth at Section 1.2(b).

“Initial Deposit” shall have the meaning set forth at Section 1.2(a).

"Initial Objection Period” shall have the meaning set forth at Section 2.1.

“Intangible Property” shall mean all intangible property (including any interest
therein) owned by the Contributors, if any, with respect to the Real Property, including the Real
Property and building name, including building or Real Property logos, if any, all contract rights,
agreements, engineering trade names, licenses, (including all permits, certificates of occupancy,
entitlements and other governmental and quasi-governmental authorizations) required in connection
with the ownership, development, construction, operation or maintenance of the Property,
warranties, water rights, zoning rights, architectural, mechanical, electrical and structural
plans, studies, drawings, specifications, surveys, renderings and other technical descriptions that
relate to the Property.

“Laws” shall mean all laws, statutes, ordinances, codes, rules, decrees and
regulations of the United States of America or any state, commonwealth, city, county, township,
municipality or department or agency thereof, or of any other Governmental Authority.

“Lease” and “Leases” shall have the meaning set forth at Section 4.2(f).

“Legal Requirements” shall mean all laws, regulations, rules, orders, writs,
judgments, injunctions, decrees, certificates, requirements, agreements, conditions of
participation and standards of any Governmental Authorities affecting the development, ownership,
construction, condition and operation of the Property, whether now or hereinafter enacted or
amended prior to Closing, including, but not limited to, all of the foregoing related to or
affecting: (i) the Property or the construction, use or alteration thereof, including all zoning,
building, fire, health, safety, sign, and subdivision regulations and codes; (ii) the Contributors’
interest in the Property; (iii) the Personal Property or the construction, use or alteration
thereof; or (iv) the Contributors’ obligations with respect to the Americans with Disabilities Act,
42 U.S.C. Section 12101, et seq.

“Liens” means, regarding any real and personal property with respect to the Property,
each of the following: all mortgages, deeds of trust, pledges, liens, options, charges, security
interests, restrictions, prior assignments, encumbrances, covenants, encroachments, assessments,
purchase rights, rights of others, licenses, easements, voting agreements, liabilities or claims of
any kind or nature whatsoever, direct or indirect, including, without limitation, interests in or
claims to revenues generated by such property.

“Losses” shall have the meaning set forth at Section 1.5(c).

“LP Admission Agreement” shall have the meaning set forth at Section 3.3(a)(vii).

“Material Taking” shall have the meaning set forth at Section 7.2.

“Must Cure Objections” shall have the meaning set forth at Section 2.1.

“New Lender” shall have the meaning set forth at Section 1.5(c).

“New Loan” shall have the meaning set forth at Section 1.5(c).

“New Loan Assumption Agreement” shall have the meaning set forth at Section 1.5.

“New Loan Documents” shall have the meaning set forth at Section 3.3(a)(v).

"New Objection” shall have the meaning set forth at Section 2.1.

"Objections” shall have the meaning set forth at Section 2.1.

“OP Partnership Agreement” shall have the meaning set forth at Section 3.3(a)(vi).

“OP Unit Consideration” shall have the meaning set forth at Section 1.2(d).

“OP Units” shall have the meaning set forth in Paragraph B of the Recitals.

“Operating Partnership” shall have the meaning set forth in the preamble.

“Operating Partnership Claims” shall have the meaning set forth at Section 6.2.

“Pay-Off Letter” shall have the meaning set forth at Section 1.5(a).

“Permitted Exceptions” shall mean, with respect to each Property: (i) only those
title or survey exceptions or defects (including all encumbrances, restrictive covenants,
governmental zoning and use requirements or any other exception to title and use of the Property)
that are approved or deemed approved by the Operating Partnership in accordance with Section 2.1
herein; (ii) Liens, if any, for Property Taxes which are a lien but not due and payable as of the
Closing Date; (iii) rights of tenants to possession as set forth in the Leases; and (iv) Liens
securing the Loan Documents.

“Person” means any individual, corporation, limited liability company, partnership,
joint venture, association, joint-stock company, trust, unincorporated organization or governmental
entity.

“Personal Property” shall mean all machinery, furnishings, equipment, tools, signs,
appliances, systems and all other tangible personal property used solely in connection with or
located on the Property and all books and records and Intangible Property, which are owned by the
Contributors and located on and used in connection with the Property.

“Property” shall mean: (i) the Real Property, Appurtenances and Improvements, subject
only to Permitted Exceptions; (ii) all of the Contributors’ right, title and interest to the
Personal Property; (iii) to the extent assignable, all of the Contributors’ interest in the
Government Authorizations; (iv) all of the Contributors’ rights and interests under the Leases
which are in effect on the date hereof and at Closing, together with any unapplied Security
Deposits from the tenants thereunder; (v) all of the Contributors’ rights, title and interest, to
the extent assignable, to all Intangible Property; and (vi) all of the Contributors’ rights and
obligations arising from and after the Closing Date with respect to any Contracts expressly assumed
by the Operating Partnership.

“Property Taxes” shall mean, with respect to the Property, all federal, state, county,
municipal and local governmental taxes, assessments and charges of every kind or nature, general
and special, ordinary and extraordinary, foreseen and unforeseen, including, but not limited to,
all real estate taxes, and transit or transit district taxes or assessments, ad valorem, rent or
similar taxes of every kind or nature affecting the Property (including any rental or similar taxes
and license, building, occupancy, permit or similar fees levied in lieu of or in addition to
general real or personal property taxes). Property Taxes shall not include any federal or state
income tax, any income tax resulting from the transfer of the Property by the Contributors or any
sales, use, single business, gross receipts, transaction privilege franchise and excise taxes,
inheritance, gift or estate taxes of the Contributors or any capital stock and franchise taxes of
the Contributors imposed by any governmental entity due to this transaction or the Contributor’s
ownership of the Property.

“Purchase Documents” shall have the meaning set forth in Section 6.5.

“Real Property” shall mean, collectively, those certain parcels of land more
particularly described on Exhibit B attached hereto.

“Rent Roll” and “Rent Rolls” shall have the meaning set forth at Section
4.2(f).

“SEC” shall have the meaning set forth at Section 4.2(l)(vi).

“Security Deposits” shall mean and include, with respect to each Property, all
security deposits, escrow deposits, reserve funds, security interests, letters of credit, pledges,
prepaid rent or other sums, deposits or interests held by the Contributor or by any other Persons
for the benefit of the Contributor with respect to the Leases.

“Tax” or “Taxes” means (a) any and all taxes, fees, levies, duties, tariffs,
imposts, and other charges of any kind (together with any and all interest, penalties, additions to
tax and additional amounts imposed with respect thereto) imposed by any government or taxing
authority, including taxes or other charges on or with respect to income, franchises, windfall or
other profits, gross receipts, property, sales, use, capital stock, payroll, employment, social
security, workers’ compensation, unemployment compensation, or net worth; taxes or other charges in
the nature of excises, withholding, ad valorem, stamp, transfer, value added, or gains taxes;
license, registration and documentation fees; and customs’ duties, tariffs, and similar charges,
and (b) any liability in respect of any of the items in clause (a) payable by reason of contract,
assumption, transferee or successor liability, operation of law, Regulations Section 1.1502-6(a)
(or any predecessor or successor thereof of any analogous or similar provision under law) or
otherwise.

“Title Company” shall mean Land Services USA, Inc., having an address at 1835 Market
Street, Suite 420, Philadelphia, PA 19103.

“Title Premiums” shall have the meaning set forth at Section 1.5(c)(i).

"Title Report” shall have the meaning set forth at Section 2.1.

“Total Contributor Consideration” shall have the meaning set forth at Section 1.2.

“Total OP Unit Holder Consideration” shall mean the dollar equivalent value of the
total Contributors’ Consideration (including any cash) received by the Contributors who opt to
receive OP Unit Consideration.

“Transfer” shall have the meaning set forth at Section 4.2(m)(i).

“Transfer Documents” shall have the meaning set forth at Section 3.3(a)(i).

“USSH Asset Management Fee” shall mean, in connection with Section 8.17, an aggregate
lump-sum asset management fee payable to U.S. Select Holdings LLC, a Delaware limited liability
company, by the Contributors, which USSH Asset Management Fee shall be in the amount of One Hundred
Thousand and No/100 Dollars ($100,000.00).

EXHIBIT B

TO

CONTRIBUTION AGREEMENT

Legal Descriptions of the Real Property

All that certain lot or parcel of land situate in the City of Little Rock, County of Pulaski,
State of Arkansas, and being more particularly described as follows:

Part of the NE1/4 NE1/4, Section 36, Township 2 North, Range 14 West, Pulaski County,
Arkansas, more particularly described as: Commencing at the Southwest corner of said NE1/4 NE1/4;
thence South 88 degrees 26 minutes 21 seconds East along the South line of said NE1/4 NE1/4 a
distance of 620.57 feet to the point of beginning; thence North 24 degrees 10 minutes 19 seconds
West a distance of 495.19 feet to a point; thence North 65 degrees 12 minutes 07 seconds East, a
distance of 1044.06 feet to a point on the East line of said NE1/4 NE1/4; thence South 01 degrees
52 minutes 59 seconds West along said East line a distance of 909.65 feet to the Southeast corner
of said NE1/4 NE1/4; thence North 88 degrees 26 minutes 21 seconds West along the South line of
said NE1/4 NE1/4 a distance of 715.40 feet to the point of BEGINNING.

EXHIBIT C

TO

CONTRIBUTION AGREEMENT

CERTIFICATION OF NON-FOREIGN STATUS

Section 1445 of the Internal Revenue Code of 1986, as amended (the “Code”), provides
that a transferee of a United States real property interest must withhold tax if the transferor is
a foreign person. For United States tax purposes (including section 1445 of the Code), the owner of
a disregarded entity (which has legal title to a United States real property interest under local
law) will be the transferor of the property and not the disregarded entity. To inform Independence
Realty Operating Partnership, LP, a Delaware limited partnership (the “Company”) that the
withholding of tax is not required upon the contribution of the Property by [
], a [ ] (the “Contributor”), to the Company, which
transfer occurred on [ ], the undersigned hereby certifies the following
on behalf of Contributor:

1. Contributor is not a foreign corporation, foreign partnership, foreign trust or foreign
estate (as those terms are defined in the Code and the Treasury Regulations promulgated
thereunder), or a non-resident alien for United States federal income tax purposes;

2. Contributor is not a disregarded entity as defined in Treasury Regulations Section
1.1445-2(b)(2)(iii);

3. Contributor’s employer identification number (or Contributor’s social security number, if
Contributor is an individual) is       ; and

4. Contributor’s [office][home] address is:

5. The undersigned understands that this certification may be disclosed to the Internal
Revenue Service by the Company and that any false statement contained herein could be punishable by
fine, imprisonment or both.

6. Under penalties of perjury, I declare that I have examined this certification and, to the
best of my knowledge and belief, it is true, correct and complete, and I further declare that I
have authority to sign this document on behalf of Contributor.

7. Capitalized terms which are used but not otherwise defined herein shall have the meanings
ascribed to them in that certain Contribution Agreement, dated     , 2014.

Dated:      

[      ]

By:      

EXHIBIT D

TO

CONTRIBUTION AGREEMENT

CONFIDENTIAL PURCHASER QUESTIONNAIRE

Contributors should initial whichever of the following statements are true. The undersigned
Contributor (“Contributor”) hereby represents and warrants that such Contributor’s
responses to this questionnaire are true and correct.

	 	 	 
	 	 	INITIALS
	(i) If Contributor is an individual, Contributor certifies that

Contributor has a net worth (jointly with Contributor’s spouse, if

any) in excess of $1,000,000 (valuing Contributor’s assets on the

basis of their current fair market value, but excluding

Contributor’s primary residence and excluding indebtedness (up to

the value of the primary residence) secured by the primary

residence).

	 	

	(ii) If Contributor is an individual, Contributor certifies that

Contributor had individual income for each of the years 2012 and

2013 in excess of $200,000 and has a reasonable expectation of

reaching the same income level in 2014.

	 	

	(iii) If Contributor is an individual, Contributor certifies that he

or she and his or her spouse had a joint income for each of the

years 2012 and 2013 in excess of $300,000 and has a reasonable

expectation of reaching the same income level in 2014.

	 	

	(iv) If Contributor is an entity (other than a trust), it certifies

that it has assets in excess of $5,000,000 and was not formed for

the specific purpose of acquiring the Units.

	 	

	(v) If Contributor is a trust, it certifies that it has total assets

in excess of $5,000,000, that it investment in the Units is being

directed by a person having such knowledge and experience in

financial and business matters as to evaluate the merits and risks

of such an investment, and that it was not formed for the specific

purpose of acquiring the Units.

	 	

	(vi) If Contributor is an entity (other than a trust), it certifies

that all of its equity owners satisfy the standards set forth in

(i), (ii), (iii), (iv) or (v) above.

	 	

     
	(vii) None of the standards set forth in (i), (ii), (iii), (iv), (v)

or (vi) above apply.

	 	

State of Primary Residence (as to individuals)/Principal Place of Business (as to entities):
     

	 	 	 
	
 
	 	Name of Contributor (if an entity):
	Signature of Contributor(s) (if an individual)

	 	By:
	
 
	 	 
	Print Name of Contributor(s) (if an

	 	Name/Title:
	individual):

	 	

	 

	 	 

SCHEDULE A

TO

CONTRIBUTION AGREEMENT

CONTRIBUTION CONSIDERATION

	 	 	 	 	 
	Contributor	 	Percentage Ownership of Property
	USA Carrington Park 1, LLC

	 	 	1.910	%
	 

	 	 	 	 
	USA Carrington Park 2, LLC

	 	 	0.851	%
	 

	 	 	 	 
	USA Carrington Park 3, LLC

	 	 	1.760	%
	 

	 	 	 	 
	USA Carrington Park 4, LLC

	 	 	2.417	%
	 

	 	 	 	 
	USA Carrington Park 5, LLC

	 	 	2.417	%
	 

	 	 	 	 
	USA Carrington Park 6, LLC

	 	 	3.404	%
	 

	 	 	 	 
	USA Carrington Park 7, LLC

	 	 	5.549	%
	 

	 	 	 	 
	USA Carrington Park 8, LLC

	 	 	7.660	%
	 

	 	 	 	 
	USA Carrington Park 9, LLC

	 	 	2.553	%
	 

	 	 	 	 
	USA Carrington Park 10, LLC

	 	 	2.949	%
	 

	 	 	 	 
	USA Carrington Park 11, LLC

	 	 	3.713	%
	 

	 	 	 	 
	USA Carrington Park 12, LLC

	 	 	2.477	%
	 

	 	 	 	 
	USA Carrington Park 13, LLC

	 	 	1.782	%
	 

	 	 	 	 
	USA Carrington Park 14, LLC

	 	 	1.782	%
	 

	 	 	 	 
	USA Carrington Park 15, LLC

	 	 	3.772	%
	 

	 	 	 	 
	USA Carrington Park 16, LLC

	 	 	2.559	%
	 

	 	 	 	 
	USA Carrington Park 17, LLC

	 	 	2.146	%
	 

	 	 	 	 
	USA Carrington Park 18, LLC

	 	 	5.471	%
	 

	 	 	 	 
	USA Carrington Park 19, LLC

	 	 	5.547	%
	 

	 	 	 	 
	USA Carrington Park 20, LLC

	 	 	19.898	%
	 

	 	 	 	 
	USA Carrington Park 21, LLC

	 	 	2.949	%
	 

	 	 	 	 
	USA Carrington Park 22, LLC

	 	 	13.617	%
	 

	 	 	 	 
	USA Carrington Park 23, LLC

	 	 	2.817	%
	 

	 	 	 	 
	TOTAL:

	 		100	%
	 

	 	 	 	 

SCHEDULE 2.2

TO

CONTRIBUTION AGREEMENT

Due Diligence Material

	 	 	 	 	 
	 	1	 	 	Most Recent ALTA/ACSM As-Built Survey

	 	 	 	 	 

	 	2	 	 	Construction Plan Drawings and Specification Books, to be made available on site, if any

	 	 	 	 	 

	 	3	 	 	Copies of permits and licenses related to or affecting the Property

	 	 	 	 	 

	 	4	 	 	Most Recent City and Fire Inspection Reports, if any

	 	 	 	 	 

	 	5	 	 	Certificate of Occupancy, if any

	 	 	 	 	 

	 	6	 	 	Construction Contracts for significant repairs within the last 24 months

	 	 	 	 	 

	 	7	 	 	Environmental reports prepared for the Seller, including asbestos and environmental

audits and analyses

	 	 	 	 	 

	 	8	 	 	Standard form of apartment lease

	 	 	 	 	 

	 	9	 	 	Existing Tenant Leases and occupancy agreements to be made available on site

	 	 	 	 	 

	 	10	 	 	Existing Vendor List (including name, address, phone number, and contact)

	 	 	 	 	 

	 	11	 	 	Copies of all Service and Operating Contracts

	 	 	 	 	 

	 	12	 	 	List of Personal Property

	 	 	 	 	 

	 	13	 	 	Insurance Claims History/Loss Runs for the Past Three Years

	 	 	 	 	 

	 	14	 	 	Current property, liability, rent loss and other insurance certificates

	 	 	 	 	 

	 	15	 	 	Leasing/Marketing Materials

	 	 	 	 	 

	 	16	 	 	Site Plan

	 	 	 	 	 

	 	17	 	 	Warranties, if any

	 	 	 	 	 

	 	18	 	 	Utility Account List (including names/addresses of utility companies; account numbers;

contact names)

	 	 	 	 	 

	 	19	 	 	Real Estate Tax Bills for the Past Two Years

	 	 	 	 	 

	 	20	 	 	Property Financial and Operating Statements for 2011, 2012, 2013 and YTD 2014

	 	 	 	 	 

	 	21	 	 	Capital Expenditure Summary for 2011, 2012, 2013 and YTD 2014

	 	 	 	 	 

	 	22	 	 	Property Operating Budgets, if available

	 	 	 	 	 

	 	23	 	 	Current Rent Roll

	 	 	 	 	 

	 	24	 	 	Payment histories

	 	 	 	 	 

	 	25	 	 	Engineering reports, if available

	 	 	 	 	 

	 	26	 	 	Property management contract

	 	 	 	 	 

	 	27	 	 	Tenant concession schedule

	 	 	 	 	 

	 	28	 	 	Bank statements for the past 12 months

	 	 	 	 	 

	 	29	 	 	Aged Payables and Receivables schedule

	 	 	 	 	 

	 	30	 	 	Payroll schedule

	 	 	 	 	 

	 	31	 	 	Existing title policy and all documents and instruments referenced therein

	 	 	 	 	 

	 	32	 	 	List of all pending or threatened litigation relating to Contributors or the Property

	 	 	 	 	 

	 	33	 	 	All other materials in the possession and control of Contributors which Operating

Partnership may reasonably request

	 	 	 	 	 

SCHEDULE 4.2(f)

TO

CONTRIBUTION AGREEMENT

Rent Roll

[TO BE ATTACHED]

SCHEDULE 4.2(h)

TO

CONTRIBUTION AGREEMENT

Contracts

[TO BE ATTACHED]

SCHEDULE 4.2(j)

TO

CONTRIBUTION AGREEMENT

Litigation and Judgments

[TO BE ATTACHED]

SCHEDULE 4.2(k)

TO

CONTRIBUTION AGREEMENT

FIRPTA Matters

[TO BE ATTACHED]

SCHEDULE 4.2(n)

TO

CONTRIBUTION AGREEMENT

Security Deposits

[TO BE ATTACHED]EX-10.2

PROMISSORY NOTE

$16,229,688.27 May 7, 2014

FOR VALUE RECEIVED, the undersigned, each a Delaware limited liability company, collectively
as maker, having its principal place of business at c/o U.S. Advisor, as agent, 600 Trancas Street,
Suite 200, Napa, California 94558, Attention: Kevin S. Fitzgerald (“Borrower”) promises to pay to
the order of IRT UPREIT LENDER, LP, a Delaware limited partnership, as lender, having an address at
c/o Independence Realty Operating Partnership, LP, Cira Centre, 2929 Arch Street, 17th Floor,
Philadelphia, PA 19104-2870 (together with its successors and assigns, collectively, “Lender”), or
at such other place as may be designated in writing by the Lender under this Promissory Note
(“Note”), the principal sum of SIXTEEN MILLION TWO HUNDRED TWENTY-NINE THOUSAND SIX HUNDRED
EIGHTY-EIGHT and 27/100 Dollars ($16, 229, 688.27), with interest thereon at the Applicable
Interest Rate, on demand.

Borrower further agrees to pay the principal sum of this Note and interest on the unpaid
principal sum of this Note and all other amounts due under this Note and the other Loan Documents,
from time to time outstanding, at the rates and at the times specified herein, and the outstanding
balance of the principal sum of this Note and all accrued and unpaid interest thereon and all other
amounts due under this Note and the other Loan Documents shall be due and payable on the Maturity
Date.

This Note is the Note referred to in the Mortgage (as hereinafter defined) and is entitled to
the benefits thereof, and is secured as provided in the Mortgage.

1. Definitions. Capitalized terms used herein and not otherwise defined shall have the meaning
given to such term in the Mortgage.

“Accrual Period” means the period commencing on the first (1st) day of a calendar month and
ending on the last day of such calendar month; provided that if this Note is dated as of any date
other than the first day of a month, the first Accrual Period shall commence on the date hereof and
shall end on the last day of the calendar month in which this Note is made.

“Applicable Interest Rate” shall mean 4.15%.

“Business Day” means any day other than a Saturday, Sunday or other day on which financial
institutions are authorized to be closed under the laws of the State of New York.

“Maturity Date” shall mean June 1, 2024.

“Monthly Payment Date” shall mean the first (1st) day of each calendar month prior to the
Maturity Date commencing on July 1, 2014.

“Mortgage” means and refers to that certain Mortgage, Assignment of Leases and Rents, Security
Agreement, and Fixture Filing made by Borrower, as mortgagor, in favor of Lender, as mortgagee,
encumbering the Mortgaged Property and securing this Note, as such mortgage may hereafter be
modified, supplemented, extended, renewed, restated or otherwise amended.

2. Terms of Payment. If this Note is dated as of a date other than the first
(1st) day of a calendar month, a payment shall be due from Borrower to Lender on the
date hereof on account of all interest scheduled to accrue on the principal sum from and after the
date hereof through and including the last day of the month in which this Note is made. On each
Monthly Payment Date all interest scheduled to accrue on the principal sum for the related Accrual
Period shall be due from Borrower to Lender. The outstanding principal balance of this Note and
all interest and other sums payable under this Note and the other Loan Documents shall be due and
payable on the Maturity Date (or such earlier date to which such Maturity Date may be accelerated
pursuant to the terms hereof). Interest on the principal sum of this Note shall be calculated by
multiplying the actual number of days elapsed in the period for which interest is being calculated
by a daily rate based on a 360-day year. For purposes of the timing of making payments hereunder,
but not for purposes of calculating the amount of interest accrued during the related Accrual
Period or due on any Monthly Payment Date or on the Maturity Date, if the Monthly Payment Date or
the Maturity Date occurs on a day that is not a Business Day, then amounts due on such date shall
be due on the immediately preceding Business Day.

Unless payments are made in the required amount in immediately available funds at the place
where this Note is payable, remittances in payment of all or any part of the Secured Indebtedness
shall not, regardless of any receipt or credit issued therefor, constitute payment until the
required amount is actually received by Lender in funds immediately available at the place where
this Note is payable (or any other place as Lender, in Lender’s sole discretion, may have
established by delivery of written notice thereof to Borrower) and shall be made and accepted
subject to the condition that any check or draft may be handled for collection in accordance with
the practice of the collecting bank or banks.

3. Prepayments. This Note may be prepaid in whole or in part at any time without
penalty.

4. Default Interest. Borrower does hereby agree that upon the occurrence of an Event
of Default (as hereinafter defined), Lender shall be entitled to receive and Borrower shall pay
interest on the entire unpaid principal sum under this Note at a rate (the “Default Rate”) equal to
(i) the Applicable Interest Rate plus five percent (5%) or (ii) the maximum interest rate that
Borrower may by law pay, whichever is lower. The Default Rate shall be computed from the
occurrence of the Event of Default until the earlier of the date upon which the Event of Default is
cured or the date upon which the Secured Indebtedness is paid in full. Interest calculated at the
Default Rate shall be added to the Secured Indebtedness, and shall be deemed secured by the
Mortgage. This provision, however, shall not be construed as an agreement or privilege to extend
the date of the payment of the Secured Indebtedness, nor as a waiver of any other right or remedy
accruing to Lender by reason of the occurrence of any Event of Default. Borrower acknowledges that
it would be extremely difficult or impracticable to determine Lender’s actual damages resulting
from any late payment or default, and the default interest and late charges provided hereunder are
reasonable estimates of those damages and do not constitute a penalty. The remedies of Lender in
this Note or in the other Loan Documents, or at law or in equity, shall be cumulative and
concurrent, and may be pursued singly, successively or together in Lender’s discretion. Time is of
the essence with respect to all matters concerning or relating to this Note. Borrower agrees to
pay on demand all expenses and costs of enforcement, administration and collection actually
incurred or paid by Lender including, but not limited to, reasonable attorneys’ fees and
disbursements of Lender, whether or not with respect to retained firms, or otherwise and whether or
not any legal proceeding is commenced hereunder. The foregoing amounts shall be paid together with
interest thereon at the Default Rate from the date paid or incurred by Lender until such expenses
are paid by the Borrower.

5. Late Charge. If any sum payable under this Note is not paid on the date on which
it is due (other than the final payment of the outstanding balance of this Note at the Maturity
Date), regardless of whether such failure shall constitute an Event of Default, Borrower shall pay
to Lender upon demand an amount equal to the lesser of five percent (5%) of the unpaid sum or the
maximum amount permitted by applicable law to defray the expenses incurred by Lender in handling
and processing the delinquent payment and to compensate Lender for the loss of the use of the
delinquent payment, which amount shall be secured by the Mortgage.

6. Waivers. Borrower and each surety, endorser, and other party ever liable for
payment of any sums of money payable on this Note, jointly and severally waive demand for payment,
presentment, protest, notice of protest and non-payment, notice of intention to accelerate, any and
all lack of diligence or delays in collection or enforcement of this Note, and (except as otherwise
expressly provided in this Note or in the Mortgage) other notice of default or notice of
acceleration, and agree that their liability under this Note shall not be affected by any renewal
or extension in the time of payment hereof, or by any indulgences, or by any release or change in
any security for the payment of this Note, and hereby consent to any and all renewals, extensions,
indulgences, releases or changes, regardless of the number of such renewals, extensions,
indulgences, releases or changes. To the maximum extent permitted by applicable law, Borrower
further (a) waives any homestead or similar exemption; (b) waives any statute of limitation; (c)
agrees that the Lender may, without impairing any future right to insist on strict and timely
compliance with the terms of this Note, grant any number of extensions of time for the scheduled
payments of any amounts due, and may make any other accommodation with respect to the indebtedness
evidenced by this Note; (d) waives any right to require a marshaling of assets; and (e) waives the
benefit of any law or rule of law intended for its advantage or protection as a debtor or providing
for its release or discharge from liability under this Note, excepting only the defense of full and
complete payment of all amounts due under this Note and the Loan Documents.

All payments required hereunder shall be made irrespective of, and without any deduction for,
any setoff, defense or counterclaim. No release of any security for the Secured Indebtedness or
extension of time for payment of this Note or any installment hereof, and no alteration, amendment
or waiver of any provision of this Note, the Mortgage or any other Loan Documents made by agreement
between Lender or any other person or party shall release, modify, amend, waive, extend, change,
discharge, terminate or affect the liability of Borrower, and any other person or entity who is or
may become liable for the payment of all or any part of the Secured Indebtedness, under this Note,
the Mortgage or the other Loan Documents. No notice to or demand on Borrower shall be deemed to be
a waiver of the obligation of Borrower or of the right of Lender to take further action without
further notice or demand as provided for in this Note, the Mortgage or the other Loan Documents.
In addition, acceptance by Lender of any payment in an amount less than the amount then due shall
be deemed an acceptance on account only, and the failure to pay the entire amount then due shall be
and continue to be an Event of Default. If Borrower is a partnership, the agreements herein
contained shall remain in force and applicable, notwithstanding any changes in the individuals
comprising the partnership, and the term “Borrower,” as used herein, shall include any alternate or
successor partnership, but any predecessor partnership and their partners shall not thereby be
released from any liability. If Borrower is a corporation or limited liability company, the
agreements contained herein shall remain in full force and applicable notwithstanding any changes
in the shareholders or members comprising, or the officers and directors or managers relating to,
the corporation or limited liability company, and the term “Borrower” as used herein, shall include
any alternative or successor corporation or limited liability company, but any predecessor
corporation or limited liability company shall not be relieved of liability hereunder. (Nothing in
the foregoing sentence shall be construed as a consent to, or a waiver of, any prohibition or
restriction on transfers of interests in a partnership, corporation or limited liability company
which may be set forth in the Mortgage or any other Loan Document).

7. Collateral. This Note is secured by the Mortgage and proceeds of insurance
policies relating to the Mortgaged Property, including without limitation, all rent interruption
insurance policies.

8. No Waiver by Lender. No waiver by Lender of any of its rights or remedies
hereunder or under any other document evidencing or securing this Note or otherwise shall be
considered a waiver of any other subsequent right or remedy of Lender; no delay or omission in the
exercise or enforcement by Lender of any rights or remedies shall ever be construed as a waiver of
any right or remedy of Lender; and no exercise or enforcement of any such rights or remedies shall
ever be held to exhaust any right or remedy of Lender.

9. Events of Default. An “Event of Default” shall exist hereunder if any one
or more of the following events shall occur:

(a) any default shall occur pursuant to this Note, the Mortgage or any other Loan
Document which default continues beyond any notice or grace period, if any, provided
therefor pursuant to this Note, the Mortgage, or other Loan Document, as applicable;

(b) Borrower shall fail or refuse to pay on the date when due any principal of, or
interest upon, or any other amounts due and payable under, this Note and (except with
respect to the payment failure identified in Section 9(c) below) such failure shall continue
for three (3) Business Days;

(c) Borrower shall fail or refuse to pay in full on the Maturity Date the outstanding
principal balance of, or interest on, or any other amounts due and payable under, this Note.

10. Lender’s Rights. Upon the occurrence of any Event of Default, the holder hereof
may, at its option, declare the entire unpaid balance of principal and accrued interest on this
Note to be immediately due and payable, and exercise any and all rights and remedies available to
Lender, including, without limitation, the right to foreclose all liens and security interests
securing payment hereof or any part hereof; provided, however, upon the occurrence of any of the
Defaults described in Subsection (f) or (g) of Section 6.1 of the Mortgage,
the entire unpaid balance of principal and accrued interest upon this Note shall, without any
action by Lender, immediately become due and payable without demand for payment, presentment,
protest, notice of protest and non-payment, or other notice of default, notice of acceleration,
notice of intention to accelerate or any other notice, all of which are expressly waived by
Borrower.

11. Limitation on Interest. This Note is subject to the express condition that at no
time shall Borrower be obligated or required to pay interest on the principal balance due hereunder
at a rate which could subject Lender to either civil or criminal liability as a result of being in
excess of the maximum interest rate which Borrower is permitted by applicable law to contract or
agree to pay. If by the terms of this Note, Borrower is at any time required or obligated to pay
interest on the principal balance due hereunder at a rate in excess of such maximum rate, the
Applicable Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately
reduced to such maximum rate and all previous payments in excess of the maximum rate shall be
deemed to have been payments in reduction of principal and not on account of the interest due
hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of
the Secured Indebtedness, shall, to the extent permitted by applicable law, be amortized, prorated,
allocated, and spread throughout the full stated term of the Note until payment in full so that the
rate or amount of interest on account of the Secured Indebtedness does not exceed the maximum
lawful rate of interest from time to time in effect and applicable to the Secured Indebtedness for
so long as the Secured Indebtedness is outstanding. Notwithstanding anything to the contrary
contained in this Note or any of the other Loan Documents, neither the Applicable Interest Rate or
the Default Rate provided hereunder shall at any time exceed the Maximum Rate. The term “Maximum
Rate”, as used herein, shall mean, on any day, the highest non-usurious rate of interest (if any)
permitted by applicable law on such day.

12. Collection Costs. If this Note is placed in the hands of an attorney for
collection (whether or not suit or action is brought), or if it is collected through any legal
proceedings at law or in equity or in bankruptcy, receivership or other court proceedings, Borrower
promises to pay all costs and expenses of collection including, but not limited to, court costs and
the reasonable attorneys’ fees of the holder hereof, actually incurred.

13. Protection Against Taxes and Other Government Charges. In addition to, but
subject to and without limitation to, the Borrower’s obligations pursuant to the Mortgage, all
payments (fees, commissions, charges, costs, expenses as well as interest and amortization
payments) shall be made as and when due and payable hereunder or under the other Loan Documents,
free and clear of, and without deduction for, any present and future income, stamp and other taxes,
levies, costs, charges and withholdings or other government charges, imposed, assessed, levied or
collected by any jurisdiction or any political subdivision in respect of this Note, the Mortgage or
the Loan and/or the recording, registration, notarization, or other formalization hereof.

14. WAIVER OF JURY TRIAL. BORROWER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT,
TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN, THIS NOTE, THE MORTGAGE OR ANY
OTHER LOAN DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER, ITS OFFICERS, EMPLOYEES, DIRECTORS OR
AGENTS IN CONNECTION THEREWITH, OR OTHERWISE PERTAINING TO THE RELATIONSHIP OF LENDER AND BORROWER.
LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE
EVIDENCE OF THIS WAIVER BY BORROWER.

15. GOVERNING LAW; JURISDICTION. THE PARTIES AGREE THAT THE STATE WHERE THE
MORTGAGED PROPERTY IS LOCATED HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING
TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE WHERE THE
MORTGAGED PROPERTY IS LOCATED APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT
REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA,
IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY
AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS NOTE
AND THE OTHER LOAN DOCUMENTS, AND THIS NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE WHERE THE MORTGAGED PROPERTY IS LOCATED.

BORROWER HEREBY SUBMITS TO PERSONAL JURISDICTION OF COURTS OF THE STATE WHERE THE MORTGAGED
PROPERTY IS LOCATED, SITTING IN THE COUNTY OF WHERE THE MORTGAGED PROPERTY IS LOCATED, AND THE
FEDERAL COURTS OF THE UNITED STATES OF AMERICA, FOR THE ENFORCEMENT OF BORROWER’S OBLIGATIONS
HEREUNDER AND THE OTHER LOAN DOCUMENTS, AND WAIVES ANY AND ALL PERSONAL RIGHTS UNDER THE LAWS OF
ANY OTHER STATE TO OBJECT TO JURISDICTION WITHIN SUCH STATE FOR THE PURPOSES OF SUCH ACTION, SUIT,
PROCEEDING OR LITIGATION TO ENFORCE SUCH OBLIGATIONS OF BORROWER. BORROWER HEREBY WAIVES AND
AGREES NOT TO ASSERT AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS NOTE (A) THAT IT IS NOT SUBJECT TO SUCH JURISDICTION OR THAT SUCH ACTION, SUIT OR PROCEEDING
MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN THOSE COURTS OR THAT THIS NOTE, THE MORTGAGE AND/OR
ANY OF THE OTHER LOAN DOCUMENTS MAY NOT BE ENFORCED IN OR BY THOSE COURTS OR THAT IT IS EXEMPT OR
IMMUNE FROM EXECUTION, (B) THAT THE ACTION, SUIT OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM
OR (C) THAT THE VENUE OF THE ACTION, SUIT OR PROCEEDING IS IMPROPER.

16. Notices. All notices, demands or other communications hereunder shall be made in
writing and shall deemed to have been properly given (i) upon delivery, if delivered in person,
(ii) one (1) Business Day after having been deposited for overnight delivery with any reputable
overnight courier service, (iii) three (3) Business Days after having been deposited in any post
office or mail depository regularly maintained by the U.S. Postal Service and sent by registered or
certified mail, postage prepaid, return receipt requested, or (iv) on the first Business Day after
sending a facsimile transmission if receipt is confirmed in writing by the sending facsimile
machine, addressed as follows:

If to Borrower:

U.S. Advisors, LLC, as agent

600 Trancas Street, Suite 200

Napa, California 94558

Attention: Kevin S. Fitzgerald

Facsimile:

With a copy to:

Barnes & Thornburg LLP

3475 Piedmont Road, N.E.

Suite 1700

Atlanta, Georgia 30305-3327

Attention: Jennifer Moseley, Esq.

Facsimile:

If to Lender:

Independence Realty Operating Partnership, LP

Cira Centre

2929 Arch Street

17th Floor

Philadelphia, Pennsylvania 19104

Attention: Farrell Ender

Facsimile:

With a copy to:

Independence Realty Operating Partnership, LP

Cira Centre

2929 Arch Street

17th Floor

Philadelphia, Pennsylvania 19104

Attention: Jamie Reyle, Esq.

Facsimile:

or addressed as such party may from time to time, on not less than five (5) Business Day’s prior
notice, designate by written notice to the other parties as provided hereunder. Either party by
written notice to the other may designate additional or different addresses for subsequent notices
or communications. Notice, demand or other communication given by a party’s legal counsel shall be
effective as if given by such party if given in the manner provided herein.

17. Miscellaneous. (a) If any provision of this Note is held to be invalid, illegal
or unenforceable in any respect, or operates, or would if enforced operate to invalidate this Note,
then that provision shall be deemed null and void. Nevertheless, its nullity shall not affect the
remaining provisions of this Note, which shall in no way be affected, prejudiced or disturbed.

(b) All the terms and words used in this Note, regardless of the number and gender in which
they are used, shall be deemed and construed to include any other number, singular or plural, and
any other gender, masculine, feminine, or neuter, as the context or sense of this Note or any
paragraph or clause herein may require, the same as if such word had been fully and properly
written in the correct number and gender.

(c) The Borrower hereby represents and warrants to the Lender that the Loan was made for
commercial or business purposes, and that the funds evidenced by this Note will be used solely for
such purposes.

(d) Borrower represents that Borrower has full power, authority and legal right to execute and
deliver this Note, the Mortgage and the other Loan Documents and that this Note, the Mortgage and
the other Loan Documents constitute valid and binding obligations of Borrower.

(e) If this Note is lost or destroyed, the Borrower shall, at the Lender’s request, execute
and return to the Lender a replacement promissory note identical to this Note, provided the Lender
delivers to the Borrower an affidavit to the foregoing effect. No replacement of this Note under
this Section shall result in a novation of the Borrower’s obligations under this Note.

(f) In the performance of the Borrower’s obligations under this Note, time is of the essence.

(g) BORROWER HEREBY ACKNOWLEDGES THAT INTEREST IN THIS NOTE IS TO BE CALCULATED BY LENDER ON
THE BASIS OF A THREE HUNDRED SIXTY (360) DAY YEAR AND IS FULLY AWARE THAT SUCH CALCULATION MAY
RESULT IN AN ACCRUAL AND/OR PAYMENT OF INTEREST IN AMOUNTS GREATER THAN CORRESPONDING INTEREST
CALCULATIONS BASED ON THREE HUNDRED SIXTY-FIVE (365) DAY YEAR.

(h) THIS NOTE AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT OF THE BORROWER
AND THE LENDER AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND
UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE LOAN AND MAY NOT BE CONTRADICTED OR VARIED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE BORROWER
AND THE LENDER. THERE ARE NO ORAL AGREEMENTS BETWEEN THE BORROWER AND THE LENDER. THE PROVISIONS
OF THIS NOTE AND THE OTHER LOAN DOCUMENTS MAY BE AMENDED OR REVISED ONLY BY AN INSTRUMENT IN
WRITING SIGNED BY THE BORROWER AND THE LENDER.

(i) All payments required hereunder shall be made irrespective of, and without any deduction
for, any setoff, defense or counterclaim. No notice to or demand on Borrower shall be deemed to be
a waiver of the obligation of Borrower or of the right of Lender to take further action without
further notice or demand as provided for in this Note, the Mortgage or the other Loan Documents.
In addition, acceptance by Lender of any payment in an amount less than the amount then due shall
be deemed an acceptance on account only, and the failure to pay the entire amount then due shall be
and continue to be an Event of Default. The agreements contained herein shall remain in full force
and applicable notwithstanding any changes in the shareholders or members comprising, or the
officers and directors or managers relating to, the corporation or limited liability company which
is the Borrower, and the term “Borrower” as used herein, shall include any alternative or successor
corporation or limited liability company, but any predecessor corporation or limited liability
company shall not be relieved of liability hereunder. (Nothing in the foregoing sentence shall be
construed as a consent to, or a waiver of, any prohibition or restriction on transfers of interests
which may be set forth in the Mortgage or any other Loan Document.).

(j) The terms, covenants and conditions hereof shall inure to the benefit of Lender and shall
be binding upon Borrower, and their respective successors and assigns. Whenever used, the singular
shall include the plural, the plural shall include the singular, and the words “Lender” and
“Borrower” shall include their respective successors, assigns, heirs, executors and administrators.

(k) This Note may be executed in any number of counterparts, each of which shall be deemed to
be an original, but all of which taken together shall constitute one and the same instrument.

[Signature page follows]In witness whereof, Borrower, by its authorized officer(s), has
executed this Note as of the day and year first above written.

BORROWER:

USA CARRINGTON PARK 1, LLC

USA CARRINGTON PARK 2, LLC, USA CARRINGTON PARK 3, LLC

USA CARRINGTON PARK 4, LLC, USA CARRINGTON PARK 5, LLC

USA CARRINGTON PARK 6, LLC, USA CARRINGTON PARK 7, LLC

USA CARRINGTON PARK 8, LLC, USA CARRINGTON PARK 9, LLC

USA CARRINGTON PARK 10, LLC, USA CARRINGTON PARK 11, LLC

USA CARRINGTON PARK 12, LLC, USA CARRINGTON PARK 13, LLC

USA CARRINGTON PARK 14, LLC, USA CARRINGTON PARK 15, LLC

USA CARRINGTON PARK 16, LLC, USA CARRINGTON PARK 17, LLC

USA CARRINGTON PARK 18, LLC, USA CARRINGTON PARK 19, LLC

USA CARRINGTON PARK 20, LLC, USA CARRINGTON PARK 21, LLC

USA CARRINGTON PARK 22, LLC, USA CARRINGTON PARK 23, LLC, each being a Delaware
limited liability company collectively comprising Borrower

	 	 	 
	By:

	 	/s/ Kevin S. Fitzgerald
	
 
	 	 
	Name:

	 	Kevin S. Fitzgerald

	 	 	Title: Vice President of each Delaware limited liability company collectively
comprising Borrower

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