Document:

EX-10.7

 Exhibit 10.7 
 GUARANTY OF NON-RECOURSE OBLIGATIONS 
 This GUARANTY OF NON-RECOURSE
OBLIGATIONS (this “Guaranty”), dated as of February 17, 2012, is executed by the undersigned (“Guarantor”), to and for the benefit of W&D INTERIM LENDER LLC, a Delaware limited liability company
(“Lender”). 
 RECITALS: 
 A. Pursuant to that certain Multifamily Loan and Security Agreement dated as of the date hereof, by and between SIR RENAISSANCE, LLC, a Delaware limited liability company
(“Borrower”) and Lender (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan Agreement”), Lender is making a loan to Borrower in the original principal amount of Seven
Million and 00/100 Dollars ($7,000,000) (the “Mortgage Loan”), as evidenced by that certain Multifamily Note dated as of the date hereof, executed by Borrower and made payable to the order of Lender in the amount of the
Mortgage Loan (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Note”). 
 B. The Note will be secured by, among other things, a Security Instrument (as defined in the Loan Agreement) encumbering the real property described in the Security Instrument (the
“Property”). 
 C. Guarantor has an economic interest in Borrower or will otherwise obtain a material financial
benefit from the Mortgage Loan. 
 D. As a condition to making the Mortgage Loan to Borrower, Lender requires that Guarantor
execute this Guaranty. 
 NOW, THEREFORE, in order to induce Lender to make the Mortgage Loan to Borrower, and in consideration
thereof, Guarantor agrees as follows: 
 AGREEMENTS: 

 

	1.	Recitals. 

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

	2.	Defined Terms. 

Capitalized terms used and not specifically defined herein have the meanings given to such terms in the Loan Agreement. 

  

			
	Guaranty of Non-Recourse Obligations	  	Page 1

	3.	Guaranteed Obligations. 

Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and prompt payment and performance when due,
whether at maturity or earlier, by reason of acceleration or otherwise, and at all times thereafter, of: 
 (a) all amounts,
obligations and liabilities owed to Lender under Article 3 (Personal Liability) of the Loan Agreement (including the payment and performance of all indemnity obligations of Borrower described in Section 3.03 (Personal Liability for
Indemnity Obligations) of the Loan Agreement and including all of Borrower’s obligations under the Environmental Indemnity Agreement); and 
 (b) all costs and expenses, including reasonable fees and out-of-pocket expenses of attorneys and expert witnesses, incurred by Lender in enforcing its rights under this Guaranty. 

 

	4.	Survival of Guaranteed Obligations. 

 The obligations of Guarantor under this Guaranty shall survive any Foreclosure Event, and any recorded release or reconveyance of the Security Instrument or any release of any other security for any of
the Indebtedness. 
  

	5.	Guaranty of Payment; Community Property. 

 Guarantor’s obligations under this Guaranty constitute a present and unconditional guaranty of payment and not merely a guaranty of collection. If Guarantor (or any Guarantor, if more than one) is a
married person, and the state of residence of Guarantor or Guarantor’s spouse is a community property jurisdiction, Guarantor (or each such married Guarantor, if more than one) agrees that Lender may satisfy Guarantor’s obligations under
this Guaranty to the extent of all Guarantor’s separate property and Guarantor’s interest in any community property. 
  

	6.	Obligations Unsecured; Cross-Default. 

 The obligations of Guarantor under this Guaranty shall not be secured by the Security Instrument or the Loan Agreement. However, a default under this Guaranty shall be an Event of Default under the Loan
Agreement, and a default under this Guaranty shall entitle Lender to be able to exercise all of its rights and remedies under the Loan Agreement and other Loan Documents. 

 

	7.	Continuing Guaranty. 

 The
obligations of Guarantor under this Guaranty shall be unconditional irrespective of the genuineness, validity, regularity or enforceability of any provision of this Guaranty, the Note, the Loan Agreement, the Security Instrument or any other Loan
Document. Guarantor agrees that performance of the obligations hereunder shall be a primary obligation, shall not be subject to any counterclaim, set-off, recoupment, abatement, deferment or defense based upon any claim that Guarantor may have
against Lender, Borrower, any other guarantor of the obligations 

  

			
	Guaranty of Non-Recourse Obligations	  	Page 2

 
hereunder or any other person or entity, and shall remain in full force and effect without regard to, and shall not be released, discharged or affected in any way by any circumstance or condition
(whether or not Guarantor shall have any knowledge thereof), including: 
 (a) any furnishing, exchange, substitution or release
of any collateral securing repayment of the Mortgage Loan, or any failure to perfect any lien in such collateral; 
 (b) any
failure, omission or delay on the part of Borrower, Guarantor, any other guarantor of the obligations hereunder or Lender to conform or comply with any term of any of the Loan Documents or failure of Lender to give notice of any Event of Default;

 (c) any action or inaction by Lender under or in respect of any of the Loan Documents, any failure, lack of diligence,
omission or delay on the part of Lender to perfect, enforce, assert or exercise any lien, security interest, right, power or remedy conferred upon it in any of the Loan Documents, or any other action or inaction on the part of Lender; 

(d) any Bankruptcy Event, or any voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement, readjustment, assignment
for the benefit of creditors, composition, receivership, liquidation, marshaling of assets and liabilities or similar events or proceedings with respect to Guarantor or any other guarantor of the obligations hereunder, or any of their respective
property or creditors or any action taken by any trustee or receiver or by any court in such proceeding; 
 (e) any merger or
consolidation of Borrower into or with any entity or any sale, lease or Transfer of any asset of Borrower, Guarantor or any other guarantor of the obligations hereunder to any other Person; 

(f) any change in the ownership of Borrower or any change in the relationship between Borrower, Guarantor or any other guarantor of the
obligations hereunder, or any termination of such relationship; 
 (g) any release or discharge by operation of law of Borrower,
Guarantor or any other guarantor of the obligations hereunder, any obligation or agreement contained in any of the Loan Documents; or 
 (h) any other occurrence, circumstance, happening or event, whether similar or dissimilar to the foregoing, and whether seen or unforeseen, which otherwise might constitute a legal or equitable defense or
discharge of the liabilities of a guarantor or surety or which otherwise might limit recourse against Borrower or Guarantor to the fullest extent permitted by law. 
  

	8.	Guarantor Waivers. 

Guarantor hereby waives: 
 (a) the benefit of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Guaranty (and agrees that Guarantor’s obligations shall not be
affected by any circumstances, whether or not referred to in this Guaranty, which might otherwise constitute a legal or equitable discharge of a surety or a guarantor); 

  

			
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 (b) the benefits of any right of discharge under any and all statutes or other laws relating
to guarantors or sureties and any other rights of sureties and guarantors; 
 (c) diligence in collecting the Indebtedness,
presentment, demand for payment, protest and all notices with respect to the Loan Documents and this Guaranty which may be required by statute, rule of law or otherwise to preserve Lender’s rights against Guarantor under this Guaranty,
including notice of acceptance, notice of any amendment of the Loan Documents, notice of the occurrence of any default or Event of Default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of
protest and notice of the incurring by Borrower of any obligation or indebtedness; and 
 (d) all rights to require Lender to:

 (1) proceed against or exhaust any collateral held by Lender to secure the repayment of the Indebtedness;

 (2) proceed against or pursue any remedy it may now or hereafter have against Borrower or any guarantor, or,
if Borrower or any guarantor is a partnership, any general partner of Borrower or general partner of any guarantor; or 
 (3) demand or require collateral security from Borrower, any other guarantor or any other Person as provided by applicable law or otherwise. 

 

	9.	No Effect Upon Obligations. 

 At any time or from time to time and any number of times, without notice to Guarantor and without releasing, discharging or affecting the liability of Guarantor: 

(a) the time for payment of the principal of or interest on the Indebtedness may be extended or the Indebtedness may be renewed in whole
or in part; 
 (b) the rate of interest on or period of amortization of the Mortgage Loan or the amount of the Monthly Debt
Service Payments payable under the Loan Documents may be modified; 
 (c) the time for Borrower’s performance of or
compliance with any covenant or agreement contained in any Loan Document, whether presently existing or hereinafter entered into, may be extended or such performance or compliance may be waived; 

(d) the maturity of the Indebtedness may be accelerated as provided in the Loan Documents; 

  

			
	Guaranty of Non-Recourse Obligations	  	Page 4

 (e) any or all payments due under the Loan Agreement or any other Loan Document may be
reduced; 
 (f) any Loan Document may be modified or amended by Lender and Borrower in any respect, including an increase in the
principal amount of the Mortgage Loan; 
 (g) any amounts under the Loan Agreement or any other Loan Document may be released;

 (h) any security for the Indebtedness may be modified, exchanged, released, surrendered or otherwise dealt with or additional
security may be pledged or mortgaged for the Indebtedness; 
 (i) the payment of the Indebtedness or any security for the
Indebtedness, or both, may be subordinated to the right to payment or the security, or both, of any other present or future creditor of Borrower; 
 (j) any payments made by Borrower to Lender may be applied to the Indebtedness in such priority as Lender may determine in its discretion; and 

(k) any other terms of the Loan Documents may be modified as required by Lender. 

 

	10.	Joint and Several (or Solidary) Liability. 

 If more than one Person executes this Guaranty as Guarantor, such Persons shall be liable for the obligations hereunder on a joint and several (solidary instead for purposes of Louisiana law) basis.
Lender, in its discretion, may: 
 (a) to the extent permitted by applicable law, bring suit against Guarantor, or any one or
more of the Persons constituting Guarantor, and any other guarantor, jointly and severally (solidarily instead for purposes of Louisiana law), or against any one or more of them; 

(b) compromise or settle with any one or more of the Persons constituting Guarantor, or any other guarantor, for such consideration as
Lender may deem proper; 
 (c) discharge or release one or more of the Persons constituting Guarantor, or any other guarantor,
from liability or agree not to sue such Person; and 
 (d) otherwise deal with Guarantor and any guarantor, or any one or more
of them, in any manner, and no such action shall impair the rights of Lender to collect from Guarantor any amount guaranteed by Guarantor under this Guaranty. 
 Nothing contained in this Section 10 shall in any way affect or impair the rights or obligations of Guarantor with respect to any other guarantor. 

  

			
	Guaranty of Non-Recourse Obligations	  	Page 5

	11.	Subordination of Affiliated Debt. 

 Any indebtedness of Borrower held by Guarantor now or in the future is and shall be subordinated to the Indebtedness and any such indebtedness of Borrower shall be collected, enforced and received by
Guarantor, as trustee for Lender, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty. 
  

	12.	Subrogation. 

 Guarantor
shall have no right of, and hereby waives any claim for, subrogation or reimbursement against Borrower or any general partner of Borrower by reason of any payment by Guarantor under this Guaranty, whether such right or claim arises at law or in
equity or under any contract or statute, until the Indebtedness has been paid in full and there has expired the maximum possible period thereafter during which any payment made by Borrower to Lender with respect to the Indebtedness could be deemed a
preference under the Insolvency Laws. 
  

	13.	Voidable Transfer. 

 If
any payment by Borrower is held to constitute a preference under any Insolvency Laws or similar laws, or if for any other reason Lender is required to refund any sums to Borrower, such refund shall not constitute a release of any liability of
Guarantor under this Guaranty. It is the intention of Lender and Guarantor that Guarantor’s obligations under this Guaranty shall not be discharged except by Guarantor’s performance of such obligations and then only to the extent of such
performance. If any payment by any Guarantor should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of the Insolvency Laws relating to a Voidable
Transfer, and if Lender is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the advice of its counsel, then the obligations guaranteed hereunder shall automatically be revived, reinstated and
restored by the amount of such Voidable Transfer or the amount of such Voidable Transfer that Lender is required or elects to repay or restore, including all reasonable costs, expenses and legal fees incurred by Lender in connection therewith, and
shall exist as though such Voidable Transfer had never been made, and any other guarantor, if any, shall remain liable for such obligations in full. 
  

	14.	Credit Report/Credit Score. 

 Guarantor acknowledges and agrees that Lender is authorized, no more frequently than once in any twelve (12) month period, to obtain a credit report (if applicable) on Guarantor, the cost of which
shall be paid for by Guarantor. Guarantor acknowledges and agrees that Lender is authorized to obtain a Credit Score (if applicable) for Guarantor at any time at Lender’s expense. 

 

	15.	Financial Reporting. 

Guarantor shall deliver to Lender such Guarantor financial statements as required by Section 8.02 (Books and Records; Financial
Reporting – Covenants) of the Loan Agreement. 

  

			
	Guaranty of Non-Recourse Obligations	  	Page 6

	16.	Further Assurances. 

Guarantor acknowledges that Lender (including its successors and assigns) may sell or transfer the Mortgage Loan, or any interest in the
Mortgage Loan. 
 (a) Guarantor shall: 
 (1) do anything necessary to comply with the requirements of Lender or any Investor of the Mortgage Loan or provide, or cause to be provided, to Lender or any Investor of the Mortgage Loan, at
Borrower’s and Guarantor’s cost and expense, such further documentation or information required by Lender or Investor, in order to enable: 
 (A) Lender to sell the Mortgage Loan to such Investor; 
 (B) Lender
to obtain a refund of any commitment fee from any such Investor; or 
 (C) any such Investor to further sell or
securitize the Mortgage Loan; 
 (2) confirm that Guarantor is not in default under this Guaranty or in observing
any of the covenants or agreements contained in this Guaranty (or, if Guarantor is in default, describing such default in reasonable detail); and 
 (3) execute and deliver to Lender and/or any Investor such other documentation, including any amendments, corrections, deletions or additions to this Guaranty as is required by Lender or such Investor.

 (b) Nothing in this Section 16 shall require Guarantor to do any further act that has the effect of: 

(1) changing the essential economic terms of the Mortgage Loan set forth in the related commitment letter between Borrower
and Lender; or 
 (2) imposing on Borrower or Guarantor greater personal liability under the Loan Documents than
that set forth in the related commitment letter between Borrower and Lender. 
  

	17.	Successors and Assigns. 

Lender may assign its rights under this Guaranty in whole or in part and, upon any such assignment, all the terms and provisions of this
Guaranty shall inure to the benefit of such assignee to the extent so assigned. Guarantor may not assign its rights, duties and obligations under this Guaranty, in whole or in part, without Lender’s prior written consent and any such assignment
shall be deemed void ab initio. The terms used to designate any of the parties herein shall be deemed to include the heirs, legal representatives, successors and assigns of such parties. 

  

			
	Guaranty of Non-Recourse Obligations	  	Page 7

	18.	Final Agreement. 

Guarantor acknowledges receipt of a copy of each of the Loan Documents and this Guaranty. THIS GUARANTY REPRESENTS THE FINAL AGREEMENT
BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. All prior or contemporaneous
agreements, understandings, representations and statements, oral or written, are merged into this Guaranty. Neither this Guaranty nor any of its provisions may be waived, modified, amended, discharged or terminated except by an agreement in writing
signed by the party against which the enforcement of the waiver, modification, amendment, discharge or termination is sought, and then only to the extent set forth in that agreement. 

 

	19.	Governing Law. 

 This
Guaranty shall be governed by and construed in accordance with the substantive law of the Property Jurisdiction without regard to the application of choice of law principles that would result in the application of the laws of another jurisdiction.

  

	20.	Property Jurisdiction. 

Guarantor agrees that any controversy arising under or in relation to this Guaranty shall be litigated exclusively in the Property
Jurisdiction. The state and federal courts and authorities with jurisdiction in the Property Jurisdiction shall have exclusive jurisdiction over all controversies which shall arise under or in relation to this Guaranty or any other Loan Document
with respect to the subject matter hereof. Guarantor irrevocably consents to service, jurisdiction and venue of such courts for any such litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or
otherwise. 
  

	21.	Time is of the Essence. 

Guarantor agrees that, with respect to each and every obligation and covenant contained in this Guaranty, time is of the essence.

  

	22.	Notices. 

 Guarantor
agrees to notify Lender of any change in Guarantor’s address within ten (10) Business Days after such change of address occurs. All “Notices” under this Guaranty shall be: 

(a) in writing and shall be 
 (1) delivered, in person; 
 (2) mailed, postage prepaid, either by
registered or certified delivery, return receipt requested; 

  

			
	Guaranty of Non-Recourse Obligations	  	Page 8

 (3) sent by overnight courier; or 

(4) sent by electronic mail with originals to follow by overnight courier; 

(b) addressed to the intended recipient at the notice addresses provided under the signature block at the end of this Guaranty; and

 (c) deemed given on the earlier to occur of: 

(1) the date when the Notice is received by the addressee; or 

(2) if the recipient refuses or rejects delivery, the date on which the Notice is so refused or rejected, as conclusively
established by the records of the United States Postal Service or such express courier service. 
  

	23.	Construction. 

 (a) Any
reference in this Guaranty to an “Exhibit” or “Schedule” or a “Section” or an “Article” shall, unless otherwise explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached
to this Guaranty or to a Section or Article of this Guaranty. 
 (b) Any reference in this Guaranty to a statute or regulation
shall be construed as referring to that statute or regulation as amended from time to time. 
 (c) Use of the singular in this
Guaranty includes the plural and use of the plural includes the singular. 
 (d) As used in this Guaranty, the term
“including” means “including, but not limited to” or “including, without limitation,” and is for example only, and not a limitation. 
 (e) Whenever Guarantor’s knowledge is implicated in this Guaranty or the phrase “to Guarantor’s knowledge” or a similar phrase is used in this Guaranty, Guarantor’s knowledge or
such phrase(s) shall be interpreted to mean to the best of Guarantor’s knowledge after reasonable and diligent inquiry and investigation. 
 (f) Unless otherwise provided in this Guaranty, if Lender’s approval is required for any matter hereunder, such approval may be granted or withheld in Lender’s sole and absolute discretion.

 (g) Unless otherwise provided in this Guaranty, if Lender’s designation, determination, selection, estimate, action or
decision is required, permitted or contemplated hereunder, such designation, determination, selection, estimate, action or decision shall be made in Lender’s sole and absolute discretion. 

(h) All references in this Guaranty to a separate instrument or agreement shall include such instrument or agreement as the same may be
amended or supplemented from time to time pursuant to the applicable provisions thereof. 

  

			
	Guaranty of Non-Recourse Obligations	  	Page 9

 (i) “Lender may” shall mean at Lender’s discretion, but shall not be an
obligation. 
  

	24.	WAIVER OF JURY TRIAL. 

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF GUARANTOR AND LENDER (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH
RESPECT TO ANY ISSUE ARISING OUT OF THIS GUARANTY OR ANY LOAN DOCUMENT OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO
THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY GUARANTOR AND LENDER, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 

 

	25.	Schedules. 

 The
schedules, if any, attached to this Guaranty are incorporated fully into this Guaranty by this reference and each constitutes a substantive part of this Guaranty. 
 ATTACHED SCHEDULE. The following Schedule is attached to this Guaranty: 
 x         Schedule 1                     Modifications to Guaranty

 [Remainder of Page Intentionally Blank] 

  

			
	Guaranty of Non-Recourse Obligations	  	Page 10

 IN WITNESS WHEREOF, Guarantor has signed and delivered this Guaranty under seal
(where applicable) or has caused this Guaranty to be signed and delivered under seal (where applicable) by its duly authorized representative. Where applicable law so provides, Guarantor intends that this Guaranty shall be deemed to be signed and
delivered as a sealed instrument. 
  

			
	GUARANTOR:
	
	STEADFAST INCOME REIT, INC.
	a Maryland corporation
		
	By:	 	 /s/ Ana Marie del Rio

	Name:	 	Ana Marie del Rio
	Title:	 	Secretary
	
	Address for Notices to Guarantor:
	18100 Von Karman Avenue, Suite 400
	Irvine, California 92612
	Attention: Ana Marie del Rio
	Email address: adelrio@steadfastcompanies.com

  

			
	Guaranty of Non-Recourse Obligations	  	Page 11

 SCHEDULE 1 TO 
 GUARANTY OF NON-RECOURSE OBLIGATIONS 
 State-Specific Provisions

 1. Capitalized terms used and not specifically defined herein have the meanings given to such terms in the Guaranty to
which this Schedule is attached. 
 2. The additional provision(s) set forth below shall also apply and are incorporated into
the Guaranty: 
  

			
	KENTUCKY:	  	Section 2 of the Guaranty is hereby deleted and restated in its entirety to read as follows:
	 	  	 
	 	  	2. Defined Terms.
	 	  	 
	 	  	 All capitalized terms used and not specifically defined herein have the meanings given to such terms in
the Loan Agreement. The following
term, when used in this Guaranty has the following meaning:

	 	  	 
	 	  	“Indebtedness” means the principal of, interest on and all other amounts due at any time under the Note, Loan
Agreement or the Security Instrument, or
any or all of them, including prepayment premiums, late charges,
default interest and advances as provided in the Loan Agreement to protect the security of the Security
Instrument but expressly excludes any obligations under the Environmental
Indemnity Agreement or other
Loan Documents (including any obligations of Borrower under such other Loan Documents that are
incorporated into or otherwise included in the obligations of Borrower under, the Note, Loan Agreement or
Security
Instrument). The Security Instrument is from Borrower for benefit of Lender and is as of the date of
this Guaranty.
	 	  	 
	 	  	Section 3 of the Guaranty is hereby amended by adding the following new language to the end thereof:
	 	  	 
	 	  	 Notwithstanding anything in this Guaranty to the contrary, the instruments being guaranteed, within the
meaning of K.R.S. 371.065,
are the Note, the Loan Agreement and the Security Instrument, but only to the
extent of the Indebtedness.

	 	  	 

 
	
	  

	Guarantor Initials

  

			
	Guaranty of Non-Recourse Obligations	  	Page Sch. 1-1EX-10.8

 Exhibit 10.8 
 ENVIRONMENTAL INDEMNITY AGREEMENT 
 This ENVIRONMENTAL INDEMNITY AGREEMENT
(this “Agreement”), dated as of February 17, 2012, is executed by SIR RENAISSANCE, LLC, a Delaware limited liability company (“Borrower”), to and for the benefit of W&D INTERIM LENDER LLC, a
Delaware limited liability company (“Lender”). 
 RECITALS: 

A. Borrower is the owner of the real property more particularly described on Exhibit A attached hereto and made a part hereof
(the “Property”). 
 B. Pursuant to that certain Multifamily Loan and Security Agreement dated as of the date
hereof, by and between Borrower and Lender (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan Agreement”), Lender is making a loan to Borrower in the original principal amount of Seven
Million and 00/100 Dollars ($7,000,000) (the “Mortgage Loan”), as evidenced by that certain Multifamily Note dated as of the date hereof, executed by Borrower and made payable to the order of Lender in the amount of the
Mortgage Loan (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Note”). 
 C. The Mortgage Loan is evidenced by the Note issued pursuant to the Loan Agreement and is secured by, among other things, the Security Instrument and the Loan Agreement. 

D. As a condition to the making of the Mortgage Loan to Borrower, Lender requires Borrower to deliver this Agreement. 

AGREEMENTS: 
 NOW, THEREFORE, for and in consideration of the foregoing and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, Borrower agrees as follows:

  

	1.	Recitals. 

 The recitals
set forth above are true and correct and are hereby incorporated by reference. 
  

	2.	Defined Terms. 

 All
capitalized terms used but not defined in this Agreement shall have the meanings assigned to them in the Loan Agreement. As used in this Agreement, the following terms shall have the following meanings: 

“Claim” means any claim or action brought under any legal or administrative proceeding. 

  

			
	Environmental Indemnity Agreement	  	Page 1

 “Environmental Inspections” means environmental inspections, tests, investigations,
studies, audits, reviews or other analyses. 
 “Environmental Laws” means all present and future federal, state and local laws,
ordinances, regulations, standards, rules, policies and other governmental requirements, administrative rulings, court judgments and decrees, and all amendments thereto, relating to pollution or protection of human health, natural resources or the
environment (including ambient air, surface water, ground water, land surface or subsurface strata) including such laws governing or regulating the use, generation, storage, removal, remediation, recovery, treatment, handling, transport, disposal,
control, release, discharge of, or exposure to, Hazardous Materials. Environmental Laws include the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601, et seq., the Resource
Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., the Toxic Substances Control Act, 15 U.S.C. Section 2601, et seq., the Clean Water Act, 33 U.S.C. Section 1251, et seq., the Hazardous
Materials Transportation Act, 49 U.S.C. Section 5101, et seq., the Clean Air Act, 42 U.S.C. Sections 7401-7661, et seq., the Safe Drinking Water Act, 42 U.S.C. Section 300f, et seq., the
Occupational Safety and Health Act, 29 U.S.C. Chapter 15, et seq., the Federal Water Pollution Control Act, 33 U.S.C. Sections 1251-1376, et seq., the Federal Insecticide, Fungicide and Rodenticide Act,
7 U.S.C. Section 136, et seq., and the River and Harbors Appropriation Act, 33 U.S.C. Section 403, et seq., and their state and local analogs. 
 “Environmental Permit” means any permit, license or other authorization issued under any Environmental Law with respect to any activities or businesses conducted on or in relation to the
Mortgaged Property. 
 “Hazardous Materials” means, but is not limited to, any substance, chemical, material or waste now or in
the future defined as a “hazardous substance,” “hazardous material,” “hazardous waste,” “toxic substance,” “toxic pollutant,” “contaminant” or “pollutant” (a) within the
meaning of any Environmental Law, or (b) the presence of which causes a nuisance or trespass of any kind, including Toxic Mold; petroleum and petroleum products and compounds containing them, including gasoline, diesel fuel and oil; radon;
carcinogenic materials; explosives; flammable materials; infectious materials; corrosive materials; mutagenic materials; radioactive materials; polychlorinated biphenyls (PCBs) and compounds containing them; lead and lead-based paint; asbestos or
asbestos-containing materials in any form that is or could become friable; underground or above-ground storage tanks, whether empty or containing any substance; any substance the presence of which on the Mortgaged Property is prohibited by any
federal, state or local authority; any substance that is designated, classified or regulated pursuant to any Environmental Law; and any medical products or devices, including those materials defined as “medical waste” or “biological
waste” under relevant statutes or regulations pertaining to any Environmental Law. 
 “Indemnitees” means, collectively:

 (a) Lender; 

  

			
	Environmental Indemnity Agreement	  	Page 2

 (b) any prior owner or holder of the Note; 

(c) the Loan Servicer; 
 (d) any prior Loan Servicer; 
 (e) the officers, directors, shareholders,
partners, managers, members, employees and trustees of any of the foregoing; and 
 (f) the heirs, legal representatives,
successors and assigns of each of the foregoing. 
 “O&M Program” means one or more written programs of operations and
maintenance approved in writing by Lender. 
 “Prohibited Activities or Conditions” means any of the following: 

(a) the presence, use, generation, release, treatment, processing, storage (including storage in above-ground and underground storage
tanks, except as previously disclosed by Borrower to Lender in writing that any such tank complies with all requirements of Environmental Laws), handling or disposal of any Hazardous Materials on or under the Mortgaged Property or any other property
owned by Borrower, Guarantor, Key Principal or any Borrower Affiliate that is adjacent to the Mortgaged Property; 
 (b) the
transportation of any Hazardous Materials to, from or across the Mortgaged Property; 
 (c) any activity on the Mortgaged
Property that requires an Environmental Permit or other authorization under Environmental Laws without Lender’s prior written consent; 
 (d) any occurrence or condition on the Mortgaged Property or any other property owned by Borrower, Guarantor, Key Principal or any Borrower Affiliate that is adjacent to the Mortgaged Property, which
occurrence or condition is or may be in violation of or noncompliance with Environmental Laws, or in violation of or noncompliance with the terms of any Environmental Permit; 
 (e) any activities on the Mortgaged Property that directly or indirectly result in other property adjacent to the Mortgaged Property being contaminated with Hazardous Materials or which may cause such
other property to be in violation of or noncompliance with Environmental Laws; or 
 (f) exclusive of the safe and lawful use
and storage of quantities of: 
 (1) pre-packaged supplies, cleaning materials and petroleum products customarily
used in the operation and maintenance of comparable multifamily properties so long as all of the foregoing are used, stored, handled, transported and disposed of in compliance with Environmental Laws; 

  

			
	Environmental Indemnity Agreement	  	Page 3

 (2) cleaning materials, personal grooming items and other items sold in
pre-packaged containers for consumer use and used by tenants and occupants of residential dwelling units in the Mortgaged Property; and 
 (3) petroleum products used in the operation and maintenance of motor vehicles from time to time located on the Mortgaged Property’s parking areas, so long as all of the foregoing are used, stored,
handled, transported and disposed of in compliance with Environmental Laws. 
 “Remedial Work” means any investigation, site
monitoring, containment, clean-up, restoration or other remedial work in connection with any Environmental Laws or order of any Governmental Authority that has or acquires jurisdiction over the Mortgaged Property, or the use, operation or
improvement of the Mortgaged Property under any Environmental Law. 
 “Toxic Mold” means any mold, fungus, microbial
contaminations or pathogenic organisms at the Mortgaged Property of a type or quantity that: 
 (a) might reasonably be expected
to pose a significant risk to human health or the environment; or 
 (b) would negatively impact the value of the Mortgaged
Property. 
  

	3.	Environmental Representations and Warranties. 

 Borrower represents and warrants to Lender that, except as previously disclosed by Borrower to Lender in writing or as set forth in that certain Environmental Inspection, if any, performed with respect to
the origination of the Mortgage Loan dated prior to the Effective Date: 
 (a) neither Borrower nor any Borrower Affiliates are
in possession of any Environmental Inspections that have not been provided to Lender, nor have any Environmental Inspections been conducted by or on behalf of Borrower that have not been provided to Lender; 

(b) Borrower has not at any time engaged in, caused or permitted any Prohibited Activities or Conditions; 

(c) Guarantor has not at any time engaged in, caused or permitted any Prohibited Activities or Conditions with respect to the Mortgaged
Property or any adjacent property owned by Borrower, Guarantor, Key Principal or any Borrower Affiliate; 
 (d) to the best of
Borrower’s knowledge, no Prohibited Activities or Conditions exist or have existed on the Mortgaged Property or on any adjacent property owned by Borrower, Guarantor, Key Principal or any Borrower Affiliate; 

(e) the Mortgaged Property does not now contain any underground storage tanks, and, to the best of Borrower’s knowledge, the
Mortgaged Property has not contained any underground storage tanks in the past. If there is or was an underground storage tank located on the Mortgaged Property which has been previously disclosed by Borrower to Lender in writing, that tank complies
with, or has been removed in accordance with, all requirements of Environmental Laws; 

  

			
	Environmental Indemnity Agreement	  	Page 4

 (f) Borrower has complied with all Environmental Laws, including all requirements for
notification regarding releases of Hazardous Materials. Without limiting the generality of the foregoing, Borrower has obtained all Environmental Permits required for the operation of the Mortgaged Property in accordance with Environmental Laws now
in effect, Borrower has disclosed all such Environmental Permits to Lender, and all such Environmental Permits are in full force and effect; 
 (g) to the best of Borrower’s knowledge after reasonable and diligent inquiry, no event has occurred with respect to the Mortgaged Property that constitutes, or with the passing of time or the giving
of notice would constitute, noncompliance with the terms of any Environmental Permit; 
 (h) there are no actions, suits, claims
or proceedings pending or, to the best of Borrower’s knowledge, threatened that involve the Mortgaged Property and allege, arise out of or relate to any Prohibited Activity or Condition; and 

(i) Borrower has not received any complaint, order, notice of violation or other communication from any Governmental Authority with
regard to air emissions, water discharges, noise emissions or Hazardous Materials, or any other environmental, health or safety matters affecting the Mortgaged Property or any other property owned by Borrower, Guarantor, Key Principal or any
Borrower Affiliate that is adjacent to the Mortgaged Property. 
 The representations and warranties in this Agreement shall be continuing
representations and warranties that shall be deemed to be made by Borrower until the Mortgage Loan has been paid in full. 
  

	4.	Environmental Covenants. 

(a) Borrower shall not cause or permit any Prohibited Activities or Conditions. 

(b) Borrower shall take all commercially reasonable actions (including the inclusion of appropriate provisions in any Leases executed
after the date of this Agreement) to prevent its employees, agents and contractors, and all tenants and other occupants from causing or permitting any Prohibited Activities or Conditions. Borrower shall not lease or allow the sublease or use of all
or any portion of the Mortgaged Property to any tenant or subtenant for nonresidential use by any user that, in the ordinary course of its business, would cause or permit any Prohibited Activity or Condition. 

(c) Lender shall have the right to establish, monitor and review an O&M Program with respect to Hazardous Materials on the Mortgaged
Property or any other property owned by Borrower, Guarantor, Key Principal or any Borrower Affiliate that is adjacent to the Mortgaged Property. If an O&M Program has been established, Borrower shall comply in a timely manner with, and cause all
employees, agents and contractors of Borrower and any other persons present 

  

			
	Environmental Indemnity Agreement	  	Page 5

 
on the Mortgaged Property to comply with, the O&M Program. All costs of performance of Borrower’s obligations under any O&M Program shall be paid by Borrower, and Lender’s
reasonable out-of-pocket costs incurred in connection with the monitoring and review of the O&M Program and Borrower’s performance shall be paid by Borrower upon demand by Lender. Any such out-of-pocket costs of Lender which Borrower fails
to pay promptly shall become an additional part of the Indebtedness as provided in the Security Instrument. 
 (d) Borrower
shall comply with all Environmental Laws applicable to the Mortgaged Property. Without limiting the generality of the previous sentence, Borrower shall obtain and maintain all Environmental Permits required by Environmental Laws and comply with all
conditions of such Environmental Permits. 
 (e) Borrower shall promptly notify Lender in writing upon the occurrence of any of
the following events: 
 (1) Borrower’s discovery of any Prohibited Activity or Condition; 

(2) Borrower’s receipt of or knowledge of any complaint, order, notice of violation or other communication from any
property management agents, Governmental Authority or other Person with regard to present or future alleged Prohibited Activities or Conditions or any other environmental, health or safety matters affecting the Mortgaged Property or any other
property owned by Borrower, Guarantor, Key Principal or any Borrower Affiliate that is adjacent to the Mortgaged Property; and 
 (3) any representation or warranty in this Agreement becomes untrue after the date of this Agreement or Borrower’s breach of any of its obligations under this Section 4. 

Any such notice given by Borrower shall not relieve Borrower of, or result in a waiver of, any obligation under this Agreement, the Note or any other
Loan Document. 
  

	5.	Inspections. 

 Lender
shall have the right to obtain any Environmental Inspections in connection with any Foreclosure Event, or as a condition of Lender’s consent to any Transfer, or required by Lender following a reasonable determination by Lender that Prohibited
Activities or Conditions may exist. Borrower shall pay promptly the costs of any Environmental Inspections required by Lender. Any such costs incurred by Lender (including the fees and out-of-pocket costs of attorneys and technical consultants
whether incurred in connection with any judicial or administrative process or otherwise) which Borrower fails to pay promptly after notice and request by Lender shall become an additional part of the Indebtedness as provided in the Security
Instrument. The results of all Environmental Inspections made by Lender shall at all times remain the property of Lender and Lender shall have no obligation to disclose or otherwise make available to Borrower or any other party such results or any
other information obtained by Lender in connection with its Environmental Inspections; provided, however, if Borrower reimbursed Lender for the cost of such Environmental Inspections, upon request by Borrower, Lender shall

  

			
	Environmental Indemnity Agreement	  	Page 6

 
provide a copy of such Environmental Inspections to Borrower. Lender hereby reserves the right, and Borrower hereby expressly authorizes Lender, to make available to any party, including any
prospective bidder at a foreclosure sale of the Mortgaged Property, the results of any Environmental Inspections made by Lender or Borrower with respect to the Mortgaged Property. Borrower consents to Lender notifying any party (either as part
of a notice of sale or otherwise) of the results of any Environmental Inspections. Borrower acknowledges that Lender cannot control or otherwise assure the truthfulness or accuracy of the results of any Environmental Inspections and that the release
of such results to prospective bidders at a foreclosure sale of the Mortgaged Property may have a material and adverse effect upon the amount which a party may bid at such sale. Borrower agrees that Lender shall have no liability whatsoever as a
result of delivering the results of any Environmental Inspections to any third party, and Borrower hereby releases and forever discharges Lender from any and all claims, damages or causes of action, arising out of, connected with or incidental to
the results of, the delivery of any Environmental Inspections. 
  

	6.	Remedial Work. 

 If any
Remedial Work is (a) necessary to comply with any Environmental Law or order of any Governmental Authority that has or acquires jurisdiction over the Mortgaged Property or the use, operation or improvement of the Mortgaged Property under any
Environmental Law or order, or (b) otherwise required by Lender as a consequence of any Prohibited Activity or Condition or to prevent the occurrence of a Prohibited Activity or Condition, Borrower shall, within thirty (30) days after
notice from Lender demanding such action or the applicable deadline required by Environmental Law or order, whichever is earlier, begin performing the Remedial Work, and thereafter diligently prosecute it to completion, and shall in any event
complete the work by the time required by applicable Environmental Law or order or relevant Governmental Authority. If Borrower fails to begin on a timely basis or diligently prosecute any required Remedial Work, Lender may, at its option, cause the
Remedial Work to be completed, in which case Borrower shall reimburse Lender on demand for the cost of doing so. Any reimbursement due from Borrower to Lender shall be due and payable upon demand. 

 

	7.	Cooperation. 

 Borrower
shall cooperate with any inquiry by any Governmental Authority and shall comply with any governmental or judicial order which arises from any alleged Prohibited Activity or Condition. 

 

	8.	Indemnification. 

 (a)
Except to the extent that any such items occur as a result of the gross negligence or willful misconduct of Lender or its affiliates, employees or representatives, as determined by a court of competent jurisdiction pursuant to a final non-appealable
court order, Borrower shall indemnify, hold harmless and defend the Indemnitees for, from and against all proceedings, claims, damages, penalties and costs (whether initiated or sought by Governmental Authorities or private parties), including
reasonable fees and out-of-pocket expenses of attorneys and expert witnesses, investigatory fees and remediation costs, whether incurred in connection with any judicial or administrative process or otherwise, arising directly or indirectly from any
of the following: 
 (1) any breach of any representation or warranty of Borrower in this Agreement; 

  

			
	Environmental Indemnity Agreement	  	Page 7

 (2) any failure by Borrower to perform any of its obligations under this
Agreement; 
 (3) the existence or alleged existence of any Prohibited Activity or Condition, including any loss,
cost or damage arising out of the existence of any underground storage tank on the Mortgaged Property, whether known or unknown to any Borrower; 
 (4) the presence or alleged presence of Hazardous Materials on or under the Mortgaged Property or any property that is adjacent to the Mortgaged Property and that may have been derived from the Mortgaged
Property (unless such Hazardous Materials are used in such a manner as to not constitute Prohibited Activities or Conditions); and 
 (5) the actual or alleged violation of any Environmental Law. 
 (b) Borrower shall
be fully and personally liable for its obligations under this Agreement. To the extent permitted by law, Borrower’s liability shall not be limited by the amount of the Indebtedness, the repayment of the Indebtedness or otherwise (including as a
result of any limitation on personal liability set forth in the Loan Agreement or any other Loan Document) excluding any Prohibited Activity or Condition caused directly by Lender or its agents or employees after it takes possession as
mortgagee-in-possession or otherwise. 
 (c) Counsel selected by Borrower to defend Indemnitees shall be subject to the approval
of those Indemnitees. However, any Indemnitee may elect to defend any Claim at Borrower’s expense if such Indemnitee reasonably determines that there is a conflict between the interests of Borrower and such Indemnitee, or if such Indemnitee
reasonably determines that such election is necessary to protect Indemnitee’s security under the Security Instrument. Notwithstanding the foregoing, Lender may employ its own legal counsel and consultants to prosecute, defend or negotiate any
Claim. Further, with the prior written consent of Borrower (which shall not be unreasonably withheld, delayed or conditioned), Lender may settle or compromise any action or Claim. Borrower shall reimburse Lender within fifteen (15) days of its
receipt of written demand from Lender for all reasonable costs and expenses incurred by Lender, including all costs of settlements entered into in good faith, and the reasonable fees and out-of-pocket expenses of attorneys and consultants.

 (d) Borrower shall not, without the prior written consent of those Indemnitees who are named as parties to a Claim, settle or
compromise the Claim if the settlement may materially and adversely affect any Indemnitee, as determined by Lender, or results in the entry of any judgment that does not include as an unconditional term the delivery by the claimant or plaintiff to
Lender of a written release of the applicable Indemnitees (such release satisfactory in form and substance to Lender). 

  

			
	Environmental Indemnity Agreement	  	Page 8

 (e) Borrower’s obligation to indemnify the Indemnitees shall not be limited or impaired
by any of the following, or by any failure of Borrower or any guarantor to receive notice of or consideration for any of the following: 
 (1) the time for payment of the principal of or interest on the Indebtedness may be extended or the Indebtedness may be renewed in whole or in part; 

(2) the rate of interest on or period of amortization of the Mortgage Loan or the amount of the Monthly Debt Service
Payments payable under the Loan Documents may be modified; 
 (3) the time for Borrower’s performance of or
compliance with any covenant or agreement contained in any Loan Document, whether presently existing or hereinafter entered into, may be extended or such performance or compliance may be waived; 

(4) the maturity of the Indebtedness may be accelerated as provided in the Loan Documents; 

(5) any or all payments due under the Loan Agreement or any other Loan Document may be reduced; 

(6) any Loan Document may be modified or amended by Lender and Borrower in any respect, including an increase in the
principal amount of the Mortgage Loan; 
 (7) any amounts under the Loan Agreement or any other Loan Document may
be released; 
 (8) any security for the Indebtedness may be modified, exchanged, released, surrendered or
otherwise dealt with or additional security may be pledged or mortgaged for the Indebtedness; 
 (9) the payment
of the Indebtedness or any security for the Indebtedness, or both, may be subordinated to the right to payment or the security, or both, of any other present or future creditor of Borrower; 

(10) any payments made by Borrower to Lender may be applied to the Indebtedness in such priority as Lender may determine;
and 
 (11) any other terms of the Loan Documents may be modified as required by Lender. 

(f) Borrower shall, at its own cost and expense, do all of the following: 

(1) pay or satisfy any judgment or decree that may be entered against any Indemnitee in any legal or administrative
proceeding incident to any matters against which Indemnitees are entitled to be indemnified under this Agreement; 

  

			
	Environmental Indemnity Agreement	  	Page 9

 (2) reimburse Indemnitees for any expenses paid or incurred in connection
with any matters against which Indemnitees are entitled to be indemnified under this Agreement; and 
 (3)
reimburse Indemnitees for any and all expenses, including reasonable fees and out-of-pocket expenses of attorneys and expert witnesses, paid or incurred in connection with the enforcement by Indemnitees of their rights under this Agreement, or in
monitoring and participating in any legal or administrative proceeding. 
 (g) The provisions of this Agreement shall be in
addition to any and all other obligations and liabilities that Borrower may have under applicable law or under other Loan Documents, and each Indemnitee shall be entitled to indemnification under this Agreement without regard to whether Lender or
that Indemnitee has exercised any rights against the Mortgaged Property or any other security, pursued any rights against any guarantor, or pursued any other rights available under the Loan Documents or applicable law. The obligation of Borrower to
indemnify the Indemnitees under this Agreement shall survive any repayment or discharge of the Indebtedness, any Foreclosure Event, and any recorded release or reconveyance of the lien of the Security Instrument, but shall not be applicable to any
Prohibited Activities or Conditions or any other environmental contamination that occurs after (1) the date of any Foreclosure Event, or (2) if Borrower has a right under applicable law to physical possession or control of the Mortgaged
Property following the date of any Foreclosure Event, the earlier of the date (A) Lender takes physical possession and control of the Mortgaged Property, or (B) Lender has the legal right to take physical possession and control of the
Mortgage Property; provided, however, that in any such event, Borrower shall have the burden of providing evidence to Lender’s satisfaction that any Prohibited Activities or Conditions or any other environmental contamination occurred after any
such Foreclosure Event or, if applicable, after the date Lender takes physical possession and control, or has the legal right to take physical possession and control, of the Mortgaged Property. 

 

	9.	Event of Default. 

Borrower understands that a default of its obligations under this Agreement shall be an Event of Default under the Loan Agreement, and
that in addition to any remedies specified in this Agreement, Lender shall be entitled to exercise all of its rights and remedies under the Loan Agreement and other Loan Documents, however, the obligations hereunder shall not be secured by the
Security Instrument. 
  

	10.	Subrogation. 

 Borrower
shall take any and all reasonable actions, including institution of legal action against third-parties, necessary or appropriate to obtain reimbursement, payment or compensation from such persons responsible for the presence of any Hazardous
Materials at, in, on, under or near the Mortgaged Property or otherwise obligated by law to bear the cost. Indemnitees shall be and hereby are subrogated to all of Borrower’s rights now or hereafter in such claims. 

  

			
	Environmental Indemnity Agreement	  	Page 10

	11.	Entity Representations. 

Borrower represents and warrants that: 
 (a) Borrower has the full corporate, trust, limited liability company or partnership power and authority, as applicable, to execute and deliver this Agreement and to perform its obligations hereunder;

 (b) the execution, delivery and performance of this Agreement by Borrower has been duly and validly authorized; 

(c) all requisite corporate, trust, limited liability company or partnership action, as applicable has been taken by Borrower to make
this Agreement valid and binding upon Borrower, enforceable in accordance with its terms; and 
 (d) this Agreement constitutes
a valid, legal and binding obligation of Borrower, enforceable against it in accordance with the terms hereof. 
  

	12.	Waiver. 

 Borrower hereby
waives and relinquishes: 
 (a) any right or claim of right to cause a marshaling of Borrower’s assets or to cause any
Indemnitee to proceed against any other Person or any of the security for the Indebtedness before proceeding under this Agreement against Borrower; 
 (b) all rights and remedies accorded by applicable law to indemnitors or guarantors or sureties, except any rights of subrogation which Borrower may have, provided that the indemnity provided for
hereunder shall neither be contingent upon the existence of any such rights of subrogation nor subject to any claims or defenses whatsoever which may be asserted in connection with the enforcement or attempted enforcement of such subrogation rights
including any claim that such subrogation rights were abrogated by any acts of any Indemnitee; 
 (c) the right to assert a
counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against or by any Indemnitee; 
 (d) notice of acceptance hereof and of any action taken or omitted in reliance hereon; 
 (e) presentment for payment, demand of payment, protest or notice of nonpayment or failure to perform or observe, or other proof, or notice or demand under this Agreement; 

(f) all homestead exemption rights against the obligations hereunder and the benefits of any statutes of limitations or repose; and

 (g) any limitation on the amount or type of damages, compensation or benefits payable by or for Borrower under workers’
compensation acts, disability benefit acts or other employee benefit acts. 

  

			
	Environmental Indemnity Agreement	  	Page 11

 Notwithstanding anything to the contrary contained herein, Borrower hereby agrees to postpone the exercise
of any rights of subrogation with respect to any collateral securing the Indebtedness until the Indebtedness shall have been paid in full. No delay by any Indemnitee in exercising any right, power or privilege under this Agreement shall operate as a
waiver of any such power, privilege or right. 
  

	13.	Notices. 

 All notices,
demands and other communications under or concerning this Agreement shall be in writing and given in accordance with the provisions of Section 15.02 (Notice) of the Loan Agreement. 

 

	14.	Rights Cumulative. 

 The
rights and remedies provided herein are cumulative and not exclusive of any rights or remedies which Indemnitee has under the Note, the Loan Agreement, the Security Instrument or any other Loan Document or would otherwise have at law or in equity.

  

	15.	Entire Agreement. 

 This
Agreement constitutes the entire agreement of Borrower for the benefit of Lender and supersedes any prior agreements with respect to the subject matter hereof. 
  

	16.	No Modification Without Writing. 

 This Agreement may not be terminated or modified in any way nor can any right of Lender or any obligation of Borrower be waived or modified, except by a writing signed by Lender and Borrower. 

 

	17.	Severability. 

 Each
provision of this Agreement shall be interpreted so as to be effective and valid under applicable law, but if any provision of this Agreement shall in any respect be ineffective or invalid under such law, such ineffectiveness or invalidity shall not
affect the remainder of such provision or the remaining provisions of this Agreement. 
  

	18.	Governing Law. 

 This
Agreement shall be governed by and construed in accordance with the substantive law of the Property Jurisdiction without regard to the application of choice of law principles that would result in the application of the laws of another jurisdiction.

  

	19.	Jurisdiction. 

 Any
controversy arising under or in relation to this Agreement shall be litigated exclusively in the Property Jurisdiction without regard to conflict of laws principles. The state and federal courts and authorities with jurisdiction in the Property
Jurisdiction shall have 

  

			
	Environmental Indemnity Agreement	  	Page 12

 
exclusive jurisdiction over all controversies which shall arise under or in relation to this Agreement or any other Loan Document. Borrower irrevocably consents to service, jurisdiction and venue
of such courts for any such litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. 
  

	20.	Successors and Assigns. 

Subject to the terms of the Loan Agreement, no Borrower may transfer or assign any of its rights or obligations under this Agreement
without the prior written consent of Lender. Subject to the foregoing, this Agreement shall be continuing, irrevocable and binding on each Borrower and its heirs, trustees, personal representatives, successors and assigns and shall inure to the
benefit of Lender and the other Indemnitees, and Lender’s successors and assigns, including to any transferee pursuant to a Foreclosure Event. 
  

	21.	Time is of the Essence. 

Borrower agrees that, with respect to each and every obligation and covenant contained in this Agreement, time is of the essence.

  

	22.	Joint and Several (or Solidary Liability). 

 If more than one Person executes this Agreement as Borrower, the obligations of such Persons shall be joint and several (solidary instead for purposes of Louisiana law). 

 

	23.	Construction. 

 (a) The
captions and headings of the sections of this Agreement are for convenience only and shall be disregarded in construing this Agreement. 
 (b) Any reference in this Agreement to an “Exhibit” or “Schedule” or a “Section” or an “Article” shall, unless otherwise explicitly provided, be construed as
referring, respectively, to an exhibit or schedule attached to this Agreement or to a Section or Article of this Agreement. 
 (c) Any reference in this Agreement to a statute or regulation shall be construed as referring to that statute or regulation as amended from time to time. 

(d) Use of the singular in this Agreement includes the plural and use of the plural includes the singular. 

(e) As used in this Agreement, the term “including” means “including, but not limited to” or “including, without
limitation,” and is for example only, and not a limitation. 
 (f) Whenever Borrower’s knowledge is implicated in this
Agreement or the phrase “to Borrower’s knowledge” is used in this Agreement, Borrower’s knowledge or such phrase(s) shall be interpreted to mean to the best of Borrower’s knowledge after reasonable and diligent inquiry and
investigation. 

  

			
	Environmental Indemnity Agreement	  	Page 13

 (g) Unless otherwise provided in this Agreement, if Lender’s designation,
determination, selection, estimate, action, approval or decision is required, permitted or contemplated hereunder, such designation, determination, selection, estimate, action, approval or decision shall be made or withheld in Lender’s sole and
absolute discretion. 
 (h) All references in this Agreement to a separate instrument or agreement shall include such instrument
or agreement as the same may be amended or supplemented from time to time pursuant to the applicable provisions thereof. 
  

	24.	WAIVER OF TRIAL BY JURY. 

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF BORROWER AND LENDER (A) COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY
WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE
FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN BY BORROWER AND LENDER, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 
 [Remainder of Page Intentionally Blank] 

  

			
	Environmental Indemnity Agreement	  	Page 14

 IN WITNESS WHEREOF, Borrower has signed and delivered this Agreement under seal (where
applicable) or has caused this Agreement to be signed and delivered under seal (where applicable) by its duly authorized representative. Where applicable law so provides, Borrower intends that this Agreement shall be deemed to be signed and
delivered as a sealed instrument. 
  

					
	BORROWER:
	
	 SIR RENAISSANCE, LLC
 a Delaware limited liability company

		
	By:	 	Steadfast Income Advisor, LLC
		 	a Delaware limited liability company
		 	Manager
			
		 	By:	 	 /s/ Ana Marie del Rio

		 	Name:	 	Ana Marie del Rio
		 	Title:	 	Secretary

  

			
	Environmental Indemnity Agreement	  	Page 15

 EXHIBIT A 
 TO 
 ENVIRONMENTAL INDEMNITY AGREEMENT 

[Description of the Land] 

  

			
	Environmental Indemnity Agreement	  	Page A-1

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