Document:

Form of Management Agreement

 Exhibit 10.3 
 FORM OF PROPERTY MANAGEMENT AGREEMENT 
 FOR
[                    ] 
 Between 

[                    ], as
Owner 
 And 
 Jupiter Communities, LLC, as Manager 

 FORM OF PROPERTY MANAGEMENT AGREEMENT 

This PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is made and entered into as of
[                    ], 2011 (the “Effective Date”) by and between
[                        ], a [            ] (the
“Owner”), and Jupiter Communities, LLC, a Delaware limited liability company (“Manager”). Certain defined terms used in this Agreement have the meanings ascribed to such terms in Article 1 of this Agreement.

 RECITALS: 
 WHEREAS, Owner owns that certain real property commonly known as
[                        ], and as further described in Appendix A attached hereto and incorporated herein (the
“Project”); and 
 WHEREAS, Owner desires to retain the Manager to manage, operate, lease and maintain the
Project, and the Manager desires to be so retained, all under the terms and conditions set forth in this Agreement. 

AGREEMENT: 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and other good and valuable consideration, the receipt and adequacy being hereby expressly acknowledged, the Owner and the
Manager agree as follows: 
 ARTICLE ONE 
 DEFINITIONS 
 Section 1.1 Definitions.

 As used in this Agreement, the following terms shall have the meanings specified below: 

“Affiliate” means with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding,
with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled
or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of
such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. For purposes of this definition, the terms “controls,” “is controlled by,” or “is
under common control with” shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether through ownership or voting rights, by contract or otherwise.

 “Gross Revenues” means all revenues actually collected from the operation of the Project, including, without
limitation, all rental and/or reimbursement income of any kind collected from all tenants in the course of the normal operations of the Project, inclusive of revenues from coin operated vending, laundry and other machines located at the Project
which are retained by Owner, but excluding any payments received by the Owner (i) as an “upfront” fee relating to any laundry, vending, or similar lease (unless approved in writing by Owner); (ii) in connection with the purchase,
sale or financing of the Project; (iii) sales, excise, use or similar taxes collected by Owner levied or assessed on such rental payments; (iv) refundable deposits made pursuant to tenant leases, except to the extent forfeited by a tenant;
(v) litigation proceeds unless the same include past-due rent; (vi) tax refunds; (vii) hazard or liability insurance proceeds (with the exception of those insurance proceeds collected for loss of rents or business interruption, which
shall be included in such calculation); and (viii) title insurance proceeds. 

  
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 “Government Regulations” has the meaning set forth in Section 4.1(h)
hereof. 
 “Lender” means any bank or other lender whose mortgage or other financing encumbers the Project at
any time during the Term. 
 “Management Fee” has the meaning set forth in Section 5.1(a) hereof.

 “Marketing Plan” has the meaning set forth in Section 3.1(a) hereof. 

“Operating Account” has the meaning set forth in Section 6.1 hereof. 

“Operating Budget” has the meaning set forth in Section 3.1(a) hereof. 

“Owner” has the meaning set forth in the preamble to this Agreement. 

“Person” means any natural person, partnership, corporation, association, trust, limited liability company or other
legal entity. 
 “Project” has the meaning set forth in the recitals to this Agreement. 

“Restrictions” has the meaning set forth in Section 4.1(s) hereof. 

“State” has the meaning set forth in Section 2.3 hereof. 

“Term” has the meaning set forth in Section 7.1 hereof. 

ARTICLE TWO 

EMPLOYMENT OF MANAGER 
 Section 2.1 Engagement of Manager. 
 Owner hereby engages
Manager, as an independent contractor, to manage, operate and lease the Project and authorizes Manager to exercise such powers as may be necessary for the performance of Manager’s obligations under this Agreement. Manager accepts such
engagement on the terms and conditions hereinafter set forth. Manager shall have no right or authority, express or implied, to commit or obligate Owner in any manner whatsoever except to the extent specifically provided herein. 

  
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 Section 2.2 No Partnership. 

Nothing in this Agreement shall be construed as creating a partnership, joint venture or any other relationship between the parties hereto
except that of an independent contractor. Anything contained herein to the contrary notwithstanding, however, in performing its duties hereunder, Manager shall act in the best interests of the Owner and shall fully and faithfully discharge its
duties hereunder, shall not engage in any self-dealing and shall not engage in any dealings having the appearance of impropriety. 
 Section 2.3 Qualification to do Business. Manager represents and warrants that it has full power and authority to enter into this Agreement and, if required by applicable law,
that it is authorized to do business in the state in which the Project is located (the “State”), is properly licensed by the State to perform its duties under this Agreement and, to the extent applicable, Manager will maintain all
such licenses during the term of this Agreement. 
 ARTICLE THREE 

ANNUAL OPERATING BUDGET 
 Section 3.1 Preparation of Operating Budget. 

(a) Submission of Budget. Manager shall cause to be prepared and submitted to Owner, not later than
November 1 of each year during the term hereof (or, if this Agreement is entered into after first (1st) of November, within 45 days after the Effective Date), (i) a proposed operating budget (the “Operating Budget”) for the operation of the Project for the immediately succeeding
calendar year and (ii) a marketing plan for the Project for the immediately succeeding calendar year (“Marketing Plan”), which Operating Budget and Marketing Plan shall be subject to the approval of Owner as set forth in
Section 3.2 below. In addition, with respect to the year during which Manager is initially engaged, Manager shall deliver the Operating Budget and Marketing Plan for such (partial) initial year within sixty (60) days after the
Effective Date. 
 (b) Elements of Operating Budget. The Operating Budget shall be prepared using the modified accrual
basis of accounting with all income, real estate taxes, property insurance and contracted amounts such as landscaping and contract services accounted for on an accrual basis and all other matters accounted for on a cash basis. To the extent
reasonably required by any Lender, Owner may change this basis during the Term by providing written notice thereof to Manager. The Operating Budget shall include Manager’s standard chart of accounts, a proposed leasing program (the
“Leasing Guidelines”) and the following information with respect to the Project for each month during the period covered by the Operating Budget: (i) Manager’s projection of income based upon the Leasing Guidelines and, in
reasonable detail, all miscellaneous income items; (ii) Manager’s projection of the on-site personnel cost, including a listing of employees, salaries, FICA taxes, unemployment taxes, bonuses, fringe and other benefits to be paid with
respect to such personnel; (iii) Manager’s projection of repairs, maintenance, unit turnover costs and contract services, including a projection of the number of monthly units being vacated and a listing of vendors providing any
third-party contract services; (iv) Manager’s projection of the utility costs, including water, sewer, gas, electric and trash pickup; (v) Manager’s projection of the on-site administrative costs, advertising and other
promotional costs, and third-party professional services; (vi) such other matters as Manager or Owner reasonably determines are appropriate to allow Owner to accurately review the current or anticipated operations of the Project for such period
and to allow Manager to properly perform its duties under this Agreement; (vii) commencing with the second full year of the Term hereof, a schedule that compares the previous year’s actual operating results to the original budgeted
amounts for that year and the projected year’s budgeted amounts to the previous year’s actual operating results; and (viii) the amount and nature of interior and exterior capital improvements, unit replacements or other extraordinary
expenditures which Manager or Owner reasonably anticipates will be required during such period and the anticipated date of such expenditures. 

  
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 (c) Elements of Marketing Plan. The Marketing Plan shall include (i) a
marketing analysis covering the metropolitan statistical area and sub-market of the Project, including apartment supply and rental demand factors, comparable apartment communities along with their rental rates and terms, and population and income
demographics within the sub-market in which the Project is located, and (ii) a marketing plan setting forth in narrative the plans for marketing the Project and the projected costs thereof.  

Section 3.2 Acceptance or Rejection by Owner of Operating Budget and Marketing Plan. 

Owner will either accept or reject the implementation of the Operating Budget and Marketing Plan or any proposed modifications thereto by
notifying Manager in writing of such acceptance or rejection within twenty-one (21) days following receipt thereof. If Owner fails in writing to affirmatively accept or reject the proposed Operating Budget or Marketing Plan or modification
thereto within such time period, the Operating Budget or Marketing Plan shall be deemed accepted by Owner. If Owner timely rejects the proposed Operating Budget or Marketing Plan, Manager shall (a) continue to manage the Project in accordance
with the Operating Budget or Marketing Plan, as applicable, in effect for the immediately preceding period subject to increases in uncontrollable expenses such as real estate taxes, utilities and insurance or, in the event of the rejection of any
proposed modifications, in accordance with the current Operating Budget or Marketing Plan, as applicable, and (b) endeavor to promptly formulate an Operating Budget or Marketing Plan, as applicable, reasonably acceptable to the Owner.

 Section 3.3 Modification of Operating Budget and Marketing Plan. 

Owner shall have the right to modify the Operating Budget or Marketing Plan by written notice to Manager, and Manager shall thereafter
perform its obligations hereunder in accordance with the modified Operating Budget or Marketing Plan. Owner also reserves the right to modify the format and the information contained in the Operating Budget and monthly reports as necessary to
satisfy the reasonable requirements of Owner or any Lender. 
 Section 3.4 Monthly Operating Budget Updates and
Monthly Reports. 
 By the fifteenth (15th) day of each calendar month during the Term, Manager shall submit to Owner
with respect to the Project: (i) a statement of actual receipts and expenses (e.g., profit and loss statement) for the preceding calendar month and for the current year to date, comparing each item contained in such statement with the Operating
Budget; (ii) a rent roll; (iii) a copy of the reconciled bank statements for all accounts maintained by Manager hereunder for the immediately preceding calendar month; (iv) a statement of cash flow for the preceding calendar month;
(v) a market comparable survey contrasting the Project’s rental rates, terms, and amenities with its most comparable competition; (vi) a balance sheet; (vii) a monthly and year-to-date status report detailing the rental and
leasing traffic activity; (viii) a unit status report detailing all unit types, the unit type square footage, the unit type rental rates and the status of each unit type; (ix) a general ledger for the preceding calendar month; (x) a
lease expiration summary report by month; (xi) a check register for the preceding calendar month; and (xii) an aged delinquency report and accounts payable. 

  
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 ARTICLE FOUR 
 SCOPE OF SERVICE 
 Section 4.1 Scope and Provision of
Services. 
 Subject to the terms of this Agreement and to sufficient funds being available in the Operating Account or
otherwise made available by Owner, Manager shall perform the following services in accordance with the Operating Budget, where applicable: 
 (a) Standard of Care; Maintenance. Subject to the terms of this Agreement and to sufficient funds being available in the Operating Account, Manager shall use its professional skill and attention to
manage, operate and maintain the Project in good faith and with diligence in accordance with sound, reasonable property management practices equal to the standard of care provided by management companies for other similar projects of similar quality
in the market area in which the Project is located. Manager shall deal at arm’s length with all third parties. Subject to the provisions of the Operating Budget and sufficient funds being available in the Operating Account or otherwise provided
by Owner, Manager shall maintain the Project, appurtenances and grounds in good operating condition, and perform or cause to be performed such normal and routine maintenance and repair work as may be necessary for the Project. 

(b) Tenant Service Requests. Manager shall maintain businesslike relations with the tenants of the Project, whose service requests
shall be received, considered and recorded promptly and in a systematic fashion to show the action taken with respect to each. Complaints of a serious nature shall, after reasonable investigation, be reported to Owner with appropriate
recommendations. 
 (c) Collections, Legal Proceedings and Cooperation. Manager shall collect and receive for and on
behalf of Owner all monthly rental and other charges, payments, deposits and amounts due Owner in connection with the Project. All amounts collected shall be deposited and disbursed by Manager in accordance with Article Six of this Agreement.

 (d) Legal Proceedings. Manager shall also institute legal proceedings, in the name of Owner, to collect rent or other
income from the Project, to dispossess tenants or other persons from the Project, and to enforce the rules and regulations of the Project. In connection with such legal action, the Manager may engage legal counsel approved in writing in advance by
Owner. All legal proceedings shall be brought in the name of Owner and shall be handled as Owner directs. All legal expenses incurred in bringing legal proceedings shall be paid (i) from the Operating Account, to the extent provided in the
Operating Budget, (ii) as may otherwise be approved by Owner in writing or (iii) by Owner, and Manager shall not be responsible for such costs. 
 (e) Assistance in Defending Lawsuit. If any claim, demand, suit or other legal proceeding is instituted against the Owner in connection with and during the term of this Agreement (other than a suit
by Manager against Owner), Manager shall give Owner all pertinent information and reasonable assistance in the defense or other disposition thereof. 
 (f) Maintaining Operating Expenses. Manager shall use reasonable diligence to ensure that (i) the costs of maintaining and operating the Project shall not exceed the approved Operating Budget
either in total or in any one accounting category and (ii) the Project obtains services, supplies and purchases at market prices. All expenses shall be charged to the proper account as specified in the Operating Budget and no expense shall be
classified, reclassified or transferred to another line item for the purpose of avoiding an excess in the monthly or annual budgeted amount of an accounting category. Manager shall secure Owner’s prior written approval for any expenditure
(except for utilities charges) that will result in an excess of five percent (5%) or more in any one accounting category of the approved Operating Budget, subject to Section 4.1(g). 

  
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 (g) Owner Approval for Excess Expenditures. Manager shall obtain Owner’s prior
written consent for any single expenditure not included in the approved Operating Budget that exceeds Five Thousand and 00/100 Dollars ($5,000.00). Manager may make expenditures which exceed the aforementioned amount without Owner’s prior
written approval if Manager deems such expenditure to be necessary to prevent imminent damage to property or injury to persons or to avoid the suspension of any necessary service to the Project. Manager will inform Owner of any such emergency
expenditures before the end of the next business day. 
 (h) Compliance with Government Regulations. Manager shall comply
with all federal, state, county or municipal laws, orders, rules, regulations or requirements affecting or applicable to the Project (collectively “Government Regulations”). Manager shall promptly notify Owner of any violation of
which it has knowledge and shall remedy the violation or cause the violation to be remedied in a manner approved by Owner (subject, however, to Section 4.1(g) above). Notwithstanding anything to the contrary contained herein, Owner shall
be responsible for the cost of complying with all Government Regulations and nothing herein contained shall impose upon Manager, or its employees, any liability for the failure of Manager or the Project to comply with any Government Regulations,
unless such failure is caused by the willful misconduct or gross negligence of Manager or its employees. Neither Manager nor any managerial personnel shall take any action under this Section so long as Owner is contesting or has affirmed its
intention to contest any such Government Regulations. Manager or its employees shall promptly, but in no event later than seventy-two (72) hours from the time of its receipt, notify Owner in writing of all such orders and notices or
requirements received by Manager. Furthermore, Manager shall not knowingly commit any act of default under the terms and conditions contained in any lease, mortgage or other security instrument, restrictions or covenants affecting the Project as
long as Owner has previously provided Manager an accurate copy or an abstract thereof. Manager shall promptly notify Owner of any such default of which Manager has knowledge, but Manager shall not be required to incur any liability on account
thereof unless due to Manager’s willful misconduct or gross negligence. 
 (i) Leasing Guidelines and Marketing
Plan. In accordance with the Leasing Guidelines and the Marketing Plan, Manager shall use reasonable diligence to lease all of the vacant, leasable apartment units or other space within the Project to qualified tenants and to renew all lease
agreements in effect as of the Effective Date. All applications for the rental of apartment units or other space at the Project are to be referred to Manager. Manager shall negotiate, prepare, approve, execute and act in accordance with all leases
and rental agreements for the Project as well as all renewals or extensions thereof, and all such leases executed by Manager shall be binding on the Owner; provided, however, Manager will use only the form of lease approved by Owner and, if
applicable, Lender. Manager must obtain the prior written approval of Owner to execute any lease or rental agreement (i) providing for a term in excess of thirteen (13) months or less than three (3) months, or having renewal options
exceeding one (1) year, (ii) covering space to be occupied by a tenant or group of tenants in excess of fifteen (15) apartment units at the Project, or (iii) providing for a rental rate which (taking into account any rent concessions)
is less than 90% of the rental rate for the lease as set forth in the rental schedule approved by Owner as part of the Operating Budget. Owner acknowledges and agrees that Manager: (i) is authorized to pay commissions to its leasing staff and
leasing bonuses to its management staff with respect to leases executed during the term of this Agreement, and such payments shall be operating expenses payable by Manager from the Operating Account; and (ii) is authorized to lease up to
five (5) apartment units in the Project to Manager’s employees at a rental rate no less than 80% of the rental rate for the lease as set forth in the rental schedule approved by Owner as part of the Operating Budget, and that such rental
rate paid by such employees shall be included in Gross Revenues for purposes of this Agreement. Owner and Manager hereby acknowledge and agree that it is illegal for either Owner or Manager to refuse to display, sell or lease to any person because
of one’s membership in a protected class, e.g., race, color, religion, national origin, sex, ancestry, age, marital status, physical or mental handicap, familiar status, or any other class protected by any law, rule or regulation promulgated by
any applicable federal, state, county or local governmental body, and Owner and Manager hereby covenant and agree to act at all times in accordance with such laws, rules and regulations. 

  
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 (j) Employees of Manager. Manager shall employ, discharge and supervise all employees
necessary, in Manager’s reasonable discretion, for the performance of Manager’s duties hereunder. Within the guidelines established in the Operating Budget, Manager shall determine the compensation and fringe and other benefits to be
provided each employee. All personnel hired by Manager shall be employees of Manager and all compensation and other employment expenses related thereto shall be paid from the Operating Account or otherwise at the expense of Owner. Manager shall be
responsible to Owner for the conduct of such employees, so long as such employees are acting within the scope of their employment. Manager shall fully comply with and shall have sole responsibility for (subject to the right of Manager to use funds
from the Operating Account to the extent provided in the approved Operating Budget) all Governmental Regulations having to do with workmen’s compensation, social security, unemployment insurance, hours of labor, wages, working conditions, the
hiring and termination of employees and other related matters. Manager shall be responsible for the preparation of and shall timely file all payroll tax reports and timely make payments of all withholding and other payroll taxes with respect to each
employee. Manager represents that it is and will continue to be an equal opportunity employer and will advertise (to the extent Manager elects to advertise) as such. To the extent not already included in the Operating Budget, Manager shall provide
to Owner a schedule of employees to be employed “on-site” in the direct management of the Project. This schedule shall list the number of employees, their title and salary, the employees who are bonded or covered under Manager’s
fidelity and fraud bond, and any additional employees whose salaries may from time to time be charged pro rata to the Project for direct services rendered to the Project, such additional employees being subject to the approval of Owner, which
approval shall not be unreasonably withheld. Manager shall cause all personnel who handle or are responsible for the safekeeping of monies of Owner to be covered by a fidelity bond in an amount equal to but not less than two (2) months’
gross potential income from the Project with a company approved by Owner, in its reasonable discretion. 
 (k) Capital
Expenditure Programs. If Owner adopts a capital expenditure program, Owner and Manager shall enter into a supplemental agreement reasonably acceptable to Manager and Owner specifically delineating responsibilities and services to be performed by
Manager and the supplemental fees payable to Manager in respect of such work as more fully provided in Section 5.3 below. Manager shall administer and implement the capital expenditure program pursuant to such supplemental agreement. Such
administration shall include soliciting bids, contracting for services, overseeing the work and making payments. If Owner directly contracts any such capital programs with a third-party vendor, Manager shall cooperate fully with the vendor and shall
administer such services as if the vendor had been contracted by Manager. 
 (l) Payment of Debt Service and Escrows.
Manager shall pay, on or before the due date thereof, all debt service payments owed to Lender, including any tax, insurance and other reserves. If sufficient funds are not available to make such payments, together with all operating expenses then
due (including the Management Fee), Manager shall notify Owner, who will instruct Manager as to the payments and amounts to be made, and Owner shall be solely responsible for any deficiencies. 

(m) Service Contracts. Any service or supply contract (“Service Contracts”) for the Project that exceeds Five
Thousand Dollars ($5,000.00) shall be awarded by competitive bidding with at least three (3) written bids. If requested by Owner, Manager shall submit all bids to Owner for approval with Manager’s recommendation. Manager may, without the
prior written consent of Owner, execute any Service Contracts that are, as applicable, in compliance with the competitive bidding procedures set forth in this Section or otherwise within the guidelines set forth in the current Operating Budget;
provided, however, Manager shall not, without the prior written consent of Owner, execute any Service Contract for all or any portion of the Project which (1) does not permit Owner, without cause and without payment of any penalty or premium,
to terminate same (a) upon no more than thirty (30) days prior written notice, or (b) upon the sale of all or any portion of the Project; and/or (2) requires the payment or expenditure of any amount in excess of the respective
amount set forth in the Operating Budget. Manager shall not enter into any contract with a related party for cleaning, maintaining, repairing or servicing the Project or any of the constituent parts of the Project without the prior written consent
of Owner, which consent shall not be unreasonably withheld if the terms of such contract are market. As a condition to obtaining such consent, Manager shall supply Owner with a copy of the proposed contract that states the relationship, if any,
between Manager (or the person or persons in control of Manager) and the party proposed to supply such goods or services, or both. If approved by Owner, the following clause must appear in any such related party contract: “upon request of Owner
and its lenders, [name of contractor or supplier] will make available to Owner and its lenders, at a reasonable time and place, the records which relate to goods or services provided by [name of contractor or supplier] to the Project.”

  
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 (n) Contract Administration. All Service Contracts shall: (1) be in the name of
Owner, (2) identify the Project to which they relate and be assignable by Owner, (3) include a provision for cancellation by Owner or Manager effective upon 30 days’ written notice, except if waived by Owner, (4) require that all
contractors provide evidence of sufficient insurance, (5) be executed by Manager on behalf of Owner if the term of the contract is one (1) year or less (and Owner hereby authorizes Manager to so execute those Service Contracts on its
behalf) or by Owner if the term of the contract is greater than one (1) year. If this Agreement is terminated pursuant to any provision hereof, Manager shall, at Owner’s option, assign to Owner or Owner’s designee all contracts
pertaining to the Project in Manager’s name and Owner or Owner’s nominee shall assume (on behalf of Owner) all Manager’s obligations thereunder. Notwithstanding any contrary provision hereof, under no circumstances shall Manager be
liable for any contractual liability to third parties for expending or failing to expend any of its own monies in the performance of its services hereunder. 
 (o) Maintaining Licenses and Permits. Manager shall, at Owner’s expense, apply for, obtain and maintain, in the name of Owner, all licenses and permits required by any federal, state, county
or municipal governmental authority in connection with the management or operation of the Project. Owner shall cooperate with Manager in obtaining such licenses and permits. 
 (p) Lien Waivers. When disbursing any funds to any contractor or vendor who is entitled under the laws of any State to file a lien against the Project in the event of nonpayment, Manager shall
obtain an appropriate lien waiver or other document to ensure the lien-free status of the Project. 
 (q) Sale or Refinance
of Project. When requested by Owner in connection with a contemplated sale or refinancing of the Project, Manager shall provide Owner with a rent roll for the Project certified to Owner, to the best knowledge of Manager, with the following
information: a current and complete list of all apartment units, including the names of all tenant and the monthly rental, any concessions, any delinquencies, and the term and expiration date of all leases. In addition, upon request by Owner in
connection with a contemplated sale or refinancing of the Project, Manager shall provide Owner with copies of all existing leases for the Project, a list of defaults known to Manager on the part of landlord or any tenant thereunder, the amounts of
each tenant’s damage, escrow, pet and security deposits, a list of all vacancies, and a list of all written modifications, alterations or amendments of or to said leases. If Owner executes a listing agreement with a broker to sell the Project,
the Manager shall cooperate in all reasonable respects with such broker and will permit the broker to exhibit the Project during reasonable business hours if the broker has secured the Manager’s permission in advance. 

  
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 (r) Hazardous Materials; Toxic Wastes and Asbestos. If, during the Term, Manager
becomes aware of the existence of hazardous materials or wastes, toxic substances or wastes, asbestos or asbestos-bearing materials or the like at, in, on or under the Project, Manager shall immediately notify Owner of the condition. Owner shall
exclusively determine any further course of action with respect to such hazardous condition, but in any event Owner shall comply with all applicable environmental laws with respect to such hazardous condition. Manager shall not supervise or oversee
any work involving remediation of any hazardous or potentially hazardous wastes or conditions unless specifically hired by Owner to do so pursuant to a separate agreement between Owner and Manager. 

(s) Compliance With Restrictions. If applicable, Manager shall comply with all land use restriction agreements, regulatory
agreements or other similar agreements (collectively, the “Restrictions”) affecting the portions of the Project encumbered by mortgages securing low income housing bonds, provided that Owner has given a copy of such Restrictions to
Manager, and shall use reasonable diligence to obtain the required tenant certifications and/or verifications to maintain the tax-exempt status of the bonds issued in respect of the Project. If applicable and upon the request of Owner, Manager shall
also deliver a certificate to Owner stating, to the extent true, that, to its actual knowledge, the Project is in compliance with the Restrictions. 
 (t) Damage Claims. Manager shall promptly investigate and make a full report as to all claims for accidents, or claims for damage or casualty relating to the ownership, management, operation and
maintenance of the Project, shall estimate the cost of repairs, and shall cooperate and make any and all reports required by the insurance company in connection therewith. 
 (u) Signs. The Manager shall place and remove, or cause to be placed and removed, such signs upon the Project as the Manager deems appropriate, subject, however, to the terms and conditions of the
leases and to any applicable ordinances and regulations. 
 ARTICLE FIVE 

COMPENSATION OF MANAGER 
 Section 5.1 Fees Payable to Manager. 
 (a) Management
Fee. As compensation for the services performed hereunder, Manager shall be paid, in the manner provided below, a fee per month in an amount equal to four percent (4.0%) of the Gross Revenues of the Project (the “Management
Fee”). Notwithstanding the foregoing, the Manager may be entitled to receive a higher Management Fee in the event the Manager can demonstrate to the satisfaction of Owner through empirical data that a higher fee is justified for the
services rendered and the types of property managed. 
 (b) Leasing-Up Fee. The Manager may charge a separate fee for the
one-time initial rent-up or leasing-up of the Project in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties. 

  
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 (c) Additional Fees. If the Manager provides services other than those specified
herein, the Owner shall pay to the Manager a monthly fee equal to no more than that which the Owner would pay to a third party that is not an Affiliate of the Owner or the Manager to provide such services. Unless otherwise agreed by the Owner and
Manager in writing, Manager is hereby authorized to make payment of such additional fees from the Operating Account. 
 (d)
Audit Adjustment. If any audit of the records, books or accounts relating to the Project discloses an overpayment or underpayment of the Management Fee or any other fee payable to Manager pursuant to this Agreement, the Owner or the Manager
shall promptly pay to the other party the amount of such overpayment or underpayment, as the case may be. If such audit discloses an overpayment by more than five percent (5%) of the correct Management Fee or any other fee payable to Manager
pursuant to this Agreement for any fiscal year, the Manager shall bear the cost of such audit. 
 Section 5.2 Payment
of Management Fee. The Management Fee shall be paid in arrears on the last day of each and every month during the Term and shall be computed on the estimated Gross Revenues of the Project for that month. Manager is hereby authorized to make
payment of the Management Fee from the Operating Account. If this Agreement is terminated and the effective date of such termination is a day other than the first day of any month, the Management Fee earned by Manager with respect to such partial
month shall be prorated and adjusted based on the number of days in such month which elapsed prior to such termination, subject to the terms of Section 7.2. In the event the Operating Account does not contain sufficient funds to pay the
Management Fee, the Owner shall fund all sums necessary to pay the Management Fee. 
 Section 5.3
Construction/Renovation Supervision Fee. The obligations of Manager hereunder do not include any obligations related to the supervision, coordination or management of construction and/or renovation. However, if requested to do so by Owner, Owner
and Manager shall enter into a supplemental agreement pursuant to which Manager shall (i) act as Owner’s representative and supervise and otherwise coordinate construction and renovation work hereafter performed on all or any portion of
the Project, (ii) make, on behalf of Owner from Owner’s funds, all disbursements required to be made to the contractors therefor, (iii) act as liaison between the contractor and Owner, (iv) perform such other services with
respect to such construction or renovations as Owner may from time to time reasonably request, and (v) supervise and coordinate any capital improvements made to the Project. As compensation for such services, Manager shall receive a fee
approved by Owner. 
 ARTICLE SIX 
 DEPOSIT AND DISTRIBUTION OF COLLECTIONS 
 Section 6.1
Operating Account. 
 All monies collected by Manager from the operation of the Project shall be deposited in a special
account or accounts (“Operating Account”) in the name of Owner (or, if required by law, in the name of Manager as trustee for Owner) with a financial institution approved by Owner. Owner may direct Manager to change the depository
bank or to make reasonable changes to the depository arrangements at any time. All funds in the Operating Account shall at all times be and remain the property of Owner and shall be indicated as such on the records of such financial institution.
Owner’s name shall appear on the signature cards and Manager shall inform the financial institution that the funds are being held in trust for Owner. Manager shall not commingle the funds in the Operating Account with Manager’s own funds.
On the last business day of each calendar month during the Term, Manager shall have the right to withdraw (and Owner hereby authorizes and directs Manager to withdraw) the Management Fee from the Operating Account. Manager shall advise Owner of all
withdrawals and disbursements made from the Operating Account in the next monthly report made in accordance with Section 3.4. If required by a Lender, Manager shall deposit all rent or other receipts from the Project in a lockbox account
pursuant to the Lender’s written instructions, which shall be reasonably acceptable to Manager. 

  
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 Section 6.2 Disbursements. 

Owner hereby authorizes and directs Manager to disburse from the Operating Account all reasonable costs, fees and expenses incurred by, or
owed to, Manager in accordance with the approved Operating Budget or this Agreement or as otherwise approved in writing by Owner prior to any such expenditure (including, without limitation, reasonable travel and hotel costs). Except as specifically
approved in the Operating Budget or expressly set forth in this Agreement, Manager shall not pay from the Operating Account or be entitled to any reimbursement from Owner for any expenses related to Manager’s general overhead and administrative
expenses (other than those which are sufficiently discrete so as to enable Manager to determine the specific amount which is directly related to the Project, such as postage and long distance telephone charges to the extent they are included in the
Operating Budget), personnel expenses of employees located at Manager’s home office and costs attributable to losses arising from criminal acts, gross negligence, willful misconduct or fraud by Manager’s employees. Notwithstanding anything
to the contrary contained in this Agreement, (i) Owner hereby authorizes and directs Manager to, at any time and from time to time, disburse, setoff and deduct from the Operating Account any and all amounts due or owing to Manager (or any party
claiming by or through Manager, including, without limitation, any of Manager’s employees, venders, representatives or contractees (on behalf of Owner)) under this Agreement or any other similar agreements by and between Manager, on the one
hand, and Owner or any persons or entities affiliated with Owner, on the other hand; and (ii) Owner, on behalf of all entities affiliated with Owner (or any of Owner’s principals), hereby authorizes and directs Manager to, at any time and
from time to time, disburse, setoff and deduct from any other operating accounts of said other entities affiliated with Owner (or any of Owner’s principals) any and all amounts due or owing to Manager (or any party claiming by or through
Manager, including, without limitation, any of Manager’s employees, venders, representatives or contractees) under this Agreement or any similar agreements by and between Manager, on the one hand, and Owner or any persons or entities affiliated
with Owner, on the other hand. 
 Section 6.3 Authorized Signatures. 

Manager is hereby authorized to sign all checks and initiate wire transfers to payees not exceeding Fifty Thousand Dollars ($50,000) for
payment for approved and authorized expenses. Any approved and authorized expenditure of more than Fifty Thousand Dollars ($50,000) will require the check signature or wire transfer approval of Owner or an agent of Owner. Additionally, Owner’s
signature alone will always be sufficient regardless of the dollar amount. 
 Section 6.4 Security Deposits.

 Manager shall maintain all security deposits it receives from tenants in accordance with applicable laws with a financial
institution acceptable to Owner and, if applicable, Lender, and shall keep detailed records of such security deposits, which will be open for inspection by Owner and, if applicable, Lender. If required by law, the account shall be held in the name
of Owner, separate from all other funds from the Project. Any interest earned on the security deposits must accrue to the benefit of Owner or, if required by law, to the applicable tenants. 

  
 11 

 Section 6.5 Access to Accounts. 

Through the use of signature cards, authorized representatives of Owner shall be permitted access to any and all funds in the bank
accounts described in this Article Six: provided, however, that Owner agrees not to withdraw any funds from the Operating Account that would result in such Operating Account at any time having a balance insufficient to cover Operating
Expenses for the month in question. Manager’s authority to draw against such accounts may be terminated at any time by Owner upon notice to Manager and the depository bank. In the event of such a termination, Owner will assume full
liability for, and shall hold harmless and indemnify Manager from, all existing financial obligations of the Project which were handled by Manager in accordance with this Agreement prior to such termination. 

Section 6.6 Records Maintenance and Additional Reporting. 

Manager shall maintain all original accounting records for the Project (including, but not limited to, all documents relating to the
operations and performance of the Project, leases, rent rolls, vendor invoices, Service Contracts, accounts and any other books, records and reports maintained pursuant to this Agreement), all of which shall be deemed to be the property of Owner.
Manager shall make such records available to Owner, Lender and their designated representatives at all reasonable times. In addition, Manager shall prepare and deliver to Owner (in addition to the requirements stipulated under
Section 3.4) any reports relating to the operation of the Project reasonably requested by Lender, and such other financial reports that Owner or Lender may reasonably request. The services provided by Manager hereunder shall not include
the preparation and/or filing of any tax returns required to be filed by Owner. 
 Section 6.7 Audits.

 Owner and Lender, at their expense and upon reasonable advance notice, may examine or cause to be examined all the books and
records (including computer records) maintained for Owner by Manager. Owner and Lender, at their expense, may perform any and all additional audit tests relating to Manager’s activities, either at the Project, or at any office of the Manager,
provided such audit tests are related to those activities performed by Manager for Owner with respect to the Project. 
 ARTICLE
SEVEN 
 TERM AND TERMINATION 
 Section 7.1 Initial Term. 
 Subject to the provisions of
Section 7.2 hereof, the initial term of this Agreement (the “Initial Term”) shall commence on the Effective Date and shall continue for one (1) year (as the same may be extended, the “Term”). The
Term shall be automatically renewed for successive one (1) year periods thereafter unless either party delivers written notice of termination to the other at least thirty (30) days prior to the commencement of the next succeeding renewal
period. 
 Section 7.2 Termination by Owner. 

Owner may terminate this Agreement (i) at any time upon delivery of written notice to Manager not less than thirty (30) days
prior to the effective date of termination, in the event of a breach by Manager of its duties under this Agreement unless such breach is cured within said thirty (30) day period (in which event such termination notice shall be void), and
(ii) immediately upon the occurrence of any of the following: 
 (a) A decree or order is rendered by a court having
jurisdiction (i) adjudging Manager as bankrupt or insolvent, or (ii) approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for Manager under the federal bankruptcy laws or
any similar applicable law or practice, or (iii) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of Manager or a substantial part of the property of Manager, or for the winding up or liquidating of its
affairs; or 

  
 12 

 (b) Manager (i) institutes proceedings to be adjudicated a voluntary bankrupt or an
insolvent, (ii) consents to the filing of a bankruptcy proceeding against it, (iii) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or relief under any similar applicable law or
practice, (iv) consents to the filing of any such petition, or to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its property, (v) makes an assignment for
the benefit of creditors, (vi) is unable to or admits in writing its inability to pay its debts generally as they become due unless such inability shall be the fault of the other party, or (iv) takes corporate or other action in
furtherance of any of the aforesaid purposes. 
 Section 7.3 Termination by Manager. 

In the event that (i) Owner fails to make any payment when due under this Agreement and such default is not cured within five
(5) days after notice thereof or (ii) Owner otherwise fails to observe any other term, covenant or condition set forth in this Agreement and such failure continues for a period of fifteen (15) days after written notice thereof, then
(in either such case) Manager may immediately terminate this Agreement upon written notice thereof to Owner. 

Section 7.4 Effect of Termination. 
 (a) In the event of any early termination of this Agreement as set forth in this Article Seven, Manager shall be entitled to the payment of its reimbursable expenses (including all accrued and other
employment expenses) and accrued but unpaid Management Fees and other compensation and reimbursement to which Manager is entitled under this Agreement through the effective date of any such termination, but not otherwise; and all such amounts shall
be due and payable upon the effective date of termination and which, in the case of the sale of the Project or the ownership interests in Owner, shall be paid by Owner at the closing of such transaction from the proceeds thereof or from other funds
of Owner. 
 (b) In addition to the foregoing, in the event that Owner terminates this Agreement for any reason within 180 days
following the Effective Date, Owner shall pay to Manager, on the effective date of such early termination and in addition to the compensation and other amounts described above, a cancellation fee equal the largest (in dollar value) Management Fee
payable to Manager under this Agreement for any month during the previous six (6) month period (or such shorter period as the Management Agreement was in effect). 
 (c) Upon the expiration or earlier termination of this Agreement, (i) Owner shall assume and Manager shall assign all future obligations under contracts entered into by Manager on behalf of Owner
pursuant to this Agreement, (ii) Owner shall pay for the costs of all services, materials and/or supplies, if any, which have been ordered by Manager as a result of its obligations hereunder, (iii) Manager shall relinquish control and
assign to Owner all of its rights in and to the Operating Account and any other bank accounts established, held or maintained by Manager in the name of or for the benefit of Owner, (iv) Manager shall cooperate with the Owner, at Owner’s
expense, to provide an orderly transition of the Manager’s duties hereunder and (v) except as otherwise expressly set forth in this Agreement and subject to Owner’s timely payment to Manager of all earned but unpaid portions of the
Management Fee and other compensation and reimbursement to which Manager is entitled under this Agreement, all of the obligations and responsibilities of each of the parties hereto shall thereupon cease and terminate (except for any obligations and
responsibilities that expressly survive the termination of this Agreement). Provided Owner has made timely payment to Manager of all earned but unpaid portions of the Management Fee and other compensation and reimbursement to which Manager is
entitled under this Agreement, Manager shall deliver to Owner the following: 
 (1) within five (5) business
days following the termination date, all books and records pertaining to the Project, all monies of Owner on hand or in any bank account under the control of Manager, together with all keys, supplies, documents, accounts, papers, records, reports,
leases, contracts, tenant lease applications, tenant certifications, and other documents, items and matters relating to the management and operation of the Project; and 

  
 13 

 (2) within thirty (30) days following the termination date, an
up-to-date accounting reflecting the balance sheet and the gross revenues and expenses, conforming to the requirements of Section 3.4, as of the date of the termination. 

ARTICLE EIGHT 

ASSIGNMENTS 
 Section 8.1 Assignment. 
 Except as provided in
Section 8.2, Manager may not assign this Agreement or any rights hereunder without the prior written consent of the Owner. Any assignment not permitted by this Section shall be of no force or effect. 

Section 8.2 Subcontract Right. 
 Notwithstanding the provisions of Section 8.1 above, Manager shall have the right, subject to the prior written approval of Owner, which approval shall not be unreasonably withheld, to
subcontract to a third-party property manager, some or all of the management responsibilities of Manager hereunder for a fee that may be less than the Management Fee paid hereunder. No such subcontract shall relieve Manager of any of its obligations
hereunder. Manager acknowledges that the right to subcontract may be conditioned upon the receipt of approval from Lender (if applicable), which approval Owner shall use commercially reasonable efforts to obtain, upon Manager’s request. In the
event that the Manager does so subcontract any of its duties hereunder to a third party property manager, any fees payable to such third party property manager may, at the instruction of the Manager, be deducted from the Management Fee and paid
directly by the Owner to such third party, or paid directly by the Manager to such third party, in the Manager’s discretion. 
 ARTICLE NINE 
 INSURANCE AND INDEMNIFICATION 

Section 9.1 Insurance Coverage to be Maintained by Owner. 

Owner shall procure and maintain policies of insurance at all times during the Term, at its own cost and expense, insuring: 

(a) The improvements at any time situated upon or constituting the Project against loss or damage by fire, lightning, wind storm, hail
storm, aircraft, vehicles, smoke, explosion, riot or civil commotion as provided by the Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Perils Form (“all risk”
coverage). The insurance coverage shall be for not less than 90% of the full replacement cost of such improvements with agreed amount endorsement. Manager shall be named as an additional insured but all proceeds of insurance shall be payable to
Owner (or its mortgagee). 

  
 14 

 (b) Owner, Lender, if any, and Manager from all claims, demands or actions made by or on
behalf of any person or persons, firm or corporation and arising from, related to or connected with the Project, for bodily injury to or personal injury to or death of any person, or more than one (1) person, or for damage to property in an
amount of not less than the amount set forth on Exhibit A hereto for Commercial General Liability. Said Commercial General Liability insurance to be maintained by Owner shall be written on an “occurrence” basis and not on a
“claims made” basis, shall name Manager as an additional insured, and the coverage afforded thereunder shall be primary to any like coverages maintained by Manager. Owner shall cause its liability insurance to include contractual liability
coverage fully covering the indemnities made by Owner as set forth herein. Owner shall supply Manager with copies of endorsements confirming additional insured status and a certificate of insurance evidencing the coverages required hereunder upon
execution of this Agreement and updated certificates evidencing renewed coverage not later than ten (10) days prior to the expiration date of any policies. 
 (c) All contents and trade fixtures, machinery, equipment, furniture and furnishings owned or leased by Owner at the Project to the extent of at least ninety percent (90%) of their replacement cost
under Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Form (“all risk” coverage). 
 (d) Owner and Manager against breakage of all plate glass utilized in the improvements on the Project. 
 Section 9.2 Insurance Coverage to be Maintained by Manager. 

Manager shall procure and maintain policies of insurance, at Owner’s expense, which expense shall be a part of the Operating Budget,
at all times during the Term, insuring: 
 (a) Manager from worker’s compensation and employer’s liability claims.

 (b) Manager, Owner and Lender, if any, for bodily injury to or personal injury to or death of any person, or more than one
(1) person, or for damage to property arising from a hired or owned automobile in an amount of not less than the amount set forth on Exhibit A hereto for Hired Autos and Non Owned Autos. Said insurance shall be written on an
“occurrence” basis and not on a “claims made” basis. 
 (c) Manager and Owner (and Lender, if any) from
excess (umbrella) liability in amounts not less than the amount set forth on Exhibit A hereto for Excess (umbrella) Liability. 
 (d) Fidelity of all employees of Manager. 
 Section 9.3 Form of
Insurance. 
 All of the aforesaid insurance shall be purchased from responsible and financially sound companies. As to
Manager’s insurance, the insurer and the form, substance and amount (where not stated above) shall be reasonably satisfactory to Owner and Lender, if applicable, and shall provide that the insurer shall endeavor to provide at least thirty
(30) days prior written notice to Owner and Lender prior to the cancellation or non-renewal of the policy. Certificates of Manager’s insurance policy and evidence of payment of the premiums, each reasonably satisfactory to Owner, shall be
deposited with Owner at the commencement of the Term and within ten (10) business days after renewal thereof or payment therefore during the Term. 

  
 15 

 Section 9.4 Mutual Waiver of Subrogation Rights. 

Whenever (a) any loss, cost, damage or expense resulting from fire, explosion or any other casualty or occurrence is incurred by any
of the parties to this Agreement, or anyone claiming by, through, or under it in connection with the Project, and (b) such party is then covered in whole or in part by insurance with respect to such loss, cost, damage or expense or is required
under this Agreement to be so insured, then the party so insured (or so required) hereby releases the other party from any liability for such loss, cost, damage or expense to the extent of any amount recovered by reason of such insurance (or which
costs would have been recovered had such insurance been carried as so required) and waives any right of subrogation which might otherwise exist in or accrue to any person on account thereof. The insurance which each party is required under this
Agreement to maintain shall contain an endorsement waiving the insurer’s right of subrogation against the other party, and each party represents and warrants to the other party as of the date hereof that the insurance each party is required to
maintain under this Agreement presently contains an endorsement whereby the insurer waives subrogation rights. 

Section 9.5 Indemnity by Owner. 
 The Owner agrees to indemnify, defend and hold Manager and its officers, employees, agents and representatives harmless from and against any and all claims, losses, damages, costs and expenses, including
reasonable attorneys’ fees through all appeals, (i) arising from or related to the Manager’s entering into and/or performing its duties under this Agreement, including, without limitation, any claims, liabilities, costs and/or
expenses incurred by Manager as a result of, related to or arising out of (a) the form of lease agreement used to lease units or other available space at the Project or (b) any claim, incident, injury, loss or damage at, on or related to
the Project (whether or not covered by insurance); provided, that such claims, losses, damages, costs or expenses are not directly attributable to the gross negligence, the willful or wanton misconduct or bad faith of Manager; and/or
(ii) arising from or related to any action or inaction on the part of the Owner or its employees, agents, or representatives either prior to or after the date of this Agreement. 

Section 9.6 Indemnity by Manager. 
 Manager agrees to indemnify, defend and hold Owner and its Affiliates and their respective officers, employees, agents and representatives harmless from and against any and all claims, losses, damages,
costs and expenses, including reasonable attorneys’ fees through all appeals, arising from or attributable to the gross negligence or the willful or wanton misconduct or bad faith of Manager or its employees, agents, or representatives.
Furthermore, Manager shall not pay out of the Operating Account or be entitled to be reimbursed for, and shall indemnify Owner against, all expenses incurred by Owner, including, but not limited to, reasonable attorneys’ fees, and any
liability, fines, penalties or the like, in connection with any claim, proceeding or suit involving a violation by Manager, its agents or employees, of any law pertaining to fair employment, fair credit reporting, rent control, payment of employment
or other taxes which are the responsibility of Manager, or fair housing, including, but not limited, any law prohibiting or making illegal discrimination on the basis of race, age, sex, creed, family status, color, religion, national origin or
mental or physical handicap, provided, however, Manager shall be required to pay such expenses if, and only if, Manager is finally adjudged to have personally and not in a representative capacity violated any such law. 

  
 16 

 Section 9.7 Survival. 

The indemnities contained in this Article Nine shall survive the termination of this Agreement for a period commensurate with
the applicable statute of limitations with respect to breaches of written contracts calculated from the date of termination. 

ARTICLE TEN 

NOTICES 
 Section 10.1 Notices. 
 All notices necessary or desired to be
given by one party to the other shall be in writing and shall be personally delivered, delivered by certified mail return receipt requested, delivered by a nationally-recognized overnight courier service, or by facsimile transmission, addressed to
the respective party at its address or facsimile number specified below, or at such other address or facsimile number as either party may subsequently specify by giving written notice of such change to the other party hereto as hereinbefore
provided. Notices sent by certified mail shall be deemed received on the third business day following deposit in the United States mail postage prepaid; notices sent by courier service or by facsimile shall be deemed received upon actual receipt by
the recipient, provided that any facsimile received either after 5:00 p.m. local recipient time on a business day or anytime on a non-business day, shall be deemed to have been received on the next following business day. Notices shall be addressed:

  

			
	 If to Owner:
	  	
[                         
                           ]
 c/o Independence Realty Trust, Inc.

		  	Cira Centre
		  	2929 Arch Street
		  	Philadelphia, Pennsylvania 19104
		  	Attention: President
		  	Facsimile:
		
	 with a copy to:
	  	Alston & Bird LLP
		  	1201 West Peachtree Street
		  	Atlanta, Georgia 30309
		  	(404) 881-7000
		  	Attention: Jason W. Goode
		  	Facsimile: (404) 253-8393
		
	 If to Manager:
	  	Jupiter Communities, LLC
		  	401 North Michigan Avenue
		  	Suite 1300
		  	Chicago, Illinois 60611
		  	Attention: Kellie DeVilbiss
		  	Facsimile: (312) 924-1602
		
	 with a copy to:
	  	RAIT Financial Trust
		  	2929 Arch Street, 17th Floor
		  	Philadelphia, PA 19104
		  	Attention: Jamie Reyle, Esq., Corporate Counsel
		  	Facsimile: (215) 243-9039

  
 17 

 Section 10.2 Estoppel Letters. 

Upon request of the other party from time to time by notice, each party shall furnish to the other party a written statement of the status
of any matter pertaining to the Agreement to the best knowledge and belief of the party making such statement, including, without limitation, whether default exists under this Agreement. The written statement shall be sent by notice within ten
(10) days after the notice requesting it. 
 ARTICLE ELEVEN 

MISCELLANEOUS 
 Section 11.1 Integration Clause. 
 This Agreement constitutes
the entire agreement between the parties hereto with respect to the matters herein contained, and all prior discussions and agreements with respect thereto, except to the extent set forth herein, shall be of no further force and effect. 

Section 11.2 Amendments in Writing. 
 This Agreement may be modified or amended only by written agreement signed by the party against whom the amendment is asserted. 
 Section 11.3 Successors Bound. 
 Subject to the terms and
conditions of this Agreement, including the restrictions on assignment, the same shall be binding upon and inure to the benefit of the respective representatives, successors and permitted assigns of the parties hereto. 

Section 11.4 Governing Law. 
 The construction, interpretation and performance of this Agreement shall be governed by the internal laws of the State of
[                    ]. 
 Section 11.5 Captions. 
 The captions in this Agreement are
inserted for convenience of reference and in no way define, describe or limit the scope or intent of this Agreement or any of the provisions hereof. 
 Section 11.6 Limited Liability of Manager and Owner. 
 Each of Manager and
Owner acknowledges that it shall have no recourse to any Person that owns an interest in or controls the other party or any assets of such Person. Manager shall not be liable hereunder or in connection herewith for any indirect, consequential,
special or punitive damages. Notwithstanding anything to the contrary contained herein, Manager’s liability for any and all matters arising under or in connection with this Agreement and/or the Project (in the aggregate) shall not exceed an
amount equal to: (i) the average monthly Management Fee payable under this Agreement, multiplied by (ii) twenty-four (24); provided, that this limitation of liability shall not apply to Manager’s willful misconduct or fraud. 

Section 11.7 No Third Party Beneficiary. 
 The parties hereto agree that there are no intended third party beneficiaries of this Agreement. 
 Section 11.8 Counterparts. 
 This Agreement may be executed in
counterparts, each of which shall for all purposes be deemed an original and all such counterparts shall together constitute but one and the same agreement. 
 Section 11.9 No Waiver. 
 The failure of either party to insist
upon the strict performance of any covenant, agreement, provision or section of this Agreement shall not constitute a waiver thereof. 

  
 18 

 Section 11.10 Severability. 

If any provision of this Agreement or the application thereof to any party or circumstance shall be invalid or unenforceable to any
extent, the remainder of this Agreement shall not be affected thereby. 
 Section 11.11 Time of the Essence.

 Time is of the essence of this Agreement. 
 Section 11.12 Prevailing Party. 
 In the event of litigation
between the parties in connection with this Agreement, the reasonable attorneys’ fees and court cost incurred by the party prevailing in such litigation shall be borne by the non-prevailing party. 

Section 11.13 Pronouns and Plurals. Whenever the context may require, any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
 [SIGNATURE PAGE FOLLOWS] 

  
 19 

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

									
	 JUPITER COMMUNITIES, LLC,
 a Delaware limited liability company

		
	By:	 	  

	Name:	 	  

	Its:	 	  

	
	OWNER:
	
	[                           
         ]
		
	By:	 	INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, its sole member
			
		 	By:	 	INDEPENDENCE REALTY TRUST, INC., its general partner
					
		 		 	By:	 		 	  

		 		 	Name:	 		 	  

		 		 	Its:	 		 	  

  
 20 

 EXHIBIT A 

SCHEDULE OF INSURANCE REQUIREMENTS 
  

			
	 Type of Coverage
	 	 Minimum Amount

	 Commercial General Liability
	 	 $2,000,000 aggregate

$1,000,000 per occurrence

	 Hired Autos and Non-Owned Autos
	 	$1,000,000 combined single limit
	 Excess (umbrella) Liability
	 	$5,000,000
	 Worker’s Compensation and Employer’s Liability
	 	$1,000,000
	 Fidelity
	 	$500,000Fifth Amendment to Loan and Security Agreement and Promissory Notes- Belle Creek

 Exhibit 10.8 
 FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT AND 
 PROMISSORY
NOTES 
 THIS FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT AND PROMISSORY NOTES (this
“Amendment”) is made as of the 29th day
of April, 2011 (the “Effective Date”), by and between IRT BELLE CREEK APARTMENTS COLORADO, LLC, a Delaware limited liability company (“Borrower”), and RAIT PARTNERSHIP, L.P., a Delaware limited partnership
(“Interim Guarantor”), and INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership (“New Guarantor”), and RAIT CRE CDO I, LTD., an exempted company incorporated under the laws of the Cayman
Islands (together with its successors and assigns, “Lender”). 
 BACKGROUND 

WHEREAS, Lender is the current owner and holder of (i) that certain Promissory Note dated effective as of January 22, 2007 in
the original principal amount of Thirteen Million Two Hundred Thousand and 00/100 Dollars ($13,200,000.00) (“Note #1”), and (ii) that certain Promissory Note dated effective as of January 22, 2007 in the original principal
amount of Two Million Four Hundred Thousand and 00/100 Dollars ($2,400,000.00) (“Note #2” and together with Note #1, the “Notes”), evidencing a loan (the “Loan”) in the aggregate original principal amount
of Fifteen Million Six Hundred Thousand and 00/100 Dollars ($15,600,000.00), which Notes were made by Belle Creek Apartments Colorado, LLC, a Delaware limited liability company (“Original Borrower”), and payable to the order of RAIT
Partnership, L.P., a Delaware limited partnership (the “Original Lender”). 
 WHEREAS, the Loan is further
evidenced by that certain Loan and Security Agreement dated effective as of June 22, 2007, by and between Original Borrower and Original Lender, as amended by (i) that certain First Amendment and Modification to Loan and Security Agreement
dated May 31, 2007 by and among Original Borrower, National Commercial Ventures, LLC, a Delaware limited liability company (“NCV”), Commercial Ventures, Inc., a Delaware corporation (“CVI”), Richard J. Nathan,
an individual (“Nathan” and together with NCV and CVI being sometimes referred to herein collectively as the “Original Guarantor”), and Lender, (ii) that certain Second Amendment to Loan and Security Agreement
dated as of July 18, 2008 by and among Original Borrower, Original Guarantor and Lender, (iii) that certain Third Amendment to Loan and Security Agreement dated effective as of February 19, 2009 by and among Original Borrower,
Original Guarantor, Interim Guarantor, and Lender, and (iv) that certain Fourth Amendment to Loan and Security Agreement and Other Loan Documents dated effective as of January 21, 2010 by and between Original Borrower and Lender (together
with any and all other amendments, restatements and other modifications thereof, the “Loan Agreement”), which is hereby incorporated herein and made a material part hereof. Capitalized terms used but not otherwise defined herein
shall have the meanings set forth in the Loan Agreement. 
 WHEREAS, on or about March 7, 2007, Original Lender assigned,
sold and transferred its interest in the Loan, the Notes and all Loan Documents to RAIT Preferred Holdings I, LLC, a 

 
Delaware limited liability company (“Interim Lender”), as evidenced by, among other things, those certain Allonges to $13,200,000.00 Promissory Note and $2,400,000.00 Promissory
Note, respectively, each effective as of March 7, 2007, made by Original Lender in favor of Interim Lender. 
 WHEREAS, on
or about March 7, 2007, Interim Lender assigned, sold and transferred its interest in the Loan, the Notes and all Loan Documents to Lender, as evidenced by, among other things, those certain Allonges to $13,200,000.00 Promissory Note and
$2,400,000.00 Promissory Note, respectively, each effective as of March 7, 2007, made by Interim Lender in favor of Lender. Lender is the current holder of all of Original Lender’s interest in and to the Loan, the Note and Loan Documents.

 WHEREAS, pursuant to that certain Contribution Agreement dated as of April 7, 2011, by and among Original Borrower,
Crestmont Apartments Georgia, LLC, Cumberland Glen Apartments Georgia, LLC, Creeks at Copper Hills Apartments Texas, LLC, Heritage Trace Apartments Virginia, LLC, Tresa at Arrowhead Arizona, LLC and New Guarantor, as partially assigned by New
Guarantor to Borrower (the “Contribution Agreement”), Original Borrower agreed to contribute the Property to Borrower. The Contribution Agreement requires that Borrower assume the Loan and the obligations of Original Borrower under
the Loan Documents, and conditions the closing of the sale of the Property upon, among other things, Borrower’s assumption of the Loan. 
 WHEREAS, Original Borrower, Borrower and Interim Guarantor have requested that Lender (1) grant its consent to (i) the contribution of the Property by Original Borrower to Borrower (the
“Transfer”), subject to the Deed of Trust and the other Loan Documents, and (ii) the assumption by Borrower of the Loan (the “Assumption”), (2) agree to amend the Loan Agreement and the Note in accordance
with the terms and conditions of this Amendment, (3) agree to release Belle Creek Member, LLC, a Delaware limited liability company (“Interim Pledgor”), from any liability to Lender under any and all of the Loan Documents,
(4) agree to a release of Original Borrower from any liability to Lender under any and all of the Loan Documents, and (5) agree to (i) a partial release of Interim Guarantor from liability to Lender under that certain Guaranty of
Non-Recourse Carveouts dated effective as of February 19, 2009 (the “Interim Guaranty”), and (ii) a partial release of Interim Guarantor from liability to Lender under the Environmental Indemnification (as hereinafter
defined). The releases in the foregoing subsections (3), (4) and (5) being sometimes referred to herein collectively as the “Release”. 
 WHEREAS, Lender has agreed to (1) consent to the Transfer and the Assumption; (2) amend the Loan Agreement and the Notes in certain respects as set forth herein; and (3) provide the
Release, subject to the terms and conditions hereof, that certain Loan Assumption and Substitution Agreement and Amendment to Deed of Trust (with Security Agreement) and Assignment of Rents and Leases of even date herewith by and among Original
Borrower, Interim Guarantor, Borrower, New Guarantor and Lender (the “Assumption Agreement”) and the other documents, agreements and/or certificates executed in connection therewith (collectively, the “Loan Assignment
Documents”). 

  
 2 

 WHEREAS, Borrower acknowledges and agrees that, as of the Effective Date, the outstanding
principal amount of the Loan is Ten Million Five Hundred Seventy-Five Thousand and 00/100 Dollars ($10,575,000.00). 
 WHEREAS,
New Guarantor directly owns one hundred percent (100%) of the legal and beneficial equity in Borrower. 
 WHEREAS, Borrower
and New Guarantor will benefit directly and/or indirectly from the Transfer, the Assumption and the other transactions contemplated hereby. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and intending to be legally bound, the parties hereto agree as follows: 

A. AMENDMENTS 
 1. Miscellaneous Amendments to the Loan Agreement. Effective as of the Effective Date, the Loan Agreement is hereby amended as follows: 

(a) Loan Documents. The term “Loan Documents” as used throughout the Loan Agreement shall mean all
of the Loan Documents (as defined in the Loan Agreement) and all of the Loan Assignment Documents, all as subsequently amended; 
 (b) Guarantor. The term “Guarantor” and “Guarantors” as used throughout the Loan Agreement shall be deemed to refer exclusively to New Guarantor and not to Original Guarantor
and/or Interim Guarantor except to the extent said references would also be applicable to Original Guarantor and/or Interim Guarantor in accordance with any continuing liabilities of Original Guarantor and/or Interim Guarantor under the
Environmental Indemnification and their respective Non-Recourse Carveout Guaranty Agreements and any other continuing guaranty or indemnity obligations of the foregoing under the Loan Documents, as amended; 

(c) Borrower. All references to “Borrower” in the Loan Agreement shall be deemed to refer exclusively to
Borrower (as defined in this Amendment); 
 (d) Pledgors. All references to “Pledge Agreement”,
“Pledgor” or “Pledgors” in the Loan Agreement are hereby deleted; and 
 (e) Guaranty
Agreements. All references to “Guaranty Agreements” in the Loan Agreement shall refer to the Guaranty (as defined in Article A, Section 8 of this Amendment). 

2. Amendment to Interest Rate. Effective as of the Effective Date, Section 1(b) of the Loan Agreement is hereby
deleted in its entirety and replaced with the following: 
 “(b) Interest Rate. The unpaid principal
balance of the Loan will accrue interest (“Interest”) at an interest rate (the “Interest Rate”) equal to: (i) for the 

  
 3 

 
period commencing on April 29, 2011 and continuing through April 28, 2013, a fixed rate of interest equal to two and one-half percent (2.50%), and (ii) for the period commencing on
April 29, 2013 through the date on which the Debt is repaid in full (the “LIBOR Rate Period”), the percent per annum equal to the LIBOR Rate (as hereinafter defined), rounded upwards, if necessary, to the nearest 1/8 of one
percent (1%), plus 225 basis points. Notwithstanding the foregoing, provided that no default or Event of Default exists hereunder or under any of the other Loan Documents, Borrower shall have the one-time option at any time during the LIBOR Rate
Period, but upon not less than thirty (30) days prior written notice to Lender, to fix the Interest Rate at a rate equal to 275 basis points over a comparable interpolated Swap Rate commencing on the first day of the next full accrual period
and continuing for the remaining term of the Loan. Lender shall determine the LIBOR Rate as in effect from time to time, and each such determination of the LIBOR Rate shall be conclusive and binding absent manifest error. For purposes hereof,
“LIBOR Rate” means the Thirty Day London Interbank Offered Rate, LIBOR (the “Index”). LIBOR is a standard financial index used in the US Capital Markets as published and shown by the British Bankers’
Association on its website, which can be found at www.bba.org.uk. The Interest Rate is subject to change from time to time based on changes in the Index. The Index is not necessarily the lowest rate charged by Lender on its loans. Borrower
understands that Lender may make loans based on other rates as well. If the Index becomes unavailable during the term of this Loan, Lender may designate a substitute index that will result in a comparable Interest Rate after notice to Borrower.
Lender will tell Borrower the current Index rate upon Borrower’s request. The Interest Rate change will not occur more often than each month. The Interest Rate change will occur on the first (1st) day of each calendar month, based on the Index rate for that
date as published and shown on the above-referenced website, rounded upwards, if necessary, to the nearest 1/8 of one percent (1%).” 
 3. Amendment to Interest Payments. Effective as of the Effective Date, Section 1(c)(ii) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 “(ii) Interest Payments. 

(1) Effective as of November 1, 2010, on the first day of each calendar month (each, a “Payment
Date”), Borrower will make payments in arrears to Lender (each, an “Interest Payment” and collectively, the “Interest Payments”) equal to the outstanding principal amount of the Loan multiplied by the
Interest Rate, with the resulting product then multiplied by a fraction whose numerator is the actual number of days elapsed in the immediately preceding month and whose denominator is three hundred and sixty (360), as determined by Lender on each
Payment Date in its sole discretion; provided, however, the amount payable for each Interest Payment shall not exceed (a) for Payment Dates between December 1, 2010 and November 1, 2011, inclusive, any and all Net Cash Flow (as
hereafter defined) generated during the previous calendar month, 

  
 4 

 
or (b) for Payment Dates from and after December 1, 2011, five percent (5.0%) per annum. Interest accruing at the Interest Rate which exceeds the amount payable on each Payment
Date pursuant to the immediately preceding sentence (such excess, collectively, the “Interest Deficiency”), if any, shall be due and payable on such Payment Date or future Payment Dates to the extent sufficient funds are available
to pay such amounts under Section 4(b)(vii) and (viii) of this Loan Agreement. Any Interest Deficiency, to the extent not so paid, shall be payable in full on the first to occur of (x) an Event of Default, (y) the Maturity
Date (or earlier acceleration of the Debt), or (z) the date upon which the Loan is repaid in full. The foregoing notwithstanding, if any Payment Date shall fall on a date that is not a Business Day (as hereinafter defined), then the payment
scheduled to be due on such Payment Date shall be deemed to be due on the first (1st) Business Day immediately following such Payment Date. As used herein, the term “Net Cash Flow” means any and all Operating Revenues (as hereafter defined), less Expenses (as
hereafter defined). As used herein, “Operating Revenues” means any and all operating revenues of the Property actually received during the applicable period, as determined by Lender in accordance with Lender’s then current
audit policies and procedures. As used herein, “Expenses” means the total of all cost and expenses, of whatever kind relating to the operation, maintenance and management of the Property that are incurred during the applicable
period or (without duplication) on a regular monthly (or other periodic) basis, including any and all capital expenditures, utilities, ordinary repairs and maintenance, insurance, license fees, rental payments, property taxes and assessments,
advertising expenses, management fees, payroll and related taxes, computer processing charges, operational equipment or other lease payments as approved by Lender, and other similar costs, and any amounts required to be deposited into any of the
Reserves pursuant to the terms of this Loan Agreement (but excluding depreciation and debt service (but not including loan reserve payments)), as determined by Lender in accordance with its then current audit policies and procedures.

 (2) Notwithstanding anything to the contrary set forth above, on each Payment Date after
April 29, 2011, Borrower will make Interest Payments only in arrears to Lender equal to the outstanding principal amount of the Loan multiplied by the applicable Interest Rate with the resulting product then multiplied by a fraction whose
numerator is the actual number of days elapsed in the immediately preceding month and whose denominator is three hundred and sixty (360), as determined by Lender on each Payment Date in its sole reasonable discretion. The foregoing notwithstanding,
if any Payment Date shall fall on a date that is not a Business Day (as hereinafter defined), then the payment scheduled to be due on such Payment Date shall be deemed to be due on the first
(1st) Business Day immediately following such Payment
Date.” 
 Notwithstanding anything to the contrary contained herein or in the Loan Agreement, any and all outstanding Interest Deficiency
is hereby waived by Lender as of the Effective Date and shall not be due and owing by Borrower. 

  
 5 

 4. Amendment to Maturity. 

(1) Effective as of the Effective Date, Section 1(d) of the Loan Agreement is hereby deleted in its entirety and replaced
with the following: 
 “(d) Principal Maturity. The outstanding principal balance of the Loan and all
accrued and unpaid Interest (including, without duplication, any unpaid Accrued Interest) and any and all amounts owing or to be owing by Borrower or any obligor under the Loan Documents whenever arising (collectively, the “Debt”),
will be due on the Maturity Date (as hereafter defined). For purposes hereof, the “Maturity Date” means the earlier of (i) the Scheduled Maturity Date (as hereinafter defined); and (ii) the date on which the Debt becomes
due and payable, whether by acceleration or otherwise. For purposes hereof, the “Scheduled Maturity Date” means April 28, 2021.” 
 (2) Effective as of the Effective Date, Section 1(f) of the Loan Agreement is hereby deleted in its entirety. 
 5. Amendment to Prepayment Lockout Date. Effective as of the Effective Date, Section 1(e)(i) of the Loan Agreement is hereby amended by replacing the first sentence thereof with the
following: 
 “(i) Voluntary Prepayment. Except as otherwise expressly set forth herein, the Loan may not be prepaid,
in whole or in part, prior to April 29, 2016 (“Lockout Date”). 
 6. Amendment to Section 2(d) of
the Loan Agreement. Effective as of the Effective Date, Section 2(d) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “(d) Intentionally Deleted;” 
 7. Amendment to Section 2(f) of
the Loan Agreement. Effective as of the Effective Date, Section 2(f) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

“(f) a collateral assignment (the “Management Assignment”) of that certain Property Management
Agreement by and between Borrower and Jupiter Communities, LLC, a Delaware limited liability company (“Property Manager”), dated on or about April 29, 2011 (the “Property Management Agreement”);”

 8. Amendment to Section 2(h) of the Loan Agreement. Effective as of the Effective Date, Section 2(h)
of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

  
 6 

 “(h) (1) a guaranty from NCV, Commercial Ventures, Inc., a Delaware
corporation (“CVI” or “CVI, Inc.”), and Richard J. Nathan, an individual (“Nathan”), of the Recourse Obligations of Borrower (“Guaranty #1”), (2) a guaranty from RAIT
Partnership, L.P., a Delaware limited partnership (“RAIT Guarantor”), of the Recourse Obligations of Borrower (the “Interim Guaranty”), and (3) a guaranty from Independence Realty Operating Partnership, LP, a
Delaware limited partnership (“Guarantor”), of the Recourse Obligations of Borrower (the “Guaranty Agreement” and together with Guaranty #1 and Interim Guaranty, the “Guaranty”);” 

9. Amendment to Section 2(i) of the Loan Agreement. Effective as of the Effective Date, Section 2(i) of the Loan
Agreement is hereby deleted in its entirety and replaced with the following: 
 “(i) (1) an indemnification
from Belle Creek Apartments Colorado, LLC, NCV, CVI, Inc. and Nathan against losses arising out of or in any way relating to any Hazardous Substances (as defined therein) or violation of Environmental Laws (as defined therein)
(“Environmental Indemnification #1”), (2) an indemnification from Belle Creek Apartments Colorado, LLC and RAIT Guarantor against losses arising out of or in any way relating to any Hazardous Substances (as defined therein) or
violation of Environmental Laws (as defined therein) (“Environmental Indemnification #2”), and (3) an indemnification from Borrower and Guarantor against losses arising out of or in any way relating to any Hazardous Substances
(as defined therein) or violation of Environmental Laws (as defined therein) (“Environmental Indemnification #3” and together with Environmental Indemnification #1 and Environmental Indemnification #2, the “Environmental
Indemnification”);” 
 10. Amendment to Section 4(a) of the Loan Agreement. Effective as of the
Effective Date, Section 4(a) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “(a) Accounts. 
 (i) Restricted Account. Subject
to the terms of that certain Blocked Deposit Account Control Agreement dated on or about the Effective Date among Borrower, Citibank, N.A. (“Bank”) and Lender (the “Restricted Account Agreement”): 

(A) Borrower shall establish at the Bank an account (the “Restricted Account”) in the name of Borrower
for the sole and exclusive benefit of Lender; 
 (B) Borrower shall deposit, or cause to be deposited, within one
(1) Business Day after receipt, all revenue generated by the Property into the Restricted Account; 
 (C)
Funds on deposit in the Restricted Account shall be transferred on each Business Day to Borrower’s designated operating account, provided that if a Trigger Period (as hereinafter defined) exists, such funds instead shall be

  
 7 

 
transferred on each Business Day to the Cash Management Account (as hereinafter defined); and 
 (D) Until deposited into the Restricted Account, any revenue generated at or from the Property held by Borrower or its agents shall be deemed to be collateral for the Loan and shall be held in trust for
the benefit, and as the property, of Lender pursuant to the Deed of Trust and shall not be commingled with any other funds or property of Borrower. 
 (ii) Other Accounts; Trigger Period. Borrower shall establish in the name of Borrower for the sole and exclusive benefit of Lender an account into which Borrower shall transfer or cause to be
transferred funds from the Restricted Account at all times during a Trigger Period (the “Cash Management Account”). For purposes hereof, a “Trigger Period” shall mean a period commencing upon the earliest of
(i) the occurrence and continuance of an Event of Default, and (ii) the Debt Service Coverage Ratio being less than 1.20 to 1.00; and expiring upon (x) with regard to any Trigger Period commenced in connection with clause
(i) above, the cure (if applicable) of such Event of Default, and (y) with regard to any Trigger Period commenced in connection with clause (ii) above, the date that the Debt Service Coverage Ratio is equal to or greater than 1.20 to
1.00 for two (2) consecutive calendar quarters. Notwithstanding the foregoing, a Trigger Period shall not be deemed to expire in the event that a Trigger Period then exists for any other reason. For purposes hereof, the “Debt Service
Coverage Ratio” shall mean the ratio calculated by Lender on a monthly basis of (i) the operating income less the operating expenses for the twelve (12) month period immediately preceding the date of calculation to (ii) the
aggregate amount of debt service which would be due for such twelve (12) month period; provided, that, the foregoing shall be calculated by Lender assuming that the Loan had been in place for the entirety of said period. 

(iii) Maintenance of Accounts. All costs and expenses for establishing and maintaining the Restricted Account, the
Cash Management Account, and/or any successor thereto (collectively, the “Deposit Accounts”) shall be paid by Borrower. Borrower shall not alter or modify any Deposit Account, the Restricted Account Agreement, or any other agreement
governing a Deposit Account, in each case without the prior written consent of Lender. Lender shall have the right to cause a Deposit Account to be entitled with such other designation as Lender may select to reflect an assignment or transfer of
Lender’s rights and/or interests with respect thereto, and Lender shall provide Borrower with prompt written notice of any such renaming of a Deposit Account. 

(iv) Security Interest in Accounts. Borrower hereby grants to Lender a first-priority security interest in the
Deposit Accounts and in all deposits at any time contained therein and in the proceeds thereof. Borrower will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in all such Deposit Accounts.
Borrower hereby authorizes Lender to file UCC Financing Statements and continuations thereof to perfect Lender’s security interest in the Deposit Accounts and all deposits at any time contained therein and the proceeds thereof. Borrower shall
not further pledge, 

  
 8 

 
assign or grant any security interest in the Deposit Accounts or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC
Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto. 
 (v)
Power of Attorney. Borrower constitutes and appoints Lender its true and lawful attorney-in-fact with full power of substitution to complete or undertake any action required of Borrower under this Section 4(a) in the name of
Borrower in the event Borrower fails to do the same. Such power of attorney shall be deemed to be a power coupled with an interest and cannot be revoked.” 
 11. Amendment to Section 7(a)(ii) of the Loan Agreement. Effective as of the Effective Date, Section 7(a)(ii) of the Loan Agreement is hereby deleted in its entirety and replaced
with the following: 
 “(ii) Borrower’s exact legal name is IRT Belle Creek Apartments Colorado, LLC.
Borrower is a Delaware limited liability company. Borrower is incorporated or organized under the laws of Delaware. Borrower’s principal place of business and chief executive office, and the place where Borrower keeps its books and records,
including recorded data of any kind or nature, regardless of the medium of recording, including software, writings, plans, specifications and schematics, has been the same for the preceding four (4) months (or, if less than four
(4) months, the entire period of the existence of Borrower). Borrower’s organizational identification number, if any, assigned by the state of its incorporation or organization is 4972125 (Delaware). Borrower’s federal tax
identification number is 90-0707768. Borrower’s organizational structure set forth on Exhibit “C” is true, correct and accurate.” 
 12. Amendment to Section 8(v) [Due on Sale Clause] of the Loan Agreement. Effective as of the Effective Date, Section 8(v) of the Loan Agreement is hereby deleted in its entirety
and replaced with the following: 
 “(v) Due on Sale and Encumbrance; Transfers of Interests.

 (i) Borrower acknowledges and agrees that Lender has relied upon the principals of Borrower and their
experience in owning and operating the Property. Accordingly, in the event that (A) any direct interest in Borrower, or (B) except as set forth in Section 8(v)(ii) below, any indirect interest in Borrower, shall be sold,
conveyed, disposed of, alienated, hypothecated, assigned, pledged, mortgaged, further encumbered or otherwise transferred, in any manner or way, whether voluntarily or involuntarily (each of the foregoing, a “Transfer”) without the
prior written consent of Lender, then the same shall, at the option of Lender, constitute an Event of Default hereunder and under the other Loan Documents and Lender shall have the right, at its option, to declare any or all of the Debt,
irrespective of the Maturity Date, immediately due and payable and to otherwise exercise any of its other rights and remedies contained in this Loan Agreement and/or any of the other Loan Documents. 

  
 9 

 (ii) Notwithstanding anything in Section 8(v)(i) above to the
contrary, provided (A) Borrower provides Lender with at least ten (10) days written notice (the “Permitted Transfer Notice”) prior to the date of any such Permitted Transfer (as hereinafter defined), (B) on the date
of delivery to Lender of the Permitted Transfer Notice and on the date of such Permitted Transfer, no Event of Default or event which, with the giving of notice or passage of time, would result in an Event of Default, then exists, (C) any such
Permitted Transfer would not result in the release of any Guarantor or cause any Guarantor to no longer derive a direct material benefit from the making of the Loan (as determined by Lender in its sole and absolute discretion), (D) any
transferee pays all costs and expenses incurred by Lender, including, but not limited to, reasonable attorneys fees, in connection with such Permitted Transfer, and (E) any such transferee and transferor provide Lender with such other
information and documents as requested by Lender in its sole and absolute discretion, the following transfers (each a “Permitted Transfer”) shall be permitted by Lender: 

(1) transfers or pledges of direct or indirect Equity Interests (as hereinafter defined) in the sole member of Borrower
which in the aggregate during the term of the Loan (i) do not exceed forty-nine percent (49%) of the total direct or indirect legal or beneficial Equity Interests in the sole member of Borrower and (ii) do not result in a change in
Control (as hereinafter defined) of the sole member of Borrower; and 
 (2) transfers or pledges of direct or
indirect Equity Interests in the sole member of Borrower among the holders thereof or their Affiliates (or parties under common Control with them) as of the date hereof provided that, after the consummation thereof, sole member of Borrower is
Controlled by: (i) entities Controlled by, affiliated with, or under common Control with Independence Realty Trust, Inc., (ii) Guarantor or entities Controlled by, affiliated with, or under common Control with Guarantor; and/or
(iii) any combination of the foregoing. 
 As used herein, the term “Equity Interests”
means (a) partnership interests (general or limited) in a partnership; (b) membership interests in a limited liability company; (c) shares or stock interests in a corporation; and (d) the beneficial ownership interests in a
trust. 
 (iii) Notwithstanding anything in Section 8(v)(i) above to the contrary, director or
indirect Equity Interests in Independence Realty Trust, Inc. and in Independence Realty Operating Partnership, LP may be Transferred without the consent of Lender.” 
 13. Amendment to Section 22(n) of the Loan Agreement. The address for Borrower and Lender set forth in Section 22(n) of the Loan Agreement is hereby amended as follows: 

  
 10 

			
	“If to Borrower:	  	IRT Belle Creek Apartments Colorado, LLC
		  	c/o RAIT Financial Trust
		  	Cira Centre
		  	2929 Arch Street, 17th Floor
		  	Philadelphia, PA 19104
		  	Attn: Jack Salmon, President
		  	Facsimile No. (215) 243-9097
		
	With a copy to:	  	Alston & Bird LLP
		  	One Atlantic Center
		  	1201 West Peachtree Street
		  	Atlanta, GA 30309-3449
		  	Attention: Sean Reynolds, Esquire
		  	Facsimile No.: (404) 253-8586
		
	If to Lender:	  	RAIT CRE CDO I, LTD.
		  	Cira Centre
		  	2929 Arch Street, 17th Floor
		  	Philadelphia, PA 19104
		  	Attn: Scott F. Schaeffer, President
		  	Facsimile No. (215) 243-9097
		
	With a copy to:	  	Ledgewood, a professional corporation
		  	1900 Market Street, Suite 750
		  	Philadelphia, Pennsylvania 19103
		  	Attn: David Mallenbaum, Esquire
		  	Facsimile No. (215) 735-2513”

 14.
Amendment to Exhibit “B” of the Loan Agreement; Consent to the Transfer and the Assumption. Exhibit “B” to the Loan Agreement (“Original Exhibit B”) is hereby deleted in its entirety and replaced
with Exhibit “B” to this Amendment (referred to herein as, “New Exhibit B”), and all references in and throughout the Loan Agreement to “Exhibit “B”” and/or “Exhibit B”
shall, from and after the Effective Date, be deemed to refer exclusively to New Exhibit B. The parties hereby acknowledge and agree that the named borrower under the Loan Documents has, with Lender’s consent, changed in order to effectuate the
Transfer and the Assumption. Lender hereby (i) expressly consents to and permits the Transfer and the Assumption, and (ii) agrees that, notwithstanding the terms of the Loan Agreement, the Transfer and the Assumption shall not constitute
an Event of Default. Notwithstanding the aforesaid, nothing contained in this Section 14 shall waive (or be deemed to waive) any right Lender has to declare an Event of Default upon any subsequent direct and/or indirect transfer of the
Property or upon any modification to the ownership structure of Borrower set forth on New Exhibit B, in each case which is not expressly permitted by and effectuated in accordance with the terms of the Loan Agreement (as amended hereby). 

  
 11 

 15. New Exhibit “D” to the Loan Agreement. Exhibit “D” to
the Loan Agreement (“Original Exhibit D”) is hereby deleted in its entirety and replaced with Exhibit “C” to this Amendment (referred to herein as, “New Exhibit D”), and all references in and
throughout the Loan Agreement to “Exhibit “D”” and/or “Exhibit D” shall, from and after the Effective Date, be deemed to refer exclusively to New Exhibit D. 

B. CONDITIONS TO EFFECTIVENESS  
 Lender shall have no obligation to execute this Amendment and/or to perform its obligations hereunder (and this Amendment shall not be enforceable against Lender) unless and until each of the following
conditions (collectively, the “Amendment Conditions”) is satisfied to Lender’s reasonable satisfaction: 

1. No Event of Default. As of the date of satisfaction of all of the other Amendment Conditions, no Event of Default has occurred
and is continuing and no condition exists that, with the passing of time or giving of notice, or both, would result in an Event of Default; 
 2. Ratification of Guaranty. Interim Guarantor shall execute and deliver to Lender the Reaffirmation of Obligations, a form of which is attached as Exhibit “A” hereto and made part
hereof; 
 3. New Carve-Out Guaranty and Environmental Indemnification #3. New Guarantor shall execute and deliver to
Lender the Guaranty Agreement (as defined in Article A, Section 8), which shall be equivalent in form and substance to the Interim Guaranty. New Guarantor and Borrower shall execute and deliver to Lender Environmental Indemnification #3
(as defined in Article A, Section 9), which shall be equivalent in form and substance to the Environmental Indemnification; 
 4. Execution of this Amendment. Borrower, Original Borrower, Interim Guarantor, New Guarantor and Interim Pledgor have executed and delivered originals of this Amendment and/or the Joinder
hereto (as applicable) to Lender; 
 5. Additional Documentation. Borrower and New Guarantor shall execute and
deliver or cause to be executed and delivered to Lender, at Borrower’s sole cost and expense, any and all other documents, agreements, corporate resolutions, certificates and opinions as Lender shall reasonably request in connection with the
execution and delivery of this Amendment or any documents in connection herewith, or to further evidence, effect, enforce or protect any of the terms hereof or the rights or remedies granted or intended to be granted to Lender herein or therein,
each of which shall be in form and content acceptable to Lender; 
 6. Title. Borrower or Original Borrower shall have
delivered to Lender a signed and marked lender’s title insurance commitment and an executed Loan Title Pro Forma, each of the foregoing with such endorsements as Lender may require, in Lender’s favor in an amount equal to the outstanding
balance of the Debt, from a title insurer pre-approved by Lender, insuring the Deed of Trust and dated as of the date of the Transfer. In addition, Borrower shall have delivered to Lender and Lender shall have approved an executed Owner’s Title
Pro Forma 

  
 12 

 
insuring (in the amount of the purchase price under the Contribution Agreement) Borrower’s good and marketable fee simple title to the Property with such endorsements as Lender may require;
and 
 7. New Cash Management and Management Documents. Borrower shall deliver to Lender (i) a fully executed copy
of the Property Management Agreement (as defined in Article A, Section 7 above), which shall be in form and substance reasonably acceptable to Lender, (ii) a fully executed original of a Collateral Assignment of Management Agreement
and Subordination of Management Fees by and between Borrower, Property Manager (as defined in Article A, Section 7 above) and Lender with respect to the Property Management Agreement, which shall be equivalent in form and substance to
the Collateral Assignment of Management Agreement and Subordination of Management Fees executed and delivered by Original Borrower, the original property manager, and Lender, and (iii) a fully executed original of a Blocked Deposit Account
Control Agreement by and between Borrower, Citibank, N.A. and Lender, which, together with this Amendment, shall replace that certain Cash Management Agreement executed and delivered by Original Borrower, the original property manager and Lender.

 In the event that Borrower, Original Borrower, Interim Pledgor, New Guarantor and Interim Guarantor have not satisfied any or
all of the Amendment Conditions on or before the Effective Date, then this Amendment shall be null, void and of no further force and effect. 
 C. REPRESENTATIONS 
 Borrower and New Guarantor hereby represent and
warrant to Lender that: 
 1. The execution, delivery and performance by Borrower and New Guarantor of this Amendment
(a) are within Borrower’s and New Guarantor’s power; (b) have been duly authorized by all necessary limited liability company and/or partnership action; (c) are not in contravention of any provision of Borrower’s or New
Guarantor’s certificate of formation, certificate of limited partnership, limited liability company agreement, limited partnership agreement or other organizational documents; (d) do not violate any law or regulation, or any order or
decree of any governmental authority; (e) do not conflict with or result in the breach or termination of, constitute a default under or accelerate any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other
instrument to which Borrower and/or New Guarantor is a party or by which Borrower or New Guarantor or any of their respective property is bound; (f) do not result in the creation or imposition of any lien upon any of the property of Borrower or
New Guarantor other than those in favor of Lender pursuant to the Loan Documents; and (g) do not require the consent or approval of any governmental authority or any other person or entity; 

2. This Amendment has been duly executed and delivered for the benefit of or on behalf of Borrower and New Guarantor and constitutes a
legal, valid and binding obligation of Borrower and New Guarantor, enforceable against Borrower and New Guarantor in accordance with its terms except as the enforceability hereof may be limited by bankruptcy, insolvency, reorganization, moratorium
and other laws affecting creditors’ rights and equitable remedies in general; 

  
 13 

 3. After giving effect to this Amendment, no Event of Default or event which, with the
giving of notice or the passage of time or both, would constitute an Event of Default has occurred and is continuing, provided that for purposes of this provision, no aspect of the collection, control, use or conveyance of security deposits shall be
regarded as causing or contributing to a current or future Event of Default; and 
 4. All representations and warranties of
Borrower contained in Section 7 of the Loan Agreement (as amended hereby) are materially true, accurate and correct on and as of the date hereof as if made on and as of the date hereof. 

Original Borrower hereby represents and warrants to Lender that: 

1. The execution, delivery and performance by Original Borrower of this Amendment and the Joinder attached hereto (as applicable)
(a) are within Original Borrower’s power; (b) have been duly authorized by all necessary limited liability company and/or partnership action; (c) are not in contravention of any provision of Original Borrower’s certificate
of formation, limited liability company agreement or other organizational documents; (d) do not violate any law or regulation, or any order or decree of any governmental authority; (e) do not conflict with or result in the breach or
termination of, constitute a default under or accelerate any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which Original Borrower is a party or by which Original Borrower or any of their
respective property is bound; (f) do not result in the creation or imposition of any lien upon any of the property of Original Borrower; (g) do not require the consent or approval of any governmental authority or any other person or
entity; and (h) constitute legal, valid and binding obligations of Original Borrower, enforceable against Original Borrower, in accordance with their respective terms except as the enforceability hereof may be limited by bankruptcy, insolvency,
reorganization, moratorium and other laws affecting creditors’ rights and remedies in general; 
 2. After giving effect to
this Amendment, no Event of Default or event which, with the giving of notice or the passage of time or both, would constitute an Event of Default has occurred and is continuing, provided that for purposes of this provision, no aspect of the
collection, control, use or conveyance of security deposits, nor any unpaid accrued interest on the principal portion of the Notes, shall be regarded as causing or contributing to an Event of Default; and 

3. All representations and warranties of Original Borrower contained in Loan Agreement are materially true, accurate and correct on and
as of the date hereof as if made on and as of the date hereof. 
 D. OTHER AGREEMENTS 

1. Continuing Effectiveness of Loan Documents. As amended hereby, all terms of the Loan Agreement, the Notes and the other Loan
Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the parties 

  
 14 

 
thereto (all of which are hereby reaffirmed by Borrower and New Guarantor). To the extent any terms and conditions in any of the other Loan Documents shall contradict or be in conflict with any
terms or conditions of the Loan Agreement or the Notes, after giving effect to this Amendment, such terms and conditions are hereby deemed modified and amended accordingly to reflect the terms and conditions of the Loan Agreement and the Notes as
modified and amended hereby. All references to the “Loan Agreement” and/or the “Notes” therein or in any other Loan Documents shall be deemed to be a reference to the Loan Agreement and the Notes as amended hereby.
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, NOTHING CONTAINED IN THIS AMENDMENT IS INTENDED TO LIMIT, WAIVE OR DIMINISH IN ANY WAY, THE CONTINUING OBLIGATIONS, IF ANY, OF ORIGINAL BORROWER AND/OR ORIGINAL GUARANTOR PURSUANT TO THE
TERMS AND CONDITIONS OF THE LOAN DOCUMENTS, INCLUDING WITHOUT LIMITATION, ENVIRONMENTAL INDEMNIFICATION #1, THE SPRINGING GUARANTY AND GUARANTY #1, ALL OF THE FOREGOING AS AMENDED, INCLUDING AS AMENDED BY THAT CERTAIN THIRD AMENDMENT TO LOAN AND
SECURITY AGREEMENT DATED FEBRUARY 19, 2009. 
 2. Acknowledgment of Perfection of Security Interest. Borrower hereby
acknowledges that, as of the date hereof, the security interests and liens granted to Lender under the Loan Agreement, the Deed of Trust, the Notes and/or the other Loan Documents are in full force and effect, are properly perfected and are
enforceable in accordance with the terms of the Loan Agreement, the Deed of Trust, the Notes and the other Loan Documents, except to the extent such enforceability may be limited by bankruptcy, insolvency or other similar laws of general application
affecting the enforcement of creditor’s rights. 
 3. Effect of Agreement. Except as set forth expressly herein, all
terms of the Loan Agreement and the Notes, as amended hereby, and the other Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of Borrower, Original Borrower,
Interim Pledgor, New Guarantor and Interim Guarantor to Lender. Except as set forth expressly herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Lender under the Loan
Agreement, nor constitute a waiver of any provision of the Loan Agreement. This Amendment shall constitute a Loan Document for all purposes of the Loan Agreement. Borrower’s failure to comply with or perform any of its covenants, agreements or
obligations contained in this Amendment shall constitute an Event of Default. 
 4. Governing Law. This Amendment
shall be governed by, and construed in accordance with, the internal laws of the Commonwealth of Pennsylvania and all applicable federal laws of the United States of America. 
 5. Costs and Expenses. Borrower agrees to pay on demand all costs and expenses of Lender in connection with the preparation, execution and delivery of this Amendment, including, without limitation,
the reasonable fees and out-of-pocket expenses of counsel for Lender with respect thereto. 

  
 15 

 6. Counterparts. This Amendment and the Joinder attached hereto may be executed by
one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of
this Amendment and the Joinder attached hereto by facsimile transmission shall be as effective as delivery of a manually executed counterpart hereof. 
 7. Challenge to Enforcement. Borrower and New Guarantor acknowledge and agree that they currently have no defense, set-off, counterclaim or challenge against the payment of any sums owing under the
Loan Documents (including, without limitation, the Loan Agreement and the Notes), or the enforcement of any of the terms or conditions thereof. 
 8. Binding Nature. This Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors, successors-in-titles, and assigns. 

9. Entire Understanding. This Amendment sets forth the entire understanding of the parties with respect to the matters set forth
herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto. 
 10.
Release of Lender. Original Borrower, Interim Pledgor and Interim Guarantor hereby release, acquit, and forever discharge (i) Lender, (ii) any servicer, sub-servicer, collateral manager and/or trustee in connection with the
Loan and/or any collateralized debt obligations issued in connection with or secured (in whole or in part) by the Loan and (iii) each and every past, present and future subsidiary, affiliate, joint venture of Lender and all partners, members
and joint venturers and other equity holders of any of the foregoing (whether affiliated or non-affiliated with Lender), together with all stockholders, officers, trustees, directors, agents, servants, employees, representatives and attorneys of any
of the foregoing (all of the aforesaid persons and entities listed in (i), (ii) and (iii), the “Lender Parties”), from any and all claims, set-offs, counterclaims, causes of action, suits, debts, liens, obligations,
liabilities, demands, losses, costs and expenses (including reasonable attorneys’ fees) of any kind, character, or nature whatsoever, known or unknown, fixed or contingent, which Original Borrower, Interim Pledgor and/or Interim Guarantor may
now or hereafter have or claim to have arising out of or connected with any act of commission or omission of any Lender Party including, without limitation, any claims, liabilities or obligations arising with respect to the Loan Agreement or the
other of the Loan Documents. The provisions of this paragraph shall be binding upon Original Borrower, Interim Pledgor and Interim Guarantor and shall inure to the benefit of the Lender Parties and each of their heirs, executors, administrators,
successors and assigns. 
 11. Recitals. Borrower and New Guarantor do hereby ratify, confirm and acknowledge that the
statements contained in the foregoing Recitals clauses are true, correct and complete in all respects and that the Loan Documents are valid, binding and in full force and effect as of the date hereof, and are fully enforceable against Borrower and
New Guarantor, as applicable, in accordance with their terms. The Recitals are hereby incorporated herein and made a material part hereof by this reference as if fully set forth in this Amendment. 

  
 16 

 12. No Accord or Satisfaction. Except to the extent expressly set forth in Article
D, Section 13, Section 14, Section 15, Section 16, Section 17 and Section 18, neither this Amendment nor any other agreement in connection herewith or pursuant to the terms hereof
shall be deemed or construed to be a compromise, satisfaction, accord and satisfaction, novation or release of any of the Loan Documents (including, without limitation, the Loan Agreement and/or the Notes), or any rights or obligations thereunder,
or a waiver by Lender of any of its rights under the Loan Documents or at law or in equity. Except to the extent expressly set forth in Article D, Section 13, Section 14, Section 15, Section 16,
Section 17 and Section 18, nothing contained herein, nor any actions taken pursuant to the terms hereof constitutes a release, termination or waiver of any liens, security interests, rights or remedies granted to Lender in
any of the Loan Documents (including, without limitation, the Loan Agreement and the Notes), which liens, security interests, rights and remedies are hereby ratified, confirmed, extended and continued as security for all of the Debt. 

13. Release Under the Interim Guaranty. Effective as of the Effective Date and except as provided in this Section below,
Lender hereby fully releases, acquits, and forever discharges Interim Guarantor from any and all actions and causes of action, claims and demands, suits, damages, costs, attorneys’ fees, expenses, debts, dues, accounts, bonds, covenants,
contracts and agreements, in law or in equity, whether the same are known or unknown, accrued or unaccrued, presently existing or hereafter arising, which Lender, or anyone claiming by, through or under Lender, in any way might have or could claim
against Interim Guarantor on account of, or arising out of or in connection with the Interim Guaranty; provided, however, Interim Guarantor shall not be released and the Interim Guaranty shall continue only with respect to any acts or
omissions occurring or obligations arising after February 19, 2009 but prior to or simultaneously with the Effective Date. 
 14. Limited Release Under the Guaranty Agreement. Notwithstanding anything to the contrary contained in the Guaranty, New Guarantor shall not be liable under the Guaranty Agreement for the recourse
obligations of Original Borrower set forth in Section 12(c) or Section 12(d) of the Loan Agreement that arose prior to the Effective Date. 
 15. Limited Release Under Environmental Indemnification #3. Notwithstanding anything to the contrary contained in Environmental Indemnification #3, Borrower and New Guarantor shall not be liable
under Environmental Indemnification #3 for any losses arising out of or in any way relating to any Hazardous Substances or violation of Environmental Laws with respect to the Property that occurred prior to the Effective Date. 

16. Release of Interim Pledgor. Effective as of the Effective Date, Lender hereby fully releases, acquits, and forever discharges
Interim Pledgor from any and all actions and causes of action, claims and demands, suits, damages, costs, attorneys’ fees, expenses, debts, dues, accounts, bonds, covenants, contracts and agreements, in law or in equity, whether the same are
known or unknown, accrued or unaccrued, presently existing or hereafter arising, which Lender, or anyone claiming by, through or under Lender, in any way might have or could claim against Interim Pledgor on account of, or arising out of or in
connection with that certain Pledge and Security Agreement dated effective as of October 13, 2009, by and between Interim 

  
 17 

 
Pledgor and Lender (the “Interim Pledge Agreement”). From and after the Effective Date, the Interim Pledge Agreement shall be terminated and of no further force and effect.

 17. Release of Original Borrower. Effective as of the Effective Date, Lender hereby fully releases, acquits, and
forever discharges Original Borrower and each and every partner of Original Borrower (other than the Interim Guarantor and Original Guarantor) and each and every partner or member of any such partner of Original Borrower (other than the Interim
Guarantor and Original Guarantor) (collectively, the “Original Borrower Parties”) from any and all actions and causes of action, claims and demands, suits, damages, costs, attorneys’ fees, expenses, debts, dues, accounts,
bonds, covenants, contracts and agreements, in law or in equity, whether the same are known or unknown, accrued or unaccrued, presently existing or hereafter arising, which Lender, or anyone claiming by, through or under Lender, in any way might
have or could claim against Original Borrower Parties on account of, or arising out of or in connection with the Loan or the Loan Documents. 
 18. Limited Release Under the Environmental Indemnification. Notwithstanding anything to the contrary contained in the Environmental Indemnification, Interim Guarantor shall not be liable under the
Environmental Indemnification for any losses arising out of or in any way relating to any Hazardous Substances or violation of Environmental Laws with respect to the Property that occur on or after the Effective Date, except to the extent such
liability arises directly or indirectly out of any acts or omissions of Original Borrower, Interim Pledgor, Interim Guarantor and/or any of their respective principals, officers, directors, shareholders, general partners, members, managers, managing
members, affiliates, or any agent, employee or other person authorized or apparently authorized to act on behalf of any of the foregoing prior to the Effective Date; provided, however, that this Section 18 shall in no way
affect, modify, waive, release or relinquish the liability of Interim Guarantor under the Environmental Indemnification for any Hazardous Substances or violation of Environmental Laws with respect to the Property occurring prior to the Effective
Date (regardless of when discovered). For purposes of interpreting and applying this Section 18, under no circumstances will Borrower, New Guarantor or any affiliates of New Guarantor be deemed authorized to act on behalf of Interim
Guarantor (unless set forth in writing to the contrary). 
 19. No Advances. Borrower acknowledges and agrees that
proceeds of the Loan may not be re-advanced or re-borrowed once they have been repaid. 
 [SIGNATURES APPEAR ON THE FOLLOWING
PAGE] 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the 29th day of
April, 2011, to be effective as of the Effective Date. 
  

							
	BORROWER:
	
	 IRT BELLE CREEK APARTMENTS COLORADO, LLC,
 a Delaware limited liability company

		
	By:	 	Independence Realty Operating Partnership, LP,
		 	a Delaware limited partnership, its sole Member
			
		 	By:	 	Independence Realty Trust, Inc.,
		 		 	a Maryland corporation, its General Partner
				
		 		 	By:	 	 /s/ Jack E. Salmon

		 		 	Name: Jack E. Salmon
		 		 	Title: President and Chief Financial Officer
	
	GUARANTOR:
	
	INDEPENDENCE REALTY OPERATING
	 PARTNERSHIP, LP,
 a
Delaware limited partnership

		
	By:	 	Independence Realty Trust, Inc.,
		 	a Maryland corporation, its General Partner
			
		 	By:	 	 /s/ Jack E. Salmon

		 	Name: Jack E. Salmon
		 	Title: President and Chief Financial Officer

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

  
 19 

 [SIGNATURES CONTINUED FROM THE PRECEDING PAGE] 

 

							
	LENDER:
	
	 RAIT CRE CDO I, LTD.,
 a Cayman Islands limited liability company

		
	By:	 	RAIT PARTNERSHIP, L.P.,
		 	a Delaware limited partnership, its Master Servicer and Special Servicer
			
		 	By:	 	RAIT General, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	 /s/ Kenneth R. Frappier

		 		 	Name: Kenneth R. Frappier
		 		 	Title: Executive Vice President

  
 20 

 JOINDER 

On the 29th day of April, 2011, by signing below, the undersigned hereby covenants and agrees to be bound by all of the terms, covenants
and conditions expressly relating to the undersigned and set forth in that certain Fifth Amendment to Loan and Security Agreement and Promissory Notes dated April 29, 2011, to which this Joinder is attached. 

 

											
	ORIGINAL BORROWER:
	
	 BELLE CREEK APARTMENTS COLORADO, LLC,
 a Delaware limited liability company

		
	By:	 	 Belle Creek Member, LLC, a Delaware
 limited liability company, its Manager

			
		 	By:	 	Belle Creek IR Holdings, LLC, a Delaware limited liability company, its sole Member and Manager
				
		 		 	By:	 	 RAIT NTR Holdings, LLC,
 a Delaware limited liability company, its sole Member and Manager

					
		 		 		 	By:	 	 RAIT Partnership, L.P.,
 a Delaware limited partnership, its sole Member and Manager

						
		 		 		 		 	By:	 	RAIT General, Inc., a Maryland corporation, its sole General Partner
					
		 		 		 	By:	 	 /s/ Kenneth R. Frappier

		 		 		 	Name: Kenneth R. Frappier
		 		 		 	Title: Executive Vice President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

  
 21 

 [SIGNATURES CONTINUED FROM THE PRECEDING PAGE] 

 

									
	INTERIM PLEDGOR:
	
	 BELLE CREEK MEMBER, LLC,
 a Delaware limited liability company

		
	By:	 	Belle Creek IR Holdings, LLC, a Delaware limited liability company, its sole Member and Manager
			
		 	By:	 	 RAIT NTR Holdings, LLC,
 a Delaware limited liability company, its sole Member and Manager

				
		 		 	By:	 	 RAIT Partnership, L.P.,
 a Delaware limited partnership, its sole Member and Manager

					
		 		 		 	By:	 	RAIT General, Inc., a Maryland corporation, its sole General Partner
					
		 		 		 	By:	 	 /s/ Kenneth R. Frappier

		 		 		 	Name: Kenneth R. Frappier
		 		 		 	Title: Executive Vice President

  
 22 

 EXHIBIT “A” 

[FORM OF REAFFIRMATION OF OBLIGATIONS] 
 SEE ATTACHED 

  
 23 

 REAFFIRMATION OF OBLIGATIONS 

The undersigned, intending to be legally bound hereby, consents and agrees to the Fifth Amendment to Loan and Security Agreement and
Promissory Notes to which this Reaffirmation of Obligations is attached (the “Fifth Amendment”). The undersigned expressly reaffirms and ratifies, and further agrees that such Fifth Amendment to Loan and Security Agreement and
Promissory Notes shall in no way adversely affect or impair, the obligations and liabilities of the undersigned under (i) that certain Guaranty of Non-Recourse Carveouts dated effective as of October 13, 2009, in favor of Lender, except as
set forth in Article D, Section 13 of the Fifth Amendment, and (ii) that certain Environmental Indemnity Agreement dated effective as of October 13, 2009 (as the same may be amended from time to time) and executed by Belle
Creek Apartments Colorado, LLC, a Delaware limited liability company, and the undersigned, in favor of Lender, except as set forth in Article D, Section 18 of the Fifth Amendment, all of which are hereby ratified, approved and confirmed
by the undersigned. 
 Executed as of
                    , 2011 
  

					
	RAIT PARTNERSHIP, L.P.,
	a Delaware limited partnership
		
	By:	 	RAIT General, Inc., a Maryland corporation, its General Partner
			
		 	By:	 	  

		 	Name:
		 	Title:

  
 24 

 EXHIBIT “B” 

[ORGANIZATIONAL CHART] 
 SEE ATTACHED 

  
 25 

 EXHIBIT “C” 

[SPE COVENANTS] 

SEE ATTACHED 

  
 26

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