Document:

RENEWAL NOTICE

 

November 5, 2012

 

 

Empowered Products, Inc.

3367 W OQUENDO RD

LAS VEGAS, NV 89118

 

RE: Renewal of: $500,000.00 Revolving Line of Credit

Reference #:

Customer #:

 

Dear Empowered Products, Inc.

 

Wells Fargo Bank, National Association is pleased to
inform you that your Business Revolving Line of Credit, in the amount of $500,000.00, ahs been approved for renewal. The new maturity
date will be November 1, 2013.

 

Your Revolving Line of Credit remains subject to all terms and
conditions of existing loan documentation, as modified by this Renewal Notice. The credit limit/maximum principal amount is now
$500,00000. The interest rate to be applied to the unpaid principal balance of the Credit/Note will be a rate equal to the sum
of the applicable index plus 1.000% subject, however, to any maximum or minimum rates as set forth in the existing loan documentation.

 

A non-refundable renewal fee of $2,500.00, will be charged to
your account number . If you do not desire the renewal of the Credit/Note on these terms, you must (i) deliver to Wells Fargo Bank,
National Association at BBSG San Antonis Loan Ops, 4101 Wiseman Blvd., Bldg 307, MAC T7422-012, San Antonio, TX 78251 a written
rejection of the renewal within 10 days from the date of this letter, (ii) not draw additional funds under the Credit/Note, and
(iii) promptly make other arrangements with your loan officer to pay the matured balance of the Credit/Note.

 

This renewal will be effective upon processing of the renewal
fee.

 

If you have any questions, please do not hesitate to call me
at (702) 952-7610. We appreciate your business and look forward to continuing to serve as your business bank.

 

Sincerely,

 

Wells Fargo Bank, National Association

 

By: /s/ Darrin S. Hansen

Name: Darrin S. Hansen

Title: Vice PresidentLINE OF CREDIT AND SECURITY AGREEMENT
MODIFICATION AGREEMENT

 

THIS LINE OF CREDIT
AND SECURITY AGREEMENT MODIFICATION AGREEMENT (this “Agreement”) is made as of March 4, 2013, between
and among BLUEROCK MULTIFAMILY GROWTH REIT, INC., a Maryland corporation f/k/a Bluerock Enhanced Multifamily
Trust, Inc. (the “Borrower”), and BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC, a
Delaware limited liability company (“SOIF II”) and BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND III,
LLC, a Delaware limited liability company (“SOIF III,” and together with SOIF II and their collective successors
and assigns, the “SOIF Parties”).

 

WITNESSETH:

 

WHEREAS, the
SOIF Parties and the Borrower entered into that certain Line of Credit and Security Agreement dated as of October 2, 2012 (the
“LOC Agreement”), which LOC Agreement evidenced a revolving line of credit and the obligation of the Borrower
thereunder to repay to the SOIF Parties the principal sum of up to Twelve Million Five Hundred Thousand dollars ($12,500,000.00)
(the “Commitment Amount”) plus interest, fees and costs; and

 

WHEREAS, the
Borrower has requested that SOIF Parties modify the LOC Agreement to (i) increase the Commitment Amount to Thirteen Million Five
Hundred Thousand dollars ($13,500,000.00), and (ii) extend the maturity date thereof by six (6) months to October 2, 2013; and

 

WHEREAS, the
SOIF Parties are willing to grant such request, subject to the terms and conditions set forth herein;

 

NOW, THEREFORE,
in consideration of the foregoing premises, and other good and valuable consideration, the receipt and legal sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:

 

1. Defined Terms. All capitalized
terms used herein and not otherwise expressly defined herein shall have the respective meanings given to such terms in the LOC
Agreement.

 

2. Amendment to LOC Agreement.
The LOC Agreement is hereby modified and amended as follows:

 

		A.	The Recitals in the LOC Agreement are hereby deleted in their entirety, and are replaced with the
following:

 

“RECITALS

 

WHEREAS, the SOIF Parties desire
to provide to Borrower, and Borrower desires to obtain from the SOIF Parties, a line of credit with a maximum loan amount of Thirteen
Million Five Hundred Thousand and 00/100 Dollars ($13,500,000.00) (the "Line of Credit"), on certain terms and conditions
as set forth in this Agreement.”

 

		B.	Section 1 of the LOC Agreement is hereby deleted in its entirety, and is replaced with the following:

 

		“1.	Commitment. Subject to and in accordance with the provisions of this Agreement, the SOIF Parties
agree to make disbursements under the Line of Credit, and Borrower may draw upon and borrow, in the manner and upon the terms and
conditions expressed in this Agreement, amounts that shall not exceed in the aggregate, at any one time outstanding, Thirteen Million
Five Hundred Thousand and 00/100 Dollars ($13,500,000.00) (the "Commitment Amount"). The Line of Credit shall be a revolving
line of credit, against which disbursements may be made to Borrower, repaid by Borrower and additional disbursements made to Borrower,
subject to the limitations contained in this Agreement; provided, that the SOIF Parties shall have no obligation to make any disbursement
(A) that would cause the outstanding principal balance of the Line of Credit plus all outstanding principal and any accrued but
unpaid interest to exceed the Commitment Amount or (B) if there is an Event of Default or a Default (as defined below). The Line
of Credit shall bear interest on the outstanding principal balance as follows: at a simple annual rate of the 30-Day LIBOR Rate
applicable on April 2, 2013 plus six percent (6.0%), wherein the minimum interest rate shall be at least eight and one-half percent
(8.5%); which accrued interest shall be payable monthly in arrears, on the second day of each month, beginning on April 2, 2013.
If not sooner paid, all outstanding principal, accrued but unpaid interest and other outstanding sums due under this Agreement
shall be paid in full on October 2, 2013 (the "Maturity Date"). The Maturity Date may be extended in the sole and absolute
discretion of the Borrower, with at least five (5) days’ prior written notice to the SOIF Parties, for an additional six
(6) month period (the “Maturity Extension Period”) at a simple annual rate of the 30-Day LIBOR Rate applicable on July
2, 2013 plus six percent (6.0%), wherein the minimum interest rate shall be at least eight and one-half percent (8.5%).”

 

    	 

    	 

    

 

3. Effectiveness. The modifications
provided in paragraph 2 hereof shall be effective as of March 4, 2013.

 

4. Reaffirmation of LOC Agreement.
All other provisions of the LOC Agreement shall continue to be in effect.

 

[Remainder of page intentionally left
blank. Signature page follows.]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, Borrower and
the SOIF Parties have caused their duly authorized officers to set their hands and seals as of the day and year first above written.

 

	Borrower:	 	 
	 	 	 
	BLUEROCK MULTIFAMILY GROWTH REIT, INC.,
	a Maryland corporation f/k/a Bluerock Enhanced Multifamily Trust, Inc.
	 	 	 
	By:	/s/ Jordan Ruddy	 
	Name:	Jordan Ruddy	 
	Its:	President	 
	 	 	 
	SOIF Parties:	 	 
	 	 	 
	BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC
	a Delaware limited liability company
	 	 	 
	By:	BR SOIF II Manager, LLC	 
	 	a Delaware limited liability company	 
	Its:	Manager	 
	 	 	 	 
	 	By:	Bluerock Real Estate, L.L.C,	 
	 	 	a Delaware limited liability company	 
	 	Its:	Sole Member	 
	 	 	 	 	 
	 	 	By:	/s/ Jordan Ruddy	 
	 	 	Name:	Jordan Ruddy	 
	 	 	Title:	President	 
	 	 	 
	BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND III, LLC
	a Delaware limited liability company
	 	 	 
	By:	BR SOIF III Manager, LLC	 
	 	a Delaware limited liability company	 
	Its:	Manager	 
	 	 	 	 	 
	 	By:	Bluerock Real Estate, L.L.C,	 
	 	 	a Delaware limited liability company	 
	 	Its:	Sole Member	 
	 	 	 	 	 
	 	 	By:	/s/ Jordan Ruddy	 
	 	 	Name:	Jordan Ruddy	 
	 	 	Title:	PresidentPROMISSORY NOTE MODIFICATION AGREEMENT

 

THIS PROMISSORY
NOTE MODIFICATION AGREEMENT (this “Agreement”) is made as of March 4, 2013, between and among BLUEROCK
MULTIFAMILY GROWTH REIT, INC., a Maryland corporation f/k/a Bluerock Enhanced Multifamily Trust, Inc. (the
“Borrower”), and BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC, a Delaware limited liability
company (“SOIF II”) and BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND III, LLC, a Delaware limited
liability company (“SOIF III,” and together with SOIF II and their collective successors and assigns, the “Lender”).

 

WITNESSETH:

 

WHEREAS, the
Lender and the Borrower entered into that certain Promissory Note dated as of October 2, 2012 (the “Promissory Note’),
which Promissory Note evidenced a revolving line of credit and the obligation of the Borrower thereunder to repay to the Lender
the principal sum of up to Twelve Million Five Hundred Thousand dollars ($12,500,000.00) (the “Commitment Amount”)
plus interest, fees and costs; and

 

WHEREAS, the
Borrower has requested that Lender modify the Promissory Note to (i) increase the Commitment Amount to Thirteen Million Five Hundred
Thousand dollars ($13,500,000.00), and (ii) extend the maturity date thereof by six (6) months to October 2, 2013; and

 

WHEREAS, the
Lender is willing to grant such request, subject to the terms and conditions set forth herein;

 

NOW, THEREFORE,
in consideration of the foregoing premises, and other good and valuable consideration, the receipt and legal sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:

 

1. Defined Terms. All capitalized
terms used herein and not otherwise expressly defined herein shall have the respective meanings given to such terms in the Promissory
Note.

 

2.  Amendment to Promissory
Note. The Promissory Note is hereby modified and amended as follows:

 

		A.	All references in the Promissory Note to “Twelve Million Five Hundred Thousand Dollars”
are hereby deleted in their entirety, and replaced with references to “Thirteen Million Five Hundred Thousand Dollars.”

 

		B.	All references in the Promissory Note to “$12,500,000.00” are hereby deleted in their
entirety, and replaced with references to “$13,500,000.00.”

 

		C.	Section 2 of the Promissory Note is hereby deleted in its entirety, and is replaced with the following:

 

“2. Interest. The
Note shall accrue interest on the outstanding principal balance as follows: at a simple annual rate of the 30-Day LIBOR Rate applicable
on April 2, 2013 plus six percent (6.0%), wherein the minimum interest rate shall be at least eight and one-half percent (8.5%).
All accrued interest shall be due and payable monthly in arrears, on the 2nd day of each month commencing on April 2,
2013.”

 

		D.	Section 3 of the Promissory Note is hereby deleted in its entirety, and is replaced with the following:

 

“3. Maturity Date.
If not sooner paid, all outstanding principal, accrued but unpaid interest and other outstanding sums due under this Note shall
be paid in full on October 2, 2013 (the “Maturity Date”). The Maturity Date may be extended in the sole and absolute
discretion of the Borrower, with at least five (5) days’ prior written notice to the Lender, for an additional six (6) month
period at a simple annual rate of the 30-Day LIBOR Rate applicable on July 2, 2013 plus six percent (6.0%), wherein the minimum
interest rate shall be at least eight and one-half percent (8.5%).”

 

3.  Effectiveness.
The modifications provided in paragraph 2 hereof shall be effective as of March 4, 2013.

 

4.  Reaffirmation of Promissory
Note. All other provisions of the Promissory Note shall continue to be in effect.

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF, Borrower and
Lender have caused their duly authorized officers to set their hands and seals as of the day and year first above written.

 

	Borrower:	 	 
	 	 	 
	BLUEROCK MULTIFAMILY GROWTH REIT, INC.,
	a Maryland corporation f/k/a Bluerock Enhanced Multifamily Trust, Inc.
	 	 	 
	By:	/s/ Jordan Ruddy	 
	Name:	Jordan Ruddy	 
	Its:	President	 
	 	 	 
	Lender:	 	 
	 	 	 
	BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC
	a Delaware limited liability company
	 	 	 
	By:	BR SOIF II Manager, LLC	 
	 	a Delaware limited liability company	 
	Its:	Manager	 
	 	 	 	 	 
	 	By:	Bluerock Real Estate, L.L.C,	 
	 	 	a Delaware limited liability company	 
	 	Its:	Sole Member	 
	 	 	 	 	 
	 	 	By:	/s/ Jordan Ruddy	 
	 	 	Name:	Jordan Ruddy	 
	 	 	Title:	President	 
	 	 	 
	BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND III, LLC
	a Delaware limited liability company
	 	 	 
	By:	BR SOIF III Manager, LLC	 
	 	a Delaware limited liability company	 
	Its:	Manager	 
	 	 	 	 	 
	 	By:	Bluerock Real Estate, L.L.C,	 
	 	 	a Delaware limited liability company	 
	 	Its:	Sole Member	 
	 	 	 	 	 
	 	 	By:	/s/ Jordan Ruddy	 
	 	 	Name:	Jordan Ruddy	 
	 	 	Title:	President

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