Document:

EX-10.26

 Exhibit 10.26 

Freddie Mac Loan Number: 502336048 
 Property Name: The
Charleston at Cedar Hills 
 MULTIFAMILY NOTE 

FIXED RATE DEFEASANCE 

(Revised 5-5-2017) 

 

			
	 US $8,859,000.00
	  	Effective Date: February 23, 2018

 FOR VALUE RECEIVED, SSSHT PROPCO 10020 N 4600 W STREET, LLC, a Delaware limited liability company (together with such
party’s or parties’ successors and assigns, “Borrower”) jointly and severally (if more than one), promises to pay to the order of KEYBANK NATIONAL ASSOCIATION, a national banking association, the principal sum of
$8,859,000.00, with interest on the unpaid principal balance, as hereinafter provided. 
  

	1.	Defined Terms. 

  

	 	(a)	As used in this Note: 

 “Base Recourse” means a portion of the
Indebtedness equal to 0% of the original principal balance of this Note. 
 “Business Day” means any day other than a
Saturday, a Sunday or any other day on which Lender or the national banking associations are not open for business. 
 “Cut-off Date” means the 12th Installment Due Date. 

“Defeasance Date” means the 2nd anniversary of the “startup
date” of the last REMIC within the meaning of Section 860G(a)(9) of the Tax Code which holds all or any portion of the Loan. 

“Default Rate” means an annual interest rate equal to 4 percentage points above the Fixed Interest Rate. However, at no
time will the Default Rate exceed the Maximum Interest Rate. 
 “Defeasance Period” is the period beginning the day after
the Defeasance Date until but not including the first day of the Window Period. The Defeasance Period only applies if this Note is assigned to a REMIC trust prior to the Cut-off Date. 

“First Installment Due Date” means April 1, 2018. 

“First Principal and Interest Installment Due Date” means April 1, 2020. 

  
  

			
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 “Fixed Interest Rate” means the annual interest rate of 5.06%. 

“Installment Due Date” means, for any monthly installment of interest-only or principal and interest, the date on which such
monthly installment is due and payable pursuant to Section 3 of this Note. 
 “Lender” means the holder from time to
time of this Note. 
 “Loan” means the loan evidenced by this Note. 

“Loan Agreement” means the Multifamily Loan and Security Agreement entered into by and between Borrower and Lender, effective
as of the effective date of this Note, as amended, modified or supplemented from time to time. 
 “Lockout Period” means the
period beginning on the day that this Note is assigned to a REMIC trust until and including the Defeasance Date. The Lockout Period only applies if this Note is assigned to a REMIC trust prior to the Cut-off
Date. 
 “Maturity Date” means the earlier of (i) March 1, 2028 (“Scheduled Maturity
Date”) and (ii) the date on which the unpaid principal balance of this Note becomes due and payable by acceleration or otherwise pursuant to the Loan Documents or the exercise by Lender of any right or remedy under any Loan Document;
provided, however, that if the unpaid principal balance of this Note becomes due and payable by acceleration but such acceleration is rendered null and void and of no further force and effect by operation of law or agreement by Lender, such
acceleration will have no effect on the Maturity Date. 
 “Maximum Interest Rate” means the rate of interest which results
in the maximum amount of interest allowed by applicable law. 
 “Prepayment Premium Period” means the period during which,
if a prepayment of principal occurs, a prepayment premium will be payable by Borrower to Lender. 
  

	 	(a)	If this Note is assigned to a REMIC trust prior to the Cut-off Date, then the Prepayment Premium Period is the period from and including the date of this Note until but not
including the day that this Note is assigned to a REMIC trust. 

  

	 	(b)	If this Note is assigned to a REMIC trust after the Cut-off Date or is not assigned to a REMIC trust, then the Prepayment Premium Period is the period from and including the date
of this Note until but not including the first day of the Window Period. 

  
  

			
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 “Security Instrument” means the multifamily mortgage, deed to secure debt or
deed of trust effective as of the effective date of this Note, from Borrower to or for the benefit of Lender and securing this Note, as amended, modified or supplemented from time to time. 

“Window Period” means the 3 consecutive calendar month period prior to the Scheduled Maturity Date. 

“Yield Maintenance Expiration Date” means September 1, 2027. 

“Yield Maintenance Period” means the period from and including the date of this Note until but not including (i) the day
that this Note is assigned to a REMIC trust, if this Note is assigned to a REMIC trust prior to the Cut-off Date, or (ii) the Yield Maintenance Expiration Date, if this Note is not assigned to a REMIC
trust or if this Note is assigned to a REMIC trust on or after the Cut-off Date. 
  

	 	(b)	Other capitalized terms used but not defined in this Note will have the meanings given to such terms in the Loan Agreement. 

  

	2.	Address for Payment. All payments due under this Note will be payable at P.O. Box 145404, Cincinnati, Ohio 45250, or such other place as may be designated by Notice to Borrower from or on behalf of Lender.

  

	3.	Payments. 

  

	 	(a)	Interest will accrue on the outstanding principal balance of this Note at the Fixed Interest Rate, subject to the provisions of Section 8 of this Note. 

 

	 	(b)	Interest under this Note will be computed, payable and allocated on the basis of an actual/360 interest calculation schedule (interest is payable for the actual number of days in each month, and each month’s
interest is calculated by multiplying the unpaid principal amount of this Note as of the first day of the month for which interest is being calculated by the Fixed Interest Rate, dividing the product by 360, and multiplying the quotient by the
number of days in the month for which interest is being calculated). The portion of the monthly installment of principal and interest under this Note attributable to principal and the portion attributable to interest will vary based upon the number
of days in the month for which such installment is paid. Each monthly payment of principal and interest will first be applied to pay in full interest due, and the balance of the monthly installment payment paid by Borrower will be credited to
principal. 

  

	 	(c)	 Unless disbursement of principal is made by Lender to Borrower on the first day of a calendar month, interest for
the period beginning on the date of disbursement and ending on and including the last day of such calendar month will be payable by Borrower simultaneously with the execution of this Note. If disbursement of principal is made by Lender to Borrower
on the first day of a calendar month, 

  
  

			
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then no payment will be due from Borrower at the time of the execution of this Note. The Installment Due Date for the first monthly installment payment under Section 3(d) of interest-only or
principal and interest, as applicable, will be the First Installment Due Date set forth in Section 1(a) of this Note. Except as provided in this Section 3(c), Section 10, and in Section 11, accrued interest will be payable in
arrears. 

  

	 	(d)    (i)	Beginning on the First Installment Due Date, and continuing until and including the Installment Due Date immediately prior to the First Principal and Interest Installment Due Date, accrued interest-only will be payable
by Borrower in consecutive monthly installments due and payable on the first day of each calendar month. The amount of each monthly installment of interest-only payable pursuant to this Section 3(d)(i) on an Installment Due Date will vary, and
will equal $1,245.18167 multiplied by the number of days in the month prior to the Installment Due Date. 

  

	 	(ii)	Beginning on the First Principal and Interest Installment Due Date, and continuing until and including the monthly installment due on the Maturity Date, principal and accrued interest will be payable by Borrower in
consecutive monthly installments due and payable on the first day of each calendar month. The amount of the monthly installment of principal and interest payable pursuant to this Section 3(d)(ii) on an Installment Due Date will be $47,882.41.

  

	 	(e)	Reserved. 

  

	 	(f)	Reserved. 

  

	 	(g)	Reserved. 

  

	 	(h)	All remaining Indebtedness, including all principal and interest, will be due and payable by Borrower on the Maturity Date. 

  

	 	(i)	Reserved. 

  

	 	(j)	All payments under this Note must be made in immediately available U.S. funds. 

  

	 	(k)	Any regularly scheduled monthly installment of interest-only or principal and interest payable pursuant to this Section 3 that is received by Lender before the date it is due will be deemed to have been received on
the due date for the purpose of calculating interest due. 

  

	 	(l)	 Any accrued interest remaining past due for 30 days or more, at Lender’s discretion, may be added to and
become part of the unpaid principal balance of this Note and any reference to “accrued interest” will refer to accrued interest which has not become part of the unpaid principal balance. Any amount added to

  
  

			
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principal pursuant to the Loan Documents will bear interest at the applicable rate or rates specified in this Note and will be payable with such interest upon demand by Lender and absent such
demand, as provided in this Note for the payment of principal and interest. 

  

	 	(m)	Reserved. 

  

	 	(n)	Reserved. 

  

	4.	Application of Partial Payments. If at any time Lender receives, from Borrower or otherwise, any amount applicable to the Indebtedness which is less than all amounts due and payable at such time, Lender may apply
the amount received to amounts then due and payable in any manner and in any order determined by Lender, in Lender’s discretion. Borrower agrees that neither Lender’s acceptance of a payment from Borrower in an amount that is less than all
amounts then due and payable nor Lender’s application of such payment will constitute or be deemed to constitute either a waiver of the unpaid amounts or an accord and satisfaction. 

 

	5.	Security. The Indebtedness is secured by, among other things, the Security Instrument and reference is made to the Security Instrument and the Loan Agreement for other rights with respect to collateral for the
Indebtedness. 

  

	6.	Acceleration. If an Event of Default has occurred and is continuing, the entire unpaid principal balance, any accrued interest, any prepayment premium payable under Section 10 and Section 11, and all
other amounts payable under this Note and any other Loan Document, will at once become due and payable, at the option of Lender, without any prior Notice to Borrower (except if notice is required by applicable law, then after such notice). Lender
may exercise this option to accelerate regardless of any prior forbearance. For purposes of exercising such option, Lender will calculate the prepayment premium as if prepayment occurred on the date of acceleration. If prepayment occurs thereafter,
Lender will recalculate the prepayment premium as of the actual prepayment date. 

  

	7.	Late Charge. 

  

	 	(a)	If any monthly installment of interest or principal and interest or other amount payable under this Note or under the Loan Agreement or any other Loan Document is not received in full by Lender within 10 days after the
installment or other amount is due, counting from and including the date such installment or other amount is due (unless applicable law requires a longer period of time before a late charge may be imposed, in which event such longer period will be
substituted), Borrower must pay to Lender, immediately and without demand by Lender, a late charge equal to 5% of such installment or other amount due (unless applicable law requires a lesser amount be charged, in which event such lesser amount will
be substituted). If the Loan is not fully amortizing, the late charge will not be due on the final payment of principal owed on the Maturity Date if such payment is not timely made. 

  
  

			
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	 	(b)	Borrower acknowledges that its failure to make timely payments will cause Lender to incur additional expenses in servicing and processing the Loan and that it is extremely difficult and impractical to determine those
additional expenses. Borrower agrees that the late charge payable pursuant to this Section represents a fair and reasonable estimate, taking into account all circumstances existing on the date of this Note, of the additional expenses Lender will
incur by reason of such late payment. The late charge is payable in addition to, and not in lieu of, any interest payable at the Default Rate pursuant to Section 8. 

 

	8.	Default Rate. 

  

	 	(a)	So long as (i) any monthly installment under this Note remains past due for 30 days or more or (ii) any other Event of Default has occurred and is continuing, then notwithstanding anything in Section 3 of
this Note to the contrary, interest under this Note will accrue on the unpaid principal balance from the Installment Due Date of the first such unpaid monthly installment or the occurrence of such other Event of Default, as applicable, at the
Default Rate. 

  

	 	(b)	From and after the Maturity Date, the unpaid principal balance will continue to bear interest at the Default Rate until and including the date on which the entire principal balance is paid in full. 

 

	 	(c)	Borrower acknowledges that (i) its failure to make timely payments will cause Lender to incur additional expenses in servicing and processing the Loan, (ii) during the time that any monthly installment under
this Note is delinquent for 30 days or more, Lender will incur additional costs and expenses arising from its loss of the use of the money due and from the adverse impact on Lender’s ability to meet its other obligations and to take advantage
of other investment opportunities, and (iii) it is extremely difficult and impractical to determine those additional costs and expenses. Borrower also acknowledges that, during the time that any monthly installment under this Note is delinquent
for 30 days or more or any other Event of Default has occurred and is continuing, Lender’s risk of nonpayment of this Note will be materially increased and Lender is entitled to be compensated for such increased risk. Borrower agrees that the
increase in the rate of interest payable under this Note to the Default Rate represents a fair and reasonable estimate, taking into account all circumstances existing on the date of this Note, of the additional costs and expenses Lender will incur
by reason of the Borrower’s delinquent payment and the additional compensation Lender is entitled to receive for the increased risks of nonpayment associated with a delinquent loan. 

  
  

			
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	9.	Limits on Personal Liability. 

  

	 	(a)	Except as otherwise provided in this Section 9, none of Borrower, SPE Equity Owner, or any member or limited partner of Borrower will have any personal liability under this Note, the Loan Agreement or any other
Loan Document for the repayment of the Indebtedness or for the performance of or compliance with any other obligations of Borrower under the Loan Documents and Lender’s only recourse for the satisfaction of the Indebtedness and the performance
of such obligations will be Lender’s exercise of its rights and remedies with respect to the Mortgaged Property and to any other collateral held by Lender as security for the Indebtedness. This limitation on Borrower’s liability will not
limit or impair Lender’s enforcement of its rights against any Guarantor of the Indebtedness or any Guarantor of any other obligations of Borrower. 

  

	 	(b)	Borrower will be personally liable to Lender for the amount of the Base Recourse, plus any other amounts for which Borrower has personal liability under this Section 9. 

 

	 	(c)	In addition to the Base Recourse, Borrower will be personally liable to Lender for the repayment of a further portion of the Indebtedness equal to any loss or damage suffered by Lender as a result of the occurrence of
any of the following events: 

  

	 	(i)	Borrower fails to pay to Lender upon demand after an Event of Default all Rents to which Lender is entitled under Section 3 of the Security Instrument and the amount of all security deposits collected by Borrower
from tenants then in residence. However, Borrower will not be personally liable for any failure described in this Section 9(c)(i) if Borrower is unable to pay to Lender all Rents and security deposits as required by the Security Instrument
because of a valid order issued in, or an automatic stay applicable because of, a bankruptcy, receivership, or similar judicial proceeding. 

  

	 	(ii)	Borrower fails to apply all Insurance proceeds and Condemnation proceeds as required by the Loan Agreement. However, Borrower will not be personally liable for any failure described in this Section 9(c)(ii) if
Borrower is unable to apply Insurance or Condemnation proceeds as required by the Loan Agreement because of a valid order issued in, or an automatic stay applicable because of, a bankruptcy, receivership, or similar judicial proceeding.

  

	 	(iii)	Either of the following occurs: 

  

	 	(A)	Borrower fails to deliver the statements, schedules and reports required by Section 6.07 of the Loan Agreement and Lender exercises its right to audit those statements, schedules and reports. 

 

	 	(B)	If an Event of Default has occurred and is continuing, Borrower fails to deliver all books and records relating to the Mortgaged Property or its operation in accordance with the provisions of Section 6.07 of the
Loan Agreement. 

  
  

			
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	 	(iv)	Borrower fails to pay when due in accordance with the terms of the Loan Agreement the amount of any item below marked “Deferred”; provided however, that if no item is marked “Deferred”, this
Section 9(c)(iv) will be of no force or effect. 

  

			
	[Collect]	  	Property Insurance premiums or other Insurance premiums
	[Collect]	  	Taxes or payments in lieu of taxes (PILOT)
	[Deferred]	  	water and sewer charges (that could become a lien on the Mortgaged Property)
	[N/A]	  	Ground Rents
	[Deferred]	  	assessments or other charges (that could become a lien on the Mortgaged Property), including home owner association dues

  

	 	(v)	Borrower engages in any willful act of material waste of the Mortgaged Property. 

  

	 	(vi)	Borrower fails to comply with any provision of Section 6.13(a)(iii) through (xxvi) of the Loan Agreement or any SPE Equity Owner fails to comply with any provision of Section 6.13(b)(iii) through (v)
of the Loan Agreement (subject to possible full recourse liability as set forth in Section 9(f)(ii)). 

  

	 	(vii)	Any of the following Transfers occurs: 

  

	 	(A)	Any Person that is not an Affiliate creates a mechanic’s lien or other involuntary lien or encumbrance against the Mortgaged Property and Borrower has not complied with the provisions of the Loan Agreement.

  

	 	(B)	A Transfer of property by devise, descent or operation of law occurs upon the death of a natural person and such Transfer does not meet the requirements set forth in the Loan Agreement. 

 

	 	(C)	Borrower grants an easement that does not meet the requirements set forth in the Loan Agreement. 

  

	 	(D)	Borrower executes a Lease that does not meet the requirements set forth in the Loan Agreement. 

  

	 	(viii)	Reserved. 

  

	 	(ix)	through (xviii) are Reserved. 

  
  

			
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	 	(xix)	Borrower fails to complete any Property Improvement Alterations that have been commenced in accordance with Section 6.09(e)(v) of the Loan Agreement. 

 

	 	(xx)	Reserved. 

  

	 	(xxi)	Borrower or any officer, director, partner, member or employee of Borrower makes an unintentional written material misrepresentation in connection with the application for or creation of the Indebtedness or any action
or consent of Lender; provided that the assumption will be that any written material misrepresentation was intentional and the burden of proof will be on Borrower to prove that there was no intent. 

 

	 	(d)	In addition to the Base Recourse, Borrower will be personally liable to Lender for all of the following: 

  

	 	(i)	Borrower will be personally liable for the performance of all of Borrower’s obligations under Sections 6.12 and 10.02(b) of the Loan Agreement (relating to environmental matters). 

 

	 	(ii)	Borrower will be personally liable for the costs of any audit under Section 6.07 of the Loan Agreement. 

  

	 	(iii)	Borrower will be personally liable for any costs and expenses incurred by Lender in connection with the collection of any amount for which Borrower is personally liable under this Section 9, including
Attorneys’ Fees and Costs and the costs of conducting any independent audit of Borrower’s books and records to determine the amount for which Borrower has personal liability. 

 

	 	(iv)	through (viii) are Reserved. 

  

	 	(ix)	Borrower will be personally liable for any fees, costs, or expenses incurred by Lender in connection with Borrower’s termination of any agreement for the provision of services to or in connection with the Mortgaged
Property, including cable, internet, garbage collection, landscaping, security, and cleaning. 

  

	 	(x)	Reserved. 

  

	 	(xi)	Reserved. 

  

	 	(e)	All payments made by Borrower with respect to the Indebtedness and all amounts received by Lender from the enforcement of its rights under the Loan Agreement and the other Loan Documents will be applied first to the
portion of the Indebtedness for which Borrower has no personal liability. 

  
  

			
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	 	(f)	Notwithstanding the Base Recourse, Borrower will become personally liable to Lender for the repayment of all of the Indebtedness upon the occurrence of any of the following Events of Default: 

 

	 	(i)	Borrower fails to comply with Section 6.13(a)(i) or (ii) of the Loan Agreement or any SPE Equity Owner fails to comply with Section 6.13(b)(i) or (ii) of the Loan Agreement. 

 

	 	(ii)	Borrower fails to comply with any provision of Section 6.13(a)(iii) through (xxvi) of the Loan Agreement or any SPE Equity Owner fails to comply with any provision of Section 6.13(b)(iii) through
(v) of the Loan Agreement and a court of competent jurisdiction holds or determines that such failure or combination of failures is the basis, in whole or in part, for the substantive consolidation of the assets and liabilities of Borrower or
any SPE Equity Owner with the assets and liabilities of a debtor pursuant to Title 11 of the Bankruptcy Code. 

  

	 	(iii)	A Transfer that is an Event of Default under Section 7.02 of the Loan Agreement occurs other than a Transfer set forth in Section 9(c)(vii) above (for which Borrower will have personal liability for
Lender’s loss or damage); provided, however, that Borrower will not have any personal liability for a Transfer consisting solely of the involuntary removal or involuntary withdrawal of a general partner in a limited partnership or a manager in
a limited liability company. 

  

	 	(iv)	There was fraud or intentional written material misrepresentation by Borrower or any officer, director, partner, member, or employee of Borrower in either case in connection with the application for or creation of the
Indebtedness or there is fraud in connection with any request for any action or consent by Lender. 

  

	 	(v)	Borrower or any SPE Equity Owner voluntarily files for bankruptcy protection under the Bankruptcy Code. 

  

	 	(vi)	Borrower or any SPE Equity Owner voluntarily becomes subject to any reorganization, receivership, insolvency proceeding, or other similar proceeding pursuant to any other federal or state law affecting debtor and
creditor rights. 

  

	 	(vii)	The Mortgaged Property or any part of the Mortgaged Property becomes an asset in a voluntary bankruptcy or becomes subject to any voluntary reorganization, receivership, insolvency proceeding, or other similar voluntary
proceeding pursuant to any other federal or state law affecting debtor and creditor rights. 

  
  

			
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	 	(viii)	An order of relief is entered against Borrower or any SPE Equity Owner pursuant to the Bankruptcy Code or other federal or state law affecting debtor and creditor rights in any involuntary bankruptcy proceeding
initiated or joined in by a Related Party. 

  

	 	(ix)	An involuntary bankruptcy or other involuntary insolvency proceeding is commenced against Borrower or any SPE Equity Owner (by a party other than Lender) but only if Borrower or such SPE Equity Owner has failed to use
commercially reasonable efforts to dismiss such proceeding or has consented to such proceeding. “Commercially reasonable efforts” will not require any direct or indirect interest holders in Borrower or any SPE Equity Owner to contribute or
cause the contribution of additional capital to Borrower or any SPE Equity Owner. 

  

	 	(x)	through (xiii) are Reserved. 

  

	 	(g)	For purposes of Sections 9(f) and (h), the term “Related Party” will include all of the following: 

  

	 	(i)	Borrower, any Guarantor, or any SPE Equity Owner. 

  

	 	(ii)	Any Person that holds, directly or indirectly, any ownership interest (including any shareholder, member or partner) in Borrower, any Guarantor, or any SPE Equity Owner or any Person that has a right to manage Borrower,
any Guarantor, or any SPE Equity Owner. 

  

	 	(iii)	Any Person in which Borrower, any Guarantor, or any SPE Equity Owner has any ownership interest (direct or indirect) or right to manage. 

 

	 	(iv)	Any Person in which any partner, shareholder, or member of Borrower, any Guarantor, or any SPE Equity Owner has an ownership interest or right to manage. 

 

	 	(v)	Any Person in which any Person holding an interest in Borrower, any Guarantor, or any SPE Equity Owner also has any ownership interest. 

 

	 	(vi)	Any creditor (as defined in the Bankruptcy Code) of Borrower that is related by blood, marriage or adoption to Borrower, any Guarantor, or any SPE Equity Owner. 

 

	 	(vii)	Any creditor (as defined in the Bankruptcy Code) of Borrower that is related to any partner, shareholder or member of, or any other Person holding an interest in, Borrower, any Guarantor, or any SPE Equity Owner.

  
  

			
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	 	(h)	If Borrower, any Guarantor, any SPE Equity Owner, or any Related Party has solicited creditors to initiate or participate in any proceeding referred to in Section 9(f), regardless of whether any of the creditors
solicited actually initiates or participates in the proceeding, then such proceeding will be considered as having been initiated by a Related Party. 

  

	 	(i)	To the extent that Borrower has personal liability under this Section 9, Lender may, to the fullest extent permitted by applicable law, exercise its rights against Borrower personally without regard to whether
Lender has exercised any rights against the Mortgaged Property or any other security, or pursued any rights against any Guarantor, or pursued any other rights available to Lender under this Note, the Loan Agreement, any other Loan Document, or
applicable law. To the fullest extent permitted by applicable law, in any action to enforce Borrower’s personal liability under this Section 9, Borrower waives any right to set off the value of the Mortgaged Property against such personal
liability. 

  

	10.	Voluntary and Involuntary Prepayments (Section Applies unless and until Loan is Assigned to REMIC Trust Prior to the Cut-off Date). 

 

	 	(a)	This Section 10 will apply: 

  

	 	(i)	Until this Note is assigned to the REMIC trust, if this Note is assigned to a REMIC trust prior to the Cut-off Date. 

 

	 	(ii)	If this Note is assigned to a REMIC trust on or after the Cut-off Date. 

  

	 	(iii)	If this Note is not assigned to a REMIC trust. 

 This Section 10 will be of no effect after
this Note is assigned to a REMIC trust, if this Note is assigned to the REMIC trust prior to the Cut-off Date. 
  

	 	(b)	Any receipt by Lender of principal due under this Note prior to the Maturity Date, other than principal required to be paid in monthly installments pursuant to Section 3, constitutes a prepayment of principal under
this Note. Without limiting the foregoing, any application by Lender, prior to the Maturity Date, of any proceeds of collateral or other security to the repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment
under this Note. 

  

	 	(c)	 To make a voluntary prepayment of all of the unpaid principal balance of this Note, Borrower must designate the
date for such prepayment in a Notice from Borrower to Lender given at least 30 days prior to the date of such prepayment. Upon receipt of such Notice from Borrower, if a voluntary prepayment is not permitted, Lender will notify Borrower. If a
voluntary prepayment is permitted, 

  
  

			
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Borrower may voluntarily prepay all of the unpaid principal balance of this Note on an Installment Due Date. If an Installment Due Date (as defined in Section 1(a)) falls on a day which is
not a Business Day, then with respect to payments made under this Section 10 only, then (A) the term “Installment Due Date” will mean the Business Day immediately preceding the scheduled Installment Due Date and
(B) the calculation of any required prepayment premium will be made as if the prepayment had actually been made on the scheduled Installment Due Date. 

  

	 	(d)	If a voluntary prepayment is permitted, Borrower may voluntarily prepay all of the unpaid principal balance of this Note on a Business Day other than an Installment Due Date if Borrower provides Lender with the Notice
set forth in Section 10(c) and meets the other requirements set forth in this Section 10(d). Borrower acknowledges that Lender has agreed that Borrower may prepay principal on a Business Day other than an Installment Due Date only because
Lender will deem any prepayment received by Lender on any day other than an Installment Due Date to have been received on the Installment Due Date immediately following such prepayment and Borrower must pay to Lender all interest and any required
prepayment premium that would have been due if the prepayment had actually been made on the Installment Due Date immediately following such prepayment. 

  

	 	(e)	Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less than all of the unpaid principal balance of this Note. In order to voluntarily prepay all or any part of the principal
of this Note, Borrower must also pay to Lender, together with the amount of principal being prepaid, (i) all accrued and unpaid interest due under this Note, plus (ii) all other sums due to Lender at the time of such prepayment, plus
(iii) if the prepayment occurs during the Prepayment Premium Period, any prepayment premium calculated pursuant to Section 10(f). 

  

	 	(f)	Except as provided in Section 10(g), a prepayment premium will be due and payable by Borrower in connection with any prepayment of principal under this Note during the Prepayment Premium Period. The prepayment
premium will be computed as follows: 

  

	 	(i)	For any prepayment made during the Yield Maintenance Period, the prepayment premium will be whichever is the greater of Sections 10(f)(i)(A) and (B) below: 

 

	 	(A)	1.0% of the amount of principal being prepaid; or 

  

	 	(B)	the product obtained by multiplying: 

  

	 	(1)	the amount of principal being prepaid or accelerated,  

 by 

  
  

			
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	  	Page 13

	 	(2)	the excess (if any) of the Monthly Note Rate over the Assumed Reinvestment Rate, 

  

	 	 	by 

  

	 	(3)	the Present Value Factor. 

 For purposes of Section 10(f)(i)(B), the following definitions
will apply: 
 Monthly Note Rate: 1/12 of the Fixed Interest Rate, expressed as a decimal calculated to 5 digits. 

Prepayment Date: in the case of a voluntary prepayment, the date on which the prepayment is made; in the case of the application by
Lender of collateral or security to a portion of the principal balance, the date of such application. 
 Assumed Reinvestment Rate:
1/12 of the yield rate expressed as a decimal to 2 digits, as of the close of the trading session which is 5 Business Days before the Prepayment Date, found among the Daily Treasury Yield Curve Rates, commonly known as Constant Maturity Treasury
(“CMT”) rates, with a maturity equal to the remaining Yield Maintenance Period, as reported on the U.S. Department of the Treasury website. 

If no published CMT maturity matches the remaining Yield Maintenance Period, Lender will interpolate as a decimal to 2 digits the yield rate
between (a) the CMT with a maturity closest to, but shorter than, the remaining Yield Maintenance Period, and (b) the CMT with a maturity closest to, but longer than, the remaining Yield Maintenance Period, as follows: 

 
 

 
  

			
	A =	  	yield rate for the CMT with a maturity shorter than the remaining Yield Maintenance Period
	B =	  	yield rate for the CMT with a maturity longer than the remaining Yield Maintenance Period
	C =	  	number of months to maturity for the CMT maturity shorter than the remaining Yield Maintenance Period
	D =	  	number of months to maturity for the CMT maturity longer than the remaining Yield Maintenance Period
	E =	  	number of months remaining in the Yield Maintenance Period

 In the event the U.S. Department of the Treasury ceases publication of the CMT rates, the Assumed
Reinvestment Rate will equal the yield rate on the first U.S. Treasury security which is not callable or indexed to inflation and which matures after the expiration of the Yield Maintenance Period. 

  
  

			
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 The Assumed Reinvestment Rate may be a positive number, a negative number or zero. 

If the Assumed Reinvestment Rate is a positive number or a negative number, Lender will calculate the prepayment premium using such positive
number or negative number, as appropriate, as the Assumed Reinvestment Rate in 10(f)(i)(B)(2) and in the calculation of the Present Value Factor. 

If the Assumed Reinvestment Rate is zero, Lender will calculate the prepayment premium twice as set forth in (I) and (II) below and will
average the results to determine the actual prepayment premium. 
  

	 	(I)	Lender will calculate the prepayment premium using an Assumed Reinvestment Rate of one basis point (+0.01%) in Section 10(f)(i)(B)(2) and in the calculation of the Present Value Factor. 

 

	 	(II)	Lender will calculate the prepayment premium using an Assumed Reinvestment Rate of negative one basis point (-0.01%) in Section 10(f)(i)(B)(2) and in the calculation of the
Present Value Factor. 

 Present Value Factor: the factor that discounts to present value the costs resulting to Lender
from the difference in interest rates during the months remaining in the Yield Maintenance Period, using the Assumed Reinvestment Rate as the discount rate, with monthly compounding, expressed numerically as follows: 

 
 

 
 n = the number of months remaining in Yield Maintenance Period; provided, however, if a prepayment
occurs on an Installment Due Date, then the number of months remaining in the Yield Maintenance Period will be calculated beginning with the month in which such prepayment occurs and if such prepayment occurs on a Business Day other than an
Installment Due Date, then the number of months remaining in the Yield Maintenance Period will be calculated beginning with the month immediately following the date of such prepayment. 

ARR = Assumed Reinvestment Rate 

  
  

			
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	 	(ii)	For any prepayment made after the expiration of the Yield Maintenance Period but during the remainder of the Prepayment Premium Period, the prepayment premium will be 1.0% of the amount of principal being prepaid.

  

	 	(g)	Notwithstanding any other provision of this Section 10, no prepayment premium will be payable with respect to any of the following: 

 

	 	(i)	Any prepayment made during the Window Period. 

  

	 	(ii)	Any prepayment occurring as a result of the application of any Insurance proceeds or Condemnation award. 

  

	 	(iii)	Any prepayment required under the terms of the Loan Agreement in connection with a Condemnation proceeding. 

  

	 	(iv)	Reserved. 

  

	 	(h)	Unless Lender agrees otherwise in writing, a permitted or required prepayment of less than the unpaid principal balance of this Note will not extend or postpone the due date of any subsequent monthly installments or
change the amount of such installments. 

  

	 	(i)	Borrower recognizes that any prepayment of any of the unpaid principal balance of this Note, whether voluntary or involuntary or resulting from an Event of Default by Borrower, will result in Lender’s incurring
loss, including reinvestment loss, additional expense and frustration or impairment of Lender’s ability to meet its commitments to third parties. Borrower agrees to pay to Lender upon demand damages for the detriment caused by any prepayment,
and agrees that it is extremely difficult and impractical to ascertain the extent of such damages. Borrower therefore acknowledges and agrees that the formula for calculating prepayment premiums set forth in this Note represents a reasonable
estimate of the damages Lender will incur because of a prepayment. Borrower further acknowledges that the prepayment premium provisions of this Note are a material part of the consideration for the Loan, and that the terms of this Note are in other
respects more favorable to Borrower as a result of the Borrower’s voluntary agreement to the prepayment premium provisions. 

  

	 	(j)	Reserved. 

  

	 	(k)	Reserved. 

  

	 	(l)	Reserved. 

  
  

			
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	11.	Voluntary and Involuntary Prepayments During the Lockout Period and During the Defeasance Period (Section Applies if Loan is Assigned to REMIC Trust Prior to the Cut-off Date).

  

	 	(a)	This Section 11 will apply in the event this Note is assigned to a REMIC trust prior to the Cut-off Date. This Section 11 will be of no effect if this Note is assigned
to a REMIC trust on or after the Cut-off Date or if this Note is not assigned to a REMIC trust. 

  

	 	(b)	Any receipt by Lender of principal due under this Note prior to the Maturity Date, other than principal required to be paid in monthly installments pursuant to Section 3, constitutes a prepayment of principal under
this Note. Without limiting the foregoing, any application by Lender, prior to the Maturity Date, of any proceeds of collateral or other security to the repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment
under this Note. 

  

	 	(c)	Borrower may not voluntarily prepay any portion of the principal balance of this Note during the Lockout Period or during the Defeasance Period; provided, however, any prepayment occurring as a result of the application
of any Insurance proceeds or Condemnation award under the Loan Agreement will be permitted during the Lockout Period and during the Defeasance Period. If any portion of the principal balance of this Note is prepaid during the Lockout Period or
during the Defeasance Period by reason of the application by Lender of any proceeds of collateral or other security to any portion of the unpaid principal balance of this Note or following a determination that the prohibition on voluntary
prepayments during the Lockout Period or during the Defeasance Period is in contravention of applicable law, then Borrower must also pay to Lender upon demand by Lender, a prepayment premium equal to 5.0% of the amount of principal being prepaid.

  

	 	(d)	Notwithstanding any other provision of this Section 11, no prepayment premium will be payable with respect to (i) any prepayment made during the Window Period, or (ii) any prepayment occurring as a result
of the application of any Insurance proceeds or Condemnation award under the Loan Agreement. 

  

	 	(e)	After the expiration of the Lockout Period and the Defeasance Period, Borrower may voluntarily prepay all of the unpaid principal balance of this Note on an Installment Due Date so long as Borrower designates the date
for such prepayment in a Notice from Borrower to Lender given at least 30 days prior to the date of such prepayment. If an Installment Due Date (as defined in Section 1(a)) falls on a day which is not a Business Day, then with
respect to payments made under this Section 11 only, the term “Installment Due Date” will mean the Business Day immediately preceding the scheduled Installment Due Date. 

 

	 	(f)	 Notwithstanding Section 11(e) above, following the end of the Lockout Period and the Defeasance Period,
Borrower may voluntarily prepay all of the unpaid 

  
  

			
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	  	Page 17

	 	
principal balance of this Note on a Business Day other than an Installment Due Date if Borrower provides Lender with the Notice set forth in Section 11(e) and meets the other requirements
set forth in this Section 11(f). Borrower acknowledges that Lender has agreed that Borrower may prepay principal on a Business Day other than an Installment Due Date only because Lender will deem any prepayment received by Lender on any day
other than an Installment Due Date to have been received on the Installment Due Date immediately following such prepayment and Borrower must pay to Lender all interest that would have been due if the prepayment had actually been made on the
Installment Due Date immediately following such prepayment. 

  

	 	(g)	Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less than all of the unpaid principal balance of this Note. In order to voluntarily prepay all or any part of the principal
of this Note, Borrower must also pay to Lender, together with the amount of principal being prepaid, (i) all accrued and unpaid interest due under this Note, plus (ii) all other sums due to Lender at the time of such prepayment.

  

	 	(h)	Unless Lender agrees otherwise in writing, a permitted or required prepayment of less than the unpaid principal balance of this Note will not extend or postpone the due date of any subsequent monthly installments or
change the amount of such installments. 

  

	 	(i)	Borrower recognizes that any prepayment of any of the unpaid principal balance of this Note, whether voluntary or involuntary or resulting from an Event of Default by Borrower, will result in Lender’s incurring
loss, including reinvestment loss, additional expense and frustration or impairment of Lender’s ability to meet its commitments to third parties. Borrower agrees to pay to Lender upon demand damages for the detriment caused by any prepayment,
and agrees that it is extremely difficult and impractical to ascertain the extent of such damages. Borrower therefore acknowledges and agrees that the formula for calculating prepayment premiums set forth in Section 11(c) of this Note
represents a reasonable estimate of the damages Lender will incur because of a prepayment. Borrower further acknowledges that the lockout and prepayment premium provisions of this Note are a material part of the consideration for the Loan, and that
the terms of this Note are in other respects more favorable to Borrower as a result of the Borrower’s voluntary agreement to the prepayment premium provisions. 

 

	 	(j)	If, after the expiration of the Lockout Period, Borrower defeases the Loan as described in Section 11.12 of the Loan Agreement during the Defeasance Period, Borrower will not have the right to voluntarily prepay
any of the principal of this Note at any time. 

  
  

			
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	  	Page 18

	12.	Defeasance (Section Applies if Loan is Assigned to REMIC Trust Prior to the Cut-off Date). 

 

	 	(a)	This Section 12 will apply in the event this Note is assigned to a REMIC trust prior to the Cut-off Date. This Section 12 will be of no effect if this Note is assigned
to a REMIC trust on or after the Cut-off Date or if this Note is not assigned to a REMIC trust. 

  

	 	(b)	Section 5 of this Note is amended by adding a new paragraph at the end of the Section as follows: 

If Borrower obtains a release of the Mortgaged Property from the lien of the Security Instrument pursuant to Section 11.12 of the Loan
Agreement, the Indebtedness will be secured by the Pledge Agreement and reference will be made to the Pledge Agreement for other rights of Lender as to collateral for the Indebtedness. 

 

	 	(c)	Section 9 of this Note is amended by adding a new paragraph at the end thereof as follows: 

If Borrower obtains a release of the Mortgaged Property from the lien of the Security Instrument pursuant to Section 11.12 of the Loan
Agreement, Borrower will have no personal liability under this Note or the Pledge Agreement for the repayment of the Indebtedness or for the performance of any other obligations of Borrower under this Note or the Pledge Agreement (other than any
liability under Section 6.12 or Section 10.02 of the Loan Agreement for events that occur prior to the Defeasance Closing Date, whether discovered before or after the Defeasance Closing Date), and Lender’s only recourse for the
satisfaction of the Indebtedness and the performance of such obligations will be Lender’s exercise of its rights and remedies with respect to the collateral held by Lender under the Pledge Agreement as security for the
Indebtedness.     
  

	 	(d)	Section 21(a) of this Note is amended by adding a new paragraph at the end of that subsection as follows: 

If Borrower obtains a release of the Mortgaged Property from the lien of the Security Instrument pursuant to Section 11.12 of the Loan
Agreement, all Notices, demands and other communications required or permitted to be given pursuant to this Note will be given in accordance with the Pledge Agreement. 
  

	13.	Costs and Expenses. To the fullest extent allowed by applicable law, Borrower must pay all expenses and costs, including Attorneys’ Fees and Costs incurred by Lender as a result of any default under this
Note or in connection with efforts to collect any amount due under this Note, or to enforce the provisions of any of the other Loan Documents, including those incurred in post-judgment collection efforts and in any bankruptcy proceeding (including
any action for relief from the automatic stay of any bankruptcy proceeding) or judicial or non-judicial foreclosure proceeding. Borrower acknowledges and agrees that, in connection with each request by
Borrower under this Note or any Loan Document, Borrower must pay all reasonable Attorneys’ Fees and Costs and expenses incurred by Lender, including any fees charged by the Rating Agencies (if applicable), regardless of whether the matter is
approved, denied or withdrawn. 

  
  

			
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	  	Page 19

	14.	Forbearance. Any forbearance by Lender in exercising any right or remedy under this Note, the Loan Agreement, or any other Loan Document, or otherwise afforded by applicable law, will not be a waiver of or
preclude the exercise of that or any other right or remedy. The acceptance by Lender of any payment after the due date of such payment, or in an amount which is less than the required payment, will not be a waiver of Lender’s right to require
prompt payment when due of all other payments or to exercise any right or remedy with respect to any failure to make prompt payment. Enforcement by Lender of any security for Borrower’s obligations under this Note will not constitute an
election by Lender of remedies so as to preclude the exercise of any other right or remedy available to Lender. 

  

	15.	Waivers. Borrower and all endorsers and Guarantors of this Note and all other third party obligors waive presentment, demand, notice of dishonor, protest, notice of acceleration, notice of intent to demand or
accelerate payment or maturity, presentment for payment, notice of nonpayment, grace, and diligence in collecting the Indebtedness. 

  

	16.	Loan Charges. Neither this Note nor any of the other Loan Documents will be construed to create a contract for the use, forbearance, or detention of money requiring payment of interest at a rate greater than the
Maximum Interest Rate. If any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower in connection with the Loan is interpreted so that any interest or other charge provided for in any Loan Document,
whether considered separately or together with other charges provided for in any other Loan Document, violates that law, and Borrower is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to
eliminate that violation. The amounts, if any, previously paid to Lender in excess of the permitted amounts will be applied by Lender to reduce the unpaid principal balance of this Note. For the purpose of determining whether any applicable law
limiting the amount of interest or other charges permitted to be collected from Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest,
will be deemed to be allocated and spread ratably over the stated term of this Note. Unless otherwise required by applicable law, such allocation and spreading will be effected in such a manner that the rate of interest so computed is uniform
throughout the stated term of this Note. 

  

	17.	Commercial Purpose. Borrower represents that Borrower is incurring the Indebtedness solely for the purpose of carrying on a business or commercial enterprise, and not for personal, family, household, or
agricultural purposes. 

  

	18.	Counting of Days. Any reference in this Note to a period of “days” means calendar days, not Business Days, except where otherwise specifically provided. 

 

	19.	Governing Law. This Note will be governed by the law of the Property Jurisdiction. 

  
  

			
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	  	Page 20

	20.	Captions. The captions of the Sections of this Note are for convenience only and will be disregarded in construing this Note. 

 

	21.	Notices; Written Modifications. 

  

	 	(a)	All Notices, demands, and other communications required or permitted to be given pursuant to this Note will be given in accordance with Section 11.03 of the Loan Agreement. 

 

	 	(b)	Any modification or amendment to this Note will be ineffective unless in writing and signed by the party sought to be charged with such modification or amendment; provided, however, in the event of a Transfer under the
terms of the Loan Agreement that requires Lender’s consent, any or some or all of the Modifications to Multifamily Note set forth in Exhibit A to this Note may be modified or rendered void by Lender at Lender’s option, by
Notice to Borrower and the transferee, as a condition of Lender’s consent. 

  

	22.	Consent to Jurisdiction and Venue. Borrower agrees that any controversy arising under or in relation to this Note may be litigated in the Property Jurisdiction. The state and federal courts and authorities with
jurisdiction in the Property Jurisdiction will have jurisdiction over all controversies that will arise under or in relation to this Note. Borrower irrevocably consents to service, jurisdiction, and venue of such courts for any such litigation and
waives any other venue to which it might be entitled by virtue of domicile, habitual residence, or otherwise. However, nothing in this Note is intended to limit any right that Lender may have to bring any suit, action, or proceeding relating to
matters arising under this Note in any court of any other jurisdiction. 

  

	23.	WAIVER OF TRIAL BY JURY. BORROWER AND LENDER EACH (a) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER
THAT IS TRIABLE OF RIGHT BY A JURY AND (b) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY,
KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 

  

	24.	State-Specific Provisions. State-specific provisions, if any, are included on Schedule 1 to this Note. 

  

	25.	Attached Riders. The following Riders are attached to this Note: 

 Seniors Housing

 Cross-Collateralized Transaction 

Recycled Borrower and/or Recycled SPE Equity Owner 

  
  

			
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	  	Page 21

	26.	Attached Schedules and Exhibits. The following Schedules and Exhibits, if marked with an “X” in the space provided, are attached to this Note: 

 

					
	 ☒    
	  	 Schedule 1
	  	 State Specific Provisions for Multifamily Note

			
	 ☒    
	  	 Exhibit A    
	  	 Modifications to Multifamily Note

  

	27.	Reserved. 

  

	28.	Reserved. 

  

	29.	Reserved. 

  

	30.	Reserved. 

  

	31.	Reserved. 

  
  

			
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	  	Page 22

 IN WITNESS WHEREOF, and in consideration of the Lender’s agreement to lend Borrower the principal amount set
forth above, Borrower has signed and delivered this Note under seal or has caused this Note to be signed and delivered under seal by its duly authorized representative. Borrower intends that this Note will be deemed to be signed and delivered as a
sealed instrument. 
  

					
	SSSHT PROPCO 10020 N 4600 W STREET, LLC, a Delaware limited liability company
		
	By:	 	Strategic Student & Senior Housing Trust, Inc., a Maryland corporation, as Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Its:	 	Chief Executive Officer

  
  

			
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	  	Page 23

 Freddie Mac Loan Number: 502336048 

Property Name: The Charleston at Cedar Hills 
 PAY TO THE ORDER
OF FEDERAL HOME LOAN MORTGAGE CORPORATION WITHOUT RECOURSE. 
  

			
	 KEYBANK NATIONAL ASSOCIATION, a

national banking association

		
	By:	 	 /s/ Sharon D. Callahan

	Name:	 	Sharon D. Callahan
	Title:	 	Vice President

  
  

			
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	  	Page 24

 RIDER TO MULTIFAMILY NOTE 

SENIORS HOUSING 

(Revised 3-1-2014) 

The following changes are made to the Note which precedes this Rider: 

 

	A.	Sections 9(c)(xvi) and (xvii) are deleted and replaced with the following: 

  

	 	(xvi)	Borrower fails to cause the renewal, continuation, extension or maintenance of all Licenses required to legally operate the Mortgaged Property as a seniors housing Facility. 

 

	 	(xvii)	Borrower fails upon an Event of Default to cooperate, or Borrower otherwise intentional interferes with, hinders or delays Lender (or its nominee or designee), in connection with the timely and orderly transfer of any
and all Licenses. 

  
 Rider to Multifamily Note 

Seniors Housing 
  

 RIDER TO MULTIFAMILY NOTE 

CROSS-COLLATERALIZED TRANSACTION 

(Revised 3-1-2014) 

The following changes are made to the Note which precedes this Rider: 
  

	A.	Section 5 is deleted and replaced with the following: 

  

	 	5.	Security. The Indebtedness is secured by, among other things, the Security Instrument and the Related Security Instruments and reference is made to the Security Instrument, the Related Security Instruments, the
Cross-Collateralization Agreement, the Loan Agreement, and the Related Loan Agreements for other rights with respect to the collateral for the Indebtedness. 

  
 Rider to Multifamily Note 

Cross-Collateralized Transaction 
  

 RIDER TO MULTIFAMILY NOTE 

RECYCLED BORROWER AND/OR RECYCLED SPE EQUITY OWNER 

(Revised 3-1-2014) 

The following changes are made to the Note which precedes this Rider: 
  

	A.	Section 9(c)(ix) is restated as follows: 

  

	 	(ix)	Any of the Underwriting Representations or Separateness Representations set forth in Sections 5.40(a) and (b) of the Loan Agreement are false or misleading in any material respect. 

  
 Rider to Multifamily Note 

Recycled Borrower and/or Recycled SPE Equity Owner 
  

 SCHEDULE 1 

STATE SPECIFIC PROVISIONS FOR MULTIFAMILY NOTE 
  

			
	 Property Jurisdiction
	  	
State-Specific 
Provision(s)

	 Utah
	  	None

  

			
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	  	Page S-1

 EXHIBIT A 

MODIFICATIONS TO MULTIFAMILY NOTE 
 The following
modifications are made to the text of the Note that precedes this Exhibit. 
  

	 	1.	Section 9(c) of the Note must be modified to include the following new subsection: 

  

	 	(xxii)	the avoidance, in whole or in part, of the transfer creating the lien of the Security Instrument, or a court order providing an alternative remedy to that avoidance, because of the occurrence on or before the date that
the Security Instrument was recorded of a fraudulent transfer or a preference under federal bankruptcy, state insolvency, or similar creditors’ rights laws. 

  

	 	2.	Section 9(c) of the Note is modified to include the following new subsection: 

  

	 	(xxiii)	Borrower fails to comply with the provisions of Section 6.58 of the Loan Agreement. 

  

			
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	  	Page A-1EX-10.27

 Exhibit 10.27 

Freddie Mac Loan Numbers - See Exhibit A 
 Property Names
- See Exhibit A 
 CROSS-COLLATERALIZATION AGREEMENT - MASTER 

(Revised 5-5-2017) 

THIS CROSS-COLLATERALIZATION AGREEMENT - MASTER (“Agreement”) is made as of the 23rd day of February, 2018 by KEYBANK NATIONAL
ASSOCIATION, a national banking association (“Lender”) and those parties identified on Exhibit A (each, “Borrower” and collectively, “Borrowers”). 

RECITALS 
  

	A.	Pursuant to the terms of a Multifamily Loan and Security Agreement by and between Lender and each Borrower (each, a “Loan Agreement” and collectively, the “Loan Agreements”),
Lender has agreed to make contemporaneous loans to each Borrower (each, a “Loan” and collectively, the “Loans”) in the original principal amounts set forth on Exhibit A. 

 

	B.	Each Loan is secured by a mortgage, deed of trust, deed to secure debt or other similar security instrument (each, a “Security Instrument” and collectively, the “Security Instruments”).
Each Security Instrument encumbers the project identified on Exhibit A and the other real and personal property included within the definition of “Mortgaged Property” in that Security Instrument (each, a “Mortgaged
Property” and collectively, the “Mortgaged Properties”). 

  

	C.	Each Borrower is an affiliate of each of the other Borrowers and will receive a direct and material benefit from the making of the Loans to the other Borrowers. 

 

	D.	Each Borrower acknowledges Lender is willing to make the Loans only if each Borrower agrees to the terms and conditions of this Agreement and the other Loan Documents, which provide, among other things, that each
Borrower will be liable for the payment and performance of each of the Loans and that each Mortgaged Property will serve as collateral for each of the Loans (collectively, the “Cross-Collateralization”). 

 

	E.	Each Borrower further acknowledges that the benefits derived by such Borrower from the Cross-Collateralization are equivalent to the burdens imposed upon such Borrower and its Mortgaged Property by the
Cross-Collateralization, notwithstanding that its Loan and the Related Loans may be of differing amounts. 

  

			
	Cross-Collateralization Agreement - Master	 	

 AGREEMENT 
  

	1.	Definitions. For purposes of this Agreement (including the recitals above), the following terms will have the meanings indicated: 

“Enforcement Action” means a judicial or non-judicial foreclosure of or trustee’s
sale under any Security Instrument, a deed in lieu of such foreclosure or sale, a sale of any of the Total Mortgaged Property pursuant to lawful order of a court of competent jurisdiction in a bankruptcy case filed under Title 11 of the United
States Code, or any other similar disposition of any of the Total Mortgaged Property. 
 “Event of Default” is defined in
Section 4. 
 “Fraudulent Transfer Laws” means Section 548 of Title 11 of the United States Code or any applicable
provisions of comparable state law, including any provisions of the Uniform Fraudulent Conveyance Act or Uniform Fraudulent Transfer Act, as adopted under state law. 

“Indebtedness” means, with respect to each Borrower, the “Indebtedness” as defined in the applicable Loan Agreement,
exclusive of any sums payable by Borrower solely by reason of this Agreement. 
 “Loan Documents” means, with respect to
each Loan, the “Loan Documents” as defined in the applicable Loan Agreement, including, without limitation, this Agreement. 

“Related Borrowers” means, with respect to any Borrower, all of the other Borrowers. 

“Related Indebtedness” means, with respect to any Borrower, the aggregate of the Indebtedness of all the Related Borrowers.

 “Related Loan Agreements” means, with respect to any Borrower, the Loan Agreements relating to the Related Loans. 

“Related Loan Documents” means, with respect to any Borrower, the Loan Documents relating to the Related Loans. 

“Related Loans” means, with respect to any Borrower, the Loans made by Lender to the Related Borrowers. 

“Related Mortgaged Properties” means, with respect to any Borrower, the Mortgaged Properties owned by the Related Borrowers.

 “Related Security Instruments” means, with respect to any Borrower, the Security Instruments relating to the Related
Loans. 

  

			
	Cross-Collateralization Agreement - Master	 	Page 2

 “Total Indebtedness” means, with respect to any Borrower, the aggregate of the
Indebtedness plus the Related Indebtedness. 
 “Total Loan Documents” means, with respect to any Borrower, the Loan
Documents and the Related Loan Documents. 
 “Total Mortgaged Property” means, with respect to any Borrower, the aggregate
of the Mortgaged Property and the Related Mortgaged Properties. 
 Capitalized terms not otherwise defined in this Agreement have the
meanings set forth in the applicable Loan Agreements. 
  

	2.	Joint and Several Liability for Total Indebtedness; Integration of Obligations; Obligations Absolute. Each Borrower acknowledges and agrees that: 

 

	 	(a)	Borrower must pay not only the Indebtedness but all of the Related Indebtedness in accordance with the terms of the Related Loan Documents, and that such Borrower and the Related Borrowers are jointly and severally
liable for the payment of the Total Indebtedness. 

  

	 	(b)	Lender, at its option, may treat the Loan and the Related Loans as separate and independent obligations of such Borrower, or may treat some or all of the Loans, and all or any part of the Total Indebtedness as a single,
integrated indebtedness of such Borrower. 

  

	 	(c)	No invalidity, irregularity or unenforceability of any portion of the Total Indebtedness will affect, impair or be a defense to the recovery by Lender of any other portion of the Total Indebtedness. 

 

	 	(d)	Borrower’s obligation to pay the Related Indebtedness is independent, primary, and absolute, and will be performed without demand by Lender and is unconditional regardless of the genuineness, validity, regularity,
or enforceability of any of the Related Loan Documents, and without regard to any circumstance, other than payment in full of the Related Indebtedness, which might otherwise constitute a legal or equitable discharge of a borrower, a mortgagor, a
surety, or a guarantor. Each Borrower waives, to the fullest extent permitted by law, all rights to require Lender to proceed against any Related Borrower or against any guarantor of any of the Total Indebtedness or to pursue any other right or
remedy Lender may now or hereafter have against any Related Borrower or any collateral for any of the Total Indebtedness. 

  

	3.	Security Instrument Secures Related Indebtedness and obligations of Related Borrowers. Each Borrower acknowledges and agrees as follows: 

 

	 	(a)	The Security Instrument secures the obligation of Borrower and the Related Borrowers to pay both the Indebtedness and the Related Indebtedness. 

  

			
	Cross-Collateralization Agreement - Master	 	Page 3

	 	(b)	The Total Mortgaged Property secures the Total Indebtedness without apportionment or allocation of any Mortgaged Property or any portion of any Mortgaged Property (except that the Total Indebtedness may be apportioned
among the Mortgaged Properties for the sole and limited purpose of determining the amount of transfer or recordation taxes or documentary stamps required in connection with recordation of this Agreement and the Security Instruments).

  

	 	(c)	If any Borrower fails to pay fully, when due, any amount payable to Lender under this Agreement or any Loan Document, then Lender may elect, in its discretion, to treat that amount as being due and owing by all the
Borrowers on a joint and several basis; to enforce its rights and remedies against and collect such amounts from Borrowers on a joint and several basis; and to recover such amounts from the value of each of the Mortgaged Properties, on a pro rata
basis or otherwise, as determined by Lender in its discretion. 

  

	4.	Events of Default. Each of the following events will constitute an “Event of Default” under this Agreement: 

  

	 	(a)	Any Borrower defaults or breaches of any provision of this Agreement. 

  

	 	(b)	Any event or condition occurs which constitutes an “Event of Default” under any of the Total Loan Documents. 

  

	5.	Cross-Default. Each Borrower acknowledges that this Agreement is a “Loan Document” as defined in each Loan Agreement and each Security Instrument, and agrees that any Event of Default under this
Agreement will constitute an “Event of Default” under each Security Instrument and each Loan Agreement. 

  

	6.	Remedies. 

  

	 	(a)	Upon the occurrence of an Event of Default, Lender, in its sole and absolute discretion, may exercise either or both of the following remedies, in such order and at such times as Lender may elect: 

 

	 	(i)	Declare the Indebtedness of one or more of the Borrowers immediately due and payable. 

  

	 	(ii)	Exercise any or all of Lender’s rights and remedies under this Agreement, any of the Total Loan Documents, or applicable law. 

  

	 	(b)	 Lender may exercise its remedies in one or more proceedings, contemporaneously and/or consecutively, as Lender
determines in its sole discretion. Lender may enforce its rights against one or more of the Mortgaged Properties or portions of Mortgaged Properties in the order and manner as it elects in its sole discretion. The enforcement of any one Security
Instrument or any other of the Total Loan 

  

			
	Cross-Collateralization Agreement - Master	 	Page 4

	 	
Documents will not constitute an election of remedies, and will not limit or preclude the enforcement of any other Security Instrument or any other of the Total Loan Documents, through one or
more additional proceedings. Lender may bring any action or proceeding, including but not limited to judicial or non-judicial foreclosure proceedings, without regard to the fact that one or more other
proceedings may have been commenced elsewhere with respect to the one or more of the other Mortgaged Properties or any portion of them. 

  

	 	(c)	Each Borrower, for itself and for any and all Persons now or in the future holding or claiming any lien on, or security interest in, or other interest or right of any nature in or to any of the Mortgaged Property,
unconditionally and irrevocably waives any rights it may have, now or in the future, whether at law or in equity, to require Lender to enforce or exercise any of Lender’s rights or remedies under this Agreement, under any Security Instrument,
or under any other of the Total Loan Documents, in any particular manner or order or in any particular state or county, or to apply the proceeds of any Enforcement Action in any particular manner or order. 

 

	 	(d)	No judgment obtained by Lender in any proceeding enforcing any of the Total Loan Documents will merge any of the Total Indebtedness into that judgment, and all Total Indebtedness that remains unpaid will remain a
continuing obligation of each Borrower. Notwithstanding any Enforcement Action with respect to any Security Instrument, each Borrower will remain bound under this Agreement. 

 

	7.	Application of Proceeds. Lender may apply the proceeds of any Enforcement Action to the payment of the Total Indebtedness (including prepayment premiums) in such order as Lender may determine in Lender’s
sole discretion. 

  

	8.	Adjustment of Obligations. 

  

	 	(a)	If any Borrower’s obligation to pay the Related Indebtedness provided for in this Agreement or the other Loan Documents becomes subject to avoidance under any Fraudulent Transfer Law, then the Related Indebtedness
for which such Borrower will be liable and the amount of the Related Indebtedness for which its Mortgaged Property will constitute security will be limited to the largest amount that would not be subject to avoidance as a fraudulent transfer or
conveyance under such Fraudulent Transfer Law. 

  

	 	(b)	Reserved. 

  

	9.	Borrowers’ Rights of Subrogation. 

  

	 	(a)	 Until the Total Indebtedness has been paid in full and the maximum period thereafter during which any payment to
Lender with respect to the Total Indebtedness could be deemed a preference under the Bankruptcy Code has 

  

			
	Cross-Collateralization Agreement - Master	 	Page 5

	 	
expired, no Borrower will have a right of, and each Borrower waives any claim for, subrogation, contribution, reimbursement or indemnity (whether contractual, statutory, equitable, under common
law or otherwise) and any other rights to enforce any claims or remedies which it has now or may have in the future against any Related Borrower or any of the Related Mortgaged Properties or against any guarantor or security for any of the Total
Indebtedness. 

  

	 	(b)	If any Borrower’s agreement under Section 9(a) is found by a court of competent jurisdiction to be void or voidable for any reason, any such rights such Borrower may have against any Related Borrower, any
Mortgaged Property or any guarantor or security for the Total Indebtedness, will be subordinate to any rights Lender may have against the same. 

  

	 	(c)	Each Borrower understands that the exercise by Lender of certain rights and remedies contained in any Loan Agreement or Security Instrument may affect or eliminate any Borrower’s right of subrogation against any or
all of the Related Borrowers and that such Borrower may therefore incur a partially or totally non-reimbursable liability under this Agreement. Nevertheless, each Borrower authorizes and empowers Lender, in
Lender’s sole and absolute discretion, to exercise any right or remedy, or any combination thereof, which may then be available. 

  

	10.	Subordination of Obligations to other Borrowers. Any indebtedness or other obligation of a Borrower (a “Debtor Borrower”) held by another Borrower (a “Creditor Borrower”)
will be subordinate to the rights of Lender against that Debtor Borrower. If Lender so requests at a time when an Event of Default has occurred, any Creditor Borrower must enforce and collect any such indebtedness or other obligation as trustee for
Lender and pay over to Lender any amount collected, on account of the Total Indebtedness. 

  

	11.	Lender’s Rights. At any time and from time to time and without the consent of, or notice to, any Borrower, without incurring liability to any Borrower, and without impairing or releasing any Borrower’s
liability for all or any part of the Total Indebtedness, Lender may take any of the following actions: 

  

	 	(a)	Change the manner, place or terms of payment, or change or extend the time of payment of, or renew, increase, accelerate or alter, all or any part of the Total Indebtedness, any security for all or any part of the Total
Indebtedness, or any liability incurred directly or indirectly with respect to all or any part of the Total Indebtedness. 

  

	 	(b)	Take and hold security for the payment of the Indebtedness or Total Indebtedness, and sell, exchange, release, surrender, realize upon or otherwise deal with in any manner and in any order any property pledged or
mortgaged to secure all or any part of the Total Indebtedness. 

  

			
	Cross-Collateralization Agreement - Master	 	Page 6

	 	(c)	Exercise or refrain from exercising any rights against any Borrower or any of the Mortgaged Properties. 

  

	 	(d)	Release or substitute any one or more endorsers, guarantors, or other obligors with respect to all or any part of the Total Indebtedness. 

 

	 	(e)	Settle or compromise all or any part of the Total Indebtedness, or subordinate the payment of all or any part of the Total Indebtedness to the payment of any liability (whether due or not) of any Borrower to its
creditors other than Lender. 

  

	 	(f)	Apply any sums realized to any liability or liabilities of any Related Borrower or guarantor to Lender regardless of what liability or liabilities of the Borrowers or guarantor to Lender remain unpaid.

  

	 	(g)	Consent to or waive any breach by any Borrower of, or any act, omission or default by any Borrower under this Agreement or any of the Total Loan Documents. 

 

	12.	Indemnification. Borrowers, jointly and severally, for themselves, their personal representatives, successors and assigns, indemnify and hold harmless Lender, its successors and assigns and their respective
controlling persons, directors, officers, agents, employees, contractors, subcontractors, and the personal representatives, successors and assigns of each of them (“CCA Indemnitees”) of and from any and all claims, debts, demands,
rights, liabilities, actions and causes of action of whatsoever kind and nature, either direct or consequential, and all costs and expenses arising out of or relating thereto (including Attorneys’ Fees and Costs) which any person or entity has
or may have against the CCA Indemnitees, or any of them, on account of, or because of, the failure to pay in full all transfer, mortgage, recordation, documentary, or similar taxes, if any, or any portion thereof that may be due because of the
making of the Loans, execution, delivery or recordation of any of the Security Instruments and this Agreement or execution or delivery of any guaranty or otherwise arising out of the loan transactions and all interest, penalties and fines that may
be or may become due. The CCA Indemnitees may, at the cost of the Borrowers, defend all claims made that are or may be covered by this Agreement unless the Borrowers retain counsel acceptable to the CCA Indemnitees. This indemnification will survive
payment of each of the Loans and release of any or all of the Security Instruments and this Agreement. 

  

	13.	Waivers. 

  

	 	(a)	(a)        With respect to its obligations under this Agreement and the Total Loan Documents, each Borrower waives presentment, demand, notice of dishonor, protest, notice of
acceleration, notice of intent to demand or accelerate payment or maturity, presentment for payment, notice of nonpayment, grace, and diligence in collecting such obligations. 

  

			
	Cross-Collateralization Agreement - Master	 	Page 7

	 	(b)	Notwithstanding the existence of any other security interests in any Mortgaged Property held by Lender or by any other party, Lender may determine in its discretion whether and the order in which any or all of the Total
Mortgaged Property or portions thereof will be subjected to the remedies provided in this Agreement and the Total Loan Documents or applicable law. Lender may determine in Lender’s discretion the order in which any or all portions of the Total
Indebtedness are satisfied from the proceeds realized upon the exercise of such remedies. Each Borrower and any party who now or in the future acquires a lien on or security interest or other interest in any of the Mortgaged Properties
unconditionally and irrevocably waives any and all rights to require the marshalling of assets or to require that any of the Total Mortgaged Property or portions thereof be sold in the inverse order of alienation or in parcels or as an entirety in
connection with the exercise of any such remedies. 

  

	14.	Limited Recourse Liability. Each Borrower’s personal liability (liability beyond Borrower’s interest in its Mortgaged Property) for the Related Indebtedness is limited as and to the same
extent as set forth in that Borrower’s Note. 

  

	15.	Releases of the Mortgaged Properties and Loan Assumptions. Notwithstanding anything to the contrary in any of the other Total Loan Documents: 

 

	 	(a)	No Mortgaged Property may be subject to Defeasance or otherwise released from the lien of the applicable Security Instrument or this Agreement except in connection with (a) the repayment in full of the Total
Indebtedness, (b) the simultaneous Defeasance of all the Loans in accordance with the provisions of the applicable Loan Agreement, or (c) the release of a portion of any individual Mortgaged Property to the extent permitted under the terms
of the applicable Loan Documents. 

  

	 	(b)	For the purposes of this Agreement, a “Loan Assumption” will mean the assumption of any Loan by the transferee in connection with a Transfer of the applicable Mortgaged Property or by a Transfer of any
interest in the applicable Borrower to such transferee, in each case pursuant to Section 7.05(a) of the applicable Loan Agreement. Notwithstanding anything to the contrary in the Loan Agreements, except as set forth in Section 15(c) of
this Agreement, no Loan Assumptions will be permitted with respect to one or more of the Loans. 

  

	 	(c)	A simultaneous Loan Assumption of all of the Loans will be permitted subject to the following terms and conditions: 

  

	 	(i)	The transferee of each Mortgaged Property is an affiliate of each of the other transferees, all of which transferees must have identical ultimate ownership. 

 

	 	(ii)	Lender must have determined that the conditions set forth in Section 7.05(a) of each Loan Agreement have been satisfied. 

  

			
	Cross-Collateralization Agreement - Master	 	Page 8

	 	(iii)	Each Loan remains subject to the terms and conditions of this Agreement following such Loan Assumption. 

  

	 	(iv)	Lender must have determined that immediately prior to the Loan Assumption, the Loans satisfy a minimum aggregate DSCR of 1.30x and a maximum aggregate LTV of 63% (it being understood that the foregoing DSCR and LTV
requirements are in addition to, and not in limitation of, the requirements under Section 7.05(a) of each Loan Agreement). 

  

	16.	Lender’s Right to Terminate Agreement. At any time and for any reason, Lender may at its sole option elect to treat this Agreement as null and void with respect to one or more or all of the Mortgaged
Properties (each a “Terminated Property” and collectively, the “Terminated Properties”) and record among the applicable land records a complete or partial termination of this Agreement evidencing Lender’s
election to treat this Agreement as null and void with respect to the Terminated Properties. Each Borrower, at Lender’s request, must join in any such termination or partial termination, and each Borrower irrevocably appoints Lender as such
Borrower’s agent and attorney-in-fact to execute, deliver and record such termination or partial termination in such Borrower’s name. Following any such
termination or partial termination of this Agreement, Lender may enforce the Security Instruments and other Loan Documents in accordance with their respective terms as if this Agreement had never been executed and delivered as to any Terminated
Properties. 

  

	17.	Notices. All notices to any Borrower or Lender under this Agreement must be given in accordance with the provisions in the Loan Agreement. 

 

	18.	Governing Law; Jurisdiction and Venue. This Agreement will be governed by and construed in accordance with the laws of the Property Jurisdiction. Each of the Borrowers submits to the in personam
jurisdiction of any federal or state court in (a) the Property Jurisdiction and (b) the Commonwealth of Virginia with respect to any proceeding arising out of or relating to this Agreement. Each of the Borrowers irrevocably waives, to the
fullest extent permitted under applicable law, any objections such Borrower may now or hereafter have to the venue of any suit, action or proceeding brought in any such court and any claim that the same has been brought in an inconvenient forum.
Each of the Borrowers acknowledges that it has received material and substantial consideration for the Cross-Collateralization and that the foregoing venue provision is integral to Lender’s realization of its rights hereunder. Each of the
Borrowers further acknowledges that it is not in a disparate bargaining position, that it is a commercial enterprise, with sophisticated financial, legal and economic experience, and that the venue selections contained in this Agreement are not
unreasonable, unjust, inconvenient or overreaching. 

  

	19.	 Captions, Cross References and Exhibits. The captions assigned to provisions of this Agreement are for
convenience only and will be disregarded in construing this Agreement. Any reference in this Agreement to a “Section,” a “Subsection,” or an “Exhibit” will, unless otherwise explicitly provided, be construed as
referring to a section 

  

			
	Cross-Collateralization Agreement - Master	 	Page 9

	 	
of this Agreement, to a subsection of the section of this Agreement in which the reference appears or to an Exhibit attached to this Agreement. All Exhibits referred to in this Agreement are
incorporated by reference. 

  

	20.	Number and Gender. Use of the singular in this Agreement includes the plural, use of the plural includes the singular, and use of one gender includes all other genders, as the context may require.

  

	21.	Statutes and Regulations. Any reference in this Agreement to a statute or regulation will include all amendments to and successors to such statute or regulation, whether adopted before or after the date of this
Agreement. 

  

	22.	No Partnership. This Agreement is not intended to, and will not, create a partnership or joint venture among the parties, and no party to this Agreement will have the power or authority to bind any other party
except as explicitly provided in this Agreement. 

  

	23.	Successors and Assigns. This Agreement will be binding upon and will inure to the benefit of the parties and their respective heirs, successors, and permitted assigns. 

 

	24.	Severability. The invalidity or unenforceability of any provision of this Agreement will not affect the validity of any other provision, and all other provisions will remain in full force and effect.

  

	25.	Entire Agreement. This Agreement, together with the Loan Agreement, Note, Security Instrument and Loan Documents relating to each Loan, contains the entire agreement among the parties as to the rights granted and
the obligations assumed in this Agreement. To the extent this Agreement conflicts with the terms of other Loan Documents, this Agreement will govern and control. 

  

	26.	Waiver; No Remedy Exclusive. Any forbearance by a party to this Agreement in exercising any right or remedy given under this Agreement or existing at law or in equity will not constitute a waiver of or preclude
the exercise of that or any other right or remedy. Unless otherwise explicitly provided, no remedy under this Agreement is intended to be exclusive of any other available remedy, but each remedy will be cumulative and will be in addition to other
remedies given under this Agreement or existing at law or in equity. 

  

	27.	Third Party Beneficiaries. No creditor of any party to this Agreement, nor any other person, is intended to be a third party beneficiary of this Agreement. 

 

	28.	Course of Dealing. No course of dealing among the parties to this Agreement will operate as a waiver of any rights of any party under this Agreement. 

 

	29.	Further Assurances and Corrective Instruments. To the extent permitted by law, the parties will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such
supplements to this Agreement and such further instruments as may reasonably be required for carrying out the intention of or facilitating the performance of this Agreement. 

  

			
	Cross-Collateralization Agreement - Master	 	Page 10

	30.	No Party Deemed Drafter. No party will be deemed the drafter of this Agreement, and this Agreement may not be construed against either party as the drafter of the Agreement. 

 

	31.	WAIVER OF TRIAL BY JURY. EACH BORROWER AND LENDER EACH (A) COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS AGREEMENT THAT IS TRIABLE OF RIGHT BY A JURY, AND
(B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT
OF COMPETENT LEGAL COUNSEL. 

  

	32.	Counterparts. This Agreement may be executed in multiple counterparts, each of which will constitute an original document and all of which together will constitute one agreement. 

 

	33.	ATTACHED EXHIBITS. The following Exhibits are attached to this Agreement: 

  

					
	 |X|
	  	 Exhibit A
	  	 Schedule of Cross-Collateralized Loans

			
	 |    |
	  	 Exhibit B
	  	 Modifications to Cross-Collateralization Agreement - Master

  

			
	Cross-Collateralization Agreement - Master	 	Page 11

 IN WITNESS WHEREOF, the undersigned have signed and delivered this Agreement as of the date first set forth
above. 
  

					
	BORROWERS:
	
	SSSHT PROPCO 4522 S 1300 E, LLC, a Delaware limited liability company
		
	By:  	 	Strategic Student & Senior Housing Trust, Inc., a Maryland corporation, as Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	Chief Executive Officer

 STATE OF CALIFORNIA 

COUNTY OF ORANGE 
 The foregoing instrument was acknowledged
before me this          day of February, 2018, by H. Michael Schwartz, as Chief Executive Officer of Strategic Student & Senior Housing Trust, Inc., a Maryland corporation, as Manager of SSSHT
PROPCO 4522 S 1300 E, LLC, a Delaware limited liability company. 
 (Seal) 
  

	
	     

 Notary Public 

			
		
	 Printed Name:
	 	  

 My Commission Expires: 

  

			
	Cross-Collateralization Agreement - Master	 	Page 12

 
							
	SSSHT PROPCO 1245 E MURRAY HOLLADAY ROAD, LLC, a Delaware limited liability company
		
	By:	 	Strategic Student & Senior Housing Trust, Inc., a Maryland corporation, as Manager
				
		 	By:	 		 	 /s/ H. Michael Schwartz

		 	Name:	 		 	H. Michael Schwartz
		 	Title:	 		 	Chief Executive Officer

 STATE OF CALIFORNIA 

COUNTY OF ORANGE 
 The foregoing instrument was acknowledged
before me this          day of February, 2018, by h. Michael Schwartz, as Chief Executive Officer of Strategic Student & Senior Housing Trust, Inc., a Maryland corporation, as Manager of SSSHT
PROPCO 1246 E MURRAY HOLLADAY ROAD, LLC, a Delaware limited liability company. 
 (Seal) 

 

	
	     

 Notary Public 
  

			
	 Printed Name:
	 	  

 My Commission Expires: 

  

			
	Cross-Collateralization Agreement - Master	 	Page 13

 
					
	SSSHT PROPCO 10020 N 4600 W STREET, LLC, a Delaware limited liability company
		
	By:	 	Strategic Student & Senior Housing Trust, Inc., a Maryland corporation, as Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	Chief Executive Officer

 STATE OF CALIFORNIA 

COUNTY OF ORANGE 
 The foregoing instrument was acknowledged
before me this          day of February, 2018, by H. Michael Schwartz, as Chief Executive Officer of Strategic Student & Senior Housing Trust, Inc., a Maryland corporation, as Manager of SSSHT
PROPCO 10020 N 4600 W STREET, LLC, a Delaware limited liability company. 
 (Seal) 

	
	     

 Notary Public 

			
		
	 Printed Name:
	 	  

 My Commission Expires: 

  

			
	Cross-Collateralization Agreement - Master	 	Page 14

 
			
	LENDER:
	
	KEYBANK NATIONAL ASSOCIATION, a national banking association
		
	By:	 	 /s/ Sharon D. Callahan

	Name:	 	Sharon D. Callahan
	Title:	 	Vice President

 DISTRICT OF COLUMBIA 
 The
foregoing instrument was acknowledged before me this          day of January, 2018, by Sharon D. Callahan, as Manager of KEYBANK NATIONAL ASSOCIATION, a national banking association. 

(Seal) 
  

	
	     

 Notary Public 

			
		
	 Printed Name:
	 	  

 My Commission Expires: 
  

                          
               

  

			
	Cross-Collateralization Agreement - Master	 	Page 15

 EXHIBIT A 

SCHEDULE OF CROSS-COLLATERALIZED LOANS 
  

									
	 Name of Project, City and

State
	 	Borrower	 	Loan Amount	 	 	
Freddie Mac
 Loan
No.

	 THE
WELLINGTON
 SALT LAKE CITY, UTAH
	 	SSSHT PROPCO 4522 S 1300 E, LLC, a Delaware limited liability company	 	$	28,709,000.00	 	 	502336005
	 COTTONWOOD CREEK

SALT LAKE CITY, UTAH
	 	SSSHT PROPCO 1245 E MURRAY HOLLADAY ROAD, LLC, a Delaware limited liability company	 	$	9,337,000.00	 	 	502336021
	 THE CHARLESTON AT
CEDAR HILLS
 CEDAR HILLS, UTAH
	 	SSSHT PROPCO 10020 N 4600 W STREET, LLC, a Delaware limited liability company	 	$	8,859,000.00	 	 	502336048

  

			
	Cross-Collateralization Agreement - Master	 	Page A-1

 EXHIBIT B 

MODIFICATIONS TO CROSS-COLLATERALIZATION AGREEMENT – MASTER 

The following modifications are made to the text of the Agreement which precedes this Exhibit: 

None 

  

			
	Cross-Collateralization Agreement - Master	 	Page B-1

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