Document:

Exhibit 10.50

 

Grove at Waterford Crossing

 

ENVIRONMENTAL INDEMNITY
AGREEMENT

 

This
ENVIRONMENTAL INDEMNITY AGREEMENT (this ''Agreement”), dated as of April 4, 2012, is executed by BELL BR WATERFORD
CROSSING JV, LLC, a Delaware limited liability company ("Borrower"), to and for the benefit of CWCAPITAL
LLC, a Massachusetts limited liability company ("Lender").

 

RECITALS:

 

A.         
Borrower is the owner of the real property more particularly described on Exhibit A attached hereto and made a part hereof
(the " Property").

 

B.           Pursuant
to that certain Multifamily Loan and Security Agreement dated as of the date hereof, by and between Borrower and Lender (as amended,
restated, replaced , supplemented or otherwise modified
from time to time, the ''Loan Agreement"), Lender is making a loan to Borrower in the original principal amount of
Twenty Million One Hundred Thousand and 00/ 100 Dollars
($20,100,000 .00) (the " Mortgage Loan"),
as evidenced by that certain Multifamily Note dated as of the date hereof, executed by Borrower and made payable to the order of
Lender in the amount of the Mortgage Loan (as amended,
restated, replaced, supplemented or otherwise
modified from time to time, the "Note").

 

C.           The
Mortgage Loan is evidenced by the Note issued pursuant to the Loan Agreement and is secured by, among other things, the Security
Instrument and the Loan Agreement.

 

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

 

AGREEMENTS:

 

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

 

		1.	Recitals.

 

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

 

		2.	Defined Terms.

 

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

 

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

 

"Environmental Inspections"
means environmental inspections, reports, tests, investigations, studies, audits, reviews or other analyses (including those related
to Toxic Mold).

 

    	 

    	 

    

  

"Environmental
Laws" means all present and future federal, state and local laws, ordinances, regulations,
standards, rules, policies and other governmental requirements, administrative rulings, court judgments and decrees, and all amendments
thereto, relating to pollution or protection of human health, natural resources or the environment (including ambient air, surface
water, ground water, land surface or subsurface strata) including such laws governing or regulating the use, generation, storage,
removal, remediation , recovery, treatment, handling, transport, disposal, control, release, discharge of, or exposure to, Hazardous
Materials. Environmental Laws include the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section
9601, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., the Toxic Substances Control Act, 15
U.S.C. Section 2601, et seq., the Clean Water Act, 33 U.S.C. Section 1251, et seq., the Hazardous Materials Transportation Act,
49 U.S.C. Section 5101, et seq., the Clean Air Act, 42 U.S.C. Sections 7401- 7661, et seq., the Safe Drinking Water Act, 42 U.S.C.
Section 300f, et seq., the Occupational Safety and Health Act, 29 U.S.C. Chapter 15, et seq., the Federal Water Pollution Control
Act, 331J.S.C. Sections 1251-1376, et seq., the Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. Section 136, et seq.,
and the River and Harbors Appropriation Act, 33 U.S.C. Section 403, et seq., and their state and local analogs.

 

"Environmental
Permit"
means any permit, license or other authorization issued under any Environmental Law with respect to any activities or businesses
conducted on or in relation to the Mortgaged Property.

 

"Hazardous
Materials" means, but is not limited to, any substance, chemical, material or waste now or in the future defined as a
"hazardous substance," "hazardous material," "hazardous waste," "toxic substance," "toxic
pollutant," "contaminant" or " pollutant" (a) within the meaning of any Environmental Law, or (b) the
presence of which causes a nuisance or trespass of any kind, including Toxic Mold; petroleum and petroleum products and compounds
containing them, including gasoline, diesel fuel and oil;
radon; carcinogenic materials; explosives; flammable materials; infectious
materials; corrosive materials; mutagenic materials; radioactive materials; polychlorinated biphenyls (PCBs) and compounds containing
them; lead and lead-based paint; asbestos or asbestos-containing materials in any form that is or could become friable; underground
or above-ground storage tanks, whether empty or containing any substance; any substance the presence of which on the Mortgaged
Property is prohibited by any federal, state or local authority; any substance that is designated, classified or regulated pursuant
to any Environmental Law; and any medical products or devices, including those materials defined as "medical waste" or
" biological waste” under relevant statutes
or regulations pertaining to any Environmental Law.

 

"Indemnitees"
means, collectively:

 

(a)          Lender;

 

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

 

(c)          the
Loan Servicer;

 

(d)          any
prior Loan Servicer;

 

(e)          the
officers, directors, shareholders, partners, managers, members, employees and trustees of any of the foregoing; and

 

    	 

    	 

    

  

(f)          the
heirs, legal representatives, successors and assigns of each of the foregoing.

 

"O&M Program" means one
or more written programs of operations and maintenance approved in writing by Lender.

 

"Prohibited Activities or Conditions"
means any of the following:

 

(a)          the presence, use, generation, release, treatment, processing, storage (including storage in above-ground and underground storage
tanks, except as previously disclosed by Borrower to Lender in writing that any such tank complies with all requirements of Environmental
Laws), handling or disposal of any Hazardous Materials on or under the Mortgaged Property or any other property owned by Borrower,
Guarantor, Key Principal or any Borrower Affiliate that is adjacent to the Mortgaged Property;

 

(b)         the transportation of any Hazardous Materials to, from or across the Mortgaged Property;

 

(c)          any
activity on the Mortgaged Property that requires an Environmental Permit or other written authorization under Environmental Laws
without Lender's prior written consent;

 

(d)          any
occurrence or condition on the Mortgaged Property or any other property owned by Borrower, Guarantor, Key Principal or any Borrower
Affiliate that is adjacent to the Mortgaged Property, which occurrence or condition is or may be in violation of or noncompliance
with Environmental Laws, or in violation of or noncompliance with
the terms of any Environmental Permit; or

 

(e)          any
activities on the Mortgaged Property that directly or indirectly result in other property adjacent to the Mortgaged Property being
contaminated with Hazardous Materials or which may cause such other property to be in violation of or noncompliance with Environmental
Laws exclusive of the safe and lawful use and storage of quantities of:

 

(1)         pre-packaged
supplies, cleaning materials and petroleum products customarily used in the operation and maintenance of comparable multifamily
properties so long as all of the foregoing are used. stored,
handled, transported and disposed of in compliance with Environmental Laws;

 

(2)         cleaning
materials, personal grooming items and other items sold in pre- packaged containers for consumer use and used by tenants and occupants
of residential dwelling units in the Mortgaged Property; and

 

(3)         petroleum
products used in the operation and maintenance of motor vehicles from time to time located on the Mortgaged Property's parking
areas, so long as all of the foregoing are used, stored, handled, transported and disposed of in compliance with Environmental
Laws.

 

"Remedial
Work" means any investigation, site monitoring, containment,
clean-up, restoration or other remedial work in connection
with any Environmental Laws or order of any Governmental Authority that has or acquires jurisdiction over the Mortgaged Property,
or the use, operation or improvement of the Mortgaged Property under any Environmental Law, or as recommended in writing by an
environmental professional, certified industrial hygienist or person with similar qualifications reasonably acceptable to Lender.

 

    	 

    	 

    

  

"Toxic Mold"
means any mold, fungus, microbial contaminations or pathogenic organisms at the Mortgaged Property of a type or quantity that:

 

(a)          results
in, or should reasonably result in, Remedial Work or a significant risk to human health or the environment, pursuant to a written
recommendation by an environmental professional, certified industrial hygienist or person with similar qualifications reasonably
acceptable to Lender;

 

(b)          is
required or recommended to be addressed pursuant to (i) Environmental Law, or (ii) the written recommendation of an environmental
professional, certified industrial hygienist or person with similar qualifications reasonably acceptable to Lender; or

 

(c)          would
materially and negatively impact the value of the Mortgaged Property, as reasonably determined by Lender.

 

		3.	Environmental Representations
and Warranties.

 

Borrower
represents and warrants to Lender that as of the date hereof, except as previously disclosed by Borrower to Lender in writing or
as set forth in that certain Environmental Inspection, if any, performed with respect to the origination of the Mortgage Loan dated
prior to the Effective Date:

 

(a)          neither
Borrower nor any Borrower Affiliates are in possession of any Environmental Inspections that have not been provided to Lender,
nor have any Environmental Inspections been conducted by or on behalf of Borrower that have not been provided to Lender;

 

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

 

(c)          Guarantor
has not at any time engaged in, caused or permitted any Prohibited Activities or Conditions with respect to the Mortgaged Property
or any adjacent property owned by Borrower, Guarantor, Key Principal or any Borrower Affiliate;

 

(d)          to
the best of Borrower's knowledge, no Prohibited Activities or Conditions exist or have existed on the Mortgaged Property or on
any adjacent property owned by Borrower, Guarantor, Key Principal or any Borrower Affiliate;

 

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

 

(f)          Borrower
has complied with all Environmental Laws, including all requirements for notification regarding releases of Hazardous Materials.
Without limiting the generality of the foregoing, Borrower has obtained all Environmental Permits required for the operation of
the Mortgaged Property in accordance with Environmental Laws now in effect, Borrower has disclosed all such Environmental Permits
to Lender, and all such Environmental Permits are in full force and effect;

 

    	 

    	 

    

  

(g)          no
event has occurred with respect to the Mortgaged Property that constitutes, or with the passing of time or the giving of notice
would constitute, noncompliance with the terms of any Environmental Permit;

 

(h)          there
are no actions, suits, claims or proceedings pending or, to the best of Borrower's knowledge, threatened that involve the Mortgaged
Property and allege, arise out of or relate to any Prohibited Activity or Condition; and

 

(i)          Borrower
has not received any complaint, order, notice of violation
or other communication from any Governmental Authority with
regard to air emissions, water discharges, noise emissions
or Hazardous Materials, or any other
environmental, health or safety matters affecting the Mortgaged
Property or any other property owned by
Borrower, Guarantor, Key Principal
or any Borrower Affiliate that is adjacent to the Mortgaged Property.

 

The representations
and warranties in this Agreement shall be continuing representations and warranties that shall be deemed to be made by Borrower
until the Mortgage Loan has been paid in full.

 

		4.	Environmental Covenants.

 

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

 

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

 

(c)          Guarantor
shall not engage in, cause or permit any Prohibited Activities
or Conditions with respect to the Mortgaged Property or any adjacent
property owned by Borrower, Guarantor, Key Principal or any Borrower Affiliate;

 

(d)          Lender
shall have the right to establish, monitor and review an
O&M Program with respect to Hazardous Materials on the Mortgaged Property or any other
property owned by Borrower, Guarantor, Key Principal or
any Borrower Affiliate that is adjacent
to the Mortgaged Property. If an O&M
Program has been established, Borrower shall comply in
a timely manner with, and cause all employees, agents and contractors of
Borrower and any other persons
present on the Mortgaged Property to comply with, the O&M Program.
All costs of performance of
Borrower's obligations under any O&M Program shall
be paid by Borrower, and Lender's reasonable out-of-pocket costs incurred in connection with the monitoring and review of the O&M
Program and Borrower's performance shall
be paid by Borrower upon demand by Lender. Any such out-of-pocket
costs of Lender which Borrower fails to pay promptly shall
become an additional part of the Indebtedness as provided
in the Security Instrument.

 

(e)          Borrower
shall comply with all Environmental Laws applicable to the Mortgaged Property,
including all requirements for notification regarding releases of Hazardous Materials. Without
limiting the generality of the previous sentence, Borrower shall obtain and maintain all

 

    	 

    	 

    

 

 

Environmental Permits required by Environmental
Laws and comply with all conditions of such Environmental Permits.

 

(f)          Borrower
shall promptly notify Lender in writing upon the occurrence of any of the following events:

 

(1)         Borrower's
discovery of any Prohibited Activity or Condition;

 

(2)         Borrower's
receipt of or actual knowledge of any
written action, complaint, suit, claim , proceeding
pending, order, notice of violation
or other communication from any property management agents,
Governmental Authority or other Person with regard to present or future alleged Prohibited
Activities or Conditions or any other environmental, health or safety matters affecting the Mortgaged Property or any other property
owned by Borrower, Guarantor, Key Principal or any Borrower Affiliate that is adjacent to the Mortgaged Property; and

 

(3)         any
representation or warranty in Section 3 of this Agreement was untrue as of the date of this Agreement or Borrower's breach of any
of its obligations under this Section 4.

 

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

 

		5.	Inspections.

 

Lender
shall have the right to obtain any Environmental Inspections in connection with any Foreclosure Event, or as a condition of Lender's
consent to any Transfer, or required by Lender following a reasonable determination by Lender that Prohibited Activities or Conditions
may exist. Borrower shall pay promptly after written demand from Lender the reasonable costs of any Environmental Inspections required
by Lender in accordance with this Section 5. Any such costs incurred by
Lender (including the fees and out-of-pocket costs of attorneys and technical consultants whether
incurred in connection with any judicial or administrative
process or otherwise) which Borrower fails to pay
promptly after notice and request
by Lender shall become
an additional part of the Indebtedness as provided in
the Security Instrument. The results of all Environmental Inspections
made by Lender shall at all times remain the property of Lender
and Lender shall have no obligation to disclose or otherwise make available to Borrower or
any other party such results or any other information obtained by Lender in connection with its Environmental Inspections; provided,
however, if Borrower reimbursed Lender for the cost of such Environmental Inspections, upon request by Borrower, Lender shall provide
a copy of such Environmental Inspections to Borrower. Lender hereby reserves the right, and Borrower hereby expressly authorizes
Lender, to make available to any party, including any prospective bidder at a foreclosure sale of the Mortgaged Property, the results
of any Environmental Inspections made by Lender or Borrower with respect to the Mortgaged Property. Borrower consents to Lender
notifying any party (either as part of a notice of sale or otherwise) of the results of any Environmental Inspections. Borrower
acknowledges that Lender cannot control or otherwise assure the truthfulness or accuracy of the results of any Environmental Inspections
and that the release of such results to prospective bidders at a foreclosure sale of the Mortgaged Property may have a material
and adverse effect upon the amount which a party may bid at such sale. Borrower agrees that Lender shall have no liability whatsoever
as a result of delivering the results of any Environmental Inspections to any third party, and Borrower hereby releases and forever

 

    	 

    	 

    

  

discharges Lender from any and all claims, damages
or causes of action, arising out of, connected with or incidental to the results of, the delivery of any Environmental Inspections.

 

		6.	Remedial Work.

 

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

 

		7.	Cooperation.

 

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

 

		8.	Indemnification.

 

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

 

(1)         any
breach of any representation or warranty of Borrower in this Agreement;

 

(2)         any
failure by Borrower to perform any of its obligations under this Agreement;

 

(3)         the
existence or alleged existence of any Prohibited Activity or Condition, including any loss,
cost or damage arising out of the existence of any underground storage tank on the Mortgaged
Property, whether known or unknown to any Borrower;

 

(4)         the
presence or alleged presence of Hazardous Materials on
or under the Mortgaged Property or any property that is adjacent to the Mortgaged Property and that have been or were likely derived
from the Mortgaged Property (unless such Hazardous

 

    	 

    	 

    

  

Materials are used in such a manner
as to not constitute Prohibited Activities or Conditions); and

 

(5)         the
actual or alleged violation of any Environmental Law at the Mortgaged Property or any other property owned by Borrower, Guarantor,
Key Principal, or any Borrower Affiliate that is adjacent to the Mortgaged Property.

 

(b)          Borrower
shall be fully and personally liable for its obligations under this Agreement. To the extent permitted by law, Borrower's liability
shall not be limited by the amount of the Indebtedness, the repayment of the Indebtedness or otherwise
(including as a result of any limitation on personal liability set forth in the Loan Agreement or any other Loan Document) excluding
any Prohibited Activity or Condition caused directly by Lender or its agents or employees after it takes possession
as mortgagee-in-possession or otherwise.

 

(c)          Counsel
selected by Borrower to defend Indemnitees shall be subject to the approval of those Indemnitees, which approval shall not be unreasonably
withheld, conditioned or delayed. However, any Indemnitee may elect to defend any Claim at Borrower's expense if such Indemnitee
reasonably determines that there is a conflict between the interests of Borrower and such Indemnitee,
or if such Indemnitee reasonably determines that such election is necessary to protect Indemnitee's
security under the Security Instrument. Notwithstanding the foregoing, Lender may employ at its own cost and expense its own legal
counsel and consultants to prosecute, defend or negotiate
any Claim. Further, with the prior written consent of Borrower
(which shall not be unreasonably withheld, delayed or conditioned), Lender may settle or compromise any action or Claim. Borrower
shall reimburse Lender within fifteen (15) days of its
receipt of written demand from Lender for all reasonable costs and expenses incurred by Lender which are required to to be reimbursed
under the terms of this provision, including all costs
of settlements entered into in good faith, and the reasonable fees and out-of-pocket expenses of attorneys and consultants.

 

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

 

(e)          Borrower's
obligation to indemnify the Indemnitees shall not be limited or impaired by any of the following, or by any failure of Borrower
or any guarantor to receive notice of or consideration for any of the following:

 

(1)         the
time for payment of the principal of or interest on the Indebtedness may be extended or the Indebtedness may be renewed in whole
or in part;

 

(2)         the
rate of interest on or period of amortization of the Mortgage Loan or the amount of the Monthly Debt Service Payments payable under
the Loan Documents may be modified;

 

(3)         the
time for Borrower's performance of or compliance with any covenant or agreement contained in any Loan Document, whether presently
existing or hereinafter entered into, may be extended or
such performance or compliance may be waived;

 

    	 

    	 

    

  

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

 

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

 

(6)         any
Loan Document may be modified or amended by Lender and Borrower in any respect, including an increase in the principal amount of
the Mortgage Loan;

 

(7)         any
amounts under the Loan Agreement or any other Loan Document may be released;

 

(8)         any
security for the Indebtedness may be modified, exchanged, released, surrendered or otherwise dealt with or additional security
may be pledged or mortgaged for the Indebtedness;

 

(9)         the
payment of the Indebtedness or any security for the Indebtedness, or both, may be subordinated to the right to payment or the security,
or both, of any other present or future creditor of Borrower;

 

(10)        any
payments made by Borrower to Lender may be applied to the Indebtedness in such priority as Lender may determine; and

 

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

 

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

 

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

 

(2)         reimburse
Indemnitees for any expenses paid or incurred in connection with any matters against which Indemnitees are entitled to be indemnified
under this Agreement; and

 

(3)         reimburse
Indemnitees for any and all expenses, including reasonable fees and
out-of-pocket expenses of attorneys and expert witnesses, paid
or incurred in connection with the enforcement by Indemnitees
of their rights under this Agreement, or in
monitoring and participating in any legal or administrative proceeding.

 

(g)          The
provisions of this Agreement shall be in addition to any and all
other obligations and liabilities that Borrower may have
under applicable law or under other Loan Documents, and each Indemnitee shall
be entitled to indemnification
under this Agreement without regard
to whether Lender or that
lndernnitee has exercised
any rights against the Mortgaged Property or any other
security; pursued any rights against any guarantor, or pursued
any other rights available under the Loan bocuments or
applicable law. The
obligation of Borrower to indemnify the Indemnitees under
this Agreement shall survive any repayment or discharge
of the Indebtedness, any Foreclosure Event, and any recorded release or
reconveyance of the
lien of the Security Instrument, but shall not be
applicable to any Prohibited Activities or Conditions
or any other environmental contamination that occurs after (I) the date of any Foreclosure Event, or (2) if Borrower has a right
under applicable law to physical possession or control of the Mortgaged Property following the date of any Foreclosure Event, the
earlier of the date (A) Lender takes physical possession and control of the Mortgaged Property, or (B) Lender has
the legal right to take physical possession and control of the Mortgage Property; provided,
however, that in any such event, Borrower shall have the
burden of providing evidence to Lender's satisfaction
that any Prohibited Activities or Conditions or any other environmental contamination occurred after any such Foreclosure Event
or, if applicable, after the date Lender takes physical possession and control, or has the legal right to take physical possession
and control, of the Mortgaged Property.

 

    	 

    	 

    

  

		9.	Event of Default.

 

Borrower
understands that a default of its obligations under this Agreement shall be governed by the Loan Agreement (as provided in Article
14 thereof), and that in addition to any remedies specified in this Agreement, Lender shall be entitled to exercise all of its
rights and remedies under the Loan Agreement and other Loan Documents, however, the obligations hereunder shall not be secured
by the Security Instrument.

 

		10.	Subrogation.

 

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

 

		11.	Entity Representations.

 

Borrower
represents and warrants that:

 

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

 

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

 

(c)          all
requisite corporate, trust, limited liability company or partnership action, as applicable has been taken by Borrower to make this
Agreement valid and binding upon Borrower, enforceable in accordance with its terms; and

 

(d)          this
Agreement constitutes a valid, legal and binding obligation of Borrower, enforceable against it in accordance with the terms hereof.

 

    	 

    	 

    

  

		12.	Waiver.

 

Borrower hereby waives and
relinquishes:

 

(a)          any
right or claim of right to cause a marshaling of Borrower's assets or to cause any Indemnitee to proceed against any other Person
or any of the security for the Indebtedness before proceeding under this Agreement against Borrower;

 

(b)          all
rights and remedies accorded by applicable law to indemnitors or guarantors or sureties, except any rights of subrogation which
Borrower may have, provided that the indemnity provided for hereunder shall neither be contingent upon the existence of any such
rights of subrogation nor subject to any claims or defenses whatsoever which may be asserted in connection with the enforcement
or attempted enforcement of such subrogation rights including any claim that such subrogation rights were abrogated by any acts
of any Indemnitee;

 

(c)          the
right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against
or by any Indemnitee;

 

(d)          notice
of acceptance hereof and of any action taken or omitted in reliance hereon;

 

(e)          presentment
for payment, demand of payment, protest or notice of nonpayment or failure to perform or observe, or other proof, or notice or
demand under this Agreement;

 

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

 

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

 

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

 

		13.	Notices.

 

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

 

		14.	Rights Cumulative.

 

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

 

    	 

    	 

    

  

		15.	Entire Agreement.

 

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

 

		16.	No Modification without
Writing.

 

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

 

		17.	Severability.

 

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

 

		18.	Governing Law.

 

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

 

		19.	Jurisdiction.

 

Any
controversy arising under or in relation to this Agreement shall be litigated exclusively in the Property Jurisdiction without
regard to conflict of laws principles. The state and federal courts and authorities with jurisdiction in the Property Jurisdiction
shall have exclusive jurisdiction over all controversies which shall arise under or in relation to this Agreement or any other
Loan Document. Borrower irrevocably consents to service, jurisdiction and venue of such courts for any such litigation and waives
any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise.

 

		20.	Successors and Assigns.

 

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

 

		21.	Time is of the Essence.

 

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

 

    	 

    	 

    

  

		22.	Joint and Several (or
Solidary Liability).

 

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

 

		23.	Construction.

 

(a)          The
captions and headings of the sections of this Agreement are for convenience only and shall be disregarded in construing this Agreement.

 

(b)          Any
reference in this Agreement to an "Exhibit" or "Schedule" or a "Section" or an "Article"
shall, unless otherwise explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached to this
Agreement or to a Section or Article of this Agreement.

 

(c)          Any
reference in this Agreement to a statute or regulation shall be construed as referring to that statute or regulation as amended
from time to time.

 

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

 

(e)          As
used in this Agreement, the term "including" means "including, but not limited to" or "including, without
limitation," and is for example only, and not a limitation.

 

(f)
Whenever Borrower’s knowledge is implicated in this Agreement or the phrase "to Borrower's knowledge" is used in
this Agreement, Borrower's knowledge or such phrase(s) shall be interpreted to mean to the best of Borrower's knowledge after reasonable
and diligent inquiry and investigation.

 

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

 

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

 

		24.	WAIVER OF TRIAL BY JURY.

 

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

 

IN
WITNESS WHEREOF, Borrower has signed and delivered this Agreement under seal (where applicable) or has caused this Agreement to
be signed and delivered under seal (where applicable) by its duly authorized representative. Where applicable law so provides,

 

    	 

    	 

    

  

Borrower intends that this Agreement shall be
deemed to be signed and delivered as a sealed instrument.

 

[Remainder of Page Intentionally
Blank]

 

    	 

    	 

    

  

	 	BORROWER:
	 	 
	 	BELL BR WATERFORD CROSSING JV, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	Bell Partners Inc., a North Carolina corporation, its Co-Manager
	 	 	 
	 	 	By: 	/s/Steven D. Bell
	 	 	 	Name: Steven D. Bell
	 	 	 	Title:    CEO

 

    	 

    	 

    

  

EXHIBIT A

TO

ENVIRONMENTAL INDEMNITY
AGREEMENT

 

[Description of the Land]

 

The land referred to is
located in the County of Sumner, State of Tennessee, described as follows:

 

Being a tract of land lying
in the 5th District of Sumner County, Hendersonville, Tennessee. Bounded on the east by the western Right of Way (ROW) of Sanders
Ferry Road; bounded on the south by U.S.A. Army Corps., by a portion of Resubdivision of Hickory Bay Towers and Central Baptist
Church Properties as recorded in Plat Book 19, Page 62, Register's Office of Sumner County (ROSC), being Central Baptist Church
of Hendersonville, as recorded in Book 520, Page 342, ROSC, and by Mack H. McClung as recorded in Book 2567, Page 239, ROSC; bounded
on the west by said McClung and by Mack Corp. as recorded in Book 3198, Page 797, ROSC; and bounded on the north by said Mack Corp.
Tract being described as follows:

 

POINT OF BEGINNING being
a set iron rod with cap lying on the southwest comer of the intersection said Sanders Ferry Road and Spadeleaf Boulevard (private
road); thence along said western ROW of Sanders Ferry Road with the following: South 30°39'53" East 212.82 feet to a set
iron rod with cap; thence South 30°37'38" East 217.82 feet to a set iron rod with cap; thence South 31°38'08"
East 161.98 feet to a set iron rod with cap; thence leaving said ROW and along the common line of said U.S.A. Army Corps South
72°07'49" West 208.00 feet to a found Anny Corps. boundary marker; thence along the common line of said Central Baptist
Church with the following: North 85°29'14" West 698.24 feet to a found 1⁄2 ' iron rod; thence South 04°37'59"
West 147.00 feet to a set iron rod with cap; thence along the common line of said McClung with the following: North 85°28'30"
West 293.77 feet to a set iron rod with cap; thence North 04°30'46" East 95.19 feet to a set iron rod with cap; thence
North 85°29'14" West 162.59 feet to a set iron rod with cap; thence along a curve to the right having a length of 51.08
feet, a radius of 34.00 feet, a central angle of 86°04'44", a tangent of 31.75 feet, and having a chord bearing and distance
of North 42°26'59" West 46.41 feet to a set iron rod with cap; thence along a curve to the left having a length of 4.50
feet, a radius of 3.00 feet, a central angle of 85°56'52", a tangent of 2.80 feet, and having a chord bearing .and distance
of North 42°26'59" West 4.09 feet to a set iron rod with cap; thence North 85°29'14" West 31.21 feet to a set
iron rod with cap; thence along the common line of said McClung and Mack Corp. North 04°53 '27" East 329.94 feet to a
set iron rod with cap; thence along the common line of said Mack Corp. with the following: South 86°11'16" East 317.86
feet to set iron rod with cap; thence North 03°48'55" East 93.86 feet to a set iron rod with cap; thence South 86°12'40"
East 136.67 feet to a set iron rod with cap; thence along a curve to the left having a length of 592.86 feet, a radius of 676.00
feet, a central angle of 50°14'56", a tangent of 317.01 feet, and having a chord bearing and distance of North 83°20'48"
East 574.04 feet to a set iron rod with cap; thence North 58°22'23" East 65.78 to the point of beginning.

 

Tract contains 579,263
square feet or 13.29 acres.

 

Being the same property
conveyed to BELL BR WATERFORD CROSSING JV, LLC, A DELAWARE LIMITED LIABILTIY COMPANY, by deed of record in Book                ,
page                    ,
said Register's Office.

 

    	 

    	 

    

  

Together with the beneficial
rights contained in the Easement Agreement of record in Record Book 3236, page 822, said Register's Office, as amended by that
Amendment to Easement Agreement of Record in Record Book                    ,page             ,
said Register's Office.Exhibit 10.51

 

Grove at Waterford Crossing

 

GUARANTY OF NON-RECOURSE
OBLIGATIONS

 

This
GUARANTY OF NON-RECOURSE OBLIGATIONS (this "Guaranty"), dated as of April 4, 2012, is executed by the undersigned
("Guarantor"), to and for the benefit of CWCAPITAL LLC, a Massachusetts limited liability company ("Lender").

 

RECITALS:

 

A.           Pursuant
to that certain Multifamily Loan and Security Agreement dated as of the date hereof, by and between Bell BR Waterford Crossing
JV, LLC, a Delaware limited liability company ("Borrower") and Lender (as amended, restated, replaced, supplemented
or otherwise modified from time to time, the "Loan Agreement"), Lender is making a loan to Borrower in the original
principal amount of Twenty Million One Hundred Thousand and 00/100 Dollars ($20,100,000.00) (the " Mortgage Loan"),
as evidenced by that certain Multifamily Note
dated as of the date hereof, executed by Borrower and made
payable to the order of Lender in the amount of the Mortgage
Loan (as amended, restated, replaced, supplemented or otherwise
modified from time to time, the "Note").

 

B.           The
Note will be secured by, among other things, a Security Instrument (as defined in the Loan Agreement) encumbering the real property
described in the Security Instrument (the "Property").

 

C.           Guarantor
has an economic interest in Borrower or will otherwise obtain a material financial benefit from the Mortgage Loan.

 

D.           As
a condition to making the Mortgage Loan to Borrower, Lender requires that Guarantor execute this Guaranty.

 

NOW, THEREFORE, in order
to induce Lender to make the Mortgage Loan to Borrower, and in consideration thereof, Guarantor agrees as follows:

 

AGREEMENTS:

 

		1.	Recitals.

 

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

 

		2.	Defined Terms.

 

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

 

		3.	Guaranteed Obligations.

 

Guarantor
hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and
prompt payment and performance when due, whether at maturity or earlier, by reason of acceleration
or otherwise, and at all times thereafter, of:

 

    	 

    	 

    

  

(a)          all
amounts, obligations and liabilities owed to Lender under Article 3 (Personal Liability) of the Loan Agreement (including the payment
and performance of all indemnity obligations of Borrower described in Section 3.03 (Personal Liability for Indemnity Obligations)
of the Loan Agreement and including all of Borrower's obligations under the Environmental Indemnity Agreement); and

 

(b)          all
costs and expenses, including reasonable fees and out-of-pocket expenses of attorneys and expert witnesses, incurred by Lender
in enforcing its rights under this Guaranty.

 

		4.	Survival of Guaranteed
Obligations.

 

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

 

		5.	Guaranty of Payment; Community Property.

 

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

 

		6.	Obligations Unsecured; Cross-Default.

 

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

 

		7.	Continuing Guaranty.

 

The
obligations of Guarantor under this Guaranty shall be unconditional irrespective of the genuineness, validity, regularity or enforceability
of any provision of this Guaranty, the Note, the Loan Agreement, the Security Instrument or any other Loan Document. Guarantor
agrees that performance of the obligations hereunder shall be a primary obligation, shall not be subject to any counterclaim 1
set-off, recoupment, abatement, deferment or defense based upon any claim that Guarantor may have against Lender, Borrower,
any other guarantor of the obligations hereunder or any other person or entity, and shall remain in full force and effect without
regard to, and shall not be released, discharged or affected in any way by any circumstance or condition (whether or not Guarantor
shall have any knowledge thereof), including:

 

(a)          any
furnishing, exchange, substitution or release of any collateral securing repayment of the Mortgage Loan, or any failure to perfect
any lien in such collateral;

 

(b)          any
failure, omission or delay on the part of Borrower, Guarantor, any other guarantor of the obligations hereunder or Lender to conform
or comply with any term of any of the Loan Documents or failure of Lender to give notice of any Event of Default;

 

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

 

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

 

(e)          any
merger or consolidation of Borrower into or with any entity or any sale, lease or Transfer of any asset of Borrower, Guarantor
or any other guarantor of the obligations hereunder to any other Person;

 

(f)          any
change in the ownership of Borrower or any change in the relationship between Borrower, Guarantor or any other guarantor of the
obligations hereunder, or any termination of such relationship;

 

(g)          any
release or discharge by operation of law of Borrower, Guarantor or any other guarantor of the obligations hereunder, any obligation
or agreement contained in any of the Loan Documents; or

 

(h)          any
other occurrence, circumstance, happening or event, whether similar or
dissimilar to the foregoing, and whether seen or unforeseen, which otherwise might constitute
a legal or equitable defense or discharge of the liabilities
of a guarantor or surety
or which otherwise might limit recourse against Borrower or Guarantor
to the fullest extent permitted by
law.

 

		8.	Guarantor Waivers.

 

Guarantor hereby waives:

 

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

 

(b)          the
benefits of any right of discharge under any and all statutes or other laws relating to guarantors or sureties and any other rights
of sureties and guarantors;

 

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

 

(d)          all
rights to require Lender to:

 

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

 

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(2)         proceed
against or pursue any remedy it may now or hereafter have against Borrower or any guarantor, or, if Borrower or any guarantor is
a partnership, any general partner of Borrower or general partner of any guarantor; or

 

(3)         demand
or require collateral security from Borrower, any other guarantor or any other Person as provided by applicable law or otherwise.

 

		9.	No Effect Upon Obligations.

 

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

 

(a)          the
time for payment of the principal of or interest on the Indebtedness may be extended or the Indebtedness may be renewed in whole
or in part;

 

(b)          the
rate of interest on or period of amortization of the Mortgage Loan or the amount of the Monthly Debt Service Payments payable under
the Loan Documents may be modified;

 

(c)          the
time for Borrower's performance of or compliance with any covenant or agreement contained in any Loan Document, whether presently
existing or hereinafter entered into, may be extended or such performance or compliance may be waived;

 

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

 

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

 

(f)           any
Loan Document may be modified or amended by Lender and Borrower in any respect, including an increase in the principal amount of
the Mortgage Loan;

 

(g)          released;
any amounts under the Loan Agreement or any other Loan Document may be

 

(h)          any
security for the Indebtedness may be modified, exchanged, released, surrendered or otherwise dealt with or additional security
may be pledged or mortgaged for the Indebtedness;

 

(i)           the
payment of the Indebtedness or any security for the Indebtedness, or both, may be subordinated to the right to payment or the security,
or both, of any other present or future creditor of Borrower;

 

(j)           any
payments made by Borrower to Lender may be applied to the Indebtedness in such priority as Lender may determine in its discretion;
and

 

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

 

		10.	Joint and Several (or
Solidary) Liability.

 

If
more than one Person executes this Guaranty as Guarantor, such Persons shall be liable for the obligations hereunder on a joint
and several (solidary instead for purposes of Louisiana law) basis. Lender, in its discretion, may:

 

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(a)          to
the extent permitted by applicable law, bring suit against Guarantor, or any one or more of the Persons constituting Guarantor,
and any other guarantor, jointly and severally (solidarily instead for purposes of Louisiana law), or against any one or more of
them;

 

(b)          compromise
or settle with any one or more of the Persons constituting Guarantor, or any other guarantor, for such consideration as Lender
may deem proper;

 

(c)          discharge
or release one or more of the Persons constituting Guarantor, or any other guarantor, from liability or agree not to sue such Person;
and

 

(d)          otherwise
deal with Guarantor and any guarantor, or any one or more of them, in any manner, and no such action shall impair the rights of
Lender to collect from Guarantor any amount guaranteed by Guarantor under this Guaranty.

 

Nothing contained in this Section 10 shall in
any way affect or impair the rights or obligations of Guarantor with respect to any other guarantor.

 

		11.	Subordination of Affiliated Debt.

 

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

 

		12.	Subrogation.

 

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

 

		13.	Voidable Transfer.

 

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

 

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		14.	Credit Report/Credit Score.

 

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

 

		15.	Financial Reporting.

 

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

 

		16.	Further Assurances.

 

Guarantor
acknowledges that Lender (including its successors and assigns) may sell or transfer the Mortgage Loan, or any interest in the
Mortgage Loan.

 

(a)          Guarantor
shall:

 

(1)         do
anything necessary to comply with the requirements of Lender or any Investor of the Mortgage Loan or provide, or cause to be provided,
to Lender or any Investor of the Mortgage Loan, at Borrower's and Guarantor's cost and expense, such further documentation or information
required by Lender or Investor, in order to enable:

 

(A)         Lender
to sell the Mortgage Loan to such Investor;

 

(B)         Lender
to obtain a refund of any commitment fee from any such Investor; or

 

(C)         any
such Investor to further sell or securitize the Mortgage Loan;

 

(2)         confirm
that Guarantor is not in default under this Guaranty or in observing any of the covenants or agreements contained in this Guaranty
(or, if Guarantor is in default, describing such default in reasonable detail); and

 

(3)         execute
and deliver to Lender and/or any Investor such other documentation, including any amendments, corrections, deletions or additions
to this Guaranty as is required by Lender or such Investor.

 

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

 

(1)         changing
the essential economic terms of the Mortgage Loan set forth in the related commitment letter
between Borrower and Lender; or

 

(2)         imposing
on Borrower or Guarantor greater personal liability under the Loan Documents than that set forth in the related commitment letter
between Borrower and Lender.

 

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		17.	Successors and Assigns.

 

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

 

		18.	Final Agreement.

 

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

 

		19.	Governing
Law.

 

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

 

		20.	Property Jurisdiction.

 

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

 

		21.	Time is of the Essence.

 

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

 

		22.	Notices.

 

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

 

(a)          in
writing and shall be

 

(1)         delivered,
in person;

 

(2)         mailed,
postage prepaid, either by registered or certified delivery, return receipt requested;

 

(3)         sent
by overnight courier; or

 

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

 

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

 

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

 

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

 

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

 

		23.	Construction.

 

(a)          Any
reference in this Guaranty to an "Exhibit'' or ''Schedule" or a "Section" or an "Article" shall,
unless otherwise explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached to this Guaranty
or to a Section or Article of this Guaranty.

 

(b)          Any
reference in this Guaranty to a statute or regulation shall be construed as referring to that statute or regulation as amended
from time to time.

 

(c)          Use
of the singular in this Guaranty includes the plural and use of the plural includes the singular.

 

(d)          As
used in this Guaranty, the term "including'' means "including, but not limited to" or "including, without limitation,"
and is for example only, and not a limitation.

 

(e)          Whenever
Guarantor's knowledge is implicated in this Guaranty or the phrase ''to Guarantor's knowledge" or a similar phrase is used
in this Guaranty, Guarantor's knowledge or such phrase(s) shall be interpreted to mean to the best of Guarantor's knowledge after
reasonable and diligent inquiry and investigation.

 

(f)          Unless
otherwise provided in this Guaranty, if Lender's approval is required for any matter hereunder, such approval may be granted or
withheld in Lender's sole and absolute discretion.

 

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

 

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

 

(i)          "Lender
may" shall mean at Lender's discretion, but shall not be an obligation.

 

	Guaranty of Non-Recourse Obligations	Form 6015	Page 8
	Fannie Mae	07-11	© 2011Fannie Mae

 

    	 

    	 

    

  

		24.	WAIVER OF JURY TRIAL.

 

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

 

		25.	Schedules.

 

The
schedules, if any, attached to this Guaranty are incorporated fully into this Guaranty by this reference and each constitutes a
substantive part of this Guaranty.

 

ATTACHED
SCHEDULE. The following Schedule is attached to this Guaranty:

 

 ̈  Schedule 1      Modifications to Guaranty

 

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

 

[Remainder of Page Intentionally
Blank]

 

	Guaranty of Non-Recourse Obligations	Form 6015	Page 9
	Fannie Mae	07-11	© 2011Fannie Mae

 

    	 

    	 

    

  

	 	GUARANTOR:
	 	 
	 	BELL PARTNERS INC., a North
	 	Carolina corporation

 

	 	By:	/s/ Steven D. Bell
	 	 	Name: Steven D. Bell
	 	 	  Title: CEO

 

	 	Address:	300 North Green Street, Suite 1000
	 	 	Greensboro, NC 27401
	 	 	 
	 	Email address: sbell@bellpartnersinc.com

 

	Guaranty of Non-Recourse Obligations	Form 6015	Page 10
	Fannie Mae	07-11	© 2011Fannie Mae

 

    	 

    	 

    

  

	 	GUARANTOR:
	 	 
	 	BELL HNW NASHVILLE PORTFOLIO, LLC,
	 	a North Carolina limited liability company
	 	 
	 	By:	Bell Partners Inc., a North Carolina corporation, its Manager

 

	 	By:	/s/ Steven D. Bell
	 	 	Name: Steven D. Bell
	 	 	 Title: CEO

 

	 	Address:	300 North Green Street, Suite 1000
	 	 	Greensboro, NC 27401

 

	 	Email address: sbell@bellpartnersinc.com

 

	Guaranty of Non-Recourse Obligations	Form 6015	Page 11
	Fannie Mae	07-11	© 2011Fannie Mae

 

    	 

    	 

    

  

	 	GUARANTOR:
	 	 
	 	BLUEROCK SPECIAL OPPORTUNITY+
	 	INCOME FUND, LLC, a Delaware

limited liability company
	 	 
	 	By: 	Bluerock Real Estate, L.L.C., a Delaware   limited liability company, its Manager

 

	 	By:	/s/ Jordan Ruddy
	 	 	Name: Jordan Ruddy 
	 	 	Title: President 

 

	 	Address:	c/o Bluerock Real Estate, LLC 
	 	 	
        70 East Fifth Street, 9th Floor

        New York, New York 10022

        Attention: Jordan Ruddy

 

	Guaranty of Non-Recourse Obligations	Form 6015	Page 12
	Fannie Mae	07-11	© 2011Fannie Mae

 

    	 

    	 

    

  

	 	GUARANTOR:
	 	 
	 	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:	/s/ Jordan Ruddy 
	 	 	Name: Jordan Ruddy 
	 	 	Title: President 

 

	 	Address:	c/o Bluerock Real Estate, LLC 
	 	 	
        70 East Fifth Street, 9th Floor

        New York, New York 10022

        Attention: Jordan Ruddy

 

	Guaranty of Non-Recourse Obligations	Form 6015	Page 13
	Fannie Mae	07-11	© 2011Fannie Mae

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