Document:

EX-10.5

							
	

	  		  		  	Exhibit 10.5

 BROOKFIELD REAL ESTATE INCOME TRUST INC. 

FORM OF INDEPENDENT DIRECTOR COMPENSATION POLICY 

Effective Date 
 On November [•] , 2021, the
Board of Directors (the “Board”) of Brookfield Real Estate Income Trust Inc. (the “Company”) adopted this Independent Director Compensation Policy, to be effective as November [•] , 2021. Capitalized terms used herein
and not otherwise defined shall have the meanings assigned to such terms in Brookfield Real Estate Income Trust Inc. Independent Director Restricted Stock Award Agreement (the “Award Agreement”) in substantially the form attached hereto as
Exhibit A. 
 Eligibility 
 This policy shall
apply to directors of the Company who meet the requirements set forth for an “independent director” in the Company’s Charter. 

Compensation 
 The following shall remain in effect until
changed by the Board (collectively, the “Compensation”): 
  

													
	 Annual Retainer:
	  	$	125,000	 	  				  			
				
	 Audit Committee Chair Annual Retainer:
	  	$	20,000	 	  				  			

 Payment Timing and Form 

Fifty percent (50%) of the Independent Director’s applicable Compensation shall be paid quarterly in cash in arrears, taking into account any required
proration as described below, as soon as possible following the end of the calendar quarter to which the Compensation relates, and fifty percent (50%) of the Independent Director’s applicable Compensation shall be paid in the form of restricted
shares of Class E common stock of the Company (“Restricted Stock”). 
 Terms and Conditions of Restricted Stock

 

	 	•	 	 Restricted Stock shall be granted subject to the terms and conditions of the applicable Award Agreement.

  

	 	•	 	 The Restricted Stock shall be granted on the first business day following the Company’s annual meeting of
stockholders (the “Annual Meeting”) (or, if the person becomes an Independent Director after the Annual Meeting of a given year, the first business day following the effective date on which the person becomes an Independent Director) (in
either case, a “Grant Date”). The number of shares of Restricted Stock granted shall be determined by (A) dividing fifty percent (50%) of the Independent Director’s applicable Compensation, taking into account any required
proration as described below, by the NAV for the month immediately preceding the month in which the Grant Date occurs, and (B) rounding to the nearest whole number. 

 Brookfield Real Estate Income Trust Inc.
                                        
                                Independent Director Compensation Plan 

 

	 	•	 	 Unless and until provided otherwise by the Board, the Restricted Stock granted pursuant to this Policy shall vest
and become non-forfeitable on the one-year anniversary of the Grant Date, provided that the Independent Director is providing services to the Company as a director on
such vesting date. Notwithstanding the foregoing vesting schedule, the shares of Restricted Stock shall become fully vested on the earlier occurrence of: (i) the termination of the Independent Director’s service as a director of the
Company due to his or her death or Disability; or (ii) a Change in Control. If the Independent Director’s service as a director of the Company terminates other than as described in clause (i) of the foregoing sentence, then the
Independent Director shall forfeit all of his or her right, title and interest in and to any unvested shares of Restricted Stock as of the date of such termination from the Board and such Restricted Stock shall be reconveyed to the Company without
further consideration or any act or action by the Independent Director. 

 Proration 

 

	 	•	 	 If an Independent Director becomes an Independent Director after the Annual Meeting of a given year, then his or
her Compensation shall be prorated based on the number of calendar quarters remaining for the Independent Director to serve on the Board during the twelve-month period following the date of the most recently held Annual Meeting.

  
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 Exhibit A 

RESTRICTED STOCK AWARD AGREEMENT 

THIS AGREEMENT (the “Agreement”), is made effective as of the day of , 20 , (the “Date of Grant”), between
Brookfield Real Estate Income Trust Inc. a Maryland corporation (the “Company”), and (the “Participant”): 

R E C I T A L S: 

WHEREAS, the Board has determined that it would be in the best interests of the Company and its shareholders to grant the restricted stock
award provided for herein (the “Restricted Stock Award”) to the Participant pursuant to the terms set forth herein. 
 NOW
THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows: 

1.    Definitions. The following definitions shall be applicable throughout the Agreement: 

(a)    “Affiliate” means any Person that directly or indirectly controls, is controlled by or is under
common control with the Company. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other securities, by contract or otherwise. 

(b)    “Board” means the Board of Directors of the Company. 

(c)    “Change in Control” shall mean the occurrence of any of the following events: 

 

	 	(i)	 any Person or Group, other than a Permitted Holder, is or becomes the “beneficial owner” (as defined
in rules 13d-3 and 13d-5 under the Exchange Act) directly or indirectly of more than 30% of the total voting power of the voting stock of the Company (or any entity
which controls the Company) within a 12-month period, including by way of merger, consolidation, tender or exchange offer, or otherwise; 

 

	 	(ii)	 a reorganization, recapitalization, merger or consolidation (a “Corporate Transaction”) involving the
Company, unless securities representing 70% or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company or the corporation resulting from such Corporate
Transaction (or the parent of such corporation) are held subsequent to such transaction by the Person or Persons who were the “beneficial owners” of the outstanding voting securities entitled to vote generally in the election of directors
of the Company immediately prior to such Corporate Transaction, in substantially the same proportions as their ownership immediately prior to such Corporate Transaction; 

	 	(iii)	 the sale or disposition, in one or a series of related transactions, of all or substantially all, of the assets
of the Company to any Person or Group other than the Permitted Holders; or 

  

	 	(iv)	 during any period of 12 months, individuals who at the beginning of such period constituted the Board (together
with any new directors whose election by such Board or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company, then still in office, who were either directors at the
beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board, then in office. 

For the avoidance of doubt, if the Permitted Holder remains the majority owner of the total voting power of the voting stock of the Company,
then there shall not be a Change in Control for purposes of this Restricted Stock Award. 

(d)    “Code” means the Internal Revenue Code of 1986, as amended, and any successor thereto. 

(e)    “Disability” shall have the meaning of such term as set forth in Section 409A of the Code.
The Disability determination shall be in the sole discretion of the Board. 
 (f)    “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor thereto. 
 (g)    “Group”
shall mean “group,” as such term is used for purposes of Section 13(d) or 14(d) of the Exchange Act. 

(h)    “Permitted Holder” means any of the following: (i) the Company, Brookfield Asset Management
Inc. or any of their respective Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an
offering of such securities or (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company. 

(i)    “Person” means any individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Exchange Act). 
 (j)    “Shares” means shares of the Company’s Class E common
stock. 
 2.    Grant of the Restricted Shares. Subject to the terms and conditions set forth in this Agreement,
the Company hereby grants to the Participant a Restricted Stock Award consisting of Shares (hereinafter called the “Restricted Shares”). The Restricted Shares shall vest and become nonforfeitable in accordance with Section 3 hereof.

 3.    Vesting. 

(a)    Subject to the Participant’s continued service on the board of directors of the Company (“Board
Service”), the Restricted Shares shall vest and become non-forfeitable with respect to 100% of the Restricted Shares on , 20__. Notwithstanding the foregoing, in the event the Participant’s Board
Service ends due to the Participant’s death or Disability, then the Restricted Shares shall be deemed to fully vest on the date of such death or Disability, as applicable. 

 (b)    If the Participant’s Board Service with the Company ends for
any reason other than the reasons set forth in 3(a) above, the Restricted Shares, to the extent not previously vested, shall be forfeited by the Participant without consideration. 

(c)    Notwithstanding any other provision of this Agreement to the contrary, in the event of a Change in Control, the
Restricted Shares shall, to the extent not then vested and not previously forfeited, immediately become fully vested. 

4.    Book Entry Ownership. The Company shall recognize the Participant’s ownership of the Restricted Shares
through uncertificated book entry. To the extent required by the Company, the Participant shall deliver to the Company a stock power, duly endorsed in blank, relating to the Restricted Shares that have not previously vested. 

5.    Rights as a Stockholder. The Participant shall be the record owner of the Restricted Shares until or unless
such Restricted Shares are forfeited pursuant to Section 3 hereof, and as record owner shall be entitled to all rights of a common stockholder of the Company, including, without limitation, voting and dividend rights with respect to the
Restricted Shares; provided that the Restricted Shares that have not previously vested shall be subject to the limitations on transfer and encumbrance set forth in Section 8. 

6.    Notations. To the extent applicable, all book entries representing the vested Restricted Shares shall be
subject to the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Restricted Shares are listed, and any applicable Federal or state laws, and the Board may cause notations to be
made next to the book entries to make appropriate reference to such restrictions. 
 7.    No Right to Continued
Board Service. The granting of the Restricted Shares evidenced by this Agreement shall impose no obligation on the Company or any Affiliate to continue the Board Service of the Participant and shall not lessen or affect the Company’s or its
Affiliate’s right to terminate the Board Service of such Participant. 
 8.    Transferability. The
Restricted Shares may not, at any time prior to becoming vested pursuant to Section 3, be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant and any such purported assignment, alienation,
pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer
or encumbrance. 
 9.    Taxes. The Participant may be required to pay to the Company or any Affiliate and the
Company shall have the right and is hereby authorized to withhold, any applicable withholding taxes in respect of the Restricted Shares, their grant or vesting or any payment or transfer with respect to the Restricted Shares and to take such action
as may be necessary in the opinion of the Board to satisfy all obligations for the payment of such withholding taxes. Upon issuance of the Restricted Shares hereunder, the Participant may make an election to be taxed upon such award under
Section 83(b) of the Code (an “(83(b) Election”). To effect such 83(b) Election, the Participant may file an appropriate election with Internal Revenue Service within 30 days after award of the Restricted Shares and otherwise in
accordance with applicable Treasury Regulations. 

 10.    Securities Laws. Upon the vesting of any Restricted
Shares, the Participant will make or enter into such written representations, warranties and agreements as the Board may reasonably request in order to comply with applicable securities laws or with this Agreement. 

11.    Notices. Any notice necessary under this Agreement shall be addressed to the Company in care of its
Secretary at the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for such Participant or to either party at such other address as either party hereto may hereafter
designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 

12.    Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the state of
Maryland without regard to conflicts of laws. 
 13.    Signature in Counterparts. This Agreement may be signed
in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

[Signatures on next page.] 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be effective as of the day and
year first above written. 
  

	
	 BROOKFIELD REAL ESTATE INCOME
 TRUST
INC.

	
	   

	 Name:
 Title:

	
	PARTICIPANTEX-10.6

 Exhibit 10.6 

To the Borrowers (as defined 
 in Exhibit D hereto) 

c/o Brookfield Place New York 
 250 Vesey Street, 15th Floor 
 New York, NY 10281 

Form of Uncommitted Unsecured Line of Credit 

Ladies and Gentlemen: 
 Brookfield US Holdings
Inc. (the “Lender”) is pleased to offer to the Persons listed in Exhibit D hereto (as the same may be updated from time to time) an uncommitted unsecured line of credit up to a maximum amount of $125,000,000 (the
“Line”) under which the Lender may, from time to time in its sole discretion, approve requests by one or more Borrowers for Loans. Unless the context otherwise requires, capitalized terms used in this Agreement shall have the
meanings given thereto in Exhibit C hereto. 
 This Agreement and the arrangement described herein do not constitute a
commitment by the Lender to extend any credit or to make any financial accommodation to any Borrower, and any decision to extend credit or make any financial accommodation under the Line shall be made by the Lender in its sole discretion. Any
extension of credit or financial accommodation that the Lender may make under the Line will be on such terms and conditions as the Lender may require at the time a Borrower requests such extension of credit or financial accommodation and must be
evidenced by documents in form and substance satisfactory to the Lender. Each request for a Loan will be considered individually in light of considerations that the Lender, in its sole discretion, may then find pertinent, including any credit
exposure which the Lender may have to the Borrowers in connection with the Line and any other transactions with the Borrowers. 

Section 1. Purpose. Requests for Loans under the Line may be made from the date hereof to but excluding
November 2, 2022 (the “Stated Expiration Date”), as such date may be extended pursuant to Section 11 hereof. Subject to the terms and conditions of the Master Note, Loans shall be used by the applicable Borrower to provide
financing for Investments, to repay debt or pay other obligations, to manage working capital requirements and for other purposes permitted by such Borrower’s Constituent Documents. 

Section 2. Requesting and Evidencing Loans. (a) In order to request a Loan, a Borrower or Borrowers
shall deliver to the Lender a request substantially in the form of Exhibit A hereto or such other form satisfactory to the Lender (a “Loan Request”), which request may be delivered or furnished by electronic
communication. Such Borrower(s) shall use commercially reasonable efforts to deliver a completed Loan Request to the Lender no later than 11:00 a.m., New York City time, on the date of the borrowing. The failure of any Borrower to comply with such
time period shall not constitute a default under this Agreement. 
 (b) Upon the date of execution and delivery of this Agreement, an
authorized person of each Borrower party hereto shall execute and deliver to the Lender the Master Note on behalf of such Borrower. Schedule II of the Master Note shall be updated from time to time to reflect changes in the
composition of Borrowers after the date hereof. Any and all Loans made to a Borrower shall be evidenced by the Master Note. 

Section 3. [Reserved.] 

Section 4. Representations and Warranties. Each Borrower hereby represents and warrants to the Lender that
(a) it has been duly formed and is validly existing in its jurisdiction of organization; (b) each of the Loan Documents to which it is a party has been duly authorized, executed, and delivered by it and constitutes its legal, valid, and
binding obligation, enforceable against it in accordance with the terms thereof, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting
creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), (iii) an implied covenant of good faith and fair dealing, and (iv) the effects of the possible judicial
application of foreign laws or foreign governmental or judicial action affecting creditors rights; (c) its execution, 

 
delivery, and performance of this Agreement and the other Loan Documents to be delivered by it have been duly authorized by all requisite action and will not conflict with, violate, result in any
default under, or result in the creation of any Lien (as defined in the Master Note) on any of its assets pursuant to its Constituent Documents, any applicable law or regulation, any judgment, order, or decree binding on it or any material agreement
or instrument or contractual restriction to which it is party or which is binding on it or its properties; (d) the proceeds of any Loan shall be to provide financing for Investments, to repay debt or pay other obligations, to manage working
capital requirements and for other purposes permitted by the applicable Borrower’s Constituent Documents; and (e) it is not an “investment company” as defined in, or subject to regulation under, the Investment Company Act of
1940, as amended. 
 Section 5. Expenses; Indemnity. (a) Each Borrower shall pay all reasonable and
documented costs and expenses (including, without limitation, all reasonable and documented legal fees) incurred in connection with the preparation, execution, delivery and administration of this Agreement and the other Loan Documents. 

(b) Each Borrower agrees to indemnify the Lender, its directors, officers, employees and agents (each such Person, an
“Indemnitee”) against, and to hold each Indemnitee harmless from, its proportionate share of any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and disbursements,
incurred by or asserted against any Indemnitee arising out of (i) the execution or delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated thereby, the performance by the parties thereto (other than the
Lender) of their respective obligations thereunder or the consummation of the transactions contemplated thereby, (ii) the use of the proceeds of any of the Loans, or (iii) any claim, litigation, investigation, or proceeding relating to any
of the foregoing, whether or not any Indemnitee is a party thereto, in each case, to the fullest extent possible without such indemnification being inconsistent with such Borrower’s Constituent Documents. The liability of each Borrower under
this Section 5 shall be determined in accordance with Section 8(n) of this Agreement. 
 (c) The provisions of this Section 5
shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of all or any portion of the Loans, the invalidity or
unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Lender. Upon Borrowers’ receipt of written demand therefor, all amounts due under this Section 5 shall
be payable in accordance with Section 12. 
 Section 6. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION. 
 Section 7. Survival. All covenants, agreements, representations, and warranties made by
the Borrowers herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the Lender and shall survive the execution and delivery of this Agreement
and the making of any Loan, regardless of any investigation made by the Lender or on its behalf and notwithstanding that the Lender may have had notice or knowledge of any default under any Loan Document or incorrect representation or warranty at
the time any Loan is extended under the Line, and shall continue in full force and effect as long as any Loan remains outstanding and any amount remains due but unpaid under any Loan Document after the Line has expired or terminated. 

Section 8. Miscellaneous. (a) Each Borrower acknowledges and agrees that no provision of this Agreement
or any other Loan Document referred to herein, and no course of dealing by the Lender in connection herewith, shall be deemed to create or impose, by implication or otherwise, any commitment or obligation on the part of the Lender to make Loans.
Accordingly, each Borrower agrees that any Loan shall be made solely at the Lender’s discretion. 

  
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 (b) Neither this Agreement nor any other Loan Document, nor any provision hereof or thereof,
may be waived, amended, or modified except pursuant to an agreement or agreements in writing entered into by the Borrowers party thereto and the Lender. No failure or delay by the Lender in exercising any right or power under this Agreement or any
other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. All rights and remedies afforded to the Lender by reason of this Agreement and the other Loan Documents are separate and cumulative remedies, and shall be in addition to all other rights and
remedies in favor of the Lender existing at law or in equity or otherwise. None of such remedies, whether or not exercised by the Lender, shall be deemed to exclude, limit or prejudice the exercise of any other legal or equitable remedy or remedies
available to the Lender. No waiver of any provision of any Loan Document or consent to any departure by any Borrower therefrom shall in any event be effective unless the same shall be permitted by the first sentence of this Section 8(b), and
then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of any Loan shall not be construed as a waiver of any default, regardless
of whether the Lender may have had notice or knowledge of such default at the time. 
 (c) THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 (d) Each Borrower hereby irrevocably and
unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court for the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Lender may otherwise
have to bring any action or proceeding relating to this Agreement against any Borrower or its properties in the courts of any jurisdiction. 

(e) Each Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in Section 8(d). Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(f) Each Borrower hereby agrees to the service of process in any legal action or proceeding with respect to this Agreement or any other Loan
Document may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage paid, to such Borrower at c/o Brookfield Place New York, 250 Vesey Street, 15th Floor, New York, NY 10281, but the failure of such Borrower to receive such copy shall not affect in any way the service of such process. 

(g) The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the benefit of the parties hereto and
thereto and their respective successors and assigns permitted hereby, except that (i) none of the Borrowers may assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without the prior written
consent of the Lender (and any attempted assignment or transfer by any Borrower without such consent shall be null and void) and (ii) the Lender may not assign or otherwise transfer its rights or obligations hereunder or under any other Loan
Document without the prior written consent of the Borrowers (such consent not to be unreasonably withheld, delayed or conditioned); provided, however, the consent of the applicable Borrower(s) shall not be required upon the
occurrence and during the continuance of an Event of Default (as defined in the Master Note) set forth in clauses (b), (e) or (f) of such definition. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto, the Indemnitees, and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement or any other Loan Document. 

  
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 (h) Each Borrower hereby acknowledges that: (i) the Lender has no fiduciary
relationship with or fiduciary duty to any Borrower arising out of or in connection with this Agreement or any other Loan Document, and the relationship between the Lender, on the one hand, and the Borrowers, on the other hand, in connection
herewith or therewith is solely that of creditor and debtor; and (ii) no joint venture is created hereby or by any other Loan Document or otherwise exists by virtue of the transactions contemplated hereby between any Borrower and the Lender.

 (i) Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction
shall not invalidate such provision in any other jurisdiction. 
 (j) In accordance with the requirements of Title III of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), the Lender hereby notifies each Borrower that pursuant to the requirements of the Act, it is
required to obtain, verify and record information that identifies such Borrower, which information includes the name and address of such Borrower and, subject to applicable confidentiality requirements (as determined by such Borrower), other
information that will allow the Lender to identify such Borrower in accordance with the Act. 
 (k) The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise
(i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, or otherwise modified (subject
to any restrictions on such amendments, supplements, or modifications set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,”
“hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Sections, Exhibits and Schedules
shall be construed to refer to Sections of, and Exhibits and Schedules to, this Agreement, (v) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts, and contract rights, and (vi) all references herein to the term “law” shall be construed to include statutes and any rules, regulations or orders thereunder. 

(l) This Agreement and the other Loan Documents may be executed in any number of counterparts, each of which shall be deemed an original, and
all of which taken together shall constitute but one agreement. Delivery of an executed signature page of this Agreement or the other Loan Documents by any electronic means that reproduces an image of the actual executed signature page shall be as
effective as delivery of a manually executed counterpart of this Agreement or the other Loan Documents. 
 (m) This Agreement and the other
Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. 

(n) Notwithstanding anything herein or in any other Loan Document to the contrary, the liability of the Borrowers under this Agreement and the
other Loan Documents with respect to any Obligations attributable to one or more Loans shall be several (but not joint). The liability of the Borrowers under this Agreement and the other Loan Documents with respect to any Obligations that relate to
the Loan Documents or the Line generally, and are not attributable to any particular Loans, shall also be several (but not joint). For the avoidance of doubt, the occurrence of a Default (as defined in the Master Note) or an Event of Default with
respect to one Borrower shall not, by itself, result in a Default or an Event of Default with respect to any other Borrower. 

Section 9. Termination Rights. Each Borrower shall have the right to terminate this Agreement and the other
Loan Documents in respect of itself, at any time, upon written notice to the Lender and payment in full of any and all outstanding Obligations of such Borrower. The Lender shall have the right to terminate this Agreement and the other Loan Documents
with respect to any or all Borrowers at any time upon delivery of written notice to such Borrower(s). For the avoidance of doubt, the Lender shall not be required to fund new loans once notice has been provided of its intent to terminate this
Agreement. 

  
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 Section 10. Limited Recourse. Notwithstanding anything to
the contrary contained in this Agreement or under provisions of applicable law, none of the Lender and its assignees shall have any recourse to any Investor or any of their respective assets for any indebtedness or other monetary obligation incurred
under the Loan Documents; provided, however, that nothing contained herein (a) shall constitute a waiver or release of the Borrowers of any indebtedness or other monetary obligation evidenced by this Agreement or the
Master Note or (b) shall limit or otherwise restrict recourse to and enforcement against the applicable Borrower itself. 

Section 11. Extension. Provided (a) the Borrowers shall have delivered to the Lender an extension
request not less than thirty (30) days prior to the initial Stated Expiration Date, (b) there exists no Event of Default, and (c) the Lender shall have provided its consent, such consent to be given in its sole and absolute
discretion, the Borrowers shall have the option to extend the Stated Expiration Date for additional terms of no longer than twelve (12) months each. 

Section 12. Demand Obligation. The Loans, together with all accrued and unpaid interest thereon, are payable
on the earliest of (i) the date Lender demands payment hereunder, (ii) the Stated Expiration Date and (iii) the occurrence of a Change of Control; provided, that the applicable Borrower(s) shall have 180 days
(in the case of clauses (i) and (ii)) or 45 days (in the case of clause (iii)) to make such payment as provided for in this Section 12. Accordingly, the Lender can demand payment in full of the Loans at any time in its sole discretion even
if the Borrowers have complied with all of the terms of this Agreement and the other Loan Documents. Upon the earlier of written demand for payment by the Lender in connection with the Obligations of any Borrower and the Stated Expiration Date, to
the extent that its Obligations have not otherwise been satisfied, such Borrower shall, promptly following receipt of net cash proceeds from the acceptance of subscriptions from any Investors and any sale or other disposition of any asset, apply
such proceeds to the repayment in full of the Loans and the Obligations. For the avoidance of doubt, no Borrower shall be required to use any such net cash proceeds that are (a) required to be distributed by such Borrower in order for it to
maintain its REIT status or avoid any entity level tax as determined by such Borrower in its sole discretion, (b) required to meet any repurchase requests up to the maximum repurchase levels of 2% of Borrowers’ net asset value per calendar
month and 5% per fiscal quarter, (c) necessary for such Borrower to close on any acquisition such Borrower entered into prior to Lender’s demand for payment, and (d) necessary for such Borrower to distribute to Investors an amount
consistent with the actual per share distributions made by such Borrower to its Investors in the immediately preceding fiscal quarter. 

[SIGNATURE PAGES FOLLOW] 

  
 5 

 
	
	Sincerely yours,
	
	BROOKFIELD US HOLDINGS INC.
	
	By:
	Name:
	Title:
	
	By:
	Name:
	Title:
	
	AGREED AND ACCEPTED AS OF THE DATE FIRST ABOVE WRITTEN:
	
	BORROWER
	
	By:
	Name:
	Title:

 [Signature page to Uncommitted Unsecured Line of Credit Agreement] 

 EXHIBIT A TO LETTER AGREEMENT 

[Form of Loan Request] 

BROOKFIELD REAL ESTATE INCOME TRUST INC. 

Funding Request Form 
  

			
	Borrower	 	  

		
	Amount Requested (in USD)	 	  

		
	Value Date	 	  

		
	Interest Period	 	  

		
	Interest Rate	 	  

		
	Beneficiary Account Name	 	  

		
	Beneficiary Account Number	 	  

		
	Description of Payment	 	  

 Kindly send swift confirmation on value date to confirm receipt of funds by
                     
  

  
 A-1 

 EXHIBIT B TO LETTER AGREEMENT 

[Form of Master Note] 

PROMISSORY NOTE 
 [DATE]

 New York, New York 
 FOR VALUE
RECEIVED, each of the entities listed on Schedule II hereto (as updated from time to time, collectively, the “Borrowers”; each, a “Borrower”), hereby promises to pay to the order of Brookfield US
Holdings Inc. (the “Lender”), at the Lender’s office at 181 Bay Street, Suite 300, Toronto ON M5J 2T3 Canada, the aggregate unpaid principal amount of each loan made by the Lender to such Borrower (each a
“Loan”; collectively, the “Loans”) on the due date for each Loan (as recorded by the Lender on its books and records and/or on Schedule I hereto or continuation thereof). 

Loans evidenced hereby are made pursuant to that certain letter agreement dated November 2, 2021 between the Lender and the Borrowers
party thereto (as amended, supplemented, or otherwise modified from time to time, the “Letter Agreement”) providing for an uncommitted unsecured line of credit. This Note is the “Master Note” as defined in the Letter
Agreement. The liability of each Borrower under this Note shall be governed by the terms of Section 8(n) of the Letter Agreement. The recourse to any Investor under this Note shall be limited as provided in Section 10 of the Letter
Agreement. 
 Section 1. Defined Terms. Unless otherwise defined herein, capitalized terms herein shall
have the meanings assigned to them in the Letter Agreement. As used herein, the following terms shall have the meanings specified below: 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute or statutes. 

“Default” means any event or condition which, with the passage of time, the giving of notice, or both, would give rise to an
Event of Default. 
 “Dollars” or “$” mean, at any time, the lawful currency of the United
States of America. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and
any successor statute or statutes. 
 “ERISA Investor” means an Investor in the applicable Borrower that is (a) an
“employee benefit plan” (as such term is defined in Section 3(3) of ERISA) or trust or custody account therefor (or a master trust or custody account therefor) subject to Title I of ERISA, (b) a group trust, as described in
Revenue Ruling 81-100 or insurance company separate account that includes one or more Persons described in clause (a) above, or (c) a partnership, insurance company general account, or
other account or other fund that is deemed to hold “plan assets” pursuant to the Plan Asset Regulation of one or more Persons described in clause (a) or (b) above. 

“Event of Default” has the meaning set forth in Section 7 of this Note. 

“Excluded Taxes” means (a) any income or franchise Taxes imposed as a result of a present or former connection between
the Lender and the jurisdiction of the governmental authority imposing such Tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising on account of the execution, delivery, performance, filing,
recording, or enforcement of, or other activities contemplated in, this Note), (b) any branch profits Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction in which the Lender is located, (c) any
withholding Taxes resulting from any law in effect on the date hereof (or on the date the Lender designates a new lending office or on the date the Lender assigns this Note to 

  
 B-1 

 
another party), except to the extent that Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from a
Borrower with respect to such withholding Taxes pursuant to the paragraphs relating to payments made without deduction for Indemnified Taxes, to exemption from or reduction of withholding Tax and to refund of Indemnified Taxes, (d) any Taxes
attributable to the Lender’s failure to comply with the paragraphs in Section 4 relating to exemptions from or reduction of withholding Taxes (including with respect to FATCA), and (e) any withholding Taxes imposed under FATCA. 

“FATCA” means Sections 1471 through 1474 of the Code as in effect on the date hereof (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations promulgated thereunder or official interpretations thereof, any agreements entered into pursuant to Section 1471(b) of the Code
(or any amended or successor version described above), and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among governmental authorities and implementing the
foregoing. 
 “Indemnified Taxes” means Taxes, other than Excluded Taxes, imposed on or with respect to payments under this
Note. 
 “Interest Payment Date” means (i) the last day of the Interest Period; and (ii) the date of any payment
of principal. 
 “Interest Period” means, with respect to a Loan, the period commencing on the date such Loan is made and
ending on the numerically corresponding day one week, two weeks, one calendar month, two calendar months, three calendar months, six calendar months or nine calendar months thereafter, as selected by the applicable Borrower and as recorded by the
Lender on its books and records and/or Schedule I hereto or any continuation thereof, or if such day is not a Business Day, then on the immediately succeeding Business Day; provided, that if such Business Day would fall
in the next calendar month, such Interest Period shall end on the immediately preceding Business Day; and provided, further, that any Interest Period which commences on the last Business Day of a calendar month (or on any day
for which there is no numerically corresponding day in the appropriate subsequent calendar month(s)) shall, subject to the foregoing proviso, end on the last Business Day of the appropriate calendar month. 

“Libor Rate” means, for any Interest Period for each Loan comprising part of the same borrowing, the rate per annum as
published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be reasonably designated by the Lender from time to time) at approximately 11:00 a.m., London time, two (2) Business
Days prior to the first day of the Interest Period for such Loan as the rate for deposits in Dollars with a maturity comparable to such Interest Period; provided that to the extent a successor rate is mutually agreed upon by the parties hereto, such
agreed upon rate shall be applied to the applicable Interest Period in a manner consistent with market practice. 
 “Lien”
means, (a) with respect to any asset, (x) any mortgage, deed of trust, lien, pledge, encumbrance, charge or security interest in or on such asset and (y) the interest of a vendor or a lessor under any conditional sale agreement,
capital lease or title retention agreement relating to such asset, and (b) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Plan Asset Regulations” means U.S. Department of Labor
Regulation Section 2510.3-101, 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA, and any successor statutory or
regulatory provisions. 
 “Taxes” means any present or future taxes, levies, imposts, duties, deductions, charges, or
withholdings (including backup withholding), assessments or fees imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto. 

Section 2. Interest. Interest shall accrue on the unpaid balance of the principal amount of each Loan
(including PIK Interest) made to a Borrower from and including the date of such Loan to but excluding the date of its repayment at a fixed rate per annum equal to the lowest then-current borrowing rate for any similar credit product offered by a
third-party provider to such Borrower or any of its affiliate entities within the structure of the Brookfield Real Estate Income Trust Inc., or, if such rate is not offered, the Libor Rate applicable to such Loan plus 2.25%. Interest shall be
calculated on the basis of a year of 360 days for the actual number of days elapsed. All accrued and unpaid interest 

  
 B-2 

 
(including any accrued PIK Interest) as of an applicable Interest Payment Date shall be paid in kind by capitalizing such interest and adding it to the principal amount outstanding under this
Note (“PIK Interest”). In the event that any principal of or interest accrued and unpaid hereon shall not be paid when due, interest shall be payable on any such overdue amount upon written demand at a rate per annum equal to 2.0%
in excess of the interest rate specified in the immediately preceding sentence (but not at a rate higher than the highest interest rate permitted by applicable law) on any overdue principal and, to the extent permitted by applicable law, on any
overdue interest, from the due date thereof to the date of actual payment (after as well as before judgment and during bankruptcy). All payments hereunder shall be made in Dollars and in immediately available funds and in accordance with the last
paragraph of Section 8. Notwithstanding any other provision hereof, if the Lender shall determine prior to the commencement of any Interest Period that adequate and reasonable means do not exist for ascertaining the Libor Rate, then the Lender
shall promptly give notice thereof to the Borrowers and at the Lender’s option it may demand repayment of the affected Loan(s), and even absent such demand, no Loan shall be created or continued for such Interest Period until adequate and
reasonable means exist for ascertaining the Libor Rate or the parties hereto mutually agree upon a successor thereto. 

Section 3. Prepayment; Repayment. Each Borrower shall have the right voluntarily to prepay without penalty or
premium, at any time and from time to time, all or any portion of the outstanding principal balance of any Loan to it; provided, that accrued interest upon the amount prepaid shall be paid at the time of any such
prepayment; provided, further, that if any principal of a Loan is paid prior to the last day of the Interest Period therefor set forth in the books and records of the Lender and/or Schedule I hereto or any
continuation thereof (whether by acceleration, prepayment or otherwise), such Borrower also agrees to pay to the Lender such amount as is reasonably determined by the Lender to represent the aggregate losses, costs, and expenses incurred or suffered
by the Lender as a result of such prepayment. A certificate of the Lender setting forth the foregoing amount shall, absent manifest error, be conclusive and binding for all purposes. The applicable Borrower shall pay the Lender the amount shown as
due on any such certificate promptly upon receipt thereof. 
 Each Loan shall be paid in full by the applicable Borrower, together with all accrued and
unpaid interest thereon, in accordance with Section 12 of the Letter Agreement. 
 Section 4. Taxes.
Any and all payments by or on account of a Borrower under this Note shall be made free and clear of and without deduction for any Taxes, except as required by applicable law. If a Borrower shall be required by law to withhold or deduct any Taxes
from such payments, then (i) such Borrower shall make such withholdings or deductions, (ii) such Borrower shall pay the full amount withheld or deducted to the relevant taxing authority in accordance with applicable law, and (iii) if
the Tax in question is an Indemnified Tax, the sum payable by the Borrower to the Lender shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this
Section 4), the Lender receives an amount equal to the sum it would have received had no such deductions been made. The applicable Borrower shall indemnify the Lender for the full amount of any Indemnified Taxes payable or paid by the Lender.

 To the extent the Lender is entitled to an exemption from or a reduction of withholding Tax with respect to payments made by or on
account of a Borrower, the Lender shall deliver to such Borrower, at the time or times reasonably requested by such Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made
without withholding or at a reduced rate of withholding. In addition, the Lender, if requested by such Borrower, shall deliver such other documentation prescribed by applicable law or reasonably requested by such Borrower as will enable such
Borrower to determine whether or not the Lender is subject to backup withholding or information reporting requirements. The Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any
respect, it shall, upon the reasonable request from such Borrower, update such form or certification or promptly notify such Borrower in writing of its legal inability to do so. 

If a payment made to the Lender under this Note would be subject to U.S. federal withholding tax imposed by FATCA if the Lender were to fail
to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), the Lender shall deliver to the relevant Borrower at the time or times prescribed by law and at
such time or times reasonably requested by a Borrower such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by a Borrower or as
may be necessary for such Borrower to comply with their obligations under FATCA, to determine whether the Lender has or has not complied with such Lender’s obligations under FATCA and, if necessary, to determine the amount to deduct and
withhold from such payment. Solely for purposes of this clause, “FATCA” shall include any amendments made to FATCA after the date hereof. 
  

  
 B-3 

 If the Lender receives a refund in respect of any Indemnified Taxes as to which it has been
indemnified by a Borrower or with respect to which a Borrower has paid additional amounts pursuant to this Section 4, it shall pay over such refund to the applicable Borrower (but only to the extent of indemnity payments made, or additional
amounts paid, by such Borrower pursuant to this Section 4), net of all out-of-pocket expenses of the Lender and without interest (other than any interest
paid by the relevant governmental authority with respect to such refund); provided, that such Borrower, upon the request of the Lender, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges
imposed by the relevant governmental authority) to the Lender in the event the Lender is required to repay such refund to such governmental authority. 

Each Borrower shall maintain at one of its offices a copy of each assignment delivered to it and a register for the recordation of the names
and addresses of the Lender (and any permitted assignee lender (each, an “Assignee”)), and principal amount (and stated interest) of the amounts owing to the Lender and each Assignee, as applicable, pursuant to the terms hereof from
time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the applicable Borrower, the Lender and the Assignee(s) (if any) shall treat each Person whose name is recorded in the
Register pursuant to the terms hereof as the Lender or an Assignee, as the case may be, hereunder for all purposes of this Note, notwithstanding notice to the contrary. No transfer is effective until the transferee is reflected as such on the
Register pursuant to this Section 4. The parties intend for the Loan to be in registered form for tax purposes and to the extent of any conflict with this Section 4, this Section 4 shall be construed in accordance with that intent.

 Section 5. Covenants. At any and all times as the principal of or interest on any Loan evidenced hereby
remains unpaid, each Borrower agrees that it will: 
 (a) [reserved]; 

(b) not amend or modify, or permit any amendment or modification of, its Constituent Documents in a manner that could reasonably be expected to
materially and adversely affect the Lender; and 
 (c) if at any time amounts in respect of unpaid principal or interest for any Loan to it
evidenced by this Note become due and payable, make such payments in accordance with the last paragraph of Section 8. 

Section 6. Representations and Warranties. Each Borrower, with respect to itself, represents and warrants on
the date hereof and on each date that a Loan shall be made that (a) it has been duly formed and is validly existing; (b) it has provided the Lender with a true and complete copy of its Constituent Documents as in effect on the date hereof;
(c) this Note has been duly authorized, executed, and delivered by such Borrower and constitutes its legal, valid, and binding obligation, enforceable in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), (iii) an implied
covenant of good faith and fair dealing, and (iv) the effects of the possible judicial application of foreign laws or foreign governmental or judicial action affecting creditors rights; (d) its execution, delivery, and performance of this
Note have been duly authorized by all requisite action and will not conflict with, violate, result in any default under, or result in the creation of any Lien on any of its assets pursuant to, its Constituent Documents, any applicable law or
regulation, any judgment, order or decree binding on it or any material agreement or instrument or contractual restriction to which it is party or which is binding on it or its properties; (e) [reserved]; (f) [reserved]; and (g) assuming that
no portion of the assets used by the Lender in connection with the Loans hereunder constitutes assets of (A) an “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) or “plan” (as such term is
defined in Section 4975(e) of the Code) or trust or custody account therefor (or master trust or custody account therefor) subject to Title I of ERISA or Section 4975 of the Code, (B) a group trust, as described in Revenue Ruling 81-100 or insurance company separate account that includes one or more Persons described in clause (A) above, or (C) a partnership, insurance company general account, or other account or
other fund that is deemed to hold 

  
 B-4 

 
“plan assets” pursuant to the Plan Asset Regulation of one or more Persons described in clause (A) or (B) above, then the transactions contemplated by this Note will not
constitute a nonexempt prohibited transaction (as such term is defined in Section 4975(c)(1)(A)-(C) of the Code or Section 406(a) of ERISA) that could subject the Lender to any tax or penalty on prohibited transactions imposed under
Section 4975 of the Code or Section 502(i) of ERISA. 
 Section 7. Events of Default. Any of the
following shall, with respect to a Borrower, constitute an “Event of Default”: 
 (a) any representation or warranty by such
Borrower hereunder proves to be untrue or incorrect in any material respect when made; 
 (b) any principal or interest, regardless of
amount, due with respect to such Borrower under this Note is not paid, with respect to principal, on the date when and as the same shall become due and payable, whether upon maturity, acceleration, demand (subject to the last paragraph of
Section 8) or otherwise and, with respect to interest, within five (5) Business Days after the date when and as the same shall become due and payable; 

(c) [reserved]; 
 (d) such
Borrower shall fail to observe or perform any other term, covenant, condition or agreement contained herein and such failure shall continue for thirty (30) days after notice from the Lender; 

(e) an involuntary proceeding shall be commenced or an involuntary petition shall be filed against such Borrower seeking (i) liquidation,
reorganization or other relief in respect of such Borrower, or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Borrower, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or
ordering any of the foregoing shall be entered; 
 (f) such Borrower shall (i) voluntarily commence any proceeding or file any petition
seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or petition described in clause (e) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Borrower for a
substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the
purpose of effecting any of the foregoing; 
 (g) such Borrower shall become unable, admit in writing its inability or fail generally to pay
its debts as they become due; or 
 (h) one or more judgments for the payment of money in an aggregate amount in excess of $25,000,000 shall
be rendered against such Borrower and the same shall not be covered by insurance and remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken
by a judgment creditor to attach or levy upon any assets of any or any affiliate of them to enforce any such judgment; or 
 (i) beginning
with the first day of the taxable year in which such Borrower qualifies as a REIT under Section 856 of the Code, the date on which such Borrower no longer qualifies as a REIT under Section 856 of the Code. 

For the avoidance of doubt, the occurrence of a Default or an Event of Default with respect to one Borrower shall not, by itself, result in a
Default or an Event of Default with respect to any other Borrower. If any Event of Default occurs and is continuing, the Lender may declare the entire outstanding principal amount of each Loan to the applicable Borrower and all accrued and unpaid
interest owing thereon to be immediately due and payable by such Borrower; provided that if an Event of Default described in Sections 7(b), 7(e) or 7(f) has occurred and is continuing, the outstanding principal amount of each Loan to such Borrower
and all accrued and unpaid interest owing thereon shall become immediately due and payable concurrently therewith, without any further action by the Lender, and without presentment, demand, protest, notice of default, notice of acceleration, or of
intention to accelerate or other notice of any kind, all of which each of the Borrowers hereby expressly waives. 

  
 B-5 

 Section 8. Miscellaneous. 

Each Borrower hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever. Neither the failure nor any delay on the
part of the Lender in any particular instance to exercise any right, power or privilege hereunder shall constitute a waiver thereof in that or any subsequent instance. No consent or waiver of the terms of this promissory note (this
“Note”) shall be effective unless in writing. All rights and remedies of the Lender are cumulative and concurrent, and no single or partial exercise by the Lender of any right, power or privilege shall preclude any other or further
exercise of any other right, power or privilege. 
 Except as may be required by law, all payments to be made hereunder by the applicable
Borrower shall be made without set-off or counterclaim, in immediately available funds and in Dollars at and for the account of the Lender. 

Each Loan evidenced by this Note and all payments and prepayments of the principal thereof and any outstanding balance and interest thereon
and the respective dates thereof shall be recorded by the Lender in its books and records (which may be electronic in nature) and at any time and from time to time may be, and shall be prior to any transfer and delivery of this Note, entered by the
Lender on Schedule I attached hereto or any continuation thereto, and recorded in the Register in accordance with Section 4. The failure by the Lender to make any such entries or notations on such schedule or in its internal
records or any error in such a notation shall not affect the obligations of the applicable Borrower under this Note. 
 In addition to the
other sums payable hereunder, upon receipt of written demand therefor, each Borrower agrees to pay to the Lender all costs and expenses (including reasonable attorneys’ fees) which may be incurred in connection with the enforcement of such
Borrower’s obligations hereunder. 
 All notices or other communications provided for hereunder shall be in writing (including
telecommunications) and shall be mailed, facsimiled or delivered, if to a Borrower, at the address of such Borrower set forth underneath such Borrower’s signature, if to the Lender, at Brookfield US Holdings Inc., 181 Bay Street, Suite 300,
Toronto ON M5J 2T3 Canada, or in each case at such other address as may hereafter be specified by any such Person to the other party in writing. All notices and communications shall be effective (i) if mailed, when received at the address
specified above, (ii) if facsimiled, when transmitted and (iii) if delivered, upon delivery. 
 THIS NOTE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. Each Borrower hereby consents to the service of process in any action or proceeding brought against it by the Lender by means of registered mail to the last known address
to such Borrower. Nothing herein, however, shall prevent service of process by any other means recognized as valid by law within or without the State of New York. EACH BORROWER HEREBY WAIVES AND AGREES TO WAIVE THE RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING, OR COUNTERCLAIM INSTITUTED WITH RESPECT TO ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED TO THIS NOTE. By the execution of this Note, each Borrower hereby submits to the jurisdiction of courts located
in the County of New York, State of New York. 
 This Note may be executed in any number of counterparts, each of which shall be deemed an
original, and all of which taken together shall constitute but one agreement. 
 The Loans are payable “on demand”, but subject to
the terms of Section 12 of the Letter Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 B-6 

 
	
	BORROWER:
	
	By:
	 Name:
 Title:

	
	Address: c/o Brookfield Place New York 250 Vesey Street, 15th Floor, New York, NY 10281
	
	 ACCEPTED AND AGREED AS OF
 THE DATE FIRST ABOVE
WRITTEN:

	
	BROOKFIELD US HOLDINGS INC.
	
	By:
	 Name:
 Title:

	
	By:
	 Name:
 Title:

 [Master Note Signature Page] 

  
 B-7 

 SCHEDULE I TO MASTER NOTE 

 

													
	 Borrower
	 	 Date
	 	 Interest

Period
	  	 Principal
	  	 Interest
	  	 Interest Rate
	  	 Unpaid

Principal
 Balance

of Note

  
 B-8 

 SCHEDULE II TO MASTER NOTE 

 

			
	 Borrower
	  	 Jurisdiction of Organization

	 Brookfield REIT Operating Partnership L.P.
	  	Delaware

  
 B-9 

 EXHIBIT C TO LETTER AGREEMENT 

CERTAIN DEFINED TERMS 
 As used in this
Agreement, the following terms have meanings specified below: 
 “Act” has the meaning given such term in Section 8(j)
of this Agreement. 
 “Agreement” means this Letter Agreement, together with the Exhibits hereto, as the same may be
amended, supplemented, or otherwise modified from time to time. 
 “Borrower” means each Person listed on Exhibit
D hereto (as such Exhibit may be updated from time to time by the Lender to reflect the addition of any new Persons as borrowers hereunder or termination of any Borrowers as borrowers hereunder). 

“Business Day” means any day on which commercial banks are not authorized or required to close in New York City. 

“Change of Control” means Brookfield REIT Adviser LLC or an affiliate thereof shall not be acting in the capacity as
“Adviser” as set forth in the Advisory Agreement as contemplated by the Constituent Documents of the Borrower(s) or such “Adviser” shall cease to be directly or indirectly controlled by, or under common control with, Brookfield
Asset Management Inc. 
 “Constituent Documents” means the constituent, governing, or organizational documents of a Person,
including (a) in the case of any limited partnership, exempted limited partnership, joint venture, trust or other form of business entity, the limited partnership, exempted limited partnership, joint venture or other applicable agreement of
formation of such Person and any agreement, statement, instrument, filing or notice with respect thereto filed in connection with its formation or registration with the secretary of state or registrar of exempted limited partnership or other
department in the jurisdiction of its formation; (b) in the case of any limited liability company, the articles of formation, the articles of association and operating agreement for such Person; and (c) in the case of a corporation or
exempted company, the certificate or articles of incorporation and the articles of association or bylaws for such Person; in each case, as the same may be amended, supplemented, or otherwise modified from time to time to the extent not prohibited by
this Agreement. 
 “Indemnitee” has the meaning given thereto in Section 5 of this Agreement. 

“Investments” means, in respect of any Borrower, direct or indirect investments permitted under the Constituent Documents of
such Borrower. 
 “Investor” means, in respect of any Borrower, any stockholders, limited partners or any other Persons who
subscribe to purchase the shares, limited partnership interests, limited liability company interests or other analogous equity interests in such Borrower. 

“Lender” means Brookfield US Holdings Inc. 

“Line” has the meaning given to such term in the first introductory paragraph of this Agreement. 

“Loan Documents” means, collectively, this Agreement, the Master Note and any other agreements or instruments made or entered
into by any Borrower with or in favor of the Lender in connection with this Agreement or the Master Note. 
 “Loan Request”
has the meaning given thereto in Section 2(a) of this Agreement. 
 “Loans” means, collectively, the loans made by the
Lender to one or more Borrowers pursuant to this Agreement and the applicable Master Note. 

  
 C-1 

 “Master Note” means the master promissory note in substantially the form
of Exhibit B to this Agreement executed and delivered by the Borrowers to the Lender under this Agreement, as the same may be amended, supplemented, or otherwise modified from time to time. 

“Obligations” means all obligations and liabilities of the Borrowers to the Lender in and under the Loan Documents, whether
matured or unmatured, absolute or contingent, now existing or hereafter incurred (including interest accruing after the commencement of any bankruptcy or insolvency proceeding, whether or not allowed or allowable thereunder). 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, governmental authority or other entity. 

  
 C-2 

 EXHIBIT D TO LETTER AGREEMENT 

Borrowers: 
  

	1.	 Brookfield REIT Operating Partnership L.P. 

  
 D-1

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