Document:

EX-10.6

 Exhibit 10.6 
 EXECUTION VERSION 
  

 
 LIMITED LIABILITY COMPANY
AGREEMENT 
 LEGACY HOLDINGS JV, LLC 
 by and between 
 AvalonBay Communities, Inc. 

and 

EQR-Legacy Holdings JV Member, LLC 
 February 27, 2013 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE I IN GENERAL	  	 	1	  
			
	 Section 1.1
	  	 Name
	  	 	1	  
	 Section 1.2
	  	 Formation of Limited Liability Company
	  	 	2	  
	 Section 1.3
	  	 Agreement; Inconsistencies with Act
	  	 	2	  
	 Section 1.4
	  	 Principal Place of Business
	  	 	2	  
	 Section 1.5
	  	 Registered Office and Registered Agent
	  	 	2	  
	 Section 1.6
	  	 Term
	  	 	2	  
	 Section 1.7
	  	 Permitted Businesses
	  	 	2	  
	 Section 1.8
	  	 Qualification in Other Jurisdictions
	  	 	4	  
	 Section 1.9
	  	 Rules of Construction
	  	 	4	  
	 Section 1.10
	  	 Title to Company Assets
	  	 	4	  
		
	ARTICLE II DEFINITIONS	  	 	4	  
			
	 Section 2.1
	  	 Defined Terms
	  	 	4	  
		
	ARTICLE III MEMBERS; MEMBERSHIP INTERESTS; CAPITAL CONTRIBUTIONS; GUARANTEES	  	 	17	  
			
	 Section 3.1
	  	 One Class of Members
	  	 	17	  
	 Section 3.2
	  	 Members of the Company
	  	 	17	  
	 Section 3.3
	  	 Capital Contributions and Capital Accounts
	  	 	17	  
	 Section 3.4
	  	 Failure to Contribute Capital
	  	 	19	  
	 Section 3.5
	  	 Parent Guaranty
	  	 	20	  
	 Section 3.6
	  	 Members as Creditors
	  	 	21	  
	 Section 3.7
	  	 No Right of Withdrawal or Resignation
	  	 	21	  
	 Section 3.8
	  	 Limited Liability
	  	 	21	  
	 Section 3.9
	  	 No Third Party Rights
	  	 	21	  
		
	ARTICLE IV MANAGEMENT AND CONTROL OF THE COMPANY	  	 	21	  
			
	 Section 4.1
	  	 Management Committee
	  	 	21	  
	 Section 4.2
	  	 Administrative Manager
	  	 	23	  
	 Section 4.3
	  	 Major Decisions
	  	 	24	  
	 Section 4.4
	  	 Budgets and Business Plans
	  	 	28	  
	 Section 4.5
	  	 Reserves — General
	  	 	29	  
	 Section 4.6
	  	 Contracts With Contracting Members
	  	 	29	  
	 Section 4.7
	  	 Limited Liability of Management Committee Representatives and Administrative Manager
	  	 	30	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 4.8
	  	 Standard of Care of Management Committee Representatives and Administrative Manager
	  	 	30	  
	 Section 4.9
	  	 Transactions between the Company and an Interested Management Committee Representative
	  	 	30	  
	 Section 4.10
	  	 Bank Accounts
	  	 	31	  
	 Section 4.11
	  	 Reimbursement of Expenses; Compensation
	  	 	31	  
	 Section 4.12
	  	 Reliance by Third Parties
	  	 	31	  
	 Section 4.13
	  	 Member Unit Voting Rights
	  	 	31	  
		
	 ARTICLE V TAXES, ALLOCATIONS AND DISTRIBUTIONS
	  	 	31	  
			
	 Section 5.1
	  	 Allocations and Tax Provisions
	  	 	31	  
	 Section 5.2
	  	 Non-Liquidating Distributions
	  	 	32	  
	 Section 5.3
	  	 Distributions in Liquidation
	  	 	32	  
	 Section 5.4
	  	 Withholding
	  	 	33	  
	 Section 5.5
	  	 Initial Distributions in Connection with Restructuring
	  	 	34	  
		
	 ARTICLE VI ACCOUNTING, RECORDS AND REPORTING
	  	 	34	  
			
	 Section 6.1
	  	 Accounting and Records
	  	 	34	  
	 Section 6.2
	  	 Access to Accounting and Other Records
	  	 	34	  
	 Section 6.3
	  	 Required Reports
	  	 	35	  
	 Section 6.4
	  	 Tax Returns
	  	 	36	  
	 Section 6.5
	  	 Tax Matters Partner
	  	 	36	  
		
	 ARTICLE VII INDEMNIFICATION, INSURANCE AND EXCULPATION
	  	 	36	  
			
	 Section 7.1
	  	 Indemnification
	  	 	36	  
	 Section 7.2
	  	 Procedures; Survival
	  	 	37	  
	 Section 7.3
	  	 Insurance
	  	 	38	  
	 Section 7.4
	  	 Rights to Rely on Legal Counsel, Accountants
	  	 	38	  
		
	 ARTICLE VIII TRANSFER OF MEMBERSHIP INTERESTS; ADMISSION OF ADDITIONAL MEMBERS
	  	 	38	  
			
	 Section 8.1
	  	 Transfer or Assignment of Membership or Manager Interests
	  	 	38	  
	 Section 8.2
	  	 Conditions to Transfer by Member
	  	 	38	  
	 Section 8.3
	  	 Permitted Transfers
	  	 	39	  
	 Section 8.4
	  	 Transfer of Interests in Equity Residential, ERP or AVB
	  	 	39	  
	 Section 8.5
	  	 Unauthorized Transfers Void
	  	 	40	  
	 Section 8.6
	  	 Admission of Substitute Member; Liabilities
	  	 	40	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 8.7
	  	 Admission of Additional Members
	  	 	41	  
		
	 ARTICLE IX DISSOLUTION AND LIQUIDATION OF THE COMPANY
	  	 	41	  
			
	 Section 9.1
	  	 Events Causing Dissolution
	  	 	41	  
	 Section 9.2
	  	 Liquidation and Winding Up
	  	 	41	  
		
	 ARTICLE X REPRESENTATIONS AND WARRANTIES; COVENANTS
	  	 	42	  
			
	 Section 10.1
	  	 Representations and Warranties of ERP Member
	  	 	42	  
	 Section 10.2
	  	 Representations and Warranties of AVB Member
	  	 	43	  
	 Section 10.3
	  	 Debt Maintenance Covenants
	  	 	43	  
	 Section 10.4
	  	 Withdrawal Rights of AVB Member
	  	 	48	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	49	  
			
	 Section 11.1
	  	 Complete Agreement
	  	 	49	  
	 Section 11.2
	  	 Governing Law; Venue
	  	 	49	  
	 Section 11.3
	  	 No Assignment; Binding Effect
	  	 	50	  
	 Section 11.4
	  	 Severability
	  	 	50	  
	 Section 11.5
	  	 No Partition
	  	 	50	  
	 Section 11.6
	  	 Multiple Counterparts
	  	 	50	  
	 Section 11.7
	  	 Additional Documents and Acts
	  	 	50	  
	 Section 11.8
	  	 REIT Compliance
	  	 	51	  
	 Section 11.9
	  	 Amendments
	  	 	55	  
	 Section 11.10
	  	 No Waiver
	  	 	55	  
	 Section 11.11
	  	 Time Periods
	  	 	55	  
	 Section 11.12
	  	 Notices
	  	 	55	  
	 Section 11.13
	  	 Dispute Resolution; Mediation
	  	 	55	  
	 Section 11.14
	  	 Specific Performance
	  	 	57	  
	 Section 11.15
	  	 No Third Party Beneficiary
	  	 	57	  
	 Section 11.16
	  	 Waiver of Jury Trial
	  	 	57	  
	 Section 11.17
	  	 Cumulative Remedies
	  	 	57	  
	 Section 11.18
	  	 Exhibits and Schedules
	  	 	57	  
	 Section 11.19
	  	 Interpretation
	  	 	58	  
	 Section 11.20
	  	 Survival
	  	 	58	  
	 Section 11.21
	  	 Attorneys’ Fees
	  	 	58	  
	 Section 11.22
	  	 Confidentiality
	  	 	58	  

  
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 Exhibits:
	  		  	
	 Exhibit 1:
	  	 Form of Funding Notice
	  	
	 Exhibit 2:
	  	 Form of Parent Guaranty
	  	
			
	 Schedules:
	  		  	
	 Schedule A:
	  	 Members and Capital Contributions
	  	
	 Schedule B:
	  	 Taxes; Allocations; Related Matters
	  	
	 Schedule C:
	  	 Tax Protection Agreements
	  	
	 Schedule D:
	  	 Tax Protected Properties Being Transferred
	  	
	 Schedule E:
	  	 Initial Distributions
	  	

  
 -iv-

 LIMITED LIABILITY COMPANY AGREEMENT 

OF 

LEGACY HOLDINGS JV, LLC 
 THIS LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of Legacy Holdings JV, LLC (the “Company”) is made and entered into as of February 27, 2013
(the “Effective Date”) between AvalonBay Communities, Inc., a Maryland corporation (“AVB Member”), and EQR-Legacy Holdings JV Member, LLC, a Delaware limited liability company (“ERP
Member”). 
 R E C I T A L S 
 A. WHEREAS, AVB (as such term and any other capitalized term used in this Agreement is defined in Article II), Equity Residential and ERP have entered into the Purchase Agreement with Seller,
pursuant to which they have agreed to acquire certain assets of Enterprise from Seller; and 
 B. WHEREAS, AVB, Equity
Residential and ERP have entered into the Buyers Agreement, which sets forth certain understandings among AVB, Equity Residential and ERP concerning the acquisition of the assets of Enterprise pursuant to the Purchase Agreement; and 

C. WHEREAS, the Buyers Agreement provides for the formation of a joint venture (referred to therein as “Legacy Holdings JV”)
and attaches a term sheet setting forth the terms applicable to the governance of such joint venture (referred to therein as the “Archstone Legacy JV Term Sheet”), which are to be set forth in a definitive joint venture agreement (referred
to therein as the “Definitive Archstone Legacy JV Agreement”); and 
 D. WHEREAS, ERP Member is a wholly owned
Subsidiary of ERP; and 
 E. WHEREAS, AVB Member and ERP Member desire to form the Company and to set forth in this Agreement
the definitive terms for the governance of the Company, in furtherance of the provisions of the Buyers Agreement calling for the formation of Archstone Legacy JV and the execution and delivery of the Definitive Archstone Legacy JV Agreement
consistent with the Archstone Legacy JV Term Sheet. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, AVB Member and ERP Member hereby agree as follows: 
 ARTICLE I 

IN GENERAL 

Section 1.1 Name. 
 The name of the limited liability company is Legacy Holdings JV, LLC (the “Company”). 

  
 -1-

 Section 1.2 Formation of Limited Liability Company. 

The Company was duly formed upon the filing of a certificate of formation of the Company with the Secretary of State of the State of
Delaware on February 15, 2013, which certificate sets forth the information required by Section 18-201 of the Delaware Limited Liability Company Act (the “Certificate of Formation”). Michelle La Pelle, as an
“authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware, such execution, delivery and filing being hereby
ratified and approved by the Members. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, such person’s powers as an “authorized person” ceased. 

Section 1.3 Agreement; Inconsistencies with Act. 
 (a) This Agreement constitutes the “limited liability company agreement” of the Company within the meaning of the Act. 
 (b) This Agreement shall govern the relationship of the Members, except to the extent a provision of this Agreement is expressly prohibited under the Act. If any provision of this Agreement is prohibited
under the Act, this Agreement shall be considered amended to the least degree possible in order to make such provision effective under the Act. 

Section 1.4 Principal Place of Business. 
 The principal place of business of the Company shall be c/o Equity Residential, Two North Riverside Plaza, Suite 400, Chicago, Illinois 60606. The Company may locate its place of business at any other
place or places as may be Approved by the Members from time to time. 
 Section 1.5 Registered Office and Registered Agent.

 The Company’s initial registered office shall be at the office of its registered agent at 1209 Orange Street,
Wilmington, Delaware 19801, and the name of its initial registered agent is The Corporation Trust Company. The registered office and registered agent may be changed with the Approval of the Members from time to time by filing the address of the new
registered office and/or the name of the new registered agent with the Secretary of State of the State of Delaware pursuant to the Act. 

Section 1.6 Term. 
 The term of existence of the Company (the “Term”) shall continue until the Company is terminated, dissolved or liquidated in accordance with this Agreement and the Act. 

Section 1.7 Permitted Businesses. 
 (a) The business of the Company shall be (i) to acquire, own, manage, operate, improve, develop, sell and otherwise deal with the Archstone Legacy Assets, the AVB Units, the ERP Units, and any other
assets that may, from time to time, be acquired by the Company pursuant to this Agreement, directly or through Subsidiary Entities; (ii) to collect and distribute to the Members dividends, interest and other distributions received with respect
to such assets after payment of Expenditures of the Company and the Subsidiary Entities, (iii) cause Holdings, 

  
 2 

 
Archstone and Archstone Trustee to operate in a manner consistent with their respective governing documents, including with respect to the terms of the Holdings Preferred Interests and Holdings
Senior Preferred Interests, Archstone Preferred Units and the Series I Preferred Shares of Archstone Trustee, and to make required redemption payments and other required payments to holders of the Archstone Preferred Units and the Series I Preferred
Shares including, without limitation, Tax Protection Payments, and (iv) to do all other lawful acts and things as may be necessary, desirable, expedient, convenient for or incidental to the furtherance and accomplishment of the foregoing
objectives and purposes and for the protection and benefit of the Company. The Company shall not engage in any other business without the Approval of the Members. 
 (b) In connection with the Company’s business, the Company shall have the power and authority, subject to any Approval of the Members or Approval of the Management Committee required under this
Agreement, among other things: 
 (i) to acquire, hold and dispose of any real or personal property; 

(ii) to borrow money from banks, other lending institutions, Members, or Affiliates of Members, and in connection therewith, to
hypothecate, encumber and grant security interests in the assets of the Company to secure repayment of the borrowed sums; 

(iii) to purchase liability and other insurance to protect the Company’s property and business and to protect the assets of the
Members and Management Committee Representatives; 
 (iv) to invest any Company funds temporarily (by way of example but not
limitation) in demand deposits, money market mutual funds, short-term governmental obligations, commercial paper or other investments; 
 (v) to sell or otherwise dispose of any, all or substantially all of the assets of the Company; 
 (vi) to execute all instruments and documents, including, without limitation, checks; drafts; notes and other negotiable instruments; mortgages or deeds of trust; security agreements; financing
statements; documents providing for the acquisition, mortgage or disposition of the Company’s property; assignments; bills of sale; leases; contracts; partnership agreements, operating agreements of other limited liability companies; and any
other instruments or documents necessary, to conduct the business of the Company; 
 (vii) to employ accountants, legal counsel,
managing agents or other experts to perform services for the Company and to compensate them from Company funds; 
 (viii) to
enter into any and all other agreements, with any other Person as may be necessary or appropriate to the conduct of the Company’s business; and 
 (ix) to do and perform all other acts as may be necessary or appropriate to the conduct of the Company’s business. 

  
 3 

 Section 1.8 Qualification in Other Jurisdictions. 

The Administrative Manager is authorized to cause the Company to be qualified or registered as required under applicable laws in any
jurisdiction in which the Company transacts business and to execute, deliver and file any certificates and documents necessary to effect such qualification or registration. The Administrative Manager is authorized to cause the Company to comply with
all applicable requirements of the State of Delaware for the filing of annual statements with the Secretary of State of the State of Delaware, and shall be responsible for the maintenance of minute books and the organizational documents of the
Company. 
 Section 1.9 Rules of Construction. 
 The following rules of construction shall apply to this Agreement: 
 (a) Unless
otherwise specifically and expressly limited in the context, any reference herein to a decision, determination, act, action, exercise of a right, power or privilege, or other procedure by a Member or Management Committee Representative shall mean
and refer to the decision, determination, act, action, exercise of a right, power, privilege, or other procedure by the Member or Management Committee Representative in its sole and absolute discretion acting in the best interests of such Member
(or, in the case of a Management Committee Representative, the best interests of the Member which appointed such Management Committee Representative) and not as a fiduciary for the Company or the other Member. 

(b) All references in this Agreement to “Dollars” as a unit of currency shall be deemed a reference to United States dollars
and United States currency. 
 (c) Unless explicitly stated to the contrary, the term “includes”,
“including” and other expressions of inclusion shall be construed in each instance to mean “includes without limitation”, “including but not limited to” or other phraseology denoting the non-exclusive nature of the item
to which reference is being made. 
 (d) The Members acknowledge that, as set forth on the face or cover page of certain
schedules attached to this Agreement, certain schedules attached to this Agreement are incomplete or have been left blank. In such cases, the actions taken that refer to any incomplete provisions of such a schedule shall not be taken unless and
until the Management Committee or Members Approve the form of the complete, final form of the schedule. 
 Section 1.10 Title to
Company Assets. 
 All Company assets, whether real or personal, tangible or intangible, shall be deemed to be owned by the
Company as an entity, and no Member, individually, shall have any direct ownership interest in such property. 
 ARTICLE II

 DEFINITIONS 
 Section 2.1 Defined Terms. 
 As used in this Agreement, the
following terms shall have the following meanings: 

  
 4 

 “Accountants” means the independent certified public accountants
Approved by the Members and engaged from time to time by the Company for purposes of reviewing or auditing the Company’s financial statements and performing such other services as are required to be performed by the Accountants by this
Agreement. 
 “Act” means the Delaware Limited Liability Company Act, as amended or superseded from time
to time. 
 “Adjusted Asset Value” means, with respect to any asset of the Company, such adjusted basis
of such asset for federal income tax purposes, except as follows: 
 (i) The Adjusted Asset Value of any asset contributed to
the Company by a Member shall be the gross fair market value of such asset as determined jointly by the Management Committee and the contributing Member, in their joint and reasonable discretion. 

(ii) If the Management Committee reasonably determines that an adjustment is necessary or appropriate to reflect the relative
Proportionate Shares of the Members in the Company, the Adjusted Asset Values of all Company assets shall be adjusted to equal their gross fair market value, as determined by the Management Committee, taking Section 7701(g) of the Code into
account, as of the following times: (a) a Capital Contribution (other than a de minimis capital contribution) to the Company by a new or existing Member; (b) any distribution by the Company to an Member of more than a de
minimis amount of Company property (other than cash); (c) any distribution by the Company to an Member of more than a de minimis amount of cash in connection with the redemption of all or a portion of a Member’s Membership
Interest in the Company; and (d) at such other times as the Management Committee reasonably determines necessary or advisable in order to comply with Treasury Regulations Sections 1.704-1(b) and 1.704-2. 

(iii) The Adjusted Asset Values of Company property shall be increased (or decreased) to reflect any adjustments to the adjusted basis of
such assets pursuant to Section 734(b) or 743(b) of the Code, but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) ; provided,
however, that Adjusted Asset Values shall not be adjusted pursuant to this paragraph to the extent that the Management Committee reasonably determines that an adjustment pursuant to paragraph (ii) above is necessary or appropriate in connection
with a transaction that would otherwise result in an adjustment pursuant to this paragraph (iii). 
 (iv) The Adjusted Asset
Value of an asset shall be adjusted by the Depreciation taken into account with respect to such asset, for purposes of computing Profits and Losses. 
 Any determination to be made by the Management Committee pursuant to this definition shall be made with the Approval of the Management Committee. 

“Adjusted Capital Account” means, with respect to any Member, such Member’s Capital Account as of the end of
the relevant Fiscal Year, after giving effect to the following adjustments: (i) credit to such Capital Account any amounts which such Member is obligated or treated as obligated to restore with respect to any deficit balance in such Capital
Account 

  
 5 

 
pursuant to Treasury Regulations Section 1.704-1(b)(2)(ii)(c), or is deemed to be obligated to restore with respect to any deficit balance pursuant to the penultimate sentences of Treasury
Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5); and (ii) debit to such Capital Account the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6). The
foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Administrative Manager” means the Member so designated pursuant to Section 4.2(b). 

“Affiliate” or “Affiliated” means, with respect to any Person, (i) any Person who
directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with such Person, or (ii) any Person in which such Person has, directly or indirectly, a twenty five percent (25%) or more
ownership or beneficial interests or as to which such Person serves as a trustee, manager, general partner or in a similar fiduciary capacity (other than as a member of a board of directors, board of trustees or board of managers). A Person shall be
deemed to control a Person if it owns, directly or indirectly, at least twenty five percent (25%) of the ownership interest in such Person or otherwise has the power to direct the management, operations or business of such Person.
Notwithstanding the foregoing, an Affiliate of the Company that is controlled by the Company shall not be deemed to be an Affiliate of any Member for any of the purposes of this Agreement. The ERP DownREITs, AVB DownREIT, and their respective
Subsidiaries shall not be deemed to be Affiliates of the Company. 
 “Agreement” means this Limited
Liability Company Agreement and any amendments hereto. 
 “Annual Budget” means an annual operating and,
if applicable, capital budget for the Company and the Subsidiary Entities. 
 “Approval of the Management
Committee,” “Approval by the Management Committee” or similar phrases means the unanimous approval of the AVB Representatives and ERP Representatives, excluding the Management Committee Representatives appointed by a Capital
Defaulting Member with respect to any matter as to which such Capital Defaulting Member has no approval rights pursuant to Section 3.4. 
 “Approval of the Members,” “Approval by the Members” or similar phrases means the unanimous approval of the Members, excluding the Capital Defaulting Member with respect
to any matter as to which a Capital Defaulting Member has no approval rights pursuant to Section 3.4. 

“Archstone” means Archstone, a Maryland real estate investment trust. 

“Archstone Acquired Property” has the meaning set forth in Section 10.4(a). 

“Archstone Entities” means, collectively, each of the Subsidiaries of Archstone Enterprise LP, including
Archstone and each of Archstone Multifamily Parallel Guarantor LLC, Archstone Multifamily Parallel Guarantor II LLC, Archstone Multifamily Parallel Guarantor I 

  
 6 

 
LLC, Archstone Multifamily Guarantor LP, Archstone Multifamily Guarantor (GP) LLC, Archstone Multifamily CM LLC and Archstone Inc. 

“Archstone Intercompany Loans” means all intercompany loans with respect to which the borrower is Archstone,
Archstone Trustee, Holdings, or any Subsidiary of Archstone or Holdings that are held immediately prior to the Initial Closing by Enterprise or any Subsidiary of Enterprise other than an Entity that will be a Subsidiary Entity after the Initial
Closing. 
 “Archstone Legacy Assets” means (i) the Holdings Preferred Interests, (ii) all
outstanding common interests in Archstone Trustee, (iii) all outstanding interests in Archstone Multifamily Series II LLC, (iv) all outstanding interests in Archstone Multifamily Series III LLC, and (v) all outstanding interests in
Archstone Multifamily Series IV LLC, (vi) the Holdings Voting Interests, and (vii) all Archstone Intercompany Loans. 

“Archstone Preferred Units” means, collectively, the Series I, O, P and Q units in Archstone. 

“Archstone Trustee” means Archstone Multifamily Series I Trust, a Maryland real estate investment trust.

 “AVB” means AvalonBay Communities, Inc., a Maryland corporation, and its successors and permitted
assigns. 
 “Archstone Distribution Property” has the meaning set forth in Section 10.4(b).

 “AVB DownREIT” means AVB Legacy DownREIT, LLC, a Delaware limited liability company, and its
successors and permitted assigns. 
 “AVB Items” means all items of gross income, gain, deduction and
loss of the Company, as determined for purposes of maintaining Capital Accounts (or comparable capital accounts maintained by a Subsidiary), including, without limitation, Depreciation, attributable to the AVB Units or liabilities funded by AVB
pursuant to this Agreement (including, without limitation, Tax Protection Payments funded by AVB pursuant to Section 3.3(b)(i)(B)). 
 “AVB Member” has the meaning set forth in the introductory paragraph of this Agreement, and includes any successors or permitted assigns. 

“AVB Representatives” has the meaning set forth in Section 4.1(a). 

“AVB Units” means common and/or preferred partnership or membership interests in any Subsidiary of AVB that is
taxed as a partnership for federal income tax purposes. For the avoidance of doubt, AVB DownREIT and each of its Subsidiaries is a Subsidiary of AVB (and not of the Company). 

“Baseline Debt Maintenance Obligation” means an amount with respect to each Tax Protected Person under each
applicable Tax Protection Agreement that shall be established for each DownREIT pursuant to the terms of Section 10.3. 

  
 7 

 “Business Day” means any day excluding a Saturday, Sunday or any
other day during which there is no scheduled trading on the New York Stock Exchange. 
 “Buyers
Agreement” means that certain Joint Buyers Agreement, dated as of November 26, 2012, among Equity Residential, ERP and AVB. 
 “Camargue” means Archstone Camargue III LLC, a Delaware limited liability company, and its successors and assigns. 

“Capital Account” means the capital account established on behalf of each Member on the books of the Company. In
general, the Capital Account of each Member shall be initially credited with the amount of such Member’s initial Capital Contribution to the Company, as set forth on Schedule A. Thereafter, each such Member’s Capital Account
shall be increased by (a) the amount of money contributed by such Member to the Company, (b) the Adjusted Asset Value of any property contributed by such member to the Company (net of liabilities securing such contributed property that the
Company is considered to assume or take subject to under Section 752 of the Code), and (c) allocations to such Member of Profits and other items of book income and gain, and is decreased by (d) the amount of money distributed to the
Member by the Company, (e) the Adjusted Asset Value of property distributed by the Company to the Member (net of liabilities securing such distributed property that the Member is considered to assume or take subject to under Section 752 of
the Code) and (f) allocations to such Member of Losses and other items of book loss and deduction, and is otherwise adjusted in accordance with the additional rules set forth in Treasury Regulations Section 1.704-1(b)(2)(iv). The Capital
Accounts shall also be adjusted (x) as reasonably determined by the Management Committee, to reflect any redemption, forfeiture or transfer of Membership Interests, and (y) in accordance with Treasury Regulations
Section 1.704-1(b)(2)(iv)(m). It is the intent of the Members that the Capital Accounts of all Members be determined and maintained in accordance with the principles of Treasury Regulations Section 1.704-1(b)(2)(iv) at all times throughout
the full term of the Company. Accordingly, the Management Committee is authorized to make any other adjustments to the Capital Accounts so that the Capital Accounts and allocations thereto comply with said Section of the Treasury Regulations,
provided that such adjustments do not have a material adverse effect on any Member. Any determination to be made by the Management Committee pursuant to this definition shall be made with the Approval of the Management Committee. 

“Capital Contribution” means any contribution to the capital of the Company in cash or other assets
or property by a Member in accordance with Article III. 
 “Capital Default Amount” has the
meaning set forth in Section 3.4. 
 “Capital Default Loan” has the meaning set forth in
Section 3.4(a). 
 “Capital Defaulting Member” has the meaning set forth in
Section 3.4. 
 “Capital Transaction” means the sale, financing, refinancing, total or
partial destruction, condemnation or other disposition of any substantial asset of the Company or any Subsidiary Entity. 

  
 8 

 “Certificate of Formation” has the meaning set forth
in Section 1.2 of this Agreement. 
 “Change in Board Control” means, with respect to any
Person, during any period beginning on or after the Initial Closing, individuals who at the beginning of such period constituted such Person’s board of directors (or equivalent governing body), and any new member of such board whose nomination
to or election by such board was approved by a vote of at least a majority of the board members then still in office who either were board members at the beginning of the period or whose election or nomination for election was previously so
approved, cease for any reason to constitute at least a majority of such board. 
 “Closing Date
Transactions” has the meaning set forth in Section 3.3(b)(i)(B)(1). 

“Code” means the Internal Revenue Code of 1986 as amended, or corresponding provisions of
subsequent superseding federal revenue laws. 
 “Company” has the meaning set forth in the
introductory paragraph of this Agreement. 
 “Company Minimum Gain” means
“partnership minimum gain” set forth in Treasury Regulations Section 1.704-2(b)(2). 
 “Contemplated
Transactions” has the meaning set forth in the Purchase Agreement. 
 “Contracting Member”
means, in relation to any contract that is entered into between the Company or any Subsidiary Entity and a Member or that Member’s Affiliates, the Member that is or whose Affiliate is the party to that contract. 

“Covered Person” has the meaning set forth in Section 7.1. 

“Depreciation” means, with respect to any Company asset for any Fiscal Year or other period, the
depreciation, depletion or amortization, as the case may be, allowed or allowable for federal income tax purposes in respect of such asset for such fiscal year or other period; provided, however, that if there is a difference between the Adjusted
Asset Value and the adjusted tax basis of such asset, Depreciation means “book depreciation, depletion or amortization” with respect to such asset as determined under Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3); provided
further that, if any property has a zero adjusted basis for federal income tax purposes, Depreciation may be determined under any reasonable method selected by the Management Committee. 

“Discussion Period” has the meaning set forth in Section 11.13. 

“Dissolution Event” has the meaning set forth in Section 9.1. 

“Distributable Cash” means, for any period, the excess, if any, of (a) the aggregate Gross Receipts during
such period of any kind and description over (b) the sum of the aggregate Expenditures paid during such period. 

“Distribution Properties” has the meaning set forth in Section 10.4(b). 

  
 9 

 “DownREIT” has the meaning set forth in Section 10.3(a).

 “Economic Capital Account” means, with respect to any Member, such Member’s Capital Account as
of the date of determination, after crediting to such Capital Account any amounts that the Member is deemed obligated to restore under Treasury Regulations Section 1.704-2. 

“Enterprise” means Archstone Enterprise LP, a Delaware limited partnership. 

“Entity” means any general partnership, limited partnership, corporation, limited liability company, limited
liability partnership, joint venture, trust, business trust, cooperative or association or other comparable business entity. 

“Equity Interest” means (a) the equity ownership rights in a business entity, whether a corporation,
company, joint stock company, limited liability company, general or limited partnership, joint venture, bank, association, trust, trust company, land trust, business trust, sole proprietorship or other business entity or organization, and whether in
the form of capital stock, ownership unit, limited liability company interest, membership interest, limited or general partnership interest or any other form of ownership, including any preferred stock, preferred membership interests, preferred
partnership interests and/or any capital or profits interest, and (b) all rights, warrants, options, convertible securities, convertible indebtedness, exchangeable securities or other instruments or rights that are outstanding and exercisable
for, convertible into or exchangeable for any Equity Interest described in the foregoing clause (a) whether at the time of issuance or upon the passage of time or occurrence of some future event. 

“Equity Residential” means Equity Residential, a Maryland real estate investment trust, and its successors and
permitted assigns. 
 “ERP” means ERP Operating Limited Partnership, an Illinois limited partnership,
and its successors and permitted assigns. 
 “ERP Distribution Property” has the meaning set forth in
Section 10.4(b). 
 “ERP DownREITs” means Lexford, Master Property Holdings and Camargue,
and their respective successors and assigns. 
 “ERP Items” means all items of gross income, gain,
deduction and loss of the Company, as determined for purposes of maintaining Capital Accounts (or comparable capital accounts maintained by a Subsidiary), including, without limitation, Depreciation, attributable to the ERP Units or liabilities
funded by ERP pursuant to this Agreement (including, without limitation, Tax Protection Payments funded by ERP pursuant to Section 3.3(b)(i)(B)). 
 “ERP Member” has the meaning set forth in the introductory paragraph of this Agreement, and includes any successors and permitted assigns. 

“ERP Representatives” has the meaning set forth in Section 4.1(a). 

  
 10 

 “ERP Units” means common or preferred partnership or membership
interests in ERP or any Subsidiary of ERP that is taxed as a partnership for federal income tax purposes. For the avoidance of doubt, each of the ERP DownREITs and their respective Subsidiaries is a Subsidiary of ERP (and not of the Company).

 “Expenditures” means, for any period, the sum of all cash expenditures and increases in reserves
during such period (determined on a standalone basis for the Company) including, without limitation: (i) all cash expenditures for operating expenses, (ii) principal, interest, fees, debt service payments and other payments on account of
any Indebtedness, (iii) expenditures for capital improvements and other expenses of a capital nature with respect to any asset, (iv) additions to any reserves as may be approved as hereby required from time to time, (v) any and all
expenditures related to any acquisition, development, sale, disposition, financing or refinancing of any asset, (vi) any amounts contributed or loaned by the Company to any Subsidiary of the Company, (vii) any other cash expenses incurred
in connection with the Company’s business, and (viii) any organizational expenses incurred by or on behalf of the Company (but not any costs or expenses incurred by ERP Member or AVB Member in connection with the formation of the Company
and its Subsidiary Entities as applicable, including the costs and expenses incurred in connection with the negotiation, execution and delivery of this Agreement, which costs and expenses shall be the sole responsibility of ERP Member and AVB
Member, respectively). In no event shall any deduction be made for non-cash expenses such as depreciation or amortization. 

“Extraordinary Transaction” has the meaning set forth in Section 8.4. 

“Fiscal Year” means the Company’s fiscal year. The Company’s fiscal year shall be its taxable
year. The Company’s taxable year shall be the calendar year, unless otherwise required by the Code or Treasury Regulations, or other applicable law in the case of the Company’s taxable year(s) for foreign, state or local tax purposes, as
reasonably determined by the Management Committee. 
 “Funding Notice” has the meaning set forth in
Section 3.3(b). 
 “Governmental Authority” means any governmental or political subdivision,
whether federal, state, local or foreign, or any agency or instrumentality of any such government or political subdivision, or any federal, state, local or foreign court, authority, tribunal, department, bureau or commission, in each case having
jurisdiction over the matter. 
 “Gross Receipts” means, for any period, any and all cash receipts
(including, without limitation, gross proceeds resulting from a Capital Transaction) during such period (determined on a standalone basis for the Company), including, without limitation, Capital Contributions, funds received in repayment of
Archstone Intercompany Loans, and amounts released from (or paid from) reserves (except as provided in the last sentence of Section 3.3(b)). In addition, notwithstanding the foregoing, the term “Gross Receipts” shall also
include the fair market value (as reasonably determined by agreement between the Members) of any property distributions received by the Company (following a distribution of such property by a Subsidiary Entity) with respect to the Member Units.

  
 11 

 “Holdings” means Archstone Property Holdings LLC. 

“Holdings LLC Agreement” means the Second Amended and Restated Limited Liability Company Agreement of Holdings,
effective as of December 1, 2010, as amended from time to time. 
 “Holdings Preferred Interests”
mean the Class B Membership Interests in Holdings, as such term is defined in the Holdings LLC Agreement. 

“Holdings Senior Preferred Interests” means the Senior Preferred Interests in Holdings issued to Archstone or
Archstone Smith Corporate Holdings LLC as part of the Contemplated Transactions in exchange for the contribution by Archstone or Archstone Smith Corporate Holdings LLC of certain assets. 

“Holdings Voting Interests” mean the Voting Membership Interests, as such terms are defined in the Holdings LLC
Agreement. 
 “Hypothetical Liquidation” shall mean a hypothetical liquidation of the Company in
accordance with the terms of this Agreement that includes (i) a sale of all of the assets of the Company for cash at prices equal to their Adjusted Asset Values and (ii) the cash contribution by the Members of the aggregate maximum
amounts, if any, that the Members would be required to contribute to the Company under this Agreement as and to the extent such amounts would be needed to pay all partnership recourse liabilities. 

“Indebtedness” of any Person means without duplication, (a) all indebtedness for borrowed money,
(b) all obligations issued, undertaken or assumed as the deferred purchase price of property or services, (c) all reimbursement obligations with respect to surety bonds, letters of credit, bankers’ acceptances and similar instruments
(in each case, to the extent non-contingent), (d) all obligations evidenced by notes, bonds, debentures or similar instruments, (e) all indebtedness created or arising under any conditional sale or other title retention agreement, or
incurred as financing, in either case with respect to properties acquired by the Person (even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such properties),
and (f) all obligations under capital leases, (g) all indebtedness referred to in clauses (a) through (f) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any lien upon or in any property (including accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness. 

“Indemnified Losses” has the meaning set forth in Section 7.1 of this Agreement.

 “Initial Closing” has the meaning ascribed thereto in the Purchase Agreement. 

“JAMS” has the meaning set forth in Section 11.13. 

“Lexford” means Lexford Properties, L.P., a Delaware limited partnership, and its successors and assigns.

  
 12 

 “Major Decision” has the meaning set forth in
Section 4.3. 
 “Management Committee” has the meaning set forth in
Section 4.1(a). 
 “Management Committee Representative” has the meaning set forth in
Section 4.1(a). 
 “Master Holdings” means Archstone Master Property Holdings LLC, a
Delaware limited liability company, and its successors and assigns. 
 “Member” or
“Members” means AVB Member, ERP Member or any successors or Substitute Members thereto. 

“Member Nonrecourse Debt” means “partner nonrecourse debt” as set forth in Treasury
Regulations Section 1.704-2(b)(4). 
 “Member Nonrecourse Deductions” means
“partner nonrecourse deductions” as set forth in Treasury Regulations Section 1.704-2(i)(2). 

“Member Units” means, collectively, the ERP Units and the AVB Units. 

“Membership Interest” means the entire ownership interest of a Member in the Company at any
particular time, including all economic rights and voting rights of the Member in the Company, the right of such Member to any and all benefits to which a Member may be entitled as provided in this Agreement and under law, and the obligations of
such Member to comply with all of the terms and provisions set forth in this Agreement and under applicable law. 

“Minimum Gain Attributable to Member Nonrecourse Debt” means “partner nonrecourse debt minimum
gain” as determined in accordance with Treasury Regulations Section 1.704-2(i)(2). 
 “Non-Contracting
Member” means, in relation to any contract that is entered into between the Company or any Subsidiary Entity and a Member or that Member’s Affiliates, the Member that is not the Contracting Member. 

“Nonrecourse Deductions” has the meaning set forth in Treasury Regulations
Sections 1.704-2(b)(1) and (c). 
 “Nonrecourse Liabilities” has the meaning set
forth in Treasury Regulations Section 1.704-2(b)(3). 
 “Oakwood” has the meaning set
forth in Section 11.8(c). 
 “Parent” means (a) in relation to ERP Member, ERP, and
(b) in relation to AVB Member, AVB. 
 “Parent Guaranty” means that certain Guaranty, of even date
herewith, executed and delivered by ERP in favor of AVB Member (but not any other person), pursuant to which ERP has guaranteed the obligations of ERP Member to fund its Capital Contributions to the Company

  
 13 

 
and to pay and perform its other obligations under this Agreement. The form of such Parent Guaranty is substantially in the form of Exhibit 2 attached hereto. 

“Person” means any individual or Entity, and the heirs, executors, administrators, legal representatives,
successors and assigns of such Person where the context so permits. 
 “Profits” and
“Losses” means, for each Fiscal Year or other period, the Company’s items of taxable income or loss for such year or other period, determined in accordance with Section 703(a) of the Code (for this
purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments: (i) any income of the Company
that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses shall be added to such taxable income or loss; (ii) any expenditures of the Company described in Section 705(a)(2)(B) of the Code or
treated as Section 705(a)(2)(B) of the Code expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i) shall be subtracted from such taxable income or loss; (iii) gain or loss resulting from any disposition of a
property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Adjusted Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs
from its Adjusted Asset Value; (iv) in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss, the Company shall compute such deductions based on the Depreciation of
a property; (v) if the Adjusted Asset Value of an asset is adjusted pursuant to the definition of Adjusted Asset Value (except with respect to Depreciation), then the amount of such adjustment shall be treated as an item of gain or loss and
included in the computation of Profits and Losses; and (vi) items of Company gross income, gains, deductions and losses allocated pursuant to Section B of Schedule B and all items allocated pursuant to Sections C(1)
through (and including) C(5) of Schedule B shall not be included in the computation of Profits and Losses. 

“Proportionate Share” means, unless and until there has been a transfer of an interest in the Company or an
admission of a new Member, with respect to AVB Member, 40%, and with respect to ERP Member, 60%. 
 “Purchase
Agreement” means that certain Asset Purchase Agreement, dated as of November 26, 2012, among Equity Residential, ERP, AVB, Lehman Brothers Holdings, Inc., a Delaware corporation, and Enterprise. 

“REIT” means a “real estate investment trust” as defined in Section 856 of the Code. 

“Restricted AVB Property” shall mean any of the multifamily residential communities designated as “AVB
Properties” on Schedule D attached hereto, which are subject to contractual restrictions on transfer or other obligations (including with respect to the maintenance of certain indebtedness) pursuant to Tax Protection Agreements, or
any property acquired in exchange therefor to the extent acquired in a tax-free exchange. 
 “Restricted EQR
Property” shall mean any of the multifamily residential communities designated as “EQR Properties” on Schedule D attached hereto, which are subject to contractual

  
 14 

 
restrictions on transfer or other obligations (including with respect to the maintenance of certain indebtedness) pursuant to Tax Protection Agreements, or any property acquired in exchange
therefor to the extent acquired in a tax-free exchange. 
 “Restricted Holder” has the meaning set forth
in Section B(1) of Schedule B. 
 “Restricted Property” means any Restricted AVB Property or
Restricted EQR Property. 
 “Seller” means Enterprise and Lehman Brothers Holdings, Inc., collectively.

 “Series I Preferred Shares” means the Series I preferred shares of Archstone Trustee. 

“Subsidiary” means, with respect to any Person, any other Person as to which the first Person, either
(a) owns, directly or indirectly, 50% or more of the equity interests of the second Person, or (b) directly or through or together with any other of its Subsidiaries, owns securities or other ownership interests or equity interests having
voting power to elect a majority of the board of directors or trustees or other governing body or Persons performing similar functions on behalf of such second Person or is the general partner or managing member or trustee of such second Person. The
ERP DownREITs, AVB DownREIT and their respective Subsidiaries shall not be deemed to be Subsidiaries of the Company. 

“Subsidiary Entity” means any Entity that is a Subsidiary of the Company. 

“Substitute Member” means a Person that acquires a Membership Interest and that has been admitted as a Member
pursuant to Article VIII of this Agreement. 
 “Successor Parent” has the meaning set forth
in Section 8.4. 
 “Target Balance” means, with respect to any Member as of the close of any
period for which allocations are made under Schedule B, the net amount such Member would receive (or be required to contribute) in a Hypothetical Liquidation of the Company as of the close of such period, expressed as a negative number if the
Member is required to contribute a net amount to the Company in connection with a Hypothetical Liquidation and expressed as a positive number if the Member would receive a net distribution in connection with a Hypothetical Liquidation. 

“Tax” or “Taxes” means any federal, state, local or foreign net income, gross income, net
receipts, gross receipts, profit, severance, property, production, sales, use, license, excise, occupation, franchise, employment, unemployment, disability, payroll, severance, withholding, alternative or add-on minimum, ad valorem, value-added,
transfer, stamp, estimated, capital stock, registration, license, social security (or similar) or other tax, custom duty, governmental fee or other governmental charge, fee, levy, impost, tariff or assessment of any kind, together with any interest,
fine, penalty, addition to tax or additional amount imposed with respect thereto, whether disputed or not, imposed by a governmental authority. 
 “Tax Items” has the meaning set forth in Section C(1) of Schedule B. 
 “Tax Matters Member” means the “tax matters partner” as defined in Section 6231(a)(7) of the Code. 

  
 15 

 “Tax Protected Person” means any Person that is entitled to receive
benefits under a Tax Protection Agreement. 
 “Tax Protection Agreement” means any written agreement to
which any Archstone Entity is a party (and which has not expired or otherwise terminated) pursuant to which, in connection with the deferral of income Taxes of any party to such agreement (or any intended beneficiary of such agreement), any
Archstone Entity (or its predecessor) has agreed to (w) maintain a minimum level of debt or continue a particular debt, (x) retain or not dispose of assets for a period of time, whether or not that period now has expired, (y) only
dispose of assets in a particular manner, and/or (z) permit any party thereto to guarantee (or have guaranteed) debt of any Archstone Entity. Schedule C sets forth the Tax Protection Agreements relating to the Restricted Properties (and
as soon as practicable following the Initial Closing, and in any event before the parties allocate the Baseline Debt Maintenance Obligations, AVB Member shall complete Schedule C with respect to Tax Protection Agreements relating to the
Restricted AVB Properties). 
 “Tax Protection Payment” has the meaning ascribed to that term in the
Buyers Agreement. 
 “Term” has the meaning set forth in Section 1.6 of this Agreement.

 “Transfer” means sell, assign, transfer, mortgage, pledge, hypothecate, encumber, exchange or
otherwise dispose of, whether or not for value, and whether voluntarily, by operation of law or otherwise. 

“Treasury Regulations” means the temporary and final regulations issued by the U.S. Treasury Department under the
Code, as amended or superseded from time to time. 
 “Undistributed Unit Receipts” means, as of any date
of determination, (x) with respect to the AVB Member, an amount (not less than zero) equal to (i) the cumulative amounts of Unit Receipts from and after the Initial Closing to the date of determination attributable to the AVB Units
minus (ii) the aggregate amounts of distributions made to the AVB Member pursuant to Section 5.2(i) or (ii) or deemed to have been made in compliance with Section 3.3(b)(ii); and, (y) with respect
to the ERP Member, an amount (not less than zero) equal to (i) the cumulative amounts of Unit Receipts from and after the Initial Closing to the date of determination attributable to the ERP Units minus (ii) the aggregate amounts of
distributions made to the ERP Member pursuant to Section 5.2(i) or (ii) or deemed to have been made in compliance with Section 3.3(b)(ii). 
 “Unit Receipts” means any amounts of cash received by the Company or any Subsidiary Entity or the fair market value (as determined by agreement between the Members) of other
property received by the Company or such Subsidiary Entity with respect to any AVB Units or ERP Units held by the Company or such Subsidiary Entity (including, without limitation, as distributions on, or proceeds for, the redemption of such Member
Units and without double counting, but excluding, for the avoidance of doubt, any amounts required to be reimbursed to ERP pursuant to those certain Assignment Agreements, dated February 27, 2013, between each of Holdings and OEC Holdings LLC,
on the one hand, and Lexford, on the other hand). 

  
 16 

 ARTICLE III 
 MEMBERS; MEMBERSHIP INTERESTS; CAPITAL CONTRIBUTIONS; 
 GUARANTEES

 Section 3.1 One Class of Members. 
 All Members of the Company shall be of one class. 
 Section 3.2 Members of the
Company. 
 Effective upon the adoption and execution of this Agreement, AVB Member and ERP Member are the sole
Members of the Company. The respective addresses and percentage of Capital Contributions to the Company of AVB Member and ERP Member are set forth in Schedule A. Additional Members may not be admitted to the Company except in accordance with
Section 8.7 hereof. 
 Section 3.3 Capital Contributions and Capital Accounts  

(a) Initial Capital Contributions. Each Member has contributed or agrees to contribute to the Company the
amount of capital having the value set forth opposite such Member’s name on Schedule A in exchange for its Membership Interest, which capital shall be contributed in such form as may be required to enable the Company to acquire the
Archstone Equity Interests from Enterprise pursuant to the Purchase Agreement, as more fully set forth in Section 4.4 of the Buyers Agreement. 
 (b) Additional Capital Contributions. If any Member reasonably determines (after taking into account any existing cash reserves of the Company) that capital is needed to fund any cash needs of the
Company, such Member may issue a notice (a “Funding Notice”) substantially in the form attached hereto as Exhibit 1 setting forth the amount of capital being requested (the “Additional Capital Requested
Amount”); provided, however, that with respect to Capital Contributions needed to fund the Company’s obligations addressed in Section 3.3(b)(i)(A) below, a copy of the redemption notice delivered by the applicable holder of
Series I Preferred Shares or Archstone Preferred Units shall constitute a Funding Notice. Within ten (10) Business Days following the date of receipt of a Funding Notice, each Member shall advance to the Company as a Capital Contribution
such Member’s share of the Additional Capital Requested Amount as determined in accordance with Section 3.3(b)(i) below. Any funds advanced by the Members to the Company pursuant to this Section constitute additional Capital
Contributions to the Company. Any unused amounts of the Capital Contributions funded by the Members or withheld from distributions under Section 3.3(b)(ii) with respect to a specific reserve that have not been used for the purpose of
such reserve, shall be refunded to the Members in the proportions that such amounts were originally funded by the Members with respect to such specific reserve. 
 (i) Unless the Members determine a different sharing proportion as a Major Decision, or as otherwise expressly provided in this Agreement the Members shall make cash Capital Contributions to fund the
following amounts in the sharing proportions specified below: 
 (A) redemption or distribution payments to
holders of Series I Preferred Shares or to holders of Archstone Preferred Units, which shall be funded 60% 

  
 17 

 
with Capital Contributions from ERP Member and 40% with Capital Contributions from AVB Member; 
 (B) Tax Protection Payments, which except as provided in Section 10.3 or Section 10.4 shall be funded as follows: 

 

	 	(1)	with respect to any Tax Protection Payment becoming due and payable with respect to the underlying properties (including those set forth on Schedule D) as a
result of the Contemplated Transactions or the Post-Closing Asset Transfers (as defined in the Buyers Agreement, collectively, the “Closing Date Transactions”), 60% with Capital Contributions from ERP Member and 40% with
Capital Contributions from AVB Member, regardless of which Member (or its Affiliate) manages (directly or indirectly) the Entity that owns the underlying property to which such Tax Protection Payment relates; and 

 

	 	(2)	with respect to any Tax Protection Payment becoming due and payable following the Initial Closing Date, other than as a result of any of the Closing Date Transactions
(but including any other transaction that results in any of the Restricted AVB Properties or Restricted EQR Properties being treated as sold for tax purposes at the time of the Closing Date Transactions), 100% with Capital Contributions from
(x) ERP Member if it relates to a Restricted EQR Property, or (y) AVB Member if it relates to a Restricted AVB Property. 

 (C) any liabilities (including contingent liabilities) of any Subsidiary Entity or any Entity that was a Subsidiary of Archstone, Archstone Trustee, or Holdings immediately prior to the Initial Closing
(excluding any property-level and any other liabilities expressly addressed otherwise in Exhibit A to the Archstone Residual JV Term Sheet, the Archstone Residual Joint Venture Agreement or the Buyers Agreement) of Archstone, Archstone Trustee, and
their Subsidiaries (including Holdings), which shall be funded 60% with Capital Contributions from ERP Member and 40% with Capital Contributions from AVB Member; 

(D) any operating or other expenses of the Company and the Subsidiary Entities, which shall be funded 60% with Capital
Contributions from ERP Member and 40% with Capital Contributions from AVB Member; and 
 (E) any amounts required
pursuant to Section 5.3(b) or 9.2, which shall be funded 60% with Capital Contributions from ERP Member and 40% with Capital Contributions from AVB Member. 

  
 18 

 (ii) In lieu of calling for any such cash Capital Contributions from any Member, if the
Members elect to do so as a Major Decision, the Company may use amounts of Distributable Cash that would otherwise be distributable by the Company to a Member to make such Member’s required capital contribution (in which case such amounts shall
be deemed distributed pursuant to Section 5.2 to, and then contributed to the Company by, such Member). 
 (c)
Limitations. No Member shall have any liability for the repayment of the Capital Contribution of any other Member and, subject to Section 3.6, each Member shall look only to the assets of the Company for return of its Capital
Contributions. 
 (d) No Right to Return of Contribution; No Interest on Capital. Except as provided in this Agreement,
no Member shall have the right to withdraw or receive any return of, or interest on, any Capital Contribution or on any balance in such Member’s Capital Account. If the Company is required to return any Capital Contribution to a Member, the
Member shall not have the right to receive any property other than cash. 
 (e) Capital Accounts. The Company shall
establish and maintain an individual Capital Account for each Member. 
 Section 3.4 Failure to Contribute Capital.

 If any Member fails to make a Capital Contribution required under Section 3.3(b) by the date such Capital
Contribution is due and such failure continues for ten (10) Business Days after written notice from the Member which has not failed to make its Capital Contribution (any such failing Member shall be a “Capital Defaulting
Member” and the amount of the failed Capital Contribution shall be the “Capital Default Amount”), then the non-Capital Defaulting Member shall have any one and only one of the following remedies:

 (a) to advance or to allow, for REIT compliance or other purposes, one of its Affiliates to advance, to
the Company on behalf of, and as a loan to, the Capital Defaulting Member, an amount equal to the Capital Default Amount (each such loan, a “Capital Default Loan”). The Capital Account of the Capital Defaulting Member shall
be credited with the amount of such Capital Default Loan, which shall be deemed to be a Capital Contribution made by the Capital Defaulting Member, and such amount shall constitute a debt owed by the Capital Defaulting Member to the non-Capital
Defaulting Member (or, if applicable, its Affiliate). Any Capital Default Loan shall bear interest at a rate equal to fifteen (15%) per annum and shall be payable from any distributions due to the Capital Defaulting Member hereunder, but shall
in all events be payable in full by the ninetieth
(90th) day following the date such Capital Default
Loan was made. Interest on a Capital Default Loan to the extent unpaid shall accrue and compound monthly. A Capital Default Loan shall be prepayable at any time or from time to time without penalty. While any Capital Default Loan is outstanding,
notwithstanding anything in this Agreement to the contrary, all distributions to the Capital Defaulting Member hereunder shall be applied first to payment of any interest due under any Capital Default Loan and then to principal until all amounts due
thereunder are paid in full. All payments made in repayment of any Capital Default Loan shall be applied first toward payment of unpaid accrued interest and then (if any remains) toward payment of principal. If a Capital Default Loan is not paid on
or prior to the date such Capital Default Loan becomes due, the non-Capital Defaulting Member may pursue all 

  
 19 

 
available rights and remedies against the Capital Defaulting Member and, if applicable, pursuant to the Parent Guaranty, its Parent; 

(b) to revoke the Funding Notice for both Members (if there has been a Funding Notice for both Members with respect to the applicable
Capital Default Amount), whereupon any Capital Contributions paid by the non-Capital Defaulting Member pursuant to such Funding Notice shall be returned, in which event the Members may reconsider the needs of the Company for additional Capital
Contributions, and any Member may thereafter issue any Funding Notice as permitted hereunder following such reconsideration; or 

(c) to make its required Capital Contribution and, if applicable, pursue its rights under the Parent Guaranty delivered by the Parent of
the Capital Defaulting Member with respect to such Capital Default Amount. 
 Unless the non-Capital Defaulting Member shall
have elected to revoke the Funding Notice for both Members pursuant to Section 3.4(b) (if applicable), then, until either the Capital Default Loan made by the non-Capital Defaulting Member shall have been repaid in full or the amounts
due with respect to such Capital Contribution have been funded by the Capital Defaulting Member or, if applicable, its Parent pursuant to the Parent Guaranty, the Capital Defaulting Member and the Management Committee Representatives appointed by it
shall have no voting or approval rights as a Member or as a Management Committee Representative (other than voting or approval rights with respect to any action, decision or transaction, to be taken, made or entered into with respect to the Member
Units, which will continue to be exercised solely by the Management Committee Representatives appointed by the Member affiliated with the issuer of the Member Units pursuant to Section 4.1(e)(ii) except as provided in
Section 4.3(i)), but the other Member shall continue to act in good faith in the interest of the Company and shall not unilaterally take any action that is inconsistent with the business purposes of the Company. Such voting and approval
rights shall be restored in the event that the Capital Defaulting Member (or, if applicable, its Parent, pursuant to its Parent Guaranty) repays the Capital Default Loan in accordance with the terms of this Agreement, but the Capital Defaulting
Member and the Management Committee Representatives appointed by it shall be bound by all decisions that were made with respect to the Company without its or their approval while the Capital Default Loan was outstanding. Notwithstanding the
foregoing, under no circumstances shall the non-Capital Defaulting Member or the Management Committee Representatives appointed by it have any authority, without the written consent of the Capital Defaulting Member or, as applicable, the Management
Committee Representatives appointed by it, to cause the Company to incur on behalf of the Company any indebtedness which includes any recourse obligations of any Member, to engage in any transaction with any Affiliate of the non-Capital Defaulting
Member, or to amend this Agreement, nor shall the Capital Defaulting Member forfeit any of its rights to receive distributions, to receive reports or obtain information as a result of the making of any Capital Default Loan. 

Section 3.5 Parent Guaranty. 
 Concurrently with the execution and delivery of this Agreement, ERP has delivered its Parent Guaranty to AVB Member. No creditor or third party shall have rights to enforce any obligations under any
Parent Guaranty. 

  
 20 

 Section 3.6 Members as Creditors. 

With the Approval of the Members and subject to any other applicable terms in this Agreement, any Member may lend money to and transact
other business with the Company as a creditor and, subject to applicable law, any Member has the same rights and obligations with respect thereto as a person who is not a Member. 
 Section 3.7 No Right of Withdrawal or Resignation. 
 No
Member shall have the right to withdraw or resign from the Company except with the Approval of the Members, and then only upon such terms and conditions as may be specifically agreed upon between the Members. Notwithstanding any other provision of
this Agreement, unless otherwise Approved by the Members, the withdrawing or resigning Member shall not be entitled to any return or repayment of its Capital Contribution or other distribution or transfer in the event of withdrawal or resignation.
The foregoing provisions are exclusive and no Member shall be entitled to claim any distribution or transfer upon withdrawal or resignation under Section 18-604 of the Act or otherwise. 
 Section 3.8 Limited Liability. 
 Except as expressly set
forth in this Agreement or required by law, no Member shall (a) be personally liable for any Indebtedness or other liability or obligation of the Company, whether that Indebtedness, liability or obligation arises in contract, tort, or
otherwise, solely by reason of being a Member of the Company, or (b) have any obligation to restore any deficit or negative balance in the Capital Account of such Member. 
 Section 3.9 No Third Party Rights. 
 Any obligations or rights
of the Company or the Members to make or require any Capital Contribution under this Article III shall not result in the grant of any rights or confer any benefits upon any Person who is not a Member. 

ARTICLE IV 

MANAGEMENT AND CONTROL OF THE COMPANY 
 Section 4.1 Management Committee 
 (a)
Composition. The Company shall have a Management Committee (the “Management Committee”) which shall be composed of four (4) individuals (each, a “Management Committee Representative”). Two
(2) Management Committee Representatives shall be Persons appointed by AVB Member (the “AVB Representatives”) and two Management Committee Representatives shall be Persons appointed by ERP Member (the “ERP
Representatives”). As of the date hereof, the initial AVB Representatives are Kevin O’Shea and Matthew Birenbaum, and the initial ERP Representatives are Mark Parrell and Bruce Strohm. 

(b) Vacancies; Removal. Each Management Committee Representative shall hold office at the discretion of the Member appointing such
Management Committee Representative. Any AVB Representative may be removed and replaced, with or without cause and for any reason at any time, by (and only by) AVB Member. Any ERP Representative may be removed

  
 21 

 
and replaced, with or without cause and for any reason at any time, by (and only by) ERP Manager. A Management Committee Representative may also resign of its own volition at any time, by written
notice to the Members. In the event of any vacancy in the office of a Management Committee Representative, such vacancy shall be filled, by written notice to the Members, by an individual designated by (i) AVB Member if such vacancy relates to
an AVB Representative, and (ii) ERP Member if such vacancy relates to an ERP Representative. 
 (c) Meetings.

 (i) Meetings of the Management Committee shall be held once per fiscal year of the Company on such dates and at such places
and times as may be Approved by the Members. The agenda items for each annual meeting shall include a review of the Company’s business and the other activities of the Company. 

(ii) With the Approval of the Members, Management Committee meetings may be held more frequently than annually, and, notwithstanding the
foregoing, a special meeting may be called by any Management Committee Representative by written notice delivered at least 3 business days in advance and stating the purpose of the meeting. 

(iii) Management Committee Representatives may vote in person or by proxy; such proxy may be granted in writing, by electronic
transmission (as defined in the Act), or as otherwise permitted by applicable law. 
 (iv) At the election of either Member,
Management Committee meetings may be held by telephone conference or other communications equipment by means of which all participating Management Committee Representatives can simultaneously hear each other during the meeting. 

(v) Any action required or permitted to be taken by the Management Committee may be taken without a meeting, if a consent to such action
is delivered in writing or via electronic transmission (as defined in the Act) by the requisite number of the Management Committee Representatives. Such written consent or a record of such electronic transmission shall be filed with the records of
the Management Committee. 
 (d) Attendance at Management Committee Meetings. Subject to Section 3.4, no
action may be taken at a meeting of the Management Committee unless at least one Management Committee Representative appointed by each Member is present in person or as otherwise permitted in Section 4.1(c). Notwithstanding the
foregoing, during any period when a Member shall be a Capital Defaulting Member, action may be taken at a meeting of the Management Committee without regard to the attendance at such meeting of the Management Committee Representatives appointed by
such Capital Defaulting Member, but only with respect to matters as to which its Management Committee Representatives have no voting rights as more fully provided in Section 3.4, and only if at least five (5) Business Days’
notice of the meeting shall have been provided to the Capital Defaulting Member and an opportunity to be present at such meeting (in person or via telephone) shall have been provided to such Capital Defaulting Member. 

  
 22 

 (e) Voting Rights; Required Votes. Except as provided below, and subject to
Section 3.4, each Management Committee Representative shall be entitled to cast one vote with respect to any matter requiring Approval of the Management Committee. Any action, decision or transaction considered by the Management
Committee at a meeting thereof must be Approved by the Management Committee in order to be authorized; provided that (i) any action to be considered by the Management Committee involving any contract or agreement between the Company or
any of its Subsidiaries (which, for the avoidance of doubt, does not include AVB DownREIT, the ERP DownREITs or their respective Subsidiaries) and a Contracting Member shall not be effective or authorized unless it is unanimously approved by the
Management Committee Representatives appointed by the Non-Contracting Member (which approval shall constitute “Approval by the Management Committee” for all purposes hereof) and the Management Committee Representatives appointed by the
Contracting Member shall have no right to vote or approve of any such action and (ii) except for the decisions or actions set forth in Section 4.3(i), with respect to any action, decision or transaction to be taken, made or entered
into with respect to any Member Units, including voting any Member Units, whether directly by the Subsidiary Entity holding such Member Units or indirectly through voting by the Company of its equity interest in such Subsidiary Entity, only
Management Committee Representatives appointed by the Member affiliated with the issuer of the Member Units shall have the right to vote on or approve of any such action, decision or transaction (which approval shall constitute “Approval by the
Management Committee” for all purposes hereof). Notwithstanding anything to the contrary contained herein, if only one of the Management Committee Representatives appointed by a Member is present in person, via other means permitted pursuant to
Section 4.1(c) or by proxy at a meeting of the Management Committee, the votes cast by such Management Committee Representative shall count as two (2) votes and shall be deemed to consist of the entire voting power of both
Management Committee Representatives appointed by such Member. 
 (f) Approval by Members in Lieu of the Management
Committee. At any time, the Members may consider and Approve or disapprove any action, decision or transaction that this Agreement contemplates will be considered, Approved or disapproved by the Management Committee. In the event of any conflict
or inconsistency between any action, decision or transaction that has been Approved by the Members and any action, decision or transaction that has been Approved by the Management Committee, the action, decision or transaction Approved by the
Members shall govern and control, and shall not be overridden or superseded by an action, decision or transaction Approved by the Management Committee unless such action, decision or transaction is also Approved by the Members. 

Section 4.2 Administrative Manager. 
 (a) As expressly provided in this Agreement, or at any time and from time to time hereafter with the Approval of the Members or the Approval of the Management Committee, a Member shall be designated as
administrative member of the Company (in such capacity, the “Administrative Manager”). The Administrative Manager is intended to be a “manager” as defined in the Act having the specific authority expressly described
herein or in the applicable Approval of the Members or Approval of the Management Committee. 

  
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 (b) The Members hereby designate ERP Member to be the Administrative Manager with the
responsibility for general administrative oversight and management of the Company. The Administrative Manager shall have authority to manage the day-to-day general business and administrative affairs of the Company, including the opening and
maintenance of bank accounts, the handling of funds, the maintenance of the Company’s books and records, the preparation and distribution of quarterly and annual reports, the preparation and distribution of tax returns, the procurement of
insurance policies consistent with this Agreement, serving as manager, authorized signatory or agent of the Company with respect to the execution of documents or consummation of transactions, or otherwise with respect to specific assets or
obligations of the Company, and the other specific authorities provided for in this Agreement, together with the authority, rights and powers in connection with the general and administrative management of the Company’s business to do any and
all other acts and things necessary, proper, appropriate, advisable, incidental or convenient to effectuate the purposes of this Agreement, but all subject to the limitations, restrictions, conditions and requirements set forth in this Agreement.

 (c) The Member appointed as the Administrative Manager shall serve at the discretion of the Members, and such Member may be
removed as the Administrative Manager upon the Approval of the Members (if such Member was appointed with the Approval of the Members or the Approval of the Management Committee) or removed upon the Approval of the Management Committee (if such
Member was appointed with the Approval of the Management Committee). 
 (d) Without limiting the Administrative Manager’s
express obligations under this Agreement, the Members hereby agree that the Administrative Manager shall not have any fiduciary duty to the Company or the Members, any such requirement of fiduciary duty being forever and unconditionally waived by
the Members to the extent permitted by the Act. Notwithstanding anything to the contrary in this Agreement, in addition to the express limitations set forth in this Agreement with respect to the duties and obligations of the Administrative Manager,
Administrative Manager shall not be in default of its duties and obligations under this Agreement in the event that (i) such Administrative Manager is unable to cause the Company or a Member to take any action because the action to be taken
constitutes a Major Decision and such Major Decision is not then Approved by the Members or Approved by the Management Committee, or (ii) such Administrative Manager is unable to cause the Company or a Member to take any action due to a lack of
available Company funds. 
 (e) Officers. From time to time, the Management Committee may appoint officers of the Company
or its Subsidiaries with such designations, responsibilities, and authority as the Management Committee deems appropriate or advisable. 

Section 4.3 Major Decisions. 
 Notwithstanding any other provision of this Agreement to the contrary, no Member or Administrative Manager shall take or cause any of the following actions, make any of the following decisions or enter
into any of the following transactions (each a “Major Decision”), whether by or on behalf of the Company directly, or by or on behalf of any of the Subsidiary Entities, without first obtaining the Approval of the Management
Committee (or, pursuant to Section 4.1(f), the Approval of the Members) (it being understood that such Approval may be 

  
 24 

 
obtained through the approvals that are granted for an Annual Budget and that a Member’s or the Management Committee’s approval of any such Annual Budget shall be deemed to include the
approval of all matters identified therein and of the implementation thereof by the Administrative Manager in good faith and in the ordinary course of business) or take any other action which contravenes the conditions or limitations that expressly
apply to any Approval by the Members or Approval by the Management Committee pursuant to the terms of this Agreement: 
 (a)
Amend Organizational Documents. (x) Amend or otherwise change any material provision of any organizational document of any Subsidiary Entity or (y) cause or permit the amendment or other change to any organizational document of an
Entity issuing the Member Units that could reasonably be expected to effect the ability of Equity Residential or AVB to qualify as a REIT under the Code, to materially and adversely affect the accounting treatment of ownership of Common Shares by a
Member or the treatment of transfers of Restricted Properties or interests therein to the Entities issuing Member Units as tax deferred contributions under Section 721 of the Code. 

(b) Enter into New Partnership. Enter into or establish any partnership, joint venture or similar arrangement (including, without
limitation, funds or other investment vehicles) with a third party. 
 (c) Elections or Changes to Governing Boards of
Subsidiary Entities. Elect members to, or voluntarily permit any changes to, any board, management committee or similar governing board of any Subsidiary Entity; provided, however, that the Management Committee and the Members will use all
commercially reasonably efforts to cause the membership of any such governing board to consist of as nearly equal a number as practicable of designees by the AVB Member and designees by the ERP Member. 

(d) Acquisition of Assets; Formation of New Subsidiary Entities. Invest in, purchase or otherwise acquire (whether by merger,
consolidation or acquisition of equity interests or assets, or any other business combination, and whether directly or indirectly) any assets, including equity interests in any entity, or an interest therein, other than the Archstone Legacy Assets
and the Member Units, or form any new Subsidiary Entity. 
 (e) Sales and Dispositions. Cause any sale, transfer,
assignment, conveyance, exchange or other disposition of any assets of the Company or any Subsidiary Entity, including any of the Archstone Legacy Assets or any Member Units other than redemptions of Member Units in compliance with
Section 10.4. 
 (f) Annual Budget; Expenditures in Excess of Budget. Approve an Annual Budget or any modification
to an Annual Budget or expend (or commit to expend) on an aggregate basis amounts in excess of 110% of the total budgeted amount in any such Annual Budget. 
 (g) Archstone Preferred Units. Make any decision or take any action involving the redemption, purchase, re-purchase, cancellation or exchange of, or the declaration, setting aside or payment of a
dividend or distribution with respect to, the Archstone Preferred Units;. 

  
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 (h) Series I Preferred Shares. Make any decision or take any action involving the
redemption, purchase, re-purchase, cancellation or exchange of, or the declaration, setting aside or payment of a dividend or distribution with respect to, the Series I Preferred Shares. 

(i) Member Units. Make any decision or take any action relating to the redemption or other disposition of any Member Units (or
action having a comparable effect on Holdings’ direct or indirect interest in the ERP DownREITs or AVB DownREIT), whether directly by the Subsidiary Entity holding such Member Units or indirectly through voting by the Company of its equity
interest in such Subsidiary Entity, other than any distribution of Member Units to the applicable Member upon liquidation of the Company in accordance with this Agreement or distributions in redemption in accordance with Section 10.4.

 (j) Additional Capital Contributions. Issue a Funding Notice unless the funds requested in such Funding Notice are for
an expense that is specified in Section 3.3(b)(i) or that has been Approved by the Members or Approved by the Management Committee in an Annual Budget. 
 (k) Waiver of Requirement to make Additional Capital Contributions. Waive any requirements of any Member to make Additional Capital Contributions required to be made pursuant to a Funding Notice.

 (l) Transactions with Members, Affiliates. Enter into or consummate any transaction or arrangement between the Company
or any Subsidiary Entity, on the one hand, and any Member or any Affiliate of any Member, on the other hand. 
 (m)
Indebtedness. Cause the Company or any Subsidiary Entity to incur, assume, prepay, purchase, amend, extend, renew, refinance, recast, compromise or otherwise deal with any Indebtedness (other than payables incurred in the ordinary course of
business in accordance with an Approved Annual Budget). 
 (n) Liens. Mortgage, pledge, hypothecate or subject to any
type of lien (other than inchoate liens for contractors and subcontractors, real estate taxes and utility charges established by applicable law) any of the assets of the Company or any Subsidiary Entity, or amend, extend or renew any of the
agreements entered into in connection with the foregoing. 
 (o) Accountants. Engage, remove or appoint any accountants
for the Company or any Subsidiary Entity (other than the Accountants). 
 (p) Change Accounting Principles or Policies.
Except as required by changes in law or changes in generally accepted accounting principles, change any financial accounting principles or policies in any material respect. 
 (q) Material Liabilities. Take any action that is not contemplated in the Annual Budget that would reasonably be anticipated to create a material liability, obligation, cost or expense for the
Company or any Subsidiary Entity in an amount that is reasonably anticipated to exceed $250,000. 

  
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 (r) Material Contracts. Except as set forth in Section 4.5, enter into,
renew, modify or terminate or cause the Company or any Subsidiary Entity to enter into, renew, modify or terminate any contract (i) involving aggregate annual payments in an amount in excess of (A) $50,000 with respect to any single
contract or (B) 110% of the line item in the Annual Budget which governs the subject matter of such contract, with respect to all such contracts in the aggregate during the period covered by such Annual Budget, or (ii) for a term of
greater than one year, or (iii) which is not terminable by the Company or Subsidiary Entity without cause or penalty on sixty (60) days’ or less prior written notice. 

(s) Employees. Hire any employee of the Company or any Subsidiary Entity or establish, adopt, enter into or amend any collective
bargaining (or similar), bonus, profit-sharing, thrift, compensation, stock option, restricted stock, stock unit, dividend equivalent, pension, retirement, deferred compensation, employment, loan, retention, consulting, indemnification, termination,
severance or other similar plan, agreement, trust, fund, policy or arrangement with any independent contractor of the Company. 

(t) Legal Proceedings. Commence any material legal or arbitration proceeding on behalf of the Company or any Subsidiary Entity;
confess a material judgment against the Company or any Subsidiary Entity; settle any material claim asserted against the Company or any Subsidiary Entity in any legal or arbitration proceeding. 

(u) Indemnification Claims. Except as provided in the Buyers Agreement, make any decision or take any action involving
indemnification claims against Seller pursuant to the Purchase Agreement or any documents related to, or executed in connection with, the Purchase Agreement. 
 (v) Bankruptcy. Cause any of the following to occur with respect to the Company or any Subsidiary Entity: (i) making an assignment for the benefit of creditors, (ii) filing a voluntary
petition in bankruptcy, (iii) filing a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, (iv) filing an answer or other
pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding of this nature, (v) filing a petition seeking, consenting to or acquiescing in the appointment of a trustee, receiver or
liquidator, whether for itself or for all or any substantial part of its properties, or (vi) taking any action in furtherance of the foregoing. 
 (w) Reorganization. Cause the formation of any Subsidiary Entity or any Affiliate of the Company, or merge the Company or any Subsidiary Entity into any other Person, or convert the form of such
Entity into a different form of Entity or otherwise enter into any similar entity reorganization. 
 (x) Dissolution of the
Company; In-Kind Distributions. Except in accordance with Section 9.1, cause the dissolution and winding-up of the Company or any Subsidiary Entity, except for the dissolution and liquidation of a Subsidiary Entity following the
approved sale of all of the assets owned by such Subsidiary Entity, or make any in-kind distribution of the assets of the Company or any Subsidiary Entity, except as provided in Section 5.3 or 9.2 or 10.4. 

  
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 (y) Insurance. Determine, modify or waive the requirements of the Company’s
insurance program, including insurers, coverage and policy amounts. 
 (z) Tax Elections. Make, rescind or revoke any
material tax election (whether or not such election is filed with a tax return) or change a material method of tax accounting, amend any material tax return, agree to waive or extend any period of adjustment, assessment or collection of material
taxes, or settle or compromise any material federal, state, local or foreign income tax liability, audit, claim or assessment, or enter into any material closing agreement related to taxes, or surrender any right to claim any material tax refund
unless in each case such action is required by applicable law. 
 (aa) Prohibited Tax Shelter Transactions. Use any
assets of the Company or any Subsidiary Entity in a “prohibited tax shelter transaction” within the meaning of Section 4965(e)(1) of the Code. 
 (bb) Reserves. Except for reserves that are expressly provided for in the Annual Budget, establish reserves for future working capital or other capital needs or for any other purpose of the Company
or any Subsidiary Entity. 
 (cc) Designation of Administrative Manager. Appoint or remove a Member as the Administrative
Manager or appoint or remove any Person as a member, manager or officer of any Subsidiary Entity. 
 (dd) Other Major
Decisions. Approve any action, decision or transaction for which the Approval of the Members or Approval of the Management Committee is required pursuant to any other provision of this Agreement. 

Notwithstanding the provisions of this Section 4.3, the final documents for any material action, decision or transaction that would, but for
its inclusion in an Annual Budget, be a “Major Decision” hereunder shall be subject to Approval of the Management Committee, which Approval shall not be unreasonably withheld, conditioned or delayed if the proposed action, decision or
transaction is consistent with the Annual Budget for the applicable asset or liability in all material respects. It is understood and agreed that any Member or Administrative Manager may initiate a request to the Management Committee for
consideration of a proposed Major Decision. 
 Section 4.4 Budgets and Business Plans. 

(a) On or before October 15th of each year during the term hereof, the Administrative Manager shall prepare and submit to the
Members for Approval of the Members a proposed Annual Budget for the next calendar year. 
 (b) At a Management Committee
meeting following the completion of each Fiscal Year (to be called by the Administrative Manager for a date during the first quarter of the next Fiscal Year), the agenda items shall include approval of the proposed Annual Budget for the ensuing
year. If the Management Committee does not approve the proposed Annual Budget for any year, then, until an Annual Budget for such year is Approved by the Management Committee, the prior year’s Annual Budget shall be utilized with adjustments
thereto to reflect 

  
 28 

 
(i) any increases in particular line items that have been Approved by the Management Committee, (ii) as to other items, adjustments to reflect increases in the cost of living and increases
in the cost of non-discretionary items (such as debt service payments, insurance premiums (for coverages required pursuant to this Agreement) or costs required to be incurred pursuant to the requirements of contracts to which the Company or any
Subsidiary Entity is a party or to which the Company or any Subsidiary Entity is otherwise bound), and (iii) increases resulting from emergencies or force majeure events. 
 Section 4.5 Reserves — General. 
 The Company shall
maintain, and shall cause the Subsidiary Entities to maintain, such reserves as are Approved by the Members or Approved by the Management Committee or set forth or contemplated in the Annual Budget. In the Annual Budget, the Members may provide for
the retention of sufficient amounts of cash on hand in the accounts of the Company and the Subsidiary Entities to pay reasonably anticipated costs and expenses of the Company and the Subsidiary Entities to the extent mutually agreed. 

Section 4.6 Contracts With Contracting Members. 
 (a) Except as expressly approved in this Agreement, in an Annual Budget or otherwise Approved by the Members or Approved by the Management Committee, neither any Member nor the Administrative Manager
shall cause or permit the Company or any Subsidiary Entity to engage or pay any compensation to a Member or any Affiliate of a Member for the provision of services to the Company or any Subsidiary Entity. 

(b) Notwithstanding any provision herein to the contrary, in its sole discretion, the Non-Contracting Member, acting on behalf of the
Company or any Subsidiary Entity, may terminate (or otherwise exercise the rights and remedies of the Company or a Subsidiary Entity under) any agreements with any Contracting Member or any Affiliate of the Contracting Member pursuant to the terms
of any such agreement (after it complies with the requirements set forth in the immediately following paragraph), provided that the Non-Contracting Member may not so act on behalf of the Company or any Subsidiary Entity to terminate any such
agreement pursuant to any “without cause” termination right. No decision under any such agreement that would constitute a “Major Decision” under this Agreement may be made on behalf of the Company or any Subsidiary Entity without
the Approval of the Members or Approval of the Management Committee. 
 (c) Notwithstanding the provisions of
Section 4.6(b), if the Non-Contracting Member reasonably believes that the Contracting Member or any Affiliate of the Contracting Member is not fulfilling its obligations under any agreement, the Non-Contracting Member shall, before
exercising any termination right or other right or remedy thereunder, (i) obtain any and all necessary consents and approvals, and (ii) provide the Contracting Member (or Affiliate) with written notice thereof, which shall have 30 days
from its receipt of the notice to remedy the situation to the Non-Contracting Member’s reasonable satisfaction; provided, that if such situation is reasonably susceptible of cure, but a period longer than 30 days is reasonably required to
complete the cure, then such Contracting Member (or Affiliate) shall have an additional period to remedy the situation so long as such Contracting Member (or Affiliate) promptly commences to remedy the situation and diligently prosecutes the same to
completion, 

  
 29 

 
but such additional period shall not exceed an additional 60 days. If the Non-Contracting Member is not reasonably satisfied that the situation has been remedied within such period, the
Non-Contracting Member shall have the right to terminate the applicable agreement pursuant to the terms thereof, and replace such Contracting Member (or Affiliate) with an Entity selected by the Contracting Member from a list provided by the
Non-Contracting Member provided that the list includes the names of at least three (3) Persons unaffiliated with the Non-Contracting Member, all of whom have at least ten (10) years’ experience in performing the management or other
services that were provided under the applicable terminated agreement. 
 Section 4.7 Limited Liability of Management Committee
Representatives and Administrative Manager. 
 Except as expressly set forth in this Agreement or as required by law,
no Management Committee Representative or Administrative Manager shall be personally liable for any debt, obligation or liability of the Company whether that liability or obligation arises in contract, tort, or otherwise, solely by reason of being a
Management Committee Representative or Administrative Manager of the Company. 
 Section 4.8 Standard of Care of Management
Committee Representatives and Administrative Manager. 
 Each Management Committee Representative and the
Administrative Manager shall perform the respective duties as Management Committee Representative and Administrative Manager in good faith and in the ordinary course of business, consistent with the terms of this Agreement, subject, in the case of
Management Committee Representatives, to the terms of Section 1.9, and subject, in the case of both Management Committee Representatives and the Administrative Manager, to the terms of Section 7.4. Management Committee
Representatives and the Administrative Manager do not, in any manner, guarantee the return of the Members’ Capital Contributions or a profit for the Members from the operations of the Company. Management Committee Representatives and the
Administrative Manager shall not be liable to the Company or to any Member for any loss or damage sustained by the Company or any Member, unless the loss or damage shall have been the result of fraud, gross negligence, willful misconduct, a willful,
knowing or intentional breach of this Agreement, or the result of any act or omission performed or omitted by it not in good faith. 

Section 4.9 Transactions between the Company and an Interested Management Committee Representative. 

Notwithstanding that it may constitute a conflict of interest, a Management Committee Representative that is not a Member or Affiliate of
a Member may directly or indirectly engage in any transaction (including without limitation the purchase, sale, lease, or exchange of any property, or the lending of funds, or the rendering of any service, or the establishment of any salary, other
compensation, or other terms of employment) with the Company; provided however that in each case (a) such transaction is not expressly prohibited by this Agreement, (b) the terms and conditions of such transaction on an overall basis are
fair and reasonable to the Company, and (c) the transaction has been Approved by the Members after disclosure of all material facts relating to the conflict or potential conflict. 

  
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 Section 4.10 Bank Accounts. 

The Administrative Manager may from time to time open bank accounts in the name of the Company (which shall be segregated from, and not
commingled with the funds of any Person other than a Subsidiary Entity), and representatives of the Administrative Manager shall be the sole signatories thereon. 
 Section 4.11 Reimbursement of Expenses; Compensation. 

(a) The Management Committee Representatives and the Administrative Manager shall be entitled to reimbursement from the Company of all
third-party out-of-pocket expenses of the Company reasonably incurred and paid by such Management Committee Representative or Administrative Manager on behalf of the Company. 
 (b) Except as specifically provided in this Section 4.11, Members, Management Committee Representatives and the Administrative Manager shall not otherwise be entitled to compensation.

 Section 4.12 Reliance by Third Parties. 
 Any Person dealing with the Company or any Subsidiary Entity may rely upon a certificate signed by any Member or the Administrative Manager as to: 

(i) the identity of the Members or the Administrative Manager; 
 (ii) the existence or non-existence of any fact or facts that constitute a condition precedent to acts by the Company or any Subsidiary Entity or that are in any other manner germane to the affairs of the
Company or any Subsidiary Entity; 
 (iii) the Persons, if any, that are authorized to execute and deliver any instrument or
document of, or on behalf of, the Company or any Subsidiary Entity; or 
 (iv) any act or failure to act by the Company or any
Subsidiary Entity, or any other matter whatsoever, involving the Company or any Subsidiary Entity. 
 Section 4.13 Member Unit
Voting Rights. 
 Each Member shall be entitled to exercise all voting rights with respect to the Member Units issued
by its Affiliate (other than any voting rights with respect to an action that would result in the redemption or other disposition of such Member Units, the voting rights with respect to which action shall require Approval as a Major Decision).

 ARTICLE V 
 TAXES, ALLOCATIONS AND DISTRIBUTIONS 
 Section 5.1 Allocations and Tax
Provisions. 
 Notwithstanding any contrary provision of this Agreement, rules governing allocations of income,
gains, losses and deductions, certain tax matters and related items are set forth in Schedule B attached hereto and made a part hereof. 

  
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 Section 5.2 Non-Liquidating Distributions. 

Subject to Section 5.5, non-liquidating distributions of Distributable Cash shall be made no less frequently than once
each fiscal quarter to the Members based on the source of the applicable funds as follows: 
 (i) An
amount equal to the aggregate Undistributed Unit Receipts as of the date with respect to which the Distributable Cash shall have been determined attributable to the ERP Units shall be distributed to the ERP Member and an amount equal to the
aggregate Undistributed Unit Receipts as of the date with respect to which the Distributable Cash shall have been determined attributable to the AVB Units shall be distributed to the AVB Member; provided that, if the aggregate amount of
Distributable Cash as of the date of the applicable distribution is less than the aggregate amount of Undistributed Unit Receipts as of such date, then all of the Distributable Cash as of such date will be distributed to the Members in proportion to
the respective percentages of the aggregate Undistributed Unit Receipts attributable to the ERP Units or the AVB Units, as the case may be. 
 (ii) If and to the extent that Unit Receipts consist of property other than cash distributed with respect to AVB Units or ERP Units, then a distribution shall be made, as promptly as practicable after
receipt thereof, to the ERP Member in the form of the property distributed with respect to the ERP Units or to the AVB Member in the form of the property distributed with respect to the AVB Units, as the case may be, and shall be valued, for
purposes of determining the amount of Distributable Cash and Undistributed Unit Receipts, at the fair market value of such property as determined by agreement between the Members. 

(iii) Any Distributable Cash remaining after the distributions made pursuant to paragraph (i) of this
Section 5.2 on any date shall be distributed to the Members equitably, after taking into account the source of the revenue and the relative Capital Contributions of the Members. 
 Section 5.3 Distributions in Liquidation. 
 (a) All
distributions in liquidation of the Company shall be made in compliance with the applicable provisions of the Act and otherwise pursuant to this Agreement. After appropriate payments have been made to the Company’s creditors and holders of
preferred securities, (i) any AVB Units held by a Subsidiary Entity upon liquidation of such Subsidiary Entity shall be distributed in kind, through one or more transfers, to the Company and the Company shall distribute such AVB Units to AVB
Member and (ii) any ERP Units held by a Subsidiary Entity upon liquidation of such Subsidiary Entity shall be distributed in kind, through one or more transfers, to the Company and the Company shall distribute such ERP Units to ERP Member. No
distribution of AVB Units or ERP Units pursuant to this Section 5.3 shall be considered, for purposes of Section 5.2(i), to be a distribution of Undistributed Unit Receipts. All Distributable Cash of the Company, upon
liquidation, shall be distributed in accordance with the priorities set forth in Section 5.2, subject to the provisions of Section 5.3(b). 

  
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 (b) In the event that, the amount of Distributable Cash available to be distributed in
liquidation of the Company is less than the amount of Undistributed Unit Receipts at such time, the Members shall make Capital Contributions (x) first, in the amount necessary to fulfill any previously unsatisfied Capital Contribution call with
respect to such Member and (y) second, in their respective Proportionate Shares in an aggregate amount sufficient to cause the amount of Distributable Cash to equal the amount of Undistributed Unit Receipts. 

(c) Subject to the provisions of Sections 5.3(b) and 9.2, the Members shall have no obligation to restore a deficit Capital
Account balance at any time. 
 Section 5.4 Withholding. 

(a) General. Each Member shall, to the fullest extent permitted by applicable law, indemnify and hold harmless the Company and
each Covered Person who is or who is deemed to be the responsible withholding agent for U.S. federal, state or local or non-U.S. income tax purposes against all claims, liabilities and expenses of whatever nature relating to the Company’s or
such Covered Person’s obligation to withhold and to pay over, or otherwise pay, any withholding or other taxes payable by the Company with respect to such Member or as a result of such Member’s participation in the Company. 

(b) Authority to Withhold; Treatment of Withheld Tax. Notwithstanding any other provision of this Agreement, each Member hereby
authorizes the Company to withhold and to pay over, or otherwise pay, any withholding or other taxes payable or required to be deducted by the Company or any of its Affiliates (pursuant to the Code or any provision of U.S. federal, state or local or
non-U.S. tax law) with respect to such Member or as a result of such Member’s participation in the Company (including as a result of a distribution in kind to such Member). If and to the extent that the Company shall be required to withhold or
pay any such withholding or other taxes, such Member shall be deemed for all purposes of this Agreement to have received from the Company as of the time that such withholding or other tax is withheld or paid, whichever is earlier, a distribution of
Distributable Cash in the amount thereof, pursuant to the applicable clause of Section 5.2 or 5.3, to the extent that such Member would have received a cash distribution, pursuant to the applicable clause of
Section 5.2 or 5.3, but for such withholding. To the extent that such withholding or payment exceeds the cash distribution that such Member would have received but for such withholding, the Administrative Manager shall notify such
Member as to the amount of such excess and such Member shall make a prompt payment to the Company of such amount by wire transfer, which payment shall not constitute a Capital Contribution and, consequently, shall not increase the Capital Account of
such Member. 
 (c) Withholding Tax Rate. Any withholdings referred to in this Section 5.4 shall be made at
the maximum applicable statutory rate under the applicable tax law unless the Administrative Manager shall have received an opinion of counsel, or other evidence, reasonably satisfactory to the Administrative Manager to the effect that a lower rate
is applicable or that no withholding or payment is required. 
 (d) Withholding from Distributions to the Company. In the
event that the Company or any Subsidiary Entity receives a distribution or payment from or in respect of which tax has been withheld, the Company shall be deemed to have received cash in an amount equal to the

  
 33 

 
amount of such withheld tax, and amounts withheld shall be deemed to be Distributable Cash that has been paid to the Member to whom such withholding is attributable. To the extent that such
payment exceeds the cash distribution that such Member would have received but for such withholding, the Administrative Manager shall notify such Member as to the amount of such excess and such Member shall make a prompt payment to the Company of
such amount by wire transfer, which payment shall not constitute a Capital Contribution and, consequently, shall not increase the Capital Account of such Member. 
 Section 5.5 Initial Distributions in Connection with Restructuring. 
 The Members acknowledge that, immediately following the Company acquiring the Holdings Preferred Interests from Archstone Enterprise LP, it is contemplated that the Company will receive the assets set
forth on Schedule E as distributions from Holdings. Notwithstanding anything in this Article V or elsewhere in this Agreement to the contrary, the Company will distribute the assets set forth on Schedule E to its Members in the manner
indicated on such Schedule E promptly following the Company’s receipt of such assets. 
 ARTICLE VI 

ACCOUNTING, RECORDS AND REPORTING 
 Section 6.1 Accounting and Records. 
 The
books and records of the Company shall be kept, and its financial position and the results of its operations recorded, in accordance with generally accepted accounting principles. The books and records of the Company shall reflect all Company
transactions and shall be appropriate and adequate for the Company’s business in accordance with the Act. All books and records of the Company shall be maintained at the Company’s principal executive offices. 

Section 6.2 Access to Accounting and Other Records. 
 The following provisions of this Section 6.2 shall supersede and act in lieu of the provisions of Section 18-305 of the Act: 

(a) Upon request of any Member, the Company shall promptly deliver or cause to be delivered to the requesting Member, at the expense of
the Company, a copy of (i) a current list of the full name and last known address of each Member and the Capital Contributions and Proportionate Share held of record by each Member; (ii) a current list of the Management Committee
Representatives and the Administrative Manager; and (iii) the Company’s federal, state and local income tax returns and reports, if any, for each of its taxable years. 

(b) Each Member also has the right to inspect and copy during normal business hours any of the Company’s books and records,
including (i) the Certificate of Formation of the Company, any amendments to the Certificate of Formation, and executed copies of any powers of attorney granted for the purpose of executing the Certificate of Formation; (ii) this Agreement
and any amendments to this Agreement; (iii) financial statements of the Company; and (iv) the written minutes of any meeting of the Management Committee or the Members and any written consents of the Management Committee or the Members for
actions taken without a meeting. 

  
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 (c) Management Committee Representatives and the Administrative Manager shall also have the
right to inspect any and all books and records of the Company for purposes reasonably related to their duties as Management Committee Representatives or Administrative Manager. 
 Section 6.3 Required Reports. 
 The Administrative Manager
shall furnish to each Member the following reports prepared for and at the expense of the Company: 
 (a) Annual Financial
Reports. Within one hundred fifty (150) days after the end of each calendar year during the term of this Agreement, the Administrative Manager shall cause to be prepared and furnished to the Members, annual unaudited financial statements
for such (full or partial) calendar year accurately reflecting the financial condition of the Company and each Subsidiary Entity. 
 (b) Quarterly Reports; Other Information. The Administrative Manager shall, within sixty (60) days after the end of each calendar quarter, cause to be prepared and furnished to the Members
unaudited balance sheets and profit and loss statements and unaudited cash flow statements accurately reflecting the operating results of the Company and each Subsidiary Entity, a comparison to the Annual Budget, and containing a narrative executive
summary, which shall include information with respect to the amounts of Unit Receipts, Undistributed Unit Receipts and distributions to the Members. In addition, each Member is entitled to receive (x) all information reasonably requested to
permit such Member to complete deferred tax/FAS 109 calculations on a quarterly basis, and (y) all information reasonably requested with respect to the amounts of Unit Receipts, Undistributed Unit Receipts and distributions to the Members.

 (c) Bank Accounts. With respect to the bank account or accounts maintained by the Administrative Manager in the name
of the Company, the Administrative Manager shall: 
  

	 	(i)	promptly following the receipt of any bank account statement, send a copy of such bank account statement to the AVB Member; 

 

	 	(ii)	to the extent permitted and reasonably practicable, arrange to have the applicable bank send such bank account statements directly to the AVB Member; and

  

	 	(iii)	promptly following request, provide to the AVB Member information regarding deposits or withdrawals from any such bank accounts or any other information related to such
bank accounts as reasonably requested by the AVB Member. 

 (d) Costs and Expenses. The costs and expenses
incurred by the Company or the Administrative Manager in establishing and maintaining the books and records of the Company, as well as the annual audit of the books and records of the Company and the Subsidiary Entities, and the costs and expenses
incurred in preparing and furnishing any and all such reports and information shall be borne by the Company. 

  
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 Section 6.4 Tax Returns. 

The Administrative Manager shall cause to be prepared by the Accountants all tax returns required of the Company and each Subsidiary
Entity. Not later than August 1 of each year, the Administrative Manager shall distribute or cause to be distributed to the Members drafts of the proposed tax returns to be filed on behalf of the Company or any Subsidiary Entity. Following the
distribution of such draft tax returns, but prior to ten (10) Business Days prior to the due date for the filing thereof (or such alternative date as may be Approved by the Management Committee), any of the Members may provide comments and
input to the Administrative Manager, and such Member and the Administrative Manager shall consult with the Accountants concerning the comments and input so provided, as to the advisability of incorporating such comments and input into the tax
returns to be so filed. Following the preparation of revised tax returns reflecting such input and comments (to the extent deemed appropriate by the Accountants), the Administrative Manager shall timely file or cause to be timely filed all such tax
returns required by the Company. All decisions regarding or affecting the reporting or characterization for tax purposes of any material items of Company income, gain, loss or deduction or the allocation of liabilities of the Company and its
Subsidiaries for tax purposes shall require the Approval of the Members (which approval shall not be unreasonably withheld). 

Section 6.5 Tax Matters Partner. 
 The Administrative Manager is designated the Tax Matters Member of the Company as provided in Section 6231(a)(7) of the Code and corresponding provisions of applicable state law. This designation is
effective only for the purpose of activities performed pursuant to the Code, corresponding provisions of applicable state law and under this Agreement. The Administrative Manager shall inform the Members of all tax audits and other tax proceedings,
promptly update the Members of all material developments with respect thereto and provide copies of all correspondence with and submissions to the tax authorities. The Administrative Manager shall not make any material decision or take any material
action as the Tax Matters Member that could adversely affect a Member or its Parent or affiliate without the consent of such Member. The Administrative Manager, as the Tax Matters Member, shall permit the Members at their own expense to participate
in any tax audit or other proceeding which could affect the taxes of the Company or income or loss allocable to or taxes payable by any Member with respect to its interest in the Company. The Administrative Manager shall also perform its obligations
with respect to tax matters under Schedule B. 
 ARTICLE VII 

INDEMNIFICATION, INSURANCE AND EXCULPATION 
 Section 7.1 Indemnification. 
 (a) To the fullest extent
permitted by law, the Company shall indemnify, hold harmless and defend ERP Member, AVB Member, each Parent, each Affiliate of any Member, each Management Committee Representative, the Administrative Manager, each Member’s, Affiliate’s or
Parent’s agents, officers, partners, members, employees, representatives, directors or shareholders and each Subsidiary Entity’s officers, agents and employees (each, a “Covered Person”) from and against any and all
losses, claims, damages, liabilities, whether joint or 

  
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several, expenses (including legal fees and expenses), judgments, fines and other amounts paid in settlement (collectively, “Indemnified Losses”), incurred or suffered by
such Covered Person, as a party or otherwise, in connection with any threatened, pending or completed claim, demand, action, suit or proceeding, whether civil, criminal, administrative or investigative, and whether formal or informal, arising out of
or in connection with the business or the operation of the Company or any Subsidiary Entity, unless the Indemnified Losses were the result of fraud, gross negligence, willful misconduct or a willful, knowing or intentional breach of this Agreement
by such Covered Person, or the result of any act or omission performed or omitted by such Covered Person not in good faith (in which case the Company shall have no indemnification obligation with respect to such Indemnified Losses). 

(b) No Covered Person shall be liable to the Company or to any Member for any loss or damage sustained by the Company or any Member,
unless the loss or damage shall have been the result of fraud, gross negligence, willful misconduct or a willful, knowing or intentional breach of this Agreement, or any breach of Section 11.8 of this Agreement, by such Covered Person,
or the result of any act or omission performed or omitted by such Covered Person not in good faith. 
 (c) To the fullest extent
permitted by law, unless it is determined that a Covered Person is not entitled to be indemnified therefor pursuant to this Section 7.1, expenses incurred by such Covered Person in defending any claim, demand, action, suit or proceeding
subject to this Section shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered Person to
repay such amount. 
 (d) The indemnification provided by this Section 7.1 shall be in addition to any other rights
to which any Covered Person may be entitled under this Agreement, any other agreement, as a matter of law or otherwise, and shall inure to the benefit of the heirs, legal representatives, successors, assigns and administrators of the Covered Person.

 Section 7.2 Procedures; Survival. 
 (a) If a Covered Person wishes to make a claim under Section 7.1, the Covered Person should notify the Company in writing within ten (10) days after receiving a written notice of the
commencement of any action that may result in a right to be indemnified under Section 7.1; provided however that the failure to notify the Company shall not relieve the Company of any liability for indemnification pursuant to
Section 7.1 (except to the extent that the failure to give notice will have been materially prejudicial to the Company). 
 (b) A Covered Person shall have the right to employ separate legal counsel in any action pursuant to Section 7.1 and to participate in the defense of the action. The fees and expenses of such
legal counsel shall be at the expense of the Covered Person unless (i) the Members or Management Committee have Approved the Company’s payment of such fees and expenses, (ii) the Company has failed to assume the defense of the action
without reservation and employ counsel within a reasonable period of time after being given the notice required above, or (iii) the named parties to any such action (including any impleaded parties) include both the Covered Person and the
Company and the Covered Person has been advised by its legal counsel 

  
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that representation of the Covered Person and the Company by the same counsel would be inappropriate under applicable standards of professional conduct because of actual or potential differing
interests between them. It is understood, however, that the Company shall, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances, be liable for the reasonable fees and expenses of only one separate firm of attorneys at any time for all such Covered Persons having actual or potential differing interests with the Company. 

(c) The Company shall not be liable for any settlement of any action against any Covered Person for which the Company is required to
indemnify such Covered Person hereunder which is agreed to without the Approval of the Members or Management Committee. 
 (d)
The indemnification obligations set forth in this Article VII hereof shall survive the termination of this Agreement. 

Section 7.3 Insurance. 
 The Company shall maintain, for the benefit of the Company, its Subsidiary Entities, the Members, the Management Committee Representatives and the Administrative Manager, and at the expense of the
Company, policies of insurance as determined by the Management Committee. 
 Section 7.4 Rights to Rely on Legal Counsel,
Accountants. 
 No Covered Person shall be liable, responsible or accountable in damages or otherwise to the Company or any
Member for any performance or omission to perform any acts in reliance on the advice of accountants or legal counsel for the Company. 
 ARTICLE VIII 
 TRANSFER OF MEMBERSHIP INTERESTS; ADMISSION OF ADDITIONAL
MEMBERS 
 Section 8.1 Transfer or Assignment of Membership or Manager Interests. 

No Member shall be entitled to assign, convey, sell, encumber or in any manner alienate or otherwise Transfer all or part of such
Member’s Membership Interest except in strict compliance with each and all of the other Sections of this Article VIII. Administrative Manager shall not be entitled to assign, convey, sell, encumber or in any manner alienate
or otherwise Transfer all of part of such Administrative Manager’s rights, interests, duties or obligations under this Agreement, in its capacity as the Administrative Manager, without the Approval of the Members, except to a successor to which
the entire Membership Interest of such Administrative Manager has been Transferred in full compliance with this Agreement.

Section 8.2 Conditions to Transfer by Member. 
 Except as provided in Section 8.3 or Section 8.4, no Member may Transfer all or part of such Member’s Membership Interest, nor shall the direct or indirect interests in any
Member be transferred to any Person if, as a result thereof, that Member would no longer be directly or 

  
 38 

 
indirectly wholly owned by ERP or Equity Residential (in the case of a Transfer of the interests in ERP Member) or AVB (in the case of a Transfer of the interests in AVB Member), unless such
Transfer has been approved in writing by the other Member in its sole and absolute discretion. 
 Section 8.3 Permitted
Transfers. 
 A Member shall be permitted to Transfer all or any part of its Membership Interest without further
consent hereunder to an Affiliate of that Member which is directly or indirectly wholly owned by ERP or Equity Residential (in the case of a Transfer by ERP Member) or by AVB (in the case of a Transfer by AVB Member), so long as, as applicable, in
connection with such Transfer that Member’s Parent provides to the other Member a ratification and reaffirmation of its Parent Guaranty or executes a guaranty to guaranty the obligations of such Affiliate transferee to fund its Capital
Contributions to the Company and to pay and perform its other obligations under this Agreement, and such Transfer would not be a violation of or an event of default under, or give rise to a right to accelerate any indebtedness described in, any
note, mortgage, loan agreement or similar instrument or document or other material agreement to which the Company or any Subsidiary Entity is a party unless such violation or event of default shall be waived by the parties thereto. 

Section 8.4 Transfer of Interests in Equity Residential, ERP or AVB. 

Notwithstanding anything to the contrary contained in this Agreement, (a) neither Transfers of interests in ERP, nor the issuance or
redemption of interests in ERP, nor Transfers of common or preferred shares or other equity interests in Equity Residential, nor issuance or redemption of common or preferred shares or other equity interests in Equity Residential (other than those
occurring in connection with an Extraordinary Transaction), shall constitute a “Transfer” of the interest of ERP Member under this Agreement, or constitute a default, breach or withdrawal by ERP Member or any other violation of this
Agreement by ERP Member; (b) neither Transfers of shares of stock in AVB, nor issuance or redemption of shares of stock in AVB (other than those occurring in connection with an Extraordinary Transaction), shall constitute a “Transfer”
of the interest of AVB Member under this Agreement, or constitute a default, breach or withdrawal by AVB Member or any other violation of this Agreement by AVB Member; and (c) notwithstanding clauses (a) and (b) above, neither any
merger or other consolidation of Equity Residential, ERP or AVB with any other Person, nor any transfer of all or substantially all of the common equity of Equity Residential, ERP or AVB (including by way of tender offer), nor any sale of all or
substantially all of the assets of Equity Residential, ERP or AVB, nor any transfer, issuance or redemption of common or preferred shares or other equity interests in ERP or Equity Residential or AVB, as applicable, in connection with such a merger
or consolidation of Equity Residential, ERP or AVB, as applicable (each, an “Extraordinary Transaction”), shall constitute a “Transfer” of the interest of ERP Member or AVB Member, as applicable, under this
Agreement, or constitute a default, breach or withdrawal by ERP Member or AVB Member, as applicable, or any other violation of this Agreement by ERP Member or AVB Member, as applicable, so long as, in the case of any such Extraordinary Transaction,
the surviving Entity or buyer (the “Successor Parent”), as applicable, in any such transaction provides notice of such transaction to the other Member within five (5) Business Days thereafter and certifies that as of the
date of consummation of, and after giving effect to, such transaction, it is either (i) a publicly traded company which continues to qualify as a REIT and has total equity 

  
 39 

 
as determined in accordance with U.S. generally accepted accounting principles of not less than $1.5 billion, or (ii) it has total equity as determined in accordance with U.S. generally
accepted accounting principles of not less than $2 billion. If the Successor Parent delivers a notice and certificate in accordance with clause (ii) of the immediately preceding sentence, then, within ninety (90) days following the end of
each fiscal year of the Successor Parent thereafter, the Successor Parent shall deliver a certificate to the other Member that certifies that, at the end of such fiscal year, it had total equity as determined in accordance with U.S. generally
accepted accounting principles of not less than $2 billion. For the avoidance of doubt, a Change in Board Control of Equity Residential or AVB shall not constitute a “Transfer” of the interest of ERP Member or AVB Member, as applicable,
under this Agreement, or constitute a default, breach or withdrawal by ERP Member or AVB Member, as applicable, or any other violation of this Agreement by ERP Member or AVB Member, as applicable. 

Section 8.5 Unauthorized Transfers Void. 
 Any Transfer or purported Transfer in violation of the provisions of this Article VIII shall be null and void ab initio and shall constitute a material breach of this Agreement. In the
event of any Transfer or purported Transfer of all or any part of a Member’s Membership Interest in violation of this Agreement, without limiting any other rights or remedies of the Company or the other Members, the assignee or purported
assignee shall have no right to participate in the management of the business and affairs of the Company or to become a Member, or to receive any distributions of any kind or to receive any part of the share of profits or other compensation by way
of income and the return of contributions, or any allocation of income, gain, loss, deduction, credit or other items to the owner of such Membership Interest in the Company would otherwise be entitled. 

Section 8.6 Admission of Substitute Member; Liabilities. 

(a) An assignee of all or any part of Membership Interest shall be admitted as a Substitute Member only if (i) the Transfer of such
Membership Interest complies in all respects with this Article VIII and (ii) the prospective Substitute Member delivers a signed instrument pursuant to which the assignee agrees to all of the terms and conditions of, and to be bound
by, this Agreement, and to assume all of the obligations of the transferring Member and to be subject to all the restrictions and obligations to which the transferring Member is subject under the terms of this Agreement. The admission of a
Substitute Member shall not release the transferring Member from any liability to the Company or to the other Members in respect of its Membership Interest that may have existed prior to such admission. 

(b) The Administrative Manager shall reflect the admission of such Substitute Member in the records of the Company as soon as possible
after satisfaction of the conditions set forth in this Agreement. Schedule A of this Agreement shall be deemed to be amended to reflect the admission of the Substitute Member upon such admission; and each of Members then of record hereby
consents to such amendment to the extent required by law or this Agreement. 

  
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 Section 8.7 Admission of Additional Members. 

Unless the Approval of the Members has been obtained, and then, only in accordance with the terms and conditions Approved by the Members,
the Company shall not admit any additional Members. 
 ARTICLE IX 

DISSOLUTION AND LIQUIDATION OF THE COMPANY 
 Section 9.1 Events Causing Dissolution. 
 The Company
shall be dissolved only upon the occurrence of any of the following events (“Dissolution Event”): 
 (a)
The sale, exchange or other disposition or distribution of all or substantially all of the assets of the Company (other than the transfer or contribution of assets either to Subsidiaries of the Company or to Affiliates of AVB or Equity Residential
in exchange for Membership Units); 
 (b) The Approval of the Members; or 

(c) The final decree of a court of competent jurisdiction that such dissolution is required under applicable law. 

The bankruptcy or dissolution of a Member shall not cause the Member to cease to be a member of the Company and, upon the occurrence of such an event,
the business of the Company shall continue without dissolution. 
 Section 9.2 Liquidation and Winding Up. 

Upon the occurrence of a Dissolution Event, the Company shall be liquidated and the Management Committee (or other Person designated by
the Management Committee or a decree of court) shall wind up the affairs of the Company. In such case, the Management Committee (or such Administrative Manager or other Person designated by the Management Committee or a decree of court) shall have
the authority, in its sole and absolute discretion, to sell the Company’s assets or distribute them in kind; provided that the Member Units and any property received as distributions in respect of Member Units shall not be sold and shall
instead be distributed in kind to the applicable Member in accordance with Section 5.3. The Management Committee or other Person winding up the affairs of the Company shall promptly proceed to the liquidation of the Company. In
proceeding with the winding-up process, it is the Members’ objective that the winding-up process for the Company shall be completed within three (3) years following the sale of the Company’s last asset (assuming that the Company and
its Subsidiary Entities are not then parties to any outstanding litigation which has not been resolved). If the Approval of the Members is obtained, the Members may elect to accelerate the winding-up process by mutually agreeing to set aside
reserves or entering into a cost-sharing agreement with respect to any trailing liabilities of the Company or its Subsidiary Entities. In a liquidation, the assets of the Company shall be distributed in the following order of priority 

  
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 (a) To the payment of all debts and liabilities of the Company in the order of priority as
provided by law (other than outstanding loans from a Member or Management Committee Representative); 
 (b) To the establishment
of any reserves deemed necessary by the Management Committee or the Person winding up the affairs of the Company, for any contingent liabilities or obligations of the Company (including those of the Person serving as the liquidator); 

(c) To the repayment of any outstanding loans from a Member or Management Committee Representative to the Company; 

(d) The Member Units and any property received as distributions in respect of Member Units to the applicable Member; and 

(e) The balance, if any, to the Members in accordance with Section 5.3 of this Agreement. 

Subject to the immediately preceding paragraph, upon liquidation of the Company, no Member shall be required to contribute any amount to
the Company solely because of a deficit or negative balance in the Capital Account of such Member and any deficit or negative balance shall not be considered an asset of the Company for any purpose. 

ARTICLE X 

REPRESENTATIONS AND WARRANTIES; COVENANTS 
 Section 10.1 Representations and Warranties of ERP Member. 
 ERP Member hereby represents and warrants to AVB Member as follows: 
 (a)
Organization. ERP Member is a limited liability company duly organized, validly existing and in good standing under the laws of the state of Delaware and has all requisite limited liability company power and authority to own, lease and
operate its properties and to carry on its business as it is presently being conducted. 
 (b) Authorization; Validity of
Agreements. 
 (i) ERP Member has the requisite limited liability company power and authority to execute and deliver this
Agreement and to perform all of its obligations hereunder. The execution and delivery by ERP Member of this Agreement, and the performance by ERP Member of its obligations hereunder, have been duly authorized by, and no other proceedings, actions or
authorizations on the part of ERP Member or any holder of equity interest in ERP Member are necessary to authorize the execution and delivery by ERP Member of this Agreement. 
 (ii) This Agreement has been duly executed and delivered and constitutes the legal, valid and binding obligation of ERP Member, enforceable against it in accordance with its terms, except that
(a) such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, affecting creditors’ rights generally, and (b) general equitable principles.

  
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 (c) Consents and Approvals; No Violations. The execution and delivery by ERP Member
of this Agreement, and the performance by ERP Member of its obligations hereunder, does not and will not (a) violate, contravene or conflict with any provision of any organizational documents of ERP Member; (b) violate, contravene or
conflict with any material orders or laws applicable to ERP Member or any of its material properties or assets; or (c) require on the part of ERP Member any filing or registration with, notification to, or authorization, consent or approval of,
any Governmental Authority, except for such filings or registrations with, notifications to, or authorizations, consents or approvals of any Governmental Authority as may be referenced in Section 7.3 of the Purchase Agreement. 

Section 10.2 Representations and Warranties of AVB Member. 
 AVB Member hereby represents and warrants to ERP Member as follows: 
 (a)
Organization. AVB Member is a corporation that is duly organized, validly existing and in good standing under the laws of the state of Maryland and has all requisite corporate power and authority to own, lease and operate its properties and
to carry on its business as it is presently being conducted. 
 (b) Authorization; Validity of Agreements. 

(i) AVB Member has the requisite corporate power and authority to execute and deliver this Agreement and to perform all of its
obligations hereunder. The execution and delivery by AVB Member of this Agreement, and the performance by AVB Member of its obligations hereunder, have been duly authorized by, and no other proceedings, actions or authorizations on the part of AVB
Member or any holder of equity interest in it are necessary to authorize the execution and delivery by AVB Member of this Agreement. 
 (ii) This Agreement has been duly executed and delivered and constitutes the legal, valid and binding obligation of AVB Member, enforceable against it in accordance with its terms, except that
(a) such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, affecting creditors’ rights generally, and (b) general equitable principles.

 (c) Consents and Approvals; No Violations. The execution and delivery by AVB Member and the performance by AVB Member
of its obligations hereunder, does not and will not (a) violate, contravene or conflict with any provision of any organizational documents of AVB Member; (b) violate, contravene or conflict with any material orders or laws applicable to
AVB or any of its respective material properties or assets; or (c) require on the part of AVB Member any filing or registration with, notification to, or authorization, consent or approval of, any Governmental Authority, except for such filings
or registrations with, notifications to, or authorizations, consents or approvals of any Governmental Authority as may be referenced in Section 8.3 of the Purchase Agreement. 
 Section 10.3 Debt Maintenance Covenants. 
 (a) AVB DownREIT,
the ERP DownREITs, and their respective Subsidiaries (each, a “DownREIT” and together, the “DownREITs”) shall each be entitled to repay, at any time, any 

  
 43 

 
indebtedness encumbering its Restricted Properties, subject to the provisions of this Section 10.3. For purposes of this Section 10.3, Tax Protection Payments resulting
from the failure of any Baseline Debt Maintenance Obligation allocated in respect of a Tax Protected Person to qualify as “qualified nonrecourse financing” under Section 465(b)(6) of the Code if such Tax Protection Agreement in
respect of such Tax Protected Person requires maintenance of “qualified nonrecourse financing” in respect of such Tax Protected Person shall be treated in a manner similar to, and any liability resulting from such failure shall be
allocated between the Members in a manner consistent with, the failure to maintain applicable Baseline Debt Maintenance Obligations under this Section 10.3 (without double counting). The provisions of this Section 10.3 and
Section 10.4 shall be interpreted in a manner consistent with the applicable Tax Protection Agreements and related federal income tax rules (e.g. “nonrecourse” generally should be given the meaning of such term under
Section 752 of the Code). References to “Section 704(c) gain” shall also include gain recognized as “reverse 704(c) gain.” References to a Restricted Property include any “exchanged basis property” within the
meaning of Section 7701(a)(44) of the Code whose basis is determined in whole or part by the basis of such Restricted Property. 
 (b) In the event that, following the Closing Date Transactions, any obligation to make a Tax Protection Payment arises as a result of the failure to comply with nonrecourse debt maintenance obligations
imposed by any Tax Protection Agreement (other than in connection with the disposition of a Restricted Property (which shall be governed by Section 10.3(d) or Section 10.4) or the failure to provide an opportunity to guaranty
debt in accordance with a Tax Protection Agreement (which shall be governed by Section 10.3(e)), ERP Member and AVB Member shall share the liability for such Tax Protection Payment ratably based upon the extent to which each of their
affiliated DownREITs has repaid debt, changed nonrecourse debt allocations, or taken any other action after the Closing Date Transactions so that the amount of nonrecourse debt that such DownREIT is then providing to cover the applicable Tax
Protected Person’s amount of nonrecourse debt maintenance required under the applicable Tax Protection Agreement is less than the applicable Baseline Debt Maintenance Obligation of such DownREIT with respect to such Tax Protected Person.

 (c) The Baseline Debt Maintenance Obligations for each DownREIT with respect to each Tax Protected Person under each
applicable Tax Protection Agreement shall be established by ERP Member and AVB Member in good faith as soon as practicable following the Initial Closing, based on the required nonrecourse debt maintenance for each Tax Protected Person under the
applicable Tax Protection Agreement and the nonrecourse debt allocations satisfying such required debt maintenance, each as in effect immediately following the Closing Date Transactions (and, if different, separate Baseline Debt Maintenance
Obligations shall be established for purposes of application of the “at-risk” rules under Section 465 of the Code to each Tax Protected Person under each such applicable Tax Protection Agreement), in accordance with the following
principles. 
 (i) If a Tax Protected Person’s Tax Protection Agreement relates solely to, and its required
nonrecourse debt maintenance as of immediately after the Closing Date Transactions is covered by an allocation of nonrecourse debt attributable in its entirety to, one or more properties held solely by either (A) the AVB DownREIT or
(B) one or more of the ERP DownREITs, then the Baseline Debt Maintenance Obligation for AVB 

  
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DownREIT or the applicable ERP DownREIT (or the ERP DownREITs, if there is more than one), as the case may be (whichever party controls the applicable property owner(s)) will be equal to such Tax
Protected Person’s required nonrecourse debt allocation amount under such Tax Protection Agreement (and the Baseline Debt Maintenance Obligation for the other(s) with respect to such Tax Protected Person under such Tax Protection Agreement will
be zero). 
 (ii) Subject to the following subsection (iii), if a Tax Protected Person’s required
nonrecourse debt maintenance as of immediately after the Closing Date Transactions is covered by nonrecourse debt allocated from AVB DownREIT, on the one hand, and one or more ERP DownREITs, on the other hand, (regardless of property ownership),
then AVB DownREIT’s Baseline Debt Maintenance Obligation shall be equal to 40% of such Tax Protected Person’s required nonrecourse debt maintenance and the ERP DownREITs’ joint Baseline Debt Maintenance Obligation shall be equal to
60% of such Tax Protected Person’s required nonrecourse debt maintenance. 
 (iii) If the nonrecourse debt
allocable from the AVB DownREIT to a Tax Protected Person is less than 40% of such Tax Protected Person’s required nonrecourse debt maintenance as of immediately after the Closing Date Transactions, then the AVB DownREIT’s Baseline Debt
Maintenance Obligation shall be equal to the amount of such debt allocable from the AVB DownREIT to such Tax Protected Person as of immediately after the Closing Date Transactions, and the ERP DownREITs’ Baseline Debt Maintenance Obligation
shall be equal to the Tax Protected Person’s required nonrecourse debt maintenance less AVB DownREIT’s Baseline Debt Maintenance Obligation for such Tax Protected Person. Conversely, if the nonrecourse debt allocable from the ERP DownREITs
to a Tax Protected Person is less than 60% of such Tax Protected Person’s required nonrecourse debt maintenance as of immediately after the Closing Date Transactions, then the ERP DownREITs’ Baseline Debt Maintenance Obligation shall be
equal to the amount of such debt allocable from the ERP DownREITs to such Tax Protected Person as of immediately after the Closing Date Transactions, and AVB Member’s Baseline Debt Maintenance Obligation shall be equal to the Tax Protected
Person’s required nonrecourse debt maintenance less the aggregate Baseline Debt Maintenance Obligation of the ERP DownREITs for such Tax Protected Person. 
 (iv) In making any determination of the Baseline Debt Maintenance Obligation of any ERP DownREIT, the portion of such ERP DownREIT’s Baseline Debt Maintenance Obligation that is derived from another
ERP DownREIT’s Baseline Debt Maintenance Obligation shall be excluded to avoid double counting. 
 (v) The
Members acknowledge that certain facts may warrant varying from the foregoing principles in specific instances and agree that the Members will cooperate in good faith to address any such situation. 

(vi) To illustrate the application of the foregoing principles, if after the Closing Date Transactions, Lexford’s
Baseline Debt Maintenance Obligation with respect to Tax Protected Person A is $60 and Lexford at such time allocates $100 of nonrecourse debt to such Tax Protected Person, and AVB DownREIT’s Baseline Debt Maintenance

  
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Obligation is $40 and it at such time allocates $80 of nonrecourse debt to Tax Protected Person A, and the amount of nonrecourse debt allocations necessary to satisfy the debt maintenance
obligation to Tax Protected Person A under its Tax Protection Agreement is $100, and if in 2013 AVB DownREIT repays $50 of nonrecourse debt allocated to Tax Protected Person A (which would not result in any Tax Protection Payment) and in 2014
Lexford repays $45 of nonrecourse debt allocated to Tax Protected Person A, which would trigger a Tax Protection Payment, then AVB DownREIT would be obligated to pay 10/15 (i.e. the amount AVB DownREIT repaid the applicable debt below its
Baseline Debt Maintenance Obligation ($10) divided by the aggregate shortfall in the amount of nonrecourse debt allocated to Tax Protected Person A ($15) or 66-2/3%) of the Tax Protection Payment and Lexford would be obligated to pay 5/15 or
33-1/3% of the Tax Protection Payment. 
 (vii) The DownREIT Baseline Debt Maintenance Obligation with respect to
each Tax Protected Person shall be adjusted annually to reflect changes in each Tax Protected Person’s required nonrecourse debt amounts (and “qualified nonrecourse financing” amounts) under its Tax Protection Agreement. Adjustments
in Baseline Debt Maintenance Obligations shall be allocated between AVB DownREIT and the ERP DownREITs based on the principles set forth in Sections 10.3(b). To the extent that a Tax Protected Person recognizes gain under section 731 of the
Code related to a decrease in allocated nonrecourse liabilities under section 752 of the IRC that triggers a Tax Protection Payment, the DownREITs, in allocating the Baseline Debt Maintenance Obligation for that Tax Protected Person, shall reduce to
the ERP DownREITs and/or AVB DownREIT, as applicable, the applicable Baseline Debt Maintenance Obligation of the party paying the Tax Protection Payment with respect to the Tax Protected Person in respect of such gain. 

(d) Except to the extent otherwise provided in Section 10.4, Tax Protection Payments triggered with respect to
Section 704(c) gain as the result of a taxable disposition of a Restricted Property after the Closing Date Transactions will be paid 100% by the DownREIT that owns the Restricted Property with respect to Tax Protected Persons whose gain is
triggered by the disposition. After taking into account Tax Protection Payments resulting from the preceding sentence, any additional Tax Protection Payments owed to any Tax Protected Person as a result of the disposition of such Restricted Property
due to a reduction in the Tax Protected Person’s share of liabilities (and not due to Section 704(c) gain) will be shared under the same principles described in Sections 10.3(b) and (c), including subparagraph (vii). The
parties agree that under such principles, the Baseline Debt Maintenance Obligation of the party paying the Tax Protection Payment with respect to a Tax Protected Person’s Section 704(c) gain shall be reduced by the amount of such
Section 704(c) gain. For example, suppose (i) there was initially a Baseline Debt Maintenance Obligation of $100 with respect to a Tax Protected Person whose negative capital account also equals $100, (ii) such obligation was
allocated between Lexford and AVB DownREIT on a 60%/40% basis, (iii) Lexford holds such Tax Protected Person’s Restricted Property and (iv) such person has Section 704(c) gain of $20. Suppose further that AVB paid off all
nonrecourse debt allocated to such Tax Protected Person, but Lexford has $100 of nonrecourse debt secured by such Restricted Property that is allocated to such Tax Protected Person, thereby deferring any Tax Protection obligation to such Tax
Protected Person. If Lexford then sells such Restricted Property, and assuming no other adjustments to basis during the 

  
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taxable year, the Tax Protected Person recognizes Section 704(c) gain of $20 and additional gain under Section 731 of $80. The ERP Member is responsible for the Tax Protection Payment
attributable to the $20 of Section 704(c) gain. ERP Member and AVB Member should share the Tax Protection Payments required as a result of the recognition of the gain with respect to the elimination of that debt on a 60%/40% basis, except ERP
Member would reduce its Baseline Debt Maintenance Obligation for section 704(c) gain with respect to which it is required to make a Tax Protection Payment as a result of such disposition. Accordingly, if there were $20 of tax protected
Section 704(c) gain attributable to the disposition, ERP Member would pay the Tax Protection Payments related to the $20 of Section 704(c) gain and then each of ERP Member and AVB Member would pay the Tax Protection Payments related to $40
of gain on the nonrecourse debt payoff. 
 (e) All decisions whether or not to cause the Company or any of its Subsidiaries
(including Archstone) to provide any Tax Protected Person with a required opportunity to guarantee indebtedness and the terms of any such offered guarantee must be Approved by the Members. The foregoing requirement shall not apply to a decision by
either the AVB Member or the ERP Member to offer a Tax Protected Person an opportunity to guarantee indebtedness of a DownREIT affiliated with such Member that is not required by a Tax Protection Agreement, but the Member voluntarily offering such
guarantee opportunity shall provide the other Member reasonable notice of such offer. (AVB Member acknowledges that ERP Member has provided it with reasonable notice of the offer by ERPOP to certain holders of Series O Units of Archstone of an
opportunity to guarantee indebtedness of an ERP DownREIT in connection with the Closing Date Transactions.) Tax Protection Payments triggered with respect to debt maintenance obligations as the result of the Company or any of its Subsidiaries
failing to provide a required guarantee opportunity to a Tax Protected Person after the Closing Date Transactions will be paid 60% by the ERP Member and 40% by the AVB Member. If the Company or any of its Subsidiaries does not provide a Tax
Protected Person with a required opportunity to guarantee indebtedness or a Tax Protected Person declines to guarantee indebtedness of the Company or any of its Subsidiaries, then any of the DownREITs may, but is not obligated to, provide such Tax
Protected Person an opportunity to guarantee indebtedness. If and to the extent that a Tax Protected Person accepts a guarantee of a DownREIT’s debt in lieu of a guarantee of debt of the Company or any of its Subsidiaries where the Company or
any of its Subsidiaries was required to offer a guaranteed opportunity and did not, any Tax Protection Payments triggered with respect to a failure of such DownREIT debt guarantee opportunity to allocate the debt initially intended to be allocated
to such Tax Protected Person (e.g., as a result of the repayment of such debt subject to such guarantee by a DownREIT or the failure of such guarantee to allocate such debt for federal income tax purposes) at any time subsequent to the issuance of
such guarantee will be paid 60% by the ERP Member and 40% by the AVB Member. If the Tax Protected Person rejected the offer of a guarantee by the Company or any of its Subsidiaries and no further offer by the Company or any of its Subsidiaries was
required under the applicable Tax Protection Agreement, or if the Company or any of its Subsidiaries was not required by a Tax Protection Agreement to offer a guarantee opportunity, then if and to the extent that a Tax Protected Person accepts a
guarantee of a DownREIT’s debt, then any claim for any Tax Protection Payments triggered with respect to a failure of such DownREIT debt guarantee opportunity to allocate the debt initially intended to be allocated to such Tax Protected Person
(e.g., as a result of the repayment of such debt subject to such guarantee by a DownREIT or the failure of such guarantee to allocate such debt for federal income tax purposes) at any time subsequent to the

  
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issuance of such guarantee will be paid by the AVB member, with respect to a guarantee of AVB DownREIT debt, or the ERP Member, with respect to a guarantee of an ERP DownREIT’s debt. All
communications by either Member to any Tax Protected Person with respect to projected allocations of liabilities must be Approved by the Members to the extent such communication relates to the allocation of liabilities attributable to the DownREIT
of the other Member. If the communication relates only to the allocation of liabilities attributable to the DownREIT of the Member making such communication, the Member making such communication shall provide reasonable notice thereof to the other
Member and shall confer with the other Member regarding such communications. (AVB Member agrees that it has had reasonable notice of communications to certain holders of Series O Units of an opportunity to guarantee indebtedness of an ERP DownREIT
in connection with the Closing Date Transactions.) If a DownREIT affiliated with a Member provides a guarantee of its indebtedness to a Tax Protected Person, such DownREIT shall provide reasonable notice (but in any event at least forty-five
(45) days in advance) to the other Member before any refinancing or repayment of such indebtedness that is reasonably likely to result in an obligation of the other Member to share in Tax Protection Payments. 

Section 10.4 Withdrawal Rights of AVB Member. 
 (a) During the two-year period beginning on the date hereof, ERP Member shall not permit any ERP DownREIT, and AVB Member shall not permit AVB DownREIT, to make in-kind distributions of Restricted
Properties or to distribute out the sales proceeds from any disposition, directly or indirectly of a Restricted Property or other property acquired directly or indirectly by such DownREIT from Holdings in the Closing Date Transactions (any such
property, an “Archstone Acquired Property”) to holders of interests in the applicable DownREIT (and for the avoidance of doubt, the DownREITs shall not be restricted from disposing of Archstone Acquired Properties and
retaining and reinvesting the proceeds thereof (including lending out such proceeds), engaging in like-kind exchanges of Archstone Acquired Properties or contributing Archstone Acquired Properties for interests in other entities); provided
that, distributions in respect of Archstone Acquired Properties, directly or indirectly owned by the AVB DownREIT, or any of the ERP DownREITs, that are sold or otherwise disposed of during the two-year period described in this sentence shall not be
subject to the limitations of this sentence to the extent such distribution is equal to or less than gain in excess of the fair market value of such Restricted Property at the time of the Closing Date Transactions (i.e., gain may be distributed) and
provided that such distribution is not used to redeem outstanding Member Units and would not otherwise result in recognition of gain under the “disguised sale” regulations under Section 707(a) of the Code with respect to the Closing
Date Transactions. 
 (b) Beginning on March 1, 2015, AVB Member shall be entitled to cause the redemption of AVB Units by
AVB DownREIT in exchange for the transfer to Holdings of either (a) direct or indirect ownership of a Restricted Property (an “AVB Distribution Property”), or (b) the cash proceeds from the sale of an AVB
Distribution Property. Beginning on March 1, 2015, ERP Member shall be entitled to cause the redemption of ERP Units by an ERP DownREIT in exchange for the transfer to Holdings of either (a) direct or indirect ownership of a Restricted
Property (an “ERP Distribution Property” and, together with the AVB Distribution Property, the “Distribution Properties”), or (b) the cash proceeds from the sale of an ERP Distribution Property.
The number of AVB Units or ERP Units, as the case may be, redeemed 

  
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will have a fair value equal to the equity value of the applicable Distribution Property at such time or the cash proceeds from the sale of such Distribution Property, as applicable. 

(c) Each Distribution Property shall be distributed by Holdings to the Company in redemption of a portion of the outstanding Holdings
Preferred Interests held by the Company, valued for purposes of such distribution based on the equity value of such Distribution Property. Such distribution shall be made after a distribution is paid in cash in respect of the accrued and unpaid
distributions on the Holdings Senior Preferred Interests, and subject to such other limitations on distributions with respect to the Holdings Senior Preferred Interests as are set forth in the terms of the Holdings Senior Preferred Interests. In the
event that Holdings does not have sufficient cash available to pay accrued and unpaid distributions on the Holdings Senior Preferred Interests and ratable cash distributions on the Holdings Preferred Interests held by Archstone in order to permit
the in-kind distribution of a Distribution Property, upon the request of the applicable Member (which request may not be made with respect to more than one Distribution Property during the term of the Company), the Members shall cause their
affiliated DownREITs to make cash distributions, to the extent of undistributed profits to enable cash distributions to be made on the Holdings Senior Preferred Interests and the Holdings Preferred Interests held by Archstone in the amount necessary
to permit such in-kind distribution. 
 (a) The Company shall distribute any AVB Distribution Property to AVB Member and any ERP
Distribution Property to ERP Member as an in kind distribution. 
 ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Complete Agreement. 
 This Agreement and the Certificate of Formation constitute the complete and exclusive statement of agreement among the Members with respect to the subject matter hereof. This Agreement and the Certificate
of Formation replace and supersede all prior agreements by and among the Members or any of them in respect of the Company including, without limitation, the Archstone Legacy JV Term Sheet that is attached to the Buyers Agreement (but does not
supersede as among the Parents the provisions of the Buyers Agreement that survive the Initial Closing, unless such provisions are contrary to the provisions set forth in this Agreement, in which case, this Agreement shall govern with respect to the
matters set forth in such provisions). This Agreement and the Certificate of Formation supersede all prior written and oral statements; and no representation, statement, condition or warranty not contained in this Agreement or the Certificate of
Formation shall be binding on the Members or the Company or have any force or effect whatsoever. 
 Section 11.2 Governing Law;
Venue. 
 This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without
regard to the principles of conflicts of law; provided that in the event of any conflict or inconsistency between the provisions of this Agreement and the requirements of the Act, the provisions of this Agreement shall govern to the extent permitted
under the Act. Proper venue for any litigation involving this Agreement shall be in any federal or state court located in the State of Delaware. Each Member hereto hereby irrevocably and unconditionally

  
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waives, to the extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement brought in
any court referred to in this Section 11.2. The Members hereby irrevocably waive, 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. This
provision shall survive the termination of this Agreement. 
 Section 11.3 No Assignment; Binding Effect. 

This Agreement may not be transferred or assigned by any party hereto other than in the case of a Member, in full compliance with
Article VIII hereof as an integrated part of a permissible Transfer of all of the Membership Interest of the Member. Any purported assignment, sale, Transfer, delegation or other disposition, except as expressly permitted herein, shall
be null and void and shall constitute a material breach of this Agreement. Subject to the foregoing restrictions and Article VIII hereof, this Agreement shall be binding upon and inure to the benefit of the Members and their respective
successors and assigns. 
 Section 11.4 Severability. 

If any provision of this Agreement is held to be illegal, invalid, or unenforceable under any present or future laws applicable to the
Company effective during the Term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part of this Agreement; and
the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. 

Section 11.5 No Partition. 
 No Member shall have the right to partition the Company or its assets or any part thereof or interest therein, or to file a complaint or institute any proceeding at law or in equity to partition the
Company or its assets or any part thereof or interest therein. Each Member, for such Member and its successors and assigns, hereby waives any such rights. The Members intend that, during the term of this Agreement, the rights of the Members and
their successors in interest, as among themselves, shall be governed solely by the terms of this Agreement and by the Act. 

Section 11.6 Multiple Counterparts. 
 This Agreement may be executed in one or more counterparts, each of which shall be deemed a duplicate original and all of which, when taken together, shall constitute one and the same document. Execution
and delivery of this Agreement by exchange of facsimile copies bearing the signatures of the parties shall constitute a valid and binding execution and delivery of this Agreement by the parties. 

Section 11.7 Additional Documents and Acts. 
 Each Member agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out

  
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and perform all of the terms, provisions, and conditions of this Agreement and the transactions contemplated hereby at any time. 
 Section 11.8 REIT Compliance. 
 Each Member acknowledges that
it has been advised that Equity Residential (in the case of ERP Member) and AVB (in the case of AVB Member) are REITs. Each Member agrees that the other Member shall be entitled to exercise any vote, consent, election or other right under this
Agreement with a view to maintaining the status of such Parents as REITs. Without limiting the foregoing and notwithstanding anything herein to the contrary, each Member acknowledges and agrees that the Company and its Subsidiaries and Affiliates
shall be operated in such a manner so that the Parent of a Member qualifying as a REIT can continue to so qualify (applied assuming for this purpose that the Parent of such Member has invested substantially all of its assets in the Company and
derives no income from other sources). In addition, ERP Member agrees that Equity Residential will, and AVB Member agrees that AVB will, in each case, conduct their operations in such a manner so that (i) the Company’s ownership of ERP
Units will not prevent AVB from continuing to qualify as a REIT and (ii) the Company’s ownership of AVB Units will not prevent Equity Residential from continuing to qualify as a REIT (including, without limitation, providing reasonable
opportunity to Equity Residential or AVB, as the case may be, to make a timely TRS election with respect to the other REIT’s TRSs). In furtherance of the foregoing and notwithstanding anything herein to the contrary, the ERP Member and AVB
shall each have the authority to cause Archstone pursuant to Section E(vii) of Exhibit F to Annex A of the Declaration of Trust of Archstone, dated March 10, 2009, or any similar provision of any succeeding governing documents, to exercise its
rights with respect to the Series O units of Archstone if such Member believes there is a significant risk that Archstone will be treated as a “publicly traded partnership,” within the meaning of Section 7704 of the Code. 

(a) Accordingly, the Members agree, and AVB shall ensure (in the case of the issuer of AVB Units) and Equity Residential shall ensure (in
the case of the issuers of ERP Units) that, except as otherwise provided in this Section 11.8, each issuer of AVB Units and ERP Units shall conduct its business and activities (including the business and activities of any Subsidiary) in
such a manner that each such issuer, assuming it were a REIT, would satisfy the income and asset tests applicable to REITs on a standalone basis and would not be subject to any taxes under Section 857 of the Code (determined without regard to
the distributions required in order to maintain REIT qualification and avoid excise taxes imposed on a REIT). In furtherance of the foregoing (and not in limitation thereof) except as provided in this Section 11.8, each issuer of AVB
Units and ERP Units will satisfy the following requirements: (A) at least seventy-five percent (75%) of the assets of the issuer at the close of any calendar quarter qualify as “real estate assets” under Section 856(c)(4)(A)
of the Code, (B) no more than twenty-five percent (25%) of the assets of the issuer at the close of any calendar quarter will consist of assets described in Section 856(c)(4)(B) of the Code, (C) no asset of the issuer at the
close of any calendar quarter will violate or exceed the limitations described in Section 856(c)(4)(B)(iii)(I), (II) or (III) of the Code (determined as if the issuer were a REIT), (D) at least seventy-five percent (75%) of the gross
income of the issuer in any calendar year will qualify as income described in Section 856(c)(3) of the Code and at least ninety-five percent (95%) of gross income of the issuer in any calendar year will qualify as income described in
Section 856(c)(2) of the Code, (E) no material portion of the gross revenues or net income of the issuer in any calendar year will constitute income from a “prohibited transaction” as defined in Section

  
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857(b)(6)(B)(iii) of the Code, (F) no amount of the issuer’s assets will be described in Section 1221(a)(1) of the Code, and (G) no more than twenty-five percent (25%) of
the assets of the shall consist of interests in any “taxable REIT subsidiary” of AVB and Equity Residential. 
 For
purposes of compliance with this Section 11.8, (i) an issuer of AVB Units and ERP Units shall not treat an entity as a “taxable REIT subsidiary” unless and only for so long as both of AVB and Equity Residential are
considered to own for purposes of Section 856(l)(1)(A) of the Code, stock of, and have been timely offered (taking into account the function of the TRS) the opportunity to make and have in effect a joint election with, the purported taxable
REIT subsidiary to be treated as such with respect to both AVB and Equity Residential for federal income tax purposes and (ii) Section 856 of the Code shall be applied as if it did not provide special treatment for “qualified
temporary investment income” and “temporary investment of new capital.” This Section 11.8 shall be interpreted and applied consistently with the provisions of Section 856-857 of the Code and the Treasury Regulations
thereunder. 
 (b) Each issuer of AVB Units and ERP Units will, as and when requested, make available to the Members a list of
all Persons that such issuer (and any Subsidiary that is treated as a partnership or disregarded entity for federal income tax purposes) uses to provide services to tenants or with respect to the properties in which the issuer owns a direct or
indirect interest and which the Company is treating as an “independent contractor” (within the meaning of Section 856(d)(3) of the Code) and whose status as an independent contractor could affect the characterization of amounts
received or accrued, directly or indirectly, by the issuer as “rents from real property” within the meaning of Section 856(d) of the Code. At least ten (10) days prior to entering into any contract or other arrangement (directly
or through a Subsidiary) with a party whose status as an independent contractor with respect to Equity Residential or AVB could affect the characterization of amounts received or accrued, directly or indirectly, by the issuer as “rents from
real property” when taken into account by Equity Residential or AVB in accordance with Treasury Regulations Section 1.856-3(g), an issuer of AVB Units or ERP Units shall provide the Members with written notice of the identity of such
party. 
 (c) Equity Residential shall not permit (including through granting any waiver of ownership restriction under Equity
Residential’s Declaration of Trust) Lehman Brothers Holdings, Inc. or any of Lehman Brothers Holdings, Inc.’s affiliates to own more than 9.8% (including shares treated as constructively owned by them through the application of
Section 318 of the Code (as modified by Section 856(d)(5) of the Code) (by value) of Equity Residential’s shares for so long as Oakwood (as successor to R&B Realty) (together with any successor or assign, collectively,
“Oakwood”) or any affiliate of Oakwood is a tenant of AVB or any Affiliate of AVB or for any period of time while any Master OCH Agreement (as defined in any existing leases with Oakwood and AVB or any Affiliate of AVB)
between Oakwood and AVB or any Affiliate of AVB remains in effect. Affiliates of Oakwood shall include any master lessee of AVB or an AVB Affiliate that is treated as constructively owned within the meaning of Section 318 of the Code (as
modified by Section 856(d)(5) of the Code) by Archstone or by a Subsidiary of Equity Residential through Preferred Units in Archstone or through partnership interests received in exchange for Preferred Units. 

(d) Within (i) twenty (20) days after the end of each calendar quarter with respect to asset tests which can be corrected
within thirty (30) days after the end of such quarter pursuant to 

  
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the Code (e.g., the “75% of gross asset test” set forth in Section 856(c)(4) of the Code), and (ii) for any other matters, forty-five (45) days after the end of each
calendar quarter or calendar year, as applicable (or, if earlier, no later than ten (10) days prior to the expiration of any applicable cure period), ERP Member shall cause Equity Residential to provide the Company and the AVB Member, and AVB
Member shall cause AVB to provide the Company and the ERP Member, in each case, a statement signed by the chief financial officer of the applicable Parent, in form and substance reasonably satisfactory to the other Parent, certifying that each
issuer of ERP Units (in the case of Equity Residential) or that the issuer of AVB Units (in the case of AVB) has complied with the applicable provisions of the Section 11.8 for all periods. As soon as practicable following request of the
other Member, ERP Member shall cause Equity Residential to provide the Company and the AVB Member, and AVB Member shall cause AVB to provide the Company and the ERP Member, in each case, such other information (x) as is reasonably necessary for
the Company and the requesting Member to determine the REIT compliance of its Parent or (y) as is otherwise reasonably requested by its Parent. For the avoidance of doubt, information reasonably necessary for the Members and their Parents to
determine REIT compliance is understood to include, without limitation, quarterly compliance with the gross income tests of Sections 856(c)(2) and (c)(3) of the Code and the gross asset tests of Section 856(c) of the Code; it being understood
that such information is necessary to identify potential compliance issues early enough in the taxable year to cure before year end. AVB DownREIT and the ERP DownREITs each shall cause (or shall cause the manager of) each multifamily apartment
community that such entity owns an equity interest in (directly or indirectly through Subsidiaries treated as disregarded entities, partnership and REITs for federal income tax purposes) to complete an annual survey of tenant services performed at
each such community, the form of which shall be mutually agreed to by the Members. Promptly after completion of such surveys, AVB DownREIT and the ERP DownREITs each shall distribute copies of such surveys to the Members; provided, that AVB
agrees, in respect of such surveys it receives in respect of the ERP DownREITs, and Equity Residential agrees, in respect of such surveys it receives in respect of AVB DownREIT, that such surveys were provided and shall only be used for purposes of
determining compliance with this Section 11.8 and shall not be distributed beyond employees responsible for such determination and third party advisors with respect thereto. 

(e) Notwithstanding Section 11.8(a), each of the issuer of the ERP Units and the issuer of the AVB Units shall be permitted
to hold investments in debt of ERP or AVB, respectively, that would exceed five percent of the assets of the issuer so long as (i) such debt would not cause the issuer to violate any of the REIT requirements under Sections 856-857 of the Code
other than Section 856(c)(4)(B)(iii)(I) of the Code if the issuer were a REIT, and (ii) such debt of ERP held by the ERP DownREITs, collectively on an aggregate basis, does not exceed at any time $500,000,000, or such debt of AVB held by
the AVB DownREIT does not exceed in aggregate at any time $500,000,000. 
 (f) If either Member fails to comply with the
provisions of this Section 11.8 and as a result, the other Member reasonably determines that such failure may result or has resulted in failure of such other Member or the Parent of such other Member to satisfy the income or asset tests
applicable to REITs, the Member failing to comply with this Section 11.8 shall indemnify the other Member or its Parent for any taxes incurred under Sections 856(c)(7), 856(g), 857(b)(5) or similar provisions as a result of utilizing
applicable “cure” or “savings” provisions, and for 

  
 53 

 
any costs to obtain a “closing agreement” under Section 7121 of the Code or similar arrangement, to avoid loss (or potential loss) of REIT status as a result of the other
Member’s failure to comply with this Section 11.8, but only to the extent that such indemnities do not prevent the recipient (or its Parent) from qualifying as a REIT. This Section 11.8(f) shall not apply with respect to
an alleged failure to comply with the provisions of this Section 11.8 that relates to one or more questions of law rather than questions of fact if the Member alleged to have failed to comply with the provisions of this
Section 11.8 provides to the other Member an opinion of nationally recognized tax counsel experienced in REIT matters to the effect that there should not be considered to have been a breach of this Section 11.8 unless and
until either: (1) the IRS has initiated an audit of either Equity Residential or AVB and in connection with such audit, it asserts circumstances exist which indicate that such a breach has occurred, (2) the Member providing such opinion of
counsel fails, upon the request of the other Member, to deliver an update from such counsel confirming that such opinion is still applicable, provided that, the other Member shall not requested such an update more frequently than every six months
unless it asserts that there has been a material change in the facts or law relevant to such opinion, or (3) the Member providing such opinion is no longer a publicly traded REIT. 

(g) Without limiting Section11.8(f), if either Member fails to comply with the provisions of this Section 11.8 and as
a result, the other Member reasonably determines that such failure may result or has resulted in failure of such other Member or the Parent of such other Member to satisfy the income or asset tests applicable to REITS or avoid material U.S. federal
income or excise tax liability to the extent permitted under the Code with respect to REITs, such other Member may cause the Company and each partially or wholly owned Subsidiary (to the extent necessary to effectuate such distribution) thereof to
liquidate and distribute to the AVB Member all of the AVB Units, and to liquidate and distribute to the ERP Member all of the ERP Units, owned directly by the Company, or indirectly through any partially or wholly owned Subsidiary of the Company.
Subject to the following sentence, the provisions of Article IX shall apply in connection with such liquidation. In connection with any liquidation described in this Section 11.8(g) and notwithstanding anything in this Agreement
to the contrary (including Section 3.3), all expenses and costs (including any Tax Protection Payments or redemption or liquidation payments to holders of Series I Preferred Shares or to holders of Archstone Preferred Units) incurred in
connection with the transactions described in this Section 11.8(g) and incurred to maintain REIT status shall be borne by the Member that failed to comply with the provisions of this Section 11.8(g) and the other Member shall
be indemnified and held harmless from any expense associated with the transactions described in this Section 11.8(g). 

(h) The Members covenant that until such time as AVB Units and the ERP Units are no longer owned directly or indirectly by the Company,
AVB shall cause the AVB DownREIT and ERP shall cause the ERP DownREITs each to limit its activities to (i) the ownership and operation of rental property of a type consistent with Equity Residential’s, in the case of the ERP DownREITs, and
AVB’s, in the case of AVB DownREIT, existing properties as of the date hereof (directly or indirectly through Subsidiaries treated as disregarded entities, partnership and REITs for federal income tax purposes), and activities incident thereto
and (ii) lending funds to affiliates as contemplated Section 11.8(e), and (iii) owning any other assets acquired in connection with the Closing Date Transactions that would not cause it not to be considered to satisfy the asset
requirements applicable to REITs under Section 856(c)(4) of the Code (provided that if such assets consist of stock of entities treated as corporations for federal income tax 

  
 54 

 
purposes, elections to treat such corporations as taxable REIT subsidiaries with respect to AVB and Equity Residential as contemplated in Section 11.8(a) (second paragraph) shall have been
made). 
 (i) To the extent either Member has questions or concerns with respect to or in connection with the operation or
implementation of this Section 11.8, the Members shall confer with each other to discuss such questions or concerns. 

Section 11.9 Amendments. 
 All amendments and modifications to this Agreement shall be in writing and, to be effective, shall be Approved by the Members. 
 Section 11.10 No Waiver. 
 No delay, failure or waiver by any
party to exercise any right or remedy under this Agreement, and no partial or single exercise of any such right or remedy, shall operate to limit, preclude, cancel, waive or otherwise affect such right or remedy, nor shall any single or partial
exercise of such right or remedy limit, preclude, impair or waive any further exercise of such right or remedy or the exercise of any other right or remedy. 
 Section 11.11 Time Periods. 
 Any time
period hereunder which expires on, or any date for performance hereunder which occurs on, a day which is not a Business Day, shall be deemed to be postponed to the next Business Day. The first day of any time period hereunder which runs “from” or “after” a given day shall be deemed to occur on the day subsequent to that given day. 

Section 11.12 Notices. 
 Except as otherwise provided in this Agreement regarding notices by electronic mail or other electronic means to Members and Management Committee Representatives and regarding Member proxies, all notices,
consents and other communications hereunder shall be in writing (including telecopy or similar writing) and shall be deemed to have been duly given (a) when delivered by hand or by Federal Express or a similar overnight courier to (or if that
day is not a Business Day, or if delivered after 5:00 p.m., New York, New York time on a Business Day, on the first following day that is a Business Day), (b) five (5) days after being deposited in any United States Post Office enclosed in
a postage prepaid, registered or certified envelope addressed to, or (c) when successfully transmitted by facsimile to, the Member for whom intended, at the address or facsimile number for such Member set forth in Schedule A attached
hereto. 
 Section 11.13 Dispute Resolution; Mediation. 

In the event of any claim, dispute or other matter in controversy between the Members arising under this Agreement, each Member agrees
that, prior to commencing any lawsuit relating to such claim, dispute or other matter in controversy, (i) it shall notify the other Member in writing of the claim, dispute or other matter in controversy, including a reasonably detailed
explanation of such Member’s understanding of the respective positions of each of the Members with respect to the matters in dispute; (ii) the respective chief executive officers of Equity

  
 55 

 
Residential and AVB or their designees shall meet and confer at a mutually convenient time and place within twenty (20) Business Days following the request of either Member concerning such
claim, dispute or other matter in controversy (such period is referred to herein as the “Discussion Period”); (iii) if the Members are unable during the Discussion Period to reach a final agreement concerning such claim,
dispute or other matter in controversy, then, prior to commencing any lawsuit relating to such dispute, the Member that would intend to commence such lawsuit shall deliver a written request to the other Member for non-binding mediation to be
administered by the New York, New York office of Judicial Arbitration & Mediation Services, Inc. or its successor (“JAMS”) or any other office of JAMS agreed to by the Members, in accordance with JAMS’s
mediation procedures in effect on the date of the Agreement (and if the Members cannot agree on the selection of a mediator, the Member asserting the claim, dispute or controversy shall file a request in writing for the appointment of a mediator
with the New York, New York office of JAMS, with a copy of the request being served on the other Member, and the mediation shall be conducted by the appointed mediator). Mediation shall proceed in advance of the commencement of any lawsuit for a
period of 60 days from the date that the applicable Member’s request for commencement of the mediation procedure was delivered to the other Member. The parties shall share the mediator’s fee and any filing fees equally. Without limiting
any other applicable limitation in this Agreement, in no event shall the procedures and limitations set forth in this Section 11.13 limit or condition the right of any Member to commence a lawsuit against any third party or to file an
answer or counterclaim or cross-claim (including, without limitation, as against the other Member) in any lawsuit that has been commenced by any third party. The Members agree that the provisions in this Section 11.13 shall apply to any
claim, dispute or controversy asserted by any Member, but once the Members have engaged in the Discussion Period and mediation procedures provided for herein with respect to such claim, dispute or controversy, no Member shall be bound to comply with
the Discussion Period and mediation procedures provided for herein with respect to any further claim, dispute or controversy that relates to substantially the same acts, omissions or occurrences with respect to which the Discussion Period and
mediation procedures provided for herein have already taken place. The Members agree that the discussions during the Discussion Period or in connection with such mediation procedures are intended to be settlement communications, and accordingly
(i) none of the discussions during the Discussion Period or in connection with such mediation procedures, nor any proposals (whether written or oral), correspondence, or documents of any kind generated during the period of and in connection
with the Discussion Period or in connection with such mediation procedures, shall be raised, disclosed or admissible in any judicial, arbitration or similar proceeding for any purpose nor shall any such discussions, proposals, correspondence or
documents be used as a defense or counter-claim in any action; (ii) such discussions, proposals, correspondence or documents are without prejudice to any of the parties’ rights, defenses and remedies at law, in equity or hereunder; and
(iii) neither the preparation, distribution, response to or failure to respond to any such discussions, proposals, correspondence or documents shall constitute an agreement, or the basis on which any party may claim reliance on any agreement,
except to the extent that the Members in connection with the discussions during the Discussion Period or in connection with such mediation procedures enter into a written agreement that is intended to be definitive and binding. The foregoing
provisions are intended to be broader than the restrictions on admissibility with respect to settlement discussions contained in any applicable state or federal statute or rule of court, including, without limitation, Rule 408 of the Federal Rules
of Evidence. If the Members or Management 

  
 56 

 
Committee Representatives reach an impasse over a proposed Major Decision or any other proposed decision requiring the Approval of the Members or the Approval of the Management Committee, at the
election of either Member, upon not less than ten (10) Business Days’ notice to the other Member, the Discussion Period and non-binding mediation process provided for in this Section 11.13 shall be commenced, to assist the
Members in attempting to resolve the impasse, notwithstanding that no claim, dispute or other controversy with respect to which a Member may seek to commence a lawsuit then exists with respect to such matter. 

Section 11.14 Specific Performance. 
 Because of the unique character of the Membership Interests, the Members and the Company shall be irreparably damaged if this Agreement is not specifically enforced. If any dispute arises concerning the
Transfer of all or any part of a Member’s Membership Interest, an injunction may be issued restraining any purported Transfer pending the determination of such controversy. Such remedy shall, however, be cumulative and not exclusive, and shall
be in addition to any other remedy which the Members or the Company may have. 
 Section 11.15 No Third Party Beneficiary.

 This Agreement is made solely and specifically among and for the benefit of the parties hereto, and their respective
successors and permitted assigns, and no other Person shall have any rights, interest, or claims hereunder or be entitled to any benefits under or on account of this Agreement as a third party beneficiary or otherwise. 

Section 11.16 Waiver of Jury Trial. 
 EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY OR CLAIM WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE CLOSING DATE TRANSACTIONS. THIS WAIVER MAY NOT BE MODIFIED EITHER ORALLY OR IN
WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 12.16) AND EXECUTED BY EACH OF THE PARTIES HERETO). The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in
any court and that relate to the subject matter herein, including contract claims, tort claims, breach of duty claims and all other common law and statutory claims. In the event of litigation, this Agreement may be filed as a written consent to a
trial by the court. 
 Section 11.17 Cumulative Remedies. 

The rights and remedies of any party as set forth in this Agreement are not exclusive and are in addition to any other rights and
remedies now or hereafter provided by law or at equity, subject to the provisions of Section 11.13 hereof. 

Section 11.18 Exhibits and Schedules. 
 All Exhibits and Schedules attached hereto are hereby incorporated by reference into, and made a part of, this Agreement. 

  
 57 

 Section 11.19 Interpretation. 

The titles and section headings set forth in this Agreement are for convenience only and shall not be considered as part of agreement of
the parties. When the context requires, the plural shall include the singular and the singular the plural, and any gender shall include all other genders. No provision of this Agreement shall be interpreted or construed against any party because
such party or its counsel was the drafter thereof. 
 Section 11.20 Survival. 

It is the express intention and agreement of the Members that all covenants, agreements, statement, representations, warranties and
indemnities made in this Agreement shall survive the execution and delivery of this Agreement and, where appropriate to facilitate the intent of this Agreement, the dissolution, liquidation and winding up of the Company. 

Section 11.21 Attorneys’ Fees. 
 If any Member seeks to enforce such Member’s rights under this Agreement by legal proceedings or otherwise the non-prevailing party shall be responsible for all costs and expenses in connection
therewith, including without limitation, reasonable attorneys’ fees and costs and court costs and witness fees. In this Section 11.21, non-prevailing party shall not be meant to refer to a Member who initiates or accepts a
settlement offer with regards to such legal proceeding. 
 Section 11.22 Confidentiality. 

The Members hereby incorporate herein by this reference the terms of the Confidentiality Agreement (as defined in the Buyers Agreement),
and agree to be bound thereby as if each Member was directly a party thereto. Each Member shall not disclose or furnish to any third party (other than any third party who is bound by confidentiality obligations reasonably expected to prevent further
disclosure) the terms and conditions of this Agreement. Notwithstanding the foregoing, each Member may disclose the terms and conditions of this Agreement to the extent such disclosure is reasonably necessary to comply with applicable law (including
any securities law or regulation or the rules of a securities exchange) and with judicial process, and to its affiliates, partners, managers, trustees, directors, officers, employees, accountants, attorneys, advisors and other representatives, each
of whom shall be informed of the confidential nature of the terms and conditions of this Agreement and directed to treat such information confidentially in accordance with the terms of this Agreement. 

*  *  * 

  
 58 

 IN WITNESS WHEREOF, the undersigned Members have executed this Agreement as of the
date first hereinabove set forth. 
  

			
	AVALONBAY COMMUNITIES, INC.
		
	By:	 	 /s/ Edward M. Schulman

	Name:	 	Edward M. Schulman
	Title:	 	Executive Vice President
	
	EQR-LEGACY HOLDINGS JV MEMBER, LLC
		
	By:	 	ERP Operating Limited Partnership, its sole member
		
	By:	 	Equity Residential, its general partner
		
	By:	 	 /s/ Scott J. Fenster

	Name:	 	Scott J. Fenster
	Title:	 	Senior Vice President

  
 S-1

 EXHIBIT 1 
 Form of Funding Notice 
 $        

 AvalonBay Communities, Inc. 
 671 N.
Glebe Road 
 Suite 800 
 Arlington, VA
22203 
 EQR-Legacy Holdings JV Member, LLC 
 Two N. Riverside Plaza 
 Suite 400 
 Chicago, Illinois 60606 
  

			
	Re:	  	Funding of Capital to Legacy Holdings JV, LLC

 Gentlemen: 
 Reference is hereby made to the Limited Liability Company Agreement of Legacy Holdings JV, LLC, dated as of
                    , 2013 (the “Limited Liability Company Agreement”). Capitalized terms not otherwise defined have the
meanings ascribed to them in the Limited Liability Company Agreement. 
 Pursuant to Section 3.4 of the Limited
Liability Company Agreement, you are advised that the                      Member has determined that capital is required to fund cash needs of the
Company in the aggregate amount of $        . 
 Each Member is hereby requested
to contribute, by wire transfer of immediately available funds to the account designated below, funds in the amount of its Proportionate Share (as set forth below) of such required amount on or before
                    ,         [insert appropriate time period which shall not be less than as set forth in
Article III]. [To be appropriately modified if the required funds are required to be provided 100% by a Member in accordance with Section 3.3 of the Limited Liability Company Agreement.] 

[add description of reason for capital] 
  

							
	 	 	Contributions	  	Percentage Interest	 
			
	 AVB Member
	 	$            	  	 	40	% 
	 ERP Member
	 	$            	  	 	60	% 
		 		  	  
	  
	 
			
	 TOTAL
	 		  	 	100	% 

 [To be appropriately modified if the required funds are required to be provided in different
percentages in accordance with Sections 3.3, 10.4 and/or 10.3 of the Limited Liability Company Agreement.] 

  
 EXHIBIT 1

 Page 1 

 Such funds shall be wire transferred to the following account on or before 

 

									
		  	  
	 	,	 	  
	 	:
		  	  
	 	
		  	  
	 	
		  	  
	 	
		  	  
	 	

  

			
	[MEMBER]
		
	By:	 	  

		 	 Name:

		 	 Title:

  
 EXHIBIT 1

 Page 2 

 EXHIBIT 2 
 FORM OF PARENT GUARANTY 
 GUARANTY 

THIS GUARANTY (this “Guaranty”), dated as of the      day of
            , 2013, is made by ERP OPERATING LIMITED PARTNERSHIP, an Illinois limited partnership (“Guarantor”), for the benefit of AVALONBAY COMMUNITIES, INC., a Maryland
corporation (“Creditor Member”). 
 RECITALS 

A. Creditor Member and EQR-Legacy Holdings JV Member, LLC, a Delaware limited liability company (“Guarantor-Affiliated
Member”), formed and own the membership interests in Legacy Holdings JV, LLC, a Delaware limited liability company (the “Company”), pursuant to that certain Limited Liability Company of the Company dated as of even date
herewith (as the same may be amended from time to time, the “Limited Liability Company Agreement”). All capitalized terms which are used but not expressly defined in this Guaranty shall have the same meaning herein as are given to
such terms in the Limited Liability Company Agreement. 
 B. Guarantor has an indirect or direct financial and/or ownership
interest in Guarantor-Affiliated Member. 
 C. In partial consideration of Creditor Member’s execution of the Limited
Liability Company Agreement and as a condition precedent thereto, the Guarantor is required to execute and deliver this Guaranty for the benefit of Creditor Member and its permitted successors and assigns under the Limited Liability Company
Agreement (collectively, “Beneficiary”). 
 NOW, THEREFORE, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and in order to induce Creditor Member to enter into the Limited Liability Company Agreement, Guarantor hereby agrees as follows: 

1. GUARANTY. Guarantor, as primary obligor and not merely as a surety, hereby absolutely and irrevocably guarantees to Beneficiary
the punctual payment and performance when due of the Guaranteed Obligations (as hereinafter defined). As used herein, “Guaranteed Obligations” means, collectively, (i) the full and prompt payment of all amounts, capital
contributions, sums and charges payable by Guarantor-Affiliated Member under the Limited Liability Company Agreement, including, without limitation, all obligations of Guarantor-Affiliated Member to make additional capital contributions pursuant to
Section 3.3(b) of the Limited Liability Company Agreement and all indemnification obligations of Guarantor-Affiliated Member under the Limited 

  
 EXHIBIT 2

 Page 1 

 
Liability Company Agreement, (ii) the full and punctual performance and observance of all the terms, covenants and conditions provided to be performed, observed and complied with by
Guarantor-Affiliated Member under the Limited Liability Company Agreement, or provided to be performed, observed and complied with by Guarantor-Affiliated Member or an affiliate or designee thereof (each, individually and collectively,
“Obligor”) under any assumption agreement or other instrument delivered by it pursuant to the Limited Liability Company Agreement, and (iii) the full and prompt payment of all damages, costs and expenses which shall at any time
be recoverable by Creditor Member from Guarantor-Affiliated Member or any other Obligor by virtue of or under the Limited Liability Company Agreement or under any assumption agreement or other instrument delivered by it pursuant to the Limited
Liability Company Agreement, including, without limitation, on account of any representations or warranties made by Guarantor-Affiliated Member thereunder. Guarantor further agrees to pay all Enforcement Costs (as hereinafter defined), in addition
to all other amounts due hereunder. Any amounts owed under this Guaranty (that are not accruing interest under the Limited Liability Company Agreement) which are not timely made by Guarantor in accordance with the terms of this Guaranty shall bear
interest from the date payable at the rate of fifteen percent (15%) per annum until all such amounts are fully paid. Notwithstanding anything to the contrary herein, (x) Guarantor shall have all of the same rights, remedies and defenses as
Guarantor-Affiliated Member, including, without limitation, the right to exercise the dispute resolution procedures under and in accordance with the terms of the Limited Liability Company Agreement, and (y) other than the payment of Enforcement
Costs, Guarantor shall have no greater liability than Guarantor-Affiliated Member or other Obligor under the Limited Liability Company Agreement or with respect to any assumption agreement or instrument delivered by it pursuant thereto. 

2. NATURE OF GUARANTY. This Guaranty is an absolute, irrevocable, present and continuing guaranty of payment and performance and
not of collectability. The obligations of Guarantor hereunder are independent of the obligations of Guarantor-Affiliated Member and any other Obligor and, in the event of any default hereunder, a separate action or actions may be brought and
prosecuted against Guarantor whether or not Guarantor-Affiliated Member or any other Obligor is joined therein. Beneficiary shall not be required to prosecute collection, enforcement or other remedies against Guarantor-Affiliated Member or any other
Obligor or any other guarantor of the Guaranteed Obligations, or to enforce or resort to any collateral for the repayment of the Guaranteed Obligations or other rights and remedies pertaining thereto, before calling on the Guarantor for payment. If
for any reason Guarantor-Affiliated Member or any other Obligor shall fail or be unable to pay, punctually and fully, any of the Guaranteed Obligations, Guarantor shall pay such obligations to Beneficiary in full, immediately upon demand. One or
more successive actions may be brought against Guarantor, as often as Beneficiary deems advisable, until all of the Guaranteed Obligations are paid and performed in full. Payment or performance by Guarantor of a portion, but not all, of the
Guaranteed Obligations shall in no way limit, affect, modify or abridge Guarantor’s liability for any portion of the Guaranteed Obligations which has not been paid and performed. Without limiting the generality of the foregoing, if Creditor
Member is awarded a judgment in any suit brought to enforce Guarantor’s covenant to pay or perform a portion of the Guaranteed Obligations, such judgment shall not be deemed to release Guarantor from its covenant to pay and perform the portion
of the Guaranteed Obligations that is not the subject of such judgment. 

  
 EXHIBIT 2

 Page 2 

 3. ENFORCEMENT COSTS. If: (a) this Guaranty, is placed in the hands of one or
more attorneys for collection or is collected through any legal proceeding, (b) one or more attorneys is retained to represent Beneficiary in any bankruptcy, reorganization, receivership or other proceedings affecting creditors’ rights and
involving a claim under this Guaranty, or (c) one or more attorneys is retained to represent Beneficiary in any other proceedings whatsoever in connection with this Guaranty, then Guarantor shall pay to Beneficiary upon demand all fees,
reasonable costs and expenses incurred by Beneficiary in connection therewith, including, without limitation, reasonable attorney’s fees, court costs and filing fees (all of which are referred to herein as the “Enforcement
Costs”). Beneficiary is only entitled to Enforcement Costs if it is the prevailing party. 
 4. NO DISCHARGE OR
DIMINISHMENT OF GUARANTY. Except as otherwise provided herein and to the extent provided herein, the obligations of Guarantor hereunder are absolute and not subject to termination for any reason other than the satisfaction of the Guaranteed
Obligations or expiration of this Guaranty. Guarantor agrees that the liability of the Guarantor hereunder shall not be discharged by, and Guarantor hereby irrevocably consents to: (i) any subsequent change, modification or amendment of the
Limited Liability Company Agreement in any of its terms, covenants and conditions; (ii) the renewal or extension of time for the payment or performance of the Guaranteed Obligations; (iii) any transfer, waiver, compromise, settlement,
modification, surrender or release of Guarantor-Affiliated Member’s or any other Obligor’s obligations; (iv) any failure or omission to assert or enforce or agreement or election not to assert or enforce, or the stay or enjoining, by
order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy (whether arising under the Limited Liability Company Agreement, at law, in equity or otherwise) with respect to
the Guaranteed Obligations; (v) any act or event which might otherwise discharge, reduce, limit or modify Guarantor’s obligations under this Guaranty; and (vi) any forbearance, delay or other act or omission of Creditor Member. In
addition, the Guaranteed Obligations of the Guarantor hereunder are not subject to counterclaim (other than mandatory or compulsory counterclaims), set-off, abatement, deferment or defense based upon any claim that Guarantor may have against
Beneficiary: 
 (a) unrelated to the transaction giving rise to the Guaranteed Obligations; or 

(b) regarding any lack of capacity, lack of authority or any other disability or other defense of Guarantor-Affiliated Member or any
other Obligor, including, without limitation, any defense based on or arising out of the lack of validity or enforceability of the Limited Liability Company Agreement or any assumption agreement or other instrument delivered thereunder; or

 (c) regarding (i) the release or discharge of Guarantor-Affiliated Member or any other Obligor in any receivership,
bankruptcy or other proceedings, (ii) the impairment, limitation, modification or termination of the liabilities of Guarantor-Affiliated Member or any other Obligor to Beneficiary or the estate of Guarantor-Affiliated Member or any other
Obligor in bankruptcy, or any remedy for the enforcement of Guarantor-Affiliated Member’s or any other Obligor’s liability under the Limited Liability Company Agreement or any assumption

  
 EXHIBIT 2

 Page 3 

 
agreement or other instrument delivered thereunder, resulting from the operation of any present or future provision of Title 11 of the United States Code or other statute or from the decision in
any court, (iii) the cessation of the liability of Guarantor-Affiliated Member or any other Obligor from any cause other than payment and performance in full of the Guaranteed Obligations, or (iv) any rejection or disaffirmance of the
Guaranteed Obligations, or any part thereof, or any security held therefor, in any proceedings in bankruptcy, insolvency or reorganization. 
 5. DEFENSES WAIVED. Guarantor irrevocably waives acceptance hereof, presentment, demand, protest, to the fullest extent permitted by applicable law, any notice (including, without limitation,
notices of protest, notices of dishonor, notices of any action or inaction, notices of any renewal, extension or modification of the Guaranteed Obligations or any agreement related thereto, and notices of any extension of credit to
Guarantor-Affiliated Member or any other Obligor and any right to consent to any thereof) not provided for herein or in the Limited Liability Company Agreement, as well as any requirement that at any time any action be taken by any person against
Guarantor-Affiliated Member, any other Obligor or Guarantor. Guarantor further irrevocably waives: (a) any right to require Creditor Member, as a condition of payment or performance, to (i) proceed against Guarantor-Affiliated Member or
any other Obligor or other Person, (ii) proceed against or exhaust any security held from Guarantor-Affiliated Member or any other Obligor or other Person, (iii) proceed against or have resort to any balance on the books of Creditor Member
owed to Guarantor-Affiliated Member or any other Obligor or other Person, or (iv) pursue any other remedy in the power of Creditor Member whatsoever; (b) any defense based upon any statute or rule of law which provides that the obligation
of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; and (c) the benefit of any statute of limitations affecting Guarantor’s liability hereunder or the enforcement hereof. Until
payment of the Guaranteed Obligations by Guarantor-Affiliated Member and any other Obligor, any right of subrogation, contribution, reimbursement or indemnification on the part of Guarantor as against Guarantor-Affiliated Member or any other Obligor
shall be in all respects subordinate to all rights and claims of Beneficiary for all other payments or damages which shall be or become due and payable by Guarantor-Affiliated Member or any other Obligor under the provisions of the Limited Liability
Company Agreement or any assumption agreement or other instrument delivered thereunder. Beneficiary may compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with Guarantor-Affiliated Member or any other Obligor
or exercise any other right or remedy available to it against Guarantor-Affiliated Member or any other Obligor without affecting or impairing in any way the liability of Guarantor under this Guaranty except to the extent the Guaranteed Obligations
have been performed. 
 6. REINSTATEMENT; STAY OF ACCELERATION. If at any time any payment of any portion of the
Guaranteed Obligations is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of Guarantor-Affiliated Member or any other Obligor or otherwise, Guarantor’s obligations under this Guaranty with
respect to that payment shall be reinstated at such time as though the payment had not been made. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of
Guarantor-Affiliated Member or any other Obligor, all such amounts otherwise subject to acceleration under the terms of any agreement relating to 

  
 EXHIBIT 2

 Page 4 

 
the Guaranteed Obligations shall nonetheless be payable by Guarantor forthwith on demand by the Beneficiary. 
 7. INFORMATION. Guarantor assumes all responsibility for being and keeping itself informed of Guarantor-Affiliated Member’s or any other Obligor’s financial condition and assets, and of
all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that Guarantor assumes and incurs under this Guaranty, and agrees that Beneficiary does not have any duty to
advise Guarantor of any information known to it regarding those circumstances or risks. 
 8. SURVIVAL. This Guaranty
shall remain in full force and effect as to any Guaranteed Obligation for so long as such Guaranteed Obligation survives under the terms and conditions of the Limited Liability Company Agreement. 

9. SEVERABILITY. The provisions of this Guaranty are severable, and in any action or proceeding involving any state corporate,
partnership or limited liability company law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of Guarantor under this Guaranty would otherwise be
held or determined to be avoidable, invalid or unenforceable on account of the amount of Guarantor’s liability under this Guaranty, then, notwithstanding any other provision of this Guaranty to the contrary, the amount of such liability shall,
without any further action by Guarantor or Beneficiary, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding. This Section with respect to the maximum liability of
Guarantor is intended solely to preserve the rights of Beneficiary, to the maximum extent not subject to avoidance under applicable law, and neither Guarantor nor any other person or entity shall have any right or claim under this Section with
respect to such maximum liability, except to the extent necessary so that the obligations of Guarantor hereunder shall not be rendered voidable under applicable law. 
 10. REPRESENTATIONS BY GUARANTOR. Guarantor represents that: (a) it is duly organized, validly existing and in good standing under the laws where it is organized and has all requisite
authority to conduct its business in each jurisdiction in which its business is conducted; (b) the execution and delivery of this Guaranty and the performance of the obligations it imposes (i) are within its powers; (ii) have been
duly authorized by all necessary action of its governing body; and (iii) do not violate any law, conflict with the terms of its articles or agreement of incorporation or organization, its by-laws or any agreement by which it is bound or require
the consent or approval of any governmental authority or any third party; and (c) this Guaranty is a valid and binding agreement, enforceable according to its terms, except as such enforceability may be limited by bankruptcy, insolvency or
similar laws affecting the enforcement of creditors’ rights generally. 
 11. NOTICES. All notices, requests and
other communications to any party under this Guaranty must be in writing (including facsimile transmission or similar writing) and must be given to Beneficiary at the address for Beneficiary set forth in the Limited Liability Company Agreement, to
Guarantor-Affiliated Member at the address for Guarantor-Affiliated Member set 

  
 EXHIBIT 2

 Page 5 

 
forth in the Limited Liability Company Agreement, and to Guarantor at the address for Guarantor-Affiliated Member set forth in the Limited Liability Company Agreement, or in each case as
otherwise specified in a notice by one party to the other in accordance with the Limited Liability Company Agreement. Each notice, request or other communication shall be effective in accordance with the Limited Liability Company Agreement.

 12. MISCELLANEOUS. No provision of this Guaranty may be amended, supplemented or modified, or any of its terms and
provisions waived, except by a written instrument executed by Beneficiary and Guarantor. No failure on the part of the Beneficiary to exercise, and no delay in exercising, any right under this Guaranty waives that right; nor does any single or
partial exercise of any right under this Guaranty preclude any other or further exercise of that or any other right. The remedies provided in this Guaranty are cumulative and not exclusive of any remedies provided by law. This Guaranty binds
Guarantor, and its successors and assigns, and benefits Beneficiary, and its respective successors and assigns. The use of headings does not limit the provisions of this Guaranty. 

13. ASSIGNMENT OF GUARANTY. Notwithstanding anything to the contrary contained in this Guaranty, Guarantor shall not assign,
transfer or otherwise delegate its obligations under this Guaranty without first obtaining Beneficiary’s prior written consent, which shall be granted or withheld in Beneficiary’s sole and absolute discretion. No transfer of interests in
Guarantor or merger involving Guarantor that is permitted under the Limited Liability Company Agreement shall be deemed to be an assignment that requires Beneficiary’s consent hereunder. 

14. GOVERNING LAW. THIS GUARANTY IS TO BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF
DELAWARE. 
 15. CONSENT TO JURISDICTION. GUARANTOR AND BENEFICIARY HEREBY CONSENT AND AGREE TO THE EXCLUSIVE
JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT SITTING IN THE STATE OF DELAWARE IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY AND GUARANTOR IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION IT MAY NOW OR LATER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH A COURT IS AN
INCONVENIENT FORUM. 
 16. WAIVER OF JURY TRIAL. GUARANTOR AND BENEFICIARY ACKNOWLEDGE AND AGREE THAT ANY CONTROVERSY OR
CLAIM WHICH MAY ARISE UNDER THIS GUARANTY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF OR 

  
 EXHIBIT 2

 Page 6 

 
RELATING TO THIS GUARANTY OR THE CLOSING DATE TRANSACTIONS. THIS WAIVER MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS
SECTION 16) AND EXECUTED BY EACH OF GUARANTOR AND BENEFICIARY). THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREIN, INCLUDING CONTRACT
CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. IN THE EVENT OF LITIGATION, THIS GUARANTY MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

  
 EXHIBIT 2

 Page 7 

 IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the date first above written.

  

							
	GUARANTOR:
	
	 ERP OPERATING LIMITED PARTNERSHIP,
 an Illinois limited partnership

		
	By:	 	Equity Residential, a Maryland real estate investment trust, its general partner
				
		 	By:	 	  
	 	
		 	Name:	 	  
	 	
		 	Title:	 	  
	 	]

  
 EXHIBIT 2

 Page 8 

 SCHEDULE A 
 MEMBERS AND CAPITAL CONTRIBUTIONS 
 (As of February 27, 2013)

  

									
	 Member Name and Address
	  	Capital
Contribution	 	  	Percentage of
Capital
Contribution	 
	 AvalonBay Communities, Inc.

671 N. Glebe Road

Suite 800
 Arlington, VA 22203
	  	$	789,004,403	  	  	 	52.578	% 
	 EQR-Legacy Holdings JV Member, LLC

Two N. Riverside Plaza

Suite 400
 Chicago, Illinois 60606
	  	$	711,621,730	  	  	 	47.422	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTALS
	  	$	1,500,626,133	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 

  
 SCHEDULE A

 Page 1 

 SCHEDULE B 
 TAXES; ALLOCATIONS; RELATED MATTERS 
  

	A.	Profits and Losses Generally. 

 After application of Section B of this Schedule B, any remaining Profits and Losses shall be allocated among the Members and to their Capital Accounts so as to cause the balance of each
Member’s Economic Capital Account to be as nearly equal to such Member’s Target Balance as possible. In allocating Profits and Losses pursuant to the previous sentence of this Section A, to the maximum extent possible consistent with
Section 704(b) of the Code, such allocations shall be made in a manner that would result in all AVB Items being allocated to the AVB Member and all ERP Items being allocated to the ERP Member. 

 

	B.	Regulatory Allocations and Other Allocation Rules. 

 Notwithstanding anything in the Agreement to the contrary, the following special allocations shall be made as follows, and, as appropriate, in the following order: 

(1) Items of Company loss and deduction otherwise allocable to an Member hereunder that would cause such Member (hereinafter, a
“Restricted Holder”) to have a deficit balance in his or her or its Adjusted Capital Account, or would increase the deficit balance in his or her or its Adjusted Capital Account, as of the end of the Fiscal Year to which such
items relate shall not be allocated to such Restricted Holder. 
 (2) If there is a net decrease in Company Minimum Gain for any
Fiscal Year (except as a result of conversion or refinancing of Company indebtedness, certain capital contributions or revaluation of the Company’s property as further outlined in Treasury Regulation Sections 1.704-2(d)(4), (f)(2) or
(f)(3)), each Member shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to that Member’s share of the net decrease in Company Minimum Gain. The items to be so
allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(f). This Section C(2) is intended to comply with the minimum gain chargeback requirement in said Section of the Treasury Regulations and shall be
interpreted consistently therewith. Allocations pursuant to this Section B(2) shall be made in proportion to the respective amounts required to be allocated to each Member pursuant hereto. 

(3) If there is a net decrease in Minimum Gain Attributable to Member Nonrecourse Debt during any Fiscal Year (other than due to the
conversion, refinancing or other change in the debt instrument causing it to become partially or wholly nonrecourse, certain capital contributions, or certain reevaluations of the Company’s property as further outlined in Treasury Regulations
Section 1.704-2(i)(4)), each Member shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to that Member’s share of the net decrease in the Minimum Gain
Attributable to Member Nonrecourse Debt. The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(4) and (j)(2). This Section B(3) is intended to comply with the minimum gain

  
 SCHEDULE B

 Page 1 

 
chargeback requirement with respect to Member Nonrecourse Debt contained in said Section of the Treasury Regulations and shall be interpreted consistently therewith. Allocations pursuant to this
Section B(3) shall be made in proportion to the respective amounts required to be allocated to each Member pursuant hereto. 
 (4) In the event an Member unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6), and such Member has an
Adjusted Capital Account Deficit, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate the Adjusted Capital Account Deficit as quickly as possible. This Section B(4) is
intended to constitute a “qualified income offset” under Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 (5) Nonrecourse Deductions for any Fiscal Year or other applicable period shall be allocated to the Members as deemed appropriate by the Management Committee, provided that to the maximum extent
permissible under the Code and the applicable Treasury Regulations, all Nonrecourse Deductions, if any, attributable to the AVB Units shall be allocated to the AVB Member and all Nonrecourse Deductions, if any, attributable to the ERP Units shall be
allocated to the ERP Member. 
 (6) Member Nonrecourse Deductions for any Fiscal Year or other applicable period shall be
specially allocated to the Member that bears the economic risk of loss for the debt (i.e., the Member Nonrecourse Debt) in respect of which such Member Nonrecourse Deductions are attributable (as determined under Treasury Regulations
Section 1.704-2(b)(4) and (i)(1)). 
 (7) Allocations to Members whose interests vary during a year by reason of transfer,
redemption, admission, capital contributions, or otherwise, shall be made as determined by the Management Committee in accordance with permissible methods under Section 706 of the Code. 

 

	C.	Tax Allocations. 

 (1)
Subject to Section D(2), items of income, gain, loss, deduction and credit to be allocated for income tax purposes (collectively, “Tax Items”) shall be allocated among the Members on the same basis as their respective
book items, as provided in Sections A and B. 
 (2) If any Company property is subject to Section 704(c) of the Code
or is reflected in the Capital Accounts of the Members and on the books of the Company at a value that differs from the adjusted tax basis of such property, then the Tax Items with respect to such property shall, in accordance with the requirements
of Treasury Regulations Section 1.704-1(b)(4)(i), be shared among the Members in a manner that takes account of the variation between the adjusted tax basis of the applicable property and its value in the same manner as variations between the
adjusted tax basis and fair market value of property contributed to the Company are taken into account in determining the Members’ share of Tax Items under Section 704(c) of the Code. The Management Committee is authorized to choose any
reasonable method permitted by the Treasury Regulations pursuant to Section 704(c) of the Code, including the “remedial allocation” method, the “curative” method and the “traditional” method. 

  
 SCHEDULE B

 Page 2 

 (3) Pursuant to Treasury Regulations Section 1.752-3, each Member’s interest in
Company profits, for purposes of determining such Member’s shares of excess “nonrecourse liabilities” shall, to the extent permissible under the Code, be as follows: (i) all excess “nonrecourse liabilities” attributable
to the AVB Units shall be allocate to the AVB Member; (ii) all excess “nonrecourse liabilities” attributable to the ERP Units shall be allocate to the ERP Member; and (iii) all remaining excess “nonrecourse liabilities”
shall be allocated to the Members in accordance with their respective Proportionate Shares. 
 (4) Any payment of foreign tax
that may be creditable against any Member’s United States federal income tax liability shall be allocated as follows: (i) foreign tax attributable to the AVB Units shall be allocated to the AVB Member; (ii) foreign tax attributable to
the AVB Units shall be allocated to the AVB Member; and (iii) any other foreign taxes to the Members pro rata in proportion to the Proportionate Shares of the Members at the time of allocation. Other tax credits shall be allocated to the
Members in a manner reasonably determined by the Management Committee consistent with the principles of this Schedule B. 
 (5)
To the extent permissible under the Code and taking into account the economic rights of the Members, the intent of the book and tax allocations in this Schedule B is to allocate items of income, gain, loss, and deduction for book and tax purposes to
the Members in a manner such that each Member is allocated such items as if each of the AVB Member and ERP Member directly held AVB Units and ERP Units, respectively, and directly paid its share of any liabilities the responsibility for which is
allocated to such Member under this Agreement. The Management Committee shall have discretion to implement the provisions of this Schedule, including for the avoidance of doubt regulatory allocations under Section B of this Schedule, in a manner
consistent with the foregoing intent. The Members are aware of the income tax consequences of the allocations made by this Agreement and shall report their shares of profits and losses and other items of Company, gross income, gain, loss and
deduction for income tax purposes consistently with this Agreement. 
  

	D.	Tax Classification. 

 It
is the intent of the Members that the Company shall always be operated in a manner consistent with its treatment as a “partnership” for federal, state and local income and franchise tax purposes. In accordance therewith, (a) no Member
shall file any election with any taxing authority to have the Company treated otherwise, and (b) each Member hereby represents, covenants, and warrants that it shall not maintain a position inconsistent with such treatment. The Management
Committee shall, except as otherwise required by applicable law, (i) not cause or permit the Company to elect (A) to be excluded from the provisions of Subchapter K of the Code, or (B) to be treated as a corporation or an association
taxable as a corporation for any tax purposes; (ii) cause the Company to make any election reasonably determined to be necessary or appropriate in order to ensure the treatment of the Company as a partnership for all tax purposes;
(iii) cause the Company to file any required tax returns in a manner consistent with its treatment as a partnership for tax purposes; and (iv) not take any action or cause any officer or agent or representative of the Company to take any
action that would be inconsistent with the treatment of the Company as a partnership for such purposes. 

  
 SCHEDULE B

 Page 3 

	E.	Additional Tax Matters. 

(1) The Tax Matters Member shall be the sole signatory to any federal, state, local and foreign tax on behalf of the Company, except to
the extent any other Person is required by law to also sign such returns. 
 (2) The Tax Matters Partner shall take no action in
such capacity without the authorization or consent of the other Members, other than (after reasonable notice to the other Member) such action as the Tax Matters Partner may be required to take by applicable law. The Tax Matters Partner shall comply
with the responsibilities outlined in Sections 6222 through 6232 of the Code. 
 (3) The Tax Matters Partner shall not enter
into any extension of the period of limitations for making assessments on behalf of the Members without first obtaining the written consent of each Member. 
 (4) The Tax Matters Partner shall not bind the Company to a settlement agreement without obtaining the written concurrence of the other Members. For purposes of this Section F(4), the term
“settlement agreement” shall include a settlement agreement at either an administrative or judicial level. Any Member that enters into a settlement agreement with respect to any Company items (within the meaning of Section 6231(a)(3)
of the Code) shall notify the other Members of such settlement agreement and its terms within ninety (90) calendar days after the date of settlement. 
 (5) The provisions of this Section F shall survive the termination of the Company or the termination of any Member’s interest in the Company and shall remain binding on the Members (with
respect to the period of time during which such Person is a Member) for a period of time necessary to resolve with the Internal Revenue Service or the United States Department of the Treasury any and all matters regarding the United States federal
income taxation of the Company. 
 (6) The Tax Matters Partner, in its capacity as the Tax Matters Partner, shall be reimbursed
by the Company for any third party out-of-pocket costs and expenses reasonably incurred by it in the performance of its duties as Tax Matters Partner. No Member shall be reimbursed by the Company for any costs and expenses incurred by such Member in
pursuing on its own behalf any of its rights to file petitions, seek judicial review, etc. under this Section F or in participating in Company-level administrative or judicial tax proceedings unless the other Member, in its sole discretion,
agrees to such reimbursement. 
 (1) During any Company income tax audit or other income tax controversy with any governmental
agency, the Tax Matters Partner shall keep the Members informed of all material facts and developments on a reasonably prompt basis. Prompt notice shall be given to the Members upon receipt of advice that the Internal Revenue Service or other taxing
authority intends to examine any income tax return, or records or books of the Company. 
 (2) The cost of any adjustments to
all Members and the cost of any resulting audits or adjustments of Members shall be borne solely by the Members without reimbursement by the Company. 

  
 SCHEDULE B

 Page 4 

 SCHEDULE C 
 TAX PROTECTION AGREEMENTS 
 Tax Protection Agreements for Restricted EQR Properties

 1. Tax Protection Agreement attached as Exhibit D to Annex A to the Archstone-Smith Operating Trust Articles of Amendment and Restatement
Amended and Restated Declaration of Trust entered into in connection with the closing of the merger of Charles E. Smith Residential Realty, L.P., with and into the Archstone-Smith Operating Trust pursuant to the Agreement and Plan of Merger, dated
as of May 3, 2001, by and among the Archstone-Smith Trust, Archstone-Smith Operating Trust, Charles E. Smith Residential Realty, Inc. and Charles E. Smith Residential Realty, L.P. 
 2. Tax Protection Agreement (Atlantic Multifamily), dated as of April 30, 1998, by and among Atlantic Multifamily Limited Partnership-I, Security Capital Atlantic Incorporated and E.C. Griffith Co.,
William A. White, Jr., White-Cavu Limited Partnership, Thomas A. Hunter III, G. Dan Page, Jr., Joseph E. Kaylor, Dean R. Devillers, Close Family Partnership, The Springs Company, Elm Land Co. 
 3. Tax Protection Agreement (Mission Bay-Boston), dated as of July 28, 2005, by and among Archstone-Smith Operating Trust, Archstone-Smith Trust, and Mission Bay Country Club Apartments, LP, HFR
R&B Holdings, LLC, ERB R&B Holdings, LLC. 
 4. Tax Protection Agreement (KIP-Houston Midtown), dated as of July 28, 2005, by and
among Archstone-Smith Operating Trust, Archstone-Smith Trust, and KIP Properties, LLC, HAKP Property, LLC, JMKP Property, LLC, Sanron, LLC, SAF Holdings, LLC, HFR R&B Holdings, LLC, ERB R&B Holdings, LLC. 

5. Tax Protection Agreement (OGA-San Jose North; Minneapolis), dated as of July 28, 2005, by and among Archstone-Smith Operating Trust,
Archstone-Smith Trust, and Oakwood LaSalle, L.P., HFR R&B Holdings, LLC, ERB R&B Holdings, LLC. 
 6. Tax Protection Agreement
(Garden-Grove-30% Regency Club TIC), dated as of July 28, 2005, by and among Archstone-Smith Operating Trust, Archstone-Smith Trust, and Garden Grove Country Club Apartments, LP, HFR R&B Holdings, LLC, ERB R&B Holdings, LLC. 

7. Tax Protection Agreement (AWCI-70% Regency Club TIC), dated as of July 28, 2005, by and among Archstone-Smith Operating Trust, Archstone-Smith
Trust, and Alexandria West Coast Investors, LLC, HFR R&B Holdings, LLC, ERB R&B Holdings, LLC. 
 8. *Tax Protection Agreement (OGA
Newport Beach-20% Portland TIC), dated as of July 28, 2005, by and among Archstone-Smith Operating Trust, Archstone-Smith Trust, and Oakwood Garden Apartments-Newport Beach, LP, HFR R&B Holdings, LLC, ERB R&B Holdings, LLC. 

  
 SCHEDULE C

 Page 1 

 9.*Tax Protection Agreement (Mission Bay-80% Portland TIC), dated as of July 28, 2005, by and among
Archstone-Smith Operating Trust, Archstone-Smith Trust, and Mission Bay Country Club Apartments, LP, HFR R&B Holdings, LLC, ERB R&B Holdings, LLC. 
 10. For Archstone Emeryville, a Restricted EQR Property, a corresponding tax protection agreement has not been identified. 
  

	*	Tax Protection Agreement has not been provided and thus has not been reviewed to verify that the description is accurate. 

Tax Protection Agreements for Restricted AVB Properties 
 [AVB Member shall complete Schedule C with respect to Tax Protection Agreements relating to the Restricted AVB Properties and as soon as practicable following the Initial Closing, and in any event
before the parties allocate the Baseline Debt Maintenance Obligations.] 

  
 SCHEDULE C

 Page 2 

 SCHEDULE D 

TAX PROTECTED PROPERTIES BEING TRANSFERRED 
  

	A.	AVB Properties 

  

	 	1.	Archstone Oak Creek 

  

	 	2.	Archstone Del Mar Station 

  

	 	3.	Archstone La Jolla Colony 

  

	 	4.	Archstone Old Town Pasadena 

  

	 	5.	Archstone Thousand Oaks 

  

	 	6.	Archstone Walnut Ridge 

  

	 	7.	Archstone San Bruno III 

  

	 	8.	Archstone Ballston Square 

  

	 	9.	Arlington Courthouse Place 

  

	 	10.	Archstone Pasadena 

  

	 	11.	Los Feliz 

  

	 	12.	West Valley 

  

	 	13.	Woodland Hills 

  

	 	14.	Bear Hill 

  

	 	15.	Meadows at Russett 

  

	 	16.	Lexington 

  

	B.	EQR Properties 

  

	 	1.	Archstone Santa Monica 

  

	 	2.	Archstone Santa Clara 

  

	 	3.	Archstone San Mateo 

  

	 	4.	Archstone South Market 

  

	 	5.	Villa Venetia 

  
 SCHEDULE D

 Page 1 

	 	6.	Camargue 

  

	 	7.	Fairchase 

  

	 	8.	Flats at DuPont Circle 

  

	 	9.	Calvert Woodley 

  

	 	10.	Cleveland House 

  

	 	11.	Archstone 2501 Porter 

  

	 	12.	Archstone Columbia Crossing 

  
 SCHEDULE D

 2 

 SCHEDULE E 
 INITIAL DISTRIBUTIONS 
 The following assets received in distribution from Archstone
Property Holdings LLC immediately following the Company’s acquisition of Class B Preferred Membership Interests in Archstone Property Holdings LLC will be distributed to the indicated Member: 

 

			
	 Asset
	  	 Member

		
	 $20,486,370 in cash
	  	 AvalonBay Communities, Inc.

		
	 $68,101,321 in cash
	  	 EQR-Legacy Holdings JV Member, LLC

		
	 $42,000 in domain names
	  	 AvalonBay Communities, Inc.

		
	 $63,000 in domain names
	  	 EQR-Legacy Holdings JV Member, LLC

		
	 Equity interests in Archstone Wheaton Station and Oakwood Philadelphia
	  	 AvalonBay Communities, Inc.

  
 SCHEDULE E

 Page 1EX-10.7

 Exhibit 10.7 
 EXECUTION 
 MASTER CREDIT FACILITY AGREEMENT 

(TERM LOAN) 
 BY
AND BETWEEN 
 BORROWERS SIGNATORY HERETO 
 AND 
 FANNIE MAE 

DATED AS OF 

FEBRUARY 27, 2013 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE 1 THE LOANS
	  	 	3	  
	 Section 1.01.
	  	 The Loans
	  	 	3	  
	 Section 1.02.
	  	 Maturity Date of Loans; Amortization; Prepayment
	  	 	3	  
	 Section 1.03.
	  	 Interest on Loans
	  	 	4	  
	 Section 1.04.
	  	 Notes
	  	 	4	  
	 Section 1.05.
	  	 Extension of Loans Secured by Collateral Pool 3
	  	 	5	  
	 Section 1.06.
	  	 Conversion to Variable Rate; Extension of Loan Secured by Collateral Pool 4
	  	 	10	  
	 Section 1.07.
	  	 Payments of Principal During Extension Period for Collateral Pool 4
	  	 	11	  
	 Section 1.08.
	  	 Rate Setting for Converted Collateral Pool 4
	  	 	12	  
	 Section 1.09.
	  	 Interest Rate Hedge
	  	 	13	  
	 Section 1.10.
	  	 Limitations on Executions
	  	 	13	  
	 ARTICLE 2 BREAKAGE AND ALLOCATED LOAN AMOUNTS
	  	 	14	  
	 Section 2.01.
	  	 Reserved
	  	 	14	  
	 Section 2.02.
	  	 Breakage and Other Costs
	  	 	14	  
	 Section 2.03.
	  	 Reserved
	  	 	14	  
	 Section 2.04.
	  	 Determination of Allocable Loan Amount and Valuations
	  	 	14	  
	 ARTICLE 3 COLLATERAL CHANGES
	  	 	16	  
	 Section 3.01.
	  	 Right to Obtain Releases of Collateral
	  	 	16	  
	 Section 3.02.
	  	 Procedure for Obtaining Releases of Collateral
	  	 	16	  
	 Section 3.03.
	  	 Substitutions
	  	 	20	  
	 ARTICLE 4 CONDITIONS PRECEDENT TO ALL REQUESTS
	  	 	25	  
	 Section 4.01.
	  	 Conditions Applicable to All Requests
	  	 	25	  
	 Section 4.02.
	  	 Conditions Precedent to Initial Closing
	  	 	27	  
	 Section 4.03.
	  	 Conditions Precedent to Extension
	  	 	28	  
	 Section 4.04.
	  	 Conditions Precedent to Release of Property from the Collateral Pool
	  	 	29	  
	 Section 4.05.
	  	 Conditions Precedent to Substitution of a Substitute Mortgaged Property to the Collateral Pool
	  	 	30	  
	 Section 4.06.
	  	 Delivery of Opinion Relating to Request for Extension or Substitution Request
	  	 	31	  
	 Section 4.07.
	  	 Delivery of Property-Related Documents
	  	 	31	  
	 Section 4.08.
	  	 Conditions Precedent to Letters of Credit
	  	 	32	  
	 ARTICLE 5 REPRESENTATIONS AND WARRANTIES
	  	 	34	  
	 Section 5.01.
	  	 Representations and Warranties of Borrower
	  	 	34	  
	 Section 5.02.
	  	 Representations and Warranties of Fannie Mae
	  	 	34	  
	 ARTICLE 6 AFFIRMATIVE COVENANTS OF BORROWER
	  	 	34	  
	 Section 6.01.
	  	 Compliance with Agreements
	  	 	34	  
	 Section 6.02.
	  	 Maintenance of Existence
	  	 	34	  
	 Section 6.03.
	  	 Financial Statements; Accountants’ Reports; Other Information
	  	 	35	  
	 Section 6.04.
	  	 Access to Records; Discussions With Officers and Accountants
	  	 	38	  
	 Section 6.05.
	  	 Certificate of Compliance
	  	 	39	  
	 Section 6.06.
	  	 Maintain Licenses, Permits, Etc.
	  	 	40	  

  
 Master Credit Facility
Agreement 
 Jupiter EQR Credit Facility 

  
 i 

							
	 Section 6.07.
	  	 Inform Fannie Mae of Material Events
	  	 	40	  
	 Section 6.08.
	  	 Compliance with Applicable Laws
	  	 	41	  
	 Section 6.09.
	  	 Alterations to the Mortgaged Properties
	  	 	41	  
	 Section 6.10.
	  	 Loan Document Taxes
	  	 	42	  
	 Section 6.11.
	  	 Further Assurances
	  	 	42	  
	 Section 6.12.
	  	 Ownership
	  	 	42	  
	 Section 6.13.
	  	 Limitations on Transfer
	  	 	43	  
	 Section 6.14.
	  	 Consent to Prohibited Transfers
	  	 	47	  
	 Section 6.15.
	  	 Change in Senior Management
	  	 	48	  
	 Section 6.16.
	  	 Date-Down Endorsements
	  	 	48	  
	 Section 6.17.
	  	 Ownership of Mortgaged Properties
	  	 	49	  
	 Section 6.18.
	  	 Change in Property Manager
	  	 	49	  
	 Section 6.19.
	  	 ADA Litigation
	  	 	49	  
	 Section 6.20.
	  	 Tax-Free Exchange Transfers
	  	 	49	  
	 Section 6.21.
	  	 Single Purpose Entity
	  	 	52	  
	 Section 6.22.
	  	 Non-Residential Leases
	  	 	52	  
	 Section 6.23.
	  	 Reserved
	  	 	53	  
	 Section 6.24.
	  	 Springing Member
	  	 	53	  
	 Section 6.25.
	  	 Reserved
	  	 	53	  
	 Section 6.26.
	  	 Reserved
	  	 	53	  
	 Section 6.27.
	  	 Condemnation
	  	 	53	  
	 Section 6.28.
	  	 Insurance
	  	 	55	  
	 Section 6.29.
	  	 Oakwood Marina Del Rey Ground Lease
	  	 	60	  
	 Section 6.30.
	  	 Certificates of Good Standing; Certified Articles
	  	 	61	  
	 Section 6.31.
	  	 Veridian – Silver Spring Metro Owners Association, Inc.
	  	 	61	  
	 Section 6.32.
	  	 Archstone Marina Del Rey Ground Lease
	  	 	61	  
	 ARTICLE 7 NEGATIVE COVENANTS OF BORROWER
	  	 	63	  
	 Section 7.01.
	  	 Other Activities
	  	 	63	  
	 Section 7.02.
	  	 Liens
	  	 	63	  
	 Section 7.03.
	  	 Indebtedness
	  	 	64	  
	 Section 7.04.
	  	 Principal Place of Business; Name Change
	  	 	64	  
	 Section 7.05.
	  	 Condominiums
	  	 	64	  
	 Section 7.06.
	  	 Restrictions on Distributions
	  	 	65	  
	 Section 7.07.
	  	 Master Leases
	  	 	65	  
	 ARTICLE 8 FEES
	  	 	65	  
	 Section 8.01.
	  	 Re-Underwriting Fee
	  	 	65	  
	 Section 8.02.
	  	 [Reserved]
	  	 	65	  
	 Section 8.03.
	  	 Due Diligence Fees
	  	 	65	  
	 Section 8.04.
	  	 Legal Fees and Expenses
	  	 	66	  
	 Section 8.05.
	  	 Failure to Close any Request
	  	 	67	  
	 ARTICLE 9 EVENTS OF DEFAULT
	  	 	67	  
	 Section 9.01.
	  	 Events of Default
	  	 	67	  
	 ARTICLE 10 REMEDIES
	  	 	70	  
	 Section 10.01.
	  	 Remedies; Waivers
	  	 	70	  
	 Section 10.02.
	  	 Waivers; Rescission of Declaration
	  	 	70	  

  
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 ii 

							
	 Section 10.03.
	  	 Fannie Mae’s Right to Protect Collateral and Perform Covenants and Other Obligations
	  	 	70	  
	 Section 10.04.
	  	 No Remedy Exclusive
	  	 	71	  
	 Section 10.05.
	  	 No Waiver
	  	 	71	  
	 Section 10.06.
	  	 No Notice
	  	 	71	  
	 Section 10.07.
	  	 Cash Management
	  	 	71	  
	 ARTICLE 11 IMPOSITION DEPOSITS
	  	 	71	  
	 Section 11.01.
	  	 Insurance and Water/Sewer Waived; Other Imposition Deposits Required
	  	 	71	  
	 Section 11.02.
	  	 Imposition Deposits
	  	 	72	  
	 Section 11.03.
	  	 Replacement Reserves
	  	 	73	  
	 Section 11.04.
	  	 Completion/Repair Reserves
	  	 	73	  
	 ARTICLE 12 LIMITS ON PERSONAL LIABILITY
	  	 	73	  
	 Section 12.01.
	  	 Personal Liability to Borrower
	  	 	73	  
	 Section 12.02.
	  	 Additional Borrowers
	  	 	75	  
	 Section 12.03.
	  	 Borrower Agency Provisions
	  	 	76	  
	 Section 12.04.
	  	 Waivers With Respect to Other Borrower Secured Obligation
	  	 	76	  
	 Section 12.05.
	  	 Joint and Several Obligation; Cross-Guaranty
	  	 	80	  
	 Section 12.06.
	  	 No Impairment
	  	 	81	  
	 Section 12.07.
	  	 Election of Remedies
	  	 	81	  
	 Section 12.08.
	  	 Subordination of Other Obligations
	  	 	82	  
	 Section 12.09.
	  	 Insolvency and Liability of Other Borrower
	  	 	82	  
	 Section 12.10.
	  	 Preferences, Fraudulent Conveyances, Etc.
	  	 	83	  
	 Section 12.11.
	  	 Maximum Liability of Each Borrower
	  	 	84	  
	 Section 12.12.
	  	 Liability Cumulative
	  	 	84	  
	 ARTICLE 13 MISCELLANEOUS PROVISIONS
	  	 	84	  
	 Section 13.01.
	  	 Counterparts
	  	 	84	  
	 Section 13.02.
	  	 Amendments, Changes and Modifications
	  	 	84	  
	 Section 13.03.
	  	 Payment of Costs, Fees and Expenses
	  	 	85	  
	 Section 13.04.
	  	 Payment Procedure
	  	 	85	  
	 Section 13.05.
	  	 Payments on Business Days
	  	 	86	  
	 Section 13.06.
	  	 Choice of Law; Consent to Jurisdiction; Waiver of Jury Trial
	  	 	86	  
	 Section 13.07.
	  	 Severability
	  	 	87	  
	 Section 13.08.
	  	 Notices
	  	 	87	  
	 Section 13.09.
	  	 Further Assurances and Corrective Instruments
	  	 	89	  
	 Section 13.10.
	  	 Term of this Agreement
	  	 	89	  
	 Section 13.11.
	  	 Assignments; Third-Party Rights
	  	 	90	  
	 Section 13.12.
	  	 Headings
	  	 	90	  
	 Section 13.13.
	  	 General Interpretive Principles
	  	 	90	  
	 Section 13.14.
	  	 Interpretation
	  	 	90	  
	 Section 13.15.
	  	 Standards for Decisions, Etc.
	  	 	90	  
	 Section 13.16.
	  	 Decisions in Writing
	  	 	91	  
	 Section 13.17.
	  	 Supersedes Original Agreement
	  	 	91	  
	 Section 13.18.
	  	 USA Patriot Act
	  	 	91	  
	 Section 13.19.
	  	 All Asset Filings
	  	 	91	  
	 Section 13.20.
	  	 Ratification; Conflict
	  	 	91	  
	 Section 13.21.
	  	 Special Provisions Regarding Payment of Interest on Imposition Deposits
	  	 	91	  

  
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 iii

 EXHIBITS 

 

			
	 EXHIBIT A
	  	 Schedule of Collateral Pool Borrowers, Mortgaged Properties, Collateral Pools, Loans and Initial
Valuations

	 EXHIBIT B
	  	 Reserved

	 EXHIBIT C
	  	 Form of Variable Rate Note

	 EXHIBIT D
	  	 Reserved

	 EXHIBIT E
	  	 Confirmation of Guaranty

	 EXHIBIT F
	  	 Compliance Certificate

	 EXHIBIT G-1
	  	 Organizational Certificate (Borrower)

	 EXHIBIT G-2
	  	 Organizational Certificate (Guarantor)

	 EXHIBIT H
	  	 Rate Form

	 EXHIBIT I
	  	 Form of Financial Statements Certificates

	 EXHIBIT J
	  	 Request (Substitution/Release)

	 EXHIBIT K
	  	 Confirmation of Obligations

	 EXHIBIT L
	  	 Reserved

	 EXHIBIT M
	  	 List of Master Leases

	 EXHIBIT N
	  	 Reserved

	 EXHIBIT O
	  	 Hedge Security Agreement

	 EXHIBIT P
	  	 Form of Letter of Credit

	 EXHIBIT Q
	  	 Reserved

	 EXHIBIT R
	  	 Baseline 2012 NOI

		
	 APPENDIX I
	  	 Definitions

  
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 iv 

 MASTER CREDIT FACILITY AGREEMENT 

THIS MASTER CREDIT FACILITY AGREEMENT is made as of February 27, 2013 (the “Effective Date”), by and among
(i) (a) the Borrowers identified on Schedule I attached hereto, (b) such Additional Borrowers as may from time to time become Borrowers under this Agreement (the entities described in (a) and (b), individually and
collectively, “Borrower”); and (ii) FANNIE MAE, the body corporate duly organized under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C. §1716 et seq. and duly organized and
existing under the laws of the United States (“Fannie Mae”). 
 RECITALS 

A. Pursuant to that certain Master Credit Facility Agreement dated October 5, 2007 (as amended, modified, restated or supplemented
from time to time, including by that certain Amended and Restated Master Credit Facility Agreement dated as of December 2, 2010, the “Original Agreement”), Fannie Mae is the holder of certain loans (collectively, the
“Loans”) that are secured by, among other things, the Initial Mortgaged Properties. 
 B. As of the
effectiveness of this Agreement, and after giving effect to certain prepayments of principal made by the Borrowers immediately prior to the effectiveness of this Agreement, the outstanding principal balance under the Loans is $2,722,632,709.00.

 C. The Borrowers are the owners or ground lessees of the Initial Mortgaged Properties. 

D. This Agreement replaces and supersedes the Original Agreement in its entirety as it relates to the Loans. 

E As more particularly described in Exhibit A to this Agreement (unless otherwise defined or the context clearly indicates
otherwise, capitalized terms shall have the meanings ascribed to such terms in Appendix I of this Agreement); reference to “relevant” or “applicable” Loans, Mortgaged Properties or Loan Documents shall refer to the Loans
made to a Collateral Pool Borrower, the Mortgaged Properties securing such Loans or the Loan Documents entered into by such Collateral Pool Borrower in respect of such Loans, respectively. As set forth below, each Mortgaged Property is part of
a Collateral Pool and each such Mortgaged Property in a Collateral Pool secures all Loans made with respect to such Collateral Pool. 
 F. As set forth below, the Mortgaged Properties identified on Exhibit A to this Agreement as part of “Collateral Pool 3” each secure one or more Loans made in respect of such Mortgaged
Properties, and constitute Collateral Pool 3. As set forth below, the Mortgaged Properties identified on Exhibit A to this Agreement as part of “Collateral Pool 4” each secure one or more Loans made in respect of such Mortgaged
Properties, and constitute Collateral Pool 4. For avoidance of doubt, there is no Collateral Pool 1 or Collateral Pool 2 that is covered by this Agreement. 

  
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 1 

 G. To secure the obligations of each Collateral Pool Borrower under this Agreement and the
other Loan Documents executed in connection with the Loan made to such Borrower, such Collateral Pool Borrower pledged its respective Collateral to Fannie Mae. Each Borrower’s Collateral is comprised of (i) Multifamily Residential
Properties owned by Borrower or any Additional Borrower and (ii) any other collateral pledged to Fannie Mae from time to time by any Borrower or any Additional Borrower pursuant to this Agreement or any other Loan Documents. 

H. The Multifamily Residential Properties comprising the Collateral are grouped into three (3) Collateral Pools, as set forth on
Exhibit A. Each Collateral Pool Borrower is the obligor on the Note or Notes secured by the Mortgaged Properties comprising its related Collateral Pool and each such Loan is secured by a Security Instrument on the Mortgaged Property owned by
such Collateral Pool Borrower. 
 I. Each Loan, Note and Security Document related to the Mortgaged Properties comprising each
Collateral Pool is cross-defaulted (i.e. a default under any Loan, Note, Security Instrument relating to each Mortgaged Property comprising Collateral Pool 3 (for example) under this Agreement, shall constitute a default under each Loan, Note and
Security Document comprising Collateral Pool 3 (for example) and under this Agreement related to the Mortgaged Properties in such Collateral Pool) and cross-collateralized (i.e. each Security Instrument related to the Mortgaged Properties within
Collateral Pool 3 (for example) shall secure all of Borrower’s obligations under this Agreement and the other Loan Documents related to the Loan secured by the Mortgaged Properties within Collateral Pool 3 (for example) to the other Notes and
Security Documents in the Collateral Pool and it is the intent of the parties to this Agreement that after an Event of Default, Fannie Mae may accelerate any Note related to such Collateral Pool without needing to accelerate any other Note and that
in the exercise of its rights and remedies under the Loan Documents and the Guaranty, Fannie Mae may, except as provided in this Agreement, exercise and perfect any and all of its rights in and under the Loan Documents and the Guaranty with regard
to any Mortgaged Property in such Collateral Pool without needing to exercise and perfect its rights and remedies with respect to any other Mortgaged Property in such Collateral Pool and that any such exercise shall be without regard to the
Allocable Loan Amount assigned to such Mortgaged Property and that Fannie Mae may recover an amount equal to the full amount outstanding in respect of any of the Notes related to the Mortgaged Properties within a Collateral Pool, in connection with
such exercise and any such amount shall be applied to the Obligations as determined by Fannie Mae in its sole and absolute discretion. For avoidance of doubt, none of the Mortgaged Properties in a Collateral Pool shall secure any other Collateral
Pool and no Potential Event of Default or Event of Default under a Collateral Pool shall be a Potential Event of Default or Event of Default under any other Collateral Pool. 
 J. No Loan, Note or Security Document within one Collateral Pool is cross-collateralized or cross-defaulted with any Loan, Note or Security Document in any other Collateral Pool. 

  
 Master Credit Facility
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 2 

 NOW, THEREFORE, Borrower and Fannie Mae, in consideration of the mutual promises and
agreements contained in this Agreement, hereby agree that the foregoing Recitals are incorporated herein and hereby agree as follows: 
 ARTICLE 1 
 THE LOANS 

 

	 	Section 1.01.	The Loans. 

Subject to the terms, conditions and limitations of this Agreement: 

(a) Reserved. 
 (b) Fixed Loans. Each applicable Collateral Pool Borrower has obtained a Fixed Loan in the original principal amounts in respect of such Collateral Pool set forth on Exhibit A attached
hereto. No Fixed Loan shall be made as a result of a decrease in the Loan to Value Ratio or an increase in the Debt Service Coverage Ratio of any Mortgaged Property. Except in connection with the extensions made pursuant to Section 1.05, no
additional Loans are permitted. 
 (c) Minimum Variable Loans Outstanding. During the Term of this Agreement, no Variable
Loans secured by a Collateral Pool shall be permitted to remain Outstanding unless the aggregate of Variable Loans Outstanding secured by such Collateral Pool is at least $25,000,000. If the aggregate principal amount Outstanding of Variable Loans
for a Collateral Pool is more than $0 but less than $25,000,000, then the applicable Collateral Pool Borrower shall, within ninety (90) days of the date on which the aggregate principal balance of Variable Loans Outstanding falls below
$25,000,000, repay in full on the last day of the then current month all Variable Loans Outstanding under such Collateral Pool, together with any prepayment premiums and other amounts due under such Loan Documents. 

 

	 	Section 1.02.	Maturity Date of Loans; Amortization; Prepayment. 

 (a) Variable Loans.  
 (i) Maturity Date of Variable Loans. Subject
to the terms of Section 1.06, upon maturity the Fixed Loan secured by Collateral Pool 4 may be converted to a Variable Loan and the maturity date of such Loan may be extended therewith. The maturity date of the Variable Loan converted from a
Fixed Loan pursuant to the terms of Section 1.06 shall be specified by the Collateral Pool 4 Borrower in accordance with the provisions of Section 1.06. 
 (ii) Amortization and Payment of Variable Loans. Any Variable Loan converted from a Fixed Loan pursuant to the terms of Section 1.06 shall be payable interest only, provided however that the
applicable Loan may be subject to mandatory payments of principal pursuant to Section 1.07. 
 (iii) Prepayment of
Variable Loans. Subject to the terms and conditions of the applicable Variable Loan Note, and Section 3.02(d) of this Agreement, Variable Loans are prepayable (in whole or in part) at any time pursuant to the prepayment provisions of the
applicable Variable Loan Note. 

  
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 3 

 (b) Fixed Loans. 
 (i) Maturity Date of Fixed Loans. The maturity date of each Fixed Loan is set forth in the applicable Fixed Loan Note. 

(ii) Amortization and Payment of Fixed Loans. Fixed Loans are payable interest only. 

(iii) Prepayment of Fixed Loans. Fixed Loans are not prepayable without premium prior to the date that is six (6) months
prior to the maturity date of such Fixed Loan (as more specifically described in the applicable Fixed Loan Note); provided that, notwithstanding the foregoing, Borrower may prepay all or any portion of any Fixed Loan pursuant to the yield
maintenance provisions of the applicable Fixed Loan Note. 
 (iv) Extension of Fixed Loans. The Fixed Loans secured by
Pools 1 and 3 may be extended in accordance with Section 1.05 below. The Fixed Loan to Pool 4 may be extended in accordance with Section 1.06 below. 
  

	 	Section 1.03.	Interest on Loans. 

(a) Variable Loans. 
 (i) Interest on Variable Loans. Interest shall accrue on the unpaid principal balance of a Variable Loan from the date such Variable Loan is made at the Adjustable Rate based on One-Month LIBOR (or
during an Extension pursuant to Section 1.06 below, One-Month LIBOR or Three-Month LIBOR, as determined by the Collateral Pool 4 Borrower) as more specifically set forth in the applicable Variable Loan Note. Interest accrued through the end of
each month shall be payable two (2) Business Days before the first day of the following month as more particularly set forth in the Variable Loan Note. The Adjustable Rate shall change on each Rate Change Date until the Loan is repaid in
full in accordance with the Variable Loan Note. Interest payments for Variable Loans shall be calculated on an actual/360 basis. 
 (ii) Variable Loan Fee. The applicable Collateral Pool Borrower shall pay monthly installments of the Variable Loan Fee to Fannie Mae for each Variable Loan Outstanding from the date of any
Variable Loan to its maturity date or until it is repaid in full. The Variable Loan Fee shall be included in the Adjustable Rate and payable in accordance with the terms of the related Variable Loan Note. 

(b) Fixed Loans. Each Fixed Loan bears interest at the rate set forth in the related Fixed Loan Note. Interest payments for Fixed
Loans shall be calculated on an actual/360 basis. 
  

	 	Section 1.04.	Notes. 

 (a)
Variable Loans. The obligation of the applicable Collateral Pool Borrower to repay the related Variable Loan is and shall be evidenced by one or more Variable Loan Notes executed by each applicable Collateral Pool Borrower. 

(b) Fixed Loans. The obligation of the applicable Collateral Pool Borrower to repay the related Fixed Loan is and shall be
evidenced by one or more Fixed Loan Notes executed by each applicable Collateral Pool Borrower. Each Fixed Loan Note Outstanding as of the date hereof has been made in the original principal amount of the applicable Fixed Loan. 

  
 Master Credit Facility
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 4 

	 	Section 1.05.	Extension of Loans Secured by Collateral Pool 3. 

 (a) Subject to the applicable terms and conditions set forth in this Agreement, Borrower shall have the right to extend the Fixed Loan secured by Collateral Pool 3 (and, as relates to
Section 1.05(a)(iv) below only, the option to convert such Loan to a Variable Loan) in accordance with and subject to the applicable terms and conditions of this Agreement. 

(i) the Loan secured by Collateral Pool 3 may be extended to a date that is ten (10) years from the closing date of the Extension
or, if the applicable Collateral Pool Borrower so elects, fifteen (15) years from the closing date of the Extension, subject to the following terms and conditions (which, solely in connection with an Extension pursuant to this
Section 1.05(a)(i), shall control over any inconsistent provision of this Agreement applicable to an Extension of such Loan): 
 (A) In order to exercise the option set forth in this Section 1.05(a)(i), the applicable Collateral Pool Borrower shall deliver notice of its intent to do so not later than the earlier of
(1) ninety (90) days prior to the requested closing date for the Extension, or (2) June 1, 2013. 
 (B) The maturity date of the applicable Loan, as extended pursuant to this Section 1.05(a)(i), shall not be later than September 1, 2023 (in the case of a ten (10) year Extension) or
September 1, 2028 (in the case of a fifteen (15) year Extension). 
 (C) Not later than
September 1, 2013, the applicable Collateral Pool Borrower and Fannie Mae shall have negotiated, finalized and executed the applicable closing documents for the Extension, which documents: (1) subject to the provisions of
Section 1.05(c) below, shall conform in all respects to Fannie Mae’s then-current requirements (including MBS Requirements and other requirements regarding the form of loan documents for Loans similar to the applicable Loan, as extended
pursuant to this Section 1.05(a)(i)), and (2) shall require that the applicable Loan, as extended pursuant to this Section 1.05(a)(i), shall have an Aggregate Debt Service Coverage Ratio not less than 1.25:1.0 and an Aggregate Loan to
Value Ratio not in excess of seventy five percent (75%) as of August 1, 2017, and shall require that if the Loan does not meet the foregoing tests the applicable Collateral Pool Borrower must pay down the outstanding principal under the
Loan (including with the payment of yield maintenance) and/or shall add additional Collateral satisfactory to Fannie Mae and in accordance with the provisions of the applicable Loan Documents relating to the addition of Collateral, so as to increase
the Aggregate Debt Service Coverage to not less than 1.25:1.0 and/or decrease the Aggregate Loan to Value Ratio to no more than 75% as of November 1, 2017. 

(D) The interest rate for the extended Loan shall be reset to a fixed rate of interest that reflects Fannie Mae’s
then current market rate of interest for 

  
 Master Credit Facility
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 5 

 
loans similar to the applicable Loan being extended pursuant to this Section 1.05(a)(i) and having a 10-year term or a 15-year term, as applicable, in either case plus the additional spread
as calculated by Fannie Mae required to compensate Fannie Mae for the yield maintenance that would have been owing if the Loan had been fully repaid on the date of the Extension. 

(E) The Loan, as extended pursuant to this Section 1.05(a)(i), shall be non-amortizing (interest only) from the
effective date of the Extension through November 1, 2017, and will then amortize based on a 30-year amortization schedule. 
 (ii) The Loan secured by Collateral Pool 3 may be extended to a date that is ten (10) years from the closing date of the Extension, subject to the following terms and conditions (which, solely in
connection with an Extension pursuant to this Section 1.05(a)(ii), shall control over any inconsistent provision of this Agreement applicable to an Extension of such Loan): 

(A) In order to exercise the option set forth in this Section 1.05(a)(ii), the applicable Collateral Pool Borrower
shall deliver notice of its intent to do so not later than the earlier of (1) ninety (90) days prior to the requested closing date for the Extension, or (2) June 1, 2013. 

(B) the maturity date of the applicable Loan, as extended pursuant to this Section 1.05(a)(ii) shall not be later
than September 1, 2023. 
 (C) Not later than September 1, 2013, the applicable Collateral Pool
Borrower and Fannie Mae shall have negotiated, finalized and executed the applicable closing documents for the Extension, which documents: (1) subject to the provisions of Section 1.05(c) below, shall conform in all respects to Fannie
Mae’s then-current requirements (including MBS Requirements and other requirements regarding the form of loan documents for Loans similar to the applicable Loan, as extended pursuant to this Section 1.05(a)(ii)), and (2) shall require
that the applicable Loan, as extended pursuant to this Section 1.05(a)(ii), shall have an Aggregate Debt Service Coverage Ratio not less than 1.25:1.0 and an Aggregate Loan to Value Ratio not in excess of seventy five percent (75%) as of
the date selected by Fannie Mae for the issuance of MBS related to the Loan being extended pursuant to this Section 1.05(a)(ii), and shall require that if the Loan does not meet the foregoing tests the applicable Collateral Pool Borrower must
pay down the outstanding principal under the Loan (including with the payment of yield maintenance) and/or shall add additional Collateral satisfactory to Fannie Mae and in accordance with the provisions of the applicable Loan Documents relating to
the addition of Collateral, so as to increase the Aggregate Debt Service Coverage to not less than 1.25:1.0 and/or decrease the Aggregate Loan to Value Ratio to no more than 75% as of the date selected by Fannie Mae for the issuance of MBS related
to the Loan being extended pursuant to this Section 1.05(a)(ii). 
 (D) The interest rate for the extended
Loan shall be reset to a fixed rate of interest that reflects Fannie Mae’s then current market rate of interest for loans similar to the applicable Loan being extended pursuant to this Section 1.05(a)(ii)

  
 Master Credit Facility
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 6 

 
and having a 10-year term, plus the additional spread, as calculated by Fannie Mae, required to compensate Fannie Mae for the pair-off amount (based on the difference between (a) the
existing interest rate on the Loan and (b) the then-current market rate for a loan with the same remaining term as the Loan (without giving effect to the Extension) on the date the Loan is extended) that would have been owing if the Loan had
been paid on the closing date of the Extension. 
 (E) The Loan, as extended pursuant to this
Section 1.05(a)(ii), shall be non-amortizing (interest only) from the effective date of the Extension through November 1, 2017, and will then amortize based on a 30-year amortization schedule. 

(F) The Collateral Pool 3 Borrower may make a Request for an Extension pursuant to this Section 1.05(a)(ii) with
respect to less than the full amount outstanding under the Loan secured by Collateral Pool 3, but no Extension may be granted for less than fifty percent (50%) of the amount outstanding in respect of the Loan secured by Collateral Pool 3. If
the Collateral Pool 3 Borrower makes a Request to extend a portion, but not all, of the Loan secured by Collateral Pool 3 pursuant to this Section 1.05(a)(ii), the Loan secured by Collateral Pool 3 shall be divided into two Loans and Collateral
Pool 3 shall be divided into two Collateral Pools, one such Collateral Pool (which will include the Mortgaged Properties from Collateral Pool 3 that continue to secure the portion of the Loan that is not extended) being referred to herein as the
“A Pool,” and the other Collateral Pool (which will include the balance of the Mortgaged Properties from Collateral Pool 3) being referred to herein as the “B Pool.” 

(iii) The Loan secured by Collateral Pool 3 may be extended to November 1, 2018 or, if the applicable Collateral Pool Borrower so
elects, to November 1, 2019, subject to the following terms and conditions (which, solely in connection with an Extension pursuant to this Section 1.05(a)(iii), shall control over any inconsistent provision of this Agreement applicable to
an Extension of such Loan): 
 (A) In order to exercise the option set forth in this Section 1.05(a)(iii),
the applicable Collateral Pool Borrower shall deliver notice of its intent to do so not later than the earlier of (1) ninety (90) days prior to the requested closing date for the Extension, or (2) June 1, 2013. 

(B) Any Extension of the applicable Collateral Pool Loan pursuant to this Section 1.05(a)(iii) shall be conditioned
upon payment by the applicable Collateral Pool Borrower to Fannie Mae of an extension fee equal to: (i) in the case of an Extension to November 1, 2018, 1.45% multiplied by the amount to be extended, or (ii) in the case of an
extension to November 1, 2019, 3% multiplied by the amount to be extended. 
 (C) Not later than
September 1, 2013, the applicable Collateral Pool Borrower and Fannie Mae shall have negotiated, finalized and executed the applicable closing documents for the Extension, which documents, subject to the provisions of Section 1.05(c)
below, shall conform in all respects to Fannie Mae’s then-current requirements (including MBS Requirements and other requirements regarding the form of loan documents for Loans similar to the applicable Loan, as extended pursuant to this
Section 1.05(a)(iii)). 

  
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 7 

 (D) The interest rate for the extended Loan shall not be reset, and shall
equal the interest rate set forth in the Note evidencing the Loan secured by Collateral Pool 3 on the Effective Date. 
 (E) Borrower may make a Request for an Extension pursuant to this Section 1.05(a)(iii) with respect to all or any portion of the Loan secured by Collateral Pool 3. If the Collateral Pool 3 Borrower
makes a Request to extend a portion, but not all, of the Loan secured by Collateral Pool 3 pursuant to this Section 1.05(a)(iii), the Loan secured by such Collateral Pool shall be divided into two Loans and Collateral Pool 3 (as applicable)
shall be divided into two Collateral Pools, one such Collateral Pool (which will include the Mortgaged Properties from Collateral Pool 3 that continue to secure the portion of the Loan that is not extended) being referred to herein as the “A
Pool,” and the other Collateral Pool (which will include the balance of the Mortgaged Properties from Collateral Pool 3) being referred to herein as the “B Pool.” 

(iv) The Loan secured by Collateral Pool 3 may be extended to November 1, 2018 or, if the applicable Collateral Pool Borrower so
elects, to November 1, 2019, subject to the following terms and conditions (which, solely in connection with an Extension pursuant to this Section 1.05(a)(iv), shall control over any inconsistent provision of this Agreement applicable to
an Extension of such Loan): 
 (A) In order to exercise the option set forth in this Section 1.05(a)(iv),
the applicable Collateral Pool Borrower shall deliver notice of its intent to do so not later than the earlier of (1) ninety (90) days prior to the requested closing date for the Extension, or (2) February 1, 2017. 

(B) Not later than May 1, 2017, the applicable Collateral Pool Borrower and Fannie Mae shall have negotiated,
finalized and executed the applicable closing documents for the Extension, which documents: (1) subject to the provisions of Section 1.05(c) below, shall conform in all respects to Fannie Mae’s then-current requirements (including MBS
Requirements and other requirements regarding the form of loan documents for Loans similar to the applicable Loan, as extended pursuant to this Section 1.05(a)(iv)); and (2) shall require that the applicable Loan, as extended pursuant to
this Section 1.05(a)(iv), shall have an Aggregate Debt Service Coverage Ratio not less than 1.25:1.0 and an Aggregate Loan to Value Ratio not in excess of seventy five percent (75%) as of August 1, 2017, and shall require that if the
Loan does not meet the foregoing tests, then prior to November 1, 2017 the applicable Collateral Pool Borrower must pay down the outstanding principal under the Loan (including with the payment of yield maintenance) and/or shall add additional
Collateral satisfactory to Fannie Mae and in accordance with the provisions of the applicable Loan Documents relating to the addition of Collateral, so as to increase the Aggregate Debt Service Coverage to not less than 1.25:1.0 and/or decrease the
Aggregate Loan to Value Ratio to no more than 75%. 
 (C) The Loan that is extended pursuant to this
Section 1.05(a)(iv) shall be converted to a Variable Loan with an interest rate determined based on the Extension period (one year or two years) and based on market conditions at the time of the Extension. 

  
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 (b) Except as expressly provided above in Section 1.05(a)(ii)(F) and in
Section 1.05(a)(iii)(E), an Extension pursuant to this Section 1.05 must be made with respect to the full amount outstanding in respect of the Loan secured by the applicable Collateral Pool. As a condition to any Extension of a portion of
a Loan pursuant to Section 1.05(a)(ii) or Section 1.05(a)(iii), such that the applicable Collateral Pool is split into an A Pool and a B Pool as set forth above in Section 1.05(a)(ii)(F) or Section 1.05(a)(iii)(E), then Fannie
Mae shall determine the Aggregate Debt Service Coverage Ratio and the Aggregate Loan to Value Ratio as of the date of the closing of the Extension, both (i) in the aggregate (i.e., without giving effect to the proposed splitting of the Loan and
the applicable Collateral Pool) and (ii) solely with respect to the A Pool and the portion of the Loan that will be secured by the A Pool after giving effect to the Extension. As a condition to such Extension, Fannie Mae must determine that the
Extension will not adversely affect the Aggregate Loan to Value Ratio or the Aggregate Debt Service Ratio of the portion of the Loan secured by the A Pool, as compared to the Loan and the applicable Collateral Pool in the aggregate, prior to the
Extension. 
 (c) Any Loan extended pursuant to this Section 1.05 will be converted to an MBS. The applicable loan
documentation for any Extension referred to in this Section 1.05 shall be on Fannie Mae’s then-current standard form MBS loan documentation for loans of the same type as the Loan that is extended; provided, however, that (i) the
provisions of such loan documentation will be modified to be substantially consistent with the terms and conditions of this Agreement pertaining to such matters as insurance, transfers, reporting requirements, permitted alterations, permitted
non-residential leases, permitted indebtedness and thresholds for lender control over insurance disputes and condemnation proceedings; (ii) the provisions of such loan documentation relating to substitution, release and addition of collateral
will be modified to be substantially consistent with the analogous terms and provisions in this Agreement; (iii) any guaranty of such extended loan shall guaranty only the same type of obligations as are guaranteed under the guaranty currently
in effect for the Loans; (iv) Fannie Mae and Borrower will attempt in good faith to reach an agreement regarding any modifications requested by the applicable Collateral Pool Borrower relating to other matters; and (v) except as related to
the modifications described in clause (i) of this sentence, notwithstanding anything to the contrary, all provisions of such amended and restated loan documentation shall be consistent with Fannie Mae’s requirements relating to
mortgaged-backed securities issuance, disclosure and tax matters. 
 (d) In addition to the requirements and conditions set
forth in this Section 1.05, an Extension pursuant to this Section 1.05 shall be subject to the conditions set forth below in Sections 4.01(a), 4.01(b), 4.01(c), 4.01(d), 4.01(e), 4.01(f), 4.01(g), 4.01(i), 4.03(e), 4.03(f), 4.03(g),
4.03(h), 4.04(b), 4.04(g), 4.04(h), 4.04(i), 4.04(j), 4.04(k), 4.06. Notwithstanding anything to the contrary, (i) except as expressly set forth in the preceding sentence the conditions set forth in Article 4 of this Agreement shall not apply
to an Extension pursuant to this Section 1.05; and (ii) none of the conditions set forth in this Section 1.05 shall apply to an Extension of the Loan secured by Collateral Pool 4 pursuant to Section 1.06. 

  
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	 	Section 1.06.	Conversion to Variable Rate; Extension of Loan Secured by Collateral Pool 4. 

Subject to the last paragraph of this Section 1.06, upon the maturity of the Fixed Loan securing Collateral Pool 4 the Collateral
Pool 4 Borrower shall have the right to convert its Loan to a Variable Loan and extend the respective maturity date of the Loan for either (i) one (1) period of two (2) years (the “Two-Year Extension”) or
(ii) two (2) periods of one (1) year each comprised of (A) one (1) period of one (1)-year (the “First One-Year Extension”) that may be followed by (B) a second period of one (1) year (the
“Second One-Year Extension”) upon the satisfaction of the applicable conditions precedent set forth in Article 4 and of each of the following conditions: 

(a) The Collateral Pool 4 Borrower delivers an Extension Notice to Fannie Mae not less than forty-five (45) days prior to the then
effective Loan maturity date. 
 (b) There has been no monetary or material non-monetary Event of Default (as determined in
Fannie Mae’s sole and absolute discretion) under the Loan Documents relating to Collateral Pool 4 which has not been cured to the satisfaction of Fannie Mae, provided however, that nothing contained in this section shall be construed to require
Fannie Mae to accept any cure, or grant any cure period not otherwise provided for in the Loan Documents under which such Event of Default may arise, and no Event of Default or Potential Event of Default relating to Collateral Pool 4 exists on the
date the Extension Notice is delivered and on the then effective Loan maturity date. 
 (c) With respect to the First One-Year
Extension, the Aggregate Debt Service Coverage of the Collateral Pool 4 shall be equal to or greater than 0.95:1.0 (taking into account any reduction in the principal amount of the relevant Fixed Loan made on or before the then effective Fixed Loan
maturity date) on the then effective Fixed Loan maturity date. With respect to the Two-Year Extension or the Second One-Year Extension, the Aggregate Debt Service Coverage Ratio of Collateral Pool 4 shall be equal to or greater than 1.0:1.0
(taking into account any reduction in the principal amount of the relevant Loan made on or before the then effective Loan maturity date) on the then effective Loan maturity date. 

(d) All of the representations and warranties of the Collateral Pool 4 Borrower and the Guarantor contained in Exhibit L to this
Agreement and the other Loan Documents and the Guaranty are true and correct in all material respects (i) on the date the Extension Notice is delivered and (ii) on the then effective Loan maturity date. 

(e) The Collateral Pool 4 Borrower is in compliance with all of the covenants contained in Article 6 and Article 7 (i) on the date
the Extension Notice is delivered and (ii) on the then effective Loan maturity date. 
 (f) The Collateral Pool 4 Borrower
pays to Fannie Mae a Re-Underwriting Fee. 
 (g) The Collateral Pool 4 Borrower shall execute a Variable Loan Note in favor of
Fannie Mae to evidence its obligation to repay the related Variable Loan during the 

  
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period of the applicable Extension. The Variable Loan Note shall be subject to prepayment in accordance with Fannie Mae’s then-effective fee maintenance formula and shall contain an
open period for prepayment selected by Borrower. The Variable Loan Fee shall be as determined by Fannie Mae, in its reasonable discretion, for the Extension, taking into consideration the length of the prepayment open period, at the time of such
Extension. Upon the closing of an Extension completed pursuant to the terms of this Section 1.06 the applicable Loan shall thereinafter be deemed a Variable Loan hereunder. 

(h) The Collateral Pool 4 Borrower shall deliver to Fannie Mae at least five (5) days prior to the then effective Loan maturity date
the confirmation of an Interest Rate Hedge commitment in accordance with Section 1.09 and the Hedge Security Agreement, effective as of the then effective Loan maturity date. 

(i) Interest shall accrue on the unpaid principal balance of such Loan from the then effective Loan maturity date to the end of the then
effective extension period at the Adjustable Rate based on One-Month LIBOR or Three-Month LIBOR as elected by the Collateral Pool 4 Borrower prior to the then effective Loan maturity date (provided such One-Month or Three-Month LIBOR election shall
remain in place for the term of the extension period). 
 Upon receipt of the Extension Notice and upon compliance with
conditions set forth above, the Loan maturity date for the Loan Note shall be extended for a one-year or two-year period, as applicable, on the terms and conditions contained in this Agreement and the other Loan Documents. The Variable Loan Fee for
any extension pursuant to this Section 1.06 shall be determined by Fannie Mae in its reasonable discretion at the time of the extension. 
  

	 	Section 1.07.	Payments of Principal During Extension Period for Collateral Pool 4. 

In addition to regular payments made under the applicable Variable Loan Note during the period of any Extension exercised pursuant to the
terms of Section 1.06, the Collateral Pool 4 Borrower shall be required to make the following mandatory prepayments of principal (without any fee maintenance or prepayment penalty): 

(a) If, on the maturity date of the applicable Loan, the aggregate Net Operating Income for the Trailing 12 Month Period (based on the
most recent monitoring reports submitted to Fannie Mae) for all Mortgaged Properties in the Collateral Pool 4 is less than one hundred three percent (103%) of the Baseline 2012 NOI (defined below), the Collateral Pool 4 Borrower shall be
obligated to pay to Fannie Mae fifty percent (50%) of aggregate Excess Cash Flow derived from Collateral Pool 4 during the term of the Extension (the “Cash Flow Sweep”). Collateral Pool 4 Borrower shall remit to Fannie
Mae within forty-five (45) days following the end of the Calendar Quarter all information reasonably required by Fannie Mae to determine the amount of Excess Cash Flow to be paid by Collateral Pool 4 Borrower. Upon receipt of all such
information and review of the same, Fannie Mae shall promptly let Collateral Pool 4 Borrower know the amount of Cash Flow Sweep to be paid together with reasonable documentation supporting such calculation. Collateral Pool 4 Borrower shall pay to
Fannie Mae the portion of Excess Cash Flow then due at the end of the then current Calendar Quarter. As used herein, 

  
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“Baseline 2012 NOI” means the aggregate sum of the 2012 Net Operating Income for each Mortgaged Property that is included in Collateral Pool 4 on the Effective Date and
that is included in Collateral Pool 4 as of the date on which the Baseline 2012 NOI is determined (provided that a Mortgaged Property included in Collateral Pool 4 on the Effective Date is subsequently released from Collateral Pool 4, the NOI for
such Mortgaged Property shall nonetheless be included in Baseline 2012 NOI if a Mortgaged Property has been added to Collateral Pool 4 in Substitution for such released Mortgaged Property). For purposes of calculating Baseline 2012 NOI, Exhibit
R sets forth the 2012 Net Operating Income of each Mortgaged Property that is included in Collateral Pool 4 as of the Effective Date. 
 (b) If the Cash Flow Sweep has been implemented pursuant to Section 1.07(a) for the term of the applicable Extension, and if the Net Operating Income for the Trailing 12 Month Period (based on the
most recent monitoring reports submitted to Fannie Mae) results in an Aggregate Debt Service Coverage Ratio of 1.10:1.0 or greater (taking into account any reduction in principal amount of the relevant Loan), the reference to fifty percent
(50%) in paragraph (a) above shall be reduced to twenty-five percent (25%) for the purpose of calculating the portion of Excess Cash Flow payments then due to Fannie Mae. 

(c) If the Cash Flow Sweep has been implemented pursuant to Section 1.07(a) for the term of the applicable Extension, and if the Net
Operating Income for the Trailing 12 Month Period (based on the most recent monitoring reports submitted to Fannie Mae) results in an Aggregate Debt Service Coverage Ratio of 1.15:1.0 or greater (taking into account any reduction in principal amount
of the relevant Loan), no further Cash Flow Sweep shall be required and all amounts then held by Fannie Mae shall be returned to Borrower. Notwithstanding the foregoing, the Cash Flow Sweep shall be reinstated at such time, if any, as the Net
Operating Income for the Trailing 12 Month Period (based on the most recent monitoring reports submitted to Fannie Mae) results in an Aggregate Debt Service Coverage Ratio lower than 1.15:1.0. 

 

	 	Section 1.08.	Rate Setting for Converted Collateral Pool 4. 

 (a) Converted Variable Loans. The following shall apply to the rate setting for a Loan that is extended and converted to a Variable Loan pursuant to Section 1.06. 

(i) Preliminary, Nonbinding Quote. At the Collateral Pool 4 Borrower’s request the Servicer shall quote an estimate of the
Adjustable Rate. The Servicer’s quote shall be based on (x) the rate quoted by Fannie Mae and (y) the proposed terms and amount of the Loan selected by Collateral Pool 4 Borrower. The quote shall not be binding upon the Servicer.

 (ii) Rate Setting. If the Collateral Pool Borrower 4 satisfies all of the conditions to Fannie Mae’s obligation
to permit the Extension and the conversion of the Loan, then Collateral Pool 4 Borrower may request that Servicer submit to Collateral Pool 4 Borrower by facsimile transmission (or via electronic mail in PDF format) a completed draft Rate Form. The
Rate Form shall specify the Loan Amount, term, Variable Loan Fee, any breakage fee deposit amount, Adjustable Rate, and Closing Date for the conversion/Extension. If the draft Rate Form is approved by the Collateral Pool 4 Borrower, such Borrower
shall initial and return 

  
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the approved Rate Form to Servicer by facsimile transmission (or via electronic mail in PDF format) before 1:00 p.m. Eastern Standard Time or Eastern Daylight Time, as applicable, on any Business
Day (“Rate Setting Date”). 
 (iii) Rate Confirmation. Within one (1) Business Day after
receipt of the Rate Form, Servicer shall obtain a commitment from Fannie Mae’s trading desk (“Fannie Mae Commitment”) for the extended and converted Loan having the terms described in the related Rate Form. Servicer
shall then complete and sign the Rate Form thereby confirming the amount, term, Adjustable Rate, Variable Loan Fee and Closing Date for the conversion/Extension and shall immediately deliver by facsimile transmission (or via electronic mail in PDF
format) the Rate Form to the applicable Collateral Pool Borrower to be countersigned. 
  

	 	Section 1.09.	Interest Rate Hedge. 

 (a) To protect against fluctuations in interest rates during the term, pursuant to the terms of the Hedge Security Agreement, the applicable Collateral Pool Borrower shall make arrangements for a
LIBOR-based instrument (“Interest Rate Hedge”) to be in place and maintained at all times from and after March 29, 2013, with respect to any Variable Loan which has been funded and remains Outstanding. As set forth in
the Hedge Security Agreement, the applicable Collateral Pool Borrower agrees to pledge its right, title and interest in the Interest Rate Hedge to Fannie Mae as additional collateral for the Indebtedness. Borrower shall provide an Interest Rate
Hedge that is co-terminus with each Extension elected by Borrower. In order to calculate the Strike Rate for the required Interest Rate Hedge, Fannie Mae shall calculate the Net Operating Income, as determined by Fannie Mae in its reasonable
discretion, based on the Gross Revenues actually collected for the Trailing 3 Month Period and based on the Operating Expenses, as determined by Fannie Mae in its reasonable discretion, for the Trailing 12 Month Period. 

 

	 	Section 1.10.	Limitations on Executions. 

 For so long as Fannie Mae (or any successor thereto by merger, reorganization, combination or other corporate or organizational restructuring or otherwise created by legislation or applicable regulation
(“FNMA Successor”)) owns and holds an interest in the Loans, notwithstanding anything in this Agreement or any other Loan Document to the contrary, any extension or conversion of a Loan pursuant to Section 1.05 or
Section 1.06 shall be subject to the precondition that Fannie Mae (or FNMA Successor) is generally offering to purchase in the marketplace loans of the execution type requested by Borrower at the time of the Request for such extension or
conversion and on the closing date of such extension or conversion. In the event Fannie Mae (or FNMA Successor) is not purchasing loans of the execution type requested by Borrower at the time of the Request for such extension or conversion and on
the closing date of such extension or conversion, Fannie Mae (or FNMA Successor) agrees to offer alternative loan executions based on the types of executions Fannie Mae (or FNMA Successor) is generally offering to purchase, with respect to loans
secured by similar property type, in the marketplace at that time, and such executions shall not require (i) an Aggregate Debt Service Coverage Ratio greater than the Aggregate Debt Service Coverage Ratio set forth in Section 1.06(c),
(ii) an increase in the Re-Underwriting Fee payable under Section 1.06(f), or any increase in the 

  
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payments of principal pursuant to Section 1.07. Any alternative execution offered would be subject to mutually agreeable documentation necessary to implement the terms and conditions of such
alternative execution. 
 ARTICLE 2 
 BREAKAGE AND ALLOCATED LOAN AMOUNTS 
  

	 	Section 2.01.	Reserved. 

  

	 	Section 2.02.	Breakage and Other Costs. 

 If Servicer obtains, and then fails to fulfill, a Fannie Mae Commitment because the Loan is not made (for a reason other than Servicer’s or Fannie Mae’s default), the applicable Collateral Pool
Borrower shall pay all reasonable out-of-pocket costs (including attorneys’ fees and costs), fees and damages incurred by Servicer or Fannie Mae in connection with its failure to fulfill the Fannie Mae Commitment. Fannie Mae reserves the right
to require the applicable Collateral Pool Borrower to post a deposit at the time the Fannie Mae Commitment is obtained. Such deposit shall be refunded to the applicable Collateral Pool Borrower upon the closing of the applicable Request. 

 

	 	Section 2.03.	Reserved. 

  

	 	Section 2.04.	Determination of Allocable Loan Amount and Valuations. 

 (a) Initial Determinations. On the Effective Date, Fannie Mae has determined (i) the Allocable Loan Amount and Valuation for each Initial Mortgaged Property, (ii) the Aggregate Debt Service
Coverage Ratio and the Aggregate Loan to Value Ratio for each Collateral Pool, and (iii) the Loan Amount supported by such Collateral Pool. The determinations made in clause (a) as of the Effective Date shall remain unchanged until a
Collateral Event occurs under such Collateral Pool. Changes in Allocable Loan Amount, Valuations, the Aggregate Debt Service Coverage Ratio and the Aggregate Loan to Value Ratio shall be made pursuant to Section 2.04(b). 

(b) Monitoring Determinations. Once each Calendar Quarter or, if a Collateral Pool consists only of Fixed Loans that have an Aggregate
Debt Service Coverage Ratio equal to or greater than 1.25:1.0, once each Calendar Year, within twenty (20) Business Days after Borrower has delivered to Fannie Mae the reports required in Section 6.03, Fannie Mae shall determine the
Aggregate Debt Service Coverage Ratio and the Aggregate Loan to Value Ratio for such Collateral Pool, and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. After a Collateral Event with respect to the
relevant Collateral Pool, Fannie Mae shall redetermine Allocable Loan Amounts and Valuations for such Collateral Pool. Fannie Mae shall determine Cap Rates when determining Valuations in its sole and absolute discretion on the basis of its internal
survey and analysis of Cap Rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Fannie Mae deems appropriate and shall not be obligated to use any information provided by Borrower. Fannie Mae shall promptly
disclose its determinations to the applicable Collateral Pool Borrower. Until redetermined, the Allocable Loan Amounts and Valuations determined by Fannie Mae shall remain in effect. In performing a Valuation of a Multifamily Residential

  
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Property to be added to any Collateral Pool as part of a Substitution, Fannie Mae shall be entitled to obtain an Appraisal, and the Valuation will be based on such Appraisal. Fannie Mae shall
also have the right to obtain an Appraisal or a Cap Rate study conducted by an appraiser in connection with the redetermination of a Valuation of a Mortgaged Property if Fannie Mae is unable to determine a Cap Rate for such Mortgaged Property.

 (c) If a Collateral Pool Borrower disagrees with Fannie Mae’s Valuation of any Mortgaged Property that is part of such
Collateral Pool, such Borrower shall have the right to substitute for the Cap Rate determined by Fannie Mae or Appraisal obtained by Fannie Mae, as applicable, a new Cap Rate based on a capitalization rate study conducted by an appraiser or a new
Appraisal, as applicable, provided such Borrower gives notice to Fannie Mae of its desire to substitute a new Cap Rate or a new Appraisal, as applicable, for Fannie Mae’s Cap Rate or Appraisal, as applicable, within fifteen (15) Business
Days after such Borrower receives Fannie Mae’s determinations. 
 (i) In the event the applicable Collateral Pool Borrower
has requested a new Cap Rate, the applicable Collateral Pool Borrower and Fannie Mae shall determine the Cap Rate in accordance with the following procedure: 
 (A) Fannie Mae shall give such Collateral Pool Borrower a list of approved appraisers for the local market in which the Multifamily Residential Property is located within ten (10) Business Days after
the date on which such Borrower gives Fannie Mae its notice; 
 (B) The relevant Collateral Pool Borrower shall
select an appraiser within ten (10) Business Days after the date on which Fannie Mae gives such Collateral Pool Borrower the list of Fannie Mae-approved appraisers; 

(C) Fannie Mae shall engage the appraiser selected by Collateral Pool Borrower pursuant to clause (i)(B) to perform the
Cap Rate study within ten (10) Business Days after the date on which such Borrower makes its selection; and 
 (D) Such Collateral Pool Borrower shall pay all reasonable out-of-pocket fees and expenses of obtaining the Cap Rate study, whether incurred by such Collateral Pool Borrower or Fannie Mae. 

(ii) In the event the applicable Collateral Pool Borrower has requested a new Appraisal, the applicable Collateral Pool Borrower and
Fannie Mae shall obtain the new Appraisal in accordance with the following procedure: 
 (A) Fannie Mae shall
give such Collateral Pool Borrower a list of approved appraisers for the local market in which the relevant Multifamily Residential Property is located within ten (10) Business Days after the date on which such Collateral Pool Borrower gives
Fannie Mae its notice; 
 (B) The relevant Collateral Pool Borrower shall select an appraiser from the list of
approved Appraisers delivered by Fannie Mae to Borrower within ten (10) Business Days after the date on which Fannie Mae gives such Collateral Pool Borrower the list of Fannie Mae-approved appraisers; 

  
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 (C) Fannie Mae shall engage the appraiser selected by Collateral Pool
Borrower pursuant to clause (ii)(B) above to perform the Appraisal study within ten (10) Business Days after the date on which such Collateral Pool Borrower makes its selection; and 

(D) Such Collateral Pool Borrower shall pay all reasonable out-of-pocket fees and expenses of obtaining the Appraisal,
whether incurred by such Collateral Pool Borrower or Fannie Mae. 
 (iii) If the applicable Collateral
Pool Borrower elects to substitute a new Cap Rate for Fannie Mae’s Rate or a new Appraisal, the new Cap Rate or appraised value, as applicable, shall be used to determine the Valuation for the Mortgaged Property and, until the earlier of
(1) the thirtieth (30th) day after the date on
which the appraiser is engaged by Fannie Mae or (2) the date on which the new Cap Rate is determined, the Valuation of the Mortgaged Property in effect immediately prior to Fannie Mae’s Valuation shall continue to be in effect. In the
event the new Cap Rate or Appraisal is not determined or delivered on or before the thirtieth (30th) day after which the appraiser is engaged by Fannie Mae, then commencing on such thirtieth (30th) day and continuing until the new Cap Rate is determined or the new Appraisal is delivered, the Valuation based
on Fannie Mae’s determination of the Cap Rate or Appraisal, as applicable, shall be in effect. 
 (iv) Notwithstanding
anything in this Agreement to the contrary, no change in Allocable Loan Amounts, Valuations, the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio shall (i) result in a Potential Event of Default or Event of Default
under such Collateral Pool, (ii) require the prepayment of any Loans under such Collateral Pool, or (iii) require the addition of Collateral to such Collateral Pool. 
 ARTICLE 3 
 COLLATERAL CHANGES 

 

	 	Section 3.01.	Right to Obtain Releases of Collateral. 

 Subject to the terms and conditions of this Article 3, Collateral Pool Borrower shall have the right from time to time to obtain a release of Collateral (a “Release”) from the
respective Collateral Pool. 
  

	 	Section 3.02.	Procedure for Obtaining Releases of Collateral. 

 (a) Request. To obtain a release of Collateral from a Collateral Pool, the applicable Collateral Pool Borrower shall deliver a Release Request to Fannie Mae. 

(b) Closing. If all conditions precedent contained in Section 4.04 and all General Conditions contained in Section 4.01
are satisfied, Fannie Mae shall cause the Release Mortgaged Property to be released, at a closing to be held at offices designated by Fannie Mae and reasonably acceptable to the applicable Collateral Pool Borrower on a Closing Date

  
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proposed by such Borrower and approved by Fannie Mae, and occurring (A) in the case of a Collateral Pool with ten (10) or less Mortgaged Properties, within thirty (30) days after
Fannie Mae’s receipt of the Release Request and any other information required by Fannie Mae (or on such other date as such Borrower and Fannie Mae may agree), and (B) in the case of a Collateral Pool with more than ten (10) Mortgaged
Properties, within sixty (60) days after Fannie Mae’s receipt of the Release Request and any other information required by Fannie Mae (or on such other date as such Borrower and Fannie Mae may agree), by executing and delivering, and
causing all applicable parties to execute and deliver, all at the sole cost and expense of Borrower, the Release Documents. Unless otherwise instructed by Fannie Mae, the applicable Collateral Pool Borrower, shall prepare the documents pertaining to
the release of the Security Instrument and submit them to Fannie Mae for its review. 
 (c) Release Price. 

(i) The “Release Price” for each Release Mortgaged Property means the greater of (A) the Allocable Loan
Amount for such Release Mortgaged Property and (B) one hundred percent (100%) of the amount, if any, of the Loans Outstanding that are required to be repaid by the applicable Collateral Pool Borrower to Fannie Mae in connection with the
proposed release of the Release Mortgaged Property from such Collateral Pool so that, immediately after the Release, the Coverage and LTV Tests for the Collateral Pool will be satisfied. 

(ii) In the event the proposed Release is of a Mortgaged Property that is in a Collateral Pool that secures a Fixed Loan and the
Coverage and LTV Tests for the applicable Collateral Pool are not satisfied after the Release of the Release Mortgaged Property, but the Aggregate Debt Service Coverage Ratio of such Collateral Pool is not less than the required Aggregate Debt
Service Coverage Ratio set forth in clause (2)(a) of the definition of Coverage and LTV Tests for such Collateral Pool in effect on the Closing Date of the proposed Release minus 0.05 (for example, if the required Aggregate Debt Service
Coverage set forth in clause (2)(a) of the definition of Coverage and LTV Tests for the relevant Collateral Pool on the Closing Date of the proposed Release is 1.1:1.0, the Aggregate Debt Service Coverage Ratio of such Collateral Pool on the
Closing Date of the proposed Release may not be less than 1.05:1.0), the applicable Collateral Pool Borrower may deposit with Fannie Mae cash or a Letter of Credit (in accordance with the terms of Section 4.08 of this Agreement) in an amount
equal to the sum of the amount determined pursuant to clause (c)(i)(B) in this subsection above minus the amount determined pursuant to clause (c)(i)(A) in this subsection above subject to the provisions of Section 3.02(c)(iii) below (the
“Shortfall Deposit”). The preceding sentence shall not apply to Mortgaged Properties that are in a Collateral Pool that secures a Variable Loan. In no event shall Borrower pay down less than the Allocable Loan Amount for such
Release Mortgaged Property on the Closing Date of such Release. In addition to the Release Price, the applicable Collateral Pool Borrower shall pay to Fannie Mae all associated prepayment premiums, accrued interest and other amounts due under the
Notes evidencing the Loans being repaid. 
 The Shortfall Deposit shall be subject to the following terms and conditions:

 (A) Such Collateral Pool Borrower shall deposit either (1) cash and/or Permitted Investments or
(2) a Letter of Credit, not both. 

  
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 (B) In the event such Collateral Pool Borrower deposits cash and/or
Permitted Investments with Fannie Mae as the Shortfall Deposit, the amount of the Shortfall Deposit shall not exceed fifteen percent (15%) of the principal balance of the Loans Outstanding under such Collateral Pool calculated after the release
of the Release Mortgaged Property. If the Shortfall Deposit would otherwise exceed fifteen percent (15%) of the balance of the Loans Outstanding under such Collateral Pool calculated after the release of the Release Mortgaged Property,
then as a condition to making the Shortfall Deposit in the form of cash and/or Permitted Investments, the applicable Collateral Pool Borrower shall make a payment to Fannie Mae such that, after giving effect to such payment, Section 3.02(c)(ii)
shall not require a Shortfall Deposit in excess of fifteen percent (15%) of the principal balance of the Loans Outstanding under such Collateral Pool calculated after the release of the Release Mortgaged Property. Permitted Investments
deposited to satisfy the Shortfall Deposit requirements shall, in the case of cash or other Permitted Investments in which Fannie Mae’s security interest is perfected by possession, be deposited by Fannie Mae into an account maintained by
Fannie Mae in accordance with Fannie Mae’s requirements for similar accounts (the “Shortfall Deposit Account”) and, in the case of other Permitted Investments, pledged to Fannie Mae pursuant to a pledge agreement, in
form and substance acceptable to Fannie Mae. All interest and other earnings accruing on any cash or Permitted Investments shall remain in the Shortfall Deposit Account and shall be subject to this Agreement, provided that all such interest and
other earnings shall be credited to the applicable Collateral Pool Borrower. Cash shall be held in an institution (which may be Fannie Mae, if Fannie Mae is such an institution) whose deposits or accounts are insured or guaranteed by a federal
agency. The Fannie Mae shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty.
Fannie Mae shall not guaranty the rate of return or rate of interest on any cash held as part of the Shortfall Deposit. 
 (C) In the event such Collateral Pool Borrower posts a Letter of Credit pursuant to the terms of Section 4.08 of this Agreement as the Shortfall Deposit, the value of the Shortfall Deposit shall not
exceed ten percent (10%) of the principal balance of the Loans Outstanding under such Collateral Pool calculated after the release of the Release Mortgaged Property. If the Shortfall Deposit would otherwise exceed ten percent (10%) of
the balance of the Loans Outstanding under such Collateral Pool calculated after the release of the Release Mortgaged Property, then as a condition to making the Shortfall Deposit in the form of a Letter of Credit, the applicable Collateral Pool
Borrower shall make a payment to Fannie Mae such that, after giving effect to such payment, Section 3.02(c)(ii) shall not require a Shortfall Deposit in excess of ten percent (10%) of the principal balance of the Loans Outstanding under
such Collateral Pool calculated after the release of the Release Mortgaged Property. 
 (D) The Shortfall
Deposit (including any interest and other earnings accruing on any Permitted Investments in the Shortfall Deposit Account) shall be disbursed to the applicable Collateral Pool Borrower upon the earliest of (1) payment of all Obligations of such
Collateral Pool Borrower under the Loan Documents, (2) the date the applicable Collateral Pool satisfies the Coverage and LTV Tests for such 

  
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Collateral Pool, and (3) upon compliance with the next sentence, the date one hundred eighty (180) days after the Closing Date of the Release Request. If on the date one hundred
eighty (180) days after the Closing Date of the Release Request the Coverage and LTV Tests for such Collateral Pool in effect as of the Closing Date of the Release Request are not satisfied, the applicable Collateral Pool Borrower shall pay
down the Loans Outstanding under such Collateral Pool such that the Coverage and LTV Tests are satisfied. 
 (iii) In the
event the proposed Release of a Mortgaged Property is in connection with the anticipated sale of such Mortgaged Property to a third party in an arm’s length transaction, and the anticipated sale proceeds are less than the Release Price that
would be calculated pursuant to the terms of either Section 3.02(c)(i) or Section 3.02(c)(ii) (if applicable), provided that the Aggregate Debt Service Coverage Ratio of such Collateral Pool after the Release is not less than the Aggregate
Debt Service Coverage Ratio for such Collateral Pool in effect immediately prior to the Release, the Release Price shall be the sum of (A) one hundred ten percent (110%) of the Allocable Loan Amount for such Release Mortgaged Property plus
(B) seventy-five percent (75%) of the Remaining Net Sale Proceeds. As used herein, “Remaining Net Sale Proceeds” shall mean the sale price of the Release Mortgaged Property less one hundred ten percent
(110%) of the Allocable Loan Amount for such Release Mortgaged Property less reasonable customary closing costs in connection with the sale as determined by Fannie Mae, including, without limitation, tax indemnity or tax protection payments in
an amount not to exceed $1,500,000 per Release Mortgaged Property (unless a greater amount is approved by Fannie Mae). Notwithstanding the foregoing, in the event the Net Operating Income for the Trailing 12 Month Period for the applicable
Collateral Pool results in an Aggregate Debt Service Coverage Ratio of 1.10:1.0 or greater, the percentage of Remaining Net Sale Proceeds referenced in this subclause (iii) above shall be reduced to twenty-five percent (25%). For
purposes of determining Aggregate Debt Service Coverage Ratio in connection with the calculations set forth in this Section 3.02, Debt Service Coverage Ratio shall be calculated after taking into account the payment of one hundred ten percent
(110%) of the Allocable Loan Amount for such Release Mortgaged Property. 
 (iv) Notwithstanding anything to the contrary
in this Section 3.02, the requirements set forth in Section 3.02(c)(i), Section 3.02(c)(ii) or Section 3.02(c)(iii) may be waived temporarily by Fannie Mae in its sole discretion, if neither the Aggregate Debt Service Coverage
Ratio will be reduced nor the Aggregate Loan to Value Ratio for such Collateral Pool will be increased as a result of such proposed Release, with such waiver based on factors that are not in conflict with Fannie Mae’s Underwriting Requirements,
including but not limited to the then current Valuation of the Mortgaged Properties in such Collateral Pool, the then current Aggregate Debt Service Coverage Ratio of such Collateral Pool, the then current Aggregate Loan to Value Ratio of such
Collateral Pool, the strength of the Guarantor, the quality of the market where the remaining Mortgaged Properties are located, and the geographic distribution of the Mortgaged Properties in such Collateral Pool at that time. In connection with a
release pursuant to this Section 3.02(c)(iv) only, the applicable Collateral Pool Borrower shall otherwise comply with the terms of Section 3.02(c)(i), Section 3.02(c)(ii), and Section 3.02(c)(iii), including depositing any
Shortfall Deposit. 

  
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 (d) Application of Release Price. 

(i) The Release Price for the Release Mortgaged Property shall be applied against the Outstanding Loans in the applicable Collateral
Pool Borrower’s discretion, provided that (A) any Outstanding Loan which Borrower elects to prepay must be prepaid in full, or if the Release Price is not sufficient to do so, must be the only Loan partially prepaid; (B) any
prepayment of such Loan is permitted (for example, not subject to a lock out period) under the applicable Note, (C) any prepayment premium due and owing is paid, and (D) interest must be paid through the end of the month. 

(ii) In the event no Loan may be prepaid under the terms of the applicable Note, the remainder of the Release Price, if any, shall be
held by Fannie Mae (or its appointed collateral agent) in an interest-bearing account designated by Fannie Mae for the benefit of the applicable Collateral Pool Borrower (provided that Fannie Mae shall not guaranty any rate of interest to such
Borrower) as substitute Collateral (collectively, with any interest thereon, “Substitute Cash Collateral”), in accordance with a security agreement (if required by Fannie Mae) and other documents in form and substance
acceptable to Fannie Mae. Notwithstanding the foregoing, the release of the Release Mortgaged Property may not be approved unless the aggregate Valuation of all Mortgaged Properties remaining in such Collateral Pool is greater than Outstanding Loans
under such Collateral Pool. Any Substitute Cash Collateral remaining will be returned to the applicable Collateral Pool Borrower on the date all Loans made to such Collateral Pool Borrower are repaid in full, or after an event that brings such
Collateral Pool back into compliance with the Coverage and LTV Tests for such Collateral Pool. 
  

	 	Section 3.03.	Substitutions. 

(a) Right to Substitute Collateral. Subject to the terms, conditions and limitations of Article 3 and Article 4 from time to time,
Borrower shall have the right to obtain the release of one or more Release Mortgaged Properties from the relevant Collateral Pool (including the Release of a Mortgaged Property that is simultaneously added to another Collateral Pool) by replacing
such Release Mortgaged Property with one or more Multifamily Residential Properties (including a Mortgaged Property that has simultaneously been released from another Collateral Pool) that meet the requirements of this Agreement (the
“Substitute Mortgaged Property”) thereby effecting a “Substitution” of Collateral. From and after February 22, 2014, no Substitutions shall be permitted under a Collateral Pool that secures a
Variable Loan. 
 (b) Request. Borrower shall deliver to Fannie Mae a completed and executed Substitution Request. Each
Substitution Request shall be accompanied by the following: (i) the information required by the Underwriting Requirements with respect to the proposed Substitute Mortgaged Property and any additional information Fannie Mae reasonably requests;
and (ii) the payment of all Additional Due Diligence Fees. 
 (c) Underwriting. 

(i) (A) A Collateral Pool Borrower may release one or more Release Mortgaged Properties from a Collateral Pool and request the addition
of one or more Substitute Mortgaged Properties to such Collateral Pool provided that each Substitute Mortgaged 

  
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Property is in a comparable (or better) market as and of equivalent quality (or better) to the Release Mortgaged Property, and provided further that after such Substitution, the applicable
Coverage and LTV Tests for the relevant Collateral Pool are satisfied, and (i) the applicable Debt Service Coverage Ratio with respect to the relevant Collateral Pool equals or exceeds the Debt Service Coverage Ratio of the relevant Collateral
Pool immediately prior to such proposed Substitution, and (ii) the Loan to Value Ratio with respect to the relevant Collateral Pool is equal to or less than the Loan to Value Ratio of the relevant Collateral Pool immediately prior to such
proposed Substitution; provided that in connection with a Collateral Pool which contains only one (1) Mortgaged Property, in the event that more than one (1) Substitute Mortgaged Property is added in replacement of a single Mortgaged
Property, each such Substitute Mortgaged Property shall secure the Loan and shall be cross-collateralized and cross-defaulted. 
 (B) In the event that the Coverage and LTV Tests for the applicable Collateral Pool are not satisfied after the Substitution, but the Aggregate Debt Service Coverage Ratio of such Collateral Pool
immediately after the Substitution is not less than the higher of (i) the required Aggregate Debt Service Coverage Ratio as set forth in clause (2)(a) of the definition of Coverage and LTV Tests for such Collateral Pool in effect on the
Closing Date of the proposed Substitution and (ii) the Debt Service Coverage Ratio of the Collateral Pool immediately prior to such proposed Substitution, minus 0.05 (for example, if the required Aggregate Debt Service Coverage as set forth in
clause (2)(a) of the definition of Coverage and LTV Tests for the relevant Collateral Pool on the Closing Date of the proposed Substitution is 1.1:1.0 and the Debt Service Coverage Ratio of the relevant Collateral Pool immediately prior to the
proposed Substitution is 1.08:1.0, the Aggregate Debt Service Coverage Ratio of such Collateral Pool on the Closing Date of the proposed Substitution may not be less than 1.05:1.0), the applicable Collateral Pool Borrower may deposit with Fannie Mae
a Shortfall Deposit pursuant to the terms of Section 3.02(c) of this Agreement in an amount equal to the Loans Outstanding that are required to be repaid by the applicable Collateral Pool Borrower so that the applicable Aggregate Debt Service
Coverage as set forth in clause (2)(a) of the definition of Coverage and LTV Tests for the relevant Collateral Pool will be satisfied. In connection with a Substitution completed pursuant to this Section 3.03(c)(i)(B), all provisions in
Section 3.02(c)(ii) pertaining to Shortfall Deposits shall apply. 
 (C) Notwithstanding the foregoing
requirements in paragraphs (A) and (B) above to the contrary, a Collateral Pool Borrower may release one or more Release Mortgaged Properties from a Collateral Pool and request the addition of one or more Substitute Mortgaged Properties to
such Collateral Pool provided that such Substitute Mortgaged Property is in a comparable (or better) market as and of equivalent quality (or better) to the Release Mortgaged Property, and provided further that in connection with any Collateral Pool
with multiple Mortgaged Properties after such Substitution, that the Aggregate Debt Service Coverage Ratio of such Collateral Pool is greater than the Aggregate Debt Service Coverage Ratio of such Collateral Pool prior to the Substitution.

 (D) Notwithstanding the foregoing requirements in paragraphs (A) and (B) above to the contrary, the
requirement that the Coverage and LTV Tests or 

  
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the Debt Service Coverage Ratio of the Collateral Pool immediately prior to such proposed Substitution, as applicable, be satisfied (or that the Aggregate Debt Service Coverage Ratio not be
reduced by more than 0.05:1.0 from the required Aggregate Debt Service Coverage Ratio as set forth in clause (2)(a) of the definition of Coverage and LTV Tests in effect on the Closing Date of the proposed Substitution) after the addition of a
proposed Substitute Mortgaged Property may be waived temporarily by Fannie Mae in its sole discretion, if neither the Aggregate Debt Service Coverage Ratio will be reduced nor the Aggregate Loan to Value Ratio for such Collateral Pool will be
increased as a result of such proposed Substitution, based on factors that are not in conflict with Fannie Mae’s Underwriting Requirements, including but not limited to the then current Valuation of the Mortgaged Properties in such Collateral
Pool, the then current Aggregate Debt Service Coverage Ratio of such Collateral Pool, the then current Aggregate Loan to Value Ratio or such Collateral Pool, the strength of the Guarantor, the quality of the market where the proposed Substituted
Mortgaged Property is located, the quality of any proposed additional Collateral, and the geographic distribution of the Mortgaged Properties in such Collateral Pool at that time. In connection with a Substitution completed pursuant to this
Section 3.03(c)(i)(D), Borrower shall provide a Shortfall Deposit and otherwise comply with the provisions of Section 3.02(c)(ii). 
 (ii) Fannie Mae shall evaluate the proposed Substitute Mortgaged Property in accordance with the Underwriting Requirements, including an exit analysis performed by Fannie Mae, and shall make underwriting
determinations as to the Debt Service Coverage Ratio and the Loan to Value Ratio of the proposed Substitute Mortgaged Property and the Aggregate Debt Service Coverage Ratio and the Aggregate Loan to Value Ratio for the applicable Collateral Pool on
the basis of the lesser of (A) the acquisition price of the proposed Substitute Mortgaged Property if purchased by Borrower within twelve (12) months of the related Substitution Request, and (B) a Valuation made with respect to the
proposed Substitute Mortgaged Property. Notwithstanding the provisions of Section 2.04 regarding the recalculation of Valuations and the calculation of Debt Service Coverage Ratios, for purposes of reviewing proposed Substitute Mortgaged
Properties, if Fannie Mae reasonably determines market conditions have changed in a manner adversely affecting any of the Mortgaged Properties since the determination of the then effective Aggregate Loan to Value Ratio for such Collateral Pool and
Aggregate Debt Service Coverage Ratio for such Collateral Pool, Fannie Mae may make new determinations of Aggregate Debt Service Coverage Ratio and Aggregate Loan to Value Ratio for purposes of determining whether to permit the addition of the
proposed Substitute Mortgaged Property to such Collateral Pool, which determination shall not modify the Coverage and LTV Tests. Borrower shall promptly provide any information reasonably required by Fannie Mae to make the determination permitted by
the preceding sentence. 
 (iii) Within (A) in the case of a Collateral Pool with ten (10) or fewer Mortgaged
Properties, thirty (30) days, or (B) in the case of a Collateral Pool with more than ten (10) Mortgaged Properties, sixty (60) days in each case after receipt of (1) the Substitution Request and (2) all reports,
certificates and documents required by the Underwriting Requirements, Fannie Mae shall notify Borrower whether it has determined whether the proposed Substitute Mortgaged Property meets the conditions for addition set forth in this Agreement. Within
five (5) Business Days after receipt of Fannie Mae’s written consent to the Substitution Request, Borrower shall notify Fannie Mae in writing whether it elects to add the 

  
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proposed Substitute Mortgaged Property to such Collateral Pool. If Borrower fails to respond within the period of five (5) Business Days, it shall be conclusively deemed to have elected not
to add the proposed Substitute Mortgaged Property to such Collateral Pool. 
 (d) Closing. If, pursuant to this
Section 3.03, Fannie Mae determines that the conditions set forth herein for the Substitution of the proposed Substitute Mortgaged Property into the applicable Collateral Pool in replacement of the proposed Release Mortgaged Property, and the
applicable Collateral Pool Borrower timely elects to cause such Substitution to occur and all conditions contained in this Section 3.03 and the applicable sections of Article 4, to the extent Fannie Mae determines such Sections are applicable,
are satisfied, then the proposed Substitute Mortgaged Property shall be substituted into such Collateral Pool in replacement of the proposed Release Mortgaged Property, at a closing to be held at offices designated by Fannie Mae and reasonably
acceptable to the applicable Collateral Pool Borrower on a Closing Date proposed by such Borrower and approved by Fannie Mae, and occurring — 
 (i) if the Substitution of the proposed Substitute Mortgaged Property is to occur simultaneously with the release of the proposed Release Mortgaged Property, within thirty (30) days after Fannie
Mae’s receipt of the applicable Collateral Pool Borrower’s election (or on such other date to which the applicable Collateral Pool Borrower and Fannie Mae may agree); or 

(ii) if the Substitution of a proposed Substitute Mortgaged Property is to occur subsequent to the release of the Release Mortgaged
Property, within ninety (90) days after the release of the Release Mortgaged Property (the “Property Delivery Deadline”), provided that such Property Delivery Deadline may be extended by one (1) additional ninety
(90) day period in the event the applicable Collateral Pool Borrower provides evidence to Fannie Mae’s satisfaction that it is diligently pursuing a 1031 exchange with respect to the proposed Substitute Mortgaged Property in accordance
with the terms of this Section 3.03(d), provided that, on a case by case basis, Fannie Mae may consent in its sole discretion to extend the Property Delivery Deadline by one (1) additional ninety-five (95) day period (for a total of
one hundred eighty-five (185, or such later date as may apply in the event of a “Presidentially Declared Disaster” pursuant to Section 17 or Revenue Procedure 2007-56) days if the applicable Collateral Pool Borrower is diligently
pursuing the acquisition of a proposed Substitute Mortgaged Property that is not in connection with a 1031 exchange. 
 (e)
Substitution Deposit. 
 (i) The Deposit. If the addition of a proposed Substitute Mortgaged Property is to occur
subsequent to the release of the Release Mortgaged Property pursuant to Section 3.03(d), at the Closing Date of the release of the Release Mortgaged Property, Borrower (or in the case of a Collateral Pool with only one (1) Mortgaged
Property prior to the release, Guarantor) shall deposit with Fannie Mae the “Substitution Deposit” described in Section 3.03(e)(ii) in the form of cash or, in lieu of (and/or in addition to) depositing cash for the
Substitution Deposit, Borrower may post a Letter of Credit in accordance with the terms of Section 4.08 of this Agreement, having a face amount equal to the Substitution Deposit (or such lesser amount that has been deposited in cash). In the
event the Release Mortgaged Property is intended to be sold as part of a like-kind exchange permitted under Section 1031 of the Internal 

  
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Revenue Code, such Substitution Deposit shall be held by a qualified intermediary, provided such qualified intermediary enters into documents reasonably required by Fannie Mae assigning such
Substitution Deposit to Fannie Mae, and providing that such qualified intermediary shall distribute the Substitution Deposit in accordance with this Agreement. In the case of a Collateral Pool with only one (1) Mortgaged Property prior to the
release, if the relevant Borrower is not able to remain as the obligor on the Note evidencing the related Loan, the relevant Borrower shall provide a replacement Borrower acceptable to Fannie Mae, which replacement Borrower shall join into the Note
until the earlier of (A) such time that the Substitute Mortgaged Property is added to the Collateral Pool and the Additional Borrower owning such Substitute Mortgaged Property has joined into the Note and other related Collateral Pool Loan
Documents, and (B) the date the Note is paid in full together with all prepayment premiums due thereunder. 
 (ii)
Substitution Deposit Amount. The “Substitution Deposit” for each proposed Substitution shall be an amount equal to, for a Fixed Loan, the Release Price relating to such proposed Release Mortgaged Property; provided
that in the event that the applicable Collateral Pool shall contain only one (1) Mortgaged Property after the completion of the Substitution, the Substitution Deposit shall be the sum of (A) all Outstanding Loans for such Collateral Pool,
plus (B) any and all of the yield maintenance or prepayment premium for a Fixed Loan through the end of the month in which the Property Delivery Deadline occurs as if the Fixed Loan were to be prepaid in such month, plus (C) interest on
the Fixed Loan through the end of the month in which the Property Delivery Deadline occurs. 
 (iii) Continued Payments on
Outstanding Notes. Such Collateral Pool Borrower shall also be obligated to make any regularly scheduled payments of principal and interest due under the applicable Note during any period between the closing of the Release Mortgaged Property and
the earlier of the closing of the Substitute Mortgaged Property and the date of prepayment of the Note. 
 (iv) Failure to
Close Substitution. If the addition of the proposed Substitute Mortgaged Property does not occur by the Property Delivery Deadline in accordance with Section 3.03(d)(ii), then: 

(A) such Collateral Pool Borrower shall have irrevocably waived its right to substitute such Release Mortgaged Property
with a proposed Substitute Mortgaged Property, and the release of the Release Mortgaged Property shall be deemed to require a prepayment (or partial prepayment) of the portion of the Note equal to the Release Price relating to the Release Mortgaged
Property, together with all yield maintenance, fee maintenance or prepayment premium then due in connection with such payment; and 
 (B) the applicable Collateral Pool Borrower shall comply with the requirements set forth in Section 3.02(d) not previously satisfied with respect to the Release Mortgaged Property, including
payment of the Release Price. Such Release Price, or the applicable portion thereof, shall be applied in the manner set forth in Section 3.02(d) and the Letter of Credit, if applicable, delivered by such Borrower pursuant to
Section 3.03(e) and Section 4.08 of this Agreement shall be returned to Borrower. However, if such Borrower fails to timely pay the Release Price, Fannie Mae may draw upon the Substitution Deposit in satisfaction of such
obligation. 

  
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 (v) Substitution Deposit Disbursement. At closing of the Substitution, Fannie Mae
shall disburse the Substitution Deposit (including any interest accrued on such Substitution Deposit) directly to the applicable Collateral Pool Borrower at such time as the conditions precedent for the Substitution have been satisfied, which must
occur no later than the Property Delivery Deadline. Notwithstanding the foregoing, in the event that the applicable Collateral Pool Borrower adds a Substitute Mortgaged Property to such Collateral Pool prior to the Property Delivery Deadline but the
addition of such Substitute Mortgaged Property has not in and of itself satisfied the requirements to close the Substitution, the Substitution Deposit shall be reduced by the Allocable Loan Amount of such Substitute Mortgaged Property as determined
by Fannie Mae, and such reduction in the Substitution Deposit shall be returned to the applicable Collateral Pool Borrower, or in the case of a Letter of Credit, such Letter of Credit shall be reduced by such reduction in the Substitution Deposit.

 (f) Conditions Precedent to Substitutions. The obligation of Fannie Mae to make a requested Substitution is subject to
Fannie Mae’s determination that each of the conditions precedent set forth in Article 4 of this Agreement have been satisfied. 
 ARTICLE 4 
 CONDITIONS PRECEDENT TO ALL REQUESTS 

 

	 	Section 4.01.	Conditions Applicable to All Requests. 

 The obligation of Fannie Mae to close the transaction requested in a Request by a Collateral Pool Borrower shall be subject to Fannie Mae’s determination that all of the following general conditions
precedent (“General Conditions”) have been satisfied, in addition to any other conditions precedent contained in this Agreement: 
 (a) Payment of Expenses. The payment by the applicable Collateral Pool Borrower of Fannie Mae’s and Servicer’s reasonable third-party out-of-pocket fees and expenses payable (without
duplication) in accordance with this Agreement, including, but not limited to, the legal fees and expenses described in Section 8.04. 
 (b) No Material Adverse Effect. There has been no Material Adverse Effect on the financial condition, business or prospects of the applicable Collateral Pool Borrower or Guarantor or in the
physical condition, operating performance or value of any of the Mortgaged Properties in such Collateral Pool since the date of the most recent Compliance Certificate. 
 (c) No Default. There shall have been no monetary or material non-monetary Event of Default (as determined in Fannie Mae’s sole and absolute discretion) under such Collateral Pool which has
not been cured to the satisfaction of Fannie Mae, provided however, that nothing contained in this section shall be construed to require Fannie Mae to accept any cure, or grant any cure period not otherwise provided for in the Loan Documents under
which such Event of Default may arise, and there shall exist no Event of Default or Potential Event of Default with respect to such Collateral Pool on the Closing Date for the Request and, after giving

  
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effect to the transaction requested in the Request, no Event of Default or Potential Event of Default with respect to such Collateral Pool shall have occurred which has not been cured to the
satisfaction of Fannie Mae, provided however, that nothing contained in this section shall be construed to require Fannie Mae to accept any cure, or grant any cure period not otherwise provided for in the Loan Documents under which such Event of
Default may arise. 
 (d) No Insolvency. Receipt by Fannie Mae on the Closing Date for the Request of evidence
satisfactory to Fannie Mae that none of the applicable Collateral Pool Borrower nor Guarantor is insolvent (within the meaning of any applicable federal or state laws relating to bankruptcy or fraudulent transfers) or will be rendered insolvent by
the transactions contemplated by the Loan Documents, or, after giving effect to such transactions, will be left with an unreasonably small amount of capital with which to engage in its business or undertakings, or will have intended to incur, or
believe that it has incurred, debts beyond its ability to pay such debts as they mature or will have intended to hinder, delay or defraud any existing or future creditor. 
 (e) Accuracy of Information. No information, statement or report furnished in writing to Fannie Mae by the applicable Collateral Pool Borrower in connection with this Agreement or any other Loan
Document with respect to such Collateral Pool or in connection with the consummation of the transactions contemplated hereby contains any statement which is incorrect in any material respect. 

(f) Representations and Warranties. All representations and warranties made by the applicable Collateral Pool Borrower and
Guarantor in the Loan Documents and the Guaranty shall be true and correct in all material respects on the Closing Date for the Request (except to the extent any representation or warranty is untrue or incorrect other than as a result of an act or
omission that is a breach of this Agreement) with the same force and effect as if such representations and warranties had been made on and as of the Closing Date for the Request; provided, however, that in the case of any Request occurring after the
Effective Date, the date-down of such representations and warranties shall exclude Article 9 (financing information) in the Certificate of Borrower related to such Collateral Pool and any representation or warranty contained in any of the other Loan
Documents and the Guaranty that is solely related to an earlier date. On the Closing Date of any Request, the applicable representations and warranties as referred to in this Section 4.01(f) shall be deemed remade by the applicable Collateral
Pool Borrower. 
 (g) No Condemnation or Casualty. There shall not be pending or threatened any condemnation or other
taking, whether direct or indirect, against any Mortgaged Property (other than a Release Mortgaged Property) in the applicable Collateral Pool and there shall not have occurred any casualty to any improvements located on the Mortgaged Property
(other than a Release Mortgaged Property) in the applicable Collateral Pool, which condemnation or casualty would have, or reasonably may be expected to have, a Material Adverse Effect on the Mortgaged Properties (other than the Release Mortgaged
Property) in the applicable Collateral Pool taken as a whole. 

  
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 (h) Delivery of Closing Documents. The receipt by Fannie Mae of the following, each
dated as of the Closing Date for the Request, in form and substance satisfactory to Fannie Mae in all respects: 
 (i) Fully
executed original copies of each Loan Document for such Collateral Pool required to be executed in connection with the Request, duly executed and delivered by the parties thereto (other than Fannie Mae), each of which shall be in full force and
effect; 
 (ii) Other than in connection with a Release Request, a Certificate of Borrower; 

(iii) A Compliance Certificate; 
 (iv) An Organizational Certificate; 
 (v) Such other documents, instruments,
approvals (and, if requested by Fannie Mae, certified duplicates of executed copies thereof) and opinions as Fannie Mae may reasonably request; and 
 (vi) Other than in connection with a Release Request, a Confirmation of Guaranty. 

(i) Covenants. There is no Potential Event of Default by the applicable Collateral Pool Borrower or with respect to the applicable
Collateral Pool’s Loan. 
  

	 	Section 4.02.	Conditions Precedent to Initial Closing. 

 The obligation of Fannie Mae to enter into this Agreement is subject to each of the following conditions precedent: 
 (a) Reserved. 
 (b) Delivery of an amendment to each Note, duly executed by the
applicable Collateral Pool Borrowers, reflecting the Loan and the Collateral securing each Loan; 
 (c) Delivery of executed
Security Instruments or amendments to each existing Security Instrument affecting the Collateral Pools, as required by Fannie Mae to make the terms of the Security Instrument for each Mortgaged Property consistent with the terms of this Agreement,
each such Security Instrument or amendment to be recorded each in the applicable land records; 
 (d) Reserved; 

(e) Reserved; 

(f) Receipt by Fannie Mae of all reasonable legal fees and expenses payable by the applicable Collateral Pool Borrower in connection with
this Agreement; 

  
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 (g) No Governmental Approval not already obtained or made is required for the execution and
delivery of the documents to be delivered in connection with this Agreement; 
 (h) The applicable Collateral Pool Borrower or
Guarantor is not under any cease or desist order or other orders of a similar nature, temporary or permanent of any Governmental Authority which would have the effect of preventing or hindering performance of the terms and provisions of the
Agreement or any other Loan Documents and the Guaranty for such Collateral Pool, nor are there any proceedings then in progress or, to its knowledge, contemplated which, if successful, would lead to the issuance of any such order; 

(i) If required by Fannie Mae, receipt by Fannie Mae of a new Title Insurance Policy, or an endorsement to each Title Insurance Policy,
for each Mortgaged Property, amending the effective date of the Title Insurance Policy to the Effective Date, showing no additional exceptions to coverage other than the exceptions shown on the closing date under the Original Agreement (or, if
applicable, the last with respect to which the Title Insurance Policy was endorsed) and other than Permitted Liens and other exceptions approved by Fannie Mae, together with any reinsurance agreements required by Fannie Mae. 

 

	 	Section 4.03.	Conditions Precedent to Extension. 

 The obligation of Fannie Mae to consent to an Extension is subject to Fannie Mae’s determination that each of the following conditions precedent has been satisfied: 

(a) The requirements of Section 1.05 (to the extent applicable) or Section 1.06, as applicable, will be
satisfied; 
 (b) Delivery of a Variable Loan Note or a Fixed Loan Note, or an amendment to the applicable Note, duly executed
by the applicable Collateral Pool Borrower, reflecting all of the terms of the Extension; 
 (c) If required by Fannie Mae,
delivery of executed amendments to each Security Instrument affecting the applicable Collateral Pool required by Fannie Mae to reflect the extension of maturity date and to be recorded each in the applicable land records; 

(d) If required by Fannie Mae, delivery by the applicable Collateral Pool Borrower to Fannie Mae of the Rate Form for the applicable
Loan; 
 (e) Receipt by Fannie Mae of all reasonable legal fees and expenses payable by the applicable Collateral Pool Borrower
in connection with the Extension; 
 (f) No Governmental Approval not already obtained or made is required for the execution and
delivery of the documents to be delivered in connection with the Extension; 
 (g) The applicable Collateral Pool Borrower or
Guarantor is not under any cease or desist order or other orders of a similar nature, temporary or permanent of any Governmental Authority which would have the effect of preventing or hindering performance of the terms and provisions of the
Agreement or any other Loan Documents and the Guaranty for such Collateral Pool, nor are there any proceedings then in progress or, to its knowledge, contemplated which, if successful, would lead to the issuance of any such order; and 

(h) If required by Fannie Mae, receipt by Fannie Mae of a new Title Insurance Policy (if an endorsement is not available) or an
endorsement to each Title Insurance Policy for each Mortgaged Property in the applicable Collateral Pool, amending the effective date of the Title Insurance Policy to the Closing Date, showing no additional exceptions to coverage other than the
exceptions shown on the Effective Date (or, if applicable, the last Closing Date with respect to which the Title Insurance Policy was endorsed) and other than Permitted Liens and other exceptions approved by Fannie Mae, together with any reinsurance
agreements required by Fannie Mae. 

  
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	 	Section 4.04.	Conditions Precedent to Release of Property from the Collateral Pool. 

The obligation of Fannie Mae to release a Mortgaged Property from a Collateral Pool by executing and delivering the Release Documents on
the Closing Date is subject to Fannie Mae’s determination that each of the following conditions precedent has been satisfied: 
 (a) The requirements of Section 3.02(c), as applicable, will be satisfied; 

(b) Receipt by Fannie Mae on the Closing Date of the Re-Underwriting Fee; 

(c) Receipt by Fannie Mae on the Closing Date of the Release Price and any other amounts due under the terms of Section 3.02;

 (d) Receipt by Fannie Mae on the Closing Date of the Release Fee; 

(e) Reserved; 

(f) Receipt by Fannie Mae on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing
Date, signed by each of the parties (other than Fannie Mae) who is a party to such Release Document; 
 (g) If required by
Fannie Mae, amendments to the Notes and the Security Instruments, reflecting the release of the Release Mortgaged Property from the applicable Collateral Pool and, as to any Security Instrument so amended, the receipt by Fannie Mae of an endorsement
to the Title Insurance Policy insuring the Security Instrument, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than Permitted Liens; 

(h) If Fannie Mae determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases
of the project are Mortgaged Properties which will remain in such Collateral Pool (“Remaining Mortgaged Properties”), Fannie Mae must determine that the Remaining Mortgaged Properties can be operated separately from the
Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties in such Collateral Pool and whether any cross use agreements or easements are necessary. In making this determination, Fannie Mae shall evaluate
access, utilities, 

  
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marketability, community services, ownership and operation of the Release Mortgaged Properties and any other issues identified by Fannie Mae in connection with similar loans anticipated to be
purchased by Fannie Mae; 
 (i) Receipt by Fannie Mae of endorsements to the tie-in endorsements of the Title Insurance
Policies, if deemed necessary by Fannie Mae, to reflect the release. Notwithstanding anything to the contrary herein, no release of any Mortgaged Property in a Collateral Pool shall be made unless the applicable Collateral Pool Borrower has provided
title insurance to Fannie Mae in respect of each of the Remaining Mortgaged Properties in such Collateral Pool in an amount equal to (i) one hundred ten percent (110%) of the Initial Valuation of such Mortgaged Properties (taking into
account the title insurance coverage provided by “tie-in” endorsements, if available) and, (ii) in the case of the Mortgaged Properties located in states where tie-in endorsements are not available, one hundred ten percent
(110%) of the Valuation of such Mortgaged Properties; 
 (j) Receipt by Fannie Mae on the Closing Date of a Confirmation of
Obligations, dated as of the Closing Date, signed by the applicable Collateral Pool Borrower and Guarantor, pursuant to which such Borrower and Guarantor confirm their obligations under the Loan Documents and the Guaranty to which they are a party;
and 
 (k) Receipt by Fannie Mae of all reasonable legal fees and expenses payable by the applicable Collateral Pool Borrower in
connection with the Release Request. 
  

	 	Section 4.05.	Conditions Precedent to Substitution of a Substitute Mortgaged Property to the Collateral Pool. 

Each Substitution is subject to Fannie Mae’s determination that each of the following conditions precedent has been satisfied:

 (a) The Underwriting Requirements will be satisfied with respect to the Substitute Mortgaged Property; 

(b) The requirements of Section 3.03(c), as applicable, will be satisfied; 

(c) Receipt by Fannie Mae of the Substitution Fee; 
 (d) Receipt by Fannie Mae of all reasonable legal fees and expenses payable by the applicable Collateral Pool Borrower in connection with the Substitution Request; 

(e) Receipt by Fannie Mae of the Re-Underwriting Fee; 
 (f) Delivery to the Title Company, with fully executed instructions directing the Title Company to file and/or record in all applicable jurisdictions, all applicable Substitution Loan Documents for such
Collateral Pool required by Fannie Mae, including duly executed and delivered original copies of any Security Instruments and UCC-1 Financing Statements covering the portion of the Substitute Mortgaged Property comprised of personal property, and
other appropriate documents, in form and substance reasonably satisfactory to Fannie Mae and in form proper for recordation, as may be necessary in the reasonable opinion of Fannie Mae to perfect

  
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the Lien created by the applicable additional Security Instrument, and any other Substitute Loan Document for such Collateral Pool creating a Lien in favor of Fannie Mae, and the payment of all
taxes, fees and other charges payable in connection with such execution, delivery, recording and filing; 
 (g) If required by
Fannie Mae, amendments to the Notes and the Security Instruments, reflecting the addition of any Additional Borrower and/or the Substitute Mortgaged Property to such Collateral Pool and, as to any Security Instrument so amended, the receipt by
Fannie Mae of an endorsement to the Title Insurance Policy insuring the Security Instrument, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than Permitted Liens;
and 
 (h) If the Title Insurance Policy for the Substitute Mortgaged Property contains a tie-in endorsement, an endorsement to
each other Title Insurance Policy for the Mortgaged Properties in the same Collateral Pool containing a tie-in endorsement, adding a reference to the Substitute Mortgaged Property. 

 

	 	Section 4.06.	Delivery of Opinion Relating to Request for Extension or Substitution Request. 

With respect to the closing of a request for an Extension or a Substitution Request, it shall be a condition precedent that Fannie Mae
receives each of the following, each dated as of the Closing Date for the Request, in form and substance satisfactory to Fannie Mae in all respects, opinions of counsel (including local counsel, as applicable) to the applicable Collateral Pool
Borrower and Guarantor, as to the due organization and qualification of the applicable Collateral Pool Borrower and Guarantor, the due authorization, execution, delivery and enforceability of each Loan Document for such Collateral Pool executed in
connection with the Request and such other matters as Fannie Mae may reasonably require, each dated as of the Closing Date for the Request, in form and substance satisfactory to Fannie Mae in all respects. 

 

	 	Section 4.07.	Delivery of Property-Related Documents. 

 With respect to a Substitute Mortgaged Property, it shall be a condition precedent that Fannie Mae receive from the applicable Collateral Pool Borrower each of the documents and reports required by Fannie
Mae pursuant to the Underwriting Requirements in connection with the pledge of such Mortgaged Property and, each of the following, each dated (where possible) as of the Closing Date for a Substitute Mortgaged Property, in form and substance
satisfactory to Fannie Mae in all respects: 
 (a) A commitment for the Title Insurance Policy applicable to the Mortgaged
Property and a pro forma Title Insurance Policy based on such commitment. 
 (b) An ACCORD Certificate (or other evidence
reasonably satisfactory to Fannie Mae) that all insurance required for the Mortgaged Property is in effect. 
 (c) Reserved.

 (d) Evidence reasonably satisfactory to Fannie Mae of compliance of the Mortgaged Property with Property Laws. 

  
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 (e) An Appraisal of the Mortgaged Property. 

(f) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to Fannie Mae, in
which the owner shall (unless waived by Fannie Mae) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the applicable Collateral Pool Borrower’s obligations under the Loan
Documents. 
 (g) A Completion/Repair and Security Agreement, if required by Fannie Mae, together with required escrows, on the
standard form required by Fannie Mae. 
 (h) An Assignment of Management Agreement, on the standard form required by Fannie Mae.

 (i) An Assignment of Leases and Rents, if Fannie Mae determines one to be necessary or desirable, provided that the
provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law. 

(j) A Certificate of Borrower. 
 (k) If applicable, a fully executed Master Lease and an estoppel certificate and subordination agreement with respect to each Master Lease, each in form previously approved by Fannie Mae. 

(l) If applicable, a fully executed ground lease and an estoppel certificate with respect to each ground lease, each in form and
substance acceptable to Fannie Mae. 
 (m) Copies of each commercial lease affecting a Mortgaged Property and, if required by
Fannie Mae, a tenant estoppel certificate and subordination, non-disturbance and attornment agreement, each in form and substance satisfactory to Fannie Mae. 
 (n) Copies of homeowners associations, easement, declarations and similar agreements affecting any Mortgaged Property and, if required by Fannie Mae, an estoppel certificate with respect to such
agreements in form and substance satisfactory to Fannie Mae. 
  

	 	Section 4.08.	Conditions Precedent to Letters of Credit. 

 The right or requirement of a Collateral Pool Borrower to provide a Letter of Credit in connection with this Agreement is subject to Fannie Mae’s determination that each of the following conditions
precedent has been satisfied: 
 (a) Letter of Credit Requirements. Any Letter of Credit shall be issued by a financial
institution satisfactory to Fannie Mae (the “Issuer”). If Borrower provides Fannie Mae with a Letter of Credit pursuant to this Agreement, the Letter of Credit shall be in form and substance satisfactory to Fannie Mae and
Fannie Mae shall be entitled, upon occurrence of circumstances in (b), to draw under such Letter of Credit solely upon presentation of a sight draft to the Issuer. Any Letter of Credit shall be for a term of at least three hundred sixty-four
(364) days (provided that in connection with a Substitution, the term of any Letter of Credit shall be at least until the Property Delivery Deadline). 

  
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 (b) Draws Under Letter of Credit. Fannie Mae shall have the right in its sole
discretion to draw monies under the Letter of Credit: 
 (i) upon the occurrence of an Event of Default under such Collateral
Pool; 
 (ii) if thirty (30) days prior to the expiration of the Letter of Credit, either the Letter of Credit has not
been extended for a term of at least three hundred sixty-four (364) days (provided that in connection with a Substitution, the term of any Letter of Credit shall be at least until the Property Delivery Deadline) or such Collateral Pool Borrower
has not replaced the Letter of Credit with substitute cash collateral in the amount required by Fannie Mae; or 
 (iii) upon
the downgrading of the ratings of the long-term or short-term debt obligations of the Issuer below the level required by the Rating Requirements; provided that Borrower shall have ten (10) Business Days after notice of such downgrading to
deliver to Fannie Mae either (A) an acceptable replacement Letter of Credit or (B) substitute cash collateral in the amount required by Fannie Mae. 
 (c) Deposit to Cash Collateral Account. If Fannie Mae draws under the Letter of Credit pursuant to Section 4.08(b)(ii) or Section 4.08(b)(iii) above, Fannie Mae shall deposit such draw
monies into the Cash Collateral Account provided any interest thereon shall inure to the benefit of Borrower. 
 (d) Default
Draws. If Fannie Mae draws under the Letter of Credit pursuant to Section 4.08(b)(i) above, Fannie Mae may in its sole discretion use monies drawn under the Letter of Credit for any of the following purposes: 

(i) to pay any amounts required to be paid by the applicable Collateral Pool Borrower under the Loan Documents (including, without
limitation, any amounts required to be paid to Fannie Mae under this Agreement); 
 (ii) to (on such Collateral Pool
Borrower’s behalf, or on its own behalf if Fannie Mae becomes the owner of the Mortgaged Property) pre-pay any Note; 

(iii) to make repairs required to address emergency or life and safety conditions to any Mortgaged Property in such Collateral Pool; or

 (iv) deposit monies into the Cash Collateral Account. 

(e) Legal Opinion. Prior to or simultaneous with the delivery of any new Letter of Credit (but not the extension of any existing
Letter of Credit), such Collateral Pool Borrower shall cause the Issuer’s counsel to deliver a legal opinion in a customary form satisfactory to Fannie Mae. 
 (f) Any Letter of Credit delivered to Fannie Mae shall be a clean, irrevocable Letter of Credit, naming Fannie Mae as beneficiary. Borrower agrees that the Letter of Credit provides additional collateral
for the applicable Note. 

  
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 ARTICLE 5 
 REPRESENTATIONS AND WARRANTIES 
  

	 	Section 5.01.	Representations and Warranties of Borrower. 

 The representations and warranties of each Borrower and Guarantor are contained in the Certificates of Borrower. 
  

	 	Section 5.02.	Representations and Warranties of Fannie Mae. 

 Fannie Mae hereby represents and warrants to each Borrower as follows: 
 (a)
Due Organization. Fannie Mae is a corporation duly organized and validly existing under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C. §1716 et seq. 

(b) Power and Authority. Fannie Mae has the requisite power and authority to execute and deliver this Agreement and to perform its
obligations under this Agreement. 
 (c) Due Authorization. The execution and delivery by Fannie Mae of this Agreement,
and the consummation by it of the transactions contemplated thereby, and the performance by it of its obligations thereunder, have been duly and validly authorized by all necessary action and proceedings by it or on its behalf. 

ARTICLE 6 

AFFIRMATIVE COVENANTS OF BORROWER 
 Each Borrower agrees and covenants with Fannie Mae that, at all times during the Term of this Agreement: 
  

	 	Section 6.01.	Compliance with Agreements. 

 Each Borrower, and Guarantor shall comply with all the terms and conditions of each Loan Document to which it is a party or by which it is bound; provided, however, that Borrower’s or
Guarantor’s failure to comply with such terms and conditions shall not be an Event of Default until the expiration of the applicable notice and cure periods, if any, specified in the applicable Loan Document. 

 

	 	Section 6.02.	Maintenance of Existence. 

 Each Borrower Party shall maintain its existence and continue to be duly organized under the laws of the state of its organization. Each Borrower Party shall continue to be duly qualified to do business
in each jurisdiction in which such qualification is necessary to the conduct of its business and where the failure to be so qualified would adversely affect the validity of, the enforceability of, or the ability to perform, its obligations under
this Agreement or any other Loan Document to which it is a party or by which it is bound. 

  
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	 	Section 6.03.	Financial Statements; Accountants’ Reports; Other Information. 

 Borrower shall keep and maintain at all times (i) complete and accurate books of accounts and records in sufficient detail to correctly reflect (x) all of Borrower’s financial transactions
and assets and (y) the results of the operation of each Mortgaged Property and (ii) copies of all written contracts, Leases and other instruments which affect each Mortgaged Property (including all bills, invoices and contracts for
electrical service, gas service, water and sewer service, waste management service, telephone service and management services, but excluding bills to tenants for their share of utilities). In addition, Borrower shall furnish, or cause to be
furnished, to Servicer, and the information set forth below in subclauses (a), (g), (i) and (o) to Fannie Mae and all other information to Fannie Mae upon Fannie Mae’s request: 

(a) Annual Financial Statements. As soon as available, and in any event within one hundred and twenty (120) days after the
close of each of Borrower’s fiscal years during the term of this Agreement, its statement of operation for such fiscal year, all in reasonable detail and stating in comparative form the respective figures for the corresponding date and period
in the prior fiscal year, prepared on a modified cash basis (i.e., accrual of revenue on a quarterly basis and taxes and payroll on a monthly basis), and certified by the chief financial officer or chief accounting officer or a vice-president in the
accounting or finance divisions of EQR to the effect that such financial statements have been prepared (with appropriate accrual adjustments) in accordance with GAAP consistently applied, and that such financial statements fairly present the results
of its operations and financial condition for the periods and dates indicated. Together with each delivery of Borrower’s annual financial statements required under the preceding sentence, Borrower shall deliver or cause to be delivered, the
audited financial statements of ERPOP and EQR (including their respective balance sheets, and statements of operation) for such fiscal year, prepared in accordance with GAAP, consistently applied, and accompanied by a certificate of EQR’s
independent certified public accountants to the effect that such financial statements have been prepared on an accrual accounting basis in accordance with GAAP, consistently applied, and that such financial statements fairly present the results of
its operations and financial condition for the periods and dates indicated, with such certification to be free of exceptions and qualifications as to the scope of the audit; provided, however, that the ERPOP and EQR shall not be
obligated to deliver any of the financial statements or opinions described in this paragraph (i) for any specified year if EQR has delivered to Fannie Mae its Form 10-K for the specified year pursuant to Section 6.03(i) and the Form 10-K
contains the financial statements and opinions requested in this paragraph; and (ii) a Certificate in the form of Exhibit I attached hereto. 
 (b) Quarterly Financial Statements. As soon as available, and in any event within sixty (60) days after each of the first three fiscal quarters of each fiscal year during the term of this
Agreement, (a) EQR’s unaudited balance sheet as of the end of such fiscal quarter and its unaudited statement of income and retained earnings for the portion of the fiscal year ended with the last day of such quarter, all in reasonable
detail and stating in comparative form the respective figures for the corresponding date and period in the previous fiscal year, accompanied by a certificate of the chief financial officer or chief accounting officer or a vice-president

  
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in the accounting or finance divisions of EQR to the effect that such financial statements have been prepared on an accrual accounting basis in accordance with GAAP consistently applied, and that
such financial statements fairly present the results of its operations and financial condition for the periods and dates indicated subject to year-end adjustments in accordance with GAAP and (b) a certificate in the form of
Exhibit I attached hereto. 
 (c) Monthly Property Statements. Upon Fannie Mae’s request, on a monthly
basis within thirty (30) days of the last day of the prior month, a statement of income and expenses of each Mortgaged Property accompanied by a certificate of the chief financial officer or chief accounting officer or a vice-president in the
accounting or finance divisions of EQR to the effect that each such statement of income and expenses fairly, accurately and completely presents the operations of each such Mortgaged Property for the period indicated on a modified cash accounting
basis in accordance with customary real estate management accounting practices. 
 (d) Annual Property Statements. On an
annual basis within thirty (30) days of the end of the fiscal year, an annual statement of income and expenses of each Mortgaged Property accompanied by a certificate of the chief financial officer or chief accounting officer of EQR to the
effect that each such statement of income and expenses fairly, accurately and completely presents the operations of each such Mortgaged Property for the period indicated on a modified cash accounting basis in accordance with customary real estate
management accounting practices. 
 (e) Updated Rent Rolls. Upon Fannie Mae’s request, a current Rent Roll for each
Mortgaged Property, accompanied by a certificate of the chief financial officer or chief accounting officer or a vice president in the accounting or financial divisions of EQR to the effect that each such Rent Roll fairly, accurately and completely
presents the information required therein. In addition, upon Fannie Mae’s request, Borrower shall provide Fannie Mae with any other information reasonably requested by Fannie Mae or necessary to comply with Fannie Mae’s regulatory
reporting requirements; provided, that Borrower shall not be required to expend funds or use significant personnel time to obtain such information. 
 (f) Security Deposit Information. Upon Fannie Mae’s request, an accounting of all security deposits held in connection with any lease of any part of any Mortgaged Property, including the name
and identification number of the accounts in which such security deposits are held, the name and address of the financial institutions in which such security deposits are held and the name of the person to contact at such financial institution,
along with any authority or release necessary for Fannie Mae to access information regarding such accounts. 
 (g)
Accountants’ Reports; Other Reports. Promptly upon receipt thereof, copies of any reports or management letters submitted to any EQR Party by its independent certified public accountants in connection with the examination of its
financial statements made by such accountants (except for reports otherwise provided pursuant to clause (a) above); provided, however, that Borrower shall only be required to deliver such reports and management letters to the
extent that they relate to Borrower, any Control Party or any of the Mortgaged Properties. Promptly upon Fannie Mae’s request therefor, all schedules, financial statements or other similar reports delivered by Borrower pursuant to the Loan
Documents or otherwise reasonably requested by Fannie Mae with respect to Borrower’s business affairs or condition (financial or otherwise) or any of the Mortgaged Properties. 

  
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 (h) Reserved. 

(i) Security Law Reporting Information. Upon Fannie Mae’s request, and so long as EQR or any other EQR Party is a reporting
company under the Securities and Exchange Act of 1934, promptly upon their becoming available, copies of (a) all 10K’s, 10Q’s, 8K’s, annual reports and proxy statements, and all replacement, substitute or similar filings or
reports required to be filed after the date of this Agreement by the United States Securities and Exchange Commission or other Governmental Authority exercising similar functions, and (b) all press releases and other statements made available
generally by any EQR Party or any Subsidiary of any EQR Party to the public concerning material developments in the business of such EQR Party or Subsidiary. 
 (j) Confidentiality of Certain Information. Borrower Parties shall not disclose any terms, conditions, underwriting requirements or underwriting procedures of the Credit Facility or any of the Loan
Documents and the Guaranty; provided, however, that such confidential information may be disclosed (A) as required by law or pursuant to generally accepted accounting procedures, (B) to direct or indirect owners of any Borrower Party,
officers, directors, trustees, employees, agents, partners, attorneys, accountants, engineers and other consultants of Borrower Parties (collectively, “Borrower Party Representatives”) who need to know such information,
provided such Persons are instructed to treat such information confidentially, (C) to any regulatory authority having jurisdiction over a Borrower Party or any Borrower Party Representative, (D) in connection with any filings with the
Securities and Exchange Commission or other Governmental Authorities, or (E) to any other Person to which such delivery or disclosure may be necessary or appropriate (1) in compliance with any law, rule, regulation or order applicable to a
Borrower Party or any Borrower Party Representative, (2) in response to any subpoena or other legal process or information investigative demand or (3) in connection with any litigation to which such Borrower Party or any Borrower Party
Representative is a party. 
 (k) Reserved. 
 (l) Reserved. 
 (m) Reserved. 

(n) Transmission of Financial Statements; Accountants’ Reports; Other Information. All information required to be provided
pursuant to this Section 6.03 may be submitted through electronic delivery to a secure site that Fannie Mae can access, and shall be deemed delivered upon such submission; provided that the burden shall be on Borrower to provide the information
necessary for Fannie Mae to access such secure site. 
 (o) Bondholder’s Certificate. Promptly after the providing
by EQR or any of its Affiliates of any compliance certificate required under any documents between EQR or any of its Affiliates and the holders of ERPOP’s public unsecured debt, such compliance certificate. 

(p) Liability of Chief Financial Officer and Chief Accounting Officer for Certifications. Any certificate or other document
executed by the chief financial officer or chief accounting officer or a vice president in the accounting or financial divisions of EQR pursuant to this Section or any other provision of this Agreement or the other Loan Documents and the Guaranty,
shall be deemed to have been given by EQR, in its capacity as the general partner of ERPOP. Accordingly, in such an event, none of the chief financial officer, chief accounting officer, any such vice president, or EQR shall be personally liable for
any misrepresentation or omission contained in such certification or document, or be otherwise personally liable in connection with such certificate or document, but Borrower shall be liable for any misrepresentation, omission or breach of the
statements contained in the certificate or document. 

  
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	 	Section 6.04.	Access to Records; Discussions With Officers and Accountants 

 Upon Fannie Mae’s request and to the extent permitted by law and in addition to the applicable requirements of the Security Instrument, Borrower shall permit Fannie Mae: 

(a) to inspect, make copies and abstracts of, and have reviewed or audited, such of Borrower’s books and records as may relate to
the Obligations or any Mortgaged Property; 
 (b) to discuss Borrower’s affairs, finances and accounts with any of
Borrower’s officers, partners and employees, provided that the chief financial officer or chief accounting officer of EQR has been given the opportunity by Fannie Mae to be a party to such discussions; 

(c) to discuss Borrower’s affairs, finances and accounts with its independent public accountants, provided that either the chief
financial officer or chief accounting officer of EQR has been given the opportunity by Fannie Mae to be a party to such discussions; 
 (d) to discuss, with the chief financial officer and the other executive officers of EQR, (1) EQR’s strategic business plan for the then current and the then succeeding two fiscal years;
(2) EQR’s annual budget (including capital expenditure budgets and a review of the performance and projections for each Mortgaged Property); and (3) EQR’s financial projections for the then current and the then succeeding two
fiscal years and to inspect any of the foregoing that Borrower maintains in writing; 
 (e) to discuss, with the chief financial
officer and the other executive officers of EQR, EQR’s short and long range plans, including its plans for operations, mergers, acquisitions and management, and to inspect any supporting financial projections and schedules; and 

(f) to receive any other information that Fannie Mae reasonably deems necessary or relevant in connection with the Loan, any Loan
Document or the Obligations. 
 Notwithstanding the foregoing, prior to an Event of Default or Potential Event of Default, all
inspections shall be conducted at reasonable times during normal business hours. Notwithstanding the foregoing or any other provision of the Loan Documents and the Guaranty, Borrower shall not be required to discuss with Fannie Mae, or make
information available to 

  
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Fannie Mae regarding, any matters described in paragraphs (d) and (e) to the extent that such matters are subject to a confidentiality agreement with a Person that is not an Affiliate
of Borrower. 
 Fannie Mae agrees to treat all information received by Fannie Mae (i) under Sections 6.03(g), 6.04(d),
6.04(e) and 6.28 as confidential and (ii) which Borrower requests in writing to the persons at Fannie Mae who receive any information regarding Borrower, ERPOP or EQR that such information be treated as confidential; provided,
however, that such confidential information may be disclosed (A) as required by law or pursuant to generally accepted accounting procedures, (B) to officers, directors, employees, agents, partners, attorneys, accountants, engineers
and other consultants of Fannie Mae, or its successors or assigns, who need to know such information, provided such Persons are instructed to treat such information confidentially, (C) by Fannie Mae to any successor or assign of such Borrower
Party, (D) to any federal or state regulatory authority having jurisdiction over Fannie Mae, or its successors or assigns, (E) to any other Person to which such delivery or disclosure may be necessary or appropriate (w) in compliance
with any law, rule, regulation or order applicable to Fannie Mae, or its successors or assigns, (x) in response to any subpoena or other legal process or information investigative demand, (y) in connection with any litigation to which
Fannie Mae, or its successors or assigns, is a party or (z) solely in relation to confidential information described in subclause (i) of the first sentence in this paragraph, in connection with any foreclosure, deed-in-lieu of foreclosure
or comparable conversion or any work-out or restructuring of the Loan and this Agreement. Borrower agrees that information subject to this confidentiality agreement does not include information which (i) was publicly known, or otherwise known
to Fannie Mae, or its successors or assigns, at the time of disclosure, (ii) subsequently becomes publicly known through no act of or omission by Fannie Mae, or its successors or assigns, other than through disclosure by Borrower or by any
other Person in violation of this or any other confidentiality arrangement and Fannie Mae, or its successors or assigns, has knowledge of such violation; provided, however, that in the event Fannie Mae, or its successors or assigns,
discloses confidential information to any Borrower Party, such disclosing Borrower Party shall reasonably endeavor to notify Borrower thereof as soon as possible after such disclosure has been made and Borrower shall be afforded an opportunity to
seek protective orders, or such other confidential treatment of such disclosed information as Borrower may deem reasonable. 
  

	 	Section 6.05.	Certificate of Compliance. 

 Borrower shall deliver to Fannie Mae concurrently with the delivery of the financial statements and/or reports required to be delivered pursuant to Sections 6.03(a) and 6.03(b) above a certificate signed
by the chief financial officer or chief accounting officer of EQR stating that, to the best of the knowledge of the chief financial officer or chief accounting officer of EQR executing such certificate following reasonable inquiry, no Event of
Default or Potential Event of Default has occurred, or if an Event of Default or Potential Event of Default has occurred, specifying the nature thereof in reasonable detail and the action which Borrower is taking or proposes to take with respect
thereto. 

  
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	 	Section 6.06.	Maintain Licenses, Permits, Etc. 

 Each Borrower shall procure and maintain in full force and effect all licenses, Permits, charters and registrations which are material to the conduct of its business. 

 

	 	Section 6.07.	Inform Fannie Mae of Material Events. 

 Borrower shall promptly inform Fannie Mae in writing of any of the following (and shall deliver to Fannie Mae copies of any related written communications, complaints, orders, judgments and other
documents relating to the following) of which Borrower has or obtains actual knowledge: 
 (a) Defaults. The occurrence
of any Event of Default or any Potential Event of Default under this Agreement or any other Loan Document; 
 (b) Regulatory
Proceedings. The commencement of any rulemaking or disciplinary proceeding or the promulgation of any proposed or final rule which (A) would have a Material Adverse Effect on Borrower or any EQR Party, or (B) would have a Material
Adverse Impact; 
 (c) Legal Proceedings. The commencement or written threat of, or amendment to, any proceedings by or
against any EQR Party in any Federal, state or local court or before any Governmental Authority (including any tax audit), or before any arbitrator, in which parties adverse to any EQR Party have a reasonable chance of prevailing and which if
adversely determined would have, or at the time of determination may reasonably be expected to have, (A) a Material Adverse Effect on any EQR Party, or (B) a Material Adverse Impact and the results of any such tax audit; 

(d) Bankruptcy Proceedings. The commencement of any proceedings by or against any EQR Party under any applicable bankruptcy,
reorganization, liquidation, insolvency or other similar law now or hereafter in effect or of any proceeding in which a receiver, liquidator, trustee or other similar official is sought to be appointed for it; 

(e) Regulatory Supervision or Penalty. The receipt of notice from any Governmental Authority having jurisdiction over any EQR
Party that (A) such EQR Party is being placed under regulatory supervision, (B) any license, Permit, charter, membership or registration material to the conduct of such EQR Party’s respective business or the operation of the Mortgaged
Properties is to be suspended or revoked, where such suspension or revocation would have a Material Adverse Effect on such EQR Party, or (C) such EQR Party is to cease and desist any practice, procedure or policy employed by such EQR Party, as
the case may be, in the conduct of its business, and such cessation would have a Material Adverse Effect on such EQR Party; 

(f) Environmental Claim. The receipt of notice from any Governmental Authority or other Person relating to any Environmental Claim
involving Borrower or any of its assets, including the Mortgaged Properties and which represents, in Borrower’s reasonable judgment, a liability, contingent or otherwise, which exceeds $100,000 with respect to any Mortgaged Property;

  
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 (g) Material Adverse Effects. The occurrence of any act, omission, change or event
which has a Material Adverse Effect on any EQR Party, subsequent to the date of the most recent audited financial statements of ERPOP or EQR delivered to Fannie Mae pursuant to Section 6.03; 

(h) Accounting Changes. Any material change in Borrower’s accounting policies or financial reporting practices, unless
otherwise disclosed by EQR or ERPOP in a 10-K or other filing; 
 (i) Trade Creditor Defaults. The failure of Borrower to
pay after a final adjudication any trade liability in excess of $100,000 to any Person. 
 The notice requirements set forth in
subsections (b), (c), (d), (e) and (g) above shall be deemed satisfied upon the delivery of EQR’s Form 10-K, Form 10-Q or any other public filing relating to and highlighting such matters upon such delivery. 

 

	 	Section 6.08.	Compliance with Applicable Laws. 

 Each Collateral Pool Borrower shall comply in all material respects with all Applicable Laws now or hereafter affecting any Mortgaged Property in such Collateral Pool or any part of any Mortgaged Property
in such Collateral Pool or requiring any alterations, repairs or improvements to any Mortgaged Property in such Collateral Pool. The applicable Collateral Pool Borrower shall comply with all written notices from Governmental Authorities. 

 

	 	Section 6.09.	Alterations to the Mortgaged Properties. 

 Except as otherwise provided in the Loan Documents, Owner shall have the right to undertake any alteration, improvement, demolition, removal, or construction (collectively, “Alterations”)
to any Mortgaged Property without the prior consent of Fannie Mae; provided, however, that in any case, no such Alterations shall be made to any Mortgaged Property without the prior written consent of Fannie Mae if (i) such Alterations would
reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a Multifamily Residential Property in substantially the same manner in which it is being operated on the Effective Date or in relation to any
Substitute Mortgaged Property on the date such property became Collateral, (ii) the construction of such Alterations could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants
in occupancy with respect to 5% or more of the Leases would be permitted to terminate their Leases or to abate the payment of all or any portion of their rent, or (iii) such Alterations will be completed in more than 12 months from the date of
commencement or in the last year of the term of the applicable Collateral Pool Loan. Notwithstanding the foregoing, Borrower must obtain Fannie Mae’s prior written consent (which shall not be unreasonably withheld or delayed) to construct
Alterations with respect to the Mortgaged Property costing in excess of $350,000; provided, however, the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by Borrower as part of Borrower’s
routine maintenance and repair of the Mortgaged Properties as required under this Agreement or by the Loan Documents or repairs or capital improvements specifically required under any Loan Documents. 

  
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	 	Section 6.10.	Loan Document Taxes. 

 If any tax, assessment or Imposition (other than an income tax, franchise tax or excise tax imposed on or measured by, the net income or capital (including branch profits tax) of Fannie Mae (or any
transferee or assignee thereof, including a participation holder)) (“Loan Document Taxes”) is levied, assessed or charged by the United States, or any State in the United States, or any political subdivision or taxing
authority thereof or therein upon any of the Loan Documents and the Guaranty or the obligations secured thereby, the interest of Fannie Mae in the Mortgaged Properties, or Fannie Mae by reason of or as holder of the Loan Documents and the Guaranty,
the applicable Collateral Pool Borrower shall pay all such Loan Document Taxes to, for, or on account of Fannie Mae (or provide funds to Fannie Mae for such payment, as the case may be) as they become due and payable and shall promptly furnish proof
of such payment to Fannie Mae, as applicable. In the event of passage of any law or regulation permitting, authorizing or requiring such Loan Document Taxes to be levied, assessed or charged, which law or regulation in the opinion of counsel to
Fannie Mae may prohibit the applicable Collateral Pool Borrower from paying the Loan Document Taxes to or for Fannie Mae, such Borrower shall enter into such further instruments as may be permitted by law to obligate such Borrower to pay such Loan
Document Taxes. 
  

	 	Section 6.11.	Further Assurances. 

Each Collateral Pool Borrower, at the request of Fannie Mae, shall execute and deliver and, if necessary, file or record such statements,
documents, agreements, UCC financing and continuation statements and such other instruments and take such further action as Fannie Mae from time to time may request as reasonably necessary, desirable or proper to carry out more effectively the
purposes of this Agreement or any of the other Loan Documents for such Collateral Pool or to subject the Collateral to the lien and security interests of the Loan Documents for such Collateral Pool or to evidence, perfect or otherwise implement, to
assure the lien and security interests intended by the terms of the Loan Documents for such Collateral Pool or in order to exercise or enforce its rights under the Loan Documents for such Collateral Pool. 

 

	 	Section 6.12.	Ownership. 

 At all
times during the Term of this Agreement: 
 (a) Each Borrower (other than Alban Towers, L.L.C., a District of Columbia limited
liability company) shall be a Delaware limited liability company or Delaware limited partnership. 
 (b) The managing or sole
member or managing or sole general partner of each Borrower that is not a Tax Protected Asset Borrower shall be ERPOP or a Delaware limited liability company, a Delaware limited partnership or a Delaware or Illinois corporation at least ninety-nine
percent (99%) owned (exclusive of preferred unit interests existing on the Effective Date), directly or indirectly, by ERPOP, and the day to day operation of each Borrower shall be controlled, directly or indirectly, by ERPOP (provided,
however, that if Ownership Interests of a Borrower are the subject of a Tax-Free Exchange Transfer that complies with Section 6.20, such Ownership Interests may be owned by an EAT until the Outside Transfer Date, subject to the provisions of
Section 6.20 and Section 8(h) of the Guaranty). 
 (c) (i) A wholly-owned and Controlled direct or indirect subsidiary
of ERPOP shall be the sole general partner of Lexford Partnership, (ii) ERPOP shall exclusively control the management and decisions of each Person that owns, directly or indirectly, a Tax Protected Asset Borrower with respect to any property
that is a Mortgaged Property or is otherwise a part of the Collateral; (iii) ERPOP shall own, directly or indirectly, at least fifty-one percent (51%) of the Ownership Interests of each Tax Protected Asset Borrower; and (iv) ERPOP, or
a Person that is 100% owned (directly or indirectly) by ERPOP, shall be entitled to receive substantially all of the distributions of each Tax Protected Asset Borrower’s profits, capital proceeds and other assets. 

  
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	 	Section 6.13.	Limitations on Transfer. 

 (a) Definitions. The following terms have the respective meanings set forth below: 
 “Transfer” (a) as to real property and other assets means a sale, assignment, pledge, transfer or other disposition (whether voluntary or by operation of law) of, or the
granting or creating of a lien, encumbrance or security interest in, any estate, rights, title or interest in such real property and/or assets, or any portion thereof, and (b) as to any Person means (i) a sale, assignment, pledge, transfer
or other disposition of any direct or indirect Ownership Interest in such Person, or (ii) the issuance or other creation of any new direct or indirect Ownership Interest in such Person, or (iii) a merger or consolidation of such Person
into another entity or of another entity into such Person, or (iv) the reconstitution of such Person from one type of entity to another type of entity. 
 A “Change of Control” shall mean the earliest to occur of: (a) the date an Acquiring Person becomes (by acquisition, consolidation, merger or otherwise), directly or
indirectly, the beneficial owner of more than 40% of the total Voting Equity Capital of EQR then outstanding, or (b) the date on which EQR shall cease for any reason to be a general partner with sole authority to manage the day to day business
of ERPOP, or (c) the date on which EQR shall cease for any reason to own, directly or indirectly, 100% of the Ownership Interest in each Borrower (provided, however, that a Change of Control shall not be deemed to have occurred if ERPOP does
not own, directly or indirectly, 100% of a Tax Protected Asset Borrower, so long as the requirements of Section 6.12 continue to be satisfied at all times during the Term of this Agreement with respect to such Tax Protected Asset Borrower), or
(d) the replacement (other than solely by reason of retirement at age sixty-two or older, death or disability) of more than 50% (or such lesser percentage as is required for decision-making by the board of directors or trustees, if applicable)
of the members of the board of directors (or trustees, if applicable) of EQR over a one-year period where such replacement shall not have been approved by a vote of at least a majority of the board of directors (or trustees, if applicable) of EQR
then still in office who either were members of such board of directors (or trustees, if applicable) at the beginning of such one-year period or whose election as members of the board of directors (or trustees, if applicable) was previously so
approved, or (e) the date on which EQR shall cease to directly or indirectly Control any Borrower. 

  
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 “Control” (or any variation of such term) of one
entity (the “controlled entity”) by another (the “controlling entity”) means that the controlling entity has the power and authority, directly or indirectly, to direct or cause the direction of the
management and policies of the controlled entity, by contract or otherwise. 
 An “Acquiring
Person” shall mean a “person” or “group of persons” within the meaning of Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended. 

“Security” shall have the same meaning as in Section 2(1) of the Securities Act of 1933, as
amended. 
 “Voting Equity Capital” shall mean Securities of any class or classes, the
holders of which are ordinarily, in the absence of contingencies, entitled to elect a majority of the board of directors (or Persons performing similar functions). 
 (b) Acceleration of the Loan Upon Transfers of a Mortgaged Property or Significant Interests. Subject to paragraph (c) hereof, Fannie Mae may, at Fannie Mae’s option, declare an Event of
Default if, without Fannie Mae’s prior written consent, any of the following shall occur: 
 (i) a Transfer of all or any
part of any Mortgaged Property or any interest in the Mortgaged Property; 
 (ii) a Transfer of any Ownership Interest in
Borrower; 
 (iii) a Transfer of any Ownership Interest in ERPOP so that immediately after such Transfer either (a) EQR
owns less than 50% of the partnership interests in ERPOP or (b) 50% or more of the partnership interests in ERPOP are pledged or otherwise encumbered; or 
 (iv) a Change of Control. 
 Fannie Mae shall not be required to demonstrate any
actual impairment of its security or any increased risk of default in order to exercise any of its remedies with respect to an Event of Default under this Section 6.13. 
 (c) No Acceleration of the Loan For Transfers Caused By Certain Events. Notwithstanding the foregoing provisions of this covenant, the occurrence of any of the following events shall not constitute
an Event of Default under this Agreement, notwithstanding any provision of this Section to the contrary: 
 (i) a Transfer that
occurs by devise, descent, or by operation of law upon the death of a natural person who is the owner of an indirect Ownership Interest in Borrower; 

  
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 (ii) The grant of a leasehold interest in individual dwelling units for a term of two years
or less or the grant of a leasehold interest to a commercial tenant entered into pursuant to the terms and conditions of the Loan Documents; 
 (iii) A sale or other disposition of obsolete or worn out personal property which is contemporaneously replaced by comparable personal property of equal or greater value which is free and clear of liens,
encumbrances and security interests other than those created by the Loan Documents; 
 (iv) The creation of a judgment lien or
a mechanic’s or materialmen’s lien against the Mortgaged Property which is released of record, insured or bonded over or otherwise remedied to Fannie Mae’s satisfaction, within 30 days of the date of creation (in the case of a
judgment lien) or recordation (in the case of a mechanic’s or materialmen’s lien); 
 (v) The grant of an easement,
if prior to the granting of the easement Borrower causes to be submitted to Fannie Mae all information required by Fannie Mae to evaluate the easement, and if Fannie Mae determines that the easement will not materially and adversely affect the
operation or value of the Mortgaged Property or Fannie Mae’s interest in the Mortgaged Property and Borrower pays to Fannie Mae, on demand, all costs and expenses incurred by Fannie Mae in connection with reviewing Borrower’s request.
Fannie Mae shall not unreasonably withhold its consent to (a) the grant of a utility easement serving the Mortgaged Property to a publicly operated utility, or (b) the grant of an easement related to expansion or widening of roadways,
provided that such easement is in form and substance reasonably acceptable to Fannie Mae and does not materially and adversely affect the access, use or marketability of the Mortgaged Property. Fannie Mae shall consent to the granting of any
easement or the sale of small portion of the Mortgaged Property where (i) such easement or sale is between Borrower and an adjacent property owner, utility or local, state or federal governmental entity; (ii) the granting of such easement
or sale does not materially affect Borrower’s access to the Mortgaged Property or the use of any easements or amenities which benefit the Mortgaged Property; (iii) the granting of such easement or sale does not result in the loss of the
use of any units; and (iv) the consideration paid to Borrower (which consideration may be retained by Borrower as provided in the following sentence) is less than the lesser of 10% of the value of the Mortgaged Property (as determined at loan
origination) or $250,000. So long as no Event of Default exists, Borrower may retain any compensation received from the easement holder or the land purchaser for its own accounts (provided such consideration is less than the lesser of 10% of the
value of the Mortgaged Property (as determined at loan origination) or $250,000) so long as Borrower promptly repairs any damage covered by such easement or property grant. Fannie Mae shall promptly execute all release deeds and easement agreements
that comply with the foregoing requirements. Borrower shall be responsible for preparing all such documents and shall pay on demand any reasonable, out-of-pocket costs incurred by Fannie Mae in its review. Fannie Mae’s consent also shall not be
required for the granting of an easement, or the entering into of any other use or access agreement (an “Ancillary Service Agreement”), if: (u) such Ancillary Service Agreement is with a cable television, communications,
internet or other data or information supplier; (v) such Ancillary Service Agreement contains a subordination to the applicable Security Instrument in the form attached hereto as Exhibit S, the service provider under such Ancillary
Service Agreement executes and delivers a subordination, non-disturbance and attornment agreement substantially in the form 

  
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attached hereto as Exhibit S, or such service provider and Fannie Mae execute and deliver a mutually acceptable subordination, non-disturbance and attornment agreement (Fannie Mae agrees
to negotiate such agreement in good faith and with reasonable promptness); (w) such Ancillary Service Agreement shall be a commercially reasonable, arms-length transaction; (x) no material disruption of income or material reduction in
Gross Cash Flow shall occur on any Mortgaged Property due to the performance and enforcement of such Ancillary Service Agreement; (y) such Ancillary Service Agreement shall provide that the service provider shall, upon receipt of a written
request from Fannie Mae after the occurrence of an Event of Default under the Security Agreement, pay all amounts, if any, payable under the Ancillary Service Agreement to Fannie Mae; and (z) upon Fannie Mae’s request, Borrower shall
deliver to Fannie Mae a fully-executed copy of any such Ancillary Service Agreement not previously delivered to Fannie Mae; 

(vi) The Transfer of shares of common stock, limited partnership interests or other beneficial or ownership interests or other forms of
securities in EQR or OERPOP, and the issuance of all varieties of convertible debt, equity and other similar securities of EQR or ERPOP, and the subsequent Transfer of such securities; provided, however, that no Change of Control occurs as a result
of such Transfer, either upon such Transfer or upon the subsequent conversion to equity of such convertible debt or other securities; 
 (vii) The issuance by EQR or ERPOP of additional common stock, limited partnership interests or other beneficial or ownership interests, convertible debt, equity and other similar securities, and the
subsequent Transfer of such convertible debt or securities; provided, however, that no Change of Control occurs as the result of such Transfer, either upon such Transfer or upon the subsequent conversion to equity of such convertible debt or other
securities; 
 (viii) The merger or consolidation of EQR into another Person (the “Surviving REIT”) shall not
constitute a Change of Control or other Event of Default so long as (i) no Acquiring Person becomes (by acquisition, consolidation, merger or otherwise), directly or indirectly, the beneficial owner of more than 40% of the total Voting Equity
Capital of the Surviving REIT then outstanding; (ii) the Surviving REIT shall be a general partner of ERPOP or the “Surviving Operating Partnership” (as defined below), as the case may be, with sole authority to manage the day to day
business of ERPOP or the Surviving Operating Partnership, as the case may be, and (iii) no more than 50% (or such lesser percentage as is required for decision-making by the board of directors or trustees, if applicable) of the members of the
board of directors or trustees, if applicable, of the Surviving REIT are different than the members of the board of directors of EQR on the date which is one year prior to the date on which the merger or consolidation is consummated (other than
changes solely by reason of retirement at age sixty-two or older, death or disability), where such change shall not have been approved by a vote of at least a majority of the board of directors (or trustees, if applicable) of EQR then still in
office who were members of EQR’s board of directors (or trustees, if applicable) at the beginning of such one-year period or whose election as members of the board of directors (or trustees, if applicable) was previously so approved; provided,
however, that if the merger or consolidation involves a series of integrated transactions, then such transactions must be completed within a 90-day period, and, in such case, compliance with conditions (i) through (iv) shall be measured
solely upon the full consummation of the merger or consolidation, and further provided that such 

  
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merger or consolidation does not effect a dissolution of Borrower. If any of the conditions in clauses (i) through (iv) are not complied with, such merger or consolidation shall
constitute a Change of Control. For purposes of this Agreement, the Surviving REIT shall be considered EQR from and after the date on which the merger or consolidation is consummated. The merger or consolidation of ERPOP into another Person (the
“Surviving Operating Partnership”) shall not constitute a Change of Control or other Event of Default so long as it does not effect a Change of Control under the provisions of this paragraph (8); or 

(ix) A Transfer to the extent it constitutes a Permitted Lien; 

(x) A Transfer pursuant to Section 6.13(d) below; 
 (xi) Any Transfer of direct or indirect interests in Lexford Partnership, provided that the requirements of Section 6.12(c) remain satisfied at all times during the Term of this Agreement; or

 (xii) Any Transfer by virtue of a Tax-Free Pledge. 

 

	 	Section 6.14.	Consent to Prohibited Transfers. 

 Fannie Mae may, in its sole discretion, consent to a Transfer that would otherwise violate this Section 6.13 if, prior to the Transfer, the relevant Borrower Party has satisfied each of the following
requirements: 
 (a) the submission to Fannie Mae of all information required by Fannie Mae to make the determination required
by Section 6.13; 
 (b) the absence of any Event of Default; 

(c) neither transferee nor guarantor is directly or indirectly owned by nor is a Prohibited Person and each meets all of the eligibility,
credit, management and other standards (including any standards with respect to previous relationships between Fannie Mae and the transferee and the organization of the transferee) customarily applied by Fannie Mae at the time of the proposed
Transfer to the approval of borrowers or guarantors, as the case may be, in connection with the origination or purchase of similar mortgages, deeds of trust or deeds to secure debt on Multifamily Residential Properties; 

(d) if transferor or any other person has obligations under any Loan Documents, the execution by the transferee or one (1) or more
individuals or entities acceptable to Fannie Mae of an assumption agreement that is acceptable to Fannie Mae and that, among other things, requires the transferee to perform all obligations of transferor or such person set forth in such Loan
Document, and may require that the transferee comply with any provisions of this Instrument or any other Loan Document which previously may have been waived by Fannie Mae; 
 (e) in the case of a Transfer of direct or indirect Ownership Interests in Borrower Party, as the case may be, if transferor or any other person has obligations under any Loan Documents, the execution by
the transferee or one (1) or more individuals or entities 

  
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acceptable to Fannie Mae of an assumption agreement that is acceptable to Fannie Mae and that, among other things, requires the transferee to perform all obligations of transferor or such person
set forth in such Loan Document, and may require that the transferee comply with any provisions of this Instrument or any other Loan Document which previously may have been waived by Fannie Mae; 

(f) in the event such Transfer of direct or indirect Ownership Interests in Borrower, IDOT Guarantor or Guarantor results in (1) a
Change of Control or (2) a Transfer of a Mortgaged Property, such Transfer must include all Mortgaged Properties in a Collateral Pool; 
 (g) Fannie Mae’s receipt of all of the following: 
 (i) in the case of a
Transfer or assumption of an entire Collateral Pool or Pools, but not the Transfer or full assumption of the Credit Facility, a transfer fee equal to one percent (1%) of the Loans Outstanding under such Collateral Pool or Pools immediately
prior to the Transfer, and in all other cases, a transfer fee equal to 25 basis points (0.25%) of the Loans Outstanding under this Agreement immediately prior to the Transfer. 

(ii) Borrower shall reimburse on demand Fannie Mae for all of Fannie Mae’s reasonable out-of-pocket costs (including reasonable
attorneys’ fees) incurred in reviewing the Transfer request. 
 (h) Fannie Mae determines that the Transfer shall not
result in a “significant modification,” as defined under applicable Treasury Regulations, of any Loan that has been securitized in an MBS. 
  

	 	Section 6.15.	Change in Senior Management. 

 Borrower shall give Fannie Mae notice of any change in the identity of Senior Management within ten (10) Business Days of the occurrence thereof; provided, however, that the notice requirements set
forth in this Section 6.15 shall be deemed satisfied to the extent that Borrower has delivered to Fannie Mae a Form 10-K, 10-Q, 8-K or other applicable public filing for ERPOP and/or EQR relating to and highlighting the applicable change in
Senior Management. 
  

	 	Section 6.16.	Date-Down Endorsements. 

 At any time and from time to time, a Fannie Mae may obtain an endorsement to each Title Insurance Policy containing a Revolving Credit Endorsement, amending the effective date of the Title Insurance
Policy to the date of the title search performed in connection with the endorsement. The applicable Collateral Pool Borrower shall pay for the cost and expenses incurred by Fannie Mae to the Title Company in obtaining such endorsement, provided
that, for each Title Insurance Policy, it shall not be liable to pay for more than one (1) such endorsement in any consecutive twelve (12) month period (including if such Borrower has paid for such endorsements in connection with a
Substitution or Release). 

  
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	 	Section 6.17.	Ownership of Mortgaged Properties. 

 Applicable Borrower shall be the sole owner of its Mortgaged Properties free and clear of any Liens other than Permitted Liens. 

 

	 	Section 6.18.	Change in Property Manager. 

 Borrower shall give Fannie Mae notice of any change in the identity of the Property Manager of the Mortgaged Property, and no such change shall be made without the prior consent of Fannie Mae, which shall
not be unreasonably withheld, conditioned or delayed based on the criteria for approval of Property Managers as required by Fannie Mae for similar loans anticipated to be purchased by Fannie Mae. Notwithstanding the foregoing, so long as no Event of
Default has occurred and is continuing, Borrower may change the Property Manager to an Affiliate of Borrower, or to any wholly-owned subsidiary of EQR, ERPOP, the Surviving REIT or the Surviving Operating Partnership, without prior consent of Fannie
Mae, provided Borrower gives Fannie Mae prior written notice of such change. As of the date hereof, Equity Residential Management, L.L.C., a Delaware limited liability company (“Manager LLC”) is hereby approved as the
Property Manager. 
  

	 	Section 6.19.	ADA Litigation. 

Borrower acknowledges that that certain lawsuit styled The Equal Rights Center v. Equity Residential and ERP Operating Limited Partnership
(United States District Court for the District of Maryland, Case No. CCB-06-1060) (the “ADA Litigation”) identifies various properties, owned by Borrower or other entities affiliated with EQR, as having potential
construction/design violations under the Fair Housing Act and the Americans with Disabilities Act. Borrower shall abide by all terms, provisions, requirements and conditions resulting from a final adjudication, settlement, resolution or other
disposition of the ADA Litigation. 
  

	 	Section 6.20.	Tax-Free Exchange Transfers. 

 (a) Definitions. As used in this Section 6.20: 
 “Call/Put
Option” means the unconditional right of an Ultimate Owner to acquire all of the Ownership Interests in a Borrower from an EAT, or the unconditional right of an EAT to sell all of the Ownership Interests in a Borrower to an Ultimate
Owner, at any time from the Effective Date until the Outside Transfer Date or thereafter. 
 “EAT”
means, individually or collectively, an “exchange accommodation titleholder” as that term is used in Rev. Proc. 2000-37 and/or an entity that is wholly-owned by such exchange accommodation title holder and that is disregarded as an entity
separate from such exchange accommodation titleholder for federal income tax purposes. 
 “QEA
Documents” means, collectively, a qualified exchange accommodation agreement and any and all other documentation executed in connection with a proposed tax-free exchange of a Mortgaged Property, or any direct or indirect interest in a
Borrower, after the Effective Date. 

  
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 “Outside Transfer Date” means the day that is that later of
(i) one hundred eighty five (185) days after the Effective Date or (ii) such later date as may apply in the event of a “Presidentially Declared Disaster” pursuant to Section 17 of the Revenue Procedure 2007-56.

 “Tax-Free Exchange Transfer” means a one-time Transfer by an EAT to an Ultimate Owner of all (but not
less than all) of the Ownership Interests in a Borrower for the purpose of completing a so-called “reverse exchange” in accordance with Rev. Proc. 2000-37 or for the purpose of cancelling a so-called “parking arrangement”
established on the Effective Date to facilitate a so-called “reverse exchange” in accordance with Rev. Proc. 2000-37. 

“Tax-Free Note” means, with respect to each Borrower that is owned by an EAT, a promissory note issued by such
EAT to ERPOP and secured by a Tax-Free Pledge of the Ownership Interests in such Borrower, which is to be repaid on consummation of the Tax-Free Exchange Transfer with respect to such Borrower. 

“Tax-Free Pledge” means a pledge by an EAT or all of the Ownership Interests in a Borrower to secure the
obligations of the EAT to ERPOP pursuant to the associated Tax-Free Note. 
 “Transfer Documentation”
means the form of documentation intended to effect the proposed Tax Free Exchange Transfer, including but not limited to assignments of Ownership Interests from EAT to Ultimate Owner. 

“Ultimate Owner” means, individually or collectively: (a) ERPOP, (b) EQR, or (c) another entity
that is approved by Fannie Mae and that is wholly-owned, directly or indirectly, by ERPOP and/or EQR, and that has entered into QEA Documents with an EAT in form and substance approved by Fannie Mae. 

(b) EAT Ownership Permitted. Notwithstanding any provision of this Article 6 or any provision of the Security Instrument to the
contrary, the direct ownership by an EAT of 100% of a Borrower’s Ownership Interests shall not constitute a Change of Control, so long as: 
 (i) such EAT has been approved by Fannie Mae and has entered into QEA Documents, the form and substance of which have been approved by Fannie Mae, with an Ultimate Owner; 

(ii) a Tax-Free Exchange Transfer of such Ownership Interests occurs prior to the Outside Transfer Date in accordance with the provisions
of this Section 6.20; and 
 (iii) EQR or a Person that is 100% owned and Controlled by EQR is the lessee under a lease
pursuant to which such lessee is entitled to beneficial ownership and control over such Borrower’s Mortgaged Property. 

  
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 (c) Transfer Permitted. Notwithstanding any provision of this Article 6 or any
provision of the Security Instrument to the contrary, a Tax-Free Exchange Transfer shall not constitute an Event of Default, subject to the following terms and conditions: 
 (i) Borrower shall provide Fannie Mae with not fewer than ten (10) days prior written notice of each proposed Tax-Free Exchange Transfer, which notice must be accompanied by copies of the form of all
Transfer Documentation; 
 (ii) Borrower shall obtain Fannie Mae’s approval of the form and substance of all Transfer
Documentation; 
 (iii) At the time of the proposed Tax-Free Exchange Transfer, no Event of Default or Potential Event of
Default shall have occurred or be continuing; 
 (iv) Borrower shall pay to Fannie Mae the cost of all title searches, title
insurance and recording costs, and all out of pocket costs of Fannie Mae related to the Tax-Free Exchange Transfer, to the extent required; 
 (v) Borrower shall reaffirm in writing its obligations under the Note, this Agreement, the applicable Security Instrument, and the other Loan Documents and the Guaranty, and shall acknowledge and confirm
that each such document remains in full force and effect, by executing a confirmation of such obligations in form satisfactory to Fannie Mae simultaneously with the completion of each Tax-Free Exchange Transfer; 

(vi) Borrower shall provide Fannie Mae with confirmation of the termination, effective simultaneously with each Tax-Free Exchange
Transfer, of any lease or other agreement between EAT and Ultimate Owner with respect to the use, occupancy or beneficial ownership of the applicable Mortgaged Property; provided, however, that if such lease provides for automatic termination upon
consummation of the Tax-Free Exchange Transfer of the affected Mortgaged Property, such confirmation shall not be necessary but Borrower shall deliver to Fannie Mae promptly upon request such written confirmation or other assurances from the EAT
that such lease has terminated); 
 (vii) All Tax-Free Exchange Transfers must occur on or prior to the Outside Transfer Date;

 (viii) Borrower, and any general partner of a Borrower that is a limited partnership, shall at all times be a Single Purpose
entity, and the Organizational Documents of each EAT that holds Ownership Interests in a Borrower shall not be amended without the prior written consent of Fannie Mae; 
 (ix) concurrently with the effectiveness of each Tax-Free Exchange Transfer, the applicable Borrower Organizational Documents shall be amended and restated to conform to the form of Organizational
Documents approved by Fannie Mae as of the Effective Date for the Borrowers whose Ownership Interests are owned (directly or indirectly) by Guarantor as of the Effective Date, such amended and restated Organizational Documents to be in form approved
by Fannie Mae prior to the applicable Tax-Free Exchange Transfer or otherwise reasonable acceptable to Fannie Mae; 

  
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 (x) Borrower shall not permit any amendment to the QEA Documents, or the execution of any
new QEA Document, unless the form of such amendment or such new QEA Document has been approved by Fannie Mae; and 
 (xi)
Borrower shall provide to Fannie Mae fully-executed copies of the Transfer Documentation not later than two (2) Business Days following completion of the applicable Tax-Free Exchange Transfer. 

 

	 	Section 6.21.	Single Purpose Entity. 

 Each Borrower shall maintain itself as a Single Purpose entity. 
  

	 	Section 6.22.	Non-Residential Leases. 

 (a) So long as no Event of Default exists under this Agreement or any Security Instrument, Borrower may (i) renew commercial leases, and (ii) lease or use for non-residential use (a) any
non-residential portion of the Mortgaged Property; and (b) residential units, not exceeding five (5) of the units of the Mortgaged Property, for services associated with the use of the Mortgaged Property as a multifamily property
including, without limitation, Borrower may enter into laundry leases (collectively, “Non-Residential Leases”); provided, that (u) such Non-Residential Lease contains a subordination to the applicable Security Interest in form
previously approved by Fannie Mae, (v) the lessee under any Non-Residential Lease that is 5% or more of the gross rental income executes and delivers a subordination, non-disturbance and attornment agreement substantially in the form previously
approved by Fannie Mae, or such lessee and Fannie Mae execute and deliver a mutually acceptable subordination, non-disturbance and attornment agreement (Fannie Mae agrees to negotiate such agreement in good faith and with reasonable promptness);
(w) such Non-Residential Lease shall be a commercially reasonable, arms-length transaction; (x) no material disruption of income or material reduction in Gross Revenues shall occur on any Mortgaged Property due to the performance and
enforcement of such Non-Residential Lease; (y) such Non-Residential Lease shall provide that the lessee shall, upon receipt of a written request from Fannie Mae after the occurrence of an Event of Default under the Security Instrument, pay all
rents payable under the Non-Residential Lease to Fannie Mae; and (z) upon Fannie Mae’s request, Borrower shall deliver to Fannie Mae a fully-executed copy of any such Non-Residential Lease not previously delivered to Fannie Mae. The rights
of Borrower set forth in this subsection shall be in addition to the rights of Borrower set forth in Section 6.13(c)(5) above. 
 (b) Borrower shall use commercially reasonable efforts to obtain and deliver to Fannie Mae an estoppel certificate with respect to each non-Residential Lease, each recorded instrument of covenants,
conditions and restrictions, and each ground lease identified on Exhibit Q, and (b) a subordination, non-disturbance and attornment agreement with respect to each non-Residential Lease identified on Exhibit Q, each in a
form previously approved by Fannie Mae. 

  
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	 	Section 6.23.	Reserved. 

  

	 	Section 6.24.	Springing Member. 

Borrower shall provide written notice to Fannie Mae promptly of any change in a Borrower’s springing member. 

 

	 	Section 6.25.	Reserved. 

  

	 	Section 6.26.	Reserved. 

  

	 	Section 6.27.	Condemnation. 

 (a)
Borrower shall promptly notify Fannie Mae of any action or proceeding relating to any condemnation or other taking, or conveyance in lieu thereof, of all or any part of the Mortgaged Property, whether direct or indirect. Borrower shall appear and
prosecute or defend any action or proceeding relating to any Condemnation unless during the existence of an Event of Default or otherwise directed by Fannie Mae in writing. Borrower authorizes Fannie Mae to appear in Fannie Mae’s name, in any
action or proceeding relating to any Condemnation and, during the existence of an Event of Default or to the extent the damages from taking, Condemnation or conveyance in lieu exceeds $350,000.00, to commence, prosecute, settle or compromise any
claim in connection with any condemnation; provided, however, that if no apartment units have been lost due to the taking, condemnation or conveyance in lieu thereof, the use or operation of the Mortgaged Property has not been materially altered or
impaired, and the award or payment (net of Borrower’s and Fannie Mae’s costs) does not exceed $350,000.00, and there is no existing Event of Default, Borrower shall be entitled to retain such award or payment and apply it to the costs of
restoring the Mortgaged Property (if feasible) and then retain any amount remaining for its own account. This power of attorney is coupled with an interest and therefore is irrevocable. However, nothing contained in this Section 6.27 shall
require Fannie Mae to incur any expense or take any action. Except as otherwise set forth herein, Borrower hereby transfers and assigns to Fannie Mae all right, title and interest of Borrower in and to any award or payment with respect to
(i) any Condemnation, or any conveyance in lieu of Condemnation, and (ii) any damage to the Mortgaged Property caused by governmental action that does not result in a Condemnation. 

(b) Except as provided in Section 6.27(a), Fannie Mae may apply such awards or proceeds, after the deduction of Fannie Mae’s
expenses incurred in the collection of such amounts, to the Restoration (defined below) or repair of the Mortgaged Property or to the payment of the Indebtedness relating to the applicable Collateral Pool, with the balance, if any, to Borrower.
Notwithstanding anything to the contrary set forth in this Agreement, the Note, or any other Loan Document, if (i) no Event of Default exists, (ii) Fannie Mae determines, in its discretion, that there will be sufficient funds to complete
Restoration (provided that Borrower may pledge cash collateral and/or pledge Permitted Investments, or may post a Letter of Credit in accordance with the requirements of subsections (c), (d) and (e) of this Section 6.27 to cover any
deficiency), and (iii) such condemnation does not occur during the last two (2) years of the term of the Note relating to the applicable Collateral Pool, Fannie Mae shall permit such proceeds or awards to be used for Restoration. Unless
Fannie Mae otherwise agrees in writing, any 

  
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application of any awards or proceeds to the Indebtedness shall not extend or postpone the due date of any monthly installments referred to in the Note, Section 7 of the Security Instrument
or any Collateral Agreement. Borrower agrees to execute such further evidence of assignment of any awards or proceeds as Fannie Mae may require. 
 (c) Until the earliest of (i) completion of Restoration in accordance with the terms of this Agreement, or (ii) the date that Fannie Mae fully draws on the Letter of Credit as permitted by this
Agreement, or (iii) the Rating Requirements are no longer satisfied, Borrower shall renew, amend or replace, as applicable, the Letter of Credit in accordance with the terms of this Agreement, to ensure that the Letter of Credit remains in
effect, meets the Rating Requirements, and does not expire or shall provide cash to Fannie Mae in the amount that would have been required at the time if Borrower had not elected to furnish the Letter of Credit within 10 days of the Rating
Requirements not being satisfied or at least 15 days prior to the date the Letter of Credit matures or terminates. Fannie Mae shall return the Letter of Credit, or the proceeds of any draws on such Letter of Credit (less all amounts which have been
applied by Fannie Mae pursuant to the terms hereof) to Borrower within five (5) business days after the date on which Fannie Mae releases the lien of the Security Instrument or, provided, no Events of Default exists at the time, within five
(5) business days after the completion of Restoration in accordance with the terms hereof, as applicable. Borrower shall, promptly after receipt of notice from Fannie Mae, deliver to Fannie Mae an amendment or replacement of the Letter of
Credit, if Fannie Mae determines the same is required in order to ensure that there will be sufficient funds to complete Restoration. In the event Restoration has not been completed, at least 15 days prior to the expiration date of the Letter of
Credit, Borrower shall either (i) cause the Letter of Credit to be amended to extend its expiration date, (ii) furnish a replacement Letter of Credit or (iii) provide cash to Fannie Mae in the amount which would have been required at
the time if Borrower had not elected to furnish the Letter of Credit. 
 (d) If Borrower does not provide an amendment to, or
replacement of, the Letter of Credit when required pursuant to paragraph (c) above or provide the amount of cash referenced in paragraph (c) above, Fannie Mae shall demand or draw the full amount of the Letter of Credit and hold and apply
the proceeds as permitted hereunder in which case no Event of Default shall be deemed to exist by virtue of Borrower’s failure to comply with said paragraph (c). If an Event of Default has occurred and is continuing Fannie Mae may apply the
proceeds of the Letter of Credit pursuant to Section 6.27(e) of this Agreement. Nothing in this Section 6.27 shall obligate Fannie Mae to apply all or any portion of the proceeds of the Letter of Credit to cure any default under the Loan
Documents or to reduce the indebtedness evidenced by the Note. No application of proceeds of the Letter of Credit by Fannie Mae shall be deemed to cure any default. 
 (e) Provided no Event of Default exists, after Fannie Mae has drawn on the Letter of Credit, but prior to application of proceeds, Fannie Mae may, but is not obligated to, permit Borrower to provide a
replacement Letter of Credit that complies with all the requirements of this Section, in which case Fannie Mae shall return the proceeds of the demand or draw to Borrower, less Fannie Mae’s reasonable, out-of-pocket costs and expenses
(including reasonable, out-of-pocket attorneys’ fees and expenses). If Fannie Mae draws on the Letter of Credit and holds the proceeds under this Agreement, such funds shall be held by Fannie Mae in escrow pursuant to Section 7(b) of the
Security Instrument. Fannie Mae shall only draw on the 

  
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Letter of Credit upon any default under any of the Loan Documents or as otherwise permitted this Section 6.27, but in any event Fannie Mae shall have no obligation to make a demand on the a
draw on the Letter of Credit or apply the proceeds of any draw on the Letter of Credit to cure a default under the Loan Documents. Fannie Mae may hold the Letter of Credit or the proceeds of any Letter of Credit until the date for return as
determined pursuant to subsection (c) of this Section 6.27, or apply all or any portion of the proceeds as permitted by this Agreement or any of the Loan Documents and hold any remaining proceeds until the date for return determined under
subsection (c) of this Section 6.27. 
  

	 	Section 6.28.	Insurance. 

 (a)
Borrower shall maintain All Risk property insurance, builder’s risk coverage, where and when applicable, general boiler and machinery coverage, business income coverage, workers compensation insurance and commercial general liability insurance
with financially sound and reputable insurance companies or associations reasonably satisfactory to Fannie Mae pursuant to the Underwriting and Servicing Requirements and, except as provided below with respect to Deductibles
(“Deductible” shall mean any deductible under any insurance policy and any self-retention or self-insurance mechanism), in such amounts and covering such risks (subject to the provisions of subsection (d) below) that are
usually carried by companies engaging in similar businesses and owning similar properties in the same general areas in which the Borrower and EQR operate. If any of the Mortgaged Properties are located in an area identified by the Federal Emergency
Management Agency (or any successor to that agency) as an area having special flood hazards, and if flood insurance is available in that area, Borrower shall insure such Mortgaged Properties against loss by flood. On an annual basis, the Borrower
will initiate a discussion with Fannie Mae regarding the scope, coverages, Deductibles, self-insurance, exclusions and carriers of and relating to any such renewal policy. 
 (b) All premiums on insurance policies required under Section 6.28(a) shall be paid in the manner provided in Section 7 of the Security Instrument, unless Fannie Mae has designated in writing
another method of payment. All such policies shall be in a form reasonably approved by Fannie Mae. Annually Borrower shall provide to Fannie Mae the comprehensive summaries of their insurance program which are provided to the senior management of
ERPOP and EQR at the same time such summaries are provided to such senior management. Upon receipt by Borrower, Borrower shall promptly deliver to Fannie Mae a copy of the insurance binder and, thereafter, a duplicate original or a certified copy of
the insurance policy. Fannie Mae shall have the right to hold the duplicate original or certified copy of the primary lead policies of all insurance required by Section 6.28(a). Borrower shall promptly deliver to Fannie Mae a copy of all
renewal, cancellation and other material notices received by Borrower with respect to the policies and all receipts for paid premiums. Upon receipt by Borrower, Borrower shall promptly deliver to Fannie Mae a duplicate original or a certified copy
of the primary lead renewal policy in form reasonably satisfactory to Fannie Mae. Upon written request by Fannie Mae for any other insurance policies, Borrower shall provide Fannie Mae with copies of such policies within five (5) days. All
policies of property damage insurance shall include a non-contributing, non-reporting mortgage clause in favor of, and in a form approved by, Fannie Mae. 

  
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 (c) All insurance policies and renewals of insurance policies required by this
Section 6.28 shall be in amounts sufficient, together with payment by Borrower or ERPOP of the Deductible (as reasonably determined by Borrower, subject however to the provisions of this subsection), to cover 100% of the replacement cost of the
Mortgaged Property (or the allocated loan amount, if less). In respect of the renewal policy in effect on the date hereof, ERPOP shall guarantee to Fannie Mae under the Guaranty the Borrower’s obligation to pay any Deductible or self-insurance
under the insurance policies (the “Existing Deductible”). Borrower and Fannie Mae shall consult with each other to determine the amount of the insurance Deductible applicable to any renewal insurance policy (the “New
Deductible”). In the event that Borrower and Fannie Mae cannot agree on the amount of the New Deductible, then ERPOP will guarantee to Fannie Mae under the Guaranty the difference by which the New Deductible exceeds the Deductible that
Fannie Mae would otherwise require (but for the provisions of this subsection) as evidenced in a written notice by Fannie Mae to Borrower (the “Deductible Spread”). 

The Deductible Spread guaranteed under the Guaranty may not exceed $12 million or such larger other amount agreed upon by Fannie Mae in
its discretion (the “Maximum Amount”). In the event the Deductible Spread exceeds the Maximum Amount, Borrower shall provide to Fannie Mae Additional Collateral or other collateral approved by Fannie Mae in its discretion, in any
case in an aggregate amount determined by Fannie Mae in its reasonable discretion and shall provide any legal opinions required by Fannie Mae. Notwithstanding the above, in the event that the credit rating of the long-term unsecured debt of ERPOP
assigned by Moody’s or Standard & Poor’s falls below Baa3 or BBB- respectively (a “Downgrade Event”), Borrower shall provide and maintain a Letter of Credit (or provide for the required Deductible in the policy or
provide for other collateral acceptable to Fannie Mae in its discretion) to Fannie Mae with an available amount determined by Fannie Mae in its reasonable discretion with the intention of approximating the protection of the required New Deductible
for the term of the insurance policy relating to the New Deductible and on terms and conditions satisfactory to Fannie Mae. Such Letter of Credit shall be provided to Fannie Mae within 45 days after the Downgrade Event. 

Fannie Mae acknowledges and agrees that, (i) as of the date hereof, Borrower does not maintain insurance to cover mold-related
matters that may affect any Mortgaged Property and (ii) after the date hereof, Borrower may not maintain insurance covering acts of terrorism that may affect any Mortgaged Property unless required pursuant to the provisions set forth below
(such coverage described in clauses (i) and (ii) is individually and collectively, “Specialty Insurance”). Borrower agrees that it shall periodically consult, but in no event less than annually, with Fannie Mae to
determine whether Borrower should obtain any Specialty Insurance; provided, however, that Fannie Mae shall have the right to require Borrower to obtain Specialty Insurance in the event that with respect to a Mortgaged Property or Mortgaged
Properties Fannie Mae (i) reasonably determines that such Specialty Insurance is available at commercially reasonable rates, and (ii) is requiring the purchase of such Specialty Insurance by its borrowers owning similar properties in the
same general areas in which the Borrower and EQR operate. Any Specialty Insurance coverage required by Fannie Mae pursuant to the preceding sentence shall take effect on the annual insurance renewal date of Borrower first occurring after the date of
Fannie Mae’s determination. If Fannie Mae requires Borrower to obtain any Specialty Insurance, then in lieu of obtaining the required Specialty Insurance, Borrower shall have the right to furnish Fannie Mae with (i) an amendment to the
Guaranty in 

  
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form and substance satisfactory to Fannie Mae in which ERPOP guarantees Fannie Mae for any losses, costs and expenses or damages resulting from the failure of Borrower to obtain the required
Specialty Insurance up to a maximum amount reasonably determined by Fannie Mae taking into account among other considerations Fannie Mae’s overall credit exposure to EQR and its Affiliates, the financial condition of EQR and its Affiliates, and
Fannie Mae’s then existing policies relating to the purchase of Specialty Insurance as applied to companies owning similar properties in the same general areas in which the Borrower and EQR operate (the “Specialty Insurance Maximum
Amount”), and (ii) for any amounts above the Specialty Insurance Maximum Amount, Additional Collateral or other collateral approved by Fannie Mae in its discretion in an amount reasonably determined by Fannie Mae with the intention of
approximating the protection needed above the Specialty Insurance Maximum Amount for the term of the insurance policy relating to the required Specialty Insurance, and (iii) any legal opinions required by Fannie Mae. Upon the occurrence of a
“Downgrade Event”, Borrower shall purchase the required Specialty Insurance, promptly but in no event in more than 45 days. 
 (d) Borrower shall comply with all insurance requirements and shall not permit any condition to exist on the Mortgaged Property that would invalidate any part of any insurance coverage that this Agreement
requires Borrower to maintain. 
 (e) In the event of casualty that materially damages six or more units of a Mortgaged
Property, Borrower shall give immediate written notice to the insurance carrier and to Fannie Mae. During the existence of an Event of Default or to the extent the proceeds of such insurance exceed ten percent (10%) of the Allocable Loan Amount
of a Mortgaged Property or $750,000.00, whichever is less, Borrower hereby authorizes and appoints Fannie Mae as attorney-in-fact for Borrower to make proof of loss, to adjust and compromise any claims under policies of property damage insurance, to
collect and receive the proceeds of property damage insurance, and to deduct from such proceeds Fannie Mae’s expenses incurred in the collection of such proceeds. This power of attorney is coupled with an interest and therefore is irrevocable.
However, nothing contained in this Section 6.28 shall require Fannie Mae to incur any expense or take any action. To the extent (i) there is no existing Event of Default, or (ii) the proceeds do not exceed ten percent (10%) of
the Allocable Loan Amount or $750,000.00, whichever is less, then Borrower may make proof of loss, adjust and compromise any claims without Fannie Mae’s consent and use such proceeds to restore or repair the Mortgaged Property subject to the
conditions set forth in Section 6.28(f) hereof, and retain any remaining proceeds for its own account. If the proceeds exceed the threshold noted above, Fannie Mae may, at Fannie Mae’s option hold such proceeds to be used to reimburse the
Borrower for the cost of restoring and repairing the Mortgaged Property to a condition at least equal to the condition of such Mortgaged Property immediately prior to such casualty or to a condition approved by Fannie Mae (the
“Restoration”), or with the prior written consent of Borrower, which consent shall not be required if there is an existing Event of Default, or if the conditions as to the application of such funds for Restoration (or the
substitution of a replacement property) as set forth in Section 6.28(f) hereof are not satisfied, apply such proceeds to the payment of the Obligations relating to the applicable Collateral Pool, whether or not then due. To the extent Fannie
Mae agrees or is required to apply insurance proceeds to Restoration, Fannie Mae shall do so in accordance with Fannie Mae’s then-current policies relating to the restoration of casualty damage on similar Multifamily Residential Properties.

  
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 (f) Unless with Borrower’s written consent or upon an Event of Default or the failure
to satisfy any of the conditions set forth in this Section 6.28(f), Fannie Mae shall not exercise its option to apply insurance proceeds to the payment of the Obligations relating to the applicable Collateral Pool. Notwithstanding anything to
the contrary set forth in this Agreement, or any other Loan Document, if (i) no Event of Default exists, (ii) Fannie Mae determines, in its reasonable discretion, that there will be sufficient funds to complete Restoration (provided that
Borrower may post a Letter of Credit or pledge cash collateral and/or Permitted Investments in a manner consistent with the provisions set forth in this Agreement to cover any deficiency), and (iii) such casualty does not occur during the last
two (2) years of the term of the Note relating to the applicable Collateral Pool or this Agreement, Fannie Mae shall permit such proceeds to be used for Restoration. To the extent that Borrower and Fannie Mae agree to apply insurance or
condemnation proceeds to the Obligations, or Borrower does not satisfy any of the conditions set forth in the immediately preceding sentence (other than the requirement that no Event of Default exists), Fannie Mae shall permit the substitution of a
Multifamily Residential Property for the Mortgaged Property in accordance with the terms of this Agreement. 
 (g) If any
Mortgaged Property is sold at a foreclosure sale or Fannie Mae acquires title to the Mortgaged Property, Fannie Mae shall automatically succeed to all rights of Borrower in and to any insurance policies and unearned insurance premiums and in and to
the proceeds resulting from any damage to the Mortgaged Property prior to such sale or acquisition. So long as no Event of Default has occurred, Fannie Mae acknowledges and agrees that Borrower may use blanket insurance policies to the extent, and
for the purpose of satisfying the requirements of this Section. 
 (h) Until such time as Borrower has delivered to Fannie Mae
evidence deemed satisfactory to Fannie Mae, in its reasonable discretion, that upon a casualty or Condemnation of all or any portion of a Mortgaged Property that the Mortgaged Property can be restored (1) in the case of a casualty, to
substantially the same or better condition than existed immediately prior to such casualty (with at least the same projected rental income as existed immediately prior to such casualty or condemnation) or, (2) with respect to a Condemnation, to
a condition reasonably acceptable to Fannie Mae as if no Nonconforming Use Approvals (as defined below), were required (for purposes of this Section 6.28(h) only, such condition shall be referred to as “Restored” or the
“Restoration”) without obtaining the discretionary authorizations or approvals from any Governmental Authority to demonstrate that the Mortgaged Property can be Restored notwithstanding its current nonconforming use (the
“Nonconforming Use Approvals”), upon the occurrence of any casualty event or Condemnation the following Section 6.28(h) shall govern and control to the extent of any inconsistencies with Sections 6.28(a) through (g) above.

 (A) Notwithstanding anything to the contrary contained in Section 6.28(e) above, if such casualty or
Condemnation renders any of the apartment units unrentable, Fannie Mae shall be entitled to receive all proceeds or awards relating to such casualty or Condemnation. 

(B) Fannie Mae will permit the Borrower to substitute a Multifamily Residential Property for the Mortgaged Property in
accordance with and subject to the provisions of Section 3.03. 

  
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 (C) Fannie Mae will permit Borrower to Restore the Mortgaged Property
subject to the conditions set forth in Section 6.28(f) so long as, within one hundred twenty (120) days of such casualty or Condemnation, Borrower has delivered to Fannie Mae evidence deemed satisfactory to Fannie Mae in its reasonable
discretion that Borrower has obtained, or will be able to obtain in a diligent manner, the Nonconforming Use Approvals to effectuate such Restoration in a diligent and timely manner. 

(D) If, within one hundred twenty (120) days of such casualty or Condemnation, Borrower has not substituted the
Mortgaged Property pursuant to Section 6.28(h)(B) above (provided that, if such substitution is in process, Fannie Mae will extend such time period by up to an additional sixty (60) days) or satisfied the requirements for the Restoration
as specified in Section 6.28(h)(C) above, then: 
 (i) Borrower shall, within ten (10) days of Fannie
Mae’s request, deliver to Fannie Mae cash in an amount equal to the amount of the Deductible under Borrower’s property insurance policy; 
 (ii) Borrower shall diligently, in good faith, take all commercially reasonable actions necessary to obtain the Nonconforming Use Approvals and, if Borrower obtains such Nonconforming Use Approvals,
Borrower shall then Restore the Property pursuant to Section 6.28(e) above; 
 (iii) Borrower shall promptly
remove all damaged structures and debris and cause the Mortgaged Property to be in good condition, order and repair; and 
 (iv) Fannie Mae shall continue to hold, as additional collateral, the proceeds or awards related to such casualty or Condemnation, as well as the amount of the Deductible referred to in clause (D)(i)
above; provided, however, that if within twelve (12) months of such casualty or Condemnation Borrower has not substituted a Multifamily Residential Property for the Mortgaged Property pursuant to clause (B) above or obtained the
Nonconforming Use Approvals, Fannie Mae shall have the right, but not the obligation, to apply such additional collateral to the Obligations (without yield maintenance penalty or premium). 

(i) Fannie Mae has approved the Borrower’s existing insurance program, which includes the approval of the Borrower’s existing
Deductibles, self-insurance, insurance carriers and such insurance carriers’ respective credit ratings. Fannie Mae agrees to accept future insurance policies from such insurance carriers and other insurance carriers if (a) in Fannie
Mae’s reasonable judgment, the insurance program in the aggregate is similar or better to protect Fannie Mae’s interests than the insurance program on the date of this Agreement, and (b) in Fannie Mae’s reasonable judgment, the
credit ratings of all insurance carriers in the insurance program are, in the aggregate, similar or better to protect Fannie Mae’s interests than the ratings of the insurance carriers, in the aggregate, on the date of this Agreement.

  
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	 	Section 6.29.	Oakwood Marina Del Rey Ground Lease. 

 (a) Borrower ASN Marina LLC is the lessee under that certain Amended and Restated Lease Agreement dated November 30, 2001 by and between the County of Los Angeles (the
“County”), as lessor, and Marina del Rey Country Club Apartments, as lessee, as evidenced by a Memorandum of Lease dated November 30, 2001 and recorded November 30, 2001 as Instrument No. 01-2274973; as
assigned by Marina Del Rey Country Club Apartments to Oakwood-Marina del Rey LLC by Assignment of Lease and Deed dated as of November 30, 2001 and recorded November 30, 2001 as Instrument No. 01-22749745; as amended by Amendment
No. 1 dated May 20, 2003 and recorded October 24, 2003 as Instrument No. 03-3187361; as further assigned by Oakwood-Marina del Rey LLC to ASN Marina LLC by Assignment of Lease and Deed dated as of July 28, 2005, recorded
August 24, 2005 as Instrument No. 05-2028687; as amended by Amendment No. 2 dated July 19, 2005, as evidenced by Assignment of Lease and Deed recorded August 24, 2005 as Instrument No. 05-2028687 (collectively, the
“OMDR Ground Lease”). Pursuant to the terms of the OMDR Ground Lease, the transaction contemplated by this Agreement as to ASN Marina LLC and the Mortgaged Property that it owns requires the prior consent of the County,
and/or the payment of certain fees from ASN Marina LLC to the County. 
 (b) Borrower has informed Fannie Mae that it is
currently engaged in discussions with officials from the County regarding the foregoing and it expects to receive the County’s consent to the transaction contemplated by this Agreement and confirmation that ASN Marina LLC will not owe any
related fees to the County. However, Borrower will not receive such consent and confirmation nor will it be able to provide an estoppel certificate from the County for the OMDR Lease prior to the Closing Date. 

(c) Borrower shall notify Fannie Mae promptly of any decision by the County to deny consent to the transaction contemplated by this
Agreement or to require payment of a fee or other amount pursuant to the OMDR Ground Lease.
 (d) In the event the County
determines that Borrower owes any fees or other amount under the OMDR Ground Lease, Borrower agrees to pay such fees or amounts in a timely manner. In the event (i) Borrower does not provide an estoppel certificate from the County to Fannie Mae
on or before May 15, 2013 which provides that no default exists under the OMDR Ground Lease, then Fannie Mae, in its sole discretion, may require the Borrower to, or (ii) the County denies Borrower’s request for such consent, Borrower
will, either (a) pay down the Allocable Loan Amount for ASN Marina LLC (i.e., $76,529,644.00) within five (5) days following Fannie Mae’s election, or (b) release the ASN Marina LLC Mortgaged Property from the applicable
Collateral Pool, in which case (1) the Closing Date for the release of the applicable Mortgaged Property shall be five (5) days following the date of Fannie Mae’s election, (2) upon the Closing Date of the release of the ASN
Marina LLC Mortgaged Property, Borrower shall deposit with Fannie Mae a Substitution Deposit, and (3) Borrower shall submit a Substitute Mortgaged Property in accordance with the provisions of Section 3.03 of this Agreement, provided that
such Substitution must be effectuated on or before the date that is sixty (60) days following the Closing Date of the release of the ASN Marina LLC Mortgaged Property. 

  
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	 	Section 6.30.	Certificates of Good Standing; Certified Articles. 

 No later than March 4, 2013, Borrower shall deliver Fannie Mae copies of (i) certificates of formation for each of Archstone 6 LLC, Archstone 5 LLC, and Archstone Alban Towers LLC, certified by
the Secretary of State of Delaware (“DESOS”) within thirty (30) days prior to March 4, 2013, and (ii) Certificates of Good Standing for each of Archstone 6 LLC, Archstone 5 LLC, and Archstone Alban Towers LLC, issued
by DESOS within thirty (30) days prior to March 4, 2013. 
  

	 	Section 6.31.	Veridian – Silver Spring Metro Owners Association, Inc. 

 (a) Borrower Silver Spring Gateway Residential LLC (“Gateway”) is the owner in fee of certain condominium units comprising the Mortgaged Property located at 1121 E. West Highway,
Silver Spring Maryland and known as the Veridian (“Veridian”). Gateway conveyed its fee ownership interest in the unit comprising the common areas of the Veridian (the “Common Area Site Unit”) to
Silver Spring Metro Owners Association (“HOA”) pursuant to a No Consideration Deed dated January 27, 2010 made by Gateway and recorded on January 27, 2010 among the Land Records of Montgomery County, Maryland in
Liber 38745, folio, 52. 
 (b) Fannie Mae has required that Borrower cause HOA to grant to Fannie Mae a valid first Lien on its
fee interest in the Common Area Site Unit as additional security for the Loan to Gateway. Borrower has informed Fannie Mae that because HOA is not in good standing in the State of Maryland and will not be in good standing by the Closing Date,
Borrower cannot comply with this request by the Closing Date. However, Borrower believes that it will be able to reinstate HOA and, because Gateway is the sole member of HOA, cause it to grant a valid first Lien on the fee interest in the Common
Area Site Unit to Fannie Mae. 
 (c) Borrower shall keep Fannie Mae reasonably apprised of its progress in reinstating the HOA.
On or before April 29, 2013, unless such deadline is otherwise extended by Fannie Mae in its sole discretion, Borrower shall (1) cause HOA to grant to Fannie Mae a valid, first Lien on the Common Area Site Unit, (2) at its sole cost
and expense, cause the Title Company to issue a “date down” endorsement to the Veridian title policy which includes the Common Area Site Unit in the insured legal description and adds HOA as a grantor, and (3) cause the HOA to execute
such further documents as may be necessary to effectuate the grant of such Lien including, without limitation, an amendment to the Multifamily Deed of Trust, Assignment of Rents Security Agreement and Fixture filing for Veridian dated as of the date
of this Agreement. 
  

	 	Section 6.32.	Archstone Marina Del Rey Ground Lease. 

 (a) Borrowers Archstone Marina Del Rey-I LLC and Archstone Marina Del Rey-II LLC are, jointly, the lessee under that certain Amended and Restated Lease Agreement dated as of March 1, 2005 by and
between the County, as lessor, and Archstone-Smith Operating Trust, as lessee, as evidenced by a Memorandum of Lease dated March 4, 2005 and recorded April 4, 2005 as Instrument No. 05-0768919; as assigned by Archstone-Smith Operating
Trust to (i) Archstone Marina Del Rey-I LLC (f/k/a Tishman Speyer Archstone-Smith Marina Del Rey–I, LLC) by Assignment of Lease and Assumption of Ground Lease dated as of October 5, 2007 and recorded October 18, 2007 as
Instrument No. 20072372589 and (ii) Archstone Marina Del Rey-II LLC (f/k/a Tishman Speyer Archstone-Smith Marina Del Rey–II, LLC) by Assignment of Lease and Assumption of Ground Lease dated as of October 5, 2007 and recorded
October 18, 

  
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2007 as Instrument No. 20072372590 (collectively, the “AMDR Ground Lease”). Pursuant to the terms of the AMDR Ground Lease, the transaction contemplated by this Agreement
as to Archstone Marina Del Rey-I LLC and Archstone Marina Del Rey-II LLC and the Mortgaged Property that each of them owns requires the prior consent of the County, and/or the payment of certain fees from either or both of Archstone Marina Del Rey-I
LLC and Archstone Marina Del Rey-II LLC to the County. 
 (b) Borrower has informed Fannie Mae that it is currently engaged in
discussions with officials from the County regarding the foregoing and it expects to receive the County’s consent to the transaction contemplated by this Agreement and confirmation that Archstone Marina Del Rey-I LLC and/or Archstone Marina Del
Rey-II LLC will not owe any related fees to the County. However, Borrower will not receive such consent and confirmation nor will it be able to provide an estoppel certificate from the County for the AMDR Lease prior to the Closing Date. 

(c) Borrower shall notify Fannie Mae promptly of any decision by the County to deny consent to the transaction contemplated by this
Agreement or to require payment of a fee or other amount pursuant to the AMDR Ground Lease. 
 (d) In the event the County
determines that Borrower owes any fees or other amount under the AMDR Ground Lease, Borrower agrees to pay such fees or amounts in a timely manner. In the event (i) Borrower does not provide an estoppel certificate from the County to Fannie Mae
on or before May 15, 2013 which provides that no default exists under the AMDR Ground Lease, then Fannie Mae, in its sole discretion, may require the Borrower to, or (ii) the County denies Borrower’s request for such consent, Borrower
will, either (a) pay down the Allocable Loan Amount for Archstone Marina Del Rey-I LLC and Archstone Marina Del Rey-II LLC (i.e., $145,035,377.00) within five (5) days following Fannie Mae’s election, or (b) release the Archstone
Marina Del Rey-I LLC and Archstone Marina Del Rey-II LLC Mortgaged Property from the applicable Collateral Pool, in which case (1) the Closing Date for the release of the applicable Mortgaged Property shall be five (5) days following the
date of Fannie Mae’s election, (2) upon the Closing Date of the release of the Archstone Marina Del Rey-I LLC and Archstone Marina Del Rey-II LLC Mortgaged Property, Borrower shall deposit with Fannie Mae a Substitution Deposit, and
(3) Borrower shall submit a Substitute Mortgaged Property in accordance with the provisions of Section 3.03 of this Agreement, provided that such Substitution must be effectuated on or before the date that is sixty (60) days following
the Closing Date of the release of the Archstone Marina Del Rey-I LLC and Archstone Marina Del Rey-II LLC Mortgaged Property. 

  
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 ARTICLE 7 
 NEGATIVE COVENANTS OF BORROWER 
 Borrower agrees and covenants with Fannie
Mae that, at all times during the Term of this Agreement: 
  

	 	Section 7.01.	Other Activities. 

Other than actions reasonable, customary, and deemed to be necessary, in the reasonable judgment of Fannie Mae, in connection with a
Transfer permitted hereunder and subject to the provisions of Section 6.13, no Borrower Party shall: 
 (a) in the case of
any Borrower or managing member or general partner of a Borrower, amend its Organizational Documents in any material respect without the prior written consent of Fannie Mae; 
 (b) in the case of any Borrower Party not described in (a) of this Section 7.01, amend its Organizational Documents in any way that would have a material adverse effect on any Borrower
Party’s ability to perform its obligations under the Loan Documents without the prior written consent of Fannie Mae; 
 (c)
dissolve or liquidate in whole or in part (except for the sale of Mortgaged Properties in the ordinary course of business); 

(d) in the case of any Borrower or managing member or general partner of a Borrower, except as otherwise provided in this Agreement,
without the prior written consent of Fannie Mae, merge or consolidate with any Person; 
 (e) in the case of any Borrower Party
not described in (d) of this Section 7.01, if such merger or consolidation would have a Material Adverse Effect on any Borrower Party’s ability to perform its obligations under the Loan Documents, merge or consolidate with any other
Person without the prior written consent of Fannie Mae; 
 (f) use, or permit to be used, any Mortgaged Property in the
applicable Collateral Pool for any uses or purposes other than as a Multifamily Residential Property and ancillary uses consistent with Multifamily Residential Properties; 
 (g) in the case of any Borrower or managing member or general partner of a Borrower, convert from one type of legal entity to another type of legal entity; or 

(h) in the case of any Borrower Party not described in (g) of this Section 7.01, if such conversion would have a Material
Adverse Effect on any Borrower Party’s ability to perform its obligations under the Loan Documents, convert from one type of legal entity to another type of legal entity. 
 Each Borrower Party shall promptly provide Fannie Mae with notice and a copy of any amendment of its Organizational Documents that does not require prior written consent of Fannie Mae. 

 

	 	Section 7.02.	Liens. 

 Borrower
shall not create, incur, assume or suffer to exist any Lien on Borrower’s interest in any Mortgaged Property in its Collateral Pool or any part of any Mortgaged Property, except the Permitted Liens. 

  
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	 	Section 7.03.	Indebtedness. 

Borrower and any general partner of Borrower shall not incur or be obligated at any time with respect to aggregate Indebtedness
(other than the Loan), in excess of $350,000; provided, however, that for purposes of this Section 7.03, the calculation of Indebtedness shall exclude Indebtedness (A) relating to claims for work, labor, or materials
affecting any Mortgaged Property and that (i) consists of current trade liabilities incurred for work commissioned in the ordinary course of Borrower’s business, (ii) is payable in accordance with customary practices, and
(iii) is unsecured or secured by mechanic’s or materialmen’s liens against such Mortgaged Properties which are released of record or otherwise remedied to Fannie Mae’s satisfaction, within thirty (30) days of the date of
creation, (B) unsecured debt the proceeds of which are used to pay for Alterations permitted under the Loan Documents, and (C) real estate taxes which Borrower is contesting pursuant to the terms and conditions of the Security Instruments.
Except for a Tax-Free Note secured by a Tax-Free Pledge, none of Borrower or any entity whose sole asset is a direct or indirect ownership interest in Borrower shall incur any “mezzanine debt,” issue any preferred equity or incur any
similar Indebtedness or equity with respect to any Mortgaged Property; provided, for avoidance of doubt, the foregoing shall not construed to limit the issuance by any entity that is or intends to qualify as a real estate investment trust (within
the meaning of the Code) of preferred interests in order to satisfy minimum shareholder requirements, so long as such preferred interests do not include rights the exercise of which could result in a Change of Control. 

 

	 	Section 7.04.	Principal Place of Business; Name Change. 

 Borrower shall not change its principal place of business, its state of formation or its name or the location of its books and records, each as set forth in Borrower’s Certificate, without first
giving thirty (30) days’ prior written notice to Fannie Mae and, in the case of a change in the name of Borrower, unless Borrower furnishes documentation reasonably required by Fannie Mae or its legal counsel sufficient, in their
reasonable discretion, and at the expense of Borrower, to protect Fannie Mae’s security interest in the Mortgaged Property and UCC Collateral (as defined in the applicable Security Instrument), including title policy endorsements and UCC
financing statements and/or amendments sufficient to continue the perfection of Fannie Mae’s security interest have been properly filed and copies have been delivered to Fannie Mae. 

 

	 	Section 7.05.	Condominiums. 

Borrower shall not submit any Mortgaged Property in its Collateral Pool to a condominium regime during the Term of this Agreement.
Notwithstanding the foregoing, the Mortgaged Properties commonly known as Archstone Columbia Crossing, having an address at 1957 Columbia Pike, Arlington, Virginia; Archstone San Mateo, having an address at 1101 Park Place, San Mateo, California;
and Archstone Pentagon City, having an address at 801 15th Street South, Arlington, Virginia are subject to a condominium regime and shall be permitted to be subject to such regime during the term of this Agreement. In addition, such Mortgaged
Properties shall be subject to the terms of the Security Instrument with respect to the operation of such condominium regime. 

  
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	 	Section 7.06.	Restrictions on Distributions. 

 Borrower shall not make any distributions of any nature or kind whatsoever to the owners of its Ownership Interests as such if, at the time of such distribution, an Event of Default has occurred and
remains uncured. 
  

	 	Section 7.07.	Master Leases. 

 No
Mortgaged Property may be master leased or otherwise leased in whole or in bulk, provided that the Mortgaged Properties identified on Exhibit M are master leased to Master Tenant pursuant to a Master Lease in the form approved by Fannie Mae
prior to the Effective Date. Borrower shall not, without the prior written consent of Fannie Mae, which consent shall be given in Fannie Mae’s reasonable discretion, agree to any material modification or amendment to any Master Lease and shall
not terminate any Master Lease without Fannie Mae’s prior written consent, unless after such termination all Resident Agreements related to the relevant Mortgaged Property shall remain in full force and effect with Borrower becoming a landlord
under such Resident Agreements, provided that Fannie Mae’s consent shall no longer be required after a Mortgaged Property is released from a Collateral Pool. In the event Master Tenant terminates the Master Lease, Borrower shall promptly
provide notice of such termination to Fannie Mae. Notwithstanding the foregoing, the Master Lease currently in effect for the Mortgaged Property known as Oakwood Marina Del Ray may be terminated by the applicable Collateral Pool Borrower, or by the
master tenant thereunder, pursuant to a right of termination in effect as of the Effective Date. Neither Section 4(f) of the applicable Security Instrument nor Section 6.22 of this Agreement shall apply to a Master Lease. 

ARTICLE 8 

FEES 
  

	 	Section 8.01.	Re-Underwriting Fee. 

 On the Closing Date of any Extension, Release, or Substitution (on the Closing Date of the Release of the Release Mortgaged Property under such Substitution), the applicable Collateral Pool Borrower shall
pay to Fannie Mae a re-underwriting fee equal to the product of $5,000 multiplied by the number of Mortgaged Properties in such Collateral Pool at the time of such Extension, Release Request, or Substitution Request, as applicable (the
“Re-Underwriting Fee”). 
  

	 	Section 8.02.	[Reserved] 

  

	 	Section 8.03.	Due Diligence Fees. 

(a) Initial Due Diligence Fees. The applicable Collateral Pool Borrower shall pay to Fannie Mae actual due diligence fees in
connection with the underwriting of the transactions referred to in Recital D of this Agreement, including underwriting the Mortgaged Properties with respect to the loan-to-value and debt service coverage requirements imposed by Fannie Mae as a
condition to entering into this Agreement. 

  
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 (b) Additional Due Diligence Fees for Substitute Mortgaged Properties. The applicable
Collateral Pool Borrower shall pay to Fannie Mae actual due diligence fees including Fannie Mae’s review fee of $1,500 for each Mortgaged Property (the “Additional Due Diligence Fees”) with respect to each proposed
Substitute Mortgaged Property anticipated to be added to a Collateral Pool. In connection with any Substitution Request, Borrower shall pay to Fannie Mae a deposit equal to the product obtained by multiplying 

(i) $12,000 by 
 (ii) the number of Substitute Mortgaged Properties (such amount to be allocated to Fannie Mae for its due diligence expenses). 
 Any Additional Due Diligence Fees not covered by the deposit shall be paid by Borrower on the Closing Date (or if the proposed Substitute Mortgaged Property does not become part of the Collateral Pool, on
demand) for the Substitute Mortgaged Property. Any portion of the Additional Due Diligence Fee paid to Fannie Mae not actually used by Fannie Mae to cover reasonable due diligence expenses shall be promptly refunded to the applicable Collateral
Pool Borrower. 
  

	 	Section 8.04.	Legal Fees and Expenses. 

 (a) Initial Legal Fees. The applicable Collateral Pool Borrower shall pay, or reimburse Fannie Mae and Servicer for, all reasonable out-of-pocket third-party legal fees and expenses incurred by
Fannie Mae and Servicer in connection with the preparation, review and negotiation of (i) this Agreement and any other Loan Documents and the Guaranty executed on the date of this Agreement and (ii) any items that any Collateral Pool
Borrower is required to deliver after the Closing Date pursuant to the terms of this Agreement. 
 (b) Fees and Expenses
Associated with Requests. The applicable Collateral Pool Borrower shall pay, or reimburse Fannie Mae and Servicer for, all reasonable out-of-pocket third-party costs and expenses incurred by Fannie Mae and Servicer, including the out-of-pocket
legal fees and expenses incurred by Fannie Mae and Servicer in connection with the preparation, review and negotiation of all documents, instruments and certificates to be executed and delivered in connection with each Request for such Collateral
Pool Borrower, the performance by Fannie Mae of any of its obligations with respect to the Request, the satisfaction of all conditions precedent to such Borrower’s rights or Fannie Mae’s obligations with respect to the Request, and all
transactions related to any of the foregoing, including the cost of title insurance premiums and applicable recordation and transfer taxes and charges and all other reasonable costs and expenses in connection with a Request. The obligations of the
applicable Borrower under this subsection shall be absolute and unconditional, regardless of whether the transaction requested in the Request actually occurs. The applicable Collateral Pool Borrower shall pay such costs and expenses to Fannie Mae on
the Closing Date for the Request, or, as the case may be, after demand by Fannie Mae when Fannie Mae determines that such Request will not close. 

  
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	 	Section 8.05.	Failure to Close any Request. 

 If a Collateral Pool Borrower makes a Request and fails to close on the Request for any reason other than the default by Fannie Mae, then such Borrower shall pay to Fannie Mae all actual cost and expenses
(including any breakage costs) incurred by Fannie Mae in connection with the failure to close. 
 ARTICLE 9 

EVENTS OF DEFAULT 
  

	 	Section 9.01.	Events of Default. 

Each of the following events shall constitute an “Event of Default” under this Agreement, whatever the reason for
such event and whether it shall be voluntary or involuntary, or within or without the control of Borrower or Guarantor or be effected by operation of law or pursuant to any judgment or order of any court or any order, rule or regulation of any
Governmental Authority, provided that, except with respect to the Loans secured by the Mortgaged Properties comprising a Collateral Pool, an Event of Default that relates solely to any Collateral Pool shall not be an Event of Default under the Loan
secured by any other Collateral Pool: 
 (a) the occurrence of a default under any Loan Document related to such Borrower’s
Collateral Pool beyond the cure period, if any, set forth therein; or 
 (b) the failure by Borrower to pay within thirty
(30) days of its due date or request by Fannie Mae, as applicable, when due any amount payable by Borrower under any Note, any Security Instrument, this Agreement or any other Loan Document, including any fees, costs or expenses; provided,
however, that (i) such thirty (30) day grace period shall not apply to: (A)regularly scheduled monthly payments of principal, interest, discount (if any) or any payment upon the Maturity Date (as defined in the Note) or the applicable Pool
Termination Date or (B) any fees, costs or expenses due and payable on the Effective Date or any fees, costs or expenses due and payable on the Closing Date of any Request; and (ii) such thirty (30) day grace period shall not be more
than (or in addition to) any other grace period provided in the Note, any Security Instrument, this Agreement or any other Loan Document; or 
 (c) the failure by Borrower to perform or observe any covenant set forth in Section 6.07 (Inform Fannie Mae of Material Events), Section 6.09 (Alterations to Mortgaged Properties),
Section 6.12 (Ownership), Section 6.13 (Limitations on Transfer), Section 6.17 (Ownership of Mortgaged Properties), Section 6.18 (Change in Property Manager), Section 6.29 (Oakwood Marina Del Rey Ground Lease),
Section 6.30 (Certificates of Good Standing; Certified Articles), Section 6.31 (Veridian – Silver Spring Metro Owners Association, Inc.), Section 6.32 (Archstone Marina Del Rey Ground Lease), Section 7.01 (Other Activities),
Section 7.02 (Liens), Section 7.03 (Indebtedness), Section 7.06 (Restrictions on Distributions), Section 7.07 (Master Leases); or 
 (d) the failure by Borrower to perform or observe any covenant contained in Article 6 or Article 7 (other than those sections specifically referenced in Section 9.01(c) above) for thirty
(30) days after receipt of notice of such failure by such Borrower from Fannie Mae, 

  
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provided that such period shall be extended for up to thirty (30) additional days if such Borrower, in the discretion of Fannie Mae, is diligently pursuing a cure of such default within
thirty (30) days after receipt of notice from Fannie Mae; or 
 (e) any warranty, representation or other written statement
made by or on behalf of Borrower or Guarantor contained in this Agreement, any other Loan Document or in any instrument furnished in compliance with or in reference to any of the foregoing, is false or misleading in any material respect on any date
when made or deemed made and, in the case of any warranty, representation or other written statement that was not intentionally false or misleading when made, and in Fannie Mae’s reasonable judgment is curable, remains uncured for thirty
(30) days after notice of such false or misleading statement shall have been given to Borrower; or 
 (f) (i) any Borrower
Party shall (A) commence a voluntary case, whether of such entity or an Affiliate thereof, under the Federal bankruptcy laws (as now or hereafter in effect), (B) file a petition seeking to take advantage of any other laws, domestic or
foreign, relating to bankruptcy, insolvency, reorganization, debt adjustment, winding up or composition or adjustment of debts, (C) consent to or fail to contest in a timely and appropriate manner any petition filed against it in an involuntary
case under such bankruptcy laws or other laws, (D) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of
a substantial part of its property, domestic or foreign, (E) admit in writing its inability to pay, or generally not be paying, its debts as they become due, (F) make a general assignment for the benefit of creditors, (G) assert that
any Borrower Party (but with respect to any Guarantor, solely with respect to the Guaranty) has no liability or obligations under this Agreement or any other Loan Document to which it is a party; (H) take any action, petition to or cause or
permit any of its assets to be partitioned, or (I) take any action for the purpose of effecting any of the foregoing; or (ii) a case or other proceeding shall be commenced against any Borrower Party in any court of competent jurisdiction
seeking (A) relief under the Federal bankruptcy laws (as now or hereafter in effect) or under any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding upon or composition or adjustment of debts, or
(B) the appointment of a trustee, receiver, custodian, liquidator or the like of any Borrower Party, whether by such entity or an Affiliate thereof, for all or a substantial part of the property, domestic or foreign, of any Borrower Party,
whether by such entity or an Affiliate thereof, and any such case or proceeding shall continue undismissed or unstayed for a period of ninety (90) consecutive days, or any order granting the relief requested in any such case or proceeding
against any Borrower Party, whether by such entity or an Affiliate thereof (including an order for relief under such Federal bankruptcy laws), shall be entered; or 
 (g) if any provision of this Agreement or any other Loan Document or the lien and security interest purported to be created hereunder or under any Loan Document shall at any time for any reason cease to
be valid and binding in accordance with its terms on Borrower or Guarantor, or shall be declared to be null and void, or the validity or enforceability hereof or thereof or the validity or priority of the lien and security interest created hereunder
or under any other Loan Document shall be contested by Borrower or Guarantor seeking to establish the invalidity or unenforceability hereof or thereof, or Borrower or Guarantor (only with respect to the Guaranty) shall deny that it has any further
liability or obligation hereunder or thereunder; or 

  
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 (h) (i) the execution by Borrower of a chattel mortgage or other security agreement on any
materials, fixtures or articles used in the construction or operation of the improvements located on any Mortgaged Property or on articles of personal property located therein (other than in connection with any Permitted Liens), or (ii) if any
such materials, fixtures or articles are purchased pursuant to any conditional sales contract or other security agreement or otherwise so that the Ownership thereof will not vest unconditionally in Borrower free from encumbrances, or (iii) if
Borrower does not furnish to Fannie Mae upon request the contracts, bills of sale, statements, receipted vouchers and agreements, or any of them, under which Borrower claims title to such materials, fixtures, or articles; or 

(i) the failure by Borrower to comply with any requirement of any Governmental Authority within thirty (30) days after written
notice of such requirement shall have been given to Borrower by such Governmental Authority; provided that, if the required action is commenced and diligently pursued by Borrower within such thirty (30) days, then Borrower shall have such
additional time to comply with such requirement as permitted by the Governmental Authority; or 
 (j) a dissolution or
liquidation for any reason (whether voluntary or involuntary) of any Borrower Party, except in connection with the sale of Mortgaged Properties in the ordinary course of business; or 

(k) any final and nonappealable judgment against a Borrower Party (other than ERPOP or EQR), any attachment or other levy against any
portion of Borrower Party’s (other than ERPOP’s or EQR’s) assets with respect to a claim or claims in an amount in excess of $250,000 individually and/or $500,000 in the aggregate remains unpaid, unstayed on appeal undischarged,
unbonded, not fully insured or undismissed for a period of ninety (90) days; 
 (l) any final and nonappealable judgment
against ERPOP or EQR, any attachment or other levy against any portion of ERPOP’s or EQR’s assets with respect to a claim or claims in an amount in excess of $10,000,000 individually remains unpaid, unstayed on appeal undischarged,
unbonded, not fully insured or undismissed for a period of ninety (90) days; or 
 (m) the failure by Borrower or Guarantor
to perform or observe any material term, covenant, condition or agreement hereunder, other than as contained in subsections (a) through (k) above, or in any other Loan Document, within thirty (30) days after receipt of notice from
Fannie Mae identifying such failure, provided such period shall be extended for up to thirty (30) additional days if Borrower, in the discretion of Fannie Mae, is diligently pursuing a cure of such default within thirty (30) days after
receipt of notice from Fannie Mae and corrective action is instituted by Borrower within such period and pursued diligently and in good faith, then such failure shall not constitute an Event of Default unless such failure is not cured by Borrower
within sixty (60) days after receipt of notice from Fannie Mae identifying such failure. Notwithstanding the foregoing, there shall be no cure period for a default by the Guarantor under Section 8(h) of the Guaranty. 

  
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 ARTICLE 10 
 REMEDIES 
  

	 	Section 10.01.	Remedies; Waivers. 

Upon the occurrence of an Event of Default, Fannie Mae may do any one or more of the following with respect to any Loan secured by a
Collateral Pool to which the Event of Default (or the Borrower causing such Event of Default) relates (without presentment, protest or notice of protest, all of which are expressly waived by each Borrower Party): 

(a) by written notice to the defaulting Collateral Pool Borrower, to be effective upon dispatch and declare the principal of, and
interest on, the Loans and all other sums owing by such Borrower to Fannie Mae under any of the Loan Documents for such Collateral Pool immediately due and payable, whereupon the principal of, and interest on, the Loans and all other sums owing by
such Collateral Pool Borrower to Fannie Mae under any of the Loan Documents for such Collateral Pool will become immediately due and payable. 
 (b) Fannie Mae shall have the right to pursue any other remedies available to it under any of the Loan Documents and the Guaranty for such Collateral Pool. 

(c) Fannie Mae shall have the right to pursue all remedies available to it at law or in equity, including obtaining specific performance
and injunctive relief with respect to such Collateral Pool. 
  

	 	Section 10.02.	Waivers; Rescission of Declaration. 

 Fannie Mae shall have the right, to be exercised in its complete discretion, to waive any breach hereunder (including the occurrence of an Event of Default), by a writing setting forth the terms,
conditions, and extent of such waiver signed by Fannie Mae and delivered to the applicable Collateral Pool Borrower. Unless such writing expressly provides to the contrary, any waiver so granted shall extend only to the specific event or occurrence
which gave rise to the waiver and not to any other similar event or occurrence which occurs subsequent to the date of such waiver. 
  

	 	Section 10.03.	Fannie Mae’s Right to Protect Collateral and Perform Covenants and Other Obligations. 

If any Borrower or Guarantor fails to perform the covenants and agreements contained in this Agreement or any of the other Loan Documents
and the Guaranty for the applicable Collateral Pool, after all applicable grace periods, if any, then Fannie Mae at Fannie Mae’s option may make such appearances, disburse such sums and take such action as Fannie Mae deems necessary, in its
sole discretion, to protect Fannie Mae’s interest, including (i) disbursement of reasonable attorneys’ fees, (ii) entry upon the Mortgaged Property to make repairs and replacements, (iii) procurement of satisfactory
insurance with respect to the Mortgaged Properties in such Collateral Pool as provided in Section 6.28 of this Agreement, and (iv) if the Security Instrument is on a leasehold, exercise of any option to renew or extend the ground lease on
behalf of Borrower and the curing of any default of Borrower in the terms and conditions of the ground lease. Any amounts disbursed by Fannie Mae pursuant to this Section 10.03, 

  
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with interest thereon, shall become additional Indebtedness of Collateral Pool Borrower secured by the applicable Collateral Pool Loan Documents. Unless the applicable Collateral Pool Borrower
and Fannie Mae agree to other terms of payment, such amounts shall be immediately due and payable and shall bear interest from the date of disbursement at the weighted average, as determined by Fannie Mae, of the interest rates in effect from time
to time for each Loan unless collection from such Borrower of interest at such rate would be contrary to Applicable Law, in which event such amounts shall bear interest at the highest rate which may be collected from such Borrower under Applicable
Law. Nothing contained in this Section 10.03 shall require Fannie Mae to incur any expense or take any action hereunder. 
  

	 	Section 10.04.	No Remedy Exclusive. 

 Unless otherwise expressly provided, no remedy herein conferred upon or reserved is intended to be exclusive of any other available remedy, but each remedy shall be cumulative and shall be in addition to
other remedies given under the Loan Documents and the Guaranty or existing at law or in equity. 
  

	 	Section 10.05.	No Waiver. 

 No
delay or omission to exercise any right or power accruing under any Loan Document upon the happening of any Event of Default or Potential Event of Default shall impair any such right or power or shall be construed to be a waiver thereof, but any
such right and power may be exercised from time to time and as often as may be deemed expedient. 
  

	 	Section 10.06.	No Notice. 

 To
entitle Fannie Mae to exercise any remedy reserved to Fannie Mae in this Article 10, it shall not be necessary to give any notice, other than such notice as may be required under the applicable provisions of this Agreement or any of the other Loan
Documents and the Guaranty. 
  

	 	Section 10.07.	Cash Management. 

In addition to the other remedies set forth herein and elsewhere in the Loan Documents and the Guaranty, upon an Event of Default, Fannie
Mae shall be entitled to mandate the use of a lockbox bank account or other depositary account, to be maintained under the control and supervision of Fannie Mae, for all income of each Mortgaged Property, including rents, service charges, insurance
payments and other items of revenue. 
 ARTICLE 11 
 IMPOSITION DEPOSITS 
  

	 	Section 11.01.	Insurance and Water/Sewer Waived; Other Imposition Deposits Required. 

Each Collateral Pool Borrower shall establish funds for taxes, insurance premiums and certain other charges for each Mortgaged Property in
such Collateral Pool in accordance with Section 7(a) of the Security Instrument for each such Mortgaged Property. Notwithstanding the foregoing and the provisions of Subsection 7(a) of the Security Instrument for each such

  
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Mortgaged Property, and subject to the conditions of this Article 11, provided that no Event of Default has occurred and is continuing and Collateral Pool Borrower has timely delivered to Fannie
Mae any insurance bills, premium notices and other invoices, bills and notices with respect to Impositions pursuant to the requirements of this Section 11.01, Fannie Mae shall not require Collateral Pool Borrower to deposit with Fannie Mae any
sums for Imposition Deposits ONLY to the extent they relate to any water and sewer charges (collectively, “Water Charges”), the premiums for fire and other hazard insurance, rent loss insurance and such other insurance as Fannie Mae
may require under Section 19 of the Security Instrument (collectively, “Insurance Premiums”), and Taxes. Such Collateral Pool Borrower must (i) pursuant to the terms of Section 19 of the Security Instrument, provide
Fannie Mae with proof of payment (e.g., paid receipts or cancelled checks) of all Water Charges, Insurance Premiums, Taxes and other Impositions, (ii) with respect to Impositions for insurance, pursuant to the terms of Section 19 of the
Security Instrument, deliver to Fannie Mae the original (or a duplicate original) of a renewal policy in form satisfactory to Fannie Mae, and (iii) to the extent not covered in (i) or (ii) above, pay Impositions for which Fannie Mae
is not collecting Imposition Deposits no later than the date sixty (60) days after the date such Impositions are due and, in any event, before the addition of any interest, fine, penalty or cost for nonpayment, and deliver to Fannie Mae
evidence of such timely payment. In the event that (A) an Event of Default has occurred and is continuing or (B) such Collateral Pool Borrower does not timely pay any of the Impositions as described in Section 7(a) of the Security
Instrument and this Section 11.01, or fails to provide Fannie Mae with proof of such payment as set forth in Section 7(a) of the Security Instrument and this Section 11.01, Fannie Mae may immediately thereafter require such Collateral
Pool Borrower to deposit with Fannie Mae all of the Imposition Deposits as provided in this Article 11 and in Section 7(a) of the Security Instrument without regard to the second sentence of this Section 11.01, which shall be applicable
only so long as the current Borrower remains as the record title owner of the Mortgaged Property, and shall immediately terminate and have no further force or effect upon a sale or exchange of the Mortgaged Property by the applicable Borrower to a
third-party purchaser in which the Indebtedness secured by the Security Instrument is assumed by such third-party purchaser. 
  

	 	Section 11.02.	Imposition Deposits. 

 Notwithstanding the provision of Section 7(d) of the Security Instrument, but subject to Section 11.01, on or before the first day of each Loan Year after the Effective Date, and on or before
the Closing Date of a Substitution Request or a Release Request, if Fannie Mae determines, based on the foregoing methodology, that a modified amount is required to be deposited with Fannie Mae as Imposition Deposits, applicable Collateral Pool
Borrower shall deposit any deficiency with Fannie Mae, or Fannie Mae shall release any overage to such Collateral Pool Borrower, provided that, in the case of the latter, no Event of Default or Potential Event of Default then exists hereunder. The
applicable Collateral Pool Borrower shall, subject to such Collateral Pool Borrower’s right to contest under Section 15(d) of the Security Instruments, pay each Imposition relating to a Mortgaged Property before the last date upon which
such payment may be made without any penalty or interest charge being added. Subject to such Collateral Pool Borrower’s right to contest under Section 15(d) of the Security Instruments, such Collateral Pool Borrower shall deliver to Fannie
Mae evidence that such Borrower has paid each Imposition within thirty (30) days after making such payment. 

  
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	 	Section 11.03.	Replacement Reserves. 

 Each Collateral Pool Borrower has executed a Replacement Reserve Agreement for each of the Mortgaged Properties in the respective Collateral Pool and shall (unless waived by Fannie Mae) make all deposits
for replacement reserves in accordance with the terms of the Replacement Reserve Agreement. 
  

	 	Section 11.04.	Completion/Repair Reserves. 

 Each Collateral Pool Borrower that has executed a Completion/Repair and Security Agreement for the Mortgaged Properties in the respective Collateral Pool shall (unless waived by Fannie Mae) make all
deposits for completion reserves in accordance with the terms of the Completion/Repair and Security Agreement. 
 ARTICLE 12

 LIMITS ON PERSONAL LIABILITY 
  

	 	Section 12.01.	Personal Liability to Borrower. 

 (a) Limits on Personal Liability. Except as otherwise provided in this Article 12, neither Borrower nor any partner, member, shareholder, employee, trustee, officer, director, agent or Affiliate of
Borrower, or any partner, member, shareholder, employee, trustee, officer, director, agent, or Affiliate of any such Affiliate or heir, legal representative or successor or assign of the foregoing (the “Exculpated Parties”)
shall have any personal liability under this Agreement, the Note, the Security Instruments or any other Loan Document for the performance of any Obligations of Borrower under the Loan Documents, and Fannie Mae’s only recourse for the payment
and performance of the Obligations shall be Fannie Mae’s exercise of its rights and remedies with respect to the Mortgaged Property and any other Collateral held by Fannie Mae as security for the Obligations. This limitation on the Exculpated
Parties’ liability shall not limit or impair Fannie Mae’s enforcement of its rights against Guarantor under the Guaranty. 
 (b) Exceptions to Limits on Personal Liability. Each Collateral Pool Borrower shall be personally liable to Fannie Mae for the repayment of a portion of the Loans and other amounts due under the
Loan Documents evidencing such Collateral Pool Borrower’s Loan equal to any actual loss or actual damage suffered by Fannie Mae as a result of (i) failure of such Borrower to pay to Fannie Mae, upon demand after an Event of Default, all
Rents to which Fannie Mae is entitled under Section 3(a) of the Security Instrument encumbering the Mortgaged Property and the amount of all security deposits collected by such Borrower from tenants then in residence; (ii) failure of such
Borrower to apply all insurance proceeds, condemnation proceeds or security deposits from tenants as required by the this Agreement or the Security Instrument encumbering the Mortgaged Property; (iii) failure of such Borrower to comply with its
obligations under the Loan Documents with respect to the delivery of books and records and financial statements; (iv) fraud or written material misrepresentation by such Borrower or any officer, director, partner or member of Borrower in
connection with the application for or creation of the Obligations or any request for any action or consent by Fannie Mae; (v) failure to comply with any and all indemnification obligations contained in Section 18 (environmental) of any
Security Instrument; (vi) distribution by the Borrower of any Rents in any Calendar Quarter 

  
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to the extent that all amounts due and payable to third parties by such Borrower, including but not limited to all operating expenses, capital expenditures and amounts payable under the Loan
Documents have not been paid in full (except that such Borrower will not be personally liable to the extent that such Borrower lacks the legal right to direct the disbursement of such sums because of a bankruptcy, receivership or similar judicial
proceeding; (vii) the acquisition by any Borrower of any property or operation of any business not permitted by Section 33 (single purpose) of any Security Instrument securing such Borrower’s Loan or Section 6.21 hereof;
(vii) Borrower’s failure to deliver to Fannie Mae the estoppel certificates and the subordination, non-disturbance and attornment agreements referred to in Section 6.22(b); or (viii) the dissolution or liquidation of a Borrower
(x) as a result of the resignation of a person (other than a Recognized Springing Member) acting as a “springing member” of such borrower, or (y) as a result of the failure of any such springing member to be replaced upon the
death, incapacity or resignation of any such springing member. 
 (c) Full Recourse. Each Collateral Pool Borrower shall
be personally liable to Fannie Mae for the payment and performance of all Obligations upon the occurrence of any of the following Events of Default: (i) if a Transfer shall occur in violation of Section 6.13 of this Agreement or if any
Mortgaged Property or any part thereof is otherwise conveyed, assigned, mortgaged, pledged, leased or encumbered in any way other than as permitted under this Agreement or any Security Instrument without the prior written consent of Fannie Mae; or
(ii) a Bankruptcy Event. As used in this subparagraph, the term “Bankruptcy Event” means any one or more of the following events which occurs during the Term of the Agreement: 

(i) The Borrower (A) commences a voluntary case (or, if applicable, a joint case) under any chapter of the Bankruptcy Code,
(B) institutes (by petition, application, answer, consent or otherwise) any other bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar proceeding relating to it under the laws of any
jurisdiction, (C) makes a general assignment for the benefit of creditors, (D) applies for, consents to or acquiesces in the appointment of any receiver, liquidator, custodian, sequestrator, trustee or similar officer for it or for all or
any substantial part of the Mortgaged Property or (E) admits in writing its inability to pay its debts generally as they mature. 
 (ii) Guarantor or any Affiliate of Guarantor files an involuntary petition against the Borrower under any chapter of the Bankruptcy Code or under any other bankruptcy, insolvency, reorganization,
arrangement, readjustment of debt, dissolution, liquidation or similar proceeding relating to the Borrower under the laws of any jurisdiction. 
 (iii) Both (A) an involuntary petition under any chapter of the Bankruptcy Code is filed against the Borrower or the Borrower directly or indirectly becomes the subject of any bankruptcy, insolvency,
reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar proceeding relating to it under the laws of any jurisdiction, or in equity, and (B) the Borrower or any Affiliate of the Borrower has acted in concert or
conspired with such creditors of the Borrower (other than Fannie Mae) to cause the filing thereof with the intent to interfere with enforcement rights of Fannie Mae after the occurrence of an Event of Default. 

  
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 (d) Permitted Transfer Not Release. No Transfer by any party of its Ownership Interests in
the Borrower shall release the party from liability under this Article 12, this Agreement or any other Loan Document, unless Fannie Mae shall have approved the Transfer in accordance with this Agreement, or such Transfer is otherwise permitted in
this Agreement, and shall have expressly released the party in connection with the Transfer. 
 (e) Miscellaneous. To the extent
that any Borrower has personal liability under this Section 12.01, or Guarantor has liability under the Guaranty, such liability shall be joint and several and Fannie Mae may exercise its rights against such Borrower or Guarantor personally
without regard to whether Fannie Mae has exercised any rights against any Mortgaged Property securing the Loan to such Borrower or any other security, or pursued any rights against any guarantor, or pursued any other rights available to Fannie Mae
under the Loan Documents and the Guaranty or Applicable Law. For purposes of this Article 12, the term “Mortgaged Property” shall not include any funds that (i) have been applied by Borrower as required or permitted by
the Loan Documents prior to the occurrence of an Event of Default, or (ii) are owned by Borrower or Guarantor and which Borrower was unable to apply as required or permitted by the Loan Documents and the Guaranty because of a bankruptcy,
receivership, or similar judicial proceeding. 
  

	 	Section 12.02.	Additional Borrowers. 

 If the owner of a Substitute Mortgaged Property is an Additional Borrower, the owner of such Substitute Mortgaged Property must demonstrate to the satisfaction of Fannie Mae that: 

(i) the Additional Borrower is a Single-Purpose entity; and 
 (ii) the Additional Borrower shall be owned as described in Section 6.12. 

In addition, on the Closing Date of the addition of a Substitute Mortgaged Property, the owner of such Substitute Mortgaged Property, if
such owner is an Additional Borrower, shall become a party to a contribution agreement in a manner satisfactory to Fannie Mae, shall deliver a Certificate of Borrower in form and substance satisfactory to Fannie Mae, and execute and deliver, along
with the other applicable Collateral Pool Borrowers, any other Loan Documents required by Fannie Mae. Any Additional Borrower of a Substitute Mortgaged Property which becomes added to a Collateral Pool shall be a Borrower for purposes of this
Agreement and shall execute and deliver to Fannie Mae an amendment adding such Additional Borrower as a party to this Agreement and revising the Exhibits hereto, as applicable, to reflect the Substitute Mortgaged Property, identify the applicable
Collateral Pool, and add the Additional Borrower, in each case satisfactory to Fannie Mae. 
 Upon the release of a Mortgaged
Property, the Borrower which owns such Release Mortgaged Property shall automatically without further action be released from its obligations under this Agreement and the other Loan Documents, except for any liabilities or obligations of such
Borrower which arose prior to the Closing Date of such release, and except as specifically set forth in Section 18 of the Security Instrument. 

  
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	 	Section 12.03.	Borrower Agency Provisions. 

 (a) Each Borrower and Additional Borrower hereby irrevocably designates EQR as the borrower agent (the “Borrower Agent”) to be its agent and in such capacity to receive on behalf
of Borrower all proceeds, receive all notices on behalf of Borrower under this Agreement, make all Requests under this Agreement, and execute, deliver and receive all instruments, certificates, Requests, documents, amendments, writings and further
assurances now or hereafter required hereunder, on behalf of such Borrower, and hereby authorizes Fannie Mae to pay over all loan proceeds hereunder in accordance with the direction of Borrower Agent. Each Borrower hereby acknowledges that all
notices required to be delivered by Fannie Mae to any Borrower shall be delivered to Borrower Agent and thereby shall be deemed to have been received by such Borrower. 
 (b) The handling of this credit facility as a co-borrowing facility with a Borrower Agent in the manner set forth in this Agreement is solely as an accommodation to Borrower and is at their request.
Fannie Mae shall not incur liability to Borrower as a result thereof. To induce Fannie Mae to do so and in consideration thereof, each Borrower hereby indemnifies Fannie Mae and holds Fannie Mae harmless from and against any and all liabilities,
expenses, losses, damages and claims of damage or injury asserted against Fannie Mae by any Person arising from or incurred by reason of Borrower Agent handling of the financing arrangements of Borrower as provided herein, reliance by Fannie Mae on
any request or instruction from Borrower Agent or any other action taken by Fannie Mae with respect to this Section 12.03 except due to willful misconduct or gross negligence of the indemnified party. 

 

	 	Section 12.04.	Waivers With Respect to Other Borrower Secured Obligation. 

 To the extent that a Security Instrument or any other Loan Document executed by one (1) Collateral Pool Borrower secures an Obligation of another Collateral Pool Borrower (the “Other
Borrower Secured Obligation”), and/or to the extent that a Collateral Pool Borrower has guaranteed the debt of another Borrower subject to such Collateral Pool pursuant to Article 12, the Borrower who executed such Loan Document and/or
guaranteed such debt (the “Waiving Borrower”) hereby agrees to the provisions of this Section 12.04. To the extent that any Mortgaged Properties are located in California, the references to the California Code below
shall apply to this Agreement and any California Security Instrument securing a California Mortgaged Property, otherwise the California Code shall have no effect on this Agreement or any other Loan Document. 

(a) The Waiving Borrower hereby waives any right it may now or hereafter have to require the beneficiary, assignee or other secured party
under such Loan Document, as a condition to the exercise of any remedy or other right against it thereunder or under any other Loan Document executed by the Waiving Borrower in connection with the Other Borrower Secured Obligation: (i) to
proceed against the other Borrower or any other person, or against any other collateral assigned to Fannie Mae by either Borrower or any other person; (ii) to pursue any other right or remedy in Fannie Mae’s power; (iii) to give
notice of the time, place or terms of any public or private sale of real or personal property collateral assigned to Fannie Mae by the other Borrower or any other person (other than the Waiving Borrower), or otherwise to comply with
Section 9615 of the California Commercial Code (as modified or recodified from time to 

  
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time) with respect to any such personal property collateral located in the State of California; or (iv) to make or give (except as otherwise expressly provided in the Security Documents) any
presentment, demand, protest, notice of dishonor, notice of protest or other demand or notice of any kind in connection with the Other Borrower Secured Obligation or any collateral (other than the Collateral described in such Security Document) for
the Other Borrower Secured Obligation. 
 (b) The Waiving Borrower hereby waives any defense it may now or hereafter have that
relates to: (i) any disability or other defense of the other Borrower or any other person; (ii) the cessation, from any cause other than full performance, of the Other Borrower Secured Obligation; (iii) the application of the proceeds
of the Other Borrower Secured Obligation, by the other Borrower or any other person, for purposes other than the purposes represented to the Waiving Borrower by the other Borrower or otherwise intended or understood by the Waiving Borrower or the
other Borrower; (iv) any act or omission by Fannie Mae which directly or indirectly results in or contributes to the release of the other Borrower or any other person or any collateral for any Other Borrower Secured Obligation; (v) the
unenforceability or invalidity of any Security Document or other Borrower Loan Document (other than the Security Instrument executed by the Waiving Borrower that secures the Other Borrower Secured Obligation) or guaranty with respect to any Other
Borrower Secured Obligation, or the lack of perfection or continuing perfection or lack of priority of any Lien (other than the Lien of such Security Instrument) which secures any Other Borrower Secured Obligation; (vi) any failure of Fannie
Mae to marshal assets in favor of the Waiving Borrower or any other person; (vii) any modification of any Other Borrower Secured Obligation, including any renewal, extension, acceleration or increase in interest rate; (viii) any and all
rights and defenses arising out of an election of remedies by Fannie Mae, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed the Waiving Borrower’s rights
of subrogation and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise; (ix) any law which provides that the obligation of a surety or guarantor must neither be larger
in amount nor in other respects more burdensome than that of the principal or which reduces a surety’s or guarantor’s obligation in proportion to the principal obligation; (x) any failure of Fannie Mae to file or enforce a claim in
any bankruptcy or other proceeding with respect to any person; (xi) the election by Fannie Mae, in any bankruptcy proceeding of any person, of the application or non-application of Section 1111(b)(2) of the Bankruptcy Code; (xii) any
extension of credit or the grant of any lien under Section 364 of the Bankruptcy Code; (xiii) any use of cash collateral under Section 363 of the Bankruptcy Code; or (xiv) any agreement or stipulation with respect to the
provision of adequate protection in any bankruptcy proceeding of any person. The Waiving Borrower further waives any and all rights and defenses that it may have because the Other Borrower Secured Obligation is secured by real property; this means,
among other things, that: (A) Fannie Mae may collect from the Waiving Borrower without first foreclosing on any real or personal property collateral pledged by the other Borrower; (B) if Fannie Mae forecloses on any real property
collateral pledged by the other Borrower, then (1) the amount of the Other Borrower Secured Obligation may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the
sale price, and (2) Fannie Mae may foreclose on the real property encumbered by the Security Instrument executed by the Waiving Borrower and securing the Other Borrower Secured Obligation even if Fannie Mae, by foreclosing on the real property
collateral of the Other Borrower, has destroyed any right the Waiving Borrower may have to collect from the Other Borrower. The foregoing sentence is an 

  
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unconditional and irrevocable waiver of any rights and defenses the Waiving Borrower may have because the Other Borrower Secured Obligation is secured by real property. These rights and defenses
being waived by the Waiving Borrower include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d or 726 of the California Code of Civil Procedure. Without limiting the generality of the foregoing or any other
provision hereof, the Waiving Borrower further expressly waives, except as provided in Section 12.04(g) below, to the extent permitted by law any and all rights and defenses, which might otherwise be available to it under California Civil Code
Sections 2787 to 2855, inclusive, 2899 and 3433, or under California Code of Civil Procedure Sections 580a, 580b, 580d and 726, or any of such sections. 
 (c) The Waiving Borrower hereby waives any and all benefits and defenses under California Civil Code Section 2810 and agrees that by doing so the Security Instrument executed by the Waiving Borrower
and securing the Other Borrower Secured Obligation shall be and remain in full force and effect even if the other Borrower had no liability at the time of incurring the Other Borrower Secured Obligation, or thereafter ceases to be liable. The
Waiving Borrower hereby waives any and all benefits and defenses under California Civil Code Section 2809 and agrees that by doing so the Waiving Borrower’s liability may be larger in amount and more burdensome than that of the other
Borrower. The Waiving Borrower hereby waives the benefit of all principles or provisions of law, which are or might be in conflict with the terms of any of its waivers, and agrees that the Waiving Borrower’s waivers shall not be affected by any
circumstances, which might otherwise constitute a legal or equitable discharge of a surety or a guarantor. The Waiving Borrower hereby waives the benefits of any right of discharge and all other rights under any and all statutes or other laws
relating to guarantors or sureties, to the fullest extent permitted by law, diligence in collecting the Other Borrower Secured Obligation, presentment, demand for payment, protest, all notices with respect to the Other Borrower Secured Obligation,
which may be required by statute, rule of law or otherwise to preserve Fannie Mae’s rights against the Waiving Borrower hereunder, including notice of acceptance, notice of any amendment of the Loan Documents evidencing the Other Borrower
Secured Obligation, 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, notice of the incurring by the other Borrower of
any obligation or indebtedness and all rights to require Fannie Mae to (i) proceed against the other Borrower, (ii) proceed against any general partner of the other Borrower, (iii) proceed against or exhaust any collateral held by
Fannie Mae to secure the Other Borrower Secured Obligation, or (iv) if the other Borrower is a partnership, pursue any other remedy it may have against the other Borrower or any general partner of the other Borrower, including any and all
benefits under California Civil Code Sections 2845, 2849 and 2850. 
 (d) The Waiving Borrower understands that the exercise by
Fannie Mae of certain rights and remedies contained in a Security Instrument executed by the other Borrower (such as a nonjudicial foreclosure sale) may affect or eliminate the Waiving Borrower’s right of subrogation against the other Borrower
and that the Waiving Borrower may therefore incur a partially or totally nonreimburseable liability. Nevertheless, the Waiving Borrower hereby authorizes and empowers Fannie Mae to exercise, in its sole and absolute discretion, any right or remedy,
or any combination thereof, which may then be available, since it is the intent and purpose of the Waiving Borrower that its waivers shall be absolute, independent and unconditional under any and all circumstances. 

  
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 (e) In accordance with Section 2856 of the California Civil Code, the Waiving Borrower
also waives any right or defense based upon an election of remedies by Fannie Mae, even though such election (e.g., nonjudicial foreclosure with respect to any collateral held by Fannie Mae to secure repayment of the Other Borrower Secured
Obligation) destroys or otherwise impairs the subrogation rights of the Waiving Borrower to any right to proceed against the other Borrower for reimbursement, or both, by operation of Section 580d of the California Code of Civil Procedure or
otherwise. 
 (f) In accordance with Section 2856 of the California Civil Code, the Waiving Borrower waives any and all
other rights and defenses available to the Waiving Borrower by reason of Sections 2787 through 2855, inclusive, of the California Civil Code, including any and all rights or defenses the Waiving Borrower may have by reason of protection afforded to
the other Borrower with respect to the Other Borrower Secured Obligation pursuant to the antideficiency or other laws of the State of California limiting or discharging the Other Borrower Secured Obligation, including Sections 580a, 580b, 580d, and
726 of the California Code of Civil Procedure. 
 (g) In accordance with Section 2856 of the California Civil Code and
pursuant to any other Applicable Law, the Waiving Borrower agrees to withhold the exercise of any and all subrogation, contribution and reimbursement rights against Borrower, against any other person, and against any collateral or security for the
Other Borrower Secured Obligation, including any such rights pursuant to Sections 2847 and 2848 of the California Civil Code, until the Other Borrower Secured Obligation has been indefeasibly paid and satisfied in full, all obligations owed to
Fannie Mae under the Loan Documents have been fully performed, and Fannie Mae have released, transferred or disposed of all of their right, title and interest in such collateral or security. 

(h) Each Borrower hereby irrevocably and unconditionally agrees that in the event that, notwithstanding Section 12.04(g) hereof, to
the extent its agreement and waiver set forth in Section 12.04(g) is found by a court of competent jurisdiction to be void or voidable for any reason and such Borrower has any subrogation or other rights against any other Borrower, any such
claims, direct or indirect, that such Borrower may have by subrogation rights or other form of reimbursement, contribution or indemnity, against any other Borrower or to any security or any such Borrower, shall be and such rights, claims and
indebtedness are hereby deferred, postponed and fully subordinated in time and right of payment to the prior payment, performance and satisfaction in full of the Obligations. Until payment and performance in full with interest (including
post-petition interest in any case under any chapter of the Bankruptcy Code) of the Obligations, each Borrower agrees not to accept any payment, or satisfaction of any kind, of Indebtedness of any other Borrower in respect of any such subrogation
rights arising by virtue of payments made pursuant to this Article 12, and hereby assigns such rights or indebtedness to Fannie Mae, including the right to file proofs of claim and to vote thereon in connection with any case under any chapter of the
Bankruptcy Code, including the right to vote on any plan of reorganization. In the event that any payment on account of any such subrogation rights shall be received by any Borrower in violation of the foregoing, such payment shall be held in trust
for the benefit of Fannie Mae, and any amount so collected should be turned over to Fannie Mae for application to the Obligations. 

  
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 (i) At any time without notice to the Waiving Borrower, and without affecting or prejudicing
the right of Fannie Mae to proceed against the Collateral described in any Loan Document executed by the Waiving Borrower and securing the Other Borrower Secured Obligation, (i) the time for payment of the principal of or interest on, or the
performance of, the Other Borrower Secured Obligation may be extended or the Other Borrower Secured Obligation may be renewed in whole or in part; (ii) the time for the other Borrower’s performance of or compliance with any covenant or
agreement contained in the Loan Documents evidencing the Other Borrower Secured Obligation, whether presently existing or hereinafter entered into, may be extended or such performance or compliance may be waived; (iii) the maturity of the Other
Borrower Secured Obligation may be accelerated as provided in the related Note or any other related Loan Document; (iv) the related Note or any other related Loan Document may be modified or amended by Fannie Mae and the other Borrower in any
respect, including an increase in the principal amount; and (v) any security for the Other Borrower Secured Obligation may be modified, exchanged, surrendered or otherwise dealt with or additional security may be pledged or mortgaged for the
Other Borrower Secured Obligation. 
 (j) It is agreed among each Borrower and Fannie Mae that all of the foregoing waivers are
of the essence of the transaction contemplated by this Agreement and the Loan Documents and that but for the provisions of this Article 12 and such waivers Fannie Mae would decline to enter into this Agreement. 

(k) Waiving Borrower represents and warrants having established with other Borrower adequate means of obtaining, on an ongoing basis,
such information as waiving Borrower may require concerning all matters bearing on the risk of nonpayment or nonperformance of the Obligations. Waiving Borrower assumes sole, continuing responsibility for obtaining such information from sources
other than from Fannie Mae. Fannie Mae has no duty to provide any information to Waiving Borrower. 
  

	 	Section 12.05.	Joint and Several Obligation; Cross-Guaranty. 

 Notwithstanding anything contained in this Agreement or the other Loan Documents to the contrary (but subject to the last sentence of Section 12.02 and the provisions of Section 12.12), each
Borrower shall have joint and several liability for all Obligations of the Loan secured by such Borrower’s Collateral Pool. Notwithstanding the intent of all of the parties to this Agreement that all Obligations of each Borrower with respect to
a Collateral Pool under this Agreement and the other Borrower Loan Documents shall be joint and several Obligations of each Borrower subject to such Collateral Pool, each Borrower, on a joint and several basis, hereby irrevocably guarantees to
Fannie Mae and its successors and assigns, the full and prompt payment of the Loan secured by such Borrower’s Collateral Pool (whether at stated maturity, by acceleration or otherwise) and performance of, all Obligations secured by such
Borrower’s Collateral Pool owed or hereafter owing to Fannie Mae by each other Borrower owning a Mortgaged Property subject to the same Collateral Pool. Each Borrower agrees that its guaranty obligation hereunder is an unconditional guaranty of
payment and performance and not merely a guaranty of collection. The Obligations of each Borrower under this Agreement shall not be subject to any counterclaim, set-off, recoupment, deduction, cross-claim or defense based upon any claim any Borrower
may have against Fannie Mae or any other Borrower. 

  
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	 	Section 12.06.	No Impairment. 

Each Borrower agrees that the provisions of this Article 12 are for the benefit of Fannie Mae and their successors, transferees, endorsees
and assigns, and nothing herein contained shall impair, as between any other Borrower and Fannie Mae, the obligations of such other Borrower under the Loan Documents. 
  

	 	Section 12.07.	Election of Remedies. 

 (a) Fannie Mae, in its discretion, may (i) bring suit against any one or more Collateral Pool Borrower, jointly and severally, without any requirement that Fannie Mae first proceed against any other
Borrower or any other Person; (ii) compromise or settle with any one or more Borrower, or any other Person, for such consideration as Fannie Mae may deem proper; (iii) release one or more Borrower, or any other Person, from liability; and
(iv) otherwise deal with any Borrower and any other Person, or any one or more of them, in any manner, or resort to any of the Collateral at any time held by it for performance of the Obligations or any other source or means of obtaining
payment of the Obligations, and no such action shall impair the rights of Fannie Mae to collect from any Borrower any amount guaranteed by any Borrower under this Article 12. 
 (b) If, in the exercise of any of its rights and remedies, Fannie Mae shall forfeit any of its rights or remedies, including its rights to enter a deficiency judgment against any Collateral Pool Borrower
or any other Person, whether because of any Applicable Laws pertaining to “election of remedies” or the like, each Collateral Pool Borrower hereby consents to such action by Fannie Mae and waives any claim based upon such action, even if
such action by Fannie Mae shall result in a full or partial loss or any rights of subrogation which each such Borrower might otherwise have had but for such action by Fannie Mae. Any election of remedies which results in the denial or impairment of
the right of Fannie Mae to seek a deficiency judgment against any Collateral Pool Borrower shall not impair any other such Collateral Pool Borrower’s obligation to pay the full amount of the Obligations secured by the applicable Collateral
Pool. In the event Fannie Mae shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or any of the Loan Documents, Fannie Mae may bid all or less than the amount of the Obligations secured by the applicable
Collateral Pool and the amount of such bid need not be paid by Fannie Mae but shall be credited against the Obligations secured by the applicable Collateral Pool. The amount of the successful bid at any such sale, whether Fannie Mae or any other
party is the successful bidder, shall be conclusively deemed to be fair market value of the Collateral secured by the applicable Collateral Pool and the difference between such bid amount and the remaining balance of the Obligations secured by the
applicable Collateral Pool shall be conclusively deemed to be amount of the Obligations secured by the applicable Collateral Pool guaranteed under this Article 12, notwithstanding that any present or future law or court decision or ruling may have
the effect of reducing the amount of any deficiency claim to which Fannie Mae might otherwise be entitled but for such bidding at any such sale. 

  
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	 	Section 12.08.	Subordination of Other Obligations. 

 (a) Each Borrower hereby irrevocably and unconditionally agrees that all amounts payable from time to time to such Borrower by any other Borrower pursuant to any agreement, whether secured or unsecured,
whether of principal, interest or otherwise, other than the amounts referred to in this Article 12 (collectively, the “Subordinated Obligations”), shall be and such rights, claims and indebtedness are, hereby deferred,
postponed and fully subordinated in time and right of payment to the prior payment, performance and satisfaction in full of the Obligations; provided, however, that payments may be received by any Borrower in accordance with, and only in accordance
with, the provisions of Section 12.08(b) hereof. 
 (b) Until the Obligations under all the Loan Documents and the Guaranty
have been finally paid in full or fully performed and all the Loan Documents and the Guaranty for such Collateral Pool have been terminated, each such Collateral Pool Borrower irrevocably and unconditionally agrees it will not ask, demand, sue for,
take or receive, directly or indirectly, by set-off, redemption, purchase or in any other manner whatsoever, any payment with respect to, or any security or guaranty for, the whole or any part of the Subordinated Obligations, and in issuing
documents, instruments or agreements of any kind evidencing the Subordinated Obligations, each such Collateral Pool Borrower hereby agrees that it will not receive any payment of any kind on account of the Subordinated Obligations, so long as any of
the Obligations under all the Loan Documents and the Guaranty are outstanding or any of the terms and conditions of any of the Loan Documents and the Guaranty are in effect; provided, however, that, notwithstanding anything to the contrary contained
herein, if no Potential Event of Default or Event of Default or any other event or condition which would constitute an Event of Default after notice or lapse of time or both has occurred and is continuing under any of the Loan Documents and the
Guaranty pertaining to such Collateral Pool, then (i) payments may be received by such Borrower in respect of the Subordinated Obligations in accordance with the stated terms thereof, and (ii) each such Borrower and Guarantor shall be
permitted to make distributions in accordance with the terms of the applicable Organizational Documents. Except as aforesaid, each Borrower agrees not to accept any payment or satisfaction of any kind of indebtedness of any other Borrower in respect
of the Subordinated Obligations and hereby assigns such rights or indebtedness to Fannie Mae, which assignment shall be of no further force and effect upon full satisfaction of the Obligations, including the right to file proofs of claim and to vote
thereon in connection with any case under any chapter of the Bankruptcy Code, including the right to vote on any plan of reorganization. In the event that any payment on account of Subordinated Obligations shall be received by any Borrower in
violation of the foregoing, such payment shall be held in trust for the benefit of Fannie Mae, and any amount so collected shall be turned over to Fannie Mae upon demand. 

 

	 	Section 12.09.	Insolvency and Liability of Other Borrower. 

 So long as any of the Obligations are outstanding with respect to the applicable Collateral Pool, if a petition under any chapter of the Bankruptcy Code is filed by or against any Collateral Pool Borrower
(the “Subject Borrower” for the purposes of Section 12.09, Section 12.10, Section 12.11 and Section 12.12 of this Agreement), each other Collateral Pool Borrower subject to such Collateral Pool (each, an
“Other Borrower” for the purposes of Section 12.09, Section 12.10, Section 12.11 and Section 12.12 of this Agreement) agrees to file all claims against the

  
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Subject Borrower in any bankruptcy or other proceeding in which the filing of claims is required by law in connection with indebtedness owed by the Subject Borrower and to assign to Fannie Mae
all rights thereunder up to the amount of such indebtedness, which assignment shall be of no further force and effect upon full satisfaction of the Obligations. In all such cases, the Person or Persons authorized to pay such claims shall pay to
Fannie Mae the full amount thereof and Fannie Mae agrees to pay such Other Borrower any amounts received in excess of the amount necessary to pay the Obligations of the Loan secured by such Borrower’s Mortgaged Property. Each Other Borrower
hereby assigns to Fannie Mae all of such Borrower’s rights to all such payments to which such Other Borrower would otherwise be entitled but not to exceed the full amount of the Obligations. In the event that, notwithstanding the foregoing, any
such payment shall be received by any Other Borrower before the Obligations shall have been finally paid in full, such payment shall be held in trust for the benefit of and shall be paid over to Fannie Mae upon demand. Furthermore, notwithstanding
the foregoing, the liability of each Borrower hereunder shall in no way be affected by: 
 (a) the release or discharge of any
Other Borrower in any creditors’, receivership, bankruptcy or other proceedings; or 
 (b) the impairment, limitation or
modification of the liability of any Other Borrower or the estate of any Other Borrower in bankruptcy resulting from the operation of any present or future provisions of any chapter of the Bankruptcy Code or other statute or from the decision in any
court. 
  

	 	Section 12.10.	Preferences, Fraudulent Conveyances, Etc. 

 If Fannie Mae is required to refund, or voluntarily refunds, any payment received from any Borrower because such payment is or may be avoided, invalidated, declared fraudulent, set aside or determined to
be void or voidable as a preference, fraudulent conveyance, impermissible setoff or a diversion of trust funds under the bankruptcy laws or for any similar reason, including without limitation any judgment, order or decree of any court or
administrative body having jurisdiction over any Borrower or any of its property, or upon or as a result of the appointment of a receiver, intervenor, custodian or conservator of, or trustee or similar officer for, any Borrower or any substantial
part of its property, or otherwise, or any statement or compromise of any claim effected by Fannie Mae with any Borrower or any other claimant (a “Rescinded Payment”), then each Other Borrower’s liability to Fannie Mae
shall continue in full force and effect, or each Other Borrower’s liability to Fannie Mae shall be reinstated and renewed, as the case may be, with the same effect and to the same extent as if the Rescinded Payment had not been received by
Fannie Mae, notwithstanding the cancellation or termination of any of the Loan Documents, and regardless of whether Fannie Mae contested the order requiring the return of such payment. In addition, each Other Borrower shall pay, or reimburse Fannie
Mae for, all expenses (including all reasonable attorneys’ fees, court costs and related disbursements) incurred by Fannie Mae in the defense of any claim that a payment received by Fannie Mae in respect of all or any part of the Obligations
must be refunded. The provisions of this Section 12.10 shall survive the termination of the Borrower Loan Documents and any satisfaction and discharge of any Borrower by virtue of any payment, court order or any federal or state law.

  
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	 	Section 12.11.	Maximum Liability of Each Borrower. 

 Notwithstanding anything contained in this Agreement or any of the Loan Documents to the contrary, if the obligations of any Borrower under this Agreement or any of the other Loan Documents or any
Security Instruments granted by any Borrower are determined to exceed the reasonably equivalent value received by such Borrower in exchange for such obligations or grant of such Security Instruments under any Fraudulent Transfer Law (as hereinafter
defined), then such liability of such Borrower shall be limited to a maximum aggregate amount equal to the largest amount that would not render its obligations under this Agreement or all the Other Loan Documents subject to avoidance as a fraudulent
transfer or conveyance under Section 548 of Title 11 of the United States Code or any applicable provisions of comparable state law (collectively, the “Fraudulent Transfer Laws”), in each case after giving effect to all
other liabilities of such Borrower, contingent or otherwise, that are relevant under the Fraudulent Transfer Laws (specifically excluding, however, any liabilities of such Borrower in respect of Indebtedness to any Other Borrower or any other Person
that is an Affiliate of the Other Borrower to the extent that such Indebtedness would be discharged in an amount equal to the amount paid by such Borrower in respect of the Obligations) and after giving effect (as assets) to the value (as determined
under the applicable provisions of the Fraudulent Transfer Laws) of any rights to subrogation, reimbursement, indemnification or contribution of such Borrower pursuant to Applicable Law or pursuant to the terms of any agreement including the
Contribution Agreement. 
  

	 	Section 12.12.	Liability Cumulative. 

 The liability of each Borrower under this Article 12 is in addition to and shall be cumulative with all liabilities of such Borrower to Fannie Mae under this Agreement and all the other Loan Documents to
which such Borrower is a party or in respect of any Obligations of any Other Borrower. 
 ARTICLE 13 

MISCELLANEOUS PROVISIONS 
  

	 	Section 13.01.	Counterparts. 

 To
facilitate execution, this Agreement may be executed in any number of counterparts. It shall not be necessary that the signatures of, or on behalf of, each party, or that the signatures of all persons required to bind any party, appear on each
counterpart, but it shall be sufficient that the signature of, or on behalf of, each party, appear on one (1) or more counterparts. All counterparts shall collectively constitute a single agreement. It shall not be necessary in making proof of
this Agreement to produce or account for more than the number of counterparts containing the respective signatures of, or on behalf of, all of the parties hereto. 
  

	 	Section 13.02.	Amendments, Changes and Modifications. 

 This Agreement may be amended, changed, modified, altered or terminated only by written instrument or written instruments signed by all of the parties hereto. 

  
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	 	Section 13.03.	Payment of Costs, Fees and Expenses. 

 The applicable Collateral Pool Borrower shall pay, on demand, all reasonable third-party out-of-pocket fees, costs, charges or expenses (including the reasonable fees and expenses of attorneys,
accountants and other experts) incurred by Fannie Mae in connection with: 
 (a) Any amendment, consent, review or waiver to or
requested under this Agreement or any of the Loan Documents and the Guaranty (whether or not any such amendments, consents or waivers are entered into) for such Collateral Pool. 

(b) Defending or participating in any litigation arising from actions by third parties and brought against or involving Fannie Mae with
respect to (i) any Mortgaged Property in such Collateral Pool, (ii) any event, act, condition or circumstance in connection with any Mortgaged Property in such Collateral Pool, or (iii) the relationship between Fannie Mae and such
Borrower and Guarantor in connection with this Agreement or any of the transactions contemplated by this Agreement. 
 (c) The
administration or enforcement of, or preservation of rights or remedies under, this Agreement or any other Loan Documents and the Guaranty or in connection with the foreclosure upon, sale of or other disposition of any Collateral granted pursuant to
the Loan Documents and the Guaranty. 
 The applicable Collateral Pool Borrower shall also pay, on demand, any transfer taxes, documentary
taxes, assessments or charges made by any Governmental Authority by reason of the execution, delivery, filing, recordation, performance or enforcement of any of the Loan Documents and the Guaranty or the Loans. However, such Borrower will not be
obligated to pay any franchise, excise, estate, inheritance, income, excess profits or similar tax on Fannie Mae. Any attorneys’ fees and expenses payable by such Borrower pursuant to this Section 13.03 shall be recoverable separately from
and in addition to any other amount included in such judgment, and such obligation is intended to be severable from the other provisions of this Agreement and to survive and not be merged into any such judgment. Any amounts payable by Borrower
pursuant to this Section 13.03, with interest thereon if not paid when due, shall become additional Indebtedness of such Borrower secured by the Loan Documents evidencing the Loan secured by Borrower’s Mortgaged Property. Such amounts
shall bear interest from the date such amounts are due until paid in full at the weighted average, as determined by Fannie Mae, of the interest rates in effect from time to time for each Loan unless collection from such Borrower of interest at such
rate would be contrary to Applicable Law, in which event such amounts shall bear interest at the highest rate which may be collected from such Borrower under Applicable Law. The provisions of this Section 13.03 are cumulative with, and do not
exclude the application and benefit to Fannie Mae of, any provision of any other Loan Document relating to any of the matters covered by this Section 13.03. 
  

	 	Section 13.04.	Payment Procedure. 

All payments to be made to Fannie Mae pursuant to this Agreement or any of the Loan Documents and the Guaranty shall be made in lawful
currency of the United States of America and in immediately available funds by wire transfer to an account designated by Fannie Mae before 1:00 p.m. (Eastern Standard Time or Eastern Daylight Time, as applicable) on the date when due. 

  
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	 	Section 13.05.	Payments on Business Days. 

 In any case in which the date of payment to Fannie Mae or the expiration of any time period hereunder occurs on a day which is not a Business Day, then, unless expressly otherwise provided, such payment
or expiration of such time period need not occur on such date but may be made on the next succeeding Business Day with the same force and effect as if made on the day of maturity or expiration of such period, except that interest shall continue to
accrue for the period after such date to the next Business Day. 
  

	 	Section 13.06.	Choice of Law; Consent to Jurisdiction; Waiver of Jury Trial. 

 NOTWITHSTANDING ANYTHING IN THE NOTES, THE SECURITY DOCUMENTS OR ANY OF THE OTHER LOAN DOCUMENTS AND THE GUARANTY TO THE CONTRARY, EACH OF THE TERMS AND PROVISIONS, AND RIGHTS AND OBLIGATIONS OF BORROWER
UNDER THIS AGREEMENT AND THE NOTES, GUARANTOR UNDER THE GUARANTY, AND BORROWER AND GUARANTOR UNDER THE OTHER LOAN DOCUMENTS AND THE GUARANTY, SHALL BE GOVERNED BY, INTERPRETED, CONSTRUED AND ENFORCED PURSUANT TO AND IN ACCORDANCE WITH THE LAWS OF
THE DISTRICT OF COLUMBIA (EXCLUDING THE LAW APPLICABLE TO CONFLICTS OR CHOICE OF LAW) EXCEPT TO THE EXTENT OF PROCEDURAL AND SUBSTANTIVE MATTERS RELATING ONLY TO (i) THE CREATION, PERFECTION AND FORECLOSURE OF LIENS AND SECURITY INTERESTS, AND
ENFORCEMENT OF THE RIGHTS AND REMEDIES, AGAINST THE MORTGAGED PROPERTIES, WHICH MATTERS SHALL BE GOVERNED BY THE LAWS OF THE JURISDICTION IN WHICH THE MORTGAGED PROPERTY IS LOCATED, (ii) THE PERFECTION, THE EFFECT OF PERFECTION AND
NON-PERFECTION AND FORECLOSURE OF SECURITY INTERESTS ON PERSONAL PROPERTY (OTHER THAN DEPOSIT ACCOUNTS), WHICH MATTERS SHALL BE GOVERNED BY THE LAWS OF THE JURISDICTION DETERMINED BY THE CHOICE OF LAW PROVISIONS OF THE UNIFORM COMMERCIAL CODE IN
EFFECT FOR THE JURISDICTION IN WHICH THE MORTGAGED PROPERTY IS LOCATED AND (iii) THE PERFECTION, THE EFFECT OF PERFECTION AND NON-PERFECTION AND FORECLOSURE OF DEPOSIT ACCOUNTS, WHICH MATTERS SHALL BE GOVERNED BY THE LAWS OF THE JURISDICTION IN
WHICH THE DEPOSIT ACCOUNT IS LOCATED. BORROWER AND GUARANTOR AGREE THAT ANY CONTROVERSY ARISING UNDER OR IN RELATION TO THE NOTES, THE SECURITY DOCUMENTS (OTHER THAN THE SECURITY INSTRUMENTS) OR ANY OTHER LOAN DOCUMENT SHALL BE, EXCEPT AS OTHERWISE
PROVIDED HEREIN, LITIGATED IN DISTRICT OF COLUMBIA. THE LOCAL AND FEDERAL COURTS AND AUTHORITIES WITH JURISDICTION IN DISTRICT OF COLUMBIA SHALL, EXCEPT AS OTHERWISE PROVIDED HEREIN, HAVE JURISDICTION OVER ALL CONTROVERSIES WHICH MAY ARISE UNDER OR
IN RELATION TO THE LOAN DOCUMENTS AND THE GUARANTY, INCLUDING THOSE CONTROVERSIES RELATING TO THE EXECUTION, JURISDICTION, BREACH, ENFORCEMENT OR COMPLIANCE WITH THE NOTES, THE SECURITY DOCUMENTS

  
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(OTHER THAN THE SECURITY INSTRUMENTS) OR ANY OTHER ISSUE ARISING UNDER, RELATING TO, OR IN CONNECTION WITH ANY OF THE LOAN DOCUMENTS AND THE GUARANTY. BORROWER AND GUARANTOR IRREVOCABLY CONSENT
TO SERVICE, JURISDICTION, AND VENUE OF SUCH COURTS FOR ANY LITIGATION ARISING FROM THE NOTES, THE SECURITY DOCUMENTS OR ANY OF THE OTHER LOAN DOCUMENTS AND THE GUARANTY, AND WAIVES ANY OTHER VENUE TO WHICH IT MIGHT BE ENTITLED BY VIRTUE OF DOMICILE,
HABITUAL RESIDENCE OR OTHERWISE. NOTHING CONTAINED HEREIN, HOWEVER, SHALL PREVENT LENDER FROM BRINGING ANY SUIT, ACTION OR PROCEEDING OR EXERCISING ANY RIGHTS AGAINST BORROWER AND GUARANTOR AND AGAINST THE COLLATERAL IN ANY OTHER JURISDICTION IN
WHICH ANY MORTGAGED PROPERTY IS LOCATED. INITIATING SUCH SUIT, ACTION OR PROCEEDING OR TAKING SUCH ACTION IN ANY OTHER PERMITTED JURISDICTION SHALL IN NO EVENT CONSTITUTE A WAIVER OF THE AGREEMENT CONTAINED HEREIN THAT THE LAWS OF DISTRICT OF
COLUMBIA SHALL GOVERN THE RIGHTS AND OBLIGATIONS OF BORROWER AND GUARANTOR AND LENDER AS PROVIDED HEREIN OR THE SUBMISSION HEREIN BY BORROWER AND GUARANTOR TO PERSONAL JURISDICTION WITHIN THE DISTRICT OF COLUMBIA. BORROWER, GUARANTOR AND LENDER
(A) COVENANT AND AGREE NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING UNDER ANY OF THE LOAN DOCUMENTS AND THE GUARANTY TRIABLE BY A JURY AND (B) WAIVE ANY RIGHT TO TRIAL BY JURY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW
OR HEREAFTER EXIST. THIS WAIVER IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A JURY TRIAL WOULD OTHERWISE ACCRUE. FURTHER, BORROWER AND GUARANTOR HEREBY CERTIFY THAT NO REPRESENTATIVE OR AGENT OF LENDER
(INCLUDING, BUT NOT LIMITED TO, LENDER’S COUNSEL) HAS REPRESENTED, EXPRESSLY OR OTHERWISE, TO BORROWER OR GUARANTOR THAT LENDER WILL NOT SEEK TO ENFORCE THE PROVISIONS OF THIS SECTION 13.06. THE FOREGOING PROVISIONS WERE KNOWINGLY, WILLINGLY
AND VOLUNTARILY AGREED TO BY BORROWER AND GUARANTOR UPON CONSULTATION WITH INDEPENDENT LEGAL COUNSEL SELECTED BY BORROWER’S AND GUARANTOR’S FREE WILL. 
  

	 	Section 13.07.	Severability. 

 In
the event any provision of this Agreement or in any other Loan Document shall be held invalid, illegal or unenforceable in any jurisdiction, such provision will be severable from the remainder hereof as to such jurisdiction and the validity,
legality and enforceability of the remaining provisions will not in any way be affected or impaired in any jurisdiction. 
  

	 	Section 13.08.	Notices. 

 (a)
Manner of Giving Notice. Each notice, direction, certificate or other communication hereunder (in this Section 13.08 referred to collectively as “notices” and singly as a “notice”) which
any party is required or permitted to give to the other party pursuant to this Agreement shall be in writing and shall be deemed to have been duly and sufficiently given if: 
 (i) personally delivered with proof of delivery thereof (any notice so delivered shall be deemed to have been received at the time so delivered); 

  
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 (ii) sent by Federal Express (or other similar reputable overnight courier) designating
morning delivery (any notice so delivered shall be deemed to have been received on the Business Day it is delivered by the courier); 
 (iii) sent by telecopier or facsimile machine which automatically generates a transmission report that states the date and time of the transmission, the length of the document transmitted, and the
telephone number of the recipient’s telecopier or facsimile machine (to be confirmed with a copy thereof sent in accordance with paragraphs (i) or (ii) above within two (2) Business Days) (any notice so delivered shall be deemed
to have been received (A) on the date of transmission, if so transmitted before 5:00 p.m. (local time of the recipient) on a Business Day, or (B) on the next Business Day, if so transmitted on or after 5:00 p.m. (local time of the
recipient) on a Business Day or if transmitted on a day other than a Business Day); 
 addressed to the parties as follows: 

 

					
	As to each Borrower:	  	c/o Equity Residential
		  	Two North Riverside Plaza, Suite 400
		  	Chicago, Illinois 60606
		  	Attention: General Counsel
		  	Telephone: (312) 474-1300
		  	Telecopier: (312) 454-0039
		
	with a copy to:	  	c/o Equity Residential
		  	Two North Riverside Plaza, Suite 400
		  	Chicago, Illinois 0660
		  	Attention: Chief Financial Officer
		  	Telephone: (312) 474-1300
		  	Telecopy: (312) 526-9252
		
	          And to:	  	Hogan Lovells US LLP
		  	555 Thirteenth Street, N.W.
		  	Washington, D.C. 20004
		  	Attention: Lee E. Berner, Esq.
		  	Telephone: (202) 637-6449
		  	Telecopy: (202) 637-5910
		
	As to Servicer:	  	Wells Fargo Multifamily Capital, Inc.
		  	375 Park Avenue
		  	Mail Code NY 4060
		  	New York, New York 10152
		  	Attention:	  	David S. Kaplan
		  	Telecopy:	  	(212) 214-8461

  
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	As to Fannie Mae:	  	Fannie Mae
		  	3900 Wisconsin Avenue, N.W.
		  	Washington, D.C. 20016-2899
		  	Attention:	  	Vice President for Multifamily Asset Management
		  	Telecopy No.:	  	(301) 280 2064
		
	with a copy to:	  	Arent Fox LLP
		  	1675 Broadway
		  	New York, NY 10019
		  	Attention: David L. Dubrow, Esq.
		  	Telephone: (212) 484-3957
		  	Facsimile.: (212) 484-3990

 (b) Change of Notice Address. Any party may, by notice given pursuant to this Section 13.08,
change the person or persons and/or address or addresses, or designate an additional person or persons or an additional address or addresses, for its notices, but notice of a change of address shall only be effective upon receipt. Each party agrees
that it shall not refuse or reject delivery of any notice given hereunder, that it shall acknowledge, in writing, receipt of the same upon request by the other party and that any notice rejected or refused by it shall be deemed for all purposes of
this Agreement to have been received by the rejecting party on the date so refused or rejected, as conclusively established by the records of the U.S. Postal Service, the courier service or facsimile. 

 

	 	Section 13.09.	Further Assurances and Corrective Instruments. 

 (a) Further Assurances. To the extent permitted by law, the parties hereto agree that they shall, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and
delivered, such supplements hereto and such further instruments as Fannie Mae, Borrower may reasonably request and as may be required in the opinion of Fannie Mae or its counsel to effectuate the intention of or facilitate the performance of this
Agreement or any Loan Document. 
 (b) Further Documentation. Without limiting the generality of subsection (a), in the
event any further documentation or information is required by Fannie Mae to correct patent mistakes in the Loan Documents and the Guaranty, materials relating to the Title Insurance Policies or the funding of the Loans, Borrower shall provide, or
cause to be provided to Fannie Mae, at its cost and expense, such documentation or information. Borrower shall execute and deliver to Fannie Mae such documentation, including any amendments, corrections, deletions or additions to the Notes, the
Security Instruments or the other Loan Documents and the Guaranty as is reasonably required by Fannie Mae. 
  

	 	Section 13.10.	Term of this Agreement. 

 This Agreement shall continue in effect until the Facility Termination Date. 

  
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	 	Section 13.11.	Assignments; Third-Party Rights. 

 No Borrower shall assign this Agreement, or delegate any of its obligations hereunder, without the prior written consent of Fannie Mae. Fannie Mae may assign its rights and obligations under this
Agreement separately or together, without Borrower’s consent. 
  

	 	Section 13.12.	Headings. 

 Article
and Section headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

 

	 	Section 13.13.	General Interpretive Principles. 

 For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, (i) the terms defined in Appendix I and elsewhere in this Agreement have the
meanings assigned to them in this Agreement and include the plural as well as the singular, and the use of any gender herein shall be deemed to include the other genders; (ii) accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with GAAP; (iii) references herein to “Articles,” “Sections,” “subsections,” “paragraphs” and other subdivisions without reference to a document are to designated Articles,
Sections, subsections, paragraphs and other subdivisions of this Agreement; (iv) a reference to a subsection without further reference to a Section is a reference to such subsection as contained in the same Section in which the reference
appears, and this rule shall also apply to paragraphs and other subdivisions; (v) a reference to an Exhibit or a Schedule without a further reference to the document to which the Exhibit or Schedule is attached is a reference to an Exhibit or
Schedule to this Agreement; (vi) the words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular provision; and (vii) the word
“including” means “including, but not limited to.” 
  

	 	Section 13.14.	Interpretation. 

The parties hereto acknowledge that each party and their respective counsel have participated in the drafting and revision of this
Agreement and the Loan Documents and the Guaranty. Accordingly, the parties agree that any rule of construction which disfavors the drafting party shall not apply in the interpretation of this Agreement and the Loan Documents and the Guaranty or any
amendment or supplement or exhibit hereto or thereto. 
  

	 	Section 13.15.	Standards for Decisions, Etc. 

 Unless otherwise provided herein, if Fannie Mae’s approval is required for any matter hereunder, such approval may be granted or withheld in Fannie Mae’s sole and absolute discretion. Unless
otherwise provided herein, if Fannie Mae’s designation, determination, selection, estimate, action or decision is required, permitted or contemplated hereunder, such designation, determination, selection, estimate, action or decision shall be
made in Fannie Mae’s sole and absolute discretion. 

  
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	 	Section 13.16.	Decisions in Writing. 

 Any approval, designation, determination, selection, action or decision of Fannie Mae or Borrower must be in writing to be effective. 

 

	 	Section 13.17.	Supersedes Original Agreement. 

 This Agreement replaces and supersedes the Original Agreement in its entirety as it relates to the Loans. 
  

	 	Section 13.18.	USA Patriot Act. 

Fannie Mae hereby notifies each Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)), it is required to obtain, verify and record information that identifies each Borrower, which information includes the name and address of each Borrower and other information that will allow such Fannie Mae to
identify each Borrower in accordance with such Act. 
  

	 	Section 13.19.	All Asset Filings. 

If Fannie Mae believes that an “all-asset” collateral description, as contemplated by Section 9-504(2) of the UCC, is
appropriate as to any Collateral under any Loan Document, Fannie Mae is irrevocably authorized to use such a collateral description, whether in one or more separate filings or as part of the collateral description in a filing that particularly
describes the Collateral. 
  

	 	Section 13.20.	Ratification; Conflict. 

 Except as expressly amended by the provisions of this Agreement or any other documents executed in connection with this Agreement, all of the Loan Documents and the Guaranty remain in full force and
effect. If any provision of this Agreement is in conflict with any provision of any other Loan Document, the provision contained in this Master Agreement shall control and such conflicting provision or provisions of such other Loan Document shall be
deemed to be amended hereby to the extent necessary to make such other provision consistent with this Agreement in all respects. 
  

	 	Section 13.21.	Special Provisions Regarding Payment of Interest on Imposition Deposits. 

Notwithstanding anything in the Loan Documents to the contrary, including but not limited to Section 7(b) of each Security
Instrument, Fannie Mae shall be required to pay Borrower any interest, earnings or profits on the Imposition Deposits at a rate per annum equal to the prevailing Federal Funds Target Rate less one-quarter of one percent (0.25%) and not the Federal
Funds Effective Rate, as otherwise set forth in the Security Instruments. “Federal Funds Target Rate” shall mean, for any day, the rate per annum announced by the Federal Reserve Board as the “Federal Funds Target
Rate.” 
 [Remainder of page intentionally left blank.] 

  
 Master Credit Facility
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 91 

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

																			
	BORROWER AGENT:
	
	EQUITY RESIDENTIAL, a Maryland real estate investment trust, as Borrower Agent for:
		
	COLLATERAL POOL 3 BORROWER:	  	
	
	SMITH PROPERTY HOLDINGS SIX (D.C.) L.P.,
	a Delaware limited partnership	  	
			
	By: 	  	Archstone DC 6 Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its member
	  	
				
		  	By: 	  	Archstone DC Property Holdings LP,	  	
		  		  	 a Delaware limited partnership,
 its sole member
	  	
					
		  		  	By: 	  	Archstone 5 Holdings LP,	  	
		  		  		  	 a Delaware limited partnership,
 its general partner
	  	
						
		  		  		  	By: 	  	Archstone DC Investments 5-I LP,	  	
		  		  		  		  	 a Delaware limited partnership,
 its general partner
	  	
							
		  		  		  		  	By: 	  	Archstone Master Holdings GP LLC,	  	
		  		  		  		  		  	 a Delaware limited liability company,
 its general partner
	  	
								
		  		  		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
									
		  		  		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
										
		  		  		  		  		  		  		  	By:	  	 /s/ Robert Garechana
	  	
		  		  		  		  		  		  		  	Name:	  	Robert Garechana	  	
		  		  		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  	

  
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 S-1

																			
	ASN HOBOKEN I LLC,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone Hoboken Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its sole managing member
	  	
				
		  	By: 	  	DB Master Accommodation LLC,	  	
		  		  	 a Delaware limited liability company,
 its sole managing member
	  	
					
		  		  	By: 	  	DB Like-Kind Exchange Services Corp.,	  	
		  		  		  	 a Delaware corporation,
 its sole managing member
	  	
							
		  		  		  	By: 	  	 /s/ Brenton J. Allen
	  		  	
		  		  		  	Name:	  	 Brenton J. Allen
	  		  	
		  		  		  	Title:	  	 President
	  		  	
							
		  		  		  	By: 	  	 /s/ Vickie Chaplin
	  		  	
		  		  		  	Name:	  	 Vickie Chaplin
	  		  	
		  		  		  	Title:	  	 Associate
	  		  	
	
	ASN HOBOKEN II LLC,
	a Delaware limited liability company	  	
			
	By: 	  	DB Master Accommodation LLC,	  	
		  	 a Delaware limited liability company,
 its sole managing member
	  	
				
		  	By: 	  	DB Like-Kind Exchange Services Corp.,	  	
		  		  	 a Delaware corporation,
 its sole managing member
	  	
							
		  		  	By: 	  	 /s/ Brenton J. Allen
	  		  		  	
		  		  	Name:	  	 Brenton J. Allen
	  		  		  	
		  		  	Title:	  	 President
	  		  		  	
							
		  		  	By: 	  	 /s/ Vickie Chaplin
	  		  		  	
		  		  	Name:	  	 Vickie Chaplin
	  		  		  	
		  		  	Title:	  	 Associate
	  		  		  	

  

  
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Agreement 
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 S-2

																			
	SMITH PROPERTY HOLDINGS 4411 CONNECTICUT L.L.C.,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone DC 6 Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its member
	  	
				
		  	By: 	  	Archstone DC Property Holdings LP,	  	
		  		  	 a Delaware limited partnership,
 its sole member
	  	
					
		  		  	By: 	  	Archstone 5 Holdings LP,	  	
		  		  		  	 a Delaware limited partnership,
 its general partner
	  	
						
		  		  		  	By: 	  	Archstone DC Investments 5-I LP,	  	
		  		  		  		  	 a Delaware limited partnership,
 its general partner
	  	
							
		  		  		  		  	By: 	  	Archstone Master Holdings GP LLC,	  	
		  		  		  		  		  	 a Delaware limited liability company,
 its general partner
	  	
								
		  		  		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
									
		  		  		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
										
		  		  		  		  		  		  		  	By:	  	 /s/ Robert Garechana
	  	
		  		  		  		  		  		  		  	Name:	  	Robert Garechana	  	
		  		  		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  	

  
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Agreement 
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 S-3

																			
	SMITH PROPERTIES HOLDINGS PARC VISTA L.L.C.,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone Master Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its sole member
	  	
				
		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  	 an Illinois limited partnership,
 its sole member
	  	
					
		  		  	By: 	  	Equity Residential,	  	
		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
							
		  		  		  	By: 	  	 /s/ Robert Garechana
	  		  	
		  		  		  	Name:	  	Robert Garechana	  		  	
		  		  		  	Title:	  	Senior Vice President – Treasurer	  		  	

  
 Master Credit Facility
Agreement 
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 S-4

																			
	ASN MARINA LLC,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone Master Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its sole member
	  	
						
		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
							
		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
									
		  		  		  		  		  	By: 	  	 /s/ Robert Garechana
	  		  	
		  		  		  		  		  	Name:	  	Robert Garechana	  	
		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  	

  
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Agreement 
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 S-5

																			
	ASN SEATTLE LLC,
	a Delaware limited liability company	  	
			
	By: 	  	DB Master Accommodation LLC,	  	
		  	 a Delaware limited liability company,
 its sole managing member
	  	
				
		  	By: 	  	DB Like-Kind Exchange Services Corp.,	  	
		  		  	 a Delaware corporation,
 its sole managing member
	  	
							
		  		  	By: 	  	 /s/ Brenton J. Allen
	  		  		  	
		  		  	Name:	  	 Brenton J. Allen
	  		  		  	
		  		  	Title:	  	 President
	  		  		  	
							
		  		  	By: 	  	 /s/ Vickie Chaplin
	  		  		  	
		  		  	Name:	  	 Vickie Chaplin
	  		  		  	
		  		  	Title:	  	 Associate
	  		  		  	

  
 Master Credit Facility
Agreement 
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 S-6

																			
	ASN SANTA CLARA LLC,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone Master Property Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its sole member
	  	
				
		  	By: 	  	Lexford Properties, L.P.,	  	
		  		  	 an Ohio limited partnership,
 its managing member
	  	
					
		  		  	By: 	  	Lexford Partners, L.L.C.,	  	
		  		  		  	 an Ohio limited liability company,
 its general partner
	  	
						
		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
							
		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
									
		  		  		  		  		  	By: 	  	 /s/ Robert Garechana
	  		  	
		  		  		  		  		  	Name:	  	Robert Garechana	  	
		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  	

  
 Master Credit Facility
Agreement 
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 S-7

																			
	ASN SANTA MONICA LLC,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone Master Property Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its sole member
	  	
				
		  	By: 	  	Lexford Properties, L.P.,	  	
		  		  	 an Ohio limited partnership,
 its managing member
	  	
					
		  		  	By: 	  	Lexford Partners, L.L.C.,	  	
		  		  		  	 an Ohio limited liability company,
 its general partner
	  	
						
		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
							
		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
									
		  		  		  		  		  	By: 	  	 /s/ Robert Garechana
	  		  	
		  		  		  		  		  	Name:	  	Robert Garechana	  	
		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  	

  
 Master Credit Facility
Agreement 
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 S-8

																			
	SMITH PROPERTY HOLDINGS WATER PARK TOWERS L.L.C.,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone Master Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its sole member
	  	
				
		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  	 an Illinois limited partnership,
 its sole member
	  	
					
		  		  	By: 	  	Equity Residential,	  	
		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
								
		  		  		  	By: 	  	 /s/ Robert Garechana
	  		  		  	
		  		  		  	Name:	  	Robert Garechana	  		  		  	
		  		  		  	Title:	  	Senior Vice President – Treasurer	  		  		  	

  
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Agreement 
 Jupiter EQR Credit Facility 

  
 S-9

																			
	ARCHSTONE CAMARGUE I LLC,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone Master Property Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its sole member
	  	
				
		  	By: 	  	Lexford Properties, L.P.,	  	
		  		  	 an Ohio limited partnership,
 its managing member
	  	
					
		  		  	By: 	  	Lexford Partners, L.L.C.,	  	
		  		  		  	 an Ohio limited liability company,
 its general partner
	  	
						
		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
							
		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
									
		  		  		  		  		  	By: 	  	 /s/ Robert Garechana
	  		  	
		  		  		  		  		  	Name:	  	Robert Garechana	  		  	
		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  		  	

  
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Agreement 
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 S-10

																			
	ARCHSTONE CAMARGUE II LLC,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone Master Property Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its sole member
	  	
				
		  	By: 	  	Lexford Properties, L.P.,	  	
		  		  	 an Ohio limited partnership,
 its managing member
	  	
					
		  		  	By: 	  	Lexford Partners, L.L.C.,	  	
		  		  		  	 an Ohio limited liability company,
 its general partner
	  	
						
		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
							
		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
									
		  		  		  		  		  	By: 	  	 /s/ Robert Garechana
	  		  	
		  		  		  		  		  	Name:	  	Robert Garechana	  		  	
		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  		  	

  
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Agreement 
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 S-11

																			
	ARCHSTONE CAMARGUE III LLC,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone Master Property Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its managing member
	  	
				
		  	By: 	  	Lexford Properties, L.P.,	  	
		  		  	 an Ohio limited partnership,
 its managing member
	  	
					
		  		  	By: 	  	Lexford Partners, L.L.C.,	  	
		  		  		  	 an Ohio limited liability company,
 its general partner
	  	
						
		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
							
		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
								
		  		  		  		  		  	By: 	  	 /s/ Robert Garechana
	  	
		  		  		  		  		  	Name:	  	Robert Garechana	  	
		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  	

  
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Agreement 
 Jupiter EQR Credit Facility 

  
 S-12

																			
	ASN SAN MATEO LLC,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone San Mateo Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its sole member
	  	
				
		  	By: 	  	Archstone Master Property Holdings LLC,	  	
		  		  	 a Delaware limited liability company,
 its sole member
	  	
					
		  		  	By: 	  	Lexford Properties, L.P.,	  	
		  		  		  	 an Ohio limited partnership,
 its managing member
	  	
						
		  		  		  	By: 	  	Lexford Partners, L.L.C.,	  	
		  		  		  		  	 an Ohio limited liability company,
 its general partner
	  	
							
		  		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
								
		  		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
									
		  		  		  		  		  		  	By: 	  	 /s/ Robert Garechana
	  	
		  		  		  		  		  		  	Name:	  	Robert Garechana	  	
		  		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  	

  
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Agreement 
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 S-13

																			
	ARCHSTONE SOUTH MARKET LLC,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone Master Property Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its sole member
	  	
				
		  	By: 	  	Lexford Properties, L.P.,	  	
		  		  	 an Ohio limited partnership,
 its managing member
	  	
					
		  		  	By: 	  	Lexford Partners, L.L.C.,	  	
		  		  		  	 an Ohio limited liability company,
 its general partner
	  	
						
		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
							
		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
								
		  		  		  		  		  	By:	  	 /s/ Robert Garechana
	  	
		  		  		  		  		  	Name:	  	Robert Garechana	  	
		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  	

  
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 S-14

																			
	ASN FAIRCHASE LLC,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone Master Property Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its sole member
	  	
				
		  	By: 	  	Lexford Properties, L.P.,	  	
		  		  	 an Ohio limited partnership,
 its managing member
	  	
					
		  		  	By: 	  	Lexford Partners, L.L.C.,	  	
		  		  		  	 an Ohio limited liability company,
 its general partner
	  	
						
		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
							
		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
								
		  		  		  		  		  	By:	  	 /s/ Robert Garechana
	  	
		  		  		  		  		  	Name:	  	Robert Garechana	  	
		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  	

  
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Agreement 
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 S-15

																			
	ARCHSTONE FAIRCHASE II LLC,
	a Delaware limited liability company	  	
			
	By: 	  	Archstone Master Property Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its sole member
	  	
				
		  	By: 	  	Lexford Properties, L.P.,	  	
		  		  	 an Ohio limited partnership,
 its managing member
	  	
					
		  		  	By: 	  	Lexford Partners, L.L.C.,	  	
		  		  		  	 an Ohio limited liability company,
 its general partner
	  	
						
		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
							
		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
								
		  		  		  		  		  	By:	  	 /s/ Robert Garechana
	  	
		  		  		  		  		  	Name:	  	Robert Garechana	  	
		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  	

  
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Agreement 
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 S-16

																			
	SMITH PROPERTY HOLDINGS VAN NESS L.P.,
	a Delaware limited partnership	  	
			
	By: 	  	Archstone DC 5 Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its member
	  	
				
		  	By: 	  	Archstone DC Property Holdings LP,	  	
		  		  	 a Delaware limited partnership,
 its sole member
	  	
					
		  		  	By: 	  	Archstone 5 Holdings LP,	  	
		  		  		  	 a Delaware limited partnership,
 its general partner
	  	
						
		  		  		  	By: 	  	Archstone DC Investments 5-I LP,	  	
		  		  		  		  	 a Delaware limited partnership,
 its general partner
	  	
							
		  		  		  		  	By: 	  	Archstone Master Holdings GP LLC,	  	
		  		  		  		  		  	 a Delaware limited liability company,
 its general partner
	  	
								
		  		  		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
									
		  		  		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
										
		  		  		  		  		  		  		  	By:	  	 /s/ Robert Garechana
	  	
		  		  		  		  		  		  		  	Name:	  	Robert Garechana	  	
		  		  		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  	

  
 Master Credit Facility
Agreement 
 Jupiter EQR Credit Facility 

  
 S-17

																			
	COLLATERAL POOL 4 BORROWER:
	
	SMITH PROPERTY HOLDINGS THREE (D.C.) L.P.,
	a Delaware limited partnership	  	
			
	By: 	  	Archstone CCP Inc.,	  	
		  	 a Delaware corporation,
 its general partner
	  	
					
		  	By: 	  	 /s/ Robert Garechana
	  		  	
		  	Name:	  	Robert Garechana	  		  	
		  	Title:	  	Vice President – Treasurer	  		  	
		
	 SMITH PROPERTY HOLDINGS ALBAN TOWERS, L.L.C.,
 a Delaware limited liability company
	  	
			
	By: 	  	Archstone DC 7 Holdings LLC,	  	
		  	 a Delaware limited liability company,
 its member
	  	
				
		  	By: 	  	Archstone DC Investments 7 LLC,	  	
		  		  	 a Delaware limited liability company,
 its sole member
	  	
					
		  		  	By: 	  	Archstone DC Investments 7-I LP,	  	
		  		  		  	 a Delaware limited partnership,
 its member
	  	
						
		  		  		  	By: 	  	Archstone Master Holdings GP LLC,	  	
		  		  		  		  	 a Delaware limited liability company,
 its general partner
	  	
							
		  		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  		  	 an Illinois limited partnership,
 its sole member
	  	
								
		  		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  		  	 a Maryland real estate investment trust,
 its general partner
	  	
									
		  		  		  		  		  		  	By:	  	 /s/ Robert Garechana
	  	
		  		  		  		  		  		  	Name:	  	Robert Garechana	  	
		  		  		  		  		  		  	Title:	  	Senior Vice President – Treasurer	  	

  
 Master Credit Facility
Agreement 
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 S-18

																							
	ALBAN TOWERS, L.L.C.,
	a District of Columbia limited liability company	  	
			
	By: 	  	Smith Property Holdings Alban Towers, L.L.C.,	  	
		  	a Delaware limited liability company,
its sole member	  	
				
		  	By: 	  	Archstone DC 7 Holdings LLC,	  	
		  		  	a Delaware limited liability company,
its member	  	
					
		  		  	By: 	  	Archstone DC Investments 7 LLC,	  	
		  		  		  	a Delaware limited liability company,
its sole member	  	
						
		  		  		  	By: 	  	Archstone DC Investments 7-I LP,	  	
		  		  		  		  	a Delaware limited partnership,
its member	  	
							
		  		  		  		  	By: 	  	Archstone Master Holdings GP LLC,	  	
		  		  		  		  		  	a Delaware limited liability company,
its general partner	  	
								
		  		  		  		  		  	By: 	  	ERP Operating Limited Partnership,	  	
		  		  		  		  		  		  	an Illinois limited partnership,
its sole member	  	
									
		  		  		  		  		  		  	By: 	  	Equity Residential,	  	
		  		  		  		  		  		  		  	a Maryland real estate investment trust,
its general partner	  	
											
		  		  		  		  		  		  		  	By: 	  	 /s/ Robert Garechana
	  		  	
		  		  		  		  		  		  		  	 Name:
	  	Robert Garechana	  		  	
		  		  		  		  		  		  		  	 Title:
	  	Senior Vice President – Treasurer	  	

  
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 S-19

																			
	ASN CAMBRIDGEPARK LLC,	  	
	a Delaware limited liability company	  	
			
	By:	 	Archstone Master Holdings LLC,	  	
		 	 a Delaware limited liability company,
 its sole member
	  	
				
		 	By:	 	ERP Operating Limited Partnership,	  	
		 		 	 an Illinois limited partnership,
 its sole member
	  	
					
		 		 	By:	 	Equity Residential,	  	
		 		 		 	 a Maryland real estate investment trust,
 its general partner
	  	
								
		 		 		 	By:	 	 /s/ Robert Garechana
	  		  		  	
		 		 		 	Name:	 	Robert Garechana	  		  		  	
		 		 		 	Title:	 	Senior Vice President – Treasurer	  		  	
		
	 ARCHSTONE COLUMBIA CROSSING LLC,
 a Delaware limited liability company
	  	
			
	By:	 	Archstone Master Property Holdings LLC,	  	
		 	 a Delaware limited liability company,
 its sole member
	  	
				
		 	By:	 	Lexford Properties, L.P.,	  	
		 		 	 an Ohio limited partnership,
 its managing member
	  	
					
		 		 	By:	 	Lexford Partners, L.L.C.,	  	
		 		 		 	 an Ohio limited liability company,
 its general partner
	  	
						
		 		 		 	By:	 	ERP Operating Limited Partnership,	  	
		 		 		 		 	 an Illinois limited partnership,
 its sole member
	  	
							
		 		 		 		 	By:	 	Equity Residential,	  	
		 		 		 		 		 	 a Maryland real estate investment trust,
 its general partner
	  	
									
		 		 		 		 		 	By:	  	 /s/ Robert Garechana
	  		  	
		 		 		 		 		 	Name:	  	Robert Garechana	  		  		  	
		 		 		 		 		 	Title:	  	Senior Vice President – Treasurer	  		  	

  
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	ARCHSTONE ARLINGTON COURTHOUSE PLAZA LLC,	 	
	a Delaware limited liability company	 	
			
	By:	 	DB Master Accommodation LLC,	 	
		 	a Delaware limited liability company,	 	
		 	its sole managing member	 	
				
		 	By:	 	DB Like-Kind Exchange Services Corp.,	 	
		 		 	a Delaware corporation,	 	
		 		 	its sole managing member	 	
						
		 		 	By:	 	 /s/ Brenton J. Allen
	 		 	
		 		 	Name:	 	 Brenton J. Allen
	 		 	
		 		 	Title:	 	 President
	 		 	
						
		 		 	By:	 	 /s/ Vickie Chaplin
	 		 	
		 		 	Name:	 	 Vickie Chaplin
	 		 	
		 		 	Title:	 	 Associate
	 		 	

  
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	ARCHSTONE MARINA DEL REY-I LLC,	 		 	
	a Delaware limited liability company	 		 	
				
	By:	 	Archstone Master Holdings LLC,	 		 	
		 	 a Delaware limited liability company,
 its sole member
	 		 	
					
		 	By:	 	ERP Operating Limited Partnership,	 		 	
		 		 	 an Illinois limited partnership,
 its sole member
	 		 	
						
		 		 	By:	 	Equity Residential,	 		 	
		 		 		 	 a Maryland real estate investment trust,
 its general partner
	 		 	
								
		 		 		 	By:	 	 /s/ Robert Garechana
	 		 		 	
		 		 		 	Name:	 	Robert Garechana	 		 	
		 		 		 	Title:	 	Senior Vice President – Treasurer	 		 	
			
	 ARCHSTONE MARINA DEL REY-II LLC,
 a Delaware limited liability company
	 		 	
				
	By:	 	Smith Property Holdings Columbia Road L.P.,	 		 	
		 	 a Delaware limited partnership,
 its sole member
	 		 	
					
		 	By:	 	Archstone Master Holdings GP LLC,	 		 	
		 		 	 a Delaware limited liability company,
 its general partner
	 		 	
						
		 		 	By:	 	ERP Operating Limited Partnership,	 		 	
		 		 		 	 an Illinois limited partnership,
 its sole member
	 		 	
							
		 		 		 	By:	 	Equity Residential,	 		 	
		 		 		 		 	 a Maryland real estate investment trust,
 its general partner
	 		 	
								
		 		 		 		 	By:	 	 /s/ Robert Garechana
	 		 	
		 		 		 		 	Name:	 	Robert Garechana	 		 		 	
		 		 		 		 	Title:	 	Senior Vice President – Treasurer	 		 	

  
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	ARCHSTONE PLAYA DEL REY LLC,	 	
	a Delaware limited liability company	 	
			
	By:	 	DB Master Accommodation LLC,	 	
		 	a Delaware limited liability company,	 	
		 	its sole managing member	 	
				
		 	By:	 	DB Like-Kind Exchange Services Corp.,	 	
		 		 	a Delaware corporation,	 	
		 		 	its sole managing member	 	
						
		 		 	By:	 	 /s/ Brenton J. Allen
	 		 	
		 		 	Name:	 	 Brenton J. Allen
	 		 	
		 		 	Title:	 	 President
	 		 	
						
		 		 	By:	 	 /s/ Vickie Chaplin
	 		 	
		 		 	Name:	 	 Vickie Chaplin
	 		 	
		 		 	Title:	 	 Associate
	 		 	
		
	 ARCHSTONE GLENDALE LLC,
 a Delaware limited liability company
	 	
			
	By:	 	DB Master Accommodation LLC,	 	
		 	a Delaware limited liability company,	 	
		 	its sole managing member	 	
				
		 	By:	 	DB Like-Kind Exchange Services Corp.,	 	
		 		 	a Delaware corporation,	 	
		 		 	its sole managing member	 	
						
		 		 	By:	 	 /s/ Brenton J. Allen
	 		 	
		 		 	Name:	 	 Brenton J. Allen
	 		 	
		 		 	Title:	 	 President
	 		 	
						
		 		 	By:	 	 /s/ Vickie Chaplin
	 		 	
		 		 	Name:	 	 Vickie Chaplin
	 		 	
		 		 	Title:	 	 Associate
	 		 	

  
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	ARCHSTONE HARBORSIDE LLC,	 	
	a Delaware limited liability company	 	
			
	By:	 	Archstone Master Holdings LLC,	 	
		 	 a Delaware limited liability company,
 its sole member
	 	
				
		 	By:	 	ERP Operating Limited Partnership,	 	
		 		 	 an Illinois limited partnership,
 its sole member
	 	
					
		 		 	By:	 	Equity Residential,	 	
		 		 		 	 a Maryland real estate investment trust,
 its general partner
	 	
							
		 		 		 	By:	 	 /s/ Robert Garechana
	 		 	
		 		 		 	Name:	 	Robert Garechana	 		 	
		 		 		 	Title:	 	Senior Vice President – Treasurer	 		 	
		
	 EQR-DUPONT CORCORAN, LLC,
 a Delaware limited liability company
	 	
			
	By:	 	EQR-District Holding, LLC,	 	
		 	 a Delaware limited liability company,
 its sole member
	 	
				
		 	By:	 	ERP Operating Limited Partnership,	 	
		 		 	 an Illinois limited partnership,
 its managing member
	 	
					
		 		 	By:	 	Equity Residential,	 	
		 		 		 	 a Maryland real estate investment trust,
 its general partner
	 	
							
		 		 		 	By:	 	 /s/ Robert Garechana
	 		 	
		 		 		 	Name:	 	Robert Garechana	 		 	
		 		 		 	Title:	 	Senior Vice President – Treasurer	 		 	

  
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 S-24

																					
	ASN MURRAY HILL LLC,	  		  	
	a Delaware limited liability company	  		  	
				
	By: 	  	DB Master Accommodation LLC,	  		  	
		  	a Delaware limited liability company,	  		  	
		  	its sole managing member	  		  	
					
		  	By: 	  	DB Like-Kind Exchange Services Corp.,	  		  	
		  		  	a Delaware corporation,	  		  	
		  		  	its sole managing member	  		  	
							
		  		  	By:	  	 /s/ Brenton J. Allen
	  		  		  	
		  		  	Name:	  	 Brenton J. Allen
	  		  		  	
		  		  	Title:	  	 President
	  		  		  	
							
		  		  	By:	  	 /s/ Vickie Chaplin
	  		  		  	
		  		  	Name:	  	 Vickie Chaplin
	  		  		  	
		  		  	Title:	  	 Associate
	  		  		  	

  
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	EQR – SILVER SPRING GATEWAY RESIDENTIAL LLC,	 	
	a Delaware limited liability company	 	
			
	By:	 	EQR-Silver Spring Gateway, LLC,	 	
		 	 a Delaware limited liability company,
 its sole member
	 	
				
		 	By:	 	EQR Acquisitions, LP,	 	
		 		 	 a Delaware limited partnership,
 its sole member
	 	
					
		 		 	By:	 	EQR-Acquisitions GP, LLC,	 	
		 		 		 	 a Delaware limited liability company,
 its general partner
	 	
						
		 		 		 	By:	 	ERP Operating Limited Partnership,	 	
		 		 		 		 	 an Illinois limited partnership,
 its sole member
	 	
							
		 		 		 		 	By:	 	Equity Residential,	 	
		 		 		 		 		 	 a Maryland real estate investment trust,
 its general partner
	 	
									
		 		 		 		 		 		 	By:	 	 /s/ Robert Garechana
	 	
		 		 		 		 		 		 	Name:	 	Robert Garechana	 	
		 		 		 		 		 		 	Title:	 	Senior Vice President – Treasurer	 	

																					
		
	 EQR–PEGASUS APARTMENTS, LP,
 a Delaware limited partnership
	 	
			
	By:	 	ERP-QRS Glenlake Club, Inc.,	 	
		 	 an Illinois corporation,
 its general partner
	 	
						
		 	By:	 	 /s/ Robert Garechana
	 		 		 	
		 	Name:	 	Robert Garechana	 	
		 	Title:	 	Vice President – Treasurer	 	

  
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 S-26

 
			
	LENDER:
	
	FANNIE MAE, the corporation duly organized under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C. §1716 et seq. and duly
organized and existing under the laws of the United States
		
	By:	 	 /s/ Manuel Menendez, Jr.

	Name:	 	Manuel Menendez, Jr.
	Title:	 	Senior Vice President

  
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 SCHEDULE I 
 BORROWERS 
 POOL 3 

ASN Santa Monica LLC, a Delaware limited liability company 
 Archstone Camargue I LLC, a Delaware limited liability company 

Archstone Camargue II LLC, a Delaware limited liability company 

Archstone Camargue III LLC, a Delaware limited liability company 

ASN San Mateo LLC, a Delaware limited liability company 
 Archstone South Market LLC, a Delaware limited liability company 
 ASN
Fairchase LLC, a Delaware limited liability company 
 Archstone Fairchase II LLC, a Delaware limited liability
company 
 Smith Property Holdings Van Ness L.P., a Delaware limited partnership 

ASN Hoboken I LLC, a Delaware limited liability company 
 ASN Hoboken II LLC, a Delaware limited liability company 
 ASN Santa
Clara LLC, a Delaware limited liability company 
 Smith Property Holdings Parc Vista L.L.C., a Delaware limited
liability company 
 Smith Property Holdings Water Park Towers L.L.C., a Delaware limited liability company 

Smith Property Holdings Six (D.C.) L.P., a Delaware limited partnership 

Smith Property Holdings 4411 Connecticut L.L.C., a Delaware limited liability company 

ASN Seattle LLC, a Delaware limited liability company 
 ASN Marina LLC, a Delaware limited liability company 

  
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 Schedule I-1

 POOL 4 
 Archstone Playa Del Rey LLC, a Delaware limited liability company 
 Smith
Property Holdings Three (D.C.) L.P., a Delaware limited partnership 
 Smith Property Holdings Alban Towers, L.L.C., a
Delaware limited liability company 
 Alban Towers, L.L.C., a District of Columbia limited liability company 

Smith Property Holdings Three (D.C.) L.P., a Delaware limited partnership 

ASN CambridgePark LLC, a Delaware limited liability company 

Smith Property Holdings Three (D.C.) L.P., a Delaware limited partnership 

Archstone Columbia Crossing LLC, a Delaware limited liability company 

Archstone Arlington Courthouse Plaza LLC, a Delaware limited liability company 

Archstone Marina Del Rey-I LLC, a Delaware limited liability company 

Archstone Marina Del Rey-II LLC, a Delaware limited liability company 

EQR–Silver Spring Gateway Residential, LLC, a Delaware limited liability company 

EQR-Pegasus Apartments, LP, a Delaware limited partnership 
 Archstone Glendale LLC, a Delaware limited liability company 
 Archstone
Harborside LLC, a Delaware limited liability company 
 EQR-Dupont Corcoran, LLC, a Delaware limited liability company

 ASN Murray Hill LLC, a Delaware limited liability company 

  
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 Schedule I-2

 APPENDIX I 
 DEFINITIONS 
 For all purposes of the Agreement, the following terms shall have the
respective meanings set forth below: 
 “Additional Borrower” means the owner of a Substitute Mortgaged
Property, which entity shall be a Single-Purpose Delaware limited liability company or Delaware limited partnership that is not a Prohibited Person, and (i) either (a) has as its managing or sole member or sole or managing general partner
either ERPOP or a Delaware limited liability company, a Delaware limited partnership or a Delaware corporation at least ninety-nine percent (99%) owned, directly or indirectly (exclusive of preferred unit interests existing on the Effective
Date), directly or indirectly, by ERPOP and (in the case of a limited liability company) managed by ERPOP, or (b) is not owned, directly or indirectly, by a Prohibited Person, and has been approved by Fannie Mae, and (ii) becomes a
Borrower under the Agreement and the applicable Loan Documents. 
 “Additional Collateral” means (a) a
Letter of Credit that satisfies the requirements of Section 6.27, to the extent applicable or otherwise on terms and conditions satisfactory to Fannie Mae, (b) cash collateral deposited with Fannie Mae or its designee and otherwise held in
an interest bearing account (or such other type of account as Borrower and Fannie Mae may approve), in a manner approved by Fannie Mae in its discretion, and/or (c) Permitted Investments delivered to Fannie Mae or its designee and otherwise
held by such party pursuant to the terms of documentation acceptable to Fannie Mae in its reasonable discretion. 

“Additional Due Diligence Fees” means the due diligence fees paid by the applicable Collateral Pool Borrower to Fannie
Mae with respect to each Substitute Mortgaged Property, as set forth in Section 8.03(b). 
 “Additional
Guarantor” shall mean any entity which entity is not a Prohibited Person, nor owned, directly or indirectly, by a Prohibited Person, and which entity enters into a confirmation and joinder agreement as provided in the Guaranty and, with
regard to any concurrent transfer, such transfer shall not cause a Change of Control. 
 “Adjustable
Rate” has the meaning set forth in each Variable Loan Note evidencing a Variable Loan (which rate includes the Variable Loan Fee). 
 “Affiliate” or “Affiliated” means, when used with reference to a specified Person, (a) any Person that, directly or indirectly, through one or more intermediaries,
controls or is controlled by, or is under common control with, the specified Person, (b) any Person that is an officer of, partner in or trustee of, or serves in a similar capacity with respect to, the specified Person or of which the specified
Person is an officer, partner or trustee, or with respect to which the specified Person serves in a similar capacity, (c) any Person that, directly or indirectly, is the beneficial owner of ten percent (10%) or more (or, solely if the
specified Person is ERPOP or EQR, twenty percent (20%) or more) of any class of equity securities of, or otherwise has a substantial beneficial interest in, the specified Person or of which the specified Person is, directly or

  
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 Appendix I-1

 
indirectly, the owner of ten percent (10%) or more of any class of equity securities or in which the specified Person has a substantial beneficial interest, and (d) for the specified
Person, any of the individual’s spouse, issue, parents, siblings and a trust for the benefit of the individual’s spouse or issue, or both. For the purposes of this definition, “control” (including with correlative meanings, the
terms “controlling,” “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 (other than
property management) and policies of that Person, whether through the ownership of voting securities, ownership interests or by contract or otherwise. 
 “Aggregate Debt Service Coverage Ratio” means, with respect to any Collateral Pool for any specified date, the ratio (expressed as a percentage) of— 

 

	 	(a)	the aggregate of the Net Operating Income for the Mortgaged Properties in such Collateral Pool 

 to 
  

	 	(b)	the Debt Service for such Collateral Pool on the specified date. 

 “Aggregate Loan to Value Ratio” means, with respect to any Collateral Pool for any specified date, the ratio (expressed as a percentage) of— 

 

	 	(a)	the Loans Outstanding secured by the Mortgaged Properties in such Collateral Pool on the specified date, 

to 
  

	 	(b)	the aggregate of the Valuations most recently obtained prior to the specified date for all of the Mortgaged Properties in such Collateral Pool.

 “Agreement” means this Master Credit Facility Agreement, as it may be amended, supplemented or
otherwise modified from time to time, including all Recitals and Exhibits to the Agreement, each of which is hereby incorporated into the Agreement by this reference. 
 “Allocable Loan Amount” means the portion of the Loans secured by a Collateral Pool allocated to a particular Mortgaged Property by Fannie Mae in accordance with the Agreement.

 “Alterations” shall have the meaning set forth in Section 6.09. 

“AMDR Ground Lease” shall have the meaning set forth in Section 6.32(a). 

“Amortization Period” means the period of thirty (30) years. 

“Applicable Law” means (a) all applicable provisions of all constitutions, statutes, rules, regulations and orders
of all governmental bodies, all Governmental Approvals and all orders, judgments and decrees of all courts and arbitrators, (b) all zoning, building, environmental and other laws, ordinances, rules, regulations and restrictions of any
Governmental Authority 

  
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 Appendix I-2

 
affecting the ownership, management, use, operation, maintenance or repair of any Mortgaged Property, including the Americans with Disabilities Act (if applicable), the Fair Housing Amendment Act
of 1988 and Hazardous Materials Laws (as defined in the Security Instrument), (c) any building permits or any conditions, easements, rights-of-way, covenants, restrictions of record or any recorded or unrecorded agreement affecting or
concerning any Mortgaged Property including planned development permits, condominium declarations, and reciprocal easement and regulatory agreements with any Governmental Authority, (d) all laws, ordinances, rules and regulations, whether in
the form of rent control, rent stabilization or otherwise, that limit or impose conditions on the amount of rent that may be collected from the units of any Mortgaged Property, and (e) requirements of the Borrower’s insurance companies or
similar organizations, affecting the operation or use of any Mortgaged Property or the consummation of the transactions to be effected by the Agreement or any of the other Loan Documents and the Guaranty. 

“Appraisal” means an appraisal of Multifamily Residential Property conforming to the requirements of the Financial
Institutions Reform, Recovery and Enforcement Act of 1989, as amended. 
 “Appraised Value” means the value set
forth in an Appraisal. 
 “Bankruptcy Code” means Title 11 of the United States Code entitled
“Bankruptcy” as now and hereafter in effect, or any successor statute. 
 “Borrower” shall have the
meaning given to such term in the preamble to this Agreement. 
 “Borrower Agent” shall have the meaning set
forth in Section 12.03(a). 
 “Borrower Parties” means, with respect to any Collateral Pool, the
applicable Collateral Pool Borrower, each Guarantor, the general partner or managing member of each applicable Collateral Pool Borrower and each Ultimate Owner. 
 “Borrower Party” shall mean any of the Borrower Parties, individually. 
 “Borrower Party Representatives” shall have the meaning set forth in Section 6.03(j). 
 “Business Day” means a day on which Fannie Mae is open for business. 
 “Calendar Quarter” means, with respect to any year, any of the following three month periods: (a) January-February-March; (b) April-May-June; (c) July-August-September; and
(d) October-November-December. 
 “Calendar Year” means the 12-month period from the first day of January
to and including the last day of December, and each 12-month period thereafter. 
 “Cap Rate” means, for each
Mortgaged Property, subject to Section 2.04(c) of the Agreement, a capitalization rate reasonably selected by Fannie Mae for use in determining the Valuations, as disclosed to Borrower from time to time. 

  
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 Appendix I-3

 “Cash Collateral Account” means the cash collateral account established
pursuant to the Cash Collateral Agreement. 
 “Cash Collateral Agreement” means a cash collateral, security and
custody agreement by and among Fannie Mae, Borrower and a collateral agent for Fannie Mae. 
 “Cash
Equivalents” means Permitted Investments having maturities of not more than twelve (12) months from the date of acquisition of such Permitted Investments. 
 “Cash Flow Sweep” shall have the meaning set forth in Section 1.07. 
 “Certificate of Borrower” shall mean a certificate in substantially the same form and substance as the Certificate of Borrower delivered by Borrower on the Closing Date. 

“Change of Control” means the Transfer of a Controlling Interest. 

“Closing Date” means each date after the Effective Date on which a transaction requested in a Request is required to
take place. 
 “Collateral” means the Mortgaged Properties and other collateral from time to time or at any
time encumbered by the Security Instruments, or any other property securing Borrower’s obligations under the Loan Documents. 
 “Collateral Agreement” means any separate agreement between Borrower and Fannie Mae for the purpose of establishing replacement reserves for the Mortgaged Property, establishing a fund to
assure completion of repairs or improvements specified in that agreement, or assuring reduction of the outstanding principal balance of the Indebtedness if the occupancy of or income from the Mortgaged Property does not increase to a level specified
in that agreement, or any other agreement or agreements between Borrower and Fannie Mae which provide for the establishment of any other fund, reserve or account. 
 “Collateral Event” means a Request for an Extension, Release, or Substitution, an Event of Default or other event which may invalidate the outstanding Allocable Loan Amounts or other
Collateral Pool determinations. 
 “Collateral Pool” means individually and collectively, all of the Collateral
that secures a Loan. The Collateral Pools are identified on Exhibit A of the Agreement. 
 “Collateral Pool
Borrower” means individually and collectively, each Borrower that owns Collateral that is a part of such Collateral Pool (each of which may be referred to a “Collateral Pool (APPLICABLE POOL NUMBER) Borrower,” i.e., each
Borrower that owns collateral that is part of Collateral Pool 3 may be referred to as a Collateral Pool 3 Borrower). 

“Common Area Site Unit” shall have the meaning set forth in Section 6.31(a). 

“Compliance Certificate” means a certificate of Borrower substantially in the form of Exhibit F to the Agreement.

  
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 Appendix I-4

 “Condemnation”, with respect to any Mortgaged Property, means (a) any
action or proceeding for the taking of the Mortgaged Property, or any part thereof or interest therein, for public or quasi-public use under the power of eminent domain, by reason of any public improvement or condemnation proceeding, or in any other
similar manner or (b) the conveyancing of any Mortgaged Property under the threat or contemplation of any action or proceeding described in clause (a). 
 “Confirmation of Guaranty” means a confirmation of the Guaranty executed by Guarantor in connection with any Request after the Initial Closing, substantially in the form of Exhibit
E to the Agreement. 
 “Contribution Agreement” means a Contribution Agreement by and among Borrower and
any Additional Borrowers, as the same may be amended, modified or supplemented from time to time. 
 “Control
Party” means any party (other than ERPOP or EQR) that controls the decisions of an Additional Borrower. 

“County” shall have the meaning set forth in Section 6.29(a). 

“Coverage and LTV Tests” mean, for any Collateral Pool for any specified date, each of the following financial tests:

 (1) For any Collateral Pool that secures a Variable Loan, (a) the Aggregate Debt Service Coverage Ratio is not less than,
0.95:1.0; and (b) the Aggregate Loan to Value Ratio does not exceed sixty-five percent (65%). 
 (2) For any Collateral Pool
that secures a Fixed Loan, (a) the Aggregate Debt Service Coverage Ratio is not less than, during the first three Loan Years, 0.95:1.0; during the fourth and fifth Loan Years, 1:0:1.0; during the sixth and seventh Loan Years, 1.05:1.0, and
during the eighth through tenth Loan Years, 1:10:1.0; and (b) the Aggregate Loan to Value Ratio does not exceed sixty-five percent (65%). 
 “Credit Facility” means, collectively, the Variable Loans and Fixed Loans outstanding under this Agreement. 
 “Debt Service” means, for any Collateral Pool, – 
 (a) [Intentionally Deleted] 
 (b) (1) For use in determining the
Aggregate Debt Service Coverage Ratio, for purposes of determining compliance with the Coverage and LTV Tests, (2) for use in determining the Release Price pursuant to Section 3.02(c) of the Agreement and for any other determination to be
made under Section 3.02 of the Agreement, (3) for use in determining compliance with the Substitution provisions in Section 3.03, (4) for other ongoing monitoring purposes pursuant to Section 2.04(b) of the Agreement,
(5) for use in 

  
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 Appendix I-5

 
determining the percentage of Cash Flow Sweep pursuant to Section 1.07(a)( or (b) of the Agreement, and (6) for all other monitoring and compliance purposes, as of any specified
date, the sum of the amount of interest and principal amortization, during the twelve (12) month period immediately succeeding the specified date, with respect to the Loans Outstanding on the specified date, except that, for these purposes:

 (i) each Variable Loan shall be deemed to require level monthly payments of principal and interest (at an
interest rate equal to the Strike Rate (as defined in the relevant Interest Rate Hedge and Hedge Security Agreement) in an amount necessary to fully amortize the original principal amount of the Variable Loan over the Amortization Period, with such
amortization deemed to commence on the first day of the twelve (12) month period; and 
 (ii) each Fixed
Loan shall require level monthly payments of principal and interest (at the interest rate set forth in the applicable Fixed Loan Note for such Fixed Loan) in an amount necessary to fully amortize the original principal amount of the Fixed Loan over
the Amortization Period, with such amortization to commence on the first day of the twelve (12) month period. 
 (c) For use in determining the Aggregate Debt Service Coverage Ratio for purposes of determining compliance with the Interest Rate Hedge and Hedge Security Agreement, as of any specified date, the sum of
the amount of interest and principal amortization that would be payable during the twelve (12) month period immediately succeeding the specified date, with respect to the amount of the Variable Loan Outstanding, except that, for these purposes,
the Variable Loan shall be deemed to require level monthly payments of principal and interest at an interest rate equal to the Adjustable Rate. 
 (d) For use in determining whether the requirements of Section 1.05(c) and Section 1.06(c) have been satisfied, as of any specified date, the sum of the amount of interest and principal
amortization, during the twelve (12) month period immediately succeeding the specified date, with respect to the Loans Outstanding on the specified date, except that, for these purposes each applicable Loan shall be deemed to require level
monthly payments of principal and interest (at an interest rate equal to the Strike Rate (as determined pursuant to Section 1.09)) in an amount necessary to fully amortize the original principal amount of the Loan over the Amortization Period,
with such amortization deemed to commence on the first day of the twelve (12) month period 
 “Debt Service
Coverage Ratio” means, for any Mortgaged Property, for any specified date, the ratio (expressed as a percentage) of — 
 (a) the Net Operating Income utilizing expenses on a trailing twelve (12) month basis and income on a current basis, with such adjustments as Fannie Mae may make for similar loans anticipated to be
purchased by Fannie Mae for the subject Mortgaged Property 
 to 

  
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 Appendix I-6

 (b) the Debt Service on the specified date, assuming, for the purpose of calculating the
Debt Service for this definition, that Loans Outstanding shall be the Allocable Loan Amount for the subject Mortgaged Property. 

“DESOS” shall have the meaning set forth in Section 6.30. 

“Effective Date” shall have the meaning set forth in the opening paragraph. 

“Environmental Claim” means any notice of violation, claim, demand, abatement, order or other order or direction
(conditional or otherwise) by any person or entity for any damage, including personal injury (including sickness, disease or death), tangible or intangible property damage, contribution, indemnity, indirect or consequential damages, damage to the
environment, pollution, contamination or other adverse effects on the environment, removal, cleanup or remedial action or for fines, penalties or restrictions, resulting from or based upon (a) the existence or occurrence, or the alleged
existence or occurrence, of a Hazardous Substance Activity or (b) the violation, or alleged violation, of any Hazardous Materials Laws in connection with any Mortgaged Property. 

“EQR Party” means each of Borrower, ERPOP, EQR or any Control Party and “EQR Parties” means all such Persons,
collectively. 
 “EQR” means Equity Residential, a Maryland real estate investment trust 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated thereunder. 
 “ERPOP” means ERP Operating Limited Partnership, an Illinois limited partnership.

 “Event of Default” means any event defined to be an “Event of Default” under Article 9.

 “Excess Cash Flow” means Gross Revenues derived from all Mortgaged Properties in the applicable Collateral
Pool in excess of the sum of (i) amounts required from time to time to timely make all regular payments due under the applicable Note, (ii) any and all other indebtedness, obligations and liabilities of the applicable Collateral Pool
Borrower permitted under the Loan Documents, (iii) reasonable and customary operating costs and expenses of the Mortgaged Property, (iv) reasonable reserves for working capital and future payment of taxes, insurance and replacements with
respect to the Mortgaged Properties and (v) reasonable capital expenditures. 
 “Exculpated Parties” shall
have the meaning set forth in Section 12.01(a). 
 “Extension” shall mean any extension set forth in
Section 1.05 or Section 1.06. 
 “Extension Notice” means written notice from the applicable
Collateral Pool Borrower to Fannie Mae requesting an Extension. 
 “Facility Termination Date” means, at any
time during which Loans are Outstanding, the latest maturity date for any Loan Outstanding. 

  
 Master Credit Facility
Agreement 
 Jupiter EQR Credit Facility 

  
 Appendix I-7

 “Fannie Mae” means the federally-chartered and stockholder-owned
corporation organized and existing under the Federal National Mortgage Association Charter Act, 12 U.S.C. § 1716 et seq. 
 “Fannie Mae Commitment” shall have the meaning set forth in Section 1.08(a)(iii). 
 “Fixed Loan” means a fixed-rate loan made to a Collateral Pool Borrower each of which is or shall be evidenced by a Fixed Loan Note. 

“Fixed Loan Note” means a promissory note which was issued by the applicable Collateral Pool Borrower concurrently with
the funding of each Fixed Loan to evidence such Collateral Pool Borrower’s obligation to repay the Fixed Loan, each as amended, modified, supplemented, consolidated or restated from time to time. 

“Fraudulent Transfer Laws” shall have the meaning set forth in Section 12.11. 

“GAAP” means generally accepted accounting principles in the United States in effect from time to time, consistently
applied. 
 “Gateway” shall have the meaning set forth in Section 6.31(a). 

“General Conditions” shall have the meaning set forth in Article 4. 

“Governmental Approval” means an authorization, permit, consent, approval, license, registration or exemption from
registration or filing with, or report to, any Governmental Authority. 
 “Governmental Authority” means any
court, board, agency, commission, office or authority of any nature whatsoever for any governmental unit (federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 

“Gross Cash Flow” means, for any specified period, with respect to any Multifamily Residential Property, all income in
respect of such Multifamily Residential Property as reflected on the certified operating statement for such specified period as adjusted to exclude unusual income (e.g., temporary or nonrecurring income), income not allowed under the Underwriting
and Servicing Requirements (e.g., interest income, furniture income, etc.), and the value of any unreflected concessions. 

“Gross Revenues” means, for any specified period, with respect to any Multifamily Residential Property, all income in
respect of such Multifamily Residential Property as reflected on the certified operating statement for such specified period as adjusted to exclude unusual income (e.g. temporary or nonrecurring income), income not allowed by Fannie Mae for similar
loans anticipated to be purchased by Fannie Mae (e.g. interest income, furniture income, etc.), and the value of any unreflected concessions. 
 “Guarantor” means, individually and collectively, ERP Operating Limited Partnership and any Additional Guarantor. 

  
 Master Credit Facility
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 Jupiter EQR Credit Facility 

  
 Appendix I-8

 “Guaranty” means individually and collectively, (i) the Guaranty (Pool 3)
and the Guaranty (Pool 4) (collectively, the “Pool Guaranties”) executed and delivered by Guarantor as of the Effective Date, (ii) the Master Guaranty and Indemnity Agreement executed and delivered by Guarantor as of the Effective Date,
and (iii) any other guaranties that may be executed and delivered by Guarantor in substantially the same form as the Pool Guaranties following the Effective Date. 
 “Hazardous Materials,” with respect to any Mortgaged Property, shall have the meaning given that term in the Security Instrument encumbering the Mortgaged Property. 

“Hazardous Materials Law,” with respect to any Mortgaged Property, shall have the meaning given that term in the
Security Instrument encumbering the Mortgaged Property. 
 “Hazardous Substance Activity” means, with respect
to any Mortgaged Property, any storage, holding, existence, release, spill, leaking, pumping, pouring, injection, escaping, deposit, disposal, dispersal, leaching, migration, use, treatment, emission, discharge, generation, processing, abatement,
removal, disposition, handling or transportation of any Hazardous Materials from, under, into or on such Mortgaged Property in violation of Hazardous Materials Laws, including the discharge of any Hazardous Materials emanating from such Mortgaged
Property in violation of Hazardous Materials Laws through the air, soil, surface water, groundwater or property and also including the abandonment or disposal of any barrels, containers and other receptacles containing any Hazardous Materials from
or on such Mortgaged Property in violation of Hazardous Materials Laws, in each case whether sudden or nonsudden, accidental or nonaccidental. 
 “Hedge Security Agreement” means the Interest Rate Hedge Security, Pledge and Assignment Agreement between the Borrower and Fannie Mae, for the benefit of Fannie Mae, in the form attached
as Exhibit O to this Agreement as such agreement may be amended, modified, supplemented or restated from time to time. 

“Highest Rating Category” means, with respect to a Permitted Investment, that the Permitted Investment is rated by
S&P or Moody’s in the highest rating given by that rating agency for that general category of security. 

“HOA” shall have the meaning set forth in Section 6.31(a). 

“Impositions” and “Imposition Deposits” shall have the meaning set forth in the Security Instrument.

 “Indebtedness” means, with respect to any Person, as of any specified date, without duplication, all:

 (a) indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than
(i) current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices, and (ii) for construction of improvements to property, if such person has a non-contingent contract to purchase
such property, or (iii) amounts to be paid by such Person, in performance stages or upon completion, pursuant to a written contract for the making of capital improvements to a Mortgaged Property permitted by this Agreement or the other Loan
Documents); 
 (b) other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument;

  
 Master Credit Facility
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 Jupiter EQR Credit Facility 

  
 Appendix I-9

 (c) obligations of such Person under any lease of property, real or personal, the
obligations of the lessee in respect of which are required by GAAP to be capitalized on a balance sheet of the lessee or to be otherwise disclosed as such in a note to such balance sheet; 

(d) obligations of such Person in respect of acceptances (as defined in Article 3 of the Uniform Commercial Code of the District of
Columbia) issued or created for the account of such Person; 
 (e) liabilities secured by any Lien on any property owned by such
Person even though such Person has not assumed or otherwise become liable for the payment of such liabilities; and 
 (f) as to
any Person (“guaranteeing person”), any obligation of (a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) to induce the creation of a primary obligation (as defined below) with
respect to which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing, or in effect guaranteeing, any indebtedness, lease, dividend or other obligation (“primary
obligations”) of any third person (“primary obligor”) in any manner, whether directly or indirectly (without double counting), including any obligation of the guaranteeing person, whether or not contingent, to
(1) purchase any such primary obligation or any property constituting direct or indirect security therefor, (2) advance or supply funds for the purchase or payment of any such primary obligation or to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (3) purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation, or (4) otherwise assure or hold harmless the owner of any such primary obligation against loss in respect of the primary obligation, provided, however, that the term
“Contingent Obligation” shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Contingent Obligation of any guaranteeing person shall be deemed to be the lesser
of (i) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made and (ii) the maximum amount for which such guaranteeing person may be liable pursuant to the terms
of the instrument embodying such Contingent Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Contingent Obligation
shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by Owner in good faith. Notwithstanding the foregoing, nothing in this subsection (f) shall preclude the obligations with respect
to any Borrower in connection with the Loans. 
 “Initial Mortgaged Properties” means the Multifamily
Residential Properties described on Exhibit A to this Agreement and are part of a Collateral Pool as of the Effective Date. 
 “Initial Valuation” means, when used with reference to specified Collateral, the Valuation initially performed for the Collateral as of the date on which the Collateral was added to a
Collateral Pool. The Initial Valuation for each of the Initial Mortgaged Properties is as set forth in Exhibit A to the Agreement. 

  
 Master Credit Facility
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 Jupiter EQR Credit Facility 

  
 Appendix I-10

 “Insurance Policy” means, with respect to a Mortgaged Property, the
insurance coverage and insurance certificates evidencing such insurance required to be maintained pursuant to the Security Instrument encumbering the Mortgaged Property. 
 “Interest Rate Hedge” shall have the meaning set forth in Section 1.09. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. Each reference to the Internal Revenue Code shall be deemed to include (a) any successor internal revenue
law and (b) the applicable regulations whether final or temporary. 
 “Issuer” shall have the meaning set
forth in Section 4.08(a). 
 “Key Principal” means Guarantor and any person or entity who becomes a Key
Principal after the date of this Instrument and is identified as such in an amendment or supplement to this Instrument.” 

“Lease” means any lease, any sublease or subsublease, license, concession or other agreement (whether written or oral
and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in any Mortgaged Property, and every modification, amendment or other agreement
relating to such lease, sublease, subsublease or other agreement entered into in connection with such lease, sublease, subsublease or other agreement, and every guarantee of the performance and observance of the covenants, conditions and agreements
to be performed and observed by the other party thereto. 
 “Fannie Mae” shall have the meaning set forth in
the first paragraph of the Agreement, and shall also refer to any replacement Fannie Mae. 
 “Letter of Credit”
means a letter of credit (i) issued by an issuer that meets and continues to meet Fannie Mae’s requirements for ratings of issuers of acceptable letters of credit as set forth in the Underwriting and Servicing Requirements (the
“Rating Requirements”), (ii) complying with all other requirements for letters of credit contained in the Underwriting and Servicing Requirements (including the furnishing of an opinion of issuer’s counsel relating to the issuer
and the letter of credit) and (iii) with a term of at least 364 days. The term “Letter of Credit” shall also include any replacement letter of credit, and any amendment or renewal of the letter of credit or the replacement
letter of credit, meeting the requirements of this definition. If Borrower at any time provides a confirming letter of credit, a replacement confirming letter of credit or an amendment or renewal of the confirming letter of credit or the replacement
confirming letter of credit, the same shall meet the requirements of this definition, and the term “Letter of Credit” shall also include the confirming letter of credit as so amended, renewed or replaced. 

“Lexford Partnership” means Lexford Properties, L.P., an Ohio limited partnership. 

“Lien” means any mortgage, deed of trust, deed to secure debt, security interest or other lien or encumbrance (including
both consensual and non-consensual liens and encumbrances). 
 “Loan” means a Variable Loan and/or a Fixed
Loan. 

  
 Master Credit Facility
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 Jupiter EQR Credit Facility 

  
 Appendix I-11

 “Loan Amount” means, for any Loan, the outstanding principal amount of the
Loan made to a Collateral Pool Borrower. The amount of the Loan to each Collateral Pool Borrower, as of the Effective Date, is shown on Exhibit A to the Agreement. 
 “Loan Document Taxes” shall have the meaning set forth in Section 6.10. 
 “Loan Documents” means with respect to any Collateral Pool, the Agreement, the Notes, the Security Documents, all documents executed by a Collateral Pool Borrower or Guarantor pursuant to
the General Conditions set forth in Article 4 of the Agreement and any other documents executed by a Collateral Pool Borrower or Guarantor from time to time in connection with the Agreement or the transactions contemplated by the Agreement, except
the Guaranty. 
 “Loan to Value Ratio” means, for a Mortgaged Property, for any specified date, the ratio
(expressed as a percentage) of — 
 (a) the Allocable Loan Amount of the subject Mortgaged Property on the specified date,

 to 
 (b) the Valuation most recently obtained prior to the specified date for the subject Mortgaged Property. 
 “Loan Year” means the twelve (12) month period from the first day of the first calendar month after the Effective Date to and including the last day before the first anniversary of
the Effective Date, and each twelve (12) month period thereafter. 
 “Master Lease” means, individually
and collectively, any lease of an entire Mortgaged Property to a single tenant, which Master Lease and the tenant thereunder shall be satisfactory to Fannie Mae. 
 “Master Tenant” means the tenant of the Improvements under one or more Master Leases. 
 “Material Adverse Effect” means, with respect to any circumstance, act, condition or event of whatever nature (including any adverse determination in any litigation, arbitration, or
governmental investigation or proceeding), whether singly or in conjunction with any other event or events, act or acts, condition or conditions, or circumstance or circumstances, whether or not related, a material adverse change in or a materially
adverse effect upon any of (a) the business, operations, property or condition (financial or otherwise) of Borrower or Guarantor, (b) the present or future ability of Borrower or Guarantor to perform the Obligations for which it is liable,
(c) the validity, priority, perfection or enforceability of the Agreement or any other Loan Document or the rights or remedies of Fannie Mae under any Loan Document, or (d) the value of, or Fannie Mae’s ability to have recourse
against, any Mortgaged Property. 
 “Material Adverse Impact” means any circumstance, act, condition or event
of whatever nature (including any adverse determination in any litigation, arbitration, or governmental investigation or proceeding), whether singly or in conjunction with any other event or events, act

  
 Master Credit Facility
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 Appendix I-12

 
or acts, condition or conditions, or circumstance or circumstances, whether or not related, that could reasonably be expected to have a material adverse change in or a materially adverse effect
upon any of: (a) the value, financial condition, operations, property or business of any Mortgaged Property; (b) Fannie Mae’s ability to have recourse against any Mortgaged Property; (c) the rights and remedies of Fannie Mae
under any Loan Documents and the Guaranty or under this Agreement or the present or future ability of Borrower to perform the Obligations; or (d) the validity, priority, perfection or enforceability of any Security Instrument, this Agreement or
any other Loan Document or the rights or remedies of Fannie Mae under any Loan Document. 
 “MBS” has the
meaning set forth in Section 6.13(b)(vii)(F). 
 “Moody’s” means Moody’s Investors Service,
Inc., a corporation organized and existing under the laws of the State of Delaware, and its successors and assigns, if such successors and assigns shall continue to perform the functions of a securities rating agency. 

“Mortgaged Properties” means, collectively, the Substitute Mortgaged Properties and the Initial Mortgaged Properties,
but excluding each Release Mortgaged Property from and after the date of its release from a Collateral Pool. 

“Multifamily Residential Property” means a residential property, located in the United States, containing five or more
dwelling units in which not more than twenty percent (20%) of the net rentable area is or will be rented to non-residential tenants, and conforming to the requirements of Fannie Mae for similar loans anticipated to be purchased by Fannie Mae.

 “Net Operating Income” means, for any specified period, with respect to any Multifamily Residential
Property, the aggregate net income during such period equal to Gross Revenues during such period less the aggregate Operating Expenses during such period. If a Mortgaged Property is not owned by a Borrower or an Affiliate of a Borrower for the
entire specified period, the Net Operating Income for the Mortgaged Property for the time within the specified period during which the Mortgaged Property was owned by a Borrower or an Affiliate of a Borrower shall be the Mortgaged Property’s
net operating income determined by Fannie Mae in accordance with the underwriting procedures set forth by Fannie Mae for similar loans anticipated to be purchased by Fannie Mae. 

“Note” means any Fixed Loan Note and/or Variable Loan Note. 

“Obligations” means the aggregate of the obligations of a Collateral Pool Borrower and Guarantor under the Agreement and
the other Loan Documents and the Guaranty. 
 “OMDR Ground Lease” shall have the meaning set forth in
Section 6.29(a). 
 “One-Month LIBOR Rate” means the British Bankers Association fixing of the London
Inter-Bank Offered Rate for 1-month U.S. Dollar-denominated deposits as reported by Telerate through electronic transmission. If the Index is no longer available, or is no longer posted through electronic transmission, Fannie Mae will
choose a new index that is based upon comparable information and provide notice thereof to Borrower. 

  
 Master Credit Facility
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 Jupiter EQR Credit Facility 

  
 Appendix I-13

 “Operating Expenses” means, for any period, with respect to any Multifamily
Residential Property, all expenses in respect of the Multifamily Residential Property, as determined by Fannie Mae based on the certified operating statement for such specified period as adjusted to provide for the following: (i) all
appropriate types of expenses, including a management fee and deposits to the Replacement Reserves (whether funded or not), are included in the total operating expense figure; (ii) upward adjustments to individual line item expenses to reflect
market norms or actual costs and correct any unusually low expense items, which could not be replicated by a different owner or manager (e.g., a market rate management fee will be included regardless of whether or not a management fee is
charged, market rate payroll will be included regardless of whether shared payroll provides for economies, etc.); and (iii) downward adjustments to individual line item expenses to reflect unique or aberrant costs (e.g., non-recurring
capital costs, non-operating borrower expenses, etc.). 
 “Organizational Certificate” means, collectively,
certificates from Borrower and Guarantor to Fannie Mae, in the form of Exhibit G-1 through G-3 to the Agreement, certifying as to certain organizational matters with respect to each Borrower and Guarantor. 

“Organizational Documents” means all certificates, instruments and other documents pursuant to which an organization is
organized or operates, including but not limited to, (i) with respect to a corporation, its articles of incorporation and bylaws, (ii) with respect to a limited partnership, its limited partnership certificate and partnership agreement,
(iii) with respect to a general partnership or joint venture, its partnership or joint venture agreement and (iv) with respect to a limited liability company, its articles of organization and operating agreement. 

“Other Borrower” shall have the meaning set forth in Section 12.09 of the Agreement. 

“Other Borrower Secured Obligation” shall have the meaning set forth in Section 12.04. 

“Outstanding” means, when used in connection with promissory notes, other debt instruments or Loans, for a specified
date, promissory notes or other debt instruments which have been issued, or Loans which have been made, to the extent not repaid in full as of the specified date. 
 “Ownership Interests” means, with respect to any entity, any ownership interests in the entity and any economic rights (such as a right to distributions, net cash flow or net income) to
which the owner of such ownership interests is entitled. 
 “Permits” means all permits, or similar licenses or
approvals issued and/or required by an applicable Governmental Authority or any Applicable Law in connection with the ownership, use, occupancy, leasing, management, operation, repair, maintenance or rehabilitation of any Mortgaged Property or any
Borrower’s business. 
 “Permitted Investments” means one or more of the following: 

 

	 	(i)	Cash; 

  

	 	(ii)	Government or U.S. Treasury securities of any maturity rated in the Highest Rating Category; 

  
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 Appendix I-14

	 	(iii)	Fannie Mae, Freddie Mac and Ginnie Mae agency mortgage-backed securities (single family or multifamily), provided that the value allocated to such securities will be
discounted by three percent (3%); 

  

	 	(iv)	Money market funds pre-approved in writing by Fannie Mae with an investment objective that is limited to government or U.S. Treasury securities rated in the Highest
Rating Category; or 

  

	 	(v)	Any other investment approved in writing by Fannie Mae. 

 “Permitted Liens” means, with respect to a Mortgaged Property: 
  

	 	(i)	the exceptions to title to the Mortgaged Property set forth in the Title Insurance Policy for the Mortgaged Property which are approved by Fannie Mae;

  

	 	(ii)	Liens securing Obligations to Fannie Mae, including the Lien of the Security Instrument encumbering the Mortgaged Property; 

 

	 	(iii)	Liens for taxes not yet delinquent; 

  

	 	(iv)	Liens in respect of property imposed by law arising in the ordinary course of business such as materialmen’s, mechanics’, warehousemen’s, carriers’,
landlords’ and other nonconsensual statutory Liens which (A) are not yet due and payable or (B) are released of record, bonded over or otherwise remedied to Fannie Mae’s satisfaction within sixty (60) days of the date of
commencement of enforcement of any such Lien or before such earlier date on which Borrower’s interest in the applicable property is subject to forfeiture by enforcement of any such Lien; 

 

	 	(v)	Subject to (1) the provisions of Section 20 of the Security Instrument and (2) Borrower providing Fannie Mae with a copy of each document within sixty
(60) days of the later of (x) the execution of such document, and (y) the date such document is recorded: easements, rights-of-way, restrictions (including zoning restrictions), matters of plat, minor defects or irregularities in
title, licenses or lease agreements for laundry, cable television, telephone and other similar Liens which, in the aggregate, do not materially reduce the value of the Mortgaged Property or materially interfere with the operation and use of, or the
ordinary conduct of the business on, the Mortgaged Property (provided that any laundry or cable television licenses or leases shall not be a Permitted Lien if it does not comply with Fannie Mae’s requirement for similar loans anticipated to be
purchased by Fannie Mae). Notwithstanding the foregoing, to the extent any of the foregoing items could reasonably be deemed to adversely affect (on an aggregate basis) the value of the Mortgaged Property by more than the lesser of
(A) $1,000,000 and (B) ten percent (10%) of the value of the Mortgaged Property, such item shall not be considered a Permitted Lien and shall require Fannie Mae’s prior written consent. 

  
 Master Credit Facility
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 Appendix I-15

	 	(vi)	any other Liens expressly permitted by the Loan Documents (including any delinquent tax Liens being contested in accordance with the terms of the Security Instrument);
and 

  

	 	(vii)	any other Liens approved by Fannie Mae. 

 “Person” means an individual, an estate, a trust, a corporation, a partnership, a limited liability company or any other organization or entity (whether governmental or private).

 “Pool Termination Date” means, at any time during which the Loans are Outstanding with respect to a
particular Collateral Pool, the latest maturity date for any Loan Outstanding, taking into account any Extensions permitted under Section 1.05 and Section 1.06. 
 “Potential Event of Default” means with respect to a particular Collateral Pool any event which, with the giving of notice or the passage of time, or both, would constitute an Event of
Default. 
 “Prohibited Person” means (i) a Person that is the subject of, whether voluntary or
involuntary, any case, proceeding or other action against such Person under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization, liquidation, rehabilitation, receivership, or relief of debtors, or
(ii) any Person with whom Fannie Mae is prohibited from doing business pursuant to any law, rule, regulation, judicial proceeding or administrative directive, or (iii) any Person identified on the federal “Excluded Parties List
System,” the federal “Office of Foreign Assets and Control Specially Designated Nationals and Blocked Persons” list, the U.S. Department of Housing and Urban Development’s “Limited Denial of Participation, HUD Funding
Disqualifications and Voluntary Abstentions List,” or on Fannie Mae’s “Multifamily Applicant Experience Check,” each of which may be amended from time to time and any successor or replacement thereof, or (iv) a Person that
is determined by Fannie Mae to pose an unacceptable credit risk due to the aggregate amount of debt of such Person owned by Fannie Mae, or (v) a Person that has caused any unsatisfactory experience of a material nature with Fannie Mae, such as
a default, fraud, intentional misrepresentation, litigation, arbitration or other similar act, or (vi) a Person that is, or whose senior management is, the subject of any pending criminal indictment or criminal investigation relating to an
alleged felony or has ever been convicted of a felony or held liable for fraud in a civil or criminal action, or (vii) a Person that does not meet the requirements of Section 26 of the Certificate of Borrower Parties. 

“Property” means any estate or interest in any kind of property or asset, whether real, personal or mixed, and whether
tangible or intangible. 
 “Property Delivery Deadline” shall have the meaning set forth in
Section 3.03(d)(ii). 
 “Property Manager” means Equity Residential Management, L.L.C., a Delaware limited
liability company, or any other entity hired to operate and manage the Mortgaged Property, whose hiring is subject to the written approval and consent of Fannie Mae. 

  
 Master Credit Facility
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 Appendix I-16

 “Rate Form” means the completed and executed document from Borrower to
Fannie Mae pursuant to Section 1.08(a)(ii), substantially in the form of Exhibit H to the Agreement, specifying the terms and conditions of the Note rate to be issued for a requested Extension. 

“Rate Change Date” has the meaning set forth in each Variable Loan Note evidencing a Variable Loan. 

“Recognized Springing Member” means a springing member who is provided by a nationally-recognized company that provides
independent directors and springing members. 
 “Release” shall have the meaning set forth in
Section 3.01. 
 “Release Documents” mean instruments releasing the applicable Security Instrument as a
Lien on a Mortgaged Property, and UCC-3 Termination Statements terminating the UCC-1 Financing Statements, and such other documents and instruments to evidence the release of such Mortgaged Property from a Collateral Pool. 

“Release Fee” means $10,000 for each Release Mortgaged Property. 

“Release Mortgaged Property” means the Mortgaged Property to be released pursuant to Article 3. 

“Release Price” shall have the meaning set forth in Section 3.02(c)(i). 

“Release Request” means a written request, substantially in the form of Exhibit J to the Agreement, to obtain a
release of Collateral from a Collateral Pool. 
 “Remaining Mortgaged Properties” shall have the meaning set
forth in Section 4.04(h). 
 “Remaining Net Sale Proceeds” shall have the meaning set forth in
Section 3.02(c)(iii). 
 “Rent Roll” means, with respect to any Multifamily Residential Property, a rent
roll prepared and certified by the owner of the Multifamily Residential Property, on Fannie Mae Form 4243 or on another form approved by Fannie Mae and containing substantially the same information as Form 4243 requires. 

“Replacement Reserve Agreement” means a Replacement Reserve and Security Agreement, reasonably required by Fannie Mae,
and completed in accordance with requirements of Fannie Mae for similar loans anticipated to be purchased by Fannie Mae. 

“Request” means a Substitution Request, a Release Request or a request for an Extension. 

“Rescinded Payment” shall have the meaning set forth in Section 12.10. 

“Resident Agreement” means, with respect to any Mortgaged Property that is subject to a Master Lease, a written
agreement for occupancy of a portion of a Mortgaged Property by an individual resident. 
 “Re-Underwriting
Fee” shall have the meaning set forth in Section 8.01. 

  
 Master Credit Facility
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 Jupiter EQR Credit Facility 

  
 Appendix I-17

 “S&P” shall mean Standard & Poor’s Credit Markets
Services, a division of The McGraw-Hill Companies, Inc., a New York corporation, and its successors and assigns, if such successors and assigns shall continue to perform the functions of a securities rating agency. 

“SDAT” shall have the meaning set forth in Section 6.30. 

“Security” means a “security” as set forth in Section 2(1) of the Securities Act of 1933, as amended.

 “Security Documents” means the Security Instruments, the Replacement Reserve Agreements in connection with
Master Leases, and any other documents executed by the applicable Collateral Pool Borrower from time to time to secure any of such Collateral Pool Borrower’s obligations under the Loan Documents. 

“Security Instrument” means, for each Mortgaged Property, a Multifamily Mortgage, Deed of Trust or Deed to Secure Debt,
Assignment of Leases and Rents and Security Agreement given by a Borrower to or for the benefit of Fannie Mae to secure the obligations of Collateral Pool Borrower under the Loan Documents. With respect to each Mortgaged Property owned by a
Borrower, the Security Instrument shall be substantially in the form published by Fannie Mae from time to time for use in the state in which the Mortgaged Property is located. The amount secured by the Security Instrument shall be equal to the
aggregate amount of Loans Outstanding for the applicable Collateral Pool in effect from time to time; provided, however, that Security Instruments recorded against a Mortgaged Property or where there is a material mortgage, recording or intangible
tax applicable to the recordation of the Security Instrument, the amount secured by such Security Instrument shall be limited to a maximum secured principal amount equal to the product obtained by multiplying (i) the Valuation of such Mortgaged
Property on the date is it added to the applicable Collateral Pool by (ii) one hundred fifteen percent (115%). 

“Senior Management” means (a) the Chief Executive Officer, Co-Chairman of the Board, President, Chief Financial
Officer and Chief Operating Officer of EQR, and (b) any other individuals with responsibility for any of the functions typically performed in a corporation by the officers described in clause (a). 

“Servicer” means the loan servicer selected by Fannie Mae to which Fannie Mae may delegate all or any portion of its
responsibilities under this Agreement and the other Loan Documents pursuant to a servicing agreement between Fannie Mae and Servicer. As of the Effective Date, Wells Fargo Multifamily Capital Inc. has been selected as Servicer of the Loans.

 “Single-Purpose” means, with respect to a Person which is any form of partnership or corporation or limited
liability company, that such Person at all times since its formation: 
  

	 	(i)	has been a duly formed and existing partnership, corporation or limited liability company, as the case may be; 

 

	 	(ii)	has been duly qualified in each jurisdiction in which such qualification was at such time necessary for the conduct of its business; 

  
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	 	(iii)	has complied with the provisions of its organizational documents and the laws of its jurisdiction of formation in all respects; 

 

	 	(iv)	has observed all customary formalities regarding its partnership or corporate existence, as the case may be; 

 

	 	(v)	has accurately maintained its financial statements, accounting records and other partnership or corporate documents separate from those of any other Person, subject to
appropriate consolidation (for accounting purposes) with those of other Affiliates in accordance with GAAP (provided, however, that all consolidated financial statements prepared with respect to any Affiliate of Borrower will include footnote
references to indicate that the Mortgaged Properties are owned by an entity the equity interests in which are owned in part by EQR (or a wholly-owned subsidiary of EQR) and in part by ERPOP); 

 

	 	(vi)	has not commingled its assets or funds with those of any other Person; 

  

	 	(vii)	has identified itself in all dealings with creditors (other than trade creditors in the ordinary course of business and creditors for the construction of improvements
to property on which such Person has a non-contingent contract to purchase such property) under its own name and as a separate and distinct entity; 

  

	 	(viii)	has been adequately capitalized in light of its contemplated business operations; 

 

	 	(ix)	has not assumed, guaranteed or become obligated for the liabilities of any other Person (except in connection with a Collateral Pool or the endorsement of negotiable
instruments in the ordinary course of business) or held out its credit as being available to satisfy the obligations of any other Person; 

  

	 	(x)	has not acquired obligations or securities of any other Person; 

  

	 	(xi)	in relation to a Borrower, except for loans made in the ordinary course of business to Affiliates, has not made loans or advances to any other Person;

  

	 	(xii)	if such Person is a Borrower Party, such Person has not entered into and were not a party to any transaction with any Affiliate of such Person, except in the ordinary
course of business and on terms which are no less favorable to such Person than would be obtained in a comparable arm’s-length transaction with an unrelated third-party; 

 

	 	(xiii)	has paid the salaries of its own employees, if any; 

  

	 	(xiv)	has allocated fairly and reasonably any overhead for shared office space; 

  

	 	(xv)	has not engaged in a non-exempt prohibited transaction described in Section 406 of ERISA or Section 4975 of the Internal Revenue Code to the extent it is
subject to ERISA; 

  
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	 	(xvi)	has complied with the requirements of Section 33 of the Security Instrument; 

 

	 	(xvii)	has paid its expenses and liabilities out of its own funds, including through the use of capital contributions. 

“Strike Rate” shall have the definition given in the applicable Hedge Security Agreement. 

“Subject Borrower” shall have the meaning set forth in Section 12.09. 

“Subordinated Obligations” shall have the meaning set forth in Section 12.08. 

“Subsidiary” means, as to any Person, a corporation, partnership or other entity of which shares of stock or other
ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such
corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. 

“Substitute Cash Collateral” shall have the meaning set forth in Section 3.02(d)(ii). 

“Substitute Mortgaged Property” means each Multifamily Residential Property owned by any Borrower or Additional Borrower
(either in fee simple or as tenant under a ground lease meeting all of Fannie Mae’s requirements for similar loans anticipated to be purchased by Fannie Mae) and added to a Collateral Pool after the Effective Date in connection with a
substitution of Collateral as permitted by Section 3.03. 
 “Substitution” shall have the meaning set
forth in Section 3.03. 
 “Substitution Deposit” shall have the meaning set forth in
Section 3.03(e). 
 “Substitution Fee” means with respect to any Substitution effected in
accordance with Section 3.03, a fee in the amount of $10,000 for each substitute property added to a Collateral Pool. 
 “Substitution Loan Documents” means the Security Instrument covering a Substitute Mortgaged Property and any other documents, instruments or certificates reasonably required by Fannie Mae
in form and substance satisfactory to Fannie Mae and Borrower in connection with the addition of the Substitute Mortgaged Property to a Collateral Pool pursuant to Article 3. When possible, such Substitution Loan Documents shall be based
substantially on the documents executed on the Effective Date or that otherwise have been executed as of the Effective Date with respect to the Loans, with changes (i) required to comply with the laws of the state where the Substitute Mortgaged
Property is located and (ii) as may be required by Fannie Mae due to the character and quality of the Substitute Mortgaged Property based on Fannie Mae’s Underwriting Requirements. 

“Substitution Request” means a written request substantially in the form of Exhibit J to the Agreement for a
Substitution made pursuant to Section 3.03. 

  
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 Appendix I-20

 “Surveys” means the as-built surveys of the Mortgaged Properties prepared
in accordance with Fannie Mae’s requirements for similar loans that are anticipated to be purchased by Fannie Mae. 

“Taxes” means all taxes, assessments, vault rentals and other charges, if any, general, special or otherwise, including
all assessments for schools, public betterments and general or local improvements, which are levied, assessed or imposed by any public authority or quasi-public authority, and which, if not paid, will become a lien, on the Mortgaged Properties.

 “Tax Protected Asset Borrower” means, individually or collectively, the following Borrowers: ASN Santa Clara
LLC, ASN Santa Monica LLC, Archstone Camargue I LLC, Archstone Camargue II LLC, Archstone Camargue III LLC, ASN San Mateo LLC, Archstone South Market LLC, ASN Fairchase LLC, Archstone Fairchase II LLC, Smith Property Holdings Three (D.C.) L.P.,
Archstone Columbia Crossing LLC. 
 “Term of this Agreement” shall be determined as provided in
Section 13.10. 
 “Three-Month LIBOR” means the British Bankers Association fixing of the London
Inter-Bank Offered Rate for 3-month U.S. Dollar-denominated deposits as reported by Telerate through electronic transmission. If the Index is no longer available, or is no longer posted through electronic transmission, Fannie Mae will
choose a new index that is based upon comparable information and provide notice thereof to Borrower. 
 “Title
Company” means First American Title Insurance Company or such other company(ies) approved by Fannie Mae, provided that the Title Company shall be the same for each Mortgaged Property in the same Collateral Pool. 

“Title Insurance Policies” means the mortgagee’s policies of title insurance issued by the Title Company from time
to time relating to each of the Security Instruments, conforming to Fannie Mae’s requirements for similar loans anticipated to be purchased by Fannie Mae, together with such endorsements, coinsurance, reinsurance and direct access agreements
with respect to such policies as Fannie Mae may, from time to time, consider necessary or appropriate, including variable credit endorsements, if available, and tie-in endorsements, if available, and with an aggregate limit of liability under the
policy (subject to the limitations contained in sections of the Stipulations and Conditions of the policy relating to a Determination and Extent of Liability) equal to the aggregate amount of Loans Outstanding for the applicable Collateral Pool, or
such lower amount as Fannie Mae has expressly approved. 
 “Trailing 3 Month Period” means, for any specified
date, the three (3) month period ending with the later of (i) the last day of the most recent Calendar Quarter or (ii) the month for which financial statements have been delivered by Borrower to Fannie Mae pursuant to
Section 2.04 and Section 6.03. 
 “Trailing 12 Month Period” means, for any specified date, the twelve
(12) month period ending with the later of (i) the last day of the most recent Calendar Quarter or (ii) the month for which financial statements have been delivered by Borrower to Fannie Mae pursuant to Section 2.04 and Section
6.03. 

  
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 “Treasury Regulations” means Regulations, revenue rulings and other public
interpretations of the Internal Revenue Code by the Internal Revenue Service, as such regulations, rulings and interpretations may be amended or otherwise revised from time to time. 

“Underwriting Requirements” means Fannie Mae’s overall requirements for Multifamily Residential Properties in
connection with similar loans sold or anticipated to be sold to Fannie Mae, pursuant to Fannie Mae’s then current guidelines, including, requirements relating to appraisals, physical needs assessments, environmental site assessments, and
servicing and asset management, as such requirements may be amended, modified, updated, superseded, supplemented or replaced from time to time 
 “Valuation” means, for any specified date, with respect to a Multifamily Residential Property, (a) if an Appraisal of the Multifamily Residential Property was more recently obtained
than a Cap Rate for the Multifamily Residential Property, the Appraised Value of such Multifamily Residential Property, or (b) if a Cap Rate for the Multifamily Residential Property was more recently obtained than an Appraisal of the
Multifamily Residential Property, the value derived by dividing— 
  

	 	(i)	the Net Operating Income of such Multifamily Residential Property, by 

  

	 	(ii)	the most recent Cap Rate determined by Fannie Mae or determined pursuant to Section 2.04. 

Notwithstanding the foregoing, any Valuation for a Multifamily Residential Property calculated for a date occurring before the date twelve
(12) months after the date on which the Multifamily Residential Property becomes a part of a Collateral Pool shall equal the Appraised Value of such Multifamily Residential Property, unless Fannie Mae determines that changed market or property
conditions warrant that the value be determined as set forth in the preceding sentence. 
 “Variable Loan”
means a variable-rate loan made to Borrower under this Agreement that has been purchased by Fannie Mae under Fannie Mae Structured Adjustable Rate Mortgage program. 
 “Variable Loan Fee” means, with respect to any Variable Loan converted and extended after the Effective Date, the number of basis points determined at the time of such closing by Fannie
Mae. 
 Variable Loan Note” means a promissory note in the form attached as Exhibit C hereto, executed by the
Collateral Pool 4 Borrower upon the conversion of the Loan secured by Collateral Pool 4 to a Variable Loan in accordance with this Agreement, as the same may be amended, restated or otherwise modified from time to time. 

“Veridian” shall have the meaning set forth in Section 6.31(a). 

“Waiving Borrower” shall have the meaning set forth in Section 12.04. 

  
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 EXHIBIT B TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

[INTENTIONALLY DELETED] 

  
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 EXHIBIT C TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

[NOTE: THIS IS A ONE-MONTH SARM FORM; 
 THREE-MONTH SARM IS AVAILABLE DURING EXTENSION PERIOD 
 AND NOTE WILL BE
REVISED ACCORDINGLY] 
 VARIABLE LOAN NOTE 

(Collateral Pool     ) 
  

			
	US $[            ]	 	[                    ,
        ]

 FOR VALUE RECEIVED, the undersigned (“Borrower”) jointly and severally (if
more than one) promises to pay to the order of FANNIE MAE, the corporation duly organized under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C. §1716 et seq. and duly organized and existing under the laws of the
United States (“Fannie Mae”), the principal sum of              Dollars (US $        ), with interest on the unpaid principal
balance from the Disbursement Date until fully paid at the rates applicable from time to time set forth in this Variable Loan Note (“Note”). 
 This Note is executed and delivered by Borrower pursuant to that certain Master Credit Facility Agreement, dated as of February 27, 2013 by and among Borrower, Fannie Mae and others (as amended,
modified, supplemented or restated from time to time, the “Master Agreement”), to evidence the obligation of Borrower to repay a Variable Loan made by Fannie Mae to Borrower in accordance with the terms of the Master
Agreement. This Note is entitled to the benefit and security of the Loan Documents provided for in the Master Agreement, to which reference is hereby made for a statement of all of the terms and conditions under which the Variable Loan evidenced
hereby is made. All references to Loan Documents and Security Documents herein shall be with respect to Collateral Pool 4 (the “Collateral Pool”) as further identified in the Master Agreement. 

Section 1. Defined Terms. In addition to defined terms found elsewhere in this Note, as used in this Note, the following
definitions shall apply: 
 Adjustable Rate. The initial Adjustable Rate shall be     % per annum
until the first Rate Change Date. From and after each Rate Change Date until the next Rate Change Date, the Adjustable Rate shall be the sum of (i) the Current Index, and (ii) the Margin, which sum is then rounded to three decimal places,
subject to the limitations that the Adjustable Rate shall not be less than the Margin. 
 Amortization Period: N/A.

 Business Day: Any day other than a Saturday, Sunday or any other day on which Fannie Mae is not open for business.

  
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 Current Index: The published Index that is effective on the Business Day immediately
preceding the applicable Rate Change Date. 
 Default Rate: A rate equal to the lesser of four (4) percentage points
above the then-applicable Adjustable Rate or the maximum interest rate which may be collected from Borrower under applicable law. 
 Disbursement Date: The date of disbursement of Loan proceeds hereunder. 

First Payment Date: The first day of
                    ,         . [For example, if the Note date is January 1, then the First Payment
Date will be February 1. If the Note date is any day other than January 1, then the First Payment Date will be March 1.]  
 Indebtedness: The principal of, interest on, or any other amounts due at any time under, this Note, the Security Instrument or any other Loan Document, including prepayment premiums, late charges,
default interest, and advances to protect the security of the Security Instrument under Section 12 of the Security Instrument. 
 Index: The British Bankers Association fixing of the London Inter-Bank Offered Rate for 1-month U.S. Dollar-denominated deposits as reported by Reuters through electronic transmission. If the
Index is no longer available, or is no longer posted through electronic transmission, Fannie Mae will choose a new index that is based upon comparable information and provide notice thereof to Borrower. 

Initial Adjustable Rate:     % per annum until the first Rate Change Date. 

Fannie Mae: The holder of this Note. 
 Loan: The loan evidenced by this Note. 
 Loan Year: The period
beginning on the Disbursement Date and ending on the day before the twelfth Rate Change Date and each successive twelve- (12) month period thereafter. 
 Margin:     %, which amount includes the Variable Loan Fee. 
 Maturity Date: The first day of [            ], or any earlier date on which the unpaid principal balance of this Note becomes due and
payable by acceleration or otherwise. 
 Payment Change Date: The first day of the month following each Rate Change Date
until this Note is repaid in full. 
 Prepayment Lockout Period: None. 

  
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 Prepayment Premium Term: The period beginning on the Disbursement Date and ending on
the last calendar day of [            ]. 
 Rate Change Date:
The First Payment Date and the first day of each month thereafter until this Note is repaid in full. 
 Security
Instrument: Individually and collectively, various multifamily mortgages, deeds to secure debt or deeds of trust described in the Master Agreement comprising Collateral Pool 4. 

Servicing Payment Date: Two (2) Business Days prior to the date each monthly payment is due under this Note. 

Variable Loan Fee: Has the meaning set forth in the Master Agreement. 
 Event of Default and other capitalized terms used but not defined in this Note shall have the meanings given to such terms in the Master Agreement or, if not defined in the Master Agreement, as defined in
the Security Instrument. 
 Section 2. Address for Payment. All payments due under this Note shall be payable at c/o
Wells Fargo Bank, N.A., 2010 Corporate Ridge – Suite 1000, McLean, Virginia 22102, Attention: Servicing Department, or such other place as may be designated by written notice to Borrower from or on behalf of Fannie Mae. 

Section 3. Payment of Principal and Interest. This Note will accrue interest on the outstanding principal balance at the
Adjustable Rate. Principal and interest shall be paid as follows: 
 (a) Short Month Interest. If disbursement of
principal is made by Fannie Mae to Borrower on any day other than the first day of the month, interest for the period beginning on the Disbursement Date and ending on and including the last day of the month in which such disbursement is made shall
be payable simultaneously with the execution of this Note. 
 (b) Interest Accrual. Interest shall accrue on the unpaid
principal balance of this Note at the Adjustable Rate and shall be computed on an actual/360 basis. The amount of interest payable each month by Borrower pursuant to Paragraph 3(d) below will be based on the actual number of calendar days during
such month and shall be calculated by multiplying the unpaid principal balance of this Note by the applicable Adjustable Rate, dividing the product by 360 and multiplying the quotient by the actual number of days elapsed during the month. Borrower
understands that the amount of interest payable each month will vary based on the unpaid principal balance of this Note, the Adjustable Rate and the actual number of calendar days during such month. 

(c) Adjustable Rate. The Initial Adjustable Rate shall be in effect until the first Rate Change Date. On the first Rate Change
Date and each Rate Change Date thereafter, the Adjustable Rate shall change until the Loan is repaid in full. From and after each Rate Change Date until the next Rate Change Date, the Adjustable Rate shall be the sum of (i) the

  
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Current Index, and (ii) the Margin, which sum is then rounded to three decimal places, subject to the limitations that the Adjustable Rate shall not be less than the Margin. Accrued interest
on this Note shall be paid in arrears. 
 (d) Monthly Payments. Borrower acknowledges and agrees to pay all payments
required each month as set forth below (the “Required Monthly Payments”) due under this Note to the Fannie Mae on the Servicing Payment Date even though such Required Monthly Payments are due on the first day of every month.

  

	 	x	Interest Only Loan. Consecutive monthly installments of interest only, each in the amount of the Required Monthly Payment, shall be payable on the First Payment
Date and on the first day of each month thereafter until the entire unpaid principal balance evidenced by this Note is fully paid. The entire unpaid principal balance and accrued but unpaid interest, if not sooner paid, shall be due and payable on
the Maturity Date. The initial Required Monthly Payment shall be              Dollars (US $        ). Thereafter, on each Payment Change Date the
Required Monthly Payment shall change based on the then-applicable Adjustable Rate and the actual number of calendar days during the applicable month. The amount of each Required Monthly Payment shall be calculated utilizing the interest accrual
method stated in Paragraph 3(b) above. 

 (e) [Intentionally deleted.] 

(f) Notice of Interest Rate Change. Before each Payment Change Date, Fannie Mae shall re-calculate the Adjustable Rate and shall
notify Borrower (in the manner specified in the Security Instrument for giving notices) of any change in the Adjustable Rate and the Required Monthly Payment. 
 (g) Correction to Required Monthly Payment. If Fannie Mae at any time determines, in its sole but reasonable discretion, that it has miscalculated the amount of the Required Monthly Payment
(whether because of a miscalculation of the Adjustable Rate or otherwise), then Fannie Mae shall give notice to Borrower of the corrected amount of the Required Monthly Payment (and the corrected Adjustable Rate, if applicable) and (i) if the
corrected amount of the Required Monthly Payment represents an increase, then Borrower shall, within thirty (30) calendar days thereafter, pay to Fannie Mae any sums that Borrower would have otherwise been obligated under this Note to pay to
Fannie Mae had the amount of the Required Monthly Payment not been miscalculated, or (ii) if the corrected amount of the Required Monthly Payment represents a decrease thereof and Borrower is not otherwise in breach or default under any of the
terms and provisions of the Note, the Security Instrument or any other loan document evidencing or securing the Note, then Borrower shall within thirty (30) calendar days thereafter be paid the sums that Borrower would not have otherwise been
obligated to pay to Fannie Mae had the amount of the Required Monthly Payment not been miscalculated. 

  
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 (h) Payments Before Due Date. Any regularly scheduled monthly installment of
principal and interest that is received by Fannie Mae before the date it is due shall be deemed to have been received on the due date solely for the purpose of calculating interest due. 

(i) Accrued Interest. Any accrued interest remaining past due for thirty (30) days or more shall be added to and become part
of the unpaid principal balance and shall bear interest at the rate or rates specified in this Note. Any reference herein to “accrued interest” shall refer to accrued interest which has not become part of the unpaid principal balance. Any
amount added to principal pursuant to the Loan Documents shall bear interest at the applicable rate or rates specified in this Note and shall be payable with such interest upon demand by Fannie Mae and absent such demand, as provided in this Note
for the payment of principal and interest. 
 Section 4. Application of Payments. If at any time Fannie Mae
receives, from Borrower or otherwise, any amount applicable to the Indebtedness which is less than all amounts due and payable at such time, Fannie Mae may apply that payment to amounts then due and payable in any manner and in any order determined
by Fannie Mae, in Fannie Mae’s discretion. Borrower agrees that neither Fannie Mae’s acceptance of a payment from Borrower in an amount that is less than all amounts then due and payable nor Fannie Mae’s application of such payment
shall constitute or be deemed to constitute either a waiver of the unpaid amounts or an accord and satisfaction. 

Section 5. Security. The Indebtedness is secured, among other things, by the Security Instrument, and reference is made to
the Security Instrument for other rights of Fannie Mae concerning the collateral for the Indebtedness. 
 Section 6.
Acceleration. If an Event of Default has occurred and is continuing, the entire unpaid principal balance, any accrued interest, the prepayment premium payable under Section 10, if any, and all other amounts payable under this Note and any
other Loan Document shall at once become due and payable, at the option of Fannie Mae, without any prior notice to Borrower. Fannie Mae may exercise this option to accelerate regardless of any prior forbearance. 

Section 7. Late Charge. MONTHLY PAYMENTS UNDER THIS NOTE ARE DUE ON THE FIRST DAY OF EACH AND EVERY MONTH UNTIL THIS
NOTE IS PAID IN FULL. BORROWER HEREBY AGREES THAT SUCH PAYMENTS SHALL BE MADE TO THE LENDER ON THE SERVICING PAYMENT DATE. THERE IS NO “GRACE” PERIOD FOR ANY MONTHLY INSTALLMENTS DUE HEREUNDER. Subject to the provisions of
Section 9.01(b) of the Master Agreement, if any monthly installment due hereunder is not received by Fannie Mae on or before the first day of each month or if any other amount payable under this Note or under the Security Instrument or any
other Loan Document is not received by Fannie Mae before or on the date such amount is due, counting from and including the date such amount is due, Borrower shall pay to Fannie Mae, immediately and without demand by Fannie Mae, a late charge equal
to five percent (5%) of such monthly installment or other amount due (provided that in connection with the payment in full on the Maturity Date, if such payment is not received by Fannie Mae on or before the fifth (5th) day after the
Maturity Date, counting from and including the Maturity Date, Borrower shall pay to Fannie Mae, immediately and without demand by Fannie Mae, a late charge equal to one percent 

  
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(1%) of such payment or other amount due). Borrower acknowledges that its failure to make timely payments will cause Fannie Mae to incur additional expenses in servicing and processing the Loan
and that it is extremely difficult and impractical to determine those additional expenses. Borrower agrees that the late charge payable pursuant to this Paragraph represents a fair and reasonable estimate, taking into account all circumstances
existing on the date of this Note, of the additional expenses Fannie Mae will incur by reason of such late payment. The late charge is payable in addition to, and not in lieu of, any interest payable at the Default Rate pursuant to
Section 8. 
 Section 8. Default Rate. So long as any monthly installment or any other payment due under
this Note remains past due for thirty (30) days or more, interest under this Note shall accrue on the unpaid principal balance from the earlier of the due date of the first unpaid monthly installment or other payment due, as applicable, at the
Default Rate. If the unpaid principal balance and all accrued interest are not paid in full on the Maturity Date, the unpaid principal balance and all accrued interest shall bear interest from the Maturity Date at the Default Rate. Borrower also
acknowledges that its failure to make timely payments will cause Fannie Mae to incur additional expenses in servicing and processing the Loan, that, during the time that any monthly installment or payment under this Note is delinquent for more than
thirty (30) days, Fannie Mae will incur additional costs and expenses arising from its loss of the use of the money due and from the adverse impact on Fannie Mae’s ability to meet its other obligations and to take advantage of other
investment opportunities, and that it is extremely difficult and impractical to determine those additional costs and expenses. Borrower also acknowledges that, during the time that any monthly installment or other payment due under this Note is
delinquent for more than thirty (30) days, Fannie Mae’s risk of nonpayment of this Note will be materially increased and Fannie Mae is entitled to be compensated for such increased risk. Borrower agrees that the increase in the rate of
interest payable under this Note to the Default Rate represents a fair and reasonable estimate, taking into account all circumstances existing on the date of this Note, of the additional costs and expenses Fannie Mae will incur by reason of the
Borrower’s delinquent payment and the additional compensation Fannie Mae is entitled to receive for the increased risks of nonpayment associated with a delinquent loan. 
 Section 9. Limits on Personal Liability; Joint and Several Obligation. The provisions of Article 12 of the Master Agreement (entitled “Limits on Personal Liability”) are
hereby incorporated into this Note by this reference to the fullest extent as if the text of such Sections were set forth in its entirety herein. 
 Section 10. Lockout; Voluntary and Involuntary Prepayments. 
 (a)
Borrower may voluntarily prepay all (or a portion) of the indebtedness evidenced hereby subject to the prepayment provisions and any Prepayment Lockout Period described in Schedule A. 

(b) A prepayment premium shall be payable in connection with any prepayment made under this Note as provided below: 

(i) At any time after the expiration of the Prepayment Lockout Period, Borrower may voluntarily prepay all (or a portion) of the unpaid
principal balance of this Note only on the last calendar day of a calendar month (the “Last Day of the Month”) and only if Borrower has complied with all of the following: 

(1) Borrower must give Fannie Mae at least thirty (30) days (if given via U.S. Postal Service) or twenty
(20) days (if given via facsimile, email or overnight courier), but not more than sixty (60) days, prior written notice of Borrower’s intention to make a prepayment (the “Prepayment Notice”). The Prepayment
Notice shall be given in writing (via facsimile, email, U.S. Postal Service or overnight courier) and addressed to Fannie Mae. The Prepayment Notice shall include, at a minimum, the Business Day upon which Borrower intends to make the prepayment
(the “Intended Prepayment Date”). 

  
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 (2) Borrower acknowledges that the Fannie Mae is not required to accept any
voluntary prepayment of this Note on any day other than the Last Day of the Month even if Borrower has given a Prepayment Notice with an Intended Prepayment Date other than the Last Day of the Month or if the Last Day of the Month is not a Business
Day. Therefore, even if Fannie Mae accepts a voluntary prepayment on any day other than the Last Day of the Month, for all purposes (including the accrual of interest and the calculation of the prepayment premium), any prepayment received by Fannie
Mae on any day other than the Last Day of the Month shall be deemed to have been received by Fannie Mae on the Last Day of the Month and any prepayment calculation will include interest to and including the Last Day of the Month in which such
prepayment occurs. If the Last Day of the Month is not a Business Day, then the Borrower must make the payment on the Business Day immediately preceding the Last Day of the Month. 

(3) Any prepayment shall be made by paying (A) the amount of principal being prepaid, (B) all accrued interest
(calculated to the Last Day of the Month), (C) all other sums due Fannie Mae at the time of such prepayment, and (D) the prepayment premium calculated pursuant to Schedule A. 

(4) If, for any reason, Borrower fails to prepay this Note within five (5) Business Days after the Intended
Prepayment Date, then Fannie Mae shall have the right, but not the obligation, to recalculate the prepayment premium pursuant to Schedule A based upon the date that Borrower actually prepays this Note. Notwithstanding the foregoing, if the
delayed prepayment occurs in a month other than the month stated in the original Prepayment Notice, then Fannie Mae shall (a) have the right, but not the obligation, to recalculate the prepayment premium pursuant to Schedule A based upon
the date that Borrower actually prepays this Note and (b) recalculate the amount of interest payable. In either instance, for purposes of recalculation, such new prepayment date shall be deemed the “Intended Prepayment
Date.” 
 (ii) Upon Fannie Mae’s exercise of any right of acceleration under this Note, Borrower shall pay to
Fannie Mae, in addition to the entire unpaid principal balance of this Note outstanding at the time of the acceleration, (A) all accrued interest and all other sums due Fannie Mae under this Note and the other Loan Documents, and (B) the
prepayment premium calculated pursuant to Schedule A. 

  
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 (iii) Any application by Fannie Mae of any collateral or other security to the repayment of
any portion of the unpaid principal balance of this Note prior to the Maturity Date and in the absence of acceleration shall be deemed to be a partial prepayment by Borrower, requiring the payment to Fannie Mae by Borrower of a prepayment premium.

 (c) Notwithstanding the provisions of Section 10(b), no prepayment premium shall be payable (1) with respect
to any prepayment occurring as a result of the application of any insurance proceeds or condemnation award under the Security Instrument, or (2) as provided in subparagraph (c) of Schedule A. 

(d) Schedule A is hereby incorporated by reference into this Note. 

(e) Any permitted or required prepayment of less than the entire unpaid principal balance of this Note shall not extend or postpone the
due date of any subsequent monthly installments, provided the amount of each monthly installment shall be recomputed to reflect such prepayment of the Indebtedness. 
 (f) Borrower recognizes that any prepayment of the unpaid principal balance of this Note, whether voluntary or involuntary or resulting from a default by Borrower, will result in Fannie Mae’s
incurring loss, including reinvestment loss, additional expense and frustration or impairment of Fannie Mae’s ability to meet its commitments to third parties. Borrower agrees to pay to Fannie Mae upon demand damages for the detriment caused by
any prepayment, and agrees that it is extremely difficult and impractical to ascertain the extent of such damages. Borrower therefore acknowledges and agrees that the formula for calculating prepayment premiums set forth on Schedule A represents all
the damages Fannie Mae will incur because of a prepayment. 
 (g) Borrower further acknowledges that the prepayment premium
provisions of this Note are a material part of the consideration for the Loan evidenced by this Note, and acknowledges that the terms of this Note are in other respects more favorable to Borrower as a result of the Borrower’s voluntary
agreement to the prepayment premium provisions. 
 Section 11. Costs and Expenses. Borrower shall pay on demand all
reasonable expenses and costs, including reasonable fees and out-of-pocket expenses of attorneys and expert witnesses and costs of investigation, actually incurred by Fannie Mae as a result of any default under this Note or in connection with
efforts to collect any amount due under this Note, or to enforce the provisions of any of the other Loan Documents, including those incurred in post-judgment collection efforts and in any bankruptcy proceeding (including any action for relief from
the automatic stay of any bankruptcy proceeding) or judicial or non-judicial foreclosure proceeding. 
 Section 12.
Forbearance. Any forbearance by Fannie Mae in exercising any right or remedy under this Note, the Security Instrument, or any other Loan Document or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of that
or any other right or remedy. The acceptance by Fannie Mae of any payment after the due date of such payment, or in an amount which is less than the required payment, shall not be a waiver of Fannie Mae’s right to require prompt payment when
due of all other payments or to exercise any 

  
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 C-8

 
right or remedy with respect to any failure to make prompt payment. Enforcement by Fannie Mae of any security for Borrower’s obligations under this Note shall not constitute an election by
Fannie Mae of remedies so as to preclude the exercise of any other right or remedy available to Fannie Mae. 

Section 13. Waivers. Except as expressly provided in this Note or the Master Agreement, presentment, demand, notice of
dishonor, protest, notice of acceleration, notice of intent to demand or accelerate payment or maturity, presentment for payment, notice of nonpayment, grace, and diligence in collecting the Indebtedness are waived by Borrower and all endorsers and
guarantors of this Note and all other third party obligors. 
 Section 14. Loan Charges. Borrower agrees to pay an
effective rate of interest equal to the sum of the interest rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the Loan
evidenced by this Note and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or
detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from
Borrower in connection with the Loan is interpreted so that any interest or other charge provided for in any Loan Document, whether considered separately or together with other charges provided for in any other Loan Document, violates that law, and
Borrower is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The amounts, if any, previously paid to Fannie Mae in excess of the permitted amounts shall be applied by
Fannie Mae to reduce the unpaid principal balance of this Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower has been violated, all Indebtedness
that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Note. Unless otherwise required by applicable
law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Note. 
 Section 15. Commercial Purpose. Borrower represents that the Indebtedness is being incurred by Borrower solely for the purpose of carrying on a business or commercial enterprise, and not for
personal, family or household purposes. 
 Section 16. Counting of Days. Except where otherwise specifically
provided, any reference in this Note to a period of “days” means calendar days, not Business Days. 

Section 17. Choice of Law; Consent to Jurisdiction; Waiver of Jury Trial. The provisions of Section 13.06 of the
Master Agreement (entitled “Choice of Law; Consent to Jurisdiction; Waiver of Jury Trial”) are hereby incorporated into this Note by this reference to the fullest extent as if the text of such Section were set forth in its entirety
herein. 
 Section 18. Captions. The captions of the paragraphs of this Note are for convenience only and shall be
disregarded in construing this Note. 

  
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 Section 19. Notices. All notices, demands and other communications required or
permitted to be given by Fannie Mae to Borrower pursuant to this Note shall be given in accordance with Section 13.08 of the Master Agreement. 
 Section 20. Security for this Note. The indebtedness evidenced by this Note is secured by other Security Documents executed by Collateral Pool Borrower. Reference is made hereby to the Master
Agreement and the Security Documents for additional rights and remedies of Fannie Mae relating to the Indebtedness evidenced by this Note. Each Security Document shall be released in accordance with the provisions of the Master Agreement and the
Security Documents. 
 Section 21. Loan May Not Be Reborrowed. Borrower may not re-borrow any amounts under this
Note which it has previously borrowed and repaid under this Note 
 Section 22. Variable Loan. This Note is issued
to evidence a Variable Loan made in accordance with the terms of the Master Agreement. 
 Section 23. Cross-Default with
Master Agreement. The occurrence and continuance of an Event of Default with respect to the Collateral Pool under the Master Agreement shall constitute an “Event of Default” under this Note, and, accordingly, upon the occurrence of an
Event of Default under the Master Agreement with respect to the Collateral Pool, the entire principal amount outstanding hereunder and accrued interest thereon shall at once become due and payable, at the option of the holder hereof. 

[Remainder of page intentionally left blank.] 

  
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 ATTACHED SCHEDULES. The following Schedules are attached to this Note: 

x  Schedule A Prepayment Premium (required) 

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 IN WITNESS WHEREOF, Borrower has signed and delivered this Note under seal or has caused
this Note to be signed and delivered under seal by its duly authorized representative (which authorized representative shall have no personal liability hereunder). Borrower intends that this Note shall be deemed to be signed and delivered as a
sealed instrument. 
  

	
	BORROWER:
	
	[ADD EACH BORROWER FOR SUCH COLLATERAL POOL]

  
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 SCHEDULE A 
 [TO BE INSERTED] 

  
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 [Initial Page to Schedule A to Variable Loan Note] 

 

	
	  

	INITIAL(S)

  
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 EXHIBIT D TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

[INTENTIONALLY DELETED] 

  
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 EXHIBIT E TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

[JOINDER TO AND] CONFIRMATION OF GUARANTY 
 (Collateral Pool     ) 
 THIS [JOINDER TO AND]
CONFIRMATION OF GUARANTY (the “Confirmation”) is made as of the      day of                     ,
20    , by ERP OPERATING LIMITED PARTNERSHIP, a Delaware limited partnership (“Guarantor”, [and
(vii)                     (“Additional Guarantor”)], for the benefit of FANNIE MAE, the corporation duly
organized under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C. §1716 et seq. and duly organized and existing under the laws of the United States (“Fannie Mae”). 

A. Guarantor entered into or joined into that certain Guaranty (Collateral Pool     ) dated as of February
[    ], 2013, for the benefit of Fannie Mae (the “Guaranty”) to guaranty the Guaranteed Obligations (as defined in the Guaranty) under that certain Master Credit Facility Agreement, dated as of February
[    ], 2013 (the “Master Agreement”) by and among the borrowers set forth therein (individually and collectively, the “Borrower”), Fannie Mae and other borrowers signatory thereto.
All capitalized terms used but not defined in this Confirmation shall have the meanings ascribed to such terms in the Guaranty. All references to Loan Documents herein shall be with respect to Collateral Pool
             (the “Collateral Pool”) as further defined in the Master Agreement. 
 B. [Borrower and Fannie Mae have modified the credit facility under the Master Agreement] OR [Additional Borrower has joined into the Master Agreement as a Borrower under Collateral Pool
    ] and made certain other changes to the terms and conditions of the Master Agreement pursuant to that certain
[                    ] Amendment to Master Agreement dated as of even date herewith (the
“[                    ] Amendment”).] OR [Additional Guarantor owns, directly or indirectly, an ownership
interest in Borrower and has agreed to join into the Guaranty as a Guarantor thereunder.] 
 C. [As a condition to
entering into the [                    ] Amendment] OR [Pursuant to the terms of the Master Agreement, Additional Guarantor is required
to join into the Guaranty and] Guarantor is required to confirm its obligations under the Guaranty. 
 NOW, THEREFORE,
the parties hereto, in consideration of the mutual promises and agreements contained in this Confirmation and the Guaranty, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, hereby agree as
follows: 
 Section 1. Guarantor hereby [(i) acknowledges and consents to [the addition of the Additional
Borrower][the joinder of the Additional Guarantor in the Guaranty] under the Master Agreement], (ii) the other changes and the terms and conditions of the Master Agreement all as set forth in the
[                    ] Amendment, and (iii)] confirms to Fannie Mae that the terms and provisions (including the representations,
warranties and covenants) of the Guaranty remain in full force and effect. 

  
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 Section 2. [FOR JOINDER OF ADDITIONAL GUARANTORS —
Additional Guarantor hereby joins into the Guaranty as if it were an original Guarantor thereunder and hereby agrees that all references in the Guaranty and the Loan Documents to any Guarantor shall include the
Additional Guarantor, including but not limited to, the Master Agreement and the Guarantor. Further, any references in any Security Instrument to “Key Principal” shall be deemed to include Additional Guarantor.]

 Section 3. [FOR JOINDER OF ADDITIONAL GUARANTORS — The provisions of Section 25 of the Guaranty
(entitled “Exculpation”) are hereby incorporated into this Confirmation by this reference to the fullest extent as if such text of such provisions was set forth in their entirety herein.] 

Section 4. Guarantor hereby confirms and ratifies the Loan Documents it has previously executed in connection with the Master
Agreement. 
 Section 5. This Confirmation may be executed in counterparts by the parties hereto, and each such
counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument. 

[Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, Guarantor [and Additional Guarantor] [has/have] signed and delivered this
Confirmation of Guaranty under seal or has caused this Confirmation of Guaranty to be signed and delivered under seal by [its/their] duly authorized representative (which representative shall have no personal liability hereunder) as of the
day and year first above written. 
 Dated as of
                    , 20     
  

	
	GUARANTOR:
	
	[INSERT GUARANTOR SIGNATURE BLOCKS]
	
	[ADDITIONAL GUARANTOR:
	
	INSERT ADDITIONAL GUARANTOR SIGNATURE BLOCK]

  
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 EXHIBIT F TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

COMPLIANCE CERTIFICATE 
 (Collateral Pool     ) 
 The undersigned
(“Borrower”) hereby certifies to FANNIE MAE, the corporation duly organized under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C. §1716 et seq. and duly organized and existing under
the laws of the United States (“Fannie Mae”), as follows: 
 Section 1. Master
Agreement. Borrower is a party to that certain Master Credit Facility Agreement (Term Loan), dated as of February [    ], 2013, by and among Borrower, Fannie Mae and other borrowers signatory thereto (as amended,
restated, supplemented or modified from time to time, the “Master Agreement”). This Certificate is issued pursuant to the terms of the Master Agreement. 

Section 2. Borrower Agent. Pursuant to the provisions of Section 12.03 of the Master Agreement, Borrower has
irrevocably designated Equity Residential as Borrower Agent under the Loan Documents. 
 Section 3. Satisfaction of
Conditions. Borrower hereby represents, warrants and covenants to Fannie Mae that all conditions to the Request with respect to which this Certificate is issued have been satisfied. 

Section 4. Capitalized Terms. All capitalized terms used but not defined in this Certificate shall have the meanings
ascribed to such terms in the Master Agreement. 
 Section 5. Limits on Personal Liability. The provisions of
Article 12 of the Master Agreement (entitled “Limits on Personal Liability”) are hereby incorporated into this Certificate by this reference to the fullest extent as if the text of such Article were set forth in its entirety
herein. 
 [Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, Borrower has signed this Certificate under seal or has caused this Certificate to be
signed and delivered under seal by its duly authorized representative (which representative shall have no personal liability hereunder). 

Dated:                     ,     

  

	
	BORROWER:
	
	[ADD EACH BORROWER FOR SUCH COLLATERAL POOL]

  
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 EXHIBIT G-1 TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

ORGANIZATIONAL CERTIFICATE 
 (Collateral Pool     ) 
 (Borrower) 

I, the undersigned,
                                        
[insert Secretary or Officer not signing the Loan Documents] hereby certify as follows: 
 Section 1.
Position. I am an Officer of                     , a
                     (collectively, “Borrower”), and I am authorized to deliver this Certificate on behalf of Borrower.

 Section 2. Master Agreement. Borrower entered into that certain Master Credit Facility Agreement (Term
Loan), dated as of February [    ], 2013, by and among (x) Borrower, (y) FANNIE MAE, the corporation duly organized under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C.
§1716 et seq. and duly organized and existing under the laws of the United States (“Fannie Mae”), and (z) other borrowers signatory thereto (as amended, restated or otherwise modified from time to
time, the “Master Agreement”). This Certificate is issued pursuant to the terms of the Master Agreement and the signatory hereto shall have no personal liability in connection with the execution and delivery of this
Certificate. 
 Section 3. Due Authorization of Request. I hereby certify that no action by the members of
Borrower is necessary to duly authorize the execution and delivery of, and the consummation of the transaction contemplated by the Request with respect to which this Certificate is delivered, or, if necessary, that attached as Exhibit A to
this Certificate is a true copy of resolutions duly adopted at a meeting of the board of directors, partners or members, as the case may be, that authorize the action. Any such resolutions are in full force and effect and are unmodified as of the
date of this Certificate. 
 Section 4. No Changes. Since the date of the most recent Organizational
Certificate delivered to Fannie Mae, or, if there are none, since the date of the Master Agreement, there have been no changes in any of the Organizational Documents of Borrower, except as set forth in Exhibit B to this Certificate, and
Borrower remains duly qualified in the jurisdictions in which it is required to be qualified under the terms of the Master Agreement. 
 Section 5. Incumbency Certificate. One or more of the persons authorized to execute and deliver any documents required to be delivered in connection with the Request are as follows:

  

					
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 Section 6. Capitalized Terms. All capitalized terms used but not defined
in this Certificate shall have the meanings ascribed to such terms in the Master Agreement between the Borrowers owning Collateral Pool     . 
 Section 7. Limits on Personal Liability. The provisions of Article 12 of the Master Agreement (entitled “Limits on Personal Liability”) are hereby incorporated
into this Certificate by this reference to the fullest extent as if the text of such Article were set forth in its entirety herein. 
 [Remainder of page intentionally left blank.] 

  
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 Dated:
                     
  

			
	By:	 	  

	Name:	 	  

	Title:	 	[Secretary/Officer]

  
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 Exhibit A 
 Resolutions 

  
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 Exhibit B 
 Changes to Organizational Documents 

  
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 EXHIBIT G-2 TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

ORGANIZATIONAL CERTIFICATE 
 (Collateral Pool     ) 
 (Guarantor) 

I, the undersigned,
                                        
[insert Secretary or Officer not signing the Loan Documents], hereby certify as follows: 
 Section 1.
Position. I am an Officer of Equity Residential, the General Partner of ERP Operating Limited Partnership, an Illinois limited partnership (“Guarantor”), and I am authorized to deliver this Certificate on behalf of
Guarantor. 
 Section 2. Guaranty. Pursuant to that certain Master Credit Facility Agreement (Term Loan)
dated February [    ], 2013 (the “Master Agreement”), Guarantor entered into that certain Guaranty, dated as of February [    ], 2013, for the benefit of FANNIE MAE, the
corporation duly organized under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C. §1716 et seq. and duly organized and existing under the laws of the United States (“Fannie Mae”)
(as amended, restated or otherwise modified from time to time, the “Guaranty”). This Certificate is issued pursuant to the terms of the Guaranty. The signatory hereto shall have no personal liability in connection with the
execution and delivery of this Certificate. 
 Section 3. Due Authorization of Request. I hereby certify that
no action by the members, board of directors, shareholders or partners, as the case may be, of Guarantor is necessary to duly authorize the execution and delivery of, and the consummation of the transaction contemplated by the Request with respect
to which this Certificate is delivered, or, if necessary, that attached as Exhibit A to this Certificate is a true copy of resolutions duly adopted at a meeting of the board of directors, partners or members, as the case may be, that
authorize the action. Any such resolutions are in full force and effect and are unmodified as of the date of this Certificate. 

Section 4. No Changes. Since the date of the most recent Organizational Certificate delivered to Fannie Mae, or, if
there are none, since the date of the Guaranty, there have been no changes in any of the Organizational Documents of Guarantor, except as set forth in Exhibit B to this Certificate, and Guarantor remains in existence and is duly qualified in
the jurisdictions in which it is required to be qualified under the terms of the Guaranty. 
 Section 5. Incumbency
Certificate. One or more of the persons authorized to execute and deliver any documents required to be delivered by Guarantor in connection with the Request are as follows: 

 

					
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 Section 6. Capitalized Terms. All capitalized terms used but not defined
in this Certificate shall have the meanings ascribed to such terms in the Master Agreement. 
 Section 7. Limits on
Personal Liability. The provisions of Article 12 of the Master Agreement (entitled “Limits on Personal Liability”) are hereby incorporated into this Certificate by this reference to the fullest extent as if the text
of such Article were set forth in its entirety herein. 
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 Dated:
                     
  

			
	By:	 	  

	Name:	 	  

	Title:	 	[Secretary/Officer]

  
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 Exhibit A 
 Resolutions 

  
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 Exhibit B 
 Changes to Organizational Documents 

  
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 EXHIBIT H TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

RATE FORM 
 (Collateral Pool     ) 
 [MAY BE FURTHER REVISED TO REFLECT
RATE LOCK BY SERVICER] 
 Pursuant to Section 1.08 of that certain Master Credit Facility Agreement (Term Loan) dated
as of February [    ], 2013 (as amended from time to time, the “Master Agreement”) by and among FANNIE MAE, the corporation duly organized under the Federal National Mortgage Association Charter
Act, as amended, 12 U.S.C. §1716 et seq. and duly organized and existing under the laws of the United States (“Fannie Mae”), and the undersigned (individually and collectively, “Borrower”).
Borrower hereby requests that Fannie Mae issue to it an advance with the following terms: 
  

							
	Designation of Loan                     ̈Variable Loan	  	
		
	FOR SARM VARIABLE LOAN ONLY:	  	
			
		 	Proposed Adjustable Rate	  	                    %
			
		 	 Loan Amount
	  	$                    
			
		 	 Term
	  	                     months
			
		 	 Initial 1-Month Libor
	  	_____            
			
		 	 Margin
	  	                             
            bps
			
		 	 Proposed Initial Adjustable Rate
	  	_____            
			
		 	 Variable Loan Fee
	  	$                    
			
		 	 Breakage Fee Deposit
	  	$                    
			
		 	 Closing Date no later than
	  	                    ,
            

 Fannie Mae will provide Borrower with written confirmation when and if it has obtained a commitment for
the purchase by Fannie Mae for cash of a Loan having the characteristics described above. In the event that the lowest available note rate is greater than that specified above, Fannie Mae will not proceed without the prior written authorization of
Borrower. 
 Borrower certifies that all conditions contained in Article 2 of the Master Agreement that are required to
be satisfied specifically by the Borrower will be satisfied on or before the Closing Date. 

  
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 Defined terms used herein shall have the same meaning as set forth in the Master Agreement.

 The provisions of Article 12 of the Master Agreement (entitled “Limits on Personal Liability”) are
hereby incorporated into this Form by this reference to the fullest extent as if the text of such Article were set forth in its entirety herein. 
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 Dated:
                     
  

	
	BORROWER:
	
	[ADD EACH BORROWER FOR SUCH COLLATERAL POOL]

  
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 Pursuant to Section 1.08 of the Master Agreement, Fannie Mae hereby confirms that it has obtained a
commitment for the purchase by Fannie Mae for cash in conformance with the terms noted above except for the following: 
 Dated:
                     
  

			
	LENDER:
	
	FANNIE MAE
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
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 EXHIBIT I TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

FORM OF ANNUAL AND QUARTERLY 
 FINANCIAL STATEMENT CERTIFICATES 
 CERTIFICATION 

The undersigned on behalf of EQR-SOMBRA 2008 LIMITED PARTNERSHIP, a Delaware limited partnership, EQR-CHELSEA SQUARE LIMITED PARTNERSHIP, a Washington
limited partnership, SHEFFIELD APARTMENTS, L.L.C., a Virginia limited liability company, EQR-BELLAGIO, L.L.C., a Delaware limited liability company, EQR-SOMBRA 2008 LIMITED PARTNERSHIP, as sole beneficiary and CITY NATIONAL BANK OF FLORIDA, not
personally but solely as Trustee, under that certain Land Trust Agreement dated as of November 21, 2003 and known as Trust Number 2401-1461-00, as amended and EQR-SOMBRA 2008 LIMITED PARTNERSHIP, as sole beneficiary and CITY NATIONAL BANK OF
FLORIDA, not personally but solely as Trustee, under that certain Land Trust Agreement dated as of October 24, 2006 and known as Trust Number 2401-2821-00 [add any Additional Owner] (individually and collectively, the “Owner”) hereby
certifies to Fannie Mae as follows: 
  

	 	1.	All capitalized terms used and not defined in this Certificate shall have the meaning ascribed to such terms in that certain Term Loan Agreement dated as of
December 16, 2008 by and among the Owner and Wells Fargo Bank, N.A. (the “Term Loan Agreement”). 

  

	 	2.	The Owner and sole member of general partner of Owner have not incurred and are not obligated with respect to aggregate Indebtedness (other than the Mortgage Loans) in
excess of $250,000, except as permitted by Section 3.3(g) of the Term Loan Agreement. 

  

	 	3.	Borrower has received no notice of any building code violation, or if Borrower has received such notice, evidence of remediation; 

 

	 	4.	Borrower has made no application for rezoning nor received any notice that the Mortgaged Property has been or is being rezoned; and 

 

	 	5.	Borrower has taken no action and has no knowledge of any action that would violate the provisions of Section 11.02(b)(1)(F) (ADJUST TO CORRECT SECTION REFERENCE)
(Transfers – Mortgaged Property) regarding liens encumbering the Mortgaged Property. 

 Dated:
[                    ] 
 [SIGNED BY THE
BORROWER] 

  
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 EXHIBIT J TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

REQUEST 
 (Collateral Pool     ) 
 (Release/Substitution) 

                    ,
             
 Wells Fargo Multifamily Capital, Inc. 

375 Park Avenue 
 Mail Code NY 4060 

New York, New York 10152 

(“Servicer” on behalf of Fannie Mae (“Fannie Mae”)) 

[Note: Subject to change in the event Servicer or its address changes] 
  

	Re:	REQUEST issued pursuant to Master Credit Facility Agreement, dated as of February [    ], 2013, by and between the undersigned
(“Borrower”), Fannie Mae and others (as amended from time to time, the “Master Agreement”) 

 Ladies and Gentlemen: 
 This constitutes [a Release] [a Substitution] Request pursuant to
the terms of the above-referenced Master Agreement with respect to Collateral Pool     . 
 [SELECT APPROPRIATE SECTIONS]

 Section 1. Substitution Request. Borrower hereby requests that the Multifamily Residential Property
described in this Request be added to the Collateral Pool in connection with a substitution of Collateral in accordance with the terms of the Master Agreement. Following is the information required by the Master Agreement with respect to this
Request: 
 (a) Property Description Package. Attached to this Request is the information and documents relating to the
proposed Substitute Mortgaged Property required to be delivered to Fannie Mae pursuant to the terms of the Master Agreement; 

(b) Due Diligence Fees. Enclosed with this Request is a check in payment of a deposit for all Additional Due Diligence Fees
required to be submitted with this Request pursuant to Section 8.03 of the Master Agreement; and 
 (c)
Accompanying Documents. All reports, certificates and documents required to be delivered pursuant to the conditions contained in Sections 4.01 and 4.05 of the Master Agreement will be delivered on or before the Closing Date.

 Section 2. Fees. If Fannie Mae consents to the addition of the proposed Substitute Mortgaged Property to
the Collateral Pool, and Borrower elects to add the Substitute Mortgaged 

  
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Property to the Collateral Pool, Borrower shall pay the Substitution Fee [and Re-Underwriting Fee] to Fannie Mae, pursuant to the terms of the Master Agreement, as one of the conditions to
the closing of the Substitute Mortgaged Property. 
 AND/OR 

Section 1. Release Request. Borrower hereby requests that the Release Property described in this Request be released
from the Collateral Pool in accordance with the terms of the Master Agreement. Following is the information required by the Master Agreement with respect to this Request: 
 (a) Description of Release Property. The name, address and location (county and state) of the Mortgaged Property, or other designation of the proposed Release Property is as follows: 

 

			
	Name:	 	  

	Address:	 	  

		 	  

	Location:	 	  

 (b) Accompanying Documents. All documents, instruments and certificates required to be delivered
pursuant to the conditions contained in Sections 4.01 and 4.04 of the Master Agreement will be delivered on or before the Closing Date. 
 Section 2. Release Price. Borrower shall pay the Release Price, if applicable, as a condition to the closing of the release of the Release Property from the Collateral Pool. 

Section 3. Fees. If Fannie Mae consents to the release of the proposed Release Mortgaged Property from the Collateral
Pool, and Borrower elects to release the Release Mortgaged Property from the Collateral Pool, Borrower shall pay the Release Fee and Re-Underwriting Fee to Fannie Mae as one of the conditions to the closing of the Release Mortgaged Property.

 Section 4. Limits on Personal Liability. The provisions of Article 12 of the Master Agreement
(entitled “Limits on Personal Liability”) are hereby incorporated into this Request by this reference to the fullest extent as if the text of such Article were set forth in its entirety herein. 

[Remainder of page intentionally left blank.] 

  
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 This Request is being executed by an authorized representative of Borrower and such authorized
representative shall have no personal liability hereunder. 
  

	
	Sincerely,
	
	[ADD EACH BORROWER FOR SUCH COLLATERAL POOL]

  
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 EXHIBIT K TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

CONFIRMATION OF OBLIGATIONS 
 (Collateral Pool     ) 
 THIS CONFIRMATION OF OBLIGATIONS (the
“Confirmation of Obligations”) is made as of the              day of
                    ,     , by and among
                    , a              (individually and collectively,
“Borrower”), for the benefit of FANNIE MAE, the corporation duly organized under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C. §1716 et seq. and duly organized and existing under the
laws of the United States (“Fannie Mae”). 
 RECITALS 

A. Borrower, Fannie Mae and others are parties to that certain Master Credit Facility Agreement (Term Loan), dated as of February
[    ], 2013 (as amended from time to time, the “Master Agreement”). All references to Loan Documents and Security Documents herein shall be with respect to Collateral Pool      (the
“Collateral Pool”) as further identified in the Master Agreement. 
 B. Fannie Mae has designated Wells
Fargo Multifamily Capital, Inc. as the servicer of the Loan contemplated by the Master Agreement. 
 C. Borrower has delivered
to Fannie Mae a Release Request pursuant to the Master Agreement to release a Release Property from the Collateral Pool. 
 D.
Fannie Mae has consented to the Release Request. 
 E. The parties are executing this Confirmation of Obligations pursuant to
the Master Agreement to confirm that each remains liable for all of its obligations, except with respect to the Release Property, under the Master Agreement and the other Loan Documents notwithstanding the release of the Release Property from the
Collateral Pool. 
 NOW, THEREFORE, Borrower, in consideration of Fannie Mae’s consent to the release of the Release
Property from the Collateral Pool and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, hereby agree as follows: 
 Section 1. Confirmation of Obligations. Borrower confirms that, except with respect to the Release Property, none of its respective obligations under the Master Agreement and the Loan
Documents is affected by the release of the Release Property from the Collateral Pool, and each of its respective obligations under the Master Agreement and the Loan Documents shall remain in full force and effect, and it shall be fully liable for
the observance of all such obligations, notwithstanding the release of the Release Property from the Collateral Pool. 

Section 2. Beneficiaries. This Confirmation of Obligations is made for the express benefit of Fannie Mae. 

  
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 Section 3. Capitalized Terms. All capitalized terms used in this
Confirmation of Obligations which are not specifically defined herein shall have the respective meanings set forth in the Master Agreement. 
 Section 4. Counterparts. This Confirmation of Obligations may be executed in counterparts by the parties hereto, and each such counterpart shall be considered an original and all such
counterparts shall constitute one and the same instrument. 
 Section 5. Limits on Personal Liability. The
provisions of Article 12 of the Master Agreement (entitled “Limits on Personal Liability”) are hereby incorporated into this Confirmation of Obligations by this reference to the fullest extent as if the text of such Article
were set forth in its entirety herein. 
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 IN WITNESS WHEREOF, the Borrower has signed this Confirmation under seal or has caused this Confirmation of
Obligations to be signed and delivered under seal by its duly authorized representative (which representative shall have no personal liability hereunder). 

 

	
	BORROWER:
	
	[ADD EACH BORROWER FOR SUCH COLLATERAL POOL]

  
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 EXHIBIT L TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

[INTENTIONALLY DELETED] 

  
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 EXHIBIT M TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

LIST OF MASTER LEASES 
  

			
	 Property Name
	  	 Property Address

	Oakwood Marina Del Rey	  	411 Via Marina, Marina Del Ray, CA

  
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 EXHIBIT N TO AMENDED AND RESTATED MASTER CREDIT FACILITY AGREEMENT 

[INTENTIONALLY DELETED] 

  
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 EXHIBIT O TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

INTEREST RATE HEDGE SECURITY, PLEDGE AND ASSIGNMENT AGREEMENT 

(Collateral Pool     ) [FOR CONVERTED POOLS] 

THIS INTEREST RATE HEDGE SECURITY, PLEDGE AND ASSIGNMENT AGREEMENT (this “Agreement”), dated as of
                    , 20    , is by and between
                                         , a
                                        
(“Grantor”), and FANNIE MAE, the corporation duly organized under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C. §1716 et seq. (“Fannie Mae”). 

RECITALS: 

A. The Borrowers identified on Schedule I attached hereto (individually and collectively, “Borrower”),
Fannie Mae and others are party to that certain Master Credit Facility Agreement (Term Loan) dated as of February [    ], 2013 (such agreement, as the same may be amended, supplemented or otherwise modified or amended and
restated, from time to time, the “Master Agreement”), pursuant to which Borrower has obtained that certain Variable Loan to Collateral Pool      Borrower in accordance with and subject to the terms of the
Master Agreement. As set forth in Section 1.2 of this Agreement, all capitalized terms not otherwise defined herein shall have their respective meanings set forth in the Master Agreement. All references to Loan Documents and Security
Documents herein shall be with respect to Collateral Pool      (the “Collateral Pool”) as further identified in the Master Agreement. 

B. The Variable Loan (the “Variable Loan”) made pursuant to the Master Agreement is evidenced by that certain
Amended and Restated Variable Loan Note made by Borrower dated as of [                    ] (the “Note”). The Note is secured
by, among other things, the Hedge Documents (defined below) and various Multifamily Mortgages, Deeds of Trust, and/or Deeds to Secure Debt, Assignment of Rents and Security Agreements from Borrower to Fannie Mae (collectively, the
“Security Instrument”), granting a lien on each property identified as a Mortgaged Property in the Collateral Pool in the Master Agreement (collectively, the “Property”). 

C. As required by the Fannie Mae, Grantor has agreed to acquire, maintain and pledge to Fannie Mae hereunder one or more interest rate
caps (individually and collectively, an “Interest Rate Cap”) or interest rate swaps (individually and collectively, an “Interest Rate Swap”; individually or together with an Interest Rate Cap, an
“Interest Rate Hedge”) pursuant to certain documents attached as Exhibit A to this Agreement (the “Hedge Documents”), in order to provide additional support and collateral for Borrower’s
obligations to Fannie Mae under the Master Agreement. 
 D. Grantor derives substantial benefit from the Variable Loan to
Borrower. 
 E. As security for Borrower’s obligations under the Master Agreement and the Note, Grantor and Fannie Mae are
entering into this Agreement. 

  
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 NOW, THEREFORE, in consideration of the mutual covenants and undertakings set forth in this
Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Grantor and Fannie Mae, Grantor and Fannie Mae agree as follows: 

ARTICLE 1 

DEFINITIONS; RULES OF CONSTRUCTION 
 Section 1.1. Incorporation of Recitals. The recitals set forth in this Agreement are, by this reference, incorporated into and deemed a part of this Agreement. 

Section 1.2. Capitalized Terms; Definitions. All capitalized terms used in this Agreement shall have the meanings
given to those terms in this Agreement. Capitalized terms used in this Agreement and not defined in this Agreement, but defined in the Master Agreement, shall have the meanings given to those terms in the Master Agreement. Unless otherwise defined
in this Agreement, terms used in this Agreement that are defined in the Uniform Commercial Code as adopted in the State of Delaware (“UCC”) shall have the meaning given those terms in the UCC. 

Section 1.3. Interpretation. Words importing any gender include all genders. The singular form of any word used in
this Agreement shall include the plural, and vice versa, unless the context otherwise requires. Words importing persons include natural persons, firms, associations, partnerships and corporations. The parties hereto acknowledge that each party and
their respective counsel have participated in the drafting and revision of this Agreement. Accordingly, the parties agree that any rule of construction which disfavors the drafting party shall not apply in the interpretation of this Agreement or any
statement or supplement or exhibit hereto. 
 Section 1.4. Reference Materials. Sections mentioned by number
only are the respective sections of this Agreement so numbered. Reference to “this section” or “this subsection” shall refer to the particular section or subsection in which such reference appears. Any captions, titles or
headings preceding the text of any section and any table of contents or index attached to this Agreement are solely for convenience of reference and shall not constitute part of this Agreement or affect its meaning, construction or effect.

 ARTICLE 2 
 TERMS OF INTEREST RATE HEDGE 
 Section 2.1. General Terms.
To protect against fluctuations in interest rates during the term of the Note, Grantor shall make arrangements for an Interest Rate Hedge to be in place and maintained at all times with respect to the Variable Loan in accordance with the
following terms and conditions: 
 (a) Term. Except as hereinafter permitted, the initial Interest Rate Hedge purchased
by Grantor with respect to the Loan (the “Initial Interest Rate Hedge”) shall be in effect for a period beginning on or prior to the Closing Date of such Variable Loan and terminating not earlier than the first to occur of
(i) the last day of the [twelfth (12th)] [twenty-fourth 

  
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(24th)] [CONFORM TO EXTENSION TERM] full calendar month thereafter and (ii) the Pool Termination Date. A subsequent Interest Rate Hedge (the “Subsequent Interest Rate
Hedge”) shall be required if the Initial Interest Rate Hedge expires or terminates prior to the Pool Termination Date. Each Subsequent Interest Rate Hedge must be in effect for a period beginning on or prior to the day of the expiration
of the prior Interest Rate Hedge, and ending not earlier than the first to occur of (i) the last day of the twelfth (12th) full calendar month thereafter, and (ii) the Pool Termination Date as such date may be extended pursuant to
Section 1.05 or Section 1.06 of the Master Agreement, as applicable. It is the intention of the parties, and a condition of the Variable Loan, that the Grantor or Borrower shall obtain, and shall maintain at all times during
the term of this Agreement so long as any Variable Loan is Outstanding, one or more Interest Rate Hedges in an aggregate notional principal amount equal to the Variable Loan Outstanding in effect from time to time and until the Pool Termination Date
and meeting the conditions set forth in this Agreement. 
 (b) Notional Amount. The notional amount of the Initial
Interest Rate Hedge shall be equal to the original principal balance of the Variable Loan for the entire term of the Initial Interest Rate Hedge. The notional amount of any Subsequent Interest Rate Hedge shall be equal to the outstanding principal
balance of the Variable Loan at the time that any Subsequent Interest Rate Hedge is to become effective. If the outstanding principal balance of the Variable Loan decreases, Grantor may amend the Interest Rate Hedge to provide for a decrease in the
notional amount to an amount equal to the reduced amount of the Variable Loan, provided that Fannie Mae gives its prior written approval to the documents reflecting the amendment (which approval shall not be unreasonably withheld, delayed or
conditioned). 
 (c) Strike Rate. Each Initial Interest Rate Hedge that is an Interest Rate Cap shall have a strike rate
(the “Strike Rate”) and each Initial Interest Rate Hedge that is an Interest Rate Swap shall have a fixed rate (the “Fixed Rate”) not greater than the highest interest rate that would result in an
Aggregate Debt Service Coverage Ratio of not less than 1.0 to 1.0 (assuming amortization) as determined by Fannie Mae pursuant to the Master Agreement. If the Subsequent Interest Rate Hedge is an Interest Rate Swap, it shall have a Fixed Rate of not
greater than the highest interest rate that would result in an Aggregate Debt Service Coverage Ratio of not less than .95 to 1.0 (assuming amortization). If the Subsequent Interest Rate Hedge is an Interest Rate Cap, it shall have a Strike Rate of
not greater than the lowest rate that would result in an Aggregate Debt Service Coverage Ratio of not less than 1.0 to 1.0 (assuming amortization). 
 (d) Interest Rate Hedge Documents and Counterparty. All Interest Rate Hedges shall be evidenced, governed and secured on terms and conditions, and pursuant to hedge agreements and related
documentation in form and content reasonably acceptable to Fannie Mae. The seller of the Interest Rate Hedge (seller and its transferees and assigns, the “Counterparty”) shall at all times be a financial institution
acceptable to Fannie Mae as a hedge counterparty. 
 Section 2.2. Payments Made under Interest Rate Hedge.
The Hedge Documents shall require the Counterparty to make all payments due to Grantor under the Interest Rate Hedge directly to Fannie Mae for so long as the Interest Rate hedge is subject to the pledge established hereunder. Such payments will be
paid over to Grantor only if (i) there is no Event of Default (as hereinafter defined), and (ii) Fannie Mae has received payment in full for all amounts due under the Note and other Loan Documents. 

  
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 Section 2.3. Termination of Interest Rate Hedge; Exercise of Rights. For
so long as an Interest Rate Hedge is pledged as collateral pursuant to the terms of this Agreement, Grantor shall not terminate, transfer or consent to any transfer of any existing Interest Rate Hedge without Fannie Mae’s prior written consent;
provided, however, that if, and at such time as, the Variable Loan due and owing by Borrower under the Master Agreement and all other Loan Documents is paid in full, Grantor shall have the right to terminate the existing Interest Rate Hedge with
respect to such Variable Loan in accordance with this Agreement. If an Interest Rate Hedge terminates on a date other than its scheduled expiration date, the Borrower shall, within ten (10) days of such termination, obtain a new Interest Rate
Hedge satisfying the requirements of this Agreement. For so long as an Interest Rate Hedge is pledged as collateral pursuant to the terms of this Agreement, Borrower shall not exercise any right or remedy under any Interest Rate Hedge Documents
without Fannie Mae’s prior written consent and shall exercise its rights and remedies under the Hedge Documents as directed by Fannie Mae in writing. Rights and remedies under the Hedge Documents include, but are not limited to, any right to
designate an “Early Termination Date” or otherwise terminate the Interest Rate Hedge due to the occurrence of a “Termination Event,” an “Additional Termination Event” or an “Event of Default.” All terms
appearing in this Section in quotation marks are used as defined in the Hedge Documents. 
 ARTICLE 3 

[INTENTIONALLY OMITTED] 
 ARTICLE 4 
 SECURITY INTEREST IN COLLATERAL; FURTHER ASSURANCES

 Section 4.1. Security Interest in Collateral. As security for the due, punctual, full and exact
payment, performance or observance by Borrower of: (i) all Borrower’s obligations under the Master Agreement, the Note and the other Loan Documents (the “Obligations”), whether at stated maturity, by acceleration or
otherwise, whether now outstanding or hereafter arising, and (ii) all other obligations which may be owing to Fannie Mae from time to time under the Variable Loan Documents, Grantor hereby assigns, pledges, grants, hypothecates, sets over and
delivers to Fannie Mae, its successors and assigns, a lien and continuing security interest to Fannie Mae in and to all of Grantor’s right, title and interest in and to the following property whether now owned or hereafter acquired (all of
which is collectively, the “Collateral”): 
 (i) the Interest Rate Hedge and the related Hedge
Documents; 
 (ii) any and all moneys (collectively, “Payments”) payable to Grantor, from time to time,
pursuant to the Hedge Documents by the Counterparty held in the course of payment or collection by Fannie Mae or otherwise; 
 (iii) all rights, liens and security interests or guarantees now existing or hereafter granted by the Counterparty or any other person to secure or guaranty payment of the Payments due pursuant to any of
the Hedge Documents; 
 (iv) all rights of Grantor under any of the foregoing, including all rights of Grantor to the Payments,
contract rights and general intangibles now existing or hereafter arising with respect to any or all of the foregoing; 

  
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 (v) all documents, writings, books, files, records and other documents arising from or
relating to any of the foregoing, whether now existing or hereafter arising; 
 (vi) all extensions, renewals and replacements
of the foregoing; 
 (vii) all cash and non-cash proceeds and products of any of the foregoing, including, without limitation,
interest, dividends, cash, instruments, proceeds of any insurance, and other property from time to time received, receivable or otherwise distributed or distributable in respect of or in exchange for any or all of the foregoing; 

(viii) all rights of Grantor under any of the foregoing, including all rights of Grantor to the Payments, contract rights and general
intangibles now existing or hereafter arising with respect to any or all of the foregoing; and 
 (ix) all right, title and
interest in all payments received (but not the obligations for any payments due) under the Hedge Documents. 
 TO HAVE AND TO
HOLD the Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto Fannie Mae, its successors and assigns, forever, subject, however, to the terms, covenants
and conditions herein set forth. Grantor hereby authorizes Fannie Mae to file financing statements, continuation statements and financing statement amendments in such form as Fannie Mae may require to perfect or continue the perfection of this
security interest in the Collateral and Grantor agrees, if Fannie Mae so requests, to execute and deliver to Fannie Mae such financing statements, continuation statements and amendments. Grantor shall pay all filing costs and all costs and expenses
of any record searches for financing statements that Fannie Mae may require. 
 Section 4.2. Further
Assurances. At any time and from time to time, at the expense of Grantor, Grantor shall promptly give, execute, deliver, file and record any notice, statement, instrument, document, agreement or other paper and do such other acts and things
that may be necessary, or that Fannie Mae may request, in order to perfect, continue and protect any security interest granted or purported to be granted by this Agreement or to enable Fannie Mae to exercise and enforce its rights and remedies under
this Agreement. 
 Section 4.3. Competing Security Arrangements. Grantor shall not execute, file, permit to
be filed or suffer to remain on file in any jurisdiction any security agreement, financing statement or like agreement or instrument with respect to the Collateral, or any part of the Collateral, naming anyone other than Fannie Mae as the secured
party. Grantor shall not sell, exchange or transfer or otherwise dispose of any of the Collateral, or any interest in the Collateral, other than any security interest or other lien in favor of Fannie Mae. 

Section 4.4. No Change. Grantor shall provide Fannie Mae thirty (30) days written notice after any change in
principal place of business or chief executive office. Grantor shall not voluntarily or involuntarily change its name or identity, without at least thirty (30) days prior written notice to Fannie Mae. 

Section 4.5. Defense of Collateral. Grantor will defend the Collateral against all claims and demands of all persons
at any time claiming the same or any interest in the Collateral. 

  
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 ARTICLE 5 
 DELIVERY OF HEDGE DOCUMENTS 
 Section 5.1. Acquisition of
Interest Rate Hedge; Delivery of Hedge Documents. Grantor has, on or before the date of this Agreement, executed and delivered the Hedge Documents to the Counterparty and has delivered to Fannie Mae fully executed copies of such Hedge
Documents. True, complete and correct copies of the Hedge Documents and all amendments thereto, fully executed by all parties, are attached as Exhibit A hereto. Grantor hereby represents and warrants to Fannie Mae that there is no additional
security for or any other arrangements or agreements relating to the Hedge Documents and that the Counterparty has consented to Grantor’s pledge of its rights and interests in the Hedge Documents to Fannie Mae as security for the Loan.

 Section 5.2. Obligations Remain Absolute. Nothing contained herein shall relieve Borrower of its primary
obligation to pay all amounts due in respect of its obligations under the Master Agreement, the Note or the applicable Loan Documents. 
 Section 5.3. Subsequent Interest Rate Hedges. Grantor agrees to execute and deliver to Fannie Mae a Supplemental Interest Rate Hedge Security, Pledge and Assignment Agreement in the
form attached as Exhibit B hereto with respect to each Subsequent Interest Rate Hedge (a “Supplemental Agreement”) to be pledged to Fannie Mae. Grantor shall, no less than five (5) days before the date any
Subsequent Interest Rate Hedge is to be pledged by Grantor to Fannie Mae, execute and deliver the Hedge Documents representing such Subsequent Interest Rate Hedge to the Counterparty and deliver to Fannie Mae fully executed originals of such Hedge
Documents to be held under this Agreement as part of the Collateral. 
 ARTICLE 6 

REPRESENTATIONS AND WARRANTIES 
 Section 6.1. Representations and Warranties of Grantor. Grantor represents and warrants to Fannie Mae on the Closing Date that: 

(a) It has all requisite power and authority to enter into this Agreement and to carry out its obligations under this Agreement; the
execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement have been duly authorized by all necessary action on the part of Grantor; this Agreement has been duly executed and
delivered by it and is the valid and binding obligation of Grantor, enforceable against it in accordance with its terms;. 
 (b)
With respect to an Interest Rate Cap, if applicable, Grantor has paid to the Counterparty the entire cost of the initial Interest Rate Cap. 
 (c) No consent of any other person or entity and no authorization, approval, or other action by, and no notice to or filing with, any governmental authority or regulatory body is required or will be
required (i) for the pledge by Grantor of the Collateral pursuant to this Agreement or any Supplemental Agreement or for the execution, delivery or performance of this Agreement or any Supplemental Agreement by Grantor (other than the consent
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Counterparty under the Interest Rate Hedge where such consent has been obtained, (ii) for the perfection or maintenance of the security interest created hereby or by any Supplemental
Agreement (including the first priority nature of such security interest) other than the filing of any financing statement as may be required by the UCC, or (iii) for the execution, delivery or performance of this Agreement by Grantor; there
are no conditions precedent to the effectiveness of this Agreement that have not been satisfied or waived. 
 (d) Neither the
execution nor delivery of this Agreement or any Supplemental Agreement nor the performance by Grantor of its obligations under this Agreement or any Supplemental Agreement, nor the consummation of the transactions contemplated by this Agreement or
any Supplemental Agreement, will (i) conflict with any provision of the organizational documents of Grantor; (ii) conflict with, result in a breach of, or constitute a default (or an event which would, with the passage of time or the
giving of notice or both, constitute a default) under, or give rise to a right to terminate, amend, modify, abandon or accelerate, any contract, agreement, promissory note, lease, indenture, instrument or license to which Grantor is a party or by
which Grantor’s assets or properties may be bound or affected; (iii) violate or conflict with any federal, state or local law, statute, ordinance, rule, regulation, order, judgment, decree or arbitration award which is either applicable
to, binding upon or enforceable against Grantor; (iv) result in or require the creation or imposition of any lien, security interest, option or other charge or encumbrance (“Liens”) upon or with respect to the
Collateral, other than Liens in favor of Fannie Mae; (v) violate any legally protected right of any Person or give to any Person a right or claim against Grantor; or (vi) require the consent, approval, order or authorization of, or the
registration, declaration or filing (except to the extent that the filing of financing statements may be applicable) with, any federal, state or local government entity. 
 (e) Grantor is and shall be the sole legal and beneficial owner of, and has and will have good and marketable title to (and has full right and authority to pledge and assign), the Collateral, free and
clear of all Liens (other than in favor of Fannie Mae), all fiduciary obligations of any kind and any adverse claim of title thereto and the Collateral is not subject to any offset, right of redemption, defense or counterclaim of a third party.
There is no additional security for or any other arrangements or agreements relating to the Hedge Documents, except as may have been disclosed to Fannie Mae in writing. 
 (f) The security interest of Fannie Mae in the Collateral is, or when it attaches shall be, a first, prior and perfected security interest. No financing statement covering the Collateral, or any part of
the Collateral (other than any financing statement naming only Fannie Mae as the secured party), is outstanding or is on file in any public office. 
 (g) Grantor’s exact legal name is set forth in the first paragraph of this Agreement, or in the case of a Supplemental Agreement, is as set forth therein. 

(h) Grantor has not commenced (within the meaning of Title 11, U.S. Code, and any similar state law for the relief of debtors, a
“Bankruptcy Law”) a voluntary case, consented to the entry of an order for relief against it in an involuntary case, or consented to the appointment of a receiver or custodian of it or for any part of its property, nor has a
court of competent jurisdiction entered an order or decree under any Bankruptcy Law that is for relief against it in an involuntary case or appointed a receiver or custodian for Grantor or any part of its property. 

(i) Grantor is an “eligible contract participant” within the meaning of the Commodities Futures Modernization Act of 2000.

  
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 Section 6.2. Maintenance, Administration of Interest Rate Hedge. Grantor
agrees to comply with the provisions of the Master Agreement and this Agreement related to obtaining and maintaining at all applicable times an Interest Rate Hedge which satisfies the requirements of this Agreement and the Master Agreement.

 ARTICLE 7 
 EVENTS OF DEFAULT; RIGHTS AND REMEDIES 
 Section 7.1. Event of
Default. The occurrence of any one or more of the following events shall constitute an Event of Default under this Agreement: 
 (a) the failure by Grantor to observe and perform any duty, obligation or covenant required to be observed or performed by this Agreement or any Supplemental Agreement; 

(b) any representation or warranty on the part of Grantor contained in this Agreement or repeated and reaffirmed in this Agreement or any
Supplemental Agreement proves to be false, misleading or incorrect when made or deemed made; and 
 (c) the occurrence and
continuance of an Event of Default under the Master Agreement, the Note, the Security Instrument or any other Loan Document. 

Section 7.2. Remedies on Default. If any Event of Default under this Agreement has occurred and is continuing:

 (a) At the direction of Fannie Mae, Grantor shall deliver all Collateral to Fannie Mae or its designee; 

(b) Fannie Mae may, without further notice, exercise all rights, privileges or options pertaining to the Collateral as if Fannie Mae were
the absolute owner of such Collateral, upon such terms and conditions as Fannie Mae may determine, all without liability except to account for property actually received by Fannie Mae, and Fannie Mae shall have no duty to exercise any of those
rights, privileges or options and shall not be responsible for any failure to do so or delay in so doing; and 
 (c) Fannie Mae
may, subject to the terms of the applicable Hedge Documents, exercise in respect of the Collateral, in addition to other rights and remedies provided for in this Agreement or otherwise available to it, all of the rights and remedies of a secured
party under the UCC and also may, without notice except as specified below, sell the Collateral at public or private sale, at any of the offices of Fannie Mae or elsewhere, for cash, on credit or for future delivery, and upon such other terms as may
be commercially reasonable. Grantor agrees that, to the extent notice of sale shall be required by applicable law, at least ten (10) days prior notice to 

  
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Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. Fannie Mae shall not be obligated to make any
sale of Collateral regardless of notice of sale having been given. Fannie Mae may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the
time and place to which it was so adjourned. In case of any sale by Fannie Mae of any of the Collateral, the Collateral so sold may be retained by Fannie Mae until the selling price is paid by the purchaser, but Fannie Mae shall not incur any
liability in case of failure of the purchaser to take up and pay for the Collateral so sold. In case of any such failure, such Collateral so sold may be again similarly sold. After deducting all costs or expenses of every kind (including, without
limitation, the reasonable attorneys’ fees and legal expenses incurred by Fannie Mae), Fannie Mae shall apply the residue of the proceeds of any sale or sales in such manner as Fannie Mae may deem advisable. 

The foregoing rights and remedies (i) shall be cumulative and concurrent, (ii) may be pursued separately, successively or concurrently against
Grantor and any other party obligated under the Obligations, or against the Collateral, or any other security for the Obligations, at the sole discretion of Fannie Mae, (iii) may be exercised as often as occasion therefor shall arise, it being
agreed by Grantor that the exercise or failure to exercise any of same shall not in any event be construed as a waiver or release thereof or of any other right, remedy or recourse, and (iv) are intended to be and shall be non-exclusive. Nothing
in this Agreement shall require or be construed to require Fannie Mae to accept tender of performance of any of Grantor’s obligations under this Agreement after the expiration of any time period set forth in this Agreement for the performance
of such obligations and the expiration of any applicable cure periods, if any. 
 Section 7.3. Application of
Proceeds. Fannie Mae shall apply the Collateral or the cash proceeds actually received from any sale or other disposition of the Collateral in its sole and absolute discretion as follows: 

(a) to reimburse Fannie Mae for any amounts due to it pursuant to Section 8.1 of this Agreement including the expenses of
preparing for sale, selling and the like and to reasonable attorneys’ fees and legal expenses incurred by Fannie Mae in connection therewith; 
 (b) to the repayment of all amounts then due and unpaid on the Obligations in such order of priority as Fannie Mae may determine; and 

(c) to purchase any required Subsequent Interest Rate Cap that meets the requirements of this Agreement or any of the other Loan
Documents. 
 If the proceeds of sale, collection or other realization of or upon the Collateral are insufficient to cover the costs and
expenses of such realization and the payment in full of the Obligations, Borrower shall remain liable for the deficiency, except to the extent that Borrower’s liability for payment and performance of the Obligations is limited by the terms of
the Note and Master Agreement. 
 Section 7.4. No Additional Waiver Implied by One Waiver. If any agreement
contained in this Agreement is breached by Grantor and thereafter waived by Fannie Mae in writing, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other breach under this Agreement. 

  
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 Section 7.5. Fannie Mae Appointed Attorney-in-Fact. Grantor hereby
appoints Fannie Mae, through any duly authorized officer of Fannie Mae, as Grantor’s attorney-in-fact, with full authority in the place and stead of Grantor and in the name of Grantor or otherwise, from time to time in Fannie Mae’s
discretion during the continuance of an Event of Default, to take any action and to execute any instrument which Fannie Mae may deem necessary or advisable to exercise the rights and remedies granted in this Agreement, including, to receive, endorse
and collect all instruments made payable to Grantor representing any interest payment, dividend, or other distribution in respect of the Collateral or any part of the Collateral and to give full discharge for the same. Grantor agrees that the power
of attorney established pursuant to this Section 7.5 shall be deemed coupled with an interest and shall be irrevocable. 
 Section 7.6. Nature of Fannie Mae’s Rights. The right of Fannie Mae to the Collateral held for its benefit under this Agreement shall not be subject to any right of redemption
Grantor might otherwise have and shall not be suspended, discontinued or reduced or terminated for any cause, including, without limiting the generality of the foregoing, any event constituting force majeure or any acts or circumstances that
may constitute commercial frustration of purpose. 
 ARTICLE 8 

MISCELLANEOUS PROVISIONS 
 Section 8.1. Fees, Costs and Expenses; Indemnification. Grantor agrees to reimburse Fannie Mae, on demand, for all reasonable out-of-pocket costs and expenses incurred by Fannie Mae in
connection with the administration and enforcement of this Agreement or any Supplemental Agreement and agrees to indemnify and hold harmless Fannie Mae from and against any and all losses, costs, claims, damages, penalties, causes of action, suits,
judgments, liabilities and expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred by Fannie Mae under this Agreement or any Supplemental Agreement or in connection with this Agreement or any Supplemental
Agreement, unless such liability shall be due to willful misconduct or gross negligence on the part of Fannie Mae or its agents or employees. If Grantor fails to do any act or thing which it has covenanted to do under this Agreement or any
Supplemental Agreement or any representation or warranty on the part of Grantor contained in this Agreement or any Supplemental Agreement or repeated and reaffirmed in this Agreement or any Supplemental Agreement is breached, Fannie Mae may (but
shall not be obligated to) do the same or cause it to be done or remedy any such breach, and may expend its funds for such purpose. Any and all amounts so expended by Fannie Mae shall be repayable to it by Grantor upon Fannie Mae’s demand. The
obligations of Grantor under this Section shall survive the termination of this Agreement or any Supplemental Agreement and the discharge of the other obligations of Grantor under this Agreement or any Supplemental Agreement. 

Section 8.2. Termination. This Agreement and each Supplemental Agreement and the assignments, pledges and security
interests created or granted by this Agreement and each Supplemental Agreement shall create a continuing security interest in the Collateral and shall automatically terminate without any further action upon payment in full of all amounts due under

  
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the Note and all Loan Documents. Upon termination of this Agreement, if requested by Grantor, Fannie Mae shall execute and deliver to Grantor for recording or filing in each office in which any
assignment or financing statement relative to the Collateral or the agreements relating thereto or any part of the Collateral, shall have been filed or recorded, a termination statement or release under applicable law (including, if relevant, any
financing statement), releasing Fannie Mae’s interest in the Collateral and such other documents and instruments as Grantor may reasonably request, all without recourse to or any warranty whatsoever by Fannie Mae and at the cost and expense of
Grantor. Upon termination of this Agreement, the Grantor and Counterparty are hereby authorized to amend, modify or restate the Hedge Documents as necessary to delete all references to Fannie Mae and to evidence the termination of any rights or
interests granted to Fannie Mae therein. 
 Section 8.3. No Deemed Waiver. No failure on the part of Fannie
Mae or any of its agents to exercise, and no course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by Fannie Mae or any of its
agents of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 

Section 8.4. Entire Agreement. This Agreement, the Master Agreement, and all Supplemental Agreements created from time
to time constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, among the parties to this Agreement with respect to the subject matter of this Agreement. This Agreement may not be amended,
changed, waived or modified except by a writing executed by each party hereto. 
 Section 8.5. Successors and
Assigns. This Agreement shall inure to the benefit of, and be enforceable by, Grantor, Fannie Mae and their respective successors and permitted assigns, and nothing herein expressed or implied shall be construed to give any other person any
legal or equitable rights under this Agreement. Grantor shall not assign any of the rights, interests or obligations under this Agreement without the prior written consent of Fannie Mae. 

Section 8.6. Amendment. This Agreement may be amended, changed, waived or modified only by an instrument in writing
executed by the duly authorized representatives of the parties. 
 Section 8.7. Notices. All notices
under this Agreement shall be given in writing to the other party at the address, and in the manner, provided in Section 13.08 of the Master Agreement. 
 Section 8.8. Liability of Grantor. Notwithstanding anything to the contrary contained in this Agreement, the personal liability of Grantor, any general partner, member, manager, or
shareholder, as applicable, of Grantor to pay amounts due in connection with the obligations of Grantor under this Agreement shall be limited as and to the extent provided in the Master Agreement. The foregoing limitation shall not limit or impair
any right to proceed against any collateral that may be pledged to the payment of Grantor’s obligations or that may otherwise be available under any Loan Document. 

  
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 Section 8.9. Governing Law. The provisions of Section 13.06
of the Master Agreement entitled “Choice of Law; Consent to Jurisdiction; Waiver of Jury Trial,” are hereby incorporated into this Agreement by this reference to the fullest extent as if the text of such provisions were set forth in
their entirety herein. 
 Section 8.10. Severability. If any term or other provision of this Agreement or any
Supplemental Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement and any Supplemental Agreements shall nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. 
 Section 8.11. Multiple Counterparts. This Agreement may be simultaneously executed in multiple counterparts, all of which shall constitute one and the same instrument and each of which
shall be, and shall be deemed to be, an original. 
 Section 8.12. Non-Recourse. The provisions of Article 12
of the Master Agreement hereby are incorporated into this Agreement by this reference. 
 [Remainder of page intentionally
left blank.] 

  
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 Grantor and Fannie Mae have caused this Agreement to be signed as an instrument under seal, on the
date first written above, by their respective officers duly authorized (which authorized representatives shall have no personal liability hereunder). 

 

	
	GRANTOR:
	
	[TO BE INSERTED]

  
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	 LENDER:

	
	FANNIE MAE
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
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 [Counterparty Acknowledgment for Interest Rate Swap Only] 

                    . (“Counterparty”) as
the provider of the Interest Rate Hedge described in this Interest Rate Hedge Security, Pledge and Assignment Agreement hereby acknowledges that Grantor has granted to Fannie Mae a security interest as collateral in Grantor’s rights under the
Hedge Documents. Counterparty hereby consents to such security interest, provided that Counterparty’s consent is expressly limited to Fannie Mae and any subsequent holder of the Note, as secured party under the Master Agreement. 

Counterparty further agrees (i) not to consent or agree to any further assignments by Grantor of the Interest Rate Hedge, whether as security or
otherwise, without Fannie Mae’s prior written consent, (ii) not to agree to any amendment or modification of the Interest Rate Hedge or the Hedge Documents or any waiver in respect of thereto without Fannie Mae’s prior written
consent, and (iii) not to terminate or agree to any termination of, the Interest Rate Hedge or any of Counterparty’s obligations thereunder prior to the stated maturity, without Fannie Mae’s prior written consent unless such
termination is in connection with an event of default or termination event under the Interest Rate Hedge for which the Grantor is the defaulting party or an affected party. Nothing herein shall be construed as requiring the consent of Fannie
Mae for the performance by Grantor of any of its obligations under the Interest Rate Hedge or the Hedge Documents, it being understood that Grantor is not released from any of its obligations under the Interest Rate Hedge or the Hedge Documents, and
Counterparty may exercise its rights and remedies under the Hedge Documents without the prior written consent of Fannie Mae. 
  

			
	ACKNOWLEDGED AND CONSENTED TO:
	
	[COUNTERPARTY]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
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 SCHEDULE I 

Collateral Pool          Borrower: 

  
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 EXHIBIT A 
 Hedge Documents 
 [TO BE ATTACHED] 

  
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 EXHIBIT B 
 SUPPLEMENTAL INTEREST RATE HEDGE SECURITY, PLEDGE AND ASSIGNMENT AGREEMENT 

(Collateral Pool         ) 

THIS SUPPLEMENTAL INTEREST RATE HEDGE SECURITY, PLEDGE AND ASSIGNMENT AGREEMENT (“Supplemental Agreement”), dated
as of                    , 20    , is by and between
                    , a                     ,
together with successors and assigns (“Grantor”) and FANNIE MAE, its successors, transferees and assigns (“Fannie Mae”). 
 This Supplemental Agreement supplements the Interest Rate Hedge Security, Pledge and Assignment Agreement dated as of
                    , by and between Grantor and Fannie Mae (the “Agreement”). 

RECITALS 

A. Grantor and Fannie Mae entered into the Agreement pursuant to which Grantor is required to acquire and maintain or replace, as
appropriate, an Interest Rate Hedge at all times during the term of the Variable Loan. Each Interest Rate Hedge will be represented by one or more Hedge Documents. 
 B. [The Initial Interest Rate Hedge has expired][Borrower has extended the maturity date of the Variable Loan pursuant to the Master Agreement] and Grantor is entering into a Subsequent Interest
Rate Hedge (as such term is defined in the Agreement) as required by the Master Agreement and the Agreement. 
 C. As security
for Collateral Pool          Borrower’s obligations under the Master Agreement, the Note and the other Loan Documents, Grantor is entering into this Supplemental Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings set forth in this Supplemental Agreement and
other good and valuable consideration, the receipt and sufficiency of which are acknowledged by Grantor, the parties agree as follows: 
 Section 1. Definitions. All capitalized terms used in this Supplemental Agreement have the meanings given to those terms in the Agreement or elsewhere in this Supplemental Agreement
unless the context or use clearly indicates a different meaning. 
 Section 2. Rules of Construction. The
rules of construction set forth in the Agreement shall apply to this Supplemental Agreement in their entirety, except that in applying such rules, the term “Supplemental Agreement” shall be substituted for the term
“Agreement”. 
 Section 3. Grant of Security Interest. As security for the due, punctual,
full and exact payment, performance or observance by Borrower of: (i) all Obligations, as defined in the Agreement, whether at stated maturity, by acceleration or otherwise, whether now outstanding or hereafter arising, and (ii) all other
obligations which may be owing to Fannie Mae from time to time 

  
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under the Loan Documents, Grantor confirms and grants to Fannie Mae a continuing security interest in and to the Collateral, as defined in the Agreement, as it relates to the Subsequent Interest
Rate Hedge described in the attached Interest Rate Cap Documents and all such Interest Rate Hedge Documents, whether now owned or hereafter acquired. 
 Section 4. Acquisition of Interest Rate Hedge; Delivery of Interest Rate Hedge Documents. Grantor has, no less than five (5) days before the date of this Supplemental Agreement,
executed and delivered the Hedge Documents representing the Subsequent Interest Rate Hedge to the Counterparty and has delivered to Fannie Mae fully executed originals of such Hedge Documents to be held under the Agreement as a part of the
Collateral. The documents attached to this Supplemental Agreement as Attachment I are true, complete and correct copies of the Hedge Documents and all amendments thereto, representing the Subsequent Interest Rate Hedge, fully executed by all
parties. There is no and shall be no additional security for or any other arrangements or agreements relating to the Interest Rate Hedge or the Hedge Documents. 
 Section 5. Representations and Warranties. As of the date of this Supplemental Agreement, Grantor repeats and confirms all representations and warranties made by Grantor in the
Agreement. 
 Section 6. Agreement Confirmed. Except as supplemented by this Supplemental Agreement, Grantor
and Fannie Mae confirm the original Agreement as previously supplemented and amended from time to time. 
 Section 7.
Obligations Remain Absolute. Nothing contained in this Supplemental Agreement shall relieve Borrower of its primary obligation to pay all amounts due in respect of its obligations under the Loan Documents. 

Section 8. Governing Law. The provisions of the Agreement are hereby incorporated into this Supplemental Agreement by
this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein. 

Section 9. Liability of Grantor. Notwithstanding anything to the contrary contained in this Supplemental Agreement,
the personal liability of Grantor, any general partner, member, manager, or shareholder, as applicable, of Grantor to pay amounts due in connection with the obligations of Grantor under this Supplemental Agreement shall be limited as and to the
extent provided in the Master Agreement. The foregoing limitation shall not limit or impair any right to proceed against any collateral that may be pledged to the payment of Grantor’s obligations or that may otherwise be available under any
Loan Document. 
 Section 10. Non-Recourse. The provisions of Article 12 of the Master Agreement
hereby are incorporated into this Supplemental Agreement by this reference. 
 [Remainder of page intentionally left blank;
signature page follows] 

  
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 Grantor and Fannie Mae have caused this Supplemental Agreement to be signed and sealed, on
the date first written above, by their officers or representatives duly authorized (which authorized representatives shall have no personal liability hereunder). 

 

	
	GRANTOR:
	
	[TO BE INSERTED]

  
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	LENDER:
	
	FANNIE MAE
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
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 [Counterparty Acknowledgment for Interest Rate Swap Only] 

                    . (“Counterparty”) as
the provider of the Interest Rate Hedge described in this Supplemental Interest Rate Hedge Security, Pledge and Assignment Agreement hereby acknowledges that Grantor has granted to Fannie Mae a security interest as collateral in Grantor’s
rights under the Hedge Documents. Counterparty hereby consents to such security interest, provided that Counterparty’s consent is expressly limited to Fannie Mae and any subsequent holder of the Note, as secured party under the Master
Agreement. 
 Counterparty further agrees (i) not to consent or agree to any further assignments by Grantor of the Interest Rate Hedge,
whether as security or otherwise, without Fannie Mae’s prior written consent, (ii) not to agree to any amendment or modification of the Interest Rate Hedge or the Hedge Documents or any waiver in respect of thereto without Fannie
Mae’s prior written consent, and (iii) not to terminate or agree to any termination of, the Interest Rate Hedge or any of Counterparty’s obligations thereunder prior to the stated maturity, without Fannie Mae’s prior written
consent unless such termination is in connection with an event of default or termination event under the Interest Rate Hedge for which the Grantor is the defaulting party or an affected party. Nothing herein shall be construed as requiring the
consent of Fannie Mae for the performance by Grantor of any of its obligations under the Interest Rate Hedge or the Hedge Documents, it being understood that Grantor is not released from any of its obligations under the Interest Rate Hedge or the
Hedge Documents, and Counterparty may exercise its rights and remedies under the Hedge Documents without the prior written consent of Fannie Mae. 
  

			
	ACKNOWLEDGED AND CONSENTED TO:
	
	[COUNTERPARTY]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
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 ATTACHMENT I 
 Hedge Documents for Subsequent Interest Rate Hedge 
 [TO BE ATTACHED]

  
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 EXHIBIT P TO MASTER CREDIT FACILITY AGREEMENT (TERM LOAN) 

FORM OF LETTER OF CREDIT 
 [LETTER OF CREDIT ISSUER’S LETTER OF CREDIT FORM] 
 IRREVOCABLE
LETTER OF CREDIT NO.          
 (Collateral Pool
        ) 

                    ,
20     
 Fannie Mae 
 Drawer AM 
 Multifamily Operations – Asset Management 

3900 Wisconsin Avenue, N.W. 
 Washington, DC
20016 
  

	 	Re:	[Archstone Credit Facility – Collateral Pool         ] 

Dear Sir or Madam: 
 For the account of
[Insert name of account party/customer], we hereby open in your favor our Irrevocable Letter of Credit No.          (“Credit”) for an amount not
exceeding a total of U.S. $            , effective immediately and expiring on
                    , 20    , or if such day is not a business day, the next following business day (“Expiration
Date”). 
 Funds under this Credit are available to you against a sight draft on us completed by you or Wells Fargo, N.A. on your
behalf, completed in substantially the form attached as Attachment I, for all [or any part of] of this Credit. 
 We will promptly
honor [your draft/all drafts] drawn in compliance with the terms of this Credit if received on or before 5:00 p.m. [Eastern][Central][Mountain][Pacific] time on the Expiration Date at [Insert Letter of Credit
Issuer’s address]. 
 Drafts presented at our office at the address set forth above no later
than 10:00 a.m. [Eastern][Central][Mountain][Pacific] time on any business day shall be honored on the date of presentation, by payment in accordance with your payment instructions that accompany each such draft. If requested by you, payment
under this Credit may be made by wire transfer of immediately available funds to your account as specified in the draft [(whether executed by you or Wells Fargo, N.A.)], or by deposit of same day funds in your designated account that you maintain
with us. 
 This Credit shall be governed by and subject to the Uniform Customs and Practice for Documentary Credits (2007 revision),
International Chamber of Commerce Publication No. 600 (“UCP 600”), and to the extent not inconsistent with the UCP 600, laws of the State of
                    . 

  
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	Sincerely,
	
	[Insert Letter of Credit Issuer’s name]
		
	By:	 	  

		
	Name:	 	  

	Title:	 	  

  
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 ATTACHMENT I 
 TO 
 LETTER OF CREDIT 

SIGHT DRAFT 

[Insert Letter of Credit Issuer’s name and address] 

                    , 20    

 Pay on demand to Fannie Mae the sum of U.S. $            in immediately available
funds to: 
 ABA Number: 
 Telegraphic Abbreviation: 
 Account Number: 

Note: 
 This draft is drawn
under your Irrevocable Letter of Credit No.         . 
  

			
	FANNIE MAE
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
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 EXHIBIT Q 
 CERTAIN NON-RESIDENTIAL LEASES, CCRS, AND GROUND LEASES 
 CCRs (estoppels
requested) 
  

			
	 Property
	    	 CCR

	 Courthouse Plaza
	    	Declaration of Easements, Covenants, Restrictions and Agreements, dated May 11, 2007, by and among CESC One Courthouse Plaza, L.L.C., CESC Two Courthouse Plaza
Limited Partnership, Smith Property Holdings Three L.P., Arlington Hotel Associates LLC and The County Board of Arlington County, Virginia

 Non-Residential Leases (SNDAs requested) 

 

			
	 Property
	  	 CCR/Lease

	Camargue	  	Champion Parking 83rd St. Corp.
		
	Connecticut Heights	  	GTP Towers V, LLC
		
	Oakwood Marina Del Rey	  	Steven Hwang
		
	Oakwood Marina Del Rey	  	Andrew Spring
		
	Oakwood Marina Del Rey	  	Rodger Lolley
		
	Oakwood Marina Del Rey	  	Wells Fargo
		
	South Market	  	Oliver Fernandez DDS/St. Francis Dentistry
		
	South Market	  	Enterprise Rent-a-Car
		
	South Market	  	Bank of America
		
	South Market	  	Moscone Market (Elias and Maguy Abdulmassih)
		
	South Market	  	Nova Salon (Kim Pham a& David Kim)
		
	South Market	  	Pazzia Inc., and Massimo Ballerini
		
	South Market	  	New Osha Thai LLC
		
	Courthouse Plaza	  	City Market and Deli
		
	Murray Hill	  	Care to Care
		
	Murray Hill	  	United States of America
		
	Pegasus	  	Caffe Primo

 Ground Leases 
  

			
	 Property
	 	 Ground Lease

	Archstone Van Ness	 	Ground Lease dated December 31, 1966, as amended
		
	Oakwood Marina Del Rey	 	Amended and Restated Lease Agreement dated November 30, 2001
		
	(Archstone) Marina Del
Rey	 	Amended and Restated Lease Agreement dated as of March 1, 2005
		
	Alban Towers	 	Ground Lease dated as August 6, 1999

  
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 EXHIBIT S 
 The rights of                      (“Company”) under this Agreement are and shall remain
subject and subordinate to the operation and effect of: (i) all present and future ground or underlying leases involving all or any part of the Mortgaged Property; and (ii) any mortgage, deed of trust or other security instrument now or
hereafter affecting the Mortgaged Property; and (iii) all renewals, modifications, replacements, consolidations and extensions of or participations in those transactions evidenced by documents referred to in (i) and (ii) above,
whether the same shall be in existence on the date hereof or created hereafter (any such lease, mortgage, deed of trust or other instrument being referred to as a “Mortgage” and the person or persons having the benefit of same being
referred to as a “Mortgagee”). Company also agrees that any such Mortgagee shall have the right at any time to subordinate its Mortgage to this Agreement on such terms as it shall deem appropriate in its reasonable discretion.
Company’s acknowledgment and agreement of subordination provided for in this Paragraph is self-operative and no further instrument of subordination shall be required, however, Company shall execute such further assurances thereof as may be
reasonably requested, from time to time, by Borrower. 

  
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