Document:

Exhibit 10.2

 

Lansbrook Village

 

INTEREST RATE CAP RESERVE AND SECURITY
AGREEMENT

 

This INTEREST RATE
CAP RESERVE AND SECURITY AGREEMENT (this “Agreement”), dated as of July 8, 2016, is by and between BR
CARROLL LANSBROOK, LLC, a Delaware limited liability company (“Borrower”), and WALKER & DUNLOP, LLC,
a Delaware limited liability company (“Lender”).

 

RECITALS:

 

A.      Pursuant
to that certain Multifamily Loan and Security Agreement dated as of the date hereof, executed by and between Borrower and Lender
(as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan Agreement”),
Lender has agreed to make a loan to Borrower in the original principal amount of $57,190,000.00 (the “Mortgage Loan”),
as evidenced by, among other things, that certain Multifamily Note dated as of the date hereof, executed by Borrower and made payable
to Lender in the amount of the Mortgage Loan (as amended, restated, replaced, supplemented or otherwise modified from time
to time, the “Note”).

 

B.      In
addition to the Loan Agreement, the Mortgage Loan and the Note are also secured by a certain Multifamily Mortgage, Deed
of Trust or Deed to Secure Debt (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Security
Instrument”), dated as of even date herewith, granting a lien on certain real property located in Palm Harbor (Pinellas
County), Florida (the “Mortgaged Property”).

 

C.      Lender
has required, and Borrower has agreed to acquire, maintain and pledge to Lender an interest rate cap (the “Interest
Rate Cap”), pursuant to one or more interest rate cap agreements, in order to provide additional support and collateral
for Borrower’s obligations to Lender under the Loan Agreement and other Loan Documents.

 

D.      To
the extent that the term of the initial Interest Rate Cap acquired by Borrower is less than the term of the Mortgage Loan, Borrower
is required to make monthly deposits with Lender for the acquisition of a subsequent Interest Rate Cap, such deposits to be held
in an escrow account by Lender pursuant to the terms of this Agreement.

 

E.      Borrower
and Lender are entering into this Agreement to (i) evidence Borrower’s obligation to maintain an Interest Rate Cap for
the entire term of the Mortgage Loan, (ii) evidence Borrower’s obligation to make monthly deposits for the acquisition
of a subsequent Interest Rate Cap (if applicable), and (iii) provide further security for Borrower’s obligations under
the Loan Documents.

 

NOW, THEREFORE, in
consideration of the above and the mutual promises contained in this Agreement and for other valuable consideration, including
Lender’s making the Mortgage Loan to Borrower, the receipt and sufficiency of which are acknowledged, Borrower and Lender
agree as follows:

 

    
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Article
1

DEFINITIONS; RULES OF CONSTRUCTION

 

Section
1.01    Recitals.

 

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

 

Section
1.02    Defined Terms.

 

Capitalized terms used
and not specifically defined herein shall have the meanings given to such terms in the Loan Agreement. Unless otherwise defined
in this Agreement, terms used in this Agreement that are defined in the UCC shall have the meaning given those terms in the UCC.
The following terms in this Agreement shall have the following meanings:

 

“Collateral” means the
items listed in Section 4.01(a) through Section 4.01(k) of this Agreement.

 

“Collateral Liens” means
any lien, security interest, option or other charge or encumbrance.

 

“Counterparty” means
(a) an interest rate cap provider acceptable to Lender under the Interest Rate Cap Documents, or (b) a counterparty on
any list of acceptable counterparties for interest rate caps of the type required by this Agreement maintained by Lender, as any
such list may be modified by Lender from time to time.

 

“Event of Default” has
the meaning set forth in Section 7.01 of this Agreement.

 

“Initial Interest Rate Cap”
means the initial Interest Rate Cap purchased by Borrower with respect to the Mortgage Loan.

 

“Initial Interest Rate Cap Term”
means the period in which the Initial Interest Rate Cap shall be in effect, beginning on or prior to the Effective Date and terminating
not earlier than the first to occur of (a) the last day of the forty-eighth (48th) full calendar month thereafter and
(b) the Maturity Date.

 

“Interest Rate Cap”
has the meaning set forth in Recital C of this Agreement.

 

“Interest Rate Cap Documents”
means the rate cap agreements and related documentation in form and content acceptable to Lender.

 

“Interest Rate Cap Reserve Escrow”
means all Monthly Deposits and all other funds held in the Interest Rate Cap Reserve Escrow Account.

 

“Interest Rate Cap Reserve Escrow
Account” means an interest-bearing account which meets the standards for custodial accounts as required by Lender from
time to time.

 

“Monthly Deposit” means,
with respect to the first six (6) months after the purchase of the Initial Interest Rate Cap, an amount equal to one-forty-eighth (1/48th)
of one hundred percent (100%) of the cost, as reasonably estimated by Lender, to obtain any required Subsequent Interest Rate
Cap. Thereafter, the Monthly Deposit shall mean the amount determined by Lender in accordance with Section 3.02 of this Agreement.

  

    
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“Payment Date” means
the date by which the Counterparty requires payment of the Purchase Price.

 

“Payments” means any
and all moneys payable to Borrower, from time to time, pursuant to the Interest Rate Cap Documents by the Counterparty, whether
credited to the Interest Rate Cap Reserve Escrow Account, held in the course of payment or collection by Lender, or otherwise.

 

“Purchase Price” means
the purchase price of the Subsequent Interest Rate Cap.

 

“Required Strike Rate”
means five and twenty hundredths percent (5.20%).

 

“Subsequent Interest Rate Cap”
means a subsequent Interest Rate Cap required to be purchased and pledged to Lender pursuant to the terms of this Agreement.

 

“Subsequent Interest Rate Cap
Term” means the period in which the Subsequent Interest Rate Cap shall be in effect, beginning on or prior to the termination
date of the Interest Rate Cap then in effect and terminating not earlier than the first to occur of (a) the last day of the
forty-eighth (48th) full calendar month thereafter and (b) the Maturity Date.

 

“UCC” means the Uniform
Commercial Code as adopted in the state in which Borrower is organized.

 

Article
2

TERMS OF INTEREST RATE CAP

 

Section
2.01    General Terms.

 

To protect against
fluctuations in interest rates during the term of the Mortgage Loan, Borrower shall make arrangements for an Interest Rate Cap
to be in place and maintained at all times with respect to the Mortgage Loan in accordance with the following terms and conditions:

 

(a)     Term.

 

Except as hereinafter
permitted, the Initial Interest Rate Cap shall be in effect for the Initial Interest Rate Cap Term. If the Initial Interest Rate
Cap Term is less than the term of the Mortgage Loan, a Subsequent Interest Rate Cap shall be required. Any Subsequent Interest
Rate Cap shall be in effect for the Subsequent Interest Rate Cap Term.

 

(b)     Notional
Amount.

 

The notional amount
of the Initial Interest Rate Cap shall be equal to the original principal balance of the Mortgage Loan for the entire term of the
Initial Interest Rate Cap. The notional amount of any Subsequent Interest Rate Cap shall be equal to the outstanding principal
balance of the Mortgage Loan at the time that any Subsequent Interest Rate Cap is to become effective. Unless otherwise agreed
by Lender, the notional amount of any Interest Rate Cap shall not amortize over its term.

 

(c)     Strike
Rate.

 

Each Initial and any
Subsequent Interest Rate Cap shall have a strike rate equal to or less than the Required Strike Rate.

  

    
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(d)     Interest
Rate Cap Documents and Counterparty.

 

All Interest Rate Caps
shall be evidenced, governed and secured on terms and conditions pursuant to Interest Rate Cap Documents between Borrower and the
Counterparty.

 

Section
2.02    Payments Made under Interest Rate Cap.

 

The Interest Rate Cap
Documents shall require the Counterparty to make all payments due under the Interest Rate Cap directly to Lender for so long as
the Interest Rate Cap is subject to the pledge established hereunder. Such payments will be paid over to Borrower only if
(a) there is no Event of Default, and (b) Lender has received payment in full for all amounts due on the Mortgage Loan as required
by the Loan Documents.

 

Section
2.03    Rights and Remedies under Interest Rate Cap Documents.

 

For so long as an Interest
Rate Cap is pledged as collateral for the Mortgage Loan pursuant to the terms of this Agreement, Borrower shall not exercise any
right or remedy under any Interest Rate Cap Documents without Lender’s prior written consent and shall exercise its rights
and remedies under the Interest Rate Cap Documents as directed by Lender in writing. Rights and remedies under the Interest Rate
Cap Documents include, but are not limited to, any right to designate an “Early Termination Date” or otherwise terminate
the Interest Rate Cap due to the occurrence of a “Termination Event,” an “Additional Termination Event”
or an “Event of Default.” All capitalized terms appearing in this Section 2.03 in quotation marks are used as defined
in the Interest Rate Cap Documents.

 

Section
2.04    Termination of Interest Rate Cap.

 

Borrower shall not
terminate, transfer or consent to any transfer of any existing Interest Rate Cap without Lender’s prior written consent;
provided, however, that if, and at such time as any amounts due and owing on the Mortgage Loan as required by the Loan Documents
are paid in full or if the Mortgage Loan is converted to a fixed rate of interest, Borrower shall have the right to terminate
the existing Interest Rate Cap in accordance with Section 8.02 of this Agreement. If an Interest Rate Cap unexpectedly and unavoidably
terminates or terminates for any reason on a date other than its scheduled
expiration date without the prior written consent of Lender, Borrower shall, within ten (10) Business Days of such termination,
obtain a new Interest Rate Cap satisfying the requirements of this Agreement.

 

Article
3

INTEREST RATE CAP RESERVE ESCROW ACCOUNT

 

Section
3.01    Obligation to Maintain Interest Rate Cap Reserve Escrow
Account.

 

During any period in
which an Interest Rate Cap with an original term of less than the remaining term of the Mortgage Loan is in effect, Borrower is
required to make Monthly Deposits to be held in the Interest Rate Cap Reserve Escrow Account to provide a cash reserve for the
purchase of a Subsequent Interest Rate Cap. Borrower shall, with each monthly payment due on the Mortgage Loan, deposit with Lender
the Monthly Deposit into the Interest Rate Cap Reserve Escrow Account.

 

    
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Section
3.02    Adjustment of Monthly Deposit.

 

At the end of each
six (6) month period following the date of this Agreement, Lender shall estimate the cost of the Subsequent Interest Rate
Cap and shall adjust the Monthly Deposit based on the then current estimate for purchase of the Subsequent Interest Rate Cap. No
adjustment shall be made to the Monthly Deposit if Lender determines that the current estimate of the cost of the Subsequent Interest
Rate Cap remains the same or has decreased. Borrower shall continue to make the Monthly Deposits at the level required for the
most recent six (6) month period until Lender delivers written notice of a change in the amount of the Monthly Deposit.

 

Section
3.03    Terms of Interest Rate Cap Reserve Escrow Account.

 

Lender shall deposit
the Monthly Deposits into the Interest Rate Cap Reserve Escrow Account. Lender or a designated representative of Lender shall have
the sole right to make withdrawals from the Interest Rate Cap Reserve Escrow Account. All interest earned on or profits realized
from amounts on deposit in the Interest Rate Cap Reserve Escrow Account shall be added to and become part of the Interest Rate
Cap Reserve Escrow. Lender shall not be responsible for any losses resulting from the investment of the Interest Rate Cap Reserve
Escrow or for obtaining any specific level or percentage of earnings on such investment. If applicable law requires and provided
no Event of Default exists under any of the Loan Documents, Lender shall pay to Borrower the interest earned on the Interest Rate
Cap Reserve Escrow on January 1 of each year. Otherwise, all interest earnings shall remain in the Interest Rate Cap Reserve
Escrow Account.

 

Section
3.04    Lender’s Duties Regarding the Interest Rate Cap Reserve
Escrow Account.

 

Lender acknowledges
that:

 

(a)     it
will hold the Monthly Deposits and any investments in the Interest Rate Cap Reserve Escrow pursuant to the terms of this Agreement;

 

(b)     it
will credit all Monthly Deposits and any investments in the Interest Rate Cap Reserve Escrow on its own books and records to the
Interest Rate Cap Reserve Escrow Account, subject to the security interests created in this Agreement;

 

(c)     it
will hold all Monthly Deposits for the credit of the Interest Rate Cap Reserve Escrow, subject to the security interest and the
terms of this Agreement; and

 

(d)     it
will keep accurate records regarding amounts on deposit in the Interest Rate Cap Reserve Escrow Account and any interest earned
on or profits realized from amounts on deposit in the Interest Rate Cap Reserve Escrow Account.

 

Section
3.05    Irrevocable Deposits in Escrow.

 

All deposits into the
Interest Rate Cap Reserve Escrow Account constitute irrevocable payments in escrow solely for use as described in this Agreement.
Borrower shall not have any control over the use of, or any right to withdraw, any moneys from the Interest Rate Cap Reserve Escrow
Account or any proceeds thereof except as provided in Section 3.07 of this Agreement, nor shall Borrower have any right, title
or interest in the Interest Rate Cap Reserve Escrow Account, other than Borrower’s right to receive interest pursuant to
Section 3.03 above.

 

    
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Section
3.06    Request for Disbursement.

 

At least ten (10)
Business Days prior to the date on which the Initial Interest Rate Cap is to expire, Borrower shall be required to purchase the
Subsequent Interest Rate Cap on terms and conditions satisfactory to Lender. In such event, and provided that funds are available
in the Interest Rate Cap Reserve Escrow Account, Borrower shall request a withdrawal from the Interest Rate Cap Reserve Escrow
Account to acquire the Subsequent Interest Rate Cap. Each written request for disbursement from the Interest Rate Cap Reserve Escrow
Account shall specify (a) the Purchase Price, (b) the name, address, contact name, telephone number and wiring instructions
of the Counterparty, (c) the Payment Date, and (d) such other information as Lender may require.

 

Section
3.07    Disbursement for Purchase of Subsequent Interest Rate Cap.

 

Upon receipt by Lender
of a written request from Borrower in accordance with Section 3.06 above, and the determination by Lender that all applicable terms
and conditions of this Agreement have been satisfied, Lender shall disburse to the Counterparty of the Subsequent Interest Rate
Cap, an amount from the Interest Rate Cap Reserve Escrow Account equal to the lesser of (a) the Purchase Price, or (b) the
amount then on deposit in the Interest Rate Cap Reserve Escrow Account. In no event shall Lender be obligated to disburse funds
from the Interest Rate Cap Reserve Escrow Account if an Event of Default has occurred and is continuing.

 

Section
3.08    Remaining Balance After Payment of Purchase Price.

 

Provided that Borrower
has no obligation to purchase additional Subsequent Interest Rate Caps under the terms of this Agreement, any balance remaining
in the Interest Rate Cap Reserve Escrow Account after payment of the Purchase Price shall be delivered to Borrower on or promptly
following the Payment Date. Borrower’s obligation to make Monthly Deposits hereunder shall cease and terminate upon the earlier
of (a) purchase of a Subsequent Interest Rate Cap with a term of at least the entire remaining term of the Mortgage Loan,
(b) conversion of the Mortgage Loan to a fixed rate of interest, and (c) payment in full of the Mortgage Loan.

 

Article
4

SECURITY INTEREST IN COLLATERAL; FURTHER ASSURANCES

 

Section
4.01    Security Interest in Collateral.

 

As security for the
Indebtedness, Borrower hereby grants to Lender, its successors and assigns, a lien and continuing security interest in all of Borrower’s
right, title and interest in and to the following Collateral whether now owned or hereafter acquired:

 

(a)     the
Interest Rate Cap and the Interest Rate Cap Documents representing the initial Interest Rate Cap and any Subsequent Interest Rate
Cap;

 

(b)     any
and all Payments;

 

(c)     any
residual right, title or interest Borrower may have in the Interest Rate Cap Reserve Escrow Account (to the extent required by
this Agreement);

 

(d)     all
Monthly Deposits, whether credited to the Interest Rate Cap Reserve Escrow Account, held in the course of payment or collection
by Lender, or otherwise;

 

(e)     all
interest earned and profits realized on funds in the Interest Rate Cap Reserve Escrow Account;

 

(f)     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 the Interest Rate Cap Documents;

 

    
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(g)     all
cash, funds, investments, securities, accounts, general intangibles and all other property held from time to time in the Interest
Rate Cap Reserve Escrow Account and all certificates and instruments representing or evidencing any of the foregoing;

 

(h)     all
rights of Borrower under any of the foregoing, including all rights of Borrower to the Payments, contract rights and general intangibles
now existing or hereafter arising with respect to any or all of the foregoing;

 

(i)     all
documents, writings, books, files, records and other documents arising from or relating to any of the foregoing, whether now existing
or hereafter arising;

 

(j)     all
extensions, renewals and replacements of the foregoing; and

 

(k)    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.

 

TO HAVE AND TO HOLD
the Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto,
unto Lender, its successors and assigns, forever, subject, however, to the terms, covenants and conditions herein
set forth. Borrower hereby authorizes Lender to file financing statements, continuation statements and financing statement amendments
in such form as Lender may require to perfect or continue the perfection of this security interest in the Collateral and Borrower
agrees, if Lender so requests, to execute and deliver to Lender such financing statements, continuation statements and amendments.
Borrower shall pay all filing costs and all costs and expenses of any record searches for financing statements that Lender may
require.

 

Section
4.02    Further Assurances.

 

At any time and from
time to time, at the expense of Borrower, Borrower 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 Lender may request,
in order to perfect, continue and protect any security interest granted or purported to be granted by this Agreement or to enable
Lender to exercise and enforce its rights and remedies under this Agreement.

 

Section
4.03    Competing Security Arrangements.

 

Borrower 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 Lender as
the secured party. Borrower 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 Lender.

 

Section
4.04    No Change.

 

Borrower will not voluntarily
or involuntarily change its principal place of business, chief executive office, name or identity, without at least thirty (30)
days prior written notice to Lender, except in the event of a change in principal place of business or chief executive office necessitated
by fire, flood or other calamity, in which case such notice shall be provided as soon as practicable.

 

    
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Section
4.05    Defense of Collateral.

 

Borrower will defend
the Collateral against all claims and demands of all persons at any time claiming the same or any interest in the Collateral.

 

Article
5

DELIVERY OF INTEREST RATE CAP DOCUMENTS

 

Section
5.01    Acquisition of Interest Rate Cap; Delivery of Interest
Rate Cap Documents.

 

Borrower has, on or
before the date of this Agreement, executed and delivered the Interest Rate Cap Documents to the Counterparty and has delivered
to Lender fully executed originals of such Interest Rate Cap Documents. True, complete and correct copies of the Interest Rate
Cap Documents and all amendments thereto, fully executed by all parties, are attached as Exhibit A hereto. Borrower
hereby represents and warrants to Lender that there is no additional security for or any other arrangements or agreements relating
to the Interest Rate Cap Documents and that the Counterparty has consented to Borrower’s pledge of its rights and interests
in the Interest Rate Cap to Lender as security for the Mortgage Loan.

 

Section
5.02    Obligations Remain Absolute.

 

Nothing contained herein
shall relieve Borrower of its primary obligation to pay all amounts due in respect of its obligations on the Mortgage Loan as required
by the Loan Documents.

 

Section
5.03    Subsequent Interest Rate Caps.

 

Borrower agrees to
execute and deliver to Lender a Supplemental Agreement substantially in the form of the attached Exhibit B attached
hereto on each occasion on which Borrower acquires a Subsequent Interest Rate Cap. Borrower shall, on or before the date any Subsequent
Interest Rate Cap is to become Collateral under this Agreement, execute and deliver the Interest Rate Cap Documents representing
such Subsequent Interest Rate Cap to the Counterparty and deliver to Lender fully executed originals of such Interest Rate Cap
Documents to be held under this Agreement as a part of the Collateral.

 

Article
6

REPRESENTATIONS AND WARRANTIES

 

Section
6.01    Representations and Warranties of Borrower.

 

Borrower represents
and warrants to Lender that:

 

(a)     Borrower
has paid to the Counterparty the entire cost of the initial Interest Rate Cap;

 

(b)     the
individuals who are signing and delivering this Agreement on behalf of Borrower have been duly authorized to do so in accordance
with the documents and instruments pursuant to which Borrower is organized and which govern the conduct of Borrower’s business;

 

    
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(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 (1) for the pledge by Borrower 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 Borrower (other than the consent of the Counterparty where such consent has been obtained), (2) 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 (3) for
the execution, delivery or performance of this Agreement by Borrower;

 

(d)     there
are no conditions precedent to the effectiveness of this Agreement that have not been satisfied or waived;

 

(e)     neither
the execution nor delivery of this Agreement or any Supplemental Agreement nor the performance by Borrower 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 (1) conflict with any provision of the organizational documents of Borrower, (2) 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 Borrower is a party or by which Borrower’s assets or properties may be bound or
affected, (3) 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 Borrower, (4) result in or require
the creation or imposition of any Collateral Liens upon or with respect to the Collateral, other than Collateral Liens in
favor of Lender, (5) violate any legally protected right of any Person or give to any Person a right or claim against Borrower,
or (6) 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;

 

(f)     Borrower
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 Collateral Liens (other than in favor of Lender), 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 Interest Rate Cap Documents, except as may have been disclosed to Lender in writing;

 

(g)     the
security interest of Lender in the Collateral is, or when it attaches shall be, a first priority and perfected security interest.
No financing statement covering the Collateral, or any part of the Collateral (other than any financing statement naming only Lender
as the secured party), is outstanding or is on file in any public office;

 

(h)     Borrower
is qualified to transact business and is in good standing in the state in which it is formed or organized, the Property Jurisdiction
and in each other jurisdiction that qualification or standing is required according to applicable law to conduct its business with
respect to the Mortgaged Property and where the failure to be so qualified would adversely affect Borrower’s operation of
the Mortgaged Property or the validity, enforceability or the ability of Borrower to perform its obligations under this Agreement
or any other Loan Document; and

 

(i)     Borrower
has not commenced (within the meaning of any Insolvency Laws) 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 Insolvency Law that is for relief against it in an involuntary
case or appointed a receiver or custodian for Borrower or any part of its property.

 

    
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Article
7

EVENTS OF DEFAULT: RIGHTS AND REMEDIES

 

Section
7.01    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 Borrower to observe and perform any duty, obligation or covenant required to be observed or performed by this Agreement
or any Supplemental Agreement subject to any applicable notice and cure rights provided in this Agreement, any Supplemental Agreement,
or the Loan Agreement;

 

(b)     any
representation or warranty on the part of Borrower contained in this Agreement or repeated and reaffirmed in this Agreement or
any Supplemental Agreement proves to be false, inaccurate, or misleading in any material respect when made or deemed made; and

 

(c)     the
occurrence of an Event of Default under any Loan Document.

 

Section
7.02    Remedies on Default.

 

If any Event of Default
under this Agreement has occurred and is continuing:

 

(a)     At
the direction of Lender, Borrower shall deliver all Collateral to Lender or its designee;

 

(b)     Lender
may, without further notice, exercise all rights, privileges or options pertaining to the Collateral as if Lender were the absolute
owner of such Collateral, upon such terms and conditions as Lender may determine, all without liability except to account for property
actually received by Lender, and Lender 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)     Lender
may, subject to the terms of the Interest Rate Cap 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 Lender or elsewhere, for cash, on credit or for future delivery, and upon such other terms as may be commercially reasonable.
Borrower agrees that, to the extent notice of sale shall be required by applicable law, at least ten (10) days prior notice
to Borrower 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. Lender shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Lender
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 Lender of any of the
Collateral, the Collateral so sold may be retained by Lender until the selling price is paid by the purchaser, but Lender 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.

 

    
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The foregoing rights and remedies (1) shall
be cumulative and concurrent, (2) may be pursued separately, successively or concurrently against Borrower and any other party
obligated for the Indebtedness, or against the Collateral, or any other security for the Indebtedness, at the sole discretion of
Lender, (3) may be exercised as often as occasion therefor shall arise, it being agreed by Borrower 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 (4) are intended to be and shall be non-exclusive. Nothing in this Agreement shall require or be construed to require
Lender to accept tender of performance of any of Borrower’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
7.03    Application of Proceeds.

 

Lender 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 to the following, in any order:

 

(a)     to
reimburse Lender for any amounts due to it pursuant to Section 7.02 of this Agreement including the expenses of preparing for sale,
selling and the like and to reasonable attorneys’ fees and legal expenses incurred by Lender in connection therewith;

 

(b)     to
the repayment of all amounts then due and unpaid on the Indebtedness in such order of priority as Lender 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 Indebtedness, Borrower shall remain liable for the deficiency, except to the extent that Borrower’s liability
for payment of the Indebtedness is limited by the terms of the Loan Agreement.

 

Section
7.04    No Additional Waiver Implied by One Waiver.

 

If any provision of
this Agreement is breached by Borrower and thereafter waived by Lender 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.

 

Section
7.05    Lender Appointed Attorney-in-Fact.

 

Borrower hereby appoints
Lender, through any duly authorized officer of Lender, as Borrower’s attorney-in-fact, with full authority in the place and
stead of Borrower and in the name of Borrower or otherwise, from time to time in Lender’s discretion during the continuance
of an Event of Default, to take any action and to execute any instrument which Lender 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 Borrower
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. Borrower agrees that the power of attorney established pursuant to this Section 7.05 shall
be deemed coupled with an interest and shall be irrevocable.

 

    
	Interest Rate Cap Reserve and Security Agreement	Form 6442	Page 11
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

Section
7.06    Nature of Lender’s Rights.

 

The right of Lender
to the Collateral held for its benefit under this Agreement shall not be subject to any right of redemption Borrower 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
8.01    Fees, Costs and Expenses; Indemnification.

 

Borrower agrees to
reimburse Lender, on demand, for all out-of-pocket costs and expenses incurred by Lender in connection with the administration
and enforcement of this Agreement or any Supplemental Agreement and agrees to indemnify and hold harmless Lender 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 Lender 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 Lender or its agents or employees. If Borrower 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 Borrower contained in
this Agreement or any Supplemental Agreement or repeated and reaffirmed in this Agreement or any Supplemental Agreement is breached,
Lender 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 Lender shall be repayable to it by Borrower upon Lender’s demand. The
obligations of Borrower under this Section 8.01 shall survive the termination of this Agreement or any Supplemental Agreement and
the discharge of the other obligations of Borrower under this Agreement or any Supplemental Agreement.

 

Section
8.02    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 terminate upon the earlier to occur of (a) payment
in full of all amounts due under the Loan Documents, or (b) the conversion of the Mortgage Loan to a fixed rate of interest
pursuant to the terms of the Conversion Agreement. Upon termination of this Agreement, Lender shall deliver to Borrower all Collateral
and documents then in the custody or possession of Lender and, if requested by Borrower, shall execute and deliver to Borrower
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 Lender’s interest in the Collateral and such other documents
and instruments as Borrower may reasonably request, all without recourse to or any warranty whatsoever by Lender and at the cost
and expense of Borrower.

 

Section
8.03    No Deemed Waiver.

 

No failure on the part
of Lender 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 Lender 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.

 

    
	Interest Rate Cap Reserve and Security Agreement	Form 6442	Page 12
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

Section
8.04    Non-Recourse.

 

Article 3 (Personal
Liability) of the Loan Agreement is hereby incorporated herein as if fully set forth in the body of this Agreement.

 

Section
8.05    Governing Law; Consent to Jurisdiction and Venue.

 

Section 15.01
(Governing Law; Consent to Jurisdiction and Venue) of the Loan Agreement is hereby incorporated herein as if fully set forth in
the body of this Agreement.

 

Section
8.06    Notices.

 

Section 15.02
(Notice) of the Loan Agreement is hereby incorporated herein as if fully set forth in the body of this Agreement.

 

Section
8.07    Successors and Assigns Bound; Sale of Mortgage Loan.

 

Section 15.03
(Successors and Assigns Bound; Sale of Mortgage Loan) of the Loan Agreement is hereby incorporated herein as if fully set forth
in the body of this Agreement.

 

Section
8.08    Counterparts.

 

Section 15.04
(Counterparts) of the Loan Agreement is hereby incorporated herein as if fully set forth in the body of this Agreement.

 

Section
8.09    Severability; Entire Agreement; Amendments.

 

Section 15.07
(Severability; Entire Agreement; Amendments) of the Loan Agreement is hereby incorporated herein as if fully set forth in the body
of this Agreement.

 

Section
8.10    Construction.

 

Section 15.08
(Construction) of the Loan Agreement is hereby incorporated herein as if fully set forth in the body of this Agreement.

 

Section
8.11    WAIVER OF TRIAL BY JURY.

 

Section 15.18
(WAIVER OF TRIAL BY JURY) of the Loan Agreement is hereby incorporated herein as if fully set forth in the body of this Agreement.

 

[Remainder of Page
Intentionally Blank]

 

    
	Interest Rate Cap Reserve and Security Agreement	Form 6442	Page 13
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

IN WITNESS WHEREOF,
the parties have signed and delivered this Agreement under seal (where applicable) or have caused this Agreement to be signed and
delivered under seal (where applicable) by their duly authorized representative. Where applicable law so provides, the parties
intend that this Agreement shall be deemed to be signed and delivered as a sealed instrument.

 

	 	BORROWER:
	 	 
	 	BR CARROLL LANSBROOK, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jordan Ruddy
	 	 	Jordan Ruddy
	 	 	Authorized Signatory

 

    
	Interest Rate Cap Reserve and Security Agreement	Form 6442	Page S-1 
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

	 	LENDER:
	 	 
	 	WALKER & DUNLOP, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Holly Shonosky
	 	 	Holly Shonosky
	 	 	Senior Closing Officer

 

    
	Interest Rate Cap Reserve and Security Agreement	Form 6442	Page S-2
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

EXHIBIT A

TO

INTEREST RATE CAP RESERVE AND SECURITY
AGREEMENT

 

Interest Rate Cap Documents

 

See Attached

 

    
	Interest Rate Cap Reserve and Security Agreement	Form 6442	Page A-1
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

EXHIBIT B

TO

INTEREST RATE CAP RESERVE AND SECURITY
AGREEMENT

 

SUPPLEMENTAL INTEREST RATE CAP RESERVE

AND SECURITY AGREEMENT

 

This SUPPLEMENTAL INTEREST
RATE CAP RESERVE AND SECURITY AGREEMENT (“Supplemental Agreement”), dated as of ________________, is made by
BR CARROLL LANSBROOK, LLC, a Delaware limited liability company, together with its permitted successors and assigns (“Borrower”),
for the benefit of FANNIE MAE, a 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 (together with its successors and assigns, “Fannie
Mae”).

 

This Supplemental Agreement
supplements the Interest Rate Cap Reserve and Security Agreement dated as of July 8, 2016, by and between Borrower and Walker &
Dunlop, LLC, a Delaware limited liability company (the “Original Lender”) (the “Agreement”).

 

RECITALS:

 

A.      Borrower
and Original Lender entered into the Agreement pursuant to which Borrower is required to acquire and maintain or replace, as appropriate,
an Interest Rate Cap (as defined in the Agreement) at all times during the term of the Mortgage Loan (as defined in the Agreement).
Each Interest Rate Cap will be represented by one or more Interest Rate Cap Documents (as defined in the Agreement).

 

B.      Original
Lender assigned its interest in the Mortgage Loan to Fannie Mae and Fannie Mae is now the holder of the Note (as defined in the
Agreement) and the mortgagee or beneficiary under the Security Instrument (as defined in the Loan Agreement) and all other
Loan Documents (as defined in the Loan Agreement).

 

C.      Borrower
is entering into a Subsequent Interest Rate Cap (as defined in the Agreement).

 

D.      As
security for Borrower’s obligations under the Loan Documents, Borrower 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 Borrower, the parties agree as follows:

 

Section
1.     Capitalized Terms.

 

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.

 

    
	Interest Rate Cap Reserve and Security Agreement	Form 6442	Page B-1
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

Section
2.     Grant of Security Interest.

 

As security for the
due, punctual, full and exact payment, performance or observance by Borrower of all obligations owing to Lender from time to time
under the Loan Documents, whether at stated maturity, by acceleration or otherwise, whether now outstanding or hereafter arising,
Borrower confirms and grants to Fannie Mae a continuing security interest in and to the Subsequent Interest Rate Cap described
in the attached Interest Rate Cap Documents and all such Interest Rate Cap Documents, whether now owned or hereafter acquired.

 

Section
3.     Acquisition of Interest Rate Cap; Delivery of Interest
Rate Cap Documents.

 

Borrower has, on or
before the date of this Supplemental Agreement, executed and delivered the Interest Rate Cap Documents representing the Subsequent
Interest Rate Cap to the Counterparty and has delivered to Fannie Mae fully executed originals of such Interest Rate Cap 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 Interest Rate Cap Documents and all amendments thereto, representing the Subsequent
Interest Rate Cap, 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 Cap or the Interest Rate Cap Documents.

 

Section
4.     Representations and Warranties.

 

As of the date of this
Supplemental Agreement, Borrower repeats and confirms all representations and warranties made by Borrower in the Agreement.

 

Section
5.     Agreement Confirmed.

 

Except as supplemented
by this Supplemental Agreement, Borrower confirms the original Agreement as previously supplemented and amended from time to time.

 

Section
6.     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
7.     Miscellaneous Provisions.

 

The provisions of Article
8 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.

 

[Remainder of Page Intentionally Blank]

 

    
	Interest Rate Cap Reserve and Security Agreement	Form 6442	Page B-2
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

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

 

	 	BORROWER
	 	 
	 	BR CARROLL LANSBROOK, LLC, a Delaware limited liability company
	 	 
	 	By:	 
	 	 	Jordan Ruddy
	 	 	Authorized Signatory

 

    
	Interest Rate Cap Reserve and Security Agreement	Form 6442	Page B-3
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

ATTACHMENT I

TO

INTEREST RATE CAP RESERVE AND SECURITY
AGREEMENT

 

Interest Rate Cap Documents for Subsequent
Interest Rate Cap

 

[TO BE SUPPLIED]

 

    
	Interest Rate Cap Reserve and Security Agreement	Form 6442	Page I-1
	Fannie Mae	01-16	© 2016 Fannie MaeExhibit 10.3

 

Lansbrook Village

 

THE REQUISITE FLORIDA DOCUMENTARY STAMP
TAXES HAVE BEEN PAID IN CONNECTION WITH THE EXECUTION OF THIS NOTE, AS REQUIRED BY FLORIDA LAW, AND EVIDENCE OF SUCH PAYMENT IS
AFFIXED TO THE CONSOLIDATED, AMENDED AND RESTATED MULTIFAMILY MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND
FIXTURE FILING RECORDED IN PINELLAS COUNTY, FLORIDA, PURSUANT TO CHAPTER 201, FLORIDA STATUTES.

 

CONSOLIDATED, AMENDED AND RESTATED
MULTIFAMILY NOTE

 

This CONSOLIDATED,
AMENDED AND RESTATED MULTIFAMILY NOTE is made and entered into as of July 8, 2016 by and between BR CARROLL LANSBROOK, LLC,
a Delaware limited liability company (“Borrower”) and WALKER & DUNLOP, LLC, a Delaware limited liability
company (“Lender”).

 

PRELIMINARY STATEMENTS:

 

A.           A
loan was made by Bank of America, N.A. ("Original Lender") to Waterton Lansbrook Venture, L.L.C., a Delaware limited
liability company ("Original Borrower"), in the principal amount of $34,000,000.00 (the "Original Loan"),
evidenced by a Promissory Note in the principal amount of the Original Loan dated September 28, 2012 (the "BOA Note").
Repayment of the Original Loan was secured by that certain Mortgage, Assignment of Rents, Security Agreement and Fixture Filing
executed by Original Borrower in favor of Original Lender dated as of September 28, 2012, and recorded in Official Records Book
17747, Page 111, of the Public Records of Pinellas County, Florida (the "Public Records"), as amended by that
certain Amendment to Mortgage, Assignment of Rents, Security Agreement and Fixture Filing, Notice of Future Advance and Spreader
Agreement, recorded in Official Records Book 18055, Page 262 of the Public Records, and by that certain Second Amendment to Mortgage,
Assignment of Rents, Security Agreement and Fixture Filing, Notice of Future Advance and Spreader Agreement, recorded in official
Records Book 18275, Page 1005 of the Public Records (collectively, the "BOA Mortgage"). State of Florida Documentary
Stamp Tax and Intangible Tax due and payable on the BOA Note and the BOA Mortgage were paid on the recording of the BOA Mortgage. 
The Original Lender assigned the BOA Note and the BOA Mortgage to General Electric Credit Corporation (“GECC”),
pursuant to an Allonge executed by Original Lender in favor of GECC dated March 21, 2014, and an Assignment of Mortgage executed
by Original Lender in favor of GECC dated March 21, 2014, and recorded in Official Records Book 18349, Page 942 of the Public Records.
Borrower purchased the "Property" (defined in the BOA Mortgage) from Original Borrower, in connection with which Borrower
assumed the outstanding principal balance under the BOA Note in the amount of $25,885,543.85 (the "Assumed Amount"),
pursuant to an Assumption Agreement dated March 21, 2014, and recorded in Official Records Book 18349, Page 945 of the Public
Records (the “Assumption Agreement”). The State of Florida Documentary Stamp Tax due and payable in connection
with the assumption by Borrower of the Assumed Amount was paid on the recording of the Assumption Agreement. All of the proceeds
of the BOA Note were advanced to Borrower.

 

    	Consolidated, Amended and Restated
 Multifamily Note	Form 6010.CAR.FL	Page 1
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

B.           Borrower
also executed an Amended, Restated and Renewal Promissory Note in favor of GECC in the principal amount of $48,000,000.00 dated
March 21, 2014 (the "GECC Note") evidencing indebtedness in the principal amount of the Assumed Amount and an
additional advance in the principal amount of $22,114,456.15 (the "Additional Advance"). Repayment of the GECC
Note was secured by an Amended and Restated Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing dated
as of March 21, 2014, from Borrower to GECC and recorded in Official Records Book 18349, Page 949, as amended by that certain Modification
to Mortgage and Spreader Agreement, dated September 23, 2014 and recorded  at Book 18551, Page 2281 (the "Amended
GECC Mortgage"), as further amended by that certain Second Modification to Mortgage and Spreader Agreement, dated March
27, 2015 and recorded at Book 18742, Page 2193,  as further amended by that certain Third Modification to Mortgage and Spreader
Agreement, dated June 2, 2015 and recorded at Book 18814, Page 722, all of the Public Records (collectively, the "GECC
Mortgage"). State of Florida Documentary Stamp Tax and Intangible Tax due and payable on the GECC Note and the Amended
GECC Mortgage were paid on the recording of the Amended GECC Mortgage. The GECC Note was assigned pursuant to an Allonge by GECC
to Wells Fargo Bank, National Association ("WF"), dated June 11, 2015. The GECC Mortgage, as assigned to WF by
GECC, and as further amended pursuant to that certain Assignment of Amended and Restated Mortgage, Assignment of Rents and Leases,
Security Agreement and Fixture Filing, dated June 11, 2015 and recorded at Book 18903, Page 530, as further amended by that certain
Fourth Modification to Mortgage and Spreader Agreement, dated April 14, 2016 and recorded at Book 19163, Page 2411, both of the
Public Records, as so amended, restated, replaced, supplemented, assigned or as otherwise modified from time to time, is hereinafter
referred to as the “Original Mortgage”. All of the proceeds of the GECC Note were advanced to Borrower. 
As of the date hereof, the outstanding principal balance of the GECC Note, as assigned to WF, is $44,674,466.10.

 

C.           Pursuant
to a certain Allonge executed by WF in favor of Lender dated July 8, 2016, Lender has purchased the GECC Note from WF, and pursuant
to that certain Assignment of Amended and Restated Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing
executed by WF in favor of Lender dated July 8, 2016 and intended to be recorded in the Public Records of Pinellas County, Florida,
WF has assigned the Original Mortgage to Lender.

 

D.           Borrower
has requested and Lender has agreed to make certain amendments to the GECC Note, including changing the interest rate and the terms
of payment, and increasing the principal amount of the indebtedness owed to Lender from Forty-Four Million Six Hundred Seventy-Four
Thousand Four Hundred Sixty-Six and 10/100 Dollars ($44,674,466.10) to Fifty-Seven Million One Hundred Ninety Thousand Dollars
and 00/100 ($57,190,000.00) by an additional advance (as set forth in the Original Mortgage) in the amount of $12,515,533.90 (the
“Additional Advance”). This Note renews the principal indebtedness outstanding under the GECC Note, evidences
the Additional Advance and consolidates, amends and restates such aggregate indebtedness in its entirety, in respect of which Borrower
is entering into that certain Loan Agreement (defined herein) to reflect such amendments.

 

    	Consolidated, Amended and Restated
 Multifamily Note	Form 6010.CAR.FL	Page 2
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

E.           State
of Florida Documentary Stamp Tax and Nonrecurring Intangible Tax were paid on the GECC Note and the GECC Mortgage and are only
due on this Consolidated, Amended and Restated Multifamily Note and on the Security Instrument (hereinafter defined) to the extent
of the Additional Advance.

 

F.           The
Original Mortgage is concurrently being consolidated, amended and restated pursuant to the terms of that certain Consolidated,
Amended and Restated Multifamily Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing of even date herewith
and intended to be recorded in the Public Records of Pinellas County, Florida (as so consolidated, amended and restated, the “Security
Instrument”).

 

AGREEMENTS:

 

NOW, THEREFORE,
in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Borrower and Lender agree that the Original Note is hereby consolidated, amended and restated in its entirety as follows (as consolidated,
amended and restated, the “Note”):

 

MULTIFAMILY NOTE

 

	US $57,190,000.00	As of July 7, 2016

 

FOR VALUE RECEIVED,
the undersigned (“Borrower”) promises to pay to the order of WALKER & DUNLOP, LLC, a Delaware limited
liability company (“Lender”), the principal amount of Fifty-Seven Million One Hundred Ninety Thousand and 00/100
Dollars ($57,190,000.00) (the “Mortgage Loan”), together with interest thereon accruing at the Interest
Rate on the unpaid principal balance from the date the Mortgage Loan proceeds are disbursed until fully paid in accordance with
the terms hereof and of that certain Multifamily Loan and Security Agreement dated as of the date hereof, by and between Borrower
and Lender (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan
Agreement”).

 

1.           Defined
Terms.

 

Capitalized terms used
and not specifically defined in this Multifamily Note (this “Note”) have the meanings given to such terms in
the Loan Agreement.

 

2.           Repayment.

 

Borrower agrees to
pay the principal amount of the Mortgage Loan and interest on the principal
amount of the Mortgage Loan from time to time outstanding at the Interest Rate or such other rate or rates and at the times specified
in the Loan Agreement, together with all other amounts due to Lender under the Loan Documents. The outstanding balance of the Mortgage
Loan and all accrued and unpaid interest thereon shall be due and payable on the Maturity Date, together with all other amounts
due to Lender under the Loan Documents.

 

    	Consolidated, Amended and Restated
 Multifamily Note	Form 6010.CAR.FL	Page 3
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

 

3.           Security.

 

The Mortgage Loan
evidenced by this Note, together with all other Indebtedness is secured by,
among other things, the Security Instrument, the Loan Agreement and the other Loan
Documents. All of the terms, covenants and conditions contained in the Loan Agreement, the Security Instrument and
the other Loan Documents are hereby made part of this Note to the same extent and with
the same force as if they were fully set forth herein. In the event of a conflict or inconsistency between the terms of
this Note and the Loan Agreement, the terms and provisions of the Loan Agreement shall govern.

 

4.           Acceleration.

 

In accordance with
the Loan Agreement, if an Event of Default has occurred and is continuing, the entire unpaid principal balance of the Mortgage
Loan, any accrued and unpaid interest, including interest accruing at the Default
Rate, the Prepayment Premium (if applicable), and all other amounts payable under this Note, the Loan Agreement and any other
Loan Document shall at once become due and payable, at the option of Lender, without any prior notice to Borrower, unless applicable
law requires otherwise (and in such case, after satisfactory notice has been given).

 

5.           Personal
Liability.

 

The provisions of
Article 3 (Personal Liability) of the Loan Agreement are hereby incorporated
by reference into this Note to the same extent and with the same force as if fully set forth herein.

 

6.           Governing
Law.

 

This Note shall be
governed in accordance with the terms and provisions of Section 15.01 (Governing Law; Consent to Jurisdiction and Venue) of
the Loan Agreement.

 

7.           Waivers.

 

Presentment, demand
for payment, notice of nonpayment and dishonor, protest
and notice of protest, notice of acceleration, notice of intent to demand or accelerate payment or maturity, presentment
for payment, notice of nonpayment, and grace and diligence in collecting the Indebtedness are waived by Borrower, for and
on behalf of itself, Guarantor and Key Principal, and all endorsers and guarantors of this Note and all other third party obligors
or others who may become liable for the payment of all or any part of the Indebtedness.

 

8.           Commercial
Purpose.

 

Borrower represents
that the Indebtedness is being incurred by Borrower solely for the purpose of
carrying on a business or commercial enterprise or activity, and not for agricultural, personal, family or household purposes.

 

9.           Construction;
Joint and Several (or Solidary, as applicable) Liability.

 

(a)          Section 15.08
(Construction) of the Loan Agreement is hereby incorporated herein as if fully set forth in the body of this Note.

 

    	Consolidated, Amended and Restated
 Multifamily Note	Form 6010.CAR.FL	Page 4
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

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

 

10.         Notices.

 

All Notices
required or permitted to be given by Lender to Borrower pursuant to this Note shall be given in accordance with Section 15.02
(Notice) of the Loan Agreement.

 

11.         Time
is of the Essence.

 

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

 

12.         Loan
Charges Savings Clause.

 

Borrower agrees to
pay an effective rate of interest equal to the sum of the Interest Rate 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 Mortgage Loan and any other fees
or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note, the Loan Agreement 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. It is expressly stipulated
and agreed to be the intent of Borrower and Lender at all times to comply with all applicable laws governing the maximum rate or
amount of interest payable on the Indebtedness evidenced by this Note and the other Loan Documents. If any applicable law limiting
the amount of interest or other charges permitted to be collected from Borrower is interpreted so that any interest or other charge
or amount provided for in any Loan Document, whether considered separately or together with other charges or amounts provided for
in any other Loan Document, or otherwise charged, taken, reserved or received in connection with the Mortgage Loan, or on acceleration
of the maturity of the Mortgage Loan or as a result of any prepayment by Borrower or otherwise, 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 any such
violation. Amounts, if any, previously paid to Lender in excess of the permitted amounts shall be applied by Lender to reduce the
unpaid principal balance of the Mortgage Loan without the payment of any prepayment premium (or, if the Mortgage Loan has been
or would thereby be paid in full, shall be refunded to Borrower), and the provisions of the Loan Agreement and any other Loan Documents
immediately shall be deemed reformed and the amounts thereafter collectible under the Loan Agreement and any other Loan Documents
reduced, without the necessity of the execution of any new documents, so as to comply with any applicable law, but so as to permit
the recovery of the fullest amount otherwise payable under the Loan Documents. 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, and
any amount paid or agreed to be paid to Lender for the use, forbearance or detention of the Indebtedness, shall be deemed to be
allocated and spread ratably over the stated term of the Mortgage Loan. 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 Mortgage Loan.

 

    	Consolidated, Amended and Restated
 Multifamily Note	Form 6010.CAR.FL	Page 5
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

13.         WAIVER
OF TRIAL BY JURY.

 

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

 

14.         Receipt
of Loan Documents.

 

Borrower acknowledges
receipt of a copy of each of the Loan Documents.

 

15.         Incorporation
of Schedules.

 

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

 

16.         No
Novation.

 

This Consolidated,
Amended and Restated Multifamily Note does not extinguish the outstanding indebtedness evidenced by the Original Note or discharge
or release the Original Mortgage or any other security, and the parties do not intend this Consolidated, Amended and Restated Multifamily
Note to be a substitution or novation of the original indebtedness or instruments securing the same.

 

17.         Notice.

 

AS THIS NOTE IS SECURED
BY A MORTGAGE, FLORIDA DOCUMENTARY STAMP TAXES AND NONRECURRING INTANGIBLE TAXES ARE BEING PAID IN CONNECTION WITH THIS NOTE, AS
REQUIRED BY FLORIDA LAW, AND EVIDENCE OF SUCH PAYMENT SHALL BE AFFIXED TO THE MORTGAGE.

 

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

 

 ̈       Schedule
1     Modifications to Note

 

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

 

[Remainder of Page Intentionally Blank]

 

    	Consolidated, Amended and Restated
 Multifamily Note	Form 6010.CAR.FL	Page 6
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

	 	BORROWER:
	 	 
	 	BR CARROLL LANSBROOK, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jordan Ruddy
	 	 	Jordan Ruddy
	 	 	Authorized Signatory

 

    	Consolidated, Amended and Restated
 Multifamily Note	Form 6010.CAR.FL	Page 7
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

Walker & Dunlop, LLC, a Delaware limited
liability company, holder of the Original Note, signs below to acknowledge its consent to the terms of this Consolidated, Amended
and Restated Multifamily Note.

 

	 	ORIGINAL LENDER:
	 	 
	 	WALKER & DUNLOP, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Holly Shonosky
	 	 	Holly Shonosky
	 	 	Senior Closing Officer

 

    	Consolidated, Amended and Restated
 Multifamily Note	Form 6010.CAR.FL	Page 8
	Fannie Mae	01-16	© 2016 Fannie Mae

     

    

 

	 	PAY TO THE ORDER OF ___________________ _______________________, WITHOUT RECOURSE.
	 	 
	 	WALKER & DUNLOP, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Holly Shonosky
	 	 	Holly Shonosky
	 	 	Senior Closing Officer

 

Fannie Mae Commitment Number: 880827

 

    	Consolidated, Amended and Restated
 Multifamily Note	Form 6010.CAR.FL	Page 9
	Fannie Mae	01-16	© 2016 Fannie Mae

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