Document:

Pledge Agreement

 

THIS PLEDGE AGREEMENT
(this “Agreement”), dated as of April 2, 2014, is entered into by and between BLUEROCK RESIDENTIAL GROWTH REIT,
INC., a Maryland corporation (the “Pledgee”), and Bluerock Special Opportunity + Income Fund II, LLC, a Delaware
limited liability company (the “Pledgor”). Capitalized terms used herein but not otherwise defined herein shall
have the meanings assigned to such terms in the Contribution Agreement (as defined below).

 

WHEREAS, pursuant to
that certain Contribution Agreement, dated as of March 10, 2014, by and between the Pledgee and the Pledgor (the “Contribution
Agreement”), the Pledgor is contributing the Waterford Interests to the Pledgee in exchange for the REIT Shares;

 

WHEREAS, pursuant to
the Contribution Agreement, the Pledgor has agreed to indemnify the Pledgee, its successors, assigns and Affiliates, including,
but not limited to, BRG Waterford (each, an “Indemnified Party” and, together, the “Indemnified Parties”),
for certain losses described in Section 8.1 of the Contribution Agreement (but subject to the limitations expressed in Section
8.2 of the Contribution Agreement) (the “Losses”) and asserted during the Survival Period (as hereinafter defined).
The Pledgor’s obligations (i) so to indemnify the Indemnified Parties for Losses in accordance with Section 8.1 of the Contribution
Agreement, and (ii) to perform its obligations hereunder are referred to herein collectively as the “Secured Obligations”;
and

 

WHEREAS, in order to
secure the full and timely performance of the Secured Obligations pursuant to the Contribution Agreement, the Pledgor has agreed
to pledge and grant to the Pledgee, as security for the Secured Obligations, a lien and security interest in, to and under the
REIT Shares having a value equal to ten percent (10%) of the Consideration (as defined) under the Contribution Agreement (collectively
the “Pledged Interests”), such pledge, lien and security interest to remain in effect during the Pledge Period
(as defined below) subject to the terms hereof.

 

NOW, THEREFORE, in
consideration of the premises and the mutual agreements herein contained, and for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.            Grant
of Security Interest. As collateral security for the payment, performance and observance of the Secured Obligations, now existing
or hereafter arising, absolute or contingent, the Pledgor pledges to the Pledgee, for its own benefit and for the benefit of each
Indemnified Party subject to the limitations set forth herein, and grants to the Pledgee, for its own benefit and the benefit of
each Indemnified Party subject to the limitations set forth herein, a security interest in the following property (collectively,
the “Collateral”): 

 

(a)            the Pledged Interests,
as more particularly described in Exhibit A attached hereto;

 

(b)            any equity securities
of the Pledgee (“Additional Interests”) and/or obligations of the Pledgee in respect of the Pledged Interests
that may hereafter be acquired by the Pledgor during the Pledge Period and, if any, the certificates or other instruments or documents
evidencing the same;

 

(c)            all rights of
Pledgor in and to all distributions in kind declared in respect of any or all of the foregoing during the Pledge Period;

 

(d)            any cash received
by Pledgee pursuant to Section 8 below during the Pledge Period;

 

(e)            any cash or cash
equivalent (the “Cash Collateral”) substituted by Pledgor for the Pledged Interests and/or the Additional Interests
(or any portion thereof) pursuant to the terms hereof; and

 

    	 

    	 

    

 

(f)            all proceeds and
profits of any or all of the foregoing.

 

Pledgor and Pledgee do hereby acknowledge
and agree that Pledgor shall be entitled, at any time during the Pledge Period, to substitute Cash Collateral for all or any portion
of the Pledged Interests and/or the Additional Interests. Any Cash Collateral shall be held in a segregated account in the name
of both Pledgor and Pledgee (at an institution designated by Pledgee) and shall be released from such account only upon instructions
given by Pledgor and Pledgee, which instructions shall conform with the provisions of this Agreement.

 

2.            Delivery
of Certificates and Instruments. The Pledgor shall deliver to the Pledgee: (a) the original certificates or other instruments
or documents evidencing the Pledged Interests, if any, concurrently with the execution and delivery of this Agreement, and (b)
the original certificates or other instruments or documents evidencing all other Collateral (except for Collateral that this Agreement
specifically permits the Pledgor to retain) within ten (10) days after Pledgor’s receipt thereof. All Collateral that is
certificated securities shall be in bearer form or, if in registered form, shall be reflected as being subject to this Agreement
on the books of the transfer agent.

 

3.            Pledgor
Remain Liable. Notwithstanding anything herein to the contrary: (a) the Pledgor shall remain obligated, to the extent set forth
in the agreements (including, without limitation, the Pledgee’s Charter Documents) under which it has received, or has rights
or obligations in respect of its ownership of, the REIT Shares (“Related Agreements”) to perform its duties
and obligations thereunder to the same extent as if this Agreement had not been executed; (b) the exercise by the Pledgee of any
of its rights hereunder shall not release the Pledgor from any of its duties or obligations under the Related Agreements, except
to the extent that such duties and obligations may have been terminated by reason of a sale, transfer or other disposition of the
Collateral pursuant hereto; and (c) the Pledgee shall not by reason of this Agreement have any obligations or liabilities under
the Related Agreements (beyond those imposed directly on the Pledgee by the express terms therein), nor shall the Pledgee be obligated
to perform any of the obligations or duties of the Pledgor under the Related Agreements or to take any action to collect or enforce
any claim for payment assigned hereunder. 

 

4.            Representations,
Warranties and Covenants. 

 

(a)            The Pledgor represents,
warrants and covenants, as of the date hereof (for itself and not jointly or jointly and severally with any other Person), as follows:

 

(1)            Set forth on
Exhibit A attached hereto is a complete and accurate list and description of all Pledged Interests delivered by Pledgor.
Pledgor owns, directly or indirectly, all of such Pledged Interests, free and clear of all claims, mortgages, pledges, liens, encumbrances
and security interests of every nature whatsoever created (or allowed to be created) by Pledgor, except in favor of the Pledgee.
All other Collateral hereafter delivered by the Pledgor to the Pledgee will be owned, directly or indirectly, by the Pledgor free
and clear of all claims, mortgages, pledges, liens, encumbrances and security interests of every nature whatsoever, except in favor
of the Pledgee.

 

(2)            With respect
to the Pledgor, the address of its chief executive office and principal place of business, and the location of its books and records
relating to the Collateral, is set forth in Section 21 hereof. Pledgor will not change said address or location, or merge or consolidate
with any person or change its name during the Pledge Period, without at least fifteen (15) days’ prior written notice to
the Pledgee, and with respect to any such change in address or name or merger or consolidation, Pledgor shall execute and deliver
to the Pledgee such documents and take such actions as the Pledgee reasonably deems necessary to perfect and protect the Pledgee’s
security interests in and to the Collateral.

 

(3)            During the Pledge
Period (and, if and to the extent applicable, any Extended Pledge Period (as defined below)), the Pledgor will not create, incur,
assume or permit to exist any security interest in the Collateral (or during such Extended Pledge Period, the Retained Collateral
(as defined below)) other than the security interest created pursuant to this Agreement or sell, transfer, assign, pledge or grant
a security interest in the Collateral (or during such Extended Pledge Period, the Retained Collateral) to any Person other than
the Pledgee (provided that Pledgor shall be entitled to consent to the sale of the Pledged Interests or the Additional Interests
during the Pledge Period (and, if and to the extent applicable, the Extended Pledge Period) so long as such sale is not binding
or consummated until the Pledge Period has expired).

 

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(4)            The Pledged
Interests that are Collateral hereunder are fully paid and are not subject to any options to purchase or similar rights of any
kind granted by the Pledgor in favor of any Person, except pursuant to the terms of the Pledgee’s Charter Documents.

 

(5)            The Pledgor
has the power and authority to own its properties and to carry on its business as currently conducted.

 

(6)            The Pledgor
has the requisite power and authority to execute and deliver, and to perform its obligations under, this Agreement, and has taken
all necessary action to authorize such execution, delivery and performance.

 

(7)            This Agreement
constitutes the legal, valid and binding obligation of the Pledgor, enforceable against the Pledgor in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating
to or affecting the rights and remedies of creditors or by the application of general equitable principles.

 

(8)            The Pledgor’s
execution, delivery and performance of this Agreement will not violate (as applicable) any law or regulation, or any order or decree
of any court or governmental instrumentality binding on Pledgor, or any provision of the Pledgor’s Charter Documents, or
any securities issued by, the Pledgor, and will not conflict with, or result in the breach of, or constitute a default under, any
indenture, mortgage, deed of trust, agreement or other instrument to which the Pledgor is a party or by which it is bound, and
will not result in the creation or imposition of any lien, charge or encumbrance upon any of the property of the Pledgor pursuant
to the provisions of any of the foregoing.

 

(9)            No consent of
any other Person (including, without limitation, as applicable, members and creditors of the Pledgor) and no consent, license,
permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental
instrumentality is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement,
except for (x) any of same necessary to issue, certificate or register the REIT Shares or (y) the filing of any financing statements
required or contemplated hereunder.

 

(10)            The pledge
of the Collateral pursuant to this Agreement creates a valid and perfected first priority security interest in such Collateral
to the extent a security interest can be created therein pursuant to the New York Uniform Commercial Code, subject to any filings,
agreements or actions required pursuant to the New York Uniform Commercial Code or otherwise.

 

(11)            During the
Pledge Period (and any Extended Pledge Period, if and to the extent applicable), the Pledgor will take commercially reasonable
actions to defend the Pledgee’s security interest in the Collateral (or, during such Extended Pledge Period, the Retained
Collateral) against the claims and demands of all Persons whomsoever (other than Affiliates of Pledgee).

 

(12)            During the
Pledge Period (and any Extended Pledge Period, if and to the extent applicable), the Pledgor will take any and all commercially
reasonable actions necessary to maintain its status as a stockholder of the Pledgee and the shares of Pledgee’s Class “A”
common stock represented by the Pledged Interests.

 

(13)            During the
Pledge Period, the Pledgor will not enter into or assume any other agreement containing a negative pledge with respect to the Collateral
(or, during any Extended Pledge Period, if and to the extent applicable, with respect to the Retained Collateral).

 

(b)            The Pledgee represents,
warrants and covenants, as of the date hereof (for itself and not jointly or jointly and severally with any other Person), as follows:

 

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(1)            During the Pledge
Period (and, if and to the extent applicable, any Extended Pledge Period (as defined below)), the Pledgee will not sell, transfer,
assign or the Collateral (or during such Extended Pledge Period, the Retained Collateral) to any Person or allow any lien to be
placed on or otherwise encumber the Collateral.

 

(2)            The Pledged
Interests and the Additional Interests that are Collateral hereunder will not be made subject to any options to purchase or similar
rights of any kind granted by the Pledgee in favor of any Person, except pursuant to the terms of the Pledgee’s Charter Documents.

 

(3)            The Pledgee
has the power and authority to own its properties and to carry on its business as currently conducted.

 

(4)            The Pledgee
has the requisite power and authority to execute and deliver, and to perform its obligations under, this Agreement, and has taken
all necessary action to authorize such execution, delivery and performance.

 

(5)            This Agreement
constitutes the legal, valid and binding obligation of the Pledgee, enforceable against the Pledgee in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating
to or affecting the rights and remedies of creditors or by the application of general equitable principles.

 

(6)            The Pledgee’s
execution, delivery and performance of this Agreement will not violate (as applicable) any law or regulation, or any order or decree
of any court or governmental instrumentality binding on Pledgee, or any provision of the Pledgee’s Charter Documents, or
any securities issued by, the Pledgee, and will not conflict with, or result in the breach of, or constitute a default under, any
indenture, mortgage, deed of trust, agreement or other instrument to which the Pledgee is a party or by which it is bound, and
will not result in the creation or imposition of any lien, charge or encumbrance upon any of the property of the Pledgee pursuant
to the provisions of any of the foregoing.

 

(7)            No consent of
any other Person (including, without limitation, as applicable, stockholders and creditors of the Pledgee) and no consent, license,
permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental
instrumentality is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement,
except for (x) any of same necessary to issue, certificate or register the REIT Shares or (y) the filing of any financing statements
required or contemplated hereunder.

 

5.            Registration.
If any Claim (as defined below) remains unresolved thirty (30) days after the date of issuance of the applicable Claim Notice (as
defined below), and provided Pledgee has notified Pledgor in writing of its intention to take any of the actions specified in this
Section 5 and further provided Pledgor has not within three (3) business days from receipt of such written notification substituted
Cash Collateral in the amount of such Outstanding Claim (as defined below) for all (or an applicable portion) of the Pledged Interests
(and/or the Additional Interests), then Pledgee may cause all or any of the Collateral to be transferred to or registered in its
name or the name of its nominee or nominees. Notwithstanding anything contained herein to the contrary, Pledgee shall not be entitled
to take any action under this Agreement with respect to the Pledged Interests (or the Additional Interests) that is prohibited
by the terms, or would cause a breach or violation, of the Lock-Up Agreement or the Registration Rights Agreement.

 

6.            Claims;
Value of Collateral. 

 

(a)            Any claims by
an Indemnified Party for indemnification under the Contribution Agreement shall be made in accordance with Section 8.1 of the Contribution
Agreement. On or prior to the first (1st) anniversary of the Closing (the “Survival Period”), an Indemnified
Party may give written notice (each a “Claim Notice”) to the Pledgor of any Loss that is subject to indemnification
under Section 8.1 of the Contribution Agreement (each a “Claim”). Pledgor and Pledgee shall use commercially
reasonable efforts to resolve any Claim within thirty (30) days of issuance of the applicable Claim Notice. Any Claim that has
not been resolved to the mutual satisfaction of Pledgor and Pledgee shall be referred to hereunder as an “Outstanding
Claim”. The amount required to satisfy any Claim shall be disclosed in the Claims Notice, as estimated by the Independent
Directors (as defined below) in their reasonable discretion, and same shall be binding on Pledgor unless manifestly erroneous (such
amount(s) being referred to, individually and collectively, as the “Estimated Claims Amount”).

 

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(b)            The value of Collateral
(the “Value”) shall be determined as follows: (i) with respect to Collateral consisting of the REIT Shares,
an amount equal to ten percent (10%) of the aggregate monetary value of the REIT Shares (determined by the Share Price on the Closing
Date); (ii) for all other non-cash (or non-cash equivalent) Collateral, the fair market value of such Collateral as determined
by the independent directors of the Pledgee who meet the New York Stock Exchange standards of independence for directors, as determined
by the board of directors of the Pledgee (the “Independent Directors”).

 

7.            Voting
Rights and Certain Payments Prior to Occurrence of Secured Obligations and Other Events. 

 

(a)            Unless and until
a Claim Notice has been properly issued, the Pledgor shall be entitled to exercise, in its sole discretion but not inconsistent
with the terms hereof, the voting power with respect to any such Collateral, and for that purpose the Pledgee shall (if such Collateral
shall be registered in the name of the Pledgee or its nominee in strict compliance with the terms hereof) execute, or cause to
be executed, from time to time such proxies or other instruments in favor of the Pledgor or its nominee in such form and for such
purposes as shall be reasonably required and specified in writing by the Pledgor, to enable the Pledgor to exercise such voting
power with respect to such Collateral. If a Claim Notice has been properly issued by Pledgee, then the rights granted under this
Paragraph 7(a) shall be exercisable by Pledgee, rather than Pledgor, with respect to Collateral having a Value equal to the Estimated
Claims Amount (the “Claims Pending Collateral”), with Pledgor retaining the rights granted hereunder relating
to all other Collateral.

 

(b)            Unless and until
a Claim Notice has been properly issued, the Pledgor shall be entitled to receive and retain for its own account any and all regular
cash distributions (but not distributions in the form of Additional Interests or other securities, distributions in kind or liquidating
distributions, all of which shall be delivered and applied in accordance with Section 8 hereof) and interest at any time and from
time to time paid upon any of such Collateral, and the Pledgee shall have no rights in or to same by virtue of this Agreement.
Any of such regular cash distributions or interest paid while any Outstanding Claim exists shall be deemed part of the Collateral
under this Agreement and thereafter subject to the terms hereof relating to such Collateral.

 

8.            Extraordinary
Payments and Distributions. In case, upon the dissolution or liquidation (in whole or in part) of the Pledgee, any sum shall
be paid as a liquidating distribution or otherwise upon or with respect to any of the Collateral during the Pledge Period, such
sum shall be paid over to the Pledgee promptly, and in any event within ten (10) days after receipt thereof, to be held by the
Pledgee as additional Collateral hereunder and all of the same shall constitute Collateral for all purposes hereof. Any such payment
made following the expiration of the Pledge Period shall belong solely to the Pledgor, and the Pledgee shall have no rights in
or to same by virtue of this Agreement, except to the extent any Retained Collateral remains held by Pledgee, in which case any
such payment applicable to such Retained Collateral shall be deemed part of such Retained Collateral under this Agreement and thereafter
subject to the terms hereof relating to such Retained Collateral. In case, during the Pledge Period, any distribution of Additional
Interests shall be made with respect to the Collateral, or Additional Interests or fractions thereof shall be issued pursuant to
any split involving any of the Collateral, or any distribution of capital shall be made on any of the Collateral, or any shares,
obligations or other property shall be distributed upon or with respect to the Collateral pursuant to a recapitalization or reclassification
of the capital of the Pledgee, or pursuant to the dissolution, liquidation (in whole or in part), bankruptcy or reorganization
of the Pledgee, or pursuant to the merger or consolidation of the Pledgee with or into another entity, the shares, obligations
or other property so distributed shall be delivered to the Pledgee promptly, and in any event within ten (10) days after receipt
thereof, to be held by the Pledgee as additional Collateral hereunder, and all of the same shall constitute Collateral for all
purposes hereof. Any such distribution made following the expiration of the Pledge Period shall belong solely to the Pledgor, and
the Pledgee shall have no rights in or to same by virtue of this Agreement, except to the extent any Retained Collateral remains
held by Pledgee, in which case any such distribution applicable to such Retained Collateral shall be deemed part of such Retained
Collateral under this Agreement and thereafter subject to the terms hereof relating to such Retained Collateral. 

 

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9.            Pledgor
Obligations Not Affected. The obligations of the Pledgor hereunder shall remain in full force and effect and shall not be impaired
by: 

 

(a)            any bankruptcy,
insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of the Pledgor;

 

(b)            any amendments
to or modifications of any instrument (other than this Agreement) securing any of the Secured Obligations provided that the Pledgor
has consented to same (such consent not to be unreasonably conditioned, delayed or denied);

 

(c)            the taking of
additional security for, or any guaranty of, any of the Secured Obligations or the release or discharge or termination of any security
or guaranty for any of the Secured Obligations; or

 

(d)            the lack of enforceability
of any of the Secured Obligations against the Pledgor or any other person, whether or not the Pledgor shall have notice or knowledge
of any of the foregoing.

 

10.            Voting
Rights and Certain Payments After Occurrence of Claim Notice and Certain Other Events. 

 

(a)            From and after
the issuance of any Claim Notice, all rights of the Pledgor to exercise, or refrain from exercising, all voting power with respect
to, and to otherwise exercise all ownership rights arising from, the Claims Pending Collateral shall cease, and thereupon the Pledgee
shall be entitled to exercise all voting power with respect to such Claims Pending Collateral and otherwise exercise such ownership
rights as though the Pledgee were the outright owner of such Claims Pending Collateral (Pledgor shall retain such voting power
with respect to all other Collateral). If the Independent Directors of the Pledgee reasonably determine that the Estimated Claims
Amount equals or exceeds the Value of the Collateral then available to satisfy such Outstanding Claims, then the Pledgor shall
no longer be the owner of such Collateral for tax purposes and all rights of the Pledgor to receive and retain the distributions
and interest which it would otherwise be authorized to receive and retain pursuant to Section 7 hereof shall cease, and thereupon
the Pledgee shall be entitled to receive and retain, as additional Collateral hereunder, any and all distributions and interest
at any time and from time to time paid upon any of such Collateral, provided that, concurrent with making such determination, the
Pledgee gives notice thereof to the Pledgor.

 

(b)            All payments,
distributions or other property or assets that are received by the Pledgor contrary to the provisions of paragraph (a) of this
Section 10 shall be received and held in trust for the benefit of the Pledgee, shall be segregated from other funds of the Pledgor
and shall be forthwith paid over to the Pledgee.

 

11.            Application
of Cash Collateral. Any cash received and retained by the Pledgee as additional Collateral pursuant to Section 8 hereof may
at any time and from time to time be applied (in whole or in part) by the Pledgee, at its option, in strict accordance with the
terms and conditions hereof, to the payment of the Secured Obligations which such Collateral secures (in the order described in
paragraph 12 below), but only if and to the extent any such payment is required hereunder. 

 

12.            Application
of Proceeds. Except as otherwise expressly provided herein, any cash received and retained pursuant to Section 8 hereof shall
be applied by the Pledgee: first to the payment in full of the Secured Obligations, but only if and to the extent any such payment
is required hereunder; and then, to the payment to the Pledgor, or its successors or assigns or as a court of competent jurisdiction
may direct, of any surplus then remaining.

 

13.            Remedies
With Respect to the Collateral. 

 

(a)            If any Claim remains
unresolved thirty (30) days after the date of receipt of the applicable Claim Notice, then Pledgee, without obligation to resort
to other security, shall have the right at any time and from time to time thereafter to apply, after three (3) business days’
prior written notice to Pledgor (each an “Application Notice”), Collateral with a Value equal to the Estimated
Claims Amount, in one or more parcels at the same or different times, and to receive all right, title and interest, claim and demand
therein and right of redemption thereof, same to be applied by Pledgee to payment of such Outstanding Claims.

 

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(b)            Notwithstanding
anything to the contrary in this Agreement or the Contribution Agreement, the sole recourse of the Pledgee against the Pledgor
for the Secured Obligations is limited to the rights of the Pledgor in any Collateral that is applied by the Pledgee in strict
accordance with the terms and conditions hereof to satisfy such Secured Obligations.

 

(c)            No demand, advertisement
or notice, all of which are hereby expressly waived, shall be required in connection with any transfer of Collateral to the Pledgee
in strict accordance with the terms and conditions of this Agreement.

 

(d)            Subject to the
provisions of Section 13(b) above, the remedies provided herein in favor of the Pledgee relating to the Collateral shall not be
deemed exclusive, but shall be cumulative, and shall be in addition to all other remedies in favor of the Pledgee relating to the
Collateral existing at law or in equity.

 

14.            Care
of Collateral. The Pledgee shall have no duty as to the collection or protection of the Collateral or any income thereon or
as to the preservation of any rights pertaining thereto, beyond the safe custody of any thereof actually in its possession. With
respect to any maturities, calls, conversions, exchanges, redemptions, offers, tenders or similar matters relating to any of the
Collateral (herein called “events”), the Pledgee’s duty shall be fully satisfied if (i) the Pledgee exercises
reasonable care to ascertain the occurrence and to give reasonable written notice to the Pledgor of any events applicable to any
Collateral which are registered and held in the name of the Pledgee or its nominee, (ii) the Pledgee gives the Pledgor reasonable
written notice of the occurrence of any events, of which the Pledgee has actual knowledge, as to any securities which are in bearer
form or are not registered and held in the name of the Pledgee or its nominee (the Pledgor agreeing to give the Pledgee reasonable
written notice of the occurrence of any events applicable to any securities Collateral in the possession of the Pledgor of which
the Pledgor has received knowledge), and (iii) (a) the Pledgee endeavors to take such action with respect to any of the events
as the Pledgor may reasonably and specifically request in writing in sufficient time for such action to be evaluated and taken
or (b) if the Pledgee reasonably determines that the action requested might adversely affect the value of the Collateral, the collection
of the Secured Obligations, or otherwise prejudice the interests of the Pledgee, the Pledgee gives reasonable written notice to
the Pledgor that any such requested action will not be taken and if the Pledgee makes such determination or if the Pledgor fails
to make such timely request, the Pledgee takes such other action as it deems advisable in the circumstances. Except as hereinabove
specifically set forth, the Pledgee shall have no further obligation, under this Agreement only, to ascertain the occurrence of,
or to notify the Pledgor with respect to, any events and shall not be deemed to assume any such further obligation as a result
of the establishment by the Pledgee of any internal procedures with respect to any Collateral in its possession. 

 

15.            Power
of Attorney. The Pledgor hereby appoints the Pledgee to act during the Pledge Period (and, if and to the extent applicable,
any Extended Pledge Period) as the Pledgor’s attorney-in-fact for the purpose of carrying out the provisions of this Agreement
and taking any action and executing any instrument that the Pledgee reasonably may deem necessary or advisable to accomplish the
purposes hereof, provided that Pledgee has given Pledgor prior reasonable written notice of Pledgee’s intention to exercise
such attorney-in-fact rights. Without limiting the generality of the foregoing, at any time while an Outstanding Claim exists,
the Pledgee shall have the right and power (a) with respect to any Claims Pending Collateral to satisfy a Secured Obligation in
strict accordance with the terms and conditions herein, to receive, endorse and collect all checks and other orders for the payment
of money made payable to the Pledgor representing any interest or other distribution payable in respect of such Claims Pending
Collateral or any part thereof and to give full discharge for the same, and (b) to execute endorsements, assignments or other instruments
of conveyance or transfer with respect to all or any of the Claims Pending Collateral; provided, that the Pledgee shall provide
reasonable written notice to the Pledgor prior to taking any such action under the foregoing clauses (a) and (b). For purposes
of this Section 15 and Section 14 above, “reasonable written notice” shall mean written notice given within five (5)
days of the occurrence of the event, issue or at least five (5) days prior to the date on which such requisite action will be taken.

 

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16.            Further
Assurances. The Pledgor shall, at its sole cost and expense, upon reasonable request of the Pledgee, duly execute and deliver,
or cause to be duly executed and delivered, to the Pledgee such further instruments and documents and take and cause to be taken
such further actions as may be necessary or proper in the reasonable opinion of the Pledgee to carry out more effectually the provisions
and purposes of this Agreement; provided that none of the same will materially affect Pledgor’s or Pledgee’s rights
hereunder or materially increase their obligations hereunder. 

 

17.            No
Waiver. No failure on the part of the Pledgee to exercise, and no delay on the part of the Pledgee in exercising, any of its
options, powers, rights or remedies hereunder during the Pledge Period, or partial or single exercise thereof, shall constitute
a waiver thereof or preclude any other or further exercise thereof or the exercise of any other option, power, right or remedy
during the Pledge Period. 

 

18.            Security
Interest Absolute. All rights of the Pledgee hereunder, grant of a security interest in the Collateral and all obligations
of the Pledgor hereunder, shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the
Contribution Agreement, any of the Secured Obligations or any other agreement or instrument relating thereto, (b) any change in
any term of all or any of the Secured Obligations or any other amendment or waiver of, or any consent to any departure from, the
Contribution Agreement or any other agreement or instrument or (c) any other circumstance that might otherwise constitute a defense
available to, or a discharge of the Pledgor in respect of the Secured Obligations or in respect of this Agreement. 

 

19.            Expenses.
Pledgor agrees to pay the Pledgee all reasonable out-of-pocket expenses of the Pledgee (including reasonable expenses for legal
services of every kind) of, or incident to the enforcement of, any provisions of this Agreement. Pledgee agrees to pay the Pledgor
all reasonable out-of-pocket expenses of the Pledgor (including reasonable expenses for legal services of every kind) of, or incident
to the enforcement of, any obligations of Pledgee hereunder.

 

20.            End
of Pledge Period; Return of Collateral. 

 

(a)            For purposes of
this Agreement, the “Pledge Period” means the period beginning on the date hereof and ending on the six (6)
month anniversary of the date hereof; provided, that, if there are any Outstanding Claims at the time of termination
of the Pledge Period, the Pledgee shall have the right to retain, pending resolution of such Outstanding Claim(s) pursuant to Section
8.1 of the Contribution Agreement, and at all times subject to the terms hereof, Collateral equal in Value to the Estimated Claims
Amount (“Retained Collateral”). Solely with respect to such Retained Collateral, the Pledge Period shall be
deemed to continue (an “Extended Pledge Period”) until the earlier to occur of (i) the ten (10) month anniversary
of the date hereof or (ii) the resolution pursuant to Section 8.1 of the Contribution Agreement, of the Outstanding Claim(s) to
which such Retained Collateral relates; provided, however, if any Outstanding Claims remain in existence on the ten (10) month
anniversary of the date hereof, then Pledgor shall be required to deliver Replacement Collateral (as defined below) to Pledgee
before the Extended Pledge Period may end. Following the expiration of the Pledge Period, the Pledgor shall be required to maintain
for the balance of the Survival Period a minimum net worth of not less than $10,000,000.00.

 

(b)            Upon the termination
of the Pledge Period (or the Extended Pledge Period, if and to the extent applicable), the Pledgor shall be entitled to, and the
Pledgee promptly shall effect, the return to the Pledgor of all of the Collateral (and all other cash or other items held as additional
Collateral hereunder) that has not been used or applied toward the payment of the Secured Obligations in strict accordance with
the terms hereof (it being understood, for the sake of clarity, that Collateral not so used or applied shall become subject to
the foregoing return obligation on and as of the last day of the Pledge Period, except for any Retained Collateral, which shall
become subject to the foregoing return obligation on and as of the date determined in accordance with Section 20(a) above). The
Pledgee shall take all necessary actions to effect and evidence the return of Collateral under this Section 20, including, without
limitation, the filing of UCC termination statements with respect to, and the return to the Pledgor of certificates, if any, representing
the Pledged Interests (or Additional Interests) comprising, such Collateral.

 

    	8

    	 

    

 

(c)            The assignment
by the Pledgee to the Pledgor of such Collateral shall be without representation or warranty of any nature whatsoever except as
otherwise provided in Paragraph 4(b) above. Pledgor shall be entitled to exercise any and all rights or remedies available to it
at law or in equity concerning Pledgee’s performance of its obligations hereunder (or any breach of the representations or
warranties made by Pledgee hereunder).

 

(d)            Notwithstanding
anything to the contrary in this Agreement, the Pledgor shall have the right to substitute Cash Collateral for (i) any Pledged
Interests or Additional Interests that are subject to application by Pledgee following issuance of an Application Notice or (ii)
any Pledged Interests (or Additional Interests) constituting Retained Collateral (“Replacement Collateral”)
by depositing such Replacement Collateral with the Pledgee (same to be held subject to the Cash Collateral provisions set forth
in Section 1 and elsewhere herein) and instructing the Pledgee to release the Pledged Interests (or Additional Interests) for which
they are substituted; provided, that as of the date of such substitution, the Value of the Replacement Collateral
shall be equal to or greater than the Estimated Claims Amount. Upon replacement of the Pledged Interests (or Additional Interests)
with Replacement Collateral meeting the requirements stated above, the Pledgee’s security interest in the replaced Pledged
Interests (or Additional Interests) shall terminate and be released and the Pledgee shall take all necessary actions to effect
and evidence the return of the Pledged Interests (or Additional Interests), including, without limitation, the filing of UCC termination
statements with respect to such Pledged Interests (or Additional Interests), and the prompt delivery of the original certifications,
if any, or other instruments or documents evidencing the Pledged Interests (or Additional Interests). The continuing lien and perfected
security interest granted by the Pledgor to the Pledgee shall automatically apply and attach to and be granted with respect to
the Replacement Collateral and Pledgor shall execute and deliver to the Pledgee such documents and take such actions as the Pledgee
reasonably deems necessary to perfect and protect the Pledgee’s security interests in and to the Replacement Collateral.

 

21.            Notices.
All notices and other communications in connection with this Agreement shall be made in writing and delivered by hand, recognized
overnight delivery service or by certified or registered mail, postage prepaid, with return receipt requested: 

 

	 	If to Pledgee:	c/o BRG Manager, LLC
	 	 	712 Fifth Avenue, 9th Floor
	 	 	New York, NY 10019
	 	 	Attn:  R. Ramin Kamfar
	 	 	 
	 	If to Pledgor:	c/o BR SOIF II Manager, LLC
	 	 	712 Fifth Avenue, 9th Floor
	 	 	New York, NY 10019
	 	 	Attn: Jordan B. Ruddy

 

22.            Amendments
and Waivers. No amendment or waiver of any provision of this Agreement shall in any event be effective unless the same shall
be in writing and signed by the Pledgee and the Pledgor. 

 

23.            Governing
Law. This Agreement and the rights and obligations of the Pledgee and the Pledgor hereunder shall be construed in accordance
with and governed by the law of the State of New York (without giving effect to the conflict-of-laws principles thereof). 

 

24.            [Reserved].

 

    	9

    	 

    

 

25.            Transfer
or Assignment. Except with respect to any assignment or transfer by the Pledgee to an Affiliate (which shall not require the
Pledgor’s consent, but as to which the Pledgee will give prior written notice to the Pledgor), none of the Pledgor or Pledgee
may assign or transfer any of their respective rights under and interests in this Agreement without the prior written consent of
the Pledgor (if the assignor/transferee is the Pledgee) or of the Pledgee (if the assignor/transferee is the Pledgor), which consent
shall not be unreasonably withheld, conditioned or delayed; provided, however, that no consent of the
Pledgor is required hereunder for (a) the assignment or transfer by the Pledgee of any of its rights under and interests in the
Contribution Agreement to any permitted assignee under the Contribution Agreement or (b) the Pledgee to act hereunder as agent
on behalf of any Person who becomes a Indemnified Party. Upon receipt of such consent (if required under this Section 25), the
Pledgee may deliver the Collateral or any portion thereof to its assignee/transferee who shall thereupon, to the extent provided
in the instrument of assignment, have all of the rights and obligations of the Pledgee hereunder with respect to the Collateral,
and the Pledgee shall thereafter be fully discharged from any responsibility with respect to the Collateral so delivered to such
assignee/transferee provided that such assignee/transferee has expressly assumed in writing all duties and obligations of the Pledgee
hereunder to the reasonable satisfaction of Pledgor. However, no such assignment or transfer shall relieve such assignee/transferee
of those duties and obligations of the Pledgee specified hereunder. 

 

26.            Benefit
of Agreement. This Agreement shall be binding upon and inure to the benefit of the Pledgor and the Pledgee and their respective
successors and permitted assigns, and all subsequent holders of the Secured Obligations. 

 

27.            Counterparts.
This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each
of which when so executed and delivered shall be an original and all of which shall together constitute one and the same agreement.

 

28.            Captions.
The captions of the sections of this Agreement have been inserted for convenience only and shall not in any way affect the meaning
or construction of any provision of this Agreement. 

 

29.            Complete
Agreement. This Agreement and the Contribution Agreement, as applicable, constitute the entire agreement of the parties with
respect to the subject matter hereof and supersede all other understandings, oral or written, with respect to the subject matter
hereof. 

 

30.            Severability.
In case any one or more of the provisions contained in this Agreement should be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
provided that the parties retain all of the material rights afforded to them herein notwithstanding the removal of such invalid,
illegal or unenforceable provision. 

 

31.            No
Third-Party Beneficiaries. Except as may be expressly provided or incorporated by reference herein, no provision of this Agreement
is intended, nor shall it be interpreted, to provide or create any third party beneficiary rights or any other rights of any kind
in any customer, affiliate, stockholder, partner, member, director, officer or employee of any party hereto or any other Person
or entity. 

 

[SIGNATURES ON FOLLOWING
PAGE]

 

    	10

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed and delivered this Agreement on the day and year written below.

 

	 	Pledgor:
	 	 
	 	BLUEROCK SPECIAL OPPORTUNITY+ INCOME FUND II, LLC,
	 	a Delaware limited liability company

 

	 	BY:	BR SOIF II Manager, LLC, a Delaware limited liability company, its manager
	 	 	 
	 	BY:	Bluerock Real Estate, L.L.C., a Delaware limited liability company, its sole member
	 	 	 
	 	By:	/s/ Jordan B. Ruddy
	 	Name:	Jordan B. Ruddy
	 	Title:  	Chief Operating Officer

 

Dated: April 2, 2014

 

	 	Pledgee:
	 	 
	 	BLUEROCK RESIDENTIAL GROWTH REIT, INC.,
	 	a Maryland corporation

 

	 	By:	/s/ Michael L. Konig
	 	Name:	Michael L. Konig
	 	Title:  	Secretary, Chief Operating Officer and General Counsel

 

Dated: April 2, 2014

 

    	11REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of April 2, 2014, is made and entered into by and among Bluerock
Residential Growth REIT, Inc., a Maryland corporation (the “Company”), and certain Persons listed on
Schedule I attached hereto (such Persons, in their capacity as holders of Registrable Securities, the “Holders”).
Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in Section 1.

 

 WHEREAS, certain
of the Holders (“Contributing Holders”) have entered into various contribution agreements (the “Contribution
Agreements”) with the Company pursuant to which such Holders have contributed (the “Contributions”)
certain indirect interests in real property (the “Interests”) to the Company in exchange, in part, for
shares of the Company’s Class A common stock (the “Class A Common Stock”); and

 

WHEREAS, pursuant to
the terms of certain management arrangements between each Contributing Holder and Bluerock Real Estate, L.L.C. (the “Demand
Agent”) or an affiliate of the Demand Agent (each, a “BRE Party” and collectively, the
“BRE Parties”), a BRE Party was entitled to a disposition fee upon any disposition of the Interests;
and

 

WHEREAS, in lieu of
the payment of disposition fees payable to the BRE Parties in cash, the BRE Parties elected to have such fees paid to them from
a portion of the consideration payable to the Contributing Holders under the Contribution Agreements in the form of shares of Class
A Common Stock, paid to the BRE Parties; and

 

 WHEREAS, the
Company desires to enter into this Agreement with the Holders in order to grant the Holders the registration rights contained herein;
and

 

WHEREAS, the Contributing
Holders contributed the Interests in consideration of, among other things, their receipt and receipt by the BRE Parties of the
registration rights contained herein.

 

 NOW, THEREFORE,
in consideration of the premises and the mutual promises and covenants contained in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

 Section 1.
Definitions. As used in this Agreement, the following terms shall have the following meanings:

 

“Affiliate”
shall mean, when used with reference to a specified Person, (i) 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; (ii) any Person who, from time to time, is a
member of the immediate family of a specified Person; (iii) any Person who, from time to time, is an officer or director or manager
of a specified Person; or (iv) any Person who, directly or indirectly, is the beneficial owner of 50% or more of any class of equity
securities or other ownership interests of the specified Person, or of any Person of which the specified Person is directly or
indirectly the owner of 50% or more of any class of equity securities or other ownership interests.

 

“Agreement”
shall mean this Registration Rights Agreement as originally executed and as amended, supplemented or restated from time to time.

 

“Board”
shall mean the Board of Directors of the Company and any successor governing body of the Company or any successor of the Company.

 

“BRE Parties”
has the meaning set forth in the Recitals hereto.  

 

“Business
Day” shall mean each day other than a Saturday, a Sunday or any other day on which banking institutions in the State
of New York are authorized or obligated by law or executive order to be closed.

 

“Commission”
shall mean the United States Securities and Exchange Commission and any successor thereto.

 

    	1

    	 

    

 

“Company”
shall have the meaning set forth in the introductory paragraph hereof and includes the Company’s successors by merger, acquisition,
reorganization or otherwise.

 

“Continuous
Offering Registration Statement” shall have the meaning set forth in Section 3(a) hereof.

 

“Control”
(including the terms “Controlling,” “Controlled by” and “under
common Control with”) shall mean the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a Person through the ownership of Voting Power, by contract or otherwise.

 

“Contributing
Holders” shall have the meaning set forth in the Recitals hereto.

 

“Contributions”
shall have the meaning set forth in the Recitals hereto.

 

“Contribution
Agreements” shall have the meaning set forth in the Recitals hereto.

 

“Demand
Agent” shall have the meaning set forth in the Recitals hereto.

 

“Demand
Notice” shall have the meaning set forth in Section 2(b) hereof.

 

“Demand
Expiration Date” shall have the meaning set forth in Section 2(a) hereof.

 

“Demand
Registration” shall have the meaning set forth in Section 2(a) hereof.

 

“Demand
Registration Statement” shall have the meaning set forth in Section 2(a) hereof.

 

“Demand
Right” shall have the meaning set forth in Section 2(a) hereof.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended (or any corresponding provision of succeeding law),
and the rules and regulations thereunder.

 

“Holder”
has the meaning set forth in the introductory paragraph above.

 

“Interests”
has the meaning set forth in the Recitals hereto.

 

“Maximum
Demand Amount” shall mean Fifty Percent (50%) of the aggregate Registrable Securities collectively held by all Holders.

 

“Minimum
Demand Amount” shall mean Twenty Percent (20%) of the aggregate Registrable Securities collectively held by all Holders.

 

“Offering”
means the firmly underwritten public offering by the Company of shares of its Class A Common Stock registered with the Commission
with Registration No. 333-192610.

 

“Person”
shall mean any individual, partnership, corporation, limited liability company, joint venture, association, trust, unincorporated
organization or other governmental or legal entity.

 

“Piggy-Back
Registration” shall have the meaning set forth in Section 4(a) hereof.

 

“Registrable
Securities” shall mean at any time a class of equity securities of the Company or of a successor to the entire business
of the Company which (i) are the shares of Class A Common Stock received by the Holders in connection with the Contributions; and
(ii) are of a class of securities that are listed for trading on a national securities exchange; provided, however,
such Registrable Securities shall cease to be Registrable Securities when (A) a registration statement with respect to the sale
of such Registrable Securities shall have been declared effective by the Commission and all such Registrable Securities shall have
been disposed of in accordance with such registration statement, (B) such Registrable Securities shall have been sold in accordance
with Rule 144 (or any successor provision) under the Securities Act, (C) such Registrable Securities become eligible to be publicly
sold without limitation as to amount or manner of sale pursuant to Rule 144 (or any successor provision) under the Securities Act,
(D) such Registrable Securities have ceased to be outstanding; or (E) such Registrable Securities have otherwise been transferred
in a transaction that constitutes a sale thereof under the Securities Act, the Company has delivered to the Holder’s transferee
a new certificate or other evidence of ownership for such shares not bearing the Securities Act restricted stock legend and such
shares may subsequently be resold or otherwise transferred by such transferee without registration under the Securities Act.

 

    	2

    	 

    

 

“Registration
Expenses” shall mean (i) the fees and disbursements of counsel and independent public accountants for the Company
incurred in connection with the Company’s performance of or compliance with this Agreement, including the expenses of any
special audits or “comfort” letters required by or incident to such performance and compliance, and any premiums and
other costs of policies of insurance obtained by the Company against liabilities arising out of the sale of any securities and
(ii) all registration, filing and stock exchange fees, all fees and expenses of complying with securities or “blue sky”
laws, all fees and expenses of custodians, transfer agents and registrars, all printing expenses, messenger and delivery expenses;
provided, however, Registration Expenses shall not include any out-of-pocket expenses of the Holders, transfer taxes,
underwriting or brokerage commissions or discounts associated with effecting any sales of Registrable Securities that may be offered,
or legal expenses of any Holder or group of Holders, which expenses shall be borne by each Holder of Registrable Securities on
a pro rata basis with respect to the Registrable Securities so sold.

 

“Registration
Statement” shall mean a Demand Registration Statement or a Continuous Offering Registration Statement.

 

“Rule 144”
shall mean Rule 144 promulgated by the Commission under the Securities Act.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended (or any successor corresponding provision of succeeding law),
and the rules and regulations thereunder.

 

“SOIF II”
shall mean Bluerock Special Opportunity + Income Fund II, LLC, a Delaware limited liability company.

 

“SOIF III”
shall mean Bluerock Special Opportunity + Income Fund III, LLC, a Delaware limited liability company.

 

“SOIFs”
shall mean SOIF II and SOIF III, collectively.

 

“Stand-Off
Period” shall have the meaning set forth in Section 8 hereof.

 

“Voting
Power” shall mean voting securities or other voting interests ordinarily (and apart from rights accruing under special
circumstances) having the right to vote in the election of board members or Persons performing substantially equivalent tasks and
responsibilities with respect to a particular entity.

 

Section 2. Demand Registration

 

(a) Demand Right.
The Holders shall have a one-time right to demand registration of an offering under the Securities Act of not more than the Maximum
Demand Amount and not less than the Minimum Demand Amount (the “Demand Right”). The Holders must exercise
the Demand Right not later than 150 days following the initial closing of the Offering (the “Demand Expiration Date”)
in accordance with the provisions of Section 2(b). Any registration demanded by exercise of the Demand Right (the “Demand
Registration”) shall be made in accordance with the provisions of Section 2(b)(iii).

 

    	3

    	 

    

 

(b) Exercise of
Demand Right; Demand Agent.

 

(i) The Holders
shall exercise the Demand Right exclusively by and through the Demand Agent, who the Holders have expressly appointed to exercise
the Demand Right and carry out such other activities related to the Demand Right as described herein. The Company shall be entitled
to rely upon any statements, certificates, notifications or other information provided to it by the Demand Agent, including, without
limitation, any Demand Notice, without verification from the Holders.

 

(ii) To exercise
the Demand Right, the Demand Agent shall transmit a notice (the “Demand Notice”) to the Company on or
prior to the Demand Expiration Date in accordance with the notice procedures set forth in Section 9(g). The Demand Notice
shall specify: (i) the number of Registrable Securities of each Holder requested to be registered in such Demand Registration;
(ii) the intended method of disposition in connection with such Demand Registration, to the extent then known; and (iii) the identity
of each Holder intending to sell Registrable Securities pursuant to the Demand Registration. Notwithstanding the foregoing, the
Holders hereby agree that any Demand Notice shall demand registration of the Registrable Securities in the following order and
priority: (i) first, the number of Registrable Securities the SOIFs propose to sell in an amount up to their pro rata portion
of the Maximum Demand Amount, allocated pro rata between SOIF II and SOIF III on the basis of the number of Registrable
Securities owned by each of the SOIFs or in such manner as they may otherwise agree; and (ii) second, to the extent any portion
of the Maximum Demand Amount remains unallotted following the operation of (i), the number of Registrable Securities requested
to be included therein by the other Holders in an amount not to exceed their pro rata portion of the Maximum Demand Amount,
allocated pro rata among all such Holders on the basis of the number of Registrable Securities owned by each such Holder
or in such manner as they may otherwise agree.

 

(iii) If
the Company receives a Demand Notice on or prior to the Demand Expiration Date, the Company shall file, not earlier than 180 days
following the initial closing of the Offering and not later than 195 days following the initial closing of the Offering, a registration
statement under the Securities Act, on appropriate form as reasonably determined by the Company, for the registration of the Registrable
Securities set forth in the Demand Notice (a “Demand Registration Statement”). The Company shall use
its commercially reasonable efforts to (A) cause such Demand Registration Statement to be declared effective by the Commission
as soon as practicable thereafter; and (B) keep such Demand Registration Statement effective until the earlier of (i) the time
that all the Registrable Securities covered by the Demand Registration Statement cease to be Registrable Securities or (ii) the
date that is two (2) years from the date of effectiveness of such Demand Registration Statement. The Company further agrees to
supplement or amend the Demand Registration Statement and any related prospectus if required by any applicable laws, rules, regulations
or instructions, and to use its commercially reasonable efforts to cause any such amendment to become effective and such Registration
Statement and related prospectus to become usable as soon as thereafter practicable.

 

Section 3. Continuous Offering Registration.

 

(a) Remaining Registrable
Securities; Continuous Offering Registration. The Company agrees to prepare and file with the Commission not earlier than 270
days and not later than 315 days following the initial closing of the Offering a registration statement under Rule 415 of the Securities
Act or any successor rule thereto (the “Continuous Offering Registration Statement”) for the offering
on a continuous or delayed basis in the future covering resales of all Registrable Securities not registered pursuant to a Demand
Registration Statement, and will use commercially reasonable efforts to cause such Continuous Offering Registration Statement to
be declared effective by the Commission as soon as practicable thereafter. The Continuous Offering Registration Statement shall
be on an appropriate form, as reasonably determined by the Company, and the Continuous Offering Registration Statement and any
form of prospectus included therein (or prospectus supplement relating thereto) shall reflect the plan of distribution or method
of sale as each Holder may from time to time specify in a notice to the Company.  

 

(b) Effectiveness.
The Company shall use commercially reasonable efforts to keep the Continuous Offering Registration Statement continuously effective
for the period beginning on the date on which the Continuous Offering Registration Statement is declared effective and ending on
the date that all of the Registrable Securities registered under the Continuous Offering Registration Statement cease to be Registrable
Securities. During the period that the Continuous Offering Registration Statement is effective, the Company shall supplement or
make amendments to the Continuous Offering Registration Statement, as required by the Securities Act or other law, including to
reflect any specific plan of distribution or method of sale, and shall use its commercially reasonable efforts to have such supplements
and amendments declared effective, if required, as soon as practicable after filing.

 

    	4

    	 

    

 

Section 4. Piggy-Back Registration.

 

In the event that the
Company fails to file, or if filed fails to maintain the effectiveness of, a Continuous Offering Registration Statement, each Holder
may participate, subject to the limitations set forth herein, in a Piggy-Back Registration pursuant to Section 4 hereof;
provided that, if and so long as a Continuous Offering Registration Statement is on file and effective, then the Company
shall have no obligation to allow participation in a Piggy-Back Registration.  

 

(a) Piggy-Back Registration.
If, (i) the Company proposes to file a registration statement under the Securities Act with respect to an underwritten equity offering
of at least Thirty Million Dollars ($30,000,000) for its own account or for the account of any of its security holders of any class
of equity security other than (1) any registration statement filed by the Company under the Securities Act relating to an
offering of Class A Common Stock for its own account as a result of the exercise of the exchange rights set forth in the Partnership
Agreement, (2) any registration statement filed in connection with a demand registration right, including, without limitation,
a Demand Registration Statement, (3) a registration statement on Form S-4 or S-8 (or any substitute form that may be adopted
by the Commission), (4) any registration statement filed prior to the date that is 180 days following the date of the initial closing
of the Offering, or (5) any registration statement filed in connection with an exchange offer or offering of securities solely
to the Company’s existing securities holders, and (ii) either (1) the Company has failed to file, or if filed fails to maintain
the effectiveness of, a Continuous Offering Registration Statement or (2) the registration statement is filed on or after the date
that is 180 days following the initial closing of the Offering and prior to the date that is 270 days following the initial closing
of the Offering, then the Company shall give written notice of such proposed filing to the Holders as soon as practicable (but
in no event less than ten (10) days before the anticipated filing date), and such notice shall offer each Holder the opportunity
to register such number of shares of Registrable Securities as each such Holder may request (a “Piggy-Back Registration”);
provided, that, in no event shall the Company be required to register in a Piggy-Back Registration any Registrable Securities registered
pursuant to an effective, or filed but not yet effective, Registration Statement. The Company shall use its commercially reasonable
efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Registrable Securities
requested to be included in a Piggy-Back Registration to be included on the same terms and conditions as any similar securities
of the Company included therein.

 

(b) Reduction of
Offering. Notwithstanding anything contained herein, if in the opinion of the managing underwriter or underwriters of an offering
described in Section 4(a) hereof, the (i) size of the offering that the Holders, the Company and such other Persons intend to make
or (ii) kind of securities that the Holders, the Company and/or any other Persons intend to include in such offering are such that
the success of the offering would be adversely affected by inclusion of the Registrable Securities requested to be included, then
(A) if the size of the offering is the basis of such underwriter’s opinion, the amount of securities to be offered for the
accounts of Holders shall be reduced pro rata (according to the Registrable Securities proposed for registration) to the
extent necessary to reduce the total amount of Registrable Securities to be included in such offering to the amount recommended
by such managing underwriter or underwriters; provided that, in the case of a Piggy-Back Registration, if the securities are being
offered for the account of other Persons as well as the Company, then with respect to the Registrable Securities intended to be
offered by Holders, the proportion by which the amount of such class of securities intended to be offered by Holders is reduced
shall not exceed the proportion by which the amount of such class of the securities intended to be offered by such other Persons
is reduced; and (B) if the combination of the securities to be offered is the basis of such underwriter’s opinion, (x) the
Registrable Securities to be included in such offering shall be reduced as described in clause (A) above (subject to the proviso
in clause (A)) or (y) if the actions described in clause (x) would, in the opinion of the managing underwriter or underwriters,
be insufficient to substantially eliminate the adverse effect that inclusion of the Registrable Securities requested to be included
would have on such offering, such Registrable Securities will be excluded from such offering.

 

    	5

    	 

    

 

Section 5. Black-Out Periods.  

 

Notwithstanding anything
herein to the contrary, the Company shall have the right, exercisable from time to time by the Board, to defer the filing of a
Registration Statement or to require the Holders not to sell pursuant to a Registration Statement or similar document under the
Securities Act filed pursuant to Section 2 or Section 3 or to suspend the effectiveness thereof if at the time of
the delivery of such notice the Board reasonably and in good faith has determined that (a) such offer or sale of any Registrable
Securities would materially impede, delay or interfere with any material transaction involving the Company; (b) the sale of Registrable
Securities pursuant to a Registration Statement or similar document under the Securities Act filed pursuant to Section 2
or Section 3 would require disclosure of non-public material information not otherwise required to be disclosed under applicable
law; (c)(i) the Company has a bona fide business purpose for preserving the confidentiality of a material transaction; (ii) disclosure
would have a material adverse effect on the Company or the Company’s ability to consummate such a material transaction; or
(iii) such a material transaction renders the Company unable to comply with Commission requirements, in each case, under circumstances
that would make it impracticable or inadvisable, to cause the Registration Statement or other similar document under the Securities
Act filed pursuant to Section 2 or Section 3 to become effective or to promptly amend or supplement the Registration
Statement on a post-effective basis, as applicable; or (d) the Board determines in good faith that it is in the Company’s
best interests or the Company is required by law, rule or regulation to supplement a Registration Statement or other similar document
in order to ensure that the prospectus included in such Registration Statement or similar document (i) contains the information
required by the form on which such Registration Statement or similar document was filed, or (ii) discloses any facts or events
arising after the effective date of the Registration Statement or similar document that, individually or in the aggregate, represents
a fundamental change in the information set forth therein; provided, however, that in no event shall any black-out
period extend for an aggregate period of more than 90 days in any 12-month period. The Company, as soon as practicable, shall (i)
give the Holders prompt written notice in the event that the Company has suspended sales of Registrable Securities pursuant to
this Section 5, (ii) give the Holders prompt written notice of the completion of such suspension event and (iii) use its
commercially reasonable efforts to cause the Registration Statement to become effective or amend or supplement the Registration
Statement on a post-effective basis or take such action as is necessary to permit resumed use of the Registration Statement or
filing thereof as soon as reasonably possible following the conclusion of the applicable suspension event and its effect.  

 

Each Holder agrees
that, upon receipt of any notice from the Company of the happening of any event of the kind described in this Section 5,
such Holder will forthwith discontinue its disposition of Registrable Securities pursuant to the Registration Statement relating
to such Registrable Securities until such Holder’s receipt of the notice of completion of such event.  

 

Section 6. Registration Procedures.
 

 

(a) In connection with
the filing of any Registration Statement as provided by this Agreement, until the Registrable Securities cease to be Registrable
Securities, the Company shall use commercially reasonable efforts to, as expeditiously as reasonably practicable:   

 

(i)          furnish to each
Holder of the Registrable Securities being registered, without charge, such number of conformed copies of such Registration Statement
and of each such amendment and supplement thereto (in each case including all exhibits) other than those which are being incorporated
into such Registration Statement by reference, such number of copies of the prospectus contained in such Continuous Offering Registration
Statement (including each complete prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the
Securities Act in conformity with the requirements of the Securities Act, and such other documents, including documents incorporated
by reference, as the Holder may reasonably request;  

 

(ii)          register or qualify
all Registrable Securities under such other securities or “blue sky” laws of such jurisdictions as the Holder and the
underwriters of the Registrable Securities being registered, if any, shall reasonably request, but only to the extent legally required
to do so, to keep such registration or qualification in effect for so long as such Registration Statement remains in effect, to
allow the Holder to consummate the disposition in such jurisdiction of the securities owned by the Holder, except that the Company
shall not for any such purpose be required to qualify generally to do business as a foreign company or to register as a broker
or dealer in any jurisdiction where it would not otherwise be required to qualify but for this Section 6(a)(ii), or to consent
to general service of process in any such jurisdiction, or to be subject to any material tax obligation in any such jurisdiction
where it is not then so subject;  

 

    	6

    	 

    

 

(iii)          notify the Holders
at any time when the Company becomes aware during any period during which a prospectus for Registrable Securities is required to
be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such Registration
Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made,
and promptly prepare and file a supplement or prepare, file and obtain effectiveness of a post-effective amendment to the Registration
Statement and, at the request of the Holders, furnish to the Holders a reasonable number of copies of a supplement to, or an amendment
of, such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such
prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances under which they were made;  

 

(iv)          comply or continue
to comply in all material respects with the Securities Act and the Exchange Act and with all applicable rules and regulations of
the Commission thereunder so as to enable any Holder to sell its Registrable Securities pursuant to the Registration Statement;

 

(v)          provide a transfer
agent and registrar for all Registrable Securities covered by any such Registration Statement not later than the effective date
of such Registration Statement;  

 

(vi)          cooperate with
the Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities (if the Registrable
Securities are then certificated) to be sold and not bearing any Securities Act legend; and enable certificates for such Registrable
Securities to be issued for such number of shares and registered in such names as any Holder may reasonably request in writing
at least two Business Days prior to any sale of Registrable Securities;  

 

(vii)         list all Registrable
Securities covered by such Continuous Offering Registration Statement on any securities exchange or national quotation system on
which any such class of securities is then listed or quoted and cause to be satisfied all requirements and conditions of such securities
exchange or national quotation system to the listing or quoting of such Registrable Securities that are reasonably within the control
of the Company including, without limitation, registering the applicable class of Registrable Securities under the Exchange Act,
if appropriate, and using commercially reasonable efforts to cause such registration to become effective pursuant to the rules
of the Commission;  

 

(viii)        in connection
with any sale, transfer or other disposition by any Holder of any Registrable Securities pursuant to Rule 144, cooperate with such
Holder to facilitate the timely preparation and delivery of certificates representing the Registrable Securities to be sold and
not bearing any Securities Act legend, and enable certificates for such Registrable Securities to be for such number of shares
and registered in such name as such Holder may reasonably request in writing at least three Business Days prior to any sale of
Registrable Securities pursuant to Rule 144. 

 

(ix)          notify each Holder,
promptly after it shall receive notice thereof, of the time when such Registration Statement, or any post-effective amendments
to the Registration Statement, shall have become effective, or a supplement to any prospectus forming part of such Registration
Statement has been filed or when any document is filed with the Commission which would be incorporated by reference into the prospectus;
 

 

(x)          notify each Holder
of any request by the Commission for the amendment or supplement of such Registration Statement or prospectus for additional information;
and  

 

(xi)         advise each Holder,
promptly after it shall receive notice or obtain actual knowledge thereof, of (A) the issuance of any stop order, injunction or
other order or requirement by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and use commercially reasonable efforts to prevent the issuance of any stop order, injunction
or other order or requirement or to obtain its withdrawal, if such stop order, injunction or other order or requirement should
be issued, (B) the suspension of the registration of the subject shares of the Registrable Securities in any state or other jurisdiction
and (C) the removal of any such stop order, injunction or other order or requirement or proceeding or the lifting of any such suspension.
 

 

    	7

    	 

    

 

(b) In connection with
the filing of any Registration Statement covering Registrable Securities, each Holder shall furnish in writing to the Company such
information regarding such Holder (and any of his, her or its Affiliates) of the Registrable Securities to be sold, the intended
method of distribution of such Registrable Securities and such other information requested by the Company as is necessary or advisable
for inclusion in the Registration Statement relating to such offering pursuant to the Securities Act, including without limitation
any information required by Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time.  

 

Each Holder agrees
by acquisition of the Registrable Securities that (i) upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 6(a)(iii) hereof, such Holder will forthwith discontinue its disposition of Registrable
Securities pursuant to the Continuous Offering Registration Statement until such Holder’s receipt of the copies of the supplemented
or amended prospectus contemplated by Section 6(a)(iii) hereof; (ii) upon receipt of any notice from the Company of the
happening of any event of the kind described in clause (A) of Section 6(a)(xi) hereof, such Holder will discontinue its
disposition of Registrable Securities pursuant to such Continuous Offering Registration Statement until such Holder’s receipt
of the notice described in clause (C) of Section 6(a)(xi) hereof; and (iii) upon receipt of any notice from the Company
of the happening of any event of the kind described in clause (B) of Section 6(a)(xi) hereof, such Holder will discontinue
its disposition of Registrable Securities pursuant to such Continuous Offering Registration Statement in the applicable state jurisdiction(s)
until such Holder’s receipt of the notice described in clause (C) of Section 6(a)(xi) hereof.  

 

Section 7. Indemnification.  

 

(a) Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Holder, its members, partners, officers, directors,
managers, trustees, stockholders, employees, retained professionals, agents and investment advisers, each underwriter, broker or
any other Person on behalf of such Holder, and each Person, if any, who Controls such Holder, together with the members, partners,
officers, directors, managers, trustees, stockholders, employees, retained professionals, agents and investment advisers of such
Controlling Person, against any losses, claims, damages, liabilities and expenses (including, without limitation, reasonable attorneys’
fees) to which a Holder or any such indemnitees may become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages, liabilities and expenses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise
out of, or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any Registration
Statement under which such Registrable Securities were registered and sold under the Securities Act, any preliminary prospectus,
final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, or arising out of or based upon
any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, or (ii) any violation or alleged violation of
the Securities Act or state securities laws or rules thereunder by the Company that relate to any action or inaction by the Company
in connection with such Registration Statement, and the Company will reimburse such Persons for any reasonable legal or any other
expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim, liability, action
or proceedings; provided, however, that the Company shall not be liable to, or required to indemnify, any Holder
under this Section 7(a) in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding
in respect thereof) or expense arises out of or is based upon, an untrue statement or alleged statement or omission or alleged
omission made in such Registration Statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment
or supplement in reliance upon and in conformity with written information furnished to the Company by any such Holder or on such
Holder’s behalf. The indemnity contained in this Section 7(a) shall remain in full force and effect regardless of
any investigation made by or on behalf of a Holder or any such Controlling Person and shall survive the transfer of such securities
by a Holder.

 

    	8

    	 

    

 

(b) Indemnification
by the Holders. In connection with any registration in which a Holder is participating, each such Holder agrees to indemnify
and hold harmless the Company, each present or past member of the Board, each past or present officer, employee, retained professional,
agent and investment adviser, each past or present external advisor or manager, of the Company, underwriter, broker or other Person
acting on behalf of the Holder, and each other Person, if any, who Controls any of the foregoing, together with the members, partners,
officers, directors, managers, trustees, stockholders, employees, retained professionals, agents and investment advisers of such
Controlling Person, against any losses, claims, damages, liabilities and expenses (including, without limitation, reasonable attorneys’
fees), joint or several, to which the Company or any such indemnitees may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages, liabilities and expenses (or actions or proceedings, whether commenced or threatened,
in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact in or
omission or alleged omission to state a material fact from such Registration Statement, any preliminary prospectus, final prospectus
or summary prospectus contained therein, or any amendment or supplement thereto, if such untrue statement or alleged untrue statement
or omission or alleged omission was made in reliance upon information provided by such Holder or on such Holder’s behalf,
or (ii) any violation or alleged violation of the Securities Act or state securities laws or rules thereunder by such Holder. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any such
Board member, officer, employee, agent, investment adviser or Controlling Person and shall survive the transfer of such securities
by any Holder. The obligation of a Holder to indemnify will be several and not joint, among the Holders of Registrable Securities
and shall be limited to the net proceeds (after underwriting fees, commissions or discounts) actually received by such Holder from
the sale of Registrable Securities pursuant to such Registration Statement, except in the case of fraud or willful misconduct by
such Holder.

 

(c) Notices of Claims,
Etc. Promptly after receipt by an indemnified party of notice of the commencement of any action or proceeding involving a claim
referred to in the preceding paragraphs of this Section 7, such indemnified party will, if a claim in respect thereof is
to be made against an indemnifying party, give prompt written notice to the latter of the commencement of such action; provided,
however, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying
party of its obligations under the preceding paragraphs of this Section 7, except to the extent that the indemnifying party
is actually and materially prejudiced by such failure to give notice. In case any such action is brought against an indemnified
party, unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying
parties may exist in respect of such claim, the indemnifying party shall be entitled to assume the defense thereof, for itself,
if applicable, together with any other indemnified party similarly notified, and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to the indemnified
party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof; provided, that
if (i) any indemnified party shall have reasonably concluded that there may be one or more legal or equitable defenses available
to such indemnified party which are additional to or conflict with those available to the indemnifying party, or that such claim
or litigation involves or could have an effect upon matters beyond the scope of the indemnity provided hereunder, or (ii) such
action seeks an injunction or equitable relief against any indemnified party or involves actual or alleged criminal activity, the
indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party without such
indemnified party's prior written consent (but, without such consent, shall have the right to participate therein with counsel
of its choice) and such indemnifying party shall reimburse such indemnified party and any Person controlling such indemnified party
for that portion of the fees and expenses of any counsel retained by the indemnified party which is reasonably related to the matters
covered by the indemnity provided hereunder. The indemnifying party shall not, without the consent of the indemnified party, consent
to any judgment or settlement that (i) does not contain a full and unconditional release of the indemnified party from all liability
concerning any claim or litigation; (ii) includes a statement about or an admission of fault, culpability or a failure to act by
or on behalf of any indemnified party; or (iii) commits any indemnified party to take, or hold back from taking, any action.

 

(d) Indemnification
Payments. To the extent that the indemnifying party does not assume the defense of an action brought against the indemnified
party as provided in Section 7(c) hereof, or assumes such defense and thereafter does not diligently pursue the same to
conclusion the indemnified party (or parties if there is more than one) shall be entitled to the reasonable legal expenses of common
counsel for the indemnified party (or parties). In such event, however, the indemnifying party will not be liable for any settlement
effected without the written consent of such indemnifying party, which consent shall not be unreasonably withheld. The indemnification
required by this Section 7 shall be made by periodic payments of the amount thereof during the course of an investigation
or defense, as and when bills are received or expense, loss, damage or liability is incurred.

 

(e) Contribution.
If, for any reason, the foregoing indemnity is unavailable, or is insufficient to hold harmless an indemnified party, then the
indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of the expense, loss, damage
or liability, (i) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand
and the indemnified party on the other (determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or omission relates to information supplied by the indemnifying party or the indemnified party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission) or (ii)
if the allocation provided by subclause (i) above is not permitted by applicable law or provides a lesser sum to the indemnified
party than the amount hereinafter calculated, in the proportion as is appropriate to reflect not only the relative fault of the
indemnifying party and the indemnified party, but also the relative benefits received by the indemnifying party on the one hand
and the indemnified party on the other, as well as any other relevant equitable considerations. No indemnified party guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any indemnifying party who was not guilty of such fraudulent misrepresentation.

 

    	9

    	 

    

 

Section 8. Market Stand-Off Agreement.
Each Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company
in connection with any public offering of the Company’s Class A Common Stock or other equity securities, directly or indirectly
sell, offer to sell (including, without limitation, any short sale), grant any option or otherwise transfer or dispose of any Registrable
Securities (other than to donees of the Holder, who agree to be similarly bound) within fourteen days prior to, and for up to 90
days following, the effective date of a Continuous Offering Registration Statement of the Company filed under the Securities Act
or the date of an underwriting agreement with respect to an underwritten public offering of the Company’s securities (the
“Stand-Off Period”); provided, however, that:  

 

(a) with respect to
any Stand-Off Period, such agreement to Stand-Off shall not be applicable to the Registrable Securities to be sold on the Holder’s
behalf to the public in such underwritten offering pursuant to such Continuous Offering Registration Statement;  

 

(b) all executive officers
and directors of the Company then holding shares of Class A Common Stock of the Company shall enter into similar agreements;

 

(c) the Company shall
use commercially reasonable efforts to obtain similar agreements from each 5% or greater stockholder of the Company; and

 

(d) the Holder shall
be allowed any concession or proportionate release allowed to any (i) officer, (ii) director or (iii) other 5% or greater stockholder
of the Company that entered into similar agreements.  

 

In order to enforce
the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the Registrable
Securities subject to this Section 8 and to impose stop transfer instructions with respect to the Registrable Securities
and such other shares of Class A Common Stock of each Holder (and the Class A Common Stock or securities of every other Person
subject to the foregoing restriction) until the end of such period.

 

 Section 9.
Miscellaneous.  

 

(a) Termination;
Survival. The rights of each Holder under this Agreement shall terminate upon the earlier of (i) the date on which such Holder
no longer holds Registrable Securities or (ii) date that all of the Registrable Securities held by such Holder may be sold during
any three-month period in a single transaction or series of transactions without volume limitations under Rule 144 (or any successor
provision) under the Securities Act. Notwithstanding the foregoing, the obligations of the parties under Section 7 hereof
and paragraphs (d), (e) and (g) of this Section 9 shall survive the termination of this Agreement.  

(b) Expenses.
All Registration Expenses incurred in connection with any Registration Statement under Section 2 or Section 3 hereof
shall be borne by the Company, whether or not any Registration Statement related thereto becomes effective.

 

(c) Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall
become effective when one or more such counterparts have been signed by each of the parties and delivered to each of the other
parties.  

 

(d) Applicable Law.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

    	10

    	 

    

 

(e) Waiver Of Jury
Trial; Forum. THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. EACH PARTY SHALL BRING ANY ACTION AGAINST ANY OTHER PARTY IN CONNECTION
WITH THIS AGREEMENT IN A FEDERAL OR STATE COURT LOCATED IN NEW YORK, NEW YORK, CONSENTS TO THE JURISDICTION OF SUCH COURTS, AND
WAIVES ANY RIGHT TO HAVE ANY PROCEEDING TRANSFERRED FROM SUCH COURTS ON THE GROUND OF IMPROPER VENUE OR INCONVENIENT FORUM.

 

(f) Prior Agreement;
Construction; Entire Agreement. This Agreement, including the exhibits and other documents referred to herein (which form a
part hereof), constitutes the entire agreement of the parties with respect to the subject matter hereof, and supersedes all prior
agreements and understandings between the parties, and all such prior agreements and understandings are merged herein and shall
not survive the execution and delivery hereof.

 

(g) Notices.
All notices or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by hand
or sent, postage prepaid, by registered, certified or express mail or reputable overnight courier service or be telecopier and
shall be deemed given when so delivered by hand or, if mailed, three days after mailing (one Business Day in the case of express
mail or overnight courier service), addressed as follows:

 

	 If to the Holder:	 	To the address indicated for such Holder in Schedule I hereto.
	 	 	 
	 If to the Company:	 	
        Bluerock Residential Growth
        REIT, Inc.

        712 Fifth Avenue, 9th
        Floor

        New York, New York 10019

        Attention: R. Ramin Kamfar

        Facsimile: 646-278-4220

	 	 	 
	 	 	
        with a copy to:

         

        Kaplan, Voekler, Cunningham &
        Frank, PLC

        1401 East Cary Street

        Richmond, VA 23219

        Attention: Richard P. Cunningham,
        Jr.

        Facsimile: 804.823.4099

 

(h) Successors and
Assigns; Assignment. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns
of each of the parties thereto. The Company may assign its rights or obligations hereunder to any successor to the Company’s
business or with the prior written consent of Holders of a majority of the then outstanding Registrable Securities, which consent
will not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, no assignee of the Company shall have
any of the rights granted under this Agreement until such assignee shall acknowledge its rights and obligations hereunder by a
signed written agreement pursuant to which such assignee accepts such rights and obligations. A Holder may not assign its rights
under this Agreement without the consent of the Company, which the Company may withhold in its sole discretion.

 

(i) Headings.
Headings are included solely for convenience of reference and if there is any conflict between headings and the text of this Agreement,
the text shall control.

 

(j) Amendments And
Waivers. The provisions of this Agreement may be amended or waived at any time only by the written agreement of the Company
and the Holders of a majority of the Registrable Securities; provided, however, that the provisions of this Agreement
may not be amended or waived without the consent of the Holder of all the Registrable Securities adversely affected by such amendment
or waiver if such amendment or waiver adversely affects a portion of the Registrable Securities but does not so adversely affect
all of the Registrable Securities; provided, further, that the provisions of the preceding provision may not be amended
or waived except in accordance with this sentence. Any waiver, permit, consent or approval of any kind or character on the part
of any such Holders of any provision or condition of this Agreement must be made in writing and shall be effective only to the
extent specifically set forth in writing. Any amendment or waiver effected in accordance with this paragraph shall be binding upon
each Holder of Registrable Securities and the Company.

 

    	11

    	 

    

 

(k) Interpretation;
Absence Of Presumption. For the purposes hereof, (i) words in the singular shall be held to include the plural and vice versa
and words of one gender shall be held to include the other gender as the context requires, (ii) the terms “hereof,”
“herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer
to this Agreement as a whole and not to any particular provision of this Agreement, and section, paragraph or other references
are to the sections, paragraphs, or other references to this Agreement unless otherwise specified, (iii) the word “including”
and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context
otherwise requires or unless otherwise specified, (iv) the word “or” shall not be exclusive and (v) provisions shall
apply, when appropriate, to successive events and transactions.

 

 This Agreement
shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting
or causing any instruments to be drafted.  

 

(l) Severability.
If any provision of this Agreement shall be or shall be held or deemed by a final, non-appealable order by a competent authority
to be invalid, inoperative or unenforceable, such circumstance shall not have the non-appealable effect of rendering any other
provision or provisions herein contained invalid, inoperative or unenforceable, but this Agreement shall be construed as if such
invalid, inoperative or unenforceable provision had never been contained herein so as to give full force and effect to the remaining
such terms and provisions.

 

(m) Specific Performance;
Other Rights. The parties recognize that various other rights rendered under this Agreement are unique and, accordingly, the
parties shall, in addition to such other remedies as may be available to them at law or in equity, have the right to enforce the
rights under this Agreement by actions for injunctive relief and specific performance.

 

(n) Attorneys’
Fees. Should any party hereto employ attorneys or arbitrators to bring an action or arbitration to enforce any of the provisions
hereof, the non-prevailing party in such action or arbitration shall pay the prevailing party all reasonable costs, charges, and
expenses, including attorneys’ fees and costs, expended or incurred in connection therewith.

 

(o) Further Assurances.
In connection with this Agreement, as well as all transactions and covenants contemplated by this Agreement, each party hereto
agrees to execute and deliver or cause to be executed and delivered such additional documents and instruments and to perform or
cause to be performed such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms,
provisions and conditions of this Agreement and all such transactions and covenants contemplated by this Agreement.

 

(p) No Waiver Of
Breach. The waiver of any breach of any term or condition of this Agreement shall not operate as a waiver of any other breach
of such term or condition or of any other term or condition, nor shall any failure to enforce any provision hereof operate as a
waiver of such provision or of any other provision hereof.

 

[SIGNATURE PAGE FOLLOWS]

 

    	12

    	 

    

 

[Signature Page to Registration Rights Agreement]

 

IN WITNESS WHEREOF,
the parties have caused this Registration Rights Agreement to be duly executed as of the date first written above.

 

	 	BLUEROCK RESIDENTIAL GROWTH REIT, INC., a Maryland corporation
	 	 	 
	 	By:	/s/ Christopher J. Vohs
	 	Name:	Christopher J. Vohs
	 	Title:	Treasurer and Chief Accounting Officer

 

	 	HOLDERS:
	 	 
	 	Bluerock Special Opportunity + Income Fund II, LLC, a Delaware limited liability company
	 	 
	 	By: BR SOIF II Manager, LLC
	 	Its: Manager

 

	 	By:	Bluerock Real Estate, L.L.C.
	 	Its:	Sole member

 

	 	By:	/s/ Jordan B. Ruddy
	 	Name:	Jordan B. Ruddy
	 	Its:	Authorized Signatory

 

	 	Bluerock Special Opportunity + Income Fund III, LLC, a Delaware limited liability company
	 	 
	 	By: BR SOIF III Manager, LLC
	 	Its: Manager

 

	 	By:	Bluerock Real Estate, L.L.C.
	 	Its:	Sole member

 

	 	By:	/s/ Jordan B. Ruddy
	 	Name:	Jordan B. Ruddy
	 	Its:	Authorized Signatory

 

	 	BR SOIF II Manager, LLC, a Delaware limited liability company

 

	 	By:	Bluerock Real Estate, L.L.C.
	 	Its:	Sole member

 

	 	By:	/s/ Jordan B. Ruddy
	 	Name:	Jordan B. Ruddy
	 	Its:	Authorized Signatory

 

    	13

    	 

    

 

	 	BR SOIF III Manager, LLC, a Delaware limited liability company

 

	 	By:	Bluerock Real Estate, L.L.C.
	 	Its:	Sole member

 

	 	By:	/s/ Jordan B. Ruddy
	 	Name:	Jordan B. Ruddy
	 	Its:	Authorized Signatory

 

    	14

    	 

    

 

Schedule I

 

	Holder	 	Address	 	Registrable Securities
	Bluerock Special Opportunity +	 	c/o Bluerock Real Estate, L.L.C.	 	793,434
	Income Fund II, LLC*	 	712 Fifth Avenue, 9th Floor	 	shares of Class A common
	 	 	New York, New York 10019	 	stock
	 	 	Attention: R. Ramin Kamfar	 	 
	 	 	Facsimile: 646-278-4220	 	 
	 	 	 	 	 
	Bluerock Special Opportunity +	 	c/o Bluerock Real Estate, L.L.C.	 	181,519
	Income Fund III, LLC*	 	712 Fifth Avenue, 9th Floor	 	shares of Class A common
	 	 	New York, New York 10019	 	stock
	 	 	Attention: R. Ramin Kamfar	 	 
	 	 	Facsimile: 646-278-4220	 	 
	 	 	 	 	 
	BR SOIF II Manager, LLC	 	c/o Bluerock Real Estate, L.L.C.	 	60,992
	 	 	712 Fifth Avenue, 9th Floor	 	shares of Class A common
	 	 	New York, New York 10019	 	stock
	 	 	Attention: R. Ramin Kamfar	 	 
	 	 	Facsimile: 646-278-4220	 	 
	 	 	 	 	 
	BR SOIF III Manager, LLC	 	c/o Bluerock Real Estate, L.L.C.	 	11,523
	 	 	712 Fifth Avenue, 9th Floor	 	shares of Class A common
	 	 	New York, New York 10019	 	stock
	 	 	Attention: R. Ramin Kamfar	 	 
	 	 	Facsimile: 646-278-4220	 	 

 

* Denotes Contributing Holder

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