Document:

Exhibit 10.84

 

 

AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

BR
ORLANDO UCFP, LLC 

 

A DELAWARE LIMITED
LIABILITY COMPANY

 

    	 

    	 

    

 

AMENDED
AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

BR
ORLANDO UCFP, LLC

 

A
DELAWARE LIMITED LIABILITY COMPANY

 

THE UNITS
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER THE SECURITIES
LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND SUCH LAWS. THE UNITS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES
COMMISSION, OR ANY OTHER REGULATORY AUTHORITY. ACCORDINGLY, THESE SECURITIES MAY NOT BE RESOLD OR OTHERWISE TRANSFERRED OR CONVEYED
IN THE ABSENCE OF REGISTRATION OF THE SAME PURSUANT TO THE APPLICABLE SECURITIES LAWS UNLESS AN OPINION OF COUNSEL SATISFACTORY
TO THE COMPANY IS FIRST OBTAINED THAT SUCH REGISTRATION IS NOT THEN NECESSARY. ANY TRANSFER CONTRARY HERETO SHALL BE VOID.

 

THIS
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF BR ORLANDO UCFP, LLC (herein
referred to as the “Agreement”), is made and entered into as of the Effective Date (as hereinafter defined),
by and between BRG UCFP Investor, LLC, as the Class A Member (“BRG”), and Bluerock Special Opportunity
+ Income Fund, LLC, a Delaware limited liability company, as the Class B Member (“SOIF”) (BRG and SOIF,
together with any additional members hereinafter admitted, are referred to as the “Members”).

 

RECITALS

 

A.           The
Company was formed as a Delaware limited liability company in accordance with the Delaware Limited Liability Company Act, as amended
from time to time (the “Act”) and is currently governed by that certain Limited Liability Company Agreement
dated as of December 18, 2013 (the “Existing Operating Agreement”).

 

B.           The
Company was formed to hold a membership interest in the Company Subsidiary (as defined below) (the “Subsidiary Interest”).

 

C.           The
Company Subsidiary holds the entirety of the membership interest of Owner (as defined below) (the “Owner Interest”).

 

D.           Owner
is the trustee under that certain BR/CDP Colonial Trust Agreement dated December 15, 2013 (the “Trust Agreement”).

 

    	 

    	 

    

 

E.           Owner
holds legal title to the Property (as defined below) for the benefit of the Company Subsidiary, Eldorado, LLC, an Ohio limited
liability company, and Spyglass Hill, LLC, an Ohio limited liability company, as tenants-in-common. The Company Subsidiary holds
an eighty-five percent (85%) tenant-in-common interest in the Property (the “TIC Interest”)

 

F.           The
Members desire to amend and restate the Existing Operating Agreement to set forth in this Agreement their entire agreement and
understanding with respect to the operation of the Company as a Delaware limited liability company from and after the date hereof.

 

NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual promises, covenants, and conditions herein contained, the
receipt and sufficiency of which are hereby acknowledged, the undersigned Members hereby covenant and agree as follows:

 

ARTICLE
1

DEFINITIONS

 

For
purposes of this Agreement, the following terms have the meanings set forth below:

 

1.1           “Accountant”
shall mean the certified public accounting firm that, from time to time, represents the Company.

 

1.2          
“Act” has the meaning set forth in the preamble to this Agreement.

 

1.3           “Additional
Capital Contributions” shall have the meaning set forth in Section 5.3.

 

1.4           “Adjustment
Period” shall mean a period of time as follows: The first Adjustment Period shall commence on the date hereof and each
succeeding Adjustment Period shall commence on the date immediately following the last day of the immediately preceding Adjustment
Period; each Adjustment Period shall end on the earliest to occur after the commencement of such Adjustment Period of (i) the
last day of each Fiscal Year as now exists or as may, from time to time, be selected by the Manager, (ii) a Capital Date, (iii)
the day immediately preceding the date of the “liquidation” of a Member’s Membership Interest in the Company
(within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations), (iv) the day immediately preceding the date
of an increase in the Membership Interest of a Member, or (v) the date on which the Company is terminated under Article 3 or Section
12.1 of this Agreement.

 

1.5           “Affiliate”
shall mean (i) any Entity more than five percent (5%) of the issued and outstanding stock of which, or more than five percent
(5%) interest in which, is owned, directly or indirectly, by any Member or (ii) any Entity that now or hereafter owns, directly
or indirectly, more than a ten percent (10%) interest in the Company or in any Member or (iii) any Entity who is an agent, trustee,
officer, director, employee, member or shareholder or member of the family (or any member of the family of any agent, trustee,
officer, director, employee, partner, member or shareholder) of the Company or of any Member or (iv) any Entity that, directly
or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company
or any Member. The term “control” (including the terms “controlled by” and “under common control
with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies
of an Entity, whether through the ownership of voting securities, by contract or otherwise. The term “family” shall
be deemed to include spouses, children, parents, brothers and sisters, and the spouse, children, parents, brothers and sisters
of such spouse’s children, parents, brothers and sisters.

 

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1.6           “Agreement”
shall mean this Amended and Restated Limited Liability Company Agreement of BR Orlando UCFP, LLC, as it now exists and as it may
from time to time hereafter be amended, restated or supplemented or otherwise modified from time to time.

 

1.7           “Annual
Financial Statements” shall have the same meaning as set forth in Section 13.3 hereof.

 

1.8           “Assignee
of a Membership Interest” is the transferee of a Membership Interest who has not complied with the requirements to become
a Substitute Member under Article 10, and who is therefore not a Member of the Company.

 

1.9           “Bankruptcy”
means, with respect to any Person, if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary
petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy
or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment,
liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing
to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or
acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties,
or (vii) if one hundred twenty (120) days after the commencement of any proceeding against the Person seeking reorganization,
arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding
has not been dismissed, or if within ninety (90) days after the appointment without such Person’s consent or acquiescence
of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not
vacated or stayed, or within ninety (90) days after the expiration of any such stay, the appointment is not vacated.

 

1.10         “Basic
Documents” means the documents executed by the Owner in favor of the Lender on or about May 14, 2014, and all documents
and certificates contemplated thereby or delivered in connection therewith.

 

1.11         “Benefit
Plan Investor” means (i) any “employee benefit plan” as defined by the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), regardless of whether it is subject to ERISA, (ii) any plan as defined in
Section 4975 of the Code, and (iii) any entity deemed for any purpose of ERISA or Section 4975 of the Code to hold assets of any
such employee benefit plan or plan due to investments made in such entity by such employee benefit plans and plans.

 

1.12         “BRG”
shall have the meaning set forth in the introductory paragraph above.

 

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1.13         “Budgeted
Development Capital Calls” shall have the meaning as set forth in Section 5.3(a).

 

1.14         “Capital
Accounts” shall mean the capital accounts established by the Company for each Member pursuant to Article 5.5 hereof.
Capital Accounts shall be determined and maintained throughout the full term of the Company for each Member in accordance with
the rules of this definition. The balance of each Member’s Capital Account, as of any particular date, shall be an amount
equal to the sum of the following:

 

(a)          The
cumulative amount of cash and the value of all other property that has been contributed to the capital of the Company by such
Member as a Capital Contribution; plus

 

(b)          The
cumulative amount of the Company’s Net Profit and Gain that has been allocated to such Member hereunder; minus

 

(c)          The
cumulative amount of the Company’s Net Loss and Loss that has been allocated to such Member hereunder; and minus

 

(d)          The
cumulative amount of cash and the agreed upon value of all other property that has been distributed by the Company to such Member
(other than in repayment of any loans).

 

A Member’s
Capital Account shall also be increased or decreased to reflect any items described in Section 1.704-1(b)(2)(iv) of the Treasury
Regulations that are required to be reflected in such Member’s Capital Account and that are not otherwise taken into account
in computing such Capital Account under this definition.

 

1.15         “Capital
Contributions” shall mean all amounts paid by a Member for its Membership Interests and any Additional Capital Contributions
or Class A Priority Capital Contributions made by a Member.

 

1.16         “Capital
Date” means the date on which any Gain or Loss is recognized by the Company.

 

1.17         “Capital
Transaction” shall mean any (i) direct or indirect sale or other disposition of the Property or substantially all of
the assets of the Company (including the Subsidiary Interest or the TIC Interest) outside the ordinary and customary course of
business, (ii) payment, on account of a casualty, for the Property, the TIC Interest or Subsidiary Interest, or substantially
all of the assets of the Company, Company Subsidiary or Owner to the extent such assets are not replaced or repaired, (iii) refinancing
of any indebtedness incurred by the Company, the Company Subsidiary, or Owner, including the Obligations, and (iv) similar items
or transactions relating to the Property, the TIC Interest or the Subsidiary Interest, or substantially all of the assets of the
Company, the Company Subsidiary or Owner, the proceeds of which under generally accepted accounting principles are deemed attributable
to capital.

 

1.18         “Cash
Flow From Operations” shall mean, for a given period, the amount of cash distributed by Company Subsidiary minus administrative
expenses of the Company, all determined in accordance with cash basis accounting principles, consistently applied.

 

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1.19         “Certificate
of Formation” means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware
on December 18, 2013, as amended or amended and restated from time to time.

 

1.20         “Class
A Capital Commitment” shall mean the amount of the Capital Contribution committed to be made by the Class A Member (including
the projected amount of the Class A Preferred Reserve that will be required of the Company), exclusive of any Class A Priority
Capital Contribution, as set forth on Schedule I. The Class A Capital Commitment represents the total amount of projected
capital, together with the Class B Members’ initial Capital Contributions, that will be required of the Company by the Company
Subsidiary to develop and lease-up the Project, as estimated under the Project Budget.

 

1.21         “Class
A Capital Contributions” shall mean the amount of the Capital Contribution made by a Class A Member (including any Class
A Preferred Reserve), but exclusive of any Class A Priority Capital Contribution.

 

1.22         “Class
A Mandatory Redemption Date” shall mean that date which is the earlier of six (6) months following the maturity date
of the Loan (including the exercise of any extensions, but not any refinancings thereof), or any earlier acceleration or due date
thereof.

 

1.23         “Class
A Member” means BRG and, with respect to those Units transferred from a Class A Member, any Person who has been admitted
as a Substitute Member. An Assignee of a Membership Interest who receives Units from a Class A Member shall not be considered
a Class A Member.

 

1.24         “Class
A Membership Interest” means with respect to any Class A Member the membership interest allocated to such Class A Member,
which membership interest will be determined by using a fraction in which the number of Units owned by a Class A Member is the
numerator and the aggregate number of Units that are then owned by all Class A Members is the denominator. The foregoing determination
is also referred to as “Pro Rata as to the Class A Membership Interest”.

 

1.25         “Class
A Preferred Reserve” shall have the meaning set forth in Section 5.2.

 

1.26         “Class
A Priority Capital Contribution” shall have the meaning set forth in Section 5.3.

 

1.27         “Class
A Sinking Fund” shall have the meaning set forth in Section 6.6(a).

 

1.28         “Class
A Units” means the Units held by the Class A Members.

 

1.29         “Class
A Unit Redemption Amount” shall mean, as of the date of redemption of the Class A Units pursuant to Section 10.5, the
sum of (i) the aggregate Net Capital Contributions of the Class A Members plus (ii) the accrued but unpaid Current Class A Return
and the accrued but unpaid Priority Class A Return of the Class A Members.

 

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1.30         “Class
B Member” means SOIF and, with respect to those Units transferred from a Class B Member, any Person who has been admitted
as a Substitute Member. An Assignee of a Membership Interest who receives Units from a Class B Member shall not be considered
a Class B Member.

 

1.31         “Class
B Membership Interest” means with respect to any Class B Member the membership interest allocated to such Class B Member,
which membership interest will be determined by using a fraction in which the number of Units owned by a Class B Member is the
numerator and the aggregate number of Units that are then owned by all Class B Members is the denominator. The foregoing determination
is also referred to as “Pro Rata as to the Class B Membership Interest”.

 

1.32         “Class
B Units” means the Units held by the Class B Members.

 

1.33         “Company”
shall refer to BR Orlando UCFP, LLC, a Delaware limited liability company, as it may from time to time be constituted.

 

1.34         “Company
Subsidiary” shall refer to BR/CDP UCFP Venture, LLC, a Delaware limited liability company, as it may from time to time
be constituted.

 

1.35         “Company
Subsidiary LLC Agreement” shall refer to the Operating Agreement of Company Subsidiary dated as of January 15, 2014,
as may be amended or restated from time to time.

 

1.36         “Conversion
Date” shall have the meaning set forth in Section 10.4.

 

1.37         “Conversion
Period” shall mean the six (6) month period of time that commences on the Conversion Trigger Date.

 

1.38         “Conversion
Right” shall mean the Class A Member’s right to convert its Class A Units to Class B Units, as provided in Section
10.4.

 

1.39        
“Conversion Trigger Date” shall mean the date on which seventy percent (70%) of the Project’s apartments
have been leased.

 

1.40         “Current
Class A Return” means an amount equal to the product of fifteen percent (15.0%) per annum, determined on the basis of
365 or 366 days, as the case may be, for the actual number of days in the period for which the Current Class A Return is being
determined, times the sum of the Net Class A Capital Contributions, commencing on the date the initial Class A Capital Contribution
is made.

 

1.41        
“Default Event” shall have the meaning as set forth in Section 8.6(c). 

 

1.42        
“Entity” shall mean any Person or other business entity, other than an individual.

 

1.43         “Existing
Operating Agreement” shall have the meaning set forth in the preambles above.

 

1.44         “Fair
Market Value” means the fair market value of an asset.

 

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1.45        
“Fiscal Year” shall mean the fiscal year of the Company as set forth in Section 13.2 hereof.

 

1.46        
“Gain” shall mean the gain recognized by the Company for federal income tax purposes in any Adjustment Period
by reason of a Capital Transaction.

 

1.47         “IRC”
shall mean the Internal Revenue Code of 1986, Title 26 of the United States Code, as the same may now or hereafter be amended.

 

1.48         “Lender”
shall mean KeyBank National Association, and its successors and/or assigns.

 

1.49         “Liquidating
Trustee” shall have the meaning as set forth in Section 12.4.

 

1.50         “Loan”
shall refer to that certain construction loan in the amount of $27,500,000.00 and more specifically described in the Basic Documents,
including any successor in interest to the Loan.

 

1.51        
“Loss” shall mean the loss recognized by the Company for federal income tax purposes in any Adjustment Period
by reason of a Capital Transaction.

 

1.52        
“Majority” means a collection of Members owning, in the aggregate, more than 50% of the Membership Interests
of all Members and, in the context of voting, means a collection of Members who approve, consent to, or vote in favor of a matter
before the Members and who own, in the aggregate, more than 50% of the Membership Interests of all Members entitled to vote on
thereon. When used in the context of a class of Membership Interests, “Majority” shall mean a collection of those
class Members owning, in the aggregate, more than 50% of the Membership Interests of all Members of that class, and, in the context
of voting, means a collection of class Members who approve, consent to, or vote in favor of a matter before the class Members
and who own, in the aggregate, more than 50% of the class Membership Interests of all class Members entitled to vote thereon.

 

1.53         “Management
Committee” means the management committee of the Company Subsidiary as more fully described in the Company Subsidiary
LLC Agreement.

 

1.54         “Manager”
or “Managers” shall mean the Person or Persons selected to be the manager or managers of the Company from time
to time by either a Majority of the Class B Members or pursuant to Section 7.4 herein. The initial Manager is SOIF. A Member simply
by virtue of its status as a member in the Company shall not be a Manager of the Company unless so selected by a
Majority of the Class B Members or pursuant to Section 7.4 herein. A Manager does not have to be a Member of the Company. The
term “Manager” as used herein shall specifically mean all of the then incumbent Managers of the Company where the
context requires.

 

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1.55         “Material
Action” means to file any insolvency, or reorganization case or proceeding, to institute proceedings to have the Company
be adjudicated bankrupt or insolvent, to institute proceedings under any applicable insolvency law, to seek any relief under any
law relating to relief from debts or the protection of debtors, or consent to the institution of bankruptcy or insolvency proceedings
against the Company or file a petition seeking, or consent to, reorganization or relief with respect to the Company under any
applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Company or a substantial part of its property, or make any assignment for the
benefit of creditors of the Company, or admit in writing the Company’s inability to pay its debts generally as they become
due, or take action in furtherance of any such action.

 

1.56         “Member”
or “Members” shall refer to the Persons listed above as Members and any other Persons who shall subsequently
be admitted as Substitute Members in the Company, each in its capacity as a Member of the Company, including both Class A Members
and Class B Members.

 

1.57         “Membership
Interest” means with respect to any Member the membership interest allocated to such Member, which membership interest
will be determined by using a fraction in which the number of Units owned by a Member is the numerator and the aggregate number
of Units that are then outstanding is the denominator.

 

1.58         “Minimum
Gain” shall mean, as of any particular date, an amount determined with respect to the Company on such date in accordance
with Section 1.704-1(b)(4)(ii)(c) of the Treasury Regulations interpreting the IRC.

 

1.59         “Mortgage”
means any deed to secure debt, mortgage, deed of trust, security agreement or other similar instrument at any time and from time
to time constituting a lien upon, security interest in or security title to any of the assets of the Company Subsidiary or Owner.

 

1.60         “Mortgagee”
shall mean the holder of a Mortgage.

 

1.61         “Net
Cash Proceeds” shall mean the proceeds from a Capital Transaction less (i) any amounts retained by a Mortgagee and (ii)
any costs incurred by the Company, the Company Subsidiary or Owner in connection with such Capital Transaction not paid to an
Affiliate of a Member.

 

1.62         “Net
Class A Capital Contributions” means the Class A Capital Contributions, less all distributions made to the Class A Members
under Section 6.8(f).

 

1.63         “Net
Class A Priority Capital Contributions” means the Class A Priority Capital Contributions, less all distributions made
to the Class A Members under Section 6.8(d).

 

1.64         “Net
Capital Contributions” means, with respect to any Member, its aggregate Capital Contributions less any distributions
delineated as return of Capital Contributions.

 

1.65         “Net
Profit” or “Net Loss” shall mean, for each Adjustment Period, the Company’s taxable income
or taxable loss for such Adjustment Period, as determined under Section 703(a) of the IRC and Section 1.703-1 of the Treasury
Regulations interpreting the IRC (for this purpose, all items of income, gain, loss or deduction are required to be stated separately
pursuant to Section 703(a)(1) of the IRC and shall be included in taxable income or taxable loss), with the following adjustments:

 

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(a)          any
tax-exempt income, as described in Section 705(a)(1)(B) of the IRC, realized by the Company during such Adjustment Period shall
be taken into account in computing such Net Profit or Net Loss as if it were taxable income;

 

(b)          any
expenditures of the Company described in Section 705(a)(2)(B) of the IRC for such Adjustment Period, including any items treated
under Section 1.704-1(b)(2)(iv)(i) of the Treasury Regulations interpreting the IRC as items described in Section 705(a)(2)(B)
of the IRC, shall be taken into account in computing such Net Profit or Net Loss as if they were deductible items;

 

(c)          any
items of income, deduction, gain or loss that are specially allocated pursuant to Sections 6.4, 6.5 and 6.9 shall not be taken
into account in computing Net Profit or Net Loss;

 

(d)          if
the Company’s taxable income or taxable loss for such Adjustment Period, as adjusted in the manner provided above, is a
positive amount, such amount shall be the Company’s Net Profit for such Adjustment Period, and if negative, such amount
shall be the Company’s Net Loss for such Adjustment Period.

 

1.66         “Obligation”
shall mean the indebtedness, liabilities and obligations of the Company, Company Subsidiary or Owner under or in connection with
the Basic Documents or any related document in effect as of any date of determination.

 

1.67         “Owner”
means UCFP Owner, LLC, a Delaware limited liability company.

 

1.68         “Owner
Interest” shall have the meaning set forth in the preambles to this Agreement.

 

1.69         “Person”
means any individual, corporation, partnership, joint venture, limited liability company, limited liability partnership, association,
joint stock company, trust, unincorporated organization or other organization, whether or not a legal entity, and any governmental
authority.

 

1.70         “Priority
Class A Return” shall have the meaning set forth in Section 5.3(b).

 

1.71         “Project”
means an approximately 296 – unit Class A rental apartment complex to be constructed upon the Property by Owner.

 

1.72         “Project
Budget” means the Total Project Budget as that term is used in the Company Subsidiary LLC Agreement.

 

1.73         “Property”
shall mean that certain real property located in Orlando, Florida and more fully described in the Company Subsidiary LLC Agreement
to which legal title is held by and upon which Owner intends to develop the Project.

 

1.74         “Proposed
Annual Budget” shall have the meaning set forth in Section 13.7.

 

1.75         “Representative”
means a representative to the Management Committee.

 

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1.76         “Subsidiary
Interest” shall have the meaning set forth in the preambles to this Agreement.

 

1.77        
“Substitute Member” shall mean a transferee of a Member’s Membership Interest who has complied with the
requirements under Article 10 of this Agreement and is a Member of the Company.

 

1.78         “Tax
Rate” shall mean, for any Fiscal Year, the sum of (i) the highest then marginal income tax rate for individual taxpayers
as set forth in the IRC and (ii) the highest then marginal income tax rate for individual taxpayers in effect in the State of
Delaware.

 

1.79         “Taxing
Jurisdiction” means the federal, state, local, or foreign government that collects tax, interest, or penalties, however
designated, on any Member’s share of the income or gain attributable to the Company.

 

1.80         “TIC
Interest” shall have the meaning set forth in the preambles to this Agreement.

 

1.81       
“Treasury Regulations” shall mean the Income Tax Regulations promulgated under the IRC, as such regulations
may be amended from time to time including corresponding provisions of succeeding regulations.

 

1.82         “Trust
Agreement” shall have the meaning set forth in the preambles to this Agreement.

 

1.83         “Unit”
means one or more of the units of limited liability company interest, or fractional portions thereof, representing a Member’s
ownership rights in the Company, classified as Class A or Class B.

 

ARTICLE
2

NAME, OFFICE, REGISTERED AGENT, AND

MEMBER’S NAMES AND MAILING ADDRESSES

 

2.1           Name:
The name of the limited liability company is:

 

“BR Orlando
UCFP, LLC”

 

2.2           Principal
Business Office. The address of the principal business office of the Company shall be located at 712 Fifth Avenue, 9th
Floor, New York, New York 10019, and shall also be at such other place or places as the Manager may hereafter determine.

 

2.3           Registered
Office. The address of the registered office of the Company in the State of Delaware is c/o National Registered Agents, Inc.,
160 Greentree Dr., Suite 101, Dover, Delaware 19904.

 

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2.4           Registered
Agent. The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware
is National Registered Agents, Inc., 160 Greentree Dr., Suite 101, Dover, Delaware 19904.

 

2.5           Members’
Names and Number of Units. The names and addresses of the Members, number of Class A and Class B Units owned by each Member,
Membership Interests, Class A Membership Interests, and Class B Membership Interests are set forth on Schedule I.

 

ARTICLE
3

DURATION

 

The
term of the Company shall commence on the date of the filing of a Certificate of Formation with the Office of the Secretary of
State of the State of Delaware, and its duration shall be perpetual. The existence of the Company as a separate legal entity shall
continue until cancellation of the Certificate of Formation.

 

ARTICLE
4

PURPOSE

 

The
Company is organized for the purpose of: (i) acquiring, owning, holding, financing, hypothecating, pledging and disposing of the
Subsidiary Interest; and (ii) engaging in any lawful business, purpose or activity that may be undertaken by a limited liability
company organized under and governed by the Act. The Company shall possess and may exercise all of the powers and privileges granted
by the Act, by any other law or by this Agreement, together with any powers incidental thereto, including such powers and privileges
as are necessary or convenient to the conduct, promotion or attainment of the business, purposes or activities of the Company.

 

ARTICLE
5

CAPITAL CONTRIBUTIONS, MEMBERSHIP INTERESTS, ETC.

 

5.1           Admission
of Member. The Members are admitted to the Company as the sole equity members of the Company upon their respective execution
and delivery of a counterpart signature page to this Agreement.

 

5.2           Capital
Contribution of the Members; Payment. The Members have made their respective initial Capital Contributions to the Company
as set forth on Schedule I, and shall contribute such additional amounts of capital as provided in this Agreement. The
Members agree that the Class A Member’s initial Capital Contributions includes an interest reserve calculated at a seven
percent (7%) annual interest rate which shall be segregated by the Company from all other Capital Contributions made by the Class
A Member pursuant to its Class A Capital Commitment, and from all other funds held by the Company, and shall be solely used to
establish a specific reserve to the benefit of the Class A Member (the “Class A Preferred Reserve”). Except
as otherwise provided in Sections 6.7 and 10.4(b), the funds on deposit in the Class A Preferred Reserve shall be earmarked and
used specifically for the monthly draw and payment of a portion of the Current Class A Return equivalent to a 7% annualized return
on all Class A Capital Contributions, and the Manager shall not have the authority to use the funds in the Class A Preferred Reserve
for any other purpose without the prior written approval of the Class A Member (or if there is more than one Class A Member, Members
owning a Majority of the Class A Membership Interests). Until such time as the Class A Units are redeemed or converted to Class
B Units as provided in Section 10.4, the Company must at all times maintain not less than three (3) months’ worth of payments
in the Class A Preferred Reserve.

 

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		5.3	Additional Contributions.

 

(a)          To
the extent necessary and as required of the Company by the Company Subsidiary to develop and lease-up the Project under the Project
Budget, the Manager may call for additional capital from the Members, and, until such time as the Class A Member has fully funded
the Class A Capital Commitment, the Class A Member shall be obligated to fund its share of all such capital calls (“Budgeted
Development Capital Calls”). If Class A Member fails to fund its share of any Budgeted Development Capital Calls within
ten (10) days of written notification of the need therefor, its Current Class A Return shall be as of that date reduced to seven
percent (7%) per annum. Notwithstanding the foregoing, the Members acknowledge and agree that upon the Class A Member’s
funding of its initial Capital Contribution it will have fully satisfied its obligations under its Class A Capital Commitment.
All other capital calls shall be made as and in the amount determined by the Manager, including but not limited to for the funding
of any Current Class A Return after payments thereon are drawn from the Class A Preferred Reserve, Priority Class A Return, or
if additional funds are required by or called for pursuant to the Company Subsidiary LLC Agreement (all such additional funds,
other than Budgeted Development Capital Calls, are referred to as “Additional Capital Contribution(s)”). For
the avoidance of doubt, to the extent that Cash Flow From Operations is insufficient to allow the Company (after taking into account
any draws from the Class A Preferred Reserve as provided in Section 6.7) to pay the Class A Return and Priority Class A Return
in full on a monthly basis as required under Sections 6.6(b) and (c), Manager shall be obligated to make a call for Additional
Capital Contributions in such amount as are necessary in order to allow the Company to do so, and all such capital called for
that purpose shall be distributed as provided in Sections 6.6(b) and (c). Additional Capital Contributions shall be solely the
obligation of the Class B Members, and the Class A Member shall have no obligation to make Additional Capital Contributions. All
additional funds contributed by the Class B Members shall be contributed as additional capital to the Company by the Class B Members
Pro Rata as to the Class B Membership Interest (or in any such other percentages as they shall agree) within ten (10) days of
written notification of the need therefor; provided, that (except for the preceding sentence regarding distributions under Sections
6.6(b) and (c)), no Additional Capital Contributions funded shall be distributed to the Members without the prior written consent
of the Class A Member. Any Additional Capital Contributions made by the Class B Members will be treated on the same basis and
parity as the initial Capital Contributions of the Class B Members made in accordance with Section 5.2 above.

 

    	12

    	 

    

 

(b)          If
the Class B Members fail to contribute all of their share of any Budgeted Development Capital Call or to make all of any required
Additional Capital Contribution, the Class A Member may, but shall not be obligated to, contribute as additional capital to the
Company (if there is more than on Class A Member, Pro Rata as to the Class A Membership Interest (or in any such other percentages
as they shall agree)) all or a portion of the amount that the Class B Members failed to fund. Any such Capital Contributions made
by the Class A Member shall be referred to as the “Class A Priority Capital Contributions.” Any Class A Priority
Capital Contributions made by the Class A Member will be treated on the same basis as its prior Capital Contributions of the Class
A Member made in accordance with Section 5.2 above, except that the Current Class A Return on such Class A Priority Capital Contributions
shall be twenty percent (20%) per annum (the “Priority Class A Return”) and the Class A Member shall have a
priority return of its Priority Class A Return and Class A Priority Capital Contributions in Distributions from Capital Transactions
and Liquidations, as set forth in Section 6.8.

 

(c)          Additional
Capital Contributions shall be made in cash unless the Manager and Class A Member agree otherwise.

 

(d)          Except
as provided in Sections 5.2, 5.3(a) and 5.3(b), no Capital Contributions may be made to the Company without the prior written
consent of the Class A Member.

 

5.4           Return
of Capital Contributions; Interest on Capital Contributions.

 

(a)          No
Member shall have the right to withdraw his Capital Contributions or demand or receive the return of his Capital Contributions
or any part thereof, except as provided in Section 10.5 with respect to the Class A Member and as otherwise provided in this Agreement.

 

(b)          The
Manager shall not be liable for the return of the Capital Contributions of the Members. If and to the extent that any such return
is required, such return shall be made solely from the assets of the Company.

 

(c)          The
Company shall not pay interest on the Capital Contributions of any Member, except as otherwise provided in this Agreement.

 

5.5           Capital
Accounts. The Capital Accounts of the Company shall be established and maintained for each Member hereunder in accordance
with the federal income tax accounting practices and rules established under Section 704(b) of the IRC and the Treasury Regulations
thereunder.

 

5.6           Membership
Interests. The Class A Membership Interests and Class B Membership Interests in the Company are set forth on Schedule I.

 

5.7           Admission
of Additional Members. The Company shall not be permitted to admit additional Members hereunder without consent of: (1) the
Manager and (2)(a) the Members owning a Majority of the Membership Interests and (b) the Class A Membership Interest, to the extent
outstanding. Except as expressly permitted in this Agreement, no other Person shall be admitted as a Member of the Company, and
no additional interest in the Company shall be issued, without such approval of a Majority of the Membership Interests and the
Class A Membership Interest.

 

    	13

    	 

    

 

ARTICLE
6

ALLOCATION AND DISTRIBUTION OF CERTAIN ITEMS

 

6.1           Net
Profit. After giving effect to the special allocations set
forth in Sections 6.4, 6.5, 6.6 and 6.9, all Net Profit shall be allocated to the
Members’ Capital Accounts in the following manner and order of priorities:

 

(a)           After
giving effect to the allocations contained in Section 6.1(b), the Company’s Net Profit shall be allocated one hundred percent
to the Class B Members’ Capital Accounts.

 

(b)           To
the extent Net Loss was allocated to the Members’ Capital Accounts pursuant to Section 6.2(a), then prior to making the
allocations under Section 6.1(a), Net Profit shall be allocated to the Members’ Capital Accounts in an amount equal to and
in the reverse order that such Net Loss was allocated.

 

6.2           Net
Loss. After giving effect to the special allocations set forth in Sections 6.4, 6.5, and 6.9, all Net Loss shall be allocated
to the Members’ Capital Accounts in the following manner and order of priorities:

 

 (a)          After
giving effect to the allocations contained in Section 6.2(b), the Company’s Net Loss shall be allocated in the following
manner and order of priorities:

 

(i)          First,
one hundred percent (100%) to the Class B Members’ Capital Accounts until the cumulative Net Loss allocated to the Class
B Members’ Capital Accounts pursuant to this Section 6.2(a)(i) equals the amount of the Class B Members’ capital contributions
to the Company;

 

(ii)         Second,
one hundred percent (100%) to the Class A Members’ Capital Accounts until the cumulative Net Loss allocated to the Class
A Members’ Capital Accounts pursuant to this Section 6.2(a)(ii) equals the amount of the Class A Members’ capital
contributions to the Company; and

 

(iii)        Third,
the balance, to the Members who bear the risk of such loss or if no Members bears the risk of loss, one hundred percent (100%)
to the Class B Members’ Capital Accounts.

 

 (b)          To
the extent Net Profit was allocated to the Members’ Capital Accounts pursuant to Section 6.1(a), then prior to making any
allocations of Net Loss under Section 6.2(a), Net Loss shall be allocated to the Members’ Capital Accounts in an amount
equal to and in the reverse order that such Net Profit were allocated.

 

6.3           Composition
of Special Allocation Items. Except as required otherwise under the IRC or the Regulations issued thereunder, all special
allocations of income, gain or deduction made pursuant to Sections 6.4, 6.5 and 6.9 shall consist of a proportionate part of each
item of gross income, gain or deduction, as the case may be, that the Company recognizes in the year such allocation is to be
made.

 

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6.4           Special
Current Class A Return Allocations. Prior to the allocations contained in Sections 6.1 and 6.2, items of income and Gain shall
be specially allocated to the Class A Members in proportion to and to the extent of the excess, if any, of (i) the cumulative
Current Class A Return distributed to each Member pursuant to Sections 6.6(b), 6.7(a) and 6.8(e) hereof from the commencement
of the Company to a date thirty (30) days after the end of such Adjustment Period, over (ii) the cumulative items of income and
Gain allocated to such Member pursuant to this Section 6.4 for all prior Adjustment Periods.

 

6.5           Special
Priority Class A Return Allocations. Prior to the allocations contained in Sections 6.1 and 6.2, items of income and Gain
shall be specially allocated to the Class A Members in proportion to and to the extent of the excess, if any, of (i) the cumulative
Priority Class A Return distributed to each Member pursuant to Sections 6.6(c), 6.7(b) and Section 6.8(c) hereof from the commencement
of the Company to a date thirty (30) days after the end of such Adjustment Period, over (ii) the cumulative items of Gain allocated
to such Member pursuant to this Section 6.5 for all prior Adjustment Periods.

 

6.6           Distributions
of Cash Flow From Operations. Distributions of Cash Flow From Operations shall be made monthly. Distributions made pursuant
to this Section shall be made monthly to the Members in the following order of priority:

 

(a)          On
and after the Class A Mandatory Redemption Date, to the Class A Members until such Class A Members have received distributions
in an amount equal to the Class A Unit Redemption Amount; provided, that, if distributions of Cash Flow From Operations to be
made under this Section 6.6(a) are insufficient to fully satisfy the Class A Unit Redemption Amount, all Cash Flow From Operations
shall be segregated in a separate account of the Company (the “Class A Sinking Fund”) until such time as distributions
to be made under this Section 6.6(a) plus the amounts in the Class A Sinking Fund are sufficient, and are used, to fully satisfy
the Class A Unit Redemption Amount;

 

(b)          Second,
to the Class A Members (to be shared among them, pro rata, according to their respective unpaid Current Class A Return) until
such Class A Members have received distributions in an amount equal to their respective unpaid Current Class A Return (as may
be modified by Section 6.14) until it is paid in full pursuant to this Section 6.6(b), Section 6.7(a) and Section 6.8(e);

 

(c)          Third,
to the Class A Members (to be shared among them, pro rata, according to their respective unpaid Priority Class A Return) until
such Class A Members have received distributions in an amount equal to their respective unpaid Priority Class A Return (as may
be modified by Section 6.14) until it is paid in full pursuant to this Section 6.6(c), Section 6.7(b) and Section 6.8(c); and

 

(d)          Fourth,
to the Class B Members pro rata, in accordance with their respective Class B Membership Interests.

 

    	15

    	 

    

 

For the avoidance
of doubt, to the extent that Cash Flow From Operations is insufficient to allow the Company, after taking into account any draws
from the Class A Preferred Reserve as provided in Section 6.7, to pay the Class A Return and Priority Class A Return in full on
a monthly basis, Manager shall be obligated to make a call for Additional Capital Contributions in such amount as are necessary
in order to allow the Company to do so, and all such capital called for that purpose shall be distributed as provided in subsections
(b) and (c) above.

 

6.7           Distributions
from Class A Preferred Reserve. The Manager shall cause distributions to be made from the Class A Preferred Reserve on a monthly
basis as necessary in order to pay a portion of the unpaid Current Class A Return equivalent to a 7% annualized return on all
Class A Capital Contributions; provided however, from and after the occurrence of a Default Event, the Manager shall cause
distributions to be made from the Class A Preferred Reserve on a monthly basis as necessary in order to pay any unpaid Current
Class A Return and all unpaid Priority Class A Return, in the following order of priority:

 

 (a)          To
the Class A Members (to be shared among them, pro rata, according to their respective unpaid Current Class A Return) until such
Class A Members have received distributions in an amount equal to their respective unpaid Current Class A Return (as may be modified
by Section 6.14) until it is paid in full pursuant to Section 6.6(b), this Section 6.7(a) and Section 6.8(e); and

 

 (b)          Second,
to the Class A Members (to be shared among them, pro rata, according to their respective unpaid Priority Class A Return) until
such Class A Members have received distributions in an amount equal to their respective unpaid Priority Class A Return (as may
be modified by Section 6.14) until it is paid in full pursuant to Section 6.6(c), this Section 6.7(b) and Section 6.8(c).

 

6.8           Distributions
From Capital Transactions and on Liquidations. Net Cash Proceeds in connection with Capital Transactions and/or in connection
with the liquidation of the Company shall be distributed within thirty (30) days of the completion of the applicable event. Distributions
made pursuant to this Section shall be made in the following amounts and order of priority:

 

 (a)          To
discharge the debts and obligations of the Company;

 

 (b)          To
fund reasonable and necessary reserves as determined in good faith by the Manager and approved by the Class A Members;

 

 (c)          To
the Class A Members (to be shared among them, pro rata, according to their respective unpaid Priority Class A Return) until such
Class A Members have received distributions of Net Cash Proceeds in an amount equal to their respective unpaid Priority Class
A Return until it is paid in full pursuant to this Section 6.8(c), Section 6.7(b) and Section 6.6(c);

 

 (d)          To
the Class A Members (to be shared among them, pro rata, according to their respective Net Class A Priority Capital Contributions)
until such Class A Members have received distributions of Net Cash Proceeds in an amount equal to their respective Net Class A
Priority Capital Contributions until paid in full pursuant to this Section 6.8(d);

 

    	16

    	 

    

 

 (e)          To
the Class A Members (to be shared among them, pro rata, according to their respective unpaid Current Class A Return) until such
Class A Members have received distributions of Net Cash Proceeds in an amount equal to their respective unpaid Current Class A
Return until it is paid in full pursuant to this Section 6.8(e), Section 6.7(a) and Section 6.6(b);

 

 (f)          To
the Class A Members (to be shared among them, pro rata, according to their respective aggregate Net Class A Capital Contributions),
until such Class A Members have received distributions of Net Cash Proceeds in the amount equal to their respective aggregate
Net Class A Capital Contributions until they are repaid in full pursuant to this Section 6.8(f);

 

 (g)          To
the Class B Members pro rata, in accordance with their respective positive Capital Accounts; and

 

 (h)          To
the Class B Members pro rata, in accordance with their respective Class B Membership Interests.

 

6.9           Special
Tax Allocations. The allocations in this Section 6.9 shall be given effect before giving effect to the allocations contained
in Sections 6.1 through Section 6.5:

 

 (a)          Notwithstanding
any provision contained herein to the contrary, if the amount of Net Loss and Loss for any Adjustment Period that would otherwise
be allocated to a Member hereunder would cause or increase a deficit balance in such Member’s Capital Account to an amount
in excess of the sum of such Member’s share of Minimum Gain as of the last day of such Adjustment Period, then a proportionate
part of such Net Loss and Loss equal to such excess shall be allocated proportionately first to the other Members in an amount
up to, but not in excess of, the amount that would cause or increase a deficit balance in each of such Member’s Capital
Accounts to an amount equal to the sum of their respective shares of Minimum Gain as of the last day of such Adjustment Period.
For purposes of this Section 6.9(a), each Member’s Capital Account shall be computed as of the last day of such Adjustment
Period in the manner provided in the definition of Capital Account, but shall be reduced for the items described in Section 1.704-1(b)(2)(ii)-(d)(4),
(5) and (6) of the Treasury Regulations interpreting the IRC.

 

(b)          Notwithstanding
any provision in this Agreement to the contrary, if any of the Members, as of the last day of any Adjustment Period, has a deficit
balance in its Capital Account that exceeds the sum of its share of Minimum Gain as of such last day, then all items of income
and gain of the Company (consisting of a prorata portion of each item of Company income, including gross income and Gain) for
such Adjustment Period shall be allocated to such Members in the amount and in the proportions required to eliminate such excess
as quickly as possible. For purposes of this Section, a Member’s Capital Account shall be computed as of the last day of
an Adjustment Period in the manner provided in the definition of Capital Account, but shall be increased by any allocation of
income to such Member for such Adjustment Period under Section 6.9(c).

 

    	17

    	 

    

 

(c)          Notwithstanding
any provision in this Agreement to the contrary, if there is a net decrease in the Minimum Gain during any Adjustment Period,
then all items of gross income and Gain of the Company for such Adjustment Period (and, if necessary, for subsequent Adjustment
Periods) shall be allocated to each Member in proportion to, and to the extent of, an amount equal to the greater of (i) the portion
of such Member’s share of the net decrease that is allocable to the disposition of Company property subject to one or more
nonrecourse liabilities of the Company or (ii) the deficit balance in such Member’s Capital Account (determined before any
allocation for such Adjustment Period) in excess of the sum of such Member’s share of the Minimum Gain as of the close of
such Adjustment Period. The items required to be allocated to the Members under this Section 6.9(c) shall be determined in accordance
with Section 1.704-2(f) of the Treasury Regulations.

 

(d)          Notwithstanding
any other provision contained herein, any item of Company loss, deduction or IRC Section 705(a)(2)(B) expenditure that is attributable
to a nonrecourse liability of the Company for which any Member bears the economic risk of loss (e.g., a Member or an Affiliate
makes the nonrecourse loan to the Company) shall be allocated to the Member or Members who bear the economic risk of loss with
respect to such liability to the extent required in Section 1.704-2(i) of the Treasury Regulations interpreting the Code.

 

6.10         Curative
Allocations. The allocations set forth in Section 6.9 (the “Regulatory Allocations”) are intended to comply
with the requirements of the Treasury Regulations. The Regulatory Allocations may not be consistent with the manner in which the
Members intend to divide Company distributions. Accordingly, notwithstanding any other provision of this Article (other than the
Regulatory Allocations), the Manager may make such offsetting special allocations of income, gain, loss, or deduction in whatever
manner it determines appropriate to so as to prevent the Regulatory Allocations from distorting the manner in which the Company’s
distributions would otherwise be divided among the Members. In general, the Members anticipate that this will be accomplished
by specially allocating other profit, losses, gain, and deductions among the Members so that, after such offsetting special allocations
are made, the amount of each Member’s Capital Account will be, to the extent possible, equal to the Capital Account balance
such Member would have had if the Regulatory Allocations were not a part of this Agreement and all Company items had been allocated
to the Members solely pursuant to Sections 6.1 through 6.5.

 

6.11         IRC
Section 704(c) Tax Allocations. In accordance with IRC Section 704(c) the Treasury Regulations thereunder, income, gain, loss,
and deduction with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated
among the Members so as to take account of any variation between the adjusted basis of such property to the Company for federal
income tax purposes and its fair market value. Any elections or other decisions relating to such allocations shall be made
by the Manager in its sole discretion.

 

6.12         Distribution
Limitations. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required
to make a distribution to the Members on account of their interests in the Company if such distribution would violate the Act
or any other applicable law or would constitute a default under any Basic Document.

 

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6.13         Amounts
Withheld for Taxes or Paid on Composite Returns. All amounts withheld pursuant to the IRC or any provision of any state or
local tax law with respect to any payment, distribution or allocation to the Company or one or more of the Members shall be treated
as amounts paid or distributed, as the case may be, to the Members for whom such amounts were withheld pursuant to this Article
for all purposes under this Agreement. The Manager may allocate any such amount among the Members in any manner that is in accordance
with applicable law. The Company is authorized to withhold from payments and distributions to one or more Members, or with respect
to allocations to one or more Members, and to pay over to any federal, state or local government, any amounts so withheld under
this Agreement, the Code or any provisions of any other federal, state, or local law, and shall allocate any such amounts to the
Members for whom such amounts were withheld. To the extent required by any provision of any state or local tax law, the Company
shall file a composite tax return on behalf of one or more of its Members and shall report and pay income taxes required by law
to be paid with such composite tax returns to any Taxing Jurisdiction, and any such amounts shall be treated as a Distribution
to the Member for whom such composite tax return is filed. The Company shall have the power and authority to determine (a) whether
a Member should be included in a composite tax return required to be filed by any provision of any applicable tax law, and (b)
whether the Member is subject to withholding, pursuant to this Section, on payments, distributions or allocations from the Company.
A Member shall be limited to an action against the applicable Taxing Jurisdiction(s) with respect to any claims based on over-withholding
or over-payment on a composite tax return, and neither the Company, nor the Managers shall have any liability to any Member with
respect to any withholding or composite tax return filings or payments made pursuant to this Section.

 

6.14         Timing
of Distributions of Current Class A Return and Priority Class A Return. Distributions of Current Class A Return under Section
6.6(b) or Section 6.8(e) and Priority Class A Return under Section 6.6(c) or Section 6.8(c) will be made on a monthly basis on
or before the 10th day of each calendar month following the calendar month to which the Current Class A Return or Priority
Class A Return relates. If a distribution of Current Class A Return or Priority Class A Return is not made on or before the 10th
day of a calendar month (a “Delayed Distribution”), the Current Class A Return and the Priority Class
A Return (if any) shall be calculated by increasing the annual percentage rate therein by 3.5% from the 11th day of
such calendar month until such time as all Delayed Distributions are made.

 

ARTICLE
7

APPOINTMENT OF MANAGER; OBLIGATIONS, REPRESENTATIONS AND

WARRANTIES OF THE MANAGER

 

7.1           Appointment
of the Manager. Subject to Section 8.6, the business and affairs of the Company shall be managed by or under the direction
of the Manager. The Manager shall hold office until such Manager’s earlier dissolution, death, resignation, expulsion or
removal. Any successor Manager shall be appointed by a Majority of the Class B Membership Interest prior to the Conversion Date
and by a Majority of the Membership Interest on and after the Conversion Date, unless otherwise provided in this Agreement. A
Manager need not be a Member. A Member shall not be deemed to be a Manager simply by virtue of being a Member in the Company.
The initial Manager designated by the Class B Members is SOIF.

 

    	19

    	 

    

 

7.2           Compensation
of Manager; Removal of Manager. The Manager shall receive no compensation for serving as the Manager of the Company. The Manager
shall be reimbursed for all reasonable expenses incurred in managing the Company. The Manager and Affiliates of a Member or the
Manager may provide services to the Company, Company Subsidiary, Owner and the Property in addition to those contemplated to be
provided by a manager and receive additional compensation therefor; provided that any fee paid by the Company, Company Subsidiary
or Owner for such services shall be at rates customarily charged for similar services by Persons engaged in the same or substantially
similar activities in the relevant geographical area and the provisions of each such contract shall be at least as favorable to
the Company as the terms reasonably expected by the Manager to be available in an arm’s-length transaction with an independent
third party and, provided further, that any such contract with an Affiliate of the Manager, Class B Members and/or their Affiliates
must be approved by the Class A Members, which approval will not be unreasonably withheld, conditioned or delayed. Unless otherwise
restricted by law or the Basic Documents, the Manager may resign by written notice to the Company and may be removed or expelled
at any time by the written consent of the Class A Members owning a Majority of the Class A Membership Interests, and any vacancy
may be filled by the written consent of the Members owning a Majority of the Class A Membership Interests. Notwithstanding the
foregoing and except as provided in Section 7.4, a Manager may not be removed or expelled as the Manager and no additional Manager
may be appointed unless there is cause for removal. For purposes hereof, “cause for removal” shall mean (i) a collection
action has been instituted by the Lender, (ii) the assertion by the Class A Members that any action by the Manager constitutes
fraud against the Company, the Company Subsidiary, the Class A Members, or the Property, (iii) the good faith assertion by the
Class A Members that any action or failure to act by the Manager constitutes gross negligence, willful misconduct, bad faith or
a material violation of law in the performance of its duties to the Company, (iv) the assertion by the Class A Members of a violation
by the Manager of its fiduciary obligations to the Company, and (v) the good faith assertion by the Class A Members of any material
breach by the Manager of the material terms of this Agreement; provided, however, that such alleged breach of this Agreement by
the Manager described in subpart (v) has not been cured by the Manager within sixty (60) days after such time as it may be demonstrated
that the Manager had actual knowledge of such alleged material breach; provided, however that if such breach cannot reasonably
be cured within such sixty (60) day period and the Manager is diligently pursuing such cure, the sixty (60) day period shall be
extended to ninety (90) days.

 

In
the event that a “cause for removal” described in the definition of “cause for removal” above occurs,
upon the giving of written notice by the Class A Members to the Manager that the Manager is replaced, then the current Manager
shall be replaced by the Manager designated in such notice (the “Class A Manager”) and the Class A Manager
shall be the sole Manager of the Company with all powers of the Manager of the Company and the initial Manager shall have no further
rights as and shall immediately cease to act as Manager of the Company, and notwithstanding anything in this Agreement to the
contrary, such Class A Manager may not thereafter be removed without the consent of the Class A Members.

 

7.3           Manager
as Agent. To the extent of its powers set forth in this Agreement and subject to Section 8.6, the Manager is an agent of the
Company for the purpose of the Company’s business, and the actions of the Manager taken in accordance with such powers set
forth in this Agreement shall bind the Company.

 

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7.4           Manager
Following Class A Conversion Date. As of the date of closing of BRG’s exercise of its Conversion right as provided in
Section 10.4 (the “Conversion Date”), SOIF, and any then current Manager shall each and all be deemed to have
automatically resigned as Managers and cease to be Managers of the Company, whereupon BRG shall become the sole Manager of the
Company. Notwithstanding Section 7.2, on and after the Conversion, the Manager may only be removed by a Majority Vote of the Members
for an act or omission by the Manager related to the Company constituting gross negligence or fraud causing a material diminution
of value in the Company or the Subsidiary Interest.

 

ARTICLE
8

STATUS OF THE MANAGER’S POWERS

AND TRANSFERABILITY OF INTERESTS

 

8.1           Control
and Responsibility. Except as otherwise expressly provided herein, the Manager shall be responsible for the management of
the Company business and shall have all powers conferred by law as well as those that are necessary, advisable or consistent in
connection therewith. Except as otherwise provided in Section 8.6(f) as to the Class A Member, any note, contract, management
agreement, deed, bill of sale, assignment, conveyance, mortgage, lease or other commitment purporting to bind the Company or any
third party to any action shall be executed and delivered by the Manager on behalf of the Company and no other signature whatsoever
shall be required.

 

8.2           Status
of Manager’s Interests. The Manager shall not have the right to transfer or assign the interests it holds as Manager
in the Company; provided, however, to the extent that BRG or a BRG Transferee Transfers all or a
portion of its Interest in accordance with Section 10 to a BRG Transferee, such BRG Transferee may be appointed as an additional
Manager under this Section 7.1 by BRG or a BRG Transferee then holding all or a portion of an Interest without any further action
or authorization by any Member. 

 

8.3           No
Right to Partition. To the fullest extent permitted by law, neither the Members nor the Manager shall have the right to bring
an action for partition or any sale for division against the Company or any of its properties. Except as otherwise expressly provided
in this Agreement, to the fullest extent permitted by law, each of the Members hereby irrevocably waives any right or power that
such Person might have to cause the Company or any of its assets to be partitioned, to cause the appointment of a receiver for
all or any portion of the assets of the Company, to compel any sale of all or any portion of the assets of the Company pursuant
to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation,
winding up or termination of the Company. To the fullest extent permitted by law, each of the Members hereby irrevocably waives
any right or power that such Person might have to reject this Agreement in any bankruptcy or insolvency proceedings relating to
such Person. The Members shall not have any interest in any specific assets of the Company, and the Members shall not have the
status of a creditor with respect to any distribution pursuant to Agreement. The interest of the Members in the Company is personal
property.

 

8.4           Extent
of Obligation. The Manager shall devote such time to the business and affairs of the Company as the Manager shall reasonably
deem necessary to conduct properly such business and affairs in accordance with this Agreement and applicable law.

 

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8.5           Rights
and Powers. In addition to any other rights and powers that it may possess under applicable law or by virtue of this Agreement,
but in any event subject to Section 8.6 hereof and the Basic Documents to the contrary, the Manager shall have the full and absolute
power and authority to bind the Company and take any and all actions and do anything and everything it deems necessary or appropriate
in performing its duties hereunder and shall have all rights and powers required or appropriate to its management of the Company
business (and indirectly the business of the Company Subsidiary and Owner), including, but not limited to, the following specific
rights and powers. If there is more than one Manager at any time, any action taken by the Managers must be agreed to by each Manager.

 

8.6           Limitations
on Authority of the Manager.

 

 (a)          It
is expressly understood that the Manager shall not do or perform any of the following acts on behalf of the Company without first
obtaining the approval of the Members holding more than a Majority of the Membership Interests:

 

(i)          any
act in contravention of this Agreement;

 

(ii)         any
act that would make it impossible to carry on the ordinary business of the Company, the Company Subsidiary or Owner;

 

(iii)        confess
a judgment against the Company;

 

(iv)        possess
Company (or Company Subsidiary) property or assign the rights of the Company (or Company Subsidiary) in specific Company (or Company
Subsidiary or Owner) property for other than Company (or Company Subsidiary or Owner) purposes;

 

(v)         admit
a Person as a Manager, except as provided in Section 7.2;

 

(vi)        admit
a Person as a Member except as otherwise provided herein;

 

(vii)       continue
the business of the Company in contravention of Section 12.1 hereof; or

 

(viii)      cause
or permit the Company to extend credit to or to make any loans or become surety, guarantor, endorser, or accommodation endorser
for any Entity.

 

 (b)          It
is expressly understood that, without first obtaining the approval of a Majority of the Class A Membership Interests, in their
sole and absolute discretion, and subject to the Basic Documents, the Manager shall not undertake or perform any of the actions
set forth in Section 8.6(a) if doing so would cause any dilution of or material adverse economic effect upon the Class A Member’s
Membership Interest or its rights under this Agreement or the Company Subsidiary LLC Agreement, nor may the Manager undertake
or perform any of the following acts on behalf of the Company without first obtaining the approval of a Majority of the Class
A Membership Interests, in their sole and absolute discretion, subject to the Basic Documents:

 

    	22

    	 

    

 

(i)          cause
the Company to approve any Major Decision (as defined in Section 7.07 of the Company Subsidiary LLC Agreement, or any successor
section thereto), or any action that would have been a Major Decision but for the operation of the final paragraph of Section
7.07 of the Company Subsidiary LLC Agreement, or any successor section thereto;

 

(ii)         cause
the Company to approve any amendment to the Company Subsidiary LLC Agreement;

 

(iii)        file
or consent to any filing any reorganization, receivership, insolvency, bankruptcy or other similar proceedings as to the Company
or the Company Subsidiary pursuant to any federal or state law affecting debtor and creditor rights;

 

(iv)        to
the fullest extent permitted by law, dissolve or liquidate the Company;

 

(v)         distribute
any cash or property of the Company other than as provided in this Agreement;

 

(vi)        merge
or consolidate with any other Entity;

 

(vii)       amend,
modify or alter this Agreement, except as otherwise provided herein; or

 

(viii)      cause
the Company to consent to any REIT Prohibited Transaction, as defined in the Company Subsidiary LLC Agreement.

 

(c)          Any
action or failure to act by the Manager to comply with the provisions of Sections 8.6(a) or (b), or any other breach of this Agreement
by the Manager or any Class B Member shall constitute a “Default Event.”

 

(d)          Notwithstanding
any provision herein to the contrary, on and after the Conversion Date (if applicable), any decision to be made by the Company
or its Representatives on the Management Committee, or pursuant to Sections 7.07 or 12.6 of the Company Subsidiary LLC Agreement,
shall only require the approval of and be subject to the direction of BRG and not any other Member of the Company; provided, further,
that on and after the Conversion Date (if applicable) only BRG, and not any other Member of the Company, shall have the power
and authority to exercise the powers and privileges of the Company as manager of the Company Subsidiary.

 

ARTICLE
9

STATUS OF MEMBERS

 

9.1           Liability.
Except as otherwise provided by the Act, a Member shall not be bound by, or be personally liable for, the expenses, liabilities
or obligations of the Company, solely by reason of being a member of the Company.

 

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9.2           Business
of the Company. Except as otherwise provided herein, a Member shall take no part in the conduct or control of the business
of the Company and shall have no right or authority to act for or to bind the Company in any manner whatsoever. Whenever this
Agreement provides for the approval or action of the Class B Members, unless specifically stated otherwise, such approval or action
shall be made by the Class B Members owning a Majority of the Class B Membership Interest. Whenever this Agreement provides for
the approval or action of the Class A Members, unless specifically stated otherwise, such approval or action shall be made by
the Class A Member (or if there is more than one Class A Member, the Class A Members owning a Majority of the Class A Membership
Interest).

 

9.3           Status
of Member’s Interest. Except as otherwise provided in this Agreement, a Member’s Membership Interest shall be
fully paid and non-assessable. No Member shall have the right to withdraw or reduce its Capital Contribution to the Company except
as a result of (i) the dissolution and termination of the Company or (ii) as otherwise provided in this Agreement and in accordance
with applicable law.

 

ARTICLE
10

TRANSFER OF MEMBERSHIP INTEREST; CLASS A CONVERSION RIGHT AND REDEMPTION

 

10.1         Sale,
Assignment, Transfer or Other Disposition of Membership Interest.

 

(a)          Prohibited
Transfers. Except as otherwise provided in this Section 10, or as approved by the Manager, no Member shall have
the right to sell, transfer, assign, pledge or encumber (“Transfer”) all or any part of its Membership Interest,
whether legal or beneficial, in the Company, and any attempt to so Transfer such Membership Interest (and such Transfer) shall
be null and void and of no effect. Notwithstanding the foregoing, any Member shall have the right, with the consent of the other
Members, at any time to pledge to a lender or creditor, directly or indirectly, all or any part of its Membership Interest in
the Company for such purposes as it deems necessary in the ordinary cause of its business and operations.

 

		(b)	Affiliate Transfers.

 

(i)          Subject
to the provisions of Section 10.1(b)(ii) hereof, and subject in each case to the prior written approval of each Member
(such approval not to be unreasonably withheld), any Member may Transfer all or any portion of its Membership Interest in the
Company at any time to an Affiliate of such Member, provided that such Affiliate shall remain an Affiliate of such Member at all
times that such Affiliate holds such Membership Interest. If such Affiliate shall thereafter cease being an Affiliate of such
Member while such Affiliate holds such Membership Interest, such cessation shall be a non-permitted Transfer and shall be deemed void
ab initio, whereupon the Member having made the Transfer shall, at its own and sole expense, cause such putative transferee
to disgorge all economic benefits and otherwise indemnify the Company and the other Member(s) against loss or damage under the
Basic Documents.

 

(ii)         Notwithstanding
anything to the contrary contained in this Agreement, the following Transfers shall not require the approval set forth in Section
10.1(b):

 

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		(a)	Any Transfer by SOIF or a
SOIF Transferee of up to one hundred percent (100%) of its Membership Interest to any Affiliate of SOIF II, including but not
limited to (A) BRG or any Person that is directly or indirectly owned by BRG; (B) SOIF III or any Person that is directly or indirectly
owned by SOIF III; (C) BGF or any Person that is directly or indirectly owned by BGF; and/or (D) Bluerock Growth Fund II, LLC
(“BGF II”) or any Person that is directly or indirectly owned by BGF II (collectively, a “SOIF II Transferee”);

 

		(b)	Any Transfer by BRG or a BRG
Transferee of up to one hundred percent (100%) of its Membership Interest to any Affiliate of BRG, including but not limited to
(A) SOIF II or any Person that is directly or indirectly owned by SOIF II; (B) SOIF III or any Person that is directly or indirectly
owned by SOIF III; (C) BGF or any Person that is directly or indirectly owned by BGF and/or (D) BGF II or any Person that is directly
or indirectly owned by BGF II (collectively, a “BRG Transferee”);

 

provided however,
as to subparagraphs (b)(ii)(a), and (b) and as to subparagraph (b)(i), no Transfer shall be permitted and shall be void
ab initio if it shall violate any “Transfer” provision of the Basic Documents. Upon the execution by any
such SOIF Transferee or BRG Transferee of such documents necessary to admit such party into the Company and to cause the SOIF
Transferee or BRG Transferee (as applicable) to become bound by this Agreement, the SOIF Transferee or BRG Transferee (as applicable)
shall become a Member, without any further action or authorization by any Member.

 

(c)          Admission
of Transferee; Partial Transfers. Notwithstanding anything in this Section 10 to the contrary, no Transfer of Membership
Interests in the Company shall be permitted unless the potential transferee is admitted as a Member under this Section 10.1(c):

 

(i)          If
a Member Transfers all or any portion of its Membership Interest in the Company, such transferee may become a Member if (i) such
transferee executes and agrees to be bound by this Agreement, (ii) the transferor and/or transferee pays all reasonable legal
and other fees and expenses incurred by the Company in connection with such assignment and substitution and (iii) the transferor
and transferee execute such documents and deliver such certificates to the Company and the remaining Members as may be required
by applicable law or otherwise advisable; and

 

(ii)         Notwithstanding
the foregoing, any Transfer or purported Transfer of any Membership Interest, whether to another Member or to a third party, shall
be of no effect and void ab initio, and such transferee shall not become a Member or an owner of the purportedly transferred
Membership Interest, if the Manager determines in its sole discretion that:

 

(a) the
Transfer would require registration of any Membership Interest under, or result in a violation of, any federal or state securities
laws;

 

(b) the
Transfer would result in a termination of the Company under Code Section 708(b);

 

    	25

    	 

    

 

(c) as
a result of such Transfer the Company would be required to register as an investment company under the Investment Company Act
of 1940, as amended, or any rules or regulations promulgated thereunder;

 

(d)
if as a result of such Transfer the aggregate value of Membership Interests held by “benefit plan investors” including
at least one benefit plan investor that is subject to ERISA, could be “significant” (as such terms are defined in
U.S. Department of Labor Regulation 29 C.F.R. 2510.3-101(f)(2)) with the result that the assets of the Company could be deemed
to be “plan assets” for purposes of ERISA;

 

(e)  as
a result of such Transfer, the Company would or may have in the aggregate more than one hundred (100) members and material adverse
federal income tax consequences would result to a Member. For purposes of determining the number of members under this Section
10.1(c)(ii)(e), a Person (the “beneficial owner”) indirectly owning an interest in the Company through
a partnership, grantor trust or S corporation (as such terms are used in the Code) (the “flow-through entity”)
shall be considered a member, but only if (i) substantially all of the value of the beneficial owner’s interest in the flow-through
entity is attributable to the flow-through entity’s interest (direct or indirect) in the Company and (ii) in the sole discretion
of the Manager, a principal purpose of the use of the flow-through entity is to permit the Company to satisfy the 100-member limitation;
or

 

(f) the
transferor failed to comply with the provisions of Sections 10.1(b)(i) or (ii).

 

The Manager
may require the provision of a certificate as to the legal nature and composition of a proposed transferee of an Membership Interest
of a Member and from any Member as to its legal nature and composition and shall be entitled to rely on any such certificate in
making such determinations under this Section 10.1(c).

 

10.2         Withdrawals.
Each of the Members does hereby covenant and agree that it will not withdraw, resign, retire or disassociate from the Company,
except as a result of a Transfer of its entire Membership Interest in the Company permitted under the terms of this Agreement
and that it will carry out its duties and responsibilities hereunder until the Company is terminated, liquidated and dissolved
under Article 12. No Member shall be entitled to receive any distribution or otherwise receive the fair market value of its
Membership Interest in compensation for any purported resignation or withdrawal not in accordance with the terms of this Agreement.

 

10.3         Death,
Incapacity or Dissolution of a Member.

 

 (a)          The
death, insanity or incompetency of a Member who is an individual shall not, in and of itself, cause the termination or dissolution
of the Company. Thereafter, the legally authorized personal representative of such Member shall have all the rights of a Member
for the purpose of settling or managing his estate, and shall have such power as such party possessed to make an assignment of
his interest in the Company in accordance with the terms hereof and to join with such assignee in making application to substitute
such assignee as a Member, provided all of the provisions of this Agreement are complied with by the holder of such Member’s
interest.

 

    	26

    	 

    

 

 (b)          The
dissolution or other cessation to exist as a legal entity of any Member that is not an individual shall not, in and of itself,
cause the termination or dissolution of the Company. Thereafter, the authorized representative of such entity, possessed of the
rights of such Member for the purpose of winding up, in any orderly fashion, and disposing of the business of such entity, shall
have such power as such entity possessed to make an assignment of its interest in the Company in accordance with the terms hereof
and to join with such assignee in making application to substitute such assignee as a Member, provided all of the provisions of
this Agreement are complied with by the holder of such Member’s interest.

 

10.4         BRG
Class A Conversion Right. During the Conversion Period and for so long as BRG then holds Class A Units in the Company, BRG
shall have the right to convert all, but not less than all, of its Class A Units into Class B Units in accordance with this Section
10.4.

 

 (a)          During
the Conversion Period, and so long as BRG then holds a Majority of the Class A Membership Interests, BRG may deliver a notice
to the Company (a “Conversion Notice”) indicating that BRG is exercising its conversion right under this Section
10.4. From and after the date of the Company’s receipt of the Conversion Notice (the “Receipt Date”),
Current Class A Return and Priority Class A Return shall cease to accrue on BRG’s Net Capital Contributions to the Company;
however, BRG shall retain all other rights of a Class A Member until the Conversion Date.

 

 (b)          Within
ten (10) days of the date of the receipt of the Conversion Notice, the Company shall issue to BRG a number of Class B Units equal
to the Conversion Amount, as determined in accordance with Section 10.4(c) below (the “Conversion Units”),
cancel all of BRG’s Class A Units, and return to BRG any remaining funds in the Class A Preferred Reserve. The date of such
issuance, cancellation and return of funds shall be referred to in this Agreement as the “Conversion Date.”
From and after the Conversion Date, BRG shall cease to be a Class A Member and, if not previously admitted as a Class B Member,
shall be admitted as a Class B Member with no further action required by the Company, the Manager or the Members. The Manager
shall amend Schedule I as of the Conversion Date to reflect the conversion.

 

 (c)          The
number of Conversion Units to be issued to BRG on the Conversion Date shall equal the number of Class B Units that would cause
the Class B Membership Interest acquired by BRG pursuant to this Section 10.4 to hold a proportional thirty-one percent (31.00%)
Class B Membership Interest and a Capital Account in an amount equal to the same proportion. The foregoing conversion ratio assumes
the Members have fully funded their respective initial Capital Contributions, that the Class A Capital Commitment has been fully
funded, that the Project was developed, leased-up and funded as provided in the Project Budget, that Additional Capital Contributions
have been made by the Class B Members as projected, and that all Current Class A Returns and Priority Class A Returns have been
paid.  In the event that the Class B Members’ Capital Contributions were substantially more than projected, the Members
will confer and in good faith determine a commensurate conversion ratio.

 

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10.5         Class
A Mandatory Redemption.

 

 (a)          Notwithstanding
the restrictions on Transfer contained in this Article 10, but subject to the Basic Documents, the Company shall redeem all, but
not less than all, of the Class A Units on the Class A Mandatory Redemption Date for payment of the Class A Unit Redemption Amount
in immediately available funds to the Class A Members, unless prohibited by law, and in such event, on the earliest practicable
date such redemption would not be prohibited by law; provided, however, this Section 10.5 shall not be applicable to the extent
the Class A Member has exercised its Conversion Right under Section 10.4 prior to the Class A Mandatory Redemption Date.

 

 (b)          Subjection
to Section 10.5(a), on the Class A Mandatory Redemption Date (or earliest practicable date), upon receipt of the Class A Unit
Redemption Amount, the Class A Member shall transfer its Class A Units free and clear of any and all liens, encumbrances or other
restrictions and execute and acknowledge a written instrument of assignment, together with such other instruments as the Manager,
in its reasonable discretion, may deem necessary or desirable to effect the Transfer of the Class A Units, all in form and substance
reasonably satisfactory to the Manager.

 

 (c)          Without
limiting the generality of any other provision of this Agreement, following the redemption of the Class A Units, the Class A Members
shall have no rights in the Company.

 

 (d)          To
the extent the Company does not redeem the Class A Units on the Class A Mandatory Redemption Date, the Class A Units shall continue
to accrue the Current Class A Return except that the Current Class A Return shall be twenty percent (20%) per annum on and after
the Class A Mandatory Redemption Date until and through the date the Class A Unit Redemption Amount is paid in full.

 

ARTICLE
11

CESSATION OF A MEMBER

 

A
Member shall cease to be a Member of the Company upon the assignment of all of the Member’s Membership Interest in the Company.

 

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ARTICLE
12

DISSOLUTION AND TERMINATION OF THE COMPANY

 

12.1         Dissolution
and Termination. The Company shall be dissolved, and its affairs shall be wound up upon the first to occur of the following:
(i) the decision of the Manager, with the written concurrence of the Members owning more than fifty percent (50%) of the Membership
Interests, that it would be in the best interest of the Company to dissolve; (ii) the termination of the legal existence of the
last remaining member of the Company or the occurrence of any other event that terminates the continued membership of the last
remaining member of the Company in the Company unless the Company is continued without dissolution in a manner permitted by this
Agreement or the Act; (iii) the entry of a decree of judicial dissolution under § 6.02 of the Act; or (iv) the filing by
the Secretary of State of a Certificate of Dissolution. Upon the occurrence of any event that causes the last remaining member
of the Company to cease to be a member of the Company or that causes the Member to cease to be a member of the Company (other
than upon continuation of the Company without dissolution upon (i) an assignment by the Member of all of its Membership Interest
in the Company and the admission of the transferee pursuant to Article 10, or (ii) the resignation of the Member and the admission
of an additional member of the Company pursuant to Article 10), to the fullest extent permitted by law, the personal representative
of such member is hereby authorized to, and shall, within ninety (90) days after the occurrence of the event that terminated the
continued membership of such member in the Company, agree in writing (i) to continue the Company and (ii) to the admission of
the personal representative or its nominee or designee, as the case may be, as a substitute member of the Company, effective as
of the occurrence of the event that terminated the continued membership of such member in the Company.

 

 (a)          Notwithstanding
any other provision of this Agreement, the Bankruptcy of a Member shall not cause such Member to cease to be a member of the Company
and upon the occurrence of such an event, the Company shall continue without dissolution.

 

 (b)          In
the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs (including the
sale of the assets of the Company in an orderly manner), and the assets of the Company shall be applied in the manner, and in
the order of priority, set forth in Section 12.2.

 

 (c)          The
Company shall terminate when (i) all of the assets of the Company, after payment of or due provision for all debts, liabilities
and obligations of the Company, shall have been distributed to the Members in the manner provided for in this Agreement and (ii)
the Certificate of Formation shall have been canceled in the manner required by the Act.

 

12.2         Distribution
Upon Dissolution. Upon the dissolution of the Company, the Manager shall take full account of the Company assets and liabilities,
the assets shall be liquidated as promptly as is consistent with obtaining fair value thereof, and the proceeds therefrom, to
the extent sufficient therefor, after payment of or due provision for all debts, liabilities and obligations of the Company as
required by the Act and applicable law, shall be applied and distributed in accordance with Section 6.8 hereof. In the event it
becomes necessary or desirable, in the sole discretion of the Manager, to make a distribution of the Company property in kind,
then such property shall be transferred and conveyed to the Members, or their assigns, so as to vest in each of them as a tenant-in-common,
a percentage interest in the whole of said property equal to the percentage interest he or she would have received had the aforesaid
property not been distributed in kind.

 

12.3         Time.
A reasonable time, as determined by the Manager, from the date of an event of dissolution, shall be allowed for the orderly liquidation
of the assets of the Company and the discharge of Company liabilities.

 

    	29

    	 

    

 

12.4         Liquidating
Trustee. In the event of a dissolution of the Company, liquidation of the assets of the Company and discharge of its liabilities
may, in the sole discretion of the Manager, be carried out by a liquidation trustee or receiver, who shall be selected by the
Manager and shall be a bank or trust company or other person or firm having experience in managing, liquidating or otherwise handling
property of the type then owned by the Company. This trustee (the “Liquidating Trustee”) shall not be personally
liable for the debts of the Company but otherwise shall have such obligations and authorities as are given the Manager pursuant
to this Agreement.

 

12.5         Statement
of Termination. The Members shall be furnished by the Manager with a statement prepared, at Company expense, by the Accountant
that shall set forth the assets and liabilities of the Company as of the date of complete liquidation and distribution as herein
provided. Such statement shall also schedule the receipts and disbursements made with respect to the termination hereunder.

 

ARTICLE
13

ACCOUNTING AND REPORTS

 

13.1         Books
and Records.

 

 (a)          The
Manager shall maintain full and accurate books of the Company, showing all receipts and expenditures, assets and liabilities,
profits and losses, and all other records necessary for recording the Company’s business and affairs, including those sufficient
to record the allocations and distributions provided for in Article 6 and Section 12.2 hereof. Such books and records shall be
open for the inspection and examination by any Member, in person or by its duly authorized representative, at reasonable times
at the offices of the Company upon prior written notice.

 

 (b)          The
Company books and records shall be kept in accordance with Generally Accepted Accounting Principles and any change in method shall
be made by the Manager in its sole discretion.

 

13.2         Fiscal
Year. The annual accounting period of the Company shall be the calendar year. The cutoff date of the accounting period shall
be the last day of the calendar month.

 

13.3         Reports.
The Company shall create an internally prepared annual statement showing the revenue and expenses of the Company, the balance
sheet thereof and a statement of change in cash flow at the end of each Fiscal Year (the “Annual Financial Statements”).
The Annual Financial Statements shall be mailed to each Member within fifteen (15) days following the end of the Fiscal Year for
which such statements were prepared. Each Member’s Schedule K-1 will be mailed to the Member no later than thirty (30) days
after the end of each Fiscal Year of the Company. The Company shall transmit all reports received under Section 11.03(b) of the
Company Subsidiary LLC Agreement to the Class A Members immediately upon the Company’s receipt of such reports.

 

13.4         Bank
Accounts. All funds of the Company shall be deposited in its name in such checking and savings accounts or time certificates
as shall be designated by the Manager. Withdrawals therefrom shall be made upon such signature(s) as the Manager may designate.

 

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13.5         Tax
Returns. In addition to the Annual Financial Statements, the Manager shall, at Company expense, cause all tax returns for
the Company to be timely prepared and filed with the appropriate authorities.

 

13.6         Tax
Matters. SOIF is hereby charged with the responsibility for all tax-related matters affecting the Company and is hereby designated
as the “Tax Matters Representative”. It shall, within ten (10) days of receipt thereof, forward to each Member
a photocopy of any relevant correspondence relating to the Company received from any Federal and/or State taxing authority (the
“Taxing Authority”). It shall, within five (5) days thereof, advise each Member in writing of the substance
of any material conversation held with any representative of a Taxing Authority. Any reasonable costs incurred by the Tax Matters
Representative for retaining accountants and/or attorneys on behalf of the Company in connection with any Taxing Authority audit
of the Company shall be expenses of the Company. The Tax Matters Representative shall, if applicable, comply with all requirements
concerning the registration of tax shelters pursuant to Section 6111 of the IRC and the Treasury Regulations thereunder, and Form
8264 (or any successor thereto), including, but not limited to, registering the Company with the Taxing Authority and furnishing
to each Member any identification numbers assigned by any Taxing Authority to the Company. .

 

ARTICLE
14

SPECIAL LIMITED POWER OF ATTORNEY

 

14.1         Grant
of Power.

 

(a)          Each
Member does hereby irrevocably constitute and appoint the Manager as its true and lawful attorney, in its name, place and stead,
to make, execute, sign, acknowledge, swear to (where appropriate), and file or record:

 

(i)          any
articles, certificates, documents or instruments (including this Agreement) that may be required to be filed by the Company under
applicable laws of any jurisdiction(s) to the extent that the Manager deems such filing(s) to be necessary or required;

 

(ii)         any
and all amendments or modifications of the instruments described in subparagraph (a)(i) above; provided, that such amendments
or modifications are necessary to effect the terms and intent of this Agreement, including, for example, but not limited to, the
substitution of a Member, and to evidence or effect the consent, approval or acceptance of the Member to any action approved by
the Member where this Agreement provides that such consent, approval or acceptance by the Member binds the Member with regard
thereto;

 

(iii)        all
certificates and other instruments that may be required to effect the dissolution and termination of the Company pursuant to the
terms of this Agreement; and

 

(iv)        any
and all consents or other instruments deemed necessary or desirable by the Manager for the admission of the Member and Substitute
Members, pursuant to the terms of this Agreement;

 

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(b)          It
is expressly understood and intended by the Members that the grant of the foregoing powers of attorney are coupled with an interest
and are irrevocable.

 

(c)          The
foregoing powers of attorney are durable powers of attorney and shall not be affected by the disability, incompetency, and/or
incapacity of the principal. Furthermore, the foregoing powers of attorney shall survive the death of any Member who shall die
during the term of the Company.

 

(d)          The
foregoing powers of attorney may be exercised by the Manager acting for any Member individually.

 

14.2         Limitation
on Powers. To the fullest extent permitted by law, the foregoing power of attorney shall in no way cause a Member to be liable
in any manner for the acts or omissions of the Manager.

 

14.3         Substitute
Members. Each Substitute Member, upon admission to the Company, shall be deemed to have appointed, ratified and reaffirmed
the appointment of the Manager as its true and lawful attorney for the purposes and on the same terms as set forth in Article
14 hereof.

 

ARTICLE
15

AMENDMENTS

 

(a)          Except
as otherwise provided herein, this Agreement may only be amended by the unanimous written consent of all Members.

 

(b)          This
Agreement shall be amended by the Manager without the consent of the Members whenever:

 

(i)          to
reflect the transfer of Units, the admission of a Member, the change in any Unit, the change in the Membership Interests, or any
other alteration in the matters set forth on Schedule I; and

 

(ii)         it
is necessary or appropriate, in the opinion of counsel to Company, to satisfy the requirements of the IRC, Treasury Regulations
thereunder or administrative guidelines or interpretations relating thereto, to maintain the status of partnership taxation or
to satisfy the requirements of federal and/or state securities laws.

 

(c)          Notwithstanding
anything herein to the contrary, no amendment shall be made in this Agreement that, in the opinion of counsel for the Company:

 

(i)          is
in violation of the provisions of applicable law; or

 

(ii)         would
result in the Company being treated as other than a partnership for federal income tax purposes.

 

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ARTICLE
16

INVESTMENT REPRESENTATION

 

Each
of the Members, by executing this Agreement, represents and warrants to the Company and the Manager as follows:

 

(a)          Each
Member or individual executing this Agreement on behalf of an Entity that is a Member hereby represents and warrants that such
Member has acquired such Member’s Membership Interest in the Company for investment solely for such Member’s own account
with the intention of holding such Membership Interest for investment, without any intention of participating directly or indirectly
in any distribution of any portion of such Membership Interest, including an economic interest, and without the financial participation
of any other Person in acquiring such Membership Interest in the Company.

 

(b)          Each
Member hereby acknowledges that such Member is aware that such Member’s Membership Interest in the Company has not been
registered (i) under the Securities Act of 1933, as amended (the “Securities Act”), (ii) under applicable Delaware
securities laws or (iii) under any other state securities laws. Each Member further understands and acknowledges that his representations
and warranties contained in this Section are being relied upon by the Company as the basis for the exemption of the Members’
Membership Interests in the Company from the registration requirements of the Securities Act and from the registration requirements
of applicable state securities laws. Each Member further acknowledges that the Company will not and has no obligation to recognize
any sale, transfer, or assignment of all or any part of such Member’s Membership Interest, including an economic interest
in the Company to any Person unless and until the provisions of this Agreement hereof have been fully satisfied.

 

(c)          Each
Member hereby acknowledges that prior to its execution of this Agreement, such Member received a copy of this Agreement and that
such Member has examined this Agreement or caused this Agreement to be examined by such Member’s representative or attorney.
Each Member hereby further acknowledges that such Member or such Member’s representative or attorney is familiar with this
Agreement and with the Company’s business plans. Each Member acknowledges that such Member or such Member’s representative
or attorney has made such inquiries and requested, received, and reviewed any additional documents necessary for such Member to
make an informed investment decision and that such Member does not desire any further information or data relating to the Company.
Each Member hereby acknowledges that such Member understands that the purchase of such Member’s Membership Interest in the
Company is a speculative investment involving a high degree of risk and hereby represents that such Member has a net worth sufficient
to bear the economic risk of such Member’s investment in the Company and to justify such Member’s investing in a highly
speculative venture of this type.

 

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ARTICLE
17

MISCELLANEOUS

 

17.1         Meetings.
Meetings of the Company may be called by the Manager and shall be called by the Manager upon the written request of the Members
holding at least twenty-five (25%) percent of the Membership Interests of the Company.

 

17.2         Members’
Action by Consent in Lieu of Meeting. Any action required by law to be taken at any annual or special meeting of Members,
or any action which may be taken at a meeting of the Members, may be taken without a meeting, without prior notice and without
a vote, if a consent in writing, setting forth the action so taken is signed by the Members having not less than the Membership
Interests that would be necessary to authorize such action at a meeting at which all Members entitled to vote thereon were present
and voted. Such consents shall have the same force and effect as the unanimous consent of the Members at a meeting duly held.
Such consents shall be filed with the minutes of the meetings of the Members.

 

17.3         Other
Ventures. Notwithstanding any duty otherwise existing at law or in equity, except as otherwise provided in this Agreement
to the contrary, any of the Members, the Manager, BRG’s direct or indirect parents, SOIF’s members or any of their
Affiliates may engage in or possess an interest in other profit-seeking or business ventures of every nature and description,
independently or with others, including those that may compete with the Company without any obligation to share any profits therefrom
with the Company or the Members. The doctrine of corporate opportunity or any analogous doctrine, shall not apply to any Member,
Manager, member of a Member or Manager, direct or indirect parent of BRG, member of SOIF, or any of their Affiliates. No Member,
Manager, member of a Member or Manager, direct or indirect parent of BRG, member of SOIF, or any of their Affiliates who acquires
knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company shall
have any duty to communicate or offer such opportunity to the Company, and such Member, Manager, member of a Member or Manager,
direct or indirect parent of BRG, member of SOIF, or Affiliate shall not be liable to the Company or to the other Members for
breach of any fiduciary or other duty by reason of the fact that such Member, Manager, member of a Member or Manager, direct or
indirect parent of BRG, member of SOIF, or Affiliate pursues or acquires for, or directs such opportunity to, another Person or
does not communicate such opportunity or information to the Company. Neither the Company nor any Member shall have any rights
or obligations by virtue of this Agreement or the relationship created hereby in or to such independent ventures or the income
or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Company,
shall not be deemed wrongful or improper.

 

Nothing
in this Agreement shall be deemed to preclude any Member, Manager, member of a Member or Manager, direct or indirect parent of
BRG, member of SOIF, or any Affiliate of any Member, Manager, member of a Member or Manager, direct or indirect parent of BRG,
or member of SOIF, from conducting its business in any manner it may elect, including, without limitation, entering into any transaction
with any Person affiliated in any way with such Person, provided that no such conduct of its business shall result in a breach
by such Member or Manager of its obligations under this Agreement.

 

    	34

    	 

    

  

17.4         Exculpation
and Indemnification.

 

(a)          To
the fullest extent permitted by applicable law, neither the Members, the Manager, SOIF, BRG, any direct or indirect parent of
BRG, the members of SOIF, nor any officer, manager, director, employee, agent or Affiliate of the foregoing (collectively, the
“Covered Persons”) shall be liable to the Company or any other Person who is bound by this Agreement for any
loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf
of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Covered Person by
this Agreement, except that a Covered Person shall be liable for any such loss, damage or claim incurred by reason of such Covered
Person’s gross negligence or willful misconduct.

 

(b)          To
the fullest extent permitted by applicable law, a Covered Person shall be entitled to indemnification from the Company for any
loss, damage or claim incurred by such Covered Person by reason of any act or omission performed or omitted by such Covered Person
in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on
such Covered Person by this Agreement, except that no Covered Person shall be entitled to be indemnified in respect of any loss,
damage or claim incurred by such Covered Person by reason of such Covered Person’s gross negligence or willful misconduct
with respect to such acts or omissions; provided, however, that any indemnity under this Section by the Company
shall be provided out of and to the extent of Company assets only, and the Members and the Manager shall not have personal liability
on account thereof; and provided, further, that so long as any Obligation is outstanding, no indemnity payment from
funds of the Company (as distinct from funds from other sources, such as insurance) of any indemnity under this Section shall
be payable from amounts allocable to any other Person pursuant to the Basic Documents.

 

(c)          To
the fullest extent permitted by applicable law, expenses (including reasonable legal fees) incurred by a Covered Person defending
any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition
of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered
Person to repay such amount if it shall be determined that the Covered Person is not entitled to be indemnified as authorized
in this Section.

 

(d)          A
Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions,
reports or statements presented to the Company by any Person as to matters the Covered Person reasonably believes are within such
other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company,
including information, opinions, reports or statements as to the value and amount of the assets, liabilities, or any other facts
pertinent to the existence and amount of assets from which distributions to the Members might properly be paid.

 

(e)          To
the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto
to the Company or any other Member, any Covered Person acting under this Agreement or otherwise shall not be liable to the Company
or any Member for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent
that they restrict or eliminate the duties and liabilities of a Covered Person to the Company or its members otherwise existing
at law or in equity, are agreed by the parties hereto to replace such other duties and liabilities of such Covered Person.

 

    	35

    	 

    

 

(f)          Any
liability of the Company shall be satisfied out of the income or assets of the Company (including the proceeds of any insurance
that the Company may recover) and no Member shall have any liability with respect thereto.

 

(g)          Notwithstanding
the foregoing provisions, any indemnification set forth herein shall be fully subordinate to the Loan, and to the fullest extent
permitted by law, shall not constitute a claim against the Company in the event that the Company’s Cash Flow From Operations
(including any additional capital contributions by the Members, if any) are insufficient to pay all of its monthly obligations
to creditors.

 

(h)          The
foregoing provisions of this Section shall survive any termination of this Agreement.

 

17.5         Notices.
All notices under this Agreement shall be in writing, duly signed by the party giving such notice, and transmitted by registered
or certified mail (and such notice shall be deemed delivered three (3) business days after deposit in the mail) or by a national
overnight delivery service, such as Federal Express (and such notice will be deemed delivered the next business day after it is
deposited with such delivery service) addressed as follows:

 

(a)          If
given to the Company:

 

BR Orlando UCFP, LLC

c/o Bluerock Real Estate,
L.L.C.

712
Fifth Avenue, 9th Floor

New
York, NY 10019

 

(b)          If
given to the Manager:

 

c/o Bluerock Real Estate,
L.L.C.

		712	Fifth
                                         Avenue, 9th Floor

New
York, NY 10019

 

(c)          If
given to any Member, at the address set forth on Schedule I, or at such other address as any Member may hereafter designate
by notice to the Company and all other Members.

 

Any
party to this Agreement may change the address to which notices are to be sent in accordance with this Section by notifying the
other parties hereto in writing of such new address.

 

17.6         Captions.
Article and Section titles or captions contained in this Agreement are inserted only as a matter of convenience and for reference
and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof.

 

17.7         Identification.
Whenever the singular number is used in the Agreement and when required by the context, the same shall include the plural, and
vice versa; and the masculine gender shall include the feminine and neuter genders, and vice versa. The words “include”
and “including” shall be deemed to be followed by the phrase “without limitation.” The terms “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not
to any particular Section, paragraph or subdivision.

 

    	36

    	 

    

 

17.8         Counterparts.
This Agreement may be executed in any number of counterparts and all of such counterparts shall be deemed an original and for
all purposes constitute one agreement binding on the parties hereto, notwithstanding that all parties are not signatory to the
same counterpart.

 

17.9         Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard
to principles of conflict of laws.

 

17.10    
  Members’ Competence. Anything in this Agreement to the contrary notwithstanding, no Member, or any
Assignee of the Membership Interest thereof, shall be a person or organization prohibited by law from becoming such. Any
assignment of an interest in the Company to any Person not meeting such standard shall be, to the fullest extent permitted by
law, void and ineffectual and shall not bind the Company.

 

17.11       Binding
Agreement. Except as otherwise provided herein to the contrary, this Agreement shall be binding upon and inure to the benefit
of the parties hereto, their personal representatives, successors and assigns, and shall be enforceable in accordance with its
terms.

 

17.12       Severability.
If any provision of this Agreement shall be declared invalid or unenforceable, the remainder of this Agreement will continue in
full force and effect so far as the intent of the parties can be carried out, and the parties further understand and agree that
any non-waivable provision of the Act shall supersede any provision of the Agreement.

 

17.13       Entire
Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof.

 

17.14       Benefits
of Agreement; No Third-Party Rights. Except for the Lender with respect to the Special Purpose Provisions, (i) none of the
provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of the
Members and (ii) nothing in this Agreement shall be deemed to create any right in any Person (other than Covered Persons) not
a party hereto, and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit
of any third Person (other than Covered Persons).

 

17.15       Member’s
Rights.         In addition to all other rights and remedies that a Member
may have at law and in equity, including, but not limited to, under the Act, a Member may bring any action against the Manager,
another Member and/or the Company to enforce the terms and provisions of this Agreement, to obtain a judgment for damages for
a breach of this Agreement, and/or to cause the Manager and/or a Member to perform its obligations under this Agreement.

 

17.16       Jurisdiction
and Venue. Regardless of what venue would otherwise be permissive or required, the Members and Managers stipulate that all
actions arising under or affecting this Agreement shall be brought in the appropriate city and/or county courts in the City of
New York, State of New York (the “State Courts”) or the United States District Court for the Southern District
of New York in the State of New York (the “Federal Court”), the Members and Managers agreeing that such forums
are mutually convenient and bear a reasonable relationship to this Agreement.

 

    	37

    	 

    

 

17.17       Consent
to Jurisdiction and Service of Process. The parties irrevocably submit to the jurisdiction of the State Courts and the Federal
Court for the purpose of any suit, action, or other proceeding arising under or affecting this Agreement. In addition to all other
proper forms of service of process, the Members and Managers hereby agree that service of process may be accomplished by providing
such service in accordance with the notice provisions of Section 17.5.

 

17.18       Attorneys’
Fees. In any action or suit arising out of this Agreement, the prevailing party, as determined by the trier of fact, shall
be entitled to recover from the other party its reasonable attorneys’ fees and costs incurred in such action or suit. Reasonable
attorneys’ fees shall be based upon such fees actually incurred at the customary hourly rates of attorneys in the New York,
New York area for the expertise required and shall not be based upon any statutory presumptions or rates.

 

17.19       Waiver
of Right to Jury Trial. The Manager and Members do each hereby waive to the fullest extent of the law their right to a jury
trial in regard to any matter, issue, dispute or other claim which arises out of this Agreement or the transactions contemplated
by this Agreement. The Manager and each Member represent to one another that each has sought the advice of legal counsel in waiving
its right to a jury trial and makes such waiver willingly and freely.

 

[SIGNATURES
APPEAR ON THE IMMEDIATELY FOLLOWING PAGES]

 

    	38

    	 

    

  

COMPANY
AND MANAGER SIGNATURES

 

The
Company and the Manager, agreeing to be bound by the foregoing, execute this Agreement as of the 30th day of July,
2014.

 

	 	COMPANY:
	 	 
	 	BR Orlando UCFP, LLC
	 	 
	 	By:  Bluerock Special Opportunity + Income Fund LLC, its
	 	Manager
	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name: Jordan Ruddy
	 	Title: Authorized Signatory
	 	 
	 	MANAGER:
	 	 
	 	Bluerock Special Opportunity + Income Fund, LLC
	 	 
	 	By:	/s/ Jordan Ruddy 
	 	Name:  Jordan Ruddy
	 	Title: Authorized Signatory

 

    	39

    	 

    

  

MEMBER
SIGNATURES

 

The
undersigned Members, agreeing to be bound by the foregoing execute this Agreement as of the 30th day of July, 2014.

 

	 	CLASS A MEMBER:
	 	 
	 	BRG UCFP Investor, LLC, a Delaware limited liability company
	 	 
	 	By:	/s/ R. Ramin Kamfar
	 	Name: R. Ramin Kamfar
	 	Title:  Authorized Signatory
	 	 
	 	CLASS B MEMBER:
	 	 
	 	Bluerock Special Opportunity + Income Fund, LLC
	 	 
	 	By:	/s/ Jordan Ruddy 
	 	Name: Jordan Ruddy
	 	Title:Authorized Signatory

 

    	40

    	 

    

 

SCHEDULE
I

 

Class A Member: BRG UCFP
Investor, LLC

 

Class A Capital Commitment: $3,629,488
(inclusive of $635,160 for projected Class A Preferred Reserve)

 

Class A Initial Capital Contribution:
$3,629,488 (inclusive of $635,160 for projected Class A Preferred Reserve)

 

Class B Member: 

 

Name: Bluerock Special Opportunity
+ Income Fund, LLC

 

Class B Membership Interest: 100.00%

 

Capital Contribution: $4,885,483

 

    	41Exhibit 10.85

 

EXECUTION COPY

 

DEVELOPMENT AGREEMENT

 

THIS DEVELOPMENT AGREEMENT,
made and entered into this 31st day of January, 2014, by and between UCFP OWNER, LLC, a Delaware limited liability
company, as Trustee under the BR/CDP Colonial Trust Agreement, dated December 15, 2013 (hereinafter referred to as "Owner"),
and CDP DEVELOPER I, LLC, a Georgia limited liability company (hereinafter referred to as "Developer").

 

WITNESSETH:

 

WHEREAS, Owner is
the owner of that certain tract or parcel of land located lying and being in Orange County, Florida holding title in trust for
the "Beneficiaries" as such term is defined in the BR/CDP Colonial Trust Agreement, dated December 15, 2013 and being
more particularly described on Schedule "A" attached hereto and by this reference made a part hereof (the
"Property");

 

WHEREAS, Owner is
desirous of engaging Developer as an independent contractor for the purpose of performing the Development Work (defined herein)
upon the terms, conditions and covenants herein described; and

 

WHEREAS, Developer
is desirous of performing the Development Work as an independent contractor of Owner.

 

NOW, THEREFORE, for
and in consideration of the above premises, the sum of Ten Dollars ($10.00) in hand paid by each party to the other, and the mutual
promises, obligations and agreements contained herein, Owner and Developer, intending to be legally bound, do hereby agree as follows:

 

ARTICLE 1

DEFINITIONS

 

As used herein, the following terms shall have the
following meanings:

 

"Affiliate"
means with respect to any Person, (i) any relative of the Person in question, if such Person is an individual, or (ii) any
other Person directly or indirectly controlled by, controlling or under common control with the Person in question, (whether directly
or indirectly through one or more intermediaries), or (iii) any shareholder, member or partner of any Person described in (ii)
above. For the purpose of this definition, "control" means the possession, directly or indirectly, of the power to decide,
affirmatively (by direction) or negatively (by veto), management and policies, whether through the ownership of voting securities
or by contract or otherwise.

 

"Agreement"
shall mean this Agreement, together with all amendments hereto, all exhibits attached hereto and all other instruments and
documents incorporated herein by reference.

 

"Architect"
shall mean the architect engaged by Owner in connection with the design and construction of the Project.

 

    	 

    	 

    

  

"Architect's
Contract" shall mean the architect's contract entered into by Owner and Architect providing for the plans, drawings, specifications,
contract administration and related materials necessary or appropriate for the construction of the Project.

 

"BR
Investor" shall mean BR Orlando UCFP, LLC, a Delaware limited liability company.

 

"Budget
Category" shall mean the line item categories of costs and/or expenses set forth on Exhibit A attached hereto
and by this reference made a part hereof.

 

"Business
Day" means a day which is not a Saturday or Sunday or a legally recognized public holiday in the United States of America,
the State of Florida, the State of New York or the State of Georgia.

 

"Completion
Date" shall mean, with respect to the Development Work, the date upon which the last of the following shall have occurred:
(i) the construction and equipping of the Project shall have been substantially completed in accordance with the Architect's Contract
and the Construction Contract (inclusive of landscaping plans, to the extent that landscaping can feasibly be installed due to
the season), including completion of all punch list items, as evidenced by a certificate to such effect from the Architect and
the Specialists and Consultants (exclusive, however, of any interior designer), provided, however, that punch list items which
in the aggregate do not exceed $25,000 (exclusive of seasonal landscaping work) shall be deemed completed for the purpose of this
requirement, (ii) all required utilities are available, (iii) all permits for the construction and equipping of the Project have
been issued, and (iv) a certificate of occupancy has been issued with respect to the Project by the appropriate governmental authority.

 

"Construction
Contract" shall mean that certain Construction Agreement, as may be modified, between the Owner and Contractor for the
construction of the Project in a form to be approved by and executed by Owner.

 

"Construction
Loan" shall mean that certain loan, by and between Owner and any lender, secured by the Project, for the purpose of financing
the construction of the Project.

 

"Contractor"
shall mean such general contractor(s) as may be recommended by Developer and approved and retained by Owner from time to time
to construct the Project.

 

"Developer" shall
have the meaning set forth in the Preamble.

 

"Development
Budget" shall mean the final budget, approved by Owner and the construction lender for the Project, of all expenses estimated
and projected to be incurred with respect to the planning, design, development and construction of the Development Work, as such
initial budget may, from time to time, be amended in accordance with this Agreement. A preliminary budget is attached hereto as
Exhibit "D"; provided, however, the preliminary budget is for illustrative purposes only and shall not govern with respect
to this Agreement.

 

    	 

    	 

    

  

"Development
Consultant" shall mean the development consultant to the extent selected by BR Investor to the extent contemplated in
the LLC Agreement to monitor and review, on behalf of Owner at Owner's expense, the construction and development of the Project.
For avoidance of doubt, if BR Investor fails to select a Development Consultant, then there shall be no Development Consultant.

 

"Development
Costs" shall mean all costs set forth on the Development Budget and incurred in connection with the Development Work.

 

"Development
Fee" shall mean the fee payable by Owner to Developer pursuant to the provisions of Section 11.1 of this Agreement with
respect to the Development Functions.

 

"Development
Functions" shall mean those obligations, responsibilities and functions of Developer set forth in this Agreement.

 

"Development
Period' shall mean the period commencing on the date hereof and terminating on the date upon which Final Completion is achieved.

 

"Development
Work" shall mean the work described on Exhibit B attached hereto and by reference made a part hereof.

 

"Development Work Control
Report" shall have the meaning set forth in Section

6.2 hereof.

 

"Draw Request " shall
have the meaning set forth in Section 6.2 hereof.

 

"Event of Default "
shall mean any one or more of the events described in Section

12.4 of this Agreement.

 

"Final
Completion" shall have the meaning set forth in the Construction Contract, or if such term is not defined in the Construction
Contract, the corresponding definition in the Construction Contract applicable to the satisfaction of all construction related
obligations and meeting the requirements for the final release of all retainage thereunder.

 

"Force
Majeure" shall mean acts of God, war, riots, civil insurrections, hurricanes, tornados, floods, earthquakes, epidemics
or plagues, acts or campaigns of terrorism or sabotage, interruptions to domestic or international transportation, trade restrictions,
delays caused by any governmental or quasi-governmental entity, shortages of materials, natural resources or labor, labor strikes,
governmental prohibitions or regulations including administrative delays in obtaining building permits, inability to obtain materials
or any other cause beyond the reasonable control of the Developer.

 

"Key Persons" shall
have the meaning set forth in Section 3.3 hereof.

 

"LLC
Agreement " shall mean that certain Operating Agreement of Venture dated on or about the date hereof, as the same may
be amended from time to time.

 

    	 

    	 

    

  

"Members" shall
mean the members of the Venture as defined m the LLC Agreement.

 

"Monthly
Draw Package" shall have the meaning set forth in Section 6.2.1 hereof.

 

"Monthly
Financial Reporting Package" shall have the meaning set forth in Section 6.2 hereof.

 

"Monthly Reports"
shall have the meaning set forth in Section 6.2 hereof.

 

"Owner" shall
have the meaning set forth in the Preamble.

 

"Person"
shall mean an individual, partnership, corporation, limited liability company, trust, real estate investment trust, unincorporated
association, joint stock company or other entity or association.

 

"Plans
and Specifications " shall mean the plans and specifications with respect to the Project approved in writing by Owner,
including, without limitation, the plans and specifications more particularly described on Exhibit C attached hereto
and by reference made a part hereof.

 

"Prime"
shall mean the rate of interest published in the Wall Street Journal from time to time as the "Prime Rate" and if
such prime rate is not available a rate of interest which is a reasonable substitute therefor as mutually agreed to by Owner and
Developer.

 

"Project"
shall mean the apartment project and associated site work intended to be completed upon the Property as a result of the Development
Work.

 

"Project
Development Schedule" shall have the meaning set forth m Section 3.2.1(m) hereof.

 

"Property" shall
have the meaning set forth in the Recitals.

 

"Property
Manager" shall mean the management agent selected by the Owner to provide property management services in respect of the
Project.

 

"Specialists
and Consultants" shall have the meaning set forth in Section 3.2.1(b) hereof.

 

"Term" shall
have the meaning set forth in Section 12.1 hereof.

 

"TIC
Documents" shall mean the Tenant in Common Agreement, the TIC Management Agreement, and the Trust Agreement entered into
or to be concurrently entered into by the Beneficiaries that govern the relationship among the Beneficiaries with respect the Property
and the construction of the Project.

 

    	 

    	 

    

  

"Venture" shall
mean BR/CDP UCFP VENTURE, LLC, a Delaware limited liability company.

 

ARTICLE 2

ENGAGEMENT OF DEVELOPER

 

2.1           Engagement.
Owner hereby engages Developer as the exclusive development manager with respect to the Development Work during the Term of this
Agreement as provided herein, for the purpose of managing, arranging, supervising and coordinating, the planning, design, permitting,
scheduling, construction and completion of the Development Work, all in accordance with and subject to the terms, conditions and
limitations herein set forth. Developer hereby accepts such engagement and hereby agrees to diligently perform its duties and the
Development Functions hereunder, which performance shall be carried out in a manner at least equal to the standard of care and
quality of services rendered by the leading and most reputable companies performing the same or similar type professional services
in connection with institutional grade multifamily apartments in the area of the Property. Developer further agrees to apply commercially
reasonable business practices in the performance of its duties hereunder, and to comply with all laws and regulations applicable
thereto. Developer acknowledges the existence of, and agrees to be bound by, and perform in accordance with, the terms of, the
TIC Documents, including the delegation of certain rights by the Beneficiaries to one or more of the Beneficiaries or to one or
more managers appointed by such Beneficiaries thereunder.

 

2.2           Relationship.
With respect to Owner, Developer shall at all times be an independent contractor. No provision hereof shall be construed to constitute
Developer or any of its officers or employees as an employee or employees of Owner, nor shall any provision of this Agreement be
construed as creating a partnership or joint venture between Developer and Owner. Neither Owner nor Developer shall have the power
to bind the other party except pursuant to the terms of this Agreement. This Agreement is not intended to provide or create any
agency relationship between Owner and Developer, and Developer shall have no right or authority, express or implied, to commit
or otherwise obligate Owner in any manner whatsoever, except as expressly provided herein, and Developer agrees that it shall not
hold itself out as having authority to act on behalf of Owner in any manner, except as expressly provided herein.

 

ARTICLE 3

RESPONSIBILITIES OF DEVELOPER

 

3.1           General
Responsibility. Developer's general responsibility hereunder as Owner's development manager shall be to manage, arrange, supervise
and coordinate, in all respects, the planning, design, construction, leasing, and completion of the Development Work.

 

3.2           Development
Functions. In discharging its general responsibility hereunder with respect to the Development Work, Developer shall perform
and discharge the specific responsibilities set forth in this Section 3.2, subject to the terms of this Agreement.

 

    	 

    	 

    

  

3.2.1        Pre-Development
Phase. During the pre-development phase of the Development Work, Developer's responsibilities will include, without limitation,
the following:

 

(a)          Preparing
and refining the Development Budget, the initial draft of which is attached to this Agreement as Exhibit D and which shall
be finalized prior to the Closing of the Construction Loan and approved by the construction lender. The Development Budget shall
be broken down into such major categories as Owner may request of Developer, including without limitation, estimated costs of procuring
and maintaining entitlements and other permits, design costs, construction costs (both hard and soft costs), tenant improvement
costs, marketing costs, project administration costs, financing costs and contingencies, but in all respects separated as between
the items constituting "hard costs" and the items constituting "soft costs", as the same is approved by the
construction lender;

 

(b)          Recommending
to Owner planning, architectural, engineering, interior design and other specialists and consultants for the Development Work (collectively,
the "Specialists and Consultants"), coordinating the process for the selection by Owner of such Specialists and
Consultants for the Development Work (including a competitive bidding process), reviewing and analyzing proposals from such Specialists
and Consultants, and, following approval thereof by Owner, preparation and/or review and evaluation of proposed contracts between
Owner and such Specialists and Consultants, and the negotiation of such proposed contracts (it being understood that all contracts
shall be signed by Owner and, therefore, are subject to Owner's prior approval);

 

(c)          Assisting
Owner in establishing the design criteria of the Development Work;

 

(d)          Supervising
the preparation of boundary and topographic surveys of the Property or applicable portions thereof;

 

(e)          Supervising
the preparation of environmental site assessments and geotechnical reports of the Property to the extent not yet prepared by or
on behalf of Owner by Developer;

 

(f)          Supervising
the preparation of site plans showing the location of roads, utilities, buildings, parking areas and other improvements to be constructed
in connection with the Development Work;

 

(g)          Supervising
the preparation of preliminary drawings and specifications in accordance with the approved design criteria;

 

(h)          Defining
the concept for the proposed Project including, without limitation, uses, sizes, physical arrangements and utility requirements;

 

    	 

    	 

    

  

(i)           Analyzing
the entitlements required for the proposed Project including zoning, parking requirements, traffic studies, site plan approvals,
wetlands permits, DOT access permits , resubdivision requirements, offsite improvements, environmental approvals, etc.;

 

(j)           If
applicable, analyzing major tenant restrictions in the supplemental agreements, leases, and other documents pertaining to the Project;

 

(k)          Assessing
the potential tenants, rents, leasing pace, tenant concessions, and other enticements to tenants;

 

(l)           Preparing
preliminary financial analyses of the proposed Project and recommending whether the proposed Project has sufficient probability
of a successful implementation to warrant continuing with the Development Work; and

 

(m)         Prepare
for Owner's and construction lender's review and approval a detailed project development schedule for the Project ("Project
Development Schedule"), including subcategories for permitting, design and construction of the Project. The Project Development
Schedule shall be reviewed by Developer and updated on a regular basis by the Contractor and any revisions will be promptly submitted
to Owner and the construction lender for review and approval.

 

3.2.2        Design
Development Phase. During the design development phase of the Development Work, which shall continue after commencement of
the construction phase as to those elements of the Development Work for which final Plans and Specifications, final Development
Budget items, and final changes to the Construction Contract have not then been approved by Owner, Developer shall coordinate with
Owner, Development Consultant and with the Architect and the Specialists and Consultants, to obtain final drawings and specifications
(including mock-ups and color samples) acceptable to Owner, and Developer's responsibilities will include, without limitation,
the following:

 

(a)          Securing,
on Owner's behalf, the necessary entitlements to construct the proposed Project (all such entitlements and terms thereof subject
to Owner's prior written approval);

 

(b)          Cooperating
and coordinating with the Property Manager;

 

(c)          Confirming
leasing assumptions, construction costs, offsite improvement costs, and other costs to implement the Project;

 

(d)          Preparing
a recommendation to proceed or not proceed with the construction phase of the Development Work;

 

    	 

    	 

    

  

(e)          Reviewing,
commenting on and coordinating changes in preliminary design and working drawings, specifications and site plans that are requested
by Owner or Development Consultant;

 

(f)          Working
with Owner, Development Consultant and with the Architect and the other Specialists and Consultants to enhance compatibility of
architectural drawings with other elements of the Development Work such as interior design;

 

(g)          Preparing
a description of standard interior finishes for the interior of the Development Work, together with a proposed budget for the installation
of such finishes, for Owner's approval;

 

(h)          Obtaining
cost estimates from Specialists and Consultants and/or contractors and preparing revisions to the Development Budget for the construction
phase in light of design development;

 

(i)           Advising
Owner and Development Consultant with respect to preferred construction methods;

 

(j)           With
the Architect and other appropriate Specialists and Consultants, undertaking cost analysis, value engineering and constructability
reviews for the Project and evaluating design alternatives;

 

(k)          Coordinating
the finalization and approval by Owner of final drawings and specifications, including landscaping plans, mechanical and electrical
drawings, architectural appearance, and interior design schemes for common areas;

 

(1)          Identifying
and recommending to Owner and Development Consultant proposed major subcontractors for the Development Work, coordinating the process
for the approval by Owner of the major subcontractors that are selected by the Contractor as required under Owner's operating agreement,
analyzing proposals from such proposed major subcontractors and reviewing for acceptability the bids received from major subcontractors;

 

(m)         Preparing
and/or reviewing and evaluating agreements with Contractor, which agreements may require Contractor or specified major subcontractors
to furnish payment and performance bonds for work on the Development Work, if such requirement is requested in writing by Owner
or Development Consultant, and, if requested by Owner or Development Consultant, negotiating such agreements (it being understood
that all agreements with the Contractor shall be signed by Owner and, therefore, subject to Owner's prior approval);

 

(n)          Administering
and overseeing the selection by Contractor of major subcontractors and others as appropriate for construction of any improvements
Owner authorizes to be constructed on the Development Work;

 

    	 

    	 

    

  

(o)          Obtaining,
through Contractor and on behalf of Owner, all building, development, and other permits and governmental approvals necessary to
commence construction of the Development Work.

 

3.2.3        Construction
Phase. Once construction of the Development Work commences, Developer will serve as a general construction consultant, and
Developer's responsibilities with respect to the Development Work will include, without limitation, the following:

 

(a)          Making
visits to the job site as and when necessary to perform its obligations pursuant to, and in accordance with, the terms of this
Agreement to review the work and progress of construction with Contractor and with the Architect and the other Specialists and
Consultants, including, without limitation, observing Contractor's final testing, start-up and initial operation, which initial
operation shall be in good working order, of all utilities, operational systems and equipment. Developer shall oversee the testing
and delivery of all building systems in consultation with Owner to ensure complete working operation prior to acceptance by the
Owner;

 

(b)          Consulting
with Owner and Development Consultant regarding proposed changes and modifications to the Plans and Specifications which are material
in nature (i.e. which will result in increases to the Development Budget of more than $25,000 per change, and $75,000 in the aggregate,
provided, however, that for any changes and modifications that do not reach such levels Developer may implement such changes at
its discretion), obtaining Owner's written approval, subject to Section 4.1, as a condition of implementation of any changes and
modifications, coordinating issuance of change orders if and when changes as described above are approved in writing by Owner,
Contractor, and other necessary parties;

 

(c)          Responding
promptly (and in writing if requested) to any questions from Owner and/or Development Consultant regarding the work or progress
of construction, construction methods, scheduling, and the like;

 

(d)          Coordinating
the turnover of portions of the Development Work as and when the same are appropriately completed, including performing walk- throughs
to identify punch list items and timely ensuring the follow through completion of all such punch list items;

 

(e)          Coordinating,
overseeing and managing in a commercially reasonable and efficient manner all efforts by all appropriate parties to complete the
Development Work in accordance with the Plans and Specifications thereof and within the Project Development Schedule, as the same
may be amended from time to time with the approval of all necessary parties, such efforts to include, without limitation, assisting
in the scheduling of inspections and the preparation and timely disposition of all punch lists;

 

    	 

    	 

    

  

(f)           Coordinating,
overseeing and managing in a commercially reasonable and efficient manner all efforts by all appropriate parties to timely complete
the punch list items identified by Development Consultant, Owner, Architect, Specialists and Consultants, Contractor and Developer;

 

(g)          Managing
compliance by Contractor with the Construction Contract, including, without limitation, monitoring insurance certificates of the
Contractor and all subcontractors, submission of applications for payment and supporting documentation;

 

(h)          Causing
the Contractor to maintain at the Project site for Owner and Development Consultant one record copy of all contracts, drawings,
specifications, addenda, change orders and other modifications, in good order and marked currently in readable form to record changes
and selections made during construction, and in addition, approved shop drawings, product data, samples and similar required submittals.
Developer shall further cause the Contractor to maintain records, in duplicate, of principal building layout lines, elevations
of the bottom of the footings, floor levels and key site elevations certified by a qualified surveyor or professional engineer.
All such, and all other, project and construction related documents shall be always available to Owner for inspection and shall
be copied for Owner by Developer at Owner's expense on reasonable written notice;

 

(i) Arranging
for the delivery, storage, protection and security of Owner-purchased materials, systems and equipment that are a part of the Project
until such items are incorporated into the Project;

 

(j) Facilitating
and implementing in a commercially reasonable and expedient manner all close-out duties to complete the Development Work;

 

(k)          Obtaining,
or causing the Contractor to obtain, on behalf of Owner, a permanent certificate of occupancy (or other appropriate and necessary
governmental permission to occupy) with respect to the portions of the Development Work which will require the same;

 

(1)          Obtaining
all final warranties (and all related documentation), to the extent provided for in the Construction Contract from Contractor and
any subcontractors with respect to the Development Work and construction of the Project and all materials provided in connection
therewith for the benefit of Owner; and

 

    	 

    	 

    

  

(m) Subject
in all cases to the approval of the Owner and the construction lender under the Construction Loan, facilitating and implementing
the process of submitting Draw Requests for approvals, collecting and providing all applicable back up and documentation necessary
for such Draw Requests to be processed by the construction lender in accordance with the terms of the Construction Loan and overseeing
the proper expenditure or distribution of all such funds to the parties entitled thereto once released by construction lender or
Owner for purposes of paying such related expenses. Developer shall be responsible for all associated accounting and record keeping
on behalf of Owner with respect to any Draw Requests and fund disbursements, and in connection therewith shall provide contemporaneous
notices to the Owner of any Draw Requests submitted in connection with the Development Work and the construction of the Project
along with copies of all documentation submitted in connection with any Draw Request and any disbursements from lender related
thereto. Developer will further cooperate with Owner in providing complete access (upon reasonable written notice) to all associated
records of Developer in connection therewith, at Owner's cost.

 

3.2.4        All
Phases. During all phases of the Development Work, Developer's responsibilities will include, without limitation, the following:

 

(a)          Providing
Owner and Development Consultant with the Monthly Reports as provided in Section 6.2 hereof so as to keep Owner fully apprised
of the progress of development;

 

(b)          Preparing
and submitting to Owner and Development Consultant supplements and refinements to the Development Budget for Owner's approval as
development of the Development Work moves through its various phases to completion;

 

(c)          Monitoring
the Project Development Schedule and the progress of development and construction of the Project in comparison thereto;

 

(d)          Notifying
Owner and Development Consultant of any actual or anticipated change in the Project Development Schedule of which Developer becomes
aware, including promptly advising Owner of any delays in the Project Development Schedule and the reasons for any such delay;

 

(e)          Recommending
to Owner and Development Consultant any application of contingency (which application of contingency shall be subject to Owner's
prior written approval);

 

(f) Advising
Owner with respect to obtaining any variances or rezoning of such portion of the land included within the Development Work as are
necessary or appropriate to cause the Development Work to be in compliance with applicable codes, laws, regulations and ordinances.
Upon receipt of Owner 's written approval, make or agree to any changes to the site-plan, subdivision or zoning of the Development
Work or any portion thereof;

 

(g) Advising
Owner with respect to (1) all dealings with all governmental authorities who have control over the development of the Development
Work and the construction of all improvements, and (2) the contest by Owner of any law, regulation or rule which Owner deems to
adversely affect the Development Work;

 

    	 

    	 

    

  

(h)          Coordinating
and managing the performance of Contractor, the Architect and the other Specialists and Consultants under their respective contracts
with Owner and giving or making Owner's instructions, requirements and approvals provided for in such contracts after obtaining
Owner's written approval with respect thereto;

 

(i)           Using
commercially reasonable and diligent efforts to resolve and settle any conflict among Contractor, the Architect and the Specialists
and Consultants and keeping Owner and Development Consultant fully informed with respect to such conflicts and settlement discussions;

 

(j)           Assisting
Owner and Development Consultant with respect to Owner's negotiations with all applicable utility companies, whether governmental
or otherwise, for the installation of all applicable utility services to the Project on a timely basis, with Owner bearing the
cost of all required utility deposits and costs of installation;

 

(k)          Organizing
and coordinating a schedule of monthly draw meetings or teleconferences to be attended by Developer, Owner and Development Consultant,
which such schedule shall set forth the dates on which the monthly draw meetings will be held;

 

(1)          Reviewing
applications for payment submitted by Contractor and other Specialists and Consultants and preparing documentation for all requests
for payments from Owner, in form and content sufficient to permit Owner and Development Consultant to determine the appropriateness
of such payments;

 

(m)         Coordinating
the performance of any tests and inspections required by any Owner's lender or governmental authority;

 

(n)          Subject
to the terms of this Agreement, taking whatever actions are appropriate to accomplish completion of the Development Work in accordance
with the Project Development Schedule, within the approved Development Budget, and in accordance with standards and specifications
approved by Owner and in compliance with the Plans and Specifications and applicable law;

 

(o)          Subject
to the terms of this Agreement, using reasonable efforts to comply or cause compliance by the appropriate party with the Owner's
obligations relating to the development of the Project undertaken by Owner in any written agreement (including loan agreements,
mortgages and leases) and notifying Owner and Development Consultant promptly in the event Developer becomes aware of any noncompliance;

 

    	 

    	 

    

  

(p)          In
addition to, and in furtherance of, the obligations under 3.2.3 (m) above, sending to Owner
and Development Consultant the Monthly Draw Package and, at Owner's request, copies of all notices received by Developer
from the Architect, Contractor, the Specialists and Consultants and governmental authorities;

 

(q)          Advising
Owner with respect to any master planning issues relating to the Development Work, including, but not limited to, traffic planning
issues, historic preservation issues, aesthetic issues relating to buildings and sites, and building occupancy criteria issues;

 

(r)           Timely
filing on behalf of, and as agent for, Owner any notices of completion required or permitted to be filed and taking such action
as may be required to obtain required licenses or permits;

 

(s)          Recording
and reporting to Owner and Development Consultant the progress of the construction of the Development Work, which reports shall
be made on a monthly basis in accordance with Section 6.2;

 

(t)          Causing
complete and accurate files, books of account and other records of all development and construction costs and expenses of the Development
Work incurred by Owner to be prepared and maintained;

 

(u)          Cooperating
in all respects with Owner, the Members of the Owner, and their respective agents and representatives (including, without limitation,
Development Consultant) in connection with construction of the Project and the performance of the Development Work; and

 

(v)          Performing
generally such other acts and things as may be required in accordance with this Agreement for the full and complete supervision
and coordination of the planning, design, development and construction of the Development Work and advising and consulting with
Owner and Development Consultant with respect thereto.

 

No delegation by
Developer of any of its obligations hereunder (except pursuant to Owner-approved agreements with Specialists and Consultants) shall
be permitted without the prior written consent of Owner in its sole discretion and no such delegation shall relieve Developer of
any responsibility or liability with respect to such obligations hereunder.

 

3.2.5        Completion
of the Development Work. Developer hereby agrees to diligently use its commercially reasonable efforts and shall devote sufficient
time and personnel to cause the Development Work to be completed in compliance with the time parameters established therefor by
Owner as herein provided and in compliance with such contractual obligations of Owner, including obligations under loan agreements,
mortgages and leases, and to cause the construction of those improvements approved by Owner within the Development Work to be completed
on or before the projected completion date of the Development Work (as determined from the Project Development Schedule), in accordance
with the Development Budget (as the same may be revised as contemplated herein) for the Development Work, and in compliance with
applicable law and the Plans and Specifications, to the extent the Owner has provided funds therefore to the extent required under
this Agreement, but in all instances, subject to delays caused by Force Majeure, no later than eighteen (18) months as determined
by the issuance of a final certificate of occupancy for the Project measured from Effective Date.

 

    	 

    	 

    

  

3.3           Employees.
Developer shall have in its employ at all times a sufficient number of capable employees to enable Developer to properly perform
its duties and obligations under this Agreement including, without limitation, managing, arranging, supervising and coordinating
activities necessary to achieve completion of the Development Work in accordance with the Project Development Schedule. Except
as expressly included in the Development Budget, or as otherwise provided in Section 11.2 hereof, Developer shall be responsible
out of Developer's own funds for all costs and expenses related to the employment of such personnel. All persons employed by Developer
in the performance of its responsibilities hereunder shall be the employees of Developer and not of Owner (provided that any independent
contractors shall not be deemed employees of either Developer or Owner), and shall be exclusively controlled by Developer and not
by Owner, and Owner shall have no liability, responsibility or authority with respect thereto. The identity of the "Development
Manager" and other key personnel involved in the development of the Development Work are listed on Exhibit E
attached hereto ("Key Persons") and by reference made a part hereof.

 

3.4           Information.
Developer shall use reasonable efforts to keep Owner and Development Consultant fully informed on an up-to-date basis of the progress
of the development, design and construction of any work to be accomplished in connection with this Agreement, including (a) all
scheduled meetings to be held with governmental officials, (b) all meetings of the Development Work construction team, which may
include Owner and Development Consultant and the contractors, architects and engineers engaged in connection therewith, and (c)
any defaults, or potential defaults, of any material nature under this Agreement or any of the agreements entered into in connection
with this Agreement (including, without limitation, loan agreements, mortgages and leases). All notices, Monthly Reports, documents
and other such information required to be delivered by Developer to Owner under this Agreement shall be delivered to the parties
set forth in Section 13.7 hereof.

 

3.5           Mechanic's
Liens. If any mechanic's lien or other encumbrance shall be filed against the Project or the Property or any portion thereof
because of any negligence or willful misconduct by Developer, whether or not arising from the development of the Project or subsequent
repair, maintenance, alteration or otherwise, unless such lien shall be filed as a result of Owner's breach of its obligations
hereunder or Owner's negligence or willful misconduct, Developer shall, at its own cost and expense, cause the same to be discharged
of record, bonded over (as provided under applicable laws of the state in which the Project is located and subject to any additional
requirements of any lender) and/or insured over (in form and amount as required by any lender) by the title insurer for the benefit
of Owner and/or any lender, within thirty (30) days after the filing of any such mechanic's lien or such earlier period required
under any applicable loan documents. So long as Developer complies with the preceding sentence, Developer may contest any such
lien or encumbrance so long as such contest does not create an imminent danger of foreclosure of such lien or encumbrance. If Developer
fails to comply with the foregoing provisions, Owner shall have the option, on ten (10) Business Days' prior notice to Developer,
to discharge, bond or insure over any such lien, charge, order or encumbrance, and Developer shall reimburse Owner for all reasonable
costs and expenses thereof, including reasonable attorneys' fees and costs (provided that Owner may, at its option, elect to offset
such sums against the next installment of the Development Fee that may be due and payable to Developer under this Agreement).

 

    	 

    	 

    

  

3.6           Warranties
and Guarantees. Developer shall secure in the name of Owner all warranties and guarantees of the work by the Contractor, suppliers
and manufacturers of components of the Project. Such warranties shall be assigned to Owner. After final completion of the Project
and during the period of time which any particular warranty survives, Developer shall assist Owner with enforcing any warranties
or guarantees with respect to the Project upon request and shall be reimbursed for its reasonable out-of-pocket costs in connection
therewith. If there is an opportunity to purchase extended warranties or guarantees from the Contractor or any subcontractor, manufacturer
or supplier with respect to the mechanical systems, roof or structural components of the Project, Developer shall present such
opportunity to Owner promptly upon Developer being made aware of the availability thereof. If Owner so elects, Developer shall
purchase such extended warranty or guaranty at Owner's cost for Owner's benefit and Owner shall reimburse Developer for the cost
of such extended warranty.

 

ARTICLE 4

DEVELOPMENT BUDGET

 

4.1           Implementation
of Development Budget. Developer is hereby authorized and directed to implement the Development Work in compliance with the
Development Budget and as otherwise provided in this Agreement. Developer may, subject to the terms of this Agreement, make any
expenditures and incur any obligations provided for in the Development Budget, as it may be revised from time to time as provided
herein. Developer shall use prudence and diligence and shall employ its commercially reasonable efforts to ensure that the actual
costs incurred for each Budget Category as set forth in the Development Budget shall not exceed such category in the Development
Budget. Developer shall advise Owner in Monthly Reports if it appears that the total costs in any Budget Category specified in
the Development Budget is reasonably expected to exceed the amount budgeted therefor. All expenses shall be charged to the proper
Budget Category in the Development Budget, and no expenses may be classified or reclassified for the purpose of avoiding an excess
in the budgeted amount of a Budget Category without Owner's prior written approval. The Developer shall be permitted to make any
reallocations among line items and/or to apply savings and contingency amounts under the Development Budget without Owner's prior
approval to the extent CDP UCF Developer, LLC has such rights in the LLC Agreement. Developer shall secure Owner's prior written
approval before incurring and paying any cost which exceeds the budgeted amount therefor in the Development Budget.

 

4.2           Revision
of Development Budget. If Developer at any time determines that the Development Budget for the Development Work is not compatible
with the then-prevailing status of the Development Work and does not or is not reasonably expected to adequately provide for the
completion of the Development Work under the remaining and unspent portion of the applicable categories of the Development Budget,
Developer shall promptly prepare and submit to Owner and Development Consultant an appropriate revision of the Development Budget
for Owner's consideration. Any such revision shall require the prior written approval of Owner (not to be unreasonably withheld,
conditioned or delayed) and consent of the construction lender as provided in the Construction Loan documents, and if Owner objects
to any such revision or if any required authorization from the construction lender has not been obtained, then the Developer will
not have the authority to incur any cost or expense reflected in the proposed rev1s10n.

 

    	 

    	 

    

  

4.3           Emergencies.
Notwithstanding any limitations herein provided, but subject in all events to the terms of the Construction Loan, Developer may
spend funds in reasonable amounts or incur reasonable expenses on behalf of Owner in circumstances which Developer reasonably and
in good faith believes constitute an Emergency (any circumstance in which immediate harm to person or property is present an "Emergency").
Developer shall, in any case, notify Owner and Development Consultant as soon as reasonably practicable, both orally and in writing,
of the existence of such Emergency, of the action taken by Developer with respect thereto and the related cost thereof.

 

ARTICLE 5

AUTHORITY OF DEVELOPER

 

5.1           General
Authority. Developer shall carry out and discharge the responsibilities and obligations of Developer under this Agreement (including,
without limitation, all of the responsibilities imposed upon Developer under Article 3 hereof); provided, however, that Developer
shall have no right or authority, express or implied, to commit or otherwise obligate Owner in any manner whatsoever except to
the extent specifically provided herein or otherwise specifically authorized in writing by Owner or any agent or manager of Owner
or its Beneficiaries to whom such approval authority may, from time to time, have been delegated.

 

5.2           Execution
of Documents and Agreements. Owner agrees to review any contracts or agreements submitted by Developer to Owner for Owner's
signature and to execute any such contracts or agreements approved by Owner so as to not cause any undue delay in the Project Development
Schedule.

 

5.3           Certain
Owner Approvals. Notwithstanding any provisions of this Agreement (including, without limitation, Section 4.1 hereof), but
without limiting the other restrictions on Developer's authority contained herein, Developer shall not take any action, expend
any sum, make any decision, give any consent, approval or authorization, enter into any agreement or incur any obligation with
respect to any of the following matters unless and until the same have been approved in writing by Owner (which approvals Owner
shall grant or withhold within three (3) Business Days
after receipt of a written request, provided that if any Lender's consent or approval is required therefor under the loan documents
or under the LLC Agreement, then such 3 Business Day period shall be tolled until any Lender's or Owner's consent or approval,
as the case may be, is granted):

 

(a)          Entering
into any construction or architectural contracts or any contract with any Specialists or Consultants or any other contract related
to, or in connection with, the Development Work or any amendments to such contracts, or taking any action, omitting to take action
or giving any notice, the taking, omission or giving of which will (i) result in the release or discharge of any party to any such
contract, or (ii) consent to any other party to any contract to assign or otherwise transfer its rights or obligations thereunder.

 

    	 

    	 

    

  

(b)          Authorizing
the preparation of any architectural plans, specifications and drawings.

 

(c)          Subject
to Section 3.2.3(b) of this Agreement, authorizing or approving any proposed change in construction or in the Plans and Specifications
therefor as previously approved by Owner or in the cost thereof, or any other change which would materially affect design, value
or quality of the Development Work.

 

(d)          Entering
into or amending any agreement or other arrangement for the furnishing to or by Owner of goods or services, to the extent Owner's
obligation under such agreement or arrangement exceeds, in any calendar year, Thirty Thousand Dollars ($30,000).

 

(e)          Commence,
settle or otherwise compromise any litigation for or on behalf of Owner.

 

(f) Except
as expressly provided in this Agreement, commit or otherwise obligate Owner in any manner with any party including, without limitation,
any governmental authority, utility company, lender, tenant, Specialist or Consultant, Contractor or Architect.

 

ARTICLE 6

ACCOUNTING AND REPORTS

 

6.1           Books
of Account. Developer shall maintain or cause to be maintained for a period of not less than two (2) years after the Completion
Date of the Development Work, proper and complete records and books of account which shall fully and accurately reflect the planning,
design, permitting, scheduling, construction, leasing and completion of the Development Work. All entries to such books of account
shall be supported by sufficient documentation to permit Owner, the Members of Owner, Development Consultant and any of their respective
auditors to ascertain that said entries are properly and accurately recorded. Such books of account shall be located at Developer's
principal office and shall be maintained in accordance with Developer's standard accounting methods consistently applied. Developer
shall keep vouchers, statements, receipted bills and invoices and all other records covering all collections, if any, disbursements
and other data prior to final completion of construction. During the requisite two (2) year period, at Owner's request the originals
of all such accounts and records, including all correspondence, shall be delivered to Owner without charge therefor. Records and
accounts shall be maintained on a basis sufficient to permit the preparation therefrom of financial statements in accordance with
generally accepted accounting principles and shall be adequate to provide Owner, the Members of Owner and their respective representatives
with all financial information as may reasonably be needed by any of the foregoing. Upon the expiration of the requisite two
(2) year period or later, if Developer seeks to destroy such records, Developer shall provide BR Investor and Owner with the
opportunity to copy or maintain the original records and accounts at no additional cost. This Section 6.1 shall survive any termination
of this Agreement.

 

    	 

    	 

    

  

6.2          Monthly
Reports. On a date to be specified by Owner for each calendar month during the Development Period for the Development Work,
Developer shall prepare a "Draw Request," a "Development Work Control Report" and a "Monthly
Financial Reporting Package" with respect to the Development Work, and shall cause the same to be delivered to Owner and
Development Consultant certified by Developer as true, complete and correct (collectively, the "Monthly Reports").

 

6.2.1       Draw
Request; Monthly Draw Package. The Draw Request for the month shall include a Development Work cost summary spreadsheet which
shall be a static financial account of all costs incurred (hard and soft) substantially in the form of the monthly draw package
attached hereto as Exhibit F (as the same may be modified by any requirements of any Lender that is disbursing such
funds on behalf of Owner) and with which Developer shall submit (or cause the Contractor to submit) AIA documents G 702 Application
for Payment (approved and notarized, where applicable, by the Architect) and G 703 Continuation Sheet for each direct contract
in place, along with completed lien waivers (the "Monthly Draw Package") and statement of any funding required
from Owner.

 

6.2.2       Development
Work Control Report. The Development Work Control Report shall include an updated Project Development Schedule, the most current
progress reports or other written reports received from the Contractor, Architect or the Specialists or Consultants, and a comparison
of the amount of actual costs incurred as of the effective date of such report to the budgeted costs as of such date, shown on
a line item basis using the same categories or line items set forth in the applicable Development Budget. The Development Work
Control Report shall also include information with respect to the status of claims, contractor defaults, Force Majeure events or
other such problems encountered during the Development Period, and shall otherwise be in a form and contain types of information
satisfactory to Owner.

 

6.2.3       Monthly
Financial Reporting Package. The Monthly Financial Reporting Package shall include the following statements: (i) a balance
sheet as of the twenty-fifth (25th) day of the preceding calendar month, (ii) the Draw Request as of the twenty-fifth (25th) day
of the preceding calendar month, (iii) a reconciliation between the Draw Request and the Development Budget as of the twenty-fifth
(25th) day of the preceding calendar month, reflecting a comparison of the amount of actual costs incurred as of such date to the
budgeted costs as set forth in the Development Budget and (iv) a monthly bank statement and reconciliation. All documents shall
be type written and shall not have any handwritten changes to dollar values. Any handwritten changes of a non- dollar nature shall
be initialed and dated by the person who made the change. Each such report shall be certified by an officer of Developer. Neither
the giving of notice by Developer to Owner of excess expenditures in any month nor the payment of such excess expenditures, shall
act to amend or otherwise modify the Development Budget unless such modification is specifically approved by Owner in writing.
Developer shall provide the reports set forth in this Section 6.2.3 on or before the twenty-fifth (25th) day of the
month following the month for which reporting is being provided.

 

    	 

    	 

    

  

6.3           Examination
of Books and Records. Owner, the Members of Owner, and their respective agents and representatives, at Owner's expense, shall
have the right at all reasonable times during normal business hours and upon at least twenty-four (24) hours advance notice, to
audit, examine, and make copies of or extracts from the books of account and records maintained by Developer with respect to the
Development Work. If Owner shall notify Developer of either weaknesses in internal controls or errors in record keeping, Developer
shall correct such weaknesses and errors as soon as possible after they are disclosed to Developer. Developer shall notify Owner
in writing of the actions taken to correct such weaknesses and errors. If any such audit shall disclose any overpayment by Owner
to Developer, written notice of such overpayment shall be provided to Developer and the amount of such overpayment shall be promptly
reimbursed by Developer to Owner together with interest at the Prime rate plus one percent (1%) from the date of overpayment by
Owner until the date repaid by Developer. This Section 6.3 shall survive any termination of this Agreement.

 

6.4           REIT
Compliance. Within fifteen (15) days of the end of each quarter of each fiscal year of Venture, upon receipt of a written request
therefor, Developer shall cause to be furnished to Venture (or any member of Venture making the request) such information as reasonably
requested by such party, and to the extent not readily available, which may be reasonably prepared by the Developer at the expense
of the requesting party, as is necessary for any such party (whether a direct or indirect owner) to determine its qualification
as a Real Estate Investment Trust and its compliance with REIT Requirements (as defined in the LLC Agreement) as shall be requested
by the requesting party. Further, the Developer shall cooperate in a reasonable manner at the request of Venture (or any member
of Venture making the request), at the expense of the requesting party, to work in good faith with any designated accountants or
auditors of such requesting party or its affiliates so that such requesting party or its affiliate is able to comply with any public
reporting, attestation, certification and other requirements under the Securities Exchange Act of 1934, as amended, applicable
to such entity, and to work in good faith with the designated accountants or auditors of such requesting party or any of its affiliates
in connection therewith, including for purposes of testing internal controls and procedures of such requesting party or its affiliates.

 

ARTICLE 7

DEVELOPMENT COSTS

 

7.1           Payment
of Costs. Except as otherwise provided in this Agreement, the TIC Documents and the LLC Agreement, all costs and expenses incurred
in connection with the development of the Development Work shall be the sole responsibility of Owner.

 

    	 

    	 

    

  

7.2           Method
of Payment of Development Costs. On a date to be specified by Owner for each month (in no event earlier than the 10111
day of any month in question), Developer shall deliver to Owner and Development Consultant the Monthly Report detailing the
Development Costs incurred prior to the twenty-fifth (25th) day of the preceding month and the amounts that need to be paid.
Owner shall, subject to the provisions of Section 8.2 below, within fifteen (15) calendar days (or such longer period as
necessary to obtain construction lender's approval or consent and to obtain the corresponding disbursement of loan proceeds
under the Construction Loan, as applicable, or as otherwise approved by Owner), advance the funds to Developer necessary for
payment and Developer shall promptly thereafter make such payments, or Owner may elect to make such payments
directly.

 

ARTICLE 8

OWNER'S FUNDS

 

8.1           Separate
Accounts. Payments made by Owner (and the lender under the Construction Loan, if applicable) pursuant to an approved Monthly
Report may be made, at Owner's (or any such lender's) discretion, directly to the parties to whom payment is owed or may be made
to an account of Owner over which Developer has signature authority for further disbursement to the Architect(s), Contractor, the
Specialists and Consultants, suppliers, tenants and other creditors. Such account or accounts shall be subject to withdrawal only
upon the signature or signatures of individuals approved by Owner. Owner shall have the right at any time to terminate Developer's
authority with respect to such accounts. Such account or accounts shall be maintained by Owner in such financial institutions as
may be selected by Owner. All such funds shall be and shall remain the property of Owner and shall be disbursed by Developer in
payment of the obligations of Owner incurred in connection with the development and construction of the Project and the performance
of the Development Work, or, subject to the provisions of Section 8.2 below, shall be disbursed to Owner at Owner's request. Developer
shall not commingle Owner's funds with the funds of any other Person and shall disburse Owner's funds only in accordance with Draw
Requests approved by Owner and, if applicable, the lender under the Construction Loan.

 

8.2           Owner's
Duty to Provide Funds. Except as otherwise provided herein and in the TIC Documents, Owner agrees that Owner will provide,
as and when necessary, all such amounts as are required to pay when due all current obligations of Owner in connection with the
development and construction of the Project and the performance of the Development Work, including all obligations of Owner to
Developer hereunder. Lien waivers will be accepted not more than one (1) month in arrears. In addition to the actual lien waivers,
a "lien waiver summary spreadsheet" shall be supplied by either Contractor or Developer such that a Development Work-to-date
review of lien waivers submitted can be reviewed. Developer shall promptly notify Owner with a reasonably detailed explanation
if there are insufficient funds in the account described in Section 8.1 above. Provided Developer has delivered the Monthly Draw
Package in accordance with the provisions of Article 7 and Owner and any applicable Lender has approved same, the Development Costs
set forth in such Monthly Draw Package shall be payable as provided in Section 7.2.

 

8.3           Investment
of Owner's Funds. If at any time there are in the bank account or accounts established pursuant to Section 8.1 above, funds
of Owner, from whatever sources, temporarily exceeding the immediate cash needs of the Development Work, Developer shall promptly
advise Owner of the existence of such excess funds, and Developer may (and at the direction of Owner shall) invest such excess
funds in such savings accounts, certificates of deposit, United States Treasury obligations, commercial paper, money market accounts,
repos, and the like, as Owner shall direct, provided that the form of any such investment shall be consistent with Developer's
need to be able to liquidate any such investment to meet the cash needs of the Development Work from time to time. All interest
or other income resulting from such investment shall be the property of Owner and shall be held and disbursed by Developer in accordance
with this Article 8.

 

    	 

    	 

    

  

ARTICLE 9

INDEMNITY; LIABILITY; PLANS

 

9.1           Indemnity
of Owner. Developer hereby agrees to indemnify, defend and hold harmless Owner and its respective officers, directors, shareholders,
partners, members, parents, subsidiaries, trustees, beneficiaries, investment advisors, licensees, agents, employees and successors
and assigns (each, an "Indemnified Party"), to the extent of any and all claims, demands, losses, liabilities,
actions, lawsuits and other proceedings, judgments and awards, and costs and expenses (including without limitation reasonable
and actual attorneys' fees and court costs incurred in connection with the enforcement of this indemnity or otherwise), suffered
or incurred by such Indemnified Party to the extent of (i) fraud, gross negligence or willful misconduct of Developer in connection
with this Agreement or Developer's services or work hereunder, (ii) Developer acting outside the scope of its duties or authority
hereunder, (iii) any Event of Default or (iv) any violation by Developer of applicable law. Developer shall have the right to defend,
and shall defend, at its expense and by counsel of its own choosing (subject to the applicable Indemnified Party's approval of
such counsel, not to be unreasonably withheld), against any claim or liability to which the indemnity agreement set forth in this
Section 9.1 would apply. Any settlement of any such claim or liability by Developer shall be subject to the reasonable approval
of the applicable Indemnified Party. The right of any Indemnified Party to be defended hereunder, to defend or settle any such
claim shall be limited to those cases where Developer has failed or refused to defend after written notice to Developer or to where
any Indemnified Party to be defended hereunder reasonably determines that a conflict of interest exists. Developer or Owner, as
applicable, shall regularly apprise the other of the status of all proceedings.

 

9.2           Survival
of Indemnity. The provisions of Section 9.1 hereof shall survive the completion of Developer's services hereunder or any termination
of this Agreement.

 

9.3           No
Obligation to Third Parties. Except as otherwise provided in Section 9.1 hereof, none of the responsibilities and obligations
of Developer or Owner under this Agreement shall in any way or in any manner be deemed to create any liability of Developer or
Owner to, or any rights in, any Person other than Owner or Developer.

 

9.4           Ownership
of Plans. As between Owner and Developer, all plans, drawings and specifications prepared for Owner pursuant to this Agreement
shall remain the property of Owner whether or not the Development Work is completed, and Developer shall not make use of any of
such plans, drawings or specifications for any other Development Work or for any other purpose.

 

    	 

    	 

    

  

9.5           Nature
of Dev eloper's Duties and Responsibilities. Owner hereby acknowledges that Developer's duties and responsibilities hereunder
with respect to the development and construction of the Project and the performance of the Development Work consist only in managing,
arranging, supervising and coordinating the planning, design, permitting, scheduling, construction, and completion of the Development
Work and the performance of the other development functions and duties under this Agreement which relate to the Development Work,
all in accordance with, and subject to the limitations of, the terms of this Agreement; that Developer is not itself preparing
any architectural or engineering plans, designs, specifications or performing any construction required for the development or
completion of the Development Work; and that Developer is not responsible for, and will not be liable for, any work, act, omission,
negligence, gross negligence or intentional misconduct of any other party (other than parties affiliated with Developer) employed
by Owner or performing work for Owner in connection with the Development Work. Nothing in this Section 9.5 shall be deemed to relieve
Developer from any responsibility or liability it may have for fraud, gross negligence, willful misconduct or a breach by Developer
of its obligations under this Agreement.

 

ARTICLE 10

INSURANCE

 

10.1         Insurance
Requirements. Throughout the Term of this Agreement, insurance with respect to the Development Work shall be carried and
maintained in force in accordance with the provisions contained in Exhibit G attached hereto and incorporated
herein by this reference, with the premiums and other costs and expenses for such required insurance to be borne as provided
in Exhibit G attached hereto. A copy of a certificate of insurance in force, issued by the insurer as provided
in Exhibit G attached hereto, shall be delivered by the party required to maintain such insurance to the other
party on or before the commencement of development activities on the Property, and with respect to renewal or replacement
policies, not less than thirty (30) calendar days prior to the expiration of the policy being renewed or replaced.

 

10.2         Waiver
of Subrogation. Each insurance policy maintained by Owner and Developer with respect to the Development Work shall contain
a waiver of subrogation clause, so that no insurer shall have any claim over or against Owner or Developer, as the case may be,
by way of subrogation or otherwise, with respect to any claims which are insured under any such policy.

 

ARTICLE 11

COMPENSATION OF DEVELOPER

 

11.1        Development
Fee for the Development Work.

 

(a)          For
and in consideration of the services rendered by Developer with respect to the Development Work, Owner shall, subject to and in
accordance with the terms and provisions of this Agreement and the Construction Loan, pay to Developer during each month of the
Term, the Development Costs for the applicable month together with the applicable monthly installment of the Development Fee. The
Development Fee shall be three percent (3%) of the total Development Budget (less the Development Fee).

 

    	 

    	 

    

  

(b)          The
Development Fee shall be deemed earned and payable, subject to any lender requirements under the Construction Loan in equal monthly
installments over the Development Period reflected in the Project Development Schedule, payable together with the Development Costs
for the applicable month in accordance with the provisions of Section 7.2. Owner agrees to use commercially reasonable efforts
to negotiate terms in the Construction Loan documents to reflect the payment schedule set forth in this Section 11.1(b).
To the extent the Construction Loan provides for a different schedule for the funding and payment of the Development Fee, the payment
provisions set forth herein shall be deemed automatically modified and amended to comply with the terms of the Construction Loan,
including any modification to the timing of the payment of any unpaid amount of the Development Fee not disbursed through the Monthly
Draws under the Construction Loan until Final Completion as provided for in the Construction Loan; and

 

(c)          The
Development Fee shall not exceed the amount listed in the Development Budget annexed hereto as Exhibit D as the "Development
Fee'', nor the amount listed in the final Development Budget approved by Owner at the time of its loan closing and commencement
of construction, provided, however, that if there is material change in the scope of the Development Work, Developer and Owner
shall negotiate in good faith to adjust, upward or downward, as applicable the Development Fee to reflect the increase or decrease
in the Development Budget resulting from such change in scope.

 

11.2         Reimbursement
of Advances. Developer shall not be required to advance any of its own funds for the payment of any costs and expenses incurred
by or on behalf of Owner in connection with the Development Work, but if Developer, pursuant to authority granted to Developer
by Owner in writing, advances Developer's own funds in payment of any of such costs and expenses covered by the Development Budget
or that Developer is permitted to incur hereunder, Owner agrees to reimburse Developer for such costs and expenses. The amounts
to be reimbursed by Owner to Developer pursuant to this Section 11.2 shall be paid monthly, within thirty (30) calendar days after
receipt by Owner of a bill therefor accompanied by supporting statements, invoices, documents or, if such bill and supporting documentation
is not available due to the nature of the cost or expense incurred, an explanation in reasonable detail from Developer of the costs
and expenses to be reimbursed.

 

11.3         Late
Payments. Any amounts or sums due by Owner to Developer under this Agreement which are not paid when due (where such non-payment
continues for sixty (60) calendar days after written notice from Developer to Owner specifying the payment Owner has failed to
make) shall bear interest at the Prime rate plus one percent (I%) from the date such payment was due.

 

11.4         Duplicate
Payments. Any particular fees payable or expenses or costs reimbursed to Developer under this Agreement shall not be paid or
reimbursable to Developer or any Affiliate of Developer under any other agreement, and any fees payable or expense or cost reimbursed
to Developer or any Affiliate of Developer under any other agreement shall not be paid or reimbursed to Developer under this Agreement,
it being the intention and agreement of the parties that Developer and its Affiliates shall be paid or reimbursed only once for
any particular fee or reimbursable expense or cost.

 

    	 

    	 

    

  

ARTICLE 12

TERM AND TERMINATION

 

12.lTerm.
The term of this Agreement (the "Term") shall commence on the date of this Agreement and shall continue until
the date upon which Final Completion is achieved, unless this Agreement is earlier terminated pursuant to the provisions contained
in this Agreement.

 

12.2         Intentionally
Omitted.

 

12.3         Termination
Upon Sale; Change in Control. This Agreement shall be terminable by Owner upon written notice to Developer of (a) the sale
by Owner of all of its right, title and interest in and to the entire Property (including any sale by assignment, foreclosure,
deed in lieu of foreclosure, foreclosure or sale of all of the ownership interests in Owner, or otherwise); or (b) the sale by
Owner of all of its right, title and interest in and to the entire Project (including any sale by assignment, foreclosure, deed
in lieu of foreclosure, foreclosure or sale of all of the ownership interests in Owner, or otherwise), (c) the sale or other transfer
of the membership interest held by CDP UCFP Developer in Venture (other than to an affiliate thereof as permitted under the LLC
Agreement) or (d) any sale or transaction or series of transactions which result in any two of Rob Meyer, Mark Mechlowitz, Robert
Fishel and Jorge Sardinas no longer owning a majority of, and having control over the management of, Developer .

 

12.4         Developer
Default. Upon the happening of any Event of Default by Developer, Owner shall have the absolute unconditional right, in addition
to all other rights and remedies available to Owner at law or in equity, to terminate this Agreement by giving written notice of
such termination to Developer. Any one or more of the following events shall constitute an "Event of Default" by
Developer under this Agreement:

 

(a)          If
Developer shall fail to observe, perform or comply with any term, covenant, agreement or condition of this Agreement which is to
be observed, performed or complied with by Developer under the provisions of this Agreement, and such failure shall continue uncured
for thirty (30) calendar days after the giving of written notice thereof by Owner to Developer specifying the nature of such failure,
unless such failure can be cured but is not susceptible of being cured within said thirty (30) calendar day period, in which event
such a failure shall not constitute an Event of Default if Developer commences curative action within said thirty (30) calendar
day period, and thereafter prosecutes such action to completion with all due diligence and dispatch and completes such cure within
ninety (90) calendar days after the giving of such notice.

 

(b)          If
Developer shall make a general assignment for the benefit of creditors;

 

(c)          If
any petition shall be filed by or against Developer in any court, whether or not pursuant to any statute of the United States or
of any State, in any bankruptcy, reorganization, dissolution, liquidation, composition, extension, arrangement or insolvency proceedings,
and Developer files, consents to or directly or indirectly acquiesces to such petition;

 

    	 

    	 

    

 

 (d)          If,
in any proceeding, a receiver, trustee, liquidator or similar court-appointed agent be appointed for all or a substantial portion
of the property or assets of Developer, and same shall not be discharged within thirty (30) calendar days after such appointment;

 

(e)           If
(i) Developer shall intentionally fail or willfully refuse, in bad faith, to perform any of its duties or obligations hereunder,
(ii) Developer shall misappropriate any funds of Owner or the construction lender in the possession or control of Developer (unless
such misappropriation is caused by an employee of Developer and such employee's employment is immediately terminated and the misappropriated
funds are restored within five (5) Business Days of such misappropriation), (iii) Developer shall commit willful misconduct, gross
negligence or an act of fraud against Owner or otherwise in connection with the Construction Loan, the Project or the Development
Work, or (iv) if CDP UCFP Developer, LLC, a Georgia limited liability company, and an Affiliate of Developer, is removed as a "manager"
of the Venture ; or

 

(f) Failure
to achieve the Completion Date by the date of completion required by Owner's construction lender under the applicable loan documents
governing Owner's Construction Loan, subject to the following sentence. Such date shall be adjourned to the extent the failure
to achieve the Completion Date by such date is caused by Force Majeure and Developer promptly notifies Owner of the delay arising
from said Force Majeure, to the extent such failure is not otherwise a default (i.e. beyond applicable grace periods, including,
without limitation, any applicable "force majeure" provisions) under the Construction Loan.

 

12.5         Default
of Owner. If Owner fails to comply with or perform in any respect any of the material terms and provisions to be complied with
or any of the obligations to be performed by Owner under this Agreement, and such failure continues uncured for a period of thirty
(30) calendar days after written notice to Owner specifying the nature of such default (or such longer period of time as may be
needed in the exercise by Owner of due diligence to effect a cure of any non-monetary default), then Developer shall have the right,
in addition to all other rights and remedies available to Developer at law or in equity, at its option, to terminate this Agreement
by giving written notice thereof to Owner, in which event Owner shall promptly pay to Developer, in cash, the sums payable to Developer
upon termination as provided in Section 12.6 hereof, and upon the payment of such amounts, subject to Sections 3.6, 6.1, 6.3, 9.2
and 12.7 hereof, Owner and Developer shall have no further rights, duties, liabilities or obligations whatsoever under this Agreement
(Developer hereby waiving all other rights and remedies that may be available under applicable law).

 

    	 

    	 

    

  

12.6         Obligation
for Fees and Expenses Upon Termination. Upon any termination of this Agreement pursuant to Section 12.3 or 12.5 herein, Owner
shall pay to Developer all amounts due to Developer as of the date of termination pursuant to the terms of this Agreement (including,
without limitation, any earned but unpaid installments of the Development Fee), and upon the payment of all such amounts payable
under this Section, subject to Sections 6.1, 6.3, 9.2 and 12.7 hereof, Owner and Developer shall have no further rights, duties,
liabilities or obligations whatsoever under this Agreement (unless such termination is effective only as to a portion of the Development
Work). The foregoing notwithstanding, unpaid portions of the Development Fee otherwise payable to Developer shall not be payable
to Developer in the event that this Agreement has terminated as a result of acts that are the subject of Subsections (c) and (d)
of Section 12.3 or if the Project is foreclosed or transferred pursuant to a deed in lieu as a result of the acts or omissions
of Developer or its affiliates, including Catalyst Development Partners II, LLC.

 

12.7 Actions Upon
Termination. Upon any termination of this Agreement, Developer shall promptly account for and deliver to Owner any monies due
Owner under this Agreement, whether received before or after such termination, and shall deliver to Owner or to such other Person
as Owner shall designate in writing, all materials, supplies, equipment, keys, contracts, documents and books and records pertaining
to this Agreement or the development of the Property within the possession or control of Developer. Developer shall also furnish
all such information, take all such other action and shall cooperate with Owner as Owner shall reasonably require in order to effectuate
an orderly and systematic termination of Developer's duties and activities hereunder and an orderly and systematic transfer of
duties to Developer's successor. This Section 12.7 of this Agreement shall survive any termination of this Agreement.

 

ARTICLE 13

MISCELLANEOUS

 

13.1         Governing
Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the state in which the Project
is located. Each party hereby consents to the exclusive venue and jurisdiction of any state or federal court located within New
York, waives personal service of any and all process upon such party, consents to service of process by registered mail directed
to such party at the address stated in Section 13.7, and acknowledges that service so made shall be deemed to be completed upon
actual delivery thereof (whether accepted or refused). In addition, each party consents and agrees that venue of any action instituted
under this Agreement or any agreement executed in connection herewith shall be proper only in New York, and each party hereby waives
any objection to venue.

 

13.2         Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same Agreement.

 

13.3         Entire
Agreement. This Agreement contains the entire understanding among the parties and supersedes any prior understanding and agreements
between them respecting the within subject matter, subject only to the TIC Documents and the LLC Agreement. There are no representations,
agreements, arrangements or understandings, oral or written, between or among the parties hereto relating to the subject matter
of this Agreement which are not fully expressed herein.

 

    	 

    	 

    

  

13.4         Severability.
This Agreement is intended to be performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances,
rules and regulations. If any provision of this Agreement, or the application thereof to any Person or circumstance, shall, for
any reason and to any extent, be invalid or unenforceable, the remainder of this Agreement and the application of such provision
to other Persons or circumstances shall not be affected thereby, but rather shall be enforced to the greatest extent permitted
by law.

 

13.5         Section
Headings. The section headings are inserted only as a matter of convenience and for reference and in no way define, limit or
describe the scope or intent of this Agreement or in any way affect this Agreement.

 

13.6         No
Partnership; Competition. Owner shall not and does not by this Agreement in any way or for any purpose become a partner of
Developer in the conduct of its business, or otherwise, or a joint venturer of or a member of a joint enterprise with Developer,
but rather Developer is and shall, for all purposes of this Agreement and the development of the Development Work, be deemed an
"independent contractor" of Owner. It is expressly understood and agreed by the parties hereto that either party may
engage in any other business or investment, including the ownership of, or investment in, real estate and the development, operation,
leasing and management of office, retail and residential apartment units and buildings and that the other party hereto shall have
no rights in and to any such business or investment or the income or profit derived therefrom.

 

13.7         Notices.
All notices or other communications required or permitted hereunder shall be in writing and shall be delivered or sent, as the
case may be, by any of the following methods: (a) personal delivery with signed receipt; (b) nationally recognized overnight commercial
carrier or delivery service providing a receipt of delivery; (c) registered or certified mail (with postage prepaid and return
receipt requested); or (d) by electronic mail, provided that confirmation of delivery thereof is received and a confirmation copy
is delivered within one (1 ) Business Day thereafter by one of the methods set forth in clauses (a), (b) or (c) of this Section
13.7. The effective date of any such notice or other communication shall be deemed to be the earlier of (i) if personally delivered,
the date of delivery to the address of the party to receive such notice; (ii) if delivered by overnight commercial carrier or delivery
service, one (1) Business Day following the receipt of such communication by such carrier or service from the sender, as shown
on the sender's delivery invoice from such carrier or service, as the case may be; (iii) if mailed, three (3) Business Days after
the date of posting as shown on the sender's registry or certification receipt; or (iv) if delivered by electronic mail, upon the
date of transmission (provided a notice of transmission failure is not received by the sender (for avoidance of doubt, an "automatic
out-of office reply" shall not constitute a notice of transmission failure), provided such additional notice is given as described
in clause (d) of this Section 13.7. Any reference herein to the date of receipt, delivery, or giving, as the case may be, of any
notice or other communication shall refer to the date such communication becomes effective under the terms of this Section 13.7.
The addresses for purposes of the giving of notices hereunder are:

 

    	 

    	 

    

  

If to Developer:

 

c/o Catalyst Development Partners, LLC 880

Glenwood Ave SE

Suite H

Atlanta, Georgia 30316

Attn: Rob Meyer

Email: robm@catalystdp.com

 

With a copy to:

 

Nelson Mullins Riley & Scarborough LLP 201

17th Street NW, Suite 1700

Atlanta, GA 30363

Attn: Eric R. Wilensky

Email: eric.wilensky@nelsonmullins.com

 

lf to Owner:

 

c/o Catalyst Development Partners, LLC

880 Glenwood Ave SE

Suite H

Atlanta, Georgia 30316

Attn: Rob Meyer

Email: robm@catalystdp.com

 

With a copy to:

 

Bluerock Real Estate, L.L.C. 712

Fifth Avenue

9th Floor

New York, NY 10019

Attn: James Babb and Michael Konig, Esq.

Email: jbabb@bluerockre.com and mkonig@bluerockre.com
and

 

Nelson Mullins Riley & Scarborough LLP

201 17th Street NW, Suite 1700

Atlanta, GA 30363 Attn:

Eric R. Wilensky

Email: eric.wilensky@nelsonmullins.com

 

    	 

    	 

    

  

and

 

Hirschler Fleischer

2100 East Cary Street

Richmond, VA 23223-7078

Attn: S. Edward Flanagan

Email: EFlanagan@hf-law.com

 

13.8         Assignment.

 

(a)          Except
as otherwise provided in Section 13.8(b) below, neither party hereto shall have the right to assign this Agreement or any of its
rights hereunder without the prior written consent of the other party, and any such assignment in the absence of such written consent
shall for all purposes be deemed null and void.

 

(b)          Notwithstanding
the provisions of Section 13.8(a) hereof, Owner shall have the absolute right and privilege, at its sole option and in its sole
discretion, at any time and from time to time, to assign Owner's rights and interests under this Agreement, subject to the provisions
hereof and all of the rights of Developer hereunder, in whole or in part, to any Affiliate of Owner or to any person or entity
owning an interest in or participating with Owner in the acquisition, ownership or development of all or any portion of the Property,
Project or Development Work. Owner may also assign this Agreement to a Lender as collateral in connection with any related construction
financing procured by Owner and, in any such case, Developer will execute any Lender required documentation in connection therewith.

 

13.9        Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. Whenever the terms "Owner" and "Developer" are used herein, they shall be
deemed to mean and include Owner and Developer and their respective successors and permitted assigns in the same manner and to
the same extent as if specified each time said terms appear herein.

 

13.10      Estoppel
Certificates. Each party hereto shall, from time to time, upon not less than fifteen (15) calendar days notice from the other
party, execute and deliver to the other party a certificate stating that this Agreement is unmodified and in full force and effect,
or, if modified, that this Agreement is in full force and effect as modified, and stating the modifications and stating whether
or not, to the best of the certifying party's knowledge, the other party is in default in any respect under this Agreement, and,
if in default, specifying the nature and character of such default.

 

13.11      Amendment.
This Agreement may not be amended, altered or modified except by an instrument in writing and signed by the parties hereto. The
foregoing notwithstanding, the Developer and Owner agree to modify and amend this Agreement in the manner and to the extent reasonably
required by any construction lender (or any prospective lender) under the Construction Loan in order to obtain the Construction
Loan or in order to obtain satisfactory terms, in Owner's reasonable discretion, under the Construction Loan.

 

    	 

    	 

    

  

13.12      Construction.
The parties agree that they have both participated equally in the negotiation and preparation of this Agreement and no court construing
this Agreement or the rights of the parties hereunder shall be prejudiced toward either party by reason of the rule of construction
that a document is to be construed more strictly against the party or parties who prepared the same.

 

13.13      No
Waiver. No waiver by either party of any default of any other party or of any event, circumstance or condition permitting a
party to terminate this Agreement shall constitute a waiver of any other default of the other party or of any other event, circumstance
or condition, permitting such termination, whether of the same or of any other nature or type and whether preceding, concurrent
or succeeding; and no failure on the part of either party to exercise any right it may have by the terms hereof or by law upon
the default of the other party and no delay in the exercise of such right shall prevent the exercise thereof by the non-defaulting
party at any time when the other party may continue to be so in default, and no such failure or delay and no waiver of default
shall operate as a waiver of any other default, or as a modification in any respect of the provisions of this Agreement. The subsequent
acceptance of any payment or performance pursuant to this Agreement shall not constitute a waiver of any preceding default by a
defaulting party or of any preceding event, circumstance or condition permitting termination hereunder, other than default in the
payment of the particular payment or the performance of the particular matter so accepted, regardless of the non-defaulting party's
knowledge of the preceding default or the preceding event, circumstance or condition, at the time of accepting such payment or
performance, nor shall the non-defaulting party's acceptance of such payment or performance after termination constitute a reinstatement,
extension or renewal of this Agreement or revocation of any notice or other act by the non-defaulting party.

 

13.14      Attorneys'
Fees. Should any litigation be commenced between the parties hereto or their representatives concerning any provision of this
Agreement or the rights and duties of any Person in relation thereto, the party or parties prevailing in such litigation shall
be entitled, in addition to such other relief as may be granted, to an award of all actual attorneys' fees and costs incurred in
such litigation, without regard to any schedule or rule of court purporting to restrict such an award, including, without limitation,
actual attorneys' fees, costs and expenses incurred in connection with (a) enforcing, perfecting and executing such judgment, (b)
post-judgment motions; (c) contempt proceedings; (d) garnishment, levee, and debtor and third-party examinations; (e) discovery;
and (f) bankruptcy litigation.

 

13.15      Mutual
Waivers of Jury Trial. Developer and Owner each hereby expressly, irrevocably, fully and forever releases, waives and relinquishes
any and all rights to trial by jury in any claim, demand, action, suit, proceeding or cause of action in which Developer or Owner
is a party, which in any way (directly or indirectly) arises out of, results from or relates to any of the following, in either
case whether now existing or hereafter arising and whether based on contract or tort or any other legal basis: (a) this Agreement,
any past, present or future act, omission, conduct or activity with respect to this Agreement; (b) any transaction, event or occurrence
contemplated by this Agreement; (c) the performance of any obligation or the exercise of any right under this Agreement; or (d)
the enforcement of this Agreement. Developer and Owner each understands that trial by jury is a federal and state constitutional
right and Developer and Owner each acknowledge that it is their intent to waive such rights herein. Developer and Owner each further
acknowledge that the consideration specified in this Agreement includes consideration for waivers of trial by jury by Developer
and Owner.

 

    	 

    	 

    

  

13.16      Equitable
Remedies. Each party hereto shall, in addition to all other rights provided herein or as may be provided by law, and subject
to the limitations set forth herein, be entitled to all equitable remedies including those of specific performance and injunction,
to enforce such party's rights hereunder.

 

13.17      Remedies
Cumulative. Each right, power, and remedy provided for herein or now or hereafter existing at law, in equity, by statute or
otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for herein
or now or hereafter existing at law, in equity, by statute or otherwise, and the exercise or beginning of the exercise or the forbearance
of exercise by any party of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise
by such party of any or all of such other rights, powers or remedies.

 

[Signature Page Follows]

 

    	 

    	 

    

  

IN WITNESS WHEREOF, Owner and Developer
have caused this Agreement to be executed on the day, month and year first above dated.

 

	OWNER:	 
	 	 
	UCFP OWNER, LLC, a Delaware limited liability company, as Trustee under the BR/CDP Colonial Trust Agreement dated December 15, 2013	 

 

	By:	/s/ Robert Meyer	 
	Name:	Robert Meyer	 
	Title:	 	 

 

	DEVELOPER:	 
	 	 
	CDP DEVELOPER I, LLC, a Georgia limited liability company	 

 

	 	By:	Catalyst Development Partners II, LLC, a	 
	 	Georgia limited liability company	 

 

	 	By: 	/s/ Robert Meyer	 
	 	Name: 	Robert Meyer	 
	 	Title:	 	 

 

[Signature Page to Development Agreement]

 

    	 

    	 

    

 

Schedule "A"

Legal Description

 

    	A-1

    	 

    

 

A PORTION OF THE NORTHEAST 1/4 OF SECTION
22, TOWNSHIP 22 SOUTH, RANGE 31 EAST, MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE NORTHEAST CORNER OF SAID NORTHEAST
1/4 OF SECTION 22; THENCE RUN S87°58'03"W ALONG THE NORTH LINE OF SAID NORTHEAST 1/4, A DISTANCE OF 45.02 FEET, SAID POINT
BEING THE INTERSECTION OF A LINE 45.00 FEET WEST OF AND PARALLEL WITH THE EAST LINE OF THE NORTHEAST 114 OF SAID SECTION 22 AND
THE NORTH LINE OF THE NORTHEAST 114 OF SAID SECTION 22; THENCE CONTINUE ALONG SAID NORTH LINE OF THE NORTHEAST 114 S87°58'03"W,
A DISTANCE OF 610.44 FEET TO THE POINT OF BEGINNING; THENCE RUN S00°56'14"E, A DISTANCE OF 842.92 FEET TO THE BEGINNING
OF A CURVE CONCAVE TO THE NORTHWEST, HAVING A RADIUS OF 31.00 FEET; THENCE RUN SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH
A CENTRAL ANGLE OF 98°26°21, AN ARC DISTANCE OF 53.26 FEET; THENCE RUN N82°29'53"W, A DISTANCE OF 41.52 FEET TO
THE BEGINNING OF A CURVE CONCAVE TO THE SOUTH, HAVING A RADIUS OF 109.00 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE
THROUGH A CENTRAL ANGLE OF 12°16°52, AN ARC DISTANCE OF 23.36 FEET; THENCE RUN S07°30'07"W, A DISTANCE OF 287.92
FEET TO THE NORTHERLY RIGHT OF WAY LINE OF STATE ROAD NUMBER 50, AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF
WAY MAP, SECTION 7506- 201, PAGE 9; THENCE RUN N82°29'53"W ALONG SAID NORTHERLY RIGHT OF WAY LINE, A DISTANCE OF 43.90
FEET; THENCE RUN N07°30'07"E, A DISTANCE OF 268 .38 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE TO THE NORTH, HAVING
A RADIUS OF 129.00 FEET; THENCE FROM A RADIAL BEARING OF N20°31'47"W, RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH
A CENTRAL ANGLE OF 28°01'54", AN ARC DISTANCE OF 63.11 FEET; THENCE RUN N82°29'53"W, A DISTANCE OF 339.09 FEET
TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTH, HAYING A RADIUS OF 89.50 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE
THROUGH A CENTRAL ANGLE OF 17°07°59, AN ARC DISTANCE OF 26.76 FEET TO A POINT OF COMPOUND CURVATURE OF A CURVE CONCAVE
TO THE SOUTH, HAVING A RADIUS OF 208.50 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 18°25°26,
AN ARC DISTANCE OF 67.04 FEET; THENCE RUN N00°56'14"W, A DISTANCE OF 844.21 FEET TO THE SAID NORTH LINE OF THE NORTHEAST
114; THENCE RUN N87°58'03"E ALONG SAID NORTH LINE A DISTANCE OF 634.12 FEET TO THE POINT OF BEGINNING.

 

TOGETHER WITH THE EASEMENT FOR THE BENEFIT
OF THE HEREINABOVE DESCRIBED PROPERTY CONTAINED WITHIN THE EASEMENT AGREEMENT RECORDED IN 0. R. BOOK 10470 AT PAGE 6879 OF THE
PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.

 

    	 

    	 

    

  

AND

COVENANTS AND NON-EXCLUSIVE EASEMENTS CONTAINED
IN DECLARATION OF COVENANTS, OPERATIONS & RECOPROCAL EASEMENTS RECORDED IN 0. R. BOOK 10498, PAGE 2464 AS AMENDED BY FIRST
AMENDMENT TO DECLARATION OF COVENANTS, OPERATIONS AND RECIPROCAL EASEMENTS RECORDED IN O.R. BOOK _______PAGE ___, OF THE PUBLIC
RECORDS OF ORANGE COUNTY, FLORIDA.

 

AND

AGREEMENT REGARDING EASEMENTS, COVENANTS
AND RESTRICTIONS RECORDED IN OFFICIAL RECORDS BOOK 8838, PAGE 3758, AS AMENDED BY THE FIRST AMENDMENT TO AGREEMENT REGARDING EASEMENTS,
COVENANTS AND RESTRICTIONS RECORDED IN OFFICIAL RECORDS BOOK 9338, PAGE 4682, OF THE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.

 

AND ALSO:

 

TOGETHER WITH THE EASEMENTS FOR THE
BENEFIT OF THE HEREINABOVE DESCRIBED PROPERTY CONTAINED WITHIN THE RECIPROCAL EASEMENT AGREEMENT RECORDED IN 0, R.
BOOK___________________________________ AT PAGE _ OF THE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.

 

    	 

    	 

    

  

EXHIBIT A

 

BUDGET CATEGORIES

 

Purchase Price

Closing Costs

Project Feasibility Costs

Design Costs

Legal Costs

Real Estate Taxes

Insurance Costs

Financing Costs

Government Costs

Misc. Direct Costs

Construction Costs

FF&E Costs

Lease-Up Period Operating Costs

Capitalized Development Fee

Development Contingency

Marketing Costs

 

    	A-2

    	 

    

  

EXHIBIT B

 

DESCRIPTION OF THE DEVELOPMENT WORK

 

1.          Acquisition
of the Property;

 

2.          Engineering
and Design,

 

3.          Permits,
approvals and entitlements,

 

4.          Construction
of Project, and

 

5.          Delivery/Turnover
of units to Property Manager.

 

    	B-1

    	 

    

  

EXHIBIT C

 

PLANS AND SPECIFICATIONS

 

 

    	C-1

    	 

    

  

EXHIBIT D 

 

DEVELOPMENT BUDGET

 

[The attached is preliminary
and is subject to being finalized upon the Closing of the Construction Loan in which case the Budget approved by the construction
lender shall in all respects be deemed substituted herefor]

 

	TOTAL USES:	 	 	 	 	per Unit	 	 	per SF	 
	Purchase Price	 	$	3,349,524	 	 	$	11,316	 	 	$	12.63	 
	Land Closing Costs	 	 	374,859	 	 	 	1,266	 	 	 	1.41	 
	Project Feasibility Costs	 	 	212,500	 	 	 	718	 	 	 	0.80	 
	Design Costs	 	 	755,425	 	 	 	2,552	 	 	 	2.85	 
	Legal Costs	 	 	189,024	 	 	 	639	 	 	 	0.71	 
	Real Estate Taxes	 	 	324,909	 	 	 	1,098	 	 	 	1.23	 
	Insurance Costs	 	 	155,000	 	 	 	524	 	 	 	0.58	 
	Financing Costs	 	 	759,377	 	 	 	2,565	 	 	 	2.86	 
	Government Costs	 	 	3,498,271	 	 	 	11,818	 	 	 	13.19	 
	Misc. Direct Costs	 	 	74,500	 	 	 	252	 	 	 	0.28	 
	Construction Costs	 	 	23,634,870	 	 	 	79,848	 	 	 	89.13	 
	FF&E Costs	 	 	535,000	 	 	 	1,807	 	 	 	2.02	 
	Interest Reserve	 	 	507,108	 	 	 	1,713	 	 	 	1.91	 
	Operating Deficit Reserve	 	 	362,260	 	 	 	1,224	 	 	 	1.37	 
	Capitalized Development Fee	 	 	1,057,788	 	 	 	3,574	 	 	 	3.99	 
	Development Contingency	 	 	739,585	 	 	 	2,499	 	 	 	2.79	 
	Marketing Costs	 	 	140,000	 	 	 	473	 	 	 	0.53	 
	 	 	$	36,670,00	 	 	 	 	 	 	 	 	 
	Total Uses	 	 	0	 	 	$	123,885	 	 	$	138.29	 

 

    	D-1

    	 

    

 

EXHIBIT E

 

KEY PERSONNEL

 

	Name	 	Title	 	Telephone No.
	 	 	 	 	 
	Mark Mechlowitz	 	Principal	 	(678) 949-9678
	 	 	 	 	 
	Rob Meyer	 	Principal	 	(678) 949-9678
	 	 	 	 	 
	Jorge Sardinas	 	Principal	 	(678) 949-9678

 

    	 

    	 

    

  

EXHIBIT F

 

SAMPLE MONTHLY DRAW PACKAGE

 

 

    	F-1

    	 

    

 

 

    	F-2

    	 

    

  

	Catalyst
    Development Partners	INVOICE  

 

	880 Glenwood Avenue, Suite H	DATE:	January 30, 2014
	Atlanta GA 30316	INVOICE #	100
	 	FOR:	Orlando Development

 

Bill To:

UCFP Owner LLC

880 Glenwood Avenue, Suite H

Atlanta GA 30316

 

	DESCRIPTION	 	 	 	 	AMOUNT	 
	 	 	 	 	 	 	 
	Development Fee 	 	 	 	 	 	 	 	 
	Total = $1,057,686	 	$	1,057,686	 	 	 	 	 
	Dev Fee (1 of 18)	 	$	58,760.33	 	 	$	58,760.33	 
	 	 	 	 	 	 	 	 	 
	 	 	 	TOTAL	 	 	$	 58 760.33	 

 

    	 

    	 

    

  

EXHIBIT G

 

INSURANCE REQUIREMENTS

 

[To be attached upon Closing of Construction
Loan, but in all events shall include applicable worker's compensation coverage, which Developer shall cause to be carried by the
Contractor]

 

    	G-2

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