Document:

EX-10.14

 Exhibit 10.14 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT (this
“Agreement”), dated as of                  , is made by and between Mallinckrodt Brand Pharmaceuticals, Inc., a Delaware corporation (“Brand
Pharma”), and                  (“Indemnitee”). 
 WHEREAS, Brand Pharma is a wholly owned subsidiary of Mallinckrodt plc; 
 WHEREAS,
it is essential to Brand Pharma and Mallinckrodt plc that Mallinckrodt plc retain and attract as directors and secretary the most capable persons available; 
 WHEREAS, Brand Pharma has requested that the Indemnitee serve as a director, officer, secretary or employee of Mallinckrodt plc, and, if requested to do so by Brand Pharma, as a director, officer,
secretary, employee, trustee, agent, or fiduciary of another foreign or domestic corporation, partnership, limited liability company, joint venture, employee benefit plan, trust, or other Enterprise; and 

WHEREAS, each of Mallinckrodt plc, Brand Pharma and Indemnitee recognize the increased risk of litigation and other claims currently
being asserted against directors and officers of companies; 
 WHEREAS, due to restrictions imposed by Irish law, the Articles
of Association of Mallinckrodt plc do not confer indemnification and advancement rights on its directors and secretary as broad as the indemnification and advancement rights that are customarily provided to the directors and secretary of a company
organized under the laws of a U.S. state; 
 WHEREAS, in recognition of Indemnitee’s need for (i) substantial
protection against personal liability, (ii) specific contractual assurance that such protection will be available to Indemnitee (regardless of, among other things, any amendment to or revocation of Mallinckrodt plc’s Articles of
Association, the certificate of incorporation or bylaws of Brand Pharma (the “Brand Pharma Organizational Documents”) or any change in the composition of Mallinckrodt plc’s Board of Directors or acquisition transaction relating to
Mallinckrodt plc), Brand Pharma wishes to provide in this Agreement for the indemnification by Brand Pharma of and the advancing by Brand Pharma of expenses to Indemnitee as set forth in this Agreement; 

NOW, THEREFORE, in consideration of the above premises and of Indemnitee continuing to serve Mallinckrodt plc directly or, at Brand
Pharma’s request, with another Enterprise, and intending to be legally bound hereby, the parties agree as follows: 
 1. Certain
Definitions. 
 (a) Affiliate: any corporation or other person or entity that directly, or indirectly through one or more
intermediaries, controls or is controlled by, or is under common control with, the person specified. 
 (b) Board: the Board of Directors
of Mallinckrodt plc. 

 (c) Change in Control: shall be deemed to have occurred if: 

(i) any “person,” as such term is used in Sections 3(a)(9) and 13(d) of the Exchange Act, becomes a “beneficial
owner,” as such term is used in Rule 13d-3 promulgated under the Exchange Act, of 50% or more of the Voting Shares (as defined below) of Mallinckrodt plc; 
 (ii) the majority of the Board consists of individuals other than Incumbent Directors, which term means the members of the Board as of the execution hereof, provided that any person becoming a director
subsequent to such time whose election or nomination for election was supported by three-quarters of the directors who immediately prior to such election or nomination for election comprised the Incumbent Directors shall be considered to be an
Incumbent Director; 
 (iii) Mallinckrodt plc adopts any plan of liquidation providing for the distribution of all or
substantially all of its assets; 
 (iv) all or substantially all of the assets or business of Mallinckrodt plc is disposed of
pursuant to a merger, consolidation or other transaction (unless the shareholders of Mallinckrodt plc immediately prior to such a merger, consolidation or other transaction beneficially own, directly or indirectly, in substantially the same
proportion as they owned the Voting Shares of Mallinckrodt plc, all of the Voting Shares or other ownership interests of the entity or entities, if any, that succeed to the business of Mallinckrodt plc); or 

(v) Mallinckrodt plc combines with another company and is the surviving entity but, immediately after the combination, the shareholders
of Mallinckrodt plc immediately prior to the combination hold, directly or indirectly, 50% or less of the Voting Shares of the combined company (there being excluded from the number of shares held by such shareholders, but not from the Voting Shares
of the combined company, any shares received by Affiliates of such other company in exchange for shares of such other company), provided, however, that any occurrence that would, in the absence of this proviso, otherwise constitute a Change in
Control pursuant to any of clause (i), (iii), (iv) or (v) above, shall not constitute a Change in Control if such occurrence is approved by a majority of the directors on the Board who were directors immediately prior to such occurrence.

 (d) Enterprise: Mallinckrodt plc and any other corporation, limited liability company, partnership, joint venture, trust, employee
benefit plan or other enterprise of which Indemnitee is or was serving at the request of Brand Pharma as a director, officer, secretary, trustee, general partner, managing member, fiduciary, board of directors’ committee member, employee or
agent. 
 (e) Exchange Act: the U.S. Securities Exchange Act of 1934, as amended. 

(f) Expenses: any expense, liability, or loss, including attorneys’ fees, judgments, fines, ERISA excise taxes and penalties, amounts paid or
to be paid in settlement, any interest, assessments, or other charges imposed thereon, any federal, state, local, or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement, and all other costs and
obligations, paid or incurred in connection with investigating, defending, prosecuting (subject to Section 2(b)), being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding relating to
any Indemnifiable Event. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond,
or other appeal bond or its equivalent. 

  
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 (g) Indemnifiable Event: any event or occurrence that takes place either prior to or after the
execution of this Agreement, related to the fact that Indemnitee is or was a director, officer, secretary or employee of Mallinckrodt plc, or while a director or secretary of Mallinckrodt plc is or was serving at the request of Brand Pharma as a
director, officer, secretary, employee, trustee, agent, or fiduciary of another foreign or domestic corporation, partnership, limited liability company, joint venture, employee benefit plan, trust, or other Enterprise, or related to anything done or
not done by Indemnitee in any such capacity, whether or not the basis of the Proceeding is alleged action in an official capacity as a director, officer, secretary, employee, trustee, agent, or fiduciary or in any other capacity while serving as a
director, officer, secretary, employee, trustee, agent, or fiduciary. 
 (h) Independent Counsel: the meaning specified in
Section 3. 
 (i) Proceeding: any threatened, pending, or completed action, suit, or proceeding or any alternative dispute
resolution mechanism (including an action by or in the right of Mallinckrodt plc), or any inquiry, hearing, or investigation, whether conducted by Mallinckrodt plc or any other party, that Indemnitee in good faith believes might lead to the
institution of any such action, suit, or proceeding, whether civil, criminal, administrative, investigative, or other. 
 (j) Reviewing
Party: the meaning specified in Section 3. 
 (k) Voting Shares: shares of any class or classes having general voting power
under ordinary circumstances, in the absence of contingencies, to elect the directors (or similar function) of an Enterprise. 
 2. Agreement
to Indemnify. 
 (a) General Agreement. In the event Indemnitee was, is, or becomes a party to or witness or other participant in, or
is threatened to be made a party to or witness or other participant in, a Proceeding by reason of (or arising in part out of) an Indemnifiable Event, Brand Pharma shall indemnify Indemnitee from and against any and all Expenses to the fullest extent
permitted by law, as the same exists or may hereafter be amended or interpreted (but in the case of any such amendment or interpretation, only to the extent that such amendment or interpretation permits Brand Pharma to provide broader
indemnification rights than were permitted prior thereto). The parties hereto intend that this Agreement shall provide for indemnification in excess of that expressly permitted by statute or provided by Mallinckrodt plc’s Articles of
Association, the separate deed of indemnification which Indemnitee has with Mallinckrodt plc, the Brand Pharma Organizational Documents or applicable law. 
 (b) Initiation of Proceeding. Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to indemnification pursuant to this Agreement in connection with any
Proceeding initiated by Indemnitee against Mallinckrodt plc or any of its subsidiaries or any director, officer or employee of Mallinckrodt plc or any of its subsidiaries unless (i) Mallinckrodt plc has joined in or the Board has consented to
the initiation of such Proceeding; (ii) the Proceeding is one to enforce indemnification rights under Section 4; or (iii) the Proceeding is instituted after a Change in Control and Independent Counsel has approved its initiation.

  
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 (c) Expense Advances. If so requested by Indemnitee, Brand Pharma shall advance (within five business
days of such request) any and all Expenses to Indemnitee (an “Expense Advance”); provided that, (i) such Expense Advance shall be made only upon delivery to Brand Pharma of an undertaking by or on behalf of the Indemnitee to repay the
amount thereof if it is ultimately determined that Indemnitee is not entitled to be indemnified by Brand Pharma, (ii) Brand Pharma shall not (unless a court of competent jurisdiction shall determine otherwise) be required to make an Expense
Advance if and to the extent that the Reviewing Party has determined that Indemnitee is not permitted to be indemnified under applicable law, and (iii) if and to the extent that the Reviewing Party determines after payment of one or more
Expense Advances that Indemnitee would not be permitted to be so indemnified under applicable law, Brand Pharma shall be entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse Brand Pharma) for all such amounts theretofore paid. If
Indemnitee has commenced or commences legal proceedings in a court of competent jurisdiction or commences arbitration to secure a determination that Indemnitee is entitled to indemnification or Expense Advance, as provided in Section 4, any
determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding, and Indemnitee shall not be required to reimburse Brand Pharma for any Expense Advance until a final
determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or have lapsed). Indemnitee’s obligation to reimburse Brand Pharma for Expense Advances shall be unsecured and no interest shall be
charged thereon. 
 (d) Mandatory Indemnification. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee
has been successful on the merits or otherwise in defense of any Proceeding relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, Indemnitee shall be indemnified by Brand Pharma hereunder against all
Expenses incurred in connection therewith. 
 (e) Partial Indemnification. If Indemnitee is entitled under any provision of this
Agreement to indemnification by Brand Pharma for some or a portion of Expenses, but not, however, for the total amount thereof, Brand Pharma shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 

(f) Prohibited Indemnification. No indemnification pursuant to this Agreement shall be paid by Brand Pharma: 

(i) on account of any Proceeding in which a final and non-appealable judgment is rendered against Indemnitee for an accounting of profits
made from the purchase or sale by Indemnitee of securities of Mallinckrodt plc pursuant to the provisions of Section 16(b) of the Exchange Act or similar provisions of any federal, state, or local laws; 

(ii) if a court of competent jurisdiction by a final and non-appealable judgment, shall determine that such indemnification is not
permitted under applicable law; 

  
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 (iii) on account of any Proceeding relating to an Indemnifiable Event as to which the
Indemnitee has been convicted of a crime constituting a felony under the laws of the jurisdiction where the criminal action had been brought (or, where a jurisdiction does not classify any crime as a felony, a crime for which Indemnitee is sentenced
to death or imprisonment for a term exceeding one year); or 
 (iv) on account of any Proceeding brought by Mallinckrodt plc or
any of its subsidiaries against Indemnitee. 
 3. Reviewing Party; Exhaustion of Remedies.

(a) Prior to any Change in Control, the reviewing party (the “Reviewing Party”) shall be any appropriate person or body consisting of a member
or members of the Board or any other person or body appointed by the Board who is not a party to the particular Proceeding with respect to which Indemnitee is seeking indemnification; after a Change in Control, the Independent Counsel referred to
below shall become the Reviewing Party. With respect to all matters arising after a Change in Control concerning the rights of Indemnitee to indemnity payments and Expense Advances under this Agreement, the separate deed of indemnification which
Indemnitee has with Mallinckrodt plc or any other agreement to which Mallinckrodt plc or any of its Affiliates is a party or under applicable law, Mallinckrodt plc’s Articles of Association or the Brand Pharma Organizational Documents now or
hereafter in effect relating to indemnification for Indemnifiable Events, Mallinckrodt plc and Brand Pharma shall seek legal advice only from independent counsel (“Independent Counsel”) selected by Indemnitee and approved by Mallinckrodt
plc (which approval shall not be unreasonably withheld), and who has not otherwise performed services for Mallinckrodt plc, Brand Pharma or the Indemnitee (other than in connection with indemnification matters) within the last five years. The
Independent Counsel shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing Mallinckrodt plc, Brand Pharma or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. Such counsel, among other things, shall render its written opinion to Mallinckrodt plc, Brand Pharma and Indemnitee as to whether and to what extent the Indemnitee should be permitted to be indemnified
under applicable law. In doing so, the Independent Counsel may consult with (and rely upon) counsel in any appropriate jurisdiction who would qualify as Independent Counsel (“Local Counsel”). Brand Pharma agrees to pay the reasonable fees
of the Independent Counsel and the Local Counsel and to indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims, liabilities, loss, and damages arising out of or relating to this Agreement or the engagement
of Independent Counsel or the Local Counsel pursuant hereto. 
 (b) Prior to making written demand on Brand Pharma for indemnification pursuant
to Section 4(a) or making a request for Expense Advance pursuant to Section 2(c), Indemnitee shall (i) seek such indemnification or Expense Advance, as applicable, under any applicable insurance policy and (ii) request that
Mallinckrodt plc consider in its discretion whether to make such indemnification or Expense Advance, as applicable. Upon any such request by Indemnitee of Mallinckrodt plc, Mallinckrodt plc shall consider whether to make such indemnification or
Expense Advance, as applicable, based on the facts and circumstances related to the request. Mallinckrodt plc may require, as a condition to making any indemnification or Expense Advance, as applicable, that Indemnitee enter into an agreement
providing for such indemnification or Expense 

  
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Advance, as applicable, to be made subject to substantially the same terms and conditions applicable to an indemnification or Expense Advance, as applicable, by Brand Pharma hereunder (including,
without limitation, conditioning any Expense Advance upon delivery to Mallinckrodt plc of an undertaking of the type described in clause (i) of the proviso to Section 2(c)). In the event indemnification or Expense Advance, as applicable,
is not received pursuant to an insurance policy, or from Mallinckrodt plc, within 5 business days of the later of Indemnitee’s request of the insurer and Indemnitee’s request of Mallinckrodt plc as provided in the first sentence of this
Section 3(b), Indemnitee may make written demand on Brand Pharma for indemnification pursuant to Section 4(a) or make a request for Expense Advance pursuant to Section 2(c), as applicable. 

4. Indemnification Process and Appeal. 

(a) Indemnification Payment. Indemnitee shall be entitled to indemnification of Expenses, and shall receive payment thereof, from Brand Pharma in
accordance with this Agreement as soon as practicable after Indemnitee has made written demand on Brand Pharma for indemnification, unless the Reviewing Party has given a written opinion to Brand Pharma that Indemnitee is not entitled to
indemnification under applicable law. 
 (b) Adjudication or Arbitration. (i) Regardless of any action by the Reviewing Party, if
Indemnitee has not received full indemnification or Expense Advance to which Indemnitee is entitled hereunder within thirty days after making a demand or request in accordance with Section 4(a) or Section 2(c), as applicable (a
“Nonpayment”), Indemnitee shall have the right to enforce its indemnification rights under this Agreement by commencing litigation in any federal or state court located in the State of Delaware (a “Delaware Court”) having subject
matter jurisdiction thereof seeking an initial determination by the court or by challenging any determination by the Reviewing Party or any aspect thereof. Any determination by the Reviewing Party not challenged by Indemnitee in any such litigation
shall be binding on Mallinckrodt plc, Brand Pharma and Indemnitee. The remedy provided for in this Section 4 shall be in addition to any other remedies available to Indemnitee at law or in equity. Mallinckrodt plc, Brand Pharma and Indemnitee
hereby irrevocably and unconditionally (A) consent to submit to the non-exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (B) waive any objection to
the laying of venue of any such action or proceeding in the Delaware Court, and (C) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or
inconvenient forum. For the avoidance of doubt, nothing in this Agreement shall limit any right Indemnitee may have under applicable law to bring any action or proceeding in any other court. 

(ii) Alternatively, in the case of a Nonpayment, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a
single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. 
 (iii) In the event
that a determination shall have been made pursuant to Section 4(a) or 2(c) of this Agreement that Indemnitee is not entitled to indemnification or Expense Advance, any judicial proceeding or arbitration commenced pursuant to this
Section 4(b) shall be conducted in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced

  
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pursuant to this Section 4(b) Brand Pharma shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. If Indemnitee
commences a judicial proceeding or arbitration pursuant to this Section 4(b), Indemnitee shall not be required to reimburse Brand Pharma for any advances pursuant to Section 2(c) until a final determination is made with respect to
Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). 
 (iv) In
the event that Indemnitee, pursuant to this Section 4(b), seeks a judicial adjudication of or an award in arbitration to enforce his or her rights under, or to recover damages for breach of, this Agreement, and it is determined in said judicial
adjudication or arbitration that Indemnitee is entitled to receive all of the indemnification or advancement of Expenses sought, Indemnitee shall be entitled to recover from Brand Pharma, and shall be indemnified by Brand Pharma against, any and all
Expenses actually and reasonably incurred by him in such judicial adjudication or arbitration. If it shall be determined in said judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or
advancement of Expenses sought, the Indemnitee shall be entitled to recover from Brand Pharma, and shall be indemnified by Brand Pharma against, any and all Expenses reasonably incurred by Indemnitee in connection with such judicial adjudication or
arbitration. 
 (c) Defense to Indemnification, Burden of Proof, and Presumptions. (i) It shall be a defense to any action brought
by Indemnitee against Brand Pharma to enforce this Agreement that it is not permissible under applicable law for Brand Pharma to indemnify Indemnitee for the amount claimed. 
 (ii) In connection with any action or any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder, the burden of proving such a defense or
determination shall be on Brand Pharma. 
 (iii) Neither the failure of the Reviewing Party to have made a determination prior
to the commencement of such action by Indemnitee that indemnification of the Indemnitee is proper under the circumstances because Indemnitee has met the standard of conduct set forth in applicable law, nor an actual determination by the Reviewing
Party that the Indemnitee had not met such applicable standard of conduct, shall, of itself, be a defense to the action or create a presumption that the Indemnitee has not met the applicable standard of conduct. 

(iv) For purposes of this Agreement, to the fullest extent permitted by law, the termination of any claim, action, suit, or proceeding,
by judgment, order, settlement (whether with or without court approval), conviction, or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that Indemnitee did not meet any particular standard of conduct or
have any particular belief or that a court has determined that indemnification is not permitted by applicable law. 
 (v) For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of any Enterprise, including financial statements, or on information supplied
to Indemnitee by the management of such Enterprise in the course of their duties, or on the advice of legal counsel for such Enterprise or on information or records given or reports made to such Enterprise by an

  
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independent certified public accountant or by an appraiser or other expert selected by such Enterprise. The provisions of this Section 4(c)(v) shall not be deemed to be exclusive or to limit
in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in applicable law. 
 (vi) The knowledge and/or actions, or failure to act, of any other director, trustee, partner, managing member, fiduciary, officer, agent or employee of any Enterprise shall not be imputed to Indemnitee
for purposes of determining any right to indemnification under this Agreement. 
 (vii) Brand Pharma shall be precluded from
asserting in any judicial proceeding or arbitration commenced pursuant to this Agreement that the procedures or presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any court or before any arbitrator that
Brand Pharma is bound by all the provisions of this Agreement. 
 5. Indemnification for Expenses Incurred in Enforcing Rights. In
addition to Indemnitee’s rights under Section 4(b)(iv), Brand Pharma shall indemnify Indemnitee against any and all Expenses that are incurred by Indemnitee in connection with any action brought by Indemnitee: 

(a) for indemnification or advance payment of Expenses under any agreement to which Brand Pharma or any of its Affiliates is a party (other than this
Agreement) or under applicable law, Mallinckrodt plc’s Articles of Association or the Brand Pharma Organizational Documents now or hereafter in effect relating to indemnification or advance payment of Expenses for Indemnifiable Events (it being
specified, for the avoidance of doubt, that this clause (a) shall not be deemed to provide Indemnitee with a right to the indemnification or advance payment of Expenses being sought in such action), and/or 

(b) for recovery under directors’ and officers’ liability insurance policies maintained by Mallinckrodt plc, 

but, in either case, only in the event that Indemnitee ultimately is determined to be entitled to such indemnification or expense advance or insurance
recovery, as the case may be. In addition, Brand Pharma shall, if so requested by Indemnitee, advance the foregoing Expenses and any Expenses incurred in any action brought pursuant to Section 4 to Indemnitee, subject to and in accordance with
Section 2(c). 
 6. Notification and Defense of Proceeding. 
 (a) Notice. Promptly after receipt by Indemnitee of notice of the commencement of any Proceeding, Indemnitee shall, if a claim in respect thereof is to be made against Brand Pharma under this
Agreement, notify Mallinckrodt plc and Brand Pharma of the commencement thereof; but the omission so to notify Mallinckrodt plc and Brand Pharma will not relieve Brand Pharma from any liability that it may have to Indemnitee, except as provided in
Section 6(c). 
 (b) Defense. With respect to any Proceeding as to which Indemnitee notifies Mallinckrodt plc and Brand Pharma of
the commencement thereof, Brand Pharma will be entitled to participate in the Proceeding at its own expense and except as otherwise provided below, to the extent Brand Pharma so wishes, it may assume the defense thereof with counsel reasonably
satisfactory to Indemnitee. After notice from Brand Pharma to Indemnitee of its election to assume the defense of 

  
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any Proceeding, Brand Pharma shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently incurred by Indemnitee in connection with the defense of such
Proceeding other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ legal counsel in such Proceeding, but all Expenses related thereto incurred after notice from Brand Pharma of its
assumption of the defense shall be at Indemnitee’s expense unless: (i) the employment of legal counsel by Indemnitee has been authorized by Brand Pharma, (ii) Indemnitee has reasonably determined that there may be a conflict of
interest between Indemnitee and Brand Pharma in the defense of the Proceeding, (iii) after a Change in Control, the employment of counsel by Indemnitee has been approved by the Independent Counsel, or (iv) Brand Pharma shall not in fact
have employed counsel to assume the defense of such Proceeding, in each of which cases all Expenses of the Proceeding shall be borne by Brand Pharma. Brand Pharma shall not be entitled to assume the defense of any Proceeding (x) brought by or
on behalf of Mallinckrodt plc or Brand Pharma, (y) as to which Indemnitee shall have made the determination provided for in (ii) above or (z) after a Change in Control (it being specified, for the avoidance of doubt, that Brand Pharma
may assume defense of any such proceeding described in this sentence with Indemnitee’s consent, provided that any such consent shall not affect the rights of Indemnitee under the foregoing provisions of this Section 6(b)). 

(c) Settlement of Claims. Brand Pharma shall not be liable to indemnify Indemnitee under this Agreement or otherwise for any amounts paid in
settlement of any Proceeding effected without Brand Pharma’s written consent, such consent not to be unreasonably withheld; provided, however, that if a Change in Control has occurred, Brand Pharma shall be liable for indemnification of
Indemnitee for amounts paid in settlement if the Independent Counsel has approved the settlement. Brand Pharma shall not settle any Proceeding in any manner that would impose any penalty or limitation on Indemnitee without Indemnitee’s written
consent. Brand Pharma shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial award if Brand Pharma was not given a reasonable and timely opportunity, at its expense, to participate in the defense of such
action; Brand Pharma’s liability hereunder shall not be excused if assumption of the defense of the Proceeding by Brand Pharma was barred by this Agreement. 
 7. Establishment of Trust. In the event of a Change in Control Brand Pharma shall, upon written request by Indemnitee, create a trust for the benefit of the Indemnitee (the “Trust”) and
from time to time upon written request of Indemnitee shall fund the Trust in an amount sufficient to satisfy any and all Expenses reasonably anticipated at the time of each such request (a) to be incurred in connection with investigating,
preparing for, participating in, and/or defending any Proceeding relating to an Indemnifiable Event and (b) to be indemnifiable pursuant to this Agreement. The amount or amounts to be deposited in the Trust pursuant to the foregoing funding
obligation shall be determined by the Independent Counsel. The terms of the Trust shall provide that (i) the Trust shall not be revoked or the principal thereof invaded without the written consent of the Indemnitee, (ii) the Trustee (as
defined below) shall advance, within five business days of a request by the Indemnitee, any and all Expenses to the Indemnitee on the same terms and conditions as provided in Section 2(c) (and the Indemnitee hereby agrees to reimburse the Trust
under the same circumstances for which the Indemnitee would be required to reimburse Brand Pharma under Section 2(c) of this Agreement), (iii) the Trust shall continue to be funded by Brand Pharma in accordance with the funding obligation
set forth above, (iv) the Trustee shall promptly pay to the Indemnitee all amounts for which the Indemnitee shall be entitled to indemnification pursuant to this Agreement, and (v) all unexpended funds in the Trust shall revert to

  
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Brand Pharma upon a final determination by the Independent Counsel or a court of competent jurisdiction, as the case may be, that the Indemnitee has been fully indemnified under the terms of this
Agreement. The trustee of the Trust (the “Trustee”) shall be chosen by the Indemnitee. Nothing in this Section 7 shall relieve Brand Pharma of any of its obligations under this Agreement. All income earned on the assets held in the
Trust shall be reported as income by Brand Pharma for federal, state, local, and foreign tax purposes. Brand Pharma shall pay all costs of establishing and maintaining the Trust and shall indemnify the Trustee against any and all expenses (including
attorney’s fees), claims, liabilities, loss, and damages arising out of or relating to this Agreement or the establishment and maintenance of the Trust. 
 8. Non-Exclusivity. The rights of Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under Mallinckrodt plc’s Articles of Association, the separate deed of
indemnification which Indemnitee has with Mallinckrodt plc, the Brand Pharma Organizational Documents, applicable law or otherwise. To the extent that a change in applicable law (whether by statute or judicial decision) permits greater
indemnification than would be afforded currently under Mallinckrodt plc’s Articles of Association, the separate deed of indemnification which Indemnitee has with Mallinckrodt plc, the Brand Pharma Organizational Documents, applicable law or
this Agreement, it is the intent of the parties that Indemnitee enjoy by this Agreement the greater benefits so afforded by such change.
 9.
Continuation of Contractual Indemnity or Period of Limitations. All agreements and obligations of Brand Pharma contained herein shall continue for so long as Indemnitee shall be subject to, or involved in, any proceeding for which
indemnification is provided pursuant to this Agreement. Notwithstanding the foregoing, no legal action shall be brought and no cause of action shall be asserted by or on behalf of Brand Pharma or any Affiliate of Brand Pharma against Indemnitee,
Indemnitee’s spouse, heirs, executors, or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, or such longer period as may be required by the laws of Delaware under the
circumstances. Any claim or cause of action of Brand Pharma or its Affiliate shall be extinguished and deemed released unless asserted by the timely filing and notice of a legal action within such period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, the shorter period shall govern. 
 10. Contribution. To the
fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever (other than pursuant to the terms hereof), Brand Pharma, in lieu of indemnifying
Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an Indemnifiable Event
under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by Mallinckrodt plc and Brand Pharma, on one hand, and
Indemnitee, on the other hand, as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of Mallinckrodt plc and Brand Pharma (and their respective directors, officers, employees and
agents), on one hand, and Indemnitee, on the other hand, in connection with such event(s) and/or transaction(s).

  
 - 10 -

 11. Amendment of this Agreement. No supplement, modification, or amendment of this Agreement shall be
binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such
waiver shall operate as a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

12. Subrogation. In the event of payment under this Agreement, Brand Pharma shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable Brand Pharma effectively to bring suit to enforce
such rights.
 13. No Duplication of Payments. Brand Pharma shall not be liable under this Agreement to make any payment in connection
with any claim made by Indemnitee to the extent Indemnitee has otherwise received payment (under any insurance policy, Mallinckrodt plc’s Articles of Association, the separate deed of indemnification which Indemnitee has with Mallinckrodt plc,
the Brand Pharma Organizational Documents or otherwise) of the amounts otherwise indemnifiable hereunder. 
 14. Binding Effect. This
Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially
all of the business and/or assets of the Brand Pharma), assigns, spouses, heirs, and personal and legal representatives. Brand Pharma shall require and cause any successor thereof (whether direct or indirect by purchase, merger, consolidation, or
otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Brand Pharma, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that Brand Pharma would be required to perform if no such succession had taken place. The indemnification provided under this Agreement shall continue as to Indemnitee for any action taken or not taken while
serving in an indemnified capacity pertaining to an Indemnifiable Event even though he may have ceased to serve in such capacity at the time of any Proceeding or is deceased and shall inure to the benefit of the heirs, executors, administrators,
legatees and assigns of such a person.
 15. Severability. If any provision (or portion thereof) of this Agreement shall be held by a
court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitation, each portion of this Agreement containing any provision held to be invalid, void, or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, void or unenforceable.
 16. Governing Law. This Agreement shall be governed by and construed
and enforced in accordance with the laws of Delaware applicable to contracts made and to be performed in such State without giving effects to its principles of conflicts of laws.

  
 - 11 -

 17. Notices. All notices, demands, and other communications required or permitted hereunder shall be
made in writing and shall be deem to have been duly given if delivered by hand, against receipt, or mailed, postage prepaid, certified or registered mail, return receipt requested, and address to Brand Pharma at: 

Mallinckrodt Brand Pharmaceuticals, Inc. 
 675 James S. McDonnell Blvd. 
 Hazelwood, MO 63042 

Attn: Secretary 

Facsimile: 314-654-5366 
 If to
Mallinckrodt plc, to: 
 Mallinckrodt plc 
 Damastown 
 Mulhuddart 

Dublin 15 

Ireland 
 Attn:
General Counsel 
 Facsimile: +352-266-379-92 
 and 
 Mallinckrodt 

675 James S. McDonnell Blvd. 
 Hazelwood, MO 63042 
 Attn: General Counsel 

Facsimile: 314-654-5366 
 And to
Indemnitee at: 
 Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with
this Section shall be deemed to have been received on the date of hand delivery or on the third business day after mailing. 
 18.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
 - 12 -

 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as
the day specified above. 
  

			
	 MALLINCKRODT BRAND PHARMACEUTICALS, INC.

 
  
  

 

	  

		
	 By:
	 	
	 Its:
	 	
	
	 INDEMNITEE

 
  
  

 

	  

	
	 Typed Name:

  
 - 13 -Multifamily Loan and Security Agreement

 Exhibit 10.1 
 MULTIFAMILY LOAN AND SECURITY AGREEMENT 
 (NON-RECOURSE) 

BY AND BETWEEN 
 GR-105 LONG POINT VENTURE, LLC 
 AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION 
 DATED AS OF 
 MAY 2, 2013 

 
 

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 - DEFINITIONS; SUMMARY OF MORTGAGE LOAN TERMS
	  	 	1	  
		
	 SECTION 1.01      DEFINED
TERMS
	  	 	1	  
	 SECTION 1.02      SCHEDULES, EXHIBITS
AND ATTACHMENTS INCORPORATED
	  	 	1	  
		
	 ARTICLE 2 - GENERAL MORTGAGE LOAN TERMS
	  	 	2	  
		
	 SECTION 2.01      MORTGAGE LOAN
ORIGINATION AND SECURITY
	  	 	2	  
	 (a)
	 	Making of Mortgage Loan	  	 	2	  
	 (b)
	 	Security for Mortgage Loan	  	 	2	  
	 (c)
	 	Protective Advances	  	 	2	  
	 SECTION 2.02      PAYMENTS ON
MORTGAGE LOAN
	  	 	2	  
	 (a)
	 	Debt Service Payments	  	 	2	  
	 (b)
	 	Capitalization of Accrued But Unpaid Interest	  	 	3	  
	 (c)
	 	Late Charges	  	 	3	  
	 (d)
	 	Default Rate	  	 	4	  
	 (e)
	 	Address for Payments	  	 	5	  
	 (f)
	 	Application of Payments	  	 	5	  
	 SECTION
2.03      LOCKOUT/PREPAYMENT
	  	 	6	  
	 (a)
	 	Prepayment; Prepayment Lockout; Prepayment Premium	  	 	6	  
	 (b)
	 	Voluntary Prepayment in Full	  	 	6	  
	 (c)
	 	Acceleration of Mortgage Loan	  	 	7	  
	 (d)
	 	Application of Collateral	  	 	7	  
	 (e)
	 	Casualty and Condemnation	  	 	7	  
	 (f)
	 	No Effect on Payment Obligations	  	 	7	  
	 (g)
	 	Loss Resulting from Prepayment	  	 	8	  
		
	 ARTICLE 3 - PERSONAL LIABILITY
	  	 	8	  
		
	 SECTION 3.01      NON-RECOURSE
MORTGAGE LOAN; EXCEPTIONS
	  	 	8	  
	 SECTION 3.02      PERSONAL LIABILITY
OF BORROWER (EXCEPTIONS TO NON-RECOURSE PROVISION)
	  	 	8	  
	 (a)
	 	Personal Liability Based on Lender’s Loss	  	 	8	  
	 (b)
	 	Full Personal Liability for Mortgage Loan	  	 	10	  
	 SECTION 3.03      PERSONAL LIABILITY
FOR INDEMNITY OBLIGATIONS
	  	 	10	  
	 SECTION 3.04      LENDER’S
RIGHT TO FOREGO RIGHTS AGAINST MORTGAGED PROPERTY
	  	 	11	  
		
	 ARTICLE 4 - BORROWER STATUS
	  	 	11	  
		
	 SECTION 4.01      REPRESENTATIONS AND
WARRANTIES
	  	 	11	  
	 (a)
	 	Due Organization and Qualification	  	 	11	  
	 (b)
	 	Location	  	 	11	  
	 (c)
	 	Power and Authority	  	 	11	  
	 (d)
	 	Due Authorization	  	 	12	  
	 (e)
	 	Valid and Binding Obligations	  	 	12	  
	 (f)
	 	Effect of Mortgage Loan on Borrower’s Financial Condition	  	 	12	  
	 (g)
	 	Economic Sanctions, Anti-Money Laundering and Anti-Corruption	  	 	12	  
	 (h)
	 	Borrower Single Asset Status	  	 	13	  
	 (i)
	 	No Bankruptcies or Judgments	  	 	14	  
	 (j)
	 	No Litigation	  	 	15	  

  

					
	Multifamily Loan and Security Agreement	  		  	
	(Non-Recourse)	  	Form 6001.NR	  	Page i
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

							
	 (k)
	 	Payment of Taxes, Assessments and Other Charges	  	 	15	  
	 (l)
	 	Not a Foreign Person	  	 	15	  
	 (m)
	 	ERISA	  	 	16	  
	 (n)
	 	Default Under Other Obligations	  	 	16	  
	 (o)
	 	Prohibited Person	  	 	16	  
	 SECTION 4.02      COVENANTS
	  	 	16	  
	 (a)
	 	Maintenance of Existence; Organizational Documents	  	 	16	  
	 (b)
	 	Anti-Money Laundering, Anti-Corruption and Economic Sanctions	  	 	17	  
	 (c)
	 	Payment of Taxes, Assessments and Other Charges	  	 	18	  
	 (d)
	 	Borrower Single Asset Status	  	 	18	  
	 (e)
	 	ERISA	  	 	19	  
	 (f)
	 	Notice of Litigation or Insolvency	  	 	19	  
	 (g)
	 	Payment of Costs, Fees, and Expenses	  	 	19	  
		
	 ARTICLE 5 - THE MORTGAGE LOAN
	  	 	20	  
		
	 SECTION 5.01      REPRESENTATIONS AND
WARRANTIES
	  	 	20	  
	 (a)
	 	Receipt and Review of Loan Documents	  	 	20	  
	 (b)
	 	No Default	  	 	20	  
	 SECTION 5.02      COVENANTS
	  	 	20	  
	 (a)
	 	Ratification of Covenants; Estoppels; Certifications	  	 	20	  
	 (b)
	 	Further Assurances	  	 	21	  
	 (c)
	 	Sale of Mortgage Loan	  	 	22	  
	 (d)
	 	Limitations on Further Acts of Borrower	  	 	22	  
	 (e)
	 	Financing Statements; Record Searches	  	 	22	  
		
	 ARTICLE 6 - PROPERTY USE, PRESERVATION AND MAINTENANCE
	  	 	23	  
		
	 SECTION 6.01      REPRESENTATIONS AND
WARRANTIES
	  	 	23	  
	 (a)
	 	Compliance with Law; Permits and Licenses	  	 	23	  
	 (b)
	 	Property Characteristics	  	 	24	  
	 (c)
	 	Property Ownership	  	 	24	  
	 SECTION 6.02      COVENANTS
	  	 	24	  
	 (a)
	 	Use of Property	  	 	24	  
	 (b)
	 	Property Maintenance	  	 	25	  
	 (c)
	 	Property Preservation	  	 	26	  
	 (d)
	 	Property Inspections	  	 	27	  
	 (e)
	 	Compliance with Laws	  	 	27	  
	 SECTION 6.03      MORTGAGE LOAN
ADMINISTRATION MATTERS REGARDING THE PROPERTY
	  	 	28	  
	 (a)
	 	Property Management	  	 	28	  
	 (b)
	 	Subordination of Fees to Affiliated Property Managers	  	 	28	  
	 (c)
	 	Physical Needs Assessment	  	 	28	  
		
	 ARTICLE 7 - LEASES AND RENTS
	  	 	29	  
		
	 SECTION 7.01      REPRESENTATIONS AND
WARRANTIES
	  	 	29	  
	 (a)
	 	Prior Assignment of Rents	  	 	29	  
	 (b)
	 	Prepaid Rents	  	 	29	  
	 SECTION 7.02      COVENANTS
	  	 	29	  
	 (a)
	 	Leases	  	 	29	  
	 (b)
	 	Commercial Leases	  	 	30	  

  

					
	Multifamily Loan and Security Agreement	  		  	
	(Non-Recourse)	  	Form 6001.NR	  	Page ii
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

							
	 (c)
	 	Payment of Rents	  	 	31	  
	 (d)
	 	Assignment of Rents	  	 	31	  
	 (e)
	 	Further Assignments of Leases and Rents	  	 	31	  
	 (f)
	 	Options to Purchase by Tenants	  	 	31	  
	 SECTION 7.03      MORTGAGE LOAN
ADMINISTRATION REGARDING LEASES AND RENTS
	  	 	32	  
	 (a)
	 	Material Commercial Lease Requirements	  	 	32	  
	 (b)
	 	Residential Lease Requirements	  	 	32	  
		
	 ARTICLE 8 - BOOKS AND RECORDS; FINANCIAL REPORTING
	  	 	32	  
		
	 SECTION 8.01      REPRESENTATIONS AND
WARRANTIES
	  	 	32	  
	 (a)
	 	Financial Information	  	 	33	  
	 (b)
	 	No Change in Facts or Circumstances	  	 	33	  
	 SECTION 8.02      COVENANTS
	  	 	33	  
	 (a)
	 	Obligation to Maintain Accurate Books and Records	  	 	33	  
	 (b)
	 	Items to Furnish to Lender	  	 	33	  
	 (c)
	 	Delivery of Books and Records	  	 	36	  
	 SECTION 8.03      MORTGAGE LOAN
ADMINISTRATION MATTERS REGARDING BOOKS AND RECORDS AND FINANCIAL REPORTING
	  	 	36	  
	 (a)
	 	Right to Audit Books and Records	  	 	36	  
	 (b)
	 	Credit Reports; Credit Score	  	 	37	  
		
	 ARTICLE 9 - INSURANCE
	  	 	37	  
		
	 SECTION 9.01      REPRESENTATIONS AND
WARRANTIES
	  	 	37	  
	 (a)
	 	Compliance with Insurance Requirements	  	 	37	  
	 (b)
	 	Property Condition	  	 	37	  
	 SECTION 9.02      COVENANTS
	  	 	37	  
	 (a)
	 	Insurance Requirements	  	 	37	  
	 (b)
	 	Delivery of Policies, Renewals, Notices and Proceeds	  	 	38	  
	 SECTION 9.03      MORTGAGE LOAN
ADMINISTRATION MATTERS REGARDING INSURANCE
	  	 	39	  
	 (a)
	 	Lender’s Ongoing Insurance Requirements	  	 	39	  
	 (b)
	 	Application of Proceeds on Event of Loss	  	 	39	  
	 (c)
	 	Payment Obligations Unaffected	  	 	42	  
	 (d)
	 	Foreclosure Sale	  	 	42	  
	 (e)
	 	Appointment of Lender as Attorney-In-Fact	  	 	42	  
		
	 ARTICLE 10 - CONDEMNATION
	  	 	42	  
		
	 SECTION 10.01      REPRESENTATIONS AND
WARRANTIES
	  	 	42	  
	 (a)
	 	Prior Condemnation Action	  	 	42	  
	 (b)
	 	Pending Condemnation Actions	  	 	42	  
	 SECTION 10.02      COVENANTS
	  	 	43	  
	 (a)
	 	Notice of Condemnation	  	 	43	  
	 (b)
	 	Condemnation Proceeds	  	 	43	  
	 SECTION 10.03      MORTGAGE LOAN
ADMINISTRATION MATTERS REGARDING CONDEMNATION
	  	 	43	  
	 (a)
	 	Application of Condemnation Awards	  	 	43	  
	 (b)
	 	Payment Obligations Unaffected	  	 	43	  
	 (c)
	 	Appointment of Lender as Attorney-In-Fact	  	 	43	  
	 (d)
	 	Preservation of Mortgaged Property	  	 	44	  

  

					
	Multifamily Loan and Security Agreement	  		  	
	(Non-Recourse)	  	Form 6001.NR	  	Page iii
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

							
		
	 ARTICLE 11 - LIENS, TRANSFERS AND ASSUMPTIONS
	  	 	44	  
		
	 SECTION 11.01      REPRESENTATIONS AND
WARRANTIES
	  	 	44	  
	 (a)
	 	No Labor or Materialmen’s Claims	  	 	44	  
	 (b)
	 	No Other Interests	  	 	44	  
	 SECTION 11.02      COVENANTS
	  	 	45	  
	 (a)
	 	Liens; Encumbrances	  	 	45	  
	 (b)
	 	Transfers	  	 	45	  
	 (c)
	 	No Other Indebtedness and Mezzanine Financing	  	 	47	  
	 SECTION 11.03      MORTGAGE LOAN
ADMINISTRATION MATTERS REGARDING LIENS, TRANSFERS   AND ASSUMPTIONS
	  	 	47	  
	 (a)
	 	Assumption of Mortgage Loan	  	 	47	  
	 (b)
	 	Transfers to Key Principal-Owned Affiliates or Guarantor-Owned Affiliates	  	 	49	  
	 (c)
	 	Estate Planning	  	 	49	  
	 (d)
	 	Termination or Revocation of Trust	  	 	50	  
	 (e)
	 	Death of Key Principal or Guarantor; Controlling Interest Transfer Due to Death	  	 	50	  
	 (f)
	 	Bankruptcy of Guarantor	  	 	51	  
	 (g)
	 	Further Conditions to Transfers and Assumption	  	 	53	  
		
	 ARTICLE 12 - IMPOSITIONS
	  	 	54	  
		
	 SECTION 12.01      REPRESENTATIONS AND
WARRANTIES
	  	 	54	  
	 (a)
	 	Payment of Taxes, Assessments and Other Charges	  	 	54	  
	 SECTION 12.02      COVENANTS
	  	 	54	  
	 (a)
	 	Imposition Deposits, Taxes, and Other Charges	  	 	54	  
	 SECTION 12.03      MORTGAGE LOAN
ADMINISTRATION MATTERS REGARDING IMPOSITIONS
	  	 	55	  
	 (a)
	 	Maintenance of Records by Lender	  	 	55	  
	 (b)
	 	Imposition Accounts	  	 	55	  
	 (c)
	 	Payment of Impositions; Sufficiency of Imposition Deposits	  	 	55	  
	 (d)
	 	Imposition Deposits Upon Event of Default	  	 	56	  
	 (e)
	 	Contesting Impositions	  	 	56	  
	 (f)
	 	Release to Borrower	  	 	57	  
		
	 ARTICLE 13 - REPLACEMENT RESERVE AND REPAIRS
	  	 	57	  
		
	 SECTION 13.01      COVENANTS
	  	 	57	  
	 (a)
	 	Initial Deposits to Replacement Reserve Account and Repairs Escrow Account	  	 	57	  
	 (b)
	 	Monthly Replacement Reserve Deposits	  	 	57	  
	 (c)
	 	Payment for Replacements and Repairs	  	 	57	  
	 (d)
	 	Assignment of Contracts for Replacements and Repairs	  	 	58	  
	 (e)
	 	Indemnification	  	 	58	  
	 (f)
	 	Amendments to Loan Documents	  	 	58	  
	 (g)
	 	Administrative Fees and Expenses	  	 	58	  
	 SECTION 13.02      MORTGAGE LOAN
ADMINISTRATION MATTERS REGARDING RESERVES
	  	 	59	  
	 (a)
	 	Accounts, Deposits, and Disbursements	  	 	59	  
	 (b)
	 	Approvals of Contracts; Assignment of Claims	  	 	65	  
	 (c)
	 	Delays and Workmanship	  	 	66	  
	 (d)
	 	Appointment of Lender as Attorney-In-Fact	  	 	66	  
	 (e)
	 	No Lender Obligation	  	 	66	  
	 (f)
	 	No Lender Warranty	  	 	67	  

  

					
	Multifamily Loan and Security Agreement	  		  	
	(Non-Recourse)	  	Form 6001.NR	  	Page iv
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

							
		
	 ARTICLE 14 - DEFAULTS/REMEDIES
	  	 	67	  
		
	 SECTION 14.01      EVENTS OF
DEFAULT
	  	 	67	  
	 (a)
	 	Automatic Events of Default	  	 	67	  
	 (b)
	 	Events of Default Subject to a Specified Cure Period	  	 	68	  
	 (c)
	 	Events of Default Subject to Extended Cure Period	  	 	69	  
	 SECTION 14.02      REMEDIES
	  	 	69	  
	 (a)
	 	Acceleration; Foreclosure	  	 	69	  
	 (b)
	 	Loss of Right to Receive Replacement Reserve Disbursements and Repairs Disbursements	  	 	70	  
	 (c)
	 	Remedies Cumulative	  	 	70	  
	 SECTION 14.03      ADDITIONAL LENDER
RIGHTS; FORBEARANCE
	  	 	70	  
	 (a)
	 	No Effect Upon Obligations	  	 	70	  
	 (b)
	 	No Waiver of Rights or Remedies	  	 	71	  
	 (c)
	 	Appointment of Lender as Attorney-in-Fact	  	 	72	  
	 (d)
	 	Borrower Waivers	  	 	73	  
	 SECTION 14.04      WAIVER OF
MARSHALING
	  	 	73	  
		
	 ARTICLE 15 - MISCELLANEOUS
	  	 	74	  
		
	 SECTION 15.01      GOVERNING LAW;
CONSENT TO JURISDICTION AND VENUE
	  	 	74	  
	 (a)
	 	Governing Law	  	 	74	  
	 (b)
	 	Venue	  	 	74	  
	 SECTION 15.02      NOTICE
	  	 	74	  
	 (a)
	 	Process of Serving Notice	  	 	74	  
	 (b)
	 	Change of Address	  	 	75	  
	 (c)
	 	Default Method of Notice	  	 	75	  
	 (d)
	 	Receipt of Notices	  	 	75	  
	 SECTION 15.03      SUCCESSORS AND
ASSIGNS BOUND; SALE OF MORTGAGE LOAN
	  	 	75	  
	 (a)
	 	Binding Agreement	  	 	75	  
	 (b)
	 	Sale of Mortgage Loan; Change of Servicer	  	 	75	  
	 SECTION 15.04      COUNTERPARTS
	  	 	76	  
	 SECTION 15.05      JOINT AND
SEVERAL (OR SOLIDARY) LIABILITY
	  	 	76	  
	 SECTION 15.06      RELATIONSHIP OF
PARTIES; NO THIRD PARTY BENEFICIARY
	  	 	76	  
	 (a)
	 	Solely Creditor and Debtor	  	 	76	  
	 (b)
	 	No Third Party Beneficiaries	  	 	76	  
	 SECTION 15.07      SEVERABILITY; ENTIRE
AGREEMENT; AMENDMENTS
	  	 	77	  
	 SECTION 15.08      CONSTRUCTION
	  	 	77	  
	 SECTION 15.09      MORTGAGE LOAN
SERVICING
	  	 	78	  
	 SECTION 15.10      DISCLOSURE OF
INFORMATION
	  	 	78	  
	 SECTION 15.11      WAIVER;
CONFLICT
	  	 	78	  
	 SECTION 15.12      [INTENTIONALLY
DELETED.]
	  	 	78	  
	 SECTION 15.13      SUBROGATION
	  	 	78	  
	 SECTION 15.14      COUNTING OF
DAYS
	  	 	78	  
	 SECTION 15.15      REVIVAL AND
REINSTATEMENT OF INDEBTEDNESS
	  	 	79	  
	 SECTION 15.16      TIME IS
OF THE ESSENCE
	  	 	79	  
	 SECTION 15.17      FINAL
AGREEMENT
	  	 	79	  
	 SECTION 15.18      WAIVER OF TRIAL BY JURY
	  	 	79	  

  

					
	Multifamily Loan and Security Agreement	  		  	
	(Non-Recourse)	  	Form 6001.NR	  	Page v
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 SCHEDULES & EXHIBITS 

 

					
	Schedule 1	  	Definitions Schedule (required)	  	Form 6101.SARM
	Schedule 2	  	Summary of Loan Terms (required)	  	Form 6102.SARM
	Addenda to Schedule 2	  	Conversion Option –(SARM Loan)	  	Form 6102.06
	Addenda to Schedule 2	  	Replacement Reserve - Deposits Partially or Fully Waived	  	Form 6102.04.FR
	Schedule 3	  	Interest Rate Type Provisions (required)	  	Form 6103.SARM
	Schedule 4	  	Prepayment Premium Schedule (required)	  	Form 6104.11
	Schedule 5	  	Required Replacement Schedule (required)	  	
	Schedule 6	  	Required Repair Schedule (required)	  	
	Schedule 7	  	Exceptions to Representations and Warranties Schedule (required)	  	
			
	Exhibits	  		  	
	Exhibit A	  	Modifications to Multifamily Loan and Security Agreement – (Conversion Option – SARM Loan)	  	Form 6225
	Exhibit B	  	Modifications to Loan Agreement – Replacement Reserve - Deposits Partially or Fully Waived	  	Form 6220

  

					
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 MULTIFAMILY LOAN AND SECURITY AGREEMENT 

(Non-Recourse) 
 This MULTIFAMILY LOAN AND SECURITY AGREEMENT (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan Agreement”) is made as of the Effective Date
(as hereinafter defined) by and between GR-105 LONG POINT VENTURE, LLC, a Delaware limited liability company (“Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association
(“Lender”). 
 RECITALS: 

WHEREAS, Borrower desires to obtain the Mortgage Loan (as hereinafter defined) from Lender to be secured by the Mortgaged
Property (as hereinafter defined); and 
 WHEREAS, Lender is willing to make the Mortgage Loan on the terms and
conditions contained in this Loan Agreement and in the other Loan Documents (as hereinafter defined); 
 NOW,
THEREFORE, in consideration of the making of the Mortgage Loan by Lender and other good and valuable consideration, the receipt and adequacy of which are hereby conclusively acknowledged, the parties hereby covenant, agree, represent and warrant as
follows: 
 AGREEMENTS: 
 ARTICLE 1 - DEFINITIONS; SUMMARY OF MORTGAGE 
 LOAN TERMS 

Section 1.01        Defined Terms. 

Capitalized terms not otherwise defined in the body of this Loan Agreement shall have the meanings set forth in the
Definitions Schedule attached as Schedule 1 to this Loan Agreement. 

Section 1.02        Schedules, Exhibits and Attachments Incorporated.

 The schedules, exhibits and any other addenda or attachments are incorporated fully into this Loan
Agreement by this reference and each constitutes a substantive part of this Loan Agreement. 

  

					
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 ARTICLE 2 - GENERAL MORTGAGE LOAN TERMS 

Section 2.01        Mortgage Loan Origination and Security. 

(a)      Making of Mortgage Loan. 

On the Effective Date and subject to the terms and conditions of this Loan Agreement and the other Loan Documents, Lender
hereby makes the Mortgage Loan to Borrower and Borrower hereby accepts the Mortgage Loan from Lender. Borrower covenants and agrees that it shall: 

(1)      pay the Indebtedness, including the Prepayment Premium, if any
(whether in connection with any voluntary prepayment or in connection with an acceleration by Lender of the Indebtedness), in accordance with the terms of this Loan Agreement and the other Loan Documents; and 

(2)      perform, observe and comply with this Loan Agreement and all other
provisions of the other Loan Documents. 
 (b)      Security for Mortgage Loan.

 The Mortgage Loan is made pursuant to this Loan Agreement, is evidenced by the Note and is secured by the
Security Instrument, this Loan Agreement and the other Loan Documents that are expressly stated to be security for the Mortgage Loan. 
 (c)      Protective Advances. 

As provided in the Security Instrument, Lender may take such actions or disburse such funds as Lender reasonably deems
necessary to perform the obligations of Borrower under this Loan Agreement and the other Loan Documents and to protect Lender’s interest in the Mortgaged Property. 
 Section 2.02        Payments on Mortgage Loan. 
 (a)      Debt Service Payments. 
   (1)      Short Month Interest. 
 If the Effective Date is any day other than the first day of the month, interest for the period beginning on the Effective Date and ending on and including the last day of the month in which the Effective
Date occurs shall be payable by Borrower on the Effective Date. 

  

					
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  (2)      Interest Accrual and Computation. 

Except as provided in Section 2.02(a)(1), interest shall be paid in arrears. Interest shall accrue
as provided in the Schedule of Interest Rate Type Provisions and shall be computed in accordance with the Interest Accrual Method. If the Interest Accrual Method is “Actual/360,” Borrower acknowledges and agrees that the amount allocated
to interest for each month will vary depending on the actual number of calendar days during such month. 
   (3)      Monthly Debt Service Payments. 
 Consecutive monthly debt service installments (comprised of either interest only or principal and interest, depending on the Amortization Type), each in the amount of the applicable Monthly Debt Service
Payment, shall be due and payable on the First Payment Date, and on each Payment Date thereafter until the Maturity Date at which time all Indebtedness shall be due. Any regularly scheduled Monthly Debt Service Payment that is received by Lender
before the applicable Payment Date shall be deemed to have been received on such Payment Date solely for the purpose of calculating interest due. 

  (4)      Payment at Maturity. 

The unpaid principal balance of the Mortgage Loan, any Accrued Interest thereon and all other
Indebtedness shall be due and payable on the Maturity Date. 

  (5)      Interest Rate Type. 

See the Schedule of Interest Rate Type Provisions for additional provisions, if any, specific to the
Interest Rate Type. 
 (b)      Capitalization of Accrued But Unpaid Interest.

 Any accrued and unpaid interest on the Mortgage Loan remaining past due for thirty (30) days or more
may, at Lender’s election, be added to and become part of the unpaid principal balance of the Mortgage Loan. 
 (c)      Late Charges. 
 (1)      If any Monthly Debt Service Payment due hereunder is not received by Lender within ten (10) days (or fifteen (15) days for any Mortgaged Property located
in Mississippi or North Carolina to comply with applicable law) after the applicable Payment Date, or any amount payable under this Loan Agreement (other than the payment due on the Maturity Date for repayment of the Mortgage Loan in full) or any
other Loan Document is not received by Lender within ten (10) days (or fifteen (15) days for any Mortgaged Property located in Mississippi or North Carolina to comply with applicable law) after the date such amount is due, inclusive of the
date on which such amount is due, Borrower shall pay to Lender, immediately without demand by Lender, the Late Charge. 

  

					
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 The Late Charge is payable in addition to, and not in lieu of, any interest
payable at the Default Rate pursuant to Section 2.02(d). 

(2)      Borrower acknowledges and agrees that: 

(A)      its failure to make timely payments will cause Lender to incur
additional expenses in servicing and processing the Mortgage Loan; 

(B)      it is extremely difficult and impractical to determine those
additional expenses; 
 (C)      Lender is entitled to be
compensated for such additional expenses; and 
 (D)      the
Late Charge represents a fair and reasonable estimate, taking into account all circumstances existing on the date hereof, of the additional expenses Lender will incur by reason of any such late payment. 

(d)      Default Rate. 

(1)      Default interest shall be paid as follows: 

(A)      If any amount due on the Mortgage Loan (other than amounts due on
the Maturity Date) remains past due for thirty (30) days or more, interest on such unpaid amount(s) shall accrue from the date payment is due at the Default Rate and shall be payable upon demand by Lender. 

(B)      If any principal, Accrued Interest or other Indebtedness due on
the Mortgage Loan is not paid in full on the Maturity Date, then interest shall accrue at the Default Rate on all such unpaid amounts from the Maturity Date until fully paid and shall be payable upon demand by Lender. 

Absent a demand by Lender, any such amounts shall be payable by Borrower in the same manner as provided for the payment
of Monthly Debt Service Payments. To the extent permitted by applicable law, interest shall also accrue at the Default Rate on any judgment obtained by Lender against Borrower in connection with the Mortgage Loan. 

(2)      Borrower acknowledges and agrees that: 

(A)      its failure to make timely payments will cause Lender to incur
additional expenses in servicing and processing the Mortgage Loan; and 

  

					
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 (B)      in connection with
any failure to timely pay all amounts due in respect of the Mortgage Loan on the Maturity Date, or during the time that any Monthly Debt Service Payment or other payment due on the Mortgage Loan is delinquent for more than thirty (30) days:

   (i)      Lender’s risk of nonpayment of the
Mortgage Loan will be materially increased; 

  (ii)      Lender’s ability to meet its other obligations
and to take advantage of other investment opportunities will be adversely impacted; 

  (iii)      Lender will incur additional costs and expenses
arising from its loss of the use of the amounts due; 

  (iv)      it is extremely difficult and impractical to
determine such additional costs and expenses; 

  (v)      Lender is entitled to be compensated for such
additional risks, costs and expenses; and 

  (vi)      the increase from the Interest Rate to the Default
Rate represents a fair and reasonable estimate of the additional risks, costs and expenses Lender will incur by reason of Borrower’s delinquent payment and the additional compensation Lender is entitled to receive for the increased risks of
nonpayment associated with a delinquency on the Mortgage Loan (taking into account all circumstances existing on the Effective Date). 
 (e)      Address for Payments. 
 All payments due pursuant to the Loan Documents shall be payable at Lender’s Payment Address, or such other place and in such manner as may be designated from time to time by written notice to
Borrower by Lender. 
 (f)      Application of Payments. 

If at any time Lender receives, from Borrower or otherwise, any amount in respect of the Indebtedness that is less than
all amounts due and payable at such time, then Lender may apply such payment to amounts then due and payable in any manner and in any order determined by Lender or hold in suspense and not apply such amount at Lender’s election. Neither
Lender’s acceptance of an amount that is less than all amounts then due and payable, nor Lender’s application of, or suspension of the application of, such payment, shall constitute or be deemed to constitute either a waiver of the unpaid
amounts or an accord and satisfaction. Notwithstanding the application of any such amount to the Indebtedness, Borrower’s obligations under this Loan Agreement and the other Loan Documents shall remain unchanged. 

  

					
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Section 2.03        Lockout/Prepayment. 

(a)      Prepayment; Prepayment Lockout; Prepayment Premium. 

(1)      Borrower shall not make a voluntary full or partial prepayment on
the Mortgage Loan during any Prepayment Lockout Period nor shall Borrower make a voluntary partial prepayment at any time. Except as expressly provided in this Loan Agreement (including as provided in the Prepayment Premium Schedule), a Prepayment
Premium calculated in accordance with the Prepayment Premium Schedule shall be payable in connection with any prepayment of the Mortgage Loan. 
 (2)      If a Prepayment Lockout Period applies to the Mortgage Loan, and during such Prepayment Lockout Period Lender accelerates the unpaid principal balance of the
Mortgage Loan or otherwise applies collateral held by Lender to the repayment of any portion of the unpaid principal balance of the Mortgage Loan, the Prepayment Premium shall be due and payable and equal to the amount obtained by multiplying the
percentage indicated (if at all) in the Prepayment Premium Schedule by the amount of principal being prepaid at the time of such acceleration or application. 
 (b)      Voluntary Prepayment in Full. 
 At any time after the expiration of any Prepayment Lockout Period, Borrower may voluntarily prepay the Mortgage Loan in full on a Permitted Prepayment Date so long as: 

(1)      Borrower delivers to Lender a Prepayment Notice specifying the
Intended Prepayment Date not more than sixty (60) days, but not less than thirty (30) days (if given via U.S. Postal Service) or twenty (20) days (if given via facsimile, e-mail or overnight courier) prior to such Intended Prepayment
Date; and 
 (2)      Borrower pays to Lender an amount equal to
the sum of: 
 (A)      the entire unpaid principal balance of
the Mortgage Loan; plus 
 (B)      all Accrued Interest
(calculated through the last day of the month in which the prepayment occurs); plus 

(C)      the Prepayment Premium; plus 

(D)      all other Indebtedness. 

In connection with any such voluntary prepayment, Borrower acknowledges and agrees that interest shall always be calculated and paid
through the last day of the month in which the prepayment occurs (even if the Permitted Prepayment Date for such month is not the last day of such month, or if Lender approves prepayment on an Intended Prepayment Date that is not a Permitted
Prepayment Date). Borrower further acknowledges that Lender is not required to 

  

					
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accept a voluntary prepayment of the Mortgage Loan on any day other than a Permitted Prepayment Date. However, if Lender does approve an Intended Prepayment Date that is not a Permitted
Prepayment Date and accepts a prepayment on such Intended Prepayment Date, such prepayment shall be deemed to be received on the immediately following Permitted Prepayment Date. If Borrower fails to prepay the Mortgage Loan on the Intended
Prepayment Date for any reason (including on any Intended Prepayment Date that is not a Permitted Prepayment Date but is approved by Lender) and such failure continues for five (5) Business Days or longer, or into the following month (if
sooner), Lender may recalculate the payoff amount. Borrower shall immediately pay to Lender any additional amounts required by any such recalculation. 
 (c)      Acceleration of Mortgage Loan. 
 Upon acceleration of the Mortgage Loan, Borrower shall pay to Lender: 
 (1)      the entire unpaid principal balance of the Mortgage Loan; 
 (2)      all Accrued Interest (calculated through the last day of the month in which the acceleration occurs); 

(3)      the Prepayment Premium; and 

(4)      all other Indebtedness. 

(d)      Application of Collateral. 

Any application by Lender of any collateral or other security to the repayment of all or any portion of the unpaid
principal balance of the Mortgage Loan prior to the Maturity Date in accordance with the Loan Documents shall be deemed to be a prepayment by Borrower. Any such prepayment shall require the payment to Lender by Borrower of the Prepayment Premium
calculated on the amount being prepaid in accordance with this Loan Agreement. 

(e)      Casualty and Condemnation. 

Notwithstanding any provision of this Loan Agreement to the contrary, no Prepayment Premium shall be payable with respect
to any prepayment occurring as a result of the application of any insurance proceeds or condemnation award in accordance with this Loan Agreement. 
 (f)      No Effect on Payment Obligations. 
 Unless otherwise expressly provided in this Loan Agreement, any prepayment required by any Loan Document of less than the entire unpaid principal balance of the Mortgage Loan shall not extend or postpone
the due date of any subsequent Monthly Debt Service Payments, Monthly Replacement Reserve Deposit, or other payment, or change the amount of any such payments or deposits. 

  

					
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 (g)      Loss Resulting from Prepayment.

 Borrower acknowledges and agrees that if a Prepayment Premium is not otherwise due: 

(1)      any prepayment of the unpaid principal balance of the Mortgage
Loan, whether voluntary or involuntary, or following the occurrence of an Event of Default by Borrower, will result in Lender’s incurring loss, including reinvestment loss, additional risk, expense and frustration or impairment of Lender’s
ability to meet its commitments to third parties; 
 (2)      it
is extremely difficult and impractical to ascertain the extent of such losses, risks and damages; 
 (3)      the formula for calculating the Prepayment Premium represents a reasonable estimate of the losses, risks and damages Lender will incur as a result of a prepayment;
and 
 (4)      the provisions regarding the Prepayment Premium
contained in this Loan Agreement are a material part of the consideration for the Mortgage Loan, and that the terms of the Mortgage Loan are in other respects more favorable to Borrower as a result of Borrower’s voluntary agreement to such
prepayment provisions. 
 ARTICLE 3 - PERSONAL LIABILITY 

Section 3.01        Non-Recourse Mortgage Loan; Exceptions. 

Except as otherwise provided in this Article 3 or in any other Loan Document and unless such Person is a Guarantor, none
of Borrower, or any director, officer, manager, member, partner, shareholder, trustee, trust beneficiary, or employee of Borrower, shall have personal liability under this Loan Agreement or any other Loan Document for the repayment of the
Indebtedness or for the performance of any other obligations of Borrower under the Loan Documents, and Lender’s only recourse for the satisfaction of such Indebtedness and the performance of such obligations shall be Lender’s exercise of
its rights and remedies with respect to the Mortgaged Property and any other collateral held by Lender as security for the Indebtedness. This limitation on Borrower’s liability shall not limit or impair Lender’s enforcement of its rights
against any Guarantor under any Loan Document. 

Section 3.02        Personal Liability of Borrower (Exceptions to Non-Recourse
Provision). 
 (a)      Personal Liability Based on Lender’s Loss.

 Borrower shall be personally liable to Lender for the repayment of the portion of the Indebtedness equal
to any loss or damage suffered by Lender as a result of, subject to any notice and cure period, if any: 

  

					
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 (1)      failure to pay as
directed by Lender upon demand after an Event of Default (to the extent actually received by Borrower): 
 (A)      all Rents to which Lender is entitled under the Loan Documents; and 

(B)      the amount of all security deposits then held or thereafter
collected by Borrower from tenants and not properly applied pursuant to the applicable Leases; 

(2)      failure to maintain all insurance policies required by the Loan
Documents, except to the extent Lender has the obligation to pay the premiums pursuant to Section 12.03(c); 
 (3)      failure to apply all insurance proceeds and any condemnation award as required by the Loan Documents; 

(4)      failure to comply with any provision of this Loan Agreement or any
other Loan Document relating to the delivery of books and records, statements, schedules and reports; 
 (5)      except to the extent directed otherwise by Lender pursuant to Section 3.02(a)(1), failure to apply Rents to the ordinary and necessary expenses of owning and
operating the Mortgaged Property and Debt Service Amounts, as and when each is due and payable, except that Borrower will not be personally liable with respect to Rents that are distributed by Borrower in any calendar year if Borrower has paid all
ordinary and necessary expenses of owning and operating the Mortgaged Property and Debt Service Amounts for such calendar year; 
 (6)      waste or abandonment of the Mortgaged Property; or 
 (7)      grossly negligent or reckless unintentional material misrepresentation or omission by Borrower, Guarantor, Key Principal, or any officer, director, partner, manager,
member, shareholder or trustee of Borrower, Guarantor, or Key Principal in connection with on-going financial or other reporting required by the Loan Documents, or any request for action or consent by Lender. 

Notwithstanding the foregoing, Borrower shall not have personal liability under clauses (1), (3), or (5) above to the extent
that Borrower lacks the legal right to direct the disbursement of the applicable funds due to an involuntary Bankruptcy Event that occurs without the consent, encouragement or active participation of Guarantor, Key Principal or Borrower Affiliate.

  

					
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 (b)      Full Personal Liability for
Mortgage Loan. 
 Borrower shall be personally liable to Lender for the repayment of all of the
Indebtedness, and the Mortgage Loan shall be fully recourse to Borrower, upon the occurrence of any of the following: 
 (1)      failure by Borrower to comply with the single-asset entity requirements of Section 4.02(d) of this Loan Agreement; 

(2)      a Transfer (other than a conveyance of the Mortgaged Property at a
Foreclosure Event pursuant to the Security Instrument and this Loan Agreement) that is not permitted under this Loan Agreement or any other Loan Document; 

(3)      the occurrence of any Bankruptcy Event (other than an
acknowledgement in writing as described in clause (b) of the definition of “Bankruptcy Event”); provided, however, in the event of an involuntary Bankruptcy Event, Borrower shall only be personally liable if such
involuntary Bankruptcy Event occurs with the consent, encouragement or active participation of Borrower, Guarantor, Key Principal or any Borrower Affiliate; 

(4)      fraud, written material misrepresentation or material omission by
Borrower, Guarantor, Key Principal, or any officer, director, partner, manager, member, shareholder or trustee of Borrower, Guarantor, or Key Principal in connection with any application for or creation of the Indebtedness; or 

(5)      fraud, written intentional material misrepresentation or
intentional material omission by Borrower, Guarantor, Key Principal, or any officer, director, partner, manager, member, shareholder or trustee of Borrower, Guarantor, or Key Principal in connection with on-going financial or other reporting
required by the Loan Documents, or any request for action or consent by Lender. 

Section 3.03        Personal Liability for Indemnity Obligations. 

Borrower shall be personally and fully liable to Lender for Borrower’s indemnity obligations under
Section 13.01(e) of this Loan Agreement, the Environmental Indemnity Agreement and any other express indemnity obligations provided by Borrower under any Loan Document. Borrower’s liability for such indemnity obligations shall not
be limited by the amount of the Indebtedness, the repayment of the Indebtedness, or otherwise, provided that Borrower’s liability for such indemnities shall not include any loss caused by the gross negligence or willful misconduct of Lender as
determined by a court of competent jurisdiction pursuant to a final non-appealable court order. 

  

					
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 Section 3.04        Lender’s
Right to Forego Rights Against Mortgaged Property. 
 To the extent that Borrower has personal liability
under this Loan Agreement or any other Loan Document, Lender may exercise its rights against Borrower personally to the fullest extent permitted by applicable law without regard to whether Lender has exercised any rights against the Mortgaged
Property, the UCC Collateral or any other security, or pursued any rights against any Guarantor, or pursued any other rights available to Lender under this Loan Agreement, any other Loan Document or applicable law. For purposes of this
Section 3.04 only, the term “Mortgaged Property” shall not include any funds that have been applied by Borrower as required or permitted by this Loan Agreement prior to the occurrence of an Event of Default, or that Borrower was
unable to apply as required or permitted by this Loan Agreement because of a Bankruptcy Event. To the fullest extent permitted by applicable law, in any action to enforce Borrower’s personal liability under this Article 3, Borrower waives any
right to set off the value of the Mortgaged Property against such personal liability. 
 ARTICLE 4 - BORROWER STATUS

 Section 4.01        Representations and Warranties.

 The representations and warranties made by Borrower to Lender in this Section 4.01 are made as of
the Effective Date, and are true and correct except as disclosed on the Exceptions to Representations and Warranties Schedule. 
 (a)      Due Organization and Qualification. 
 Borrower is validly existing and qualified to transact business and is in good standing in the state in which it is formed or organized, the Property Jurisdiction and in each other jurisdiction that
qualification or good standing is required according to applicable law to conduct its business with respect to the Mortgaged Property and where the failure to be so qualified or in good standing would adversely affect Borrower’s operation of
the Mortgaged Property or the validity, enforceability or the ability of Borrower to perform its obligations under this Loan Agreement or any other Loan Document. 

(b)      Location. 

Borrower’s General Business Address is Borrower’s principal place of business and principal office. 

(c)      Power and Authority. 

Borrower has the requisite power and authority: 

(1)      to own the Mortgaged Property and to carry on its business as now
conducted and as contemplated to be conducted in connection with the performance of its obligations under this Loan Agreement and under the other Loan Documents to which it is a party; and 

  

					
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 (2)      to execute and
deliver this Loan Agreement and the other Loan Documents to which it is a party, and to carry out the transactions contemplated by this Loan Agreement and the other Loan Documents to which it is a party. 

(d)      Due Authorization. 

The execution, delivery and performance of this Loan Agreement and the other Loan Documents to which it is a party have
been duly authorized by all necessary action and proceedings by or on behalf of Borrower, and no further approvals or filings of any kind, including any approval of or filing with any Governmental Authority, are required by or on behalf of Borrower
as a condition to the valid execution, delivery and performance by Borrower of this Loan Agreement or any of the other Loan Documents to which it is a party, except filings required to perfect and maintain the liens to be granted under the Loan
Documents and routine filings to maintain good standing and its existence. 

(e)      Valid and Binding Obligations. 

This Loan Agreement and the other Loan Documents to which it is a party have been duly executed and delivered by Borrower
and constitute the legal, valid and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms, except as such enforceability may be limited by applicable Insolvency Laws or by the exercise of discretion
by any court. 
 (f)      Effect of Mortgage Loan on Borrower’s Financial
Condition. 
 Borrower is not presently Insolvent and the Mortgage Loan will not render Borrower Insolvent.
Borrower has sufficient working capital, including proceeds from the Mortgage Loan, cash flow from the Mortgaged Property, or other sources, not only to adequately maintain the Mortgaged Property, but also to pay all of Borrower’s outstanding
debts as they come due, including all Debt Service Amounts. 

(g)      Economic Sanctions, Anti-Money Laundering and Anti-Corruption. 

(1)      None of Borrower, any Guarantor, or any Key Principal, nor to
Borrower’s knowledge, any Person having a Controlling Interest in any of them is in violation of: 
 (A)      any applicable anti-money laundering laws, including those contained in the Bank Secrecy Act; and 

(B)      any applicable anti-drug trafficking, anti-terrorism, or
anti-corruption laws, civil or criminal. 

  

					
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 (2)      None of Borrower, any
Guarantor, or any Key Principal, nor to Borrower’s knowledge, any Person having a Controlling Interest in any of them is a Person: 
 (A)      that is charged with, or has received actual notice that he, she or it is under investigation for, any violation of any such laws; 

(B)      that has been convicted of any violation of, has been subject to
civil penalties pursuant to, or had any of its property seized or forfeited under, any such laws; or 
 (C)      with whom any United States Person, any entity organized under the laws of the United States or its constituent states or territories, or any entity, regardless of
where organized, having its principal place of business within the United States or any of its territories, is prohibited from transacting business of the type contemplated by this Loan Agreement and the other Loan Documents under any other
applicable law. 
 (3)      None of Borrower, any Guarantor, or
any Key Principal, nor to Borrower’s knowledge, any Person having a Controlling Interest in any of them is in violation of any obligation to maintain appropriate internal controls as required by the governing laws of the jurisdiction of
such Person as are necessary to ensure compliance with the economic sanctions, anti-money laundering, and anti-corruption laws of the United States and the jurisdiction where the Person resides, is domiciled or has its principal place of business.

 (4)      Borrower, Guarantor and Key Principal are in
compliance with all applicable economic sanctions laws administered by OFAC, the United States Department of State, or the United States Department of Commerce. 

(h)      Borrower Single Asset Status. 

Borrower: 
 (1)      does not own any real property, personal property or assets other than the Mortgaged Property; 

(2)      does not own, operate or participate in any business other than
the management and operation of the Mortgaged Property; 

(3)      has no material financial obligation under or secured by any
indenture, mortgage, deed of trust, deed to secure debt, loan agreement or other agreement or instrument to which Borrower is a party or by which Borrower or the Mortgaged Property is otherwise bound, other than: 

  

					
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 (A)      unsecured
obligations incurred in the ordinary course of the operation of the Mortgaged Property; 

(B)      if the Security Instrument grants a lien on a leasehold estate,
Borrower’s obligations as lessee under the ground lease creating such leasehold estate; and 
 (C)      obligations under the Loan Documents and obligations secured by the Mortgaged Property to the extent permitted by the Loan Documents; 

(4)      has accurately maintained its financial statements, accounting
records and other partnership, real estate investment trust, limited liability company or corporate documents, as the case may be, separate from those of any other Person (unless Borrower’s assets have been included in a consolidated financial
statement of a Borrower Affiliate in accordance with generally accepted accounting principles); 

(5)      has not commingled its assets or funds with those of any other
Person unless such assets or funds can be segregated and identified in the ordinary course of business; 
 (6)      has been adequately capitalized in light of its contemplated business operations; 

(7)      has not assumed, guaranteed or become obligated for the
liabilities of any other Person (except in connection with the Mortgage Loan or other mortgage loans that have been paid in full or collaterally assigned to Lender, including in connection with any Consolidation, Extension and Modification Agreement
or similar instrument) or held out its credit as being available to satisfy the obligations of any other Person; and 
 (8)      has not entered into, and is not a party to, any transaction with any Borrower Affiliate, except in the ordinary course of business and on terms which are no more
favorable to any such Borrower Affiliate than would be obtained in a comparable arm’s length transaction with an unrelated third party. 
 (i)      No Bankruptcies or Judgments. 
 None of Borrower, any Guarantor, or any Key Principal, nor to Borrower’s knowledge, any Person having a Controlling Interest in any of them is currently: 

(1)      the subject of or a party to any completed or pending bankruptcy,
reorganization, including any receivership or other insolvency proceeding; 

(2)      preparing or intending to be the subject of a Bankruptcy Event; or

  

					
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 (3)      the subject of any
judgment unsatisfied of record or docketed in any court; or 

(4)      Insolvent. 

(j)      No Litigation. 

(1)      There are no claims, actions, suits or proceedings at law or in
equity (including any insolvency, bankruptcy or receivership proceedings) by or before any Governmental Authority now pending or, to Borrower’s knowledge, threatened against or affecting Borrower or the Mortgaged Property not otherwise covered
by insurance (except for claims, actions, suits or proceedings regarding fair housing, anti-discrimination, or equal opportunity, which shall always be disclosed); and 

(2)      there are no claims, actions, suits or proceedings at law or in
equity by or before any Governmental Authority now pending or, to Borrower’s knowledge, threatened against or affecting any Guarantor or any Key Principal, which claims, actions, suits or proceedings, if adversely determined (individually or in
the aggregate) would reasonably be expected to materially adversely affect the financial condition or business of Borrower, any Guarantor, or any Key Principal or the condition, operation or ownership of the Mortgaged Property (except for claims,
actions, suits or proceedings regarding fair housing, anti-discrimination, or equal opportunity, which shall always be deemed material). 
 (k)      Payment of Taxes, Assessments and Other Charges. 
 Borrower confirms that: 

(1)      it has filed all federal, state, county and municipal tax returns
and reports required to have been filed by Borrower; 

(2)      it has paid, before any fine, penalty, interest, lien, or costs
may be added thereto, all taxes, governmental charges and assessments due and payable with respect to such returns and reports; 
 (3)      there is no controversy or objection pending, or to the knowledge of Borrower, threatened in respect of any tax returns of Borrower; and 

(4)      it has made adequate reserves on its books and records for all
taxes that have accrued but which are not yet due and payable. 
 (l)      Not
a Foreign Person. 
 Borrower is not a “foreign person” within the meaning of
Section 1445(f)(3) of the Internal Revenue Code. 

  

					
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 (m)      ERISA. 

Borrower represents and warrants that: 

(1)      Borrower is not an Employee Benefit Plan; 

(2)      none of the assets of Borrower constitute “plan assets”
(within the meaning of Section 3(42) of ERISA and Department of Labor Regulation Section 2510.3-101) of an Employee Benefit Plan; 
 (3)      none of the assets of Borrower are subject to any state or local law governing the assets of an Employee Benefit Plan; and 

(4)      there are no ERISA Plans. 

(n)      Default Under Other Obligations. 

(1)      The execution, delivery and performance of the obligations imposed
on Borrower under this Loan Agreement and the Loan Documents to which it is a party will not cause Borrower to be in default under the provisions of any agreement, judgment or order to which Borrower is a party or by which such Borrower is bound.

 (2)      None of Borrower, any Guarantor, or any Key Principal
is in default under any obligation to Lender. 
 (o)      Prohibited Person.

 None of Borrower, any Guarantor, or any Key Principal, nor to Borrower’s knowledge, any Person
having a Controlling Interest in any of them is a Prohibited Person. 

Section 4.02        Covenants. 

(a)      Maintenance of Existence; Organizational Documents. 

Borrower shall maintain its existence, its entity status, franchises, rights and privileges under the laws of the state
of its formation or organization (as applicable). Borrower shall continue to be duly qualified and in good standing to transact business in each jurisdiction that qualification or standing is required according to applicable law to conduct its
business with respect to the Mortgaged Property and where the failure to do so would adversely affect Borrower’s operation of the Mortgaged Property or the validity, enforceability or the ability of Borrower to perform its obligations under
this Loan Agreement or any other Loan Document. None of Borrower nor any partner, member, manager, officer or director of any Borrower shall make or allow any material change to the organizational documents or organizational structure of such
Borrower, including changes relating to control of, or the ability to oversee management and day-to-day operations of, such Borrower, or file any action, complaint, petition, or other claim (1) to divide, partition or otherwise compel the
sale of the Mortgaged Property, or (2) which would affect the control of, or the ability to oversee management and day-to-day operations of, such Borrower, without Lender’s prior written consent. 

  

					
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 (b)      Anti-Money Laundering,
Anti-Corruption and Economic Sanctions. 
 (1)      Borrower
shall at all times remain, and shall cause any Guarantor, Key Principal, and any Person having a Controlling Interest in any of them to remain, in compliance with: 

(A)      any applicable anti-money laundering laws, including those
contained in the Bank Secrecy Act; and 
 (B)      any applicable
anti-drug trafficking, anti-terrorism, or anti-corruption laws, civil or criminal. 

(2)      At no time shall Borrower, any Guarantor, Key Principal, or any
Person having a Controlling Interest in any of them, be a Person: 

(A)      that is charged with, or has received actual notice that he, she
or it is under investigation for, any violation of any such laws; 

(B)      that has been convicted of any violation of, has been subject to
civil penalties pursuant to, or had any of its property seized or forfeited under, any such laws; or 
 (C)      with whom any United States Person, any entity organized under the laws of the United States or its constituent states or territories, or any entity, regardless of
where organized, having its principal place of business within the United States or any of its territories, is prohibited from transacting business of the type contemplated by this Loan Agreement and the other Loan Documents under any other
applicable law. 
 (3)      At no time shall Borrower, any
Guarantor, Key Principal, or any Person having a Controlling Interest in any of them, be a Person in violation of any obligation to maintain appropriate internal controls as required by the governing laws of the jurisdiction of such Person as are
necessary to ensure compliance with the economic sanctions, anti-money laundering, and anti-corruption laws of the United States and the jurisdiction where the Person resides, is domiciled or has its principal place of business. 

(4)      Borrower shall at all times remain, and shall cause Guarantor and
Key Principal to remain, in compliance with any applicable economic sanctions laws administered by OFAC, the United States Department of State, or the United States Department of Commerce. 

  

					
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 (c)      Payment of Taxes, Assessments and
Other Charges. 
 Borrower shall file all federal, state, county and municipal tax returns and reports
required to be filed by Borrower and shall pay, before any fine, penalty, interest or cost may be added thereto, all taxes payable with respect to such returns and reports. 

(d)      Borrower Single Asset Status. 

Until the Indebtedness is fully paid, Borrower: 

(1)      shall not acquire any real property, personal property or assets
other than the Mortgaged Property; 
 (2)      shall not own,
operate or participate in any business other than the management and operation of the Mortgaged Property; 
 (3)      shall not commingle its assets or funds with those of any other Person unless such assets or funds can be segregated and identified in the ordinary course of
business; 
 (4)      shall accurately maintain its financial
statements, accounting records and other partnership, real estate investment trust, limited liability company or corporate documents, as the case may be, separate from those of any other Person (unless Borrower’s assets are included in a
consolidated financial statement of a Borrower Affiliate in accordance with generally accepted accounting principles); 
 (5)      shall not assume, guaranty or become obligated for, the liabilities of any other Person nor hold out its credit as being available to satisfy the obligations of any
other Person; 
 (6)      shall not enter into, or become a party
to, any transaction with any Borrower Affiliate, except in the ordinary course of business and on terms which are no more favorable to any such Borrower Affiliate than would be obtained in a comparable arm’s length transaction with an unrelated
third party; or 
 (7)      shall not become a party to or incur
material financial obligations under or secured by any indenture, mortgage, deed of trust, deed to secure debt, loan agreement or other agreement or instrument, other than: 

(A)      unsecured obligations incurred in the ordinary course of the
operation of the Mortgaged Property; 
 (B)      if the Security
Instrument grants a lien on a leasehold estate, Borrower’s obligations as lessee under the ground lease creating such leasehold estate; and 

  

					
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 (C)      obligations under
the Loan Documents and obligations secured by the Mortgaged Property to the extent permitted by the Loan Documents. 
 (e)      ERISA. 
 Borrower
covenants that: 
 (1)      none of the assets of Borrower shall
constitute “plan assets” (within the meaning of Section 3(42) of ERISA and Department of Labor Regulation Section 2510.3-101) of an Employee Benefit Plan; 

(2)      none of the assets of Borrower shall be subject to any state or
local law governing the assets of an Employee Benefit Plan; and 

(3)      there shall not be any ERISA Plans. 

(f)      Notice of Litigation or Insolvency. 

Borrower shall give immediate written notice to Lender of any claims, actions, suits or proceedings at law or in equity
(including any insolvency, bankruptcy or receivership proceeding) by or before any Governmental Authority pending or, to Borrower’s knowledge, threatened against or affecting Borrower, any Guarantor, any Key Principal, or the Mortgaged
Property, which claims, actions, suits or proceedings, if adversely determined would reasonably be expected to materially adversely affect the financial condition or business of Borrower, any Guarantor, or any Key Principal or the condition,
operation, or ownership of the Mortgaged Property (including any claims, actions, suits or proceedings regarding fair housing, anti-discrimination, or equal opportunity, which shall always be deemed material). 

(g)      Payment of Costs, Fees, and Expenses. 

In addition to the payments specified in this Loan Agreement, Borrower shall pay, on demand, all of Lender’s
out-of-pocket fees, costs, charges or expenses (including the reasonable fees and expenses of attorneys, accountants, and other experts) incurred by Lender in connection with: 

(1)      any amendment to, or consent, or waiver required under this Loan
Agreement or any of the Loan Documents (whether or not any such amendments, consents, or waivers are entered into); 
 (2)      defending or participating in any litigation arising from actions by third parties and brought against or involving Lender with respect to: 

(A)      the Mortgaged Property; 

(B)      any event, act, condition, or circumstance in connection with the
Mortgaged Property; or 

  

					
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 (C)      the relationship
between Lender, Borrower, Key Principal and Guarantor in connection with this Loan Agreement or any of the transactions contemplated by this Loan Agreement; 

(3)      the administration or enforcement of, or preservation of rights or
remedies under, this Loan Agreement or any other Loan Documents including or in connection with any litigation or appeals, any Foreclosure Event or other disposition of any collateral granted pursuant to the Loan Documents; and 

(4)      any Bankruptcy Event or Guarantor Bankruptcy Event. 

ARTICLE 5 - THE MORTGAGE LOAN 
 Section 5.01        Representations and Warranties. 
 The representations and warranties made by Borrower to Lender in this Section 5.01 are made as of the Effective Date, and are true and correct except as disclosed on the Exceptions to Representations
and Warranties Schedule. 
 (a)      Receipt and Review of Loan Documents.

 Borrower has received and reviewed this Loan Agreement and all of the other Loan Documents. 

(b)      No Default. 

No Event of Default exists under any of the Loan Documents and the execution, delivery and performance of the obligations
imposed on Borrower under the Loan Documents will not cause Borrower to be in default under the provisions of any agreement, judgment or order to which Borrower is a party or by which Borrower is bound. 

Section 5.02        Covenants. 

(a)      Ratification of Covenants; Estoppels; Certifications. 

Borrower shall: 
 (1)      promptly notify Lender in writing upon any violation of any covenant set forth in any Loan Document of which Borrower has notice or becomes aware; provided,
however, any such written notice by Borrower shall not relieve Borrower of, or result in a waiver of, any obligation under this Loan Agreement or any other Loan Document; and 

  

					
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 (2)      within ten (10)
days after a request from Lender, provide a written statement, signed and acknowledged by Borrower, certifying to Lender or any person designated by Lender, as of the date of such statement: 

(A)      that the Loan Documents are unmodified and in full force and
effect (or, if there have been modifications, that the Loan Documents are in full force and effect as modified and setting forth such modifications); 

(B)      the unpaid principal balance of the Mortgage Loan; 

(C)      the date to which interest on the Mortgage Loan has been paid;

 (D)      that Borrower is not in default in paying the
Indebtedness or in performing or observing any of the covenants or agreements contained in this Loan Agreement or any of the other Loan Documents (or, if Borrower is in default, describing such default in reasonable detail); 

(E)      whether or not there are then existing any setoffs or defenses
known to Borrower against the enforcement of any right or remedy of Lender under the Loan Documents; and 
 (F)      any additional facts requested by Lender. 
 (b)      Further Assurances. 
 (1)      Other Documents As Lender May Require. 
 Within ten (10) days after request by Lender, Borrower shall, subject to Section 5.02(d) below, execute, acknowledge and deliver, at its cost and expense, all further acts, deeds, conveyances,
assignments, financing statements, transfers and assurances as Lender may reasonably require from time to time in order to better assure, grant and convey to Lender the rights intended to be granted, now or in the future, to Lender under this Loan
Agreement and the other Loan Documents. 
 (2)      Corrective
Actions. 
 Within ten (10) days after request by Lender, Borrower shall provide, or
cause to be provided, to Lender, at Borrower’s cost and expense, such further documentation or information reasonably deemed necessary or appropriate by Lender in the exercise of its rights under the related commitment letter between Borrower
and Lender or to correct patent mistakes in the Loan Documents, the Title Policy or the funding of the Mortgage Loan. 

  

					
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 (c)      Sale of Mortgage Loan.

 Borrower shall, subject to Section 5.02(d) below: 

(1)      do anything necessary to comply with the reasonable requirements
of Lender or any Investor of the Mortgage Loan or provide, or cause to be provided, to Lender or any Investor of the Mortgage Loan within ten (10) days of the request, at Borrower’s cost and expense, such further documentation or
information as Lender or Investor may reasonably require, in order to enable: 

(A)      Lender to sell the Mortgage Loan to such Investor; 

(B)      Lender to obtain a refund of any commitment fee from any such
Investor; or 
 (C)      any such Investor to further sell or
securitize the Mortgage Loan; 
 (2)      ratify and affirm in
writing the representations and warranties set forth in any Loan Document as of such date specified by Lender modified as necessary to reflect changes that have occurred subsequent to the Effective Date; 

(3)      confirm that Borrower is not in default in paying the Indebtedness
or in performing or observing any of the covenants or agreements contained in this Loan Agreement or any of the other Loan Documents (or, if Borrower is in default, describing such default in reasonable detail); and 

(4)      execute and deliver to Lender and/or any Investor such other
documentation, including any amendments, corrections, deletions or additions to this Loan Agreement or other Loan Document(s) as is reasonably required by Lender or such Investor. 

(d)      Limitations on Further Acts of Borrower. 

Nothing in Section 5.02(b) and Section 5.02(c) shall require Borrower to do any further act that has the effect
of: 
 (1)      changing the economic terms of the Mortgage Loan
set forth in the related commitment letter between Borrower and Lender; 

(2)      imposing on Borrower or Guarantor greater personal liability under
the Loan Documents than that set forth in the related commitment letter between Borrower and Lender; or 
 (3)      materially changing the rights and obligations of Borrower or Guarantor under the commitment letter. 

(e)      Financing Statements; Record Searches. 

(1)      Borrower shall pay all filing costs and all costs and expenses
associated with any filing or recording of: 

  

					
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 (A)      any financing
statements, including all continuation statements, termination statements and amendments or any other filings related to security interests in or liens on collateral; and 

(B)      any record searches for financing statements that Lender may
require. 
 (2)      Borrower hereby authorizes Lender to file any
financing statements, continuation statements, termination statements and amendments as Lender may require in order to protect and preserve Lender’s lien priority and security interest in the Mortgaged Property (and to the extent Lender has
filed any such financing statements, continuation statements or amendments prior to the Effective Date, such filings by Lender are hereby authorized and ratified by Borrower). 
 ARTICLE 6 - PROPERTY USE, PRESERVATION AND MAINTENANCE 

Section 6.01        Representations and Warranties. 

The representations and warranties made by Borrower to Lender in this Section 6.01 are made as of the Effective
Date, and are true and correct except as disclosed on the Exceptions to Representations and Warranties Schedule. 
 (a)      Compliance with Law; Permits and Licenses. 
 (1)      To Borrower’s knowledge, all improvements to the Land and the use of the Mortgaged Property comply with all applicable laws, ordinances, statutes, rules and
regulations, including all applicable statutes, rules and regulations pertaining to requirements for equal opportunity, anti-discrimination, fair housing and environmental protection. 

(2)      To Borrower’s knowledge, there is no evidence of any illegal
activities on the Mortgaged Property. 
 (3)      To
Borrower’s knowledge, no permits or approvals from any Governmental Authority, other than those previously obtained and furnished to Lender, are necessary for the commencement and completion of the Repairs or Replacements, as applicable, other
than those permits or approvals which will be timely obtained in the course of business. 

(4)      All required permits, licenses and certificates to comply with all
zoning and land use statutes, laws, ordinances, rules and regulations, and all applicable health, fire, safety and building codes, and for the lawful use and operation of the Mortgaged Property, including certificates of occupancy, apartment
licenses or the equivalent, have been obtained and are in full force and effect. 

  

					
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 (5)      No portion of the
Mortgaged Property has been purchased with the proceeds of any illegal activity. 

(b)      Property Characteristics. 

(1)      The Mortgaged Property contains not less than: 

(A)      the Property Square Footage; 

(B)      the Total Parking Spaces; and 

(C)      the Total Residential Units. 

(2)      No part of the Land is included or assessed under or as part of
another tax lot or parcel, and no part of any other property is included or assessed under or as part of the tax lot or parcels for the Land. 
 (c)      Property Ownership. 

Borrower is sole owner of the Mortgaged Property. 

Section 6.02        Covenants 

(a)      Use of Property. 

From and after the Effective Date, Borrower shall not, unless required by applicable law or Governmental Authority:

 (1)      allow changes in the use of all or any part of the
Mortgaged Property; 
 (2)      convert any individual dwelling
units or common areas to commercial use; 
 (3)      initiate or
acquiesce in a change in the zoning classification of the Land; 

(4)      establish any condominium or cooperative regime with respect to
the Mortgaged Property; 
 (5)      subdivide the Land; or

 (6)      suffer, permit or initiate the joint assessment of any
Mortgaged Property with any other real property constituting a tax lot separate from such Mortgaged Property which could cause the part of the Land to be included or assessed under or as part of another tax lot or parcel, or any part of any other
property to be included or assessed under or as part of the tax lot or parcels for the Land. 

  

					
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 (b)      Property Maintenance.

 Borrower shall: 

(1)      pay the expenses of operating, managing, maintaining and repairing
the Mortgaged Property (including insurance premiums, utilities, Repairs and Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added; 

(2)      keep the Mortgaged Property in good repair and marketable
condition (ordinary wear and tear excepted) (including the replacement of Personalty and Fixtures with items of equal or better function and quality) and subject to Section 9.03(b) restore or repair promptly, in a good and workmanlike manner,
any damaged part of the Mortgaged Property to the equivalent of its original condition or condition immediately prior to the damage (if improved after the Effective Date), whether or not insurance proceeds are or any condemnation award is available
to cover any costs of such restoration or repair; 

(3)      commence all Required Repairs, Additional Lender Repairs and
Additional Lender Replacements as follows: 
 (A)      with
respect to any Required Repairs, promptly following the Effective Date (subject to Force Majeure, if applicable), in accordance with the timelines set forth on the Required Repair Schedule, or if no timelines are provided, as soon as practical
following the Effective Date; 
 (B)      with respect to
Additional Lender Repairs, in the event that Lender determines that Additional Lender Repairs are necessary from time to time or pursuant to Section 6.03(c), promptly following Lender’s written notice of such Additional Lender Repairs
(subject to Force Majeure, if applicable), commence any such Additional Lender Repairs in accordance with Lender’s timelines, or if no timelines are provided, as soon as practical; 

(C)      with respect to Additional Lender Replacements, in the event that
Lender determines that Additional Lender Replacements are necessary from time to time or pursuant to Section 6.03(c), promptly following Lender’s written notice of such Additional Lender Replacements (subject to Force Majeure, if
applicable), commence any such Additional Lender Replacements in accordance with Lender’s timelines, or if no timelines are provided, as soon as practical; 

(4)      make, construct, install, diligently perform and complete all
Replacements and Repairs: 
 (A)      in a good and workmanlike
manner as soon as practicable following the commencement thereof, free and clear of any Liens, including mechanics’ or materialmen’s liens and encumbrances (except for Permitted Encumbrances); 

  

					
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 (B)      in accordance with
all applicable laws, ordinances, rules and regulations of any Governmental Authority including applicable building codes, special use permits and environmental regulations; 

(C)      in accordance with all applicable insurance requirements; and

 (D)      within all timeframes required by Lender, and
Borrower acknowledges that it shall be an Event of Default if Borrower abandons or ceases work on any Repair at any time prior to the completion of the Repairs for a period of longer than twenty (20) days (except when Force Majeure exists and
Borrower is diligently pursuing the reinstitution of such work, provided however any such abandonment or cessation shall not in any event allow the Repair to be completed after the Completion Period, subject to Force Majeure); and 

(5)      subject to the terms of Section 6.03(a) provide for
professional management of the Mortgaged Property by a residential rental property manager satisfactory to Lender under a contract approved by Lender in writing; 

(6)      give written notice to Lender of, and, unless otherwise directed
in writing by Lender, appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security for the Mortgage Loan or Lender’s rights under this Loan Agreement; and 

(7)      upon Lender’s request, submit to Lender any contracts or work
orders described in Section 13.02(b). 
 (c)      Property Preservation.

 Borrower shall: 

(1)      not commit waste or abandon or (ordinary wear and tear excepted)
permit impairment or deterioration of the Mortgaged Property; 

(2)      except as otherwise permitted herein in connection with Repairs
and Replacements, not remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property (or permit any tenant or any other person to do the same) except in connection with the replacement of tangible Personalty or Fixtures
(provided such Personalty and Fixtures are replaced with items of equal or better function and quality); 
 (3)      not engage in or knowingly permit, and shall take appropriate measures to prevent and abate or cease and desist, any illegal activities at the Mortgaged Property
that could endanger tenants or visitors, result in damage to the Mortgaged Property, result in forfeiture of the Land or otherwise materially impair the lien created by the Security Instrument or Lender’s interest in the Mortgaged Property;

  

					
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 (4)      not permit any
condition to exist on the Mortgaged Property that would invalidate any part of any insurance coverage required by this Loan Agreement; or 
 (5)      not subject the Mortgaged Property to any voluntary, elective or non-compulsory tax lien or assessment (or opt in to any voluntary, elective or non-compulsory
special tax district or similar regime). 
 (d)      Property Inspections.

 Borrower shall: 

(1)      permit Lender, its agents, representatives and designees to enter
upon and inspect the Mortgaged Property (including in connection with any Replacement or Repair, or to conduct any Environmental Inspection pursuant to the Environmental Indemnity Agreement), and shall cooperate and provide access to all areas of
the Mortgaged Property (subject to the rights of tenants under the Leases): 

(A)      during normal business hours; 

(B)      at such other reasonable time upon reasonable notice of not less
than one (1) Business Day; 
 (C)      at any time when
exigent circumstances exist; or 
 (D)      at any time after an
Event of Default has occurred and is continuing; and 

(2)      pay for reasonable costs or expenses incurred by Lender or its
agents in connection with any such inspections. 
 (e)      Compliance with
Laws. 
 Borrower shall: 

(1)      comply with all laws, ordinances, statutes, rules and regulations
of any Governmental Authority and all recorded lawful covenants and agreements relating to or affecting the Mortgaged Property, including all laws, ordinances, statutes, rules and regulations and covenants pertaining to construction of improvements
on the Land, fair housing and requirements for equal opportunity, anti-discrimination, environmental protection and Leases; 

  

					
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 (2)      maintain all required
permits, licenses and certificates necessary to comply with all zoning and land use statutes, laws, ordinances, rules and regulations, and all applicable health, fire, safety and building codes and for the lawful use and operation of the Mortgaged
Property, including certificates of occupancy, apartment licenses or the equivalent; 

(3)      comply with all applicable laws that pertain to the maintenance
and disposition of tenant security deposits; 
 (4)      at all
times maintain records sufficient to demonstrate compliance with the provisions of this Section 6.02(e); and 
 (5)      promptly after receipt or notification thereof, provide Lender copies of any building code or zoning violation from any Governmental Authority with respect to the
Mortgaged Property. 
 Section 6.03        Mortgage Loan Administration
Matters Regarding the Property. 
 (a)      Property Management.

 From and after the Effective Date, each property manager and each property management agreement must be
approved by Lender. If, in connection with the making of the Mortgage Loan, or at any later date, Lender waives in writing the requirement that Borrower enter into a written contract for management of the Mortgaged Property, and Borrower later
elects to enter into a written contract or change the management of the Mortgaged Property, such new property manager or the property management agreement must be approved by Lender. As a condition to any approval by Lender, Lender may require that
Borrower and such new property manager enter into a collateral assignment of the property management agreement on a form approved by Lender. 
 (b)      Subordination of Fees to Affiliated Property Managers. 
 Any property manager that is a Borrower Affiliate to whom fees are payable for the management of the Mortgaged Property must enter into an assignment of management agreement or other agreement with
Lender, in a form approved by Lender, providing for subordination of those fees and such other provisions as Lender may require. 
 (c)      Physical Needs Assessment. 
 If, in connection with any inspection of the Mortgaged Property, Lender determines that the condition of the Mortgaged Property has deteriorated (ordinary wear and tear excepted) since the Effective Date,
Lender may obtain, at Borrower’s expense, a physical needs assessment of the Mortgaged Property. Lender’s right to obtain a physical needs assessment pursuant to this Section 6.03(c) shall be in addition to any other rights available
to Lender under this Loan Agreement in connection with any such deterioration. Any such inspection or physical needs assessment may result in Lender requiring Additional Lender Repairs or Additional Lender Replacements as further described in
Section 13.02(a)(9)(B). 

  

					
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 ARTICLE 7 - LEASES AND RENTS 

Section 7.01        Representations and Warranties. 

The representations and warranties made by Borrower to Lender in this Section 7.01 are made as of the Effective
Date, and are true and correct except as disclosed on the Exceptions to Representations and Warranties Schedule. 
 (a)      Prior Assignment of Rents. 
 Borrower has not executed any: 

(1)      prior assignment of Rents (other than an assignment of Rents
securing prior indebtedness that has been paid off and discharged or will be paid off and discharged with the proceeds of the Mortgage Loan); or 

(2)      instrument which would prevent Lender from exercising its rights
under this Loan Agreement or the Security Instrument. 
 (b)      Prepaid
Rents. 
 Borrower has not accepted, and does not expect to receive prepayment of, any Rents for more than
two (2) months prior to the due dates of such Rents. 

Section 7.02        Covenants. 

(a)      Leases. 

Borrower shall: 
 (1)      comply with and observe Borrower’s obligations under all Leases, including Borrower’s obligations pertaining to the maintenance and disposition of tenant
security deposits; 
 (2)      surrender possession of the
Mortgaged Property, including all Leases and all security deposits and prepaid Rents, immediately upon appointment of a receiver or Lender’s entry upon and taking of possession and control of the Mortgaged Property, as applicable; and

 (3)      promptly provide Lender a copy of any non-Residential
Lease at the time such Lease is executed (subject to Lender’s consent rights for Material Commercial Leases in Section 7.02(b)), and, upon Lender’s request, promptly provide Lender a copy of any Residential Lease then in effect as
requested by Lender. 

  

					
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 (b)      Commercial Leases. 

(1)      With respect to Material Commercial Leases, Borrower shall not:

 (A)      enter into any Material Commercial Lease except with
the prior written consent of Lender; or 
 (B)      modify the
terms of, extend or terminate any Material Commercial Lease (including any Material Commercial Lease in existence on the Effective Date) without the prior written consent of Lender. 

(2)      With respect to any non-Material Commercial Lease, Borrower shall
not: 
 (A)      enter into any non-Material Commercial Lease
that materially alters the use and type of operation of the premises subject to the Lease in effect as of the Effective Date, reduces the number or size of residential units at the Mortgaged Property or causes such non-Material Commercial Lease to
be deemed a Material Commercial Lease; or 
 (B)      modify the
terms of any non-Material Commercial Lease (including any non-Material Commercial Lease in existence on the Effective Date) in any way that materially alters the use and type of operation of the premises subject to such non-Material Commercial Lease
in effect as of the Effective Date, reduces the number or size of residential units at the Mortgaged Property or causes such non-Material Commercial Lease to be deemed a Material Commercial Lease. 

(3)      With respect to any Material Commercial Lease or non-Material
Commercial Lease, Borrower shall cause the applicable tenant to provide within ten (10) days of the request, a certificate of estoppel, or if not provided by tenant within such ten (10) day period, Borrower shall provide such certificate
of estoppel, certifying: 
 (A)      that such Material
Commercial Lease or non-Material Commercial Lease is unmodified and in full force and effect (or if there have been modifications, that such Material Commercial Lease or non-Material Commercial Lease is in full force and effect as modified and
stating the modifications); 
 (B)      the term of the Lease
including any extensions thereto; 
 (C)      the dates to which
the Rent and any other charges hereunder have been paid by tenant; 

(D)      the amount of any security deposit delivered to Borrower as
landlord; 

  

					
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 (E)      whether or not
Borrower is in default (or whether any event or condition exists which, with the passage of time, would constitute an event of default) under such Lease; 

(F)      the address to which notices to tenant should be sent; and

 (G)      any other information as may be reasonably required
by Lender. 
 (c)      Payment of Rents. 

Borrower shall: 
 (1)      pay to Lender upon demand all Rents after an Event of Default has occurred and is continuing; 

(2)      cooperate with Lender’s efforts in connection with the
assignment of Rents set forth in the Security Instrument; and 

(3)      not accept Rent under any Lease (whether residential or
non-residential) for more than two (2) months in advance. 

(d)      Assignment of Rents. 

Borrower shall not: 

(1)      perform any acts and shall not execute any instrument that would
prevent Lender from exercising its rights under the assignment of Rents granted in the Security Instrument or in any other Loan Document; or 
 (2)      interfere with Lender’s collection of such Rents. 
 (e)      Further Assignments of Leases and Rents. 
 Borrower shall execute and deliver any further assignments of Leases and Rents as Lender may reasonably require. 
 (f)      Options to Purchase by Tenants. 
 No Lease (whether a Residential Lease or a non-Residential Lease) shall contain an option to purchase, right of first refusal or right of first offer, except as required by applicable law. 

  

					
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 Section 7.03        Mortgage Loan
Administration Regarding Leases and Rents. 
 (a)      Material Commercial
Lease Requirements. 
 Each Material Commercial Lease, including any renewal or extension of any Material
Commercial Lease in existence as of the Effective Date, shall provide, directly or pursuant to a subordination, non-disturbance and attornment agreement approved by Lender, that: 

(1)      the tenant shall, upon written notice from Lender after the
occurrence of an Event of Default, pay all Rents payable under such Lease to Lender; 

(2)      such Lease is subordinate to the lien of the Security Instrument;

 (3)      the tenant shall attorn to Lender and any purchaser at
a Foreclosure Event (such attornment to be self-executing and effective upon acquisition of title to the Mortgaged Property by any purchaser at a Foreclosure Event or by Lender in any manner); 

(4)      the tenant agrees to execute such further evidences of attornment
as Lender or any purchaser at a Foreclosure Event may from time to time request; and 

(5)      such Lease shall not terminate as a result of a Foreclosure Event
unless Lender or any other purchaser at such Foreclosure Event, but subject to the terms of the subordination, non-disturbance and attornment agreement, affirmatively elects to terminate such Lease. 

(b)      Residential Lease Requirements. 

All Residential Leases entered into from and after the Effective Date shall be on forms approved by Lender. All
Residential Leases shall be for initial lease terms of not less than six (6) months (and for initial lease terms of not less than three (3) months for up to five percent (5%) of all Residential Leases) and not more than
twenty-four (24) months (however, if customary in the applicable market for properties comparable to the Mortgaged Property, Residential Leases with terms of less than six (6) months (but in no case less than one (1) month) may be
permitted with Lender’s prior written consent). 
 ARTICLE 8 - BOOKS AND RECORDS; FINANCIAL REPORTING 

Section 8.01        Representations and Warranties. 

The representations and warranties made by Borrower to Lender in this Section 8.01 are made as of the Effective
Date, and are true and correct except as disclosed on the Exceptions to Representations and Warranties Schedule. 

  

					
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 (a)      Financial Information.

 All financial statements and data, including statements of cash flow and income and operating expenses,
that have been delivered to Lender in respect of the Mortgaged Property: 

(1)      are true, complete and correct in all material respects; and

 (2)      accurately represent the financial condition of the
Mortgaged Property as of such date. 
 (b)      No Change in Facts or
Circumstances. 
 All information in the Loan Application and in all financial statements, rent rolls,
reports, certificates and other documents submitted in connection with the Loan Application are complete and accurate in all material respects. There has been no material adverse change in any fact or circumstance that would make any such
information incomplete or inaccurate. 
 Section 8.02        Covenants.

 (a)      Obligation to Maintain Accurate Books and Records.

 Borrower shall keep and maintain at all times at the Mortgaged Property or the property management
agent’s offices or Borrower’s General Business Address and, upon Lender’s request, shall make available at the Land: 
 (1) complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property; and 

(2) copies of all written contracts, Leases and other instruments that affect Borrower or the Mortgaged
Property. 
 (b)      Items to Furnish to Lender. 

Borrower shall furnish to Lender the following, certified as true, complete and accurate, in all material respects, by an
individual having authority to bind Borrower (or Guarantor, as applicable), in such form and with such detail as Lender reasonably requires: 
 (1)      within forty-five (45) days after the end of each first, second and third calendar quarter, a statement of income and expenses for Borrower on a year-to-date
basis as of the end of each calendar quarter; 
 (2)      within
one hundred twenty (120) days after the end of each calendar year: 

(A)      for any Borrower and any Guarantor that is an entity, a statement
of income and expenses and a statement of cash flows for such calendar year; 

  

					
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 (B)      for any Borrower and
any Guarantor that is an individual, or a trust established for estate-planning purposes, a personal financial statement for such calendar year; 

(C)      when requested by Lender, balance sheet(s) showing all assets and
liabilities of Borrower and Guarantor and a statement of all contingent liabilities as of the end of such calendar year; 
 (D)      a written certification ratifying and affirming that: 
 (i)      Borrower has taken no action in violation of Section 4.02(d) regarding its single asset status; 

(ii)      Borrower has received no notice of any building code violation,
or if Borrower has received such notice, evidence of remediation; 

(iii)      Borrower has made no application for rezoning nor received any
notice that the Mortgaged Property has been or is being rezoned; and 

(iv)      Borrower has taken no action and has no knowledge of any action
that would violate the provisions of Section 11.02(b)(1)(F) regarding liens encumbering the Mortgaged Property; 
 (E)      an accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and identification numbers of the
accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts; and 

(F)      written confirmation of: 

(i)      any changes occurring since the Effective Date (or that no such
changes have occurred since the Effective Date) in (1) the direct owners of Borrower, (2) the indirect owners (and any non-member managers) of Borrower that hold a Controlling Interest in Borrower (excluding any Publicly Held Companies or
Publicly Held Trusts), or (3) the indirect owners of Borrower that hold twenty-five percent (25%) or more of the ownership interests in Borrower (excluding any Publicly Held Companies or Publicly Held Trusts), and their respective
interests; 

  

					
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 (ii)      the names of all
officers and directors of (1) any Borrower which is a corporation, (2) any corporation which is a general partner of any Borrower which is a partnership, or (3) any corporation which is the managing member or non-member manager of any
Borrower which is a limited liability company; and 

(iii)      the names of all managers who are not members of (1) any
Borrower which is a limited liability company, (2) any limited liability company which is a general partner of any Borrower which is a partnership, or (3) any limited liability company which is the managing member or non-member manager of
any Borrower which is a limited liability company; 

(3)      within forty-five (45) days after the end of each first,
second and third calendar quarter and within one hundred twenty (120) days after the end of each calendar year, and at any other time upon Lender’s request, a rent schedule for the Mortgaged Property showing the name of each tenant and for
each tenant, the space occupied, the lease expiration date, the rent payable for the current month, the date through which rent has been paid and any related information requested by Lender; and 

(4)      upon Lender’s request (but, absent an Event of Default, no
more frequently than once in any six (6) month period): 

(A)      any item described in Section 8.02(b)(1) or
Section 8.02(b)(2) for Borrower, certified as true, complete and accurate by an individual having authority to bind Borrower; 
 (B)      a property management or leasing report for the Mortgaged Property, showing the number of rental applications received from tenants or prospective tenants and
deposits received from tenants or prospective tenants, and any other information requested by Lender; 
 (C)      a statement of income and expenses for Borrower’s operation of the Mortgaged Property on a year-to-date basis as of the end of each month for such period as
requested by Lender, which statement shall be delivered within thirty (30) days after the end of such month requested by Lender; 
 (D)      a statement of real estate owned by Borrower and Guarantor for such period as requested by Lender, which statement(s) shall be delivered within thirty (30) days
after the end of such month requested by Lender; and 

(E)      a statement that identifies: 

(i)      the direct owners of Borrower and their respective interests;

  

					
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 (ii)      the indirect owners
(and any non-member managers) of Borrower that hold a Controlling Interest in Borrower (excluding any Publicly Held Companies or Publically Held Trusts) and their respective interests; and 

(iii)      the indirect owners of Borrower that hold twenty-five
percent (25%) or more of the ownership interests in Borrower (excluding any Publicly Held Companies or Publically Held Trusts) and their respective interests. 

(c)      Delivery of Books and Records. 

If an Event of Default has occurred and is continuing, Borrower shall deliver to Lender, upon written demand, all books
and records relating to the Mortgaged Property or its operation. 

Section 8.03        Mortgage Loan Administration Matters Regarding Books and
Records and Financial Reporting. 
 (a)      Right to Audit Books and
Records. 
 Lender may require that Borrower’s or Guarantor’s books and records be audited, at
Borrower’s expense, by an independent certified public accountant selected by Lender in order to produce or audit any statements, schedules and reports of Borrower, Guarantor or the Mortgaged Property required by Section 8.02, if:

 (1)      Borrower fails to provide in a timely manner the
statements, schedules and reports required by Section 8.02 and, thereafter, Borrower or Guarantor fails to provide such statements, schedules and reports within the cure period provided in Section 14.01(c); or 

(2)      the statements, schedules and reports submitted to Lender pursuant
to Section 8.02 are not full, complete and accurate in all material respects as determined by Lender and, thereafter, Borrower or Guarantor fails to provide such statements, schedules and reports within the cure period provided in
Section 14.01(c); or 
 (3)      an Event of Default has
occurred and is continuing. 
 Notwithstanding the foregoing, the ability of Lender to require the delivery of
audited financial statements shall be limited to not more than once per Borrower’s fiscal year so long as no Event of Default has occurred during such fiscal year (or any event which, with the giving of written notice or the passage of time, or
both, would constitute an Event of Default has occurred and is continuing). Borrower shall cooperate with Lender in order to satisfy the provisions of this Section 8.03(a). All related costs and expenses of Lender shall become immediately due
and payable within ten (10) Business Days after demand therefor. 

  

					
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 (b)      Credit Reports; Credit Score.

 No more often than once in any twelve (12) month period, Lender is authorized to obtain a credit
report (if applicable) on Borrower or any Guarantor or any Key Principal, the cost of which report shall be paid by Borrower, Guarantor, and Key Principal. Lender is authorized to obtain a Credit Score (if applicable) for Borrower, any Guarantor or
any Key Principal at any time at Lender’s expense. 
 ARTICLE 9 - INSURANCE 

Section 9.01        Representations and Warranties. 

The representations and warranties made by Borrower to Lender in this Section 9.01 are made as of the Effective
Date, and are true and correct except as disclosed on the Exceptions to Representations and Warranties Schedule. 
 (a)      Compliance with Insurance Requirements. 
 Borrower is in compliance with Lender’s insurance requirements (or has obtained a written waiver from Lender for any non-compliant coverage) and has timely paid all premiums on all required insurance
policies. 
 (b)      Property Condition. 

(1)      The Mortgaged Property has not been damaged by fire, water, wind
or other cause of loss; or 
 (2)      if previously damaged, any
previous damage to the Mortgaged Property has been repaired and the Mortgaged Property has been fully restored. 

Section 9.02        Covenants. 

(a)      Insurance Requirements. 

(1)      As required by Lender and applicable law, and as may be modified
from time to time, Borrower shall: 
 (A)      keep the
Improvements insured at all times against any hazards, which insurance shall include coverage against loss by fire and all other perils insured by the “special causes of loss” coverage form, general boiler and machinery coverage, business
income coverage and flood (if any of the Improvements are located in an area identified by the Federal Emergency Management Agency (or any successor) as an area having special flood hazards and to the extent flood insurance is available in that
area), and may include sinkhole insurance, mine subsidence insurance, earthquake insurance, terrorism insurance, windstorm insurance and, if the Mortgaged Property does not conform to applicable building, zoning or land use laws, ordinance and law
coverage; 

  

					
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 (B)      maintain at all
times commercial general liability insurance, workmen’s compensation insurance and such other liability, errors and omissions and fidelity insurance coverage; and 

(C)      maintain builder’s risk and public liability insurance, and
other insurance in connection with completing the Repairs or Replacements, as applicable. 
 Borrower may
satisfy Lender’s insurance requirements hereunder by providing coverage under a blanket insurance policy. 

(b)      Delivery of Policies, Renewals, Notices and Proceeds. 

Borrower shall: 
 (1)      cause all insurance policies (including any policies not otherwise required by Lender) which can be endorsed with standard non-contributing, non-reporting mortgagee
clauses making loss payable to Lender (or Lender’s assigns) to be so endorsed; 

(2)      promptly deliver to Lender a copy of all renewal and other notices
received by Borrower with respect to the policies and all receipts for paid premiums; 

(3)      deliver evidence, in form and content acceptable to Lender, that
each required insurance policy has been renewed not less than fifteen (15) days prior to the applicable expiration date, and (if such evidence is other than an original or duplicate original of a renewal policy) deliver the original or
duplicate original of each renewal policy (or such other evidence of insurance as may be required by or acceptable to Lender) in form and content acceptable to Lender within ninety (90) days after the applicable expiration date of the original
insurance policy; 
 (4)      provide immediate written notice to
the insurance company and to Lender of any event of loss; 

(5)      execute such further evidence of assignment of any insurance
proceeds as Lender may require; and 
 (6)      provide immediate
written notice to Lender of Borrower’s receipt of any insurance proceeds under any insurance policy required by Section 9.02(a)(1)(A) above and, if requested by Lender, deliver to Lender all of such proceeds received by Borrower to be
applied by Lender in accordance with this Article 9. 

  

					
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 Section 9.03        Mortgage Loan
Administration Matters Regarding Insurance 
 (a)      Lender’s
Ongoing Insurance Requirements. 
 Borrower acknowledges that Lender’s insurance requirements may
change from time to time. All insurance policies and renewals of insurance policies required by this Loan Agreement shall be: 
 (1)      in the form and with the terms required by Lender; 
 (2)      in such amounts, with such maximum deductibles and for such periods required by Lender; and 

(3)      issued by insurance companies satisfactory to Lender. 

BORROWER ACKNOWLEDGES THAT ANY FAILURE TO COMPLY WITH INSURANCE PROVISIONS SHALL PERMIT LENDER TO PURCHASE SUCH INSURANCE
AT BORROWER’S COST. SUCH INSURANCE MAY, BUT NEED NOT, PROTECT BORROWER’S INTERESTS. THE COVERAGE THAT LENDER PURCHASES MAY NOT PAY ANY CLAIM THAT BORROWER MAKES OR ANY CLAIM THAT IS MADE AGAINST BORROWER IN CONNECTION WITH THE MORTGAGED
PROPERTY. IF LENDER PURCHASES INSURANCE FOR THE MORTGAGED PROPERTY, BORROWER WILL BE RESPONSIBLE FOR THE COSTS OF THAT INSURANCE, INCLUDING INTEREST AT THE DEFAULT RATE AND ANY OTHER CHARGES LENDER MAY IMPOSE IN CONNECTION WITH THE PLACEMENT OF THE
INSURANCE UNTIL THE EFFECTIVE DATE OF THE CANCELLATION OR THE EXPIRATION OF THE INSURANCE. THE COSTS OF THE INSURANCE SHALL BE ADDED TO BORROWER’S TOTAL OUTSTANDING BALANCE OR OBLIGATION AND SHALL CONSTITUTE ADDITIONAL INDEBTEDNESS. THE COSTS
OF THE INSURANCE MAY BE MORE THAN THE COST OF INSURANCE BORROWER MAY BE ABLE TO OBTAIN ON ITS OWN. BORROWER MAY LATER CANCEL ANY INSURANCE PURCHASED BY LENDER, BUT ONLY AFTER PROVIDING EVIDENCE THAT BORROWER HAS OBTAINED INSURANCE AS REQUIRED BY
THIS LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS. 
 (b)      Application of
Proceeds on Event of Loss. 
 (1)      Upon an event of loss,
Lender may, at Lender’s option: 
 (A)      hold such
proceeds to be applied to reimburse Borrower for the cost of Restoration (in accordance with Lender’s then-current policies relating to the restoration of casualty damage on similar multifamily residential properties); or 

  

					
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 (B)      apply such proceeds
to the payment of the Indebtedness, whether or not then due; provided, however, Lender shall not apply insurance proceeds to the payment of the Indebtedness and shall permit Restoration pursuant to Section 9.03(b)(1) if all of the
following conditions are met: 
 (i)      no Event of Default has
occurred and is continuing (or any event which, with the giving of written notice or the passage of time, or both, would constitute an Event of Default has occurred and is continuing); 

(ii)      Lender determines that the combination of insurance proceeds and
amounts provided by Borrower will be sufficient funds to complete the Restoration; 

(iii)      Lender determines that the net operating income generated by
the Mortgaged Property after completion of the Restoration will be sufficient to support a debt service coverage ratio not less than the debt service coverage ratio immediately prior to the event of loss, but in no event less than 1.0x (the debt
service coverage ratio shall be calculated on a thirty (30) year amortizing basis (if applicable, on a proforma basis approved by Lender) in all events and shall include all operating costs and other expenses, Imposition Deposits,
deposits to Collateral Accounts and Mortgage Loan repayment obligations); 

(iv)      Lender determines that the Restoration will be
completed before the earlier of (1) one (1) year before the stated Maturity Date or (2) one (1) year after the date of the loss or casualty; and 

(v)      Borrower provides Lender, upon request, evidence of the
availability during and after the Restoration of the insurance required to be maintained by Borrower pursuant to this Loan Agreement. 
 After the completion of Restoration in accordance with the above requirements, as determined by Lender, the balance, if any, of such proceeds shall be returned to Borrower. 

(2)      Notwithstanding the foregoing, if any loss is estimated to be in
an amount equal to or less than $50,000, Lender shall not exercise its rights and remedies as power-of-attorney herein and shall allow Borrower to make proof of loss, to adjust and compromise any claims under policies of property damage insurance,
to appear in and prosecute any action arising from such policies of property damage insurance, and to collect and receive the proceeds of property damage insurance; provided that each of the following conditions shall be satisfied:

  

					
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 (A)      Borrower shall
immediately notify Lender of the casualty giving rise to the claim; 

(B)      no Event of Default has occurred and is continuing (or any event
which, with the giving of written notice or the passage of time, or both, would constitute an Event of Default has occurred and is continuing); 

(C)      the Restoration will be completed before the earlier of
(i) one (1) year before the stated Maturity Date or (ii) one (1) year after the date of the loss or casualty; 
 (D)      Lender determines that the combination of insurance proceeds and amounts provided by Borrower will be sufficient funds to complete the Restoration; 

(E)      all proceeds of property damage insurance shall be issued in the
form of joint checks to Borrower and Lender; 
 (F)      all
proceeds of property damage insurance shall be applied to the Restoration; 

(G)      Borrower shall deliver to Lender evidence satisfactory to Lender
of completion of the Restoration and obtainment of all lien releases; 

(H)      Borrower shall have complied to Lender’s satisfaction with
the foregoing requirements on any prior claims subject to this provision, if any; and 

(I)      Lender shall have the right to inspect the Mortgaged Property.

 (3)      If Lender elects to apply insurance proceeds to the
Indebtedness in accordance with the terms of this Loan Agreement, Borrower shall not be obligated to restore or repair the Mortgaged Property. Rather, Borrower shall restrict access to the damaged portion of the Mortgaged Property and, at its
expense and regardless of whether such costs are covered by insurance, clean up any debris resulting from the casualty event, and, if required or otherwise permitted by Lender, demolish or raze any remaining part of the damaged Mortgaged Property to
the extent necessary to keep and maintain the Mortgaged Property in a safe, habitable and marketable condition. Nothing in this Section 9.03(b) shall affect any of Lender’s remedial rights against Borrower in connection with a breach by
Borrower of any of its obligations under this Loan Agreement or under any Loan Document, including any failure to timely pay Monthly Debt Service Payments or maintain the insurance coverage(s) required by this Loan Agreement. 

  

					
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 (c)      Payment Obligations Unaffected.

 The application of any insurance proceeds to the Indebtedness shall not extend or postpone the Maturity
Date or the due date or the full payment of any Monthly Debt Service Payment, Monthly Replacement Reserve Deposit, any other installments referred to in this Loan Agreement or in any other Loan Document. Notwithstanding the foregoing, if Lender
applies insurance proceeds to the Indebtedness in connection with a casualty of less than the entire Mortgaged Property, and after such application of proceeds the debt service coverage ratio (as determined by Lender) is less than 1.25x based on the
then-applicable Monthly Debt Service Payment and the anticipated on-going net operating income of the Mortgaged Property after such casualty event, then Lender may, at its discretion, permit an adjustment to the Monthly Debt Service Payments that
become due and owing thereafter, based on Lender’s then-current underwriting requirements. In no event shall the preceding sentence obligate Lender to make any adjustment to the Monthly Debt Service Payments. 

(d)      Foreclosure Sale. 

If the Mortgaged Property is transferred pursuant to a Foreclosure Event or Lender otherwise acquires title to the
Mortgaged Property, Borrower acknowledges that Lender shall automatically succeed to all rights of Borrower in and to any insurance policies and unearned insurance premiums applicable to the Mortgaged Property and in and to the proceeds resulting
from any damage to the Mortgaged Property prior to such Foreclosure Event or such acquisition. 

(e)      Appointment of Lender as Attorney-In-Fact. 

Borrower hereby authorizes and appoints Lender as attorney-in-fact pursuant to Section 14.03(c). 

ARTICLE 10 - CONDEMNATION 
 Section 10.01        Representations and Warranties. 
 The representations and warranties made by Borrower to Lender in this Section 10.01 are made as of the Effective Date, and are true and correct except as disclosed on the Exceptions to
Representations and Warranties Schedule. 
 (a)      Prior Condemnation Action.

 No part of the Mortgaged Property has been taken in connection with a Condemnation Action. 

(b)      Pending Condemnation Actions. 

No Condemnation Action is pending nor, to Borrower’s knowledge, is threatened for the partial or total condemnation
or taking of the Mortgaged Property. 

  

					
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 Section 10.02        Covenants.

 (a)      Notice of Condemnation. 

Borrower shall: 
 (1)      promptly notify Lender of any Condemnation Action; 
 (2)      appear in and prosecute or defend, at its own cost and expense, any action or proceeding relating to any Condemnation Action, including any defense of Lender’s
interest in the Mortgaged Property tendered to Borrower by Lender, unless otherwise directed by Lender in writing; and 
 (3)      execute such further evidence of assignment of any condemnation award in connection with a Condemnation Action as Lender may require. 

(b)      Condemnation Proceeds. 

Borrower shall pay to Lender all awards or proceeds of a Condemnation Action promptly upon receipt. 

Section 10.03        Mortgage Loan Administration Matters Regarding Condemnation.

 (a)      Application of Condemnation Awards. 

Lender may apply any awards or proceeds of a Condemnation Action, after the deduction of Lender’s expenses incurred
in the collection of such amounts, to: 
 (1)      the restoration
or repair of the Mortgaged Property, if applicable; 

(2)      the payment of the Indebtedness, with the balance, if any, paid to
Borrower; or 
 (3)      Borrower. 

(b)      Payment Obligations Unaffected. 

The application of any awards or proceeds of a Condemnation Action to the Indebtedness shall not extend or postpone the
due date or the full payment of any Monthly Debt Service Payment, Monthly Replacement Reserve Deposit, any other installments referred to in this Loan Agreement or in any other Loan Document, or the Maturity Date. 

(c)      Appointment of Lender as Attorney-In-Fact. 

Borrower hereby authorizes and appoints Lender as attorney-in-fact pursuant to Section 14.03(c). 

  

					
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 (d)      Preservation of Mortgaged
Property. 
 If a Condemnation Action results in or from damage to the Mortgaged Property and Lender elects
to apply the proceeds or awards from such Condemnation Action to the Indebtedness in accordance with the terms of this Loan Agreement, Borrower shall not be obligated to restore or repair the Mortgaged Property. Rather, Borrower shall restrict
access to any portion of the Mortgaged Property which has been damaged or destroyed in connection with such Condemnation Action and, at Borrower’s expense and regardless of whether such costs are covered by insurance, clean up any debris
resulting in or from the Condemnation Action, and, if required by any Governmental Authority or otherwise permitted by Lender, demolish or raze any remaining part of the damaged Mortgaged Property to the extent necessary to keep and maintain the
Mortgaged Property in a safe, habitable and marketable condition. Nothing in this Section 10.03(d) shall affect any of Lender’s remedial rights against Borrower in connection with a breach by Borrower of any of its obligations under this
Loan Agreement or under any Loan Document, including any failure to timely pay Monthly Debt Service Payments or maintain the insurance coverage(s) required by this Loan Agreement. 

ARTICLE 11 - LIENS, TRANSFERS AND ASSUMPTIONS 
 Section 11.01        Representations and Warranties. 
 The representations and warranties made by Borrower to Lender in this Section 11.01 are made as of the Effective Date, and are true and correct except as disclosed on the Exceptions to
Representations and Warranties Schedule. 
 (a)      No Labor or
Materialmen’s Claims. 
 All parties furnishing labor and materials on behalf of Borrower have been
paid in full. There are no mechanics’ or materialmen’s liens (whether filed or unfiled) outstanding for work, labor or materials (and no claims or work outstanding that under applicable law could give rise to any such mechanics’ or
materialmen’s liens) affecting the Mortgaged Property, whether prior to, equal with or subordinate to the lien of the Security Instrument. 
 (b)      No Other Interests. 

No Person: 
 (1) other than Borrower has any possessory ownership or interest in the Mortgaged Property or right to occupy the same except under and pursuant to the provisions of existing Leases, the material terms of
all such Leases having been previously disclosed in writing to Lender; nor 
 (2) has an option,
right of first refusal, or right of first offer (except as required by applicable law) to purchase the Mortgaged Property, or any interest in the Mortgaged Property. 

  

					
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 Section 11.02        Covenants.

 (a)      Liens; Encumbrances. 

Other than Permitted Encumbrances and the lien created by the Loan Documents, Borrower shall not permit the grant,
creation or existence of any Lien, whether voluntary, involuntary or by operation of law, on all or any portion of the Mortgaged Property (including any voluntary, elective or non-compulsory tax lien or assessment pursuant to a voluntary, elective
or non-compulsory special tax district or similar regime). 

(b)      Transfers. 

(1)      Mortgaged Property. 

Borrower shall not Transfer, or cause or permit a Transfer of, all or any part of the Mortgaged Property
(including any interest in the Mortgaged Property) other than: 

(A)      a Transfer to which Lender has consented in writing; 

(B)      the grant of a Residential Lease for a term of two (2) years
or less and not containing an option to purchase or right of first refusal (except as required by applicable law); 
 (C)      the grant of a non-Material Commercial Lease provided the use and type of operation of such space is unchanged from the use and type of operation in effect as of the
Effective Date and the number and size of residential units at the Mortgaged Property are not reduced; 
 (D)      a Transfer of obsolete or worn out Personalty or Fixtures that are contemporaneously replaced by items of equal or better function and quality which are free of
Liens (other than those created by the Loan Documents); 

(E)      the grant of an easement, servitude or restrictive covenant to
which Lender has consented, and Borrower has paid to Lender, upon demand, all costs and expenses incurred by Lender in connection with reviewing Borrower’s request; 

(F)      the creation of any tax lien, municipal lien, utility lien,
mechanics’ lien, materialmen’s lien, or judgment lien against the Mortgaged Property if bonded off, released of record or otherwise remedied to Lender’s satisfaction within sixty (60) days after the earlier of the date Borrower
has actual notice or constructive notice of the existence of such lien; or 

(G)      the conveyance of the Mortgaged Property following a Foreclosure
Event. 

  

					
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 (2)      Interests in Borrower and/or Key
Principal and/or Guarantor. 
 Other than a Transfer to which Lender has consented in writing, Borrower
shall not Transfer, or cause or permit to be Transferred: 

(A)      a direct or indirect Controlling Interest in Borrower, Key
Principal or Guarantor (if applicable); 
 (B)      fifty
percent (50%) or more of any Key Principal’s or Guarantor’s direct or indirect ownership interests in Borrower that existed on the Effective Date (individually or on an aggregate basis); 

(C)      the economic benefits or rights to cash flows attributable to any
ownership interests in Borrower, Key Principal or Guarantor (if applicable) separate from the Transfer of the underlying ownership interests if the Transfer of the underlying ownership interest is prohibited by this Loan Agreement; or 

(D)      a Transfer to a new key principal or new guarantor (if such new
key principal or guarantor is an entity) which entity has an organizational existence termination date that ends before the Maturity Date. 
 (3)      Entity Conversion. 
 (A)      Borrower shall not change its name, change its jurisdiction or organization, or cause or permit a conversion of Borrower from one type of entity into another type of
entity if such conversion results in either: 
 (i)      a Transfer of a
Controlling Interest; or 
 (ii)     a change in any assets, liabilities, legal rights
or obligations of Borrower (or of Key Principal, Guarantor or any general partner, manager (if non-member managed) or managing member of Borrower, as applicable), by operation of law or otherwise. 

(B)      Notwithstanding the foregoing, Borrower may convert from one type
of legal entity into another type of legal entity for tax or other structuring purposes, provided: 

(i)      the provisions of Section 11.02(b)(2) are satisfied; 

(ii)     Borrower provides Lender with at least ten (10) days prior written notice of such
conversion; 
 (iii)    Borrower provides Lender any certificates evidencing such
conversion filed with the appropriate Secretary of State within ten (10) days after filing such certificates; 

  

					
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 (iv)     Borrower provides Lender new certificates
of good standing for such entity at least five (5) days prior to such conversion; 

(v)      Lender reserves the right to file UCC-3 amendments where necessary reflecting the
conversion; 
 (vi)     if required by Lender, Borrower executes an amendment to this
Loan Agreement documenting the conversion; and 
 (vii)    Borrower shall provide Lender
with confirmation from the title company (via electronic mail or letter) that nothing is needed in the land records (of the appropriate Property Jurisdiction) at such time to evidence such conversion, and no endorsements to the Title Policy are
necessary to maintain Lender’s coverage; or if any endorsements are necessary, Borrower shall provide such endorsements at Borrower’s cost. 
 (c)      No Other Indebtedness and Mezzanine Financing. 
 Other than the Mortgage Loan, Borrower shall not incur or be obligated at any time with respect to any loan or other indebtedness in connection with or secured by the Mortgaged Property. Neither Borrower
nor any owner of Borrower shall (1) incur any “mezzanine debt” or issue any preferred equity that is secured by a pledge of the ownership interests in Borrower or by a pledge of the cash flows of Borrower to the extent the Transfer of
the underlying ownership interests is otherwise prohibited by this Loan Agreement, or (2) incur any similar indebtedness or issue any similar equity with respect to the Mortgaged Property or ownership interest in Borrower or any owner of Key
Principal or Guarantor that is secured by a pledge of the cash flows of Borrower to the extent the Transfer of the underlying ownership interests is otherwise prohibited by this Loan Agreement. 

Section 11.03        Mortgage Loan Administration Matters Regarding Liens,
Transfers and Assumptions 
 (a)      Assumption of Mortgage Loan.

 Lender shall consent to a Transfer of the Mortgaged Property to and an assumption of the Mortgage Loan by
a new borrower if each of the following conditions is satisfied prior to the Transfer: 

(1)      Borrower has submitted to Lender all information required by
Lender to make the determination required by this Section 11.03(a); 

(2)      no Event of Default has occurred and is continuing, and no event
which, with the giving of written notice or the passage of time, or both, would constitute an Event of Default has occurred and is continuing; 

  

					
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 (3)      Lender determines
that: 
 (A)      the proposed new borrower, new key principal
and any other new guarantor fully satisfy all of Lender’s then-applicable borrower, key principal or guarantor eligibility, credit, management and other loan underwriting standards (including any standards with respect to previous relationships
between Lender and the proposed new borrower, new key principal and new guarantor and the organization of the new borrower, new key principal and new guarantor (if applicable)); 

(B)      none of the proposed new borrower, new key principal and any new
guarantor, or any owners of the proposed new borrower, new key principal and any new guarantor, are a Prohibited Person; and 
 (C)      none of the proposed new borrower, new key principal and any new guarantor (if any of such are entities) shall have an organizational existence termination date that
ends before the Maturity Date; 
 (4)      Lender determines that
the Mortgaged Property satisfies all of Lender’s then-applicable loan underwriting standards, including physical condition, occupancy and net operating income; 

(5)      the proposed new borrower has executed an assumption agreement
acceptable to Lender that, among other things, requires the proposed new borrower to assume and perform all obligations of Borrower (or any other transferor), and that may require that the new borrower comply with any provisions of any Loan Document
which previously may have been waived by Lender for Borrower, subject to the terms of Section 11.03(g); 
 (6)      one or more individuals or entities acceptable to Lender as new guarantors have executed and delivered to Lender: 

(A)      an assumption agreement acceptable to Lender that requires the
new guarantor to assume and perform all obligations of Guarantor under any Guaranty given in connection with the Mortgage Loan; or 
 (B)      a substitute Non-Recourse Guaranty and other substitute guaranty in a form acceptable to Lender; 

(7)      Lender has reviewed and approved the Transfer documents; and

 (8)      Lender has received the fees described in
Section 11.03(g). 

  

					
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 (b)      Transfers to Key Principal-Owned
Affiliates or Guarantor-Owned Affiliates. 

(1)      Transfers of direct or indirect ownership interests in Borrower
that are not otherwise permitted by this Loan Agreement but in which Key Principal or Guarantor, or an entity in which Key Principal or Guarantor, as applicable, has a Controlling Interest, is the transferee shall be consented to by Lender if such
Transfer satisfies the applicable requirements of Section 11.03(a), other than Section 11.03(a)(5). 
 (2)      Transfers of direct or indirect interests in Borrower held by a Key Principal or Guarantor to other Key Principals or Guarantors, as applicable, shall be consented
to by Lender if such Transfer satisfies the following conditions: 

(A)      the Transfer does not cause a change in the management and
control of Borrower; and 
 (B)      the transferor Key Principal
or Guarantor maintains the same right and ability to manage and control Borrower as existed prior to the Transfer. 
 If the
conditions set forth in this Section 11.03(b) are satisfied, the Transfer Fee shall be waived provided Borrower shall pay the Review Fee and out-of-pocket costs set forth in Section 11.03(g). 

(c)      Estate Planning. 

Notwithstanding the provisions of Section 11.02(b)(2), so long as (1) the Transfer does not cause a change in
the management and control of Borrower and (2) the transferor Key Principal or Guarantor, as applicable, maintains the same right and ability to manage and control Borrower as existed prior to the Transfer, Lender shall consent to Transfers of
direct or indirect ownership interests in Borrower held by a Key Principal or Guarantor to, and Transfers of direct or indirect ownership interests, in an entity Key Principal or entity Guarantor to: 

(A)      Immediate Family Members of such Key Principal or Guarantor;

 (B)      United States domiciled trusts established for the
benefit of the transferor Key Principal or transferor Guarantor, or Immediate Family Members of the transferor Key Principal or the transferor Guarantor; or 

(C)      partnerships or limited liability companies of which the partners
or members, respectively, are comprised entirely of (i) such Key Principal or Guarantor and Immediate Family Members of such Key Principal or Guarantor or (ii) all Immediate Family Members of such Key Principal or Guarantor. 

If the conditions set forth in this Section 11.03(c) are satisfied, the Transfer Fee shall be waived provided Borrower shall pay the
Review Fee and out-of-pocket costs set forth in Section 11.03(g). 

  

					
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 (d)      Termination or Revocation of
Trust. 
 If any of Borrower, Guarantor or Key Principal is a trust, or if a Controlling Interest of
Borrower, Guarantor or Key Principal would be Transferred due to the termination or revocation of a trust, the termination or revocation of such trust is an unpermitted Transfer; provided that the termination or revocation of the trust due to the
death of an individual trustor shall not be considered an unpermitted Transfer so long as: 

(1)      Lender is notified within thirty (30) days of the death; and

 (2)      such Borrower, Guarantor, Key Principal or other
Person, as applicable, is replaced with an individual or entity acceptable to Lender, in accordance with the provisions of Section 11.03(a) within ninety (90) days of the date of the death causing the termination or revocation. 

If the conditions set forth in this Section 11.03(d) are satisfied, the Transfer Fee shall be waived; provided Borrower shall pay
the Review Fee and out-of-pocket costs set forth in Section 11.03(g). 

(e)      Death of Key Principal or Guarantor; Controlling Interest Transfer Due to
Death. 
 (1)      If Key Principal or Guarantor is a natural
person, or if a Controlling Interest in Borrower, Guarantor or Key Principal is Transferred as a result of the death of a Person (except in the case of trusts which is addressed in Section 11.03(d)), Borrower must notify Lender in writing
within ninety (90) days in the event of such death. Unless waived in writing by Lender, the deceased shall be replaced by an individual or entity within one hundred eighty (180) days, subject to Borrower’s satisfaction of the
following conditions: 
 (A)      Borrower has submitted to
Lender all information required by Lender to make the determination required by this Section 11.03(e); 
 (B)      Lender determines that: 
 (i)      the proposed new key principal and any other new guarantor (or Person controlling such key principal or guarantor) fully satisfies all of Lender’s
then-applicable key principal or guarantor eligibility, credit, management and other loan underwriting standards (including any standards with respect to previous relationships between Lender and the proposed new key principal and new guarantor (or
Person controlling such key principal or guarantor) and the organization of the new key principal and new guarantor (if applicable)); 

  

					
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 (ii)      none of the
proposed new key principal or any new guarantor, or any owners of the proposed new key principal or any new guarantor, is a Prohibited Person; and 

(iii)      none of the proposed new key principal or any new guarantor (if
any of such are entities) shall have an organizational existence termination date that ends before the Maturity Date; 
 (C)      if applicable, one or more individuals or entities acceptable to Lender as new guarantors have executed and delivered to Lender: 

(i)      an assumption agreement acceptable to Lender that requires the
new guarantor to assume and perform all obligations of Guarantor under any Guaranty given in connection with the Mortgage Loan; or 
 (ii)      a substitute Non-Recourse Guaranty and other substitute guaranty in a form acceptable to Lender. 

(2)      In the event a replacement Key Principal, Guarantor or other
Person is required by Lender due to the death described in this Section 11.03(e), and such replacement has not occurred within such period, the period for replacement may be extended by Lender to a date not more than one (1) year from the
date of such death; however, Lender may require as a condition to any such extension that: 

(A)      the then-current property manager be replaced with a property
manager reasonably acceptable to Lender (or if a property manager has not been previously engaged, a property manager reasonably acceptable to Lender be engaged); or 

(B)      a lockbox or cash management arrangement (with the property
manager) reasonably acceptable to Lender during such extended replacement period be instituted. 
 If the conditions set forth
in this Section 11.03(e) are satisfied, the Transfer Fee shall be waived, provided Borrower shall pay the Review Fee and out-of-pocket costs set forth in Section 11.03(g). 

(f)      Bankruptcy of Guarantor. 

(1)      Upon the occurrence of any Guarantor Bankruptcy Event, unless
waived in writing by Lender, the applicable Guarantor shall be replaced by an individual or entity within ninety (90) days of such Guarantor Bankruptcy Event, subject to Borrower’s satisfaction of the following conditions: 

  

					
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 (A)      Borrower has
submitted to Lender all information required by Lender to make the determination required by this Section 11.03(f); 
 (B)      Lender determines that: 
 (i)      the proposed new guarantor fully satisfies all of Lender’s then-applicable guarantor eligibility, credit, management and other loan underwriting standards
(including any standards with respect to previous relationships between Lender and the proposed new guarantor and the organization of the new guarantor (if applicable)); 

(ii)      no new guarantor is a Prohibited Person; and 

(iii)      no new guarantor (if any of such are entities) shall have an
organizational existence termination date that ends before the Maturity Date; 

(C)      one or more individuals or entities acceptable to Lender as new
guarantors have executed and delivered to Lender: 
 (i)      an
assumption agreement acceptable to Lender that requires the new guarantor to assume and perform all obligations of Guarantor under any Guaranty given in connection with the Mortgage Loan; or 

(ii)      a substitute Non-Recourse Guaranty and other substitute guaranty
in a form acceptable to Lender. 
 (2)       In the event a
replacement Guarantor is required by Lender due to the Guarantor Bankruptcy Event described in this Section 11.03(f), and such replacement has not occurred within such period, the period for replacement may be extended by Lender in its
discretion; however, Lender may require as a condition to any such extension that: 

  (A)      the then-current property manager be replaced with a
property manager reasonably acceptable to Lender (or if a property manager has not been previously engaged, a property manager reasonably acceptable to Lender be engaged); or 

  (B)      a lockbox or cash management arrangement (with the
property manager) reasonably acceptable to Lender during such extended replacement period be instituted. 
 If the conditions
set forth in this Section 11.03(f) are satisfied, the Transfer Fee shall be waived, provided Borrower shall pay the Review Fee and out-of-pocket costs set forth in Section 11.03(g). 

  

					
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 (g)      Further Conditions to Transfers
and Assumption. 
 (1)      In connection with any Transfer of
the Mortgaged Property, or an ownership interest in Borrower, Key Principal or Guarantor for which Lender’s approval is required under this Loan Agreement, Lender may, as a condition to any such approval, require: 

(A)      additional collateral, guaranties or other credit support to
mitigate any risks concerning the proposed transferee or the performance or condition of the Mortgaged Property; 
 (B)      amendment of the Loan Documents to delete or modify any specially negotiated terms or provisions previously granted for the exclusive benefit of original Borrower,
Key Principal or Guarantor and to restore the original provisions of the standard Fannie Mae form multifamily loan documents, to the extent such provisions were previously modified; or 

(C)      a modification to the amounts required to be deposited into the
Reserve/Escrow Account pursuant to the terms of Section 13.02(a)(3)(B). 

(2)      In connection with any request by Borrower for consent to a
Transfer, Borrower shall pay to Lender upon demand: 

(A)      the Transfer Fee (to the extent charged by Lender); 

(B)      the Review Fee (regardless of whether Lender approves or denies
such request); and 
 (C)      all of Lender’s out-of-pocket
costs (including reasonable attorneys’ fees) incurred in reviewing the Transfer request, to the extent such costs exceed the Review Fee and regardless of whether Lender approves or denies such request. 

(3)      Borrower shall provide written notice to Lender of all Transfers
whether or not such Transfers are permitted under this Loan Agreement or approved by Lender no later than ten (10) days prior to the date of the Transfer, provided that Borrower shall not be required to provide written notice of Transfers of
Residential Leases or of the replacement of Fixtures or Personalty performed pursuant to the terms of the Loan Documents. 

  

					
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 ARTICLE 12 - IMPOSITIONS 

Section 12.01        Representations and Warranties. 

The representations and warranties made by Borrower to Lender in this Section 12.01 are made as of the Effective
Date, and are true and correct except as disclosed on the Exceptions to Representations and Warranties Schedule. 
 (a)      Payment of Taxes, Assessments and Other Charges. 
 Borrower has: 

(1)      paid (or with the approval of Lender, established an escrow fund
sufficient to pay when due and payable) all amounts and charges relating to the Mortgaged Property that have become due and payable before any fine, penalty interest, lien, or costs may be added thereto, including Impositions, leasehold payments and
ground rents; 
 (2)      paid all Taxes for the Mortgaged
Property that have become due before any fine, penalty interest, lien, or costs may be added thereto pursuant to any notice of assessment received by Borrower and any and all taxes that have become due against Borrower before any fine, penalty
interest, lien, or costs may be added thereto; 
 (3)      no
knowledge of any basis for any additional assessments; 

(4)      no knowledge of any presently pending special assessments against
all or any part of the Mortgaged Property, or any presently pending special assessments against Borrower; and 
 (5)      not received any written notice of any contemplated special assessment against the Mortgaged Property, or any contemplated special assessment against Borrower.

 Section 12.02        Covenants. 

(a)      Imposition Deposits, Taxes, and Other Charges. 

Borrower shall: 
 (1)      deposit the Imposition Deposits with Lender on each Payment Date (or on another day designated in writing by Lender) in amount sufficient, in Lender’s
discretion, to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added, plus an amount equal to no more than one-sixth (1/6) (or the amount permitted by
applicable law) of the Impositions for the trailing twelve (12) months (calculated based on the aggregate annual Imposition costs divided by twelve (12) and multiplied by two (2)); 

  

					
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 (2)      deposit with Lender,
within ten (10) days after written notice from Lender (subject to applicable law), such additional amounts estimated by Lender to be reasonably necessary to cure any deficiency in the amount of the Imposition Deposits held for payment of a
specific Imposition; 
 (3)      except as set forth in
Section 12.03(c) below, pay, or cause to be paid, all Impositions, leasehold payments, ground rents and Borrower taxes when due and before any fine, penalty interest, lien, or costs may be added thereto; 

(4)      promptly deliver to Lender a copy of all notices of, and invoices
for, Impositions, and, if Borrower pays any Imposition directly, Borrower shall promptly furnish to Lender receipts evidencing such payments; and 

(5) promptly deliver to Lender a copy of all notices of any special assessments and contemplated special
assessments against the Mortgaged Property or Borrower. 

Section 12.03        Mortgage Loan Administration Matters Regarding Impositions.

 (a)      Maintenance of Records by Lender. 

Lender shall maintain records of the monthly and aggregate Imposition Deposits held by Lender for the purpose of paying
Taxes, insurance premiums and each other obligation of Borrower for which Imposition Deposits are required. 

(b)      Imposition Accounts. 

All Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose
deposits or accounts are insured or guaranteed by a federal agency and which accounts meet the standards for custodial accounts as required by Lender from time to time. Lender shall not be obligated to open additional accounts, or deposit Imposition
Deposits in additional institutions, when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. No interest, earnings or profits on the Imposition Deposits shall be paid to Borrower unless
applicable law so requires. Imposition Deposits shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose in accordance with this Loan Agreement. For the purposes of 9-104(a)(3) of the
UCC, Lender is the owner of the Imposition Deposits and shall be deemed a “customer” with sole control of the account holding the Imposition Deposits. 

(c)      Payment of Impositions; Sufficiency of Imposition Deposits. 

Lender may pay an Imposition according to any bill, statement or estimate from the appropriate public office or insurance
company without inquiring into the accuracy of the bill, statement or estimate or into the validity of the Imposition. Imposition Deposits shall be required to be used by Lender to pay Taxes, insurance premiums and any other individual
Imposition only if: 

  

					
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 (1)      no Event of Default
exists; 
 (2)      Borrower has timely delivered to Lender all
applicable bills or premium notices that it has received; and 

(3)      sufficient Imposition Deposits are held by Lender for each
Imposition at the time such Imposition becomes due and payable. 
 Lender shall have no liability to Borrower
for failing to pay any Imposition if any of the conditions are not satisfied. If at any time the amount of the Imposition Deposits held for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender to be held in
connection with such Imposition, the excess may be credited against future installments of Imposition Deposits for such Imposition. 
 (d)      Imposition Deposits Upon Event of Default. 
 If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in such amount and in such order as Lender determines, to pay any Impositions or as a credit against the
Indebtedness. 
 (e)      Contesting Impositions. 

Other than insurance premiums, Borrower may contest, at its expense, by appropriate legal proceedings, the amount or
validity of any Imposition if: 
 (1)      Borrower notifies
Lender of the commencement or expected commencement of such proceedings; 

(2)      Lender determines that the Mortgaged Property is not in danger of
being sold or forfeited; 
 (3)      Borrower deposits with Lender
(or the applicable Governmental Authority if required by applicable law) reserves sufficient to pay the contested Imposition, if required by Lender (or the applicable Governmental Authority); 

(4)      Borrower furnishes whatever additional security is required in the
proceedings or is reasonably requested by Lender; and 

(5)      Borrower commences, and at all times thereafter diligently
prosecutes, such contest in good faith until a final determination is made by the applicable Governmental Authority. 

  

					
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 (f)      Release to Borrower.

 Upon payment in full of all sums secured by the Security Instrument and this Loan Agreement and release
by Lender of the lien of the Security Instrument, Lender shall disburse to Borrower the balance of any Imposition Deposits then on deposit with Lender. 
 ARTICLE 13 - REPLACEMENT RESERVE AND REPAIRS 

Section 13.01        Covenants. 

(a)      Initial Deposits to Replacement Reserve Account and Repairs Escrow Account.

 On the Effective Date, Borrower shall pay to Lender: 

(1)      the Initial Replacement Reserve Deposit for deposit into the
Replacement Reserve Account; and 
 (2)      the Repairs Escrow
Deposit for deposit into the Repairs Escrow Account. 
 (b)      Monthly
Replacement Reserve Deposits. 
 Borrower shall deposit the applicable Monthly Replacement Reserve Deposit
into the Replacement Reserve Account on each Payment Date. 
 (c)      Payment
for Replacements and Repairs. 
 Borrower shall: 

(1)      pay all invoices for the Replacements and Repairs, regardless of
whether funds on deposit in the Replacement Reserve Account or the Repairs Escrow Account, as applicable, are sufficient, prior to any request for disbursement from the Replacement Reserve Account or the Repairs Escrow Account, as applicable (unless
Lender has agreed to issue joint checks in connection with a particular Replacement or Repair); 

(2)      pay all applicable fees and charges of any Governmental Authority
on account of the Replacements and Repairs, as applicable; and 

(3)      provide evidence satisfactory to Lender of completion of the
Replacements and any Required Repairs (within the Completion Period or within such other period or by such other date set forth in the Required Repair Schedule and any Borrower Requested Repairs and Additional Lender Repairs (by the date specified
by Lender for any such Borrower Requested Repairs or Additional Lender Repairs)). 

  

					
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 (d)      Assignment of Contracts for
Replacements and Repairs. 
 Borrower shall assign to Lender any contract or subcontract for Replacements or
Repairs, upon Lender’s request, on a form of assignment approved by Lender. 

(e)      Indemnification. 

If Lender elects to exercise its rights under Section 14.03 due to Borrower’s failure to timely commence or
complete any Replacements or Repairs, Borrower shall indemnify and hold Lender harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs or expenses, including litigation costs and
reasonable attorneys’ fees, arising from or in any way connected with the performance by Lender of the Replacements or Repairs or investment of the Reserve/Escrow Account Funds; provided that Borrower shall have no indemnity obligation if such
actions, suits, claims, demands, liabilities, losses, damages, obligations and costs or expenses, including litigation costs and reasonable attorneys’ fees, arise as a result of the willful misconduct and gross negligence of Lender,
Lender’s agents, employees or representatives as determined by a court of competent jurisdiction pursuant to a final non-appealable court order. 
 (f)      Amendments to Loan Documents. 
 Subject to Section 5.02, Borrower shall execute and/or deliver to Lender, upon request, an amendment to this Loan Agreement, the Security Instrument, any other Loan Document and/or the original
financing statement necessary or desirable to perfect Lender’s lien upon any portion of the Mortgaged Property for which Reserve/Escrow Account Funds were expended. 

(g)      Administrative Fees and Expenses. 

Borrower shall pay to Lender: 

(1)      by the date specified in the applicable invoice, the Repairs
Escrow Account Administrative Fee and the Replacement Reserve Account Administration Fee for Lender’s services in administering the Repairs Escrow Account and Replacement Reserve Account and investing the funds on deposit in the Repairs Escrow
Account and the Replacement Reserve Account, respectively; 

(2)      upon demand, a reasonable inspection fee, not exceeding the
Maximum Inspection Fee, for each inspection of the Mortgaged Property by Lender in connection with a Repair or Replacement, plus all other reasonable costs and out-of-pocket expenses relating to such inspections; and 

(3)      upon demand, all reasonable fees charged by any engineer,
architect, inspector or other person inspecting the Mortgaged Property on behalf of Lender for each inspection of the Mortgaged Property in connection with a Repair or Replacement, plus all other reasonable costs and out-of-pocket expenses relating
to such inspections. 

  

					
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 Section 13.02        Mortgage Loan
Administration Matters Regarding Reserves. 
 (a)      Accounts, Deposits,
and Disbursements. 
 (1)      Custodial Accounts.

 (A)      The Replacement Reserve Account shall be an
interest-bearing account that meets the standards for custodial accounts as required by Lender from time to time. Lender shall not be responsible for any losses resulting from the investment of the Replacement Reserve Deposits or for obtaining any
specific level or percentage of earnings on such investment. All interest earned on the Replacement Reserve Deposits shall be added to and become part of the Replacement Reserve Account; provided, however, if applicable law requires,
and so long as no Event of Default exists under any of the Loan Documents, Lender shall pay to Borrower the interest earned on the Replacement Reserve Account not less frequently than the Replacement Reserve Account Interest Disbursement Frequency.
In no event shall Lender be obligated to disburse funds from the Reserve/Escrow Account if an Event of Default exists. 
 (B)      Lender shall not be obligated to deposit the Repairs Escrow Deposits into an interest-bearing account. 

(2)      Disbursements by Lender Only. 

Only Lender or a designated representative of Lender may make disbursements from the Replacement Reserve
Account and the Repairs Escrow Account. Except as provided in Section 13.02(a)(8), disbursements shall only be made upon Borrower request and after satisfaction of all conditions for disbursement. 

(3)      Adjustment of Deposits. 

(A)      Mortgage Loan Terms Exceeding Ten (10) Years.

 If the Loan Term exceeds ten (10) years, a physical needs assessment shall be
ordered by Lender for the Mortgaged Property at the expense of Borrower (which expense may be paid out of the Replacement Reserve Account if excess funds are available). The physical needs assessment shall be performed no earlier than the
sixth (6th) month and no later than the ninth (9th) month of the tenth (10th) Loan Year (and of the twentieth (20th) Loan Year if the Loan Term exceeds twenty (20) years). After review of the physical needs assessment, the
amount of the Monthly Replacement Reserve Deposit may be adjusted by Lender for the remaining Loan Term by written notice to Borrower so that the Monthly Replacement Reserve Deposits are sufficient to fund the Replacements as and when required
and/or the amount to be held in the Repairs Escrow Account may be adjusted by Lender so that the Repairs Escrow Deposit is sufficient to fund the Repairs as and when required. 

  

					
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 (B)      Transfers.

 In connection with any Transfer of the Mortgaged Property, or any Transfer of an
ownership interest in Borrower, Guarantor or Key Principal which requires Lender’s consent, Lender may review the amounts on deposit, if any, in the Replacement Reserve Account or the Repairs Escrow Account, the amount of the Monthly
Replacement Reserve Deposit and the likely repairs and replacements required by the Mortgaged Property, and the related contingencies which may arise during the remaining Loan Term. Based upon that review, Lender may require an additional deposit to
the Replacement Reserve Account or the Repairs Escrow Account, or an increase in the amount of the Monthly Replacement Reserve Deposit as a condition to Lender’s consent to such Transfer. In all events, the transferee shall be required to
assume Borrower’s duties and obligations under this Loan Agreement. 

(4)      Insufficient Funds. 

Lender may, upon thirty (30) days prior written notice to Borrower, require an additional deposit(s)
to the Replacement Reserve Account or Repairs Escrow Account, or an increase in the amount of the Monthly Replacement Reserve Deposit, if Lender determines that the amounts on deposit in either the Replacement Reserve Account or the Repairs Escrow
Account are not sufficient to cover the costs for Required Repairs or Required Replacements or, pursuant to the terms of Section 13.02(a)(9), not sufficient to cover the costs for Borrower Requested Repairs, Additional Lender Repairs, Borrower
Requested Replacements or Additional Lender Replacements. Borrower’s agreement to complete the Replacements or Repairs as required by this Loan Agreement shall not be affected by the insufficiency of any balance in the Replacement Reserve
Account or the Repairs Escrow Account, as applicable. 

(5)      Disbursements for Replacements and Repairs. 

(A)      Disbursement requests may only be made after completion of the
applicable Replacements and only to reimburse Borrower for the actual approved costs of the Replacements. Lender shall not disburse from the Replacement Reserve Account the costs of routine maintenance to the Mortgaged Property or for costs which
are to be reimbursed from the Repairs Escrow Account or any similar account. Disbursement from the Replacement Reserve Account shall not be made more frequently than the Maximum Replacement Reserve Disbursement Interval. Other than in connection
with a final request for disbursement, disbursements from the Replacement Reserve Account shall not be less than the Minimum Replacement Reserve Disbursement Amount. 

  

					
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 (B)      Disbursement
requests may only be made after completion of the applicable Repairs and only to reimburse Borrower for the actual cost of the Repairs, up to the Maximum Repair Cost. Lender shall not disburse any amounts which would cause the funds remaining in the
Repairs Escrow Account after any disbursement (other than with respect to the final disbursement) to be less than the Maximum Repair Cost of the then-current estimated cost of completing all remaining Repairs. Lender shall not disburse from the
Repairs Escrow Account the costs of routine maintenance to the Mortgaged Property or for costs which are to be reimbursed from the Replacement Reserve Account or any similar account. Disbursement from the Repairs Escrow Account shall not be made
more frequently than the Maximum Repair Disbursement Interval. Other than in connection with a final request for disbursement, disbursements from the Repairs Escrow Account shall not be less than the Minimum Repairs Disbursement Amount. 

(6)      Disbursement Requests. 

Each request by Borrower for disbursement from the Replacement Reserve Account or the Repairs Escrow
Account must be in writing, must specify the Replacement or Repair for which reimbursement is requested (provided that for any Borrower Requested Replacements, Borrower Requested Repairs, Additional Lender Replacements and Additional Lender Repairs,
Lender shall have approved the use of the Reserve/Escrow Account Funds for such replacements or repairs pursuant to the terms of Section 13.02(a)(9)), and must: 

(A)      if applicable, specify the quantity and price of the items or
materials purchased, grouped by type or category; 
 (B)      if
applicable, specify the cost of all contracted labor or other services involved in the Replacement or Repair for which such request for disbursement is made; 

(C)      if applicable, include copies of invoices for all items or
materials purchased and all contracted labor or services provided; 

(D)      include evidence of payment of such Replacement or Repair
satisfactory to Lender (unless Lender has agreed to issue joint checks in connection with a particular Repair or Replacement as provided in this Loan Agreement); and 

(E)      contain a certification by Borrower that the Repair or
Replacement has been completed lien free and in a good and workmanlike manner, in accordance with any plans and specifications previously approved by Lender (if applicable) and in compliance with all applicable laws, ordinances, rules and
regulations of any Governmental Authority having jurisdiction over the Mortgaged Property, and otherwise in accordance with the provisions of this Loan Agreement. 

  

					
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 (7)      Conditions to
Disbursement. 
 Lender may require any or all of the following at the expense of Borrower
as a condition to disbursement of funds from the Replacement Reserve Account or the Repairs Escrow Account (provided that for any Borrower Requested Replacements, Borrower Requested Repairs, Additional Lender Replacements and Additional Lender
Repairs, Lender shall have approved the use of the Reserve/Escrow Account Funds for such replacements or repairs pursuant to the terms of Section 13.02(a)(9)): 

(A)      an inspection by Lender of the Mortgaged Property and the
applicable Replacement or Repair; 
 (B)      an inspection or
certificate of completion by an appropriate independent qualified professional (such as an architect, engineer or property inspector, depending on the nature of the Repair or Replacement) selected by Lender; 

(C)      either: 

(i)      a search of title to the Mortgaged Property effective to the date
of disbursement; or 
 (ii) a “date-down” endorsement to Lender’s Title Policy
extending the effective date of such policy to the date of disbursement, and showing no Liens other than Permitted Encumbrances (or liens which Borrower is diligently contesting in good faith that have been bonded off to the satisfaction of Lender);
and 
 (D)      an acknowledgement of payment, waiver of claims
and release of lien for work performed and materials supplied from each contractor, subcontractor or materialman in accordance with the requirements of applicable law and covering all work performed and materials supplied (including equipment and
fixtures) for the Mortgaged Property by that contractor, subcontractor or materialman through the date covered by the disbursement request (or, in the event that payment to such contractor, subcontractor or materialman is to be made by a joint
check, the release of lien shall be effective through the date covered by the previous disbursement). 
 (8)      Joint Checks for Periodic Disbursements. 
 Lender may issue joint checks, payable to Borrower and the applicable supplier, materialman, mechanic, contractor, subcontractor or other similar party, if: 

  

					
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 (A)      the cost of the
Replacement or Repair exceeds the Replacement Threshold or the Repair Threshold, as applicable, and the contractor performing such Replacement or Repair requires periodic payments pursuant to the terms of the applicable written contract; 

(B)      the contract for such Repair or Replacement requires payment upon
completion of the applicable portion of the work; 

(C)      Borrower makes the disbursement request after completion of the
applicable portion of the work required to be completed under such contract; 

(D)      the materials for which the request for disbursement has been
made are on site at the Mortgaged Property and are properly secured or installed; 

(E)      Lender determines that the remaining funds in the Replacement
Reserve Account designated for such Replacement, or in the Repairs Escrow Account designated for such Repair, as applicable, are sufficient to complete the Replacement or Repair; 

(F)      each supplier, materialman, mechanic, contractor, subcontractor
or other similar party receiving payments shall have provided, if requested by Lender, a waiver of liens with respect to amounts which have been previously paid to them; and 

(G)      all other conditions for disbursement have been satisfied.

 (9)      Replacements and Repairs Other than Required
Replacements and/or Required Repairs. 
 (A)      Borrower
Requested Replacements and Borrower Requested Repairs. 
 In the event Borrower requests a
disbursement from the Replacement Reserve Account or the Repairs Escrow Account to reimburse Borrower for any Borrower Requested Replacement or Borrower Requested Repair, any related disbursement request must also contain support for why Lender
should allow such disbursement. Lender may make disbursements for Borrower Requested Replacements or Borrower Requested Repairs if Lender determines that: 

(i)      they are of the type intended to be covered by the Replacement
Reserve Account or the Repairs Escrow Account, as applicable; 

(ii)      the costs are reasonable; 

  

					
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 (iii)      the amount of
funds in the Replacement Reserve Account or Repairs Escrow Account, as applicable, is sufficient to pay such costs and the then-current estimated cost of completing all remaining Required Replacements or Required Repairs (at the Maximum Repair
Cost), as applicable, and any other Borrower Requested Replacements, Borrower Requested Repairs, Additional Lender Replacements or Additional Lender Repairs that have been previously approved by Lender; and 

(iv)      all conditions for disbursement from the Replacement Reserve
Account or Repairs Escrow Account, as applicable, have been satisfied. 
 Nothing in this Loan Agreement shall
limit Lender’s right to require an additional deposit to the Replacement Reserve Account or an increase to the Monthly Replacement Reserve Deposit in connection with any such Borrower Requested Replacements, or an additional deposit to the
Repairs Escrow Account for any such Borrower Requested Repairs. 

(B)      Additional Lender Replacements and Additional Lender Repairs.

 Lender may require, as set forth in Section 6.02(b), Section 6.03(c), or
otherwise from time to time, upon written notice to Borrower, that Borrower make Additional Lender Replacements or Additional Lender Repairs. Lender may make disbursements from the Replacement Reserve Account for Additional Lender Replacements or
from the Repairs Escrow Account for Additional Lender Repairs, as applicable, if Lender determines that: 
 (i)      the costs are reasonable; 
 (ii)      the amount of funds in the Replacement Reserve Account or the Repairs Escrow Account, as applicable, is sufficient to pay such costs and the then-current estimated
cost of completing all remaining Required Replacements or Required Repairs (at the Maximum Repair Cost), as applicable, and any other Borrower Requested Replacements, Borrower Requested Repairs, Additional Lender Replacements or Additional Lender
Repairs that have been previously approved by Lender; and 

(iii)      all conditions for disbursement from the Replacement Reserve
Account or Repairs Escrow Account, as applicable, have been satisfied. 

  

					
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 Nothing in this Loan Agreement shall limit Lender’s right to require an additional
deposit to the Replacement Reserve Account or an increase to the Monthly Replacement Reserve Deposit for any such Additional Lender Replacements or an additional deposit to the Repairs Escrow Account for any such Additional Lender Repair.

 (10)      Excess Costs. 

In the event any Replacement or Repair exceeds the approved cost set forth on the Required Replacement
Schedule for Replacements, or the Maximum Repair Cost for Repairs, Borrower may submit a disbursement request to reimburse Borrower for such excess cost. The disbursement request must contain support for why Lender should allow such disbursement.
Lender may make disbursements from the Replacement Reserve Account or the Repairs Escrow Account, as applicable, if: 
 (A)      the excess cost is reasonable; 
 (B)      the amount of funds in the Replacement Reserve Account or the Repairs Escrow Account, as applicable, is sufficient to pay such excess cost and the then-current
estimated cost of completing all remaining Replacements and Repairs at the Maximum Repair Cost; and 
 (C)      all conditions for disbursement from the Replacement Reserve Account or the Repairs Escrow Account have been satisfied. 

(11)      Final Disbursements. 

Upon completion of all Repairs in accordance with this Loan Agreement and so long as no Event of Default
has occurred and is continuing, Lender shall disburse to Borrower any amounts then remaining in the Repairs Escrow Account. Upon payment in full of the Indebtedness and release by Lender of the lien of the Security Instrument, Lender shall disburse
to Borrower any and all amounts then remaining in the Replacement Reserve Account and the Repairs Escrow Account (if not previously released). 
 (b)      Approvals of Contracts; Assignment of Claims. 
 Lender retains the right to approve all contracts or work orders with materialmen, mechanics, suppliers, subcontractors, contractors or other parties providing labor or materials in connection with the
Replacements or Repairs. Notwithstanding Borrower’s assignment (in the Security Instrument) of its rights and claims against all persons or entities supplying labor or materials in connection with the Replacement or Repairs, Lender will not
pursue any such right or claim unless an Event of Default has occurred and is continuing or as otherwise provided in Section 14.03(c). 

  

					
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 (c)      Delays and Workmanship.

 If Lender determines that any work for any Replacement or Repair has not timely commenced, has not been
timely performed in a workmanlike manner, or has not been timely completed in a workmanlike manner, Lender may, without notice to Borrower: 
 (1)      withhold disbursements from the Replacement Reserve Account or Repairs Escrow Account for such unsatisfactory Replacement or Repair, as applicable; 

(2)      proceed under existing contracts or contract with third parties to
make or complete such Replacement or Repair; 
 (3)      apply the
funds in the Replacement Reserve Account or Repairs Escrow Account toward the labor and materials necessary to make or complete such Replacement or Repair, as applicable; or 

(4)      exercise any and all other remedies available to Lender under this
Loan Agreement or any other Loan Document, including any remedies otherwise available upon an Event of Default pursuant to the terms of Section 14.02. 
 To facilitate Lender’s completion or making of such Replacements or Repairs, Lender shall have the right to enter onto the Mortgaged Property and perform any and all work and labor necessary to make
or complete the Replacements or Repairs and employ watchmen to protect the Mortgaged Property from damage. All funds so expended by Lender shall be deemed to have been advanced to Borrower, shall be part of the Indebtedness and shall be secured by
the Security Instrument and this Loan Agreement. 
 (d)      Appointment of
Lender as Attorney-In-Fact. 
 Borrower hereby authorizes and appoints Lender as attorney-in-fact pursuant
to Section 14.03(c). 
 (e)      No Lender Obligation. 

Nothing in this Loan Agreement shall: 

(1)      make Lender responsible for making or completing the Replacements
or Repairs; 
 (2)      require Lender to expend funds, whether
from the Replacement Reserve Account, the Repairs Escrow Account or otherwise, to make or complete any Replacement or Repair; 
 (3)      obligate Lender to proceed with the Replacements or Repairs; or 

  

					
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 (4)      obligate Lender to
demand from Borrower additional sums to make or complete any Replacement or Repair. 

(f)      No Lender Warranty. 

Lender’s approval of any plans for any Replacement or Repair, release of funds from the Replacement Reserve Account
or Repairs Escrow Account, inspection of the Mortgaged Property by Lender or its agents, representatives or designees, or other acknowledgment of completion of any Replacement or Repair in a manner satisfactory to Lender shall not be deemed an
acknowledgment or warranty to any person that the Replacement or Repair has been completed in accordance with applicable building, zoning or other codes, ordinances, statutes, laws, regulations or requirements of any governmental agency, such
responsibility being at all times exclusively that of Borrower. 
 ARTICLE 14 - DEFAULTS/REMEDIES 

Section 14.01        Events of Default. 

The occurrence of any one or more of the following in this Section 14.01 shall constitute an Event of Default under
this Loan Agreement. 
 (a)      Automatic Events of Default. 

The following shall constitute automatic Events of Default: 

(1)      any failure by Borrower to pay or deposit when due any amount
required by the Note, this Loan Agreement or any other Loan Document; 

(2)      any failure by Borrower to maintain the insurance coverage
required by any Loan Document; 
 (3)      any failure by Borrower
to comply with the provisions of Section 4.02(d) relating to its single asset status; 

(4)      any warranty, representation, certificate or statement of
Borrower, Guarantor or Key Principal in this Loan Agreement or any of the other Loan Documents shall be false, inaccurate or misleading in any material respect when made; 

(5)      fraud, gross negligence, willful misconduct or material
misrepresentation or material omission by or on behalf of Borrower, or any of its officers, directors, trustees, partners, members or managers, or any Guarantor or Key Principal or any of their officers, directors, trustees, partners, members or
managers in connection with: 
 (A)      the application for, or
creation of, the Indebtedness; 

  

					
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 (B)      any financial
statement, rent roll or other report or information provided to Lender during the term of the Mortgage Loan; or 
 (C)      any request for Lender’s consent to any proposed action, including a request for disbursement of Reserve/Escrow Account Funds or Collateral Account Funds;

 (6)      the occurrence of any Transfer not permitted by the
Loan Documents; 
 (7)      the occurrence of a Bankruptcy Event;

 (8)      the commencement of a forfeiture action or proceeding,
whether civil or criminal, which, in Lender’s reasonable judgment, could result in a forfeiture of the Mortgaged Property or otherwise materially impair the lien created by this Loan Agreement or the Security Instrument or Lender’s
interest in the Mortgaged Property; 
 (9)      if Borrower,
Guarantor or Key Principal is a trust, or if a Controlling Interest of Borrower, Guarantor or Key Principal is Transferred due to the termination or revocation of a trust, the termination or revocation of such trust, except as set forth in
Section 11.03(d); 
 (10)      any failure by Borrower to
complete any Repair related to fire, life or safety issues in accordance with the terms of this Loan Agreement within the Completion Period (or such other date set forth on the Required Repair Schedule or otherwise required by Lender in writing for
such Repair); and 
 (11)      any exercise by the holder of any
other debt instrument secured by a mortgage, deed of trust or deed to secure debt on the Mortgaged Property of a right to declare all amounts due under that debt instrument immediately due and payable. 

(b)      Events of Default Subject to a Specified Cure Period. 

The following shall constitute an Event of Default subject to the cure period set forth in the Loan Documents:

 (1)      if Key Principal or Guarantor is a natural person, the
death of such individual, unless requirements of Section 11.03(e) are met; 

(2)      the occurrence of a Guarantor Bankruptcy Event, unless
requirements of Section 11.03(f) are met; 
 (3)      any
failure by Borrower, Key Principal or Guarantor to comply with the provisions of Section 5.02(b) and Section 5.02(c); and 
 (4)      any failure by Borrower to perform any obligation under this Loan Agreement or any Loan Document that is subject to a specified written notice and cure period, which
failure continues beyond such specified written notice and cure period as set forth herein or in the applicable Loan Document. 

  

					
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 (c)      Events of Default Subject to
Extended Cure Period. 
 The following shall constitute an Event of Default if the existence of such
condition or event, or such failure to perform or default in performance continues for a period of thirty (30) days after written notice by Lender to Borrower of the existence of such condition or event, or of such failure to perform or
default in performance, provided, however, such period may be extended for up to an additional thirty (30) days if Borrower, in the discretion of Lender, is diligently pursuing a cure of such; provided, further, however, no such written notice,
grace period or extension shall apply if, in Lender’s discretion, immediate exercise by Lender of a right or remedy under this Loan Agreement or any Loan Document is required to avoid harm to Lender or impairment of the Mortgage Loan (including
the Loan Documents), the Mortgaged Property or any other security given for the Mortgage Loan: 

(1)      any failure by Borrower to perform any of its obligations under
this Loan Agreement or any Loan Document (other than those specified in Section 14.01(a) or Section 14.01(b) above) as and when required. 
 Section 14.02        Remedies. 
 (a)      Acceleration; Foreclosure. 
 If an Event of Default has occurred and is continuing, the entire unpaid principal balance of the Mortgage Loan, any Accrued Interest, interest accruing at the Default Rate, the Prepayment Premium (if
applicable), and all other Indebtedness shall at once become due and payable, at the option of Lender, without any prior written notice to Borrower, unless applicable law requires otherwise (and in such case, after any required written notice has
been given). Lender may exercise this option to accelerate regardless of any prior forbearance. In addition, Lender shall have all rights and remedies afforded to it hereunder and under the other Loan Documents, including, foreclosure on and/or the
power of sale of the Mortgaged Property, as provided in the Security Instrument, and any rights and remedies available to it at law or in equity (subject to Borrower’s statutory rights of reinstatement, if any, prior to a Foreclosure Event).
Any proceeds of a foreclosure or other sale under this Loan Agreement or any other Loan Document may be held and applied by Lender as additional collateral for the Indebtedness pursuant to this Loan Agreement. Notwithstanding the foregoing, the
occurrence of any Bankruptcy Event shall automatically accelerate the Mortgage Loan and all obligations and Indebtedness shall be immediately due and payable without written notice or further action by Lender. 

  

					
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 (b)      Loss of Right to Receive
Replacement Reserve Disbursements and Repairs Disbursements. 
 If an Event of Default has occurred and is
continuing, Borrower shall immediately lose all of its rights to receive disbursements from the Reserve/Escrow Accounts and any Collateral Accounts. During the continuance of any such Event of Default, Lender may use the Reserve/Escrow Account Funds
and any Collateral Account Funds (or any portion thereof) for any purpose, including: 

(1)      repayment of the Indebtedness, including principal prepayments and
the Prepayment Premium applicable to such full or partial prepayment, as applicable (however, such application of funds shall not cure or be deemed to cure any Event of Default); 

(2)      reimbursement of Lender for all losses and expenses (including
reasonable legal fees) suffered or incurred by Lender as a result of such Event of Default; 

(3)      completion of the Replacement or Repair or for any other
replacement or repair to the Mortgaged Property; and 

(4)      payment of any amount expended in exercising (and the exercise of)
all rights and remedies available to Lender at law or in equity or under this Loan Agreement or under any of the other Loan Documents. 
 Nothing in this Loan Agreement shall obligate Lender to apply all or any portion of the Reserve/Escrow Account Funds or Collateral Account Funds on account of any Event of Default by Borrower or to
repayment of the Indebtedness or in any specific order of priority. 

(c)      Remedies Cumulative. 

Each right and remedy provided in this Loan Agreement is distinct from all other rights or remedies under this Loan
Agreement or any other Loan Document or afforded by applicable law, and each shall be cumulative and may be exercised concurrently, independently or successively, in any order. Lender shall not be required to demonstrate any actual impairment of its
security or any increased risk of additional default by Borrower in order to exercise any of its remedies with respect to an Event of Default. 
 Section 14.03        Additional Lender Rights; Forbearance. 
 (a)      No Effect Upon Obligations. 
 Lender may, but shall not be obligated to, agree with Borrower, from time to time, and without giving notice to, or obtaining the consent of, or having any effect upon the obligations of, any Guarantor,
Key Principal or other third party obligor, to take any of the following actions: 

  

					
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 (1)      the time for payment
of the principal of or interest on the Indebtedness may be extended or the Indebtedness may be renewed in whole or in part; 
 (2)      the rate of interest on or period of amortization of the Mortgage Loan or the amount of the Monthly Debt Service Payments payable under the Loan Documents may be
modified; 
 (3)      the time for Borrower’s performance of
or compliance with any covenant or agreement contained in any Loan Document, whether presently existing or hereinafter entered into, may be extended or such performance or compliance may be waived; 

(4)      the maturity of the Indebtedness may be accelerated as provided in
the Loan Documents; 
 (5)      any or all payments due under this
Loan Agreement or any other Loan Document may be reduced; 

(6)      any Loan Document may be modified or amended by Lender and
Borrower in any respect, including an increase in the principal amount of the Mortgage Loan; 

(7)      any amounts under this Loan Agreement or any other Loan Document
may be released; 
 (8)      any security for the Indebtedness may
be modified, exchanged, released, surrendered or otherwise dealt with or additional security may be pledged or mortgaged for the Indebtedness; 
 (9)      the payment of the Indebtedness or any security for the Indebtedness, or both, may be subordinated to the right to payment or the security, or both, of any other
present or future creditor of Borrower; 
 (10)      any payments
made by Borrower to Lender may be applied to the Indebtedness in such priority as Lender may determine in its discretion; or 
 (11)      any other terms of the Loan Documents may be modified. 
 (b)      No Waiver of Rights or Remedies. 
 Any waiver of an Event of Default or forbearance by Lender in exercising any right or remedy under this Loan Agreement or any other Loan Document or otherwise afforded by applicable law, shall not be a
waiver of any other Event of Default or preclude the exercise or failure to exercise of any other right or remedy. The acceptance by Lender of payment of all or any part of the Indebtedness after the due date of such payment, or in an amount which
is less than the required payment, shall not be a waiver of Lender’s right to require prompt payment 

  

					
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when due of all other payments on account of the Indebtedness or to exercise any remedies for any failure to make prompt payment. Enforcement by Lender of any security for the Indebtedness shall
not constitute an election by Lender of remedies so as to preclude the exercise or failure to exercise of any other right available to Lender. Lender’s receipt of any condemnation awards or insurance proceeds shall not operate to cure or waive
any Event of Default. 
 (c)      Appointment of Lender as Attorney-in-Fact.

 Borrower hereby irrevocably makes, constitutes and appoints Lender (and any officer of Lender or any
Person designated by Lender for that purpose) as Borrower’s true and lawful proxy and attorney-in-fact (and agent-in-fact) in Borrower’s name, place and stead, with full power of substitution, to: 

(1)      use any of the funds in the Replacement Reserve Account or Repairs
Escrow Account for the purpose of making or completing the Replacements or Repairs; 

(2)      make such additions, changes and corrections to the Replacements
or Repairs as shall be necessary or desirable to complete the Replacements or Repairs; 

(3)      employ such contractors, subcontractors, agents, architects and
inspectors as shall be required for such purposes; 

(4)      pay, settle or compromise all bills and claims for materials and
work performed in connection with the Replacements or Repairs, or as may be necessary or desirable for the completion of the Replacements or Repairs, or for clearance of title; 

(5)      adjust and compromise any claims under any and all policies of
insurance required pursuant to this Loan Agreement and any other Loan Document, subject only to Borrower’s rights under this Loan Agreement; 

(6)      appear in and prosecute any action arising from any insurance
policies; 
 (7)      collect and receive the proceeds of
insurance, and to deduct from such proceeds Lender’s expenses incurred in the collection of such proceeds; 
 (8)      commence, appear in and prosecute, in Lender’s or Borrower’s name, any action or proceeding relating to any condemnation; 

(9)      settle or compromise any claim in connection with any
condemnation; 
 (10)      execute all applications and
certificates in the name of Borrower which may be required by any of the contract documents; 

(11)      prosecute and defend all actions or proceedings in connection
with the Mortgaged Property or the rehabilitation and repair of the Mortgaged Property; 

  

					
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 (12 )      take such actions
as are permitted in this Loan Agreement and any other Loan Documents; 

(13)      execute such financing statements and other documents and to do
such other acts as Lender may require to perfect and preserve Lender’s security interest in, and to enforce such interests in, the collateral; and 

(14)      carry out any remedy provided for in this Loan Agreement and any
other Loan Documents, including endorsing Borrower’s name to checks, drafts, instruments and other items of payment and proceeds of the collateral, executing change of address forms with the postmaster of the United States Post Office serving
the address of Borrower, changing the address of Borrower to that of Lender, opening all envelopes addressed to Borrower and applying any payments contained therein to the Indebtedness. 

Borrower hereby acknowledges that the constitution and appointment of such proxy and attorney-in-fact are coupled with an
interest and are irrevocable and shall not be affected by the disability or incompetence of Borrower. Borrower specifically acknowledges and agrees that this power of attorney granted to Lender may be assigned by Lender to Lender’s successors
or assigns as holder of the Note (and the Mortgage Loan). However, the foregoing shall not require Lender to incur any expense or take any action. Borrower hereby ratifies and confirms all that such attorney-in-fact may do or cause to be done by
virtue of any provision of this Loan Agreement and any other Loan Documents. 

(d)      Borrower Waivers. 

If more than one Person signs this Loan Agreement as Borrower, each Borrower, with respect to any other Borrower, hereby
agrees that Lender, in its discretion, may: 
 (1)      bring suit
against Borrower, or any one or more of Borrower, jointly and severally, or against any one or more of them; 
 (2)      compromise or settle with any one or more of the persons constituting Borrower, for such consideration as Lender may deem proper; 

(3)      release one or more of the persons constituting Borrower, from
liability; or 
 (4)      otherwise deal with Borrower, or any one
or more of them, in any manner, and no such action shall impair the rights of Lender to collect from any Borrower the full amount of the Indebtedness. 
 Section 14.04        Waiver of Marshaling. 
 Notwithstanding the existence of any other security interests in the Mortgaged Property held by Lender or by any other party, Lender shall have the right to determine the order in which any or all of the
Mortgaged Property shall be subjected to the remedies provided in this Loan 

  

					
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Agreement, any other Loan Document or applicable law. Lender shall have the right to determine the order in which all or any part of the Indebtedness is satisfied from the proceeds realized upon
the exercise of such remedies. Borrower and any party who now or in the future acquires a security interest in the Mortgaged Property and who has actual or constructive notice of this Loan Agreement waives any and all right to require the marshaling
of assets or to require that any of the Mortgaged Property be sold in the inverse order of alienation or that any of the Mortgaged Property be sold in parcels or as an entirety in connection with the exercise of any of the remedies permitted by
applicable law or provided in this Loan Agreement or any other Loan Documents. 
 ARTICLE 15 - MISCELLANEOUS 

Section 15.01        Governing Law; Consent to Jurisdiction and Venue. 

(a)      Governing Law. 

This Loan Agreement and any other Loan Document which does not itself expressly identify the law that is to apply to it,
shall be governed by the laws of the Property Jurisdiction without regard to the application of choice of law principles. 
 (b)      Venue. 
 Any
controversy arising under or in relation to this Loan Agreement or any other Loan Document shall be litigated exclusively in the Property Jurisdiction without regard to conflicts of laws principles. The state and federal courts and authorities with
jurisdiction in the Property Jurisdiction shall have exclusive jurisdiction over all controversies which shall arise under or in relation to this Loan Agreement or any other Loan Document. Borrower irrevocably consents to service, jurisdiction, and
venue of such courts for any such litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. 
 Section 15.02        Notice. 
 (a)      Process of Serving Notice. 
 Except as otherwise set forth herein or in any other Loan Document, all notices under this Loan Agreement and any other Loan Document shall be: 

(1)      in writing and shall be: 

(A)      delivered, in person; 

(B)      mailed, postage prepaid, either by registered or certified
delivery, return receipt requested; 
 (C)      sent by overnight
courier; or 

  

					
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 (D)      sent by electronic
mail with originals to follow by overnight courier; 

(2)      addressed to the intended recipient at Borrower’s Notice
Address and Lender’s Notice Address, as applicable; and 
 (3
)      deemed given on the earlier to occur of: 

(A)      the date when the notice is received by the addressee; or

 (B)      if the recipient refuses or rejects delivery, the
date on which the notice is so refused or rejected, as conclusively established by the records of the United States Postal Service or such express courier service. 

(b)      Change of Address. 

Any party to this Loan Agreement may change the address to which notices intended for it are to be directed by means of
notice given to the other parties identified on the Summary of Loan Terms in accordance with this Section 15.02. 
 (c)      Default Method of Notice. 
 Any required notice under this Loan Agreement or any other Loan Document which does not specify how notices are to be given shall be given in accordance with this Section 15.02. 

(d)      Receipt of Notices. 

Neither Borrower nor Lender shall refuse or reject delivery of any notice given in accordance with this Loan Agreement.
Each party is required to acknowledge, in writing, the receipt of any notice upon request by the other party. 

Section 15.03        Successors and Assigns Bound; Sale of Mortgage Loan. 

(a)      Binding Agreement. 

This Loan Agreement shall bind, and the rights granted by this Loan Agreement shall inure to, the successors and assigns
of Lender and the permitted successors and assigns of Borrower. However, a Transfer not permitted by this Loan Agreement shall be an Event of Default and shall be void ab initio. 

(b)      Sale of Mortgage Loan; Change of Servicer. 

Nothing in this Loan Agreement shall limit Lender’s (including its successors and assigns) right to sell or transfer
the Mortgage Loan or any interest in the Mortgage Loan. The Mortgage Loan or a partial interest in the Mortgage Loan (together with this Loan Agreement and the other Loan Documents) may be sold one (1) or more times without prior written notice
to Borrower. A sale may result in a change of the Loan Servicer. 

  

					
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 Section 15.04        Counterparts.

 This Loan Agreement may be executed in any number of counterparts with the same effect as if the parties
hereto had signed the same document and all such counterparts shall be construed together and shall constitute one (1) instrument. 
 Section 15.05        Joint and Several (or Solidary) Liability. 

If more than one Person signs this Loan Agreement as Borrower, the obligations of such Persons shall be joint and several
(solidary instead for purposes of Louisiana law). 

Section 15.06        Relationship of Parties; No Third Party Beneficiary. 

(a)      Solely Creditor and Debtor. 

The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing
contained in this Loan Agreement shall create any other relationship between Lender and Borrower. Nothing contained in this Loan Agreement shall constitute Lender as a joint venturer, partner or agent of Borrower, or render Lender liable for any
debts, obligations, acts, omissions, representations or contracts of Borrower. 

(b)      No Third Party Beneficiaries. 

No creditor of any party to this Loan Agreement and no other person shall be a third party beneficiary of this Loan
Agreement or any other Loan Document or any account created or contemplated under this Loan Agreement or any other Loan Document. Nothing contained in this Loan Agreement shall be deemed or construed to create an obligation on the part of Lender to
any third party nor shall any third party have a right to enforce against Lender any right that Borrower may have under this Loan Agreement. Without limiting the foregoing: 

(1)      any Servicing Arrangement between Lender and any Loan Servicer
shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness; 

(2)      Borrower shall not be a third party beneficiary of any Servicing
Arrangement; and 
 (3)      no payment by the Loan Servicer under
any Servicing Arrangement will reduce the amount of the Indebtedness. 

  

					
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 Section 15.07        Severability; Entire
Agreement; Amendments. 
 The invalidity or unenforceability of any provision of this Loan Agreement or any
other Loan Document shall not affect the validity or enforceability of any other provision of this Loan Agreement or of any other Loan Document, all of which shall remain in full force and effect, including the Guaranty. This Loan Agreement contains
the complete and entire agreement among the parties as to the matters covered, rights granted and the obligations assumed in this Loan Agreement. This Loan Agreement may not be amended or modified except by written agreement signed by the parties
hereto. 
 Section 15.08        Construction. 

(a)      The captions and headings of the sections of this Loan Agreement and the Loan
Documents are for convenience only and shall be disregarded in construing this Loan Agreement and the Loan Documents. 
 (b)      Any reference in this Loan Agreement to an “Exhibit” or “Schedule” or a “Section” or an “Article” shall, unless otherwise
explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached to this Loan Agreement or to a Section or Article of this Loan Agreement. 

(c)      Any reference in this Loan Agreement to a statute or regulation shall be construed
as referring to that statute or regulation as amended from time to time. 

(d)      Use of the singular in this Loan Agreement includes the plural and use of the
plural includes the singular. 
 (e)      As used in this Loan Agreement, the term
“including” means “including, but not limited to” or “including, without limitation,” and is for example only and not a limitation. 

(f)      Whenever Borrower’s knowledge is implicated in this Loan Agreement or the
phrase “to Borrower’s knowledge” or a similar phrase is used in this Loan Agreement, Borrower’s knowledge or such phrase(s)      shall be interpreted to mean to the best of Borrower’s knowledge
after reasonable and diligent inquiry and investigation. 
 (g)      Unless
otherwise provided in this Loan Agreement, if Lender’s approval, designation, determination, selection, estimate, action or decision is required, permitted or contemplated hereunder, such approval, designation, determination, selection,
estimate, action or decision shall be made in Lender’s sole and absolute discretion. 

(h)      All references in this Loan Agreement to a separate instrument or agreement shall
include such instrument or agreement as the same may be amended or supplemented from time to time pursuant to the applicable provisions thereof. 
 (i)      “Lender may” shall mean at Lender’s discretion, but shall not be an obligation. 

  

					
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 Section 15.09        Mortgage Loan
Servicing. 
 All actions regarding the servicing of the Mortgage Loan, including the collection of
payments, the giving and receipt of notice, inspections of the Mortgaged Property, inspections of books and records, and the granting of consents and approvals, may be taken by the Loan Servicer unless Borrower receives notice to the contrary. If
Borrower receives conflicting notices regarding the identity of the Loan Servicer or any other subject, any such written notice from Lender shall govern. The Loan Servicer may change from time to time (whether related or unrelated to a sale of the
Mortgage Loan). If there is a change of the Loan Servicer, Borrower will be given written notice of the change. 

Section 15.10        Disclosure of Information. 

Lender may furnish information regarding Borrower, Key Principal or Guarantor or the Mortgaged Property to third parties
with an existing or prospective interest in the servicing, enforcement, evaluation, performance, purchase or securitization of the Mortgage Loan, including trustees, master servicers, special servicers, rating agencies and organizations maintaining
databases on the underwriting and performance of multifamily mortgage loans. Borrower irrevocably waives any and all rights it may have under applicable law to prohibit such disclosure, including any right of privacy. 

Section 15.11        Waiver; Conflict. 

No specific waiver of any of the terms of this Loan Agreement shall be considered as a general waiver. If any provision
of this Loan Agreement is in conflict with any provision of any other Loan Document, the provision contained in this Loan Agreement shall control. 
 Section 15.12        [Intentionally Deleted.] 
 Section 15.13        Subrogation. 
 If, and to the extent that, the proceeds of the Mortgage Loan are used to pay, satisfy or discharge any obligation of Borrower for the payment of money that is secured by a pre-existing mortgage, deed of
trust or other lien encumbering the Mortgaged Property, such Mortgage Loan proceeds shall be deemed to have been advanced by Lender at Borrower’s request, and Lender shall automatically, and without further action on its part, be subrogated to
the rights, including lien priority, of the owner or holder of the obligation secured by such prior lien, whether or not such prior lien is released. 
 Section 15.14        Counting of Days. 
 Except where otherwise specifically provided, any reference in this Loan Agreement to a period of “days” means calendar days, not Business Days. If the date on which Borrower is required to
perform an obligation under this Loan Agreement is not a Business Day, Borrower shall be required to perform such obligation by the Business Day immediately preceding such date; provided, however, in respect of any Payment Date, or if
the Maturity Date is other than a Business Day, Borrower shall be obligated to make such payment by the Business Day immediately following such date. 

  

					
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 Section 15.15        Revival and
Reinstatement of Indebtedness. 
 If the payment of all or any part of the Indebtedness by Borrower, any
Guarantor or any other Person or the transfer to Lender of any collateral or other property should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors’ rights, including provisions
of the Insolvency Laws relating to a Voidable Transfer, and if Lender is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the advice of its counsel, then the amount of such Voidable Transfer or
the amount of such Voidable Transfer that Lender is required or elects to repay or restore, including all reasonable costs, expenses and attorneys’ fees incurred by Lender in connection therewith, and the Indebtedness shall automatically shall
be revived, reinstated and restored by such amount and shall exist as though such Voidable Transfer had never been made. 

Section 15.16        Time is of the Essence. 

Borrower agrees that, with respect to each and every obligation and covenant contained in this Loan Agreement and the
other Loan Documents, time is of the essence. 
 Section 15.17        Final
Agreement. 
 THIS LOAN AGREEMENT ALONG WITH ALL OF THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. All prior or contemporaneous
agreements, understandings, representations and statements, oral or written, are merged into this Loan Agreement and the other Loan Documents. This Loan Agreement, the other Loan Documents and any of their provisions may not be waived, modified,
amended, discharged or terminated except by an agreement in writing signed by the party against which the enforcement of the waiver, modification, amendment, discharge or termination is sought, and then only to the extent set forth in that
agreement. 
 Section 15.18        WAIVER OF TRIAL BY JURY. 

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

 [Remainder of Page Intentionally Blank] 

  

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

					
	BORROWER:
	
	 GR-105 LONG POINT VENTURE, LLC,
 a Delaware limited liability company

	
	By:      WF INVEST LONG POINT, LLC,
	            a Delaware limited liability company,
	            its Operating Member
	
	            By:      WOODFIELD INVESTMENT 
COMPANY,
	                        LLC, a 
Delaware limited liability company,
	                        its
Manager
			
		 	        By: 	 	/s/ Michael L. Schwarz
		 	        Name: Michael L. Schwarz
		 	        Title: Manager

  

					
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	LENDER:
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, a national banking association

		
	By:	 	/s/ Christian Adrian
	Name:        Christian Adrian
	Title:          Vice President

  

					
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 SCHEDULE 1 
 TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 
 Definitions Schedule

 (Interest Rate Type – Structured ARM (1 and 3 Month LIBOR)) 

Capitalized terms used in the Loan Agreement have the meanings given to such terms in this Definitions Schedule.

 “Accrued Interest” means unpaid interest, if any, on the Mortgage Loan that has not been added to the unpaid
principal balance of the Mortgage Loan pursuant to Section 2.02(b) (Capitalization of Accrued But Unpaid Interest) of the Loan Agreement. 
 “Additional Lender Repairs” means repairs of the type listed on the Required Repair Schedule but not otherwise identified thereon that are determined advisable by Lender to keep the
Mortgaged Property in good order and repair (ordinary wear and tear excepted) and in good marketable condition or to prevent deterioration of the Mortgaged Property. 
 “Additional Lender Replacements” means replacements of the type listed on the Required Replacement Schedule but not otherwise identified thereon that are determined advisable by Lender to
keep the Mortgaged Property in good order and repair (ordinary wear and tear excepted) and in good marketable condition or to prevent deterioration of the Mortgaged Property. 
 “Adjustable Rate” has the meaning set forth in the Summary of Loan Terms. 
 “Amortization Period” has the meaning set forth in the Summary of Loan Terms. 
 “Amortization Type” has the meaning set forth in the Summary of Loan Terms. 
 “Bank Secrecy Act” means the Bank Secrecy Act of 1970, as amended (e.g., 31 U.S.C. Sections 5311-5330). 
 “Bankruptcy Event” means any one or more of the following: 
 (a)      the commencement, filing or continuation of a voluntary case or proceeding under one or more of the Insolvency Laws by Borrower; 

(b)      the acknowledgment in writing by Borrower (other than to Lender in connection with
a workout) that it is unable to pay its debts generally as they mature; 

(c)      the making of a general assignment for the benefit of creditors by Borrower;

 (d)      the commencement, filing or continuation of an involuntary case or
proceeding under one or more Insolvency Laws against Borrower; or 

  

					
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 (e)      the appointment of a receiver(other
than a receiver appointed at the direction or request of Lender under the terms of the Loan Documents), liquidator, custodian, sequestrator, trustee or other similar officer who exercises control over Borrower or any substantial part of the assets
of Borrower; 
 provided, however, that any proceeding or case under (d) or (e) above shall not be a Bankruptcy Event
until the ninetieth (90th) day after filing (if not earlier dismissed) so long as such proceeding or case occurred without the consent, encouragement or active participation of Borrower, Guarantor, Key Principal, Principal or any Borrower
Affiliate (in which event such case or proceeding shall be a Bankruptcy Event immediately). 
 “Borrower”
means, individually (and jointly and severally (solidarily instead for purposes of Louisiana law) if more than one), the entity (or entities) identified as “Borrower” in the first paragraph of the Loan Agreement. 

“Borrower Affiliate” means, as to Borrower, Guarantor or Key Principal: 

(a)      any entity that directly or indirectly owns, controls or holds with power to vote,
twenty percent (20%) or more of the outstanding voting securities of Borrower, Guarantor or Key Principal; 

(b)      any entity in which Borrower, Guarantor or Key Principal directly or indirectly
owns, controls or holds with the power to vote, twenty percent (20%) or more of the outstanding voting securities of such entity; 
 (c)      any entity controlled by or under common control with, or which controls Borrower, Guarantor or Key Principal (the term “control” for these purposes means
the ability, whether by the ownership of shares or other equity interests, by contract or otherwise, to elect a majority of the directors of a corporation, to make management decisions on behalf of, or independently to select the managing partner
of, a partnership, or otherwise to have the power independently to remove and then select a majority of those individuals exercising managerial authority over an entity, and control shall be conclusively presumed in the case of the ownership of
fifty percent (50%) or more of the equity interests); 
 (d)      any
partner, manager, member or shareholder of Borrower, Guarantor or Key Principal; or 

(e)      any other individual that is related (to the third degree of consanguinity) by
blood or marriage to Borrower, Guarantor or Key Principal. 
 “Borrower Requested Repairs” means repairs not
listed on the Required Repair Schedule requested by Borrower to be reimbursed from the Repairs Escrow Account. 

  

					
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	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 2
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 “Borrower Requested Replacements” means replacements not listed on the
Required Replacement Schedule requested by Borrower to be reimbursed from the Replacement Reserve Account. 

“Borrower’s General Business Address” has the meaning set forth in the Summary of Loan Terms. 

“Borrower’s Notice Address” has the meaning set forth in the Summary of Loan Terms. 

“Business Day” means any day other than Saturday, Sunday or any other day on which Lender is not open for business.

 “Collateral Account Funds” means, collectively, the funds on deposit in any or all of the Collateral
Accounts, including the Reserve/Escrow Account Funds. 
 “Collateral Accounts” means any account
designated as such by Lender pursuant to a Collateral Agreement or as established pursuant to this Loan Agreement, including the Reserve/Escrow Account. 
 “Collateral Agreement” means any separate agreement between Borrower and Lender for the establishment of any other fund, reserve or account. 

“Completion Period” has the meaning set forth in the Summary of Loan Terms. 

“Condemnation Action” has the meaning set forth in the Security Instrument. 

“Controlling Interest” means: 
 (a)      with respect to any entity, the following: 
 (1) if such entity is a general partnership or a joint venture, fifty percent (50%) or more of all general partnership or joint venture interests in such entity; 

(2) if such entity is a limited partnership: 

(A)                 
   any general partnership interest; or 

(B)                 
   fifty percent (50%) or more of all limited partnership interests in such entity; 
 (3)      if such entity is a limited liability company or a limited liability partnership: 

(A)                 
   fifty percent (50%) or more of all membership or other ownership interests in such entity; 

  

					
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	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 3
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

(B)                 
   the amount of membership or ownership interests sufficient to have the power to appoint or change any manager; or 
 (C)                    the interest of any manager; 

(4)                 
             if such entity is a corporation (other than a Publicly-Held Corporation) with only one class of voting stock, fifty percent (50%) or more of voting stock in such
corporation; 

(5)                 
             if such entity is a corporation (other than a Publicly-Held Corporation) with more than one class of voting stock, the amount of shares of voting stock sufficient to have
the power to elect the majority of directors of such corporation; 

(6)                 
             if such entity is a trust (other than a land trust or a Publicly-Held Trust), the trustee of such trust or the ability to remove, appoint or substitute the trustee of such
trust (unless the trustee of such trust after such removal, appointment or substitution is a trustee identified in the trust agreement approved by Lender); or 
 (b)      the power or right to control or otherwise limit or modify, directly or indirectly, the management and operations of Borrower, Guarantor or Key Principal, including
the power to: 

(1)                 
   cause a change in or replacement of the Person that controls the management and operations of Borrower, Guarantor or Key Principal; or 

(2)                 
   limit or otherwise modify the extent of such Person’s control over the management and operations of Borrower, Guarantor or Key Principal. 
 “Credit Score” means a numerical value or a categorization derived from a statistical tool or modeling system used to measure credit risk and predict the likelihood of certain credit
behaviors, including default. 
 “Current Index” has the meaning set forth in the Summary of Loan Terms.

 “Debt Service Amounts” means the Monthly Debt Service Payments and all other amounts payable under the Loan
Agreement, the Note, the Security Instrument or any other Loan Document. 
 “Default Rate” means an interest
rate equal to the lesser of: 
 (a)      the sum of the Interest Rate plus
four (4) percentage points; or 
 (b)      the maximum interest rate which
may be collected from Borrower under applicable law. 

  

					
	Schedule 1 to Multifamily Loan and Security	  		  	
	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 4
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 “Definitions Schedule” means this Schedule 1 (Definitions
Schedule) to the Loan Agreement. 
 “Effective Date” has the meaning set forth in the Summary of Loan Terms.

 “Employee Benefit Plan” means a plan described in Section 3(3) of ERISA, regardless of whether the plan
is subject to ERISA. 
 “Enforcement Costs” has the meaning set forth in the Security Instrument. 

“Environmental Indemnity Agreement” means that certain Environmental Indemnity Agreement dated as of the Effective Date
made by Borrower to and for the benefit of Lender, as the same may be amended, restated, replaced, supplemented, or otherwise modified from time to time. 
 “Environmental Inspections” has the meaning set forth in the Environmental Indemnity Agreement. 
 “Environmental Laws” has the meaning set forth in the Environmental Indemnity Agreement. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 “ERISA Affiliate” shall mean, with respect to Borrower, any entity that, together with Borrower, would be treated as a single employer under Section 414(b) or (c) of the
Internal Revenue Code, or Section 4001(a)(14) of ERISA, or the regulations thereunder. 
 “ERISA Plan”
means any employee pension benefit plan within the meaning of Section 3(2) of ERISA (or related trust) that is subject to the requirements of Title IV of ERISA, Sections 430 and 431 of the Internal Revenue Code, or Sections 302, 303, or 304 of
ERISA, which is maintained or contributed to by Borrower or its ERISA Affiliates. 
 “Event of Default” means
the occurrence of any event listed in Section 14.01 (Events of Default) of the Loan Agreement. 
 “Exceptions to
Representations and Warranties Schedule” means that certain Schedule 7 (Exceptions to Representations and Warranties Schedule) to the Loan Agreement. 
 “First Payment Date” has the meaning set forth in the Summary of Loan Terms. 
 “First Principal and Interest Payment Date” has the meaning set forth in the Summary of Loan Terms, if applicable. 

“Fixed Monthly Principal Component” has the meaning set forth in the Summary of Loan Terms. 

“Fixtures” has the meaning set forth in the Security Instrument. 

  

					
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	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 5
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 “Force Majeure” shall mean acts of God, acts of war, civil disturbance,
governmental action (including the revocation or refusal to grant licenses or permits, where such revocation or refusal is not due to the fault of Borrower), strikes, lockouts, fire, unavoidable casualties or any other causes beyond the reasonable
control of Borrower (other than lack of financing), and of which Borrower shall have notified Lender in writing within ten (10) days after its occurrence. 
 “Foreclosure Event” means: 

(a)      foreclosure under the Security Instrument; 

(b)      any other exercise by Lender of rights and remedies (whether under the Security
Instrument or under applicable law, including Insolvency Laws) as holder of the Mortgage Loan and/or the Security Instrument, as a result of which Lender (or its designee or nominee) or a third party purchaser becomes owner of the Mortgaged
Property; 
 (c)      delivery by Borrower to Lender (or its designee or nominee)
of a deed or other conveyance of Borrower’s interest in the Mortgaged Property in lieu of any of the foregoing; or 
 (d)      in Louisiana, any dation en paiement. 

“Governmental Authority” means any court, board, commission, department or body of any municipal, county, state or
federal governmental unit, or any subdivision of any of them, that has or acquires jurisdiction over Borrower or the Mortgaged Property or the use, operation or improvement of the Mortgaged Property. 

“Guarantor” means any guarantor of the Indebtedness or any other obligation of Borrower under any Loan Document.

 “Guarantor Bankruptcy Event” means any one or more of the following: 

(a)      the commencement, filing or continuation of a voluntary case or proceeding under
one or more of the Insolvency Laws by Guarantor; 
 (b)      the acknowledgment in
writing by Guarantor (other than to Lender in connection with a workout) that it is unable to pay its debts generally as they mature; 
 (c)      the making of a general assignment for the benefit of creditors by Guarantor; 

(d)      the commencement, filing or continuation of an involuntary case or proceeding
under one or more Insolvency Laws against Guarantor; or 
 (e)      the
appointment of a receiver, liquidator, custodian, sequestrator, trustee or other similar officer who exercises control over Guarantor or any substantial part of the assets of Guarantor, as applicable; 

  

					
	Schedule 1 to Multifamily Loan and Security	  		  	
	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 6
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 provided, however, that any proceeding or case under (d) or (e) above shall not be
a Guarantor Bankruptcy Event until the ninetieth (90th) day after filing (if not earlier dismissed) so long as such proceeding or case occurred without the consent, encouragement or active participation of Borrower, Guarantor, Key Principal,
Principal, or any Borrower Affiliate (in which event such case or proceeding shall be a Guarantor Bankruptcy Event immediately). 
 “Guarantor’s General Business Address” has the meaning set forth in the Summary of Loan Terms. 
 “Guarantor’s Notice Address” has the meaning set forth in the Summary of Loan Terms. 
 “Guaranty” means, individually and collectively, any Payment Guaranty, Non-Recourse Guaranty or other guaranty executed by Guarantor in connection with the Mortgage Loan. 

“Immediate Family Members” means a child, stepchild, grandchild, spouse, sibling, or parent, each of whom must have
obtained a legal age of majority. 
 “Imposition Deposits” has the meaning set forth in the Security
Instrument. 
 “Impositions” has the meaning set forth in the Security Instrument. 

“Improvements” has the meaning set forth in the Security Instrument. 

“Indebtedness” has the meaning set forth in the Security Instrument. 

“Index” has the meaning set forth in the Summary of Loan Terms. 

“Initial Adjustable Rate” has the meaning set forth in the Summary of Loan Terms. 

“Initial Monthly Debt Service Payment” has the meaning set forth in the Summary of Loan Terms. 

“Initial Replacement Reserve Deposit” has the meaning set forth in the Summary of Loan Terms. 

“Insolvency Laws” means the United States Bankruptcy Code, 11 U.S.C. Section 101, et seq., together with any other
federal or state law affecting debtor and creditor rights or relating to the bankruptcy, insolvency, reorganization, arrangement, moratorium, readjustment of debt, dissolution, liquidation or similar laws, proceedings, or equitable principles
affecting the enforcement of creditors’ rights, as amended from time to time. 
 “Insolvent” means:

 (a)      that the sum total of all of a specified Person’s liabilities
(whether secured or unsecured, contingent or fixed, or liquidated or unliquidated) is in excess of the value of such 

  

					
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	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 7
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 
Person’s non-exempt assets, i.e., all of the assets of such Person that are available to satisfy claims of creditors; or 

(b)      such Person’s inability to pay its debts as they become due. 

“Intended Prepayment Date” means the date upon which Borrower intends to make a prepayment on the Mortgage Loan, as set
forth in the Prepayment Notice. 
 “Interest Accrual Method” has the meaning set forth in the Summary of Loan
Terms. 
 “Interest Only Term” has the meaning set forth in the Summary of Loan Terms. 

“Interest Rate” means the Initial Adjustable Rate or the Adjustable Rate, as applicable. 

“Interest Rate Type” has the meaning set forth in the Summary of Loan Terms. 

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. 

“Investor” means any Person to whom Lender intends to sell, transfer, deliver or assign the Mortgage Loan in the
secondary mortgage market. 
 “Key Principal” means, collectively: 

(a)      the natural person(s) or entity that controls and manages Borrower that Lender
determines is critical to the successful operation and management of Borrower and the Mortgaged Property, as identified as such in the Summary of Loan Terms; or 

(b)      any natural person or entity who becomes a Key Principal after the date of the
Loan Agreement and is identified as such in an assumption agreement, or another amendment or supplement to the Loan Agreement. 

“Key Principal’s General Business Address” has the meaning set forth in the Summary of Loan Terms. 

“Key Principal’s Notice Address” has the meaning set forth in the Summary of Loan Terms. 

“Land” means the land described in Exhibit A to the Security Instrument. 

“Last Interest Only Payment Date” has the meaning set forth in the Summary of Loan Terms, if applicable. 

“Late Charge” means an amount equal to the delinquent amount then due under the Loan Documents multiplied by five
percent (5%). 
 “Leases” has the meaning set forth in the Security Instrument. 

  

					
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	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 8
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 “Lender” means the entity identified as “Lender” in the first
paragraph of the Loan Agreement and its transferees, successors and assigns, or any subsequent holder of the Note. 

“Lender’s General Business Address” has the meaning set forth in the Summary of Loan Terms. 

“Lender’s Notice Address” has the meaning set forth in the Summary of Loan Terms. 

“Lender’s Payment Address” has the meaning set forth in the Summary of Loan Terms. 

“Lien” has the meaning set forth in the Security Instrument. 

“Loan Agreement” means the Multifamily Loan and Security Agreement dated as of the Effective Date executed by and
between Borrower and Lender to which this Definitions Schedule is attached, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Loan Amount” has the meaning set forth in the Summary of Loan Terms. 

“Loan Application” means the application for the Mortgage Loan submitted by Borrower to Lender. 

“Loan Documents” means the Note, the Loan Agreement, the Security Instrument, the Environmental Indemnity
Agreement, the Guaranty, all guaranties, all indemnity agreements, all Collateral Agreements, all O&M Programs, and any other documents now or in the future executed by Borrower, Guarantor, Key Principal, any guarantor or any other person in
connection with the Mortgage Loan, as such documents may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Loan Servicer” means the entity that from time to time is designated by Lender to collect payments and deposits and receive notices under the Note, the Loan Agreement, the Security
Instrument and any other Loan Document, and otherwise to service the Mortgage Loan for the benefit of Lender. Unless Borrower receives notice to the contrary, the Loan Servicer shall be the Lender originally named on the Summary of Loan Terms.

 “Loan Term” has the meaning set forth in the Summary of Loan Terms. 

“Loan Year” has the meaning set forth in the Summary of Loan Terms. 

“Margin” has the meaning set forth in the Summary of Loan Terms. 

“Material Commercial Lease” means any non-Residential Lease, including any master lease (which term “master
lease” shall include any master lease to a single corporate tenant), other than: 

  

					
	Schedule 1 to Multifamily Loan and Security	  		  	
	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 9
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 (a)      a non-Residential Lease that
comprises less than five percent (5%) of total gross income of the Mortgaged Property on an annualized basis, so long as the lease is not a cell tower lease or a solar (power) lease; 

(b)      a cable television lease, so long as the lessee is not a Borrower Affiliate, Key
Principal or Guarantor; 
 (c)      storage units leased pursuant to any
Residential Lease; or 
 (d)      a laundry lease, so long as: 

(1)      the lessee is not a Borrower Affiliate, Key Principal or
Guarantor; 
 (2)      the rent payable is not below-market (as
determined by Lender); and 
 (3)      such laundry lease is
terminable for cause by lessor. 
 “Maturity Date” has the meaning set forth in the Summary of Loan Terms.

 “Maximum Inspection Fee” has the meaning set forth in the Summary of Loan Terms. 

“Maximum Repair Cost” shall be the amount(s) set forth in the Required Repair Schedule, if any. 

“Maximum Repair Disbursement Interval” has the meaning set forth in the Summary of Loan Terms. 

“Maximum Replacement Reserve Disbursement Interval” has the meaning set forth in the Summary of Loan Terms. 

“Minimum Repairs Disbursement Amount” has the meaning set forth in the Summary of Loan Terms. 

“Minimum Replacement Reserve Disbursement Amount” has the meaning set forth in the Summary of Loan Terms. 

“Monthly Debt Service Payment” has the meaning set forth in the Summary of Loan Terms. 

“Monthly Replacement Reserve Deposit” has the meaning set forth in the Summary of Loan Terms. 

“Mortgage Loan” means the mortgage loan made by Lender to Borrower in the principal amount of the Note made pursuant to
the Loan Agreement, evidenced by the Note and secured by the Loan Documents that are expressly stated to be security for the Mortgage Loan. 
 “Mortgaged Property” has the meaning set forth in the Security Instrument. 

  

					
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	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 10
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 “Multifamily Project” has the meaning set forth in the Summary of Loan
Terms. 
 “Multifamily Project Address” has the meaning set forth in the Summary of Loan Terms. 

“Non-Recourse Guaranty” means, if applicable, that certain Guaranty of Non-Recourse Obligations of even date herewith
executed by Guarantor to and for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Note” means that certain Multifamily Note of even date herewith in the original principal amount of the stated Loan Amount made by Borrower in favor of Lender, and all schedules, riders,
allonges and addenda attached thereto, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “O&M Program” has the meaning set forth in the Environmental Indemnity Agreement. 
 “OFAC” means the United States Treasury Department, Office of Foreign Assets Control, and any successor thereto. 
 “Payment Change Date” has the meaning set forth in the Summary of Loan Terms. 
 “Payment Date” means the First Payment Date and the first day of each month thereafter until the Mortgage Loan is fully paid. 

“Payment Guaranty” means, if applicable, that certain Guaranty (Payment) of even date herewith executed by Guarantor to
and for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Permitted Encumbrance” has the meaning set forth in the Security Instrument. 
 “Permitted Prepayment Date” means the last Business Day of a calendar month. 
 “Person” means an individual, an estate, a trust, a corporation, a partnership, a limited liability company or any other organization or entity (whether governmental or private).

 “Personalty” has the meaning set forth in the Security Instrument. 

“Prepayment Lockout Period” has the meaning set forth in the Summary of Loan Terms. 

“Prepayment Notice” means the written notice that Borrower is required to provide to Lender in accordance with
Section 2.03 (Lockout/Prepayment) of the Loan Agreement in order to make a prepayment on the Mortgage Loan, which shall include, at a minimum, the Intended Prepayment Date. 

  

					
	Schedule 1 to Multifamily Loan and Security	  		  	
	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 11
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 “Prepayment Premium” means the amount payable by Borrower in connection
with a prepayment of the Mortgage Loan, as provided in Section 2.03 (Lockout/Prepayment) of the Loan Agreement and calculated in accordance with the Prepayment Premium Schedule. 

“Prepayment Premium Schedule” means that certain Schedule 4 (Prepayment Premium Schedule) to the Loan
Agreement. 
 “Prepayment Premium Term” has the meaning set forth in the Summary of Loan Terms. 

“Prohibited Person” means: 
 (a)      any Person with whom Lender or Fannie Mae is prohibited from doing business pursuant to any law, rule, regulation, judicial proceeding or administrative directive;
or 
 (b)      any Person identified on the United States Department of Housing
and Urban Development’s “Limited Denial of Participation, HUD Funding Disqualifications and Voluntary Abstentions List,” or on the General Services Administration’s “Excluded Parties List System,” each of which may be
amended from time to time, and any successor or replacement thereof; or 

(c)      any Person that is determined by Fannie Mae to pose an unacceptable credit risk
due to the aggregate amount of debt of such Person owned or held by Fannie Mae; or 

(d)      any Person that has caused any unsatisfactory experience of a material nature with
Fannie Mae or Lender, such as a default, fraud, intentional misrepresentation, litigation, arbitration or other similar act. 

“Property Jurisdiction” has the meaning set forth in the Security Instrument. 

“Property Square Footage” has the meaning set forth in the Summary of Loan Terms. 

“Publicly-Held Corporation” means a corporation, the outstanding voting stock of which is registered under
Sections 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended. 
 “Publicly-Held Trust” means
a real estate investment trust the outstanding voting shares or beneficial interests of which are registered under Sections 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended. 

“Rate Change Date” has the meaning set forth in the Summary of Loan Terms. 

“Rents” has the meaning set forth in the Security Instrument. 

“Repair Threshold” has the meaning set forth in the Summary of Loan Terms. 

“Repairs” means, individually and collectively, the Required Repairs, Borrower Requested Repairs, and Additional Lender
Repairs. 

  

					
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	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 12
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 “Repairs Escrow Account” means the account established by Lender into which
the Repairs Escrow Deposit is deposited to fund the Repairs. 
 “Repairs Escrow Account Administrative Fee” has
the meaning set forth in the Summary of Loan Terms. 
 “Repairs Escrow Deposit” has the meaning set forth in
the Summary of Loan Terms. 
 “Replacement Reserve Account” means the account established by Lender into which
the Replacement Reserve Deposits are deposited to fund the Replacements. 
 “Replacement Reserve Account Administration
Fee” has the meaning set forth in the Summary of Loan Terms. 
 “Replacement Reserve Account Interest
Disbursement Frequency” has the meaning set forth in the Summary of Loan Terms. 
 “Replacement Reserve
Deposits” means the Initial Replacement Reserve Deposit, Monthly Replacement Reserve Deposits and any other deposits to the Replacement Reserve Account required by the Loan Agreement. 

“Replacement Threshold” has the meaning set forth in the Summary of Loan Terms. 

“Replacements” means, individually and collectively, the Required Replacements, Borrower Requested Replacements and
Additional Lender Replacements. 
 “Required Repair Schedule” means that certain Schedule 6
(Required Repair Schedule) to the Loan Agreement. 
 “Required Repairs” means those items listed on the
Required Repair Schedule. 
 “Required Replacement Schedule” means that certain Schedule 5
(Required Replacement Schedule) to the Loan Agreement. 
 “Required Replacements” means those items listed on
the Required Replacement Schedule. 
 “Reserve/Escrow Account Funds” means, collectively, the funds on deposit
in the Reserve/Escrow Accounts. 
 “Reserve/Escrow Accounts” means, together, the Replacement Reserve Account
and the Repairs Escrow Account. 
 “Residential Lease” means a leasehold interest in an individual dwelling
unit and shall not include any master lease. 

  

					
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	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 13
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 “Restoration” means restoring and repairing the Mortgaged Property to the
equivalent of its physical condition immediately prior to the casualty or to a condition approved by Lender following a casualty. 
 “Review Fee” means the non-refundable fee of Three Thousand Dollars ($3,000) payable to Lender in connection with a Transfer for which Lender’s consent is required (including any
assumption of the Mortgage Loan). 
 “Schedule of Interest Rate Type Provisions” means that certain
Schedule 3 (Schedule of Interest Rate Type Provisions) to the Loan Agreement. 
 “Security
Instrument” means that certain multifamily mortgage, deed to secure debt or deed of trust executed and delivered by Borrower as security for the Mortgage Loan and encumbering the Mortgaged Property, including all riders or schedules
attached thereto, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Servicing Arrangement” means any arrangement between Lender and the Loan Servicer for loss sharing or interim
advancement of funds. 
 “Servicing Payment Date” means the second (2nd) Business Day prior to each
Payment Date. 
 “Summary of Loan Terms” means that certain Schedule 2 (Summary of Loan
Terms) to the Loan Agreement. 
 “Taxes” has the meaning set forth in the Security Instrument. 

“Title Policy” means the mortgagee’s loan policy of title insurance issued in connection with the Mortgage Loan and
insuring the lien of the Security Instrument as set forth therein, as approved by Lender. 
 “Total Parking
Spaces” has the meaning set forth in the Summary of Loan Terms. 
 “Total Residential Units” has the
meaning set forth in the Summary of Loan Terms. 
 “Transfer” means: 

(a)      a sale, assignment, transfer or other disposition (whether voluntary, involuntary, or by operation
of law); 
 (b)      a granting, pledging, creating or attachment of a lien, encumbrance or
security interest (whether voluntary, involuntary, or by operation of law); 
 (c)      an
issuance or other creation of a direct or indirect ownership interest; 
 (d)      a withdrawal,
retirement, removal or involuntary resignation of any owner or manager of a legal entity; or 

  

					
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	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 14
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 (e)      a merger, consolidation, dissolution
or liquidation of a legal entity. 
 “Transfer Fee” means a fee equal to one percent (1%) of the unpaid
principal balance of the Mortgage Loan payable to Lender in connection with a Transfer of the Mortgaged Property or of an ownership interest in Borrower, Guarantor or Key Principal for which Lender’s consent is required (including in connection
with an assumption of the Mortgage Loan). 
 “UCC” has the meaning set forth in the Security Instrument.

 “UCC Collateral” has the meaning set forth in the Security Instrument. 

“Voidable Transfer” means any fraudulent conveyance, preference or other voidable or recoverable payment of money or
transfer of property. 
 [INITIAL PAGE TO FOLLOW] 

  

					
	Schedule 1 to Multifamily Loan and Security	  		  	
	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 15
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 
			
	/s/ MS	 	
	Borrower Initials	 	 

  

					
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	Agreement - Definitions Schedule (Interest Rate Type - SARM)	  	Form 6101.SARM	  	Page 16
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 SCHEDULE 2 
 TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 
 Summary of Loan Terms

 (Interest Rate Type - Structured ARM (1 and 3 Month LIBOR)) 

 

			
	I.  
           GENERAL PARTY AND MULTIFAMILY PROJECT INFORMATION
	 	 
	Borrower	  	 GR-105 LONG POINT VENTURE,
LLC,
 a Delaware limited liability company

 

	 	 
	Lender	  	 WELLS FARGO BANK,
NATIONAL
 ASSOCIATION, a national banking association
  

	 	 
	Key Principal	  	 MICHAEL L. SCHWARZ, GREGORY
D.
 BONIFIELD, MICHAEL A. UNDERWOOD, AND
 TODD H. JACOBUS
  

	 	 
	Guarantor	  	 MICHAEL L. SCHWARZ, GREGORY
D.
 BONIFIELD, MICHAEL A. UNDERWOOD, AND
 TODD H. JACOBUS
  

	 	 
	Multifamily Project	  	 WOODFIELD LONG POINT

 

	ADDRESSES
	 	 
	Borrower’s General Business Address	  	 450 South Orange Avenue

Orlando, Florida 32801
 Attn: Michael
Schwarz
  

	 	 
	Borrower’s Notice Address	  	 450 South Orange Avenue

Orlando, Florida 32801
 Attn: Michael
Schwarz
  
 Email: mschwarz@woodfieldinvestments.com

 

	 	 
	Multifamily Project Address	  	 335 Stonewall Court

Mount Pleasant, South Carolina 29464
  

	 	 
	 Multifamily
Project County
  
	  	 Charleston

 

  

					
	Schedule 2 to Multifamily Loan and	  		  	
	Security Agreement - Summary of Loan	  		  	
	Terms (Interest Rate Type - SARM)	  	Form 6102.SARM	  	Page 1
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

			
	 	 
	Key Principal’s General Business
Address	  	 Gregory D. Bonifield

1457 Scott’s Creek Circle
 Mount Pleasant,
South Carolina 29464
  
 Michael A. Underwood

11425 Horseman’s Trail
 Raleigh, North
Carolina 27613
  
 Todd H. Jacobus

4416 Ridge Street
 Chevy Chase, Maryland
20815
  
 Michael L. Schwarz

1306 Myrtle Avenue
 Charlotte, North Carolina
28203
  

	 	 
	Key Principal’s Notice Address	  	 Gregory D. Bonifield

1457 Scott’s Creek Circle
 Mount Pleasant,
South Carolina 29464
  
 Michael A. Underwood

11425 Horseman’s Trail
 Raleigh, North
Carolina 27613
  
 Todd H. Jacobus

4416 Ridge Street
 Chevy Chase, Maryland
20815
  
 Michael L. Schwarz

1306 Myrtle Avenue
 Charlotte, North Carolina
28203
  

	 	 
	Guarantor’s General Business
Address	  	 Gregory D. Bonifield

1457 Scott’s Creek Circle
 Mount Pleasant,
South Carolina 29464
  
 Michael A. Underwood

11425 Horseman’s Trail
 Raleigh, North
Carolina 27613
  
 Todd H. Jacobus

4416 Ridge Street
 Chevy Chase, Maryland
20815
  
 Michael L. Schwarz

1306 Myrtle Avenue
 Charlotte, North Carolina
28203
  

  

					
	 Schedule 2 to Multifamily Loan and
 Security Agreement - Summary of Loan
	  		  	
	Terms (Interest Rate Type - SARM)	  	Form 6102.SARM	  	Page 2
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

			
	 	 
	  

 
  
  

 
  
  

Guarantor’s Notice Address
	  	 Gregory D. Bonifield

1457 Scott’s Creek Circle
 Mount Pleasant,
South Carolina 29464
  
 Michael A. Underwood

11425 Horseman’s Trail
 Raleigh, North
Carolina 27613
  
 Todd H. Jacobus

4416 Ridge Street
 Chevy Chase, Maryland
20815
  
 Michael L. Schwarz

1306 Myrtle Avenue
 Charlotte, North Carolina
28203
  

	 	 
	Lender’s General Business Address	  	 2010 Corporate Ridge, Suite
1000
 McLean, Virginia 22102
  

	 	 
	Lender’s Notice Address	  	 2010 Corporate Ridge, Suite
1000
 McLean, Virginia 22102
  

	 	 
	Lender’s Payment Address	  	 2010 Corporate Ridge, Suite
1000
 McLean, Virginia 22102
  

		
	 	  	 
	II. 
            MULTIFAMILY PROJECT INFORMATION
	 	 
	 Property
Square Footage
  
	  	 258,182

 

	 	 
	 Total
Parking Spaces
  
	  	 516

 

	 	 
	 Total
Residential Units
  
	  	 258

 

  

					
	 Schedule 2 to Multifamily Loan and
 Security Agreement - Summary of Loan
	  		  	
	Terms (Interest Rate Type - SARM)	  	Form 6102.SARM	  	Page 3
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

			
	III.     MORTGAGE LOAN INFORMATION
	Adjustable Rate	  	  

Until the first Rate Change Date, the Initial Adjustable Rate, and from and after each Rate Change Date following the first Rate Change
Date until the next Rate Change Date, a per annum interest rate that is the sum of (i) the Current Index, and (ii) the Margin, which sum is then rounded to the nearest three (3) decimal places; provided, however, that the Adjustable
Rate shall never be less than the Margin.
  

	 	 
	
Amortization Period
  
	  	 360 months.

 

	 	 
	Amortization Type	  	 [Select only
one:]
  
  ̈      Amortizing
  ̈      Full Term Interest Only

x      Partial Interest
Only
  

	 	 
	Current Index	  	 The published Index that
is effective on the Business Day immediately preceding the applicable Rate Change Date.
  

	 	 
	 Effective
Date
  
	  	 May 2, 2013

 

	 	 
	 First
Payment Date
  
	  	 The first day of July,
2013.
  

	 	 
	 First
Principal and Interest Payment Date
  
	  	The first day of July, 2014.
	 	 
	 Fixed
Monthly Principal Component
  
	  	$39,499.22
	 	 
	Index	  	 The British Bankers
Association fixing of the London Inter-Bank Offered Rate for one (1)-month U.S. Dollar-denominated deposits as reported by Reuters through electronic transmission.

 

	 	 
	 Initial
Adjustable Rate
  
	  	 2.528% per annum

 

  

					
	 Schedule 2 to Multifamily Loan and
 Security Agreement - Summary of Loan
	  		  	
	Terms (Interest Rate Type - SARM)	  	Form 6102.SARM	  	Page 4
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

			
	  
 Initial
Monthly Debt Service Payment
  
	  	$60,040.00
	Interest Accrual Method	  	  

Actual/360 (computed on the basis of a three hundred sixty (360) day year and the actual number of calendar days during the
applicable month, calculated by multiplying the unpaid principal balance of the Mortgage Loan by the Interest Rate, dividing the product by three hundred sixty (360), and multiplying the quotient obtained by the actual number of days elapsed in
the applicable month).
  

	  
 Interest
Only Term
  
	  	  

12 months.
  

	  
 Interest
Rate Type
  
	  	  

 
 Structured ARM

 

	  
  

Last Interest Only Payment Date
  
	  	 The first day of May,
2014.

	  
 Loan
Amount
  
	  	 $28,500,000.00
  

	  
 Loan
Term
  
	  	  

120 months.
  

	Loan Year	  	  

The period beginning on the Effective Date and ending on the last day of May, 2014, and each successive twelve (12) month
period thereafter.
  

	  

Margin
  
	  	  

2.33%
  

	Maturity Date	  	  

The first day of June, 2023, or any later date to which the Maturity Date may be extended (if at all) in connection with an
election by Borrower to convert the Interest Rate on the Mortgage Loan to a fixed rate pursuant to the terms of the Loan Agreement, or any earlier date on which the unpaid principal balance of the Mortgage Loan becomes due and payable by
acceleration or otherwise.
  

  

					
	 Schedule 2 to Multifamily Loan and
 Security Agreement - Summary of Loan
	  		  	
	Terms (Interest Rate Type - SARM)	  	Form 6102.SARM	  	Page 5
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

			
	Monthly Debt Service Payment	  	 (i)     for the First Payment Date, the Initial Monthly Debt Service Payment;
  

(ii)   for each Payment Date thereafter through and including the Last Interest
Only Payment Date, the amount obtained by multiplying the unpaid principal balance of the Mortgage Loan by the Adjustable Rate, dividing the product by three hundred sixty (360), and multiplying the quotient by the actual number of days elapsed
in the applicable month;
  
 (iii)  for the First Principal and Interest Payment Date and each Payment Date thereafter until the Mortgage Loan is fully paid, an amount equal to the sum of:

 

(1)    the Fixed Monthly Principal Component; plus

 

(2)    an interest payment equal to the amount obtained by multiplying the
unpaid principal balance of the Mortgage Loan by the Adjustable Rate, dividing the product by three hundred sixty (360), and multiplying the quotient by the actual number of days elapsed in the applicable month.

	 	 
	 Payment
Change Date
  
	  	 The first (1st) day
of the month following each Rate Change Date until the Mortgage Loan is fully paid.
  

	 	 
	 Prepayment
Lockout Period
  
	  	 The first (1st) Loan
Year of the term of the Mortgage Loan.
  

	 	 
	 Rate Change
Date
  
	  	 The First Payment Date and
the first (1st) day of each month thereafter until the Mortgage Loan is fully paid.

 

  

			
	IV.         YIELD MAINTENANCE/PREPAYMENT
PREMIUM INFORMATION
	 	 
	Prepayment Premium Term	  	 The period beginning on
the Effective Date and ending on the last calendar day of the fourth (4th) month prior to the month in which the Maturity Date occurs.

 

  

					
	Schedule 2 to Multifamily Loan and	  		  	
	Security Agreement - Summary of Loan	  		  	
	Terms (Interest Rate Type - SARM)	  	Form 6102.SARM	  	Page 6
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

			
	V.         RESERVE
INFORMATION
	 	 
	Completion Period	  	 Within thirty (30) days after the
Effective Date or as otherwise shown on the Required Repair Schedule.
  

	 	 
	 Initial
Replacement Reserve Deposit
  
	  	 $0.00

 

	 	 
	  

Maximum Inspection Fee
  
	  	 $500.00

 

	 	 
	 Maximum
Repair Disbursement Interval
  
	  	 One (1) time per calendar month

 

	 	 
	 Maximum
Replacement Reserve Disbursement Interval
  
	  	 One (1) time per calendar
quarter
  

	 	 
	 Minimum
Repairs Disbursement Amount
  
	  	 $5,000.00

 

	 	 
	 Minimum
Replacement Reserve Disbursement Amount
  
	  	 $5,000.00

 

	 	 
	 Monthly
Replacement Reserve Deposit
  
	  	 $4,300.00 (Deferred)

 

	 	 
	 Repair
Threshold
  
	  	 $50,000.00

 

	 	 
	 Repairs
Escrow Account Administrative Fee
  
	  	 $250.00, payable one
time
  

	 	 
	 Repairs
Escrow Deposit
  
	  	 $0.00

 

	 	 
	 Replacement
Reserve Account Administration Fee
  
	  	 $250.00, payable one
time
  

	 	 
	 Replacement
Reserve Account Interest Disbursement Frequency
  
	  	 Credited monthly to Replacement Reserve
Account
  

	 	 
	 Replacement
Threshold
  
	  	 $50,000.00

 

  

					
	Schedule 2 to Multifamily Loan and	  		  	
	Security Agreement - Summary of Loan	  		  	
	Terms (Interest Rate Type - SARM)	  	Form 6102.SARM	  	Page 7
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

	
	 /s/ MS

	Borrower Initials

  

					
	Schedule 2 to Multifamily Loan and Security Agreement - Summary of Loan Terms (Interest Rate Type - SARM)	  	Form 6102.SARM	  	Page 8
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 MODIFICATIONS TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

ADDENDA TO SCHEDULE 2 – SCHEDULE OF LOAN TERMS 
 (Conversion Option – SARM Loan) 
  

			
	
VI. CONVERSION OPTION – SARM LOAN
	Conversion Amortization Period    	  	 The Amortization Period minus the number of Monthly Debt Service Payments
that have elapsed since the Effective Date.

	Conversion Review Fee	  	 A non-refundable fee in the amount of $5,000.00.

	Guaranty Fee	  	 (i) If the Fixed Rate Conversion Effective Date occurs on or prior
to the sixtieth (60th) month of the Mortgage Loan term,
one and eighteen one hundredths percent (1.18%); or (ii) if the Fixed Rate Conversion Effective Date occurs after the sixtieth (60th) month of the Mortgage Loan term, the then-current guaranty fee offered by Fannie Mae for a new Fannie Mae mortgage
loan with the same or substantially similar loan terms and credit characteristics as the Mortgage Loan (taking into account the Fixed Rate Option selected by Borrower).

	 	 
	Minimum Conversion Debt Service Coverage Ratio	  	 1.25

	Servicing Fee	  	
(i) If the Fixed Rate Conversion Effective Date occurs on or prior to the sixtieth (60th) month of the Mortgage Loan term, Eighty-Six One Hundredths
percent (.86%), or (ii) if the Fixed Rate Conversion Effective Date occurs after the
sixtieth (60th) month of the Mortgage Loan term, the
then-current servicing fee offered by Fannie Mae for a new Fannie Mae mortgage loan with the same or substantially similar loan terms and credit characteristics as the Mortgage Loan (taking into account the Fixed Rate Option selected by
Borrower).
  

 [INITIAL PAGE TO FOLLOW] 

  

					
	Modifications to Multifamily Loan and Security Agreement - Schedule 2 Addenda - Summary of Loan Terms (Conversion Option - SARM Loan)	  		  	
	  	Form 6102.06	  	Page 1
	Fannie Mae	  	01-11	  	© 2011 Fannie Mae

  

			
	/s/ MS	 	
	Borrower Initials	 	 
		 	

  

					
	Modifications to Multifamily Loan and Security Agreement - Schedule 2 Addenda - Summary of Loan Terms (Conversion Option - SARM Loan)	  		  	
	  	Form 6102.06	  	Page 2
	Fannie Mae	  	01-11	  	© 2011 Fannie Mae

 MODIFICATIONS TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 

ADDENDA TO SCHEDULE 2 – SUMMARY OF LOAN TERMS 
 (Replacement Reserve Deposits – Deposits Partially or Fully Waived) 
  

			
	VII. REPLACEMENT RESERVE – DEPOSITS PARTIALLY OR FULLY
WAIVED
	Reduced Monthly Replacement Reserve
Deposit	  	$0

 [NITIAL PAGE TO FOLLOW] 

  

					
	Modifications to Multifamily Loan and Security Agreement - Schedule 2 Addenda - Summary of Loan Terms (Replacement	  		  	
	Reserve - Deposits Partially or Fully Waived)	  	Form 6102.04	  	Page 1
	Fannie Mae	  	04-12	  	© 2012 Fannie Mae

 
	
	 /s/ MS

	Borrower Initials

  

					
	Modifications to Multifamily Loan and Security Agreement - Schedule 2 Addenda - Summary of Loan Terms (Replacement	  		  	
	Reserve - Deposits Partially or Fully Waived)	  	Form 6102.04	  	Page 2
	Fannie Mae	  	04-12	  	© 2012 Fannie Mae

 EXHIBIT A 

MODIFICATIONS TO MULTIFAMILY LOAN AND SECURITY AGREEMENT 
 (Conversion Option - SARM Loan) 
 The foregoing Loan
Agreement is hereby modified as follows: 
 1.         Capitalized terms
used and not specifically defined herein have the meanings given to such terms in the Loan Agreement. 
 2.
        The Definitions Schedule is hereby amended by adding the following new definitions in the appropriate alphabetical order: 

“Conversion” means the conversion of the Mortgage Loan from an adjustable rate to a fixed rate and, if
applicable, the extension of the Maturity Date of the Mortgage Loan to the New Maturity Date. 

“Conversion Amendment” means Lender’s then-current form of Amendment to Multifamily Loan and
Security Agreement to be executed by Borrower and Lender to amend and/or restate all or any part of this Loan Agreement (including any Schedules, Exhibits or other attachments) in connection with, and reflecting the terms of, a Conversion of the
Mortgage Loan. 
 “Conversion Amortization Period” has the meaning set forth in the Summary of
Loan Terms. 
 “Conversion Closing Date” means, after Borrower exercises the Conversion Option,
the date designated by Lender for the closing of the Conversion which date (a) is a Business Day, (b) is within the Conversion Period and (c) is not more than ten (10) days after the Conversion Exercise Date. 

“Conversion Exercise Date” means the date Borrower accepts the rate quote provided by Lender in
connection with Borrower’s Rate Lock Request, as provided in Section 16.02(c) (Exercise of Conversion Option; Rate Lock Request). 
 “Conversion Option” means Borrower’s option pursuant to effect the Conversion pursuant to the terms hereof. 

“Conversion Period” means the period commencing on the first (1st) day of the second (2nd)
Loan Year and ending on the first (1st) day of the third (3rd) month prior to the Maturity Date of the Mortgage Loan. 
 “Conversion Review Fee” has the meaning set forth in the Summary of Loan Terms. 

  

					
	Modifications to Multifamily Loan and Security Agreement (Conversion Option – SARM Loan)	  		  	
	  	Form 6225	  	Page 1
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 “Debt Service Coverage Ratio” means the ratio of the annual
Net Operating Income of the Mortgaged Property to the annual underwritten debt service for the Mortgage Loan at the proposed Fixed Rate, provided that (a) the interest rate used in determining such ratio shall be the greater of (1) the
Fixed Rate or (2) the Underwriting Interest Rate (if any); and (b) the Conversion Amortization Period shall be used in determining such ratio. 
 “Fixed Rate” means an interest rate per annum equal to the sum of the Investor Yield, the Servicing Fee and the Guaranty Fee. 

“Fixed Rate Conversion Effective Date” means, if the Conversion Exercise Date occurs on a Payment Date,
the first (1st) day of the calendar month following the Conversion Exercise Date, or, if the Conversion Exercise Date occurs on any other day other than a Payment Date, the first (1st) day of the second (2nd) calendar month following
the Conversion Exercise Date, but in no event shall the Fixed Rate Conversion Effective Date be after the last day of the Conversion Period. 
 “Fixed Rate Option” means, in connection with a Conversion, Borrower’s selection of one (1) of the following fixed rate options for the Loan from and after the Fixed Rate
Conversion Effective Date: 
 (a)      seven (7) year term
with a five (5) year yield maintenance period; 

(b)      seven (7) year term with a six and one-half (6.5) year
yield maintenance period; 
 (c)      ten (10) year term with
a seven (7) year yield maintenance period; 

(d)      ten (10) year term with a nine and one-half (9.5) year
yield maintenance period; or 
 (e)      eight (8) through
eleven (11) year Fixed+1 loans; provided Fannie Mae is then offering Fixed+1 loans on a regular basis. 

“Guaranty Fee” has the meaning set forth in the Summary of Loan Terms. 

“Initial Fixed Rate Payment Date” means the first (1st) day of the calendar month following the
Fixed Rate Conversion Effective Date. 
 “Investor Yield” means, in connection with a
Conversion, the percentage equal to (a) the required net yield offered for purchase by Fannie Mae or (b) the MBS pass-through rate offered for purchase by regular buyers of mortgage backed securities, as applicable, for a new Fannie Mae
mortgage loan with the same or substantially similar loan terms and credit characteristics as the Mortgage Loan (taking into account the Fixed Rate Option selected by Borrower). 

  

					
	Modifications to Multifamily Loan and Security Agreement (Conversion Option – SARM Loan)	  		  	
	  	Form 6225	  	Page 2
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 “Maximum Fixed Rate” means the maximum Fixed Rate to which
the Mortgage Loan may be converted, as determined by Lender, so that the Debt Service Coverage Ratio of the Mortgage Loan is not less than the Minimum Conversion Debt Service Coverage Ratio. 

“MBS” means a Fannie Mae multifamily mortgage backed security. 

“Minimum Conversion Debt Service Coverage Ratio” has the meaning set forth in the Summary of Loan Terms.

 “Net Operating Income” means the amount determined by Lender, pursuant to
Section 16.02(b)(2) (Conversion Eligibility Determination), to be the net operating income of the Mortgaged Property. At the time of Conversion, the Net Operating Income used to calculate the Debt Service Coverage Ratio for purposes of
satisfying the Minimum Conversion Debt Service Coverage Ratio requirement in Section 16.02(b)(3) (Conversion Eligibility Determination) is the surplus net operating income resulting after subtracting (a) the amount required to support any
other indebtedness on the Mortgaged Property (at the applicable debt service coverage ratio(s) for such indebtedness(es)) at the time of conversion based on the underwriting requirements in effect at the time of Conversion from (b) the Net
Operating Income. 
 “New Maturity Date” means the date to which the Maturity Date is changed,
if applicable. 
 “NOI Determination Notice” means the notice given by Lender to Borrower
pursuant to Section 16.02(b)(1) (Conversion Eligibility Determination) in which Lender establishes the Net Operating Income of the Mortgaged Property and the Maximum Fixed Rate to which the Mortgage Loan may be converted. 

“NOI Determination Request” means the notice given by Borrower to Lender pursuant to
Section 16.02(a)(1) (NOI Determination Request) in which Borrower requests that Lender determines the Net Operating Income of the Mortgaged Property and the Maximum Fixed Rate to which the Mortgage Loan may be converted. 

“Rate Lock Fee” means a fee in an amount equal to two percent (2%) of the unpaid principal balance
of the Mortgage Loan immediately prior to the Initial Fixed Rate Payment Date. 
 “Rate Lock
Request” means a request from Borrower and Lender for a rate quotation for the Fixed Rate which shall apply after the Conversion, taking into account the applicable yield maintenance period. 

“Servicing Fee” has the meaning set forth in the Summary of Loan Terms. 

  

					
	Modifications to Multifamily Loan and Security Agreement (Conversion Option – SARM Loan)	  		  	
	  	Form 6225	  	Page 3
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 “Survey” means the plat of survey of the Mortgaged Property
approved by Lender. 
 “Underwriting Interest Rate” means, in connection with the Conversion,
the then-current minimum underwriting interest rate (if applicable) used by Lender for underwriting new loans with the same or substantially similar loan terms and credit characteristics as the Mortgage Loan (taking into account the Fixed Rate
Option selected by Borrower). 
 3.      The following Article is hereby added to
the Loan Agreement as Article 16 (Conversion): 
 ARTICLE 16 – CONVERSION 

Section 16.01 Conversion Option. 

(a)      Subject to the terms and conditions of this Loan Agreement,
Borrower may exercise the Conversion Option pursuant to which the interest rate payable on the Mortgage Loan may be converted, one (1) time only, on any Payment Date during the Conversion Period from the Adjustable Rate to the Fixed Rate.

 (b)      If the interest rate on the Mortgage Loan is converted
to the Fixed Rate, the interest rate on the Mortgage Loan shall remain at the Fixed Rate until the Maturity Date or New Maturity Date (as applicable) and may not thereafter be reconverted to the Adjustable Rate. The Monthly Debt Service Payment
following a Conversion shall be in an amount required to pay the unpaid principal balance of the Mortgage Loan immediately prior to the Initial Fixed Rate Payment Date in equal monthly installments, including accrued interest at the Fixed Rate, over
the Conversion Amortization Period utilizing the 30/360 Interest Accrual Method even if Actual/360 is the Interest Accrual Method. 
 (c)      The Conversion Option shall lapse (1) at 5:00 p.m. (prevailing eastern time) on the ninetieth (90th) day prior to the expiration of the Conversion
Period if Borrower has not previously delivered to Lender a NOI Determination Request in accordance with the terms of this Loan Agreement or (2) on the Fixed Rate Conversion Effective Date, if the Conversion Option is timely exercised but the
Fixed Rate does not become effective on such Fixed Rate Conversion Effective Date. 

(d)      It is anticipated that the Conversion will be effected by the
issuance by Lender of a fixed-rate MBS or by the cash purchase of the Mortgage Loan by Lender into its portfolio (subject to the provisions of Section 16.02(b)(3) (Conversion Eligibility Determination)). Borrower acknowledges, however, that the
Conversion is contingent on the capital markets generally, and that from time to time, disruptions in the capital markets may make conversion infeasible. In the 

  

					
	Modifications to Multifamily Loan and Security Agreement (Conversion Option – SARM Loan)	  		  	
	  	Form 6225	  	Page 4
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 
event Lender is not able to obtain any quotes for the Mortgage Loan at the Fixed Rate (and does not make a cash bid for the Mortgage Loan), the interest rate on the Mortgage Loan shall remain at
the Adjustable Rate. 
 Section 16.02 Procedures for Conversion. 

(a)      NOI Determination Request. 

(1)      Subject to the terms of this Loan Agreement, if Borrower desires
to exercise the Conversion Option, Borrower shall submit a NOI Determination Request to Lender. 
 (2)      The NOI Determination Request shall be accompanied by Conversion Review Fee in the form of a check payable to Lender or by wire transfer to an account designated by
Lender. 
 (3)      In no event shall the NOI Determination
Request be made prior to the commencement of the Conversion Period or less than ninety (90) days prior to the expiration of the Conversion Period. Borrower may not submit an NOI Determination Request if an Event of Default has occurred and is
continuing at the time of the request or if an Event of Default has occurred at any time within the twelve (12) month period immediately preceding the date of Borrower’s request. In addition, Borrower may not submit an NOI Determination
Request more than twice in any Loan Year. Borrower shall submit to Lender, within five (5) days after receipt of a request therefor, all information relating to the operation of the Mortgaged Property required by Lender to determine the Net
Operating Income and Borrower’s compliance with this Loan Agreement. If Borrower fails to provide such information within such period, Borrower’s NOI Determination Request shall be deemed canceled (however, such canceled NOI Determination
Request shall count as a request for the Loan Year in which the request was made). 

(b)      Conversion Eligibility Determination. 

(1)      Within fifteen (15) days after receipt of a NOI
Determination Request (or, if Lender requests additional information from Borrower pursuant to Section 16.02(a)(3) (NOI Determination Request), within fifteen (15) days after Lender’s receipt of such additional information), Lender
shall determine the Net Operating Income of the Mortgaged Property and the Maximum Fixed Rate to which the Mortgage Loan may be converted and shall provide Borrower with the NOI Determination Notice. 

  

					
	Modifications to Multifamily Loan and Security Agreement (Conversion Option – SARM Loan)	  		  	
	  	Form 6225	  	Page 5
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 (2)      Lender shall
determine the Net Operating Income, in its discretion, on the basis of the most current annual operating statements (as such statements may be adjusted by Lender, in its discretion, to reflect items of income, operating expenses, ground lease
payments, if applicable, and replacement reserves to reflect suitable underwriting) prepared by Borrower for the Mortgaged Property. In connection with any request by Lender for additional information, Borrower shall have five (5) days after
Borrower’s receipt of such request to provide Lender with such additional information. 

(3)      Borrower may not exercise the Conversion Option unless Lender
determines that, based upon the Net Operating Income set forth in the NOI Determination Notice and the Fixed Rate quoted in connection with a Rate Lock Request, the Debt Service Coverage Ratio for the Mortgaged Property is equal to or greater than
the Minimum Conversion Debt Service Coverage Ratio. 

(c)      Exercise of Conversion Option; Rate Lock Request.

 (1)      If, after receipt of the NOI Determination Notice,
Borrower desires to pursue the exercise of the Conversion Option, Borrower shall, within fifteen (15) days of Borrower’s receipt of the NOI Determination Notice: 

(A)      provide Lender with a title report for the Mortgaged Property
prepared by, or by an agent for, the issuer of the Title Policy, showing marketable fee simple or leasehold title to the Mortgaged Property (as applicable) to be vested in Borrower, free and clear of all liens, encumbrances, easements, covenants,
conditions, restrictions and other matters affecting title other than the Permitted Encumbrances; 
 (B)      pay to Lender the Rate Lock Fee; and 
 (C)      make a Rate Lock Request. 
 (2)      If the Conversion closes, Lender shall refund the Rate Lock Fee to Borrower within thirty (30) days after the Conversion Closing Date. If Borrower pays the
Rate Lock Fee but does not timely exercise the Conversion Option, Lender shall refund the Rate Lock Fee to Borrower within forty-five (45) days after receipt of a written request from Borrower (and the interest rate shall remain at the
Adjustable Rate). If Borrower timely exercises the Conversion Option, but the Conversion is not consummated for any reason other than a default by Lender in performing its obligations under this Loan Agreement, Borrower shall forfeit the Rate Lock
Fee and shall be fully liable for, and agrees to pay on demand, any and all loss, costs and/or damages incurred by Lender in connection with 

  

					
	Modifications to Multifamily Loan and Security Agreement (Conversion Option – SARM Loan)	  		  	
	  	Form 6225	  	Page 6
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 
Borrower’s failure to consummate the Conversion as provided herein, including any loss, costs and/or damages incurred by Lender in excess of the Rate Lock Fee. Borrower expressly
acknowledges that by electing to convert the interest rate on the Mortgage Loan to the Fixed Rate, and agreeing to the Fixed Rate as provided herein, Borrower is causing Lender to take a position in the financial markets in reliance thereon, and the
failure of Borrower to convert the interest rate on the Mortgage Loan to the Fixed Rate as provided herein will cause Lender to incur economic damages. 

(3)      If Borrower desires to exercise the Conversion Option and has
complied with all other requirements of Section 16.04 (Conditions Precedent to Closing of Conversion), within fifteen (15) days of Borrower’s receipt of the NOI Determination Notice, Borrower shall initiate the Rate Lock Request by
contacting Lender by telephone prior to 11:00 a.m. (prevailing eastern time) on any Business Day within such fifteen (15) day period. Lender shall provide Borrower with a quotation of the Fixed Rate by 3:00 p.m. (prevailing eastern
time) of the day the Rate Lock Request is made. Any Rate Lock Request made after 11:00 a.m. (prevailing eastern time) will be deemed requested at 9:00 a.m. on the following Business Day. Borrower understands that from time to time, Lender
may not be able to obtain a Fixed Rate quote for a cash rate for Borrower if Fannie Mae has closed its commitment window for any reason (or is otherwise not regularly quoting cash bids at that time). Any such quotation shall be indicative in nature
and non-binding on Lender unless such quotation and the change of the Maturity Date (if applicable) is immediately accepted by Borrower, and acceptance by Borrower of the rate quote shall constitute an irrevocable election by Borrower to exercise
the Conversion Option. If the Fixed Rate quoted to Borrower is greater than the Maximum Fixed Rate, Borrower shall not be permitted to accept the quoted Fixed Rate (or exercise its Conversion Option). On or before 5:00 p.m. (prevailing eastern
time) of the day Borrower accepts the quoted Fixed Rate, Borrower and Lender shall confirm to each other (by letter addressed from Lender to Borrower, acknowledged and accepted in writing by Borrower and transmitted, in each case, by facsimile or
other electronic transmission acceptable to Lender), (A) the Fixed Rate, (B) the New Maturity Date (if applicable), (C) the Fixed Rate Conversion Effective Date, (D) the new Monthly Debt Service Payment and (E) the Initial
Fixed Rate Payment Date. 
 Section 16.03 Amendment to Multifamily Loan and Security Agreement.

 The Conversion shall be evidenced by the Conversion Amendment. 

  

					
	Modifications to Multifamily Loan and Security Agreement (Conversion Option – SARM Loan)	  		  	
	  	Form 6225	  	Page 7
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 Section 16.04 Conditions Precedent to Closing of Conversion.

 Borrower’s right to consummate the Conversion and Lender’s obligation to
execute and deliver the Conversion Amendment, shall be subject to satisfaction of each of the following conditions precedent: 
 (a)      All representations and warranties of Borrower set forth in the Loan Documents shall be true and correct in all material respects on and as of the Conversion Closing
Date as though made on and as of the Conversion Closing Date. 

(b)      Borrower shall have performed or complied with all of its
obligations under this Loan Agreement to be performed or complied with on or before the Conversion Closing Date. 
 (c)      On the Conversion Closing Date, no Event of Default shall have occurred (or any event which, with the giving of notice or the passage of time, or both, would
constitute an Event of Default has occurred and is continuing). 

(d)      On the Conversion Closing Date, Lender shall have received all of
the following, each of which, where applicable, shall be executed by individuals authorized to do so, shall be dated as of the Closing Date, and shall be in form and substance acceptable to Lender: 

(1)      the Conversion Amendment; 

(2)      an endorsement to the Title Policy or a new Title Policy as of
the Conversion Closing Date, that the Security Instrument constitutes a valid mortgage lien on the Mortgaged Property, with the same lien priority insured by the Title Policy, subject only to the Permitted Encumbrances; 

(3)      either (A) the Survey, redated to a date within
fifteen (15) days prior to the Conversion Closing Date showing that there are no liens, encumbrances, or other matters that have arisen since the date of the Survey other than matters approved in writing by Lender, or (B) affirmative
coverage in the title insurance endorsement referred to in Section 16.04(d)(2) (Conversion – Conditions Precedent to Conversion) that there are no exceptions based upon the results of a visual inspection of the Mortgaged Property, or the
absence of any exception based upon any facts or conditions which have arisen since the date of the Survey and which would be disclosed by a current survey of the Mortgaged Property; 

(4)      if necessary, an amendment to the Security Instrument to be
recorded in the land records and insured as a supplement to the Security Instrument to reflect the New Maturity Date; 

  

					
	Modifications to Multifamily Loan and Security Agreement (Conversion Option – SARM Loan)	  		  	
	  	Form 6225	  	Page 8
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

 (5)      an opinion of
counsel satisfactory to Lender as to such matters as Lender may reasonably request; and 

(6)      such other documents as Lender may reasonably request related to
this Loan Agreement, the Conversion Amendment or the transactions contemplated hereby or thereby. 
 (e)      The Mortgaged Property shall not have been damaged, destroyed or subject to any condemnation or other taking, in whole or any material part, and Lender shall have
received a certificate of Borrower, dated as of the Conversion Closing Date, to such effect. 
  
 [INITIAL PAGE TO FOLLOW] 

  

					
	Modifications to Multifamily Loan and Security Agreement (Conversion Option – SARM Loan)	  		  	
	  	Form 6225	  	Page 9
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

  

			
	/s/ MS	 	
	Borrower Initials	 	 
		 	

  

					
	Modifications to Multifamily Loan and Security Agreement (Conversion Option – SARM Loan)	  		  	
	  	Form 6225	  	Page 10
	Fannie Mae	  	06-12	  	© 2012 Fannie Mae

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