Document:

Exhibit

Exhibit 10 (g)

WESTAR ENERGY 
LONG-TERM INCENTIVE AND SHARE AWARD PLAN 
 
PERFORMANCE RESTRICTED SHARE UNITS AWARD
	
		
	Name:
	____________________________________

	Target Award:
	____________________________________

	Grant Date:
	____________________________________

	Performance Period
	____________________________________

Westar Energy, Inc. (the “Company”) hereby grants to you ______ Restricted Share Units pursuant to the Company’s Long-Term Incentive and Share Award Plan (as amended from time to time, the “Plan”), a copy of which has been delivered to you and made a part hereof, subject to the following terms and conditions and the terms and conditions of the Plan.  The number of Restricted Share Units granted under this paragraph is referred to in this Award as the “Target Award.”  The terms used in this Award shall have the same meaning as in the Plan, except as otherwise specified herein, and except that “Restricted Share Units” shall refer only to the Restricted Share Units granted under this Award.
		
	1.
	Restricted Share Units.  Subject to the terms and conditions hereof and as contained in the Plan, each Restricted Share Unit earned by you in accordance with Section 3 below, shall represent the right to receive one share of the Company’s common stock.

		
	2.
	Vesting.  The Restricted Share Units earned by you in accordance with Section 3 below shall vest on January 1, «Year_Following_End_of_Performance_Period» (the “Scheduled Vesting Date”) if your employment continues uninterrupted through such date.

		
	3.
	Performance Criteria and Adjustment of Target Award.  

		
	(a)
	The Target Award to be earned by you shall be adjusted upward or downward based upon the Company’s “Total Shareholder Return” (as defined below) compared to Total Shareholder Return for the “Peer Group” (as defined below) during the performance period indicated above (the “Performance Period”), as shown in the following chart: 

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Exhibit 10 (g)

	
		
	Company Total Shareholder Return Relative to Peer Group:
	Payout as Percentage of Target Award

	90th percentile or above
	200%

	50th percentile
	100%

	25th percentile
	25%

Interpolation shall be used to determine the payout as a percentage of the Target Award if the Company’s performance falls between the percentiles shown. You shall not receive any portion of the Target Award if the Company’s Total Shareholder Return during the Performance Period is below the 25th percentile.  You shall receive 200% of the Target Award if the Company’s Total Shareholder Return during the Performance Period ranks at the 90th percentile or above.
		
	(b)
	Total Shareholder Return shall be determined by the following formula: Total Shareholder Return equals Ending Stock Price minus Beginning Stock Price plus Dividends Paid, divided by Beginning Stock Price.

Beginning Stock Price shall mean the average closing price on the applicable stock exchange of one share of stock for the calendar month immediately preceding the first day of the Performance Period.  
Ending Stock Price shall mean the average closing price on the applicable stock exchange of one share of stock for the calendar month in which the last day of the Performance Period occurs.
Dividends Paid shall mean the total of all dividends paid on one share of stock during the Performance Period.
		
	(c)
	The Company’s percentile rank shall be determined by listing from highest Total Shareholder Return to lowest Total Shareholder Return, each company in the Peer Group, including the Company.  The highest company would have a 100 percentile rank and the lowest company would have a zero percentile rank.  Each company in between would have a percentile rank equal to 100 divided by N minus 1 (100/(N-1)), where N is the total number of companies in the Peer Group, plus the percentile rank of the company below it. 

		
	(d)
	The Peer Group consists of the companies listed on Exhibit A attached to this Award.  A company in the Peer Group that discloses in a filing made with the Securities and Exchange Commission that the company has entered into a definitive agreement to be acquired will be removed from the Peer Group effective as of the date of the announcement.  The Committee (as defined in 

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Exhibit 10 (g)

the Plan) reserves the right to add one or more companies to the Peer Group if the number of companies in the Peer Group decreases below twelve during the Performance Period. 
4.Dividend Equivalents.  
		
	(a)
	Each Restricted Share Unit earned by you in accordance with Section 3 above includes the right to receive dividend equivalents in an amount equal to the amount of the cash dividends that you would have received if you owned the number of shares of the Company’s common stock represented by such Restricted Share Unit during the Performance Period or the portion of such period until such Restricted Share Unit is forfeited pursuant to Section 8 below, and such dividend equivalents shall be accrued and paid to you following the end of the Performance Period as provided in Section 5 below.

		
	(b)
	If during the Performance Period any shares of the Company’s common stock or other property (other than cash) are distributed to holders of the Company’s common stock in a pro rata distribution other than as a result of a stock split, you shall be entitled to receive the number of shares of the Company’s common stock or the other property that you would have received if you owned the number of shares of the Company’s common stock represented by the Restricted Share Units earned by you in accordance with Section 3 above, and such shares or other property shall be paid to you following the end of the Performance Period as provided in Section 5 below.

		
	(c)
	If during the Performance Period any shares of the Company’s common stock are distributed to holders of the Company’s common stock as a result of a stock split, your Target Award shall be increased by a number of additional Restricted Share Units equal to the number of shares of the Company’s common stock that you would have received if you owned the number of shares of the Company’s common stock represented by your Target Award.  Such additional Restricted Share Units shall be subject to the same terms, conditions and restrictions as the original Restricted Share Units covered by this Award.

5.Payment and Withholding.
		
	(a)
	As soon as administratively practicable following, but in no event later than thirty days of, the Scheduled Vesting Date, either certificate(s) evidencing the shares of the Company’s common stock represented by those Restricted Share Units you have earned in accordance with Section 3 above shall be delivered to you (without any legend to reflect terms, conditions and restrictions hereunder) 

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Exhibit 10 (g)

or such shares shall be credited to an account maintained for you, and dividend equivalents and other distributions will be paid to you; provided, however, that the Company may, in its sole discretion, permit you to elect to defer receipt of such shares and dividend equivalents pursuant to the Westar Energy, Inc. 2005 Deferred Compensation Plan.
		
	(b)
	In the case of your death, shares to be delivered or credited pursuant to subsection (a) above following the Scheduled Vesting Date and vesting pursuant to Section 6 below, shall instead be made to the beneficiary designated in writing by you pursuant to a form of designation provided by the Company, or, if none, to your estate.

		
	(c)
	The Company, if required, shall withhold taxes, at a rate not to exceed the minimum statutory rate, on any income realized in connection with the payment of Restricted Share Units or dividend equivalents.

		
	6.
	Separation from Service.  Except as provided below in this Section 6 and in Section 7, you shall be eligible for payment of awarded Restricted Share Units, as determined in Section 3, only if your employment with the Company continues uninterrupted through the Scheduled Vesting Date set forth in Section 2 above.

		
	(a)
	If you have a Separation from Service as defined in Internal Revenue Code section 409A prior to the Scheduled Vesting Date on account of your death or Disability (as defined below), your Target Award shall be prorated based on the number of days from the Grant Date to the date of your Separation from Service, and the prorated Target Award (and related dividend equivalents) shall be adjusted as provided in Section 3 above based on the Company’s Total Shareholder Return for the entire Performance Period, and paid following the Scheduled Vesting Date as provided in Section 5 above.  For purposes of this Award, the term “Disability” means, (1) you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (2) you are, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company, or (3) you are determined to be totally disabled by the Social Security Administration. 

		
	(b)
	If you have a Separation from Service prior to the Scheduled Vesting Date on account of your Retirement (as defined below), your Target Award shall be 

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Exhibit 10 (g)

prorated based on the number of days from the Grant Date to the date of your Separation from Service, and the prorated Target Award (and related dividend equivalents) shall be adjusted as provided in Section 3 above based on the Company’s Total Shareholder Return for the entire Performance Period, and paid following the Scheduled Vesting Date as provided in Section 5 above.  For purposes of this Award, the term “Retirement” means your cessation of services as an employee of the Company on or after the attainment of 60 years of age and 10 years of “Service” as defined in the Westar Energy, Inc. Retirement Plan.
		
	7.
	Change in Control.  Notwithstanding anything herein to the contrary, if a “Change in Control,” as defined below, occurs prior to the Scheduled Vesting Date, you shall be entitled to receive your Target Award, adjusted as provided in Section 3 above, provided that for purposes of calculating Total Shareholder Return, Ending Stock price shall mean the average closing price on the applicable stock exchange of one share of stock for the twenty trading days immediately prior to the effective date of the Change in Control, and the Performance Period shall end on the effective date of the Change in Control.  Certificate(s) evidencing the shares of the Company’s common stock represented by the Restricted Share Units shall be delivered to you (without any legend to reflect terms, conditions and restrictions hereunder) or such shares shall be credited to an account maintained for you, or the consideration to be received upon consummation of the Change in Control shall be paid to you, as soon as administratively practicable following, but in no event later than thirty days of, the effective date of the Change in Control.  Section 8(a) of the Plan shall not apply to the Restricted Share Units covered by this Award.

The term “Change in Control” means any one of events (a), (b) or (c):
		
	(a)
	Change in the Ownership of the Company.

Any one person, or more than one person acting as a group (as defined below in (d)) acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Company.
		
	(b)
	Change in the Effective Control of the Company.

Either (i) any one person, or more than one person acting as a group (as defined below in (d)), acquire (or has acquired during the 12- month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 35 percent or more of the total voting power of the stock of the Company; or (ii) a majority of members of the 

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Exhibit 10 (g)

Company’s Board of Directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s Board of Directors prior to the date of the appointment or election.
		
	(c)
	Change in the Ownership of a Substantial Portion of the Company’s Assets.

Any one person, or more than one person acting as a group (as defined below in (d)), acquire (or has acquired during the 12- month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value (“gross fair market value” means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets) equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.
		
	(d)
	Persons Acting as a Group.

Persons will not be considered to be acting as a group solely because they purchase or own stock, or purchase assets, of the same corporation at the same time, or as a result of the same public offering. However, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition or stock or assets, or similar business transaction with the corporation.  If a person, including an entity or entity shareholder, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock or assets, or similar transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation (only with respect to the ownership in that corporation in the case of a change in the Effective Control of a Company or only to the extent of the ownership in that corporation in the case of a Change in the Ownership of a Substantial Portion of a Company’s Assets) prior to the transaction giving rise to the change and not with respect to the ownership interest in the other corporation.
		
	8.
	Forfeiture of Restricted Share Units.  If you have a Separation from Service for any reason other than those described in Section 6 above prior to the Scheduled Vesting Date, all of the Restricted Share Units shall be forfeited, and you shall have no further right to receive any benefits or payments under this Award.

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Exhibit 10 (g)

		
	9.
	Rights as Shareholder.  Prior to the Scheduled Vesting Date, you shall have none of the rights of a shareholder of the Company with respect to the shares of the Company’s common stock represented by the Restricted Share Units.  You shall, however, have the right to receive dividend equivalents as described in Section 4 above.  In addition, if shares of the Company’s common stock are held under a “rabbi trust” (the assets of which are subject to claims of the Company’s creditors in the event of the Company’s insolvency) established to assist the Company in meeting its obligations under this and other restricted share unit awards, you may (at the Company’s sole discretion) be given the right prior to the Scheduled Vesting Date to direct the trustee as to the voting of a number of shares held by the trustee corresponding to the Target Award.

		
	10.
	Nontransferability.  Except by will or by the laws of descent and distribution, you may not sell, transfer, assign, pledge or otherwise encumber or dispose of any Restricted Share Units nor may you sell, transfer, assign, pledge, encumber or dispose of any of the shares of the Company’s common stock represented by your Restricted Share Units prior to the payment of such shares to you pursuant to Section 5 or Section 7.

		
	11.
	Unsecured Creditor Status.  This Award constitutes a mere promise by the Company to pay you the benefits described in this Award (to the extent vested).  You shall have the status of a general unsecured creditor of the Company with respect to any benefits payable under this Award.

		
	12.
	Committee Authority.  Any questions concerning the interpretation of this Award, including without limitation any adjustments under Section 4(c) of the Plan (relating to Share splits, reorganizations, mergers, spin-offs and other corporate transactions and events), and any controversy which arises under this Award shall be settled by the Committee, as defined in the Plan, in its sole discretion.

		
	13.
	Inconsistencies.  The terms of this Award are governed by the terms of the Plan and in the case of any inconsistency between the terms of this Award and the terms of the Plan, the terms of the Plan shall control.  By signing this Award letter, you acknowledge receipt of a copy of the Plan.  

		
	14.
	Governing Law.  The provisions of this Award shall be governed by the laws of the State of Kansas without giving effect to principles of conflict of laws.

		
	15.
	Compliance with Section 409A.  It is the intent of the parties that the provisions of this award comply with Internal Revenue Code Section 409A and the Treasury regulations and guidance issued thereunder (“Section 409A”) and that this award be interpreted and operated consistent with such requirements of Section 409A in order to avoid the application of additive income taxes under Section 409A (“409A Penalties”).  To the 

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Exhibit 10 (g)

extent that a payment, or the settlement or deferral thereof, is subject to Section 409A, except as the Company and the above-named officer otherwise determine in writing, the payment shall be paid, settled or deferred in a manner that will meet the requirements of Section 409A, such that the payment, settlement or deferral shall not be subject to the 409A Penalties.
		
	16.
	Limitation on Payments and Benefits. Notwithstanding anything in this Award or the Plan to the contrary, if you are a “disqualified individual” (as defined in Section 280G(c) of the Code), and the payments and benefits provided under this Award, together with any other payments, benefits or awards which you have the right to receive from the Company, or any corporation which is a member of an “affiliated group” (as defined in Section 1504(a) of the Code without regard to Section 1504(b) of the Code), of which the Company is a member, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided under this Award shall be either (a) reduced (but not below zero) by the minimum amount the Company deems necessary so that none of the payments under this Award are “excess parachute payments” (as defined in Section 280G(b) of the Code) and no portion of such amounts and benefits received by you shall be subject to the excise tax imposed by Section 4999 of the Code, or (b) paid in full, whichever produces the better net after-tax result for you (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes); provided, however, that, if applicable, this Award shall be reduced pursuant to clause (a) in the event that such reduction is required in order to comply with the provisions of the Change in Control Agreement between you and the Company, regardless of whether the application of clause (b) would produce a better net after-tax result for you with respect to the payments and benefits under this Award.  The calculations to determine such reduction must be made in good faith by legal counsel or a certified public accountant selected by the Company, and such determination will be conclusive and binding upon you and the Company. If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other payments and benefits from the Company used in determining if a parachute payment exists, exceeds one dollar ($1.00) less than three times your base amount, then you shall immediately repay such excess to the Company upon notification that an overpayment has been made.  Nothing in this Section shall require the Company to be responsible for, or have any liability or obligation with respect to, your excise tax liabilities under Section 4999 of the Code.

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Exhibit 10 (g)

WESTAR ENERGY, INC. 

By:                             
Name: 
Title: 
AGREED TO: 
                                                
Name:                                 Date
Title:   

7Exhibit 10.447

 

AMenDED AND
RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT

OF BR ARCHCO MOREHEAD, LLC

 

This Amended and Restated Limited Liability
Company Agreement (this “Agreement”), dated as of December 29, 2016, is executed by BR ArchCo Morehead Mezz,
LLC, a Delaware limited liability company (“Sole Member”).

 

ARTICLE 1.

ORGANIZATIONAL MATTERS

 

1.1           Organization;
Limited Liability Company Agreement.

 

The Company was formed as a limited liability
company on July 29, 2015 pursuant to the LLC Act. BR ArchCo Morehead JV, LLC, a Delaware limited liability company (“Withdrawing
Member”), was the original member of the Company. Withdrawing Member entered into that certain Limited liability Company
Agreement of BR ArchCo Morehead, LLC, dated November 24, 2015, as amended by that certain First Amendment to Limited Liability
Company Agreement of BR ArchCo Morehead, LLC, dated January 6, 2016 (as amended, the “Original Agreement”).
Withdrawing Member subsequently transferred its membership interest in the Company (representing 100% of the membership interests
in the Company) to Sole Member, Withdrawing Member withdrew as a member of the Company, and Sole Member was admitted as a member
of the Company in place of Withdrawing Member. Sole member is entering into this Agreement to amend and restate the Original Agreement.

 

1.2           Name.

 

The name of the Company is BR ArchCo Morehead,
LLC. The Members may adopt one or more fictitious names or trade names for use by the Company and may abandon any fictitious name
or trade name adopted by the Company. The Members will make all filings required under applicable laws in connection with the adoption
or use by the Company of any fictitious name or trade name.

 

1.3           Registered
Agent; Registered Office.

 

(A)         The
Company’s registered agent, as required by § 19-104 of the LLC Act, is National Registered Agents, Inc. The Members
may change the Company’s registered agent from time to time, and upon resignation or removal of the Company’s registered
agent, the Members may appoint a new registered agent for the Company. The Members shall file such amendment to the Company’s
certificate of formation as may be required by the LLC Act to reflect any change in the Company’s registered agent.

 

(B)         The
Company’s initial registered office is 160 Greentree Drive, Suite 101, City of Dover, Delaware 19904. The Members or the
Company’s registered agent may change the location of the Company’s registered office from time to time, provided that
notice of the change is filed in accordance with the LLC Act.

 

1.4           Purpose.

 

(A)         The
purposes of the Company will be (i) to develop the Project and (ii) to carry out other activities incident to the purposes enumerated
in this Section 1.4(A).

 

     

     

    

 

(B)         For
purposes of this Section 1.4, development of the Project includes (i) acquisition and ownership of the Land by the Company,
(ii) construction and development of the Project, and constructing other facilities (including facilities not on the Land) to the
extent required by governmental authorities or otherwise appropriate for the Project, (iii) acquisition, ownership, leasing, operation,
maintenance, management, repair, financing, refinancing, sale or other disposition and other dealings with the Project and (iv)
other business typical for an owner or operator of a development similar to the Project.

 

(C)         The
purposes of the Company include borrowing money to finance development of the Project and the conduct of the business of the Company,
including paying costs of developing, constructing or operating the Project, all subject to any requirement for approval by the
Members contained in this Agreement.

 

(D)         The
Members acknowledge that the Project is to be developed and held for investment with the intent of maximizing the return to the
Members, but such investment intent shall not preclude a disposition of the Project at any time otherwise allowed by this Agreement.

 

ARTICLE 2.

DEFINED TERMS AND INTERPRETATION

 

2.1           Defined
Terms.

 

Terms listed below have the respective meanings
assigned to them below when used in this Agreement, unless the context requires otherwise:

 

“Capital Contributions” means
all contributions to the capital of the Company made in accordance with the provisions of this Agreement.

 

“Code” means the Internal Revenue
Code of 1986, as previously amended and as amended in the future, or any successor statute. A reference to a particular provision
of the Code includes all successor provision, even if the successor provision is numbered differently.

 

“Company” means the limited
liability company governed by this Agreement.

 

“Construction Financing Documents”
means documents evidencing, securing, or guaranteeing the Construction Loan and/or the Mezzanine Loan.

 

“Construction Lender” means
Bank of the Ozarks.

 

“Construction Loan” means a
loan from the Construction Lender to the Company in the maximum amount of $34,500,000, secured by the Project and any other property
of the Company.

 

“Construction Loan Agreement”
means that certain Construction Loan Agreement between the Construction Lender and the Company for the Construction Loan.

 

“Land” means the parcels of
land located in Mecklenburg County, North Carolina, and being more particularly described on Exhibit A attached hereto and
by this reference incorporated herein.

 

“LLC Act” means the Delaware
Limited Liability Company Act, Title 6, Chapter 18 of the Delaware Code, as previously amended and as amended in the future; provided
that, except as otherwise provided by law, future amendments of such statute will apply to the relationship of the Members in respect
of the Company only to the extent agreed by the Members at the time.

 

    	 	2

     

    

 

“Member” means the Sole Member
or any other person who is admitted as a member of the Company in accordance with the LLC Act, but excluding any Member who has
transferred its entire interest in the Company.

 

“Membership Interest” is defined
in Section 8.1(A) of this Agreement.

 

“Membership Interest Certificate”
is defined in Section 8.1(A) of this Agreement.

 

“Mezzanine Lender” means Nationwide
Mutual Fire Insurance Company, an Ohio mutual insurance company.

 

“Mezzanine Loan” means a loan
from the Mezzanine Lender to the Sole Member in the maximum principal amount of $7,250,000, secured primarily by (i) the Sole Member’s
ownership interest in the Company and (ii) the ownership interest of BR ArchCo Morehead JV, LLC, a Delaware limited liability company,
in the Sole Member.

 

“Mezzanine Loan Agreement” means
that certain Loan Agreement between the Mezzanine Lender and the Sole Member for the Mezzanine Loan.

 

“Project” means the Land and
the apartment community (expected to contain approximately 286 residential units) and related amenities to be constructed on the
Land.

 

“Sole Member” is defined in
the preamble of this Agreement.

 

“Treasury Regulation” means
all proposed, temporary and final Income Tax Regulations promulgated by the Department of the Treasury pursuant to the Code or,
to the extent applicable, any predecessor statute. A reference to a particular provision of the Treasury Regulations includes all
successor provisions to that provision, even if the successor provisions are numbered differently.

 

“Withdrawing Member” is defined
in Section 1.1 of this Agreement.

 

2.2           Interpretation.

 

(A)         In
this Agreement, if the context requires, one gender includes other genders, the singular includes the plural, and the plural includes
the singular.

 

(B)         The
Section headings in this Agreement have been inserted for convenience of reference and are not to be considered in interpreting
this Agreement.

 

(C)         References
to “Articles” and “Sections” are to the various subdivisions of this Agreement as originally executed,
unless reference is specifically made to another document.

 

(D)         A
determination that any provision of this Agreement is invalid or unenforceable in a given circumstance will not affect the validity
or enforceability of the other provisions of this Agreement or the validity or enforceability of the same provision in other circumstances.

 

(E)         This
Agreement is to be governed by the laws of the State of Delaware, without giving effect to principles of conflicts of law.

 

(F)         The
words “include” and “including” and similar words, when used to introduce a list of specifics, are intended
to be illustrative and not limiting.

 

    	 	3

     

    

 

ARTICLE 3.

CAPITALIZATION

 

3.1           Capital
Contributions.

 

(A)         Sole
Member has made, or immediately upon its admission to the Company shall make, a Capital Contribution in the amount shown on the
signature page of this Agreement.

 

(B)         Any
Member may make additional Capital Contributions to the Company from time to time as it considers necessary for the Company’s
business. A Member will have no obligation to make any additional Capital Contribution.

 

(C)         
A decision to make additional Capital Contributions is discretionary to the Members. A creditor of the Company may not assume a
Member’s willingness to make any additional Capital Contribution, nor may a creditor of the Company rely on a Member’s
election to make any additional Capital Contribution until the Capital Contribution is actually funded to the Company. Any obligation
for Capital Contributions may be waived by agreement of the Members at any time, either before or after the date required for funding,
§ 17-502 of the LLC Act notwithstanding.

 

3.2           Miscellaneous
Provisions Regarding Capital.

 

A Member will not be entitled to withdraw
any part of its Capital Contributions or to receive any distribution from the Company, except as specifically provided in this
Agreement. A Member will have no right to receive property other than cash from the Company as a distribution. No interest or other
return will be paid on any Capital Contribution, except as expressly provided in this Agreement.

 

ARTICLE 4.

MANAGEMENT OF COMPANY AFFAIRS

 

4.1           Generally.

 

(A)         The
business and affairs of the Company will be managed by the Members. Each Member will have such authority in management of the Company’s
business and affairs as allowed by the LLC Act.

 

(B)         Except
as otherwise agreed by all Members, no Member will receive any compensation from the Company for its participation in managing
the business and affairs of the Company. However, a Member will be entitled to reimbursement for all expenses incurred by it in
managing the business or affairs of the Company (including reimbursement for services or materials provided through affiliates
of the Member) and for any amount that the Member pays to satisfy obligations or liabilities of the Company; provided that
reimbursement will be subject to limitations imposed by the terms of the Mezzanine Loan until Final Payment (as defined in the
Mezzanine Loan Agreement).

 

(C)         A
Member need devote to the Company only so much of the Member’s time and attention as, in the Member’s judgment, is
necessary to manage the business and affairs of the Company.

 

4.2           Liability;
Indemnity.

 

(A)         A
Member will not be liable or accountable, in damages or otherwise, to the Company or the other Members for anything the Member
does or refrains from doing in managing the business and affairs of the Company, except in the case of acts or omissions that constitute
fraud, gross negligence or willful or wanton misconduct.

 

    	 	4

     

    

 

(B)         The
Company will indemnify, defend and hold harmless each Member, each person who holds a direct or indirect ownership interest in
a Member and the respective officers, directors, managers, trustees, agents, employees, affiliates and professional or other advisors
of a Member or any such owner against any and all loss, cost, damage, expense or liability (including fees and expenses of attorneys
and other professional advisors and court costs) incurred by any of them by reason of anything any one or more of them does or
refrains from doing for, or in connection with the business or affairs of, the Company, excluding acts or omissions that constitute
fraud, gross negligence or willful or wanton misconduct.

 

(C)         The
rights under this Section 4.2 will not limit other rights which any person may have at law or in equity, including common law rights
to indemnification, reimbursement or contribution. The rights of a person under this Section 4.2 will not be effected by any change
in the relationship between such person or its affiliates, on one hand, and the Company, on the other hand, or except to the extent
otherwise agreed by such person, any change in the terms of this Section 4.2 that becomes effective after such person takes
action or refrains from acting in reliance on this Section 4.2.

 

(D)         Rights
under this Section 4.2 will be subject to limitations imposed by the terms of the Mezzanine Loan until Final Payment (as defined
in the Mezzanine Loan Agreement).

 

4.3           Officers.

 

The Members may designate a president, one
or more vice president, a treasurer, a secretary or other officers for the Company. An individual may hold more than one office.
Each individual listed in Exhibit C is hereby designated as an officer of the Company, holding the respective office or
offices indicated opposite his or her name. Except for the officers designated in this Section 4.3, officers will be elected by
the Members. Each officer will serve until his or her death, permanent disability, resignation or removal. An officer may resign
at any time. An officer may be removed at any time, with or without cause, by the Members. The Company’s officers will have
such authority and shall perform such functions as specified by the Members or as otherwise are customarily incident to their respective
offices, in all cases subject to direction of the Members. An officer will not be entitled to compensation from the Company. An
officer will be entitled to reimbursement from the Company for reasonable expenses incurred in the performance of his or her duties
as an officer, subject to the expense reimbursement policies approved by the Members, if any. An officer of the Company will not
be liable or accountable, in damages or otherwise, to the Company or the Members for anything the officer does or refrains from
doing in connection with the business and affairs of the Company, except in the case of acts or omissions of the officer that constitute
fraud, gross negligence or willful or wanton misconduct. The Company will indemnify, defend and hold harmless each officer of the
Company against any and all loss, cost, damage, expense or liability (including fees and expenses of attorneys and other professional
advisors and court costs) incurred by the officer by reason of anything he or she does or refrains from doing for, or in connection
with the business or affairs of, the Company, excluding acts or omissions of the officer that constitute fraud, gross negligence
or willful or wanton misconduct. An officer’s rights under this Section 4.3 will not limit other rights which the officer
may have at law or in equity, including common law rights to indemnification, reimbursement or contribution. The rights of an officer
under this Section 4.3 will not be effected by any change in the relationship between the officer and the Company or, except to
the extent otherwise agreed by the officer, any change in the terms of this Section 4.3 that becomes effective after the officer
takes action or refrains from acting in reliance on this Section 4.3. An officer’s rights to indemnification, reimbursement
or contribution under this Section 4.3 will be subject to limitations imposed by the terms of the Mezzanine Loan until Final Payment
(as defined in the Mezzanine Loan Agreement).

 

    	 	5

     

    

  

4.4           Other
Activities.

 

Each Member, as well as its affiliates,
may engage in or possess an interest in other businesses and investments of any nature, independently or in concert with others,
even if the business or investment competes with or is enhanced by the business of the Company. Neither the Company nor another
Member will have any right in or to any independent business or investment of another Member or its affiliates or the income or
profits derived from any independent business or investment of another Member or its affiliates.

 

ARTICLE 5.

TAX MATTERS

 

5.1           Disregarded
Entity.

 

For so long as Sole Member is the sole Member
of the Company, the Company shall be ignored for federal income tax purposes, as provided in § 301.7701-2 of the Treasury
Regulations. For so long as Sole Member is the sole Member of the Company, (a) the Company shall be ignored for state and local
income tax purposes so long as the relevant jurisdiction allows such characterization and (b) if a jurisdiction does not allow
the Company to be ignored, all profits, gains, losses and other items shall, for tax purposes, be allocated to Sole Member.

 

5.2           Allocations
if More Than One Member.

 

If Sole Member is not the sole Member of
the Company, allocations of profits, gains, losses and other items for tax purposes shall be allocated among the Members as they
agree or, failing agreement, in proportionate shares based upon the Member’s respective ownership interests in the Company,
in each such case, subject to any limitations imposed by § 704 of the Code and the related Treasury Regulations.

 

ARTICLE 6.

DISTRIBUTIONS

 

6.1           Distributions.

 

Distributions by the Company shall be made
in amounts and at times as the Members determine to be appropriate. The Company shall in all events make distributions in amounts
and times as necessary to allow Sole Member to make payments required by the Mezzanine Loan subject to (a) the limitations in § 18.607
of the LLC Act, (b) the availability of cash on hand and (c) restrictions imposed by the Construction Loan.

 

6.2           No
Priority in Distributions.

 

No Member will have any priority over any
other Member as to the return of its Capital Contributions or as to compensation by way of income.

 

    	 	6

     

    

  

ARTICLE 7.

DISSOLUTION AND TERMINATION

 

7.1           Coordination
with Mezzanine Loan.

 

This Article 7 is subject to the terms of
the Mezzanine Loan Agreement and Section 10.1 of this Agreement.

 

7.2           Dissolution
Events.

 

The Company will be dissolved upon the happening
of the first to occur of the following events:

 

(1)         all
of the assets of the Company (including any assets acquired in exchange for or upon transfer of other assets) are transferred to
another person or distributed to the Members;

 

(2)         all
Members elect in writing to dissolve the Company; or

 

(3)         entry
of a decree of judicial dissolution pursuant to § 18.802 of the LLC Act.

 

Each Member specifically waives any right (whether under the
LLC Act or otherwise) to require the Company to be dissolved or to obtain a partition of the Company’s assets, except as
provided in this Section 7.2.

 

7.3           Liquidation.

 

Subject to any order entered in a proceeding
under § 18.802 of the LLC Act, liquidation of the Company will be managed by the Members, excluding any Member who has
wrongfully caused the dissolution of the Company. Upon any dissolution of the Company, all assets of the Company (except cash and
cash equivalents) will be sold and the proceeds (together with any cash or cash equivalents of the Company) will be applied to
the following uses and in the following order of priority:

 

(1)         first,
to satisfy liquidated liabilities of the Company;

 

(2)         second,
to set aside an amount which the person managing the liquidation reasonably determines to be appropriate to provide for contingent
or unliquidated liabilities of the Company;

 

(3)         third,
to pay to Members proportionately, based on the amount thereof owed each Member, the unreturned Capital Contributions of the Members;
and

 

(4)         fourth,
to make distributions to Members in accordance with their respective ownership interests in the Company.

 

Liquidation of the Company’s assets may be delayed for
such time as the person managing the liquidation considers appropriate to realizing the fair value of the assets. If provision
is made for liabilities in accordance with paragraph (2) above, any amounts remaining after those liabilities are satisfied or,
in the judgment of the person managing the liquidation, become unlikely of being asserted shall be distributed as contemplated
by paragraphs (3) and (4) above.

 

    	 	7

     

    

  

ARTICLE 8.

MEMBERSHIP INTERESTS

 

8.1           Membership
Interest Certificates.

 

(A)         The
Members hereby elect to opt in to Article 8 of the Delaware Uniform Commercial Code. Accordingly, all ownership interests of the
Members in the Company (“Membership Interests”) under this Agreement shall be treated as securities under Delaware
Uniform Commercial Code § 8-103(c) and will be certificated within the meaning of § 18-702(c) of the LLC Act and Article
8 of the Delaware Uniform Commercial Code. Notwithstanding any other provision to this Agreement, this election may not be revoked
or changed without the consent of the Mezzanine Lender until Final Payment (as defined in the Mezzanine Loan Agreement). A Membership
Interest will be evidenced by a certificate of interest issued by the Company in substantially the form set forth in Exhibit
B to this Agreement (each, a “Membership Interest Certificate”). Each Membership Interest is a “security”
and each Membership Interest Certificate is a “certificated security” (as that term is defined in Article 8 of the
Delaware Uniform Commercial Code), and each Membership Interest in the Company and each Membership Interest Certificate is governed
by (i) Article 8 of the Delaware Uniform Commercial Code and (ii) Article 8 of the Uniform Commercial Code of any other applicable
jurisdiction that now or hereafter substantially includes the 1994 revisions of Article 8 thereof as adopted by the American Law
Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on February
14, 1995. The Company shall issue to each Member a Membership Interest Certificate evidencing the Membership Interest issued to
such Member.

 

(B)         The
Company shall maintain a register showing each Member’s name, address, and ownership interest in the Company. The Company
shall treat such register as definitive and binding for all purpose, and only those persons so registered as Members shall have
the rights of Members. The Company and any agent of the Company may treat the Member in whose name any Membership Interest Certificate
is registered on the register maintained by the Company as the owner of the related Membership Interest for the purpose of receiving
distributions made by the Company and for all other purposes whatsoever, and the Company shall not be affected by notice to the
contrary.

 

(C)         If
any mutilated Membership Interest Certificate is surrendered to the Company, or if the Company receives evidence to its satisfaction
of the destruction, loss or theft of any Membership Interest Certificate and there is delivered to the Company such security or
indemnity as may be required by the Company to save it harmless, then, in the absence of notice to the Company that such Membership
Interest Certificate has been acquired by a bona fide purchaser, the Company shall execute and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Membership Interest Certificate, a new Membership Interest Certificate of like
effect to the mutilated, destroyed, lost or stolen Membership Interest Certificate. Upon the issuance of any new Membership Interest
Certificate under this Section 8.1(C), the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Company) connected
therewith. Any duplicate Membership Interest Certificate issued pursuant to this Section 8.1(C) shall constitute complete and indefeasible
evidence of membership in the Company, as if originally issued, whether or not the lost, stolen, or destroyed Membership Interest
Certificate shall be found at any time.

 

    	 	8

     

    

 

(D)         A
Member may transfer its Membership Interest, or a part of such Membership Interest, only by delivering to the Company the Membership
Interest Certificate representing the Membership Interest to be transferred, properly endorsed for transfer or accompanied by appropriate
instrument of transfer duly executed. Until Final Payment (as defined in the Mezzanine Loan Agreement), transfer of a Membership
Interest will be subject to the restrictions in the Mezzanine Loan Agreement and the Membership Interest may be transferred only
as allowed by such restrictions of the Mezzanine Loan Agreement. Upon receipt of same the Company shall make an appropriate entry
of the transfer in the register described in Section 8.1(B) and shall issue to the transferee a new Membership Interest Certificate
representing the Membership Interest that is transferred. If less than the entire Membership Interest represented by a Membership
Interest Certificate has been transferred, the Company also shall issue to the transferor a new Membership Interest Certificate
representing the portion of the Membership Interest that has not been transferred. No transfer of a Membership Interest shall be
effective until (a) the Company has received the Membership Interest Certificate, properly endorsed for transfer or accompanied
by appropriate instrument of transfer duly executed, and (b) the Company has made the register entry. All Membership Interest Certificates
surrendered for transfer shall be canceled by the Company.

 

8.2           Compliance
with Securities Laws.

 

Each Member represents and warrants to the
other Members and the Company that as of the date of this Agreement:

 

(1)         It
has acquired its Membership Interest for investment solely for its own account and with the intention of holding such Membership
Interest for investment, without any intention of participating directly or indirectly in any distribution of any portion of such
Membership Interest and without the financial participation of any other person in acquiring such Membership Interest.

 

(2)         It
is aware that its Membership Interest has not been registered under the Securities Act of 1933, as amended, or applicable state
securities laws, if any, in reliance upon the exemption contained in those laws. It understands and acknowledges that its representations
and warranties contained in this Section 8.2(2) are being relied upon by the other Members and the Company as the basis for the
exemption from the registration requirements of the Securities Act of 1933, as amended, and applicable state securities laws, if
any, in connection with the issuance of its Membership Interest. It further acknowledges that the Company has no obligation (i)
to recognize any transfer or encumbrance of all or any part of its Membership Interest unless and until the provisions of this
Agreement have been fully satisfied or (ii) to register its Membership Interest pursuant to the Securities Act of 1933, as amended,
or any state securities laws.

 

(3)         It
recognizes that a legend reflecting the restrictions imposed upon the transfer and encumbrance of its Membership Interest under
the Securities Act of 1933, as amended, and state securities laws has been placed on the Membership Interest Certificate evidencing
its Membership Interest. It will comply with the restrictions imposed by such legend, as well as all other restrictions on transfer
or encumbrance of its Membership Interest imposed by this Agreement. It will not transfer or encumber, or offer for transfer or
encumbrance, its Membership Interest in violation of the restrictions imposed by the Securities Act of 1933, as amended, or any
applicable state securities laws or any of the provisions of this Agreement.

 

ARTICLE 9.

APPROVAL OF FINANCING

 

9.1           Approval
of Financing.

 

(A)         The
Members hereby authorize the Company to take such actions as any officer of the Company determines is appropriate (i) to obtain
the Construction Loan and to allow the Sole Member to obtain the Mezzanine Loan and to enter into the Construction Financing Documents
to which the Company is a party on terms as any officer of the Company may conclude are appropriate, (ii) to execute and deliver
such Construction Financing Documents (including loan agreements, promissory notes, deeds of trust, security agreements, assignments
and collateral assignments, assignments of rents and leases, notices, affidavits, proxies and other documents, instruments, agreements,
certificates and consents) as are required of the Company by the Construction Lender or the Mezzanine Lender or as any officer
of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and/or the Mezzanine
Loan, (iii) to encumber, as security for the Construction Loan, the Land and the Project and any other property of the Company
as required by the Construction Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable
to effectuate the Construction Loan and (iv) to perform the obligations of the Company, and to allow the Sole Member to perform
its obligations, under the Construction Financing Documents.

 

    	 	9

     

    

 

(B)         The
Members further authorize any officer of the Company, acting on behalf of the Company, (i) to negotiate definitive terms of the
Construction Financing Documents, (ii) to execute and deliver such Construction Financing Documents to which the Company is a party
(including loan agreements, promissory notes, deeds of trust, security agreements, assignments and collateral assignments, assignments
of rents and leases, notices, affidavits, proxies and other documents, instruments, agreements, certificates and consents) as are
required of the Company by the Construction Lender or the Mezzanine Lender or as any officer of the Company otherwise considers
necessary, appropriate or desirable to effectuate the Construction Loan and/or the Mezzanine Loan, (iii) to encumber, as security
for the Construction Loan, the Property and any other property of the Company as required by the Construction Lender or as any
officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and (iv) to
cause the Company to perform its obligations, and to allow the Sole Member to perform its obligations, under the Construction Financing
Documents.

 

9.2           Authorization
to Pledge Membership Interests.

 

All owners of Membership Interests are authorized
to pledge or assign such Membership Interests to the Mezzanine Lender; such pledge or assignment may include all voting, management
and control rights and is not limited to economic rights; and neither the exercise by Mezzanine Lender of any right or remedy under
the loan documents for the Mezzanine Loan, including, foreclosure against the Membership Interest pledged to the Mezzanine Lender,
nor the transfer to the Mezzanine Lender or its successor or assign of title to any interests in such Membership Interest pledged
to the Mezzanine Lender, shall constitute a default or breach.

 

ARTICLE 10.

SPECIAL LENDER RELATED PROVISIONS

 

10.1         Mezzanine
Loan Related Provisions.

 

(A)         Notwithstanding
any other provision of this Agreement to the contrary, the provisions of this Section 10.1 (and Exhibit D incorporated herein)
are intended to and shall supersede and take priority over any other provision of this Agreement, including any future amendment
entered into without the prior written consent of the Mezzanine Lender in its sole discretion, unless doing so would violate the
terms of the Construction Loan. Without limiting the foregoing, any other provision of this Agreement which is inconsistent with
any provision of this Section 10.1 (and Exhibit D incorporated herein) shall be null and void and of no force or effect
to the extent of such inconsistency, unless doing so would violate the terms of the Construction Loan.

 

(B)         Until
Final Payment (as defined in the Mezzanine Loan Agreement), the Company shall comply with the requirements set out in Exhibit
D to this Agreement, unless otherwise approved by the Mezzanine Lender. Exhibit D is hereby incorporated by reference
into this Section 10.1(B) as if set forth in full at this point. Terms defined in the Mezzanine Loan Agreement have the respective
meanings assigned in the Mezzanine Loan Agreement when used as defined terms in Exhibit D, even if otherwise defined for
other purposes elsewhere in this Agreement.

 

    	 	10

     

    

  

(C)         Until
Final Payment (as defined in the Mezzanine Loan Agreement), any amendment or waiver of the provisions of Sections 4.1(B), 4.2(D),
4.3, 6.1, 7.1, 8.1 or this Section 10.1 must be approved by the Mezzanine Lender, and any amendment or waiver of those provisions
not approved by the Mezzanine Lender will be null and void. In addition, unless otherwise approved by the Mezzanine Lender, until
Final Payment (as defined in the Mezzanine Loan Agreement), the Company may not change its election to have the Membership Interests
be “certificated securities” governed by Article 8 of the Delaware Uniform Commercial Code as provided in Section 8.1.
Approval by the Mezzanine Lender under this Section 10.1 will be effective only if it is in writing.

 

(D)         The
Mezzanine Lender is a third-party beneficiary of this Section 10.1. The Sole Member and the Company hereby stipulate and agree
that the Mezzanine Lender has relied on the terms of Sections 4.1(B), 4.2(D), 4.3, 6.1, 7.1, 8.1 and this Section 10.1 (and Exhibit
D incorporated therein) in making the Mezzanine Loan and that the rights of the Mezzanine Lender hereunder have fully vested.

 

10.2         Construction
Loan Related Provisions.

 

For so long as the Construction Loan remains
unpaid, the Company shall comply with the requirements set out in Exhibit E to this Agreement, unless otherwise approved
by the Construction Lender. Exhibit E is hereby incorporated by reference into this Section 10.2 as if set forth in full
at this point. Terms defined in the Construction Loan Agreement have the respective meanings assigned in the Construction Loan
Agreement when used as defined terms in Exhibit E, even if otherwise defined for other purposes elsewhere in this Agreement.
For so long as the Construction Loan remains unpaid, any amendment or waiver of the provisions of this Section 10.2 must be approved
by the Construction Lender, and any amendment or waiver of those provisions not approved by the Construction Lender will be null
and void. The Construction Lender is a third-party beneficiary of this Section 10.2. The Sole Member and the Company hereby stipulate
and agree that the Construction Lender has relied on the terms of this Section 10.2 in making the Construction Loan and that the
rights of the Construction Lender hereunder have been fully vested.

 

ARTICLE 11.

MISCELLANEOUS

 

11.1         Amendment.

 

Any amendment of this Agreement will require
the approval of all Members. Approval of an amendment by a Member will be effective only if it is in writing.

 

11.2         Notices.

 

All notices and other communications under
this Agreement will be effective only if in writing. Notices and other communications under this Agreement will be deemed to have
been given when actually delivered by hand, mail, courier service or fax, e-mail or other means of electronic facsimile transmission,
or when delivery is attempted and rejected, at the address designated by the applicable party or, in the case of the Company, at
its principal place of business. Until changed, the address for notice to Sole Member is as listed on the signature page of this
Agreement. In the event of admission of a new Member, the Member shall provide the Company and each other Member with its address
for notices and other communications under this Agreement. If a notice is sent by electronic transmission (including fax or e-mail),
confirmation of transmission generated by the sender’s equipment will be prima facie evidence of receipt.

 

    	 	11

     

    

  

11.3         Duplicate
Originals.

 

Any number of counterparts of this Agreement
may be executed. Each counterpart will be deemed to be an original instrument and all counterparts taken together will constitute
one agreement.

 

11.4         Creditors
Not Benefited.

 

Subject to Article 10, nothing contained
in this Agreement will benefit any creditor of a Member or of the Company. No creditor of a Member or of the Company may require
a Capital Contribution to be solicited or a distribution to be made by the Company, nor may any creditor of a Member or of the
Company enforce the obligation of a Member under this Agreement. Establishment of reserves is for the benefit of the Members only,
and no creditor of the Company may require funding of any such reserves, nor may any creditor of the Company access such reserves,
except through levy against the Company’s property in collection of a judgment as otherwise allowed by law. The Members may
elect to reduce any Company reserves at any time, regardless of claims then outstanding against the Company, subject only to limitations
imposed by law that cannot be altered by a provision like this Section 11.4.

 

11.5         Limited
Liability Company Agreement.

 

This Agreement is the limited liability
company agreement of the Company (within the meaning of the LLC Act) to the exclusion of any other writings. Without limitation,
this Agreement amends and restates the Original Agreement, and it supersedes the Original Agreement in its entirety.

 

	BR ArchCo Morehead Mezz, LLC,	Address:	712 Fifth Avenue, 9th Floor
	a Delaware limited liability company	 	New York, New York 10019
	 	 	 
	By:	BR ArchCo Morehead JV, LLC, a Delaware
    limited liability company, its Sole Member	Fax:	(646) 278 – 4220
	 	 	Capital Contribution: 	$17,955,556
	 	By:	BR Morehead JV Member, LLC,	 	
	 	 	a Delaware limited liability company,	 	 
	 	 	its Manager	 	 
	 	 	 	 	 
	 		By:     Bluerock
    Special Opportunity + Income	 	 
	 	 	           Fund
    II, LLC, a Delaware limited liability	 	 
	 	 	           company,
    its Manager	 	 
	 	 	 	 	 
	 	 	By: 	BR SOIF II Manager, LLC,	 	 
	 	 	 	a Delaware limited liability company,	 	 
	 	 	 	its Manager	 	 
	 	 	 	 	 	 
	 	 	 	By:	/s/
    Jordan Ruddy	 	 
	 	 	 	Name: 	Jordan Ruddy	 	 
	 	 	 	Title:	Authorized Signatory	 	 

 

 

    	 	12

     

    

Acknowledgement of Withdrawing Member

 

Withdrawing Member is executing this Amended
and Restated Limited Liability Company Agreement of BR ArchCo Morehead, LLC for the sole purpose of acknowledging that Withdrawing
Member has transferred its membership interest in the Company (representing 100% of the membership interest in the Company) to
Sole Member and has withdrawn as a member of the Company.

 

BR ArchCo Morehead JV, LLC,

a Delaware limited liability company  

 

	By:	BR Morehead JV Member, LLC,
    a Delaware limited liability company, its Manager	 
	 	 	 
		By:    Bluerock Special
    Opportunity + Income Fund II,           LLC, a Delaware limited liability
    company, its           Manager	 

 

	 	By:	BR SOIF II Manager, LLC,	 
	 	a Delaware limited liability company,	 
	 	its Manager	 

 

	 	By: 	/s/ Jordan Ruddy	 
	 	Name: Jordan Ruddy	 
	 	Title: Authorized Signatory	 

 

    	 	13

     

    

 

Exhibit A

 

Description of Land 

 

Lying and being in the City of Charlotte,
Mecklenburg County, North Carolina and more particularly described as:

 

PARCEL 1

 

BEGINNING at a point located at the intersection
of the southern margin of the right-of-way of West Morehead Street and the eastern margin of the right-of-way of South Summit Avenue,
thence from said Beginning point and with the eastern margin of the right-of-way of South Summit Avenue S. 11-45 W. 220.0 ft. to
an iron located beneath the pavement in the northern margin of the Piedmont and Northern Railroad right-of-way; thence with said
right-of-way in two courses and distances as follows: (1) S. 78-15 E. 83.45 ft. to a point; (2) with the arc of a circular curve
to the left having a radius of 465.84 ft., a chord bearing and distance of N. 85-54-16 E. 254.39 feet and an arc distance of 257.66
ft. to an iron located beneath the pavement in the western margin of a paved 20 ft. alley way; thence with the western margin of
said alley way N. 03-10-25 W. 195.17 ft. to an iron pipe located in the southern margin of the right-of-way of West Morehead Street;
thence with said margin of West Morehead Street and with the arc of a circular curve to the right having a radius of 1263.11 ft.,
a chord bearing and distance of N. 85-56-55 W. 280.50 ft. and an arc distance of 281.08 ft. to the point and place of BEGINNING;
containing 1.5544 acres; as shown on a survey by R. B. Pharr & Associates, P.A., dated October 4, 1999, and being Lot 1 in
Block D of Wesley Heights as shown on a map recorded in Map Book 3 at Page 540 in the Office of the Register of Deeds for Mecklenburg
County, North Carolina.

 

PARCEL 2 

 

BEGINNING at an iron stake in the easterly
margin of South Summit Avenue and the southerly margin of the P. and N. right of way, said point of beginning being S. 11-45 W.
245 feet from the southerly margin of West Morehead Street, thence, along the easterly margin of South Summit Avenue S. 11-45 W.,
145 feet to a point in the northerly margin of Bryant Street; thence, along the northerly margin of Bryant Street, S. 78-15 E.
84.69 feet, to an iron stake and a point of curve; thence, with the arc of a circular curve to the left of radius of 1146.28 feet,
a distance of 333.11 feet, to an iron stake in the northerly margin of Bryant Street and the westerly margin of a twenty foot alley;
thence, with the westerly line of said alley N. 12-57 W. 183.51 feet to a point in the westerly margin of said alley and southerly
margin of P. and N. right of way; thence, along the southerly margin of said right of way and with the arc of a circular curve
to the right of radius 490.84 feet, a distance of 247.64 feet, to a point on curve on said right of way; thence, along the southerly
margin of P. and N. right of way N. 78-15 W., 101.59 feet to the point of BEGINNING, said lot being designated as Lot 2, Block
D, Wesley Heights, as shown in Map Book 3, Page 540, of the Mecklenburg County Public Registry, North Carolina.

 

PARCEL 3

 

BEGINNING at a #4 rebar located on the
northern margin of Bryant Street at the southeast corner of the property of Southern Apartment Group-49, LLC (Deed Book 28056,
Page 975); thence N. 12-57-00 W. 183.51’ to a #4 rebar; thence along a curve to the right, with a radius of 490.84’,
an arc of 10.07’, and bearing and chord of S 70-09-42 W. 10.07’, to a computed point; thence S. 12-57-00 E. 186.09’
to a computed point, located on the northern margin of Bryant Street; thence with the northern margin of Bryant Street, along a
curve to the left, with a radius of 1146.28’, an arc of 10.09’, and bearing and chord of S. 84-50-51 W. 10.09’
to the point and place of BEGINNING, containing 0.042 acres, more or less.

 

    	 	Exhibit A	 

     

    

 

PARCEL 4 

 

BEGINNING at a nail in the Eastern margin
of S. Summit Avenue, said point being located S. 11-45-00 W. 220.00’ from a nail in the sidewalk located at the intersection
of the Eastern margin of S. Summit Avenue and the Southern margin of West Morehead Street; thence running with Lot #1, Block D,
Map Book 3, Page 540 (Mecklenburg County Registry) S. 78-15-00 E. 83.45’ to a point; thence continuing with Lot #1, along
a curve to the left having a radius of 465.84’, an arc length of 257.66’, a chord of 254.39’ and bearing of N.
85-52-47 E. to an old iron pipe; thence S. 06-46-31 E. 26.14’ to a #4 rebar located at the northeasternmost corner of Lot
#2-A, Map Book 3, Page 540; thence with the Northern boundary line of said Lot #2-A, along a curve to the right having a radius
of 490.84’, an arc length of 247.63’, a chord of 245.01’ and a bearing of S. 85-12-08 W. to a point; thence continuing
with Lot #2-A, N. 78-15-00 W. 101.59’ to a nail along the Eastern margin of S. Summit Avenue; thence with the margin of S.
Summit Avenue, N. 11-45-00 E. 25.00’ to the point and place of BEGINNING, containing 0.201 acres, more or less, as shown
on a survey by Robert J. Dedmon Dated February 6, 2013.

 

PARCEL 5 

 

TOGETHER WITH an easement for egress, ingress
and regress from the alley described in instrument recorded in Book 11924, Page 614, Mecklenburg County Public Registry.

 

THE ABOVE PARCELS BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

BEGINNING at a nail in the sidewalk at
the Northeast margin of Bryant Street and South Summit Avenue, said beginning point being located S 78-46-00 E, 50.22’ from
a nail in the sidewalk located at the Northwest margin of Bryant Street and South Summit Avenue; thence from said beginning point,
with the Eastern margin of S Summit Ave, N 11-45-00 E 390.00’ to a nail in the sidewalk, Southeast margin of S Summit Ave
and West Morehead Street; thence with the Southern margin of W Morehead St, along a curve to the left, with a radius of 1263.11’,
an arc of 281.08’, and a bearing & chord of S 86-02-44 E, 280.50’ to a 3/4" pipe; thence leaving said margin
of W Morehead St, and running with an old alleyway S 03-10-25 E 195.06’ to an old iron; thence S 06-46-31 E 26.14’
to a #4 rebar, corner of abandoned alleyway; thence with abandoned alleyway, along a curve to the left, with a radius of 490.84’,
an arc of 10.07’, and bearing and chord of S 70-09-42 W, 10.07’, to a #4 rebar; thence S 12-57-00 E 186.09’ to
a #4 rebar, located on the Northern margin of Bryant St; thence with the Northern margin of Bryant St, along a curve to the right,
with a radius of 1146.28’, an arc of 10.09’, and bearing and chord of S 84-50-51 W, 10.09’ to a #4 rebar; thence
along a curve to the right, with a radius of 1146.28’, an arc of 333.11’, and bearing and chord of N 86-34-31 W, 331.94’
to a nail; thence N 78-15-00 W, 84.69’ to the point and place of BEGINNING, containing 3.158 acres, more or less.

 

    Exhibit A-2 

     

    

 

Exhibit B

 

Form of Membership
Interest Certificate

 

BR ArchCo MOrehead,
LLC,

A Delaware Limited Liability Company

 

membership Interest
Certificate #____

 

	
        THIS
membership INTEREST CERTIFICATE AND THE membership INTEREST REPRESENTED HEREBY ARE SUBJECT TO THE PROVISIONS OF THE AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF THE COMPANY IN ALL RESPECTS.

 

	TRANSFER OF THE membership INTEREST REPRESENTED BY THIS membership INTEREST CERTIFICATE IS SUBJECT TO RESTRICTIONS AS PROVIDED ON THE REVERSE OF THIS membership INTEREST CERTiFICATE.

 

This certifies that _____________________________________________
is the owner of a membership interest in BR ArchCo Morehead, LLC (the “Company”), representing a ____% membership
interest, subject to the terms of the Amended and Restated Limited Liability Company Agreement, dated ______________, 201___, for
the Company, as the same may be amended from time to time in accordance with its terms (the “LLC Agreement”).
[INSERT IF THIS CERTIFICATE REPRESENTS 100% OF MEMBERSHIP INTERESTS: The membership interest represented hereby consists of all
capital, profits, distributions, rights to vote and act as a member or manager and all other rights and privileges of ownership
or membership in the Company.]

 

The membership interest
represented hereby is a certificated security within the meaning of Uniform Commercial Code §
8-102(a)(4) for purposes of, and governed by, (i) Article 8 of the Uniform Commercial Code (including section 8 102(a)(15)
thereof) as in effect in from time to time in the State of Delaware, and (ii) Article 8 of the Uniform Commercial Code of any other
applicable jurisdiction that now or hereafter substantially includes the 1994 revisions of Article 8 thereof as adopted by the
American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association
on February 14, 1995. This Membership Interest Certificate and the membership interest represented hereby are transferrable only
on the books of the Company upon surrender of this Membership Interest Certificate and authority for transfer, as provided below.
The Company may recognize and treat the registered holder of this Membership Interest Certificate as the true owner of the membership
interest in the Company represented hereby for all purposes.

 

The membership interest
represented by this Membership Interest Certificate may be transferred, sold, assigned or otherwise disposed of by the holder thereof
only in accordance with the provisions of the LLC Agreement and applicable law. This Membership Interest Certificate, when coupled
with an assignment in the form set forth on the reverse hereof or otherwise sufficient to convey an interest in the Company, duly
executed and naming an assignee, may be deposited with the Company and upon such deposit shall constitute direction by the registered
owner of this Membership Interest Certificate to the Company to register the change of ownership of the membership interest evidenced
hereby to such assignee and to issue a new certificate reflecting such change of ownership to such assignee.

 

The Company has caused
this Membership Interest Certificate to be issued on the date stated below.

 

	Date of Issuance: _________________	BR ArchCo Morehead, LLC, 
	 	a Delaware limited liability company
	 	 
	 	By:  	 
	 	Name:  Jordan Ruddy
	 	Title:    President and Treasurer

 

     

     

    

 

THE MEMBERSHIP
INTEREST HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY OTHER SECURITIES LAWS. THE MEMBERSHIP INTEREST
MAY NOT BE SOLD OR OFFERED FOR SALE (WITHIN THE MEANING OF ANY SECURITIES LAW) UNLESS A REGISTRATION STATEMENT UNDER ALL APPLICABLE
SECURITIES LAWS WITH RESPECT TO THE MEMBERSHIP INTEREST IS THEN IN EFFECT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THOSE LAWS IS THEN APPLICABLE TO THE MEMBERSHIP INTEREST. IN ADDITION, THE MEMBERSHIP INTEREST MAY NOT BE TRANSFERRED OR ENCUMBERED
EXCEPT UPON SATISFACTION OF THE PROVISIONS OF THE AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF THE COMPANY.

 

THE MEMBERSHIP
INTEREST REPRESENTED HEREBY IS SUBJECT TO THE PROVISIONS OF: (I) THE LLC AGREEMENT, WHICH, AMONG OTHER THINGS, RESTRICTS THE TRANSFER
OF SUCH MEMBERSHIP INTEREST; (II) A SECURITY AGREEMENT AND PLEDGE OF OWNERSHIP INTERESTS IN PROJECT OWNER DATED _______________,
201___ (“SECURITY AGREEMENT”) WHICH, AMONG OTHER THINGS, GRANTS A SECURITY INTEREST IN THIS CERTIFICATE AND
THE MEMBERSHIP INTEREST REPRESENTED HEREBY; AND (III) AN IRREVOCABLE PROXY AGREEMENT DATED _______________, 201___ GRANTING CERTAIN
RIGHTS AND POWERS WITH RESPECT TO THE MEMBERSHIP INTEREST REPRESENTED HEREBY (THE “PROXY AGREEMENT”, AND COLLECTIVELY
WITH THE LLC AGREEMENT AND THE SECURITY AGREEMENT, THE “AGREEMENTS”). MEMBER HEREBY ACKNOWLEDGES THAT IT HAS
RECEIVED COPIES OF AND IS FAMILIAR WITH THE AGREEMENTS. COPIES OF THE AGREEMENTS MAY BE OBTAINED FROM THE COMPANY UPON REQUEST
OF THE HOLDER OF THIS CERTIFICATE AT ANY TIME. BY ACCEPTANCE OF THIS CERTIFICATE, AND AS A CONDITION TO BEING ENTITLED TO ANY RIGHTS
AND/OR BENEFITS OF THE MEMBERSHIP INTEREST EVIDENCED HEREBY, THE HOLDER OF THIS CERTIFICATE DOES HEREBY AND SHALL BE DEEMED TO
AGREE TO AND SHALL BE BOUND BY ALL THE TERMS, CONDITIONS AND PROVISIONS OF THE AGREEMENTS.

 

FOR VALUE RECEIVED,
the undersigned, __________________________________________________, a ___________________________, the registered holder (“Holder”)
of the MEMBERSHIP INTEREST CERTIFICATE NUMBER __ (the “Certificate”), does hereby sell, assign, transfer, convey,
and deliver unto:

________________________________________________,
a ____________________, and its successors and assigns (“Assignee”), the Certificate and the membership interest in the Company
evidenced by the within Certificate, and does hereby irrevocably constitute and appoint ____________________________________________
as attorney-in-fact to transfer said Certificate and membership interest on the books of the Company, with the full power of substitution
in the premises.

Dated as of: ____________________

 

	 	 	 
	 	a	 
	 	 	 
	 	By: 	 
	 	Its 	 

 

 

    Exhibit B-2 

     

    

 

Exhibit C

 

Company Officers

 

	Jordan Ruddy	President and Treasurer
	 	 
	Michael Konig	Vice President and Secretary
	 	 
	Neil Brown	Vice President
	 	 
	Dorrie Green	Vice President

 

     

     

    

 

Exhibit D

 

Mezzanine Loan SPE Provisions

 

A.         Terms defined in the Mezzanine
Loan Agreement have the respective meanings assigned in the Mezzanine Loan Agreement when used as defined terms in this Exhibit
D, even if otherwise defined for other purposes elsewhere in this Agreement.

 

B.           The
following provisions are intended to assure that Project Owner is and will continue to be single purpose, bankruptcy remote entity
whose assets and liabilities are separate from those of any other person, and Mezzanine Lender and the Company hereby stipulate
and agree that Mezzanine Lender has relied thereon in evaluating the risks associated with the Mezzanine Loan and extending credit
on the terms set forth in the Mezzanine Loan Agreement and the other Loan Documents for the Mezzanine Loan. Without Mezzanine Lender’s
consent, the Company will not take, or have authority to take, any of the following actions (except if and to the extent required
or expressly permitted in the Mezzanine Loan Agreement and the other Loan Documents for the Mezzanine Loan):

 

(1)         Admitting
a member to, or Transferring any interest in, Company;

 

(2)         Accepting
any Capital Contributions except as permitted in Section 5.8 of the Mezzanine Loan Agreement;

 

(3)         Entering
into, amending, waiving or otherwise modifying or terminating any Material Agreement;

 

(4)         Changing,
waiving, or deviating from the Development Budget, the Construction Schedule, or the Plans and Specifications;

 

(5)         Paying
or distributing funds or incurring expenses or other obligations except pursuant to the Mezzanine Loan Agreement and the other
Loan Documents for the Mezzanine Loan and the Senior Loan Documents and as provided for in the then-current Budget;

 

(6)         Entering
into, modifying, terminating, or waiving any material provision of any agreement for the provision of goods or services involving
the expenditure of more than $125,000.00 for any single item or series of related items or $400,000.00 in the aggregate, regardless
of the amount of any individual item comprising such total, in any period of twelve consecutive months, unless otherwise approved
in the Budget;

 

(7)         Acquiring,
selling, transferring or exchanging any real or personal property, except pursuant to the Development Budget and the disposition
of personal property excluded from the definition of “Transfer” in the Mezzanine Loan Agreement;

 

     

     

    

 

(8)         (a)
instituting proceedings to be adjudicated bankrupt or insolvent or consenting to the institution of bankruptcy or insolvency proceedings;
(b) filing a petition seeking, or consenting to, reorganization or relief under any applicable federal or state law relating to
bankruptcy; (c) consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official);
(d) making any assignment for the benefit of creditors; (e) admitting in writing the inability to pay debts generally as they become
due; (f) dissolving; (g) amending its organizational documents; (h) committing or allowing to occur any default under the Senior
Loan Documents or any other Material Agreement; (i) upon the commencement of a bankruptcy proceeding by or against the Company
or the Sole Member, seeking a stay or otherwise seeking pursuant to Section 105 or any other provision of the Bankruptcy Code or
any other debtor relief law (whether statutory, common law, case law, or otherwise) of any jurisdiction whatsoever, now or hereafter
in effect, that may be or become applicable, to stay, interdict, condition, reduce, or inhibit Mezzanine Lender’s ability
to enforce any of Mezzanine Lender’s rights under a Guaranty given in respect of the Mezzanine Loan against the applicable
Guarantor or under the Environmental Indemnity given in respect of the Mezzanine Loan against any Indemnitor; or (j) taking any
action in furtherance of any of the foregoing;

 

(9)         Taking
any other action that would make it impossible to continue operating in the ordinary course of business as provided in the Mezzanine
Loan Agreement and the other Loan Documents for the Mezzanine Loan;

 

(10)        Dissolving;

 

(11)        Owning
any asset other than (a) the Project and (b) incidental personal property related to the development or operation of the Property;

 

(12)        Engaging
in any business other than the ownership, management, and operation of the Property and related activity;

 

(13)        Granting
or permitting any Lien, or incurring any Indebtedness, secured or unsecured, direct or contingent;

 

(14)        Causing
or allowing any Indebtedness or other obligations of any kind whatsoever to be secured (senior, subordinate or pari passu) by the
Property, except the Senior Loan;

 

(15)        Making
any loans or advances to any Person (including any shareholder, partner, principal, member or Affiliate of Company or any Guarantor);

 

(16)        Paying
or permitting to be paid its own liabilities and obligations from any source other than its own funds, except for payments made
by a Guarantor, or paying from its own funds the liabilities and obligations of any Affiliate or any other Person, except as expressly
permitted or required in the Mezzanine Loan Documents or the Senior Loan Documents;

 

(17)        Making
any distributions to the Member that would cause it to become insolvent;

 

(18)        Failing
to preserve its existence and limited liability company status and its authority or qualification to do business under the laws
of any state or jurisdiction in which it is required to be qualified, or amending, modifying or otherwise changing its certificate
of formation, limited liability company agreement or other organizational or governing documents to delete or modify any of the
provisions of Article 10 of this Agreement or this Exhibit D or otherwise adversely affect the status of Company as a single
purpose, single asset “bankruptcy remote” entity;

 

(19)        Failing
to maintain books and records and bank accounts separate from those of its Affiliates, including its general partners, principals
and members, or any other Person;

 

    Exhibit D-2 

     

    

  

(20)        Failing
to maintain separate financial statements which show its assets and liabilities separate and apart from those of any Affiliate
or any other Person or include any assets or liabilities of any Affiliate or any other Person; provided that the Company may also
be included in the consolidated statements of any of its Affiliates where required by GAAP, so long as such financial statements
contain a footnote clearly stating that Company are separate legal entities and that its assets are not available to satisfy the
debts or obligations of any other Person;

 

(21)        Identifying
itself as a division or a part of any Affiliate or other Person or otherwise failing to (a) hold itself out as a legal entity separate
and distinct from any other Affiliate or other Person, (b) correct any known misunderstanding regarding its status as a separate
entity, (c) conduct its business in its own name or (iv) utilize separate stationery, invoices and checks from any other Person;

 

(22)        Failing
to file its own tax and informational returns unless the Company shall be ignored for federal income tax purposes, as provided
in § 301.7701-2 of the Treasury Regulations;

 

(23)        Making
any distribution or payment to Affiliates except as reasonable consideration for benefits provided and which in either case causes
it not to maintain adequate capital for the normal obligations of a business of its size and character and in light of its contemplated
operations, except as expressly permitted or required in the Mezzanine Loan Agreement and the other Loan Documents for the Mezzanine
Loan or the Senior Loan Documents;

 

(24)        Seeking
directly or through any principal, member or Affiliate the dissolution or winding up, in whole or in part, of Company or the Sole
Member;

 

(25)        Entering
into any transaction of merger or consolidation, acquiring by purchase or otherwise all or substantially all of the obligations,
business or assets of, or any stock or beneficial ownership of, any other Person or permitting any other Person to acquire any
obligations, business or assets of the Company, except as permitted by the Mezzanine Loan Agreement;

 

(26)        Commingling
the funds and other assets or liabilities of Company with those of any principal, member, Affiliate or any other Person;

 

(27)        Failing
to maintain its assets in such a manner that it is costly or difficult to segregate, ascertain or identify its individual assets
from those of any Affiliate or any other Person;

 

(28)        Failing
to observe any legal or customary formality regarding its formation and continued existence;

 

(29)        Assuming
the obligations of any other Person or pledging any of its assets for the benefit of any other Person;

 

(30)        Holding
itself, its assets or its creditworthiness out to be responsible for the debts or obligations of any other Person;

 

(31)        Except
as to the Mezzanine Lender and the Senior Lender, making any representations to any Person to induce them to rely on the assets
or the credit of Company or any Affiliate;

 

    Exhibit D-3 

     

    

  

(32)        Failing
to maintain a sufficient number of employees in light of its business operations;

 

(33)        Guarantying
the payment or performance of any Indebtedness or other obligation of any Affiliate or any other Person;

 

(34)        Failing
to maintain title to its property and assets in its own name, or holding any interest in the property or assets of any other Person;

 

(35)        Representing
that any other Person owns an interest in any of its property or assets;

 

(36)        Failing
to allocate fairly and reasonably any overhead expenses shared with any other Person, including office space and services performed
by employees; and

 

(37)        Receiving
any cash, property or other consideration that has been earned by or is payable to any other Person, except pursuant to written
assignment agreements on commercially reasonable terms entered into for adequate consideration.

 

B.          Following are additional actions
which would fundamentally change the risks associated with the Mezzanine Loan and which Mezzanine Lender evaluated and relied upon
in extending credit on the terms set forth in the Mezzanine Loan Agreement and the other Loan Documents for the Mezzanine Loan.
Without Mezzanine Lender’s consent, neither the Company nor Sole Member (as applicable) will take, or has authority to take,
any of the following actions (except if and to the extent required or expressly permitted in the Loan Documents):

 

(1)         Appointing,
engaging or terminating any leasing agent, property manager or real estate broker for the Project;

 

(2)         Entering
into, amending, waiving or otherwise modifying or terminating any Material Agreement;

 

(3)         Changing,
waiving, or deviating from the Development Budget, Construction Schedule, or Plans and Specifications (as the same may be amended
in accordance with the Mezzanine Loan Agreement);

 

(4)         Paying
or distributing funds or incurring expenses or other obligations except pursuant to the Mezzanine Loan Agreement and the other
Loan Documents for the Mezzanine Loan or the Senior Loan Documents and as provided for in the then-current Budget;

 

(5)         Entering
into, modifying, terminating, or waiving any material provision of any agreement for the provision of goods or services involving
the expenditure of more than $125,000.00 for any single item or series of related items or $400,000.00 in the aggregate, regardless
of the amount of any individual item comprising such total, in any period of twelve consecutive months, unless otherwise approved
in the Budget;

 

(6)         Acquiring,
selling, transferring or exchanging any real or personal property, except for the transfer of personal property having a fair market
value of less than $125,000.00 for any single item or series of related items or $400,000.00 in the aggregate, regardless of the
amount of any individual item comprising such total, in any single transaction where replacement personal property is being acquired
in accordance with the then applicable Budget;

 

    Exhibit D-4 

     

    

  

(7)         Entering
into, amending, waiving or terminating any Leases, except in compliance with Section 5.1.5 of the Mezzanine Loan Agreement;

 

(8)         Committing
or allowing to occur and continue beyond the expiration of any applicable notice or cure period any default under the Senior Loan
or any other Material Agreement;

 

(9)         Changing
or modifying the insurance coverage for the Project that would reduce coverage below the policy amounts and terms set forth in
the Insurance Requirements;

 

(10)        Expending,
distributing, or applying insurance or condemnation proceeds other than as required or permitted by the Mezzanine Loan Agreement
or required by the Senior Loan Documents;

 

(11)        “Opting
out” of Article 8 of the Uniform Commercial Code or modifying any provisions of the Company’s organizational documents
relating to its election to “opt in” to Article 8;

 

(12)        Selling
the Project or any portion thereof prior to Final Payment; or

 

(13)        Entering
into any contract or agreement with or paying any fees, compensation or other amounts to any Affiliate of Company, Sole Member
or a Guarantor or any of their shareholders, partners, principals or members that is not expressly permitted under the Mezzanine
Loan Agreement.

 

    Exhibit D-5 

     

    

  

Exhibit E

 

Construction Loan SPE Provisions

 

Terms defined in the Construction Loan Agreement
have the respective meanings assigned in the Construction Loan Agreement when used as defined terms in this Exhibit E, even
if otherwise defined for other purposes elsewhere in this Agreement. The Company:

 

(1)         will
not own any asset other than (a) the Mortgaged Property and (b) incidental personal property necessary for the operation of the
Mortgaged Property;

 

(2)         will
not engage in any business other than the ownership, construction, leasing, sale, management and operation of the Mortgaged Property;

 

(3)         will
not enter into any contract or agreement with any member, manager, general partner, principal or Affiliate of the Company or any
Affiliate thereof, except upon terms and conditions that are substantially similar to those that would be available on an arm's
length basis with third parties other than an Affiliate;

 

(4)         will
not incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (a) the Indebtedness
and (b) trade payables or accrued expenses incurred in the ordinary course of business of owning, construction or operating the
Mortgaged Property; no debt whatsoever may be secured (senior, subordinate or pari passu) by the Mortgaged Property except the
Indebtedness;

 

(5)         will
not make any loans to any third party (including any member, manager, general partner, principal or Affiliate of the Company or
a Guarantor);

 

(6)         will
not distribute funds from the Company to its members to the extent such distribution is either in violation of the Construction
Loan Agreement or has the known result of causing the Company to be insolvent;

 

(7)         will
do all things necessary to preserve its existence and organizational formalities, and will not amend, modify or otherwise change
its organizational documents in a manner which adversely affects the Company's existence as a single purpose, single asset "bankruptcy
remote" entity;

 

(8)         will
conduct and operate its business as presently conducted and operated;

 

(9)         will
maintain books and records and bank accounts separate from those of its Affiliates, including its members;

 

(10)        will
be, and at all times will hold itself out to the public as, a legal entity separate and distinct from any other entity (including
any general partner, principal, member or Affiliate thereof);

 

(11)        will
file its own tax returns except to the extent that it is required by law to file consolidated or group tax returns;

 

(12)        will
not, nor will any member, principal or Affiliate, seek the dissolution or winding up, in whole or in part, of the Company;

 

     

     

    

  

(13)        will
not enter into any transaction of merger or consolidation, or acquire by purchase or otherwise all or substantially all of the
business or assets of, or any stock or beneficial ownership of, any entity;

 

(14)        will
not commingle the funds and other assets of the Company with those of any member, manager, general partner, principal or Affiliate
or any other Person;

 

(15)        will
maintain its assets in such a manner that it is not costly or difficult to segregate, ascertain or identify its individual assets
from those of any Affiliate or any other Person;

 

(16)        will
continue to observe all legal and customary formalities regarding its formation;

 

(17)        will
not hold itself out to be responsible for the debts and obligations of any other Person; and

 

(18)        upon
the commencement of a voluntary or involuntary bankruptcy proceeding by or against the Company, the Company shall not seek a supplemental
stay or otherwise pursuant to 11 U.S.C. Section 105 or any other Debtor Relief Law of any jurisdiction whatsoever, now or hereafter
in effect, which may be or become applicable, to stay, interdict, condition, reduce or inhibit the ability of the Construction
Lender to enforce any rights of the Construction Lender against any guarantor or indemnitor of the Indebtedness or the Obligations
or any other party liable with respect thereto by virtue of any indemnity, guaranty or otherwise.

 

    Exhibit E-2

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