Document:

EX-10.5

 Exhibit 10.5 

PROPERTY MANAGEMENT AGREEMENT 

BETWEEN 
 JAMES-OXFORD
LIMITED PARTNERSHIP, 
 Owner, 

AND 
 AIR PROPERTY
MANAGEMENT COMPANY, LLC, 
 Manager 
  

 
 Effective as
of             , 2020 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	 ARTICLE 1

APPOINTMENT, TERM AND AUTHORITY
	  

 

	 1.1
	 	 Definitions and Construction
	  	 	1	 
	 1.2
	 	 Appointment
	  	 	1	 
	 1.3
	 	 Term
	  	 	2	 
	 1.4
	 	 Properties
	  	 	2	 
	 1.5
	 	 Authority
	  	 	2	 
	 1.6
	 	 Relationship
	  	 	3	 
	 1.7
	 	 Representation of Expertise
	  	 	3	 
	 1.8
	 	 Cooperation
	  	 	4	 
	
	 ARTICLE 2

TERMINATION
	  

 

			
	 2.1
	 	 Termination
	  	 	4	 
	 2.2
	 	 Duties Upon Termination or Expiration
	  	 	4	 
	 2.3
	 	 Remedies and Survival
	  	 	5	 
	 2.4
	 	 Limitation of Owner’s Liability
	  	 	5	 
	
	 ARTICLE 3

COMPENSATION OF MANAGER
	  

 

			
	 3.1
	 	 Management Fee
	  	 	5	 
	 3.2
	 	 Construction Management Fee
	  	 	5	 
	 3.3
	 	 Intentionally Omitted
	  	 	6	 
	 3.4
	 	 Expenses/Costs
	  	 	6	 
	 3.5
	 	 REIT Savings Provision
	  	 	7	 
	
	 ARTICLE 4

RESPONSIBILITIES OF MANAGER
	  

 

			
	 4.1
	 	 Performance of Duties, Generally
	  	 	8	 
	 4.2
	 	 Specific Duties of Manager
	  	 	8	 
	 4.3
	 	 Rent Board Hearing
	  	 	18	 
	 4.4
	 	 Duties of Manager Generally
	  	 	18	 
	 4.5
	 	 Emergency Expenditures
	  	 	19	 
	 4.6
	 	 Insurance
	  	 	19	 
	
	 ARTICLE 5

PERSONNEL
	  

 

			
	 5.1
	 	 Employment of Personnel
	  	 	19	 
	 5.2
	 	 Schedule of Employees
	  	 	20	 

  
 i 

							
	
	 ARTICLE 6

COMPLIANCE WITH LAWS
	  

 

			
	 6.1
	 	 Compliance
	  	 	20	 
	 6.2
	 	 Contests
	  	 	20	 
	 6.3
	 	 REIT Qualification and Protection
	  	 	21	 
	
	 ARTICLE 7

ACCOUNTING AND FINANCIAL MATTERS
	  

 

			
	 7.1
	 	 Electronic Records
	  	 	21	 
	 7.2
	 	 Reporting
	  	 	21	 
	 7.3
	 	 Periodic Meetings
	  	 	21	 
	 7.4
	 	 Owner’s Right to Conduct Audit
	  	 	22	 
	
	 ARTICLE 8

BANK ACCOUNTS
	  

 

			
	 8.1
	 	 General
	  	 	22	 
	 8.2
	 	 Closing Bank Accounts
	  	 	22	 
	 8.3
	 	 Reconciliation
	  	 	22	 
	 8.4
	 	 Accounts Payable
	  	 	22	 
	 8.5
	 	 Cash Management
	  	 	23	 
	
	 ARTICLE 9

ANNUAL BUSINESS PLAN AND BUDGET
	  

 

			
	 9.1
	 	 Annual Business Plan and Budget
	  	 	24	 
	
	 ARTICLE 10

DUTIES OF OWNER
	  

 

			
	 10.1
	 	 Duties of Owner
	  	 	24	 
	
	 ARTICLE 11

INDEMNIFICATION AND INSURANCE
	  

 

			
	 11.1
	 	 Indemnification
	  	 	25	 
	 11.2
	 	 Owner’s Insurance
	  	 	26	 
	 11.3
	 	 Manager’s Insurance
	  	 	27	 
	 11.4
	 	 Evidence of Insurance
	  	 	28	 
	 11.5
	 	 General Insurance Provisions
	  	 	29	 
	 11.6
	 	 Mutual Waiver of Subrogation
	  	 	29	 
	 11.7
	 	 Manager’s Duties in Case of Loss
	  	 	29	 
	 11.8
	 	 Survival
	  	 	29	 

  
 ii 

							
	 ARTICLE 12

NOTICES
	  

 

			
	 12.1
	 	 Notices
	  	 	29	 
	
	 ARTICLE 13

LIMITATIONS
	  

 

	 13.1
	 	 Assignment Restrictions and Rights
	  	 	30	 
	 13.2
	 	 Limitation of Authority
	  	 	31	 
	
	 ARTICLE 14

CONFIDENTIALITY
	  

 

			
	 14.1
	 	 Confidentiality
	  	 	31	 
	
	 ARTICLE 15

LEGAL PROCEEDINGS
	  

 

			
	 15.1
	 	 Applicable Law; Waiver of Jury Trial
	  	 	32	 
	 15.2
	 	 Arbitration/Dispute Resolution
	  	 	33	 
	 15.3
	 	 Cooperation by Manager
	  	 	36	 
	 15.4
	 	 Cooperation by Owner
	  	 	36	 
	
	 ARTICLE 16

MISCELLANEOUS
	  

 

			
	 16.1
	 	 Entire Agreement
	  	 	36	 
	 16.2
	 	 Headings
	  	 	36	 
	 16.3
	 	 Successors and Assigns
	  	 	37	 
	 16.4
	 	 No Waiver
	  	 	37	 
	 16.5
	 	 Severability
	  	 	37	 
	 16.6
	 	 No Third-Party Beneficiary
	  	 	37	 
	 16.7
	 	 Unavoidable Delays
	  	 	37	 
	 16.8
	 	 Subordination
	  	 	37	 
	 16.9
	 	 Joint and Several
	  	 	38	 
	 16.10
	 	 Exhibits
	  	 	38	 
	 16.11
	 	 Counterparts
	  	 	38	 
	 16.12
	 	 Consents and Approvals
	  	 	38	 
	 16.13
	 	 OFAC Representations, Warranties, and Indemnification
	  	 	38	 
	 16.14
	 	 Non-Business Days
	  	 	39	 
	 16.15
	 	 No Personal Data
	  	 	39	 

  

			
	 SCHEDULE 1:
	  	 Defined Terms

	 SCHEDULE 2:
	  	 Non-Reimbursable Expenses

	 SCHEDULE 3
	  	 Reporting Obligations

	 SCHEDULE 4
	  	 Approved Annual Business Plan and
Budget

  
 iii 

			
	 EXHIBIT A:
	  	 Schedule of Managed Properties

	 EXHIBIT B:
	  	 Management Fee and Construction Management Fee

  
 iv 

 PROPERTY MANAGEMENT AGREEMENT 

THIS PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is effective as of
            , 2020 (the “Commencement Date”), by and between JAMES-OXFORD LIMITED PARTNERSHIP, a Maryland limited partnership (“Owner”), and AIR PROPERTY
MANAGEMENT COMPANY, LLC, a Delaware limited liability company (“Manager”). Owner and Manager shall collectively be referred to herein as the “Parties”. 

RECITALS 

A.    Owner is the direct or indirect owner of certain residential apartment properties located throughout the United
States, as more particularly described in Exhibit A attached hereto (each, a “Property” and, collectively, the “Properties”). 

B.    Manager is in the business of managing and operating properties similar to the Properties, and Manager possesses the
personnel, skills and experience necessary for the effective and efficient management and operation of the Properties. 

C.    Owner desires to engage Manager to provide property management services with respect to the Properties, and Manager
desires to accept such engagement, in each case upon the terms, covenants, conditions and provisions of this Agreement. 
 NOW, THEREFORE,
in consideration of the mutual covenants and agreements set forth below, Owner and Manager agree as follows: 
 ARTICLE 1 

APPOINTMENT, TERM AND AUTHORITY 

1.1    Definitions and Construction. All capitalized terms used and not otherwise defined shall have the meanings
ascribed to such terms in Schedule 1 attached hereto. The capitalized words “Section,” “Article,” “Exhibit” and “Schedule” shall refer to a section, article, exhibit or schedule of
this Agreement. Paragraph titles or captions contained herein are for reference only and shall in no way define, limit or extend the scope of this Agreement. For purposes of this Agreement: (a) the words “include,”
“includes” and “including” shall be deemed to be followed by the words “without limitation”; (b) references to an agreement, instrument or other document mean such agreement, instrument or other document, as amended,
supplemented and modified from time to time to the extent permitted by the provisions thereof; (c) references to law or “Legal Requirements” include any statute, law, ordinance, regulation, rule, code, order, constitution, treaty,
common law, judgment, decree, other requirement or rule of law of any governmental authority; and (d) references to a statute mean such statute, as amended from time to time and includes any successor legislation thereto and any regulations and
rules promulgated thereunder. 
 1.2    Appointment. Owner hereby appoints and engages Manager, and Manager
hereby accepts the appointment and engagement, as the property manager for the Properties, subject to and upon the terms, covenants, conditions and provisions of this Agreement. 

  
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 1.3    Term. The initial term (the “Initial
Term”) of this Agreement shall commence on the Commencement Date and shall continue in full force and effect until the date that is the first (1st) anniversary of the Commencement Date, unless renewed pursuant to the terms of this
Section 1.3 or terminated pursuant to the terms of Section 2.1 hereof. At the conclusion of the Initial Term, this Agreement shall be automatically renewed for periods of one (1) year each
(each, a “Renewal Term”), unless either Party desires not to renew the Term of this Agreement and delivers Notice of the same to the other Party at least sixty (60) days’ prior to the end of the Initial Term or the then
applicable Renewal Term, as the case may be. The word “Term” shall include the Initial Term and any Renewal Term until the date of expiration or termination of this Agreement (the “Expiration Date”). 

1.4    Properties. 

(a)     In the event that Owner or any of its Affiliates acquire any New Property, Exhibit A hereto shall be deemed
automatically amended to add such New Property as a Property hereunder upon at least one hundred twenty (120) days’ (or such other period as the Parties may mutually agree) prior Notice from Owner to Manager. 

(b)    In the event that Owner or Manager terminate this Agreement with respect to any Property pursuant to the terms of
Section 2.1 or Section 16.12(b), this Agreement shall automatically terminate with respect to such Property and Exhibit A hereto shall be deemed automatically amended to remove such Property
upon at least thirty (30) days’ prior Notice from Owner to Manager. 
 (c)    Notwithstanding that the
foregoing additions and removals are automatically effected upon prior Notice from Owner to Manager as set forth above, the Parties shall endeavor to promptly amend this Agreement to reflect such additions and removals. 

1.5    Authority. 

(a)    Manager is hereby granted the authority to enter upon the Properties and to do such acts as are reasonably necessary
to perform its obligations and duties, including the Services, pursuant to this Agreement and the Approved Annual Business Plan and Budget; provided that Manager shall have no right or authority, express or implied, to commit or otherwise
obligate Owner in any manner whatsoever except to the extent specifically provided herein or in the Approved Annual Business Plan and Budget. Manager shall perform property management services, including those services more specifically described in
this Agreement (collectively, the “Services”) in accordance with the Approved Annual Business Plan and Budget (subject to Permitted Variances), the Standards of Conduct and the other terms and conditions of this Agreement. 

(b)    Manager may not delegate or sub-contract all or any part of its authority,
duties, responsibilities and obligations under this Agreement except to Property Management TRS (and only for so long as Property Management TRS remains a taxable REIT subsidiary of AIR) or to a Person that is an Affiliate of AIR and is and remains
a taxable REIT subsidiary of AIR, as Manager may from time to time deem appropriate; provided, however, that (i) any authority delegated or sub-contracted by Manager pursuant to the terms of
this Section 1.5(b) is 

  
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subject to the limitations on the rights and powers of Manager expressly set forth in this Agreement, (ii) Manager shall remain liable for, and primarily obligated with respect to, the
performance of all of its duties, responsibilities and obligations under this Agreement notwithstanding any such delegation or sub-contracting and shall be responsible and liable for any breach of its
authority, duties, responsibilities, and obligations by any Person (and/or its and/or their respective officers and employees) to which it delegated or sub-contracted all or any part of its authority, duties,
responsibilities, and obligations hereunder, and (iii) any Person providing Services pursuant to this Agreement (other than Manager) shall not be entitled to receive any separate compensation from Owner (or any of Owner’s Affiliates).
Except as set forth in this Section 1.5(b), Manager shall not have the right to (and shall not) delegate or sub-contract the right or obligation to perform Services (or any portion
thereof) to any Person or enter into any sub-management arrangement with any Person with respect to the Services hereunder without the prior written consent of Owner. Notwithstanding the foregoing, if Manager
engages any third party to provide services in connection with Manager’s performance of its duties pursuant to this Agreement and such services are not management services or of the type normally performed by a property manager or construction
manager, any reasonable and documented costs and expenses of such third party for providing such services shall be the responsibility of Owner; and Manager shall be entitled to reimbursement for the same by Owner. 

1.6    Relationship. Manager shall be an independent contractor and shall not be an agent, employee, partner or
joint venturer of Owner, and neither Manager nor Owner shall represent to any other person that Manager’s relationship to Owner hereunder is other than that of an independent contractor. If Manager owns any interest in, or provides other
services to Owner, nothing contained herein shall be deemed to modify, amend or diminish the agreements contained herein and Manager’s responsibilities and duties hereunder shall be considered entirely separate from any other relationship with
Owner. 
 1.7    Representation of Expertise. Manager represents that it is a professional in the field of
management of commercial real estate in the areas where the Properties are located and possesses the skills and experience necessary for the effective and efficient management and operation of the Properties, and acknowledges that Owner is relying
upon this representation in entering into this Agreement. Owner acknowledges that Manager and its Affiliates engage in various management, leasing and other real estate activities not related to the Properties and may enter into similar activities
in the future. Owner acknowledges that the management of a comparable property by Manager or any of its Affiliates shall not be deemed a per se conflict of interest hereunder, provided that Manager complies with its obligations hereunder,
including, without limitation, the Standards of Conduct. Manager acknowledges and agrees that it has a fiduciary duty not to divert any existing or potential tenant of any Property to any other building or property in which Manager or any Affiliate
has any interest, as a property manager, owner or otherwise, without Owner’s consent; provided, however, that the foregoing restrictions shall not be deemed or interpreted to prohibit the leasing personnel of Manager or any
Affiliate from responding to tenants or prospective tenants of any Property or their agents who initiate contact with such leasing personnel for the purpose of leasing space in any other property or building, including, but not limited to, any other
property or building for which Manager or any Affiliate of either of them serves as leasing agent. 

  
 3 

 1.8    Cooperation. Manager shall consult with Owner and Owner
shall consult with Manager at either party’s request and to the extent reasonably necessary or appropriate to enable Manager to perform the Services. Manager shall conduct meetings between Owner and Manager from time to time as reasonably
necessary or appropriate to enable Manager to perform the Services and its duties and obligations hereunder or as reasonably requested by Owner. Manager shall reasonably cooperate with Owner in all matters relating to the management, operation,
maintenance, repair and leasing of the Properties. 
 ARTICLE 2 

TERMINATION 

2.1    Termination. 

(a)    Owner or Manager may terminate this Agreement (or any portion of this Agreement that relates to any single Property)
for any reason or no reason whatsoever at any time upon delivery of sixty (60) days’ prior Notice to the other Party hereunder. 

(b)    Owner may terminate this Agreement immediately following any Final Determination that Manager committed a Material
Breach of its duties and obligations hereunder. 
 (c)    Owner or Manager may terminate this Agreement upon thirty
(30) days’ prior Notice to the other Party in the event a Bankruptcy Action occurs with respect to the other Party. 

(d)    In the event of termination pursuant to this Section 2.1, Manager shall effect an
immediate and orderly transfer of the management and operation of any or all of the Properties to Owner or to an agent designated by Owner or to the new owner of any or all of the Properties, as the case may be, prior to the effective date of such
termination. 
 2.2    Duties Upon Termination or Expiration. 

(a)    Promptly upon the Expiration Date, in addition to any other requirements set forth in this Agreement, Manager shall
deliver to Owner (or Owner’s designee) all materials, supplies, keys, Leases, contracts, other documents, insurance policies, plans, specifications, permits, licenses, promotional materials, unpaid bills and such other papers and records
(including general correspondence, but excluding any of Manager’s Confidential Information that does not relate to the operation of the Properties) as pertain to this Agreement, the operations of the Properties or the performance of
Manager’s duties hereunder. Manager, without recourse or warranty, shall assign any rights Manager may have in and to any existing contracts relating to the operation and maintenance of the Properties as Owner shall desire or require, to the
extent that such contracts are assignable. Manager shall provide Owner with a schedule of, and surrender and assign to Owner, to the extent assignable, any and all licenses, permits, and other authorizations or property required for the operation of
the Properties that are in the name of Manager. 
 (b)    Manager shall deliver to Owner a final accounting (prepared in
accordance with Owner’s request) of the Properties and pay over any remaining balance maintained by 

  
 4 

 
manager for the benefit of Owner with respect to this Agreement or the Properties as soon as reasonably practicable following the Expiration Date. Such final accounting shall set forth all
current income, all current expenses and all other expenses contracted for on Owner’s behalf but not yet incurred in connection with the Properties. The final accounting shall also include all other items reasonably requested by Owner. 

(c)    Within thirty (30) days after the Expiration Date, Manager shall deliver to Owner all reports and information
required by Section 7.2 for any period prior to the Expiration Date not covered by the reports previously delivered to Owner. 

(d)    The terms of this Section 2.2 shall survive the Expiration Date. 

2.3    Remedies and Survival. If Owner terminates this Agreement pursuant to
Section 2.1(b) or Section 2.1(c), Owner may exercise any and all remedies available at law or in equity unless and to the extent expressly limited herein. If Manager terminates this Agreement
pursuant to Section 2.1(c), Manager may exercise any and all remedies available at law or in equity unless and to the extent expressly limited herein. Upon the Expiration Date, both parties shall remain liable for all
obligations under this Agreement accrued and not fully performed. The terms of this Section 2.3 shall survive the Expiration Date. 

2.4    Limitation of Owner’s Liability. Owner’s liability to Manager hereunder shall be
limited to its interest in the Properties and Manager shall not look to any other property or assets of Owner or the property or assets of any of the Owner Indemnified Parties in seeking either to enforce Owner’s obligations under this
Agreement or to satisfy a judgment for Owner’s failure to perform such obligations. No Protected Person shall be liable for the performance of Owner’s obligations under this Agreement. The terms of this
Section 2.4 shall survive the Expiration Date. 
 ARTICLE 3 

COMPENSATION OF MANAGER 

3.1    Management Fee. In consideration of the Services, Owner shall pay (or shall cause the applicable Property
Owner to pay) to Manager the Management Fee specified in Exhibit B attached hereto and made a part hereof. The Management Fee shall be payable monthly in arrears, commencing with the first full calendar month after the
month in which the Commencement Date occurs. Manager shall be permitted to issue a check or withdraw funds for payment of the Fees payable hereunder from the Central Account so long as such Fees are specifically permitted by the Approved Annual
Business Plan and Budget and Manager has delivered to Owner an invoice documenting such Fees; provided, further, that (a) Manager shall deliver to Owner on the last day of each calendar quarter, a written statement, with
reasonably appropriate backup documentation reconciling the amount of Fees due and paid to Manager for such quarter, and (b) Owner shall promptly pay any amounts due to Manager, or Manager shall promptly deposit any overpayment amounts into the
Central Account. The Management Fee shall be pro-rated for partial months at the beginning and end of the Term, if applicable. 

3.2    Construction Management Fee. If applicable, in consideration of the services performed by Manager as
construction manager in an on-site management capacity, including, 

  
 5 

 
without limitation, the services described in Section 4.2(e) hereof, with respect to any Construction Work pursuant to this Agreement, Owner shall pay (or shall cause
the applicable Property Owner to pay) to Manager the Construction Management Fee specified in Exhibit B attached hereto. Such Construction Management Fee shall be payable monthly in arrears. 

3.3    Intentionally Omitted. 

3.4    Expenses/Costs. 

(a)    Manager shall be responsible for all costs and expenses of Manager not directly associated with its performance of
the Services and its duties and obligations hereunder, including, but not limited to, the costs and expenses listed on Schedule 2 or any other costs or expenses specifically allocable to Manager hereunder. Owner hereby
acknowledges and agrees that subject to the foregoing sentence, to the extent that the following costs and expenses are incurred, such costs and expenses shall be the responsibility of Owner, and not of Manager, hereunder, in each case to the extent
included in the Approved Annual Business Plan and Budget (subject to Permitted Variances), or that are otherwise consented to by Owner in writing: 

(i)    Operating expenses of each Property, as outlined in the Approved Annual Business Plan and Budget
(subject to Permitted Variances) and incurred through renting, servicing, maintaining or repairing each Property, including, but not limited to, labor costs associated with repairs, gas, water, electricity, sewer and other utilities not separately
metered or directly addressed to the Tenants of each Property, and such other expenses in connection with the Properties as may be authorized by Owner, and all such operating expenses shall be reimbursed to Manager if advanced and shall be separate
and apart from payment of the Fees; 
 (ii)    Real estate taxes, assessments, personal property taxes or
charges and any other taxes or assessment levied against any Property; 
 (iii)    Costs to correct any
violation of federal, state, county and municipal laws, ordinances, regulations, and orders relative to the leasing, use condition, operation, repair and maintenance of the Properties, or relative to the rules, regulations or orders of the local
board of fire underwriters or other similar body, or the requirements of any insurance policy covering any Property, so long as such violations were not caused by the gross negligence, fraud, willful misconduct or criminal act of Manager or any of
its employees or agents; 
 (iv)    Costs of collection of delinquent rentals; 

(v)    Costs and expenses relating to Manager’s shared service center, accounts payable and
procurement, revenue management and any substitute on-site personnel assigned to or required at any Property (typically referred to by Manager as “fire fighters”); 

(vi)    Costs and expenses relating to advertising and marketing the Properties in accordance with the
terms of this Agreement; 

  
 6 

 (vii)    Costs of supplies required for use at any
Property for the benefit of such Property, but not including costs of supplies at Manager’s general corporate office, which shall be considered overhead of Manager; 

(viii)    Costs of rent and other charges relating to Manager’s regional offices; 

(ix)    Costs of capital expenditures; 

(x)    Bank service charges pertaining to accounts for the Properties; 

(xi)    Leasing commissions for outside brokers with respect to any residential or retail Leases to the
extent the use of an outside broker, and the fee to be paid to such outside broker, is pursuant to the terms of this Agreement; 

(xii)    Reasonable legal fees of attorneys for services rendered for any Property in accordance with the
terms of this Agreement; 
 (xiii)    Costs of Owner-approved consulting fees (including but not limited
to tax, elevator, environmental and engineering consultants); 
 (xiv)    Postage, overnight delivery,
messenger and similar charges with respect to correspondence related to the Properties; 
 (xv)    Costs
and expenses related to Manager’s preparation and filing of any petitions with the local rent board or other government agency which regulates rents and evictions for certain residential rental units where each Property is located
(“Rent Board”) related to such Property, including, but not limited to, preparing and filing any petitions to passthrough certain costs and expenses to Tenants; 

(xvi)    Costs and expenses related to Manager’s attendance at and/or representation of Owner at Rent
Board hearings; and 
 (xvii)    Costs, expenses, fees and reimbursements which are expressly
reimbursable or payable by Owner pursuant to this Agreement. 
 (b)    The foregoing enumeration of expenses relating to
each Property is not intended to be exclusive, and subject to the terms of this Agreement, Manager shall be entitled to make disbursements from the Central Account for other expenses incurred or paid by Manager to the extent those expenses are
related to any Property and are set forth in the Approved Annual Business Plan and Budget (subject to Permitted Variances). 

3.5    REIT Savings Provision. In the event that counsel or independent accountants for AIR or any REIT investor in
AIR (each, a “Manager REIT”) determine that there exists a material risk that any Manager REIT shall fail to meet the REIT Requirements for a taxable year as a result of payments under this Agreement, the amount paid to Manager
pursuant to this Agreement in any tax year may not exceed the maximum amount that can be paid to Manager in such year without causing any Manager REIT to fail to meet the REIT Requirements for such 

  
 7 

 
year. If the amount payable for any tax year under the preceding sentence is less than the amount that Owner would otherwise be obligated to pay to Manager pursuant to this Agreement (the
“Excess Amount”), then Owner shall place the Excess Amount in escrow and shall not release any portion thereof to Manager, and Manager shall not be entitled to any such amount, unless and until Manager delivers to Owner a letter
from the independent accountants of AIR indicating the maximum amount that can be paid at that time to Manager without causing any Manager REIT to fail to meet the REIT Requirements for any relevant taxable year, in which case such maximum amount
shall be paid to Manager. The obligation to pay any amount which is not paid as a result of this Section 3.5 shall terminate five (5) years from the original date such amount would have been payable without regard to
this Section 3.5 and Manager shall have no further right to receive any such amount. 
 ARTICLE 4 

RESPONSIBILITIES OF MANAGER 

4.1    Performance of Duties, Generally. Subject to the provisions of this Agreement, during the Term, Manager
agrees, for and in consideration of the Management Fee set forth above, to manage and operate the Properties on behalf of Owner and for the account of Owner, and to perform all Services and all of its duties and obligations hereunder, in each case
in accordance with the Standards of Conduct and the Approved Annual Business Plan and Budget (subject to Permitted Variances). Manager agrees to maintain systems and personnel sufficient to enable it to carry out its duties, obligations and
functions under this Agreement. Manager shall institute and supervise all operational activities for the Properties, including, but not limited to, cleaning, security, waste removal and maintenance, landscaping, window washing, maintenance and
operation of wireless services and equipment, maintenance and operation of central plant and other HVAC equipment, and all necessary maintenance of and repairs to the Properties. Manager shall be responsible for implementing all aspects of access to
and security for the Properties as determined by Owner from time to time. If the Central Account does not contain sufficient funds to pay all costs and expenses of Owner, Manager shall promptly deliver written notice of such deficiency to Owner
(together with sufficient detail as to the amounts required and the reasons therefor), but Manager shall have no obligation to expend its own funds therefor. 

4.2    Specific Duties of Manager. Without limiting the generality of Section 4.1 above,
Manager shall have the following duties and shall perform the following Services: 
 (a)    Legal Counsel. Except
as expressly set forth herein, Manager shall not retain independent legal counsel on behalf of Owner or any Property Owner without obtaining Owner’s prior written approval, in each instance, unless such independent legal counsel is otherwise
approved as part of the Approved Annual Business Plan and Budget. In addition, Manager shall not expend any legal fees, costs or expenses in excess of the amount approved in the Approved Annual Business Plan and Budget (subject to Permitted
Variances) without obtaining Owner’s prior written approval, in each instance. 

  
 8 

 (b)    Collection of Revenues and Lease Enforcement. 

(i)    Manager shall use diligent efforts to demand, collect and receive (A) all rents, utility
charges, common area charges, insurance charges, and real estate and personal property tax and assessment charges, (B) all other pass-through or bill-back charges, sums, costs or expenses of any nature whatsoever payable by Tenants under the
terms of any or all of the Leases and any other agreements relating to all or any portion of any Property, including, without limitation, any method of calculating a resident’s utility bill based on factors such as occupancy rate or square
footage that may be implemented, and (C) all other revenues, issues and profits accruing from any Property (including, without limitation, any and all license, service or other agreements affecting such Property). All monies so collected shall
be deposited into the applicable Property Account in accordance with the terms of this Agreement. 

(ii)    Manager may terminate any Lease, lock out a Tenant, institute suit relating to use and occupancy,
or proceedings for recovery of possession, or take any other material legal action in connection with each Property in accordance with the terms of Section 4.2(a) hereof. All out-of-pocket legal expenses incurred by Manager in bringing any suit or proceeding in accordance with the terms of Section 4.2(a) hereof shall be for Owner’s account and at the
Owner’s expense. 
 (iii)    Security deposits (whether they are cash, letters of credit, securities
or any other form) shall be maintained by Manager in accordance with all Legal Requirements and the applicable terms of the Lease to which such security pertains. A separate account, or one or more separate accounts, shall be opened by Manager
(hereinafter the “Security Deposit Account”), in accordance with the terms hereof. The Security Deposit Account shall be maintained in accordance with Legal Requirements and, shall be with an FDIC-insured banking institution
reasonably acceptable to Owner. The Security Deposit Account shall be used only for maintaining Tenant security deposits. The depository shall be informed that the funds are held in trust for Owner. Manager may not under any circumstances write a
check on the Security Deposit Account payable to or in favor of Manager or any Affiliate of Manager. Manager shall maintain detailed records of all security deposits relating to each Property. To the extent permitted under Legal Requirements, any
interest credited to the Security Deposit Account from time to time shall be paid to Owner. Notwithstanding anything herein contained to the contrary, Manager may, in its reasonable discretion, access and use the security deposits, including funds
held in the Security Deposit Account, for the payment of any of the costs and expenses incurred in accordance with the Approved Annual Business Plan and Budget as described in Section 3.4(a) of this Agreement (subject to
any Permitted Variances) without Owner’s prior written approval so long as such amounts are properly booked and recorded and such records are open for inspection at Manager’s office, at reasonable times, by Owner’s employees and
agents. Such access and use of the security deposits shall not relieve Manager of its duties and obligations to comply with all Legal Requirements regarding security deposits and the applicable terms of the Lease to which security pertains. Manager
shall not collect any rents, charges, or revenues more than one (1) month in advance of when the same shall be due and payable under any Lease (except to the extent such advance payment is otherwise approved by Owner in writing). 

  
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 (c)    Contracts; Authority to Sign; Contractor Requirements.

 (i)    Manager agrees to negotiate, enter into in its own name, or as the agent of Owner or the
applicable Property Owner, and thereafter supervise the performance of all trade, service and supply contracts that are entered into in accordance with the Approved Annual Business Plan and Budget and are reasonably required in the reasonable and
ordinary operation of each Property, including, without limitation, contracts for elevator maintenance, gas, electricity, water, and all other utilities and the maintenance thereof, telephone, cleaning, groundskeeping, snow removal, security, pest
control and other services as set forth in the Approved Annual Business Plan and Budget (collectively, the “Contracts”); provided, however, that Manager shall not enter into or amend, supplement or modify any Material
Service Contract without obtaining Owner’s prior written consent. Unless otherwise provided herein or approved by Owner in writing, Manager shall, at the expense of Owner, in accordance with the Approved Annual Business Plan and Budget, duly
and punctually pay and perform on behalf of Owner all obligations under the Contracts and enforce and preserve the rights of the contracting party and the obligations of the other parties under such Contracts, but Manager shall have no obligation to
expend its own funds therefor. Manager shall have the right to arrange for the purchase by Owner, at Owner’s expense, in an economical and efficient manner of all inventories, supplies and equipment which, in the ordinary course of business,
are commercially reasonably necessary and appropriate to maintain and operate each Property in accordance with the Standards of Conduct and the Approved Annual Business Plan and Budget (subject to Permitted Variances). No Contracts shall exceed the
costs set forth in the Approved Annual Business Plan and Budget (subject to Permitted Variances), unless otherwise approved by Owner in writing. Manager shall promptly deliver original counterparts of all Contracts to Owner at Owner’s request
or, if not so requested, hold the same on Owner’s behalf. 
 (ii)    Unless otherwise provided
herein or in the Approved Annual Business Plan and Budget, Manager shall only have the authority to enter into, modify, amend and terminate Contracts if such Contracts are not Material Service Contracts. If Owner fails to approve or reject any
Material Service Contract within five (5) Business Days after receipt of such request from Manager, Owner shall be deemed to have approved such Material Service Contract. 

(iii)    Manager shall use diligent good faith efforts to ensure that no third parties providing services
to or performing work at or in connection with the Properties may do so without a written contract being in effect, including for change orders. 

(iv)    Manager shall promptly notify Owner upon learning of any material default, or event of default or
event which, with the giving of notice or the passage of time or both, would or could be reasonably likely to constitute a material default or a material event of default by any other party under any Contract. In the event of any material default or
material event of default by any other party under any Contract, Manager shall consult with Owner concerning the action to be taken with respect thereto and, at the expense of Owner, take such action as Owner shall direct with respect to such
default or event of default. 

  
 10 

 (v)    Each of Manager and Owner shall promptly notify
the other upon receiving any written notice of default by Manager, Owner or Property Owner, as the case may be, under any Contract (and shall furnish a copy of the notice received by it with its notice to the other Party) or upon obtaining actual
knowledge of any default, or event of default under any Contract. In the event of any such notice, default or event of default, Manager shall consult with Owner concerning the action to be taken with respect thereto and, at the expense of Owner,
shall take such reasonable action with respect thereto as Owner shall direct. 
 (d)    Repairs and Maintenance.

 (i)    Manager shall use commercially reasonable efforts to keep each Property in good order and
repair and in a condition in accordance with standards customary for apartment and retail properties in the cities in which the Properties are located and reasonably acceptable to Owner, and, at Owner’s expense in accordance with the Approved
Annual Business Plan and Budget, to make all repairs and replacements that Owner is obligated to make under the Leases, the Approved Annual Business Plan and Budget, any Loan Documents, Legal Requirements, and/or any insurance requirements. Manager
shall arrange for periodic systematic inspections of the building systems by qualified contractors and if appropriate, consult with, and make recommendations to, Owner concerning the condition of each Property and the necessity for maintenance,
repair, alteration or restoration thereof, the costs of any such inspections, repairs, alterations or restorations to be at Owner’s expense in accordance with the Approved Annual Business Plan and Budget. Manager agrees to promptly notify Owner
upon obtaining actual knowledge that the condition of any Property fails to meet the above-specified standard of maintenance and repair. Except to the extent that such repairs, maintenance, replacements, substitutions, improvements or additions
(x) have been provided for in the Approved Annual Business Plan and Budget (subject to Permitted Variances) or (y) relate to an Emergency as provided for in Section 4.5 of this Agreement, all repairs, maintenance,
replacements, substitutions, improvements and additions to any Property shall be undertaken or made by Manager only after securing Owner’s prior written approval (which may be granted or withheld in Owner’s sole discretion). 

(e)    Supervision of Construction. 

(i)    Manager shall use commercially reasonable efforts to manage, supervise, oversee and facilitate all
repairs, construction, maintenance, replacements, substitutions, improvements, additions and alterations, including, without limitation, Tenant improvements at the Properties, contemplated by the Approved Annual Business Plan and Budget
(collectively, “Construction Work”). 
 (ii)    Manager shall publish and distribute
work rules for each Property and ensure compliance with such work rules from all contractors, sub-contractors, engineers and people engaged in working on any Property for the benefit of Tenant comfort and non-disturbance and building protection and security without any additional fee or compensation. 

  
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 (iii)    If the cost of any Construction Work is not
contemplated by the Approved Annual Business Plan and Budget, Manager shall promptly notify Owner to that effect, which notice shall include a preliminary budget and a detailed description of the scope of the construction management services
required to be performed with respect to such Construction Work, and Manager shall not expend any such funds unless the same are approved by Owner. 

(iv)    Manager shall perform the construction management services with respect to any Construction Work
subject to the Approved Annual Business Plan and Budget and Owner’s direction. Manager shall represent Owner in connection with any architectural renovation, asbestos abatement and life safety/operating system alterations to any Property and
any action or process in order to cause any Property to abide by the Legal Requirements. 

(v)    Manager shall cause any and all necessary permits and approvals for any Construction Work to be
obtained and to be in full force and effect for as long as is required by Legal Requirements. 

(vi)    Manager shall ensure that all appropriate insurance for any Construction Work has been obtained and
is in effect and shall oversee the administration of all applicable construction contracts. 

(vii)    Subject to subsection (iv) above, Manager’s responsibilities in performing the
construction management services it is engaged to perform shall include, without limitation: (1) analyzing plans and specifications and suggesting revisions thereof; (2) suggesting contractors and supervising construction;
(3) coordinating, when appropriate, with Owner, Tenants, architects, engineers, contractors and other consultants to prepare and finalize construction plans; (4) identifying and, in accordance with the terms of
Section 4.2(c), contracting on behalf of Owner appropriate professional services when required; (5) negotiating all contracts; (6) monitoring the construction schedule and the quality of workmanship (without
liability for latent or patent defects); (7) obtaining or causing to be obtained all necessary governmental permits and approvals; (8) obtaining Tenants’ written approval of construction documents for Tenant improvements;
(9) coordinating and directing pre-bid conferences with contractors; (10) establishing or causing to be established a project time schedule; (11) administering and coordinating job site
construction meetings as necessary to ensure the timely flow of information between Tenants, space planners and contractors; (12) coordinating labor and material suppliers; (13) managing the change order process, including providing for
the payment of any requested change as set forth in any Lease; (14) obtaining and reviewing all necessary lien waivers and releases; (15) reviewing all payment requests pursuant to the contract documents; (16) inspecting the
Construction Work; (17) assisting contractors in obtaining notices of completion, certificates of occupancy, or equivalent documents; (18) conducting final walk through with Tenants, space planners and contractors; (19) obtaining
Tenants’ written acceptance and acknowledgment of the substantial completion date of the Construction Work, as the case may be; (20) assisting in the preparation of a final punch list which itemizes all work which must be completed or
requiring repair or adjustment, and representing Owner during the final inspection of the completed 

  
 12 

 
Construction Work; and (21) obtaining from contractors, sub-contractors, material suppliers or other consultants all reasonably available guarantees,
instructions, equipment manuals, warranties and all other pertinent documents relating to the Construction Work. 

(viii)    Manager shall use diligent, commercially reasonable and good-faith efforts to (1) ensure
that relations between all Tenants in each Property and Owner during any period of construction in any Property are as good as is possible under the circumstances, and (2) settle any labor disputes which may arise during any period of
construction, subject to Section 4.2(a). 
 (ix)    For the avoidance of doubt,
any and all contracts entered into pursuant to this Section 4.2(e) shall be subject to the requirements set forth in Section 4.2(c) above. 

(x)    Owner acknowledges that Manager shall have no responsibility for the actual design and/or
performance of Construction Work, and that all liability for the actual performance of such services in accordance with the requirements of the Contracts shall be borne by the third-party service providers pursuant to such Contracts with Owner,
except to the extent of Manager’s fraud, bad faith, gross negligence or willful misconduct. 

(xi)    The Parties shall meet on a monthly basis (unless the Parties otherwise mutually agree) with all
appropriate personnel (including asset managers) to assess and review the status and performance of Construction Work. 

(f)    Hours. Manager agrees to be available, or cause a representative of Manager to be available, to Tenants of
each Property during normal business hours (i.e., from 9:00 A.M. through 5:00 P.M.) on Business Days. Manager shall be on call at all times in the event of an emergency or upon Owner’s reasonable request. 

(g)    Certifications. When reasonably requested by Owner, Manager shall provide a certification to Owner in order
to enable Owner to certify to a lender, a title insurance company, a prospective purchaser of any Property, and/or any other party which Owner may designate that: 

(i)    the most recent rent roll prepared by Manager (including a listing of security deposits, if any) is
true, correct and complete; 
 (ii)    Manager has not received any notices about and has no actual
knowledge of any violations of law at such Property, including, without limitation, violations of any building codes or environmental law (or if Manager has received notice or has such knowledge, specifying the nature and extent of such violations);

 (iii)    Manager has not received any notices about and has no actual knowledge of any condemnation or
litigation affecting such Property which is pending or has been threatened in writing (or if Manager has received notice or has such knowledge, specifying the nature and extent of such condemnation or litigation); and 

  
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 (iv)    to the knowledge of Manager, no default by Owner
exists under this Agreement or any Lease (or if a default exists, specifying the nature of such default). 

(h)    Leasing. 

(i)    Subject to the Approved Annual Business Plan and Budget (including any leasing guidelines as set
forth therein), Manager is expressly authorized to, and shall use diligent efforts to, facilitate the leasing of all commercial and apartment rental units within each Property, including, without limitation, establishing Tenant screening standards,
collecting rent, managing security deposits, negotiating with Tenants and prospective tenants and for Leases and extensions, renewals, modifications, amendments or terminations thereof, enforcing rights under Leases, advertising each Property and
maintaining a detailed rent roll. Manager shall maintain a visible management presence and level of service to tenants at each Property (collectively, “Tenants”). Manager may employ the services of third-party real estate brokers
unaffiliated with Manager, subject to the terms and conditions of commission agreement(s) signed with said broker(s). Manager may negotiate and administer such commission agreement(s). Manager shall maintain electronic copies of all Leases. 

(ii)    All Residential Leases shall be entered into on forms previously agreed to by Owner or that are
otherwise approved as part of the Approved Annual Business Plan and Budget (collectively, the “Standard Lease Forms”); provided, however, that no Residential Lease shall have a term of more than forty-eight
(48) months (including any renewal term), unless otherwise approved in writing by Owner or as set forth in the Approved Annual Business Plan and Budget. If Owner fails to approve or reject any such Residential Lease within three
(3) Business Days after receipt of such request from Manager, Owner shall be deemed to have approved such Residential Lease. 

(iii)    Manager shall engage and retain legal counsel to perform, on an annual basis (or as required by
Legal Requirements or as reasonably requested by Owner in writing from time to time) and at a reasonable cost to Owner, a thorough legal review of all Standard Lease Forms. Manager shall notify Owner if such legal counsel recommends any update or
revision to any Standard Lease Form and shall request Owner’s approval of such update or revision (which approval shall not be unreasonably withheld, conditioned or delayed). 

(iv)    Manager shall be available for communications with Owner and shall keep Owner promptly advised of
items affecting each Property, including demands, suits or legal proceedings instituted or threatened against Owner, of which Manager has knowledge. Manager shall not take any action that might prejudice Owner in its defense to a claim based on any
loss, damage or injury relating to the ownership, operation and maintenance of any Property and related facilities. Manager shall promptly notify Owner of: (1) to the extent of Manager’s knowledge, any material default under any Lease;
(2) to the extent of Manager’s knowledge, any bankruptcy filing or threatened bankruptcy filing affecting a Tenant; (3) to the extent of Manager’s knowledge, any condemnation or litigation affecting any Property which is pending
or threatened; and (4) to the extent of Manager’s knowledge, any release or threatened release of hazardous substances in or 

  
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around any Property. In the event of any such condition, default or event of default, Manager shall consult with Owner, and at the expense of Owner, promptly take such actions as Owner shall
direct. Manager agrees to log and handle complaints and requests from Tenants and prospective tenants and to notify Owner of any material complaint by a Tenant (which shall include, without limitation, any complaint, communication or state of facts
which could give rise to a rental abatement or a right of setoff, termination or other claim, and/or any complaint which would or could reasonably be expected to cause or result in reputational harm to Owner and/or any direct or indirect investor in
Owner). Manager shall cause, as fully as practicable, the compliance of Tenants with the terms, covenants and conditions of their Leases and shall keep Tenants informed of, and shall use diligent efforts to cause all Tenants to comply with, all
rules, regulations and Legal Requirements affecting the applicable Property. 
 (v)    Without
Owner’s prior written consent, Manager shall not permit any person to occupy any space in any Property unless such occupancy is pursuant to a written Lease (in the case of a Residential Lease, on the Standard Lease Form) or pursuant to the
Leases in effect as of the Commencement Date. In addition, unless Manager has obtained Owner’s prior written consent, Manager shall not permit any Tenant to take occupancy of any space at any Property unless such Tenant has delivered to Manager
or Owner (1) the security deposit, if any, required under the terms of such Tenant’s Lease, (2) a current certificate of insurance in compliance with the terms and provisions of such Tenant’s Lease, and/or (3) payment of any
rent required to be paid prior to the Tenant’s taking occupancy of its demised premises. 

(vi)    Manager shall deliver to each of the Tenants all notices required to be delivered on behalf of
landlord pursuant to the terms of the applicable Lease. 
 (i)    Assistance with Acquisition and/or Financing.

 (i)    As reasonably requested by Owner, Manager may, at its option, exercise commercially reasonable
efforts to assist Owner or any of its Affiliates with the acquisition process of any New Property, including, without limitation, reviewing diligence materials to develop an operational plan reasonably consistent with the terms, conditions and
information set forth in the Approved Annual Business Plan and Budget. If Manager agrees to assist Owner or any of its Affiliates in connection with such acquisition pursuant to the terms of this
Section 4.2(i)(i), Owner shall pay to Manager a fee as mutually agreed upon by the Parties (such fee, the “Acquisition Diligence Fee”). In the event that AIR or any of its
Affiliates exercises its right of first offer pursuant to the MLA (the “MLA ROFO”) and acquires any New Property pursuant to the terms of the MLA ROFO, then Owner shall not be obligated to pay to Manager the Acquisition Diligence
Fee. Within forty-five (45) days following the acquisition of any New Property by Owner or any of its Affiliates, Manager shall prepare and submit to Owner an operating budget and such other information as Owner may reasonably request for the
remainder of the then current fiscal year. 
 (ii)    Manager shall administer and service all financing
incurred with respect to Owner and/or the Properties, and periodically review, assess, monitor and 

  
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 supervise the compliance and any non-compliance by
Owner with all covenants and all other obligations under or with respect to any Loan Documents, if any, except to the extent such terms and provisions relate solely to the actions or inactions of any Person that is not an Affiliate (or a board
member or director appointed by an Affiliate) of Manager. Manager shall perform its duties and obligations hereunder in compliance with any Loan Documents and shall cause Owner and the Properties to comply, at all times, with the terms and
conditions of any Loan Documents; provided that Manager is expressly authorized to use its commercially reasonable discretion to establish payment plans with respect to any financing in accordance with the terms and conditions of the Loan
Documents and to sell, trade or otherwise transfer any financing subject to the terms and conditions of the Loan Documents. Notwithstanding anything to the contrary in this Section 4.2(i)(ii), in no event shall Manager be
in default hereunder for (1) the failure of Owner to satisfy any financial covenants imposed pursuant to any Loan Document, (2) any default or breach under any Loan Document if Owner fails to make sufficient funds available to Manager to
service the underlying loan and/or satisfy any other deposits within a reasonable period of time after Manager makes written request therefor, (3) any default or breach under any Loan Document caused by any voluntary transfer of equity
interests by Owner or any direct or indirect interest in Owner (other than as a result of any transfer by an Affiliate of Manager), or (4) any actions or inactions of any Person that is not Manager or an Affiliate of Manager, or a board member
or director appointed by Manager or an Affiliate of Manager or any Person to whom management duties have been delegated by Manager, so long as Manager acts diligently and reasonably under the circumstances and in accordance with the Standards of
Conduct to cause the Owner and the applicable Property Owner, as the case may be, to comply with the Loan Documents as soon as practicable. If the terms of any of the Loan Documents are inconsistent with the terms of this Agreement, Manager shall
cause compliance with the Loan Documents. Manager shall promptly notify Owner upon (A) obtaining actual knowledge of any default, or event of default under any financing (mortgage or mezzanine) applicable to any Property, or (B) receiving
any written default notice under any financing applicable to any Property (and furnish a copy of the notice received by it with its notice to Owner). In each instance, Manager shall consult with Owner concerning the action to be taken with respect
thereto and, at the expense of Owner (unless the same is Manager’s obligation pursuant to Section 11.1), shall take such action as Owner shall direct. 

(j)    Taxes and Assessments. Subject to the next succeeding sentence, on Owner’s behalf and at Owner’s
expense, Manager shall pay in a timely manner in order to receive all available discounts or reductions of tax liability, before delinquency and prior to the addition thereto of any interest or penalties, all real and personal property taxes and
assessments relating to each Property (unless otherwise directed by Owner), and shall make any required filings in conjunction therewith. Manager shall not be obligated to pay any state or local property taxes on Owner’s behalf unless funds are
available in the Central Account or Owner has provided a check in the amount of such taxes to Manager; provided that Manager shall promptly notify Owner of any such taxes that are due. Promptly after receipt of any real and personal property
tax assessments relating to any Property, Manager shall advise and recommend to Owner whether the amount of any such taxes or assessments should be challenged as inequitable, excessive or improper. In the event that Owner elects to contest any
property tax assessment, Manager agrees to manage such contest and/or fully cooperate with Owner and with any person or entity designated by Owner to advise, assist or represent Owner in this regard. 

  
 16 

 (k)    Rules and Regulations. Subject to the approval of Owner,
Manager agrees to draft and promulgate reasonable rules and regulations relating to the occupancy, use and operation of each Property (including rules related to signage), and to enforce the same as promulgated, as well as such other reasonable
regulations Owner may require from time to time, including, but not limited to, Tenant insurance requirements. Manager shall draft and implement standard operating procedures similar to those in other comparable apartment and retail properties in
the cities in which the Properties are located, an organization chart, and emergency, contingency and security plans for each Property. 

(l)    Other Owner Initiatives. Manager, at Owner’s expense, agrees to respond and comply with, on a timely
basis, all other Owner initiatives such as environmental health and safety issues, delivery of an affirmative emergency management plan, completion and filing of applications with applicable utility providers for any available rebates, or other
initiatives that are reasonably directed by Owner. 
 (m)    Owner Notification. Manager shall promptly, and in
no event later than one (1) Business Day after obtaining knowledge thereof, notify Owner of any of the following: 

(i)    loss of life; 

(ii)    life threatening situations; 

(iii)    legal actions against the Owner or any Property which are pending or threatened in writing; 

(iv)    fire; 

(v)    written indoor air quality complaint; 

(vi)    written notification of significant environmental risk (it being acknowledged by Owner that Manager
in discharging these duties does not have special environmental training and qualifications and is not being held to the standard of someone with such special environmental training and qualifications); 

(vii)    receipt of written notice from any governmental entity relating to the presence or release of any
hazardous materials; or 
 (viii)    receipt of any material zoning violations. 

(n)    Casualty and Condemnation. Manager shall promptly, and in no event later than one (1) Business Day from
the time Manager obtains actual knowledge of any casualty or condemnation (or threatened condemnation), provide Owner with notice in reasonable detail of such casualty or condemnation (or threatened condemnation) and promptly investigate and consult
with, and make recommendations to, Owner with respect thereto. In the event of any damage to or destruction of any Property by fire or other casualty, Manager shall use its best 

  
 17 

 
efforts to, within one hundred eighty (180) days of such casualty, restore the affected portion of such Property to substantially the same condition they were in prior to such event, using
insurance proceeds received by Manager from the policies of insurance maintained by Manager pursuant to this Agreement which pertain in whole or in part to such Property. If the cost of restoration exceeds the amount of insurance proceeds received
by Manager from the policies of insurance maintained by Manager, Owner shall be responsible to contribute any excess amount needed to restore such Property, unless such casualty was caused by a Material Breach of Manager, in which case such excess
amount shall be the responsibility of Manager. Notwithstanding the foregoing, if (i) Manager determines, in its commercially reasonable discretion, that Manager is unable to perform its restoration obligations pursuant to the terms of this
Section 4.2(n) or (ii) any material casualty or material condemnation occurs, as determined in Manager’s commercially reasonable discretion, either Party shall have the right to terminate this Agreement with
respect to such affected Property upon thirty (30) days’ prior Notice to the non-terminating Party. 

4.3    Rent Board Hearing. At Owner’s request, Manager shall represent Owner at Rent Board hearings as may be
required. 
 4.4    Duties of Manager Generally. During the Term and subject to the provisions hereof, Manager
shall perform Owner’s obligations with respect to each Property and Manager’s obligations as set forth in this Agreement, including, without limitation, the following, subject to any limitations imposed by the Approved Annual Business Plan
and Budget, instructions from Owner, the availability of funds provided by Owner, and actions or failures to act by third parties which are beyond the reasonable control of Manager: 

(a)    ensure compliance with and performance of all of Owner’s obligations: 

(i)    as landlord under all Leases; 

(ii)    as a party to, or subject to, any and all present and future easements, restrictions, covenants,
conditions, mortgages and agreements affecting each Property, including, without limitation, all Loan Documents (if any) (collectively, the “Basic Documents”); 

(iii)    as a party to any and all Contracts affecting any Property; and 

(iv)    under any zoning regulations. 

(b)    use of diligent efforts to ensure compliance with the covenants and obligations of: 

(i)    Tenants under all of the Leases; 

(ii)    other parties to, or subject to, the Basic Documents; and 

(iii)    trade and service providers under Contracts affecting each Property. 

  
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 (c)    with the prior written approval of Owner, subject to the
conditions hereinafter set forth, enforcing all of Owner’s rights and remedies in respect of the foregoing. 
 Manager shall make
available to Owner the full benefit of the judgment, experience and advice of Manager’s senior management. Manager shall perform such other services as may be reasonably requested by Owner which are customary for the management of properties of
like size and character as the Properties or as may be required for the efficient and businesslike operation of the Properties. 

4.5    Emergency Expenditures. As used herein, the term “Emergency” means, individually or
collectively, an event of an imminent present threat: (a) to the safety of any Property and/or of material damage or loss to any Property; (b) to the safety of Tenants or others; (c) to the necessary utility or life safety system
services to any Property; or (d) that could lead to exposure to criminal liability on the part of Owner or any other direct or indirect investor in any Property, or any employee or agents of any of the foregoing. In the case of an Emergency,
Manager is authorized to make repairs to any Property for items that are not contained in the Approved Annual Business Plan and Budget without obtaining Owner’s prior written approval; provided that: (i) reasonable efforts to secure
Owner’s prior approval have been made (it being agreed that sending an e-mail message to Owner or attempting to call and, if voice mail is available, leaving a message for the Owner is a reasonable
effort); (ii) the repairs are made solely for the purpose of avoiding, preventing or resolving the Emergency; (iii) written notice of the repairs and/or expenditures is thereafter provided to Owner within twenty four (24) hours of
commencement; and (iv) thereafter Owner and Manager shall mutually determine in good faith whether any additions, deletions or other changes shall be required to mitigate any adverse impact to the Approved Annual Business Plan and Budget from
such Emergency and the attendant repairs and expenditures. 
 4.6    Insurance. At Owner’s sole cost and
expense, Manager shall obtain from established insurance brokerage sources, and maintain in full force and effect during the Term, the insurance policies specified in Section 11.2 below. 

ARTICLE 5 

PERSONNEL 

5.1    Employment of Personnel. Except as otherwise provided for in the Approved Annual Business Plan and Budget,
Manager agrees to advance all costs to hire, pay salaries of, supervise and discharge, as appropriate, all employees or independent contractors (the “Personnel”) necessary for the provision of the Services, including, without
limitation, the salaries, wages and other compensation and fringe benefits of all Personnel involved directly or indirectly in providing any or all of the Services, including, without limitation, all costs and expenses relating to Personnel and
other off-site employees of Manager allocable to time spent on the Properties, and all such costs shall be reimbursable by Owner. Manager shall, in the hiring and retention of all Personnel, select qualified,
competent and trustworthy Personnel, who shall in all instances be familiar with the operation of assets similar to the Properties. The selection, terms of employment (including rates of compensation) and termination thereof, and the supervision,
training and assignment of duties of all Personnel engaged in the operation of the Properties, shall be the duty and responsibility of, and shall be determined solely by, Manager. All on-site personnel at each
Property, if any, shall be employees of Manager and/or vendors to Manager (and not employees of Owner). 

  
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 5.2    Schedule of Employees. To the extent not already included
in the Approved Annual Business Plan and Budget, Manager shall provide Owner with a schedule of Personnel to be employed “on-site” at all times in the direct management of each Property. This
schedule shall include the number of employees and their title and salary. Manager shall cause all Personnel to be covered by Manager’s crime/employee dishonesty insurance in accordance with Section 11.3(d). 

ARTICLE 6 

COMPLIANCE WITH LAWS 

6.1    Compliance. Manager shall abide by, and cause the Properties to be compliant with, in all material respects,
all federal, state, municipal, governmental, quasi-governmental and/or Department of Buildings laws, rules, regulations, zoning, requirements, orders, statutes, notices, determinations, and ordinances, including, without limitation, the Ellis Act
and any other laws or regulations pertaining to affordable housing or rent control, the Americans With Disabilities Act and all environmental laws, relative to the use, operation, repair and maintenance of the Properties and with the rules,
regulation or orders of the local Board of Fire Underwriters or other similar body (the “Legal Requirements”) of any federal, state or municipal authority to the extent applicable from time to time during the Term with respect to
the Properties or the performance of Manager’s obligations under this Agreement and with all regulations, contracts, leases, permits, licenses, ordinances, declarations, conditions, restrictions, covenants and easements affecting or related to
the Properties or the performance of Manager’s obligations under this Agreement. Manager shall promptly remedy any violation of any such Legal Requirements of which Manager becomes aware, including any Tenant violations, all at Owner’s
expense in accordance with the Approved Annual Business Plan and Budget (subject to Permitted Variances). If the cost of compliance exceeds the Approved Annual Business Plan and Budget and is not an Emergency, Manager shall not take any action with
respect to such violation except to notify Owner promptly and obtain Owner’s approval prior to authorizing the expenditure. When more than such amount is required or if the violation is one for which Owner might be subject to penalty, Manager
shall promptly notify Owner. Manager shall immediately with all due diligence eliminate or discontinue such use or condition to the extent any use or condition exists at any Property which violates any Legal Requirements or which void or would void
any policy of insurance covering any Property or render any loss incapable of collection thereunder. 

6.2    Contests. Manager shall notify Owner of any violation or alleged violation of any of the Legal Requirements
immediately after becoming aware of same. Owner shall have the right to contest any such allegation and postpone compliance pending the determination of such contest, if so permitted by law, provided such postponed compliance shall not subject
Owner, Manager or any partner, member, shareholder, client or employee of Owner or Manager to criminal liability or subject any Property or any part thereof to being condemned or vacated or have the certificate of occupancy for any Property be
suspended or threatened to be suspended by result of such non-compliance or by means of such contest. 

  
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 6.3    REIT Qualification and Protection. 

(a)    Manager acknowledges that certain Persons owning a direct or indirect interest in Owner (each, an “Owner
Parent REIT”) have elected to be treated as real estate investment trusts (“REITs”) within the meaning of Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). Manager
shall use best efforts to comply with all reasonable requests of Owner related to compliance with any reporting or action required by law of REITs. Accordingly, Manager agrees, and agrees to cause its Affiliates, to use best efforts to:
(a) operate the Properties in a manner such that the Properties generate rental income that qualifies as “rents from real property” under Section 856(d) of the Code and to avoid incurring (x) any tax on prohibited
transactions under section 857(b)(6) of the Code and (y) any tax on redetermined rents, redetermined deductions, and excess interest under section 857(b)(7) of the Code (determined as if Owner were a REIT); and (b) provide reporting and
projections for purposes of complying with certain REIT requirements, including, without limitation, the provisions of Sections 856 through 860 of the Code (the “REIT Requirements”). 

(b)    Without limiting the foregoing, Manager shall avoid having services furnished or rendered to the Tenants of any
Property that would cause an Owner Parent REIT to receive “impermissible tenant service income” within the meaning of Section 856(d)(7) of the Code if performed by an Owner Parent REIT itself, unless such services are furnished or
rendered by a taxable REIT subsidiary of each Owner Parent REIT that is paid an arm’s-length compensation for furnishing or rendering such services. 

ARTICLE 7 

ACCOUNTING AND FINANCIAL MATTERS 

7.1    Electronic Records. Manager shall maintain electronic records, files and accounts relating to the operations
of each Property. Such records, files and accounts shall be provided to Owner and its representatives (including Owner’s accountants, consultants, attorneys, direct and indirect investors and any other party) at reasonable times, upon
reasonable prior notice to Manager. Upon request during the Term (which notice may (at Owner’s option) specify the parties to which such records shall be made available), and upon the Expiration Date, all such records, files and accounts shall
be forthwith turned over to Owner so as to ensure the orderly continuance of the operation of the Properties. 

7.2    Reporting. 

(a)    Manager shall comply with the reporting obligations specified in Schedule 3 attached hereto. The Parties may
mutually agree to modify or amend such reporting obligations and, upon such agreement, the Parties shall replace Schedule 3 with a new Schedule 3 reflecting such modification or amendment. 

(b)    In addition to the reporting requirements contained in this Agreement, Manager shall comply with any and all
reporting obligations contained in any Loan Documents. 
 7.3    Periodic Meetings. After receipt by Owner of the
reports referred to in Section 7.2, Owner, Manager and other personnel engaged or involved in the management and operation of each Property shall meet to discuss the results of operations for the preceding month. 

  
 21 

 7.4    Owner’s Right to Conduct Audit. Owner
shall, at its sole cost and expense, have the right to conduct an audit of any Property’s operations by using its own internal auditors or by employing independent auditors (an “Audit”). Should Owner’s employees or agents
discover either weaknesses in internal control or errors in record keeping, these shall be communicated to Manager in writing. Manager shall promptly correct such discrepancies either upon discovery or after notification by Owner. Manager shall
inform Owner in writing of the action taken and to be taken to correct such Audit discrepancies. The accounts and all other records relating to or reflecting the operations of any Property shall be available to Owner and its auditors at
Manager’s office, at all reasonable times, for examination, audit, inspection, transcription and reproduction. Each of Owner and Manager agrees to pay to the other any adjustments in amounts due and owing from such party within fifteen
(15) days following such party’s receipt of the Audit. If any Audit discloses overpayments to Manager in excess of five percent (5%) of all amounts paid by Owner to Manager during the applicable period, Manager shall reimburse Owner for
all reasonable costs incurred by Owner in connection with such Audit. 
 ARTICLE 8 

BANK ACCOUNTS 

8.1    General. Manager shall establish and maintain the Property Accounts, and shall maintain the Central Account,
at any FDIC insured banking institution reasonably acceptable to Owner. Owner shall be a signatory to all accounts established and maintained by Manager in connection with its obligations under this Agreement, including, without limitation, the
Property Accounts, the Central Account and the Security Deposit Account and shall, at all times, have access to, and the right to withdraw funds from, all such accounts. 

8.2    Closing Bank Accounts. Unless directed otherwise by Owner in writing, Manager is not permitted to close any
bank accounts related to the Properties. All items relating to bank account closings are to be coordinated through Owner. Manager shall process cash activity at the Expiration Date in accordance with Owner’s instructions. Manager is responsible
for final bank account reconciliation at the time of close out or transfer of any account established hereunder. At the termination of this Agreement, Manager shall verify and pay all appropriate invoices relating to the period of time prior to
termination and shall transfer any funds remaining in the Central Account to Owner. 
 8.3    Reconciliation.

 (a)    Manager shall reconcile all bank accounts in a timely manner and include such reconciliation(s) with the
monthly reporting package by the package due date. 
 (b)    Any issues relating to timely receipt of the monthly bank
account statement (based on the established bank account statement cut-off date) shall be directed by Manager towards the banking institution and promptly brought to the attention of Owner. 

8.4    Accounts Payable. All property related invoices are to be paid by Manager, and shall be at Owner’s
expense to the extent such invoices are for expenses incurred pursuant to the 

  
 22 

 
performance of obligations under this Agreement and Owner is responsible therefore pursuant to the terms of this Agreement. Manager is responsible for obtaining tax identification numbers for its
vendors, for tracking payments made to them during each year and for preparing and mailing Form 1099 to the Internal Revenue Service (“IRS”), the appropriate recipients and any other state or local agency required by law. Manager
shall ensure that the information filed with the IRS, sent to the appropriate recipients and/or filed with any other state or local agency as required by law is correct and filed in a timely manner. 

8.5    Cash Management. 

(a)    All funds collected by or paid to Manager from the operation of each Property should be promptly, and in no event
later than three (3) Business Days thereafter, deposited into separate receipt account (each, a “Property Account”) established for each Property by Manager in accordance with the provisions of
Section 8.1 of this Agreement (unless Manager is otherwise directed by Owner with respect to a certain Property). All funds in such separate Property Accounts may be swept into a central account (the “Central
Account”) in Owner’s name as maintained by Manager, according to the provisions of Section 8.1 of this Agreement. All checks drawn to the order of Owner should be endorsed by Manager for deposit only and
deposited in the applicable Property Account. Any interest or other income earned on the assets of the Central Account shall be re-deposited in the Central Account, and shall for federal and state income tax
purposes be deemed to be income of the Owner. To the extent funds are available in the Central Account, Manager shall pay the operating expenses of each Property (including, without limitation, (i) amounts required to be paid pursuant to any
mortgage or other financial encumbrance, (ii) all taxes, assessments and other impositions and (iii) sums due to Manager under this Agreement subject to notice to Owner pursuant to the terms of this Agreement) and any other payments
relative to each Property as required by the terms of this Agreement, unless Manager is otherwise directed by Owner. If at any time funds in the Central Account are not sufficient to pay the expenses incurred in connection with the management and
operation of the Properties as expressly authorized by this Agreement, Manager shall submit to Owner a statement of such expenses and the funds that shall be required to satisfy the same, and Owner shall, in its sole discretion, deposit sufficient
funds into the Central Account to pay such expenses. Manager shall have no liability to Owner for any amounts in the Central Account which are lost or not covered by insurance if the depository institution at which the Central Account is maintained
fails or is otherwise placed in the control of a governmental or quasi-governmental authority and the assets of the Central Account are thereby forfeited in whole or in part, provided such depository institution was selected in accordance with this
Section 8.5 or was otherwise previously approved by Owner. 
 (b)    Manager shall not be
obligated to make any advance to or for the account of the Owner, or to pay any sum, except out of funds held or provided as set forth in this Agreement, nor shall Manager incur any liability or obligation to Owner, any of its Affiliates or any
third party for Damages to the extent arising out of, resulting from or relating to such insufficient funds (including any interest or penalties relating to late or insufficient payments and/or the costs of any returned checks). 

  
 23 

 ARTICLE 9 

ANNUAL BUSINESS PLAN AND BUDGET 

9.1    Annual Business Plan and Budget. 

(a)    The Approved Annual Business Plan and Budget shall be proposed, approved and implemented annually in accordance with
the terms of Schedule 4. The Parties agree to reasonably cooperate and consult with each other in connection with the preparation and approval of the Approved Annual Business Plan and Budget. The Parties may mutually agree to modify or amend
the process and procedures for proposing, approving and implementing the Approved Annual Business Plan and Budget and, upon such agreement, the Parties shall replace Schedule 4 with a new Schedule 4 reflecting such modification or
amendment. 
 (b)    Notwithstanding anything in this Agreement to the contrary, Manager shall use diligent good faith
efforts to cause the actual costs of operating and maintaining each Property (in total and on a line item basis (as used in this Agreement, a “line item” shall refer to a major budget category (e.g., payroll, cleaning, and utilities))) not
to exceed the Approved Annual Business Plan and Budget (subject to Permitted Variances). Except with respect to an Emergency (as set forth in Section 4.5), Manager shall not, without Owner’s prior written approval,
incur any costs or expenses or make any capital expenditures not specifically contemplated by the Approved Annual Business Plan and Budget (subject to Permitted Variances). To the extent reasonably ascertainable in advance, Manager shall notify
Owner of any projected variance from the Approved Annual Business Plan and Budget (either in total or in any line item), including any Permitted Variances. Manager shall not transfer any amounts from one expense line item to another (other than from
any contingency item to a permitted specific line item or as otherwise approved by Owner in writing). Manager shall notify Owner immediately (or as soon as otherwise reasonably possible) of the necessity for, the nature of, and the cost of, any
Emergency. 
 ARTICLE 10 

DUTIES OF OWNER 

10.1    Duties of Owner. Owner’s duties and obligations shall include the following: 

(a)    In the event any governmental agency, authority or department should order the repair, alteration or removal of any
structure or matter on any Property, and if, after written notice of the same to Owner from such body, Owner fails to authorize Manager or others to make such repairs, alterations or removal, Manager shall be released from any responsibility in
connection therewith, and shall not be answerable to such body for any and all penalties and fines whatsoever imposed because of such failure on Owner’s part. 

(b)    Owner agrees to fund the Central Account as required under this Agreement and reimburse Manager to the full extent
of all monies advanced by Manager with Owner’s approval or at Owner’s direction in carrying out the purpose of this Agreement; provided, however, that nothing contained herein shall oblige Manager to make such advances. 

  
 24 

 ARTICLE 11 

INDEMNIFICATION AND INSURANCE 

11.1    Indemnification. 

(a)    Manager’s Indemnification. Manager shall indemnify, defend and hold harmless Owner and its
Affiliates and its and their respective officers, directors and employees (each, an “Owner Indemnified Party” and, collectively, the “Owner Indemnified Parties”) from and against any and all actual losses, damages,
liabilities and expenses, including fees and disbursements of counsel (collectively, “Damages”) incurred by any Owner Indemnified Party (including relating to any claims, actions, suits, proceedings, demands, and/or complaints
(including any claim or other such matter by a third party)) (collectively, “Proceedings”) in connection with or otherwise caused by or arising out of or attributable to (i) any default by Manager with respect to any of the
terms, covenants or conditions of this Agreement (including, without limitation, any breach of the Standards of Conduct or any failure to obtain any consent or approval required pursuant to the terms of this Agreement), (ii) any action by any
Manager Indemnified Party (as hereinafter defined) that is beyond the scope of authority conferred upon Manager pursuant to the terms of this Agreement (including, without limitation, fraud, willful misconduct, commission of a criminal act, gross
negligence, or acting without authorization hereunder), or (iii) any Bankruptcy Action occurring with respect to Manager. 

(b)    Owner’s Indemnification. Owner shall indemnify, defend and hold harmless Manager and its
Affiliates and its and their respective officers, directors and employees (each, a “Manager Indemnified Party” and, collectively, the “Manager Indemnified Parties”) from and against any and all Damages incurred by
any Manager Indemnified Party (including relating to any Proceedings) in connection with or otherwise caused by or arising out of or attributable to this Agreement (including the provision of the Services to Owner), excluding however, (and Owner
shall have no liability or obligation to any Manager Indemnified Party for or with respect to) Damages incurred by any Manager Indemnified Party in connection with or otherwise caused by or arising out of or attributable to (i) any default by
Manager with respect to any of the terms, covenants or conditions of this Agreement (including, without limitation, any breach of the Standards of Conduct and/ or any failure to obtain any consent or approval required pursuant to the terms of this
Agreement), (ii) any action by any Manager Indemnified Party that is beyond the scope of authority conferred upon Manager pursuant to the terms of this Agreement (including, without limitation, fraud, willful misconduct, commission of a criminal
act, gross negligence, or acting without authorization hereunder), and/or (iii) any Bankruptcy Action occurring with respect to Manager. 

(c)    Each of Owner and Manager (or the applicable Indemnified Party) shall notify the applicable Indemnifying Party in
writing promptly after it receives notice of the commencement of any claim or Proceeding as to which such Indemnified Party is entitled to indemnification hereunder, provided that the failure to give timely notice shall not affect the
Indemnifying Party’s obligation to provide indemnification hereunder except to the extent that the failure to give timely notice is prejudicial to the Indemnifying Party. If requested in writing by any Indemnified Party, the Indemnifying Party
shall assume the defense of any Proceeding including by engaging counsel reasonably approved by such Indemnified Party and the payment of the reasonable costs and expenses of such counsel. In the event any Indemnified Party

  
 25 

 
determines, in its reasonable judgment, that there is a conflict of interest by reason of having a common counsel, or if any Indemnifying Party fails to defend any Proceeding promptly following
receipt of notice of such Proceeding, then the Indemnified Party may engage separate counsel reasonably selected by such Indemnified Party, and the Indemnifying Party shall pay, as incurred, the reasonable costs and expenses of such counsel.
“Indemnified Party” means a Manager Indemnified Party or an Owner Indemnified Party, as applicable. “Indemnifying Party” means Manager or Owner, as applicable, with the indemnification obligation to any Indemnified
Party pursuant to the terms of Section 11.1(a) or Section 11.1(b), respectively. 

(d)    In no event shall any Indemnifying Party be liable for Damages that are exemplary or special, indirect,
consequential or punitive damages, unless such Damages (i) are the reasonably foreseeable result of a breach of a representation, warranty, covenant or agreement hereunder or any other matter, circumstance or condition giving rise to the
indemnification obligations, or (ii) are awarded pursuant to a third-party claim. 
 (e)    Each Indemnified Party
shall look only to the Indemnifying Party and its assets for the collection of any judgment (or other judicial process) requiring the payment of money by the Indemnifying Party in the event any claim is made pursuant to the terms of this Agreement
by an Indemnified Party, and no other Person and no other property or assets of any other Person (including (i) any direct or indirect owner of an interest in any Indemnifying Party and (ii) any officers, directors, partners, members,
other principals or employees of any Indemnifying Party or any such direct or indirect owner (each, a “Protected Person”)), shall be subject to levy, execution or other enforcement procedures for the satisfaction of any such
judgment (or other judicial process). In furtherance of the foregoing, if party hereto (or any related Indemnified Party) shall acquire a lien on any property or assets of any Protected Person, by judgment or otherwise, the other party hereto shall
promptly release (or use commercially reasonable efforts to cause to be released) such lien. 
 (f)    The provisions of
this Section 11.1 shall survive the expiration or earlier termination of this Agreement. 

11.2    Owner’s Insurance. At Owner’s discretion, Manager shall obtain and keep in full
force and effect, and at Owner’s cost, the following insurance or such additional insurance as may be required under the terms of any Loan Documents: 

(a)    “All Risk” property insurance protecting against all risks of physical loss to each Property,
including business interruption losses and terrorism losses, in an amount equal to the full replacement cost of each Property. Such property insurance shall contain appropriate clauses pursuant to which the insurance carrier shall waive all rights
of subrogation with respect to losses payable under such policy; any deductible or self-insured retention amounts with respect to such insurance shall be the sole and exclusive responsibility of Owner. 

(b)    Commercial General Liability Insurance, including personal injury liability coverage, naming Manager and any
mortgagee or superior lessor as an additional named insured and includes the following minimum primary limits with umbrella/excess liability of $         in excess thereof:
$         each occurrence; and $         general aggregate. 

  
 26 

 (c)    Workers’ Compensation in an amount of coverage which is not
less than applicable statutory limits of the state(s) in which any employee resides, is hired and in which the Services are being performed. 

(d)    Employer’s Liability Insurance in the amount of $         each
accident for bodily injury by accident, $         each employee for bodily injury by disease, and $         policy limit for bodily injury by disease, or such other
amount as may be required by umbrella policy to effect umbrella coverage and Manager shall obtain and deliver to Owner waivers of subrogation. 

Any deductible with respect to such insurance shall be primary and the sole and exclusive responsibility of Owner, except to the extent that
such liability relates to Manager’s gross negligence or willful misconduct or any act of Manager which is beyond the scope of Manager’s authority under this Agreement. Such liability insurance policies shall be primary and non-contributory with any similar insurance carried by Manager for its account except to the extent that such liability relates to Manager’s indemnification obligations found above. All such policies shall name
Manager as additional named insured, and shall be endorsed with appropriate waivers of subrogation rights against Manager. 

11.3    Manager’s Insurance. Manager throughout the Term, shall maintain in full force and
effect, and at its cost, the following kinds of insurance, covering its performance of its obligations in respect of the Properties: 

(a)    Property insurance for the full replacement value of Manager’s equipment, data, furniture and other personal
property kept at any Property or used in connection with Manager’s services. Manager hereby waives all claims against Owner and Tenants at any Property, and, with respect to each of the foregoing, its employees, officers, shareholders,
directors, agents, and representatives, for loss or damage to these items, regardless of whether the loss or damage is covered by insurance. 

(b)    Commercial General Liability Insurance, including coverage for Premises-Operations, Products-Completed Operations,
Independent Contracts, Blanket Contractual liability, Personal Injury and Broad form Property Damage, and including Cross Liability and Severability of Interests, with the following minimum limits: $        
each occurrence; and $         general aggregate. 
 Such policy shall provide coverage on a per
occurrence and per location basis and shall be primary and non-contributory per Manager’s indemnification obligations. The contractual liability insurance shall include coverage sufficient to meet the
indemnity obligations in this Agreement. Owner and Owner’s lenders and all other parties otherwise designated by the Owner from time to time shall each be added as an additional insured upon request. 

(c)    Commercial Automobile Liability Insurance, including coverage for owned,
non-owned, leased and hired autos, in the minimum amount of $         combined single limit for Bodily Injury and Property Damage if automobiles are used in the
performance of Manager’s obligations hereunder. 

  
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 (d)    All persons designated by Manager as authorized signatories or
who otherwise handle funds for any Property shall be covered by comprehensive fidelity, employee crime and dishonesty insurance maintained by Manager with coverage in the minimum amount of $        . Owner, in
the exercise of its reasonable discretion, may require Manager to increase the amount of such bond at Owner’s expense if Owner determines that circumstances reasonably warrant such increase in view of the risks involved. This policy or bond
must include coverage for employee dishonesty, forgery or alteration, money and securities (in and out), computer fraud, funds transfer fraud, and third-party client coverage for Owner’s property. Owner and any other entity as applicable shall
be named as loss payee under this policy. 
 (e)    Manager’s Professional Liability Insurance (Errors &
Omissions) – Minimum of $         limit. This insurance must provide coverage for services performed at any time during the Term. If this policy is claims-made it must include a retroactive date of no
later than the Commencement Date. 
 (f)    Employment practices liability insurance covering wrongful acts associated
with employment, including wrongful termination, discrimination, and sexual harassment, and a third-party endorsement covering discrimination and sexual harassment, with limits of not less than $         per
occurrence and $         general aggregate. If this policy is claims-made it must include a retroactive date of no later than the Commencement Date. 

(g)    The above-referenced insurance shall be maintained and carried in amounts stated above and with coverages approved
by Owner, in Owner’s reasonable judgment, with insurance carriers having an A.M. Best’s insurance rating of “A-“, “VIII” or better, which companies shall be authorized to do
business in the states in which the Properties are located, and, notwithstanding anything to the contrary set forth in this Agreement, such insurance amounts and coverages are consistent with insurance carried by leading management companies for
similar buildings and properties of similar quality in the metropolitan areas where the Properties are location. All such policies shall name Owner as an additional insured, with the exception of sub-sections
(d), (e) and (f) above, and shall be endorsed with appropriate waivers of subrogation rights against Owner, with the exception of sub-sections (d), (e) and (f) above. 

(h)    Any insurance limits required by this Agreement are minimum limits only and not intended to restrict the liability
imposed on Manager for work performed under this Agreement. 
 11.4    Evidence of Insurance. Manager shall
provide Owner with certificates of insurance or other satisfactory documentation, which evidence that the insurance required under this Agreement is in full force and effect at all times. Policies required to be obtained pursuant to
Section 11.2 and Section 11.3 must provide that thirty (30) days’ advance written notice of cancellation or non-renewal, except in the event of
cancellation due to non-payment of premium wherein ten (10) days advance written notice shall be given. In addition, Manager shall provide Owner with certificates of insurance or other satisfactory
documentation in advance of the expiration of any insurance coverage, which shall evidence a renewal or replacement of said policy is in full force and effect. 

  
 28 

 11.5    General Insurance Provisions. All insurance maintained by
Manager pursuant to this Agreement shall be maintained in effect throughout the Term. Manager shall, with regard to the coverages required of it, deliver certificates of insurance to Owner evidencing the required coverages within ten (10) days
after the date of this Agreement. If and to the extent the insurance requirements set forth in the documents evidencing or securing any loan made to Owner or any mortgage financing secured by any Property exceed the requirements set forth in this
Section 11.5, the more stringent requirements set forth in such Loan Documents shall govern. 

11.6    Mutual Waiver of Subrogation. Each of Owner and Manager shall waive all rights of subrogation under their
insurance policies referred to in this Section 11.6 and such waiver of subrogation shall not affect the effective date of coverage of such policies and Manager shall obtain an endorsement for policies required pursuant to
Sections 11.2 and 11.3, except as expressly set forth herein, if necessary to confirm that the waiver of subrogation herein granted shall in no manner affect the coverage of such policies. 

11.7    Manager’s Duties in Case of Loss. 

(a)    Manager shall notify Owner in writing and Owner’s insurance carrier, according to the carrier’s reporting
protocol, of any fire or other damage to any Property that is reasonably expected to exceed $        . Manager shall then arrange for an insurance adjuster to view such Property before repairs are started, but
in no event shall Manager settle any loss, complete any loss report, adjust any loss, or endorse any loss draft without Owner’s written consent; provided, however, that Manager may settle any loss, complete any loss report, adjust
any loss, or endorse any loss draft without Owner’s consent for an amount not to exceed $250,000.00, including the execution of proofs of loss. 

(b)    Manager shall promptly notify Owner in writing and Owner’s insurance carrier, according to the carrier’s
reporting protocol, of any bodily injury or property damage claimed by any Tenant or third party on or with respect to any Property; forward originals to Owner with a copy to Owner’s counsel of any summons, subpoena, or the like legal document
served upon Manager relating to actual or alleged potential liability of Owner, Manager or any Property. 

11.8    Survival. The provisions of this Article 11 shall survive the Expiration Date.

 ARTICLE 12 

NOTICES 

12.1    Notices. 

(a)    In order to be effective, all notices, demands, requests, consents, approvals, disapprovals or other communications
required or permitted by this Agreement to be given (any of the foregoing, a “Notice”) must be in writing and (i) delivered by a nationally recognized overnight delivery service, (ii) placed in the United States mail,
certified with return receipt requested, properly addressed and with the full postage prepaid, (iii) sent by electronic mail, or (iv) personally delivered by hand. Any Notice shall be deemed to have been received: (A) on the date of
sending by e-mail if sent prior to 5:00 P.M. (Eastern Standard Time) on a 

  
 29 

 
Business Day (otherwise on the next Business Day), (B) three (3) days after the date such Notice is mailed, (C) one (1) Business Day after delivery to a reputable overnight courier
service if delivered prior to 5:00 P.M. (Eastern Standard Time) on a Business Day (otherwise on the next Business Day) and (D) on the date of delivery by hand if delivered prior to 5:00 P.M. (Eastern Standard Time) on a Business Day (otherwise
on the next Business Day) 
 (b)    All Notices must be addressed as follows: 

 

			
	If to Manager, to:	  	c/o
                                         
                   
		  	                                      
                      
		  	                                      
                      
		  	Attention:
                                         
                   
		  	Telephone:
                                         
                   
		  	Email:
                                         
                   
		
	If to Owner, to:	  	c/o
                                         
                   
		  	                                      
                      
		  	                                      
                      
		  	Attention:
                                         
                   
		  	Telephone:
                                         
                   
		  	Email:
                                         
                   

 Notices shall be valid only if delivered in the manner provided above. Each party shall be entitled to change
its address for purposes of Notice in writing, communicated in accordance with the provisions of this Section 12.1. Notices given on behalf of a party by its attorneys in the manner provided for in this
Section 12.1 shall be considered validly given. 
 ARTICLE 13 

LIMITATIONS 

13.1    Assignment Restrictions and Rights. 

(a)    Except for delegation and sub-contracting rights pursuant to
Section 1.5(b), Manager shall not assign or otherwise transfer any of its rights and/or obligations under this Agreement to any Person without the prior written consent of Owner (and the Parties agree that it shall be a
default hereunder by Manager if a Change of Control of Manager or its publicly traded parent occurs); provided, however, that Manager may, without the prior written consent of Owner, assign or otherwise transfer any of its rights
and/or obligations under this Agreement to any of its Affiliates (but only for so long as such Affiliate remains an Affiliate of Manager). 

(b)     Owner shall not assign or otherwise transfer any of its rights and/or obligations under this Agreement to any
Person without the prior written consent of Manager; provided, however, that Owner may, without the prior written consent of Manager, assign or otherwise transfer any of its rights and/or obligations under this Agreement to any of its
Affiliates (but only for so long as such Affiliate remains an Affiliate of Owner). 

  
 30 

 13.2    Limitation of Authority. Manager shall not, without the
prior written approval of Owner: 
 (a)    Make any expenditure, whether from the Central Account or otherwise, or incur
any obligation on behalf of Owner, except for (i) expenditures or obligations approved by Owner, (ii) expenditures made and obligations incurred directly pursuant to the Approved Annual Business Plan and Budget (subject to any Permitted
Variances) or (iii) expenditures made for an Emergency in accordance with Section 4.5; 

(b)    Convey or otherwise transfer, pledge, hypothecate, encumber or permit a lien on any Property or any other property
or asset of Owner; 
 (c)    Except as set forth in Section 4.2(a), institute or defend
lawsuits or other legal or arbitration or mediation proceedings on behalf of Owner without Owner’s approval; 

(d)    Pledge the credit of Owner; 

(e)    Obligate Owner for the payment of any fee or commissions to any real estate agent or broker, other than those
expressly permitted in this Agreement or in the Approved Annual Business Plan and Budget; 
 (f)    Borrow money or
execute any promissory note or other obligation or mortgage, deed of trust, security agreement or other encumbrance in the name of or on behalf of Owner; and 

(g)    Enter into any dealings concerning any Property or with Tenants of space in any Property for Manager’s own
account except as expressly permitted herein; and 
 The limitations set forth in this Section 13.2 shall be in
addition to all other restrictions on the scope and authority of Manager set forth in this Agreement. The terms of this Section 13.2 shall survive the Expiration Date. 

ARTICLE 14 

CONFIDENTIALITY 

14.1    Confidentiality. 

(a)    Each Party hereto shall keep confidential and shall not disclose, or permit its Affiliates to disclose, (i) any
non-public information or materials relating to Owner, any of its Affiliates and/or their respective investments and activities (including the terms of this Agreement and any information relating to the
Properties and their operations; provided that Manager shall be allowed to utilize information related to the Properties in its marketing materials, including, without limitation, characteristics of the Properties and overall performance of
the Manager) or (ii) any other information exchanged between or among Owner, any of its Affiliates, and/or Manager (including, without limitation, information relating to any party hereto or its Affiliates) in connection herewith or therewith
(collectively, “Confidential Information”). Notwithstanding the foregoing, a Party may disclose such Confidential Information (a) upon prior Notice to the other party to the extent the disclosure of such information or
materials is 

  
 31 

 
expressly required by applicable Legal Requirements, or (b) if the information or materials become publicly known other than through the actions or inactions of such Party or its Affiliates,
or any of their respective officers, directors, shareholders, partners, members, employees, representatives, agents or attorneys or violations of this Agreement or any other obligations of confidentiality of any such parties. In addition, each Party
may disclose Confidential Information to its Affiliates, and its and their respective officers, directors, shareholders, partners, members, employees, representatives, consultants, agents, attorneys, advisors, financial sources, actual or potential
investors, and/or permitted transferees and their respective attorneys and advisors (in each case, whose compliance with this Section 14.1 is warranted by the disclosing Party (provided that such Party shall be deemed to
have breached this Section 14.1 if such recipient makes a disclosure that such Party is not permitted to make under this Section 14.1)). 

(b)    In the event that any Party that is restricted from disclosing Confidential Information pursuant to this
Section 14.1 is required to disclose any Confidential Information pursuant to Section 14.1(a) above, such Party shall provide prompt Notice to the other parties so that such other parties may seek
a protective order or other appropriate remedy, and the Party required to disclose the Confidential Information shall use reasonable efforts (but without expense to such party) to cooperate with the other parties in any effort undertaken to obtain a
protective order or other similar remedy. In the event that such protective order or other remedy is not obtained, the disclosing Party shall only furnish that portion of the Confidential Information that is required pursuant to
Section 14.1(a), and such Party shall exercise all reasonable efforts to obtain reasonably reliable assurances that the Confidential Information shall be accorded confidential treatment. For the avoidance of doubt, no Party
shall be required to take (or not take, as the case may be) any action that would, or could reasonably be expected to, expose such Party or its Affiliates, or its or their respective officers, directors, shareholders, partners, members or employees,
to legal sanctions. 
 (c)    No Party shall, and each Party shall direct and cause its Affiliates and its and their
respective representatives not to, without the prior written consent of the other Party, directly or indirectly, issue any press release or make any public comment, statement or communication with respect to this Agreement or any of the terms,
conditions or other aspects of this Agreement and/or the transactions contemplated by this Agreement. In addition to the foregoing, no public announcement or communication by any such Party using any other Party’s name or the name of any other
Party’s Affiliates shall be made without the prior written consent of such other Party. 
 ARTICLE 15 

LEGAL PROCEEDINGS 

15.1    Applicable Law; Waiver of Jury Trial. This Agreement shall, with respect to each Property, be construed in
accordance with the laws of the State in which such Property is located, without regard to any conflicts of law provisions that would result in the application of the laws of any other jurisdiction. 

TO THE FULLEST EXTENT NOW OR HEREAFTER PERMITTED BY LEGAL REQUIREMENTS, EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY CLAIM.
THE PROVISIONS OF THIS SECTION 15.1 SHALL SURVIVE THE CLOSING OR TERMINATION OF THIS AGREEMENT. 

  
 32 

 15.2    Arbitration/Dispute Resolution. 

(a)    Appointed Representative. Each Party shall appoint a representative who shall be responsible for
administering the dispute resolution provisions in this Section 15.2 (each, an “Appointed Representative”). Each Appointed Representative shall have the authority to resolve any Disputes (as defined below)
on behalf of the Party appointing such representative. 
 (b)    Notwithstanding anything to the contrary contained
herein, any dispute, controversy or claim arising out of, in connection with, or in relation to the interpretation, performance, nonperformance, enforceability, validity, termination or breach of this Agreement, whether arising in contract or tort,
between the Parties (each, a “Dispute” and, collectively, “Disputes”) shall first be referred by either Party for amicable negotiations by the Appointed Representatives by providing written notice of such Dispute in
the manner provided by Section 12.1 (a “Dispute Notice”). All documents, communications and information disclosed in the course of such negotiations that are not otherwise independently discoverable shall
not be offered or received as evidence or used for impeachment or for any other purpose, but shall be considered as to have been disclosed for settlement purposes. 

(i)    If, for any reason, a Dispute is not resolved in writing by the Appointed Representatives within
thirty (30) days of the date of delivery of the Dispute Notice, or if a Party fails to appoint an Appointed Representative within the periods specified herein, such Dispute shall be submitted to final and binding arbitration administered by the
American Arbitration Association (the “AAA”) in accordance with its Commercial Arbitration Rules in effect at the time (the “AAA Rules”), except as modified herein. 

(ii)    The seat of the arbitration shall be Denver, Colorado. 

(iii)    The arbitration shall be conducted by three (3) arbitrators. The claimant and respondent
shall each appoint one (1) arbitrator within thirty (30) days of receipt by respondent of the demand for arbitration. The two (2) arbitrators so appointed shall appoint the third (3rd) and presiding arbitrator (the
“Chairperson”) within thirty (30) days of the appointment of the second (2nd) arbitrator. If any Party fails to appoint an arbitrator, or if the two (2) Party-appointed arbitrators fail to appoint the Chairperson within
the time periods specified herein, then any such arbitrator shall, upon any Party’s request, be appointed by the AAA in accordance with the AAA Rules. Any arbitrator selected pursuant to this Section 15.2 shall be
neutral and impartial and shall not be affiliated with or an interested person of any party to the Dispute; further, any arbitrator appointed by AAA shall be a retired judge or a practicing attorney with no less than fifteen (15) years of
experience with litigation and arbitration involving the multifamily real estate industry and an experienced arbitrator. 

(iv)    By electing to proceed under the AAA Rules, the parties to the Dispute confirm that any dispute,
claim or controversy concerning the arbitrability of a 

  
 33 

 
Dispute or the jurisdiction of the arbitral tribunal, including whether arbitration has been waived, whether an assignee of this Agreement is bound to arbitrate, or as to the existence, scope,
validity interpretation or enforceability of the parties’ agreement to arbitrate, shall be determined by the arbitration tribunal. 

(v)    Each Party shall submit its claims according to the timetable established by the arbitral tribunal.
With respect to each claim advanced in the arbitration, including, without limitation, any claim under the indemnification provisions of Article 11 hereof, each side’s submissions shall specify the proposed determination or resolution
that it contends the arbitral tribunal should make (and, if applicable, any monetary relief that it contends that the arbitral tribunal should award) (in each case, the “Proposed Award”), which Proposed Award, if applicable, may be
expressed as “zero.” As to each claim for monetary relief, each side’s Proposed Award shall also state whether pre- or post-award interest should be awarded, and if so, at what interest rate,
and the date from which such interest (if any) should be calculated. 
 (vi)    There shall be only two
(2) Proposed Awards (one for each side of the claim), including, without limitation, any claim for monetary relief and/or any claim under the indemnification provisions of Article 11 hereof. Where there are more than two (2) parties
to the arbitration, the arbitral tribunal shall have power to make appropriate directions as to which parties shall comprise each “side” for purposes of submitting Proposed Awards, in every instance to ensure a proper alignment of parties
with respect to each such claim. 
 (vii)    In rendering the award or otherwise making any determination
or resolution (including, without limitation, as to monetary relief and/or relief under the indemnification provisions of Article 11 hereof), the Chairperson shall be limited to choosing, without modification, the Proposed Award of one of the
sides, according to its determination of which Proposed Award most comports with its assessment of the case. Insofar as monetary relief is claimed, the arbitral tribunal shall not award any monetary relief of any kind except as set forth in this
Section 15.2; provided that this will not limit the power of the arbitral tribunal: (1) to award relief per paragraph (viii) hereof; (2) to apply any statute of limitation that it determines is applicable
to any claim; (3) to dismiss or exclude any claim that it determines is: (A) precluded by any part of this Agreement, and/or (B) beyond the scope of this Section 15.2; (4) to receive and determine dispositive
motions in accordance with the AAA Rules; and/or (5) to apportion fees/costs per paragraph (ix) hereof. 

(viii)    In addition to monetary relief, and/or the making of any other determination or resolution that
is primarily at issue in the Dispute, the arbitral tribunal shall be empowered to award equitable relief, including, but not limited to, an injunction and specific performance of any obligation under this Agreement; provided that a claim
under the indemnification provisions of Article 11 shall at all times be governed by the procedures set forth in paragraphs (v) through (vii) above. 

  
 34 

 (ix)    The arbitral tribunal shall award the prevailing
party its attorneys’ fees and costs reasonably incurred in the arbitration, including the prevailing party’s share of the arbitrator fees and AAA administrative costs. 

(x)    The Parties intend that this agreement to arbitrate shall be valid, enforceable and irrevocable, and
any determination, resolution and/or award made or rendered by the arbitration tribunal shall be final and binding on all the parties to the Dispute. The parties to the dispute agree to comply with any award made in any such arbitration proceedings.
Judgment upon any award may be entered in any court of competent jurisdiction, including any court having jurisdiction over any party or any of its assets. 

(xi)    By agreeing to arbitration, the parties to the Dispute do not intend to deprive any court of its
jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment, or other order in aid of arbitration proceedings and the enforcement of any award. Without
prejudice to such provisional remedies as may be available under the jurisdiction of a court, the arbitral tribunal shall have full authority to grant provisional remedies and to direct the parties to request that any court modify or vacate any
temporary or preliminary relief issued by such court, and to award damages for the failure of any party to respect the arbitral tribunal’s orders to that effect. In any such action brought in court for such provisional remedies or enforcement
of any award, each of the parties to the Dispute irrevocably and unconditionally: (A) consents and submits to the non-exclusive jurisdiction and venue of the Courts of the State of Colorado and the
Federal Courts of the United States of America located within the State of Colorado (the “Colorado Courts”); (B) waives, to the fullest extent it may effectively do so, any objection, including any objection to the laying of venue
or based on the grounds of forum non conveniens or any right of objection to jurisdiction on account of its place of incorporation or domicile, which it may now or hereafter have to the bringing of any such action or proceeding in any Colorado
Court; (C) consents to service of process in the manner provided by this Agreement or in any other manner permitted by Legal Requirements; and (D) WAIVES ANY RIGHT TO TRIAL BY JURY. 

(xii)    This arbitration, and all prior, subsequent or concurrent judicial proceedings related thereto and
permitted herein, shall be conducted pursuant to the Federal Arbitration Act, found at Title 9 of the U.S. Code. The parties to the Dispute intend that the arbitration tribunal shall apply the substantive Laws of the State of Delaware to any Dispute
hereunder, without regard to any choice of law principles thereof that would mandate the application of the Laws of another jurisdiction. 

(xiii)    In order to facilitate the comprehensive resolution of related disputes, all claims between any
of the parties to the Dispute that arise under or in connection with this Agreement may be brought in a single arbitration. Upon the request of any party to an arbitration proceeding constituted under this Agreement, the arbitral tribunal shall
consolidate such arbitration proceeding with any other arbitration proceeding relating to this Agreement, if the arbitral tribunal determines that (A) there are issues of fact or law common to the proceedings so that a consolidated proceeding
would be more efficient than separate proceedings, and (B) no party to the Dispute would be 

  
 35 

 
unduly prejudiced as a result of such consolidation through undue delay or otherwise. In the event of different rulings on this question by the arbitral tribunal constituted hereunder and another
arbitral tribunal constituted under this Agreement, the ruling of the arbitral tribunal constituted first in time shall control, and such arbitral tribunal shall serve as the tribunal for any consolidated arbitration. 

(xiv)    In the event of a Dispute, each party to the Dispute shall continue to perform its obligations
under this Agreement in good faith during the resolution of such Dispute as if such Dispute had not arisen, unless and until this Agreement is terminated in accordance with the provisions hereof. 

(xv)    Any arbitration hereunder shall be confidential, and the Parties and their agents agree not to
disclose to any third party (A) the existence or status of the arbitration, (B) all information made known and documents produced in the arbitration not otherwise in the public domain, and (C) all awards arising from the arbitration,
except and to the extent that disclosure is required by applicable Law or is required to protect or pursue a legal right, and in any such case, the Party making such disclosure shall produce only those materials and information that are necessary
and shall take reasonable steps to safeguard the confidentiality of the materials and information. 
 (c)    Binding
Agreement. The Parties agree that the provisions of this Section 15.2 bind themselves and their Affiliates, and further agree to take all measures to lawfully cause their Affiliates to abide and be bound by the terms of
this Section 15.2. 
 15.3    Cooperation by Manager. Manager shall reasonably
cooperate, and shall cause all its employees to reasonably cooperate, in connection with the prosecution or defense of all legal proceedings affecting the Properties or arising in connection with the indemnity obligations of Owner provided for in
Section 11.1(b) hereof (but subject to the limitations and allocation of costs therein). The duty of Manager to cooperate shall survive the Expiration Date. 

15.4    Cooperation by Owner. Owner shall reasonably cooperate, and shall cause all its employees, agents and
representatives to reasonably cooperate, in connection with the prosecution or defense of all legal proceedings arising in connection with the indemnity obligations of Manager provided for in Section 11.1(a) hereof (but
subject to the limitations and allocation of costs therein). Owner’s duty to cooperate shall survive the Expiration Date. 

ARTICLE 16 

MISCELLANEOUS 

16.1    Entire Agreement. This Agreement contains the entire agreement among the Parties, and supersedes all prior
representations, agreements and understandings, both written and oral, among the parties hereto with respect to the subject matter hereof. 

16.2    Headings. The headings of the various articles and sections of this Agreement have been inserted for
convenient reference only and shall not have the effect of modifying or amending the express terms and provisions of this Agreement. 

  
 36 

 16.3    Successors and Assigns. This Agreement shall be binding
upon and, as to permitted or accepted successors, transferees and assigns, inure to the benefit of Manager and Owner and their respective heirs, successors, transferees and assigns, in all cases whether by the laws of descent and distribution,
merger, reverse merger, consolidation, sale of assets, other sale, operation of law or otherwise. Nothing contained in this Section 16.3 shall be construed to modify the provisions of Article 13 of
this Agreement. 
 16.4    No Waiver. No failure by any Party to insist upon the strict performance of any
covenant, duty, agreement or condition of this Agreement, or to exercise any right or remedy consequent upon a breach thereof, shall constitute a waiver of any such breach or any such covenant, duty, agreement or condition. No obligation, covenant,
agreement, term or conditions of this Agreement, and no breach of this Agreement shall be waived, altered or modified, except by written instrument. No waiver of any breach shall affect or alter this Agreement, but each and every obligation,
covenant, agreement, term and condition of this Agreement shall continue in full force and effect with respect to any other then-existing or subsequent breach of this Agreement. Time is of the essence in connection with each and every provision of
this Agreement. 
 16.5    Severability. If any provision of this Agreement shall be held invalid, illegal or
unenforceable in any jurisdiction or in any respect, then the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired, and the parties shall use their commercially reasonable
efforts to amend or substitute such invalid, illegal or unenforceable provision with enforceable and valid provisions which would produce as nearly as possible the rights and obligations previously intended by the parties without renegotiation of
any material terms and conditions stipulated herein. 
 16.6    No Third-Party Beneficiary. Subject to the terms
of Section 11.1 (and the rights of any Person thereunder), (a) no entity other than Owner and Manager is or shall be entitled to bring any action to enforce any provision of this Agreement, and (b) the provisions of
this Agreement are solely for the benefit of and shall be enforceable only by Owner and Manager and their respective successors and assigns as permitted hereunder. 

16.7    Unavoidable Delays. Each Party shall be excused from performing its obligations under this Agreement for so
long as and to the extent that performance is prevented or delayed by Unavoidable Delay; provided, however, that (a) such Party shall, within thirty (30) days after the beginning of any such Unavoidable Delay, have first
notified the other Party in writing of the cause(s) thereof and requested an extension, (b) such Party must diligently seek removal or avoidance of the hindrance, and (c) even though the time for performance may be extended as provided in
this Section 16.7, the parties shall remain bound by the other terms, covenants, and agreements of this Agreement. 

16.8    Subordination. This Agreement, the rights of Manager hereunder, including the right for Manager to receive
any fees hereunder, shall be subordinated to any financing on any Property and to all of the terms, conditions and provisions of the loan documents thereof, and to any renewal, substitution, extension, modification, or replacement thereof. In the
event of the foreclosure (or deed in lieu of foreclosure) of any mortgage or deed of trust on any Property, the purchaser of such Property at any such foreclosure sale or grantee under any deed in lieu of such

  
 37 

 
foreclosure may, without any cost or liability to such purchaser or grantee, terminate this Agreement and Manager’s rights hereunder upon thirty (30) days’ written notice to
Manager. In no event shall any such purchaser or grantee have any liability for any of the obligations of Owner hereunder arising prior to the date such party acquires any Property. Manager agrees to execute from time to time upon the request of
Owner or any such mortgagee such agreements as any such mortgagee of any Property may require in order to further evidence or confirm such subordination and the other provisions of this Section 16.8. Any such subordination
shall permit Manager to receive and retain fees earned prior to an event of default under the applicable loan document. 

16.9    Joint and Several. If Manager at any time consists of more than one entity, the obligation of all such
entities under this Agreement shall be joint and several. 
 16.10    Exhibits. The exhibits referred to in and
attached to this Agreement are incorporated herein in full by reference. 
 16.11    Counterparts. This Agreement
may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. All signatures of the parties to this Agreement may be transmitted by PDF attached to an
email, and such PDF shall, for all purposes, be deemed to be the original signature of such Party whose signature it reproduces, and shall be binding upon such Party. 

16.12    Consents and Approvals. 

(a)    Unless as otherwise expressly set forth herein, if Manager requests the approval or consent of Owner pursuant to
this Agreement and Owner does not respond within the requisite time period set forth herein, then Owner shall be deemed to have disapproved such request. 

(b)    If the consent or approval of any lender or other unaffiliated third party is required in connection with the
execution of this Agreement with respect to any Property, (i) Manager shall use commercially reasonable efforts to obtain such consent or approval, (ii) the Parties shall each pay fifty percent (50%) of any related and reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees, costs and disbursements) incurred in obtaining such consent or approval, and (iii) the
effectiveness of this Agreement with respect to such Property shall be contingent upon obtaining such consent or approval. If any lender or other unaffiliated third party requires Owner to enter into a separate property management agreement with
Manager with respect to any Property, the Parties agree to enter into such separate property management agreement, which separate property management agreement shall be substantially the same as this Agreement except it shall relate solely to such
Property. 
 16.13    OFAC Representations, Warranties, and Indemnification. Owner and Manager each represents
and warrants that it is not a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of OFAC of the Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked
Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or under any other law,
rule, order, or regulation that is enforced or administered by OFAC. 

  
 38 

 16.14    Non-Business
Days. Whenever action must be taken (including the giving of notice or the delivery of documents) under this Agreement during a certain period of time or by a particular date that ends or occurs on a day other than a Business Day, then such
period or date shall be extended until the immediately following Business Day. 
 16.15    No Personal Data.
Notwithstanding anything to the contrary contained in this Agreement, Manager acknowledges and agrees that, in performing its obligations to provide information to Owner hereunder, Manager shall not (and shall cause its Affiliates and its and their
employee and representatives to not) without the prior written consent of Owner, provide or make available or accessible to Owner any Personal Data. For the avoidance of doubt, the foregoing restrictions do not apply to any information that is
anonymized, or to the street addresses of, and rent amounts payable by Tenants with respect to, any Property. “Personal Data” means a natural person’s name, street address, telephone number,
e-mail address, photograph, social security number or tax identification number, driver’s license number, passport number, credit card number, bank information or biometric information or any other piece
of information that allows the identification of such natural person, or any other data which is considered “personal data” (or any similar concept thereto) as defined under applicable privacy laws. 

[Signatures on following page] 

  
 39 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

					
	OWNER:
	
	JAMES-OXFORD LIMITED PARTNERSHIP, 
	a Maryland limited partnership
		
	By:	 	
                    

		 	Name:	 	 

                     
                    

		 	Title:	 	  

	
	MANAGER:
	
	AIR PROPERTY MANAGEMENT COMPANY, LLC, 
	a Delaware limited liability company
		
	By:	 	
                     

		 	Name:	 	
                     
                   

		 	Title:	 	  

 Signature Page to Property Management Agreement 

 EXHIBIT A 

SCHEDULE OF MANAGED PROPERTIES 
  

					
	 	  	 Property Name
	  	 Property Address

	1.	  	AIMCO 118-122 West 23rd Street	  	118-122 West 23rd Street, New York, NY 10011
			
	2.	  	Hillmeade	  	6800 Highway 70 S, Nashville, TN 37221
			
	3.	  	1045 on the Park Apartment Homes	  	1045 Piedmont Ave NE, Atlanta, GA 30309
			
	4.	  	Plantation Gardens	  	7616 NW 5th St., Plantation, FL 33324
			
	5.	  	Elm Creek	  	One Elm Creek Dr., Emhurst, IL 60126
			
	6.	  	Willow Bend	  	2850 Southampton Dr., Rolling Meadows, IL 60008
			
	7.	  	Evanston Place	  	1715 Chicago Ave., Evanston, IL 60201
			
	8.	  	Yorktown Apartments	  	2233 S Highland Ave., Lombard, IL 60148
			
	9.	  	Hyde Park Tower	  	5140 S Hyde Park Blvd., Chicago, IL 60615
			
	10.	  	2200 Grace	  	2200 S. Grace Street, Lombard, IL 60148
			
	11.	  	Bank Lofts	  	817 17th St., Denver, CO 80202
			
	12.	  	Cedar Rim	  	7920 110th Avenue SE, Newcastle, WA 98056
			
	13.	  	Pathfinder Village	  	39800 Fremont Blvd., Fremont, CA 94538
			
	14.	  	2900 on First Apartments	  	2900 1st Ave., Seattle, WA 98121
			
	15.	  	AIMCO 173 East 90th Street	  	AIMCO 165-173 East 90th Street, New York, NY 10128
			
	16.  	  	AIMCO 237 Ninth Avenue	  	237 Ninth Avenue, New York, NY 10001

  
 A-1 

 EXHIBIT B 

MANAGEMENT FEE AND CONSTRUCTION MANAGEMENT FEE 

A.    Owner shall pay (or shall cause the applicable Property Owner to pay) to Manager a monthly management fee (the
“Management Fee”) equal to three percent (3%) of Gross Operating Revenue (as defined below) from each Property, monthly in arrears, prorated on a daily basis for any partial month as and when provided in
Section 3.1 of this Agreement. 
 B.    For all purposes hereof, “Gross Operating
Revenue” means all monthly revenues actually received, on a cash basis, derived from the operations of each Property, including, without limitation: 
  

	 	(i)	 Tenant rentals and other amounts collected with respect to Leases for each month during the Term, including
collections from the apartment Tenants for water, sewer and trash reimbursements, if any, in accordance with any Residential Lease provisions; 

  

	 	(ii)	 insurance proceeds (if any) attributable to rental loss or business interruption; 

 

	 	(iii)	 parking fees, garage, carport, and storage closet rentals, if any, not included with Residential Leases;

  

	 	(iv)	 revenue from coin-operated machines; 

 

	 	(v)	 Owner’s share of vendor income proceeds from Contracts; and 

 

	 	(vi)	 any and all other income related to Manager’s management of any Property, including, without limitation,
air rights fees, pet fees, late rental fees, lease termination fees, cleaning fees, security fees and damage fees. 

Gross Operating Revenue shall not include: 
  

	 	(i)	 capital contributions by Owner or any interest thereon; 

 

	 	(ii)	 proceeds from the refinancing of any loan or any voluntary conversion, sale, exchange or other disposition of
any Property or any portion thereof; 

  

	 	(iii)	 casualty insurance proceeds (exclusive of rental loss or business interruption proceeds);

  

	 	(iv)	 proceeds of condemnation awards; 

 

	 	(v)	 any deposits including rental, security, damage, or cleaning deposits, including any such amounts forfeited by
Tenants (unless applied to unpaid rent); 

  
 B-1 

	 	(vi)	 abatement or refund of real estate taxes or other taxes; and 

 

	 	(vii)	 discounts and dividends on insurance policies. 

C.    If applicable, Owner shall pay (or shall cause the applicable Property Owner to pay) to Manager a construction
management fee (the “Construction Management Fee”) equal to         (    ) percent (    %) of the Costs (as hereinafter defined) relating to
the Construction Work. “Costs” means, collectively, all actual, direct and indirect, costs relating to such Construction Work, including, without limitation, (i) all costs and expenses relating to the actual construction,
including labor, materials, finishes and utility installations, (ii) all costs and expenses associated with the planning, design and coordination of the project, including architectural, planning and engineering fees, legal fees, permit fees
and other similar costs and/or fees (including related professional services and any supervisory on-site personnel) and (iii) any expenditure capitalized in accordance with GAAP as applied by Manager. In
the event any Tenant is required to pay a fee to Owner or Manager for any Tenant improvement work performed by Manager (or its sub-manager(s)) under an approved Lease, then the amount of the Construction
Management Fee due from Owner to Manager shall be offset by the amount of any such fee due from the applicable Tenant, and Manager shall be entitled to collect the full amount of such fee due from the applicable Tenant. 

  
 B-2EX-10.6

 Exhibit 10.6 
  

 
  

Aimco REIT Sub, LLC 

$534,127,075 
 5.2%
Secured Mezzanine Notes due January 31, 2024 
  

 
 Mezzanine
Note Agreement 
  
  

Dated as of             , 2020 

 
  

 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 Section 1.
	 	 Authorization of Notes
	  	 	1	 
			
	 Section 2.
	 	 Transfer and Issuance of Notes
	  	 	1	 
			
	 Section 3.
	 	 Closing
	  	 	1	 
			
	 Section 4.
	 	 Deliverables at Closing
	  	 	1	 
	 Section 4.1.
	 	 Delivery of Transferred Interests
	  	 	1	 
	 Section 4.2.
	 	 Pledge Agreement and Collateral
	  	 	2	 
	 Section 4.3.
	 	 James Oxford Operating Agreement
	  	 	2	 
			
	Section 5.	 	Representations and Warranties of the Company	  	 	2	 
	 Section 5.1.
	 	 Organization; Power and Authority
	  	 	2	 
	 Section 5.2.
	 	 Authorization, Etc.
	  	 	2	 
	 Section 5.3.
	 	 Organization and Ownership of Shares of Certain Subsidiaries
	  	 	2	 
	 Section 5.4.
	 	 REIT Representations
	  	 	3	 
	 Section 5.5.
	 	 Title to Property
	  	 	3	 
	 Section 5.6.
	 	 Existing Indebtedness; Restrictions on Indebtedness and Liens
	  	 	3	 
			
	Section 6.	 	Notices From the Company	  	 	3	 
			
	Section 7.	 	Payment and Prepayment of the Notes	  	 	4	 
	 Section 7.1.
	 	 Maturity; Payment of Interest
	  	 	4	 
	 Section 7.2.
	 	 Mandatory Prepayments
	  	 	4	 
	 Section 7.3.
	 	 Optional Prepayments
	  	 	5	 
	 Section 7.4.
	 	 Allocation of Partial Prepayments
	  	 	5	 
	 Section 7.5.
	 	 Maturity; Surrender, Interest on Prepayments, Etc.
	  	 	5	 
	 Section 7.6.
	 	 Payments Due on Non-Business Days
	  	 	5	 
	 Section 7.7.
	 	 Late Charges
	  	 	5	 
			
	Section 8.	 	Affirmative Covenants	  	 	6	 
	 Section 8.1.
	 	 Existence, Etc.
	  	 	6	 
	 Section 8.2.
	 	 REIT Covenants
	  	 	6	 
	 Section 8.3.
	 	 Maintenance of Properties
	  	 	6	 
	 Section 8.4.
	 	 Maintenance of Insurance
	  	 	6	 
	 Section 8.5.
	 	 Compliance with Laws
	  	 	6	 
	 Section 8.6.
	 	 Compliance with Mortgage Loan Documents
	  	 	7	 
			
	Section 9.	 	Negative Covenants	  	 	7	 
	 Section 9.1.
	 	 Merger, Consolidation, Etc.
	  	 	7	 
	 Section 9.2.
	 	 Liens
	  	 	7	 
	 Section 9.3.
	 	 Indebtedness
	  	 	8	 
	 Section 9.4.
	 	 Dispositions
	  	 	9	 
	 Section 9.5.
	 	 Sale and Leaseback Transactions
	  	 	9	 
	 Section 9.6.
	 	 Change in Nature of Business
	  	 	10	 

  
 i 

							
	 Section 10.
	 	 Events of Default
	  	 	10	 
			
	 Section 11.
	 	 Remedies on Default, Etc.
	  	 	11	 
			
	 Section 11.1.
	 	 Acceleration
	  	 	11	 
	 Section 11.2.
	 	 Other Remedies
	  	 	11	 
	 Section 11.3.
	 	 Rescission
	  	 	11	 
	 Section 11.4.
	 	 No Waivers or Election of Remedies, Expenses, Etc.
	  	 	11	 
			
	 Section 12.
	 	 Collateral Matters
	  	 	12	 
	 Section 12.1.
	 	 Collateral
	  	 	12	 
	 Section 12.2.
	 	 Collateral Agent
	  	 	12	 
			
	 Section 13.
	 	 Registration; Exchange; Substitution of Notes
	  	 	13	 
	 Section 13.1.
	 	 Registration of Notes
	  	 	13	 
	 Section 13.2.
	 	 Transfer and Exchange of Notes
	  	 	13	 
	 Section 13.3.
	 	 Replacement of Notes
	  	 	14	 
			
	 Section 14.
	 	 Payments on Notes
	  	 	14	 
	 Section 14.1.
	 	 Place of Payment
	  	 	14	 
	 Section 14.2.
	 	 Payment by Wire Transfer
	  	 	14	 
	 Section 14.3.
	 	 Withholding
	  	 	14	 
			
	 Section 15.
	 	 Survival of Representations and Warranties; Entire Agreement
	  	 	15	 
			
	 Section 16.
	 	 Amendment and Waiver
	  	 	15	 
	 Section 16.1.
	 	 Requirements
	  	 	15	 
	 Section 16.2.
	 	 Binding Effect, Etc.
	  	 	15	 
	 Section 16.3.
	 	 Notes Held by Company, Etc.
	  	 	16	 
			
	 Section 17.
	 	 Notices
	  	 	16	 
			
	 Section 18.
	 	 Miscellaneous
	  	 	16	 
	 Section 18.1.
	 	 Successors and Assigns
	  	 	16	 
	 Section 18.2.
	 	 Accounting Terms
	  	 	16	 
	 Section 18.3.
	 	 Severability
	  	 	16	 
	 Section 18.4.
	 	 Construction, Etc.
	  	 	17	 
	 Section 18.5.
	 	 Counterparts
	  	 	17	 
	 Section 18.6.
	 	 Governing Law
	  	 	17	 
	 Section 18.7.
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	17	 

  
 ii 

									
	 Schedules
	  				  	
			
	 Schedule A
	  	 	—	 	  	 Defined Terms

			
	 Schedule 1
	  	 	—	 	  	 Form of 5.2% Secured Mezzanine Note due January 31, 2024

			
	 Schedule 2
	  	 	—	 	  	 Equity Interests Exchanged for Notes

			
	 Schedule 5.3
	  	 	—	 	  	 James Oxford Subsidiaries

			
	 Schedule 5.6
	  	 	—	 	  	 Existing Indebtedness

			
	 Purchaser Schedule
	  	 	—	 	  	 Information Relating to Purchasers

  
 iii 

 AIMCO REIT SUB, LLC 

4582 South Ulster Street, Suite 1400 

Denver, Colorado 80237 

5.2% Secured Mezzanine Notes due January 31, 2024 

As of             , 2020 

To Each of the Purchasers Listed in 
 the
Purchaser Schedule Hereto: 
 Ladies and Gentlemen: 

Aimco REIT Sub, LLC, a Delaware limited liability company (the “Company”), agrees with each of the Purchasers as follows:

 Section 1.    Authorization of Notes. The Company has authorized the issue of
$534,127,075 aggregate principal amount of its 5.2% Secured Mezzanine Notes due January 31, 2024 (the “Notes”) in exchange for the Equity Interests in James Oxford described on Schedule 2. The Notes shall be substantially in
the form set out in Schedule 1. Certain capitalized and other terms used in this Agreement are defined in Schedule A and, for purposes of this Agreement, the rules of construction set forth in Section 18.4 shall govern. 

Section 2.    Transfer and Issuance of Notes. Subject to the terms and conditions
of this Agreement, the Company will issue to each Purchaser, in exchange for the Equity Interests transferred from each Purchaser to the Company as listed on Schedule 2 (such Equity Interests, the “Transferred Interests”), at the
Closing provided for in Section 3, Notes in the principal amount specified opposite such Purchaser’s name in the Purchaser Schedule. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall
have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder. 

Section 3.    Closing. The issuance of the Notes to be issued to each Purchaser
shall occur at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, 155 N. Wacker Dr., Chicago, Illinois 60606, at 9:00 a.m., Chicago time, at a closing (the “Closing”) on
            , 2020. At the Closing, the Company will deliver to each Purchaser the Notes to be issued to such Purchaser in the form of a single Note dated the date of the Closing and
registered in such Purchaser’s name, against delivery by such Purchaser to the Company of the Transferred Interests owned by such Purchaser. In addition, at the Closing, the Company shall be admitted as a partner in James Oxford. 

Section 4.    Deliverables at Closing. At the Closing the following shall occur:

 Section 4.1.    Delivery of Transferred Interests. Each Purchaser shall transfer to the Company ownership
in the Transferred Interests, and the Company shall be admitted to James Oxford as a partner. 

 Section 4.2.    Pledge Agreement and Collateral. The Company
shall deliver to the Collateral Agent, for the benefit of each Purchaser, an executed counterpart of the Pledge Agreement and certificates representing the Transferred Interests, if any such certificates exist. 

Section 4.3.    James Oxford Operating Agreement. The Company shall deliver to such Purchaser executed
counterparts of the limited partnership agreement of James Oxford, which shall permit the Collateral Agent or a purchaser at a foreclosure sale to, pursuant to the remedies available to each such Person under the Pledge Agreement, be admitted to
James Oxford as a partner during an Event of Default hereunder. 

Section 5.    Representations and Warranties of the Company. The Company
represents and warrants to each Purchaser that: 
 Section 5.1.    Organization; Power and Authority. The
Company is a limited liability company duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign limited liability company and is in good standing in each
jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. The Company has the limited liability company power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this
Agreement and the other Note Documentation and to perform the provisions hereof and thereof. 

Section 5.2.    Authorization, Etc. This Agreement, the Pledge Agreement and the Notes have been duly
authorized by all necessary limited liability company action on the part of the Company, and this Agreement, the Pledge Agreement and the Notes constitute legal, valid and binding obligations of the Company enforceable against the Company in
accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and
(ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 5.3.    Organization and Ownership of Shares of Certain Subsidiaries. 

(a)    As of the Closing and after giving effect to the transfer of the Transferred Interests by the Purchasers, the
Company will own all of the outstanding Equity Interests in James Oxford, except for the Minority Common Interests. As of the Closing and after giving effect to the transactions contemplated hereby, AIMCO/Bethesda is the owner of the Minority Common
Interests. As of the Closing, James Oxford directly or indirectly owns all of the outstanding Equity Interests in each James Oxford Subsidiary listed on Schedule 5.3. All of the outstanding Equity Interests of James Oxford owned by the Company have
been validly issued, are fully paid and non-assessable and are owned by the Company free and clear of any Lien that is prohibited by this Agreement. 

(b)    All of the outstanding Equity Interests of each James Oxford Subsidiary have been validly issued, are fully paid
and non-assessable and are owned directly or indirectly by James Oxford free and clear of any Lien that is prohibited by this Agreement. 

(c)    James Oxford, each James Oxford Entity and each James Oxford Subsidiary is a corporation, limited partnership,
limited liability company or other legal entity duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation, limited partnership, limited
liability company or other legal entity and, where applicable, is in good standing in each jurisdiction in which such qualification is required by 

  
 2 

 
law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. James Oxford, each James Oxford Entity and each James Oxford Subsidiary has the corporate, limited partnership, limited liability company or other power and authority to own or hold under lease the properties it purports to own or hold under
lease and to transact the business it transacts and proposes to transact. 
 Section 5.4.    REIT
Representations. As of the date of this agreement and at all times thereafter while any portion of any Note remains outstanding, James Oxford will hold real property (within the meaning of Treasury Regulation section 1.856-3(d)). 
 Section 5.5.    Title to Property. The Company has good
title to, and is the record and beneficial owner of, the Collateral free and clear of all Liens other than Liens expressly permitted hereunder. James Oxford has good title to, and is the record and beneficial owner of, directly or indirectly, all
Equity Interests in each James Oxford Subsidiary. Each James Oxford Subsidiary has good and marketable title to the Specified Property listed opposite its name on Schedule 5.3, in each case free and clear of Liens prohibited by this Agreement,
except for those defects in title that, individually or in the aggregate, would not have a Material Adverse Effect. 

Section 5.6.    Existing Indebtedness; Restrictions on Indebtedness and Liens. 

(a)    Schedule 5.6 sets forth a complete and correct list of all outstanding Indebtedness for borrowed money of the
Company, James Oxford, each James Oxford Entity and each James Oxford Subsidiary as of the Closing. Neither the Company, James Oxford nor any James Oxford Entity or any James Oxford Subsidiary is in default and no waiver of default is currently in
effect, in the payment of any principal or interest on any such Indebtedness and no event or condition exists with respect to any such Indebtedness that would permit (or that with notice or the lapse of time, or both, would permit) one or more
Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

(b)    Neither the Company, James Oxford nor any James Oxford Entity or James Oxford Subsidiary is a party to, or
otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary, any agreement relating thereto or any other agreement (including its
charter or any other organizational document) which would prohibit the incurrence of Indebtedness hereunder or the granting of Liens on the Collateral. 

Section 6.    Notices From the Company. The Company shall deliver to each holder
of a Note promptly, and in any event within 15 Business Days (or 10 Business Days in the case of (x) a merger or consolidation of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary or (y) a Change of Control)
after a Responsible Officer becoming aware of the existence of any (i) Default or Event of Default, (ii) default or event of default under any document evidencing Indebtedness for borrowed money secured by a mortgage, deed of trust,
assignment of rents or other security interest on any Specified Property or of the Equity Interests in any Person that owns, directly or indirectly, any Specified Property, (iii) Disposition of any Specified Property, (iv) Casualty or
Condemnation Event with respect to any Specified Property, (v) merger or consolidation of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary, (vi) Change of Control or (vii) incurrence of Indebtedness
that gives rise to a prepayment pursuant to Section 7.2(d), written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto. 

  
 3 

 Section 7.    Payment and Prepayment of
the Notes. 
 Section 7.1.    Maturity; Payment of Interest. 

(a)    The entire unpaid principal balance of each Note shall be due and payable on the Maturity Date. 

(b)    The Company shall pay interest (computed on the basis of a 360-day year of
twelve 30-day months) on (i) the unpaid balance of each Note at the rate of 5.2% per annum from the date hereof, payable quarterly, on the first day of January, April, July and October in each year,
commencing on April 1, 2021, and on the Maturity Date, until the principal of each Note shall have been paid in full, and (ii) to the extent permitted by law, any overdue payment of interest, at the Default Rate pursuant to
Section 7.1(c) below. 
 (c)     (1) If any amount due in respect of the Notes (other than amounts due on the
Maturity Date) remains past due for thirty (30) days or more, interest on such unpaid amount(s) shall accrue from the date payment was due at the Default Rate and shall be payable upon demand by any Purchaser and (2) if any amount due in
respect of the Notes is not paid in full on the Maturity Date, then interest shall accrue at the Default Rate on all such unpaid amounts from the Maturity Date until fully paid and shall be payable upon demand by the Purchasers. 

Section 7.2.    Mandatory Prepayments. 

(a)    Promptly, and in any event within 15 Business Days, following the Disposition (other than a Casualty or Condemnation
Event) of all or any portion of Specified Property or all or any portion of the Equity Interests in James Oxford, any James Oxford Entity or any James Oxford Subsidiary (whether in a single transaction or series of related transactions), the Company
shall prepay the Notes in an amount equal to the Net Cash Proceeds of such Disposition. In the event of a Casualty or Condemnation Event, promptly, and in any event within 15 Business Days, following the receipt by the Company, James Oxford, any
James Oxford Entity or any James Oxford Subsidiary of Net Insurance/Condemnation Proceeds stemming from such Casualty or Condemnation Event, the Company shall prepay the Notes in an amount equal to such Net Insurance/Condemnation Proceeds;
provided that no such prepayment shall be required so long as (i) no Default or Event of Default has occurred and is continuing, (ii) within 10 Business Days of receipt of such Net Insurance/Condemnation Proceeds the Company
delivers a certificate to the Purchasers certifying as to its intent to repair, rebuild or replace such asset and that it has sufficient cash or other sources of liquidity to do so, and (iii) such repair, rebuild or replacement is completed
within one year from the date such Net Insurance/Condemnation Proceeds are received by the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary. 

(b)    Promptly, and in any event within 10 Business Days, following the merger or consolidation of the Company, James
Oxford, any James Oxford Entity or any James Oxford Subsidiary (whether in a single transaction or series of related transactions), the Company shall prepay the Notes in an amount equal to the Net Cash Proceeds received by the Company, James Oxford,
any James Oxford Entity or any James Oxford Subsidiary in connection with such merger or consolidation. 
 (c)    Within
10 Business Days following a Change of Control effected without the prior written consent of the Required Holders, the Company shall prepay the Notes in an amount equal to the aggregate principal amount of the Notes then outstanding. 

(d)    Promptly, and in any event within 15 Business Days, following the incurrence of any Indebtedness pursuant to
Section 9.3(b)(ii) or any Indebtedness not permitted by Section 9.3 of this 

  
 4 

 
Agreement by the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary, the Company shall prepay the Notes in an amount equal to the Net Cash Proceeds of such
Indebtedness. In addition, if any Indebtedness is incurred pursuant to Section 9.3(b)(i) of this Agreement in an amount that exceeds the Indebtedness being refinanced thereby (and any reasonable premiums and other reasonable amounts paid,
including accrued and unpaid interest and any fees and expenses reasonably incurred in connection with such refinancing), the Company shall prepay the Notes in an amount equal to such excess. 

Section 7.3.    Optional Prepayments. The Company may, at its option, upon notice as provided below, prepay at
any time all, or from time to time any part of, the Notes at 100% of the principal amount so prepaid, without premium or penalty. The Company will give each holder of Notes written notice of each optional prepayment under this Section 7.3 not
less than 3 days and not more than 60 days prior to the date fixed for such prepayment unless the Company and the Required Holders agree to another time period pursuant to Section 16. Each such notice shall specify such date (which shall be a
Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 7.4), and the interest to be paid on the
prepayment date with respect to such principal amount being prepaid. Any notice delivered pursuant to this Section 7.3 may be conditioned upon the effectiveness of other credit facilities or the receipt of proceeds or the issuance of debt or
the occurrence of any other transaction, in which case, such notice may be revoked if such other credit facilities do not become effective, such proceeds are not received, such debt is not issued or such other transaction is not consummated. 

Section 7.4.    Allocation of Partial Prepayments. In the case of each partial prepayment of the Notes
pursuant to Section 7.2 or Section 7.3, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts
thereof not theretofore called for prepayment. 
 Section 7.5.    Maturity; Surrender, Interest on Prepayments,
Etc. Each prepayment of Notes made pursuant to this Section 7 shall be without premium or penalty and shall be accompanied by all accrued and unpaid interest in the amount so prepaid. In the case of each such prepayment, the
principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (subject to revocation or deferral in the case of a conditional notice of prepayment), together with interest on such principal
amount accrued to such date. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 

Section 7.6.    Payments Due on Non-Business Days. Anything in
the Note Documentation to the contrary notwithstanding, (x) except as set forth in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the next succeeding Business Day without
including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (y) any payment of principal of any Note (including principal due on the Maturity Date of such Note) that is due on a
date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 

Section 7.7.    Late Charges. If any scheduled interest payment is not received by the holder of any
Note within 10 Business Days after the applicable payment date, inclusive of the date on which such amount is due, the Company shall pay to the applicable holder, immediately without demand by such holder, the Late Charge. 

  
 5 

 Section 8.    Affirmative
Covenants. The Company covenants that so long as any of the Notes are outstanding: 

Section 8.1.    Existence, Etc. Subject to Section 9.1, the Company will at all times preserve and
keep its limited liability company existence in full force and effect. Subject to Section 9.1, the Company will at all times cause to be preserved and kept in full force and effect the limited partnership, limited liability company or corporate
existence of James Oxford, each James Oxford Entity and each James Oxford Subsidiary and all rights and franchises of the Company, James Oxford, the James Oxford Entities and the James Oxford Subsidiaries unless, in the case of each James Oxford
Entity and each James Oxford Subsidiary, the termination of or failure to preserve and keep in full force and effect such existence, right or franchise would not, individually or in the aggregate, have a Material Adverse Effect. 

Section 8.2.    REIT Covenants. 

(a)    At all times necessary after the Closing while any portion of any Note remains outstanding, James Oxford will hold
real property (within the meaning of Treasury Regulation section 1.856-3(d)). 

(b)    Except for such regulatory notices, consents, or approvals as may be required under applicable law, James Oxford
has taken all steps necessary such that, upon default and foreclosure of the Note, the registered holders will replace the Company as a partner in James Oxford, and AIMCO/Bethesda has agreed that, in such circumstances, it will not unreasonably
oppose the admission of the registered holders as partners therein. 
 Section 8.3.    Maintenance of
Properties. The Company will, and shall cause James Oxford, each of the James Oxford Entities and each of the James Oxford Subsidiaries to, (a) maintain, preserve and protect all of its properties and equipment necessary in the operation of
its business, ordinary wear and tear, force majeure, casualty events and transactions not prohibited by this Agreement excepted, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; (b) make all
necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) use the standard of care typical in the industry in the operation and
maintenance of its facilities, taken as a whole. 
 Section 8.4.    Maintenance of Insurance. Except where
the failure to do so would not reasonably be expected to have a Material Adverse Effect, the Company will maintain or cause to be maintained, such insurance coverage with respect to liabilities, losses or damage in respect of the assets, properties
and business of the Company, James Oxford, the James Oxford Entities and the James Oxford Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses (as
determined in good faith by the Company), in each case in such amounts, with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons. 

Section 8.5.    Compliance with Laws. The Company, James Oxford, each James Oxford Entity and each James
Oxford Subsidiary will comply, and shall cause their respective Subsidiaries to comply, with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority, except to the extent the failure of the Company, James
Oxford, such James Oxford Entity, such James Oxford Subsidiary or such other Subsidiary to comply could not reasonably be expected to have a Material Adverse Effect. 

  
 6 

 Section 8.6.    Compliance with Mortgage Loan Documents.
Except where the failure to do so could not reasonably be expected to have a Material Adverse Effect, the Company will, and shall cause James Oxford, each of the James Oxford Entities and each of the James Oxford Subsidiaries to, comply with the
provisions of any document evidencing Indebtedness for borrowed money secured by a mortgage, deed of trust, assignment of rents or other security interest on any Specified Property or of the Equity Interests in any Person that owns, directly or
indirectly, any Specified Property or any mezzanine Indebtedness incurred by the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary. 

Section 9.    Negative Covenants. The Company covenants that so long as any of the
Notes are outstanding: 
 Section 9.1.    Merger, Consolidation, Etc. The Company will not and will
not permit James Oxford, any James Oxford Entity or any James Oxford Subsidiary to consolidate with or merge with any other Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions
to any Person, consummate a Division as the Dividing Person, or liquidate or dissolve, unless: 
 (a)    (x) the
Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary (1) receives consideration (A) at least equal to the fair market value (such fair market value to be determined (i) on the date of contractually agreeing
to such merger, consolidation or other transaction and (ii) in good faith by the Company), of the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary, as applicable, which such fair market value shall be a positive
number, and (B) that is 100% in the form of cash; provided that for purposes of determining “cash” consideration, any assumption of Indebtedness or other liabilities by buyer shall be deemed cash consideration, so long as
seller is released from such Indebtedness or other liabilities, and (2) prepays or causes to be prepaid the Notes in an amount equal to the Net Cash Proceeds of such merger, consolidation or other transaction in accordance with Section 7.2
of this Agreement and (y) immediately before and immediately after giving effect to such transaction or each transaction in any such series of transactions, no Default or Event of Default shall have occurred and be continuing; or 

(b)    the Required Holders consent to such consolidation, merger, or other transaction, such consent not to be
unreasonably withheld or delayed. 
 No such Disposition of assets or property shall have the effect of releasing the Company or any
successor corporation, limited partnership, limited liability company or other entity that shall theretofore have become such in the manner prescribed in this Section 9.1, from its liability under the Note Documentation. 

Section 9.2.    Liens. (a) The Company will not directly or indirectly create, incur, assume or permit to
exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any of the Collateral, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive
income or profits, except: 
 (i)    Liens arising under the Note Documentation; or 

(ii)    Liens for taxes not yet due or which are being contested in good faith and by appropriate
proceedings in the circumstances, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP. 

  
 7 

 (b)    The Company will not permit James Oxford, any James Oxford Entity
or any James Oxford Subsidiary to, directly or indirectly, create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any of its property or assets, whether now owned or held or
hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits, except: 

(i)    Liens existing on the date hereof that secure Indebtedness listed on Schedule 5.6 hereto and any
renewals or extensions thereof; provided that the property covered thereby is not increased and any renewal or extension of the obligations secured or benefitted thereby is permitted pursuant to Section 9.3; 

(ii)    Liens securing Indebtedness permitted pursuant to Section 9.3(b)(ii); 

(iii)    Liens for taxes not yet due or which are being contested in good faith and by appropriate
proceedings in the circumstances, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

(iv)    carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other
like Liens arising in the ordinary course of business which are not overdue for a period of more than 60 days or which are being contested in good faith and by appropriate proceedings in the circumstances, if adequate reserves with respect thereto
are maintained on the books of the applicable Person to the extent required in accordance with GAAP; 

(v)    easements,
rights-of-way, restrictions and other similar encumbrances affecting real property and other minor defects or irregularities in title and other similar encumbrances
including the reservations, limitations, provisos and conditions, which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property of James Oxford, any James Oxford Entity or any
James Oxford Subsidiary, as applicable, or materially interfere with the ordinary conduct of the business of the applicable Person; 

(vi)    statutory rights of set-off arising in the ordinary course
of business; 
 (vii)    with respect to any real property, immaterial title defects or irregularities
that do not, individually or in the aggregate, materially impair the use of such real property; 

(viii)    Liens on any cash earnest money deposits or other escrow arrangements made in connection with any
letter of intent or purchase agreement; and 
 (ix)     Liens arising under the Note Documentation. 

Section 9.3.    Indebtedness. (a) The Company will not directly or indirectly create, incur, assume,
guarantee, or otherwise become directly or indirectly liable with respect to any Priority Debt other than Indebtedness hereunder. 

(b)    The Company will not permit James Oxford, any James Oxford Entity or any James Oxford Subsidiary to, directly or
indirectly, create, incur, assume, guarantee, or otherwise become directly or indirectly liable with respect to any Indebtedness, except: 

(i)    Indebtedness outstanding on the date hereof that is listed on Schedule 5.6 hereto and any
refinancings, refundings, renewals or extensions thereof; provided that, if the amount of 

  
 8 

 
such Indebtedness is increased at the time of such refinancing, refunding, renewal or extension, the Company prepays or causes to be prepaid the Notes in an amount equal to such increase in
accordance with Section 7.2 of this Agreement, except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any
existing commitments unutilized thereunder; 
 (ii)    (A) secured or unsecured mezzanine Indebtedness,
provided that the Company shall prepay or cause to be prepaid the Notes in an amount equal to the Net Cash Proceeds of such Indebtedness in accordance with Section 7.2 of this Agreement, or (B) Indebtedness secured by a lien on
Equity Interests or a mortgage on currently unencumbered real property, including one or more Specified Properties, not outstanding on the date hereof; provided that the Company shall prepay or cause to be prepaid the Notes in an amount equal
to the Net Cash Proceeds of such Indebtedness in accordance with Section 7.2 of this Agreement; and 

(iii)    other Indebtedness not permitted in clauses (b)(i) – (ii) above in an aggregate principal
amount not to exceed $5,000,000. 
 Section 9.4.    Dispositions. The Company will not and will not permit
James Oxford, any James Oxford Entity or any James Oxford Subsidiary to make any Disposition (other than the incurrence of any Lien not prohibited under Section 9.2), unless: 

(a)    with respect to any Casualty or Condemnation Event, the Company, James Oxford, such James Oxford Entity or such
James Oxford Subsidiary prepays or causes to be prepaid the Notes in an amount equal to the Net Insurance/Condemnation Proceeds stemming from such Casualty or Condemnation Event in accordance with Section 7.2 of this Agreement; 

(b)    the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary (1) receives consideration
(A) at least equal to the fair market value (such fair market value to be determined (i) on the date of contractually agreeing to such Disposition and (ii) in good faith by the Company), of the property subject to such Disposition and
(B) that is 100% in the form of cash; provided that for purposes of determining “cash” consideration, any assumption of Indebtedness or other liabilities by buyer shall be deemed cash consideration, so long as seller is
released from such Indebtedness or other liabilities, and (2) prepays or causes to be prepaid the Notes in an amount equal to the Net Cash Proceeds of such Disposition in accordance with Section 7.2 of this Agreement; or 

(c)     in the case of a Disposition of a Specified Property or a Disposition of all or any portion of the Equity
Interests of the owner of such Specified Property, (i) contemporaneously with such Disposition, real property with, or Equity Interests of an owner of real property with, similar cash flows and comparable fair market value to the Specified
Property Disposed of or owned by such Person whose Equity Interests are Disposed of is exchanged or otherwise substituted for such Specified Property or such owner of Specified Property and (ii) each Purchaser provides prior written consent to
such Disposition, which consent is not to be unreasonably withheld. 
 Upon the occurrence of any Disposition contemplated by Section 9.4(c), any real
property exchanged or substituted for a Specified Property shall become a “Specified Property” for all purposes under this Agreement and the other Note Documentation and such original Specified Property shall cease to be a “Specified
Property” under this Agreement and the other Note Documentation. 
 Section 9.5.    Sale and Leaseback
Transactions. The Company will not and will not permit James Oxford, any James Oxford Entity or any James Oxford Subsidiary to enter into any 

  
 9 

 
arrangement, directly or indirectly, whereby it shall sell or transfer any property (real or personal) used or useful in its business, whether now owned or hereinafter acquired, and thereafter
rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred (each such transaction, a “Sale/Leaseback Transaction”), unless (a) such
Disposition is permitted under Section 9.2, (b) the Company complies with Section 7.2 and (c) such lease is not required to be capitalized in accordance with GAAP and is not otherwise Indebtedness. 

Section 9.6.    Change in Nature of Business. The Company will not and will not permit James Oxford, any James
Oxford Entity or any James Oxford Subsidiary to engage in any material line of business substantially different from those lines of business currently conducted by the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary
on the date hereof or any business substantially related or incidental or ancillary thereto. 

Section 10.    Events of Default. An “Event of Default” shall
exist if any of the following conditions or events shall occur and be continuing: 
 (a)    the Company defaults in the
payment of any principal or Late Charge on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 

(b)    the Company defaults in the payment of any interest on any Note for more than 30 Business Days after the same
becomes due and payable; or 
 (c)    the Company defaults in the performance of or compliance with any term
contained herein (other than those referred to in Sections 10(a) or (b)) and such default is not remedied within 60 days after the Company receiving written notice of such default from any holder of a Note (any such written notice to be
identified as a “notice of default” and to refer specifically to this Section 10(c)); or 
 (d)    the
Company (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or
arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its
creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be
liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or 
 (e)    a court or other
Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company, James Oxford or any Material Subsidiary, as applicable, a custodian, receiver, trustee or other officer with similar powers with respect to
it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or
insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company, James Oxford or such Material Subsidiary, as applicable, or any such petition shall be filed against
the Company, James Oxford or such Material Subsidiary, as applicable, and such petition shall not be dismissed within 60 days; or 

(f)    one or more final judgments or orders for the payment of money aggregating in excess of $50,000,000, including any
such final order enforcing a binding arbitration decision, are rendered against James Oxford, any James Oxford Entity and/or any James Oxford Subsidiary and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed
pending appeal, or are not discharged within 60 days after the expiration of such stay. 

  
 10 

 Section 11.    Remedies on Default, Etc. 

Section 11.1.    Acceleration. (a) If an Event of Default with respect to the Company described in
Section 10(d) or (e) (other than an Event of Default described in clause (i) of Section 10(d) or described in clause (vi) of Section 10(d) by virtue of the fact that such clause encompasses clause (i) of
Section 10(d)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 

(b)    If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their
option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 

(c)    If any Event of Default described in Section 10(a) or (b) has occurred and is continuing, any holder or
holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable. 

(d)    Upon any Notes becoming due and payable under this Section 11.1, whether automatically or by declaration, such
Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus all accrued and unpaid interest thereon (including interest accrued thereon at the Default Rate), shall all be immediately due and payable, in each and every case
without presentment, demand, protest or further notice, all of which are hereby waived. 

Section 11.2.    Other Remedies. If any Default or Event of Default has occurred and is continuing, and
irrespective of whether any Notes have become or have been declared immediately due and payable under Section 11.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law,
suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any
power granted hereby or thereby or by law or otherwise; provided that only the Collateral Agent shall be entitled to exercise remedies with respect to the Collateral pursuant to the Pledge Agreement. 

Section 11.3.    Rescission. At any time after any Notes have been declared due and payable pursuant to
Section 11.1(b) or (c), the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all due or overdue interest on the Notes, all principal of any
Notes that are due and payable and are unpaid other than by reason of such declaration, and (to the extent permitted by applicable law) any Late Charge or overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company
nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due
solely by reason of such declaration, have been cured or have been waived pursuant to Section 16, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment
under this Section 11.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 

Section 11.4.    No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay
on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, 

  
 11 

 
power or remedy conferred by this Agreement or any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available
at law, in equity, by statute or otherwise. The Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this
Section 11, including reasonable attorneys’ fees, expenses and disbursements. 

Section 12.    Collateral Matters. 

Section 12.1.    Collateral. At the time of the Closing, the Company shall grant to the Collateral Agent
for the benefit of the Purchasers a first lien, priority security interest in the Equity Interests it owns or at any time hereafter acquires in James Oxford and all proceeds thereof by executing and delivering the Pledge Agreement. 

Section 12.2.    Collateral Agent. 

(a)    Each Purchaser hereby appoints AIR OP to act on behalf of the Purchasers as collateral agent (in such capacity,
together with its successors and assigns, the “Collateral Agent”) under the Pledge Agreement and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Agreement and
the Pledge Agreement, and AIR OP agrees to act as such. In taking any action pursuant to the provisions of the Pledge Agreement, and in exercising any rights or remedies set forth therein, the Collateral Agent shall act at the direction of the
Required Holders, and any such actions taken at the direction of the Required Holders shall be binding upon all Purchasers. Notwithstanding any provision to the contrary contained elsewhere in this Agreement and the Pledge Agreement, the duties of
the Collateral Agent shall be ministerial and administrative in nature, and the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the Pledge Agreement, nor shall the Collateral Agent have
or be deemed to have any trust or fiduciary relationship with any Purchaser, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement and the Pledge Agreement or otherwise exist
against the Collateral Agent. 
 (b)    Subject to the provisions of the Pledge Agreement, each Purchaser agrees that
the Collateral Agent shall execute and deliver the Pledge Agreement and all agreements, powers of attorney, documents and instruments incidental thereto, and act in accordance with its terms. 

(c)    The Collateral Agent shall have no obligation whatsoever to the Purchasers to assure that the Collateral exists or
is owned by the Company or is cared for, protected, or insured or has been encumbered, or that the Collateral Agent’s Liens have been properly or sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to
any particular priority, or to determine whether all of the Company’s property constituting Collateral has been properly and completely listed or delivered, as the case may be, or the genuineness, validity, marketability or sufficiency thereof
or title thereto, or to exercise at all or in any particular manner or under any duty of care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities, and powers granted or available to the Collateral Agent pursuant to
this Agreement or the Pledge Agreement, it being understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, the Collateral Agent shall have no other duty or liability whatsoever to the Purchasers as to
any of the foregoing. 
 (d)    The Collateral Agent may resign at any time by notice to each Purchaser and the Company,
such resignation to be effective upon the acceptance by each Purchaser of a successor agent to its appointment as Collateral Agent. If no successor collateral agent is appointed prior to the intended effective date of the resignation of the
Collateral Agent (as stated in the notice of resignation), the Collateral Agent may appoint, after consulting with each Purchaser, subject to the consent of the 

  
 12 

 
Company (which shall not be unreasonably withheld and which shall not be required during a continuing Event of Default), a successor collateral agent. Upon the acceptance of its appointment as
successor collateral agent hereunder, such successor collateral agent shall succeed to all the rights, powers and duties of the retiring Collateral Agent, and the term “Collateral Agent” shall mean such successor collateral agent, and the
retiring Collateral Agent’s appointment, powers and duties as the Collateral Agent shall be terminated. Promptly following the acceptance of the appointment of any successor Collateral Agent, the Company shall cause assignments of filings
existing on the date of such assignment related to the Collateral to be filed or recorded sufficient to reflect the successor Collateral Agent, as secured party of record in accordance with applicable law related to each portion of the Collateral.
After the retiring Collateral Agent’s resignation hereunder, the provisions of this Section 12.2 shall continue to inure to its benefit and the retiring Collateral Agent shall not by reason of such resignation be deemed to be released from
liability as to any actions taken or omitted to be taken by it while it was the Collateral Agent under this Agreement. 

Section 13.    Registration; Exchange; Substitution of Notes. 

Section 13.1.    Registration of Notes. The Company will maintain, in electronic format or otherwise, at its
principal place of business, a register of the names and addresses of the holder(s) of this Note and the principal amount (and stated interest) owing to each holder (the “Register”), and will update the Register to
reflect any permitted assignments or transfers subsequent to the date hereof. The Company will make payments of principal and interest as specified hereunder to the holder(s) named as such in the Register. The holder(s) shall notify the Company in
writing prior to any assignment, transfer or other disposition of this Note (or any portion hereof) or such holder(s)’ rights or interests hereunder, with such written notice to be delivered to the Company not later than one Business Day prior
to any such assignment, transfer or disposition and which notice shall specify the principal amount hereunder that is the subject of such assignment, transfer or disposition. Any assignment, transfer or other disposition of this Note (or any portion
thereof) shall be effective only upon appropriate entries with respect thereto being made in the Register, which shall be made promptly upon receipt of such written notice. Notwithstanding anything to the contrary herein, the entries in the Register
shall be conclusive, absent manifest error; the Company and each holder shall treat the person whose name is recorded in the Register as the owner of its portion of the Note for all purposes of this Note, notwithstanding notice to the contrary; and
the registered owner of this Note (or any portion hereof) as indicated on the Register shall be the party with the exclusive right to receive payment of any principal amount and accrued and unpaid interest thereon under this Note. The Register shall
be available for inspection by any holder, at any reasonable time and from time to time upon reasonable prior notice. This provision is intended to constitute a “book entry system” within the meaning of Treasury Regulations Section 5f.103-1(c)(1)(ii) and shall be interpreted consistently with such intent. 

Section 13.2.    Transfer and Exchange of Notes. Upon surrender of any Note to the Company at the address and
to the attention of the designated officer (all as specified in Section 17(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly
executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within 10
Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the
unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Schedule 1. Each such new Note shall be dated and bear interest from the date to
which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge
imposed in respect of any such transfer of Notes. 

  
 13 

 Section 13.3.    Replacement of Notes. Upon receipt by the
Company at the address and to the attention of the designated officer (all as specified in Section 17(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note, and 

(a)    in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it, or 

(b)    in the case of mutilation, upon surrender and cancellation thereof, within 10 Business Days thereafter, the Company
at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen,
destroyed or mutilated Note if no interest shall have been paid thereon. 

Section 14.    Payments on Notes. 

Section 14.1.    Place of Payment. Subject to Section 14.2, payments of principal and interest becoming
due and payable on the Notes shall be made in Denver, Colorado at the principal office of the Company in such jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such
place of payment shall be either the principal office of the Company in the United States or the principal office of a bank or trust company in the United States. 

Section 14.2.    Payment by Wire Transfer. So long as any Purchaser shall be the holder of any Note, and
notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, interest and all other amounts becoming due hereunder by the method and at the address
specified for such purpose below such Purchaser’s name in the Purchaser Schedule, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the
presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall
surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior to any sale or
other Disposition of any Note held by a Purchaser, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in
exchange for a new Note or Notes pursuant to Section 13.2. 
 Section 14.3.    Withholding. 

(a)    To the extent required by law, each party hereto hereby authorizes each other party (each, a “Withholding
Party”) to deduct or withhold any foreign, federal, state or local tax from any amount transferred under this Agreement. Each Withholding Party shall timely pay the full amount deducted or withheld to the relevant governmental authority in
accordance with the applicable law. Amounts so deducted or withheld, if any, shall be treated as paid to the applicable party in respect of which such amounts were deducted or withheld. 

(b)    By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly
complete and deliver to the Company, or to such other Person as may be 

  
 14 

 
reasonably requested by the Company, from time to time (a) in the case of any such holder that is a United States Person, such holder’s United States tax identification number or other
Forms reasonably requested by the Company necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b) in the case of
any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply
with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing in this
Section 14.3 shall require any holder to provide information that is confidential or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such
information it receives as confidential. 
 Section 15.    Survival of Representations
and Warranties; Entire Agreement. All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or
interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. This Agreement, the Notes and
the Pledge Agreement embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 

Section 16.    Amendment and Waiver. 

Section 16.1.    Requirements. This Agreement, the Notes and the Pledge Agreement may be amended, and
the observance of any term hereof or of the Notes or the Pledge Agreement may be waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that: 

(a)    no amendment or waiver of any of Sections 1, 2, 3, 4, or 5 hereof, or any defined term (as it is used therein),
will be effective as to any Purchaser unless consented to by such Purchaser in writing; and 
 (b)    no amendment or
waiver may, without the written consent of each Purchaser and the holder of each Note at the time outstanding, (i) subject to Section 11 relating to acceleration or rescission, change the amount or time of any prepayment or payment of
principal of, or reduce the rate or change the time of payment or method of computation of interest on the Notes, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any amendment or
waiver, or (iii) amend any of Section 7 (except as set forth in the second sentence of Section 7.2) and Sections 10(a), 10(b), 11 or 16. 

Section 16.2.    Binding Effect, Etc. Any amendment or waiver consented to as provided in this
Section 16 or the Pledge Agreement applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or
waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company and any
holder of a Note and no delay in exercising any rights hereunder or under any Note or the Pledge Agreement shall operate as a waiver of any rights of any holder of such Note. 

  
 15 

 Section 16.3.    Notes Held by Company, Etc.
Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, the
Pledge Agreement or the Notes, or have directed the taking of any action provided herein or in the Pledge Agreement or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then
outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding. 

Section 17.    Notices. All notices and communications provided for hereunder
shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with
return receipt requested (postage prepaid), or (c) by an internationally recognized overnight delivery service (charges prepaid). Any such notice must be sent: 

(i)     if to any Purchaser, to such Purchaser at the address specified for such communications in the
Purchaser Schedule, or at such other address as such Purchaser shall have specified to the Company in writing, 

(ii)     if to any other holder of any Note, to such holder at such address as such other holder shall have
specified to the Company in writing, or 
 (iii)     if to the Company, to the Company at its address set
forth at the beginning hereof to the attention of General Counsel of Apartment Investment and Management Company, or at such other address as the Company shall have specified to the holder of each Note in writing. 

Notices under this Section 17 will be deemed given only when actually received. 

Section 18.    Miscellaneous. 

Section 18.1.    Successors and Assigns. All covenants and other agreements contained in this Agreement
by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and registered assigns (including any subsequent holder of a Note) whether so expressed or not, except that, (i) subject to
Section 9.1, the Company may not assign or otherwise transfer any of its rights or Obligations hereunder or under the Notes without the prior written consent of each holder, which written consent is not to be unreasonably withheld, and
(ii) each holder may not assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of the Company, which consent is not to be unreasonably withheld; provided that
notwithstanding the foregoing, each holder may assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of the Company during an Event of Default. Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

Section 18.2.    Accounting Terms. All accounting terms used herein which are not expressly defined in
this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, all computations made pursuant to this Agreement shall be made in accordance with GAAP. 

Section 18.3.    Severability. Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to
the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 
  

  
 16 

 Section 18.4.    Construction, Etc. Each covenant
contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to
excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly
by such Person. Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or reference to any of the Note Documentation or any other agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein) and, for purposes of the Notes, shall also include any such
notes issued in substitution therefor pursuant to Section 13, (b) subject to Section 18.1, any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words
“herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections and
Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or
supplemented from time to time. 
 Section 18.5.    Counterparts. This Agreement may be executed in
any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the
parties hereto. 
 Section 18.6.    Governing Law. This Agreement shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that
would permit the application of the laws of a jurisdiction other than such State. 

Section 18.7.    Jurisdiction and Process; Waiver of Jury Trial. (a) The Company irrevocably
submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to
this Agreement or the Notes. To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such
court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum. 
 (b)    The Company agrees, to the fullest extent permitted by applicable law, that a final
judgment in any suit, action or proceeding of the nature referred to in Section 18.7(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the
United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

  
 17 

 (c)    The Company consents to process being served by or on behalf of
any holder of Notes in any suit, action or proceeding of the nature referred to in Section 18.7(a) by mailing a copy thereof by registered, certified priority or express mail (or any substantially similar form of mail), postage prepaid, return
receipt or delivery confirmation requested, to it at its address specified in Section 17 or at such other address of which such holder shall then have been notified pursuant to said Section. The Company agrees that such service upon receipt
(i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and
personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(d)    Nothing in this Section 18.7 shall affect the right of any holder of a Note to serve process in any manner
permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in
any other jurisdiction. 
 (e)    The parties hereto hereby waive trial by jury in any action brought on or with respect
to this Agreement, the Notes or any other document executed in connection herewith or therewith. 

  
 18 

 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company. 
  

			
	Very truly yours,
	
	Aimco REIT Sub, LLC, a Delaware limited liability company, as the Company
		
	By:	 	  

		 	Title

  
 [Signature Page to
Mezzanine Note Agreement] 

			
	This Agreement is hereby accepted and agreed to as of the date hereof.
	
	AIMCO Properties, L.P., a Delaware limited partnership, as a Purchaser
	
	 By: AIMCO-GP, Inc., a Delaware corporation,

its general partner

		
	By:	 	
                     
                            

		 	Title
	
	AIMCO/Bethesda Holdings, Inc., a Delaware corporation, as a Purchaser
		
	By:	 	
                     
                            

		 	Title
	
	AIMCO Properties, L.P., a Delaware limited partnership, as the Collateral Agent
	
	 By: AIMCO-GP, Inc., a Delaware corporation,

its general partner

		
	By:	 	
                     
                            

		 	Title

  
 [Signature Page to
Mezzanine Note Agreement] 

 Schedule A 

Defined Terms 
 As used
herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly
through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person; provided that neither AIMCO/Bethesda nor AIR OP shall be considered Affiliates of the Company, James Oxford, any James
Oxford Entity or any James Oxford Subsidiary for the purposes of the Note Documentation. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company. 

“Agreement” means this Mezzanine Note Agreement, including all Schedules attached to this Agreement. 

“AIMCO/Bethesda” means AIMCO/Bethesda Holdings, Inc., a Delaware corporation, as such entity may be renamed from time
to time. 
 “AIR OP” means AIMCO Properties, L.P., a Delaware limited partnership, as such entity may be renamed from time
to time. 
 “Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York
City, Baltimore or Denver are required or authorized to be closed. 
 “Capital Lease” means, at any time, a lease with
respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 

“Casualty or Condemnation Event” means the receipt by the Company, James Oxford, any James Oxford Entity or any James
Oxford Subsidiary of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking, expropriation or similar event with respect to any of their respective property. 

“Change of Control” means the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or
group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of Equity Interests in the Company pursuant to which Aimco OP L.P., a Delaware limited partnership, ceases to
directly or indirectly own through one or more wholly-owned subsidiaries all of the Equity Interests of the Company (other than the Company Initial Preferred Interests). 

“Closing” is defined in Section 3. 

“Code” means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.

 “Collateral” has the meaning set forth in the Pledge Agreement. 

“Collateral Agent” is defined in Section 12.2(a). 

  
 Schedule A 

 “Company” is defined in the first paragraph of this Agreement. 

“Company Initial Preferred Interests” means the up to 125 Series A preferred units of the Company issued in connection with
the Restructuring (as defined in the Separation Agreement). 
 “Control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and “Controlling” shall
have meanings correlative to the foregoing.  
 “Debtor Relief Laws” means the Bankruptcy Code of the United States,
or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions
from time to time in effect and affecting the rights of creditors generally. 
 “Default” means an event or condition the
occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default. 

“Default Rate” means that rate of interest per annum that is 2% above the rate of interest stated in clause (a) of the
first paragraph of the Notes. 
 “Disposition” or “Dispose” means (i) the sale, transfer, license,
lease or other disposition (including any sale and leaseback transaction) of any property by any Person, directly or indirectly, and whether voluntary or involuntary, including any sale, assignment, transfer or other disposal, with or without
recourse, of any notes or accounts receivable or any rights and claims associated therewith, (ii) a Casualty or Condemnation Event with respect to any property or asset, and (iii) the issuance or sale of Equity Interests, in the case of
each of clauses (i), (ii) and (iii), whether in a single transaction or series of related transactions. 
 “Dividing
Person” has the meaning assigned to it in the definition of “Division”. 
 “Division” means the division
of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing
Person and pursuant to which the Dividing Person may or may not survive. 
 “Equity Interests” means shares of capital
stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other similar rights entitling the holder thereof to
purchase or acquire any of the foregoing. 
 “Event of Default” is defined in Section 10. 

“FATCA” means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or
relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (a), and (c) any agreements entered into pursuant to
section 1471(b)(1) of the Code. 

  
 A-2 

 “GAAP” means generally accepted accounting principles as in effect from
time to time in the United States of America. 
 “Governmental Authority” means 

 

	 	(a)	 the government of 

  

	 	(i)	 the United States of America or any state or other political subdivision thereof, or 

 

	 	(ii)	 any other jurisdiction in which the Company, James Oxford, any James Oxford Entity or any James Oxford
Subsidiary conducts all or any part of its business, or which asserts jurisdiction over any properties of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary, or 

 

	 	(b)	 any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or
pertaining to, any such government. 

 “Guaranty” means, with respect to any Person, any obligation
(except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner,
whether directly or indirectly, including obligations incurred through an agreement, contingent or otherwise, by such Person: 
  

	 	(a)	 to purchase such indebtedness or obligation or any property constituting security therefor;

  

	 	(b)	 to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or
(ii) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such indebtedness or obligation;

  

	 	(c)	 to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of
such indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or 

  

	 	(d)	 otherwise to assure the owner of such indebtedness or obligation against loss in respect thereof.

 In any computation of the indebtedness or other liabilities of the obligor under any Guaranty, the indebtedness or
other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor. 

“holder” means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the
Company pursuant to Section 13.1. 
 “Indebtedness” with respect to any Person means, at any time, without
duplication, 
  

	 	(a)	 its liabilities for borrowed money; 

 

	 	(b)	 its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable
arising in the ordinary course of business but including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property); 

  
 A-3 

	 	(c)	 (i) all liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases and
(ii) all liabilities which would appear on its balance sheet in accordance with GAAP in respect of Synthetic Leases assuming such Synthetic Leases were accounted for as Capital Leases; 

 

	 	(d)	 all liabilities for borrowed money secured by any Lien with respect to any property owned by such Person
(whether or not it has assumed or otherwise become liable for such liabilities); 

  

	 	(e)	 all its liabilities in respect of letters of credit or instruments serving a similar function issued or
accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money); 

  

	 	(f)	 the aggregate Swap Termination Value of all Swap Contracts of such Person; and 

 

	 	(g)	 any Guaranty of such Person with respect to liabilities of a type described in any of clauses (a) through
(f) hereof. 

 Indebtedness of any Person shall include all obligations of such Person of the character described in
clauses (a) through (g) to the extent such Person remains legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under GAAP. 

“James Oxford” means James-Oxford Limited Partnership, a Maryland limited partnership. 

“James Oxford Entity” means any wholly-owned subsidiary through which James Oxford indirectly owns any James Oxford
Subsidiary. 
 “James Oxford Subsidiary” means, as of the Closing, each entity listed on Schedule 5.3; provided that
any entity exchanged or substituted for a James Oxford Subsidiary pursuant to the terms of this Agreement and the other Note Documentation shall be considered “James Oxford Subsidiary” for all purposes hereunder and thereunder. 

“Late Charge” means an amount equal to the delinquent amount then due under the Agreement multiplied by 5%. 

“Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any
interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property or asset of such Person (including in
the case of any Equity Interest, the granting of any option or agreement to sell) or any agreement to enter into any of the foregoing. 

“Material Adverse Effect” means a material adverse effect on (a) the business, operations, affairs, financial condition,
assets or properties of the Company, James Oxford, the James Oxford Entities or the James Oxford Subsidiaries taken as a whole, (b) the ability of the Company to perform its Obligations under this Agreement, the Notes and the Pledge Agreement,
or (c) the validity or enforceability of this Agreement, the Notes or the Pledge Agreement. 

  
 A-4 

 “Material Subsidiary” means, at any date of determination,
any Subsidiary of the Company that (i) as of the most recently ended fiscal quarter of the Company, has total assets with a value in excess of 10% of the consolidated total assets of the Company and its Subsidiaries for such date or
(ii) during the most recently completed four fiscal quarters of the Company, has gross revenues exceeding 10% of the consolidated gross revenues of the Company and its Subsidiaries, in each case determined in accordance with GAAP. 

“Maturity Date” is defined as January 31, 2024. 

“Minority Common Interests” means the common interests in James Oxford that continue to be owned by AIMCO/Bethesda
immediately after Closing. 
 “Net Cash Proceeds” means (1) the aggregate cash or cash equivalents proceeds received
by or on behalf of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary in respect of any Disposition or consideration received in connection with a merger or consolidation, net of (A) direct costs incurred in
connection therewith (including, without limitation, reasonable and customary selling expenses, legal, accounting and investment banking fees and sales commissions), (B) taxes paid or payable as a result thereof, (C) amounts required to be
applied to the repayment of principal, premium (if any) and interest on Indebtedness secured by the assets subject to such Disposition as a result of such Disposition and (D) amounts provided in good faith as a reserve against (x) any
liabilities under any indemnification obligations or purchase price adjustment associated with such Disposition or merger or consolidation or (y) any other liabilities retained by the Company, James Oxford, the applicable James Oxford Entity or
the applicable James Oxford Subsidiary associated with the properties sold (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds) and (2) the
aggregate cash or cash equivalents proceeds received by the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary in respect of the incurrence of Indebtedness or the issuance or contribution of Equity Interests, net of all
taxes paid or payable as a result thereof, together with any fees, commissions, costs and other customary expenses incurred in connection therewith; it being understood that “Net Cash Proceeds” shall include, without limitation, any cash
or cash equivalents received upon the sale or other Disposition of any non-cash consideration received by the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary in any Disposition,
merger or consolidation, issuance or contribution of Equity Interests or incurrence of Indebtedness. 
 “Net Insurance/Condemnation
Proceeds” means the aggregate cash or cash equivalents proceeds received by or on behalf of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary in respect of any Casualty or Condemnation Event, net of
(1) direct costs incurred by the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary in connection with the adjustment, settlement or collection of any claims of the Company, James Oxford, such James Oxford Entity or
such James Oxford Subsidiary in respect thereof (including, without limitation, reasonable and customary selling expenses, legal, accounting and investment banking fees and sales commissions), (2) taxes paid or payable as a result thereof,
(3) amounts required to be applied to the repayment of principal, premium (if any) and interest on Indebtedness secured by the assets subject to such Casualty or Condemnation Event as a result of such Casualty or Condemnation Event, (4) in
the case of a taking, the reasonable out-of-pocket costs of putting any affected property in a safe and secure position, and (5) amounts provided in good faith as a
reserve against (x) any liabilities under any indemnification obligations or purchase price adjustment associated with such Casualty or Condemnation Event or (y) any other liabilities retained by the Company, James Oxford, the applicable
James Oxford Entity or the applicable James Oxford Subsidiary associated with the properties sold (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net
Insurance/Condemnation Proceeds). 

  
 A-5 

 “Note Documentation” means, collectively, this Agreement, the Notes, the
Pledge Agreement and each other amendment, agreement or instrument delivered by the Company in accordance with such documentation. 

“Notes” is defined in Section 1. 

“Obligations” means all advances to, and debts, liabilities and obligations of, the Company arising under the Note
Documentation, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the
Company or any of its Affiliates of any proceeding under any Debtor Relief Law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization, business entity or Governmental Authority. 
 “Pledge Agreement” means that certain Pledge Agreement, to be
dated the date hereof, by the Company in favor of the Collateral Agent for the benefit of the Purchasers. 
 “Priority
Debt” means Indebtedness of the Company secured by a Lien on the Collateral. 
 “property” or
“properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 

“Purchaser” or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to
the Company and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2), provided, however, that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner of
such Note as the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such transfer. 

“Purchaser Schedule” means the Purchaser Schedule to this Agreement listing the Purchasers of the Notes and including their
notice and payment information. 
 “Register” is defined in Section 13.1. 

“Required Holders” means at any time on or after the Closing, the holders of at least 50 in principal amount of the Notes at
the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 
 “Responsible Officer”
means any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement. 

“Sale/Leaseback Transaction” is defined in Section 9.6. 

“SEC” means the Securities and Exchange Commission of the United States of America. 

“Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in
effect. 

  
 A-6 

 “Senior Financial Officer” means the chief financial officer, principal
accounting officer, treasurer or comptroller of the Company. 
 “Separation Agreement” means that certain Separation and
Distribution Agreement, dated as of             , 2020, by and among Apartment Investment and Management Company, a Maryland corporation, Aimco OP L.P., a Delaware limited partnership,
Apartment Income REIT Corp., a Maryland corporation, and AIR OP. 
 “Specified Property” means, as of the Closing,
each property listed in the column titled “Address of Specified Property Owned by such James Oxford Subsidiary” on Schedule 5.3; provided that any property exchanged or substituted for a Specified Property pursuant to the terms of
this Agreement and the other Note Documentation shall be considered “Specified Property” for all purposes hereunder and thereunder. 

“Subsidiary” means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such
first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions)
of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries
(unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). 

“Swap Contract” means (a) any and all interest rate swap transactions, basis swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward foreign exchange transactions,
cap transactions, floor transactions, currency options, spot contracts or any other similar transactions or any of the foregoing (including any options to enter into any of the foregoing), and (b) any and all transactions of any kind, and the
related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc. or any International Foreign Exchange Master Agreement. 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any
legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(b) for any date prior to the date referenced in clause (a), the amounts(s) determined as the mark-to-market values(s) for such Swap Contracts, as determined based
upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts. 

“Synthetic Lease” means, at any time, any lease (including leases that may be terminated by the lessee at any time) of any
property (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal income tax purposes, other than any such lease under which
such Person is the lessor. 
 “Transferred Interests” is defined in Section 2. 

“United States Person” has the meaning set forth in Section 7701(a)(30) of the Code. 

“Withholding Party” is defined in Section 14.3(a). 

  
 A-7 

 Schedule 1 

Form of Note 
 NO
TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THIS NOTE OR ANY INTEREST OR PARTICIPATION THEREIN MAY BE MADE EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (B) PURSUANT TO
AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS AND, IN THE CASE OF THIS CLAUSE (B), PROVIDED THAT, IF THE COMPANY REQUESTS, THE COMPANY RECEIVES AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT. 
 Aimco REIT Sub, LLC 

5.2% Secured Mezzanine Note Due January 31, 2024 
  

			
	No. 	  	
	$	  	PPN             

 For value received, the undersigned, Aimco REIT Sub, LLC (herein called the
“Company”), a limited liability company organized and existing under the laws of the State of Delaware, hereby promises to pay
to                    , or registered assigns, the principal sum of
                     U.S. dollars (or so much thereof as shall not have been prepaid) on January 31, 2024 (the “Maturity
Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) on the unpaid balance hereof at the rate of 5.2% per annum from the date
hereof, payable quarterly, on the first day of January, April, July and October in each year, commencing on April 1, 2021, and on the Maturity Date, until the principal hereof shall have been paid in full. In addition, the Company agrees to pay
Late Charges and interest at the Default Rate, as provided in the Note Agreement referenced below. 
 Payments of principal of and interest
on this Note are to be made in lawful money of the United States of America at the Denver, Colorado office of the Company or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the
Note Agreement referred to below. 
 This Note is one of a series of Secured Mezzanine Notes (herein called the “Notes”)
issued pursuant to the Mezzanine Note Agreement, dated as of             , 2020 (as from time to time amended, the “Note Agreement”), between the Company and the respective
Purchasers named therein and is entitled to the benefits thereof. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Agreement. 

This Note is a registered Note and, as provided in the Note Agreement, upon surrender of this Note for registration of transfer accompanied by
a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior
to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any
notice to the contrary. 

 The Company will make required prepayments of principal on the dates and in the amounts
specified in the Note Agreement. This Note is also subject to optional and mandatory prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Agreement, but not otherwise. The Company’s Obligations
under this Note and the Note Agreement are secured pursuant to the Pledge Agreement. 
 If an Event of Default occurs and is continuing, the
principal of this Note may be declared or otherwise become due and payable in the manner, at the price and with the effect provided in the Note Agreement. 

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than
such State. 
  

			
	Aimco REIT Sub, LLC
		
	By:	 	
                     

		 	Title

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