Document:

Exhibit 10.8

 

Freddie Mac Loan No. 708556663

Century Palms at World Gateway

 

AGREEMENT TO AMEND
OR COMPLY

 

THIS AGREEMENT TO AMEND
OR COMPLY (“Agreement”) is made as of this 20th day of August, 2015 by and between BR CARROLL WORLD GATEWAY,
LLC, a Delaware limited liability company (“Borrower”) and JONES LANG LASALLE OPERATIONS, L.L.C.,
an Illinois limited liability company (“Lender”).

 

RECITALS:

 

A.          Borrower has
borrowed the sum of $24,999,000.00 (the "Loan") from Lender, evidenced by a Multifamily Loan and Security Agreement
of even date herewith executed by Borrower and Lender (the "Loan Agreement") and Borrower's Multifamily Note of
even date herewith (the "Note"), which Loan Agreement and Note are secured by an Amended and Restated Multifamily
Mortgage, Assignment of Rents and Security Agreement (the "Security Instrument") encumbering the multifamily rental
project known as Century Palms at World Gateway located in Orlando (Orange County), Florida (the "Property") and
more particularly described in the Security Instrument.

 

B.           The Loan Agreement,
the Note, the Security Instrument and the other documents, certificates, instruments and agreements executed by Borrower in connection
with or to otherwise evidence or secure the Loan are hereinafter collectively referred to as the "Loan Documents."

 

C.           Pursuant to the
terms of a Commitment Letter (the “Commitment”), Borrower has been advised that Lender intends to sell, transfer,
deliver and assign the Loan to the Federal Home Loan Mortgage Corporation (“Freddie Mac”).

 

NOW, THEREFORE, in
consideration of and as an inducement to Lender to make the Loan, Borrower, intending to be legally bound, hereby covenants and
agrees as follows:

 

1.            Further Documentation.
In the event any further documentation or information is (a) reasonably required by Lender in order to enable Lender to sell the
Loan to Freddie Mac, or (b) deemed reasonably necessary or appropriate by Lender in the exercise of its rights under the Commitment
or to correct patent mistakes in the Loan Documents, materials relating to mortgagee’s land title insurance or the funding
of the Loan, Borrower shall provide, or cause to be provided to Freddie Mac or Lender, as the case may be, at Borrower’s
cost and expense, including the payment of any additional fees required by Freddie Mac, such further documentation or information.
Borrower shall execute and deliver to Lender and/or Freddie Mac such documentation, including but not limited to, any amendments,
corrections, deletions or additions to the Note, the Security Instrument and the other Loan Documents as may be required by Lender
or Freddie Mac; provided, however, that Borrower shall not be required to do anything that has the effect of (a) changing the essential
economic terms of the Loan set forth in the Commitment, or (b) imposing greater liability under the Loan Documents than that set
forth in the Commitment, or (c) resulting in any significant cost or expense to the Borrower.

 

2.            Compliance
with Freddie Mac Requirements. Borrower shall do anything reasonably necessary to comply with the requirements of Freddie Mac,
in order to enable Lender to sell the Loan to Freddie Mac or to obtain a refund of the commitment fee from Freddie Mac; provided,
however, that Borrower shall not be required to do anything that has the effect of (a) changing the essential economic terms of
the Loan set forth in the Commitment, or (b) imposing greater liability under the Loan Documents than that set forth in the Commitment,
or (c) resulting in any significant cost or expense to the Borrower.

 

    	Agreement to Amend or Comply	Page 1 

     

    

 

3.            Event of Default.
In the event Borrower is requested to: (a) furnish any documentation or information, (b) execute and deliver any documentation;
(c) correct or amend any documents previously executed, or (d) perform any acts, as provided herein, and Borrower fails to do so
such that Freddie Mac refuses to purchase the Loan, or, if previously purchased, Freddie Mac requires that Lender repurchase the
Loan, then such failure by Borrower shall be, at the sole option of Lender, an event of default under the Loan Agreement, the Note,
the Security Instrument and the other Loan Documents and Lender shall have the right, in its sole and absolute option, to demand
payment in full of the Note, and pursue such remedies as are available to Lender under the Security Instrument and the other Loan
Documents.

 

4.            Signatures.
Borrower acknowledges that the Loan Documents may contain blanks for the date of the Loan Documents as well as for certain other
provisions in that such date and terms were not known at the time the Loan Documents were delivered to Borrower for execution.
Borrower further acknowledges that modifications may need to be made to the Loan Documents to incorporate changes thereto agreed
upon by Borrower, any guarantor, and Lender after delivery of the Loan Documents to Borrower for execution (collectively, the “Changes”).
Borrower hereby acknowledges and agrees that Lender is authorized to complete any blanks in the Loan Documents and to substitute
pages into the Loan Documents necessary to reflect any Changes upon review by Borrower and Borrower’s counsel. Borrower further
agrees that should any dispute arise as to which version of the Loan Documents is the “final” version, the computer
files maintained by Lender’s counsel, including without limitation any records of email communications, shall be conclusive
except in the case of manifest error.

 

5.            Survival.
This Agreement shall survive closing of the Loan and funding by Freddie Mac to Lender of Freddie Mac’s purchase of the Loan.

 

6.            Notices.
All notices given under this Agreement shall be in writing to the other party at the address and in the manner set forth in the
Loan Agreement and Security Instrument.

 

7.            Governing
Law: Recourse. This Agreement shall be governed by and construed in accordance with the laws of the jurisdiction in which the
Property is located and applicable federal law, and shall be binding on Borrower and its successors and assigns and shall inure
to the benefit of Lender and its successors and assigns. This Agreement is being executed in connection with the making of the
Loan pursuant to the terms of the Loan Agreement and the Note. Borrower’s liability hereunder shall be limited to the same
extent provided in the Note. Time is of the essence of this Agreement.

 

8.            Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall constitute an original document and all of which together
shall constitute one agreement.

 

IN WITNESS WHEREOF,
the parties have caused the execution and delivery of this Agreement, under seal, as of the day and year first above written.

 

    	Agreement to Amend or Comply	Page 2 

     

    

 

	 	BORROWER:
	 	 
	 	BR CARROLL WORLD GATEWAY, LLC, 

a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jordan Ruddy
	 	 	Jordan Ruddy
	 	 	Chief Executive Officer

 

{Signatures continued on next page}

 

    	Agreement to Amend or Comply	Page 3 

     

    

 

	 	LENDER:
	 	 
	 	JONES LANG LASALLE OPERATIONS, L.L.C.,

 an Illinois limited liability company
	 	 	 
	 	By:	 /s/ Faron G. Thompson
	 	 	Faron G. Thompson
	 	 	Managing Director, Capital Markets-Real Estate Investment Banking

 

    	Agreement to Amend or Comply	Page 4Exhibit 10.9

 

Freddie Mac Loan Number: 708556663

Property Name: Century Palms at World Gateway

 

ASSIGNMENT OF MANAGEMENT AGREEMENT AND

SUBORDINATION OF MANAGEMENT FEES 

 

(Revised 5-1-2015)

 

THIS ASSIGNMENT OF MANAGEMENT
AGREEMENT AND SUBORDINATION OF MANAGEMENT FEES (“Assignment”) is made effective as of the 20th day of August,
2015, by and among BR CARROLL WORLD GATEWAY, LLC, a Delaware limited liability company (“Borrower”),
JONES LANG LASALLE OPERATIONS, L.L.C., an Illinois limited liability company (“Lender”), and CARROLL
MANAGEMENT GROUP, LLC, a Georgia limited liability company (“Property Manager”).

 

RECITALS:

 

		A.	Borrower has requested that Lender make a loan to Borrower (“Loan”). The Loan
will be evidenced by an Amended and Restated Multifamily Note from Borrower to Lender effective as of the date of this Assignment
(“Note”). The Note is secured by, among other things, a Multifamily Loan and Security Agreement (“Loan
Agreement”) and an Amended and Restated Multifamily Mortgage, Assignment of Rents and Security Agreement (“Security
Instrument”), dated as of the date of this Assignment, which grants Lender a first lien on the property encumbered by
the Security Instrument (“Mortgaged Property”). The Note, the Loan Agreement, the Security Instrument, this
Assignment and any of the other documents evidencing the Loan are collectively referred to as the “Loan Documents”.
Other capitalized terms used but not defined in this Assignment will have the meanings given to those terms in the Loan Agreement.

 

		B.	Pursuant to a Management Agreement between Borrower and Property Manager (“Management
Agreement”) (a true and correct copy of which is attached as Exhibit A), Borrower employed Property Manager exclusively
to lease, operate and manage the Mortgaged Property, and Property Manager is entitled to certain management fees (“Management
Fees”) pursuant to the Management Agreement.

 

		C.	Lender requires as a condition to the making of the Loan that Borrower assign the Management Agreement
and that Property Manager subordinate its interest in the Management Fees in lien and payment to the Loan as set forth below.

 

For good and valuable
consideration the parties agree as follows:

 

		1.	Assignment of Management Agreement. As additional collateral security for the Loan, Borrower
conditionally transfers, sets over, and assigns to Lender all of Borrower’s right, title and interest in and to the Management
Agreement and all extensions and renewals. This transfer and assignment will automatically become a present, unconditional assignment,
at Lender’s option, upon a default by Borrower under the Note, the Loan Agreement, the Security Instrument or any of the
other Loan Documents (each, an “Event of Default”), and the failure of Borrower to cure such Event of Default
within any applicable grace period.

 

    
Assignment of Management Agreement and
Subordination of Management Fees

     

    

  

		2.	Subordination of Management Fees. The Management Fees and all rights and privileges of Property
Manager to the Management Fees are and will at all times continue to be subject and unconditionally subordinate in all respects
in lien and payment to the lien and payment of the Loan Agreement, the Security Instrument, the Note, and the other Loan Documents,
and to any renewals, extensions, modifications, assignments, replacements, or consolidations of the Loan Documents and the rights,
privileges, and powers of Lender under the Note, the Loan Agreement, the Security Instrument, or any of the other Loan Documents.

 

		3.	Estoppel. Property Manager and Borrower represent and warrant that all of the following
are true as of the date of this Assignment:

 

		(a)	The Management Agreement is in full force and effect and has not been modified, amended or assigned
other than pursuant to this Assignment.

 

		(b)	Neither Property Manager nor Borrower is in default under any of the terms, covenants or provisions
of the Management Agreement and Property Manager knows of no event which, but for the passage of time or the giving of notice or
both, would constitute an event of default under the Management Agreement.

 

		(c)	Neither Property Manager nor Borrower has commenced any action or given or received any notice
for the purpose of terminating the Management Agreement.

 

		(d)	The Management Fees and all other sums due and payable to the Property Manager under the Management
Agreement have been paid in full.

 

		4.	Agreement by Borrower and Property Manager. Borrower and Property Manager agree that if
there is an Event of Default by Borrower (continuing beyond any applicable grace period) under the Note, the Loan Agreement, the
Security Instrument or any of the other Loan Documents during the term of this Assignment or upon the occurrence of any event which
would entitle Lender to terminate the Management Agreement in accordance with the terms of the Loan Documents, Lender may terminate
the Management Agreement without payment of any cancellation fee or penalty and require Property Manager to transfer its responsibility
for the management of the Mortgaged Property to a management company selected by Lender in Lender’s sole discretion, effective
as of the date set forth in Lender’s notice to Property Manager. Following any such termination, Property Manager agrees
to apply all rents, security deposits, issues, proceeds and profits of the Mortgaged Property in accordance with Lender’s
written directions to Property Manager.

 

		5.	Lender’s Right to Replace Property Manager. If Lender, in Lender’s reasonable
discretion, at any time during the term of this Assignment, determines that the Mortgaged Property is not being managed in accordance
with generally accepted management practices for properties similar to the Mortgaged Property, Lender will deliver written notice
to Borrower and Property Manager, which notice will specify with particularity the grounds for Lender’s determination. If
Lender reasonably determines that the conditions specified in Lender’s notice are not remedied to Lender’s reasonable
satisfaction by Borrower or Property Manager within 30 days from receipt of such notice or that Borrower or Property Manager have
failed to diligently undertake correcting such conditions within such 30-day period, Lender may direct Borrower to terminate Property
Manager as manager of the Mortgaged Property and terminate the Management Agreement without payment of any cancellation fee or
penalty and to replace Property Manager with a management company acceptable to Lender in Lender’s sole discretion pursuant
to a management agreement acceptable to Lender in Lender’s sole discretion.

 

    	Assignment of Management Agreement and
Subordination of Management Fees
	Page 2 

     

    

  

		6.	Receipt of Management Fees. Property Manager will not be obligated to return or refund to
Lender any Management Fees or other fee, commission or other amount received by Property Manager prior to the occurrence of the
Event of Default, and to which Property Manager was entitled under the Management Agreement. If the Property Manager receives any
Management Fees after it has received notice of an Event of Default, Property Manager agrees that such Management Fees will be
received and held in trust for Lender, to be applied by Lender to amounts due under the Loan Documents.

 

		7.	Consent and Agreement by Property Manager. Property Manager acknowledges and consents to
this Assignment and agrees that Property Manager will act in conformity with the provisions of this Assignment and Lender’s
rights under this Assignment or otherwise related to the Management Agreement. If the responsibility for the management of the
Mortgaged Property is transferred from Property Manager in accordance with the provisions of this Assignment, then Property Manager
will fully cooperate in transferring its responsibility to a new management company and complete such transfer no later than 30
days from the date the Management Agreement is terminated. Further, Property Manager agrees as follows:

 

		(a)	It will not contest or impede the exercise by Lender of any right Lender has under or in connection
with this Assignment.

 

		(b)	It will give at least 30 days prior written notice to Lender of its intention to terminate the
Management Agreement or otherwise discontinue its management of the Mortgaged Property, in the manner provided for in this Assignment.

 

		(c)	It will not amend any of the provisions or terms of the Management Agreement without the prior
consent of Lender.

 

		8.	Termination. When the Loan is paid in full and the Security Instrument is released or assigned
of record, this Assignment and all of Lender’s right, title and interest hereunder with respect to the Management Agreement
will terminate.

 

		9.	Notices.

 

		(a)	All notices under or concerning this Assignment (“Notice”) will be in writing.
Each Notice will be deemed given on the earliest to occur of: (i) the date when the Notice is received by the addressee, (ii) the
first Business Day after the Notice is delivered to a recognized overnight courier service, with arrangements made for payment
of charges for next Business Day delivery, or (iii) the third Business Day after the Notice is deposited in the United States mail
with postage prepaid, certified mail, return receipt requested. Addresses for Notice are as follows:

 

	If to Lender:	Jones Lang LaSalle Operations, L.L.C.

3344 Peachtree Road NE, Suite 1100

Atlanta, Georgia 30326

Attention:  Servicing Department

 

    	Assignment of Management Agreement and
Subordination of Management Fees
	Page 3 

     

    

 

 

	If to Borrower:	
        BR Carroll World Gateway, LLC

        c/o Carroll Organization, LLC

        3340 Peachtree Road, Suite 1620

        Atlanta, Georgia 30326

        Attention: Josh Champion

         

	If to Property Manager:	
        Carroll Management Group, LLC

c/o Carroll Organization, LLC

3340 Peachtree Road, Suite 1620

Atlanta, Georgia 30326

Attention: Josh Champion

 

		(b)	Any party to this Assignment may change the address to which Notices intended for it are to be
directed by means of Notice given to the other parties in accordance with this Section 9. Each party agrees that it will not refuse
or reject delivery of any Notice given in accordance with this Section 9, that it will acknowledge, in writing, the receipt of
any Notice upon request by the other party and that any Notice rejected or refused by it will be deemed for purposes of this Section
9 to have been received by the rejecting party on the date so refused or rejected, as conclusively established by the records of
the U.S. Postal Service or the courier service.

 

		10.	Governing Law; Consent to Jurisdiction and Venue.

 

		(a)	This Assignment will be construed in accordance with and governed by the laws of the Property Jurisdiction.

 

		(b)	Borrower and Property Manager agree that any controversy arising under or in relation to this Assignment
may be litigated in the Property Jurisdiction. The state and federal courts and authorities with jurisdiction in the Property Jurisdiction
will have jurisdiction over all controversies that may arise under or in relation to this Assignment. Borrower and Property Manager
irrevocably consent to service, jurisdiction and venue of such courts for any such litigation and waive any other venue to which
it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing in this Section 10 is intended
to limit Lender’s right to bring any suit, action or proceeding relating to matters under this Assignment in any court of
any other jurisdiction.

 

		11.	Captions, Cross References and Exhibits. The captions assigned to provisions of this Assignment
are for convenience only and will be disregarded in construing this Assignment. Any reference in this Assignment to an “Exhibit”
or a “Section,” unless otherwise explicitly provided, will be construed as referring, respectively, to an Exhibit attached
to this Assignment or to a section of this Assignment. All Exhibits attached to or referred to in this Assignment are incorporated
by reference into this Assignment.

 

		12.	Number and Gender. Use of the singular in this Assignment includes the plural, use of the
plural includes the singular, and use of one gender includes all other genders, as the context may require.

 

		13.	No Partnership. This Assignment is not intended to, and will not, create a partnership or
joint venture among the parties, and no party to this Assignment will have the power or authority to bind any other party except
as explicitly provided in this Assignment.

 

    	Assignment of Management Agreement and
Subordination of Management Fees
	Page 4 

     

    

  

		14.	Severability. The invalidity or unenforceability of any provision of this Assignment will
not affect the validity of any other provision, and all other provisions will remain in full force and effect.

 

		15.	Entire Assignment. This Assignment contains the entire agreement among the parties as to
the rights granted and the obligations assumed in this Assignment.

 

		16.	No Waiver; No Remedy Exclusive. Any forbearance by a party to this Assignment in exercising
any right or remedy given under this Assignment or existing at law or in equity will not constitute a waiver of or preclude the
exercise of that or any other right or remedy. Unless otherwise explicitly provided, no remedy under this Assignment is intended
to be exclusive of any other available remedy, but each remedy will be cumulative and will be in addition to other remedies given
under this Assignment or existing at law or in equity.

 

		17.	Third Party Beneficiaries. Neither any creditor of any party to this Assignment, nor any
other person, is intended to be a third party beneficiary of this Assignment.

 

		18.	Further Assurances and Corrective Instruments. To the extent permitted by law, the parties
will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements
to this Assignment and such further instruments as may reasonably be required for carrying out the intention of or facilitating
the performance of this Assignment.

 

		19.	Counterparts. This Assignment may be executed in multiple counterparts, each of which will
constitute an original document and all of which together will constitute one agreement.

 

		20.	Indemnity. By executing this Assignment Borrower agrees to indemnify and hold harmless Lender
and its successors and assigns from and against any and all losses, claims, damages, liabilities and expenses including Attorneys’
Fees and Costs, which may be imposed or incurred in connection with this Assignment.

 

		21.	Costs and Expenses. Wherever pursuant to this Assignment it is provided that Borrower will
pay any costs and expenses, such costs and expenses will include Lender’s Attorneys’ Fees and Costs.

 

		22.	Determinations by Lender. In any instance where the consent or approval of Lender may be
given or is required, or where any determination, judgment or decision is to be rendered by Lender under this Assignment, the granting,
withholding or denial of such consent or approval and the rendering of such determination, judgment or decision will be made or
exercised by Lender (or its designated representative) at its sole and exclusive option and in its sole and absolute discretion
and will be final and conclusive, except as may be otherwise expressly and specifically provided in this Assignment.

 

		23.	Successors and Assigns. This Assignment will be binding upon and inure to the benefit of
Borrower, Lender and Property Manager and their respective successors and assigns forever.

 

		24.	Secondary Market.  Lender may sell, transfer and deliver the Note and assign the Loan
Agreement, the Security Instrument, this Assignment and the other Loan Documents to one or more investors in the secondary mortgage
market (“Investors”). In connection with such sale, Lender may retain or assign responsibility for servicing
the Loan, including the Note, the Loan Agreement, the Security Instrument, this Assignment and the other Loan Documents, or may
delegate some or all of such responsibility and/or obligations to a servicer including any subservicer or master servicer, on behalf
of the Investors. All references to Lender in this Assignment will refer to and include any such servicer to the extent applicable.

 

    	Assignment of Management Agreement and
Subordination of Management Fees
	Page 5 

     

    

  

IN WITNESS WHEREOF the
undersigned have executed this Assignment as of the date and year first written above.

 

    	Assignment of Management Agreement and
Subordination of Management Fees
	Page 6 

     

    

 

	 	BORROWER:
	 	 
	 	BR CARROLL WORLD GATEWAY, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jordan Ruddy
	 	 	Jordan Ruddy
	 	 	Chief Executive Officer

 

    	Assignment of Management Agreement and
Subordination of Management Fees
	Page 7 

     

    

 

	 	LENDER:
	 	 
	 	JONES LANG LASALLE OPERATIONS, L.L.C., an Illinois limited liability company
	 	 	 
	 	By:	/s/ Faron G. Thompson
	 	 	Faron G. Thompson
	 	 	Managing Director, Capital Markets-Real Estate Investment Banking

 

    	Assignment of Management Agreement and
Subordination of Management Fees
	Page 8 

     

    

 

	 	PROPERTY MANAGER:
	 	 
	 	CARROLL MANAGEMENT GROUP, LLC, a Georgia limited liability company
	 	 	 
	 	By:	/s/ Josh Champion
	 	 	Name: Josh Champion
	 	 	Title: President

 

    	Assignment of Management Agreement and
Subordination of Management Fees
	Page 9 

     

    

  

EXHIBIT A

MANAGEMENT AGREEMENT

 

See Attached

 

    	Assignment of Management Agreement and
Subordination of Management Fees
	Page A-1

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